International Business Machines Corp (IBM) 2022 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Welcome, and thank you for standing by. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

    歡迎,並感謝您的支持。 (操作員說明)今天的會議正在錄製中。如果您有任何異議,您可以在此時斷開連接。

  • Now I will turn the meeting over to Ms. Patricia Murphy with IBM. Ma'am, you may begin.

    現在我將把會議交給 IBM 的 Patricia Murphy 女士。女士,您可以開始了。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thank you. This is Patricia Murphy, and I'd like to welcome you to IBM's First Quarter 2022 Earnings Presentation. I'm here with Arvind Krishna, IBM's Chairman and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.

    謝謝你。我是 Patricia Murphy,歡迎您參加 IBM 的 2022 年第一季度收益報告。我和 IBM 董事長兼首席執行官 Arvind Krishna 一起來到這裡。 IBM 高級副總裁兼首席財務官 Jim Kavanaugh。

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

    我們將在幾個小時內將今天準備好的評論發佈在 IBM Investor 網站上,明天這個時候將提供重播。

  • To provide additional information to our investors, our presentation includes non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We have provided reconciliation charts for these and other non-GAAP measures at the end of the presentation and in the 8-K submitted to the SEC.

    為了向我們的投資者提供更多信息,我們的演示文稿包括非公認會計原則措施。例如,我們所有關於收入和簽約增長的參考都是按固定匯率計算的。我們在演示文稿結束時和提交給 SEC 的 8-K 中提供了這些和其他非 GAAP 措施的調節圖表。

  • 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》,本演示文稿中的一些評論可能被視為具有前瞻性。這些陳述涉及可能導致我們的實際結果出現重大差異的因素。有關這些因素的其他信息包含在公司提交給美國證券交易委員會的文件中。

  • So with that, I'll turn the call over to Arvind.

    因此,我將把電話轉給 Arvind。

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Thank you, Patricia, and thanks to all of you for joining us today. Our first quarter results reflects the changes we have made to position our business for the future. This solid start to the year reinforces our confidence in our strategy, and we now see revenue growth for 2022 at the high end of our mid-single-digit model.

    謝謝你,帕特里夏,謝謝你們今天加入我們。我們的第一季度業績反映了我們為未來的業務定位所做的改變。今年的良好開端增強了我們對戰略的信心,我們現在看到 2022 年的收入增長處於中個位數模型的高端。

  • What we are hearing from clients is clear. Technology has become a fundamental source of competitive advantage. It is at the very center of how businesses scale and is no longer perceived primarily as a way to cut costs. This is especially true in our current environment. Harnessing the power of technologies such as hybrid cloud and AI remains essential as our clients face a number of strategic challenges and opportunities, whether it's competing for talent, supply chain issues, inflation, cybersecurity or geopolitical instability.

    我們從客戶那裡聽到的很清楚。技術已成為競爭優勢的根本來源。它是企業擴展的核心,不再主要被視為削減成本的一種方式。在我們當前的環境中尤其如此。利用混合雲和人工智能等技術的力量仍然至關重要,因為我們的客戶面臨著許多戰略挑戰和機遇,無論是人才競爭、供應鏈問題、通貨膨脹、網絡安全還是地緣政治不穩定。

  • We continue to see a strong demand environment for both technology and consulting as we help our clients respond to these issues. Over the last 2 years, we have been optimizing our portfolio, expanding our ecosystem and simplifying our go-to-market to capture this demand. This quarter, we again had double-digit revenue growth in consulting, and Software growth reflects solid performance across the portfolio. Our Infrastructure business, as always, reflects product cycle dynamics. Our revenue performance this quarter is a strong indication that our focus, our investments and our actions are paying off.

    隨著我們幫助客戶應對這些問題,我們繼續看到對技術和諮詢的強勁需求環境。在過去的 2 年中,我們一直在優化我們的產品組合、擴展我們的生態系統並簡化我們的上市流程來滿足這一需求。本季度,我們的諮詢收入再次實現兩位數增長,軟件增長反映了整個投資組合的穩健表現。我們的基礎設施業務一如既往地反映了產品週期動態。我們本季度的收入表現有力地表明我們的專注、我們的投資和我們的行動正在取得成效。

  • Before we go further, let me say a few words about the war in Ukraine. We are, first and foremost, focused on the safety and security of our employees. IBM is providing help, including relocation assistance and financial support to IBMers in the region and matching donations from our employees around the world to nonprofits. In terms of the business impact from Russia, Jim will quantify but I'll say the impact is measurable but not large.

    在我們進一步討論之前,讓我先談談烏克蘭的戰爭。我們首先關注員工的安全和保障。 IBM 正在提供幫助,包括向該地區的 IBM 員工提供搬遷援助和財務支持,以及將我們全球員工的捐款與非營利組織相匹配。至於來自俄羅斯的商業影響,Jim 會量化,但我會說影響是可衡量的,但並不大。

  • Let me now turn to the progress we are making when it comes to our hybrid cloud and AI strategy. Hybrid Cloud is all about providing a platform that can straddle multiple public clouds, private cloud and on-premise properties that our clients typically have. The platform we have built is open, secure and flexible. At its core, it is based on Red Hat, which gives clients powerful software capabilities based on open source innovation. Our software has been optimized for that platform and helps our clients apply AI, automation and security to make their business work better. Our global team of consultants offer deep business expertise. They do this by co-creating with clients and finding ways to harness the power of technology to accelerate their digital transformation journeys.

    現在讓我談談我們在混合雲和人工智能戰略方面取得的進展。混合雲旨在提供一個平台,該平台可以跨越我們客戶通常擁有的多個公共雲、私有云和本地屬性。我們構建的平台是開放、安全和靈活的。它的核心是基於紅帽,它為客戶提供基於開源創新的強大軟件功能。我們的軟件已針對該平台進行了優化,並幫助我們的客戶應用人工智能、自動化和安全性,以使他們的業務更好地運作。我們的全球顧問團隊提供深厚的業務專業知識。他們通過與客戶共同創造並尋找利用技術力量加速數字化轉型之旅的方法來做到這一點。

  • Our infrastructure allows clients to take full advantage of an extended hybrid cloud environment. This platform-centric strategy is producing solid results. We have more than 4,000 hybrid cloud platform clients, including 200 added in the first quarter. This gives us 2 avenues of growth from the incremental number of clients, but more importantly, it allows us to expand our software, consulting and infrastructure footprint at these clients.

    我們的基礎架構允許客戶充分利用擴展的混合雲環境。這種以平台為中心的策略正在產生可靠的結果。我們擁有超過 4,000 家混合雲平台客戶,其中包括第一季度新增的 200 家。這為我們提供了從客戶數量的增加中獲得增長的 2 條途徑,但更重要的是,它使我們能夠在這些客戶中擴展我們的軟件、諮詢和基礎設施足跡。

  • Clients such as Charles Schwab, Discover Financial and the U.S. Department of Education have all recently chosen IBM's hybrid cloud capabilities to digitally transform and build new and differentiated experiences and services.

    嘉信理財、Discover Financial 和美國教育部等客戶最近都選擇了 IBM 的混合雲功能來進行數字化轉型並構建新的差異化體驗和服務。

  • Clients also turned to IBM's AI capabilities to move their employees to higher-value tasks and improve their customer experiences. For instance, IBM is now working with McDonald's to pilot an automated drive-thru experience with Watson Orders. In addition, TD Securities is using IBM's AI-powered virtual assistant in support of their precious metals digital stores. We were recently recognized in this area as a leader in a Gartner Magic Quadrant. These highlight our ability to drive innovation in natural language processing and bring these new capabilities to clients.

    客戶還借助 IBM 的 AI 功能將員工轉移到更高價值的任務並改善客戶體驗。例如,IBM 現在正與麥當勞合作,試行 Watson Orders 的自動得來速體驗。此外,道明證券正在使用 IBM 的人工智能虛擬助手來支持其貴金屬數字商店。我們最近在 Gartner 魔力像限中被公認為該領域的領導者。這些突出了我們推動自然語言處理創新並將這些新功能帶給客戶的能力。

  • An important element of our platform strategy is our partner ecosystem, where we continue to gain momentum. We see this in IBM Consulting, where signings with our ecosystem partners were up more than 50% to $2 billion this quarter. In the first quarter, we continue to broaden our ecosystem. We announced an expansion of our strategic partnership with SAP, serving as SAP's RISE premium partner to help clients move workloads to the cloud.

    我們平台戰略的一個重要元素是我們的合作夥伴生態系統,我們將在其中繼續獲得動力。我們在 IBM 諮詢公司看到了這一點,本季度與我們的生態系統合作夥伴的簽約額增長了 50% 以上,達到 20 億美元。在第一季度,我們繼續擴大我們的生態系統。我們宣布擴大與 SAP 的戰略合作夥伴關係,作為 SAP 的 RISE 高級合作夥伴,幫助客戶將工作負載遷移到雲端。

  • With Adobe, we announced a significant expansion of a partnership around the use of AI-powered weather data on the Adobe Experience Platform.

    我們與 Adobe 宣佈在 Adobe Experience Platform 上使用 AI 驅動的天氣數據顯著擴大合作夥伴關係。

  • We are collaborating with Worley and ABB to build a digitally enabled solution that will help energy companies build and operate green hydrogen facilities more efficiently and at scale.

    我們正在與 Worley 和 ABB 合作構建數字化解決方案,幫助能源公司更高效、更大規模地建設和運營綠色氫設施。

  • We also signed an agreement to join the UAE's network of Industry 4.0 champion, a major public-private partnership designed to accelerate the digital transformation of the country's industrial sector.

    我們還簽署了加入阿聯酋工業 4.0 冠軍網絡的協議,這是一個旨在加速該國工業部門數字化轉型的主要公私合作夥伴關係。

  • Within IBM, we are making significant changes to the way we work to build a client-centric culture based on technical excellence. Our new client engagement model based on experiential selling, client engineering and co-creation is strongly resonating among clients. Over the last few quarters, sales productivity is rising, renewal rates are increasing and recurring revenue is growing.

    在 IBM 內部,我們正在對我們的工作方式進行重大改變,以建立以卓越技術為基礎的以客戶為中心的文化。我們基於體驗式銷售、客戶工程和共同創造的新客戶參與模式在客戶中產生了強烈的共鳴。在過去幾個季度,銷售效率不斷提高,續訂率不斷提高,經常性收入也在增長。

  • While we are focused on meeting the needs of clients today, we continue to shape the technologies of tomorrow. Most recently, we announced the IBM z16 platform in early April. z16 is designed for cloud native development, cybersecurity resilience and includes an on-chip AI accelerator. This allows clients to reduce fraud within realtime transactions. The z16 exemplifies our ability to drive critical innovations to a platform that remains essential to the world's economy.

    雖然我們今天專注於滿足客戶的需求,但我們將繼續塑造明天的技術。最近,我們在 4 月初發布了 IBM z16 平台。 z16 專為雲原生開發、網絡安全彈性而設計,並包含一個片上 AI 加速器。這使客戶可以減少實時交易中的欺詐行為。 z16 體現了我們將關鍵創新驅動到一個對世界經濟仍然至關重要的平台的能力。

  • At the same time, we are bullish on the immense potential that automation represents. We firmly believe that our AIOps capabilities are poised to seize the significant opportunity. In the last quarter, we announced a new AIOps solution in collaboration with Flexera that is designed to automate software license compliance.

    同時,我們看好自動化所代表的巨大潛力。我們堅信,我們的 AIOps 能力已準備好抓住這一重大機遇。在上個季度,我們與 Flexera 合作推出了一種新的 AIOps 解決方案,旨在自動化軟件許可證合規性。

  • Quantum is another example of our commitment to advance the fundamental signs of computing. by deploying the world's first 127-qubit processor, we are the only company to have an actual operational computer that is available on our cloud. Companies and governments around the world are taking steps to prepare for Quantum. As an example, we have recently forged new partnerships with HSBC and the Government of Quebec.

    Quantum 是我們致力於推進計算基本符號的另一個例子。通過部署世界上第一個 127 量子位處理器,我們是唯一一家在我們的雲上擁有實際可操作計算機的公司。世界各地的公司和政府正在採取措施為 Quantum 做準備。例如,我們最近與匯豐銀行和魁北克政府建立了新的合作夥伴關係。

  • Delivering organic innovation remains an important and constant focus. At the same time, we continue to make acquisitions to strengthen our portfolio and add value to our clients. In line with this thinking, we completed 3 acquisitions in the first quarter, Envizi, Neudesic and Sentaca.

    提供有機創新仍然是一個重要且持續的重點。與此同時,我們繼續進行收購以加強我們的投資組合併為我們的客戶增加價值。本著這個思路,我們在第一季度完成了 3 次收購,Envizi、Neudesic 和 Sentaca。

  • Clients partners, employees and investors are placing a premium on ESG. As the world moves towards a more circular and sustainable economy, clients need help on their journey. That is why we recently launched the IBM Sustainability Accelerator, a social impact program that applies IBM technology and consulting to help populations that are vulnerable to environmental threats. This is just one of the many efforts we have made around ESG, which you can see in IBM Impact, our first integrated ESG report that we released last week.

    客戶合作夥伴、員工和投資者都非常重視 ESG。隨著世界朝著更加循環和可持續的經濟發展,客戶在旅途中需要幫助。這就是我們最近推出 IBM Sustainability Accelerator 的原因,這是一項社會影響計劃,應用 IBM 技術和諮詢來幫助易受環境威脅的人群。這只是我們圍繞 ESG 所做的眾多努力之一,您可以在 IBM Impact 中看到,這是我們上週發布的第一份綜合 ESG 報告。

  • I will wrap up by saying the results you are seeing this quarter are a direct reflection of our ability to execute against our strategy. Each quarter, we continue to strengthen our portfolio, expand our partner ecosystem and drive productivity and simplification through the business. IBM is now a very different company. We have, in effect, changed our company's trajectory. And while much remains to be done, we are beginning to reap the rewards of our hard-earned efforts, and we are confident in our trajectory for the year.

    最後,我要說的是,您在本季度看到的結果直接反映了我們執行戰略的能力。每個季度,我們都會繼續加強我們的產品組合,擴展我們的合作夥伴生態系統,並通過業務推動生產力和簡化。 IBM 現在是一家非常不同的公司。實際上,我們改變了公司的發展軌跡。儘管還有很多工作要做,但我們開始收穫來之不易的努力的回報,我們對今年的發展軌跡充滿信心。

  • Now let me hand it over to Jim who will share the details of the quarter and our expectations with you.

    現在讓我把它交給 Jim,他將與您分享本季度的細節和我們的期望。

  • James J. Kavanaugh - CFO and Senior VP of Finance & Operations

    James J. Kavanaugh - CFO and Senior VP of Finance & Operations

  • Thanks, Arvind. Let me start out with a few of the headline numbers. We delivered $14.2 billion in revenue, $1.5 billion of operating pretax income, operating earnings per share of $1.40 and $1.2 billion of free cash flow.

    謝謝,阿文德。讓我從一些標題數字開始。我們實現了 142 億美元的收入、15 億美元的營業稅前收入、1.40 美元的每股營業收益和 12 億美元的自由現金流。

  • 90 days ago, I talked about the first quarter and the full year in the context of our medium-term model, which is to deliver mid-single-digit revenue growth and about $35 billion of free cash flow from 2022 through 2024. These first quarter results are a solid step toward delivering on the year and that model. Our revenue was up 11%. This includes over 5 points of incremental revenue from the commercial relationship established with Kyndryl last November.

    90 天前,我在中期模型的背景下談到了第一季度和全年,即從 2022 年到 2024 年實現中個位數的收入增長和約 350 億美元的自由現金流。這些第一個季度業績是朝著實現年度和該模型邁出的堅實一步。我們的收入增長了 11%。這包括去年 11 月與 Kyndryl 建立的商業關係帶來的超過 5 個點的增量收入。

  • Our business, entering 2022, reflects a higher growth, higher value mix. It is also a business with more recurring revenue dominated by Software. This quarter, Software revenue was up 15%, and Consulting was up 17%. As we've discussed in the past, these are our 2 growth vectors, and together represent over 70% of our annual revenue.

    進入 2022 年,我們的業務反映了更高的增長和更高的價值組合。它也是一項以軟件為主的經常性收入較多的業務。本季度,軟件收入增長 15%,諮詢增長 17%。正如我們過去所討論的,這是我們的 2 個增長載體,合計占我們年收入的 70% 以上。

  • Infrastructure performance, which is influenced by product cycles, was flat as compared to last year. The Software and Infrastructure performance each include over 8 points from the commercial Kyndryl relationship. As a reminder, there is no incremental contribution to IBM Consulting's growth.

    受產品週期影響的基礎設施性能與去年相比持平。軟件和基礎設施性能各包括來自商業 Kyndryl 關係的 8 分以上。提醒一下,IBM Consulting 的增長沒有增量貢獻。

  • Our strategy, as Arvind said, is based on a platform-centric approach to hybrid cloud and AI. Not only do we benefit from the platform itself, but IBM and our partners also generate a multiple of Software and Consulting revenue on that platform. It's an attractive economic model. You can see our success in capturing that value in our hybrid cloud revenue, which was up 17% in the first quarter and over the last 12 months. Revenue from our full stack cloud capabilities from infrastructure up through consulting represents $20.8 billion of revenue over the last 12 months or 36% of our total.

    正如 Arvind 所說,我們的戰略基於以平台為中心的混合雲和人工智能方法。我們不僅受益於平臺本身,而且 IBM 和我們的合作夥伴還在該平台上產生了成倍的軟件和諮詢收入。這是一個有吸引力的經濟模式。您可以看到我們在混合雲收入中成功捕捉到這一價值,第一季度和過去 12 個月增長了 17%。我們從基礎架構到諮詢的全棧雲功能的收入在過去 12 個月中佔 208 億美元,占我們總收入的 36%。

  • Looking at our P&L metrics. We grew operating gross profit dollars, though margin was down, with improvement in software margin offset by consulting investments and infrastructure mix due to product cycles.

    查看我們的損益指標。儘管利潤率下降,但我們的營業毛利潤有所增長,軟件利潤率的提高被產品週期引起的諮詢投資和基礎設施組合所抵消。

  • For operating pretax income, we grew profit dollars and expanded margins by 280 basis points. This profit performance reflects that we're capturing demand in high-value areas like software and profit contribution from incremental sales for the new commercial relationship. We have taken actions to streamline our operations and simplify our go-to-market model, consistent with our more focused, platform-centric business. With the more streamlined business, we're getting operating leverage from strong revenue performance.

    對於營業稅前收入,我們增加了利潤美元並將利潤率擴大了 280 個基點。這種利潤表現反映了我們正在捕捉軟件等高價值領域的需求,以及新商業關係的增量銷售帶來的利潤貢獻。我們已採取行動精簡我們的運營並簡化我們的上市模式,這與我們更加專注、以平台為中心的業務相一致。隨著業務的精簡,我們從強勁的收入表現中獲得了運營槓桿。

  • Our profit dynamics also reflect increasing investments in innovation, our ecosystem and talent. We're increasing investments in R&D to deliver innovation in AI, hybrid cloud and emerging areas like Quantum. We're investing in our ecosystem organically and inorganically. For example, one of the 3 acquisitions Arvind mentioned was Neudesic, which adds key hyperscale capabilities to address hybrid multi-cloud demand.

    我們的利潤動態也反映了對創新、我們的生態系統和人才的投資增加。我們正在增加對研發的投資,以在人工智能、混合雲和量子等新興領域提供創新。我們正在有機和無機地投資我們的生態系統。例如,Arvind 提到的三項收購之一是 Neudesic,它增加了關鍵的超大規模能力來滿足混合多雲的需求。

  • And as we've discussed, over the last several quarters, we have been aggressively hiring. We're adding capabilities and skills to support our garages and client engineering centers, client success managers to help clients get the most of their IBM solutions and technical talent across our business. Now we're operating in an inflationary environment, and cost, especially the cost to attract and retain talent are escalating. We're addressing this through pricing, which will help over time.

    正如我們所討論的,在過去幾個季度中,我們一直在積極招聘。我們正在增加能力和技能來支持我們的車庫和客戶工程中心、客戶成功經理,以幫助客戶在我們的業務中充分利用他們的 IBM 解決方案和技術人才。現在我們在通貨膨脹的環境中運營,成本,尤其是吸引和留住人才的成本正在上升。我們正在通過定價來解決這個問題,這將隨著時間的推移而有所幫助。

  • The other item I'll mention is the impact of a strengthening dollar. We execute hedging programs, with the majority of our hedging gains reported in other income and expense. These gains mitigate the currency impact in revenue and gross profit.

    我要提到的另一個項目是美元走強的影響。我們執行對沖計劃,我們的大部分對沖收益報告在其他收入和支出中。這些收益減輕了貨幣對收入和毛利潤的影響。

  • And then looking at net income, we expanded operating net income margin by 130 basis points. This reflects an operating tax rate of 16% which was up significantly from last year.

    然後看淨收入,我們將營業淨收入利潤率擴大了 130 個基點。這反映了 16% 的營業稅率,比去年顯著上升。

  • Turning to free cash flow. We generated $1.2 billion in the quarter. I'll remind you, we've gone back to our traditional all-in free cash flow definition, which includes payments for the structural actions initiated at the end of 2020. The $1.2 billion is about 12% of our full year expected range, consistent with history. The anomaly from that historic attainment was last year, with 23% of our full year free cash flow realized in the first quarter due to the unique dynamics of the Kyndryl separation.

    轉向自由現金流。我們在本季度創造了 12 億美元。我會提醒你,我們已經回到了傳統的全面自由現金流定義,其中包括為 2020 年底啟動的結構性行動支付的費用。12 億美元約為我們全年預期範圍的 12%,符合歷史。這一歷史性成就的異常發生在去年,由於 Kyndryl 分離的獨特動態,我們在第一季度實現了全年自由現金流的 23%。

  • In terms of uses of cash for the quarter, we invested about $700 million in acquisitions, and we returned $1.5 billion to shareholders in the form of dividends. We also issued $4 billion of debt in early February, which supports maturities later in the year. This results in a March cash position of $10.8 billion and debt of over $54 billion.

    在本季度的現金使用方面,我們在收購方面投入了約 7 億美元,我們以股息的形式向股東返還了 15 億美元。我們還在 2 月初發行了 40 億美元的債務,以支持今年晚些時候到期。這導致 3 月份的現金頭寸為 108 億美元,債務超過 540 億美元。

  • Turning to the segments. Software delivered strong revenue growth, up 15%. This includes over 8 points from the recurring Kyndryl software revenue, in line with our expectations. Software performance was driven by good growth in both hybrid platform and solutions and transaction processing, the latter benefiting significantly from the Kyndryl content.

    轉向細分市場。軟件帶來了強勁的收入增長,增長了 15%。這包括超過 8 個點的經常性 Kyndryl 軟件收入,符合我們的預期。軟件性能受到混合平台和解決方案以及事務處理的良好增長的推動,後者從 Kyndryl 內容中受益匪淺。

  • Our software is central to a hybrid cloud value proposition. Within the segment, hybrid cloud revenue is up 25%, now representing $8.8 billion over the last year. And subscription and support renewal rates grew again this quarter, contributing to a software deferred income balance of over $11 billion.

    我們的軟件是混合雲價值主張的核心。在該細分市場中,混合雲收入增長了 25%,與去年相比達到 88 億美元。本季度訂閱和支持續訂率再次增長,軟件遞延收入餘額超過 110 億美元。

  • Hybrid Platform & Solutions revenue grew 10% this quarter, inclusive of about 1.5 points contribution from the Kyndryl commercial relationship. We've driven focus within this portfolio around the most strategic hybrid cloud and AI needs of our clients, Red Hat, data and AI, automation and security. Growth was pervasive across all business areas this quarter.

    本季度混合平台和解決方案收入增長 10%,其中包括來自 Kyndryl 商業關係的約 1.5 個百分點的貢獻。我們在這個產品組合中圍繞客戶、紅帽、數據和人工智能、自動化和安全性最具戰略意義的混合雲和人工智能需求推動了重點。本季度所有業務領域的增長都普遍存在。

  • Red Hat revenue all in was up 21%. Revenue growth continues to be fueled by good performance across the Red Hat portfolio. And we again gained share across both RHEL and OpenShift, the foundational hybrid cloud offerings.

    紅帽總收入增長了 21%。紅帽產品組合的良好表現繼續推動收入增長。我們再次在基礎混合雲產品 RHEL 和 OpenShift 中獲得了份額。

  • Red Hat's hybrid cloud offerings continue to transform enterprise IT and deliver new innovations. For example, this quarter, we announced a new partnership with NVIDIA to accelerate AI applications. Automation delivered 5% revenue growth this quarter. Growth was led by AIOps and management and integration. We've invested in AI-powered approach to automation, and our solutions are resonating with clients as they address growing complexity, digital shifts and skill shortages across their businesses. We extended this AI-powered automation strategy this quarter, with the joint Flexera solution Arvind mentioned earlier.

    紅帽的混合雲產品繼續改變企業 IT 並提供新的創新。例如,本季度,我們宣布與 NVIDIA 建立新的合作夥伴關係,以加速 AI 應用程序。自動化在本季度實現了 5% 的收入增長。增長由 AIOps 以及管理和集成引領。我們投資了以人工智能為動力的自動化方法,我們的解決方案正在與客戶產生共鳴,因為他們解決了他們業務中日益增長的複雜性、數字化轉變和技能短缺問題。本季度,我們通過前面提到的聯合 Flexera 解決方案 Arvind 擴展了這種人工智能驅動的自動化戰略。

  • Data & AI revenue grew 4%. These offerings help our clients accelerate data-driven agendas by connecting and governing all of their data and infusing AI to enhance decision-making. Performance this quarter reflects client demand across the portfolio, including continued adoption of data fabric, expansion of our Data Management footprint, a focus on sustainable operations with Asset & Supply Chain Management and needs for reliable data sharing with Information Exchange. We had growth in solutions like Cloud Pak for Data, Db2 and Maximo Application Suite, just to name a few.

    數據和人工智能收入增長 4%。這些產品通過連接和管理他們的所有數據並註入人工智能來加強決策,幫助我們的客戶加速數據驅動的議程。本季度的業績反映了整個產品組合的客戶需求,包括繼續採用數據結構、擴大我們的數據管理足跡、關注資產和供應鏈管理的可持續運營以及對信息交換的可靠數據共享的需求。我們在 Cloud Pak for Data、Db2 和 Maximo Application Suite 等解決方案方面取得了增長,僅舉幾例。

  • Security revenue grew 8%, building on strong performance in the first quarter of last year when we were up 14%. With the evolving cybersecurity environment, we delivered growth this quarter in Threat Management and Data Security. We continue to see good client demand for Cloud Pak for Security, an integrated and open security platform that advances client's zero trust strategy while leaving data where it is. And we've been investing in securing innovation, including a new SaaS endpoint solution following the ReaQta acquisition. Looking across the performance of our hybrid platform and solutions, our annual recurring revenue, or ARR, is up 9% year-to-year.

    安全收入增長 8%,建立在去年第一季度增長 14% 的強勁表現的基礎上。隨著網絡安全環境的不斷發展,我們本季度在威脅管理和數據安全方面實現了增長。我們繼續看到客戶對 Cloud Pak for Security 的良好需求,這是一個集成和開放的安全平台,可推進客戶的零信任策略,同時將數據留在原處。我們一直在投資確保創新,包括收購 ReaQta 後的新 SaaS 端點解決方案。縱觀我們的混合平台和解決方案的性能,我們的年度經常性收入或 ARR 同比增長 9%。

  • Transaction Processing delivered 31% revenue growth this quarter, including 28 points from the Kyndryl content. The overall dynamics are much like last quarter. We wrapped on weak performance in the first quarter of last year, which was down 15%. And we continue to see strong renewals of these critical software offerings, building on the expanded zSystems capacity and traction we've gotten through the strong z15 program.

    Transaction Processing 本季度實現了 31% 的收入增長,其中包括來自 Kyndryl 內容的 28 個點。整體動態與上一季度非常相似。我們在去年第一季度表現疲弱,下降了 15%。我們繼續看到這些關鍵軟件產品的強勁更新,建立在我們通過強大的 z15 計劃獲得的擴展 zSystems 能力和牽引力的基礎上。

  • Looking at software profit, we delivered operating leverage given the strong and broad-based revenue performance this quarter. Our pretax margin was up 7 points and puts us on track for our full year software margin in the mid-20s.

    從軟件利潤來看,鑑於本季度強勁且基礎廣泛的收入表現,我們提供了運營槓桿。我們的稅前利潤率上升了 7 個百分點,使我們在 20 年代中期實現全年軟件利潤率的目標。

  • Just as in Software, Consulting is capitalizing on strong demand profile, growing both revenue and signings at double-digit rates across all business lines and geographies. Revenue growth accelerated to 17% while bookings were up over 40%. Our book-to-bill remains solid at 1.1 for the quarter and over the last year.

    就像在軟件領域一樣,諮詢正在利用強勁的需求狀況,在所有業務線和地區以兩位數的速度增長收入和簽約。收入增長加速至 17%,而預訂量增長超過 40%。本季度和去年我們的訂單出貨比保持穩定在 1.1。

  • Clients trust IBM to execute their complex business transformation, leveraging our deep industry expertise and the investments we've been making in skills, capabilities, our ecosystem and in scaling our acquisitions. We are positioned to capture demand and drive adoption of our hybrid cloud platform.

    客戶相信 IBM 能夠利用我們深厚的行業專業知識以及我們在技能、能力、生態系統和擴大收購規模方面的投資,來執行他們複雜的業務轉型。我們有能力捕捉需求並推動我們混合雲平台的採用。

  • Consulting's hybrid cloud revenue grew 32% on a trailing 12-month basis to $8.3 billion, which makes up 45% of the Consulting business. We continue to see strong demand and momentum in our Red Hat-related engagements this quarter, nearly doubling Red Hat-related signings year-to-year.

    諮詢公司的混合雲收入在過去 12 個月內增長了 32%,達到 83 億美元,佔諮詢業務的 45%。我們在本季度繼續看到與紅帽相關的業務的強勁需求和勢頭,與紅帽相關的簽約人數幾乎翻了一番。

  • Our strategic partnerships also contributed to our performance in the quarter. Revenue from these partnerships grew solid double digits led by Salesforce, SAP, AWS and Azure.

    我們的戰略合作夥伴關係也為我們在本季度的表現做出了貢獻。在 Salesforce、SAP、AWS 和 Azure 的帶動下,這些合作夥伴的收入增長了兩位數。

  • And now turning to our lines of business. Business Transformation revenue grew 19%, bringing together technology and strategic consulting to transform critical workflows at scale. The growth was broad based with particularly strong growth in our practices centered around customer experience, talent, and data transformation as well as supply chain and finance applications.

    現在轉向我們的業務領域。業務轉型收入增長了 19%,將技術和戰略諮詢結合起來,大規模轉型關鍵工作流程。增長基礎廣泛,我們以客戶體驗、人才和數據轉換以及供應鍊和金融應用程序為中心的實踐增長尤為強勁。

  • In Technology Consulting, where we architect and implement clients' cloud platform and strategies, revenue was up 19%. Growth was pervasive, led by our engagements around developing and modernizing applications for cloud deployments.

    在我們構建和實施客戶的雲平台和戰略的技術諮詢部門,收入增長了 19%。在我們圍繞雲部署應用程序開發和現代化的參與的推動下,增長無處不在。

  • Finally, Application Operations revenue grew 14%. This business line focuses on the management of applications and cloud platform services required to run hybrid cloud environments. Growth was broad based in this space as well, led by cloud application management.

    最後,應用程序運營收入增長了 14%。該業務線專注於管理運行混合雲環境所需的應用程序和雲平台服務。在雲應用管理的帶動下,這一領域的增長也很廣泛。

  • Moving to Consulting profit. Our pretax margin expanded about 1 point, delivering operating leverage and benefiting from IBM's more streamlined G&A and go-to-market structure. Our consulting gross margin reflects the significant investments we have made over the last year, fueling our revenue growth. We are investing in our partner ecosystem, expanding our reach. We continue to scale the 12 acquisitions we made in the last 18 months, including 2 which closed in the first quarter. And we're investing in talent across our workforce, up-skilling existing resources, adding certifications and bringing in technical skills in areas of hybrid cloud and AI.

    轉向諮詢利潤。我們的稅前利潤率擴大了約 1 個百分點,提供了運營槓桿,並受益於 IBM 更精簡的 G&A 和上市結構。我們的諮詢毛利率反映了我們在去年進行的重大投資,推動了我們的收入增長。我們正在投資我們的合作夥伴生態系統,擴大我們的影響力。我們繼續擴大我們在過去 18 個月中進行的 12 次收購,其中包括在第一季度完成的 2 次。我們正在對員工進行人才投資,提高現有資源的技能,增加認證並引進混合雲和人工智能領域的技術技能。

  • Consulting is where we are most impacted by the competitive and inflationary labor market, which puts pressure on profitability. We expect to capture value through price and our engagements and recognize it will take a few quarters to appear in our margin profile.

    諮詢是我們受競爭和通貨膨脹勞動力市場影響最大的領域,這給盈利能力帶來壓力。我們希望通過價格和我們的參與來獲取價值,並認識到這將需要幾個季度才能出現在我們的利潤概況中。

  • Turning to Infrastructure segment. Revenue performance was flat versus last year. Hybrid infrastructure revenue declined 2%, offset by growth of 4% in infrastructure support. The Kyndryl content contributed over 8 points to Infrastructure with consistent benefit across the 2 business areas.

    轉向基礎設施部分。收入表現與去年持平。混合基礎設施收入下降 2%,被基礎設施支持增長 4% 所抵消。 Kyndryl 內容為基礎設施貢獻了超過 8 分,並在 2 個業務領域具有一致的收益。

  • Within Hybrid Infrastructure, zSystems revenue was down 18%, and, we're now in the 11th quarter of z15 availability. z15 has been a very strong program, both in revenue performance and capacity. In fact, we shipped more z15 MIPS than in any other program.

    在混合基礎架構中,zSystems 的收入下降了 18%,而且,我們現在處於 z15 可用性的第 11 季度。 z15 一直是一個非常強大的計劃,無論是在收入表現還是容量方面。事實上,我們交付的 z15 MIPS 比任何其他程序都多。

  • Building on that momentum, we've just announced our newest solution, IBM z16. Arvind commented on the 3 differentiated capabilities of z16: embedded AI at scale; cyber resilience security; and cloud native development for hybrid cloud.

    基於這一勢頭,我們剛剛發布了最新的解決方案 IBM z16。 Arvind 評論了 z16 的 3 種差異化功能:大規模嵌入式 AI;網絡彈性安全;和混合雲的雲原生開發。

  • Distributed Infrastructure delivered 8% revenue growth this quarter. Client demand for S/4HANA data-intensive workloads on our newest Power10 high-end systems fueled this performance.

    分佈式基礎設施本季度實現了 8% 的收入增長。客戶對我們最新的 Power10 高端系統上的 S/4HANA 數據密集型工作負載的需求推動了這一性能。

  • Looking at infrastructure profit. The pretax margin was down 3 points, reflecting where we are in our IBM zSystems product cycle.

    著眼於基礎設施利潤。稅前利潤率下降了 3 個百分點,反映了我們在 IBM zSystems 產品週期中所處的位置。

  • Now let me take it back up to the IBM level. We focused our business on a platform-centric, hybrid cloud and AI strategy. Over the last couple of years, we've been taking steps to optimize our portfolio, streamline our operations and allocate capital to execute that strategy and improve our financial profile. Our first quarter results reflect these very significant changes and put us on track to our full year expectations for our 2 key measures of revenue growth and free cash flow.

    現在讓我回到 IBM 級別。我們將業務重點放在以平台為中心的混合雲和人工智能戰略上。在過去的幾年裡,我們一直在採取措施優化我們的投資組合、精簡我們的運營並分配資金來執行該戰略並改善我們的財務狀況。我們的第一季度業績反映了這些非常重大的變化,並使我們對收入增長和自由現金流的兩個關鍵指標的全年預期步入正軌。

  • 90 days ago, we expected to grow revenue at mid-single-digit rate at constant currency before the incremental Kyndryl sales. With a strong start to the year, we now see revenue growth at the high end of that mid-single-digit range. On top of that, we expect about 3.5 points of growth for the year from the commercial relationship of Kyndryl spread over the first 3 quarters. And then looking at currency, with the strengthening U.S. dollar at mid-April spot rates, currency will now be a 3- to 4-point headwind to revenue growth for the year.

    90 天前,我們預計在增加 Kyndryl 銷售之前,收入將以固定貨幣的中個位數增長率增長。今年開局強勁,我們現在看到收入增長處於中個位數範圍的高端。最重要的是,我們預計 Kyndryl 在前 3 個季度的商業關係將在今年實現約 3.5 個增長點。然後看貨幣,隨著美元在 4 月中旬即期匯率走強,貨幣現在將成為今年收入增長 3 到 4 個百分點的逆風。

  • For free cash flow, we continue to expect $10 billion to $10.5 billion in 2022. As I said earlier, this is an all-in free cash flow definition and includes the cash impact associated with our 2020 structural actions.

    對於自由現金流,我們繼續預計 2022 年將達到 100 億至 105 億美元。正如我之前所說,這是一個全面的自由現金流定義,包括與我們 2020 年結構性行動相關的現金影響。

  • Before getting into the segments and color on the second quarter, I'll comment on the business impact of our Russian operations. Our business in Russia is not large, but it's concentrated in high-end infrastructure and software. Last year, business in the country contributed about $300 million of revenue and about $200 million of profit and cash. For this year, we expect no contribution from Russia, which puts us closer to the low end of our free cash flow range.

    在進入第二季度的細分和顏色之前,我將評論我們俄羅斯業務的業務影響。我們在俄羅斯的業務規模不大,但主要集中在高端基礎設施和軟件上。去年,該國的業務貢獻了約 3 億美元的收入和約 2 億美元的利潤和現金。今年,我們預計俄羅斯不會做出任何貢獻,這使我們更接近自由現金流範圍的低端。

  • Now let me provide some color on our expectations for segment performance for the year. In Software, we got off to a good start, and we haven't changed our view of constant currency revenue growth or the contribution from the external sales to Kyndryl. We also remain on track to a software pretax margin in the mid-20s range for the year. In IBM Consulting, with our first quarter revenue and signings performance, we are taking up our view of Consulting revenue to a low double-digit growth rate for the year. With continued investment in talent and a competitive labor environment, we now expect a pretax margin approaching 10%, which is up a couple of points year-to-year. This reflects improving performance in the second half as we realize price increases in our contracts.

    現在讓我提供一些關於我們對今年細分市場表現的期望的顏色。在軟件方面,我們有一個良好的開端,我們沒有改變我們對恆定貨幣收入增長或外部銷售對 Kyndryl 的貢獻的看法。我們今年的軟件稅前利潤率也保持在 20 年代中期。在 IBM 諮詢中,憑藉我們第一季度的收入和簽約業績,我們將諮詢收入的觀點視為今年的低兩位數增長率。隨著對人才的持續投資和競爭激烈的勞動力環境,我們現在預計稅前利潤率接近 10%,同比增長幾個百分點。這反映了下半年業績的改善,因為我們意識到合同價格上漲。

  • Our Infrastructure revenue performance, as always, reflects product cycle dynamics. This year, we'd expect performance above the model given the launch of our z16 late in the second quarter. This will contribute to second quarter performance and ramp further in the second half.

    我們的基礎設施收入表現一如既往地反映了產品週期動態。今年,鑑於我們的 z16 在第二季度末推出,我們預計性能會高於該模型。這將有助於第二季度的表現,並在下半年進一步增長。

  • On top of that, we're planning for about 4 to 5 points from the external sales to Kyndryl in 2022. We see a mid- to high-teens pretax margin for the full year. These segment revenue and margin dynamics would yield about a 4-point year-to-year improvement in IBM's pretax margin for the full year. In terms of tax, we continue to expect a mid- to high-teens operating tax rate, which is a headwind to our profit growth.

    最重要的是,我們計劃在 2022 年從外部銷售到 Kyndryl 大約 4 到 5 個百分點。我們看到全年的稅前利潤率處於中高水平。這些部門的收入和利潤率動態將使 IBM 全年的稅前利潤率同比提高約 4 個百分點。在稅收方面,我們繼續預計營業稅率將處於中高水平,這對我們的利潤增長是不利的。

  • Let me comment on a couple of items specific to the second quarter. At current spot rates, currency would be a 5-point headwind to revenue growth. We expect to close the sale of the health care software assets with a gain utilized to address stranded costs. And we expect a 4- to 5-point year-to-year improvement in operating pretax margin and a tax rate in the high teens. Based on our solid first quarter performance and view of the year, we are on track to our mid-term model. And now Patricia, let's go to the Q&A.

    讓我評論一些特定於第二季度的項目。按照目前的即期匯率,貨幣將對收入增長構成 5 個百分點的阻力。我們希望通過用於解決擱淺成本的收益來完成醫療保健軟件資產的銷售。我們預計營業稅前利潤率和青少年稅率將同比提高 4 到 5 個百分點。基於我們穩健的第一季度業績和對今年的看法,我們正朝著我們的中期模式邁進。現在帕特里夏,讓我們去問答環節。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thank you, Jim. Before we begin the Q&A, I'd like to mention a couple of items. First, supplemental information is provided at the end of the presentation. And then second, as always, I'd ask you to refrain from multipart questions. Operator, let's please open it up for questions.

    謝謝你,吉姆。在我們開始問答之前,我想提幾個項目。首先,在演示結束時提供補充信息。其次,與往常一樣,我會要求您不要提出多部分問題。接線員,讓我們打開它來提問。

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from Wamsi Mohan with Bank of America.

    (操作員說明)我們的第一個問題來自美國銀行的 Wamsi Mohan。

  • Wamsi Mohan - MD in Americas Equity Research

    Wamsi Mohan - MD in Americas Equity Research

  • Yes. Great to see the solid revenue performance and the organic growth guide uptick here. Arvind, a lot of investor conversations now are focused around concerns of the economy steering itself into a recession, given the tightening that we're seeing from the Fed. Can you maybe characterize how IBM, which is a pretty defensive portfolio, could fare in a recessionary environment, given that there have been structural portfolio changes?

    是的。很高興在這裡看到穩健的收入表現和有機增長指南的上升。 Arvind,鑑於我們從美聯儲看到的緊縮政策,現在許多投資者的對話都集中在對經濟自身陷入衰退的擔憂上。鑑於投資組合發生了結構性變化,您能否描述一下 IBM 是一個相當具有防禦性的投資組合,它在衰退環境中的表現如何?

  • And a quick one for Jim. You're maintaining your free cash flow guide despite the incremental headwinds from FX and some of the other macro elements you pointed to, including Russia, Ukraine. Can you maybe just help us think through how you're offsetting free cash flow impact from FX?

    給吉姆一個快速的。儘管來自外彙和您指出的其他一些宏觀因素(包括俄羅斯、烏克蘭)帶來的不利影響,您仍在維持您的自由現金流指南。您能否幫助我們思考您如何抵消外匯對自由現金流的影響?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • So just a comment on the economy and I'll call it demand. We are seeing very strong demand. As I said in my prepared remarks, I think technology has shifted from being just one aspect of a business to being the source of competitive advantage. When that happens, Wamsi, we think and we believe, and the past couple of quarters have borne this out, that demand for technology is going to sit at 4 to 5 points above GDP. So even if GDP falls to flat or if there's a quick recession or if it's a very slight recession, we see demand staying strong and continuing. Now I'll acknowledge, if you have something much more catastrophic, that's different. But for all the scenarios that we do outline and we do look at, we see that demand is going to continue in a growth phase for the foreseeable future.

    所以只是對經濟的評論,我稱之為需求。我們看到非常強勁的需求。正如我在準備好的發言中所說,我認為技術已經從只是企業的一個方面轉變為競爭優勢的來源。當這種情況發生時,Wamsi,我們認為並且我們相信,過去幾個季度已經證明了這一點,對技術的需求將比 GDP 高出 4 到 5 個百分點。因此,即使 GDP 下降到持平,或者出現快速衰退或非常輕微的衰退,我們也看到需求保持強勁並持續。現在我承認,如果你有更災難性的事情,那就不同了。但對於我們概述和研究的所有情景,我們認為在可預見的未來,需求將繼續處於增長階段。

  • Jim?

    吉姆?

  • James J. Kavanaugh - CFO and Senior VP of Finance & Operations

    James J. Kavanaugh - CFO and Senior VP of Finance & Operations

  • Yes. Wamsi, thanks for the question. Just to add to Arvind's point, we're upfront about the composition of our portfolio. Now today's new IBM, that composition being much more skewed towards road sectors, software consulting and our solid recurring revenue base that offers us on any economic shocks, and I think that's what you were referencing, Wamsi, and if you look at past economic shocks overall.

    是的。瓦姆西,謝謝你的提問。只是為了補充 Arvind 的觀點,我們對我們的投資組合的構成是坦率的。現在是今天的新 IBM,其構成更加偏向於道路部門、軟件諮詢和我們堅實的經常性收入基礎,可以為我們提供任何經濟衝擊,我認為這就是你所引用的,Wamsi,如果你看看過去的經濟衝擊總體。

  • But to your question about free cash flow, let me spend a minute on free cash flow and just to give you a perspective and unpack it a little. We are maintaining our guidance at $10 billion to $10.5 billion for 2022. Again, I'll remind everyone that's an all-in free cash flow, consistent with IBM's post-separation baseline and consistent with our mid-term model of a cumulative about $35 million over the next 3 years. That basically is growing north of $2 billion of free cash flow in 2022. We started out the first quarter. We delivered $1.24 billion in free cash flow. That's about 12% attained. And by the way, that's pretty consistent with where we've been. Arguably, prior to the last 3, 4 years, we were in the high single digits. So we're off to a pretty good start.

    但是對於你關於自由現金流的問題,讓我花一點時間談談自由現金流,只是為了給你一個觀點並稍微解開它。我們將 2022 年的指導維持在 100 億至 105 億美元。我再次提醒大家,這是一個全面的自由現金流,與 IBM 的分離後基線一致,也與我們累積約 35 美元的中期模型一致未來3年百萬。到 2022 年,這基本上是超過 20 億美元的自由現金流。我們從第一季度開始。我們提供了 12.4 億美元的自由現金流。大約達到了 12%。順便說一句,這與我們曾經去過的地方非常一致。可以說,在過去的 3、4 年之前,我們處於高個位數。所以我們有了一個很好的開始。

  • Now I spent time last quarter talking of headwinds and tailwinds. On the tailwind side, we talked about -- hang on. We're doing some technical difficulties here. Thank you very much. Hopefully, that is better and you can hear me.

    現在我在上個季度花時間談論逆風和順風。在順風的一面,我們談到了——等等。我們在這裡遇到了一些技術難題。非常感謝你。希望那會更好,您可以聽到我的聲音。

  • I'm going through headwinds and tailwinds on free cash flow overall. When you look at free cash flow, we talked 90 days ago. We've got tailwinds on remaining about $0.5 billion of structural actions in 2022. We've got about $0.5 billion of working capital efficiency given our mainframe cycle and volume dynamics. And we've got a couple hundred million with regards to modest cash tax tailwinds overall. The rest of that $2-plus billion of free cash flow generation has to come from operating profit.

    我正在經歷整個自由現金流的逆風和順風。當您查看自由現金流時,我們在 90 天前談過。我們在 2022 年剩餘約 5 億美元的結構性行動方面獲得了順風。鑑於我們的大型機週期和數量動態,我們的營運資本效率約為 5 億美元。總體而言,我們有幾億美元的現金稅順風。 2 多億美元的自由現金流產生的其餘部分必須來自營業利潤。

  • Now when you look at the first quarter, many of those tailwinds are all in front of us. Our operating profit, that's the acceleration in revenue and operating margin by segment. That will continue as we move forward as part of our guidance. Our working capital actually was a use of cash in the first quarter as we prudently built up our inventory position. Just given the supply chain disruption going on in the marketplace, we secured our supply for the anticipated z16. And we also got most of our structural actions behind us.

    現在,當您查看第一季度時,許多順風都擺在我們面前。我們的營業利潤,即按部門劃分的收入和營業利潤率的加速。作為我們指導的一部分,隨著我們向前邁進,這將繼續下去。我們的營運資金實際上是在第一季度使用現金,因為我們謹慎地建立了我們的庫存頭寸。鑑於市場上正在發生供應鏈中斷,我們確保了預期 z16 的供應。我們也得到了大部分結構性行動的支持。

  • So we've got a lot of tailwind forward that gives us confidence in that $10 billion to $10.5 billion. And the only headwind which we called out in the prepared remarks is the unfortunate situation with regards to the war in Ukraine, and we quantified that overall.

    因此,我們有很多順風順水,讓我們對 100 億到 105 億美元充滿信心。我們在準備好的講話中指出的唯一不利因素是烏克蘭戰爭的不幸局勢,我們對其進行了總體量化。

  • Operator

    Operator

  • Our next question comes from Amit Daryanani, Evercore.

    我們的下一個問題來自 Evercore 的 Amit Daryanani。

  • Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

    Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

  • Congrats on a strong top line here. I guess my question is around you're raising your top line guidance from mid-single digit -- at the higher end of the mid-single-digit range. Could you just talk about what is driving this rate? Is it organic or is it only the deals that you have done that give you a better conviction on the growth trajectory? Is the uplift in guide organic. I want to be able understand that.

    恭喜這裡取得了強勁的收入。我想我的問題是圍繞您將您的頂線指導從中個位數提高 - 在中個位數範圍的高端。你能談談是什麼推動了這個速度嗎?是有機的還是只有你所做的交易才能讓你對增長軌蹟有更好的信心?是引導有機的隆起。我希望能夠理解這一點。

  • Maybe related to that, there's a lot that's going around what's happening in Europe very specifically and any spillover potentially from Russia. I want to hear what you're seeing in Europe, if anything at all, and Russia as well.

    也許與此相關,有很多事情正在圍繞著歐洲正在發生的事情,以及任何可能來自俄羅斯的溢出效應。我想听聽你在歐洲看到了什麼,如果有的話,還有俄羅斯。

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Amit, let me begin by answering the question on both pieces. So if we look at it, we have always said our model for acquisition contribution is typically between 1 point to 1.5 points for the year. And so that remains steady in that range.

    阿米特,讓我首先回答這兩個部分的問題。因此,如果我們看一下,我們一直說我們的收購貢獻模型通常在 1 點到 1.5 點之間。因此,在該範圍內保持穩定。

  • We don't really look at that as coming up yet. I'll take it certainly if it gets above that, but that is not the case. So what we are seeing right now is strong demand on what you would call the organic part of the portfolio. And we can see that in the software portfolio, we can see that in the strong Red Hat growth. Consulting is largely, by the way, organic growth that is driving it because we printed 13% at actual, 17% at constant currency, and only a few points of that was acquired growth. So I would say much more organic than acquired. Acquired is in the range that we have called out before. So when you talk about here, Jim quantified, certainly, Russia is direct. And we quantified its impact in direct terms, that $300 million we don't really expect to see this year at all.

    我們還沒有真正認為它會出現。如果它超過這個值,我肯定會接受它,但事實並非如此。因此,我們現在看到的是對您所謂的投資組合有機部分的強勁需求。我們可以看到,在軟件組合中,我們可以看到紅帽的強勁增長。順便說一句,諮詢在很大程度上是推動它的有機增長,因為我們按實際打印了 13%,按固定匯率打印了 17%,其中只有幾個點是獲得性增長。所以我會說比獲得的有機得多。 Acquired 在我們之前調出的範圍內。因此,當您在這裡談論時,Jim 量化了,當然,俄羅斯是直接的。我們直接量化了它的影響,即我們今年根本不希望看到的 3 億美元。

  • Now when we look at overall growth in Europe, we are still seeing, and it is likely because we are a much more, I'll call it, mission critical applications. We are much more in fundamental transformations at our clients. And with the focus on financial volumes, on critical systems, on telecoms, utilities, health care, government, we tend to see that right now, the demand profile in Europe is staying strong. And so we are not seeing, at least at this point, that demand profile coming down.

    現在,當我們審視歐洲的整體增長時,我們仍然看到,這很可能是因為我們是一個更重要的任務應用程序,我稱之為任務關鍵型應用程序。我們更多地為客戶進行根本性的轉變。隨著對金融量、關鍵系統、電信、公用事業、醫療保健、政府的關注,我們傾向於看到,目前歐洲的需求狀況保持強勁。因此,至少在這一點上,我們沒有看到需求狀況下降。

  • As things go on, that could evolve. As I've said before, it's our jobs to be concerned about all of these things, and we've been watching them very carefully. But with our book-to-bill ratios in consulting, which is kind of a leading edge, we see right now that the demand profile is continuing and has not slowed down at this point.

    隨著事情的發展,這可能會演變。正如我之前所說,關注所有這些事情是我們的工作,我們一直在非常仔細地觀察它們。但是,憑藉我們在諮詢業務中的訂單出貨比,這是一種領先優勢,我們現在看到需求狀況仍在繼續,並且在這一點上並沒有放緩。

  • Operator

    Operator

  • Our next question comes from Toni Sacconaghi with Bernstein.

    我們的下一個問題來自托尼·薩科納吉和伯恩斯坦。

  • A.M. Sacconaghi - Senior Analyst

    A.M. Sacconaghi - Senior Analyst

  • I wanted to just discuss a little bit the profitability side of the equation. So you beat relative to expectations on revenue but not on EPS. You've raised your full year guidance for revenue but not on free cash flow. So I just want to explore the dynamics there. Are you seeing incremental pressure just in Consulting? And are there other areas?

    我只想討論一下等式的盈利能力方面。因此,您的收入超出了預期,但每股收益卻沒有。您已經提高了全年收入指導,但沒有提高自由現金流。所以我只想探索那裡的動態。您是否僅在諮詢中看到了增量壓力?還有其他領域嗎?

  • And then I was hoping you can answer 2 very specific clarifications. One is your operating margin expansion was 280 basis points year-over-year. But obviously, you had very high-margin Kyndryl contribution. So if we ex out the Kyndryl contribution, what was the change in operating profit of PTI percentage year-over-year? And then secondly, how much is the health care asset sale gain? And it sounds like that will be included in free cash flow. Could you confirm that as well?

    然後我希望你能回答兩個非常具體的澄清。一是您的營業利潤率同比增長 280 個基點。但顯然,你有非常高利潤的 Kyndryl 貢獻。因此,如果我們剔除 Kyndryl 的貢獻,PTI 的營業利潤百分比同比變化是多少?其次,醫療資產出售收益是多少?聽起來這將包含在自由現金流中。你也能確認一下嗎?

  • James J. Kavanaugh - CFO and Senior VP of Finance & Operations

    James J. Kavanaugh - CFO and Senior VP of Finance & Operations

  • Okay. Toni, I'll try to handle each one of those. And maybe I'll start with the last one first and then go backwards, if it's okay with you. Thanks for the question.

    好的。托尼,我會盡力處理每一個。也許我會先從最後一個開始,然後再倒退,如果你覺得可以的話。謝謝你的問題。

  • So health care, yes, as we talked about 90 days ago, we still expect to close on the Watson Health divestiture late in the second quarter. It is embedded in our forward-looking guidance. As you know, it is now consistent with what we've been doing with all divestitures. It is now in our other segment. By the way, history has been restated, so our Software segment and our other segment are apples-to-apples year-to-year with regards to this.

    所以醫療保健,是的,正如我們在 90 天前談到的那樣,我們仍然希望在第二季度末完成對 Watson Health 的剝離。它包含在我們的前瞻性指導中。如您所知,它現在與我們對所有資產剝離所做的一致。它現在在我們的另一個部分。順便說一句,歷史已被重述,因此我們的軟件部門和我們的其他部門在這方面每年都是蘋果對蘋果的。

  • We do expect the lost profit in the second half and the lost revenue, but we do expect a modest gain in the second quarter, and we will utilize that gain to address stranded costs. So it's embedded in our guidance. No impact to the second quarter. But obviously, we're dealing with the lost revenue top line in the second half. And in light of that, we still took up our guidance to the high mid-single digit overall. It is -- in our free cash flow, there's no impact to that overall either.

    我們確實預計下半年的利潤損失和收入損失,但我們確實預計第二季度會有適度的收益,我們將利用這一收益來解決擱淺成本。所以它嵌入在我們的指導中。對第二季度沒有影響。但顯然,我們正在處理下半年收入損失的問題。有鑑於此,我們仍然將我們的指導總體上保持在中高個位數。它是 - 在我們的自由現金流中,整體也沒有影響。

  • So on operating margins, you asked about 280 basis points. Yes, we are very pleased with our performance. Solid start to the year; progress, more to do, as Arvind and I have always said, this is a journey. We've given a mid-term model. You all understand our mid-term model.

    所以關於營業利潤率,你問了大約 280 個基點。是的,我們對我們的表現非常滿意。一年的堅實開端;進步,還有更多工作要做,正如我和 Arvind 一直說的,這是一段旅程。我們給出了一個中期模型。你們都了解我們的中期模型。

  • But let me put the profit margin contribution in perspective because, yes, as we've been transparent both in revenue -- and by the way, in free cash flow because our free cash flow is a post-IBM separation baseline, we've got to grow $2-plus billion of free cash flow. Both of those normalize out Kyndryl. But let's talk about the Kyndryl contribution because you're right to pretax income and pretax margin, there's a benefit from the Kyndryl sales.

    但是讓我正確看待利潤率貢獻,因為,是的,因為我們在收入方面一直是透明的——順便說一下,在自由現金流方面,因為我們的自由現金流是 IBM 分離後的基線,我們已經必須增加 2 多億美元的自由現金流。這兩個都使Kyndryl正常化。但是讓我們談談 Kyndryl 的貢獻,因為您對稅前收入和稅前利潤率是正確的,Kyndryl 的銷售有好處。

  • And there's also -- hopefully, we could take care of the technical difficulty. Echo sounds like it went away.

    還有——希望我們可以解決技術難題。迴聲聽起來像是消失了。

  • But when you take a look at the top line revenue growth, we grew IBM overall 11% at constant currency, all in. We said within that constant currency, about a little over 5 points is due to the Kyndryl external sales. So call that about 50% of our contribution, growth came from Kyndryl, and about 50% of our contribution came from our broader client segments overall. IBM grew revenue in the first quarter by $1 billion externally from last year, so about $500 million of Kyndryl contribution, give or take, round numbers and about $500 million from our broader set of clients.

    但是,當您查看收入增長時,我們以固定匯率計算 IBM 整體增長了 11%。我們說,在固定匯率下,大約 5 個點多一點是由於 Kyndryl 的外部銷售。因此,我們大約 50% 的貢獻,增長來自 Kyndryl,我們大約 50% 的貢獻來自我們更廣泛的客戶群。 IBM 第一季度的外部收入比去年增加了 10 億美元,因此大約 5 億美元的 Kyndryl 貢獻、給予或接受、整數和來自我們更廣泛的客戶群的大約 5 億美元。

  • You apply standard margins because, as you can all appreciate, for competitive commercial reasons, we're not going to give exact profitability of any client overall. But if you apply standard margins against that, you get against our $500 million of profit contribution, you get about 2/3 of it coming from Kyndryl sales and about 1/3 of it coming from IBM. And I'll remind you, we're on the back end of a very successful mainframe cycle. And that back end, we were down a couple of hundred dollars million in infrastructure profit.

    您應用標準利潤率是因為,正如你們都知道的那樣,出於競爭性商業原因,我們不會給出任何客戶整體的確切盈利能力。但如果你應用標準利潤率,你會得到我們 5 億美元的利潤貢獻,其中大約 2/3 來自 Kyndryl 的銷售,大約 1/3 來自 IBM。我會提醒你,我們正處於一個非常成功的大型機週期的後端。而在後端,我們的基礎設施利潤減少了幾億美元。

  • So growing IBM both with incremental sales at Kyndryl and with our broader client base on the back end of a mainframe product cycle, we're pretty pleased with the operating leverage we see in our business, and that gives us the confidence in that free cash flow guidance in $10 billion to $10.5 billion.

    因此,通過在 Kyndryl 增加銷售以及在大型機產品週期的後端擁有更廣泛的客戶群來發展 IBM,我們對我們在業務中看到的運營槓桿非常滿意,這讓我們對自由現金充滿信心流量指導在 100 億至 105 億美元之間。

  • Operator

    Operator

  • Our next question comes from Erik Woodring with Morgan Stanley.

    我們的下一個問題來自摩根士丹利的 Erik Woodring。

  • Erik William Richard Woodring - Research Associate

    Erik William Richard Woodring - Research Associate

  • Really nice performance on Red Hat and Security with growth in both either holding up relative to 4Q accelerating, there was partially offset, I guess, by a slowdown in automation a bit. But maybe if you could just take us a little deeper and help us understand really the puts and takes for each of the software businesses, what surprised you in the quarter, what was more challenged. And then lastly, just what was the growth contribution from acquisitions in Software in the quarter?

    Red Hat 和 Security 的表現非常好,兩者都保持相對於 4Q 的加速增長,我猜想,自動化的放緩會部分抵消。但也許如果你能讓我們更深入一點,幫助我們真正了解每個軟件業務的投入和產出,那麼本季度你感到驚訝的是什麼,更具挑戰性的是什麼。最後,本季度軟件收購對增長的貢獻是什麼?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Yes. So Erik, this is Arvind. Let me start with addressing some of these, and Jim will help with some of the precise quantification. So if you look at this overall contribution that you're going through in all of these, let me first address the Kyndryl piece because that may be in some of your -- behind some of your questions.

    是的。埃里克,這是阿文德。讓我從解決其中的一些問題開始,Jim 將幫助進行一些精確的量化。因此,如果您查看您在所有這些中所經歷的整體貢獻,讓我首先談談 Kyndryl 的文章,因為這可能在您的一些問題中 - 在您的一些問題背後。

  • The Kyndryl contribution was largely in our mainframe Software segment, in the TPP segment. So I'll put it there and then we pointed it out. I think 28% of the 31% comes from Kyndryl. By the way, as an absolute amount, we expect that to stay going into next year, but obviously, it won't contribute to growth going forward after this October.

    Kyndryl 的貢獻主要是在我們的大型機軟件部門,在 TPP 部門。所以我會把它放在那裡,然後我們指出它。我認為 31% 中的 28% 來自 Kyndryl。順便說一句,作為絕對數量,我們預計這將持續到明年,但顯然,它不會對今年 10 月之後的增長做出貢獻。

  • Now as we look at some of the others, a lot of it comes down to the focus and nimbleness in which we are now operating the company, where we have a technology segment and a Consulting segment. I believe that, that is what contributed. Certainly, there was demand in the market for security because you asked that question, but the nimbleness and the focus of our teams now allows us to go fulfill that demand. And that is why you saw that growth rate come up by 7% to 8% between the fourth quarter, just looking at quarter-to-quarter dynamics.

    現在,當我們看看其他一些公司時,很多都歸結為我們現在運營公司的重點和敏捷性,我們有一個技術部門和一個諮詢部門。我相信,這就是貢獻。當然,因為您提出了這個問題,所以市場對安全性有需求,但是我們團隊的敏捷性和專注力現在使我們能夠滿足這一需求。這就是為什麼你看到第四季度之間的增長率上升了 7% 到 8%,只看季度之間的動態。

  • Then when you look at Red Hat, I think execution was very good. But Red Hat has been in the upper teens, and that is where we expect it to keep performing for the rest of this year. And that speaks to both the quality of the portfolio and the demand that's in the market. Of course, we always have to keep executing against that demand. So I think no real puts and takes in there in these 3.

    然後,當您查看 Red Hat 時,我認為執行非常好。但紅帽一直處於青少年階段,我們預計它將在今年餘下時間繼續表現出色。這說明了投資組合的質量和市場需求。當然,我們總是必須繼續執行該需求。所以我認為在這 3 個中沒有真正的投入和投入。

  • Now when we come to the data and AI and automation, I do believe that with some of the acquisitions we did last year and being able to fulfill the demand against those, that led to the second half of last year having an accelerated growth rate in automation. And we do expect it to remain within our model. Our model calls for mid-single-digit growth in both automation and data and AI.

    現在,當我們談到數據、人工智能和自動化時,我確實相信,通過我們去年進行的一些收購併能夠滿足對這些收購的需求,這導致去年下半年在自動化。我們確實希望它保留在我們的模型中。我們的模型要求自動化、數據和人工智能實現中個位數的增長。

  • That said, let me tell you that my instinct from listening to our clients, from seeing what they want to do and from looking at all the shifts happening in demographics, meaning tech skills are very hard to get, I anticipate that for the market at large, there will be more and more demand in both in automation and in AI. Now the execution is on us to go fulfill against that demand.

    話雖如此,讓我告訴你,我的直覺來自傾聽我們的客戶,看到他們想要做什麼以及觀察人口統計發生的所有變化,這意味著很難獲得技術技能,我預計對於市場來說大,自動化和人工智能方面的需求將越來越多。現在,我們要執行該要求來滿足這一要求。

  • James J. Kavanaugh - CFO and Senior VP of Finance & Operations

    James J. Kavanaugh - CFO and Senior VP of Finance & Operations

  • Yes. I would just add, Arvind. Erik, thank you very much for the question. Software is obviously an integral part to our hybrid cloud platform-centric thesis overall, and Arvind went through the portfolio and the dynamics.

    是的。我想補充一下,Arvind。埃里克,非常感謝你的問題。軟件顯然是我們整體上以混合雲平台為中心的論文不可或缺的一部分,Arvind 經歷了產品組合和動態。

  • But let me add some of the KPIs to that, so it gives you some of the fundamentals underneath the pervasive growth across Red Hat at 21%, automation at 5%, data and AI grown 4% and security with a nice rebound, delivering return on the new innovation we brought to market.

    但是,讓我在其中添加一些 KPI,因此它為您提供了 Red Hat 普遍增長 21%、自動化增長 5%、數據和 AI 增長 4% 以及安全性良好反彈的一些基本面,帶來了回報關於我們推向市場的新創新。

  • But when you look underneath that, our hybrid platform and solution, our growth vector, which is about 75% of our Software segment, nice growth, double digits overall. Underneath that, we've got an ARR now a subscription book of business, about $13 billion. That's now accelerating, growing 9% overall from an ARR perspective. We see nice acceleration in Cloud Pak portfolio underneath that. With a flywheel effect, we're getting NRRs that are north of 100%. I think this quarter is about 105%. So we've had now 3 or 4 consecutive quarters of that flywheel effect. And we're seeing strong renewals across the early parts of our ELA cycle, which is just beginning. And that strong renewal is leading to a record deferred income balance north of $11 billion right now and growing nicely. So we feel pretty good about our Software portfolio, a lot of execution in front of us though.

    但是,當您深入了解我們的混合平台和解決方案時,我們的增長向量,約占我們軟件部門的 75%,增長良好,總體上達到兩位數。在這之下,我們有一個 ARR 現在是一個訂閱業務,大約 130 億美元。現在正在加速,從 ARR 的角度來看,總體增長了 9%。我們在此之下看到 Cloud Pak 產品組合的良好加速。借助飛輪效應,我們得到了 100% 以上的 NRR。我認為本季度約為 105%。因此,我們現在已經連續 3 到 4 個季度出現這種飛輪效應。我們在 ELA 週期的早期階段看到了強勁的更新,這才剛剛開始。這種強勁的續約導致目前的遞延收入餘額達到創紀錄的 110 億美元以上,並且增長良好。所以我們對我們的軟件組合感覺很好,雖然我們面前有很多執行。

  • Operator

    Operator

  • Our next question will come from Kyle McNealy with Jefferies.

    我們的下一個問題將來自凱爾麥克尼利和傑富瑞。

  • Kyle P. McNealy - Equity Analyst

    Kyle P. McNealy - Equity Analyst

  • I'd like to see if we could put a bit of a finer point on the timing when you think the benefit from new pricing and the changes you're making in Consulting will offset some of the cost inflation you're seeing. I believe earlier in the call, you said that it would take a few quarters to get the benefit. But then you mentioned that second half '22, Consulting margins will improve based on the pricing coming in. So should we expect better pricing helps Q3? And is there any way you can quantify how many points of margin you might get back by the end of the year?

    我想看看我們是否可以在您認為新定價帶來的好處以及您在諮詢中所做的更改將抵消您所看到的一些成本膨脹的時間點上做得更好。我相信在電話會議的早些時候,您說過需要幾個季度才能獲得收益。但隨後您提到 22 年下半年,諮詢利潤率將根據即將到來的定價而提高。那麼我們是否應該期待更好的定價有助於第三季度?有什麼方法可以量化到今年年底可以收回多少利潤點?

  • James J. Kavanaugh - CFO and Senior VP of Finance & Operations

    James J. Kavanaugh - CFO and Senior VP of Finance & Operations

  • Yes. Thanks, Kyle. Arvind, I'll take this one overall. Yes, Kyle, great question. I mean we're obviously operating in an environment of accelerated demand in the consulting space, and I think you see we are capitalizing on that. And we've been talking about this. So into the second half, when we were looking at all of our indicators across the portfolio and our enterprise clients, we saw a pretty robust demand environment. And we made a conscious strategy to invest in building out skills capabilities, ecosystem partnerships. And we started, if you remember, beginning of 2021 investing significantly in acquisitions to build out scale for our hybrid cloud adoption overall.

    是的。謝謝,凱爾。 Arvind,我會全面接受這個。是的,凱爾,好問題。我的意思是,我們顯然是在諮詢領域需求加速的環境中運營的,我認為你看到我們正在利用這一點。我們一直在談論這個。因此,進入下半年,當我們查看整個投資組合和企業客戶的所有指標時,我們看到了相當強勁的需求環境。我們制定了一個有意識的戰略來投資建設技能能力和生態系統合作夥伴關係。如果您還記得的話,我們從 2021 年初開始大量投資收購,以擴大我們整體採用混合雲的規模。

  • Now you couple that with a highly inflationary environment right now that we started seeing play out in the latter half of 2021. And we said at that point in time that when you couple the investments we've been making, which is conscious, to build that capability because Consulting, as I've always said, is the tip of the spear that provides tremendous value in pulling IBM technology in driving scale and adoption of our hybrid cloud platform, that you couple that with the inflationary environment, you're seeing the pressure on our gross margins.

    現在你把它與現在的高通脹環境結合起來,我們開始看到在 2021 年下半年發揮作用。我們當時說,當你把我們一直在進行的投資結合起來時,這是有意識的,建立這種能力,因為正如我一直所說的那樣,諮詢是在推動 IBM 技術推動我們的混合雲平台的規模和採用方面提供巨大價值的矛尖,您將其與通貨膨脹環境相結合,您會看到我們毛利率的壓力。

  • Now I will tell you, let me try to quantify a little bit of this. When you look at our gross margins, we were down about 350 basis points in Consulting. Arguably, off the toughest compare that we'll face in 2022, the compares get easier. So we'll acknowledge that right off the bat.

    現在我要告訴你,讓我試著量化一下。當您查看我們的毛利率時,我們的諮詢業務下降了約 350 個基點。可以說,在我們將在 2022 年面臨的最艱難的比較之後,比較變得更容易了。所以我們會馬上承認這一點。

  • Number two, when you look at the inflationary environment, we've been seeing within that 350 basis points, about 150 basis points is due to the accelerating cost of talent acquisition. The remaining 2 points or so is about 1 point of acquisition, which, as you know, as you get ramp and scale, those become very quick accretive. We expect that to be accretive as we get into latter half of second quarter and into third quarter.

    第二,當你看到通脹環境時,我們已經看到在 350 個基點之內,大約 150 個基點是由於人才獲取成本的加速。剩下的 2 個點左右大約是 1 個獲取點,正如您所知,當您獲得坡度和規模時,這些點會變得非常迅速。我們預計,隨著我們進入第二季度後半期和第三季度,這將會增加。

  • And then we've been investing. When we saw that robust demand environment, we invested a significant amount of capability and capacity. In the early innings of that, you have underutilization. We knew that. That's why we had to get after our G&A structure to optimize and streamline. By the way, reinventing IBM through automation, digitization, everything our clients are doing, we've been doing inside IBM. That's been mitigating the profit impact overall.

    然後我們一直在投資。當我們看到強勁的需求環境時,我們投入了大量的能力和容量。在早期階段,您的利用率不足。我們知道。這就是為什麼我們必須追求我們的 G&A 結構以優化和精簡。順便說一句,通過自動化、數字化以及我們客戶所做的一切來重塑 IBM,我們一直在 IBM 內部進行。這一直在減輕整體利潤的影響。

  • So I think you'll start seeing improvement as we get into third quarter, but we'll make sequential improvement here in the second quarter overall. But I will tell you, again, gross margin improvement will turn accretive in third quarter in the second half. But on a pretax operating margin, we've guided to approaching 10%, that's up a couple of points, we'll see that improvement throughout the year.

    所以我認為隨著我們進入第三季度你會開始看到改進,但我們將在第二季度整體上進行連續改進。但我會再次告訴你,毛利率的改善將在下半年的第三季度開始增加。但在稅前營業利潤率上,我們已經指導接近 10%,這上升了幾個百分點,我們將在全年看到這種改善。

  • Operator

    Operator

  • Our next question comes from Brian Essex with Goldman Sachs.

    我們的下一個問題來自高盛的 Brian Essex。

  • Brian Lee Essex - Equity Analyst

    Brian Lee Essex - Equity Analyst

  • Great to see the stability on the software side, particularly Red Hat growth. But I guess on the consulting side, Arvind, maybe I'd love your perspective or perhaps you can share some of what you've heard from conversations regarding the sustainability or durability of digital transformation and consulting spend.

    很高興看到軟件方面的穩定性,尤其是 Red Hat 的增長。但我想在諮詢方面,Arvind,也許我會喜歡你的觀點,或者你可以分享你從關於數字化轉型和諮詢支出的可持續性或持久性的對話中聽到的一些內容。

  • And maybe to pivot on Wamsi's question earlier, we all know consulting tends to be discretionary in nature, but I would love your view on your portfolio of Consulting business and how that might fare in a more, I guess, difficult macro environment where customers may kind of sharpen the pencils on their budgets. Is it different than, say, system integration, application engineering consulting spend?

    也許更早地轉向 Wamsi 的問題,我們都知道諮詢在本質上往往是自由裁量的,但我希望您對您的諮詢業務組合的看法,以及在我猜想,客戶可能會遇到的更困難的宏觀環境中,這可能會如何發展有點在他們的預算上削鉛筆。它與系統集成、應用工程諮詢支出有何不同?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Yes. Brian, thank you for the question. And it is one that we think a lot about and we talk a lot to our clients about to understand where they are. So if you look at the makeup of our Consulting portfolio, and that is we have very little of what I would call the infrastructure services. So those all went with Kyndryl. So what we have left is helping clients, and Jim talked about the very high growth rates with some of our ecosystem partners that is consulting around topics like Salesforce and Adobe and public clouds. Even in difficult environments, we believe that the adoption of those platforms is going to continue with all of our clients.

    是的。布賴恩,謝謝你的問題。這是我們考慮很多的一個問題,我們與客戶進行了很多討論以了解他們的位置。因此,如果您查看我們的諮詢組合的構成,那就是我們幾乎沒有我所說的基礎設施服務。所以這些都和Kyndryl一起去了。所以我們剩下的就是幫助客戶,Jim 與我們的一些生態系統合作夥伴談到了非常高的增長率,這些合作夥伴正在圍繞 Salesforce 和 Adobe 和公共雲等主題進行諮詢。即使在困難的環境中,我們相信我們所有的客戶都會繼續採用這些平台。

  • Second, as we look at digitalization, so digitalization is not just taking something, I'll call it, and just coloring it and making it digital. But if we look at it as being one of the primary ways to address the labor demographics issue, meaning the shortage of high-skill labor that is there pretty much globally, then we believe that, that actually continues even in a difficult environment because it gives our clients a way to go address that. I mean if I take, for example, airline scheduling, if you take rebooking of passengers, if I take quote-to-cash, where you cut across all of the silos, if I take much more real-time impact of revenue and omnichannel, these are all examples of our consulting projects which we see carrying on even through a difficult environment.

    其次,當我們看到數字化時,數字化不僅僅是拿一些東西,我稱之為,只是給它上色並使其數字化。但是,如果我們將其視為解決勞動力人口統計問題的主要方法之一,這意味著全球幾乎都存在高技能勞動力短缺,那麼我們相信,即使在困難的環境中,這種情況實際上仍在繼續,因為它為我們的客戶提供解決此問題的方法。我的意思是,例如,如果我採用航空公司調度,如果您重新預訂乘客,如果我採用報價到現金,您可以跨越所有孤島,如果我對收入和全渠道產生更多的實時影響,這些都是我們的諮詢項目的例子,我們看到這些項目即使在困難的環境中也能繼續進行。

  • So when I look at that, that tells me there's sustainability and durability. I don't see the number of trained people and experts coming up suddenly. And so consequently, I think that because of that, because there is a shortage of technical talent in the world, it will continue to go well even in a constrained economic.

    所以當我看到它時,這告訴我有可持續性和耐用性。我沒有看到訓練有素的人和專家的數量突然出現。因此,我認為正因為如此,因為世界上缺乏技術人才,即使在經濟受限的情況下,它也會繼續順利進行。

  • But Brian, let me acknowledge, when I say constrained, I mean if we enter what I'll call a mild recession or a quick recession. If you get something deep and sustained, I'll put my comments a little bit to the side, and we'll have to then go look at that again. But I think that because of the makeup of our portfolio, I think it will actually fare quite well.

    但是布賴恩,讓我承認,當我說受限時,我的意思是如果我們進入我所說的溫和衰退或快速衰退。如果你得到一些深刻而持久的東西,我會把我的評論放在一邊,然後我們必須再看一遍。但我認為,由於我們投資組合的構成,我認為它實際上會表現得很好。

  • Operator

    Operator

  • Our next question comes from David Grossman with Stifel.

    我們的下一個問題來自 Stifel 的 David Grossman。

  • David Michael Grossman - MD

    David Michael Grossman - MD

  • I wanted to just follow up an earlier question on the Consulting gross margins. Historically, GBS has operate at a lower gross margin than its peers with the difference somewhere in the kind of 400 to 500 basis point range. And I appreciate all of your commentary about GBS margins including the cyclical items and the investments that are impacting margins currently.

    我只想跟進之前關於諮詢毛利率的問題。從歷史上看,GBS 的毛利率低於同行,差異在 400 至 500 個基點範圍內。我感謝您對 GBS 利潤率的所有評論,包括週期性項目和目前影響利潤率的投資。

  • However, looking beyond that, are there structural differences that explain that dynamic? Or with many of the strategic changes and investments in the business that are underway, is the peer group margin achievable? And if you think it is, what time frame do you think you can achieve that?

    然而,除此之外,是否存在解釋這種動態的結構差異?或者,隨著許多正在進行的業務戰略變革和投資,同業集團的利潤是否可以實現?如果您認為是,您認為您可以在什麼時間範圍內實現這一目標?

  • James J. Kavanaugh - CFO and Senior VP of Finance & Operations

    James J. Kavanaugh - CFO and Senior VP of Finance & Operations

  • Yes, why don't I address that? Thank you, David, for the question overall. When you take a look at the Consulting margin, let's just take a step back and market in to your point. The competitive benchmark right now, I would say, is probably low to mid-teens. We're not going to be a pure-play industry -- or excuse me, India consulting-based company that has a very different value proposition. But if you look at some of the peers that we benchmark, you're in the low to mid-teens.

    是的,我為什麼不解決這個問題?謝謝你,大衛,整個問題。當您查看諮詢利潤時,讓我們退後一步,進入您的觀點。我想說,現在的競爭基準可能是低到十幾歲。我們不會成為一個純粹的行業——或者對不起,印度的諮詢公司有一個非常不同的價值主張。但是,如果您查看我們進行基準測試的一些同行,您會發現您處於中低水平。

  • We've talked about our mid-term model. Now that mid-term model, as we put out, aligns to an integrated IBM thesis of hybrid cloud as a platform-centric business built on the foundation of Red Hat. GBS -- or excuse me, Consulting has an integral role of not only being a pure-play competitor, but they play a very essential role in driving the scale and adoption of our software portfolio and also pulling through our technology. And by the way, we've talked many times about how well they are doing and building up a Red Hat practice, I think inception to date, about a $4.5 billion book of business on top of our hybrid cloud platform-centric thesis. And they drive about, depending on any quarter, 20% to 30% to 40% of our Cloud Paks.

    我們已經討論了我們的中期模型。現在,正如我們提出的那樣,該中期模型與 IBM 的綜合論點保持一致,即混合雲是建立在紅帽基礎上的以平台為中心的業務。 GBS——或者對不起,諮詢不僅是一個純粹的競爭對手,而且在推動我們的軟件組合的規模和採用以及推動我們的技術方面發揮著非常重要的作用。順便說一句,我們已經多次談到他們的表現如何,並建立了一個紅帽實踐,我認為迄今為止,在我們以混合雲平台為中心的論文之上,有一本價值 45 億美元的商業書籍。根據任何一個季度,他們驅動著我們 20% 到 30% 到 40% 的 Cloud Paks。

  • But we talked about our mid-term model that we would get in the low double-digit margin range. That is a 3-year picture. So I think we've already given that at high single-digit revenue growth, the investments we're going to make, the integrated value it delivers to IBM. You take that high single-digit revenue growth, you take low double-digit approach into the low teens, we're in a competitive playing field, and it's an integral part of IBM that drives that software portfolio and net profit. So we feel pretty comfortable that, that mid-term model answers your question.

    但我們談到了我們的中期模型,我們將獲得兩位數的低利潤率範圍。那是一張3年的照片。所以我認為我們已經給出了高個位數的收入增長、我們將要進行的投資以及它為 IBM 提供的綜合價值。您採用高個位數的收入增長,您採用低兩位數的方法進入低青少年,我們處於競爭激烈的競爭環境中,它是推動該軟件組合和淨利潤的 IBM 不可或缺的一部分。所以我們覺得很舒服,那個中期模型回答了你的問題。

  • Operator

    Operator

  • Our last question will come from Jim Suva with Citigroup.

    我們的最後一個問題將來自花旗集團的 Jim Suva。

  • James Dickey Suva - MD & Research Analyst

    James Dickey Suva - MD & Research Analyst

  • Saving the best question for the last, I guess. A lot of time has already been spent talking about the various segments, except really not your mainframe segment. So maybe I'll take a question on that is you laid out 3 really nice enhancements to mainframe. Is that enough you think to make mainframe be growing over past cycles or competitive with past cycles? Because people have been calling through the death of mainframe for a decade, and that death has been greatly exaggerated. I was just kind of thinking about these enhancements can it actually be more.

    我猜,把最好的問題留到最後。已經花了很多時間來討論各個部分,但實際上不是您的大型機部分。因此,也許我會提出一個問題,即您提出了對大型機的 3 個非常好的增強功能。您認為這足以使大型機在過去的周期中增長或與過去的周期競爭嗎?因為十年來人們一直在呼喚大型機的死亡,而這種死亡被大大夸大了。我只是在想這些增強功能實際上是否可以更多。

  • And then on the profit side of mainframe, companies like Citigroup-wide work, we order mainframes well in advance, but the components have changed with pricing. Is there anything we should be conscious of for the profitability of the new Z mainframe rolls out?

    然後在大型機的利潤方面,像花旗集團這樣的公司都在工作,我們提前訂購大型機,但組件隨著定價而變化。對於新推出的 Z 大型機的盈利能力,我們有什麼需要注意的嗎?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Yes. So Jim, let me start with answering your question on the capabilities of mainframe driving growth in mainframe and then ask Jim to address the profitability side.

    是的。那麼吉姆,讓我首先回答您關於大型機推動大型機增長的能力的問題,然後請吉姆解決盈利能力方面的問題。

  • So if I look at the demand side on mainframe, a lot of our clients are seeing additional volumes because the mainframe serves really well as a system of record as that transactional engine that helps drive our clients' business. So if there is volatility in the markets, if there is 10%, 20%, 30% volume increases, which we are sensing many of our clients see, that is the primary driver of growth.

    因此,如果我看一下大型機的需求側,我們的許多客戶都看到了額外的交易量,因為大型機作為一個記錄系統作為一個有助於推動我們客戶業務的交易引擎非常好。因此,如果市場出現波動,如果交易量增加 10%、20%、30%,我們感覺到我們的許多客戶都看到了這一點,這就是增長的主要驅動力。

  • And the second driver of growth where we talked about resiliency is everybody is now wanting to be 24/7. And because of all of the issues around not just resiliency due to physical issues or software errors but also because of cyber, people are much more concerned that, that drives additional capacity where people want to make sure that there is a working copy of their application and data set available at some other places. And that is why you heard us talk about that.

    我們談到彈性的第二個增長驅動力是每個人現在都希望 24/7。而且由於不僅由於物理問題或軟件錯誤導致的彈性問題,而且由於網絡問題,人們更加擔心,這會推動額外的容量,人們希望確保有他們的應用程序的工作副本和其他一些地方提供的數據集。這就是你聽到我們談論這個的原因。

  • Then as the volumes go up, we know that there is always an indication of fraud that can go up. And because of the fraud, we embedded AI into the processor, so you can now make your fraud decision in line with the transaction decision. And you can imagine, whether it's processing credit cards, whether it's moving money, all of those capabilities are going to drive that.

    然後隨著交易量的增加,我們知道總有跡象表明欺詐行為可能會增加。由於存在欺詐,我們將 AI 嵌入到處理器中,因此您現在可以根據交易決策做出欺詐決策。你可以想像,無論是處理信用卡,還是轉移資金,所有這些功能都將推動這一點。

  • So if I pack all of that and then unpack it, Jim, I will tell you that we saw over the last 3 years more growth and better adoption of mainframe than we have seen in prior cycles. We expect from early signals that we're going to see that continue over the next couple of years. That said, we got to go out and execute. We got to make sure that our clients actually are able to quickly deploy these applications that they use, and that will allow us to grow the mainframe over this coming cycle as well.

    因此,如果我將所有這些打包然後拆開,Jim,我會告訴你,在過去的 3 年中,我們看到了比之前的周期更多的增長和更好的大型機採用率。我們預計,從早期信號來看,我們將在未來幾年繼續看到這種情況。也就是說,我們必須出去執行。我們必須確保我們的客戶實際上能夠快速部署他們使用的這些應用程序,這也將使我們能夠在即將到來的周期中發展大型機。

  • James J. Kavanaugh - CFO and Senior VP of Finance & Operations

    James J. Kavanaugh - CFO and Senior VP of Finance & Operations

  • And I'll just wrap it up, Jim. Thank you very much for the question. Mainframe is obviously an essential element of our innovation and value strategy overall. We operate the mainframe as a platform-centric model. So on top of that mainframe, we have mission-critical software, as you know quite well. We have storage high-end attached. We have maintenance that goes to it.

    我會把它包起來,吉姆。非常感謝您的提問。大型機顯然是我們整體創新和價值戰略的基本要素。我們將大型機作為以平台為中心的模型來運營。因此,在該大型機之上,我們擁有任務關鍵型軟件,正如您所熟知的那樣。我們有存儲高端連接。我們有維護。

  • When you look at the z15 cycle, we actually -- it's the first time in a few cycles, our profitability of that stack is actually increased really due to where Arvind ended, which is the most successful ship MIPS cycle that we've ever had from a program. Our installed MIPS capacity now is up over 45% from the prior programs. We got roughly about 80 million MIPS that are out there today. That's our opportunity set to deliver tremendous value to our clients but also monetize that value in many different ways.

    當您查看 z15 週期時,我們實際上 - 這是幾個週期中的第一次,由於 Arvind 結束的地方,我們該堆棧的盈利能力實際上增加了,這是我們曾經擁有的最成功的船舶 MIPS 週期從一個程序。我們現在安裝的 MIPS 容量比之前的程序增加了 45% 以上。我們今天大約有 8000 萬個 MIPS。這是我們為客戶提供巨大價值的機會,同時也可以通過多種不同的方式將該價值貨幣化。

  • But you touched on something, and I just want to wrap up because I want to talk a little bit about how mainframe plays into second quarter. And in the summary in the prepared remarks, we talked about the high level of second quarter. But when you look at second quarter from a top line revenue perspective, mainframe is going to have a major contribution in a historical quarter-to-quarter. If I look at it from a history of the last 3 years, we typically do about $900 million of revenue quarter-to-quarter, 1Q to 2Q, all in. And by the way, that excludes the Kyndryl component of this.

    但你談到了一些事情,我只想總結一下,因為我想談談大型機在第二季度的表現。在準備好的評論中的總結中,我們談到了第二季度的高水平。但是,當您從收入收入的角度來看第二季度時,大型機將在歷史上的季度環比中做出重大貢獻。如果我從過去 3 年的歷史來看,我們通常每季度、第一季度到第二季度的收入約為 9 億美元。順便說一下,這不包括其中的 Kyndryl 部分。

  • But when you take a look at this year, we expect 2Q to be a couple of hundred dollars million above that historical quarter-to-quarter of $900 million. So call it about $1.1 billion, a little bit more. Underneath that, mainframe is going to be a substantial contributor to that, albeit shipped late in second quarter and also that underlying fundamental business performance is offsetting, as I said in prepared remarks, the continued dollar strengthening. So currency versus history will be a hurt against that. So we'll more than offset that currency and that dollar strengthening with a better-than-historical 2Q revenue compare, and mainframe is going to be a very big piece of it.

    但是,當您查看今年時,我們預計第二季度將比歷史上的季度環比 9 億美元高出幾億美元。所以稱之為大約 11 億美元,多一點。在此之下,大型機將對此做出重大貢獻,儘管它在第二季度末發貨,而且正如我在準備好的評論中所說的那樣,潛在的基本業務表現正在抵消美元持續走強。因此,貨幣與歷史的對比將是一種傷害。因此,我們將通過優於歷史的第二季度收入比較來抵消該貨幣和美元走強,大型機將成為其中的重要組成部分。

  • So Arvind, let me turn it back over to you then.

    所以Arvind,讓我把它還給你。

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • All right. Thanks, Jim. Let me just make a couple of comments to wrap up the call. Our performance this quarter reflects the actions we have been taking. We have strengthened our portfolio, we are leveraging our ecosystem, and we are streamlining our business. While I acknowledge there is always more to do, we are pleased with the start to the year, and I look forward to speaking with all of you again soon.

    好的。謝謝,吉姆。讓我發表一些評論來結束這次電話會議。我們本季度的表現反映了我們一直在採取的行動。我們加強了我們的產品組合,我們正在利用我們的生態系統,我們正在精簡我們的業務。雖然我承認總有更多工作要做,但我們對今年的開始感到高興,我期待很快再次與大家交談。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thanks. Sheila, let me turn it back to you to wrap up the call.

    謝謝。希拉,讓我把它轉回給你來結束通話。

  • Operator

    Operator

  • 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。此時您可以斷開連接。