International Business Machines Corp (IBM) 2025 Q2 法說會逐字稿

Welcome. Thank you for standing by.

歡迎。感謝您的支持。

(Operator Instructions) Today's conference is being recorded. (Operator Instructions)

（操作員指示）今天的會議正在錄製。（操作員指示）

Now, I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.

現在，我將會議交給 IBM 全球投資者關係主管 Olympia McNerney。奧林匹亞，你可以開始了。

Thank you. I'd like to welcome you to IBM's second-quarter 2025 earnings presentation.

謝謝。歡迎大家參加 IBM 2025 年第二季財報。

I'm Olympia McNerney. I'm here today with Arvind Krishna, IBM's Chairman, President, and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.

我是奧林匹亞·麥克納尼。今天和我一起來這裡的還有 IBM 董事長、總裁兼執行長 Arvind Krishna 和 IBM 資深副總裁兼財務長 Jim Kavanaugh。

We'll post today's prepared remarks on the IBM Investor website within a couple of hours. A replay will be available by this time tomorrow.

我們將在幾個小時內將今天的準備好的評論發佈在 IBM 投資者網站上。明天此時將會提供重播。

To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our Investor website.

為了向我們的投資者提供更多信息，我們的簡報中包含了某些非 GAAP 指標。例如，我們對營收和簽約成長的所有提及均採用固定匯率計算。我們在演示結束時提供了這些和其他非 GAAP 財務指標的對帳圖表，並發佈在我們的投資者網站上。

Finally, some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's SEC filings.

最後，根據 1995 年《私人證券訴訟改革法案》，本簡報中的某些評論可能被視為前瞻性的。這些聲明涉及可能導致我們的實際結果大不相同的因素。有關這些因素的更多資訊包含在該公司提交給美國證券交易委員會的文件中。

With that, I'll turn the call over to Arvind.

說完這些，我將把電話轉給 Arvind。

Thank you for joining us today.

感謝您今天加入我們。

In the second quarter, we delivered solid results across revenue, profit, and cash, exceeding our expectations. Our performance this quarter was led by Software and Infrastructure as demand remains high for technology that improves productivity, reduces costs, and fuels innovation. While the operating environment remains dynamic, these results reflect the strength of our portfolio and the resiliency of our business model.

第二季度，我們在收入、利潤和現金方面取得了穩健的業績，超出了我們的預期。本季我們的業績由軟體和基礎設施引領，因為對提高生產力、降低成本和推動創新的技術的需求仍然很高。雖然經營環境依然充滿活力，但這些業績反映了我們產品組合的實力和業務模式的彈性。

Before I get deeper into the results, let me touch on the broader economic backdrop. I'll start by saying that we appreciate the administration's priority on economic growth and focused regulation, which will strengthen the US' competitive position. We believe this will result in long-term value creation and enable technology to contribute to economic growth.

在深入探討結果之前，讓我先談談更廣泛的經濟背景。首先我要說的是，我們讚賞政府優先考慮經濟成長和重點監管，這將增強美國的競爭地位。我們相信這將帶來長期價值創造並使技術促進經濟成長。

Technology continues to serve as a key competitive advantage, allowing businesses to scale, drive efficiencies, and fuel growth. We saw this play out in the quarter.

科技持續成為關鍵的競爭優勢，使企業能夠擴大規模、提高效率並促進成長。我們在本季看到了這種情況。

While not a major factor overall, geopolitical tensions are prompting a few clients to move cautiously. US federal spending was also somewhat constrained in the first half but we do not expect it to create long-term headwinds.

雖然整體而言地緣政治緊張局勢並不是一個主要因素，但它正促使一些客戶謹慎行事。美國聯邦支出在上半年也受到一定限制，但我們預期這不會造成長期阻力。

Let me now turn to our execution in the quarter. Our strategy remains focused: hybrid cloud and artificial intelligence. This strategy is built on five reinforcing elements: client trust, flexible and open platforms, sustained innovation, deep domain expertise, and a broad ecosystem. Together, they form a flywheel for growth, which again played out this quarter.

現在讓我來談談我們本季的執行情況。我們的策略仍然集中在：混合雲和人工智慧。此策略建立在五個強化要素之上：客戶信任、靈活開放的平台、持續創新、深厚的領域專業知識和廣泛的生態系統。它們共同構成了成長的飛輪，本季再次發揮了作用。

In Software, we continue to see momentum, including 14% growth in Red Hat. HashiCorp is also off to a great start, accelerating performance in our first full quarter since closing and seeing early wins with joint Ansible and Terraform product synergies.

軟體業務方面，我們繼續保持強勁成長勢頭，其中紅帽 (Red Hat) 實現了 14% 的成長。 HashiCorp 也取得了良好的開局，自收購以來的第一個完整季度業績加速增長，並憑藉 Ansible 和 Terraform 產品的協同效應取得了初步成效。

Infrastructure was up 11%, driven by a very strong start to z17. The new IBM Z is an embodiment of the hybrid cloud and AI capabilities we bring to clients. IBM Z continues to deliver on its core strengths: AI, security, and scalable capacity, driving its enduring nature with clients.

受 z17 強勁開局的推動，基礎設施成長了 11%。全新IBM Z是我們為客戶帶來的混合雲和AI能力的體現。IBM Z 持續發揮其核心優勢：人工智慧、安全性和可擴展容量，推動其在客戶中的持久影響力。

These results were balanced by Consulting performance, which continues to be impacted by the demand environment.

這些結果與諮詢績效相平衡，但諮詢績效持續受到需求環境的影響。

AI remains a powerful driver of transformation for our clients and for IBM. We are transforming our enterprise operations, using technology and embedding AI across more than 70 workflows,; leveraging our own IBM software solutions across hybrid cloud, automation, and AI to drive competitive advantage.

人工智慧仍然是我們客戶和 IBM 轉型的強大驅動力。我們正在轉變企業營運方式，利用技術並在 70 多個工作流程中嵌入人工智慧；利用我們自己的 IBM 軟體解決方案在混合雲、自動化和人工智慧方面提升競爭優勢。

What differentiates IBM is the breadth of our AI offerings, with an innovative technology stack and Consulting business at scale and our Client Zero lens.

IBM 的獨特之處在於我們的 AI 產品範圍廣泛，擁有創新的技術堆疊和大規模的諮詢業務以及我們的 Client Zero 鏡頭。

Our GenAI book of business now stands at over $7.5 billion, inception to date, with momentum accelerating quarter over quarter. We are seeing strong demand for our AI agents and assistants, RHEL AI, Granite models, as well as an accelerating need for our consulting services to deploy AI.

從成立至今，我們的 GenAI 業務總額已超過 75 億美元，且成長動能逐季加速。我們看到對我們的 AI 代理和助理、RHEL AI、Granite 模型的強勁需求，以及對我們的部署 AI 的諮詢服務的需求也在不斷增長。

Just last week, IBM was recognized as an emerging leader in the first-ever Gartner Emerging Magic Quadrant for GenAI Consulting and Implementation Services. Our Client Zero experience has resonated with companies like UPS, Verizon, Mizuho, and Nestle, while using our AI tools to unlock data, drive automation, and reduce operational friction. As clients focus on scaling AI and delivering ROI, our progress on internal productivity is fueling and accelerating our client engagements.

就在上週，IBM 在首個 Gartner GenAI 諮詢和實施服務新興魔力像限中被評為新興領導者。我們的 Client Zero 體驗引起了 UPS、Verizon、瑞穗和雀巢等公司的共鳴，同時我們使用 AI 工具來解鎖數據、推動自動化並減少營運摩擦。隨著客戶專注於擴展人工智慧和實現投資回報，我們在內部生產力方面的進步正在推動和加速我們與客戶的合作。

We're also expanding our partner ecosystem to deliver AI at scale. This quarter, we announced new or deepened collaborations with Oracle, Box, AWS, Salesforce, Microsoft, EY, Finastra, and WPP. Each is aimed at embedding watsonx into core business workflows.

我們也正在擴大我們的合作夥伴生態系統，以大規模提供人工智慧。本季度，我們宣布與 Oracle、Box、AWS、Salesforce、Microsoft、EY、Finastra 和 WPP 建立新的或深化的合作。每個目標都是將 WatsonX 嵌入核心業務工作流程。

At Think 2025, we introduced new capabilities across our portfolio. We launched new features for watsonx Orchestrate, which allows users to build custom AI agents in minutes with no coding required. There are now more than 150 pre-built domain-specific agents in our catalog, spanning HR, sales, procurement, and IT. Our partners are building on this as well, integrating agents from Oracle, Salesforce, AWS, and others.

在 Think 2025 上，我們在整個產品組合中引進了新功能。我們推出了 watsonx Orchestrate 的新功能，它允許用戶在幾分鐘內建立自訂 AI 代理，無需編碼。我們的目錄中現在有 150 多個預先建立的特定領域代理，涵蓋人力資源、銷售、採購和 IT。我們的合作夥伴也在此基礎上進行構建，整合來自 Oracle、Salesforce、AWS 和其他公司的代理。

Orchestrate supports the full agent life cycle from building to managing and governing agents across business functions, regardless of which AI models they are built with. We expanded watsonx.data to enable our enterprise clients to get easy access and drive value from their trusted unstructured data. And our webMethods hybrid integration simplifies our clients' connect workflows, APIs, and data across hybrid environments.

Orchestrate 支援從建置到管理和治理跨業務功能的代理程式的完整代理程式生命週期，無論它們是使用哪種 AI 模型建構的。我們擴展了 watsonx.data，使我們的企業客戶能夠輕鬆存取他們信任的非結構化資料並從中獲取價值。我們的 webMethods 混合整合簡化了客戶在混合環境中的連線工作流程、API 和資料。

As Agentic AI matures, we believe it will power over 1 billion new applications and a massive expansion in code, driving a critical need for automation. Our automation portfolio is uniquely positioned to deliver these solutions to clients across hybrid cloud. SAP plans to deploy our high-value automation portfolio, including Red Hat Ansible automation platform and HashiCorp, Terraform, and Vault, highlighting the opportunity we have in product synergies.

隨著 Agentic AI 的成熟，我們相信它將為超過 10 億個新應用程式和大量程式碼擴展提供支持，從而推動對自動化的迫切需求。我們的自動化產品組合具有獨特的優勢，可以透過混合雲向客戶提供這些解決方案。SAP 計劃部署我們的高價值自動化產品組合，包括 Red Hat Ansible 自動化平台以及 HashiCorp、Terraform 和 Vault，突顯了我們在產品協同方面的機會。

Innovation also extends to Infrastructure. This quarter, we launched z17, our most advanced mainframe yet. It features the new Telum II processor, delivering more than 450 billion AI inference operations per day with millisecond latency. That means AI models can run directly on transactional workloads with no external servers needed.

創新也延伸至基礎設施。本季度，我們推出了迄今為止最先進的大型主機 z17。它採用全新的 Telum II 處理器，每天可進行超過 4500 億次 AI 推理操作，延遲僅毫秒。這意味著 AI 模型可以直接在事務工作負載上運行，而無需外部伺服器。

The Spyre Accelerator, which will be available in the fourth quarter, will enable watsonx Code Assistant for Z and watsonx Assistant for Z to run natively on z17.

Spyre Accelerator 將於第四季度上市，它將使 watsonx Code Assistant for Z 和 watsonx Assistant for Z 能夠在 z17 上原生運作。

As more than 70% of IBM Z clients continue to expand or maintain capacity, our Software stack is bringing even more innovation to IBM Z, including watsonx Code Assistant for Z, watsonx.data, Concert, and HashiCorp Vault. In July, we introduced Power11 to deliver the performance, resiliency, and scalability enterprises need to run mission-critical data-intensive workloads across hybrid environments. And we have announced Rise with SAP on Power11.

隨著超過 70% 的 IBM Z 客戶繼續擴展或維持容量，我們的軟體堆疊為 IBM Z 帶來了更多創新，包括 watsonx Code Assistant for Z、watsonx.data、Concert 和 HashiCorp Vault。7 月，我們推出了 Power11，以提供企業在混合環境中運行關鍵任務資料密集型工作負載所需的效能、彈性和可擴展性。我們已經在 Power11 上宣布了 Rise with SAP。

In Quantum, we achieved a major milestone with the deployment of IBM Quantum System Two in Japan in partnership with RIKEN. This marks the first installation outside the United States and underscores our commitment to global leadership in quantum computing.

在量子領域，我們與 RIKEN 合作在日本部署 IBM Quantum System Two，取得了重要的里程碑。這是首次在美國境外安裝，彰顯了我們對量子運算全球領導地位的承諾。

To complement our organic innovation, M&A remains important. We closed the acquisition of DataStax this quarter, adding real-time scalable data capabilities to support AI-driven applications.

為了補充我們的有機創新，併購仍然很重要。我們本季完成了對 DataStax 的收購，增加了即時可擴展數據功能以支援人工智慧驅動的應用程式。

In closing, we remain focused on consistent execution and long-term growth. While the environment remains dynamic, we have a disciplined strategy and a durable business model.

最後，我們仍然專注於持續執行和長期成長。儘管環境依然充滿活力，但我們擁有嚴謹的策略和持久的商業模式。

Given our first half performance, we continue to expect accelerating revenue growth to 5%-plus and are raising our expectations for free cash flow to above $13.5 billion for the year. We are confident in our ability to deliver sustainable, profitable growth.

鑑於我們上半年的業績，我們繼續預期營收成長將加速至 5% 以上，並將全年自由現金流預期提高至 135 億美元以上。我們有信心實現可持續的獲利成長。

Jim, over to you.

吉姆，交給你了。

Thanks, Arvind.

謝謝，Arvind。

In the second quarter, we delivered $17 billion in revenue, $4.7 billion of adjusted EBITDA, $3.2 billion of operating pretax income, and operating earnings per share of $2.80.

第二季度，我們的營收為 170 億美元，調整後 EBITDA 為 47 億美元，稅前營業收入為 32 億美元，每股營業收益為 2.80 美元。

Through the first half, we generated $4.8 billion of free cash flow, our highest first half free cash flow margin in many years. Our revenue growth, mix, and productivity drove 200 basis points of adjusted EBITDA margin expansion, 16% adjusted EBITDA growth, and 15% operating earnings per share growth.

上半年，我們產生了 48 億美元的自由現金流，這是多年來上半年最高的自由現金流利潤率。我們的營收成長、產品組合和生產力推動調整後 EBITDA 利潤率擴大 200 個基點、調整後 EBITDA 成長 16% 以及每股營業收益成長 15%。

We exceeded our expectations on revenue, profitability, adjusted EBITDA, and earnings per share, highlighting the strength of our portfolio and resiliency of our business model.

我們在營收、獲利能力、調整後 EBITDA 和每股盈餘方面都超出了預期，凸顯了我們產品組合的實力和業務模式的彈性。

Our revenue for the quarter grew over 5% at constant currency. Software grew 8% this quarter as we continue to benefit from our high-value annual recurring revenue base, which grew to $22.7 billion, up 10% since last year. Red Hat growth accelerated 1 point sequentially to 14%, fueled by another quarter of double-digit bookings and demand for our hybrid cloud solutions. We gained market share across each of our key solutions, led by OpenShift growing revenue more than 20%, with ARR now at $1.7 billion.

以固定匯率計算，本季我們的營收成長了 5% 以上。本季軟體業務成長了 8%，這得益於我們繼續受益於高價值的年度經常性收入基礎，該收入基礎增長至 227 億美元，比去年同期增長了 10%。紅帽成長率季增 1 個百分點，達到 14%，這得益於又一個季度的兩位數預訂量和對混合雲解決方案的需求。我們每個關鍵解決方案的市場份額都得到了提升，其中 OpenShift 的收入增長了 20% 以上，ARR 目前達到 17 億美元。

Automation grew 14%, with HashiCorp off to a strong start. We accelerated bookings growth in the first full quarter since closing, fueled by IBM's global go-to-market reach and deepening product and technology synergies that are unlocking new customer value. Data was up 7%, fueled by strength across our AI offerings. Transaction Processing revenue declined 2% in the quarter, reflecting where we are at with our new z17 cycle as clients prioritize hardware spend at the beginning of a new program, as you can see in our strong IBM Z results.

自動化業務成長了 14%，其中 HashiCorp 表現強勁。由於 IBM 的全球市場影響力以及不斷深化的產品和技術協同效應，我們加速了自交易結束後第一個完整季度的預訂量增長，從而釋放了新的客戶價值。由於我們人工智慧產品的強勁成長，數據成長了 7%。交易處理收入在本季度下降了 2%，這反映了我們在新的 z17 週期中所處的位置，因為客戶在新專案開始時優先考慮硬體支出，正如您在我們強勁的 IBM Z 業績中所看到的那樣。

Infrastructure revenue grew 11% this quarter, with Hybrid Infrastructure up 19% and Infrastructure Support down 3%. Within Hybrid Infrastructure, IBM Z was up 67%, reflecting early strength in our z17 program as AI use cases are resonating strongly with clients. The success of our launch highlights the enduring nature of the IBM Z platform through the value of our continued innovation around AI workloads and the realization that hybrid cloud is the dominant architecture.

本季基礎設施收入成長 11%，其中混合基礎設施成長 19%，基礎設施支援下降 3%。在混合基礎設施領域，IBM Z 上漲了 67%，反映了我們 z17 計畫的早期實力，因為 AI 用例與客戶產生了強烈共鳴。我們發布的成功凸顯了 IBM Z 平台的持久性，這體現了我們圍繞 AI 工作負載持續創新的價值，以及對混合雲作為主導架構的認識。

Clients continue to invest in IBM Z because it remains the backbone for mission-critical workloads, offering unmatched reliability, scalability, security, and performance, while seamlessly integrating with hybrid cloud and AI strategies.

客戶繼續投資 IBM Z，因為它仍然是關鍵任務工作負載的支柱，提供無與倫比的可靠性、可擴展性、安全性和效能，同時與混合雲和 AI 策略無縫整合。

Distributed Infrastructure revenue was down 17%, with product cycle dynamics impacting power with the recent announcement of Power11 in July. Power11, our next-generation platform features advancements across the processor, hardware architecture, and virtualization software stack.

分散式基礎設施收入下降了 17%，隨著 7 月 Power11 的發布，產品週期動態對電力產生了影響。Power11 是我們的下一代平台，在處理器、硬體架構和虛擬化軟體堆疊方面都有所進步。

While storage was impacted by the new IBM Z cycle as clients prioritized hardware spend, our early strength in z17 and the growth in the installed MIPS capacity drives a long-term benefit, given the 3x to 4x Z stack multiplier.

雖然由於客戶優先考慮硬體支出，儲存受到了新的 IBM Z 週期的影響，但考慮到 3 倍到 4 倍的 Z 堆疊乘數，我們在 z17 中的早期優勢和已安裝的 MIPS 容量的成長帶來了長期利益。

Consulting revenue was flat, stabilizing in the first half; and heading into the second half, our backlog remains healthy, up 4% over last year despite the challenging pricing environment. In the quarter, Intelligent Operations revenue grew 2%, while Strategy and Technology declined by 2%. The environment remains dynamic, with clients prioritizing cost-efficient, high-impact technology investments, driving good revenue growth in areas like business application transformation, AI operations, and cloud platform engineering, leading to momentum in our Consulting Generative AI book of business at over $1 billion in the quarter.

顧問收入持平，上半年趨於穩定；進入下半年，儘管定價環境充滿挑戰，但我們的積壓訂單依然保持健康，比去年增長了 4%。本季度，智慧營運收入成長 2%，而策略和技術收入下降 2%。環境依然充滿活力，客戶優先考慮具有成本效益、影響深遠的技術投資，推動業務應用轉型、人工智慧營運和雲端平台工程等領域的收入良好增長，從而使我們的諮詢生成人工智慧業務在本季度增長勢頭超過 10 億美元。

This early momentum is important. Engaging with clients as they architect their AI strategies is establishing Consulting as the strategic partner of choice. We are encouraged that through the first half, we are seeing a greater share of GenAI signings tied to new projects.

這種早期的勢頭非常重要。在客戶制定人工智慧策略時與他們互動，可以確立諮詢公司作為首選策略夥伴的地位。我們很高興看到，上半年與新項目相關的 GenAI 簽約份額有所增加。

Delayed decision-making, especially in discretionary projects as well as prior-year renewals, impacted our in-period signings. However, we're seeing an improvement in strategic wins with new clients and expanding engagements with existing clients.

決策延遲，特別是在自由裁量計畫以及前幾年的續約中，影響了我們的期間簽約。然而，我們看到在贏得新客戶的策略性勝利以及與現有客戶的合作不斷擴大方面取得了進步。

Now, turning to profitability. During the quarter, the strength of our portfolio mix and productivity execution drove expansion of our operating gross profit margin of 230 basis points, adjusted EBITDA margin of 200 basis points, and operating pretax margin of 110 basis points, ahead of our expectations and well above our model.

現在，談談獲利能力。在本季度，我們強大的產品組合和高效的生產力執行力推動我們的營業毛利率擴大了 230 個基點，調整後的 EBITDA 利潤率擴大了 200 個基點，營業稅前利潤率擴大了 110 個基點，超出了我們的預期，也遠高於我們的模型。

Our productivity initiatives create a flywheel that allows us to invest back in our business, both organically and inorganically; increase our financial flexibility; and deliver margin expansion, as we saw this play out again in the quarter. We remain laser-focused on driving efficiency and cost savings by leveraging technology and embedding AI in our workflows, as well as optimizing our supply chain and service delivery.

我們的生產力舉措創造了一個飛輪，使我們能夠以有機和無機的方式重新投資於我們的業務；提高我們的財務靈活性；並實現利潤率的擴大，正如我們在本季度再次看到的那樣。我們始終專注於利用技術、在工作流程中嵌入人工智慧以及優化供應鏈和服務交付來提高效率和節省成本。

This quarter, we continued to optimize our supply chain by shifting our Distributed Infrastructure manufacturing to an industry-standard strategic partner. This is the next evolution of our supply chain transformation as we pivot to a simpler, more efficient process, which helps us optimize cash conversion cycles.

本季度，我們持續優化供應鏈，將分散式基礎設施製造轉移給產業標準的策略合作夥伴。這是我們供應鏈轉型的下一個發展階段，我們將轉向更簡單、更有效率的流程，這有助於我們優化現金轉換週期。

Through the first half, we generated $4.8 billion of free cash flow, up about $300 million year over year, resulting in our highest first-half free cash flow margin in reported history. The largest driver of this growth comes from adjusted EBITDA, up $1 billion year over year. Partially offsetting this is working capital.

上半年，我們產生了 48 億美元的自由現金流，比去年同期增加了約 3 億美元，創下了報告歷史上最高的上半年自由現金流利潤率。這一成長的最大動力來自調整後的 EBITDA，年增 10 億美元。部分抵銷這項影響的是營運資金。

Given global trade dynamics, we continue to prudently protect our supply chain, reflecting the confidence we have in our new innovation cycles across infrastructure. And as we have been discussing, given the closing of HashiCorp acquisition, foregone interest income was another headwind. Despite this, we are a few points ahead of our historical (inaudible) levels through the first half.

鑑於全球貿易動態，我們繼續謹慎地保護我們的供應鏈，這反映出我們對基礎設施新創新週期的信心。正如我們一直在討論的那樣，鑑於 HashiCorp 收購的完成，放棄的利息收入是另一個不利因素。儘管如此，我們仍然比上半年的歷史（聽不清楚）水準領先了幾分。

Our strong liquidity position, solid investment-grade balance sheet, and disciplined capital allocation policy remain a focus for us. We ended the quarter with cash of $15.5 billion, which is up over $700 million from the end of 2024; including spending $7.8 billion on acquisitions in the first half, driven largely by the closing of HashiCorp.

我們強大的流動性狀況、穩健的投資等級資產負債表以及嚴格的資本配置政策仍然是我們關注的重點。本季末，我們的現金為 155 億美元，比 2024 年底增加了 7 億多美元；其中包括上半年花費 78 億美元進行收購，這主要得益於 HashiCorp 的關閉。

Our debt balance ending the quarter was $64.2 billion, including $11.7 billion of debt for our financing business, with a receivables portfolio that is over 75% investment grade. In addition, we returned $3.1 billion to shareholders in the form of dividends in the first half.

截至本季末，我們的債務餘額為 642 億美元，其中包括融資業務的 117 億美元債務，應收帳款組合的投資等級超過 75%。此外，我們在上半年以股利的形式向股東返還了31億美元。

Now, let me talk about what we are seeing going forward. We delivered strong performance in the first half across revenue, operating margin expansion, profitability, and earnings per share, and free cash flow. The strength of our portfolio, investment in innovation, and integrated value drive the durability of our revenue performance and underpin our confidence in accelerating revenue growth of 5%-plus for the full year.

現在，讓我來談談我們對未來的展望。我們在上半年的營收、營業利潤率成長、獲利能力、每股盈餘和自由現金流方面都表現強勁。我們強大的產品組合、創新投資和綜合價值推動了我們收入表現的持久性，並增強了我們對全年收入成長 5% 以上的信心。

Through the first half, given the strength in our underlying fundamentals with our adjusted EBITDA up 14%, we are raising our free cash flow guidance to above $13.5 billion for 2025.

上半年，鑑於我們基本面強勁，調整後 EBITDA 成長 14%，我們將 2025 年的自由現金流預期上調至 135 億美元以上。

As discussed at our Investor Day, our mix shift towards Software is a key driver of our growth acceleration. Software is now about 45% of our business, with ARR growing 10%. Given the strength of our portfolio, investment in innovation, and contribution from acquisitions, we continue to expect Software revenue growth approaching double digits for the full year.

正如我們在投資者日所討論的那樣，我們向軟體的轉變是我們成長加速的關鍵驅動力。軟體現在約占我們業務的 45%，ARR 成長 10%。鑑於我們投資組合的實力、對創新的投資以及收購的貢獻，我們繼續預期全年軟體收入成長將接近兩位數。

Through the first half, we delivered above-model growth of 15% in Automation and in-line model growth of 14% in Red Hat and 7% in [Data]. These trends should continue. We continue to expect Red Hat to grow in the mid-teens.

上半年，我們在自動化方面實現了 15% 的超預期增長，在 Red Hat 方面實現了 14% 的預期增長，在[數據]。這些趨勢應該會持續下去。我們仍然預計 Red Hat 的成長速度將達到十幾歲。

While Transaction Processing was flat in the first half and below our model as clients prioritized spend on our high-value innovation z17, the strength of the new cycle provides future modernization value across the Z stack. Given this dynamic, we now expect low single-digit growth in Transaction Processing for the year.

雖然由於客戶優先考慮我們高價值創新 z17 的支出，交易處理在上半年持平且低於我們的模型，但新周期的強度為整個 Z 堆疊提供了未來的現代化價值。鑑於這種動態，我們預計今年交易處理業務將出現低個位數成長。

With our strong start to z17, Infrastructure should contribute about 1.5 points to IBM's revenue growth this year.

憑藉 z17 的強勁開局，基礎設施應該會為 IBM 今年的營收成長貢獻約 1.5 個百分點。

And in Consulting, while we are encouraged by our backlog growing mid-single digits and the continued progress in our GenAI book of business, given the current demand environment, we continue to be prudently cautious on Consulting's growth contribution to IBM this year.

在諮詢業務方面，雖然我們對積壓訂單成長中位數以及 GenAI 業務持續成長感到鼓舞，但考慮到當前的需求環境，我們仍然對諮詢業務今年對 IBM 的成長貢獻持謹慎態度。

As I mentioned earlier, we have been accelerating our productivity initiatives, which is fueling our flywheel for growth and margin expansion. We are early in this Client Zero journey on scaling AI internally to reinvent the way we work and are excited about the significant opportunities ahead of us.

正如我之前提到的，我們一直在加速提高生產力的舉措，這為我們的成長和利潤擴張提供了動力。我們正處於 Client Zero 之旅的早期階段，致力於在內部擴展 AI 以重塑我們的工作方式，並對未來的重大機會感到興奮。

We exited 2024 at $3.5 billion of annual run rate savings achieved. And we now believe we can achieve approximately $4.5 billion in annual run rate savings by the end of 2025.

到 2024 年，我們實現了每年 35 億美元的運行率節省。現在我們相信，到 2025 年底，我們可以實現每年約 45 億美元的營運成本節省。

Through the first half of the year, our operating pre-tax margins have expanded by 90 basis points, ahead of our model despite dilution from HashiCorp. Given this performance and increased productivity savings, we are raising our expectations for IBM's full-year operating pretax margin to expand by about 1 point. And our tax rate expectation for the year remains in the mid-teens. As always, the timing of discrete items can cause the rate to vary within the year.

今年上半年，儘管受到 HashiCorp 的稀釋，我們的營業稅前利潤率仍擴大了 90 個基點，高於我們的模型。鑑於這樣的業績和生產力節約的提高，我們提高了對 IBM 全年營業稅前利潤率將成長約 1 個百分點的預期。我們對今年的稅率預期仍將維持在十五六個百分點。與往常一樣，離散項目的時間可能會導致利率在一年內發生變化。

For the third quarter, we are comfortable with consensus estimates for revenue and profitability.

對於第三季度，我們對收入和盈利的普遍預期感到滿意。

Let me conclude by saying we are pleased with our first-half performance, highlighting the resiliency of our business model, disciplined strategy, and growth opportunities ahead of us.

最後，我想說，我們對上半年的業績感到滿意，這突顯了我們的商業模式的彈性、嚴謹的策略以及未來的成長機會。

Arvind and I are now happy to take your questions. Olympia, let's get started.

Arvind 和我現在很高興回答您的問題。奧林匹亞，我們開始吧。

Thank you, Jim. Before we begin the Q&A, I'd like to mention a couple of items.

謝謝你，吉姆。在我們開始問答之前，我想提幾點。

First, supplemental information is provided at the end of the presentation. And then, second, as always, I'd ask you to refrain from multi-part questions.

首先，在演示結束時提供補充資訊。其次，像往常一樣，我要求您不要問多部分的問題。

Operator, let's please open it up for questions.

接線員，請讓我們開始提問。

(Operator Instructions)

（操作員指示）

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

I was hoping you could double click on the software trends. It looks like organic growth decelerated in the quarter to maybe between 3% to 4%. Could you confirm that?

我希望您可以雙擊軟體趨勢。看起來本季有機成長率可能放緩至 3% 至 4% 之間。你能證實嗎？

That would imply that it would be the third quarter of Software organic growth deceleration. But you just expressed confidence in your approaching 10% guide.

這意味著軟體有機成長將在第三季減速。但您剛剛表達了對接近 10% 的指導的信心。

So between Transaction Processing deceleration, maybe Red Hat maintaining it, what are some of the other puts-and-takes that we should be expecting in the business? And how much should we expect organic Software growth to be for the remainder of the year?

那麼，在交易處理減速（也許 Red Hat 會維持它）之間，我們應該在業務中預期哪些其他的優點和缺點？那麼，我們預計今年剩餘時間內軟體的有機成長率將達到多少呢？

Okay. Wamsi, thank you for the question. Appreciate it. Let's get right to the heart of this.

好的。Wamsi，謝謝你的提問。非常感謝。讓我們直入正題。

You dial back to how we opened up the year in January and then, we built on that at our Investor Day in early February. We talked about 2025, we were entering from a position of strength in Software.

回顧我們在一月開啟新一年的歷程，以及我們在二月初的投資人日上所做的貢獻。我們談到了 2025 年，我們將從軟體領域的優勢地位進入。

Why? New innovation we're bringing to market; strong recurring revenue base -- by the way, now $23 billion, growing double digits; Red Hat momentum throughout the year and the opportunity around virtualization and others; GenAI book of business; and the M&A growth synergies.

為什麼？我們為市場帶來的新創新；強勁的經常性收入基礎——順便說一下，現在已達到 230 億美元，並以兩位數的速度增長；紅帽全年的發展勢頭以及虛擬化和其他領域的機遇；GenAI 業務簿；以及併購增長協同效應。

Halfway through the year, right now, we actually feel even more confident about the year of approaching double digits.

今年已經過去一半了，現在，我們對於今年接近兩位數的成長實際上更加有信心。

Let me just break this down compared to the Investor Day model around each of our categories: one, hybrid cloud.

讓我根據投資者日模型來分解我們每個類別的情況：一、混合雲。

We accelerated our Red Hat performance first quarter, second quarter by an incremental point, now growing about 14.5%. By the way, that's contributing about 3.5 points of IBM's Software revenue growth, all organic, by the way.

我們在第一季和第二季加快了紅帽業績的成長，目前成長率約為 14.5%。順便說一句，這為 IBM 的軟體收入成長貢獻了約 3.5 個百分點，而且全部都是有機成長。

We continue to see mid-teens growth for the year and contributing about 3.5 points. Why? Double-digit growth again in annualized bookings, opportunities around virtualization. By the way, through the first three quarters, we now eclipsed $300 million worth of total bookings around virtualization. We see that pipeline even accelerating faster in the second half. And then, you got AI and application, hybrid cloud containerization that's going to drive it. So we feel pretty good about Red Hat.

我們今年繼續看到中等程度的成長並貢獻約 3.5 個百分點。為什麼？年度預訂量再次實現兩位數成長，虛擬化帶來機會。順便說一句，前三個季度，我們虛擬化的總預訂金額已經超過 3 億美元。我們看到下半年這項管道的加速速度甚至更快。然後，您將獲得人工智慧和應用程序，混合雲端容器化來推動它。所以我們對 Red Hat 感覺很好。

Two, Automation. Our model on Automation is low double digits. We operated through the first half at 15% above model. Now, underneath that, we're contributing about 3.5 points of that Software growth.

二、自動化。我們的自動化模型是低兩位數。我們上半年的營運規模比模型高出 15%。現在，我們為軟體成長貢獻了約 3.5 個百分點。

We're off to a great start in HashiCorp, as we talked about in the prepared remarks. We're very excited about the integrated value of that value proposition across IBM plus Red Hat plus HashiCorp, with 2x the annual bookings in the first quarter underneath IBM.

正如我們在準備好的發言中談到的那樣，我們在 HashiCorp 取得了良好的開端。我們對 IBM、Red Hat 和 HashiCorp 的價值主張的綜合價值感到非常興奮，IBM 第一季的年度預訂量是其兩倍。

And oh, by the way, our pipeline in the second half is 3x last year across our entire Automation portfolio with regards to HashiCorp. So we actually expect Automation to continue to accelerate throughout the year. We will be well above our model, mid- to high teens. Against that Investor Day model, that's going to contribute about an incremental point of growth.

哦，順便說一下，就 HashiCorp 而言，我們整個自動化產品組合中下半年的管道數量是去年的 3 倍。因此，我們實際上預計自動化將在全年繼續加速發展。我們將遠高於我們的模型，即十五六到十五六歲。根據投資者日模型，這將帶來約一個增量的成長點。

Third, Data. Data, we continue to execute well on GenAI momentum. Now, inception-to-date, $1.5 billion worth of book of business on Software. We're bringing new innovation to market that we showcased at Think. We're building a strong pipeline in the second half that we're confident on. And we have the M&A synergies that are going to play forward, both in Automation and in Data. So we expect that to deliver our model.

第三，數據。數據，我們繼續在 GenAI 勢頭上表現良好。現在，從成立至今，軟體業務總額已達 15 億美元。我們將把在 Think 上展示的新創新推向市場。我們正在為下半年打造強大的管道，我們對此充滿信心。我們在自動化和資料領域都擁有將要發揮的併購綜效。因此我們希望這能夠實現我們的模型。

Now, you come to Transaction Processing. Transaction Processing flat through the first half. That's, by the way, below our model, mid-single digit, right? That's about a 2-point impact to the first half to Software's growth.

現在，您來到了交易處理。交易處理在上半年持平。順便說一下，這低於我們的模型，中等個位數，對嗎？這對上半年軟體的成長產生了約 2 個百分點的影響。

When you look at it, what are we seeing? As we always talked about, Transaction Processing runs mission-critical software on top of our mainframe platform. We run that mainframe platform as a stack economic play, $3 to $4, a platform multiplier over the cycle.

當你觀察它時，我們看到了什麼？正如我們經常談論的那樣，事務處理在我們的大型主機平台上運行關鍵任務軟體。我們將大型主機平台作為堆疊經濟遊戲來運行，3 到 4 美元，即週期內的平台乘數。

We're off to the strongest-ever first quarter start in the history of IBM around mainframe in a launch quarter. We shipped over 100% MIPS capacity into the marketplace on z17. So while that's having a near-term impact on Transaction Processing, you saw it down 2% in the quarter, clients reprioritized their spend to the hardware.

我們迎來了 IBM 史上大型主機發布季度中表現最強勁的第一季。我們在 z17 上向市場交付了超過 100% 的 MIPS 容量。因此，雖然這對交易處理產生了短期影響，但您會看到它在本季度下降了 2%，但客戶將其支出優先用於硬體。

Now, that will impact near term but look at what happened on z16? Same thing happened in second quarter last year. What happened? We accelerated that growth. That's that multiplier effect as we get more capacity in a marketplace. We expect Transaction Processing now to be about low single digit. It will return to growth in the second half.

現在，這將產生短期影響，但看看 z16 上發生了什麼？去年第二季也發生了同樣的事情。發生了什麼事？我們加速了這一成長。這就是我們在市場上獲得更多容量時所產生的乘數效應。我們預計現在的交易處理量約為個位數。下半年將恢復成長。

So between accelerating growth continued on Red Hat, the Automation synergistic value on Hashi, Transaction Processing capitalizing on that multiplier effect of a very strong start on mainframe, we see that organic growth moving forward.

因此，在 Red Hat 持續加速成長、Hashi 的自動化協同價值、交易處理利用大型主機強勁開局的乘數效應之間，我們看到有機成長正在向前發展。

And oh, by the way, we're comfortable with third-quarter guidance. Third-quarter guidance already accelerates organic growth.

順便說一句，我們對第三季的業績指引感到滿意。第三季的指引已經加速了有機成長。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Arvind, I'm hoping you just spend a little bit of time talking about what are you hearing from your customers at this point, given what seems to be a very volatile macro tape? Maybe just talk about a few categories where you think customers want to spend more money they're prioritizing versus things that they might be deemphasizing a bit?

Arvind，我希望您能花一點時間談談，鑑於宏觀經濟形勢似乎非常不穩定，您目前從客戶那裡聽到了什麼？也許只是談論幾個您認為客戶願意花更多錢的類別，他們優先考慮這些類別，而不是他們可能不太重視的類別？

And then, very specifically, I'd love to hear your thoughts around Red Hat. Given the strong trajectory you guys are seeing, how do you see virtualization starting to contribute to that growth, especially given the acquisition of VMware by Broadcom and the price increases implementing sales (multiple speakers) --

然後，非常具體地，我很想聽聽您對 Red Hat 的看法。鑑於你們所看到的強勁發展軌跡，你們認為虛擬化將如何促進這一成長，尤其是在博通收購 VMware 以及實施銷售策略的價格上漲的情況下。（多位發言者）——

(inaudible) touch on those?

（聽不清楚）觸及這些嗎？

I've turned from being -- I used the word cautious optimism at the end of the first quarter. I would now turn my way all the way to optimism around the macro environment.

我已經從——我在第一季末使用了謹慎樂觀這個詞。我現在對宏觀環境持樂觀態度。

As we go around the globe -- I'll first touch on geography and then, touch on some sector or client examples -- I think Japan is reindustrializing and they are committed to economic growth for their nation. That implies that Japan is digitizing at rates we have not seen and digitizing is through the use of technology.

當我們放眼全球時——我首先會談及地理，然後再談一些行業或客戶的例子——我認為日本正在重新工業化，他們致力於國家經濟成長。這意味著日本正在以我們從未見過的速度數位化，而且數位化是透過使用科技實現的。

If you go across South Asia, they're all booming. In real terms, South Asia is growing at north of 10% because when you think about 6%, 7% GDP growth in India, combined with 6% inflation, that means that actual rates, their economies are growing at 10% to 12%.

如果你走遍南亞，你會發現它們都在蓬勃發展。從實際角度來看，南亞的經濟成長率超過 10%，因為考慮到印度 6% 到 7% 的 GDP 成長率，再加上 6% 的通貨膨脹率，這意味著實際經濟成長率為 10% 到 12%。

The Middle East, especially Saudi and UAE, are booming in terms of plowing all of their profits back into their economies. They're trying to create now diversified economies of which technology forms a strong piece.

中東地區，尤其是沙烏地阿拉伯和阿聯酋，正在將所有利潤重新投入經濟中，發展勢頭迅速。他們正努力創造多元化的經濟，而科技是其中的重要組成部分。

People have talked a lot about Europe. But Europe has remained remarkably resilient as a technology consumer. I believe the reason for that is that when they look at their concerns around supply chains, they look at the issues around cyber and they look at their labor demographics, technology offers them an actual answer against all of those headwinds.

人們已經談論了很多有關歐洲的事情。但作為科技消費國，歐洲依然保持著極強的韌性。我認為，原因在於，當他們審視供應鏈問題、網路問題和勞動力人口統計數據時，科技為他們提供了應對所有這些不利因素的實際答案。

We come into North America and every company is now convinced that technology forms the basis of how do you scale revenue while not spending that much on CapEx and that much on labor expenses.

我們進入北美，現在每家公司都相信，科技是擴大收入的基礎，同時又不需要花費太多的資本支出和勞動成本。

So as you've gone around the globe, those form the backdrops for why enterprise technology is going to remain a strong grower, somewhere in the 5%, 6%, 7% range is from what we can see.

因此，放眼全球，這些都是企業技術將保持強勁成長的背景，據我們所知，成長率將在 5%、6% 或 7% 左右。

Then, if I touch on it in a more client lens, if I think about a bank in Western Europe, they are strongly motivated to begin to use AI on how to improve their customer experience and how to improve their internal risk profiles.

然後，如果我從更客戶的角度來看待這個問題，如果我想到西歐的一家銀行，他們就會強烈地開始使用人工智慧來改善客戶體驗以及如何改善內部風險狀況。

If I look at telecom here in the United States, they're looking deeply at how they can have a software-defined backbone for their very high-throughput network backbones in order to give themselves more flexibility in how traffic gets routed and to be able to leverage the rate of advancement that comes in standard servers and software.

如果我看美國的電信業，他們正在深入研究如何為其高吞吐量網路主幹網路建立軟體定義的主幹網，以便在流量路由方面給予自己更多的靈活性，並能夠利用標準伺服器和軟體的進步速度。

You asked me about Red Hat. Amit, if you'll allow me, I'll go a little bit broader than the virtualization question.

你問了我關於 Red Hat 的問題。阿米特，如果你允許的話，我可以稍微深入一點，談談虛擬化以外的問題。

First, Red Hat Linux, the core original product of Red Hat, is growing in the high single digits because of extreme demand around people deploying Red Hat in order to be able to leverage AI as well, not just the standard server footprint, which normally, I would tell you, gives you 6%, 7%, but additional workloads is adding that couple of percent that you're asking about.

首先，Red Hat 的核心原創產品 Red Hat Linux 正在以高個位數成長，因為人們對部署 Red Hat 的需求極大，以便能夠利用人工智慧，而不僅僅是標準伺服器佔用空間，通常會告訴你，這會給你 6%、7% 的成長，但額外的工作負載會增加你所詢問的幾個百分點。

If we look at OpenShift, it's actually a platform answer. So people are looking for what platform do we use for containers and what platform do we use for virtualization? There were three or four answers in each category. If I look at two of the three competitors on the containerization side, they've taken themselves out of the market in practical terms. So if people are wanting a container platform that goes across public cloud and on-premise, I will tell you that we are the leading answer for that. Every analyst, as an industry analyst, will tell you that.

如果我們看一下 OpenShift，它實際上是一個平台答案。所以人們正在尋找我們使用什麼平台來實現容器以及我們使用什麼平台來實現虛擬化？每個類別有三到四個答案。如果我看一下貨櫃化方面的三個競爭對手中的兩個，就會發現他們實際上已經退出了市場。因此，如果人們想要一個跨公有雲和內部部署的容器平台，我會告訴你，我們就是最好的答案。每一位分析師，身為產業分析師，都會告訴你這一點。

If you look at virtualization, there are a few answers. But then, there is a set of clients who would prefer a common answer across containerization and virtualization. And then, by default, we tend to win those. That has accelerated the OpenShift piece.

如果你看一下虛擬化，你會發現一些答案。但是，有一組客戶希望在容器化和虛擬化之間找到一個共同的答案。然後，預設情況下，我們往往會贏得這些。這加速了 OpenShift 的發展。

And last but not least, as we have brought HashiCorp in and the numbers show through in the HashiCorp product family; but the combination with Ansible is very powerful and is going to boost Ansible, as well, going forward.

最後但同樣重要的一點是，我們引入了 HashiCorp，HashiCorp 產品系列的數字也體現了這一點；但與 Ansible 的結合非常強大，並且也將推動 Ansible 的發展。

So I hope this gives you a bit of color, both on the macro and on Red Hat.

所以我希望這能為你帶來一些色彩，無論是在宏觀還是在 Red Hat 上。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

I wanted to take, like, the opposite tack of the first question and ask what is causing you not to raise guidance if you feel better about the economy? It looks like free cash flow is above your pace. It looks like you're already at 5%-plus constant currency -- I know that includes an acquisition. And it looks like TPP and a bunch of others may accelerate.

我想採取與第一個問題相反的策略，問一下，如果您對經濟感覺更好，那麼是什麼原因導致您不提高指導價格？看起來自由現金流超出了你的速度。看起來您的固定貨幣利率已經達到 5% 以上了——我知道這包括收購。看起來TPP和其他一些協議可能會加速推進。

So just wondering, is it conservative to say that you're comfortable with the Street for the 3Q, when all that is looking actually better and you're already at your 5%-plus and already ahead of pace on free cash flow?

所以我只是想知道，當所有情況看起來實際上都在好轉，而且您的成長率已經達到 5% 以上，而自由現金流已經領先時，您對華爾街對第三季度的預測感到滿意是否是保守的說法？

Thanks, Ben. I appreciate the question, overall.

謝謝，本。總的來說，我很感謝這個問題。

Let's just ground us in what we're actually saying, both in the prepared remarks and here tonight. Coming off of a first half which we feel very good and pleased about our performance, I think it talks to how we have fundamentally changed and repositioned this company around a portfolio, a business model, and an execution engine that actually reflects itself in a diversified business model and a durable and resilient business model.

讓我們把重點放在我們實際要說的話上，無論是在準備好的演講中還是在今晚的演講中。我們對自己上半年的業績感到非常滿意，我認為這說明了我們如何從根本上改變並重新定位了公司，圍繞著產品組合、商業模式和執行引擎，這實際上反映在多元化的商業模式和持久而有彈性的商業模式中。

So today, number one, we beat Street expectations and our own expectations in the quarter on revenue, on operating margin, on profitability, on earnings, on free cash flow.

因此，今天，首先，我們在本季的營收、營業利潤率、獲利能力、收益和自由現金流方面均超出了華爾街的預期和我們自己的預期。

What are we saying about the full year here now, tonight? Number one, since January, the average analyst estimates have taken up the IBM revenue by well in excess of $1 billion. We've been taking up the year already.

今晚，我們在這裡談論全年的哪些事情？首先，自一月以來，分析師平均預期 IBM 的營收將遠遠超過 10 億美元。我們已經開始這一年了。

We live in an actual world. Yes, FX is moving our way. But also in the quarter, our $400 million beat, about $375 million of that was pure business performance in constant currency. So by definition, we have confidence entering the second quarter. I'll come back to revenue.

我們生活在一個現實世界。是的，FX 正朝著我們這邊轉變。但在本季度，我們的 4 億美元超額收益中，約有 3.75 億美元是按固定匯率計算的純業務業績。因此，從本質上講，我們對進入第二季度充滿信心。我會再談收入問題。

But we're also then, number two, taking up the year on our productivity initiatives. We exited last year, we talked about $3.5 billion of productivity that we've been able to fundamentally drive out of this business.

但第二，我們也要在這一年採取生產力措施。我們去年退出了這項業務，並談到了 35 億美元的生產力，我們已經能夠從根本上擺脫這項業務。

This is what Arvind keeps talking about: this productivity mindset that we spent time with all of you at our Think conference about reimagining and reinventing how we run our company.

這就是 Arvind 一直在談論的：這種生產力思維，我們在 Think 會議上與大家一起討論了重新構想和重塑我們經營公司的方式。

How do we leverage technology, digitization, embed AI across our workflows? We are seeing extreme penetration around that. That's given us guidance and confidence to raise that to $4.5 billion.

我們如何在工作流程中利用科技、數位化和嵌入人工智慧？我們看到這方面的滲透率極高。這為我們提供了指導和信心，使我們將其提高到 45 億美元。

That flows to operating margin. We're taking our operating margins up from 0.5 point to now roughly 1 point. We're taking our adjusted EBITDA up because it's all high-quality earnings profit. That adjusted EBITDA is now going to be low-teens growth. By the way, dollarize that, that's over $2 billion year-to-year growth in adjusted EBITDA. And then, we're flowing that all the way down through to cash flow: high-quality, sustainable cash flow generation.

這會影響營業利潤率。我們的營業利潤率從 0.5 個百分點提高到現在的約 1 個百分點。我們提高調整後的 EBITDA，因為這全是高品質的獲利。調整後的 EBITDA 現在將實現低十位數成長。順便說一句，以美元計算，調整後的 EBITDA 年成長超過 20 億美元。然後，我們將其一直傳遞到現金流：高品質、可持續的現金流產生。

Now, with all that said, we got a half a year to go. Free cash flow, we got two-thirds of our free cash flow to go. Revenue, we still got $40 billion worth of revenue to go.

現在，說了這麼多，我們還有半年的時間。自由現金流，我們還有三分之二的自由現金流可用。收入，我們還有 400 億美元的收入需要實現。

We feel confident about the position we're in, the strength of our portfolio on Software, double-digit annuity revenue, around $23 billion book of business. We feel good about infrastructure and (inaudible).

我們對我們所處的地位、軟體投資組合的實力、兩位數的年金收入、約 230 億美元的業務帳簿充滿信心。我們對基礎設施感到滿意，（聽不清楚）。

By the way, we took Infrastructure up for the year. This is not a pull-ahead, a mainframe cyclical demand in that quarter. We took the entire year up.

順便說一下，我們今年開始致力於基礎建設。這不是提前拉動，而是該季度的大型主機週期性需求。我們花了一整年的時間。

So I would tell you, we feel very confident, even more confident than 90 days ago. And yes, we have upside and conservatism? Absolutely. But that's what you would expect of us.

所以我想告訴你，我們非常有信心，甚至比 90 天前更有信心。是的，我們有優勢和保守性？絕對地。但這正是您對我們的期望。

Jim Schneider, Goldman Sachs Asset Management.

高盛資產管理公司吉姆·施耐德。

I was wondering if you step back and look at the holistic Software portfolio, there were a lot of questions on what we're doing for this year. But maybe, going forward, heading into 2026, given the impact of some of the businesses and positive tailwinds you talked about, do you think there is potential for improving both organic and overall Software growth heading into 2026 from the current 10% levels this year? I wonder if you think that's possible.

我想知道，如果您退一步來看看整個軟體產品組合，您會發現很多關於我們今年要做什麼的問題。但是，展望未來，進入 2026 年，考慮到您談到的一些業務和積極因素的影響，您是否認為到 2026 年，軟體的有機增長和整體增長有可能從今年的 10% 水平有所提高？我不知道您是否認為這可能。

And then, maybe secondarily, if you could just address the Consulting business and what you're seeing, right now, in terms of the duration of the bookings you're seeing and whether there's any change in the time to commencement of some of the Consulting contracts you're signing.

其次，也許您可以談談諮詢業務以及您現在看到的情況，就您所看到的預訂持續時間而言，以及您簽署的一些諮詢合約的開始時間是否有任何變化。

Jim, thanks for the question, though I did, I think, count three parts in there.

吉姆，謝謝你的提問，不過我認為我確實把其中的部分算作了三個部分。

Let me address the first part on the Software macro going into '26. And then, I'll give it over to our Jim, Jim Kavanaugh, for some of the details there and on Consulting.

讓我來談談 26 年軟體巨集的第一部分。然後，我將把主題交給我們的吉姆，吉姆·卡瓦諾 (Jim Kavanaugh)，介紹那裡和諮詢方面的一些細節。

Look, I think the question you're asking is one that we spend a lot of time on and one that I'm incredibly confident about. If I look at the underlying macros, all the parts we talked about Red Hat, I see them maintaining themselves into 2026. This is not unique to this quarter or a month. And so I would expect to see that same growth carry on there.

聽著，我認為你問的問題是我們在這個問題上花了很多時間並且我對此非常有信心。如果我看一下底層宏，我們討論的有關 Red Hat 的所有部分，我發現它們將維持到 2026 年。這並不是本季或本月獨有的。因此我期望看到同樣的成長趨勢在那裡持續下去。

If I look at Automation, that is really driven by the complexity of our clients' technology environments and then them wanting to run them at extremely high resilience. They want to run them at much lower labor cost expense. And the amount of compute to their environments is increasing so they need technology.

如果我看一下自動化，那實際上是由我們客戶的技術環境的複雜性所驅動的，然後他們希望以極高的彈性運行它們。他們希望以更低的勞動成本來經營這些企業。而且他們的環境的計算量正在增加，因此他們需要技術。

We label that Automation to go run all that. We can see that the desire to unlock value from all of the data, to unlock data for AI as well as to deploy AI inside the enterprise, which is where we are focused, is going to only accelerate, not decrease.

我們稱之為自動化，來運行所有這些。我們可以看到，從所有數據中釋放價值、為人工智慧釋放數據以及在企業內部部署人工智慧的願望（這正是我們所關注的）只會加速，而不會減少。

So all those three parts of the portfolio, I would give you equal or higher growth rates, going into 2026.

因此，到 2026 年，我將為投資組合的所有三個部分提供相同或更高的成長率。

Now, you come to TP. Jim addressed that. TP tends to be slightly lagging with the capacity that is being deployed on mainframes. So as that capacity gets deployed, I would fully expect TP to return to its long-term model, which is in between low- and mid-single digits.

現在，你來到了TP。吉姆談到了這一點。TP 往往會稍微落後於大型主機上部署的容量。因此，隨著產能部署，我完全預期 TP 將恢復到其長期模式，即介於低位和中位數個位數之間。

So if you put all that together and then, if you add what other M&A we might do because since you raised that, let me just (inaudible) organic and inorganic, I am very optimistic about the current M&A environment.

因此，如果將所有這些放在一起，然後，如果添加我們可能進行的其他併購，因為既然您提出了這一點，那麼讓我（聽不清）有機和無機，我對當前的併購環境非常樂觀。

Of course, all regulators will always watch for misbehavior and for areas where they see too much consolidation. That said, what we've seen over the last four months has made us optimistic that we are now in a rational regulation environment where M&A that makes sense will get approved in reasonable time frames.

當然，所有監管機構都會隨時關注不當行為以及過度整合的領域。話雖如此，過去四個月的情況讓我們樂觀地認為，我們現在處於一個合理的監管環境中，有意義的併購將在合理的時間範圍內獲得批准。

With that, Jim, let me give it to you.

有了這個，吉姆，我就把它交給你了。

Yeah. Jim, thank you for the question, overall.

是的。吉姆，總的來說，謝謝你的提問。

Just let me put a bow on Arvind's point about Software and bring it up a level to IBM and then, that will lead right into your Consulting question, if I remember the question, overall.

讓我先對 Arvind 關於軟體的觀點做一個總結，並將其提升到 IBM 的層面，然後，如果我沒記錯的話，這將直接引出您的諮詢問題。

But when you look at it, first of all, way too early. We have a lot of work to do. The team is extremely focused on disciplined execution here and delivering and unlocking client value with all the new investments in innovation in the second half of this year.

但如果你看一下，首先，這還為時過早。我們還有很多工作要做。該團隊非常注重規範執行，並透過今年下半年在創新方面的所有新投資來創造和釋放客戶價值。

When you look at '26 at a big picture, I'll reiterate what we said at Investor Day: we feel good about the Software portfolio. Arvind just gave you some of the key KPIs underneath that; about how we feel even more confident heading into '26 with that.

當你從整體上看 26 年時，我會重申我們在投資者日所說的話：我們對軟體投資組合感到滿意。Arvind 剛剛給了你一些關鍵的 KPI；關於我們如何更有信心進入 26 年。

But the other big drivers are:

但其他主要驅動因素包括：

One, GenAI, not only software but we've now got north of a $7.5 billion book of business. It's generating increased penetration across our portfolio, both Software and Consulting, which I'll talk about.

首先，GenAI 不僅僅是軟體，現在我們的業務規模已經超過 75 億美元。它正在提高我們產品組合（包括軟體和諮詢）的滲透率，我將對此進行討論。

Two, our M&A growth synergies. We accelerated some opportunistically into this year. We're very excited about the portfolio that we've been able to acquire and the synergistic value of what that's going to bring to Automation.

二、我們的併購成長綜效。我們今年抓住了一些機遇，加快了步伐。我們對所獲得的投資組合以及它將為自動化帶來的協同價值感到非常興奮。

To Wamsi's question, that is going to fuel second half and that's why second-half pipeline is so strong in Automation and Data around that synergistic value of IBM, Red Hat, and Hashi together. So that synergistic play of M&A is going to play out in '26.

對於 Wamsi 的問題，這將推動下半年的發展，這就是為什麼下半年在自動化和數據方面如此強勁，圍繞著 IBM、Red Hat 和 Hashi 的協同價值。因此，併購的協同作用將在26年發揮作用。

Three, the integrated value of that multiplier effect of having a mainframe platform. We have taken up the year on infra on mainframe. We see a very strong start. That $3 to $4 platform multiplier plays out in '26 and '27.

三、大型主機平台的乘數效應的綜合價值。我們已花了一年時間研究大型主機的基礎設施。我們看到了一個非常強勁的開端。3 至 4 美元的平台乘數將在 26 年和 27 年發揮作用。

And then, finally, Consulting backlog, $32 billion, which leads me to your last question. Let me take a little bit of a moment to talk about this because there's been a lot of competitors that have come out already in the marketplace.

最後，諮詢積壓訂單為 320 億美元，這讓我想到了您的最後一個問題。請容許我花一點時間來談論這個問題，因為市場上已經出現了許多競爭對手。

In our Consulting, overall, revenue was flat. We stabilized, coming off a fourth quarter down [1]. I would tell you we're still operating, as we said in prepared remarks, in a very dynamic environment. Clients are reprioritizing that spending. They're focused on cost efficiency and deploying GenAI that really drive not only the operating leverage in our own business but to Arvind's point, leveraging technology for what it's done for a century and that is create scale and create new businesses and new markets and opportunities. We're capitalizing on that.

在我們的諮詢業務中，整體而言，收入持平。我們穩定下來，擺脫了第四季的低迷[1]。我想告訴你們，正如我們在準備好的演講中所說的那樣，我們仍在一個非常動態的環境中運作。客戶正在重新安排支出的優先順序。他們專注於成本效率和部署 GenAI，這不僅真正推動了我們自己業務的營運槓桿，而且正如 Arvind 所說，利用技術實現一個世紀以來的成就，即創造規模並創造新業務、新市場和新機會。我們正在利用這一點。

But even with that dynamic environment, I might surprise you, right now, but we're actually seeing some good green shoots. One, I would put it in four buckets: backlog; two, GenAI; three, our strategic partnerships; and four, the fundamentals of our business, (technical difficulty) productivity.

但即使在這種動態環境下，我現在可能會讓你感到驚訝，但我們實際上看到了一些好的跡象。第一，我會把它分成四個部分：積壓工作；第二，GenAI；第三，我們的策略夥伴關係；第四，我們業務的基礎（技術難度）生產力。

Backlog, $32 billion at spot rates, which is what's going to play out over the history of that backlog, up over 8%. Stable erosion and Jim, to your question, our duration is actually done 6 months from last year. So we're seeing much more higher revenue realization, higher quality overall. And our trailing 12-month book-to-bill is [1.14].

積壓訂單以現貨價格計算為 320 億美元，這將在積壓訂單的歷史上持續成長 8% 以上。穩定侵蝕和吉姆，對於你的問題，我們的持續時間實際上是從去年開始的 6 個月。因此，我們看到收入實現率大幅提高，整體品質也更高。我們過去 12 個月的訂單出貨比是[1.14]。

Now, our signings in the quarter, before someone else asks the question, were down 18%. That was entirely driven by last year's large early renewals. As we've talked about over the years, I've been very clear, all signings are not the same. Renewals, by definition, are low-to-no revenue realization. They're typically revenue and margin compression. That's what's playing out here in the first half.

現在，在其他人提出這個問題之前，我們本季的簽約量下降了 18%。這完全是由去年的大規模提前續約所推動的。正如我們多年來所談論的那樣，我已經非常清楚，所有的簽約都不一樣。從定義上來說，續約意味著收入實現率很低甚至為零。它們通常是收入和利潤的壓縮。這就是上半場發生的事情。

Underneath that, though, our net new business penetration was up 13% year to year. In the first half, up 7 points. Read that, 200-plus new clients we acquired already in our Consulting business year over year. That's fueling, actually, an accelerated backlog in the second half and what that backlog runout looks like in the second half.

但在此基礎上，我們的淨新業務滲透率年增了 13%。上半場領先7分。讀到這一點，我們的諮詢業務逐年已經獲得了 200 多個新客戶。這實際上加劇了下半年積壓訂單的增加，也導致了下半年積壓訂單的減少。

But again, as you all know, that's only about 70% of the revenue in the second half. We still have to sell and bill new business starting in July through the rest of the year. But encouraging green shoots.

但眾所周知，這僅佔下半年收入的 70% 左右。從 7 月開始直至今年剩餘時間，我們仍需銷售和結算新業務。但令人鼓舞的是，復甦的萌芽正在出現。

GenAI, $6 billion-plus. By the way, 17% of our backlog now growing substantially, over 20% of our bookings. For the first time in the second quarter, we eclipsed 10% of our revenue now coming out of GenAI at, by the way, over a 3-point margin differential.

GenAI，60多億美元。順便說一下，我們的積壓訂單中有 17% 正在大幅增長，佔預訂量的 20% 以上。在第二季度，我們首次實現了 10% 以上的收入來自 GenAI，順便說一下，利潤率差異超過 3 個百分點。

Strategic partnerships, great momentum in SAP, Microsoft, AWS, Palo Alto. By the way, we have a lot of headroom.

策略夥伴關係，SAP、Microsoft、AWS、Palo Alto 發展勢頭強勁。順便說一句，我們還有很大的發展空間。

productivity and business model, our margins are up over 200 basis points through the first half.

生產力和商業模式，我們的利潤率在上半年上升了200多個基點。

So while a lot of green shoots, I think to Ben's question, we're prudently cautious in this environment. And by the way, if those green shoots play out in the second half, it's upside to our guide.

因此，儘管有許多復甦的跡象，但我認為對於本的問題，我們在這種環境下仍需謹慎。順便說一句，如果這些復甦跡像在下半年得以顯現，那麼對我們的指導將是有利的。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Arvind, I wanted to direct this to you. It builds off of what Jim was just talking about. It's been, I think, only six quarters, you've reached a $7.5 billion cumulative AI book of business. Incredibly impressive in such a short period of time. I'm just wondering if you could provide us with some color on how that's impacting customer spend in the non-AI parts of IBM.

Arvind，我想把這個告訴你。它建立在吉姆剛才談論的內容之上。我認為，僅僅六個季度，你們的累積人工智慧業務就達到了 75 億美元。在如此短的時間內取得如此令人印象深刻的成績。我只是想知道您是否可以向我們提供一些關於這對 IBM 非 AI 部分的客戶支出有何影響的資訊。

And really, what I'm trying to understand is how are customers prioritizing AI over non-AI? Is there cannibalization in other areas of client spend or is it incremental to client spend? How might that change as you look at these engagements out over the next, call it, one to three years? Does it become more incremental?

我真正想了解的是，客戶為何優先考慮人工智慧而不是非人工智慧？客戶支出的其他領域是否有蠶食現象，還是會增加顧客支出？如果您展望未來一到三年的這些合作，情況將會發生怎樣的變化？它是否會變得更漸進？

Just would love some flavor on incrementalism versus cannibalization.

只是想了解漸進主義與蠶食主義的差異。

Thanks, Erik, for the question. I'm going to maybe dive down to the components of what is called a full AI stack to answer your question.

謝謝埃里克提出這個問題。我可能會深入研究所謂的完整 AI 堆疊的組件來回答您的問題。

Let's look at it across hardware, which includes semiconductors; then look at it in the enabling software layers in software applications, which actually leverage AI to make themselves much better; and then, finally, into Consulting.

讓我們從硬體（包括半導體）的角度來看它；然後從軟體應用程式中的支援軟體層來看它，它實際上利用人工智慧來使自己變得更好；最後，進入諮詢領域。

If you look at it first from the semiconductors and the Infrastructure level, I would tell you that this is completely incremental. You can see that in the market when you look at our CPU versus GPU, the CPU rates maintain.

如果你先從半導體和基礎設施層面來看，我會告訴你，這是完全漸進的。您可以看到，在市場上，當您查看我們的 CPU 與 GPU 時，CPU 速率保持不變。

Yes, who they are provided by changes all the time. But the total volume of service is not decreasing. So that tells you that is maintained.

是的，它們的提供者一直在變化。但服務總量並沒有減少。所以這告訴你這是被維護的。

What could happen, but I would put that in the very tiny percentages of maybe 1% through 3%, is that people will put a little bit more pricing pressure on the item they believe to be commodity versus the item they believe to be high innovation.

可能發生的情況是，人們會對他們認為是商品的商品施加比他們認為是高創新的商品更大的定價壓力，但我認為這種可能性很小，大概在 1% 到 3% 之間。

But that is just the way technology has always played out. That is where you're seeing it. You can see that reflected in the market, right now.

但這正是科技一直以來發揮作用的方式。這就是你所看到的地方。您現在就可以在市場上看到這一點。

Next, when you get to the enabling software layers, that is purely incremental. There is no cannibalization there with alternate forms of technology. I will tell you that the cannibalization is going to come from the fourth part. People are looking at their own internal labor expenses and people are looking at their third-party labor expenses, and they're looking to decrease those to make room for what they're doing around (inaudible) software.

接下來，當您進入支援軟體層時，這純粹是增量的。替代形式的技巧不會造成相互蠶食。我會告訴你，蠶食將從第四部分開始。人們正在關注自己的內部勞動力費用，人們正在關注他們的第三方勞動力費用，他們希望減少這些費用，為他們在（聽不清楚）軟體方面所做的事情騰出空間。

When you look at AI coming into software products -- whether it's ours, for example, in our case, in Apptio, in Hashi, in Turbonomic, so the known direct AI products -- it actually makes those products better and compete better against others. So it's not a cannibalization because that would apply to ourselves. That is more a market share question that it takes market share from those who are unable to do that. You can also see that play out in the market with other players.

當你看到人工智慧進入軟體產品時——無論是我們的產品，例如，在Apptio、Hashi、Turbonomic中，這些已知的直接人工智慧產品——它實際上使這些產品變得更好，並能更好地與其他產品競爭。所以這不是一種蠶食，因為這適用於我們自己。這更多的是一個市場份額問題，它會從那些無法做到這一點的人手中奪取市場份額。您還可以看到市場上其他參與者的表現。

If I look at Consulting, yes, there is a big piece of the AI book of business which is coming because people are directing their dollars towards that kind of consulting, as opposed to alternate forms of consulting. That is why it's really important to be focused on what we call transformative projects, which includes AI but also includes some of our partners, be it the cloud partners or SAP or Oracle or Palo Alto, et cetera, because that kind of project is far more robust and less likely to be cannibalized. But some other parts of customer application development do tend to get cannibalized towards AI.

如果我看一下諮詢，是的，人工智慧業務將佔據很大一部分，因為人們將資金投入這種諮詢上，而不是其他形式的諮詢。這就是為什麼專注於我們所謂的變革性專案非常重要，這些專案不僅包括人工智慧，還包括我們的一些合作夥伴，無論是雲端合作夥伴還是 SAP、Oracle 或 Palo Alto 等等，因為這種專案更加穩健，不太可能被蠶食。但客戶應用程式開發的其他一些部分確實傾向於被人工智慧蠶食。

So hopefully, that gives you some color on both parts of your question: where are clients prioritizing and also where it's incremental.

所以希望這能讓你對問題的兩個部分有所了解：客戶優先考慮什麼，以及哪些是漸進的。

Brian Essex, J.P. Morgan.

摩根大通的布萊恩艾塞克斯。

Arvind, for you, I appreciate your public sector-related comments at the beginning of the call. It seems like we're starting to see a more aggressive competitive stance regarding IT investment from the current administration.

Arvind，我很欣賞您在通話開始時就公共部門相關的評論。我們似乎開始看到現任政府在 IT 投資方面採取更積極的競爭立場。

Based on conversations you may have had, could you frame out how you think IBM is positioned to address the shift in spending priorities of the administration or public sector, in general? And how much visibility do you have there?

根據您可能進行過的對話，您能否概括一下您認為 IBM 如何應對政府或公共部門支出重點的轉變？您在那裡的知名度有多高？

Yeah. Thanks, Brian.

是的。謝謝，布萊恩。

Look, I'll use the word federal as opposed to public sector just because some of our written documents -- public -- includes healthcare and life sciences and others. So I'll use the word federal and government to be more precise in what this is.

你看，我會使用聯邦這個詞而不是公共部門，因為我們的一些書面文件——公共的——包括醫療保健、生命科學和其他。因此，我將使用聯邦和政府這個詞來更準確地描述這一點。

From my conversations, direct as well as public statements from various members of the administration, they had a very strong focus in the first 6 months to focus on cost-cutting and efficiency to get to what they believed was the right size. They have been very, very clear.

從我的談話以及政府各成員的直接和公開聲明來看，他們在前六個月非常注重削減成本和提高效率，以達到他們認為合適的規模。他們已經非常非常清楚了。

Their focus is now shifting to, number one, we need to modernize the agencies in how they leverage technology to provide a better service to citizens and to leverage technology to also reduce waste, as opposed to just cost cutting.

他們的重點現在轉移到，第一，我們需要使機構現代化，利用技術為公民提供更好的服務，並利用技術減少浪費，而不僅僅是削減成本。

Two, I was very pleased to see the AI action plan that came out this morning. They are very clear that AI has to be used by government agencies against the goals I just laid out.

二、我很高興看到今天早上推出的人工智慧行動計畫。他們非常清楚，政府機構必須使用人工智慧來實現我剛才列出的目標。

Then, while these have not concluded, the conversations we've been having with the number of agencies leverage our capabilities across both Software, as well as Consulting, to help them go on their paths towards modernization, towards better services for citizens, towards reducing waste, towards more effective overall systems coming all the way into the 21st century.

然後，雖然這些還沒有結束，但我們與許多機構進行的對話利用了我們在軟體和諮詢方面的能力，幫助他們走上現代化的道路，為公民提供更好的服務，減少浪費，在 21 世紀建立更有效的整體系統。

I'm actually quite enthused by their ability to begin to make progress in the next few months. So that's what we are observing. And so the visibility, I would tell you, when they are willing to make time and they're willing to meet at the highest levels in the various agencies, that's a positive statement that they are serious about it.

事實上，我對他們在接下來的幾個月開始取得進展的能力感到非常興奮。這就是我們所觀察到的。因此，我想告訴你，當他們願意抽出時間並願意與各個機構的最高層會面時，這是一個積極的信號，表明他們對此是認真的。

They do take us. And the visibility I get then is that I think we are a credible player because of our track record and having delivered for the government in the past many years.

他們確實帶我們去了。我得到的印像是，我認為我們是一個值得信賴的參與者，因為我們有良好的記錄，並且在過去幾年裡為政府做出了貢獻。

Matt Swanson, RBC.

馬特·斯旺森（RBC）。

Arvind, I wanted to double click, I think, on the $1.5 billion of software Bookings in the GenAI space and specifically, on some of these watsonx products, the data, the governance, and Orchestrate.

Arvind，我想雙擊 GenAI 領域的 15 億美元軟體預訂，特別是其中一些 watsonx 產品、數據、治理和 Orchestrate。

So one would be, are you starting to see any of these really differentiate themselves in terms of customer demand?

那麼問題來了，您是否開始看到這些產品在客戶需求上真正有所差異？

And then, specifically on the Orchestrate layer, that seems to be a space that a lot of companies have started to talk about, whether it be model orchestration or agentic orchestration, if you could just talk a little more about your right to win in that space and how you're positioned.

然後，特別是在 Orchestrate 層，這似乎是許多公司開始談論的領域，無論是模型編排還是代理編排，如果您可以再多談一下您在這個領域獲勝的權利以及您的定位。

Matt, thanks for the question.

馬特，謝謝你的提問。

First, I have been really pleased by both the uptake and the overall adoption of our GenAI products. We put most of them under the watsonx umbrella so that's where they show up in our internals.

首先，我對我們的 GenAI 產品的普及和整體採用感到非常高興。我們將它們中的大多數置於 watsonx 保護傘下，因此它們出現在我們的內部。

First, there's a few that you did not mention that I think are very unique to us, both because of the knowledge we have as well as the capabilities that our engineers bring to the table. The watsonx Code Assistant on Z -- which helps people modernize their mainframe environment, helps you understand, and if you want, translate your Cobalt code into Java -- is really taken up and has got very wide adoption.

首先，您沒有提到一些我們獨有的東西，這既是因為我們擁有的知識，也是因為我們的工程師所擁有的能力。Z 上的 watsonx 程式碼助手 - 可以幫助人們實現大型主機環境的現代化，幫助您理解 Cobalt 程式碼，並且如果您願意的話，還可以將其轉換為 Java - 確實得到了廣泛的採用。

We thought people would use it to just modernize Cobalt to Java. But actually, in the vast majority of the cases, people are also using it to understand the tens of millions of lines of code that they have and then, decide what makes sense to modernize versus what makes sense to keep now that you can document it and know what it does.

我們認為人們會用它只是將 Cobalt 現代化為 Java。但實際上，在絕大多數情況下，人們也在使用它來理解他們擁有的數千萬行程式碼，然後決定哪些程式碼需要現代化，哪些程式碼需要保留，因為現在你可以記錄它並知道它的作用。

The second one that is very exciting that we're bringing out in this third quarter is the watsonx Assistant for Z, which helps you have an AI administrator that manages your mainframe environment, in addition to the people you have who manage it.

我們在第三季推出的第二款非常令人興奮的產品是 Watson X Assistant for Z，除了管理人員之外，它還可以幫助您擁有一個 AI 管理員來管理您的大型主機環境。

So these are, I think, somewhat unique to us. If I think about watsonx AI, people lead in AI on time, whether that's going to come from RHEL AI or watsonx AI as a place that they can get the models -- and we are very focused on domain-specific smaller models as opposed to the very, very large models and that becomes a carrier for those.

所以我認為這些對我們來說是獨一無二的。如果我考慮 watsonx AI，人們會及時引領人工智慧，無論是來自 RHEL AI 還是 watsonx AI，作為他們可以獲得模型的地方 - 我們非常關注特定領域的較小模型，而不是非常大的模型，這成為這些模型的載體。

I think you're going to see a lot more of those under the RHEL AI and OpenShift AI umbrella because that is where some of those capabilities are going to migrate.

我認為您將在 RHEL AI 和 OpenShift AI 保護傘下看到更多這樣的產品，因為其中一些功能將遷移到那裡。

People need to get their data ready for AI. So that's where watsonx.data plays. We believe, with the upcoming integration of the DataStax capabilities into that, that will then become an even stronger offering.

人們需要為人工智慧做好數據準備。這就是 watsonx.data 發揮作用的地方。我們相信，隨著 DataStax 功能即將融入其中，它將成為更強大的產品。

The last part of your question and not to (inaudible) you're asking, what gives us the right to win in Orchestrate? Look, IBM has always been about being in a heterogeneous space. So it cannot be about just our own agents, of which we have about 70 to 80 of them. It cannot be about bespoke agents only because we believe many of our clients are going to build bespoke agents that are unique to them.

你的問題的最後一部分，而不是（聽不清楚）你問的是，是什麼讓我們有權利在 Orchestrate 中獲勝？你看，IBM 一直致力於處於異質空間。所以這不能只與我們自己的代理商有關，我們有大約 70 到 80 名代理商。這不僅涉及客製化代理，因為我們相信許多客戶都會建立他們獨有的客製化代理商。

We also integrate in about 70 agents from third parties that come in there. This is going to be, one, based on how easy is it? If it is only about your own agent, I actually think that those are our partners, those are not people we compete with. Plenty are going to focus primarily on their own agents. Great.

我們也整合了來自第三方的約 70 個代理程式。這將是，第一，基於它有多容易？如果只是關於你自己的經紀人，我實際上認為那些是我們的合作夥伴，而不是我們的競爭對手。許多人將主要關注自己的代理商。偉大的。

Then, there are going to be agents that come from different places and people want their own bespoke agents. That is the client where we are going to win in Orchestrate. That is what our pipeline and our early discussions with clients show. And that is what distinguishes us from those who are focused on primarily their own agents.

然後，就會有來自不同地方的代理商，人們想要自己客製化的代理商。這就是我們在 Orchestrate 中要贏得的客戶。這就是我們的管道和與客戶的早期討論所顯示的。這就是我們與那些主要關注自己代理商的人的區別。

So look, to close the call out, we are off to a great start in the first half. Our portfolio strength, the resilience of our business model reinforces our confidence in our growth trajectory.

所以，總而言之，我們在上半場有了一個好的開始。我們的投資組合實力和商業模式的彈性增強了我們對成長軌蹟的信心。

I look forward to sharing our progress with you as we move through the rest of the year.

我期待著在今年剩餘的時間裡與您分享我們的進展。

Thank you, Arvind.

謝謝你，Arvind。

Operator, let me turn it back to you to close out the call.

接線員，請允許我將其轉回給您以結束通話。

Thank you for participating on today's call. The conference has now ended. You may disconnect at this time.

感謝您參加今天的電話會議。會議現已結束。您現在可以斷開連線。