Kyndryl Holdings Inc (KD) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Kyndryl First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded. I will now turn the call over to Lori Chaitman, Global Head of Investor Relations at Kyndryl. You may begin.

早上好，歡迎參加 Kyndryl 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的通話正在錄音中。我現在將把電話轉給 Kyndryl 投資者關係全球主管 Lori Chaitman。你可以開始了。

Good morning, everyone, and welcome to Kyndryl's Earnings Call for the Quarter Ended June 30, 2022, the first quarter of our new fiscal year.

大家早上好，歡迎參加 Kyndryl 的截至 2022 年 6 月 30 日的季度財報電話會議，這是我們新財年的第一季度。

Before we begin, I'd like to remind everyone that our remarks today will include forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied, and these statements speak only to our expectations as of today. For more details on some of these risks, please see the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2021.

在開始之前，我想提醒大家，我們今天的發言將包括前瞻性陳述。這些陳述受風險因素的影響，可能導致我們的實際結果與明示或暗示的結果存在重大差異，這些陳述僅代表我們今天的預期。有關其中一些風險的更多詳細信息，請參閱我們截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告的風險因素部分。

Kyndryl does not update forward-looking statements and disclaims any obligation to do so. In today's remarks, we will also refer to certain non-GAAP financial measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP measures for historical periods are provided in the presentation materials for today's event, which are available on our website at investor.kyndryl.com.

Kyndryl 不更新前瞻性陳述，也不承擔任何這樣做的義務。在今天的評論中，我們還將提及某些非公認會計準則財務指標。今天活動的演示材料中提供了相應的 GAAP 措施以及非 GAAP 措施與歷史時期 GAAP 措施的對賬，這些材料可在我們的網站investor.kyndryl.com 上找到。

With me here today are Kyndryl's Chairman and Chief Executive Officer, Martin Schroeter; and Kyndryl's Chief Financial Officer, David Wyshner. Following our prepared remarks, we will hold a Q&A session.

今天與我同在的還有 Kyndryl 的董事長兼首席執行官 Martin Schroeter；和 Kyndryl 的首席財務官 David Wyshner。在我們準備好的發言之後，我們將舉行問答環節。

I'd now like to turn it over to our Chairman and CEO, Martin Schroeter. Martin?

我現在想把它交給我們的董事長兼首席執行官 Martin Schroeter。馬丁?

Thank you, Lori, and thanks to each of you for joining us today. I am enthusiastic about our momentum and proud of what the team has accomplished over the last 3 months. On today's call, we'll share Kyndryl's quarterly results and update you on our progress. I'll discuss our strategy and how we're executing on our 3 As initiatives, alliances, advanced delivery and accounts, which are driving us toward profitable growth. Then David will provide more detail on our first quarter financial results, reaffirm our fiscal 2023 outlook and linked our recent progress to our financial goals.

謝謝你，Lori，也感謝你們每一個人今天加入我們。我對我們的勢頭充滿熱情，並為團隊在過去 3 個月中所取得的成就感到自豪。在今天的電話會議上，我們將分享 Kyndryl 的季度業績並向您介紹我們的最新進展。我將討論我們的戰略以及我們如何執行 3 As 計劃、聯盟、高級交付和客戶，這些都推動我們實現盈利增長。然後大衛將提供更多關於我們第一季度財務業績的詳細信息，重申我們的 2023 財年展望，並將我們最近的進展與我們的財務目標聯繫起來。

It's been 9 months since Kyndryl became an independent publicly traded company, and I am just as excited today about the opportunity ahead as I was on day 1. As you can imagine, there's never a no moment post-spin. There's plenty of work to do to transition internal processes, build the new culture and seize market opportunities. For those of you who are new to the Kyndryl story, prior to our spin-off last November, we operated largely as a captive services provider, focused on supporting the products and technologies that IBM offered to its customers. Today, we are the world's largest IT infrastructure services company designing, managing and modernizing complex mission-critical systems at scale for some of the world's largest organizations.

自從 Kyndryl 成為一家獨立的上市公司已經 9 個月了，今天我對即將到來的機會感到興奮，就像我在第一天一樣。正如你可以想像的那樣，旋轉後從來沒有一刻沒有過。要轉變內部流程、建立新文化和抓住市場機會，還有很多工作要做。對於那些剛接觸 Kyndryl 故事的人，在我們去年 11 月分拆之前，我們主要作為專屬服務提供商運營，專注於支持 IBM 向其客戶提供的產品和技術。今天，我們是世界上最大的 IT 基礎設施服務公司，為一些世界上最大的組織大規模設計、管理和現代化複雜的任務關鍵型系統。

I'm proud of how quickly we're charting a new course to better serve our customers through our new alliances with a range of top-tier technology providers and enhancements of our services delivery driven by upskilling and automation fueled by data, IP and best practices. Our new freedom of action has given us the opportunity to be part of a much larger and growing ecosystem that really matters to our customers, expanding our addressable market from about $240 billion to $415 billion and growing. By 2024, this IT services market is expected to grow to about $510 billion.

通過與一系列頂級技術提供商的新聯盟以及由數據、IP 和最佳技術推動的技能提升和自動化驅動的服務交付增強，我們以如此之快的速度製定了一條新的路線，以更好地為我們的客戶服務，我對此感到自豪實踐。我們新的行動自由使我們有機會成為對我們的客戶真正重要的更大且不斷發展的生態系統的一部分，將我們的潛在市場從約 2400 億美元擴大到 4150 億美元並不斷增長。到 2024 年，這個 IT 服務市場預計將增長到約 5100 億美元。

Our expanded collaborations with leading technology providers are making us more relevant to our customers and allowing us as their long-standing trusted IT partner to support and accelerate our customers' digital journeys in cloud, security, data and intelligent automation with a multi-vendor strategy. Equally important with our independence, we can now invest in our business to create new capabilities deliver them at scale by gaining certifications and credentials for our already skilled technologists and thereby, grow our share of wallet with our existing customers.

我們與領先技術提供商的擴展合作使我們與客戶的關係更加密切，並讓我們作為他們長期值得信賴的 IT 合作夥伴，通過多供應商戰略支持和加速客戶在雲、安全、數據和智能自動化方面的數字化旅程.與我們的獨立性同樣重要的是，我們現在可以投資於我們的業務，通過為我們已經熟練的技術人員獲得認證和證書來大規模地提供新的能力，從而增加我們在現有客戶中的錢包份額。

Through our 6 practices, we can now meet needs that our customers have been asking us to meet for years in areas that we were previously prevented from serving. We're solidifying our position as a leading global provider of IT infrastructure services. We continue to generate twice as much infrastructure services revenue as anyone else and are uniquely focused on this sector of the market.

通過我們的 6 項實踐，我們現在可以滿足客戶多年來一直要求我們滿足的需求，這些需求是我們以前無法服務的領域。我們正在鞏固我們作為全球領先的 IT 基礎設施服務提供商的地位。我們繼續創造兩倍於其他任何公司的基礎設施服務收入，並且專注於這一市場領域。

Our customers trust us to manage their most critical systems and we do it with the highest level of quality. I am really proud of our delivery teams. They continue to produce top-tier Net Promoter Scores generally north of plus 50. We continue to meet more than 99.7% of our service level agreement threshold with the June quarter being another quarter of above-target performance. We're pleased to have been named a leader in Gartner's Magic Quadrant for Managed Mobility Services and to be recognized as 1 of only 4 industry engineering specialists and integrators in Gartner's recent report on 4G and 5G networking. Our NPS and SLA metrics, along with a growing list of external accolades highlight the world-class nature of our offerings. There are significant opportunities in front of us, and we understand that the macroeconomic environment is on many people's minds right now.

我們的客戶信任我們來管理他們最關鍵的系統，並且我們以最高的質量水平來做到這一點。我為我們的交付團隊感到非常自豪。他們繼續產生一般高於 50 的頂級淨推薦值。我們繼續達到超過 99.7% 的服務水平協議閾值，而 6 月季度的業績又高於目標的四分之一。我們很高興被評為 Gartner 託管移動服務魔力像限的領導者，並在 Gartner 最近的 4G 和 5G 網絡報告中被公認為僅有的 4 位行業工程專家和集成商之一。我們的 NPS 和 SLA 指標，以及越來越多的外部榮譽，突顯了我們產品的世界級性質。擺在我們面前的機會很多，我們知道宏觀經濟環境現在在許多人的腦海中。

At Kyndryl, we run mission-critical IT systems, the hearts and lungs of our customers' operations, including global banking organizations, airline reservation systems, mobile networks and industrial supply chains. The essential nature of our business provides us some natural insulation to macro factors. In addition, our 3 As initiatives gives us a substantial opportunity that are specific to us and independent of the broader economy. Executing on these initiatives will deliver the benefits we need to strengthen our overall business performance and unlock substantial value for our customers, our employees and our stockholders alike.

在 Kyndryl，我們運行關鍵任務 IT 系統，這是我們客戶運營的心臟和肺部，包括全球銀行組織、航空公司預訂系統、移動網絡和工業供應鏈。我們業務的本質為我們提供了一些對宏觀因素的天然隔離。此外，我們的 3 As 計劃為我們提供了一個特定於我們且獨立於更廣泛經濟的大量機會。執行這些舉措將為我們帶來所需的好處，以加強我們的整體業務績效，並為我們的客戶、我們的員工和我們的股東帶來巨大的價值。

A key enabler of our strategy has been the rapid build-out of our technology alliances and capabilities. Between November and March, we signed new collaborations with all 3 cloud hyperscalers, Amazon Web Services, Google Cloud and Microsoft Azure as well as many other leading technology companies. Since year-end, we've increased our cloud-related certifications by 36%, bringing our total to nearly 22,000 and giving us more capabilities to deliver cloud services.

我們戰略的一個關鍵推動因素是我們技術聯盟和能力的快速建立。在 11 月至 3 月期間，我們與所有 3 家云超大規模提供商、亞馬遜網絡服務、谷歌云和微軟 Azure 以及許多其他領先的技術公司簽署了新的合作協議。自年底以來，我們的雲相關認證增加了 36%，使我們的總數達到近 22,000 個，並賦予我們更多提供雲服務的能力。

This quarter, we've expanded or established new partnerships with Cisco, Five9, NetApp, Oracle, Red Hat, SAP and Veritas, continuing the theme of Kyndryl aligning with other top-tier technology providers now that we're independent. Customers are seeing how quickly we're leveraging these relationships, and they're now asking us to help them migrate a portion of their workloads to the cloud manage their explosive growth in data, integrate legacy and new technologies from multiple partners and address their urgent need for cybersecurity and resiliency. It is remarkable to see how fast our relationships are expanding.

本季度，我們與 Cisco、Five9、NetApp、Oracle、Red Hat、SAP 和 Veritas 擴大或建立了新的合作夥伴關係，延續了 Kyndryl 與其他頂級技術提供商保持一致的主題，因為我們已經獨立了。客戶看到我們利用這些關係的速度有多快，他們現在要求我們幫助他們將部分工作負載遷移到雲管理他們爆炸性增長的數據，集成來自多個合作夥伴的傳統和新技術，並解決他們的緊迫問題需要網絡安全和彈性。看到我們的關係發展得如此之快，真是了不起。

One example of this is a global bank, where we have a nearly 20-year business relationship. We run mission-critical systems and the infrastructure behind their systems of record. Our relationship began in the early 2000s with traditional data center outsourcing for 1 of their divisions, including mainframe services work. The scope of our work has expanded over time across geographies and divisions. Most recently though, we not only extended our contract tied to legacy systems, we also added hyperscaler cloud work. And beyond that, the integration required to make sure the bank is running the right workload on the right platform. We're now supporting our customer across their architecture, data and application security, resiliency and systems innovation.

這方面的一個例子是一家全球銀行，我們在那裡有近 20 年的業務關係。我們運行關鍵任務系統及其記錄系統背後的基礎設施。我們的合作關係始於 2000 年代初，為其 1 個部門（包括大型機服務工作）進行傳統數據中心外包。隨著時間的推移，我們的工作範圍在各個地區和部門中不斷擴大。不過最近，我們不僅擴展了與遺留系統相關的合同，還增加了超大規模雲工作。除此之外，還需要進行集成以確保銀行在正確的平台上運行正確的工作負載。我們現在為客戶的架構、數據和應用程序安全性、彈性和系統創新提供支持。

We're adding value as a trusted strategic partner that has the technology expertise to meet their complex evolving multifaceted needs. And at the same time, we're driving profitable revenue growth for our business as we increase our services revenue from this customer. This example is just 1 of the many that have been either executed already or are in the works across a range of industries, geographies and customer needs.

作為值得信賴的戰略合作夥伴，我們正在增加價值，該合作夥伴擁有技術專長，可以滿足他們複雜、不斷變化的多方面需求。與此同時，隨著我們增加來自該客戶的服務收入，我們正在推動我們業務的盈利性收入增長。此示例只是已經執行或正在跨行業、地域和客戶需求的眾多示例中的一個。

Back in February, we committed to sharing our progress on our 3 As initiatives. As a reminder, we provided targets of at least $1 billion in signings tied to hyperscaler alliances this fiscal year, $200 million in annualized cost savings from advanced delivery by year-end and $200 million of annualized pretax benefit from our accounts initiative. I am pleased with the progress we've made in such a short period of time on our 3 As, and we're on track to deliver on our fiscal 2023 milestones for each of these initiatives.

早在 2 月份，我們就承諾分享我們在 3 As 計劃方面的進展。提醒一下，我們在本財年提供了與超大規模聯盟相關的至少 10 億美元的簽約目標，到年底通過提前交付每年節省 2 億美元的成本，以及從我們的賬戶計劃中獲得 2 億美元的年化稅前收益。我對我們在如此短的時間內在 3 As 方面取得的進展感到高興，並且我們正在按計劃實現每一項舉措的 2023 財年里程碑。

In our Alliance initiative, we generated $235 million of hyperscale-related signings in the quarter, putting us on track to achieve our $1 billion annual target. We're increasingly going to market with hyperscalers to seamlessly meet customers' needs. As a Microsoft Azure expert managed service provider and premier partner with both AWS and Google, we have immediate credibility as well as unique knowledge of our customers' existing infrastructure and workloads. And the pace at which we've built our team certifications, credentials and capabilities puts us in a position to provide the top-tier levels of service that customers have come to expect from Kyndryl. This is demonstrated by another strong quarter of signings growth in advisory and implementation services, which were up 27% in constant currency compared to last year.

在我們的聯盟計劃中，我們在本季度產生了 2.35 億美元的超大規模相關簽約，使我們有望實現 10 億美元的年度目標。我們越來越多地與超大規模廠商一起進入市場，以無縫滿足客戶的需求。作為 Microsoft Azure 專家託管服務提供商和 AWS 和 Google 的主要合作夥伴，我們對客戶現有的基礎設施和工作負載具有直接的信譽和獨特的了解。我們建立團隊認證、證書和能力的速度使我們能夠提供客戶期望從 Kyndryl 獲得的頂級服務水平。諮詢和實施服務的簽約量又一個季度強勁增長就證明了這一點，按固定匯率計算，與去年相比增長了 27%。

We are using our new technology partners to grow our share of wallet with existing customers. In our advanced delivery initiative, we're investing in high intelligent automation and new ways of working, which frees up our people to be reskilled and redeployed to in-demand opportunities. This quarter, we expanded our proprietary delivery automation tooling to run more than 24 million automation events a month, more than double where we were a year ago. This significantly increases the level of service and resiliency we provide to our customers.

我們正在利用我們的新技術合作夥伴來增加我們在現有客戶中的錢包份額。在我們的高級交付計劃中，我們正在投資於高度智能的自動化和新的工作方式，這讓我們的員工能夠重新獲得技能並重新部署到有需求的機會。本季度，我們擴展了我們專有的交付自動化工具，每月運行超過 2400 萬個自動化事件，是一年前的兩倍多。這顯著提高了我們為客戶提供的服務水平和彈性。

In the process, we freed up more than 1,900 of our people to serve new revenue streams and backfill attrition. When we free up people, we're increasing our productivity and the associated cost savings are running at an annualized rate of $100 million as of quarter end, equal to half our fiscal 2023 year-end objective. And at the same time, we're creating new opportunities for our people and reducing the extent to which we need to hire external talent.

在此過程中，我們解放了 1,900 多名員工，以服務於新的收入來源和回補減員。當我們解放人員時，我們正在提高我們的生產力，並且截至季度末相關的成本節約以每年 1 億美元的速度運行，相當於我們 2023 財年年底目標的一半。與此同時，我們正在為我們的員工創造新的機會，並減少我們需要聘請外部人才的程度。

In our accounts initiative, we are directly engaging with our customers where we're not generating an adequate return on the efforts and capital we're expending. The response from customers has been positive, and a number of them have already expanded our scope of delivery services, capitalizing on our broader ecosystem and new capabilities. In some cases, we're optimizing our cost basis through automation and greater standardization, while in other cases where we are near contract expiration we have the opportunity to discuss pricing or agree that Kyndryl will exit elements of work that are unprofitable for us.

在我們的客戶計劃中，我們直接與我們的客戶打交道，而我們所花費的努力和資本沒有產生足夠的回報。客戶的反應是積極的，其中一些已經擴大了我們的交付服務範圍，利用我們更廣泛的生態系統和新能力。在某些情況下，我們正在通過自動化和更高的標準化來優化我們的成本基礎，而在其他情況下，當我們接近合同到期時，我們有機會討論定價或同意 Kyndryl 將退出對我們無利可圖的工作元素。

Our engagement efforts so far resulted in a meaningful increase in the projected margins associated with these accounts reflecting our focus on signing profitable business. In the June quarter, we're already realizing pretax benefits at a rate of roughly $52 million a year, putting us on track to achieve our $200 million year-end run rate goal. The momentum we're demonstrating in our 3 As initiatives is driving us towards the strategic objectives we laid out last year, transforming Kyndryl to operate across a broader technology ecosystem, evolving our business mix, returning to revenue growth and expanding our margins. We're operating differently with the new mission and value proposition.

迄今為止，我們的參與努力導致與這些賬戶相關的預計利潤率顯著增加，反映了我們專注於簽署有利可圖的業務。在 6 月季度，我們已經以每年約 5200 萬美元的速度實現稅前收益，使我們有望實現 2 億美元的年終運行率目標。我們在 3 As 計劃中展示的勢頭正在推動我們實現去年制定的戰略目標，將 Kyndryl 轉變為在更廣泛的技術生態系統中運營，發展我們的業務組合，恢復收入增長並擴大我們的利潤率。我們以不同的方式運營新的使命和價值主張。

As we execute on our 3 As initiatives, we more forcefully to strengthen the margin profile of our business and progress toward our goal to return to profitable revenue growth in calendar year 2025, we will unlock substantial value. We'll continue building a culture that is flat, fast and focused on customer success, and we'll continue positioning Kyndryl to be the employer of choice and the partner of choice for customers and technology partners alike.

隨著我們執行我們的 3 As 計劃，我們將更有力地加強我們業務的利潤率狀況並朝著我們在 2025 日曆年恢復盈利收入增長的目標前進，我們將釋放可觀的價值。我們將繼續建立一種扁平、快速和專注於客戶成功的文化，我們將繼續將 Kyndryl 定位為客戶和技術合作夥伴的首選雇主和首選合作夥伴。

Now with that, I'll hand over to David to take you through our results and our outlook.

現在，我將交給大衛，帶您了解我們的結果和展望。

Thanks, Martin, and hello, everyone. Today, I'd like to discuss our quarterly results, our balance sheet and liquidity and our outlook. Our financial results for the quarter ended June 30, our fiscal first quarter were in line with our expectations and position us to achieve the full year targets we laid out in May.

謝謝，馬丁，大家好。今天，我想討論我們的季度業績、資產負債表和流動性以及我們的前景。我們截至 6 月 30 日的季度財務業績，我們的第一財季符合我們的預期，並使我們能夠實現我們在 5 月份制定的全年目標。

In the quarter, we generated revenue of $4.3 billion, which represents only a 2% decline in constant currency from our pro forma results a year ago. This includes 2 points of revenue growth we picked up from pass-through revenues related to our former parent. Because most of our revenue in any given quarter is the product of contracts signed over the prior several years, our revenue decline reflects the continuing effects of having been operated as a captive subsidiary of IBM prior to our spin off, not the future potential of our business.

本季度，我們創造了 43 億美元的收入，僅比一年前的備考結果低 2%。這包括我們從與前母公司相關的直通收入中獲得的 2 個收入增長點。由於我們在任何給定季度的大部分收入都是前幾年簽訂的合同的產物，我們的收入下降反映了在我們分拆之前作為 IBM 的專屬子公司運營的持續影響，而不是我們未來的潛力商業。

Adjusted EBITDA in the quarter was $491 million. This represents an adjusted EBITDA margin of 11.4%. On a year-over-year basis, our adjusted EBITDA margin was down primarily due to the decline in revenue, a currency headwind of 60 basis points and a 50 basis point impact from some of our software licenses being treated as a subscription rather than a prepaid and amortized expense.

本季度調整後的 EBITDA 為 4.91 億美元。這代表調整後的 EBITDA 利潤率為 11.4%。與去年同期相比，我們調整後的 EBITDA 利潤率下降主要是由於收入下降、60 個基點的貨幣逆風以及我們的一些軟件許可證被視為訂閱而非訂閱帶來的 50 個基點影響預付和攤銷費用。

Notably, our gross margin increased 60 basis points sequentially from our March quarter to our June quarter. This is a better reflection of the operational progress we're making. Adjusted pretax loss was $50 million, which is sequentially consistent with our March quarter results and down year-over-year, primarily due to lower revenue and $48 million in currency headwinds. Among our geographic segments, we delivered year-over-year constant currency revenue growth in our Japan and strategic market segments and our strongest margins were in Japan and the United States. Changes in how various IBM-related costs are hitting each of our segments under our new commercial agreement with IBM complicate year-over-year margin comparisons by segment.

值得注意的是，我們的毛利率從 3 月季度到 6 月季度環比增長了 60 個基點。這更好地反映了我們正在取得的運營進展。調整後的稅前虧損為 5000 萬美元，與我們 3 月份的季度業績連續一致，同比下降，主要是由於收入下降和 4800 萬美元的貨幣逆風。在我們的地理部門中，我們在日本和戰略市場部門實現了同比不變的貨幣收入增長，我們最強勁的利潤率在日本和美國。根據我們與 IBM 的新商業協議，各種 IBM 相關成本如何影響我們每個細分市場的變化使按細分市場進行的同比利潤率比較變得複雜。

We address our customers' needs not only through our geographic operating segments, but also through our 6 global practices, cloud, applications data and AI, security and resiliency, network and edge, digital workplace and core enterprise. Our business mix is evolving to reflect demand with nearly 80% of our signings coming from cloud, apps data and AI, security and other growth areas and only 20% from core enterprise and zCloud. More importantly, our adjusted quarterly results were very much in line with our expectations.

我們不僅通過我們的地理運營部門，而且通過我們的 6 個全球實踐，雲、應用程序數據和人工智能、安全性和彈性、網絡和邊緣、數字工作場所和核心企業來滿足客戶的需求。我們的業務組合正在不斷發展以反映需求，我們近 80% 的簽約來自云、應用程序數據和人工智能、安全和其他增長領域，只有 20% 來自核心企業和 zCloud。更重要的是，我們調整後的季度業績非常符合我們的預期。

Turning to our cash flow and balance sheet. Our adjusted free cash flow was negative $32 million in the quarter. We've provided a bridge from our Q1 adjusted pretax loss of $50 million to our free cash flow. Our gross capital expenditures in the quarter, including some CapEx due to our separation were $213 million, and we received $7 million of proceeds from asset dispositions. Working capital and other didn't contribute to cash flow in the quarter, but this is an opportunity for us for the year as a whole.

轉向我們的現金流和資產負債表。本季度調整後的自由現金流為負 3200 萬美元。我們為第一季度調整後的 5000 萬美元稅前虧損與自由現金流之間架起了一座橋樑。我們在本季度的總資本支出（包括由於我們的分離而產生的一些資本支出）為 2.13 億美元，我們從資產處置中獲得了 700 萬美元的收益。營運資金和其他資金對本季度的現金流沒有貢獻，但這對我們全年來說是一個機會。

Our financial position remains strong. Our cash balance at June 30 was $1.9 billion, which reflects both the decline in the dollar value of our international cash and our use of $65 million for transaction-related payments. Our cash balance, combined with available debt capacity under committed borrowing facilities gave us $5 billion of liquidity at quarter end. Our debt maturities are well laddered from late 2024 to 2041. We had no borrowings outstanding under our revolving credit facility, and our net debt at quarter end was $1.3 billion. As a result, our net leverage sits well within our target range. We are rated investment grade by both Moody's and S&P and to add to that on Tuesday, which announced that they rate us as investment grade as well.

我們的財務狀況依然強勁。截至 6 月 30 日，我們的現金餘額為 19 億美元，這既反映了我們國際現金美元價值的下降，也反映了我們將 6500 萬美元用於與交易相關的付款。我們的現金餘額，加上承諾借貸便利下的可用債務能力，在季度末為我們提供了 50 億美元的流動性。從 2024 年末到 2041 年，我們的債務到期日非常好。在我們的循環信貸額度下，我們沒有未償還的借款，我們在季度末的淨債務為 13 億美元。因此，我們的淨槓桿率正好在我們的目標範圍內。我們被穆迪和標準普爾評為投資級，並在周二宣布他們也將我們評為投資級。

As we think about capital allocation, our top priorities are to maintain strong liquidity, remain investment grade and reinvest in our business. As we've said before, we view being investment grade as a commercial imperative given the importance of this to our customers. And because of the spin-related cash outlays we have in front of us, most of the free cash flow we'll generate this year is, in many ways, already spoken for.

在考慮資本配置時，我們的首要任務是保持強勁的流動性，保持投資級別並再投資於我們的業務。正如我們之前所說，考慮到這對我們的客戶的重要性，我們將投資級別視為商業上的當務之急。而且由於擺在我們面前的與旋轉相關的現金支出，我們今年將產生的大部分自由現金流在很多方面都已經說明了。

As Martin mentioned, we're making rapid progress on our 3 As initiatives. Our momentum supports our expectation that over the medium term, our alliances initiative will drive signings, revenue and over time, roughly $200 million in annual pretax income. Our advanced delivery initiative will drive cost savings equating over time to roughly $600 million in annual pretax income and our accounts initiative will drive annual pretax income of $800 million. We're also pursuing growth in advisory and implementation services and among our global practices, which is incremental to the benefits coming from our 3 As initiative, and we see opportunities to control expenses throughout our business.

正如 Martin 所說，我們在 3 As 計劃上取得了快速進展。我們的勢頭支持我們的預期，即在中期內，我們的聯盟計劃將推動簽約、收入和隨著時間的推移，年稅前收入約為 2 億美元。隨著時間的推移，我們的先進交付計劃將節省成本，相當於每年約 6 億美元的稅前收入，我們的賬戶計劃將推動每年 8 億美元的稅前收入。我們還在諮詢和實施服務以及我們的全球實踐中尋求增長，這對我們的 3 As 計劃帶來的好處是增量的，我們看到了在整個業務中控制費用的機會。

We expect that these efforts over time will contribute roughly $400 million in annual pretax income. Sometimes investors ask us what the market doesn't fully appreciate about the Kyndryl story? Here's 1 item I'd like to highlight from a financial perspective. We're a company that generated $134 million in pro forma adjusted pretax income last year, which has tangible plans to drive $2 billion of contribution to our annual pretax income over the medium term. The magnitude of the earnings growth opportunity we're tackling is a big deal and will be a foundational source of value creation for Kyndryl. I hope that margins update on our progress on these initiatives gives you confidence in our eagerness and ability to seize this enormous opportunity.

我們預計，隨著時間的推移，這些努力將貢獻大約 4 億美元的年稅前收入。有時投資者會問我們，市場對 Kyndryl 的故事沒有完全理解的地方是什麼？這是我想從財務角度強調的一項。我們是一家去年產生 1.34 億美元經調整稅前收入的公司，該公司製定了切實的計劃，在中期內為我們的年度稅前收入貢獻 20 億美元。我們正在處理的盈利增長機會的規模是一件大事，並將成為 Kyndryl 創造價值的基礎來源。我希望我們在這些舉措上的最新進展讓您對我們抓住這個巨大機會的渴望和能力充滿信心。

In light of the progress we're making on our key initiatives and in our business generally, we're reaffirming the fiscal 2023 earnings guidance we provided in May, and are updating our revenue forecast solely to reflect movements in exchange rates. In particular, we continue to expect to drive double-digit constant currency growth in signings in fiscal '23 compared to calendar year 2021. Consistent with the outlook we shared in May, we continue to expect our revenue to decline 3% to 4% in constant currency compared to the 12 months ended March 2022 and 4% to 6% in constant currency compared to fiscal 2021. With the dollar having continued to strengthen, this guidance now implies revenue of $16.3 billion to $16.5 billion this fiscal year.

鑑於我們在關鍵舉措和整體業務方面取得的進展，我們重申我們在 5 月提供的 2023 財年收益指引，並僅更新我們的收入預測以反映匯率變動。特別是，與 2021 日曆年相比，我們繼續預計 23 財年的簽約人數將保持兩位數不變的貨幣增長。與我們在 5 月分享的展望一致，我們繼續預計我們的收入將在 2021 年下降 3% 至 4%與截至 2022 年 3 月的 12 個月相比，按固定匯率計算，與 2021 財年相比增長 4% 至 6%。隨著美元繼續走強，該指引現在意味著本財年的收入為 163 億美元至 165 億美元。

Our outlook continues to be for our adjusted pretax margin to be in the range of 0% to 1%. This is consistent with our 2020 and 2021 pro forma results despite 120 basis points of expected currency headwinds this year, and we continue to expect our adjusted EBITDA margin to be 13% to 14% in fiscal 2023. As Martin mentioned, we believe demand for IT infrastructure services is largely insulated from broader macroeconomic trends. And to date, we have not seen any significant changes in our customers' approach.

我們的展望仍然是調整後的稅前利潤率在 0% 至 1% 的範圍內。這與我們 2020 年和 2021 年的備考結果一致，儘管今年預計會出現 120 個基點的貨幣逆風，而且我們繼續預計 2023 財年調整後的 EBITDA 利潤率為 13% 至 14%。正如 Martin 所說，我們認為需求IT 基礎設施服務在很大程度上不受更廣泛的宏觀經濟趨勢的影響。迄今為止，我們還沒有看到客戶的方法發生任何重大變化。

Digital transformation and procuring talent, best practices and global scale continue to be important to large organizations. Let me comment on a few other macro factors that investors often ask about. First, while services demand feels solid, general price inflation is driving wage inflation. We've been doing well in terms of attracting and retaining the people we need, but higher prices and big headline inflation figures are impacting the salaries that existing employees and new hires expect.

數字化轉型和採購人才、最佳實踐和全球規模對於大型組織來說仍然很重要。讓我評論一下投資者經常詢問的其他一些宏觀因素。首先，雖然服務需求穩健，但總體價格上漲正在推動工資上漲。在吸引和留住我們需要的人方面，我們一直做得很好，但更高的價格和巨大的總體通脹數據正在影響現有員工和新員工的期望薪水。

We're also seeing inflationary pressures in other areas, especially in energy costs, but our contracts typically contain inflation protection mechanisms that mitigate the effects of rising costs. Second, currency movements are having an unusually pronounced impact this year, affecting not only the value of our foreign earnings, but also the dollar value of international cash and our margins since the compensation of our costs often differs from the currencies in which we source our revenues. Our hedging strategies and mitigating actions are helping us offset inflation and currency pressure. The currency alone is having a $200 million negative impact on our projected pretax earnings growth this year.

我們還看到其他領域的通脹壓力，尤其是能源成本，但我們的合同通常包含通脹保護機制，以減輕成本上升的影響。其次，今年的貨幣走勢產生了異常顯著的影響，不僅影響了我們的外匯收入的價值，而且影響了國際現金的美元價值和我們的利潤，因為我們的成本補償通常與我們採購的貨幣不同。收入。我們的對沖策略和緩解措施正在幫助我們抵消通貨膨脹和貨幣壓力。僅該貨幣一項就對我們今年預計的稅前收益增長產生了 2 億美元的負面影響。

From a cash flow perspective, we continue to target about $750 million of gross capital expenditures and $700 million of net capital expenditures compared to about $900 million of depreciation expense. As a reminder, there is some seasonality in our revenues and margins with the October to December quarter typically being the strongest. While our results in our September quarter should be broadly similar to our June quarter, we see our full year margins being higher than our Q1 margins because of the favorable December quarter seasonality and the ramping of benefits from our 3 As initiatives.

從現金流的角度來看，我們的目標是總資本支出約為 7.5 億美元，淨資本支出為 7 億美元，而折舊費用約為 9 億美元。提醒一下，我們的收入和利潤率存在一定的季節性，10 月至 12 月季度通常是最強的。雖然我們在 9 月季度的業績應該與 6 月季度大體相似，但由於 12 月季度有利的季節性以及我們的 3 As 計劃帶來的收益增加，我們認為全年利潤率高於第一季度的利潤率。

Over the medium term, we remain committed to returning to revenue growth by calendar 2025, delivering margin expansion and driving free cash flow growth. We have a solid game plan to drive our progress, and this game plan starts with the steps we've already taken to expand our technology partnerships and with the meaningful initiatives we're implementing this year. Separately, we've gotten a number of questions, comments and [WOWS] from investors about 1 particular slide we published in May. This slide that provides a breakdown between our margin-challenged focus accounts in the rest of our business.

在中期內，我們仍致力於在 2025 年之前恢復收入增長，實現利潤率擴張並推動自由現金流增長。我們有一個堅實的遊戲計劃來推動我們的進步，這個遊戲計劃始於我們已經採取的擴大我們的技術合作夥伴關係的步驟，以及我們今年正在實施的有意義的舉措。另外，我們從投資者那裡收到了一些關於我們在 5 月發布的一張特定幻燈片的問題、評論和 [WOWS]。這張幻燈片提供了我們在其他業務中受到利潤挑戰的焦點賬戶之間的細分。

As this slide highlighted, our aggregate results masked the fact that within Kyndryl we have a strong $10 billion business, which we refer to as a blueprint for how we want to operate. This blueprint consists of accounts that represent about 60% of our revenue, generate average gross margins north of 20% and reflect our ability to get paid appropriately for the mission-critical services we provide. This blueprint is most of what we do and a source of stockholder value hiding in plain sight. And the reason that this value is underappreciated is our other roughly $8 billion of focused accounts revenue. This revenue stream generates virtually no gross margin and after SG&A expenses is losing money.

正如這張幻燈片所強調的那樣，我們的總體結果掩蓋了這樣一個事實，即在 Kyndryl 我們擁有 100 億美元的強大業務，我們將其稱為我們希望如何運營的藍圖。該藍圖由占我們收入約 60% 的賬戶組成，平均毛利率超過 20%，並反映了我們為我們提供的關鍵任務服務獲得適當報酬的能力。這個藍圖是我們所做的大部分工作，也是隱藏在視線中的股東價值的來源。而這個價值被低估的原因是我們另外大約 80 億美元的重點賬戶收入。這種收入流幾乎沒有產生毛利率，而且在 SG&A 費用之後正在虧損。

Our accounts initiative is all about the opportunity to make our focus accounts look more like the majority blueprint of our business over time by addressing elements of our customer relationships, that generate substandard margins. Over time, if we close even half of the gross margin gap between our focus accounts and our blueprint accounts, will generate the $800 million in incremental earnings that we've targeted from these accounts. That's why our accounts initiative is a major priority for us.

我們的客戶計劃旨在讓我們的重點客戶隨著時間的推移看起來更像我們業務的主要藍圖，方法是解決我們客戶關係的要素，這些要素會產生不合標準的利潤。隨著時間的推移，如果我們將焦點賬戶和藍圖賬戶之間的毛利率差距縮小一半，我們將從這些賬戶中獲得 8 億美元的增量收益。這就是為什麼我們的帳戶計劃是我們的主要優先事項。

As Martin highlighted, in the June quarter, pretax margins associated with new signings tied to our focus accounts were up meaningfully. Since the beginning of the year, the overall pretax margin of our signings has been in the mid- to -high single digits. What that means is that of our P&L for the next few quarters reflected only our recently signed deals we'd be operating at mid- to high single-digit adjusted pretax margins, not the 0% to 1% margin generated largely by our pre-spin legacy signings.

正如 Martin 強調的那樣，在 6 月季度，與我們的重點客戶相關的新簽約相關的稅前利潤率顯著上升。今年以來，我們引援的整體稅前利潤率一直在中高個位數。這意味著我們接下來幾個季度的損益表僅反映了我們最近簽署的交易，我們將以中高個位數的調整後稅前利潤率運營，而不是主要由我們的前期產生的 0% 到 1% 的利潤率。旋轉遺留簽名。

In fact, even though our signings were down year-over-year in the June quarter when measured based on revenue, the gross profit we expect to generate over the next year from our June quarter signings is up year-over-year and its gross profit and then pretax profit that we're most focused on.

事實上，儘管根據收入衡量，我們在 6 月季度的簽約量同比下降，但我們預計明年從 6 月季度簽約產生的毛利潤同比增長，其毛利潤利潤，然後是我們最關注的稅前利潤。

In closing, as an independent company, we're solidifying our position as a cost-effective gold standard provider of essential IT services. We're advancing towards the fiscal 2023 earnings targets we laid out in May. We're also executing on the strategies and initiatives that will drive longer-term progress, future growth and stronger earnings in our business. I'm particularly enthusiastic about our strong progress on our 3 As initiatives and the margins our recent signings will generate. Compared to our P&L, our tangible progress in these areas better exemplifies our potential are zeal to transform our business in our drive to create stockholder value.

最後，作為一家獨立公司，我們正在鞏固我們作為具有成本效益的基本 IT 服務黃金標準提供商的地位。我們正在朝著 5 月份制定的 2023 財年盈利目標前進。我們還在執行將推動我們業務的長期進步、未來增長和更強勁收益的戰略和舉措。我對我們在 3 As 計劃上的強勁進展以及我們最近的簽約將產生的利潤特別感興趣。與我們的損益表相比，我們在這些領域取得的切實進展更好地體現了我們的潛力，即我們熱衷於轉變我們的業務，以創造股東價值。

With that, let me turn things back to Martin.

有了這個，讓我把事情轉回到馬丁身上。

Thanks, David. Before we turn to Q&A, let me remind you why we're so enthusiastic about Kyndryl's future. As an independent company, we are seizing our now larger market opportunity, bringing incremental and differentiated value to customers and focusing on driving profitable growth. We're committed to investing in our business, and we'll continue extending relationships with our ecosystem partners and customers. We are a trusted partner with tremendous expertise, experience and scale. And as technology continues to evolve, our customers look to Kyndryl to keep them operating efficiently and ahead of the technology curve.

謝謝，大衛。在我們進行問答之前，讓我提醒您為什麼我們對 Kyndryl 的未來如此充滿熱情。作為一家獨立公司，我們正在抓住我們現在更大的市場機會，為客戶帶來增量和差異化的價值，並專注於推動盈利增長。我們致力於投資我們的業務，我們將繼續擴大與我們的生態系統合作夥伴和客戶的關係。我們是值得信賴的合作夥伴，擁有豐富的專業知識、經驗和規模。隨著技術的不斷發展，我們的客戶希望 Kyndryl 保持高效運營並領先於技術曲線。

Our 3 As initiatives will deliver substantial benefits. We have the financial flexibility to execute our growth strategy to invest in our people and to create a winning culture, a culture that will create significant value for our employees, our customers and our stockholders.

我們的 3 As 計劃將帶來巨大的收益。我們擁有財務靈活性來執行我們的增長戰略，以投資於我們的員工並創造一種成功的文化，這種文化將為我們的員工、客戶和股東創造重大價值。

With that, David and I look forward to your questions.

有了這個，大衛和我期待著你的問題。

(Operator Instructions) We will take our first question from Tien-Tsin Huang from JPMorgan.

（操作員說明）我們將從摩根大通的 Tien-Tsin Huang 那裡回答我們的第一個問題。

Okay. Great. Appreciate (inaudible) has some definitely came through on the call. I wanted to ask, I suppose, on signings, if that's okay. I'm curious about sort of visibility there and timing of revenue conversion, et cetera. Have you observed any changes? And I know you talked about double-digit signings growth looking ahead. So hence, the visibility question?

好的。偉大的。讚賞（聽不清）在電話中肯定有一些通過。我想問一下，關於簽約，是否可以。我很好奇那裡的可見性和收入轉換的時間等等。你有沒有觀察到任何變化？我知道你談到了未來兩位數的簽約增長。因此，可見性問題？

Tien-Tsin, and thanks for joining the call. Look, a few things I'd say, first, obviously, our confidence in growing signings double digit this year stems from the pipeline that we're looking at. And we've got a terrific pipeline. We see it in the parts of our business where we're really focused, such as our A&IS business, which grew quite well this quarter as it did the prior quarter, such as the progress we're making with our hyperscale alliance partners. So we feel great about the pipeline but as you also know, we're really focused on the margin profile of these.

Tien-Tsin，感謝您加入電話會議。看，我要說幾件事，首先，很明顯，我們對今年增加兩位數引援的信心源於我們正在研究的管道。我們有一個很棒的管道。我們在我們真正關注的業務部分中看到了這一點，例如我們的 A&IS 業務，本季度與上一季度一樣增長良好，例如我們與超大規模聯盟合作夥伴取得的進展。所以我們對管道感覺很好，但你也知道，我們真的專注於這些的利潤率概況。

And as David noted, we -- the gross profit dollars, for instance, in the signings from just this most recent quarter, the gross profit dollars in the next year also grow within that signings pool. So while the overall signings for that short period, the 90 days, we're down, the gross profit dollars still provide us growth for the next 12 months, which again is our focus. So we feel really good about the pipeline. We feel really good about the teams executing in the areas that of our biggest focus, and we feel really good about the profit profile of what we're signing.

正如大衛所指出的，我們 - 例如，在最近一個季度的簽約中，毛利潤美元，明年的毛利潤美元也在該簽約池中增長。因此，雖然在這短短的 90 天裡，我們的整體簽約量下降了，但毛利潤仍然為我們提供了未來 12 個月的增長，這又是我們關注的重點。所以我們對管道感覺非常好。我們對在我們最關注的領域執行的團隊感覺非常好，我們對我們簽約的利潤狀況感覺非常好。

Now having said all that, look, when you're focused -- when one is focused on the quality of what you're signing and when one is really focused on making sure we get the right things into the backlog, that can elongate deal cycles that can elongate discussions with our customers. And look, we're okay because we want to get to the right signings -- the right signings profile, which we did in the most recent quarter, we did in the quarter prior to that.

現在說了這麼多，看，當你專注於你所簽署的內容的質量時，當一個人真正專注於確保我們將正確的東西放入積壓工作時，這可以延長交易可以延長與客戶討論的周期。看，我們很好，因為我們想要得到正確的引援——正確的引援資料，我們在最近一個季度做了，我們在之前的一個季度做了。

So we see a great pipeline of the kinds of quality deals and the kinds of quality revenue streams to go into the backlog as evidenced again by the gross profit over the next year or as evidenced again by the margin profile. And David commented, I did as well in the prepared remarks, we both commented on the pretax margin profile of what's going into the backlog. So we feel good about the growth we see and -- probably more importantly, we feel really good about the quality and the profit profile of what's going in.

因此，我們看到大量優質交易和各種優質收入流進入積壓訂單，明年的毛利潤再次證明了這一點，或者利潤率概況再次證明了這一點。大衛評論說，我在準備好的評論中也做了，我們都評論了積壓工作的稅前利潤率概況。因此，我們對所看到的增長感覺良好，而且可能更重要的是，我們對正在發生的事情的質量和利潤狀況感覺非常好。

And 2 things I just add related to the signings number. The June number -- the June quarter was a tough comp for us, we knew that going in because both of our 2 largest deals in calendar year 2021 fell in the June quarter, and those totaled more than $900 million. That created a tough comp for us. And obviously, we don't have that issue going forward. And then the second issue is that the December quarter is traditionally our biggest signings quarter. And as a result, how the second half of this calendar year plays out, particularly the December quarter ends up being a big driver of how we're going to get to double-digit signings growth for fiscal 2023.

我剛剛添加的兩件事與簽約人數有關。 6 月份的數字——6 月份的季度對我們來說是一個艱難的比較，我們知道要進入是因為我們在 2021 日曆年的兩筆最大的交易都在 6 月份的季度下降，這些交易總額超過 9 億美元。這為我們創造了一個艱難的比賽。顯然，我們沒有這個問題。然後第二個問題是十二月季度傳統上是我們最大的簽約季度。因此，本日曆年下半年的表現，尤其是 12 月季度最終成為我們將如何在 2023 財年實現兩位數簽約增長的重要驅動力。

I did have one, if you don't mind. I just want to ask on the gross margin since you mentioned it, we always like to look at gross margin as a proxy for contract execution pricing, labor costs, et cetera. So obviously, it sounds like that's doing well. There wasn't any unusual items there. But what about on the capital intensity side as well. Any change to consider there, especially as we think about cash flow conversion for the rest of the year?

我確實有一個，如果你不介意的話。既然你提到了毛利率，我只想問一下，我們總是喜歡將毛利率視為合同執行定價、勞動力成本等的代表。很明顯，這聽起來不錯。那裡沒有任何不尋常的物品。但是在資本密集度方面呢？有什麼需要考慮的變化，特別是當我們考慮今年剩餘時間的現金流轉換時？

Yes. I think we continue to see the business becoming less capital intensive. Our CapEx is underrunning depreciation, and we expect that to be the case probably even a bit more so than it was in the June quarter as we look out over the remainder of the year. In addition, I think the amount of cash we end up outlining for capitalized software and transition cost, startup cost is probably going to underrun our amortization as well this year, which should be helpful to free cash flow.

是的。我認為我們繼續看到該業務的資本密集度降低。我們的資本支出低於折舊率，我們預計今年剩餘時間的情況可能比 6 月季度更嚴重。此外，我認為我們最終為資本化軟件和過渡成本概述的現金數量，啟動成本今年可能也會低於我們的攤銷，這應該有助於自由現金流。

So again, as we move to more advisory work and strengthen the margin profile of the business that we're signing, we see less capital intensity as part of that and that should be helpful to free cash flow, not only in fiscal 2023, but also over the longer term.

同樣，隨著我們轉向更多的諮詢工作並加強我們正在簽署的業務的利潤率狀況，我們認為資本密集度降低是其中的一部分，這應該有助於自由現金流，不僅在 2023 財年，而且從長遠來看也是如此。

We'll go next to Jamie Friedman from Susquehanna Financial Group.

我們將在 Susquehanna Financial Group 的 Jamie Friedman 旁邊進行討論。

This is Spencer on for Jamie. Congratulations on the results. It seems that year is already tracking ahead of plan in some key metrics. Is the guidance just conservative or are there other considerations we should be looking at?

這是傑米的斯賓塞。祝賀結果。似乎這一年已經在一些關鍵指標上提前跟踪。該指導是否只是保守的，還是我們應該考慮其他考慮因素？

I think the -- I think we feel very good about the progress that we're making on a number of fronts, particularly the strategic fronts, the 3 As and the margin at which we're signing up business. And when you look at something like advanced delivery where we've already achieved half of our full year target for the benefits that we expect to generate, it's a time that we're making good progress.

我認為 - 我認為我們對我們在許多方面取得的進展感覺非常好，特別是戰略方面，3 As 和我們簽約業務的利潤率。當您看到諸如高級交付之類的事情時，我們已經實現了我們預期產生的收益的全年目標的一半，這是我們取得良好進展的時候。

I'm hesitant to characterize the guidance in 1 direction or another. But I would point out that while we're making really good progress on the strategic front and with the 3 As and with the partnerships that we have, we have also been facing currency headwinds and the amount of currency impact on our EBITDA and our pretax margin, we currently estimate is a bit more than we would have estimated 3 months ago because of the way exchange rates have moved over this period of time.

我猶豫要在一個方向或另一個方向上描述指導。但我要指出的是，雖然我們在戰略方面取得了非常好的進展，通過 3 As 和我們擁有的合作夥伴關係，我們也面臨著貨幣逆風以及貨幣對我們的 EBITDA 和稅前的影響由於這段時間內匯率的變動方式，我們目前估計的保證金比我們在 3 個月前的估計要高一些。

So when we're seeing progress on the strategic front in areas that we control some of the areas that are outside of our control, such as exchange rates are -- have been a little bit more of a challenge. So I really don't want to characterize the guidance one way or another.

因此，當我們看到我們控制的某些領域的戰略戰線取得進展時，一些我們無法控制的領域，比如匯率——已經有點挑戰了。所以我真的不想以一種或另一種方式來描述指導。

Once again, thanks, everyone, for joining us today. We're delighted with the significant progress we made this quarter, obviously, in our 3 As and then getting our business back to profitable growth. We remain very excited about the opportunity ahead. We do serve our customers' mission-critical needs with more capabilities than ever before. And quite frankly, the idiosyncratic nature of a lot of the opportunities we have to turn this business around and the progress we're making in those keep us energized and motivated to deliver. So thanks again for joining, and we'll talk to you after the next quarter.

再次感謝大家今天加入我們。我們對本季度取得的重大進展感到高興，顯然，我們在 3 A 方面取得了顯著進展，然後使我們的業務恢復了盈利增長。我們仍然對未來的機會感到非常興奮。我們確實以比以往更多的功能來滿足客戶的關鍵任務需求。坦率地說，我們必須扭轉這項業務的許多機會的特殊性質以及我們在這些機會中取得的進展讓我們充滿活力和動力去交付。再次感謝您的加入，我們將在下個季度後與您聯繫。

This concludes today's Kyndryl quarterly earnings call and webcast. You may disconnect your line at this time, and have a wonderful day.

今天的 Kyndryl 季度收益電話會議和網絡廣播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。