Kyndryl Holdings Inc (KD) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Kyndryl Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to your first speaker of today, Lori Chaitman, Head of Investor Relations.

美好的一天，感謝您的耐心等待，歡迎參加 Kyndryl 收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言者、投資者關係主管洛里·柴特曼 (Lori Chaitman)。

Good morning, everyone and welcome to Kyndryl's earnings call for the second fiscal quarter ended September 30, 2023. Before we begin, I'd like to remind you that our remarks today will include forward-looking statements. These statements are subject to the risk factors that may cause our actual results to differ materially from those expressed or implied. These forward-looking statements speak only to our expectations as of today and we are under no obligation to update them. 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 March 31, 2023.

大家早安，歡迎參加 Kyndryl 截至 2023 年 9 月 30 日的第二財季財報電話會議。在開始之前，我想提醒您，我們今天的演講將包括前瞻性陳述。這些陳述受到風險因素的影響，這些風險因素可能導致我們的實際結果與明示或暗示的結果有重大差異。這些前瞻性陳述僅代表我們截至目前為止的預期，我們沒有義務更新它們。有關其中一些風險的更多詳細信息，請參閱我們截至 2023 年 3 月 31 日的年度 10-K 表格年度報告的風險因素部分。

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. With me here today are Kyndryl's Chairman and Chief Executive Officer, Martin Schroeter; and Kyndryl's Chief Financial Officer, David Wyshner. Following our prepared remarks, we will hold a Q&A session. I'd now like to turn the call over to Martin. Martin?

在今天的演講中，我們也將提及某些非公認會計準則財務指標。今天活動的簡報資料中提供了相應的 GAAP 衡量標準以及歷史時期非 GAAP 衡量標準與 GAAP 衡量標準的調整表，這些資料可在我們的網站 Investor.kyndryl.com 上取得。今天和我在一起的有 Kyndryl 董事長兼執行長 Martin Schroeter； Kyndryl 的財務長 David Wyshner。在我們準備好的發言之後，我們將舉行問答環節。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. Last week, we marked our second anniversary as an independent company, and we are delivering progress at an accelerated pace. Today, I want to talk about why we've been able to succeed. Of course, our first half performance reflects continued progress and strong execution positioning us really well for the year as a whole, and we're raising our full year earnings outlook. Our 3 AAAs initiatives centered on alliances and advanced delivery in accounts are paving the way for profitable growth. Kyndryl Consult, Kindel Bridge and our efficiency efforts are also driving our results. And as an organization, we're delivering strong performance that is evident both in our financial metrics and in our customer satisfaction scores.

謝謝你，洛瑞，也謝謝你們每一個人加入我們。上週，我們慶祝了作為獨立公司的兩週年紀念日，我們正在加快步伐取得進展。今天，我想談談為什麼我們能夠成功。當然，我們上半年的業績反映了持續的進步和強大的執行力，使我們在全年中處於良好的位置，並且我們正在提高全年盈利預期。我們以聯盟和高級客戶交付為中心的 3 AAA 舉措正在為盈利增長鋪平道路。 Kyndryl Consult、Kindel Bridge 和我們的效率努力也在推動我們取得成果。作為一個組織，我們正在提供強勁的業績，這在我們的財務指標和客戶滿意度評分中都是顯而易見的。

On today's call, David will review our recent financial results, our raised fiscal 2024 outlook and how we're changing Kyndryl's profile for the better. However, let's not lose sight of why this performance is happening. We are vital to our customers' current and future technology needs. Our capabilities align with the powerful secular trends in IT, and this makes us an indispensable partner for our customers. In other words, our progress is being fueled by the leadership position we have in our industry, our new freedom of action we have as an independent company and how that perfectly aligns with the larger forces shaping the evolution of IT. We're helping customers navigate these secular trends, and we're already capturing the growth opportunities they present. And because we're at the heart of these trends, of enabling our customers' IT futures as well as their current operations performing mission-critical work across a broader technology ecosystem, our business is sustainable and important over the long term.

在今天的電話會議上，David 將回顧我們最近的財務業績、上調的 2024 財年展望以及我們如何改善 Kyndryl 的形象。然而，我們不要忽視這種表現發生的原因。我們對於客戶當前和未來的技術需求至關重要。我們的能力符合 IT 領域強大的長期趨勢，這使我們成為客戶不可或缺的合作夥伴。換句話說，我們在行業中的領導地位、作為一家獨立公司所擁有的新的行動自由以及如何與塑造 IT 發展的更大力量完美結合，推動了我們的進步。我們正在幫助客戶駕馭這些長期趨勢，我們已經抓住了它們帶來的成長機會。由於我們處於這些趨勢的核心，使客戶的 IT 未來及其當前營運能夠在更廣泛的技術生態系統中執行關鍵任務工作，因此從長遠來看，我們的業務是可持續的且重要的。

That's why we're seeing growth in alliances with our hyperscaler partners in adoption of Kyndryl Bridge and consult signings and revenue in customer satisfaction, in public cloud management and in areas like apps, data and AI. So yes, we're fixing focus accounts that are -- so that our margins are better, but Kyndryl's transformation is about so much more than that. It's about Kyndryl being the leader in providing and enabling our customers to have and leverage the technology they need to win. The results we're presenting today just as they did last quarter and last year are evidence of our strength market leadership and ability to fix the challenges we inherited. The margins on the signings we're putting into our backlog, the execution of our 3A initiatives, our success with our new partners and our ability to enable our customers to harness secular IT trends are reminders that we were always more than just a turnaround. And that we've always been a market leader, a leader that is well positioned to capture future growth.

這就是為什麼我們看到與超大規模合作夥伴的聯盟不斷成長，採用 Kyndryl Bridge，並在客戶滿意度、公有雲管理以及應用程式、資料和人工智慧等領域諮詢簽約和收入。所以，是的，我們正在修復重點客戶，以便我們的利潤率更高，但 Kyndryl 的轉型遠不止於此。 Kyndryl 是提供並使我們的客戶能夠擁有並利用他們獲勝所需的技術的領導者。我們今天公佈的結果與上個季度和去年的結果一樣，證明了我們強大的市場領導地位以及解決我們繼承的挑戰的能力。我們積壓的簽約利潤、我們 3A 計劃的執行、我們與新合作夥伴的成功以及我們幫助客戶駕馭長期 IT 趨勢的能力都在提醒我們，我們始終不只是扭虧為盈。我們一直是市場領導者，是個能夠抓住未來成長的領導者。

To appreciate our growth opportunities, it's important to understand how we're building on our heritage and leveraging our expertise to meet customer needs and forge new higher value revenue streams. Our 30-plus year heritage in managing mission-critical IT systems is a very powerful asset. And we're seeing hybrid IT estates to plant migrate everything to cloud as a central theme among large enterprise CIOs. Our recent survey of hundreds of IT and business leaders indicated that while they aim to run nearly 40% of their workloads on a cloud or a distributed platform, the overwhelming majority also view mainframes as essential to their business operations and likely to remain at the core of their tech stack. With that in mind, our new alliances with hyperscalers, combined with our expansive knowledge of legacy technologies give Kyndryl a unique ability to help organizations achieve their IT and business objectives.

為了抓住我們的成長機會，重要的是要了解我們如何繼承我們的傳統並利用我們的專業知識來滿足客戶需求並創造新的更高價值的收入來源。我們在管理關鍵任務 IT 系統方面擁有 30 多年的經驗，這是一項非常強大的資產。我們看到混合 IT 資產將所有內容遷移到雲端已成為大型企業 CIO 的中心主題。我們最近對數百名IT 和業務領導者進行的調查表明，雖然他們的目標是在雲端或分散式平台上運行近40% 的工作負載，但絕大多數人也認為大型主機對其業務運營至關重要，並且可能仍處於核心地位他們的技術堆疊。考慮到這一點，我們與超大規模企業的新聯盟，再加上我們對傳統技術的廣泛了解，使 Kyndryl 擁有獨特的能力來幫助組織實現其 IT 和業務目標。

With Kyndryl Consult, our technology experts advise our customers and co-create with our partners to modernize and optimize hybrid solutions and accelerate business outcomes. With a hybrid infrastructure, businesses can strategically choose where and how to host specific workloads based on their requirements. We're working with customers everywhere to ensure that the right workload runs on the right platform. This leads to improved performance and cost savings. And we've been consistently generating double-digit revenue growth in Kyndryl Consult by delivering thought leadership and mainframe modernization and strong capabilities in automation, cloud migration and management, data optimization and security and resiliency.

透過 Kyndryl Consult，我們的技術專家為我們的客戶提供建議，並與我們的合作夥伴共同創造，以現代化和優化混合解決方案並加速業務成果。借助混合基礎設施，企業可以根據自己的要求策略性地選擇在何處以及如何託管特定工作負載。我們正在與世界各地的客戶合作，以確保正確的工作負載在正確的平台上運作。這可以提高性能並節省成本。透過提供思想領導力和大型主機現代化以及自動化、雲端遷移和管理、資料優化以及安全性和彈性方面的強大能力，Kyndryl Consult 始終保持兩位數的收入成長。

Additionally, Kyndryl Bridge integrates AI, operational data and Kyndryl's expertise to give customers visibility across their technology estates, including multi-cloud and hybrid landscapes, with insights to help them understand, predict and act for better business outcomes. We have more tech stack operating data than anyone in the world. And through our ability to leverage AI, we are providing our customers and ourselves an advantage in managing and developing their systems.

此外，Kyndryl Bridge 整合了人工智慧、營運數據和Kyndryl 的專業知識，讓客戶能夠了解其技術資產（包括多雲和混合環境），並獲得洞察力，幫助他們理解、預測和採取行動，以獲得更好的業務成果。我們擁有比世界上任何人都多的技術堆疊營運數據。透過利用人工智慧的能力，我們為客戶和我們自己提供了管理和開發系統的優勢。

Kyndryl Bridge uses automation to enable more secure, stable and reliable technology operations for our customers, with the benefit of AI machine learning Kyndryl Bridge is identifying patterns and systems and infrastructure and is now performing 1 billion automations a year for our customers across secure tech stacks. And one of the benefits that we're seeing from Bridge and its ability to operate as a self-healing architecture is that the frequency of significant incidence is down more than 30% so far this year in those accounts who have moved on to Bridge.

Kyndryl Bridge 使用自動化為我們的客戶提供更安全、穩定和可靠的技術操作，借助AI 機器學習的優勢Kyndryl Bridge 正在識別模式、系統和基礎設施，現在每年透過安全技術堆疊為我們的客戶執行10 億次自動化。我們從 Bridge 及其作為自我修復架構運作的能力中看到的好處之一是，今年到目前為止，在那些已轉向 Bridge 的帳戶中，重大事件的頻率下降了 30% 以上。

So through our heritage, Kyndryl Consult and Kyndryl Bridge we're meeting customers where they are in their digital evolution and helping them move forward. Our capabilities and innovation are putting us at the center of collaborative customer relationships in which technology drives business outcomes in a reliable and secure way. This is allowing us to access incremental market opportunities to grow our share of wallet with existing customers and to win new customers and obviously transform parts of Kyndryl. Beyond enterprises' need to manage and optimize their infrastructures, our market position and our capabilities are allowing us to benefit from the key secular trends in IT, the adoption of artificial intelligence technology skill shortages, the need to modernize and partial in many cases, cloud migration, all of which are creating growth opportunities for us. Given our presence across a range of enterprise technologies, AI represents a multifaceted opportunity for us.

因此，透過我們的傳統、Kyndryl Consult 和 Kyndryl Bridge，我們正在滿足客戶在數位發展過程中的需求，並幫助他們向前發展。我們的能力和創新使我們處於協作客戶關係的中心，在這種關係中，技術以可靠和安全的方式推動業務成果。這使我們能夠獲得增量市場機會，增加現有客戶的錢包份額，贏得新客戶，並顯著改變 Kyndryl 的部分業務。除了企業需要管理和優化其基礎設施之外，我們的市場地位和能力使我們能夠從IT 的主要長期趨勢、人工智慧技術的採用、技能短缺、在許多情況下現代化和局部化的需求、雲端運算中受益。移民，所有這些都為我們創造了成長機會。鑑於我們在一系列企業技術中的存在，人工智慧對我們來說代表著多方面的機會。

As I mentioned, AI sits at the center of our Kyndryl Bridge platform and is producing actionable insights for us and our customers every day. As the largest infrastructure services provider in the world, we generate large amounts of data about IT systems. We use this data in Kyndryl Bridge and it gives us the ability to identify application performance patterns under almost any condition so we can prevent incidents from occurring and reduce required maintenance. AI is also a go-to-market opportunity for us as customers seek to build AI and their own generative AI into processes, they know that their AI is only going to be as good as their data. This is creating demand for our expertise and how to architect data to set the foundation for AI and for Gen AI applications. And we're working with both existing and new alliance partners to help facilitate AI in complex environments and to develop joint capabilities. We see this both as a growth opportunity for us and as a natural extension of the data, network, digital workplace and security services we already offer.

正如我所提到的，人工智慧位於我們 Kyndryl Bridge 平台的中心，每天都在為我們和我們的客戶提供可行的見解。作為全球最大的基礎設施服務供應商，我們產生大量有關 IT 系統的數據。我們在 Kyndryl Bridge 中使用這些數據，它使我們能夠在幾乎任何條件下識別應用程式效能模式，以便我們可以防止事件發生並減少所需的維護。人工智慧對我們來說也是一個進入市場的機會，因為客戶尋求將人工智慧和他們自己的生成式人工智慧建置到流程中，他們知道他們的人工智慧只會和他們的資料一樣好。這對我們的專業知識以及如何建立數據為人工智慧和新一代人工智慧應用奠定基礎產生了需求。我們正在與現有和新的聯盟夥伴合作，幫助促進複雜環境中的人工智慧並開發聯合能力。我們認為這既是我們的成長機會，也是我們已經提供的數據、網路、數位工作場所和安全服務的自然延伸。

In fact, signings in our applications data and AI practice are up more than 30% this year. A second trend is that many organizations just can't attract and develop the range and scale of skilled IT resources, they need particularly certain disciplines, IT skills are in short supply throughout the world, and in-sourced infrastructure work doesn't benefit from the scale, the know-how, the training, the investment and the innovation that Kyndryl brings to the table as a third-party service provider, including the expansion of our hyperscaler certifications since our spin, because our scale and associated ability to home-grow talented resources, the skill shortages in the marketplace are making Kyndryl value proposition even stronger.

事實上，今年我們的應用數據和人工智慧實踐中的簽約量成長了 30% 以上。第二個趨勢是，許多組織無法吸引和發展高技能 IT 資源的範圍和規模，他們需要特別特定的學科，IT 技能在全球範圍內供不應求，而且內包的基礎設施工作也無法從中受益。Kyndryl 作為第三方服務提供者帶來的規模、專業知識、培訓、投資和創新，包括自我們成立以來我們的超大規模認證的擴展，因為我們的規模和相關能力增長人才資源，市場上的技能短缺使Kyndryl 的價值主張變得更強。

We manage today more than 60% of the outsourced mainframe capacity in the world, and we invest in maintaining this world-class team. Our know-how and alliances with leading technology providers also give us unparalleled expertise in enterprise CIOs to need to modernize complex environments. Simply put, nobody can retrofit their IT plane while it's flying like we can. And when we combine these capabilities with customers' needs to enhance security and resiliency and efficiency with their desire for innovation we've become an indispensable business partner.

如今，我們管理著全球 60% 以上的外包大型機產能，並投資維持這支世界級的團隊。我們的專業知識以及與領先技術提供者的聯盟也為我們在企業 CIO 需要實現複雜環境現代化方面提供了無與倫比的專業知識。簡而言之，沒有人能夠像我們一樣在 IT 飛機飛行時對其進行改造。當我們將這些功能與客戶的需求結合，以增強安全性、彈性和效率以及他們對創新的渴望時，我們已經成為不可或缺的業務合作夥伴。

As I mentioned earlier, selective migration of certain workloads to the cloud is a prime example of where large organizations are looking to modernize, innovate and drive efficiency. Our hyperscaler related signings are up more than 35% so far this year, and our hyperscaler related revenues were up even more. And some of our largest new logo signings have been for customers who want to leverage our hyperscale alliances and cloud migration expertise. And because we serve as an operator, an integrator and an adviser to our customers and their digital business transformations we naturally find ourselves at the nexus of each of these broader market currents. And a central theme underlying our strategies and our approach to the market is that we're capturing and building value in our business. As we've shared previously, our gross margin at the time of our spin, the margin that our backlog was producing was in the mid-teens. But we've dramatically changed the projected margins on new business that we're signing and raising these margins more than 50% to 26% over the last 12 months.

正如我之前提到的，選擇性地將某些工作負載遷移到雲端是大型組織尋求現代化、創新和提高效率的典型例子。今年到目前為止，我們的超大規模相關簽約量成長了 35% 以上，我們的超大規模相關收入成長更多。我們一些最大的新徽標簽名是針對希望利用我們的超大規模聯盟和雲端遷移專業知識的客戶。由於我們作為客戶及其數位業務轉型的營運商、整合商和顧問，我們自然而然地發現自己處於這些更廣泛的市場潮流的聯繫之中。我們的策略和市場方法的中心主題是我們正在捕捉和創造我們的業務價值。正如我們之前分享的，我們在旋轉時的毛利率，我們的積壓訂單產生的利潤在十幾歲左右。但我們已經大幅改變了我們正在簽署的新業務的預期利潤率，並在過去 12 個月內將這些利潤率提高了 50% 以上至 26%。

From a financial perspective, this is a game changer for our business. David will walk you through the math of our gross profit book-to-bill ratio being above 1, but the growth vector, the source of value creation that we're delivering is that even though we're engineering a decline in our revenue this year, we're building absolute profit dollar growth into our backlog. We're adding more to the top of our earnings funnel that is flowing out into our P&L this year. And at the same time, as we move further from our spin, more and more of our revenues are coming from higher-margin post-spin signings. This fiscal year, only about 1/3 of our revenue is coming from post-spin signings. Next year, it will be roughly half of our revenue coming from post-spin signings.

從財務角度來看，這對我們的業務來說是一個遊戲規則改變者。大衛將帶您計算我們的毛利帳面出貨比高於 1，但成長向量，即我們提供的價值創造來源是，即使我們正在設計收入下降，今年，我們將絕對利潤美元成長納入我們的積壓訂單中。我們正在為獲利管道的頂部添加更多資金，這些資金將流入今年的損益表。同時，隨著我們進一步遠離旋轉，我們越來越多的收入來自利潤率更高的旋轉後簽約。本財年，我們只有約 1/3 的收入來自旋轉​​後簽約。明年，我們大約一半的收入將來自旋轉後簽約。

And in fiscal 2026, it will be roughly 2/3 from our post-spin signings. So the inflection point when our P&L is largely determined by our higher-margin post-spin signings will dramatically change our earnings profile again. As we shared last quarter, where this will show up is in our adjusted pretax income and margins. We put adjusted pretax losses behind us and our forecast implies more than $350 million of adjusted pretax income improvement this year compared to last. And the margins at which we're signing contracts and the other actions we're implementing have us on path to deliver higher earnings each year on our way to high single-digit adjusted pretax margins.

到 2026 財年，大約 2/3 來自我們的分拆後簽約。因此，當我們的損益主要由利潤率較高的旋轉後簽約決定時，拐點將再次極大地改變我們的獲利狀況。正如我們上季度分享的那樣，這將體現在我們調整後的稅前收入和利潤率。我們將調整後的稅前損失拋諸腦後，我們的預測意味著今年調整後的稅前收入比去年增加了超過 3.5 億美元。我們簽署合約的利潤率和我們正在實施的其他行動使我們每年都能實現更高的收益，實現高個位數的調整後稅前利潤率。

And yes, the math associated with that is ultimately a $1 billion or more of adjusted PTI with a high conversion of our net earnings into cash. In short, while we continue to do the important vital work we always have for our customers, we're successfully transforming elements of our business very quickly because of our great people, our new culture, our unique capabilities to meet mission-critical needs, our powerful IT and data and outstanding execution, each of which is aligned with the secular trends in the market. We are pleased with the significant progress we've made so far. We're enthusiastic about our momentum going into the second half of the year and very excited about the path in front of us. Now with that, I'll hand over to David to take you through our results and our outlook.

是的，與此相關的數學計算最終是調整後的 PTI 達到 10 億美元或更多，同時我們的淨利潤將大量轉化為現金。簡而言之，在我們繼續為客戶做重要工作的同時，由於我們優秀的員工、我們的新文化、我們滿足關鍵任務需求的獨特能力，我們正在快速成功地轉變我們的業務要素，我們強大的IT和數據以及出色的執行力，每一項都符合市場的長期趨勢。我們對迄今為止的重大進展感到高興。我們對進入下半年的勢頭充滿熱情，並對我們面前的道路感到非常興奮。現在，我將請 David 向您介紹我們的成果和前景。

Thanks, Martin, and hello, everyone. Today, I'd like to discuss our quarterly results, the outstanding progress we're making on our 3As, the growth in gross profit that we've been building into our contracted book of business and our updated outlook for fiscal year 2024. We have a lot of good news to share.

謝謝馬丁，大家好。今天，我想討論我們的季度業績、我們在 3A 方面取得的突出進展、我們已納入合約業務賬簿的毛利潤增長以及我們對 2024 財年的最新展望。有很多好消息要分享。

Our second quarter results reflect strong operational execution and continued progress on our key initiatives. In the quarter, revenue totaled $4.1 billion, a 5% decline in constant currency. The year-over-year decline in revenue was anticipated and primarily driven by our intentional exit from negative no and low margin revenue streams within ongoing customer relationships, not by macro factors. We continued to gain momentum in higher-margin advisory services. Kyndryl Consult revenues grew 17% year-over-year in constant currency which highlights how we're growing our share in this higher-margin, higher value-add space. Consult signings grew even faster, increasing 32% year-over-year in constant currency. This performance reflects how the opportunities for growth in Kyndryl Consult services stemming from our new alliances with third-party technology providers are outweighing the macro issues pressuring some other firms.

我們第二季的業績反映了強大的營運執行力以及我們關鍵舉措的持續進展。本季營收總計 41 億美元，以固定匯率計算下降 5%。營收年減是預期的，主要是由於我們有意退出持續客戶關係中的負無利潤和低利潤收入流，而不是宏觀因素。我們在利潤率較高的諮詢服務領域持續保持強勁勢頭。以固定匯率計算，Kyndryl Consult 營收年增 17%，這凸顯了我們如何在這個利潤率更高、附加價值更高的領域擴大份額。諮詢簽約量成長更快，以固定匯率計算年增 32%。這項業績反映出我們與第三方技術提供者的新聯盟帶來的 Kyndryl Consult 服務成長機會如何超過了給其他一些公司帶來壓力的宏觀問題。

Our Q2 signings were down 3% year-over-year in constant currency. Outside of our core enterprise practice, where we've concentrated on removing pass-through revenue and addressing focus accounts, signings were up in the single digits. Our adjusted EBITDA grew 34% to $574 million. Our adjusted EBITDA margin was 14.1%, a year-over-year increase of 390 basis points. At the risk of being immodest, we view this as remarkable execution. Nearly 4 points of margin expansion is a proof point for our ability to drive meaningful profit growth in our business. Adjusted pretax income was $25 million, a $127 million improvement in profit compared to the prior year quarter. As I'll discuss in a moment, our continued progress on our 3As is the key driver of our earnings growth. We address our customers' needs through our geographic operating segments and also through our 6 global practices, cloud applications, data and AI, security and resiliency, network and edge, digital workplace and core enterprise.

以固定匯率計算，我們第二季的簽約人數較去年同期下降了 3%。在我們的核心企業實踐之外，我們專注於消除轉嫁收入和解決焦點客戶問題，簽約數量僅以個位數成長。我們調整後的 EBITDA 成長了 34%，達到 5.74 億美元。調整後 EBITDA 利潤率為 14.1%，較去年同期成長 390 個基點。冒著不謙虛的風險，我們認為這是出色的執行力。近 4 個百分點的利潤率擴張證明了我們有能力推動業務實現有意義的利潤成長。調整後的稅前收入為 2,500 萬美元，與去年同期相比，利潤增加了 1.27 億美元。正如我稍後將討論的，我們在 3A 方面的持續進步是我們獲利成長的關鍵驅動力。我們透過地理營運部門以及雲端應用、資料和人工智慧、安全性和彈性、網路和邊緣、數位工作場所和核心企業等 6 個全球實踐來滿足客戶的需求。

Our business mix continues to evolve to reflect demand with most of our signings, including Kyndryl consult signings coming from cloud, [apps data] & AI, security and other growth areas. More generally, as we look back on the quarter, we're thrilled to have delivered results that position us to exceed the full year earnings targets that we've already raised once before. Our strategy is working. Our 3A initiatives are driving continuous improvement throughout our operations and fostering additional progress each quarter. As a reminder, at the start of the year, we provided fiscal 2024 targets of $300 million in revenue tied to hyperscaler alliances, $450 million in cumulative annualized cost savings from advanced delivery by fiscal year-end and $400 million of cumulative annualized pretax benefit from our accounts initiative.

我們的業務組合不斷發展，以反映我們大多數簽約的需求，包括來自雲端、[應用程式資料]和人工智慧、安全和其他成長領域的 Kyndryl 諮詢簽約。更廣泛地說，當我們回顧本季時，我們很高興所取得的業績使我們能夠超越我們之前已經提高過的全年盈利目標。我們的策略正在發揮作用。我們的 3A 計劃正在推動整個營運的持續改進，並促進每個季度取得額外進展。提醒一下，在今年年初，我們提出了2024 財年目標：與超大規模聯盟相關的收入為3 億美元，到財年末提前交付帶來的累計年化成本節省為4.5 億美元，以及來自超大規模聯盟的累計年化稅前收益為4 億美元。我們的帳戶倡議。

Heading into the second half of our fiscal year, we're well on track to exceed our alliances target and are raising our targets for our advanced delivery and accounts initiatives. Through our alliances, we're building a portion of our customer relationships that include cloud-based content. In the second quarter, we recognized more than $100 million in hyperscaler related revenue, putting our run rate ahead of our $300 million full year target. Our hyperscaler certifications totaled more than 37,000, which is more than double what they were 2 years ago and now include even more advanced certifications. Our advanced delivery initiative is transforming the way we deliver our services and Kyndryl Bridge is driving our progress.

進入本財年下半年，我們有望超越我們的聯盟目標，並提高我們的高級交付和客戶計劃目標。透過我們的聯盟，我們正在建立部分客戶關係，其中包括基於雲端的內容。第二季度，我們確認了超過 1 億美元的超大規模相關收入，使我們的運行率超過了 3 億美元的全年目標。我們的超大規模認證總數超過 37,000 項，是 2 年前的兩倍多，現在還包括更高級的認證。我們先進的交付計劃正在改變我們提供服務的方式，Kyndryl Bridge 正在推動我們的進步。

To date, we've been able to free up more than 7,500 delivery professionals to address new revenue opportunities and backfill attrition. This is worth roughly $425 million a year to us, representing a $50 million increase in our annual run rate this past quarter. We continue to see significant automation opportunities across our delivery operations as we increase service levels, reduce our costs and incorporate more technology into our offerings.

到目前為止，我們已經騰出了超過 7,500 名配送專業人員來應對新的收入機會和回補人員流失。這對我們來說每年價值約 4.25 億美元，這意味著我們上個季度的年運行率增加了 5,000 萬美元。隨著我們提高服務水準、降低成本並將更多技術融入我們的產品中，我們繼續在整個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 fixing elements of contracts with substandard margins. In the second quarter, we increased the annual profitability of our focused accounts to $400 million, which was our initial target for year-end. Successful execution of our 3As is our fastest path towards achieving sustainable, profitable growth and the progress our teams have made on these initiatives is incredible. As a result, we're increasing our annualized savings target for both our advanced delivery and accounts initiatives by $100 million. Turning to our cash flow and balance sheet. In the quarter, we generated positive adjusted free cash flow of $69 million.

我們的帳戶計劃一直並將繼續是一項全球性的努力，重點是修復利潤率不合格的合約要素。第二季度，我們將重點客戶的年獲利能力提高到4億美元，這是我們年底的初步目標。成功執行 3A 是我們實現永續獲利成長的最快途徑，我們的團隊在這些舉措上取得的進展令人難以置信。因此，我們將提前交付和帳戶計劃的年度節省目標提高了 1 億美元。轉向我們的現金流和資產負債表。本季度，我們產生了 6,900 萬美元的正向調整自由現金流。

Our gross capital expenditures in the quarter were $175 million, and we received $113 million of proceeds from asset dispositions as a disproportionate amount of our planned FY '24 asset sales occurred in Q2. Our financial position remains strong, and we continue to expect that our full year adjusted free cash flow will be positive. We provided a bridge from our adjusted pretax income to our free cash flow as well as a bridge from our adjusted EBITDA to our free cash flow in the appendix.

我們本季的總資本支出為 1.75 億美元，我們從資產處置中獲得了 1.13 億美元的收益，因為第二季我們計劃的 24 財年資產銷售金額不成比例。我們的財務狀況依然強勁，我們繼續預計全年調整後的自由現金流將為正值。我們在附錄中提供了從調整後稅前收入到自由現金流的橋樑，以及從調整後 EBITDA 到自由現金流的橋樑。

Our cash balance at September 30 was $1.4 billion. Our cash, combined with available debt capacity under committed borrowing facilities gave us $4.6 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 $1.8 billion. As a result, our net leverage sits well within our target range. We are rated investment grade by Moody's, Fitch and S&P, and all 3 agencies recently reaffirmed our ratings. We're thrilled to have exited the transition services agreements with our former parent and to have completed the migration to our fit-for-purpose operating financial and HR systems in the 2 years following our spin. This was a large complex and important series of projects delivered on time and on budget that will allow us to adapt our processes and drive operating efficiencies in ways that we couldn't until now.

截至 9 月 30 日，我們的現金餘額為 14 億美元。我們的現金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 46 億美元的流動性。我們的債務到期日從 2024 年末一直到 2041 年。我們的循環信貸安排下沒有未償還的借款，季度末的淨債務為 18 億美元。因此，我們的淨槓桿率完全在我們的目標範圍內。我們被穆迪、惠譽和標準普爾評為投資級，這 3 個機構最近都重申了我們的評級。我們很高興與前母公司解除了過渡服務協議，並在分拆後的兩年內完成了向適合目的的營運財務和人力資源系統的遷移。這是一系列按時、按預算交付的大型、複雜且重要的項目，使我們能夠以迄今為止無法做到的方式調整流程並提高營運效率。

On capital allocation, our top priorities continue to be to maintain strong liquidity, remain investment grade and reinvest in our business. Our leadership position in IT infrastructure services, combined with benefits from our 3A initiatives is significantly expanding our margins and will drive meaningful free cash flow growth. And over time, we'll be in a position to consider regularly returning capital to shareholders, all while remaining investment grade. As encouraged as I am by the earnings growth we delivered in Q2, I'm even more enthusiastic about how we continue to position Kyndryl for future margin and profit growth. As an independent company, we've combined 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.

在資本配置方面，我們的首要任務仍然是保持強勁的流動性、保持投資等級並對我們的業務進行再投資。我們在 IT 基礎設施服務領域的領導地位，加上我們 3A 計畫的優勢，正在顯著擴大我們的利潤，並將推動自由現金流的顯著成長。隨著時間的推移，我們將能夠考慮定期向股東返還資本，同時保持投資等級。儘管我對第二季度實現的獲利成長感到鼓舞，但我對我們如何繼續定位 Kyndryl 以實現未來利潤和利潤成長更加充滿熱情。作為一家獨立公司，我們將定價規則和與客戶的合作結合起來，將所有新簽約的預期利潤率提高到 20 多歲，毛利達到高個位數的稅前利潤。

As Martin mentioned, the September quarter was a continuation of that favorable trend and as our business mix increasingly shifts towards more post-spin contracts, you will see significant margin expansion. In our earnings presentation, we've shared a simple analysis that accentuates how we've been creating and capturing value in our business. With an average projected gross margin of 26% and our $12 billion of signings over the last 12 months, we've added over $3 billion of gross profit to our backlog. Over the same period of time, we've reported gross profit of $2.7 billion. This means we've been adding more gross profit to our backlog than our contracted book of business has been throwing off in the form of gross profit reported in our P&L. Having a gross profit book-to-bill ratio above 1x at 1.1x is a measure of how we're growing, what matters most, the expected future profit from committed contracts.

正如馬丁所提到的，九月季度是這一有利趨勢的延續，隨著我們的業務組合越來越多地轉向更多的分拆後合同，您將看到利潤率顯著擴大。在我們的收益報告中，我們分享了一個簡單的分析，強調了我們如何在業務中創造和獲取價值。預計平均毛利率為 26%，過去 12 個月的簽約額為 120 億美元，我們的積壓訂單毛利增加了超過 30 億美元。同期，我們報告的毛利為 27 億美元。這意味著我們在積壓訂單中增加的毛利比我們的合約業務帳簿中以損益表中報告的毛利形式減少的毛利還要多。毛利帳面出貨比達到 1.1 倍以上，可以衡量我們的成長情況，最重要的是，我們從已承諾的合約中獲得的預期未來利潤。

We continue to make significant progress on our 3As initiatives and the momentum to date supports our continued expectation that over the medium term our alliances initiative will drive signings, revenue and roughly $200 million in annual pretax income. Our advanced delivery initiative will drive cost savings equating to roughly $600 million in annual pretax income and our accounts initiative will drive annual pretax income of $800 million or more. We're also driving growth in Kyndryl consult and among our global practices which is incremental to the benefits coming from our 3A initiatives, and we see opportunities to control expenses throughout our business. We expect that these efforts will contribute roughly $400 million in annual pretax income over the next few years. In total then, the magnitude of the earnings growth opportunity we're tackling is tremendous relative to our current margins. Progress on our 3As is a central source of value creation for Kyndryl.

我們繼續在 3A 計劃上取得重大進展，迄今為止的勢頭支持我們的持續預期，即從中期來看，我們的聯盟計劃將推動簽約、收入和約 2 億美元的年度稅前收入。我們的先進交付計劃將節省成本，相當於每年稅前收入約 6 億美元，而我們的帳戶計劃將帶來每年 8 億美元或更多的稅前收入。我們也推動 Kyndryl 諮詢和全球實踐的成長，這是我們 3A 計劃帶來的收益的增量，並且我們看到了控制整個業務費用的機會。我們預計這些努力將在未來幾年貢獻約 4 億美元的年稅前收入。總的來說，相對於我們目前的利潤率，我們正在應對的獲利成長機會的規模是巨大的。 3A 方面的進展是 Kyndryl 價值創造的核心來源。

With another strong quarter to build on, we're again raising our profit outlook for our 2024 fiscal year. We're growing our margins this year, largely due to the 3A initiatives, growth in Kyndryl Consult and productivity gains. We now expect our fiscal 2024 adjusted EBITDA margin to be roughly 14.5%, a 0.5 point higher than our previous estimate. This represents an increase of roughly 290 basis points versus fiscal 2023, and we're raising our outlook for adjusted pretax income to be at least $140 million versus our prior outlook of at least $100 million. This increase implies more than a 200 basis point margin expansion compared to last year. Importantly, we would have increased our full year outlook for adjusted pretax income by $30 million more were it not for the strengthening of the dollar and weakening of the yen over the last several months. The 3As, workforce rebalancing, real estate consolidation, growth in Kyndryl Consult, our pricing strategies and other actions are all contributing to our margin growth.

在又一個強勁季度的基礎上，我們再次上調 2024 財年的利潤預期。今年我們的利潤率不斷提高，這主要歸功於 3A 計劃、Kyndryl Consult 的成長以及生產力的提高。我們現在預計 2024 財年調整後 EBITDA 利潤率約為 14.5%，比我們先前的估計高出 0.5 個百分點。這比 2023 財年增加了約 290 個基點，我們將調整後稅前收入的預期提高到至少 1.4 億美元，而先前的預期至少為 1 億美元。這一成長意味著利潤率比去年增加了 200 個基點以上。重要的是，如果不是過去幾個月美元走強和日圓走弱，我們會將調整後稅前收入的全年預期再上調 3,000 萬美元。 3A、勞動力再平衡、房地產整合、Kyndryl Consult 的成長、我們的定價策略和其他行動都有助於我們的利潤成長。

Our outlook for revenue is a decline of 6% to 7% year-over-year in constant currency, which translates to $15.8 billion to $16 billion based on recent exchange rates. The strength of the U.S. dollar over the last 6 months has reduced our revenues measured in dollars, but it doesn't impact our constant currency outlook, which we are narrowing to the favorable end of our initial range. driven in part by the strength in our consult signings. Also, as a reminder, the year-over-year revenue decline we're projecting is primarily due to the soft backlog of fiscal 2024 revenue we were born with plus intentional near-term actions we're taking to transform our business. These changes typically involve removing selected low or negative margin scope from ongoing customer relationships. We've accelerated these actions over the last 6 to 9 months. So the year-over-year revenue decline in the second half of our fiscal year will be greater than in the first half.

我們的營收預期以固定匯率計算年減 6% 至 7%，根據最近的匯率換算為 158 億至 160 億美元。過去 6 個月美元的強勢減少了我們以美元衡量的收入，但這並沒有影響我們的恆定貨幣前景，我們正在將其縮小到初始區間的有利端。部分原因是我們諮詢簽約的實力。此外，提醒一下，我們預期的年比收入下降主要是由於我們天生就有的 2024 財年收入積壓不足，加上我們為業務轉型而採取的有意的近期行動。這些變化通常涉及從持續的客戶關係中刪除選定的低利潤或負利潤範圍。在過去 6 到 9 個月裡，我們加速了這些行動。因此，我們財年下半年的營收年減幅度將大於上半年。

For the December quarter, on a year-over-year basis, we expect revenues to decline in the high single digits in constant currency and for the revenue decline to be most pronounced in our U.S. and strategic market segments where our reduction of pass-through elements is most impactful. We expect adjusted pretax income to be positive with adjusted pretax margin up year-over-year in the quarter despite it being the quarter that is our toughest earnings comp this year due to the exaggerated seasonality that we had in Q3 last year. As I mentioned, we expect adjusted free cash flow to be positive this fiscal year. We now project roughly $700 million of net capital expenditures in fiscal 2024, which is 7% lower than our initial projection as we push to be less capital intensive. And we project about $850 million of depreciation expense. We continue to expect about $300 million of cash outlays for separation-related work, primarily systems migrations and for workforce rebalancing actions that are driving significant cost savings.

對於 12 月季度，與去年同期相比，我們預計收入將以固定匯率計算高個位數下降，並且收入下降在我們的美國和戰略市場領域最為明顯，在這些市場中，我們的傳遞減少元素影響最大。我們預計本季調整後稅前收入將為正，調整後稅前利潤率同比上升，儘管由於去年第三季度的季節性因素被誇大，該季度是我們今年最艱難的盈利比較。正如我所提到的，我們預計本財年調整後的自由現金流將為正值。我們現在預計 2024 財年的淨資本支出約為 7 億美元，比我們最初的預測低 7%，因為我們努力減少資本密集度。我們預計折舊費用約為 8.5 億美元。我們仍預計約 3 億美元的現金支出將用於與離職相關的工作，主要是系統遷移和勞動力重新平衡行動，從而顯著節省成本。

This will be the last year in which we incur spin-related charges so we expect our adjusted earnings to move closer to our reported GAAP earnings over time. In fact, next year, our principal adjustments should be only noncash stock-based comp and noncash intangibles amortization. We remain committed to our target of 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.

這將是我們最後一年產生與旋轉相關的費用，因此我們預計調整後的收益將逐漸接近我們報告的 GAAP 收益。事實上，明年我們的主要調整應該只是非現金股票補償和非現金無形資產攤提。我們仍然致力於實現到 2025 年恢復收入成長的目標，並在中期內實現顯著的利潤率擴張並推動自由現金流成長。我們有一個堅實的遊戲計劃來推動我們的策略進展，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。

To wrap up, our business model centers around providing mission-critical services to large complex organizations that are dependent on technology and pursuing digital evolution. We call this operating at the heart of progress. Operating at the heart of progress is also becoming a distinguishing feature of who we are as a corporation, delivering progress on alliances, advanced delivery and unprofitable accounts. Delivering progress with Kyndryl Consult and AI-enabled Kyndryl Bridge, delivering progress through our global migration to new operating financial and HR systems following our spin. Delivering progress in our margins and adjusted earnings as an independent company and delivering progress in our winning culture and in the breadth of solutions we provide to customers. As Martin highlighted, we are symbiotically delivering progress for our customers and for ourselves as the world's leading provider of IT infrastructure services. With that, Martin and I would be happy to take your questions.

總而言之，我們的業務模式圍繞著為依賴技術並追求數位化發展的大型複雜組織提供關鍵任務服務。我們稱之為進步的核心運作。以進步為核心的營運也正在成為我們作為一家公司的一個顯著特徵，在聯盟、提前交付和無利可圖的帳戶方面取得進展。透過 Kyndryl Consult 和支援人工智慧的 Kyndryl Bridge 取得進展，在我們轉型後透過全球遷移到新的營運財務和人力資源系統取得進展。作為一家獨立公司，我們的利潤率和調整後收益取得了進步，我們的致勝文化和我們為客戶提供的解決方案的廣度也取得了進步。正如 Martin 所強調的那樣，作為全球領先的 IT 基礎設施服務提供商，我們正在為客戶和我們自己共同進步。馬丁和我很樂意回答您的問題。

Thank you. At this time, we will conduct a question-and-answer session. (Operator Instructions) please stand by while we compile the Q&A roster. Our first question comes from Divya Goyal from Scotiabank.

謝謝。這時候，我們將進行問答環節。 （操作員說明）我們正在整理問答名單，請稍候。我們的第一個問題來自豐業銀行的 Divya Goyal。

Great quarter. David and Martin further to your comments, overall, we can see obviously the company doing the right things, progressing the right way. I wanted to get some color on what are your overall discussions with your clients like, obviously, Kyndryl delivers mission-critical project and does mission-critical infrastructure work. But given the broader macro and geopolitical concerns out there, how are the clients thinking and how do you see that progressing into early part of 2024 and towards the latter part of 2024? And how does that fit in with Kyndryl's continued progress?

很棒的季度。大衛和馬丁進一步聽取了您的評論，總的來說，我們可以明顯看到公司正在做正確的事情，並以正確的方式取得進展。我想了解您與客戶的整體討論內容，例如，顯然，Kyndryl 交付了關鍵任務項目並開展了關鍵任務基礎設施工作。但考慮到更廣泛的宏觀和地緣政治擔憂，客戶的想法如何？您如何看待 2024 年初和 2024 年下半年的進展？這與 Kyndryl 的持續進步有何關係？

Please go ahead. You're on mute.

請繼續。你處於靜音狀態。

Sorry, did you hear my question?

抱歉，你聽到我的問題了嗎？

We did hear your question. I think they're on mute bear with us one second.

我們確實聽到了你的問題。我想他們一秒鐘都在跟我們保持沉默。

Can you hear me now?

你聽得到我嗎？

We can, go ahead.

我們可以，繼續吧。

Great, thank's you. So thanks for the question, Divya, thanks for the nice intro to the question as well. What we -- and you said it well, what we experience is driven by the role we play in our customers' environments. We are mission critical. We are the trusted partner as we have been for many of our customers for decades. And so the nature of the discussion, and you see this in some of our charts, the nature of the discussion that we have with our customers is really about the secular trends that they want to take advantage of and [the work] that they need to manage. The industry skill -- industry-wide skill shortage is very real for CIOs today.

太好了，謝謝你。謝謝你提出這個問題，Divya，也謝謝你對這個問題的精彩介紹。您說得很好，我們的經驗是由我們在客戶環境中扮演的角色所驅動的。我們的使命至關重要。幾十年來，我們一直是許多客戶值得信賴的合作夥伴。因此，討論的本質，你可以在我們的一些圖表中看到這一點，我們與客戶進行的討論的本質實際上是關於他們想要利用的長期趨勢以及他們需要的[工作]管理。對於當今的資訊長來說，行業技能——全行業的技能短缺是非常現實的。

And we see the results of that, and we see the effect of that in how strongly we are able to drive our consulting performance the role we can play in helping them navigate what are obviously very complex infrastructure. We see it in helping them with even the basics, right? When you think about what Kyndryl Bridge helps our customers do, it helps them understand their environments. It helps them keep up with the never-ending best practices that every technology provider is putting out constantly in order to optimize their systems. And so the role we play, I think, makes us a bit different from others. And it -- I guess it's reflective, if you will, of the 2 things are the things we can do for them. One is we can help them save money. That's part of what Bridge helps them do. It helps them optimize their systems, and that's important. And I wouldn't say that saving money today is any more important than it has been in the past.

我們看到了這樣做的結果，我們看到了它的影響，我們能夠多麼有力地推動我們的諮詢績效，我們可以在幫助他們駕馭顯然非常複雜的基礎設施方面發揮的作用。我們認為它可以幫助他們完成基本的工作，對吧？當您思考 Kyndryl Bridge 幫助我們的客戶做什麼時，它可以幫助他們了解自己的環境。它可以幫助他們跟上每個技術提供者不斷推出的永無止境的最佳實踐，以優化他們的系統。因此，我認為，我們所扮演的角色使我們與其他人有所不同。如果你願意的話，我想這可以反映出我們可以為他們做的兩件事。一是我們可以幫他們省錢。這是 Bridge 幫助他們做的事情的一部分。它可以幫助他們優化系統，這很重要。我不會說今天省錢比過去更重要。

And then we can help them prepare them -- to get themselves prepared to take advantage of the innovation no matter where they see it, which is part of what creates these hybrid environments that we're so good at helping them manage. So we don't see -- again, I think it is unique to us because of the world, we don't see the macro in any of the places in which we operate. We don't see the macro having a profound difference in the nature of the discussions. the discussions for us are still around the secular trends that they want to take advantage of and prepare themselves for whatever the macro is either today or whatever the macro is going to be in a year's time.

然後我們可以幫助他們做好準備——讓自己準備好利用創新，無論他們在哪裡看到它，這是創建這些混合環境的一部分，我們非常擅長幫助他們管理。所以我們沒有看到——再說一遍，我認為這對我們來說是獨一無二的，因為在世界上，我們在我們經營的任何地方都看不到宏觀。我們不認為宏觀因素對討論的性質有深刻的影響。我們的討論仍然圍繞著他們想要利用的長期趨勢，並為今天或一年後的宏觀情況做好準備。

Thanks, Martin. Operator next question please.

謝謝，馬丁。請接線生下一個問題。

Our next question comes from David Togut from Evercore.

我們的下一個問題來自 Evercore 的 David Togut。

And good to see the outperformance, especially on advanced delivery and accounts initiatives. Just focusing there, even against your raised targets, you're already at 80% year-to-date of the raised targets for both advanced delivery and accounts with half of the year to go can you flesh out the dynamics around both for the back half of this year? And why wouldn't your targets be even higher given your high attainment so far this year?

很高興看到出色的表現，尤其是在高級交付和客戶計劃方面。只要專注於此，即使針對您提出的目標，今年迄今為止，您也已經達到了提前交付和帳戶方面提出的目標的 80%，而且還有半年時間，您能否充實後面的動態今年一半？鑑於您今年迄今所取得的高成就，為什麼您的目標不更高呢？

Sure, David. Thanks. When you look at our targets for the -- for advanced delivery and for focus accounts, remember that they're cumulative targets. So we started the year started this fiscal year with the progress we made last year, which was around 200 -- over $200 million related to advanced delivery and over $200 million related to the focus accounts. And we've increased each of those significantly. And as you point out, we're at our full year target for accounts.

當然，大衛。謝謝。當您查看我們的提前交付和焦點客戶目標時，請記住它們是累積目標。因此，我們從去年的進展開始了本財年，大約有 200 美元——超過 2 億美元與提前交付相關，超過 2 億美元與焦點帳戶相關。我們已經顯著增加了每一項。正如您所指出的，我們已經實現了全年帳戶目標。

We're within $25 million of our initial target for advanced delivery. And that's really why we raised them each by $100 million. And so with that, that translates into for accounts is about $50 million of incremental progress each quarter in the back half of the year, which is consistent with where we ran last year. And obviously, we overperformed relative to that in the first half of this year. And then on the advanced delivery side, our forecast calls for $125 million of further improvement in the back half of the year, which, again, is pretty consistent with where we've been running other than the really strong performance, the overperformance we had in the first half of this fiscal year.

我們距離提前交付的初始目標僅差 2500 萬美元。這就是我們為他們每人籌集 1 億美元的真正原因。因此，這意味著下半年每季的帳目增量進度約為 5,000 萬美元，這與我們去年的情況一致。顯然，與今年上半年相比，我們的表現超出了預期。然後在高級交付方面，我們的預測要求在今年下半年進一步改善 1.25 億美元，這再次與我們一直在運行的情況非常一致，除了真正強勁的表現，我們的超額表現在本財年上半年。

Appreciate that. And just as a follow-up, given the unique dynamics of your large business in Japan, where you're generating revenue in yen and your cost base is in dollars USD. Is there anything you can do to kind of manage that let's say, currency mismatch on revenue and expenses going forward and sort of limit the headwinds to revenue and earnings?

感謝。作為後續行動，考慮到您在日本的大型業務的獨特動態，您以日元產生收入，而您的成本基礎以美元為單位。您可以做些什麼來管理未來收入和支出的貨幣錯配，並在某種程度上限制收入和收益的不利因素？

Yes, David, there are things we can do there. And part of it is our starting point where we started with the software contract that we did and the customer contracts that we did, and as we go forward, there are things we can do to increase the matching between those. So it's provisions that we build into our customer contracts that will help protect us more going forward. That becomes the most immediate step.

是的，大衛，我們可以在那裡做一些事情。其中一部分是我們的起點，我們從我們所做的軟體合約和我們所做的客戶合約開始，隨著我們的前進，我們可以採取一些措施來增加這些合約之間的匹配。因此，我們在客戶合約中加入的條款將有助於更好地保護我們的未來。這成為最直接的步驟。

Second, when we actually get to negotiate the software contract, we'll look to not have it all be dollar-denominated. So that's part of it as well. And then there's intra-year, there's some -- there's hedging that we do to mitigate the impact, but that only helps -- that only mitigates it and really only for a limited period of time. And then the last thing we look at and we'll look at going forward is broader asset liability matching. And we started off with our debt all being dollar-denominated and going forward, I think I'd like to see a little bit better mix, a little bit different mix of our debt. It's more aligned with where our assets are, where our embedded equity is around the world. So that's an opportunity for us as well.

其次，當我們真正開始談判軟體合約時，我們會考慮不要全部以美元計價。這也是其中的一部分。然後是年內，我們做了一些對沖來減輕影響，但這只會有所幫助，只能減輕影響，而且實際上只在有限的時間內有效。我們最後要考慮的以及未來我們要考慮的是更廣泛的資產負債匹配。我們一開始的債務都是以美元計價的，展望未來，我想我希望看到更好的、不同的債務組合。它更符合我們的資產所在地、我們的嵌入股權在全球的所在地。所以這對我們來說也是一個機會。

And then lastly, just going back to your prior question, I think the -- on the -- with respect to the 80% and where we stand already, I think we should make it really clear that if we achieve -- when we achieve the expected benefits from any of the initiatives we're not standing down. We're going to keep powering ahead. And so there are opportunities to overperform, over deliver on the initial targets we laid out 2 years ago. We're actually -- we're actively going to look to take advantage of those.

最後，回到你之前的問題，我認為——關於 80% 以及我們已經所處的位置，我認為我們應該明確表示，如果我們實現——當我們實現時我們沒有放棄的任何舉措的預期收益。我們將繼續砥礪前行。因此，我們有機會超越、超額實現我們兩年前製定的初始目標。事實上，我們正​​在積極尋求利用這些優勢。

Our next question comes from Tien-Tsin from JPMorgan.

我們的下一個問題來自摩根大通的田進。

This is Brendan on for Tien-Tsin. Congratulations on the results. Great job. So question for me on just quantification of like the revenue related to tick up in the revenue midpoint. So you guys obviously outperformed on the accounts initiative to the tune of $100 million per quarter in the first half. But the revenue moves up a tick. So I think, obviously, there's Kyndryl Consult outperformance going on there. But could you help us understand the puts and takes on the revenue line if there's anything we're kind of missing aside from those main drivers of accounts initiative in Kyndryl.

我是田津隊的布蘭登。祝賀結果。做得好。因此，請向我詢問與收入中點上升相關的收入的量化問題。因此，你們在上半年的帳戶計劃上顯然表現出色，每季達到 1 億美元。但收入卻略有上升。所以我認為，很明顯，Kyndryl Consult 的表現出色。但是，除了 Kyndryl 的帳戶計劃的主要驅動因素之外，如果我們還缺少任何內容，您能否幫助我們了解收入線的看跌期權和承付款項。

Sure. I think on accounts and advanced delivery there on the 3As, the impact on revenue there ends up being fairly limited. But we obviously, we are making significant progress there in the earnings contribution. So when we look at our -- the revenue raise the narrowing to the favorable half of the range, I would say that Kyndryl Consult is very much the biggest driver of that. That's an area where we're outperforming and the outperformance there is probably even a little bit greater than maybe apparent because we've been more aggressive in stepping away from pass-through revenue from OEM type revenue and are still are nonetheless able to narrow to the upper half of the range. So we're very much holding on to accounts. We're optimizing them and taking out content that doesn't make sense. We're growing Kyndryl Consult, which tends to be a higher-margin revenue. And all of that is helping us really drive more income at a revenue that was -- that is fairly consistent, but in the upper half of the range we initially went out with.

當然。我認為 3A 的帳戶和提前交付對收入的影響最終相當有限。但顯然，我們在獲利貢獻方面正在取得重大進展。因此，當我們看到我們的收入縮小到範圍的有利一半時，我想說 Kyndryl Consult 是其中最大的推動力。這是我們表現出色的一個領域，而且那裡的表現可能比表面上表現的要好一些，因為我們更加積極地擺脫了 OEM 類型收入的轉嫁收入，但仍然能夠縮小到範圍的上半部分。所以我們非常重視帳戶。我們正在優化它們並刪除沒有意義的內容。我們正在發展 Kyndryl Consult，這往往是利潤率較高的收入。所有這些都有助於我們真正提高收入，收入相當穩定，但處於我們最初設定的範圍的上半部。

And I'll jump back in the queue with another question.

我將跳回隊列中提出另一個問題。

Thanks, Brendan. Operator, I believe there's one more question in the queue.

謝謝，布倫丹。接線員，我相信隊列中還有一個問題。

And our last question comes from Jamie Friedman. Jamie, you're live on stage. Please go ahead.

我們的最後一個問題來自傑米·弗里德曼。傑米，你在舞台上。請繼續。

Jamie you there? Did Brendan -- operator, did Brendan rejoin the queue with another question.

傑米你在嗎？布倫丹——接​​線員，布倫丹是否帶著另一個問題重新加入隊列。

He has, I can bring him to stage.

他有，我可以帶他上台。

Well, you said he had another question. So we give -- maybe Jamie can work on a technical challenge, and we'll keep moving.

好吧，你說他還有另一個問題。所以我們給予——也許傑米可以解決技術挑戰，我們將繼續前進。

So yes, my question number 2 is on visibility into this gross profit backlog. So love to hear that it's above 1 because that's how you guys are obviously managing the business and that makes sense as a sensible target. To me, I'm curious just to think about because of the kind of lengthyness of some of these deals, what are -- what, if any, variables you guys think about still being out there in between booking those gross profits and realizing them, whether that's potentially something like wage inflation? Or just how should we think about any variables outstanding there?

所以，是的，我的第二個問題是關於毛利積壓的可見度。所以很高興聽到它高於 1，因為這顯然就是你們管理業務的方式，並且作為一個明智的目標是有意義的。對我來說，我很好奇，因為其中一些交易的時間較長，你們認為在預訂這些毛利潤和實現它們之間仍然存在哪些變量（如果有的話） ，這是否可能是工資通脹之類的事情？或者我們應該如何考慮其中任何突出的變數？

Yes. So look, the estimates we provide, Brendan, capture our view today of the things you had like how much we're going to have to invest in our teams and all that stuff. So we have -- we have a view of the contract, the longer the contract, the more conservative we tend to be on the view because we know that we're going to want to maintain the best workforce in this space in the world, et cetera, et cetera. So we have a series of assumptions around how we have to invest in our workforce.

是的。所以，看，我們提供的估計，布倫丹，反映了我們今天對你所擁有的事情的看法，例如我們需要在我們的團隊和所有這些東西上投資多少。所以我們對合約有自己的看法，合約越長，我們的看法就越保守，因為我們知道我們將希望保留世界上這個領域最優秀的勞動力，等等，等等。因此，我們對如何投資勞動力有一系列假設。

We have a series of assumptions around where, for instance, deals include other people's IP, what those price rises are going to be. So all of that gets captured. And I'll point out that our -- what we would shorthand to the did versus bid, right, how did -- what did we actually get versus how we bid is very close to what we're showing in our data now for what's going in the backlog. So we're realizing, if you will, what we are assuming. That's one of the reasons we're so comfortable with sharing the data this way. It represents what we have been realizing. Now the big execution element is not really all the assumptions around how we're going to invest in our people and the skills they have to bring, et cetera, et cetera, et cetera, those are important, and we get those right.

例如，我們對哪些交易涉及其他人的智慧財產權、價格上漲幅度等有一系列假設。所以所有這些都被捕獲了。我要指出的是，我們的——我們對“做的”與“出價”的簡寫，對吧，“如何做”——我們實際得到的與我們出價的方式非常接近我們現在在數據中顯示的內容進入積壓狀態。所以，如果你願意的話，我們正在實現我們的假設。這就是我們樂於以這種方式共享資料的原因之一。它代表了我們已經意識到的事情。現在，重要的執行要素並不是所有關於我們將如何投資於我們的員工以及他們必須帶來的技能的假​​設，等等，等等，等等，這些都很重要，我們得到了這些正確的。

We have to keep delivering, right? The 80-plus thousand Kyndryl out of the 80-plus thousands, 2/3 of us every day are delivering in front of customers. And we're really, really good at it. And that's why our customer SAT scores are so high, that's why customers love what we do for them, and that's quite frankly why they trust us.

我們必須繼續交付，對嗎？我們每天有 80 多個 Kyndryl，其中 2/3 是在客戶面前送貨的，其中有 80 多個 Kyndryl。我們真的非常擅長。這就是為什麼我們的客戶 SAT 分數如此高，這就是為什麼客戶喜歡我們為他們所做的事情，坦白說，這就是他們信任我們的原因。

So when we get comfortable with sharing what we put into the backlog, it's driven by the confidence that we're getting from that we're actually delivering those over time. And importantly, we just have to keep the organization executing on delivering every day, which is, again, what we've been good at and what, in fact, we've been getting better at and things like Bridge help us with that as well. So we're very comfortable that we can deliver the margins that we have, the assumptions are robust enough and well proven by now enough that we are delivering those and then we have opportunities, obviously, to keep getting even better at it by using Bridge and more customers.

因此，當我們樂於分享我們放入待辦事項中的內容時，這是由我們從隨著時間的推移實際交付這些內容而獲得的信心所驅動的。重要的是，我們只需要讓組織每天都執行交付任務，這也是我們一直擅長的事情，事實上，我們一直在變得更好，像 Bridge 這樣的東西可以幫助我們做到這一點。因此，我們非常放心，我們可以提供我們所擁有的利潤，假設足夠強大，並且現在已經得到充分證明，我們正在提供這些利潤，然後我們顯然有機會通過使用 Bridge 來繼續做得更好和更多的客戶。

As we said a couple of months ago, we had Bridge in about 500 customers. And by the end of the year, we'll have it in 1,000 customers. So the assumptions are robust. Our delivery is phenomenal. The future for us is even more robust with things like Bridge with our ways of working, et cetera, et cetera. So I think you should assume that we'll keep delivering the margins that we're putting in the backlog.

正如我們幾個月前所說，我們有大約 500 名客戶使用 Bridge。到今年年底，我們將擁有 1,000 名客戶。所以假設是穩健的。我們的交付是驚人的。有了 Bridge 之類的東西以及我們的工作方式等等，我們的未來會更加美好。所以我認為你應該假設我們將繼續交付我們積壓的利潤。

I believe Susquehanna is back in the queue. Operator.

我相信薩斯奎哈納又回到了隊列中。操作員。

Yes, please stand by. Jamie, you're on stage, please go ahead.

是的，請稍候。傑米，你在舞台上，請繼續。

Okay. Sorry about my technical difficulties there, Lori. So congrats on the good execution. Had 2 questions, maybe 1 for Martin and 1 for David. So first, in terms of free cash flow expectations in the second half, could you help us unpack what you're thinking about if there's anything that we need to remember from last year, or call outs from the first half. That's one thing. And then, David, I'd be interested in understanding your perspective on which of the new service lines and new signings are the most accretive to market.

好的。洛里，我對我的技術困難感到抱歉。所以恭喜你的好執行力。有 2 個問題，可能 1 問 Martin，1 個問 David。首先，就下半年的自由現金流預期而言，您能否幫助我們解開您的想法，是否有任何我們需要記住去年或上半年的情況。這是一回事。然後，大衛，我有興趣了解您對哪些新服務線和新簽約最能促進市場成長的看法。

Now I understand everything is probably accretive to margins, but if you just would help unpacking a couple of these is what you feel are the most strategic or the most margin accretive that I think would be insightful.

現在我明白一切都可能增加利潤，但如果你願意幫助解開其中的幾個，你認為最具戰略意義或最能增加利潤，我認為這將是富有洞察力的。

Sure. Let me go first on your second question, and I'll ask David to unpack if he has anything to unpack cash flow. So look, the -- I think you're right, everything is accretive to margins. And in fact, part of the reason that we want to make sure we're sharing everything that's going in the backlog is because it's representative of each of the pieces as well. As we start to think about more or less on a relative basis, right?

當然。讓我先回答你的第二個問題，如果大衛有任何東西可以解開現金流，我會請他解開。所以看，我認為你是對的，一切都會增加利潤。事實上，我們想要確保共享待辦事項中的所有內容的部分原因是因為它也代表了每個部分。當我們開始在相對基礎上思考或多或少時，對嗎？

On an absolute basis, all accretive, all looking quite good and all consistent with where we want to be in the medium term as more of our P&L is defined and reflects, as we covered in our prepared remarks, more of it reflects what we put in the backlog as opposed to what we inherited. We're hitting that inflection point. There is a difference. We see a difference already. And I think the difference exists in the marketplace between the margins we can earn in our consult business and the margins we earn in our run business. I don't know if that persists forever. But we do see higher margins in the consult business right now than we do in the run business. Now the opportunity for us in the consult business is obviously to keep it growing, which we expect it will. And the opportunity for us is to make sure that we keep our skills and our people at the forefront of all those secular trends that they're sitting at the forefront of today.

從絕對的角度來看，所有這些都是增值的，所有看起來都相當不錯，並且都與我們在中期想要達到的目標一致，因為我們的損益表中有更多的內容被定義和反映，正如我們在準備好的評論中所涵蓋的那樣，它更多地反映了我們的投入在積壓中，而不是我們繼承的。我們正在遇到這個拐點。它們是有區別的。我們已經看到了差異。我認為市場上我們在諮詢業務中賺取的利潤與我們在經營業務中賺取的利潤之間存在差異。我不知道這種情況是否會永遠持續下去。但我們目前確實看到諮詢業務的利潤率高於營運業務。現在，我們在諮詢業務中的機會顯然是保持其成長，我們預計它會如此。我們的機會是確保我們的技能和員工始終處於當今所有長期趨勢的最前沿。

There is an opportunity for us in the run side of the business to continue to improve margins as well. And Kyndryl Bridge is a great example of how we'll continue to drive margin improvements in the run business. So right now, on a relative basis, I would point to our consult business. As we see in the market, the consult business drives slightly higher margin profile for us, and we'll see how that changes over time. But right now, it's slightly better than our run business. David, do you want to cover?

我們在業務運營方面也有機會繼續提高利潤率。 Kyndryl Bridge 是我們如何繼續推動營運業務利潤率提高的一個很好的例子。因此，現在，相對而言，我會指出我們的諮詢業務。正如我們在市場上看到的那樣，諮詢業務為我們帶來了略高的利潤率，我們將看到這種情況如何隨著時間的推移而變化。但現在，它比我們經營的業務稍微好一些。大衛，你想掩護嗎？

Sure. I do on free cash flow for the full year, we expect our adjusted free cash flow to be positive with the year-to-date number being slightly negative, certainly that implies that the second half will be stronger and that's what we would expect, in particular, because some of the working capital and cash flow seasonality that we have. You may remember that in the first quarter, we have a disproportionate amount of our software license payments which get amortized over the course of the year, or in some cases, over the course of many years in -- We also have annual incentive payments that are -- where all the outflows in Q1 and the accrual happens over the course of the year.

當然。我對全年的自由現金流進行了評估，我們預計調整後的自由現金流將為正，而年初至今的數字略為負，這當然意味著下半年將會更加強勁，這就是我們所期望的，特別是，因為我們的一些營運資金和現金流具有季節性。您可能還記得，在第一季度，我們有不成比例的軟體許可付款，這些付款在一年中攤銷，或者在某些情況下，在多年的過程中攤銷——我們還有年度獎勵付款是——第一季的所有流出和應計費用都發生在一年中。

So it's natural for our seasonality to be skewed more towards the last 3 quarters of the year and toward the back half. And as a result, we expect stronger cash flow in the second half of the year. The other point I'd make is that the composition of our free cash flow will probably flip a little bit. In the first half of the year, we've been underrunning our full year run rate on capital expenditures and working capital has worked against us. Capital expenditures should pick up a little bit. We're targeting to get to about $700 million of net CapEx for the year. So that will be a little bit more of a use of cash and working capital we expect will be more of a source of cash in the second half of the year as we get to positive for the year overall.

因此，我們的季節性自然會更偏向一年的最後三個季度和後半段。因此，我們預計下半年現金流將更加強勁。我要指出的另一點是，我們的自由現金流的組成可能會發生一些變化。今年上半年，我們的資本支出一直低於全年營運率，而營運資本對我們不利。資本支出應該會略有增加。我們的目標是今年淨資本支出達到約 7 億美元。因此，這將更多地使用現金和營運資金，我們預計下半年將更多地成為現金來源，因為我們對今年的整體情況感到樂觀。

And then what I really want to highlight is that as we go forward, and grow earnings, we expect free cash flow growth to coincide with our adjusted pretax earnings growth with strong conversion of our adjusted pretax income to free cash flow over time.

然後我真正想強調的是，隨著我們的前進和盈利的增長，我們預計自由現金流的增長將與我們調整後的稅前盈利的增長相一致，隨著時間的推移，我們的調整後的稅前收入將強勁地轉換為自由現金流。

Thank you both for the detailed response. If I could just follow up with -- on the Slide 22. If you -- this is the one that breaks out the services by revenue. If you wouldn't mind sharing how you think of what this will look like in the future, like at the end of your guidance and if that's too specific, if at least qualitatively, you could share like which of these are going to get bigger or smaller? And why I think that would be helpful context.

謝謝兩位的詳細回覆。如果我可以在投影片 22 上跟進。如果您可以的話，這是按收入細分服務的部分。如果你不介意分享你對未來的看法，例如在你的指導的最後，如果這太具體，至少在定性上，你可以分享其中哪些會變得更大還是更小？為什麼我認為這會是有幫助的背景。

Sure. Let me take a swing and then David has something he wants to add to it, we'll certainly give him a chance. For us, the secular trends we see in the marketplace, as we had in an earlier chart, around cloud and hybrid cloud, around the need to be -- the need to manage in that world around skill shortages, et cetera. To us suggest applications data and AI -- to us suggest that our cloud practice, our security and resiliency practice, our network and edge practice, our applications and data and AI practice all become really strong high single-digit kind of getting close to double-digit kind of growers.

當然。讓我來嘗試一下，然後大衛有他想要添加的東西，我們一定會給他機會。對我們來說，我們在市場上看到的長期趨勢，就像我們在之前的圖表中看到的那樣，圍繞著雲和混合雲，圍繞著需要——在這個世界上圍繞技能短缺進行管理的需要，等等。向我們建議應用程式資料和人工智慧——向我們建議我們的雲端實踐、我們的安全性和彈性實踐、我們的網路和邊緣實踐、我們的應用程式和資料以及人工智慧實踐都變得非常強大，接近兩倍-數字類型的種植者。

I think that's the market in which they sit, and I see a long-term secular arc that we are part of that is going to drive those. And so they'll mix a bit stronger in our signing streams and therefore, over time, in our revenue streams. Digital workplace is a practice for us that it is a grower. It's in a growing space, but probably not at the same rate as those other 4 practices that I mentioned. And then over time, look, core enterprise and Z Cloud because of the role we play -- because of the role we play and the scale and the magnitude of the skills that we have. While this is probably a market that's declining, I would expect this could still represent a growth opportunity for us once we get through getting the hardware and the software content as much as possible out of our revenue streams.

我認為這就是他們所處的市場，我看到我們參與其中的長期長期弧線將推動這些市場。因此，他們將在我們的簽約流中發揮更大的作用，因此，隨著時間的推移，他們將在我們的收入流中發揮更大的作用。數位化工作場所對我們來說是一種實踐，它是一個種植者。它處於不斷增長的空間，但可能與我提到的其他 4 種實踐的增長速度不同。然後隨著時間的推移，看，核心企業和 Z Cloud 是因為我們所扮演的角色——因為我們所扮演的角色以及我們所擁有的技能的規模和程度。雖然這可能是一個正在下降的市場，但我預計，一旦我們從我們的收入流中盡可能多地獲取硬體和軟體內容，這仍然可以為我們帶來成長機會。

Our labor piece of this market and our labor piece of our business is growing. And I would expect over time, given the skills challenges that our customers have that they express around the teams that they're relying on and how do they get more, et cetera, et cetera. I would expect over time, even the core enterprise and Z Cloud business for us could be the labor component could be and should be and will be a growth opportunity, although in a declining market because of the nature of where customers are going with cloud and multi-cloud, et cetera, et cetera, et cetera. So I see the mix shifting a bit because I see very high -- really good high growth in the secular trends. But every one of our practices, I think, still sits in an area, sometimes it's unique to us.

我們這個市場的勞動力和我們業務的勞動力正在成長。我預計隨著時間的推移，考慮到我們的客戶在他們所依賴的團隊中所面臨的技能挑戰以及他們如何獲得更多，等等。我預計，隨著時間的推移，即使是我們的核心企業和Z Cloud 業務也可能成為勞動力組成部分，可能而且應該是並且將會是一個成長機會，儘管由於客戶使用雲端和雲端服務的性質，市場正在下滑，多雲，等等，等等，等等。所以我看到這種組合發生了一些變化，因為我看到長期趨勢非常高——非常好的高成長。但我認為，我們的每一項實踐仍然位於一個領域，有時對我們來說是獨一無二的。

Every one of our practice sits in an area where we can continue to drive growth for each of them, even if it's just the labor piece. But we can drive growth in each of the practices. But that will cause us a remix, if you will, of the revenue weighting over the kind of time frames that you're talking about. David, anything you need to add?

我們的每一個實踐都位於一個我們可以繼續推動每個實踐成長的領域，即使這只是一個勞動力部分。但我們可以推動每項實踐的成長。但是，如果您願意的話，這將導致我們對您所談論的時間範圍內的收入權重進行重新組合。大衛，你還有什麼需要補充的嗎？

I'd just add that the other axis is really important to us is the growth in consult, which really runs across the practices, but as you know, we started off with consulting around 10% of our revenue. It's grown to 14%. Our target is to move it up to 20%. And again, this really plays across the practices and highlights the fact that we expect to grow our share in consult and advisory work in advisory and implementation work as well. And so that's an important part of how we think about each of the practices.

我想補充一點，另一個對我們來說非常重要的軸是諮詢業務的成長，這確實貫穿各個實踐，但如您所知，我們一開始的諮詢業務占我們收入的 10% 左右。已增長至 14%。我們的目標是將其提高到 20%。再說一遍，這確實在實踐中發揮了作用，並突顯了這樣一個事實：我們希望在諮詢和實施工作中增加我們在諮詢和諮詢工作中的份額。因此，這是我們如何思考每種實踐的重要組成部分。

Thank you. Thanks, Jamie, for your question. Thanks, everyone, for joining us today.

謝謝。謝謝傑米提出的問題。謝謝大家今天加入我們。

Thank you, Lori. So look, again, thanks, everybody, for joining. I am really proud of the progress that we made again this quarter and the team, as you can tell us just executing very, very well. And bear in mind that we only had our second birthday last weekend, right? So this is a company that has made a ton of progress and delivered a ton and well ahead, I think, of what many thought we could in a pretty short period of time. I'd also encourage you to have a look at the corporate citizenship report.

謝謝你，洛瑞。所以，再次感謝大家的加入。我對我們本季和團隊再次取得的進步感到非常自豪，你可以告訴我們，我們執行得非常非常好。請記住，我們上週末才過了兩歲生日，對吧？所以，我認為，這家公司已經取得了巨大的進步，並且在很短的時間內實現了許多人認為我們可以做到的目標。我還鼓勵您查看企業公民報告。

Our first -- and again, this was just before our second birthday, we published it back in September. So we weren't even 2 years old yet. We published what I think is just a phenomenal example of how we're building this business the right way. So we're delivering on our business goals, and we're also having an impact on how the world works. And so as we head into our third year as an independent company, I remain more excited as excited or more excited than I have ever been about where we're going. I see how our teams are moving toward where our customers are going and supporting them on their journeys on these really important secular trends and helping them prepare and we're building the capabilities that allow all of that to happen within those mission-critical workloads, which is the role we've always played.

我們的第一個——再說一遍，這是在我們兩歲生日之前，我們在九月發布了它。所以我們還不到兩歲。我認為我們發布了一個非凡的例子，說明我們如何以正確的方式建立這項業務。因此，我們正在實現我們的業務目標，同時我們也對世界的運作方式產生影響。因此，當我們進入作為獨立公司的第三年時，我仍然對我們的發展方向感到更加興奮，甚至比以往任何時候都更加興奮。我看到我們的團隊如何朝著客戶的目標前進，並在這些真正重要的長期趨勢的旅程中為他們提供支持，並幫助他們做好準備，我們正在構建允許所有這一切在這些關鍵任務工作負載中發生的能力，這是我們一直扮演的角色。

So thank you again for joining, and we look forward to talking with you in a few months. Thank you, operator, we're done.

再次感謝您的加入，我們期待在幾個月後與您交談。謝謝你，接線員，我們已經完成了。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。