Kyndryl Holdings Inc (KD) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Kyndryl Fiscal Third Quarter 2023 Earnings Conference Call.

早上好，歡迎來到 Kyndryl 2023 財年第三季度收益電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's call is being recorded. I would now like to turn the call over to Lori Chaitman, Global Head of Investor Relations at Kyndryl. Thank you. You may begin.

請注意，今天的通話正在錄音中。我現在想把電話轉給 Kyndryl 投資者關係全球主管 Lori Chaitman。謝謝。你可以開始了。

Good morning, everyone, and welcome to Kyndryl's earnings call for the quarter ended December 31, 2022, the third quarter of our fiscal year. Before we begin, I'd like to remind you 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. Kyndryl does not update forward-looking statements and disclaims any obligation to do so.

各位早上好，歡迎來到 Kyndryl 截至 2022 年 12 月 31 日的財年第三季度財報電話會議。在我們開始之前，我想提醒您，我們今天的評論將包含前瞻性陳述。這些陳述受風險因素的影響，這些因素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。這些聲明僅符合我們今天的期望。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 不更新前瞻性陳述，也不承擔任何更新前瞻性陳述的義務。

In today's remarks, we'll 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.

在今天的評論中，我們還將提及某些非 GAAP 財務指標。今天活動的演示材料中提供了相應的 GAAP 措施以及歷史期間非 GAAP 措施與 GAAP 措施的調節，可在我們的網站 investor.kyndryl.com 上獲取。

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'll hold a Q&A session.

今天和我一起來的有 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 like to now turn the call over to Martin. Martin?

我現在想把電話轉給馬丁。馬丁？

Thank you, Lori, and thanks to each of you for joining us today. Kyndryl is continuing to drive progress both as the world's leading provider of IT infrastructure services and as an independent public company.

謝謝你，Lori，也感謝你們每一個人今天加入我們。 Kyndryl 作為世界領先的 IT 基礎設施服務提供商和獨立上市公司，不斷推動進步。

On today's call, I'll update you on our strategy and the meaningful progress we've made on our AAA initiatives, Alliances, Advanced Delivery and Accounts. David will then provide you with a more detailed review of our financial results and discuss our full year 2023 outlook.

在今天的電話會議上，我將向您介紹我們的戰略以及我們在 AAA 計劃、聯盟、高級交付和賬戶方面取得的有意義的進展。然後，大衛將為您提供更詳細的財務業績回顧，並討論我們的 2023 年全年展望。

Our transformation is well underway, and I'm proud of what our teams have accomplished. The essential nondiscretionary nature of our business provides our revenue streams with some natural insulation to macro factors. As a result, demand for our services remains stable across the markets we serve. Equally important and independent of the broader economy, our continued execution on our three-A is delivering the benefits we need to strengthen our overall business performance and drive us to profitable growth.

我們的轉型正在順利進行，我為我們的團隊所取得的成就感到自豪。我們業務的基本非自由裁量權性質為我們的收入流提供了一些不受宏觀因素影響的自然因素。因此，我們所服務的市場對我們服務的需求保持穩定。同樣重要且獨立於更廣泛的經濟，我們對 3A 的持續執行正在帶來我們加強整體業務績效和推動我們實現盈利增長所需的好處。

Our continued progress, combined with the nature of our business, should ultimately allow us to regularly return capital to shareholders. I'll circle back on this topic in a few minutes.

我們的持續進步，結合我們的業務性質，最終應該使我們能夠定期向股東返還資本。我會在幾分鐘後回到這個話題。

It's been about 15 months since we became an independent company and the world's largest pure-play IT infrastructure services provider. We employ nearly 90,000 people. We operate in over 60 countries, and we serve thousands of customers. We address a large and growing market through our array of practices and services offerings. With 30 years of mission-critical experience, we have unmatched technical expertise in managing complex hybrid IT environments for large organizations.

自從我們成為一家獨立公司和全球最大的純 IT 基礎設施服務提供商以來，已經過去了大約 15 個月。我們僱用了近 90,000 名員工。我們在 60 多個國家開展業務，為數以千計的客戶提供服務。我們通過一系列實踐和服務產品來應對龐大且不斷增長的市場。憑藉 30 年的關鍵任務經驗，我們在為大型組織管理複雜的混合 IT 環境方面擁有無與倫比的技術專長。

And in our business, scale matters. It gives us the ability to invest in leading technology, advanced delivery and automation, enabling us to expand our competitive advantage as well as our comparative advantage over in-sourced infrastructure management. In this environment, we've been successfully executing on our three-A initiatives to drive business performance, and we're on track to deliver on our fiscal 2023 milestone.

在我們的業務中，規模很重要。它使我們能夠投資於領先的技術、先進的交付和自動化，使我們能夠擴大我們的競爭優勢以及我們相對於內包基礎設施管理的比較優勢。在這種環境下，我們已經成功地執行了我們的 3A 計劃來推動業務績效，並且我們有望實現 2023 財年的里程碑。

As a reminder, we provided a target of $1 billion in signings tied to hyperscaler alliances this fiscal year, $200 million in annualized cost savings from advanced delivery fiscal year-end and $200 million of annualized pretax benefit from our accounts initiative. And our transformation work will not be done after this fiscal year. Over the next few years, we expect these initiatives to generate $1.6 billion in annual benefits.

提醒一下，我們在本財年提供了 10 億美元與超大規模聯盟相關的簽約目標，通過提前交付財年末節省 2 億美元的年度成本，以及通過我們的賬戶計劃獲得 2 億美元的年度稅前收益。而且我們的轉型工作不會在本財年之後完成。在接下來的幾年裡，我們預計這些舉措將產生 16 億美元的年度收益。

In the first 9 months of this fiscal year, we generated $750 million of hyperscaler signings, putting us right on track to achieve our $1 billion year 1 target for our alliances initiative. The number of customer contracts that now include a hyperscaler-related component has tripled since the start of our fiscal year. We've also continued to increase our hyperscaler certifications on top of our existing IBM Cloud certifications to nearly 32,000, a 98% increase from a year ago.

在本財年的前 9 個月，我們簽下了 7.5 億美元的超大規模客戶，使我們有望實現聯盟計劃的第一年 10 億美元目標。自本財年開始以來，現在包含超大規模相關組件的客戶合同數量增加了兩倍。我們還在現有 IBM Cloud 認證的基礎上繼續增加我們的超大規模認證，達到近 32,000 個，比一年前增加了 98%。

Our Advanced Delivery initiative has freed up over 4,500 delivery professionals this year to backfill attrition or address new revenue opportunities. At the same time, it's generating annualized savings of more than $225 million, surpassing already our $200 million fiscal 2023 year-end objective.

今年，我們的 Advanced Delivery 計劃已經釋放了 4,500 多名交付專業人員，以填補人員流失或尋找新的收入機會。與此同時，它產生了超過 2.25 億美元的年度節省，已經超過了我們 2023 財年 2 億美元的年終目標。

And in our Accounts initiative, we're addressing elements of our business with substandard margins. In many cases, we're driving margin growth by expanding the scope of work and optimizing our cost base through automation and greater standardization. We're now realizing pretax benefits of more than $130 million a year and progressing toward our $200 million year-end run rate goal.

在我們的賬戶計劃中，我們正在解決利潤率不達標的業務要素。在許多情況下，我們通過擴大工作範圍並通過自動化和更高的標準化來優化我們的成本基礎來推動利潤增長。我們現在每年實現超過 1.3 億美元的稅前收益，並朝著 2 億美元的年終運行率目標邁進。

Similar to last quarter, I want to share some customer success stories that demonstrate our team's execution on our three-A. The underlying theme among these examples is that the combination of our broader ecosystem and expanded capabilities is resonating with our customers and providing Kyndryl with new revenue streams and higher margin opportunities.

與上一季度類似，我想分享一些客戶成功案例，展示我們團隊在 3-A 方面的執行情況。這些例子的基本主題是，我們更廣泛的生態系統和擴展能力的結合正在引起我們客戶的共鳴，並為 Kyndryl 提供新的收入來源和更高的利潤機會。

Through our alliances initiative, we won a new relationship valued at $170 million to provide Kyndryl consult services and migrate workloads to a modern hybrid cloud infrastructure for a company in the services industry. Additionally, with an insurance company who's been a long-term customer of ours, we've expanded our scope of work to include cloud migration and hyperscaler services in order to accelerate their digital transformation and drive efficiencies. And for an industrial manufacturer, we're integrating our customers' IT operations into a hyperscaler ecosystem.

通過我們的聯盟計劃，我們贏得了價值 1.7 億美元的新合作關係，為一家服務行業的公司提供 Kyndryl 諮詢服務並將工作負載遷移到現代混合雲基礎架構。此外，與一家一直是我們長期客戶的保險公司合作，我們擴大了工作範圍，包括雲遷移和超大規模服務，以加速他們的數字化轉型並提高效率。對於一家工業製造商，我們正在將客戶的 IT 運營整合到超大規模生態系統中。

In Advanced Delivery, we've increased resiliency by more than 75% for a global consumer products company, enhancing system stability and availability. For an industrial company, we've created an opportunity to generate approximately $15 million in incremental annual revenue by expanding the scope of work to include network and edge automation. And for a global energy company, we reduced our staffing by 24% and increased system stability through automation and new ways of working.

在 Advanced Delivery 中，我們已將一家全球消費品公司的彈性提高了 75% 以上，從而增強了系統穩定性和可用性。對於一家工業公司，我們通過將工作範圍擴大到包括網絡和邊緣自動化，創造了一個產生大約 1500 萬美元增量年收入的機會。對於一家全球能源公司，我們通過自動化和新的工作方式減少了 24% 的員工並提高了系統穩定性。

In Accounts, for a large transportation company, we're increasing our gross margin by 50 percentage points by rescoping our contract to those areas that make economic sense for us. This new contract will add $14 million in gross profit over the next 5 years. With a leading manufacturer, we extended our contract with a 25 percentage point increase in gross margin through delivery efficiencies, automation and changes in scope. And for a major technology company, we renegotiated specific elements of our contract prior to exploration to bring more flexibility to both our customer and Kyndryl. In the process, we're realizing an increase in gross profit of more than $25 million over the life of the previous contract.

在 Accounts 方面，對於一家大型運輸公司，我們通過將合同重新調整到對我們具有經濟意義的領域，將毛利率提高了 50 個百分點。這份新合同將在未來 5 年內增加 1400 萬美元的毛利潤。我們與一家領先的製造商簽訂了合同，通過交付效率、自動化和範圍變化，毛利率提高了 25 個百分點。對於一家大型科技公司，我們在勘探之前重新協商了合同的具體內容，以便為我們的客戶和 Kyndryl 帶來更大的靈活性。在此過程中，我們實現了超過 2500 萬美元的毛利潤增長。

Many of us at Kyndryl regularly engage with CEOs and CIOs of large organizations, which gives us insight into the technology challenges they face and the opportunities they see. This helps shape our view of the market and how we can evolve to meet our customers' needs and objectives.

Kyndryl 的許多人定期與大型組織的 CEO 和 CIO 接觸，這讓我們深入了解他們面臨的技術挑戰和他們看到的機遇。這有助於塑造我們對市場的看法以及我們如何發展以滿足客戶的需求和目標。

Here's what we're hearing. From financial institutions to manufacturers to transportation providers, virtually all firms operating at scale also need to be technology-driven companies, relying on IT infrastructure to operate and go to market. Hybrid IT environments will continue to be the norm for most large organizations, and putting the right workload on the right platform will provide ongoing opportunities for cloud migration and optimization.

這就是我們所聽到的。從金融機構到製造商再到運輸供應商，幾乎所有規模化運營的公司都需要成為技術驅動型公司，依靠 IT 基礎設施運營和進入市場。混合 IT 環境將繼續成為大多數大型組織的常態，將正確的工作負載放在正確的平台上將為雲遷移和優化提供持續的機會。

While enterprises are continuing to modernize their IT estates, many have already tackled the simplest transitions as it relates to cloud migration. As a result, their progress increasingly relies on complex optimization work in order to advance enterprise innovation.

在企業繼續對其 IT 資產進行現代化改造的同時，許多企業已經解決了與雲遷移相關的最簡單的過渡問題。因此，他們的進步越來越依賴於復雜的優化工作，以推動企業創新。

Cyber threats are proliferating and cyber hygiene and resiliency are as important as ever to companies and their Boards. 5G, AI and data optimization are evolving in ways that will likely drive technological development and investment for the remainder of this decade. This includes both the machine learning associated with Managed Infrastructure Services and companies operational and go to market use of AI.

網絡威脅正在激增，網絡衛生和彈性對公司及其董事會來說一如既往地重要。 5G、人工智能和數據優化的發展方式可能會在本十年的剩餘時間內推動技術發展和投資。這包括與託管基礎設施服務相關的機器學習，以及運營和進入市場的人工智能公司。

Organizations are looking to better tailor their employees tech experiences in order to drive productivity and engagement.

組織正在尋求更好地定制員工的技術體驗，以提高生產力和參與度。

And lastly, companies are optimizing, automating and engaging with service providers to save money in today's more restrained economic environment. Each of these trends play to our strengths. They present Kyndryl with opportunities in both managed services and avisory work and position us to sustainable, profitable growth. We are working with our customers around the world to address these macro trends through our practices, through our scale and establish presence in lower cost markets through innovation driven by Kyndryl Bridge, Kyndryl Vital and Kyndryl Consult and through our global alliances with leading technology companies. We are very excited about how technology is evolving and the role Kyndryl is playing in that evolution. As I mentioned, our alliances are an important element of our business transformation with our freedom of actions as an independent company. We have built an eco-system that is more relevant towards our customers and allows us to provide higher value services that we were not able to provide before. Our long standing relationship with IBM continues to be important but so our significantly expanded top tier alliances with Microsoft, AWS, Google, CISCO, Dell, Oracle, Red Hat, SAP, WMware and many others. We're building on these relationships and seizing your growth opportunities often with our existing customers.

最後，公司正在優化、自動化並與服務提供商合作，以在當今更加受限制的經濟環境中節省資金。這些趨勢中的每一個都發揮了我們的優勢。他們為 Kyndryl 提供了託管服務和諮詢工作的機會，並使我們能夠實現可持續的盈利增長。我們正在與世界各地的客戶合作，通過我們的實踐、我們的規模來應對這些宏觀趨勢，並通過 Kyndryl Bridge、Kyndryl Vital 和 Kyndryl Consult 推動的創新以及我們與領先技術公司的全球聯盟在低成本市場建立影響力。我們對技術的發展方式以及 Kyndryl 在該發展中所扮演的角色感到非常興奮。正如我所提到的，我們的聯盟是我們作為一家獨立公司的行動自由的業務轉型的重要組成部分。我們已經建立了一個與我們的客戶更相關的生態系統，使我們能夠提供我們以前無法提供的更高價值的服務。我們與 IBM 的長期合作關係仍然很重要，但我們與微軟、AWS、谷歌、思科、戴爾、甲骨文、紅帽、SAP、WMware 和許多其他公司的頂級聯盟也顯著擴大。我們正在建立這些關係，並經常與現有客戶一起抓住您的增長機會。

Over the last year, we've co-created and launched new capabilities with our alliance partners and doubled our hyperscaler-related deal pipeline. In November, we hosted our first-ever Alliance Leadership Summit where our senior leaders and our alliance partners engaged in collaborative discussions to accelerate joint go-to-market strategy and joint business outcomes. Our customer base and our credibility with our customers make us a highly sought-after partner and we've chosen our technology alliances intentionally. This past quarter, we expanded our relationship with AWS to support their new security solution tailored for industry and company-specific needs.

在過去的一年裡，我們與我們的聯盟合作夥伴共同創建並推出了新功能，並將我們與超大規模相關的交易管道增加了一倍。 11 月，我們舉辦了首屆聯盟領導峰會，我們的高級領導和聯盟合作夥伴在會上進行了協作討論，以加速聯合上市戰略和聯合業務成果。我們的客戶群和我們對客戶的信譽使我們成為備受追捧的合作夥伴，我們有意選擇我們的技術聯盟。在上個季度，我們擴大了與 AWS 的關係，以支持他們針對行業和公司特定需求量身定制的新安全解決方案。

To accelerate cloud transformation projects, we're helping our customers leverage our relationship with Microsoft and Dell to implement and manage integrated hybrid cloud solutions. And we've been collaborating with Intel to design and implement private 5G networks for joint customers.

為了加速雲轉型項目，我們正在幫助我們的客戶利用我們與微軟和戴爾的關係來實施和管理集成的混合雲解決方案。我們一直在與英特爾合作，為共同客戶設計和實施私有 5G 網絡。

In recent months, we've also given our customers and our alliance partners more clarity on how will collaborate and surface innovation. We branded these efforts with Kyndryl Bridge, Kyndryl Vital and Kyndryl Consult.

最近幾個月，我們還讓我們的客戶和我們的聯盟合作夥伴更清楚地了解如何協作和表面創新。我們將這些努力與 Kyndryl Bridge、Kyndryl Vital 和 Kyndryl Consult 打上了烙印。

Kyndryl Bridge, our open integration platform, is at the core of our technology strategy and transforming the way that we deliver our services. It enables us to scale modern systems management capabilities, integrating operational data, our intellectual property, our solution and partner offerings and insights through integrated AI operations. As a result, Kyndryl Bridge is how we help our customers manage modernization across their complex global IT estates.

我們的開放式集成平台 Kyndryl Bridge 是我們技術戰略的核心，它改變了我們提供服務的方式。它使我們能夠擴展現代系統管理能力，通過集成的 AI 操作集成操作數據、我們的知識產權、我們的解決方案和合作夥伴產品和見解。因此，Kyndryl Bridge 是我們幫助客戶管理其複雜的全球 IT 資產現代化的方式。

Since our launch in late September, we've already onboarded nearly 500 customer accounts to integrated AI ops that are at the core of Kyndryl Bridge.

自 9 月下旬推出以來，我們已經讓近 500 個客戶帳戶加入了作為 Kyndryl Bridge 核心的集成 AI 操作。

Kyndryl Vital redefines how we engage with customers and co-create innovative solutions through a design-led approach. Our ability to be an objective expert across an array of technologies allows us to advise and collaborate with customers in ways we could not when we were an IBM captive. And our vital methodology provides the foundation for a personalized result-oriented environment to solve and create solutions in an easy-to-consume way.

Kyndryl Vital 重新定義了我們與客戶互動的方式，並通過以設計為主導的方法共同創造創新解決方案。我們成為跨一系列技術的客觀專家的能力使我們能夠以我們在 IBM 俘虜時無法做到的方式為客戶提供建議和協作。我們重要的方法論為以結果為導向的個性化環境奠定了基礎，以易於使用的方式解決和創建解決方案。

And Kyndryl Consult ties it all together, using Bridge and Vital to highlight our capabilities and our differentiation as we provide our customers with ways to handle their most vaccine technology challenges and make it easier for them to do business with us. Year-to-date, Kyndryl Consult signings have increased 32% in constant currency compared to the prior year period, and they now account for approximately 12% of our revenue.

Kyndryl Consult 將這一切聯繫在一起，使用 Bridge 和 Vital 來突出我們的能力和差異化，因為我們為客戶提供了應對他們最嚴峻的疫苗技術挑戰的方法，並使他們更容易與我們開展業務。年初至今，Kyndryl Consult 的簽約數量與上年同期相比按固定匯率計算增長了 32%，現在約占我們收入的 12%。

With Bridge, Vital and Consult, customers are telling us that Kyndryl is showing up differently for them. This is creating opportunities for us to capture some of the larger addressable market now available to us and to grow our share of wallet with our customers.

有了 Bridge、Vital 和 Consult，客戶告訴我們 Kyndryl 對他們的表現有所不同。這為我們創造了機會，可以佔領我們現在可用的一些更大的潛在市場，並增加我們與客戶的錢包份額。

When I look back on Kyndryl's transformation to date, 2022 was a period of transition and building as we began to rewire our new firm. With that strong foundation, our progress continues. We're building a purpose-driven company and committed to being a strong corporate citizen.

當我回顧 Kyndryl 迄今為止的轉型時，2022 年是我們開始重新組建新公司的過渡和建設時期。憑藉這一堅實的基礎，我們的進步仍在繼續。我們正在建設一家以目標為導向的公司，並致力於成為強大的企業公民。

In December, we announced our long-term target to reduce our overall carbon emissions to net zero by 2040 and committed to at least a 50% reduction by 2030 following science-based frameworks. Our decarbonization plan aligns with our business strategies because we see opportunities to consolidate our legacy real estate and data center footprint as well as our supply chain to more sustainable infrastructures.

去年 12 月，我們宣布了到 2040 年將整體碳排放量減少至淨零的長期目標，並承諾在基於科學的框架下到 2030 年至少減少 50%。我們的脫碳計劃與我們的業務戰略保持一致，因為我們看到了將我們的遺留房地產和數據中心足跡以及我們的供應鏈整合到更可持續的基礎設施中的機會。

2023 will be a year of acceleration. We will continue to execute our strategy to drive profitable growth. We expect to make significant progress on our three-A initiative as this is our fastest path to growing our business and delivering more value to our customers, employees and shareholders. We will lean into the opportunities associated with a tougher macro climate and company's enhanced focus on managing cost which alings with what we do. And we'll continue to operate with our new mission, serving our customers on what we call the Kyndryl way, being restless, empathetic and devoted in our pursuit of operational, strategic and financial progress.

2023年將是加速的一年。我們將繼續執行我們的戰略以推動盈利增長。我們希望在我們的 3A 計劃上取得重大進展，因為這是我們發展業務並為我們的客戶、員工和股東創造更多價值的最快途徑。我們將抓住與更嚴峻的宏觀環境相關的機會，以及公司更加註重管理成本，這與我們所做的一致。我們將繼續履行我們的新使命，以我們稱之為 Kyndryl 的方式為我們的客戶提供服務，在我們追求運營、戰略和財務進步的過程中不懈努力、富有同理心和奉獻精神。

Looking beyond 2023, when most, if not all, of our separation-related expenses and costs are behind us, we'll be driving our business towards sustainable revenue growth, significant margin expansion and meaningful cash flow growth. We are committed to maintaining a strong investment-grade balance sheet, and we'll seek opportunities to further strengthen our credit profile.

展望 2023 年以後，當我們的大部分（如果不是全部）與離職相關的費用和成本都已經過去時，我們將推動我們的業務實現可持續的收入增長、顯著的利潤率增長和顯著的現金流增長。我們致力於維持強大的投資級資產負債表，我們將尋求機會進一步加強我們的信用狀況。

Given the nature of our business, and once we've made clear progress in strengthening our margins, we'd expect to be positioned to ask our Board to evaluate returning capital to shareholders. We have the right strategy in place to do this, and I'm confident we have the right leadership, talent, know-how and partnerships to execute and transform our business.

鑑於我們的業務性質，一旦我們在提高利潤率方面取得明顯進展，我們預計可以要求我們的董事會評估向股東返還資本。我們制定了正確的戰略來做到這一點，我相信我們擁有正確的領導力、人才、專業知識和合作夥伴關係來執行和轉變我們的業務。

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，讓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, the importance of our three-A initiative and our outlook.

謝謝，馬丁，大家好。今天，我想討論我們的季度業績、我們的資產負債表和流動性、我們的 3A 計劃的重要性以及我們的前景。

Our financial results for the quarter ended December 31, our fiscal third quarter, reflect progress on our top line growth efforts, external factors such as currency movements and sequential margin expansion. In the quarter, we generated revenue of $4.3 billion, which represents a 2% increase in constant currency from our pro forma results a year ago, led by 19% growth in Kyndryl Consult and increased seasonal factors this year, including amounts related to customer contracts with minimum annual revenue commitments and seasonal variances in volumes. Demand for our services has remained resilient amid increased global macro uncertainty.

我們截至 12 月 31 日的季度財務業績，即我們的第三財季，反映了我們的收入增長努力取得的進展、貨幣變動和連續利潤率擴張等外部因素。本季度，我們的收入為 43 億美元，按固定匯率計算，與一年前的備考結果相比增長了 2%，這主要得益於 Kyndryl Consult 增長 19% 以及今年季節性因素的增加，包括與客戶合同相關的金額具有最低的年度收入承諾和數量的季節性變化。在全球宏觀不確定性增加的情況下，對我們服務的需求仍然保持彈性。

Kyndryl Consult signings and revenue were both at record levels, with Consult representing 20% of our total signings and 12% of our total revenue. Consult signings translate into revenue at a faster pace, given that the more in-year project-based work compared to our longer-term managed services activities.

Kyndryl Consult 簽約和收入均創歷史新高，諮詢占我們簽約總數的 20% 和總收入的 12%。考慮到與我們的長期託管服務活動相比，更多基於年度項目的工作，諮詢簽約轉化為收入的速度更快。

Adjusted EBITDA in the quarter was $580 million. This represents an adjusted EBITDA margin of 13.5%. The year-over-year decline in our adjusted EBITDA margin compared to pro forma 2021 results was primarily due to currency, partially offset by higher revenue and benefits from our three-A.

本季度調整後的 EBITDA 為 5.8 億美元。這代表調整後的 EBITDA 利潤率為 13.5%。與 2021 年備考結果相比，我們調整後的 EBITDA 利潤率同比下降主要是由於匯率問題，部分被更高的收入和我們的 3-A 收益所抵消。

Adjusted pretax loss was $4 million. Currency movements had a negative year-over-year impact of $90 million on adjusted pretax income. As we've mentioned before, currency is having a significant impact on us because we have dollar-denominated costs in our global operations in addition to having international earnings.

調整後的稅前虧損為 400 萬美元。貨幣變動對調整後的稅前收入產生了 9000 萬美元的同比負面影響。正如我們之前提到的，貨幣對我們產生了重大影響，因為除了國際收入之外，我們在全球運營中還有以美元計價的成本。

And our currency hedges in various contractual protections haven't fully offset the effects of the unprecedented dollar strengthening that occurred in 2022. Higher revenue and progress on our three-A helped to offset currency impacts and inflationary cost pressures.

我們在各種合同保護中的貨幣對沖並沒有完全抵消 2022 年發生的前所未有的美元走強的影響。更高的收入和我們 3-A 的進展有助於抵消貨幣影響和通脹成本壓力。

Among our geographic segments, we delivered year-over-year constant currency pro forma revenue growth in 3 of our 4 segments, and our strongest margins were again in Japan and the United States. Changes in exchange rates and how various IBM-related costs are impacting each of our segments under our commercial agreement with IBM complicate year-over-year margin comparisons by segment.

在我們的地理細分市場中，我們在 4 個細分市場中的 3 個實現了同比固定貨幣備考收入增長，我們最強勁的利潤率再次出現在日本和美國。根據我們與 IBM 的商業協議，匯率的變化以及各種與 IBM 相關的成本如何影響我們的每個部門，使得按部門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 continues to evolve to reflect demand, with most of our signings, including Kyndryl Consult signings, coming from cloud, apps, data and AI, security and other growth areas. In short, if it weren't for currency movements this quarter, we'd be reporting year-over-year revenue growth and positive pretax margins. On a reported basis, however, currency is masking the operational progress we're making. And as I mentioned, while there's still significant macro uncertainty, we continue to see broad-based demand for digital transformation and infrastructure services.

我們不僅通過我們的地理運營部門，還通過我們的 6 大全球實踐來滿足客戶的需求：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。我們的業務組合不斷發展以反映需求，我們的大部分簽約（包括 Kyndryl Consult 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。簡而言之，如果不是本季度的貨幣變動，我們將報告同比收入增長和正稅前利潤率。然而，在報告的基礎上，貨幣正在掩蓋我們正在取得的運營進展。正如我所提到的，雖然仍然存在重大的宏觀不確定性，但我們繼續看到對數字化轉型和基礎設施服務的廣泛需求。

Turning to our cash flow and balance sheet. We generated adjusted free cash flow of $407 million in the 9 months ended December 31. We've provided a bridge from our adjusted pretax loss to our free cash flow so far this year. Our gross capital expenditures have been $711 million year-to-date, and we've received $20 million of proceeds from asset dispositions. Our CapEx has been somewhat front-loaded this fiscal year. Working capital is contributing to cash flow as we've stepped up our management of both receivables and payables globally.

轉向我們的現金流量和資產負債表。在截至 12 月 31 日的 9 個月中，我們產生了 4.07 億美元的調整後自由現金流。今年到目前為止，我們已經為調整後的稅前虧損和自由現金流之間架起一座橋樑。年初至今，我們的總資本支出為 7.11 億美元，我們已收到 2000 萬美元的資產處置收益。我們的資本支出在本財年有所提前。隨著我們在全球範圍內加強對應收賬款和應付賬款的管理，營運資金正在為現金流做出貢獻。

Our financial position remains strong. Our cash balance at December 31 was $2 billion. This is above the September 30 level despite our anticipated but significant use of cash for transaction-related payments in the quarter. Our cash balance, combined with available debt capacity under committed borrowing facilities, gave us more than $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 $1.2 billion. As a result, our net leverage sits well within our target range.

我們的財務狀況依然強勁。截至 12 月 31 日，我們的現金餘額為 20 億美元。這高於 9 月 30 日的水平，儘管我們預計本季度將大量使用現金進行交易相關支付。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超過 50 億美元的流動資金。我們的債務期限從 2024 年末到 2041 年很好。我們的循環信貸安排下沒有未償還的借款，我們在季度末的淨債務為 12 億美元。因此，我們的淨槓桿率完全在我們的目標範圍內。

We are rated investment grade by Moody's, Fitch and S&P, and we're happy to have the overhang associated with IBM's sale of its retained stake in Kyndryl behind us.

我們被穆迪、惠譽和標準普爾評為投資級別，我們很高興與 IBM 出售其在 Kyndryl 的保留股份相關的懸念已經過去。

On the topic of 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, many of whom operate in regulated industries. We're using the free cash flow we're generating this year to fund spin-related cash outlays, including required systems migration.

在資本配置方面，我們的首要任務是保持強勁的流動性，保持投資級別並重新投資於我們的業務。正如我們之前所說，考慮到這對我們客戶的重要性，我們將投資級視為商業上的當務之急，其中許多客戶在受監管的行業中運營。我們正在使用今年產生的自由現金流來資助與旋轉相關的現金支出，包括所需的系統遷移。

As Martin indicated, Kyndryl's business characteristics, combined with the contributions that we expect from our three-A initiatives over the medium term, should allow us to expand our margins, and that ultimately should allow us and our Board to consider regularly returning capital to shareholders, all while remaining investment grade.

正如 Martin 所指出的，Kyndryl 的業務特點，加上我們預期的中期 3A 計劃的貢獻，應該能夠讓我們擴大利潤率，最終應該讓我們和我們的董事會考慮定期向股東返還資本，同時保持投資級別。

For fiscal year 2023, we're raising our revenue outlook and reaffirming our margin outlook from what we provided last quarter. We're increasing our constant currency revenue growth outlook by 0.5 point to reflect the strength we saw in the third quarter and growth in Kyndryl Consult. And we're increasing our reported revenue outlook that will also reflect currency movements.

對於 2023 財年，我們提高了收入預期，並重申了我們上個季度提供的利潤率預期。我們將不變的貨幣收入增長前景上調 0.5 個百分點，以反映我們在第三季度看到的實力和 Kyndryl Consult 的增長。我們正在增加我們報告的收入前景，這也將反映貨幣走勢。

On a reported basis, currency is impacting our top line by more than 7 points year-over-year, and we're now projecting fiscal 2023 revenue of $16.8 billion to $17 billion, which compares to our previous guidance of $16.3 billion to $16.5 billion. Currency movements have impacted our projected adjusted pretax margin by roughly 150 basis points year-over-year.

根據報告，貨幣對我們收入的影響同比超過 7 個百分點，我們現在預計 2023 財年的收入為 168 億美元至 170 億美元，而我們之前的預期為 163 億美元至 165 億美元.匯率變動對我們預計的調整後稅前利潤率產生了大約 150 個基點的同比影響。

As we head into our fiscal fourth quarter, we're driving operational progress to mitigate external headwinds. On the positive side, and importantly, we continue to grow the P&L benefits that our three-A initiatives are providing, and we're managing costs carefully. On the flip side, currency and energy cost pressures remain, the seasonal uplift in revenue we had in Q3 won't repeat in Q4, and our IBM software costs increased with the start of the new calendar year. In aggregate, these items point us toward the midpoint of our full year guidance.

在我們進入第四財季時，我們正在推動運營進展以減輕外部不利因素。從積極的方面來說，重要的是，我們繼續增加我們的 3-A 計劃提供的 P&L 收益，並且我們正在謹慎地管理成本。另一方面，貨幣和能源成本壓力依然存在，我們在第三季度的收入季節性增長不會在第四季度重複，我們的 IBM 軟件成本隨著新日曆年的開始而增加。總的來說，這些項目指向我們全年指導的中點。

Our focus is on delivering the benefits we anticipated from our three-A initiatives, while we invest to drive innovation and future growth. From a cash flow perspective, we're now projecting roughly $800 million of gross capital expenditures in fiscal 2023 compared to about $900 million of depreciation expense.

我們的重點是提供我們預期從我們的 3A 計劃中獲得的收益，同時我們投資以推動創新和未來增長。從現金流的角度來看，我們現在預計 2023 財年的總資本支出約為 8 億美元，而折舊費用約為 9 億美元。

For us, the March quarter is a seasonally soft period for cash flow, driven by the combination of earnings seasonality and required annual software licenses and other prepayments. Looking ahead, we plan to provide full year fiscal 2024 earnings guidance when we announce our full year fiscal 2023 results in May.

對我們來說，三月季度是現金流的季節性疲軟期，受盈利季節性和所需的年度軟件許可及其他預付款的共同推動。展望未來，我們計劃在 5 月份公佈 2023 財年全年業績時提供 2024 財年全年收益指引。

Over the medium term, we remain committed to returning to sustained revenue growth by calendar 2025, delivering significant margin expansion and driving free cash flow growth. We also expect to mitigate the effects of recent currency movements over time, even if exchange rates don't revert back towards historical norms. We have a solid game plan to drive our strategic 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.

從中期來看，我們仍然致力於在 2025 日曆年之前恢復持續的收入增長，實現顯著的利潤率增長並推動自由現金流的增長。我們還希望隨著時間的推移減輕近期貨幣變動的影響，即使匯率不會恢復到歷史正常水平。我們有一個可靠的遊戲計劃來推動我們的戰略進展。這個遊戲計劃始於我們已經採取的擴大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。

As Martin mentioned, we continue to progress on our three-A initiatives. Our momentum supports our expectation that -- 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.

正如馬丁提到的，我們繼續推進我們的 3-A 計劃。我們的勢頭支持我們的預期——我們的聯盟倡議將推動簽約、收入和隨著時間的推移，每年大約 2 億美元的稅前收入。我們的 Advanced Delivery 計劃將推動成本節約，隨著時間的推移相當於每年大約 6 億美元的稅前收入。我們的 Accounts 計劃將推動年度稅前收入達到 8 億美元。

We're also driving growth in Kyndryl Consult and among our global practices, which is incremental to the benefits coming from our three-A initiative, and we see opportunities to control expenses throughout our business. We expect that these efforts over time will contribute roughly $400 million in annual pretax income.

我們還在推動 Kyndryl Consult 和我們全球業務的增長，這對我們的 3-A 計劃帶來的好處是增量的，我們看到了控制整個業務開支的機會。我們預計隨著時間的推移，這些努力將貢獻大約 4 億美元的年度稅前收入。

As part of these efforts and with the restrictions in the employee matters agreement related to our spin having expired, we can and will look at potential actions to reduce our expense base and foster increased productivity.

作為這些努力的一部分，以及與我們的旋轉相關的員工事務協議中的限制已經到期，我們可以並且將會考慮可能的行動來減少我們的費用基礎並提高生產力。

In total, the magnitude of the earnings growth opportunity we're tackling is tremendous, relative to our current margins. Progress on our three-A will, therefore, be a central source of value creation for Kyndryl.

總的來說，相對於我們目前的利潤率，我們正在應對的盈利增長機會是巨大的。因此，我們 3-A 的進展將成為 Kyndryl 價值創造的核心來源。

And for any investors who have been following the Kyndryl story, I've included an updated version of a slide we first published in May. It's a slide that provides a breakdown between our margin-challenged focus accounts in the rest of our business.

對於一直關注 Kyndryl 故事的所有投資者，我提供了我們於 5 月首次發布的幻燈片的更新版本。這張幻燈片提供了我們其他業務中利潤率受到挑戰的重點客戶之間的細分。

As you will recall, our aggregate results obscure the fact that within Kyndryl, we started with 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.

你會記得，我們的綜合結果掩蓋了這樣一個事實，即在 Kyndryl 內部，我們從 100 億美元的強勁業務開始，我們將其稱為我們想要如何運營的藍圖。該藍圖包括占我們收入約 60% 的賬戶，產生超過 20% 的平均毛利率，並反映我們為我們提供的關鍵任務服務獲得適當報酬的能力。

Our other roughly $8 billion of focused accounts revenue generates virtually no gross margin and after SG&A expenses is losing money. 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.

我們其他大約 80 億美元的重點客戶收入幾乎沒有產生毛利率，而且在 SG&A 費用之後是虧損的。我們的賬戶計劃是關於通過解決我們的客戶關係中產生低於標準的利潤率的因素，使我們的重點賬戶隨著時間的推移看起來更像我們業務的主要藍圖的機會。

Over time, if we close even half of the gross margin gap between our focus accounts and our blueprint accounts,we 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 and a major opportunity for us.

隨著時間的推移，如果我們縮小焦點賬戶和藍圖賬戶之間毛利率差距的一半，我們將從這些賬戶中產生 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和重大機會。

To realize this opportunity, we're paying close attention to the margins on signings for both our Focus accounts and our Blueprint accounts. Since the beginning of our fiscal year, the overall expected gross margin on our signings has been in the low to mid-20s, which means that the pretax margin has been in the mid-to-high single digits. The December quarter was a continuation of that favorable trend. We're achieving this exactly as we've intended and as you'd probably expect.

為了實現這個機會，我們正在密切關注我們的 Focus 賬戶和 Blueprint 賬戶的簽約利潤。自本財年開始以來，我們簽約的總體預期毛利率一直在 20 多歲左右，這意味著稅前利潤率一直處於中高個位數。 12 月季度延續了這一有利趨勢。我們正在完全按照我們的預期和您可能期望的那樣實現這一目標。

In our Blueprint accounts, we're delivering increases in expected margins of a point or 2. In our Focus account signings, we're dramatically changing our margin profile with the average gross margin moving to the low to mid-20s, which is within a few points of where Blueprint accounts operate. In short, our strategy is driving the results we've targeted.

在我們的 Blueprint 賬戶中，我們的預期利潤率增加了 1 或 2 個點。在我們的 Focus 賬戶簽約中，我們正在顯著改變我們的利潤率狀況，平均毛利率降至 20 多歲的中低水平，這在Blueprint 賬戶運作的幾個要點。簡而言之，我們的策略正在推動我們的目標結果。

What that also means is that if 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. But because of the prevalence of multiyear contracts in our business, most of our revenue is still coming from lower-margin pre-spin legacy signings.

這也意味著，如果我們未來幾個季度的損益僅反映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。但由於我們業務中普遍存在多年合同，我們的大部分收入仍來自利潤率較低的預售遺留簽約。

As a result, in our aggregate numbers, you can't immediately see the benefits of a higher margins at which we're now pricing contracts. But that will change with time as our business mix increasingly tilt toward more post-spin contracts.

因此，在我們的總數中，您無法立即看到我們現在為合同定價的更高利潤率的好處。但這會隨著時間的推移而改變，因為我們的業務組合越來越傾向於更多的分拆後合同。

In closing, as an independent company, we're solidifying our position as a cost-effective gold standard provider of essential IT services. We're signing new contracts at higher projected margins, and we're executing on the strategies and initiatives that will drive longer-term progress, future growth and stronger earnings in our business.

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。我們正在以更高的預期利潤率簽訂新合同，我們正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。

With that, Martin and I would be pleased to take your questions.

有了這個，馬丁和我很樂意回答你的問題。

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

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

I want to ask on the signings front. David, you were just commenting on that. The signings were ahead of our expectations here. So can you maybe just elaborate on the better margin profile of the deals side? I know David just went through some of that. But I'm just asking because we get questions from investors all the time about clients focusing on cost cutting. So what does that mean for pricing, et cetera, but it sounds like you're getting better pricing and embedded delivery. So can you just square that for us?

我想問一下簽約方面的問題。大衛，你只是在評論那個。這裡的簽約超出了我們的預期。那麼，您能否詳細說明交易方面更好的利潤率狀況？我知道大衛剛剛經歷了其中的一些。但我只是問，因為我們一直從投資者那裡得到關於客戶專注於削減成本的問題。那麼這對定價等意味著什麼，但聽起來您正在獲得更好的定價和嵌入式交付。那麼你能為我們平方嗎？

Sure, Tien-Tsin. That's exactly right. On the signings that we have, the over $3 billion of signings in the quarter, we're seeing a mix that's similar to our overall business. So far this year, roughly 60% of our signings have been in blueprint accounts, about 40% in focus accounts. And what we're -- as I mentioned, what we're doing is keeping the blueprint accounts similar to where they've been, maybe up a point or 2 and really driving major progress on the focus accounts. And the way we're getting there is by running the plays, as we've called them, that we want to have to make our focus accounts better. It can involve expanding the scope of relationships, having more consult business associated with them, sometimes taking elements of scope out that aren't economic or that won't be economic for us as well as adjusting pricing to get there. And the combination of those actions is producing exactly the sort of impacts we want to have on the margins associated with these accounts. In fact, one of the things we're looking at and tracking internally is how much year 1 gross margin and how much aggregate gross profit we're signing on our -- on the new contracts that we bring into the poles and add to our backlog. And we're really excited about the gross margin, the gross profit that we're adding with our sales and renewal activities.

當然，天津。這是完全正確的。在我們的簽約中，本季度超過 30 億美元的簽約，我們看到了與我們整體業務相似的組合。今年到目前為止，我們大約 60% 的簽約是在藍圖賬戶中，大約 40% 在焦點賬戶中。我們是什麼——正如我提到的，我們正在做的是使藍圖賬戶與過去相似，可能增加一兩點，並真正推動重點賬戶取得重大進展。我們到達那裡的方式是通過運行我們稱之為戲劇的方式，我們希望必須讓我們的焦點賬戶更好。它可能涉及擴大關係範圍，擁有更多與之相關的諮詢業務，有時會排除範圍內不經濟或對我們不經濟的元素，以及調整定價以實現目標。這些行動的結合正在產生我們想要對與這些賬戶相關的利潤產生的影響。事實上，我們正在內部關注和跟踪的一件事是第一年的毛利率是多少，以及我們簽署的總毛利潤是多少——根據我們帶到兩極並添加到我們的新合同積壓。我們對毛利率感到非常興奮，我們通過銷售和更新活動增加的毛利潤。

All right. Great. Maybe my follow-up, I'll ask on the outlook. You did raise your revenue outlook by $500 million. The margins are the same. How much of the raise in the revenue was from upside to the third quarter versus a raise in the outlook, I heard Consult was doing quite well. And maybe just any comments on gross margin, which was quite strong in the third quarter. Curious if you're thinking on gross margin in the fourth or ahead has changed. I know it takes time to feather in the gross margin changes from signings, but I figured I'd ask it up front here.

好的。偉大的。也許我的後續行動，我會詢問前景。您確實將收入前景提高了 5 億美元。邊距是一樣的。我聽說 Consult 的收入增長有多少來自第三季度的上行，而不是前景的增長。也許只是對第三季度相當強勁的毛利率的任何評論。很好奇你是否在考慮第四或未來的毛利率發生了變化。我知道需要時間來計算簽約帶來的毛利率變化，但我想我會在這裡提前問清楚。

Yes. When you look at the revenue raise, the constant currency revenue increase was about 0.5 point at the low end, the high end and the midpoint. So the majority of the increase is in the absolute dollar forecast of revenue is due to currency, but we're seeing about a 0.5 point increase due to operational activity. I would say a fair amount of that was in the third quarter. But the Consult piece, we expect to play out and favorably influence the fourth quarter as well. The Consult signings have been really strong this year, and that should benefit us in the fourth quarter and even as we turn the page into fiscal '24. I think the margin elements associated with the signings that we've had will come in over time. Some of the Consult business tends to turn into revenues faster, and those margins will come through. On the flip side, when we extend a managed services contract, sometimes that actually has 6 or 12 months to run on the pre-existing contract. And that's often the piece where it's hardest for us to increase the pricing. We end up focusing on the pricing over the duration of the contract extension. So if we have to sort of continue or near continue the pricing that's already in place, we'll end up getting some more of the aggregate margin in the later years or the non-first year of the -- of that contract extension. And that's really why the margin improvement associated with signings layers in over time.

是的。當您查看收入增長時，恆定的貨幣收入增長在低端、高端和中點約為 0.5 個百分點。因此，收入的絕對美元預測中的大部分增長是由於貨幣，但我們看到由於運營活動而增長了約 0.5 個百分點。我會說相當一部分是在第三季度。但是諮詢部分，我們希望發揮作用並對第四季度產生有利影響。今年的 Consult 簽約非常強勁，這應該會在第四季度對我們有利，甚至在我們將這一頁翻到 24 財年時也是如此。我認為與我們所擁有的簽約相關的保證金元素會隨著時間的推移而出現。一些諮詢業務往往會更快地轉化為收入，而這些利潤將會實現。另一方面，當我們延長託管服務合同時，有時實際上有 6 或 12 個月的時間來運行現有合同。這通常是我們最難提高價格的部分。我們最終將重點放在合同延期期間的定價上。因此，如果我們不得不繼續或接近繼續已經存在的定價，我們最終將在以後的幾年或合同延期的非第一年獲得更多的總利潤。這就是為什麼隨著時間的推移，與簽約層相關的利潤率提高。

The other thing, Tien-Tsin, thanks for joining this morning. I would add to David's from a -- at a high level, I think what to me is particularly encouraging, and I've been very impressed with how much this team has gotten done in a short period of time.

另一件事，Tien-Tsin，感謝今天早上的加入。我想補充大衛的 - 在高層次上，我認為這對我來說特別令人鼓舞，而且我對這個團隊在短時間內完成的工作印象深刻。

We have brought high-value offerings to market that really reflect where our customers want to take us, where they want us to help them. And so what you're seeing here is a lot of momentum on the signings line because of the role we play in these environments, combined with the work this team has done in creating high-value offerings in the practices that we're taking to market.

我們已將高價值產品推向市場，這些產品真正反映了客戶希望帶我們去的地方，以及他們希望我們幫助他們的地方。所以你在這裡看到的是由於我們在這些環境中扮演的角色，以及這個團隊在我們正在採取的實踐中創造高價值產品所做的工作，所以你在這裡看到的是簽約線上的巨大動力市場。

So this -- as David said, well, these show up in the P&L over time, but this momentum is continuing to build as we get ready to get back to consistent revenue growth. And as David pointed out, if we just had in the P&L, what we signed now, we'd already be at -- what we have recently signed, we'd already be at a really good profit margin relative to today.

所以這個 - 正如大衛所說，隨著時間的推移，這些會出現在損益表中，但隨著我們準備恢復穩定的收入增長，這種勢頭將繼續增強。正如大衛指出的那樣，如果我們只是在損益表中，我們現在簽署的，我們已經達到了——我們最近簽署的，相對於今天，我們已經處於非常好的利潤率。

So a lot of what you're seeing is the result of a team working very quickly. Given the role we play in our customers' environments, very quickly to retool, bring to market higher value offerings that make us a solid part of our customers' future. And that momentum, I expect will continue.

所以你看到的很多東西都是團隊快速工作的結果。鑑於我們在客戶環境中所扮演的角色，我們會迅速重組，為市場帶來更高價值的產品，使我們成為客戶未來不可或缺的一部分。我預計這種勢頭會持續下去。

Operator, do we have another question in the queue, please?

接線員，請問我們還有其他問題嗎？

We will take our next question from Jamie Friedman with Susquehanna.

我們將接受 Jamie Friedman 和 Susquehanna 的下一個問題。

Nice results here. Martin, in your prepared remarks at the beginning, you had said something in the effect of the business being naturally insulated to macro factors. In a macro so topical, Martin, I was hoping you could elaborate on that comment?

這裡的結果不錯。馬丁，在你一開始準備好的發言中，你說了一些關於業務自然不受宏觀因素影響的事情。在一個如此熱門的宏中，馬丁，我希望你能詳細說明那個評論？

Sure. Sure, Jamie. So look, the role we play in our customers' environment running mission-critical systems does naturally insulate us from sort of the highs and lows, if you will, of a lot of economic activity at the end of the day business.

當然。當然，傑米。所以看，我們在運行關鍵任務系統的客戶環境中扮演的角色確實自然地將我們與一天結束時的許多經濟活動的高潮和低谷隔離開來。

And remember, we serve the most important companies on their most important mission-critical processes. These businesses have to stay and run their infrastructure 7 days a week, 24 hours a day. That's the nature of what we do. And so while customers may have a different view of their economic situation going forward, they still have to run their infrastructure.

請記住，我們為最重要的公司提供最重要的關鍵任務流程服務。這些企業必須每週 7 天、每天 24 小時保持並運行其基礎設施。這就是我們所做工作的本質。因此，儘管客戶可能對未來的經濟狀況有不同的看法，但他們仍然必須運行自己的基礎設施。

And in fact, as the economy's volatility -- as our customers start to plan for that volatility, we sit right at the sort of the heart and the center of how they can be helped most because they look to us to help them become more efficient. They look to us to help them optimize, all of which helps them deal with the economic realities of their customers, their end users or the markets in which they operate.

事實上，隨著經濟的動盪——當我們的客戶開始為這種動盪做計劃時，我們正處於他們能夠得到最大幫助的核心和中心，因為他們希望我們幫助他們變得更有效率.他們希望我們幫助他們進行優化，所有這些都有助於他們應對客戶、最終用戶或他們經營所在市場的經濟現實。

So we have a natural insulation because of what we do. And a really -- I think a really positive way for us, we tend to thrive in environments where they get really focused on optimizing, they get really focused on productivity, because that's what we do for a living.

因此，由於我們所做的事情，我們具有天然的絕緣性。一個真正的 - 我認為對我們來說是一個非常積極的方式，我們傾向於在他們真正專注於優化的環境中茁壯成長，他們真正專注於生產力，因為這就是我們謀生的方式。

So this is a good environment, a good demand environment for us. Stable because of what we do today, but a set of capabilities and offerings that can help them navigate what could be a more volatile economic environment.

所以這是一個很好的環境，對我們來說是一個很好的需求環境。由於我們今天所做的事情而穩定，但一系列功能和產品可以幫助他們應對可能更加動蕩的經濟環境。

Got it. And then for my follow-up, David. The Slide 18 is really quite innovative. And -- it's really a good practice. So this is the one where you're talking about Blueprints versus the Focus accounts. And I apologize, I don't know this if you disclosed it, but what percentage now of the Focus accounts have you remediated tried to reprice? And -- or if you have not disclosed it, is it possible through the disclosures you have to back into it in some way?

知道了。然後是我的後續行動，大衛。 Slide 18 確實非常具有創新性。而且——這確實是一個很好的做法。所以這是你談論藍圖與焦點賬戶的地方。我很抱歉，我不知道你是否披露了這一點，但你現在修復了多少百分比的 Focus 賬戶試圖重新定價？而且——或者如果你沒有披露它，是否有可能通過披露你必須以某種方式回到它？

Sure. Thanks for the comments on Slide 18. I think it's really an important one. And what we really wanted to highlight -- one of the things we really wanted to highlight on this call was the real progress we're making in signing or extending Focus accounts, amending those relationships, in a way that is substantially changing the profitability of Focus accounts, and we'll substantially change it going forward. I think it's a really important proof point of execution by our team on the strategy we laid out.

當然。感謝您對幻燈片 18 的評論。我認為它真的很重要。我們真正想強調的是——我們在這次電話會議上真正想強調的一件事是我們在簽署或擴展 Focus 賬戶、修正這些關係方面取得的真正進展，其方式正在顯著改變關注客戶，我們將在未來對其進行重大改變。我認為這是我們團隊執行我們制定的戰略的一個非常重要的證明點。

The way I would think about Focus accounts is that a lot of these are multiyear managed services relationships and working through the portfolio of most of the Focus accounts is going to be a 4-year exercise, I think, with maybe a little bit of a tale of a few longer-term accounts that are on there. And we're 9 months into that 4-year exercise. So that would -- the math associated with that would be 20-ish percent.

我對 Focus 賬戶的看法是，其中很多都是多年託管服務關係，並且我認為，通過大多數 Focus 賬戶的投資組合將是一項為期 4 年的工作，可能會有一點點那裡有一些長期賬戶的故事。我們已經進行了 4 年的演習 9 個月。因此，與此相關的數學將是 20% 左右。

I think there are 2 additional things going on. First, the first few months of that, it's a ramp-up period associated with it. And as a result, we may not have had a full 9 months of progress there. On the flip side, we are finding opportunities to make progress on Focus accounts even before they come up for renewal by adding scope, by adding consult business in there, and that's going to be helpful to us.

我認為還有兩件事正在發生。首先，前幾個月是與之相關的加速期。結果，我們可能沒有在那裡取得完整的 9 個月的進展。另一方面，我們正在尋找機會在 Focus 賬戶上取得進展，甚至在他們通過增加範圍、通過在其中增加諮詢業務來更新之前，這將對我們有所幫助。

And I think that puts us in a position where, over the next 12 months, the opportunity in front of us is to make ideally an outsized amount of progress relative to the overall 4-year play that we're going to have.

而且我認為這使我們處於這樣一個位置，在接下來的 12 個月裡，我們面前的機會是相對於我們將要擁有的整體 4 年遊戲理想地取得巨大進步。

Operator, do we have another question in the queue, please?

接線員，請問我們還有其他問題嗎？

We do have one final question from Divya Goyal with Scotiabank.

我們確實有來自豐業銀行的 Divya Goyal 的最後一個問題。

Great quarter. Just talking about the Focus accounts and the Blueprint accounts, I actually was wondering if you could give some color on the specific market, if that is one of the areas we could talk about, where the Focus accounts are somewhat like -- where they're kind of growing? Because when I look at your EBITDA margin, U.S. is in a good shape. It's the principal markets that need a little bit of margin expansion. So would your Focus accounts be in those markets or would that be a thing for later?

偉大的季度。只是談論 Focus 賬戶和 Blueprint 賬戶，我實際上想知道你是否可以在特定市場上給出一些顏色，如果這是我們可以談論的領域之一，Focus 賬戶有點像 - 他們在哪裡重新成長？因為當我查看您的 EBITDA 利潤率時，美國的狀況良好。主要市場需要稍微擴大利潤率。那麼，您的 Focus 帳戶會在這些市場中出現，還是會在以後出現？

Divya, thanks for calling. Look, the Focus accounts are kind of spread around the world. There's not one location where I'd say that we have -- the few it is, it is pretty well spread. So we have opportunity in each of the markets to improve our margin profile.

Divya，感謝您的來電。看，Focus 帳戶遍布世界各地。沒有一個地方我會說我們擁有 - 少數幾個，它分佈得很好。因此，我們在每個市場都有機會改善我們的利潤率。

Now having said that, with them spread, we do have a slightly disproportionate share in Europe, which is what you -- which was a big part of what sits in those primary markets. So slightly more, but nothing that says we don't have opportunity everywhere.

話雖如此，隨著它們的傳播，我們在歐洲的份額確實有點不成比例，這就是你——這是那些主要市場的很大一部分。所以稍微多一點，但沒有什麼說我們沒有到處都有機會。

As for sort of the other view of markets, there's obviously a geographic view, right, the country view. But the other side of this, and David talked about this, I thought quite well, the offerings we're bringing in are reflective now of the value we're creating in spaces like cloud management, in spaces like security and resiliency, in spaces like data applications in AI.

至於市場的另一種觀點，顯然是地理觀點，對，國家觀點。但另一方面，David 談到了這一點，我認為很好，我們帶來的產品現在反映了我們在雲管理等空間、安全性和彈性等空間、空間中創造的價值比如人工智能中的數據應用。

So the country is pretty spread slightly disproportionately heavier in Europe and other places. But what we're bringing into these relationships in this -- in a hybrid cloud world, is around the places our customers are going. And now we're getting paid quite well for the value we're creating in, again, data and AI, security and resiliency, et cetera, et cetera, et cetera. So hopefully that adds a little color for you.

因此，該國在歐洲和其他地方的分佈略顯不成比例。但是，在混合雲世界中，我們為這些關係帶來的是圍繞我們的客戶要去的地方。現在，我們在數據和人工智能、安全性和彈性等領域創造的價值得到了相當豐厚的報酬。希望這能為您增添一點色彩。

That's helpful. We look forward to the progress. If I can shift some gears here and ask a question on your overall debt profile and your expected leverage levels, that would be helpful here.

這很有幫助。我們期待進展。如果我可以在這裡換檔並詢問有關您的整體債務狀況和預期槓桿水平的問題，那將在這裡有所幫助。

Sure. Our net debt right now is around $1.2 billion, a combination of $3.2 billion of debt, minus $2 billion of cash on the balance sheet. And as we think about it, we really -- we'd like to keep our net leverage in a range of 0 to 1x EBITDA. We're well within that range right now, and we think that's appropriate for the business, particularly now while -- during a period of time, while our margins are still a bit challenged and where we need to make progress. So we've been targeting 0 to 1x leverage and remaining investment grade and continuing to improve our credit profile over time is very important to us.

當然。我們目前的淨債務約為 12 億美元，即資產負債表上 32 億美元的債務減去 20 億美元的現金。正如我們所考慮的那樣，我們真的 - 我們希望將我們的淨槓桿率保持在 0 到 1 倍 EBITDA 的範圍內。我們現在正好在這個範圍內，我們認為這對業務來說是合適的，尤其是現在——在一段時間內，我們的利潤率仍然面臨一些挑戰，我們需要取得進展。因此，我們一直以 0 到 1 倍的槓桿率和剩餘的投資等級為目標，並且隨著時間的推移繼續改善我們的信用狀況對我們來說非常重要。

All right. Let me -- sorry, operator. Let me just thank everybody for joining us today. As you can tell, I hope from our prepared remarks as well as from the Q&A, we've made an enormous amount of progress in a relatively short period of time, both with the three-A initiative as well as what we've talked about as well in -- for the last year, the plus-plus, which is getting our consulting business to grow much, much faster, which is being successful. And focusing, obviously, on expense management as we retool how we do our work and put contemporary systems and contemporary tools in place.

好的。讓我——對不起，接線員。我要感謝大家今天加入我們。如您所知，我希望從我們準備好的發言和問答中，我們在相對較短的時間內取得了巨大的進展，無論是 3-A 計劃還是我們所討論的內容關於 - 去年，加加，這使我們的諮詢業務增長得非常非常快，這是成功的。顯然，在我們重新調整我們的工作方式並將現代系統和現代工具落實到位時，重點放在費用管理上。

So I feel as confident as I ever have, given all the progress we've made. We are all excited about the opportunity we see ahead. And the role we play in the world in serving our customers' mission-critical systems is one that -- regardless of the economic environment, is one that is going to need Kyndryl.

因此，考慮到我們取得的所有進展，我感到一如既往地自信。我們都對我們看到的未來機會感到興奮。我們在世界上為客戶的關鍵任務系統提供服務所扮演的角色——無論經濟環境如何，都需要 Kyndryl。

So we're excited about the future. Again, thanks for calling. And operator, I'll turn it back to you.

所以我們對未來感到興奮。再次感謝您的來電。接線員，我會把它還給你。

This concludes today's Kyndryl Third Quarter 2023 Earnings Call and Webcast. You may disconnect your lines at this time, and have a wonderful day.

今天的 Kyndryl 2023 年第三季度收益電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。