Kyndryl Holdings Inc (KD) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Kyndryl Fiscal Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Kyndryl 2023 財年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your host today, Lori Chaitman, Global Head of Investor Relations at Kyndryl.

我現在想把會議交給今天的主持人，Kyndryl 投資者關係全球主管 Lori Chaitman。

Good morning, everyone, and welcome to Kyndryl's Earnings Call for the Fourth Quarter and Fiscal Year ended March 31, 2023.

大家早上好，歡迎來到 Kyndryl 截至 2023 年 3 月 31 日的第四季度和財年的收益電話會議。

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. Kyndryl does not update forward-looking statements and disclaims any obligation to do so.

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，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，並且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 10-K 表格年度報告的風險因素部分。 Kyndryl 不會更新前瞻性陳述，並且不承擔任何更新義務。

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 investors.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 investors.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.

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。

Following our prepared remarks, we will hold a Q&A session.

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 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. I am enthusiastic about all that we at Kyndryl have accomplished in our first full fiscal year as an independent company, and I could not be more proud of our teams around the world. We delivered solid fourth quarter results exceeding our recent guidance. We exceeded our year 1 targets for all 3 of our Alliances, Advanced Delivery and Accounts. We're solidifying our leadership position in mission-critical IT services, and we are signing new contracts that will drive margin expansion going forward.

謝謝你，Lori，也感謝你們每一個人今天加入我們。我對 Kyndryl 作為一家獨立公司在第一個完整財政年度所取得的成就充滿熱情，我為我們在世界各地的團隊感到無比自豪。我們在第四季度取得了超出我們近期指引的穩健業績。我們超過了我們所有 3 個聯盟、高級交付和客戶的第 1 年目標。我們正在鞏固我們在關鍵任務 IT 服務領域的領導地位，並且我們正在簽署新合同，以推動未來利潤率的增長。

In short, we are taking full advantage of the new freedom associated with our independence and autonomy. We've proven we can deliver on ambitious plans to transform and strengthen our business. This gives us tremendous confidence as we look ahead to fiscal 2024 and beyond.

簡而言之，我們正在充分利用與我們的獨立和自治相關的新自由。我們已經證明，我們可以實施雄心勃勃的計劃來轉變和加強我們的業務。展望 2024 財年及以後，這給了我們極大的信心。

On today's call, I'll update you on our strategy on the remarkable progress we've made to date on our three-As initiatives and on the opportunities we see ahead. David will then review our recent financial results and discuss our fiscal year 2024 outlook.

在今天的電話會議上，我將向您介紹我們迄今為止在 3-A 計劃方面取得的顯著進展以及我們看到的未來機遇的戰略。大衛隨後將回顧我們最近的財務業績並討論我們 2024 財年的展望。

Just over a year ago, we introduced our three-As. And since then, we've successfully executed each of these initiatives and exceeded the year 1 milestones that we laid out. We've reshaped our business through our global practices and alliances, and we've created new avenues for delivering higher value services to customers through Kyndryl Consult, Kyndryl Bridge and Kyndryl Vital. We're building resiliency and productivity through advanced delivery and we're fixing focus accounts. We're expanding our capabilities across our 6 global practices from cloud, core and security to network data and workplace services. And along the way, we've also made great strides in creating a services-oriented culture, one that is flat and fast and focused on Kyndryl's and our customer shared success.

就在一年多以前，我們推出了我們的 3-A。從那時起，我們已經成功執行了每一項舉措，並超過了我們制定的第 1 年里程碑。我們通過我們的全球實踐和聯盟重塑了我們的業務，並且我們通過 Kyndryl Consult、Kyndryl Bridge 和 Kyndryl Vital 創造了為客戶提供更高價值服務的新途徑。我們正在通過先進的交付來建立彈性和生產力，並且我們正在修復重點客戶。我們正在擴展我們 6 項全球實踐的能力，從雲、核心和安全到網絡數據和工作場所服務。在此過程中，我們在創建以服務為導向的文化方面也取得了長足的進步，這種文化平穩而快速，專注於 Kyndryl 和我們的客戶共同取得成功。

I can say confidently that we have laid a solid foundation. And this year, our fiscal 2024 will be a year of acceleration. We'll continue to execute our strategy, deliver on cost optimization and serve even more of our customers' needs. Our efforts will strengthen our overall business performance and drive meaningful margin expansion, putting us on track toward our aggressive medium-term transformation goals and setting us up to deliver more value to our customers and our shareholders.

我可以自信地說，我們已經打下了堅實的基礎。今年，我們的 2024 財年將是加速的一年。我們將繼續執行我們的戰略，實現成本優化並滿足更多客戶的需求。我們的努力將加強我們的整體業務績效並推動有意義的利潤增長，使我們走上實現積極的中期轉型目標的軌道，並使我們能夠為我們的客戶和股東創造更多價值。

Let me start with our progress on our three-As initiatives, which were at the heart of our efforts in fiscal 2023. Through our Alliances, we delivered $1.2 billion in hyperscaler signings exceeding our $1 billion target for this brand-new line of business by about 20%. We've expanded the portion of customer relationships that include hyperscaler related content, and we've also continued to increase our hyperscaler certifications to 35,000 more than double where we were a year ago.

讓我先談談我們在 3A 計劃方面取得的進展，這是我們 2023 財年努力的核心。通過我們的聯盟，我們交付了 12 億美元的超大規模簽約，超過了我們為這一全新業務線製定的 10 億美元目標約 20%。我們已經擴大了包括超大規模相關內容的客戶關係部分，我們還繼續將我們的超大規模認證增加到 35,000，是一年前的兩倍多。

Our Advanced Delivery initiative is transforming the way we deliver our services with automation tools and resources. To date, we've been able to free up more than 5,500 delivery professionals to address new revenue opportunities and to backfill attrition. As a result, we're generating annualized savings of approximately $275 million, well above our $200 million year-end objective.

我們的高級交付計劃正在改變我們使用自動化工具和資源交付服務的方式。迄今為止，我們已經能夠釋放 5,500 多名交付專業人員，以應對新的收入機會並填補人員流失。因此，我們每年節省大約 2.75 億美元，遠高於我們 2 億美元的年終目標。

In our Accounts initiative, we are aggressively addressing elements of our business with substandard margins, and we're now realizing approximately $210 million in pretax benefits a year, surpassing our $200 million fiscal year target.

在我們的賬戶計劃中，我們正在積極解決利潤率低於標準的業務要素，我們現在實現了每年約 2.1 億美元的稅前收益，超過了我們 2 億美元的財政年度目標。

Each quarter, there are more customer examples that demonstrate our team's successful execution on our three-As. The underlying theme among them is that our combination of Alliances and our expanded capabilities, including Kyndryl Consult, Bridge and Vital is resonating with our customers and providing Kyndryl with new revenue streams and higher value opportunities.

每個季度，都有更多的客戶示例證明我們的團隊成功執行了我們的 3-A。其中的基本主題是我們的聯盟和我們擴展的能力（包括 Kyndryl Consult、Bridge 和 Vital）的組合正在與我們的客戶產生共鳴，並為 Kyndryl 提供新的收入來源和更高價值的機會。

For instance, we recently revamped our scope of work with a long-standing global communications customer by leveraging our relationship with a hyperscale partner. This resulted in an expanded multiyear contract valued at more than $100 million that incorporates Kyndryl Consult and many of our practices, including cloud, security, digital workplace and ongoing mission-critical managed services. Under this contract, we'll accelerate our customers' digital transformation in roughly of 100 countries while also driving significant efficiencies for their operations.

例如，我們最近通過利用我們與超大規模合作夥伴的關係，調整了我們與長期全球通信客戶的工作範圍。這導致了一份價值超過 1 億美元的擴展多年期合同，其中包含 Kyndryl Consult 和我們的許多實踐，包括雲、安全、數字工作場所和持續的關鍵任務託管服務。根據這份合同，我們將加速大約 100 個國家/地區客戶的數字化轉型，同時顯著提高他們的運營效率。

As a business, we come to the table with great attributes, doing mission-critical work, possessing inherent customer stickiness, generating recurring revenue and having industry-leading scale. In just over a year as an independent company, we've proven through our new alliances that leading technology providers see value in partnering with us because of the vital role we play for thousands of enterprise customers. We've proven that customers see value in working with us and are doing so in new and expanded ways as demonstrated by incremental signings and growth in Kyndryl Consult. We've proven that we can drive increased profitability in our business with our focus accounts. And we've proven that we can execute on an aggressive multifaceted global strategy to position our business for future success.

作為一家企業，我們以卓越的品質來到談判桌前，從事關鍵任務的工作，擁有內在的客戶粘性，產生經常性收入並擁有行業領先的規模。在作為一家獨立公司的短短一年多時間裡，我們通過新的聯盟證明，領先的技術供應商看到了與我們合作的價值，因為我們為成千上萬的企業客戶發揮著至關重要的作用。我們已經證明，客戶看到了與我們合作的價值，並且正在以新的和擴展的方式這樣做，正如 Kyndryl Consult 的增量簽約和增長所證明的那樣。我們已經證明，我們可以通過我們的重點客戶提高我們業務的盈利能力。我們已經證明，我們可以執行一項積極的多方面全球戰略，為我們的業務定位以取得未來的成功。

The proof points we've delivered over the last year highlight how we're leveraging our strengths to drive value creation, both for our customers and our shareholders.

我們在過去一年中提供的證據突出了我們如何利用我們的優勢為我們的客戶和股東創造價值。

Importantly, our fiscal 2024 launching point is a strong one. We've set new milestones for each of our three-As that will reflect further progress toward the ambitious multiyear goals we shared a year ago. For Alliances, we expect to generate more than $300 million in hyperscale related revenue in fiscal 2024 and to continue growing our hyperscale related signings as we build a portion of our customer relationships that include cloud-based content. Our growth will stem from joint enabled activities with our partners, co-marketing to enterprise customers and incremental training programs, all of which are directed toward Kyndryl delivering solutions that address customers' most pressing needs.

重要的是，我們的 2024 財年啟動點是一個強有力的啟動點。我們為我們的三個 As 中的每一個設定了新的里程碑，這將反映我們在實現我們一年前分享的雄心勃勃的多年目標方面取得的進一步進展。對於 Alliances，我們預計在 2024 財年產生超過 3 億美元的超大規模相關收入，並在我們建立包括基於雲的內容在內的部分客戶關係時繼續增加與超大規模相關的簽約。我們的增長將源於與合作夥伴的聯合活動、面向企業客戶的聯合營銷和增量培訓計劃，所有這些都是針對 Kyndryl 提供滿足客戶最緊迫需求的解決方案。

For Advanced Delivery, we expect to exit fiscal 2024 with $450 million in annualized savings on a cumulative basis. This will give us $200 million more of in-year savings than in fiscal 2023, and we continue to see significant automation opportunities across our delivery operations as we incorporate more technology into our services offerings, increasing service levels and reduce our costs to serve.

對於 Advanced Delivery，我們預計在 2024 財年結束時累計每年節省 4.5 億美元。這將使我們比 2023 財年多節省 2 億美元，並且隨著我們將更多技術融入我們的服務產品、提高服務水平並降低我們的服務成本，我們繼續在我們的交付業務中看到重要的自動化機會。

Our Accounts initiative has been and will continue to be a global effort focused on customer relationships and contracts with substandard margins. Exiting fiscal 2024, we expect to be generating roughly $400 million of cumulative annualized benefits from this initiative, a roughly $200 million year-over-year increase.

我們的客戶計劃一直並將繼續是一項全球性的努力，重點關注客戶關係和利潤率低於標準的合同。到 2024 財年結束時，我們預計該計劃將產生大約 4 億美元的累計年化收益，同比增長約 2 億美元。

I want to highlight how energized we are by our progress and by the opportunities these initiatives still represent. We're executing a powerful transformation strategy, and we continue to lean into it 24/7 around the world. We view successful execution of our three-As as the clearest and fastest path toward achieving sustainable, profitable growth, and our experience in reshaping customer relationships gives us great confidence in our future trajectory.

我想強調我們對我們的進步和這些舉措仍然代表的機會充滿活力。我們正在執行一項強大的轉型戰略，我們將繼續在全球範圍內全天候 24/7 投入使用。我們認為成功執行我們的三個 A 是實現可持續盈利增長的最明確和最快的途徑，我們在重塑客戶關係方面的經驗使我們對未來的發展軌跡充滿信心。

When we launched these initiatives, we shared medium-term objectives expected to take 4 to 5 years to achieve. And with another year of solid progress, we will be well on track to achieve these aggressive goals on or ahead of schedule.

當我們啟動這些舉措時，我們分享了預計需要 4 到 5 年才能實現的中期目標。隨著又一年的穩步進展，我們將按計劃或提前實現這些雄心勃勃的目標。

As I said earlier, fiscal 2024 will be a year of acceleration for Kyndryl. We expect to again make significant progress on our three-As to benefit from our cost optimization efforts and to grow Kyndryl Consult, will drive toward higher margins and sustainable profitable growth and will continue to serve our customers in what we call the Kyndryl Way, being restless and empathetic and devoted in our pursuit of operational, strategic and financial progress.

正如我之前所說，2024 財年將是 Kyndryl 加速發展的一年。我們希望在我們的三 A 方面再次取得重大進展，以從我們的成本優化工作中獲益並發展 Kyndryl Consult，將推動更高的利潤率和可持續的盈利增長，並將繼續以我們所謂的 Kyndryl 方式為我們的客戶提供服務，作為焦躁不安，富有同情心，致力於我們追求運營、戰略和財務進步。

Looking at 2024 and beyond, the successful execution of our three-As will shift our business towards scalable intellectual property and aiding IT decisions further up the technology stack. To drive progress, we're focusing our customer engagements on how Kyndryl delivers innovation and thought leadership.

展望 2024 年及以後，我們的三個 A 的成功執行將使我們的業務轉向可擴展的知識產權，並幫助 IT 決策進一步提陞技術堆棧。為了推動進步，我們將客戶參與的重點放在 Kyndryl 如何提供創新和思想領導力上。

With Kyndryl Consult, we're focused on delivering and accelerating customer business outcomes in areas our customers want to transform. Cloud applications, cybersecurity, digital workplace, next-generation networks and, of course, mainframe modernization. Our scale and expertise in running large IT environment enables us to gain insights that no one else has and to capture those insights in Kyndryl Bridge, our open integration platform that gives our customers more control over their mission-critical systems. The dashboards, tools and real-time insights available on Bridge enhance service visibility, deliver higher service level performance, and increased speed to problem resolution.

通過 Kyndryl Consult，我們專注於在客戶希望轉型的領域交付和加速客戶業務成果。雲應用程序、網絡安全、數字工作場所、下一代網絡，當然還有大型機現代化。我們在運行大型 IT 環境方面的規模和專業知識使我們能夠獲得其他人所沒有的洞察力，並在我們的開放集成平台 Kyndryl Bridge 中捕捉這些洞察力，使我們的客戶能夠更好地控制他們的關鍵任務系統。 Bridge 上可用的儀表板、工具和實時洞察力可增強服務可見性，提供更高的服務級別性能，並加快解決問題的速度。

They're creating opportunities for us to expand into selected domains within the application layer, which will drive additional customer value. We then leverage the unique co-creation approach of Kyndryl Vital with Bridge to break complex problems into sustained innovative solutions that are both innovative and pragmatic. And AI already plays an important role for us in our services and our operations, Kyndryl's both an enabler of AI and machine learning for our customers and a user of these tools.

他們為我們創造了擴展到應用層內選定領域的機會，這將推動額外的客戶價值。然後，我們利用 Kyndryl Vital 與 Bridge 獨特的共同創造方法，將復雜的問題分解為既創新又務實的持續創新解決方案。 AI 已經在我們的服務和運營中發揮了重要作用，Kyndryl 既是我們客戶的 AI 和機器學習的推動者，也是這些工具的用戶。

In the IT environments we operate, Kyndryl helps customers implement AI at scale by providing end-to-end data availability for processing and analytics. And as an IT services provider, we develop and utilize AI-enhanced tools like the Consult and Bridge, which is a self-learning data fabric for control and operations that is driving insights and productivity.

在我們運營的 IT 環境中，Kyndryl 通過為處理和分析提供端到端的數據可用性來幫助客戶大規模實施人工智能。作為一家 IT 服務提供商，我們開發並利用了 AI 增強工具，例如 Consult 和 Bridge，這是一種用於控制和運營的自學數據結構，可推動洞察力和生產力。

Our customers recognize our capabilities are unique and in demand, and they appreciate the value we're bringing to the table. And that's evident through our Kyndryl Consult performance this past year. Consult signings were up 31% in constant currency in fiscal 2023, and we anticipate another year of double-digit growth in fiscal 2024. This growth demonstrates how we're capitalizing the opportunities we have as an independent company regardless of the macro environment we're operating in.

我們的客戶認識到我們的能力是獨一無二的，而且很受歡迎，他們欣賞我們帶來的價值。這一點從我們過去一年的 Kyndryl Consult 表現中可以看出。 2023 財年，按固定匯率計算，諮詢簽約增長了 31%，我們預計 2024 財年將再次實現兩位數增長。這一增長表明，無論宏觀環境如何，我們都將如何利用作為一家獨立公司所擁有的機會。重新經營。

In the process, we're leveraging the attributes that make Kyndryl a unique value, the unmatched experience of our team in managing complex IT estates, the intellectual property we've developed to do this efficiently and the vast amount of operational data we collect that permits a level of intelligence no competitor can match. These actions will allow us to access incremental market opportunities, grow our share of wallet with existing customers and win new customers.

在此過程中，我們利用了使 Kyndryl 具有獨特價值的屬性、我們團隊在管理複雜 IT 資產方面無與倫比的經驗、我們為有效執行此操作而開發的知識產權以及我們收集的大量運營數據允許競爭對手無法比擬的智能水平。這些行動將使我們能夠獲得更多的市場機會，增加我們在現有客戶中的錢包份額並贏得新客戶。

What we've done then is create an exciting value proposition for all of us at Kyndryl as we head into our second fiscal year as a stand-alone company.

當我們作為獨立公司進入第二個財政年度時，我們所做的就是為 Kyndryl 的所有人創造一個令人興奮的價值主張。

So the 3 key messages I hope you take away from our discussion today are: first, we did what we said we were going to do and more in fiscal 2023, exceeding our targets for each of the three-As; second, we're a leader in our space and are leveraging our capabilities to advise, implement, manage and optimize advanced delivery solutions that are absolutely best-in-class, moneymaking and money saving for customers and more profitable for us; and third, the three-As, plus Kyndryl Consult, Kyndryl Bridge and our cost-saving efforts, our deep understanding the entanglements between infrastructure and applications and our experience in fiscal 2023 all give us great confidence and momentum as we move forward.

因此，我希望您從我們今天的討論中得到的 3 個關鍵信息是：首先，我們在 2023 財年實現了我們說過要做的事情，而且還做得更多，超過了我們每個 3-A 的目標；其次，我們是我們所在領域的領導者，我們正在利用我們的能力來建議、實施、管理和優化先進的交付解決方案，這些解決方案絕對是一流的，可以為客戶賺錢和省錢，也可以為我們帶來更多利潤；第三，三A，加上Kyndryl Consult、Kyndryl Bridge和我們在節約成本方面的努力，我們對基礎設施和應用之間糾纏的深刻理解，以及我們在2023財年的經驗，都給了我們前進的巨大信心和動力。

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

現在，我將把它交給大衛，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 substantial value being created by our three-As and our outlook for fiscal year 2024.

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、我們的三 A 創造的巨大價值以及我們對 2024 財年的展望。

Our fourth quarter results reflect solid operational execution and progress on our key initiatives. In the quarter, we grew revenue 1% in constant currency to $4.3 billion. Demand for our services has remained resilient and made increased global macro uncertainty and we continued to gain momentum in higher-margin advisory services.

我們第四季度的業績反映了穩健的運營執行和關鍵舉措的進展。本季度，按固定匯率計算，我們的收入增長了 1%，達到 43 億美元。對我們服務的需求一直保持彈性，並增加了全球宏觀不確定性，我們繼續在利潤率更高的諮詢服務中獲得動力。

Kyndryl Consult signings grew 30% in constant currency year-over-year and generated 13% of our revenue in the quarter, the highest percentage ever. Our adjusted EBITDA in the quarter was $476 million and represented a margin of 11.2%. Adjusted pretax loss was $61 million, only a $10 million decline in profit compared to the prior year quarter despite currency headwinds and higher software costs.

Kyndryl Consult 簽約按固定匯率計算同比增長 30%，佔本季度收入的 13%，是有史以來最高的百分比。本季度調整後的 EBITDA 為 4.76 億美元，利潤率為 11.2%。調整後的稅前虧損為 6100 萬美元，與上一季度相比利潤僅下降 1000 萬美元，儘管存在貨幣逆風和更高的軟件成本。

Currency movements had a negative year-over-year impact of $22 million since we have dollar-denominated costs in our global operations in addition to having international earnings.

貨幣變動產生了 2200 萬美元的同比負面影響，因為除了國際收入之外，我們的全球業務中還有以美元計價的成本。

IBM software costs increased by $50 million year-over-year pursuant to the contract that our former parent put in place prior to our spin. And importantly, progress on our three-As helped to offset currency impacts in the software cost increase.

根據我們的前母公司在我們分拆之前簽訂的合同，IBM 軟件成本同比增加了 5000 萬美元。重要的是，我們在 3-A 方面取得的進展有助於抵消軟件成本增加中的貨幣影響。

Among our geographic segments, we delivered year-over-year constant currency revenue growth in 3 out of 4 segments. And our strongest margins were again in Japan and the United States. 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.

在我們的地理細分市場中，我們在 4 個細分市場中的 3 個實現了同比穩定的貨幣收入增長。我們最大的利潤率再次出現在日本和美國。我們不僅通過我們的地理運營部門，而且通過我們的 6 項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，以反映我們大部分簽約的需求，包括來自云、應用程序數據和人工智能、安全和其他增長領域的 Kyndryl Consult 簽約。

As we look back on the quarter, we're pleased that we delivered results that were above the midpoint of the revenue and adjusted pretax margin guidance that we recently provided. For fiscal year 2023, we generated $17 billion of revenue, adjusted EBITDA of nearly $2 billion and an adjusted pretax loss of $217 million. Foreign exchange had a $229 million negative pretax impact on us, so we would have been pretax positive if it weren't for the dramatic moves in currency.

當我們回顧本季度時，我們很高興我們交付的結果高於我們最近提供的收入和調整後的稅前利潤率指導的中點。在 2023 財年，我們創造了 170 億美元的收入，調整後的 EBITDA 接近 20 億美元，調整後的稅前虧損為 2.17 億美元。外匯對我們產生了 2.29 億美元的稅前負面影響，因此，如果不是因為貨幣的劇烈波動，我們的稅前收益會是正面的。

In the fourth quarter, we initiated actions to reduce our global headcount as part of our transformation and in order to lower our costs and foster productivity. This impacted people across shared services, our delivery network and our in-country operations. It's resulting in us recording a $55 million charge in the March quarter, plus approximately $95 million in fiscal 2024. We also fully or partially vacated more than 50 of our 375 owned or leased sites around the world. This resulted in a charge of $70 million in the quarter. The workforce rebalancing and site consolidation charges are excluded from our adjusted results.

在第四季度，作為轉型的一部分，我們採取了減少全球員工人數的行動，以降低成本和提高生產力。這影響了共享服務、我們的交付網絡和國內運營的人員。這導致我們在 3 月季度記錄了 5500 萬美元的費用，加上 2024 財年的約 9500 萬美元。我們還全部或部分騰出了我們在全球 375 個自有或租賃場地中的 50 多個。這導致本季度產生了 7000 萬美元的費用。我們調整後的結果不包括勞動力重新平衡和站點整合費用。

We expect these actions to produce a strong ROI. In particular, the workforce actions will generate approximately $150 million of savings in fiscal year 2024 and $200 million in fiscal 2025. And our real estate actions will reduce our facilities costs by approximately $50 million a year. And while 1/3 of the cost takeouts are enabling actions for our three-As, nearly 2/3 are incremental savings beyond the three-As.

我們希望這些行動能夠產生強勁的投資回報率。特別是，勞動力行動將在 2024 財年和 2025 財年分別節省約 1.5 億美元和 2 億美元。我們的房地產行動將使我們的設施成本每年減少約 5000 萬美元。雖然 1/3 的成本支出用於支持我們的 3-A 採取行動，但近 2/3 是超越 3-A 的增量節省。

Turning to our cash flow and balance sheet. We generated adjusted free cash flow of $352 million in the year ended March 31. We've provided a bridge from our adjusted pretax loss to our free cash flow for the year. Our gross capital expenditures were $865 million, and we received $23 million of proceeds from asset dispositions. Working capital contributed to cash flow as we 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。截至 3 月 31 日止年度，我們產生了 3.52 億美元的調整後自由現金流。我們在調整後的稅前虧損和當年的自由現金流之間架起了一座橋樑。我們的資本支出總額為 8.65 億美元，我們從資產處置中獲得了 2300 萬美元的收益。隨著我們加強對全球應收賬款和應付賬款的管理，營運資金為現金流做出了貢獻。

In the March quarter, our adjusted free cash flow was negative as we expected, due to the combination of our adjusted pretax loss and seasonal factors. The cash flow seasonality stems primarily from the fact that license agreements that cover a year or multiple years often need to be paid for in the March quarter.

在 3 月季度，由於我們調整後的稅前虧損和季節性因素的結合，我們調整後的自由現金流如我們預期的那樣為負。現金流的季節性主要源於這樣一個事實，即涵蓋一年或多年的許可協議通常需要在三月份的季度支付。

Our financial position remains strong. Our cash balance at March 31 was $1.8 billion. 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 $1.4 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 3 月 31 日，我們的現金餘額為 18 億美元。我們的現金餘額與承諾借貸便利下的可用債務能力相結合，在季度末為我們提供了 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 14 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.

我們被穆迪、惠譽和標準普爾評為投資級別。

There's no change in our approach to capital allocation. Our top priorities continue to be to maintain strong liquidity, remain investment grade and reinvest in our business. We used the cash flow we generated in fiscal 2023 to fund spin-related cash outlays, including required system migration. Over time, Kyndryl's leadership position in IT infrastructure services combined with benefits from our three-A initiatives should allow us to significantly expand our margins and ultimately be in a position to consider regularly returning capital to shareholders, all while remaining investment grade.

我們的資本配置方法沒有變化。我們的首要任務仍然是保持強勁的流動性，保持投資級別，並對我們的業務進行再投資。我們使用 2023 財年產生的現金流來資助與分拆相關的現金支出，包括所需的系統遷移。隨著時間的推移，Kyndryl 在 IT 基礎設施服務方面的領導地位加上我們的 3A 計劃帶來的好處應該使我們能夠顯著擴大我們的利潤率，並最終能夠考慮定期向股東返還資本，同時保持投資級別。

As Martin mentioned, we continue to progress on our three-As initiatives. Our momentum supports our continued 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 Martin 提到的，我們繼續推進我們的三 A 計劃。我們的勢頭支持我們繼續期望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，而我們的 Accounts 計劃將推動每年 8 億美元的稅前收入。

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

我們還在推動 Kyndryl Consult 和我們全球實踐的增長，這增加了我們 3-A 計劃帶來的好處，我們看到了控制整個業務開支的機會，包括通過我們的勞動力和房地產整合行動我最近拍了。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。

In total then, the magnitude of the earnings growth opportunity we're tackling is tremendous, relative to our current margins. Progress on our three-As 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的規模是巨大的。因此，在我們的三個 A 上取得進展將成為 Kyndryl 價值創造的核心來源。

I want to circle back to focus accounts because many of you have asked how we're addressing elements of customer contracts with substandard margins. And there's more to it than just price. For most of these customers, we've been running their core systems for years, which has created a unique level of trust and confidence in our capabilities. Our customers recognize that with unfavorable economic terms, the service we've been providing is not sustainable, making it hard for us to deliver the innovation they need to advance their digital transformations. For these reasons, we're generally seeing an openness among our customers to work with us to find solutions.

我想回到焦點賬戶，因為你們中的許多人都問過我們如何處理利潤率不達標的客戶合同要素。不僅僅是價格。對於這些客戶中的大多數，我們多年來一直在運行他們的核心系統，這讓我們對我們的能力產生了獨特的信任和信心。我們的客戶認識到，在不利的經濟條件下，我們一直提供的服務是不可持續的，這使得我們很難提供他們推進數字化轉型所需的創新。由於這些原因，我們通常會看到客戶對與我們合作尋找解決方案持開放態度。

These customer conversations are multifaceted and vary significantly from account to account. We've been seeing several different patterns develop as part of this process. First, we're frequently expanding the scope of our relationships by adding higher value services and leveraging our new capabilities, our practices, Kyndryl Consult and Alliance partners to deliver incremental services such as cloud migration, security, resiliency, data management and network solutions.

這些客戶對話是多方面的，並且因賬戶而異。作為這個過程的一部分，我們已經看到了幾種不同的模式的發展。首先，我們經常通過增加更高價值的服務和利用我們的新能力、我們的實踐、Kyndryl Consult 和聯盟合作夥伴來擴大我們的關係範圍，以提供雲遷移、安全性、彈性、數據管理和網絡解決方案等增量服務。

Second, we're identifying opportunities to reduce scope by removing the unprofitable elements of a contract. In some cases, we'll relinquish a tower of service with unfavorable terms that's just not economical for us. In other cases, we'll remove unprofitable elements, including low-margin third-party content that customers can procure directly.

其次，我們正在尋找通過刪除合同中無利可圖的元素來縮小範圍的機會。在某些情況下，我們會以對我們來說不經濟的不利條件放棄服務塔。在其他情況下，我們將刪除無利可圖的元素，包括客戶可以直接購買的低利潤第三方內容。

Third, there are situations where we can apply our advanced delivery tools, including Kyndryl Bridge to replace labor-intensive services with automated technology or adjust the quantity and mix of resources required in order to take out costs and drive productivity.

第三，在某些情況下，我們可以應用我們先進的交付工具，包括 Kyndryl Bridge，用自動化技術取代勞動密集型服務，或調整所需資源的數量和組合，以降低成本並提高生產力。

Fourth, as a contract nears expiration and renewal, we renegotiate terms of the relationship in order to generate a better return. And in situations where these efforts have been exhausted, and there's no resolution, we'll allow that relationship to end and in the interim, optimize the cost to serve until expiration.

第四，隨著合同即將到期和續簽，我們重新協商關係條款以產生更好的回報。在這些努力已經用盡並且沒有解決方案的情況下，我們將允許這種關係結束，並在此期間優化服務成本直到到期。

To date, exiting a relationship has been very much the exception, not the rule, and when we exit, it's a purposeful decision on our part. What's most common is some combination of the first 3 patterns plus a dose of pattern 4, pricing, as the contract approaches the usual time for renewal and extension. Customers prefer not to switch technology services providers if they don't have to, which helps bring customers to the table to talk about changing scope, changing service structures to drive productivity, and even changing the pricing structure.

迄今為止，退出一段關係一直是例外，而不是規則，當我們退出時，這是我們有目的的決定。最常見的是前 3 種模式的某種組合加上一定劑量的模式 4，定價，因為合同接近通常的續訂和延期時間。如果沒有必要，客戶不願意更換技術服務提供商，這有助於將客戶帶到談判桌前討論改變範圍、改變服務結構以提高生產力，甚至改變定價結構。

The key point here is that in our Accounts initiative, we're deploying multiple strategies to strengthen our margins in ways that work for our customers.

這裡的關鍵點是，在我們的客戶計劃中，我們正在部署多種策略，以為客戶服務的方式提高我們的利潤率。

With fiscal 2023 now behind us, we're providing our outlook for our 2024 fiscal year. We expect to expand our margins this year, largely due to the three-A initiatives and workforce rebalancing actions we're taking, and we expect to do this even as our revenues are declining.

隨著 2023 財年的到來，我們正在提供 2024 財年的展望。我們預計今年我們的利潤率會擴大，這主要是由於我們正在採取的 3A 計劃和勞動力再平衡行動，而且即使我們的收入正在下降，我們也希望這樣做。

Our outlook is for revenue to be in the range of $16 billion to $16.4 billion, a decline of 6% to 8% in constant currency. To be clear, the revenue decline we're projecting is primarily due to the soft backlog of fiscal 2024 revenue we were born with plus intentional near-term changes we're implementing to transform our business.

我們預計收入將在 160 億美元至 164 億美元之間，按固定匯率計算下降 6% 至 8%。需要明確的是，我們預測的收入下降主要是由於我們天生就有的 2024 財年收入積壓疲軟以及我們為轉變業務而實施的有意的近期變革。

Let me break our revenue outlook into components. Approximately 3 points of the expected decline is simply the revenue backlog we inherited at the time of our separation playing out. Another 5 to 6 points of the revenue decline will stem from the actions we're taking to address focused accounts, low-margin equipment sales and IBM pass-through revenue.

讓我把我們的收入前景分解成幾個部分。預期下降的大約 3 個百分點僅僅是我們在分離時繼承的收入積壓。另外 5 到 6 個百分點的收入下降將源於我們為解決重點客戶、低利潤設備銷售和 IBM 傳遞收入而採取的行動。

We recognize it would have been cleaner if we've been able to walk away from this revenue the day after our spinoff, but that wasn't an option. Helping to offset these downward pressures on revenue, we anticipate Kyndryl Consult and other new signings will contribute 1 to 2 points of overall growth. Based on recent exchange rates, currency is estimated to have roughly $350 million or 200 basis points favorable impact on reported revenue, but where that lands will depend on how exchange rates move over the next 10 months.

我們認識到，如果我們能夠在分拆後的第二天就放棄這筆收入，那會更乾淨，但這不是一個選擇。為了幫助抵消這些收入下行壓力，我們預計 Kyndryl Consult 和其他新簽約將為整體增長貢獻 1 到 2 個百分點。根據最近的匯率，貨幣估計對報告的收入產生大約 3.5 億美元或 200 個基點的有利影響，但這將取決於未來 10 個月匯率的走勢。

We estimate that our adjusted EBITDA margin in fiscal 2024 will be 12% to 13%, an increase of 40 to 140 basis points versus fiscal 2023. And our outlook for adjusted pretax margin is expected to be negative 1% to breakeven, which implies margin expansion of 30 to 130 basis points compared to last year.

我們估計 2024 財年調整後的 EBITDA 利潤率為 12% 至 13%，比 2023 財年增加 40 至 140 個基點。我們對調整後稅前利潤率的預期為負 1% 至盈虧平衡，這意味著利潤率與去年相比擴大 30 至 130 個基點。

On the pretax line, we see 50 to 125 basis points of margin pressure from our backlog. Another 125 basis points of headwinds will result from the $200 million software cost increase that IBM imposed on us at the time of our spin. Nevertheless, our execution on the three-As and our cost reduction efforts will drive margin expansion. We expect our focus accounts to contribute $200 million more profit this year and we expect our Advanced Delivery initiative to generate $200 million of incremental savings this year. As a result, these 2 initiatives should add approximately 225 basis points of margin in fiscal 2024.

在稅前線上，我們看到積壓的利潤壓力為 50 到 125 個基點。另外 125 個基點的逆風將來自 IBM 在我們分拆時強加給我們的 2 億美元軟件成本增加。儘管如此，我們對三 A 的執行和我們降低成本的努力將推動利潤率的增長。我們預計我們的重點客戶今年將貢獻 2 億美元的利潤，我們預計我們的 Advanced Delivery 計劃今年將產生 2 億美元的增量節省。因此，這兩項舉措應該會在 2024 財年增加大約 225 個基點的利潤率。

Similarly, we expect the additional savings from our workforce rebalancing and real estate consolidation actions will add roughly 75 basis points of pretax margin.

同樣，我們預計我們的勞動力再平衡和房地產整合行動帶來的額外節省將增加大約 75 個基點的稅前利潤率。

In short, a helpful way to look at our fiscal 2024 outlook is that at this point in our turnaround, when revenues are still declining, we expect to increase margins by 150 to 250 basis points on a gross basis before increased IBM software costs and by roughly 30 to 130 basis points net of the contractually obligated increase in software costs.

簡而言之，查看我們 2024 財年前景的一個有用方法是，在我們扭虧為盈的這一點上，當收入仍在下降時，我們預計在 IBM 軟件成本增加之前，毛利率將增加 150 至 250 個基點，並且扣除合同規定的軟件成本增加約 30 至 130 個基點。

From a seasonality perspective, our December quarter in absolute dollars tends to be our strongest in revenue and adjusted EBITDA, and we expect that the contribution from the three-As will continue to build over the course of the year.

從季節性的角度來看，以絕對美元計算，我們 12 月季度的收入和調整後 EBITDA 往往是我們最強的，我們預計 3-A 的貢獻將在這一年中繼續增加。

One additional housekeeping note related to our segments. We recently completed a zero-sum amendment to our software agreement with IBM that will change how software costs are allocated among our segments. This will help our principal market segment but will be a headwind for our U.S. in strategic market segments in fiscal 2024.

一份與我們的部門相關的額外內務管理說明。我們最近完成了對我們與 IBM 的軟件協議的零和修正，這將改變軟件成本在我們的部門之間的分配方式。這將有助於我們的主要細分市場，但將成為我們美國在 2024 財年戰略細分市場的不利因素。

For cash flow, we project roughly $750 million of net capital expenditures in fiscal 2024 and about $850 million of depreciation expense. We also expect about $300 million of cash outlays for transaction-related costs in the workforce rebalancing actions I discussed earlier. This will be the last year in which we incurred transaction-related charges associated with our spin.

對於現金流，我們預計 2024 財年的淨資本支出約為 7.5 億美元，折舊費用約為 8.5 億美元。我們還預計，在我之前討論的勞動力再平衡行動中，交易相關成本的現金支出約為 3 億美元。這將是我們產生與旋轉相關的交易相關費用的最後一年。

We remain committed to returning to revenue growth by calendar 2025, and over the medium term, delivering significant margin expansion and driving free cash flow growth. 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 alliances, manage our costs and earn a return on all of our revenues.

我們仍然致力於在 2025 日曆年之前恢復收入增長，並在中期實現顯著的利潤率增長並推動自由現金流增長。我們有一個可靠的遊戲計劃來推動我們的戰略進展，這個遊戲計劃從我們已經採取的步驟開始，以擴大我們的技術聯盟、管理我們的成本並獲得我們所有收入的回報。

And for any investors who are new to the Kyndryl story, I have included the current version of a slide we first published last May. It's the slide that provides a breakdown between our margin-challenged focus accounts in the rest of our business. 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.

對於任何不了解 Kyndryl 故事的投資者，我提供了我們去年 5 月首次發布的幻燈片的當前版本。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。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，我們將其稱為我們希望如何運營的藍圖。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 was generating virtually no gross margin and after SG&A expenses was 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 支出之後出現虧損。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, 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，如果我們縮小我們的重點賬戶和我們的藍圖賬戶之間毛利率差距的一半，就會產生我們從這些賬戶中設定的目標 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。

In executing the accounts initiative we're paying close attention to the margin on signing for both of our (inaudible) account and [our blueprint] accounts, I have included a new slide that highlights our progress.

在執行賬戶計劃時，我們密切關注簽署我們（聽不清）賬戶和 [我們的藍圖] 賬戶的保證金，我提供了一張強調我們進展的新幻燈片。

Immediately following the spin, we were signing business with an expected gross margin of roughly 20% and a pretax margin in the mid-single digits. These signings themselves represented higher margins than the roughly breakeven older deals that were the bulk of our revenues. Over the course of fiscal 2023, we combine pricing discipline and collaborative engagement with customers to move our projected margins on all new signings up to the mid-20s for gross profit in the high single digits for pretax profit. The March quarter was a continuation of that favorable trend.

分拆之後，我們立即簽訂了預期毛利率約為 20% 且稅前利潤率在中等個位數的業務。這些簽約本身代表的利潤率高於占我們收入大部分的大致收支平衡的舊交易。在 2023 財年期間，我們將定價紀律和與客戶的協作參與相結合，將我們所有新簽約的預計利潤率提高到 20 多歲，毛利潤為稅前利潤的高個位數。三月季度是這一有利趨勢的延續。

Importantly, what this means is that throughout fiscal 2023, we were signing agreements that fully support the medium-term margins we're aiming for. In fact, if our P&L 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.

重要的是，這意味著在整個 2023 財年，我們簽署了完全支持我們目標的中期利潤率的協議。事實上，如果我們的 P&L 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, you can't currently see the full benefit of the higher margins at which we're now pricing contracts, but that will change with time as our business mix increasingly tilts toward more post-spin contracts.

因此，您目前無法看到我們現在為合同定價的更高利潤率帶來的全部好處，但隨著我們的業務組合越來越傾向於更多的分拆後合同，這種情況會隨著時間而改變。

In closing, as an independent company, we're solidifying our position as a cost-effective, gold standard provider of essential IT services. We expect to deliver meaningful margin expansion in fiscal 2024, 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基本 IT 服務的具有成本效益的黃金標準提供商的地位。我們預計將在 2024 財年實現有意義的利潤率擴張，並且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) Our first question comes from the line of Tien-Tsin Huang with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Tien-Tsin Huang。

Thanks for the new slides there. It's helpful. Just on the outlook, if you don't mind me asking that first, just some visibility on the 5- to 6-point drag that you called out to reduce the focus accounts. Will we see that as early as Q1? How do you expect that to phase in as the year plays out? And I'm curious if we see delays in the runoff like we did in fiscal '23. Would that put pressure on the margin outlook here? Or are there other offsets?

感謝那裡的新幻燈片。這很有幫助。就前景而言，如果您不介意我先問這個問題，那麼您可以看到您為減少焦點賬戶而提出的 5 到 6 點拖累。我們最早會在第一季度看到嗎？隨著這一年的結束，您如何看待這種情況？我很好奇我們是否會像在 23 財年那樣看到決選延遲。這會給利潤率前景帶來壓力嗎？還是有其他抵消？

Can you hear me?

你能聽到我嗎？

Please stand by.

請待命。

Well, is Tien-Tsin still...

那麼，Tien-Tsin 是否仍然...

Martin, I'm here. Can you hear me?

馬丁，我來了。你能聽到我嗎？

Yes, there you go, Tien-Tsin. We can hear you now. Can you hear us? Thank you.

是的，給你，Tien-Tsin。我們現在可以聽到你的聲音了。你可以聽見我們嗎？謝謝。

Yes. Yes. I wasn't sure if you heard my question or...

是的。是的。我不確定你是否聽到我的問題或...

I did. Yes. Thank you. We had a little audio -- we had a little audio issue. So let me start, and I'll ask David to comment as well. And again, apologies for the audio issue here.

我做到了。是的。謝謝。我們有一點音頻——我們有一點音頻問題。那麼讓我開始吧，我也會請大衛發表評論。再次對這裡的音頻問題表示歉意。

So look, we're 12 months into the focus account work which means we've got pretty good idea of where we stand customer by customer. And so the decision to -- the decision to reduce the revenue in some of these accounts is pretty well developed. It takes time to execute, and it will build over time. So -- and as you know, it's cumulative. So what we get done in the first and the second, for instance, will persist in the third. And on top of that, we'll get more done in the second half. So it will build -- the impact will build over time.

所以看，我們已經進行了 12 個月的重點客戶工作，這意味著我們已經很好地了解了我們對每個客戶的立場。因此，減少其中一些賬戶收入的決定已經制定得很好。執行需要時間，並且會隨著時間的推移而建立。所以 - 如您所知，它是累積的。因此，例如，我們在第一個和第二個中完成的工作將在第三個中持續存在。最重要的是，我們將在下半年完成更多工作。所以它會建立——影響會隨著時間的推移而建立。

But I feel -- look, I feel pretty good about our ability to execute on the focus Account initiative again like we did in the first year. And I'd say that I'd say that -- 2 other comments. One, as David mentioned when he talked a bit about the patterns we're seeing -- the primary pattern is an expansion of scope. So even if the revenue doesn't come down as much as what we're predicting, we will get the lower margin revenue out over time, and it may get replaced by higher margin revenue. You saw that in everything we've signed since. So -- and that's really what's driving the outperformance last year. It wasn't that we didn't get as much of the lower margin revenue out, it's actually that we're doing better, replacing it with new work and obviously, Kyndryl Consult is growing pretty well within that.

但我覺得 - 看，我對我們再次執行焦點客戶計劃的能力感到非常滿意，就像我們在第一年所做的那樣。我會說我會這麼說——另外 2 條評論。第一，正如大衛在談到我們所看到的模式時提到的那樣——主要模式是范圍的擴展。因此，即使收入沒有像我們預測的那樣下降，我們也會隨著時間的推移獲得較低的利潤率收入，並且它可能會被更高的利潤率收入所取代。從那以後，你在我們簽署的所有文件中都看到了這一點。所以 - 這真的是推動去年表現出色的原因。這並不是說我們沒有從較低的利潤率收入中獲得盡可能多的收入，實際上我們做得更好，用新工作取而代之，顯然，Kyndryl Consult 在其中發展得很好。

So I feel -- and therefore, by the way, your second part of your question is I don't feel like we've got an exposure in margins even if the revenue doesn't come down at that rate because, again, our customers are demonstrating over and over that they're interested in us expanding the scope that we have with them.

所以我覺得 - 因此，順便說一句，你問題的第二部分是我不覺得我們有利潤率敞口，即使收入沒有以那個速度下降，因為我們的客戶一再表明他們對我們擴大與他們合作的範圍很感興趣。

So again, I'll ask David to make a comment about how he sees it. But this will build over the year. I feel like with the work now 12 months -- having 12 months of maturity, I think we understand pretty well how this will play out. And again, even if the revenue doesn't come down at this rate, it's probably because we're generating better margins on expanded scope and therefore, it's not a risk to the margin profile for the year.

因此，我將再次請 David 就他的看法發表評論。但這將在一年內建立起來。我覺得這項工作現在已經 12 個月了——成熟了 12 個月，我認為我們非常了解這將如何發揮作用。再一次，即使收入沒有以這個速度下降，也可能是因為我們在擴大範圍內產生了更好的利潤率，因此，這不會對今年的利潤率構成風險。

David, would you add to that?

大衛，你會補充嗎？

That's exactly right. The only thing I'd add is that some of the visibility we have is because some of the actions have already been taken. Some of the -- some of the contracts where this will have an impact, have already been revised or adjusted to do this. So we will see it in the first quarter. in part because of actions we took in fiscal '23 that play out in fiscal '24.

這是完全正確的。我唯一要補充的是，我們擁有的一些可見性是因為已經採取了一些行動。一些 - 一些會產生影響的合同已經為此進行了修訂或調整。所以我們將在第一季度看到它。部分原因是我們在 23 財年採取的行動在 24 財年發揮了作用。

I see. Okay. No, that's great. That's all very thoughtful. So my follow-up, if you don't mind, just I'll ask a macro question, just thinking about client priorities and if you're seeing any change in client demand at all, given all the talk of macro uncertainties. Is there any impact on short-term project work? It sounds like Consult is doing well, but I figure I'd ask that as well. And then just any implementation sort of changes and delays, that kind of thing?

我懂了。好的。不，那太好了。這一切都非常周到。所以我的後續行動，如果你不介意的話，我會問一個宏觀問題，考慮客戶的優先事項，如果你看到客戶需求有任何變化，考慮到所有關於宏觀不確定性的討論。對短期項目工作有影響嗎？聽起來 Consult 做得不錯，但我想我也會問這個問題。然後只是任何實施類型的更改和延遲，那種事情？

Yes. Look, we're very fortunate. Tien-Tsin, let me -- before I start my answer, I must make sure you can still hear me?

是的。看，我們很幸運。 Tien-Tsin，讓我——在我開始回答之前，我必須確保你還能聽到我的聲音？

Yes. Yes.

是的。是的。

Okay. Good. So look, we're very fortunate that the nature of the work we do is not discretionary. And so we don't -- we don't see the kind of demand slowdown, the signing slowdown that others may be experiencing.

好的。好的。所以看，我們很幸運，我們所做的工作的性質不是隨意的。所以我們沒有——我們沒有看到那種需求放緩，其他人可能正在經歷的簽約放緩。

On top of that, where we are moving into new areas like all the work with our partners and our Alliance partners, we've got some catching up to do, right? We're fairly new to the public cloud space with our 3 big hyperscale partners, as an example. And we were able to sign $1.2 billion in the first year, and we expect that to keep growing but again, we're catching up to where others have been in the past.

最重要的是，我們正在進入新領域，比如與我們的合作夥伴和聯盟合作夥伴的所有工作，我們還有一些工作要做，對吧？例如，我們對我們的 3 個大型超大規模合作夥伴的公共雲空間相當陌生。我們在第一年就簽下了 12 億美元，我們預計這一數字會繼續增長，但我們正在趕上其他人過去的水平。

So the nature of what we do is mission-critical and not discretionary. The new areas we're going into is an area of tremendous untapped demand for us because of what we do and the demand profile we see is really latent demand, pent-up demand because our customers have been asking us to play a heavier role in how they manage across their hybrid infrastructures and helping them move more workloads -- the important workloads on to cloud environments.

因此，我們所做工作的性質是任務關鍵型的，而不是隨意的。我們正在進入的新領域是一個對我們有巨大未開發需求的領域，因為我們所做的和我們看到的需求概況確實是潛在需求，被壓抑的需求，因為我們的客戶一直要求我們在其中發揮更重要的作用他們如何跨混合基礎架構進行管理並幫助他們將更多工作負載——重要的工作負載轉移到雲環境中。

And I think all of that is a proof point, as you said, Kyndryl Consult doing really, really well, and there is this latent demand for what we do. Now that we've entered the ecosystem that's really important to our customers, the one that really represents their future. So we don't -- we haven't experienced it. We don't see it. And again, it's the nature of the work that we do, that's nondiscretionary and it's the pent-up demand for us to help customers on these -- the most challenging infrastructure programs given that we now are part of an ecosystem that is where they're moving to. Hopefully, that's helpful.

我認為所有這些都是一個證明點，正如你所說，Kyndryl Consult 做得非常非常好，而且對我們所做的事情存在潛在需求。現在我們已經進入了對我們的客戶非常重要的生態系統，這個生態系統真正代表了他們的未來。所以我們沒有——我們沒有經歷過。我們看不到。再一次，這是我們所做工作的性質，這是非自由裁量權的，這是我們幫助客戶解決這些問題的被壓抑的需求——最具挑戰性的基礎設施項目，因為我們現在是他們所在的生態系統的一部分。重新搬到。希望這會有所幫助。

Our next question comes from Divya Goyal with Scotiabank.

我們的下一個問題來自豐業銀行的 Divya Goyal。

So further to Tien-Tsin's question, I just wanted to get some clarity on -- do you see improvement in revenue retention as the clients are considering slowing down their cloud transformation, given there was a little bit excessive done during the pandemic? And in addition to that, given the clients are now looking at more of a distributed structure -- infrastructure rather than focusing all in on cloud.

因此，關於 Tien-Tsin 的問題，我只是想弄清楚一點——考慮到在大流行期間做了一些過度的工作，你是否看到客戶正在考慮放慢他們的雲轉型時收入保留有所改善？除此之外，考慮到客戶現在更多地關注分佈式結構——基礎設施，而不是將所有精力都集中在雲上。

Yes. Thanks, Divya. I will also ask David to share his point of view, but let me say a few things. But again, before we start, hopefully, Divya, you can hear me?

是的。謝謝，迪維亞。我也會請大衛分享他的觀點，但讓我說幾句。但再次，在我們開始之前，希望 Divya，你能聽到我的聲音嗎？

You're coming through.

你挺過來了。

Good. Thank you. So look, first and foremost, I think it's important to understand, given the role we play in the world and in managing the banking systems, the telecom systems, the supply chains, the airline reservation systems, as those worlds, as those infrastructures, as our customers' environments become more complex, it's a massive opportunity for us to help them because these are the systems that have to work all the time.

好的。謝謝。所以看，首先，我認為重要的是要理解，鑑於我們在世界上扮演的角色，以及在管理銀行系統、電信系統、供應鏈、航空公司預訂系統，作為那些世界，作為那些基礎設施，隨著我們客戶的環境變得越來越複雜，這對我們來說是一個巨大的機會來幫助他們，因為這些系統必須一直工作。

And so whether a customer is accelerating or decelerating a move to public cloud, whether a customer is -- is thinking about -- whether a customer is thinking about or rethinking is it all public versus hybrid, that really represents for us a substantial amount of demand. And we see the world getting more complex. We see the world, we see our customer base trying to take advantage of innovation wherever it may exist.

因此，無論客戶是在加速還是減速向公共雲的遷移，客戶是否正在考慮——客戶是否在考慮或重新考慮是全公共雲還是混合雲，這對我們來說確實代表了大量的要求。我們看到世界變得越來越複雜。我們看到這個世界，我們看到我們的客戶群試圖利用可能存在的創新。

Right now, there's tremendous interest, obviously, in AI and tools, which means for us that we help them architect their data in a way that they can get it where they need it. We help them secure it and manage it across that diverse infrastructure.

現在，很明顯，人們對人工智能和工具有著極大的興趣，這對我們來說意味著我們幫助他們以一種他們可以在需要的地方獲取數據的方式來構建他們的數據。我們幫助他們保護它並跨不同的基礎設施對其進行管理。

So for us, given again, the nature of what we do, the specific opportunity to Kyndryl is driven more by the complexity of what our customers want to create given where they see innovation, given where they see their infrastructure evolving as opposed to a more general macro trend, let's say, that a shift to public cloud slows by a few points or accelerates by a few points, our demand is driven -- and again, I think it's somewhat unique to us.

因此，對於我們來說，再次考慮到我們所做工作的性質，Kyndryl 的具體機會更多地是由我們的客戶想要創造的複雜性所驅動的，因為他們看到了創新，他們看到了他們的基礎設施在不斷發展，而不是更多一般的宏觀趨勢，比方說，向公共雲的轉變放緩幾個點或加速幾個點，我們的需求是驅動的——而且，我認為這對我們來說有點獨特。

Our demand is driven more by the complexity with which they're dealing. And with so few of on an absolute -- with so few of the really important mission-critical things having been moved as a percentage of the total, we see a long-term demand for us, managing across these diverse infrastructures.

我們的需求更多地是由他們所處理的複雜性驅動的。並且絕對如此之少 - 真正重要的任務關鍵型事物佔總數的百分比如此之少，我們看到了對我們的長期需求，管理這些不同的基礎設施。

But again, I'll ask David to comment as well.

但同樣，我也會請大衛發表評論。

I agree, right? Hybrid environments are helpful to us in terms of the demand they generate complexity is helpful to us in terms of the customer demand it generates, more access to data or AI is helpful to us and really more focus by companies, by enterprises on efficiency and productivity is a helpful backdrop for us as well. So as Martin said, I think all of those things are working in our favor in this environment.

我同意，對吧？混合環境在它們產生的需求方面對我們有幫助 複雜性在它產生的客戶需求方面對我們有幫助，更多地訪問數據或 AI 對我們有幫助，而且公司、企業更關注效率和生產力對我們來說也是一個有用的背景。正如馬丁所說，我認為所有這些事情在這種環境下都對我們有利。

Thanks, David. Divya Goyal, do you have another follow-up?

謝謝，大衛。 Divya Goyal，你還有後續行動嗎？

Yes, that's very helpful. Just a quick question on the focus Account on -- and progress on the three-As. So did you see one geography getting more impacted or being more profitable or more effective than others as you are rolling out these initiatives now?

是的，這很有幫助。只是一個關於焦點帳戶的快速問題 - 以及三個 A 的進展。那麼，在您現在推出這些計劃時，您是否看到一個地區比其他地區受到更大的影響或更有利可圖或更有效？

So, Divya. Let me again give you my two cents and obviously, I'll ask David to comment as well. When you deconstruct or look at the three-As as individuals, our ability to expand into the hyperscaler space across the world is pretty evenly distributed because we started from -- really from a standing start over a year ago. And so that $1.2 billion is mixed a lot like our general signings are, U.S. is quite large and et cetera, et cetera. So the Alliance is part of the three-As, is going to be distributed roughly by -- similarly to our existing business.

所以，迪維亞。讓我再次給你我的兩分錢，顯然，我也會請大衛發表評論。當你解構或將三個 A 視為個體時，我們在全球範圍內擴展到超大規模空間的能力分佈相當均勻，因為我們從一年多前開始——實際上是從一個站立的開始。因此，這 12 億美元很像我們的一般簽約，美國很大，等等，等等。因此，聯盟是三個 A 的一部分，將粗略地分配給——類似於我們現有的業務。

Now having said that -- in -- some of our countries get a little bit of a faster start and some a little yes, they did. But by and large, that opportunity over time over the medium term is going to look like our business.

話雖如此——在——我們的一些國家起步更快一些，有些國家確實做到了。但總的來說，從中期來看，隨著時間的推移，這個機會將看起來像我們的業務。

Our Advanced Delivery efforts are global in nature. We run a global platform, and therefore, those benefits show up quite -- a bit of them show up in our delivery. It's obviously in our delivery centers. We do some local delivery. That mix is always slightly different country by country. But again, it won't look different from the way we're mixed today.

我們的高級交付工作本質上是全球性的。我們運行一個全球平台，因此，這些好處表現得相當多——其中一些體現在我們的交付中。它顯然在我們的交付中心。我們做一些本地交付。這種組合總是因國家/地區而略有不同。但同樣，它看起來與我們今天的混合方式沒有什麼不同。

The focus Accounts to finish up the three-As. The focus Accounts are not distributed exactly the way our business is. Yes, we have them everywhere. But the focus Accounts and the pace at which they will resolve themselves will show up very heavily in the U.S. They'll show up very heavily in Western Europe. We have focused Accounts in Japan, even though it's already quite a profitable business but we will get those fixed. So the focused Account impact, the benefit to the focus Accounts is, over time, is going to show up where our profitability is pressured the most, and that's outside of Japan, that's Western Europe. It's a bit in the U.S. as well.

重點核算完成三A。重點客戶的分佈方式與我們的業務不完全相同。是的，我們到處都有。但是重點客戶和他們自行解決的速度將在美國非常明顯地出現。他們將在西歐非常明顯地出現。我們將客戶集中在日本，儘管它已經是一項盈利豐厚的業務，但我們會解決這些問題。因此，隨著時間的推移，重點客戶的影響，重點客戶的好處將出現在我們的盈利能力壓力最大的地方，那就是日本以外的西歐。在美國也有一點。

So -- so you'll see from a segment perspective, you'll see the benefits of 2 of the three-As distributed the way our business is today, and you'll see the focus Account impact -- the focus Account benefits impact Europe and you'll see it impact the U.S. more than Japan.

所以 - 所以你會從細分的角度來看，你會看到 3 個中的 2 個的好處 - 以我們今天的業務方式分配，你會看到重點客戶影響 - 重點客戶利益影響歐洲，你會看到它對美國的影響大於對日本的影響。

David, anything you'd...

大衛，任何你想...

Yes. The corollary to that is that our three-As are really global initiatives. There -- it's not two-As in one part of the world and plus something else. The three-As are what we're working on everywhere across our organization. And with respect to focused Accounts, really with respect to all three of the As, they have been what we've been emphasizing. And I think the progress has been remarkably solid and consistent around the world.

是的。其必然結果是我們的三個 A 是真正的全球倡議。那裡——它不是兩個——在世界的一個地方加上其他地方。三個 As 是我們在整個組織中的所有工作。關於重點客戶，實際上是關於所有三個 As，它們一直是我們一直強調的。我認為世界各地的進展非常穩固和一致。

Our next question comes from David Togut with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Could you comment on the profit margins on the $1.2 billion in hyperscaler bookings you recorded for FY '23?

您能否評論一下您在 23 財年記錄的 12 億美元超大規模預訂的利潤率？

Yes. Sure. We view the profitability of those as being very consistent with where we've been signing business. So it's obviously higher than our existing profitability and is a part -- a significant part of the profitability on the expected profitability on these signings that we reported on, and you can see on Slide 16.

是的。當然。我們認為這些公司的盈利能力與我們簽署業務的地方非常一致。所以它顯然高於我們現有的盈利能力，並且是我們報告的這些簽約的預期盈利能力的一部分 - 盈利能力的重要部分，你可以在幻燈片 16 上看到。

We see the new Alliances having that same sort of profitability. And in many cases, the hyperscaler component is part of a larger signing as well. And as a result, it is -- it's very much playing into the results that you're seeing with our projected margins on signings moving up considerably from where they had been and really positioning us for better margins in the future, which we think is a key part -- an important part of our story.

我們看到新聯盟具有同樣的盈利能力。在許多情況下，超大規模組件也是更大簽名的一部分。結果，它非常影響你看到的結果，我們預計的簽約利潤率比以前大幅上升，並真正為我們未來更好的利潤率做好準備，我們認為這是一個關鍵部分——我們故事的一個重要部分。

Appreciate that. And then just as a follow-up, I heard you give some of the elements of the free cash flow guide for FY '24. And I apologize if I missed anything, but working capital was a big source of cash in FY '23. Could you walk through what your FY '24 operating cash flow guidance, including assumption on use or source of cash from working capital management? And then just bring us down to free cash flow for FY '24, if you could?

感謝。然後作為後續行動，我聽說你提供了 24 財年自由現金流指南的一些要素。如果我遺漏了什麼，我深表歉意，但營運資金是 23 財年的一大現金來源。您能否詳細介紹一下您的 FY '24 運營現金流量指南，包括對營運資金管理的使用或現金來源的假設？如果可以的話，然後讓我們降低 24 財年的自由現金流量？

All right. Sure. As you pointed out, in fiscal '23, we were able to generate significant positive adjusted free cash flow despite having an adjusted pretax loss. And we did that in part by having a favorable gap on -- on CapEx and depreciation and then making a lot of progress on working capital. And as we go into fiscal '24, we're not going out with a free cash flow guide or outlook but the key pieces in there will be our pretax income or loss. We'll have a little bit of cash taxes and interest expense.

好的。當然。正如您所指出的，在 23 財年，儘管有調整後的稅前虧損，我們仍能夠產生顯著的正調整後自由現金流。我們做到這一點的部分原因是在資本支出和折舊方面存在有利差距，然後在營運資金方面取得了很大進展。當我們進入 24 財年時，我們不會給出自由現金流指南或展望，但其中的關鍵部分將是我們的稅前收入或虧損。我們會有一點現金稅和利息支出。

And then the biggest opportunities for us are the gap between CapEx and depreciation that I mentioned earlier, and we estimate that to be in the $100 million favorable range. And we're going to continue to work on working capital as we've seen that being a significant opportunity for us, and we see further opportunities on the payable side, on the receivable side, a little bit in terms of accrued liabilities as well. And we'll look to optimize those to continue to optimize those in order to have our free cash flow be strong as it can be in fiscal '24.

然後對我們來說最大的機會是我之前提到的資本支出和折舊之間的差距，我們估計這在 1 億美元的有利範圍內。我們將繼續致力於營運資金，因為我們已經看到這對我們來說是一個重要的機會，我們在應付方面、應收款方面以及應計負債方面也看到了更多機會.我們將尋求優化這些以繼續優化它們，以使我們的自由現金流像 24 財年那樣強勁。

And just a quick follow-up. Net-net, would you expect working capital to be a source of cash or a use of cash in FY '24?

并快速跟進。淨淨，您是否期望營運資金成為 24 財年的現金來源或現金使用？

We're going to -- we expect it to be a source of cash in fiscal '24, probably not to the same extent that it was in fiscal '23.

我們將 - 我們預計它將成為 24 財年的現金來源，可能不會達到 23 財年的現金來源。

(Operator Instructions) Our next question comes from Jamie Friedman with Susquehanna.

（操作員說明）我們的下一個問題來自 Jamie Friedman 和 Susquehanna。

Congratulations on the milestone in your first year. I just wanted to ask about the Slide 16 and observations about the three-As, I'm particularly interested in this progression of the pretax margin going from 4% to 9% on post-spin signings. I was just wondering, is there -- is there any particular reason why it has expanded kind of in this progression in this time? Is it because like the low hanging -- you're starting to pick the low-hanging fruit now? Or is the pricing kicking in? Like why -- I mean 9s is a lot higher than 4s. So why is it moving up this way now?

祝賀你在第一年的里程碑。我只是想問一下幻燈片 16 和對三 A 的觀察，我對旋轉後簽約的稅前利潤從 4% 到 9% 的這種進展特別感興趣。我只是想知道，有沒有什麼特別的原因說明它在這次的進展中有所擴展？是不是因為像低掛一樣——你現在開始摘低掛的水果了？還是定價開始了？比如為什麼——我的意思是 9s 比 4s 高很多。那麼為什麼它現在以這種方式上漲呢？

Yes. It's a great question. I think what's important about the 4%, which is in our first 6 months, is it -- that included a number of deals, particularly larger deals that we had started negotiating even before the spin. And as a result, some of the signings in there were essentially think of them as being pre-spin price quotes that dragged down the margin. And I think the -- as we moved into fiscal '23, we were -- we're signing deals that were our business, and that's why they were in the 7% to 9% pretax range.

是的。這是一個很好的問題。我認為在我們的前 6 個月中，4% 的重要之處在於——它包括一些交易，尤其是我們甚至在分拆之前就已經開始談判的更大的交易。結果，那裡的一些簽約基本上被認為是拖低利潤率的預售報價。而且我認為 - 當我們進入 23 財年時，我們 - 我們正在簽署屬於我們業務的交易，這就是為什麼它們在 7% 到 9% 的稅前範圍內。

And then the movement up from 7% to 9%, I think, represents the benefit increased focus on this issue. And probably the learning from experience that we can indeed command the sort of margins that we're seeing now up in the 9% approaching 10% range.

然後從 7% 上升到 9%，我認為，代表了對這個問題的關注增加的好處。並且可能從經驗中學習我們確實可以控制我們現在看到的那種接近 9% 接近 10% 的利潤率。

And that's going to be a key area for us going forward, making sure we've got the discipline to get appropriate margins on the business that we're signing.

這將是我們前進的一個關鍵領域，確保我們有紀律，在我們簽署的業務上獲得適當的利潤。

And then I want to ask about the '24 outlook, Slide 14. This is really an impeccable slide. But what -- in terms of the revenue, what is different, if anything, than when you spun? So in other words, the 3 points in the initial backlog, was that any different then versus now the 5 to 6 in the reduced focus Account headwind? Is this the same or different? Because this is the question investors are asking us this morning.

然後我想問一下 24 年的前景，幻燈片 14。這真是一張無可挑剔的幻燈片。但是，就收入而言，與紡紗時相比有什麼不同（如果有的話）？因此，換句話說，最初積壓的 3 點與現在減少關注客戶逆風中的 5 到 6 點有什麼不同嗎？這是相同還是不同？因為這是投資者今天早上問我們的問題。

Sure. I would say the 3 points due to the backlog is no different. It's exactly what it was. It's the backlog playing out. It's the impact of the low to mid-single-digit revenue decline associated with our initial backlog that we've been talking about consistently over the last 18 months.

當然。我會說由於積壓造成的 3 點沒有什麼不同。原來如此。這是積壓的結果。這是我們在過去 18 個月中一直在談論的與我們最初積壓相關的中低個位數收入下降的影響。

The second piece, the 5- to 6-point impact associated with reducing focused account revenue and low-margin third-party content, that is a -- that is consistent with what we wanted to do, but we're stepping it up a little bit. And I think the mix of the impact between fiscal '23 and fiscal '24 has ended up being more in fiscal '24 and less in fiscal '23 than we would have initially expected.

第二部分，與減少重點客戶收入和低利潤第三方內容相關的 5 到 6 點影響，這與我們想要做的事情一致，但我們正在加強它一點。我認為 23 財年和 24 財年之間的混合影響最終在 24 財年和 23 財年比我們最初預期的要小。

So our revenues were a bit stronger this past year than -- we thought at the beginning of the year, which actually creates a tougher comp for us. And so as we step away from the business that we always wanted to step away from and then maybe even a little bit more, the impact in fiscal '24 on a percentage basis just ends up being a bit larger.

因此，我們去年的收入比 - 我們在年初想的要強一些，這實際上為我們創造了一個更艱難的競爭。因此，當我們遠離我們一直想遠離的業務，甚至可能更多一點時，24 財年的影響在百分比基礎上最終會變得更大一些。

And then lastly, I would say we're really excited about Kyndryl Consult and the growth that we're seeing there. The 30% growth in signings that we have, the fact that's already up to 12% of revenue on a full year basis, 13% in the most recent quarter. The impact that, that's having a little bit on the revenue side and reflecting us, showing up differently for our customers and playing a bigger up technology stack role with those customers is really exciting. And so I think that's a positive development in there as well.

最後，我想說我們對 Kyndryl Consult 以及我們在那裡看到的增長感到非常興奮。我們的簽約數量增長了 30%，事實上這已經佔全年收入的 12%，最近一個季度為 13%。這對收入方面有一點影響並反映了我們，以不同的方式為我們的客戶展示並與這些客戶一起扮演更大的技術堆棧角色，這真的令人興奮。所以我認為這也是一個積極的發展。

Operator, it looks like that's our last question. I'm going to pass the call to Martin.

接線員，看來這是我們的最後一個問題了。我要把電話轉給馬丁。

So thanks, everybody, for joining today. Look, hopefully, you can hear and get a sense of not only how much progress we've made in our first full year on the three-As, but also that the three-As are what's going to turn this business around in the time frame or maybe even a little bit faster than what we've said in the past. I feel as though we're on or ahead of schedule in executing on each of the three-As.

所以感謝大家今天的加入。看，希望您不僅能聽到並了解我們在第一個完整年度中在 3-A 方面取得了多少進展，而且 3-A 將在當時扭轉這一業務框架甚至可能比我們過去所說的更快一點。我覺得我們在執行三個 A 中的每一個方面都按計劃進行或提前完成。

So we feel really good about what we've gotten done. We now as we've said, both David and I have said on the call, this is a year of acceleration. We're growing where we want to, and we will continue to target and to focus on improving the profitability of this business, and that's what you see in our guidance. Very strong pretax margin expansion, notwithstanding the headwinds that have been imposed in some parts of our business, but very strong pretax margin expansion and really focusing this business on the high-value that we know we create with our customers.

所以我們對我們所做的事情感覺非常好。正如我們所說，大衛和我在電話會議上都說過，這是加速的一年。我們正在我們想要的地方成長，我們將繼續瞄準並專注於提高這項業務的盈利能力，這就是你在我們的指導中看到的。稅前利潤率增長非常強勁，儘管我們業務的某些部分遇到了不利因素，但稅前利潤率增長非常強勁，並且真正將這項業務集中在我們知道我們與客戶創造的高價值上。

So thanks again for joining us. A lot of work left to do, but we're excited about where we are. Thank you, operator.

再次感謝您加入我們。還有很多工作要做，但我們對我們所處的位置感到興奮。謝謝你，運營商。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。