Kyndryl Holdings Inc (KD) 2025 Q1 法說會逐字稿

Good day.

再會。

Thank you for standing by, and welcome to the Kyndryl fiscal first quarter 2025 earnings conference call.

感謝您的耐心等待，歡迎參加 Kyndryl 2025 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Lori Chaitman.

現在我想將會議交給今天的第一位發言人 Lori Chaitman。

Please go ahead.

請繼續。

Good morning, everyone, and welcome to Kyndryl's earnings call for the first fiscal quarter ended June 30, 2024.

大家早安，歡迎參加 Kyndryl 截至 2024 年 6 月 30 日的第一季財報電話會議。

Before we begin, I'd like to remind you that our remarks today will include forward looking statements.

在開始之前，我想提醒您，我們今天的言論將包括前瞻性陳述。

These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied.

這些陳述受到風險因素的影響，可能導致我們的實際結果與明示或暗示的結果有重大差異。

These forward-looking statements speak only to our expectations as of today.

這些前瞻性陳述僅代表我們截至目前為止的預期。

For more details on some of these risks, please see the risk factors section of our Annual Report on Form 10-K and for the year ended March 31, 2024.

有關其中一些風險的更多詳細信息，請參閱我們截至 2024 年 3 月 31 日的年度報告 10-K 中的風險因素部分。

In today's remarks, we'll also refer to certain non-GAAP financial metrics, corresponding GAAP metrics and a reconciliation of non-GAAP metrics to GAAP metrics for historical periods are Provided in the presentation materials for today's event, which are available on our website at investors.kyndryl.com.

在今天的發言中，我們還將提及某些非GAAP 財務指標，相應的GAAP 指標以及歷史時期非GAAP 指標與GAAP 指標的調節表均在今天活動的演示材料中提供，這些材料可在我們的網站上找到在 Investors.kyndryl.com 上。

With me here are Kyndryl's Chairman and Chief Executive Officer, Martin Schroeter, and Kyndryl's Chief Financial Officer, David Wyshner.

和我在一起的有 Kyndryl 的董事長兼執行長 Martin Schroeter 和 Kyndryl 的財務長 David Wyshner。

Following our prepared remarks, we'll 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.

我現在想把電話轉給馬丁。

Martin?

馬丁？

Thank you, Lori, and thanks to each of you for joining us.

謝謝你，洛瑞，也謝謝你們每個人加入我們。

On today's call.

在今天的電話會議上。

I'll update you on our continued progress and execution to drive our growth strategy.

我將向您通報我們的持續進展和執行情況，以推動我們的成長策略。

David will then review our recent financial results and our increased fiscal 2025 earnings outlook.

然後 David 將回顧我們最近的財務業績以及我們上調的 2025 財年獲利前景。

We delivered another strong quarter and are off to a fast start to fiscal 2025.

我們再次實現了強勁的季度業績，並為 2025 財年開啟了快速開局。

Signings were up 14% in the quarter in constant currency, and they're up 7% over the last 12 months and the projected pretax margin on these signings is in the high single digits.

以固定匯率計算，本季簽約數量增加了 14%，在過去 12 個月中成長了 7%，預計這些簽約的稅前利潤率將達到較高的個位數。

In the first quarter, pretax earnings were up significantly year over year, and we remain on track to deliver significant cash flow this year.

第一季度，稅前收益較去年同期大幅成長，今年我們仍有望實現可觀的現金流。

Our performance was once again powered by strong growth in Kyndryl Consult and hyperscaler-related revenue as well as our ability to drive efficiency through automation and deliver innovation through Kyndryl Bridge, our AI-powered open integration platform.

我們的業績再次受到 Kyndryl Consult 和超大規模相關收入的強勁增長以及我們透過自動化提高效率和透過人工智慧驅動的開放整合平台 Kyndryl Bridge 提供創新的能力的推動。

As we progress through the fiscal year, we'll continue to execute our growth strategy, drive substantial financial progress and focus on returning to the top line growth in the fourth quarter.

隨著本財年的進展，我們將繼續執行我們的成長策略，推動實質的財務進展，並專注於在第四季度恢復營收成長。

There's a reason we're winning, why we're succeeding at such a rapid pace.

我們獲勝、以如此快的速度取得成功是有原因的。

Our expertise in both running and transforming IT estates is differentiating us in the markets we serve and uniquely positions us at the center of the secular trends that are shaping the evolution of IT.

我們在 IT 產業營運和轉型方面的專業知識使我們在所服務的市場中脫穎而出，並使我們處於塑造 IT 發展的長期趨勢的中心。

These trends, the adoption of artificial intelligence, cloud migration and management increasingly hybrid environments, technology, skill shortages and cybersecurity are driving demand for our services, fueling our growth and further cementing our trusted relationships with our customers.

這些趨勢、人工智慧的採用、雲端遷移和管理日益混合的環境、技術、技能短缺和網路安全正在推動對我們服務的需求，推動我們的成長並進一步鞏固我們與客戶的信任關係。

For example, we're working with travel transportation and other customers to apply new AI and Generative AI technologies to drive business outcomes through our data architecture capabilities.

例如，我們正在與旅行運輸和其他客戶合作，應用新的人工智慧和生成式人工智慧技術，透過我們的資料架構功能推動業務成果。

With Kyndryl's Bridge, we're helping health care, manufacturing and other customers intelligently prioritize infrastructure needs and address previously hidden risks.

借助 Kyndryl's Bridge，我們正在幫助醫療保健、製造業和其他客戶智慧地確定基礎設施需求的優先順序並解決先前隱藏的風險。

Through our hyperscaler alliances and mainframe modernization skills, we're helping financial services, communications and other customers migrate, manage and optimize their hybrid IT estates across multiple cloud platforms ensuring the right workload is on the right platform.

透過我們的超大規模聯盟和大型主機現代化技能，我們正在幫助金融服務、通訊和其他客戶跨多個雲端平台遷移、管理和優化其混合 IT 資產，確保正確的工作負載位於正確的平台上。

And through our global network of security operations hubs and end-to-end security services, we're helping customers in the media, public and other sectors protect, detect and address cyber threats.

透過我們的全球安全營運中心網路和端到端安全服務，我們正在幫助媒體、公共和其他部門的客戶保護、偵測和解決網路威脅。

As a result, we're seeing growing demand for Kyndryl Consult services, all powered by our unique and impactful combination of run and transform capabilities.

因此，我們看到對 Kyndryl Consult 服務的需求不斷增長，這一切都是由我們獨特且有影響力的運作和轉換能力組合提供的。

In fact, I want to highlight the importance of Kyndryl Consult.

事實上，我想強調 Kyndryl Consult 的重要性。

Our advisory services have been consistently growing in the double digits and accounted for 17% of our revenue in the quarter.

我們的諮詢服務一直以兩位數成長，佔本季營收的 17%。

We recognize that the strength we're delivering in Kyndryl Consult stands out in the current environment, and we believe the reasons for our exceptionalism are enduring.

我們認識到，Kyndryl Consult 所提供的力量在當前環境中脫穎而出，並且我們相信我們的例外主義的原因是持久的。

Our global team of consultants, data architects and engineers have deep domain knowledge on the mission critical systems underpinning our customers operations.

我們的全球顧問、資料架構師和工程師團隊對支援客戶營運的關鍵任務系統擁有深厚的領域知識。

This expertise is built on decades of experience with some of the world's most complex technology environments.

這種專業知識是建立在數十年在世界上一些最複雜的技術環境中的經驗基礎上的。

Pairing our central consult skills and expertise with the IP and data in Kyndryl Bridge, our consult teams engage with customers to share actionable insights that can produce meaningful business outcomes.

我們的顧問團隊將我們的核心諮詢技能和專業知識與 Kyndryl Bridge 中的智慧財產權和數據相結合，與客戶互動，分享可產生有意義的業務成果的可行見解。

We're helping customers understand how to optimize their hybrid IT systems, how to measure and address their tech debt, how to structure their data so they can embrace AI and Gen AI, how to enhance security and resiliency, how to manage regulatory change and how to modernize business processes and related application infrastructures to streamline operations and drive productivity gains.

我們正在幫助客戶了解如何優化其混合 IT 系統、如何衡量和解決其技術債務、如何建立數據以便他們能夠擁抱 AI 和 Gen AI、如何增強安全性和彈性、如何管理監管變革和如何實現業務流程和相關應用程式基礎設施現代化，以簡化營運並提高生產力。

So as our customer strategies and IT evolve, we're in the IT trenches with them, delivering capabilities they need based on our end-to-end understanding of their technology estate.

因此，隨著我們的客戶策略和 IT 的發展，我們與他們一起在 IT 戰壕中，根據我們對其技術資產的端到端理解來提供他們所需的功能。

And now doing so with the objectivity and broad alliances that come as a market-leading independent company.

現在，作為市場領先的獨立公司，我們以客觀性和廣泛的聯盟來做到這一點。

Customers want to engage with our technology consultants because of the role Kyndryl plays in their environment.

由於 Kyndryl 在他們的環境中扮演的角色，客戶希望與我們的技術顧問合作。

The mission-critical nature of what we do and the deep technology expertise and industry knowledge Kyndryl Consult can bring to bear.

我們所做工作的關鍵任務性質以及 Kyndryl Consult 深厚的技術專業知識和行業知識都可以發揮作用。

We're also seeing increased demand for our services as a result of greater cyber regulation, especially in the EU.

我們也發現，由於網路監管的加強，對我們服務的需求不斷增加，尤其是在歐盟。

For all these reasons, Kyndryl Consult is a $2.5 billion revenue stream for us with a significant runway for growth.

基於所有這些原因，Kyndryl Consult 為我們帶來了 25 億美元的收入來源，並具有重要的成長空間。

Revenue stream is valuable, both because of the margins directly associated with it and because of the ongoing managed services work that accompanies so many IT modernization assignments.

收入流很有價值，既因為與其直接相關的利潤，也因為伴隨如此多 IT 現代化任務而進行的持續託管服務工作。

Kyndryl Consult will continue to grow as we further expand our relationships with our alliance partners like Microsoft and Google and AWS, and most recently, SAP.

隨著我們進一步擴大與 Microsoft、Google、AWS 以及最近的 SAP 等聯盟合作夥伴的關係，Kyndryl Consult 將繼續發展。

Last week, we announced that we're now a RISE with SAP delivery partner, which will unlock new consult opportunities across our practices.

上週，我們宣布我們現在已成為 RISE with SAP 交付合作夥伴，這將為我們的實踐帶來新的諮詢機會。

And more generally, Kyndryl Consult, like our hyperscaler alliances underscores that where we focus on growth we deliver.

更一般地說，Kyndryl Consult 與我們的超大規模聯盟一樣，強調我們專注於成長，我們就能實現成長。

Another key driver of our success is Kyndryl Bridge, the industry-leading operating platform we introduced in 2022 built on our IP and experience managing complex, large-scale hybrid mission-critical technology estates.

我們成功的另一個關鍵驅動力是 Kyndryl Bridge，這是我們於 2022 年推出的業界領先的操作平台，它建立在我們管理複雜、大規模混合關鍵任務技術資產的 IP 和經驗的基礎上。

Customers are faced with complexity everywhere, technical, organizational and operational and they must work in new ways to gain observability and data insights across their entire IT environment.

客戶在技術、組織和營運等各個方面都面臨著複雜性，他們必須以新的方式工作，以獲得整個 IT 環境的可觀察性和資料洞察力。

With Kyndryl Bridge, we give our customers unprecedented observability across their full IT estate regardless of how complex it might be.

借助 Kyndryl Bridge，我們為客戶提供了前所未有的整個 IT 資產的可觀察性，無論它有多複雜。

This is a powerful value proposition that allows us not only to fortify how we run our customers IT environments, but also to proactively identify ways in which we can transform their infrastructure to deliver the digital business outcomes they need.

這是一個強大的價值主張，它不僅使我們能夠強化客戶 IT 環境的運作方式，而且還能夠主動確定如何改造他們的基礎設施，以交付他們所需的數位業務成果。

Since we launched Kyndryl Bridge, we've expanded our capabilities to include services such as delivering AI-infused operational insights, security operations as a platform, application modernization and regulatory compliance.

自從我們推出 Kyndryl Bridge 以來，我們已經擴展了我們的能力，包括提供人工智慧注入的營運見解、安全營運平台、應用程式現代化和監管合規性等服務。

With Bridge, we're delivering more than 110 million automations per month, ranging from security patches to version upgrades to configuration changes to best practice implementations.

透過 Bridge，我們每月提供超過 1.1 億次自動化，從安全性修補程式到版本升級，從配置變更到最佳實踐實施。

This drives speed, reliability and productivity of IT operations and powers business outcomes for our customers.

這可以提高 IT 營運的速度、可靠性和生產力，並為我們的客戶帶來業務成果。

To date, by avoiding major incidents and reducing planned maintenance costs, we provided customers with productivity benefits totaling nearly $3 billion a year, with more to come.

迄今為止，透過避免重大事故和降低計畫維護成本，我們每年為客戶提供了總計近 30 億美元的生產力效益，未來還會有更多效益。

For example, by using Kyndryl Bridge, a leading automotive manufacturer in Japan has seen a reduced number of incidents, faster recovery time and lower labor costs as it shifts its way of working to more proactive data-driven operations.

例如，透過使用 Kyndryl Bridge，日本一家領先的汽車製造商將工作方式轉向更主動的數據驅動型運營，從而減少了事故數量、加快了恢復時間並降低了勞動力成本。

Separately, by implementing Kyndryl Bridge for a global advertising firm, we significantly increased our customers productivity and enhanced their creative team's IT experience.

另外，透過為全球廣告公司實施 Kyndryl Bridge，我們顯著提高了客戶的工作效率並增強了他們創意團隊的 IT 體驗。

Through automated remediation, we also reduced their disruptions by more than 30% and have cut the occurrence of more severe incidents in half.

透過自動修復，我們還將中斷減少了 30% 以上，並將更嚴重事件的發生率減少了一半。

And 13 days ago, when one vendor cybersecurity update shutdown servers around the world, Kyndryl Bridge allowed us to deliver accelerated recovery to hundreds of impacted customers.

13 天前，當一家供應商網路安全更新關閉了世界各地的伺服器時，Kyndryl Bridge 使我們能夠為數百名受影響的客戶提供加速復原。

We rapidly engage thousands of Kyndryl technical experts around the world to manage the recovery end-to-end for our customers.

我們迅速聘請了世界各地數千名 Kyndryl 技術專家，為我們的客戶提供端到端的復原管理。

And with our real-time observability into which applications and servers were affected worldwide, our experts were able to act immediately and recover systems according to our customers priorities.

透過即時觀察全球範圍內受影響的應用程式和伺服器，我們的專家能夠立即採取行動並根據客戶的優先順序復原系統。

And with Kyndryl Bridge and our knowledge of our customers tech infrastructures, we were able to address most of the 45,000 enterprise servers that were impacted in every mission critical application within 24 hours of the outage.

憑藉 Kyndryl Bridge 以及我們對客戶技術基礎架構的了解，我們能夠在中斷後 24 小時內解決每個關鍵任務應用程式中受影響的 45,000 台企業伺服器中的大部分問題。

On a more routine level, Kyndryl Bridge is a natural source of Kyndryl Consult opportunities for us.

在較常規的層面上，Kyndryl Bridge 是我們提供 Kyndryl Consult 機會的天然來源。

Bridge differentiates us by providing data-driven insights into customers IT environments.

Bridge 透過為客戶 IT 環境提供數據驅動的洞察而使我們脫穎而出。

For example, Bridge and Consult come together in our discussions with CIOs and CTOs on AI readiness, data architecture, security and resiliency.

例如，Bridge 和 Consult 與首席資訊長和首席技術長就人工智慧準備情況、資料架構、安全性和彈性進行討論。

And with Bridge as a single source of truth we are uniquely positioned to discuss how to architect data so they could be responsibly exposed to AI platforms, how to maintain resiliency features and how to ensure data remains secure.

透過 Bridge 作為單一事實來源，我們擁有獨特的優勢來討論如何建立數據，以便它們能夠負責任地暴露於 AI 平台、如何維護彈性功能以及如何確保數據保持安全。

Kyndryl Bridge is therefore the foundation for our recently announced partnership with NVIDIA.

因此，Kyndryl Bridge 是我們最近宣布與 NVIDIA 合作的基礎。

Our customers want us to have NVIDIA's tools accessible through Kyndryl Bridge to help them accelerate their adoption of AI and meet growing regulatory requirements.

我們的客戶希望我們能夠透過 Kyndryl Bridge 存取 NVIDIA 的工具，以幫助他們加速採用 AI 並滿足不斷增長的監管要求。

So we're excited about the opportunities ahead as we combine our expertise with Kyndryl Bridge insights and Kyndryl Consult outcomes.

因此，當我們將我們的專業知識與 Kyndryl Bridge 的見解和 Kyndryl Consult 的成果相結合時，我們對未來的機會感到興奮。

The investments we've made in capabilities and innovation directly aligned with our customers top IT priorities and make us an ever more essential services provider to them.

我們在能力和創新方面的投資與客戶的首要 IT 優先事項直接相關，並使我們成為他們更重要的服務提供者。

And they're driving growth with apps, data and AI, hyperscaler and security and resiliency signings all of which have grown double digits over the past year.

他們透過應用程式、數據和人工智慧、超大規模以及安全性和彈性簽約來推動成長，所有這些在過去一年中都實現了兩位數成長。

As we've highlighted before, this fiscal year, half of our revenue is coming from post-spin signings that have higher margins.

正如我們之前強調的，本財年，我們一半的收入來自利潤率較高的分拆後簽約。

And in fiscal 2026, it will be roughly two-third.

到 2026 財年，這一數字將約為三分之二。

This inflection point when our P&L is largely determined by our post-spin signings will dramatically strengthen our earnings and growth profile.

當我們的損益主要由我們的分拆後簽約決定時，這個拐點將大大增強我們的獲利和成長狀況。

Our updated forecast for fiscal 2025 is for adjusted pretax income of at least $460 million reflecting a year-over-year increase of at least $295 million.

我們對 2025 財年的最新預測是調整後稅前收入至少為 4.6 億美元，年增至少 2.95 億美元。

As David will explain in more detail, the margins at which we're signing contracts and the other actions we're taking to grow our profitability have us on a path to deliver high single-digit adjusted pretax margins by fiscal 2027 and yes, the math associated with that is ultimately a $1 billion or more of adjusted pretax income with strong conversion of our earnings into cash flow.

正如David 將更詳細地解釋的那樣，我們簽署合約的利潤率以及我們為提高盈利能力而採取的其他行動使我們走上了到2027 財年實現高個位數調整後稅前利潤率的道路，是的，與此相關的數學最終是調整後的稅前收入達到 10 億美元或更多，而我們的收入將強勁地轉化為現金流。

And importantly, fiscal 2025 is the year that we're pivoting to growth.

重要的是，2025 財年是我們轉向成長的一年。

As we approach the second half of this fiscal year, our purposeful efforts to shed low to no margin components of revenue will be largely behind us.

隨著本財年下半年的臨近，我們有目的地削減低利潤甚至無利潤部分的努力將在很大程度上成為過去。

As I mentioned, we expect to deliver strong growth in Consult.

正如我所提到的，我們預計諮詢業務將實現強勁成長。

We're also on track to generate nearly $1 billion in hyperscale related revenue, and we're seeing more and more opportunities through Kyndryl Bridge to increase our share of wallet with existing customers.

我們還有望創造近 10 億美元的超大規模相關收入，並且我們看到越來越多的機會透過 Kyndryl Bridge 增加我們在現有客戶中的錢包份額。

There is a growing demand for cloud migration, cloud management and optimization, security and resiliency and data and AI services.

對雲端遷移、雲端管理和優化、安全性和彈性以及資料和人工智慧服務的需求不斷增長。

And ultimately, we expect to gain overall market share as more enterprises look to Kyndryl for their mission critical IT needs.

最終，隨著越來越多的企業尋求 Kyndryl 滿足其關鍵任務 IT 需求，我們預計將獲得整體市場份額。

We're not only helping organizations to run their infrastructure in their business.

我們不僅幫助組織在其業務中運行基礎設施。

We're also helping our customers transform building capabilities on new platforms, allowing them to leverage existing and new technology to drive business outcomes and differentiating Kyndryl in the process.

我們還幫助客戶轉變新平台上的建置能力，使他們能夠利用現有技術和新技術來推動業務成果，並在此過程中使 Kyndryl 脫穎而出。

With Kyndryl Bridge, Consult and our practices, we have executed powerfully throughout our business.

憑藉 Kyndryl Bridge、Consult 和我們的實踐，我們在整個業務中執行得非常強大。

We're delivering sophisticated, optimized multi-vendor solutions to customers to help them address critical needs and major opportunities.

我們為客戶提供複雜、最佳化的多供應商解決方案，協助他們滿足關鍵需求和重大機會。

We're delivering managed services more efficiently than ever as a result, as we said, we're showing up differently for our customers and seizing opportunities that are unique to Kyndryl.

我們比以往任何時候都更有效率地提供託管服務，因此，正如我們所說，我們以不同的方式為客戶提供服務，並抓住 Kyndryl 獨有的機會。

In light of all these opportunities, we're planning to host our first post-spin Investor Day in New York on November 21.

鑑於所有這些機會，我們計劃於 11 月 21 日在紐約舉辦首次分拆後投資者日。

This will be an in-person and live webcast event, so please save the date and stay tuned for more details.

這將是一場面對面的網路直播活動，因此請保存日期並繼續關注更多詳細資訊。

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

現在，我將請 David 向您介紹我們的成果和前景。

Thanks, Martin, and hello, everyone.

謝謝馬丁，大家好。

Today, I'd like to discuss our first quarter results, our continued progress on our [3As] initiatives, the solid margins at which we're signing customer contracts and our increased outlook for fiscal year 2025.

今天，我想討論我們第一季的業績、我們在 [3As] 計劃方面的持續進展、我們簽署客戶合約的穩健利潤以及我們對 2025 財年的展望。

The punch line is that we're off to a strong start.

有趣的是，我們有了一個好的開始。

Our first quarter results reflect strong operational execution and continued progress on our key initiatives.

我們第一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。

In the quarter, revenue totaled $3.7 billion, an 8% decline in constant currency.

本季營收總計 37 億美元，以固定匯率計算下降 8%。

The year-over-year decline 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.

年比下降是預期的，主要是由於我們有意退出持續客戶關係中的負利潤和低利潤收入流，而不是宏觀因素。

It's also sequentially 1 point stronger than the year-over-year decline we reported last quarter and about 1 point better than we had expected.

它也比我們上季報告的年減 1 個百分點，比我們的預期好約 1 個百分點。

Currency headwinds impacted our reported revenue by $100 million year-over-year.

貨幣逆風對我們報告的收入造成了 1 億美元的年比影響。

As Martin highlighted, we continued to gain momentum in higher-margin advisory services.

正如馬丁所強調的，我們在利潤率較高的諮詢服務領域繼續保持強勁勢頭。

Kyndryl Consult revenues grew 14% year-over-year in constant currency, which underscores how we're growing our share in this higher value-add space.

以固定匯率計算，Kyndryl Consult 營收年增 14%，這凸顯了我們如何在這一高附加價值領域擴大份額。

Kyndryl Consult signings grew even faster, up 49% in constant currency.

Kyndryl Consult 的簽約量成長更快，以固定匯率計算成長了 49%。

Total signings grew 14% year-over-year in constant currency in Q1, our third consecutive quarter of signings growth, which were strongest in our core enterprise apps data and AI in security and resiliency practices.

以固定匯率計算，第一季總簽約量年增 14%，這是我們連續第三個季度的簽約量成長，其中我們的核心企業應用程式資料以及安全和彈性實踐的人工智慧最為強勁。

Our first quarter adjusted EBITDA was $556 million and our adjusted EBITDA margin increased by 30 basis points year-over-year to 14.9%.

我們第一季調整後 EBITDA 為 5.56 億美元，調整後 EBITDA 利潤率年增 30 個基點，達到 14.9%。

Adjusted pretax income grew 96% to $92 million.

調整後稅前收入成長 96%，達到 9,200 萬美元。

Our financial progress continues to reflect our strategic achievements, leveraging technology alliances, stepping away from empty calorie revenues, fixing focus accounts, growing the consult portion of our business, driving efficiency throughout our operations and positioning Kyndryl to meet our customers future IT needs.

我們的財務進展繼續反映我們的策略成就，利用技術聯盟，擺脫空洞的卡路里收入，固定重點客戶，增加我們業務的諮詢部分，提高整個營運的效率，並使 Kyndryl 滿足客戶未來的 IT 需求。

Our first quarter results also include a number of puts and takes, and I want to make sure our operational progress is clear.

我們第一季的業績還包括一些投入和投入，我想確保我們的營運進展是明確的。

Our $92 million of adjusted pretax income reflects the workforce rebalancing charges we incurred, the increase in IBM software cost that was structured into our spin-off and currency headwinds.

我們 9,200 萬美元的調整後稅前收入反映了我們產生的勞動力再平衡費用、IBM 軟體成本的增加（這些成本構成了我們的分拆和貨幣不利因素）。

Mitigating these were a vendor credit related to a focused account and a benefit from the change in the useful life of our equipment that we discussed on our last earnings call.

緩解這些問題的方法是與重點帳戶相關的供應商信用，以及我們在上次財報電話會議上討論的設備使用壽命變化帶來的好處。

Beyond these five items that in aggregate offset each other, our underlying operations delivered a year-over-year increase of more than $40 million in adjusted pretax income, primarily reflecting our execution and progress on our 3As initiatives.

除了這五個項目相互抵消之外，我們的基礎業務調整後稅前收入同比增長超過 4000 萬美元，主要反映了我們 3A 計劃的執行和進展。

The 3As have helped us strategically transform our business.

3A 幫助我們策略性地轉型我們的業務。

They've galvanized our people around initiatives that are game changers for us and for our customers, and they've delivered huge financial benefits.

他們激勵我們的員工實施那些對我們和我們的客戶來說改變遊戲規則的舉措，並帶來了巨大的經濟效益。

Through our alliances, we generated $210 million in hyperscaler related revenue in the first quarter.

透過我們的聯盟，我們在第一季創造了 2.1 億美元的超大規模相關收入。

This puts us on track to deliver nearly $1 billion of hyperscaler related revenue this year, double our fiscal 2024 total.

這使我們預計今年將實現近 10 億美元的超大規模相關收入，是 2024 財年總收入的兩倍。

Through our advanced delivery initiative powered by Kyndryl Bridge, we continue to drive automation throughout our delivery operations, incorporate more technology into our offerings, reduce our costs and increase our already strong service levels.

透過由 Kyndryl Bridge 支援的先進交付計劃，我們繼續推動整個交付營運的自動化，將更多技術融入我們的產品中，降低成本並提高我們本已強大的服務水準。

It's a win-win for Kyndryl and our customers.

這對 Kyndryl 和我們的客戶來說是雙贏的。

To date, we've been able to free up more than 10,500 delivery professionals to address new revenue opportunities and backfill attrition.

到目前為止，我們已經騰出了超過 10,500 名交付專業人員來應對新的收入機會和回補人員流失。

This is worth roughly a cumulative $650 million a year to us representing a $75 million increase in our annual run rate this past quarter.

這對我們來說每年價值約 6.5 億美元，這意味著我們上個季度的年運行率增加了 7,500 萬美元。

Our accounts initiative continues to remediate elements of contracts we inherited with substandard margins.

我們的帳戶計劃繼續糾正我們繼承的利潤率不合格的合約的內容。

In the first quarter, we increased a cumulative annualized profit from our focused accounts by $125 million to $725 million.

第一季度，我們重點帳戶的累計年化利潤增加了 1.25 億美元，達到 7.25 億美元。

As we pivot to growth this year and the 3As become a regular part of our operating model, they remain an important source of margin expansion and value creation for us.

隨著今年我們轉向成長，3A 成為我們營運模式的常規組成部分，它們仍然是我們利潤擴張和價值創造的重要來源。

So as encouraged as I'm by the earnings growth we've delivered, I'm even more enthusiastic about how we continue to position Kyndryl for future revenue, margin and profit growth.

因此，儘管我對我們實現的獲利成長感到鼓舞，但我對我們如何繼續定位 Kyndryl 以實現未來收入、利潤和利潤成長更加充滿熱情。

The June quarter was a continuation of us signing business with healthy margins.

六月季度是我們簽約業務的延續，利潤率良好。

Throughout fiscal 2024 and now into the early part of fiscal 2025, we signed contracts with projected gross margins in the mid-20s and projected pretax margins in the very high single digits.

在整個 2024 財年和現在進入 2025 財年初期，我們簽署的合約預計毛利率在 20 多歲左右，預計稅前利潤率將達到非常高的個位數。

Therefore, as our business mix increasingly shifts towards more post-spin contracts, you'll see significant margin expansion in our reported results.

因此，隨著我們的業務組合越來越多地轉向更多的分拆後合同，您將在我們報告的結果中看到利潤率顯著擴大。

We've again included a gross profit book-to-bill chart that accentuates how we've been creating and capturing value in our business.

我們再次提供了毛利訂單到帳單圖表，強調了我們如何在業務中創造和獲取價值。

With an average projected gross margin of 26% on our $13 billion of signings over the last 12 months, we've added over $3 billion of projected gross profit to our backlog.

過去 12 個月，我們簽約金額達 130 億美元，平均預期毛利率為 26%，因此我們的積壓訂單中增加了超過 30 億美元的預期毛利。

Over the same period of time, we've reported gross profit of $2.9 billion.

同期，我們報告的毛利為 29 億美元。

This means we've been adding more gross profit to our backlog than our contracted book of business has been producing in our P&L.

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在損益表中產生的毛利還要多。

Having a gross profit book-to-bill ratio above [1 at 1.1] is a measure of how we're growing what matters most, the expected future profit from committed contracts.

毛利帳面出貨比高於 [1 at 1.1] 是衡量我們如何成長最重要的內容的指標，即承諾合約的預期未來利潤。

And we've been doing this consistently over the last two years-plus.

在過去兩年多的時間裡，我們一直在做這件事。

Turning to our cash flow and balance sheet.

轉向我們的現金流和資產負債表。

As expected, our first quarter was a seasonal user of cash due to annual software and incentive payments and our adjusted free cash flow was negative $116 million in the quarter.

正如預期的那樣，由於年度軟體和激勵付款，我們的第一季是現金的季節性用戶，而該季度調整後的自由現金流為負 1.16 億美元。

Our gross capital expenditures were $122 million, and we received $24 million of proceeds from asset dispositions.

我們的總資本支出為 1.22 億美元，我們從資產處置中獲得了 2,400 萬美元的收益。

We've 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。

Importantly, our use of cash in the first quarter doesn't change our expectation of generating roughly $300 million of positive adjusted free cash flow this year.

重要的是，我們在第一季使用現金並沒有改變今年產生約 3 億美元正調整自由現金流的預期。

Our financial position remains strong.

我們的財務狀況依然強勁。

Our cash balance at June 30 was $1.3 billion.

截至 6 月 30 日，我們的現金餘額為 13 億美元。

Our cash, combined with available debt capacity under committed borrowing facilities gave us nearly $4.5 billion of liquidity at quarter end.

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近 45 億美元的流動性。

Our debt maturities are well laddered from late 2026 to 2041.

我們的債務期限從 2026 年末一直到 2041 年。

We had no borrowings outstanding under our revolving credit facility, and our net debt at quarter end was $2 billion.

我們的循環信貸安排下沒有未償還借款，季末的淨債務為 20 億美元。

As a result, our net leverage sits well within our target range.

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等級。

On capital allocation, our top priorities continue to be to maintain strong liquidity, remain investment grade and reinvest in our business.

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。

As our earnings increase, they'll drive meaningful free cash flow growth.

隨著我們收入的增加，它們將推動自由現金流的有意義的成長。

As a result, over time, we'll be in a position to consider regularly returning capital to shareholders, all while remaining investment grade.

因此，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。

Our target has been to keep net leverage below 1 times adjusted EBITDA, and we ended the quarter at 0.86 times.

我們的目標是將淨槓桿率保持在調整後 EBITDA 的 1 倍以下，本季結束時該比率為 0.86 倍。

In terms of M&A, we do not need acquisitions to execute our growth strategy so we will continue to be very selective, focusing on small tuck-in acquisitions like Skytap that complement our existing expertise and opportunities.

在併購方面，我們不需要收購來執行我們的成長策略，因此我們將繼續非常有選擇性，專注於像 Skytap 這樣的小型收購，以補充我們現有的專業知識和機會。

As we've said previously, our core financial goals are to continue to expand our margins, grow our earnings, inflect our revenues back to growth as the year progresses and generate free cash flow.

正如我們之前所說，我們的核心財務目標是繼續擴大利潤、增加收入、隨著時間的推移使我們的收入恢復成長並產生自由現金流。

Our outlook for fiscal 2025 continues to be for revenue to decline 2% to 4% in constant currency.

我們對 2025 財年的展望仍然是，以固定匯率計算，營收將下降 2% 至 4%。

This implies revenues of $15.2 billion to $15.5 billion.

這意味著收入為 152 億至 155 億美元。

We still have a quarter to go until we lap when our most significant actions to step away from low to no margin revenues took effect.

我們還有一個季度的時間，直到我們從低利潤轉向無利潤收入的最重大行動生效。

So we expect our year-over-year revenue declines will be lower in the back half of the year and as we return to revenue growth in the fourth quarter.

因此，我們預計下半年營收年減幅度將會較小，並且隨著我們在第四季恢復營收成長。

We've increased our outlook for adjusted EBITDA margin and adjusted pretax income to reflect the strong performance we delivered in Q1.

我們提高了調整後 EBITDA 利潤率和調整後稅前收入的預期，以反映我們在第一季實現的強勁業績。

Our outlook for adjusted EBITDA margin increases to at least 16.3%, and our outlook for adjusted pretax income increases to at least $460 million.

我們對調整後 EBITDA 利潤率的預期提高至至少 16.3%，對調整後稅前收入的預期提高至至少 4.6 億美元。

Looking at the second quarter, in particular, our year-over-year constant currency revenue decline will be similar to Q1 and our adjusted pretax income should be slightly higher than the $25 million we reported in last year's second quarter.

尤其是第二季度，我們的固定貨幣收入年減幅度將與第一季相似，調整後的稅前收入應略高於去年第二季報告的 2,500 萬美元。

Included in our pretax guidance for Q2 is approximately $40 million of workforce rebalancing charges.

我們第二季的稅前指引中包括約 4,000 萬美元的勞動再平衡費用。

On the topic of cash flow for the year as a whole, we project $700 million of net capital expenditures, a similar amount of depreciation expense and $150 million in cash taxes.

就全年現金流量而言，我們預計淨資本支出為 7 億美元，折舊費用為 7 億美元，現金稅為 1.5 億美元。

This translates to the roughly $300 million in adjusted free cash flow in fiscal 2025 that I mentioned earlier.

這意味著我之前提到的 2025 財年調整後自由現金流約為 3 億美元。

Over the medium term, we remain committed to delivering significant margin expansion in generating free cash flow growth.

從中期來看，我們仍然致力於實現大幅利潤率擴張，以產生自由現金流成長。

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 rely on our technology experts and insights to operate and advance their businesses.

總而言之，我們的業務模式圍繞著為大型複雜組織提供關鍵任務服務，這些組織依靠我們的技術專家和見解​​來運作和推進其業務。

Our leading market position in IT infrastructure services and the mission critical nature of what we do distinguish us from other providers of tech services.

我們在 IT 基礎設施服務方面的領先市場地位以及我們所做工作的關鍵任務性質使我們有別於其他技術服務提供者。

Our service levels and customer satisfaction scores make it clear that we serve our customers extremely well.

我們的服務水準和客戶滿意度評分清楚地表明我們為客戶提供的服務非常好。

And our fiscal first quarter results demonstrate continued operational execution that's putting us on pace to achieve our fiscal year 2025 targets.

我們第一財季的業績證明了持續的營運執行力，這使我們有望實現 2025 財年的目標。

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

馬丁和我很樂意回答您的問題。

Thank you, Martin, are you ready for your first question

謝謝你，馬丁，你準備好回答第一個問題了嗎

You bet.

你打賭。

(Operator Instructions)

（操作員說明）

Tien-tsin Huang, JPMorgan.

黃天欽，摩根大通。

Thank you.

謝謝。

Good morning.

早安.

Good results here.

這裡有好的結果。

Just on the signings side, I wanted to ask on trend of -- or if there's any interesting observations on mix of renewals versus new work or even new logos?

就簽約而言，我想問趨勢——或者對於續約與新作品甚至新標誌的組合是否有任何有趣的觀察？

I know there's good progress in building quality gross profit, but just curious of the composition.

我知道在建立高品質毛利方面取得了很大進展，但只是對組成感到好奇。

It's changing at all, and any signs of delays in some of the backlog converting.

它正在發生變化，並且某些積壓的轉換有任何延遲的跡象。

Thanks.

謝謝。

Thanks, Tien-tsin, and thanks for the nice comments and good morning.

謝謝田津，謝謝你的精彩評論，早安。

So a few things in terms of composition.

所以在構成方面有一些事情。

As you saw now a very consistent solid growth rate in Kyndryl Consult.

正如您現在所看到的，Kyndryl Consult 的成長率非常穩定。

So the signings reflect us mixing more toward our advisory side, the run side of our business, the management run is still obviously substantial in the bulk of our business, but again, we're seeing really good demand from -- on the Consult side of our business.

因此，簽約反映出我們更多地轉向我們的諮詢方面，我們業務的運營方面，管理運行在我們的大部分業務中顯然仍然很重要，但我們再次看到來自諮詢方面的非常好的需求我們的業務。

And this is now the third quarter in a row of total signings.

這是連續第三個季度的總簽約。

So as we look at getting back to growth in fourth quarter revenue growth in fourth quarter, we feel increasingly confident about the trajectory of our overall signings profile as well.

因此，當我們著眼於第四季營收成長恢復成長時，我們對整體簽約狀況的軌跡也越來越有信心。

Now as you know, and as we've said before, as we work our way through our focus accounts, there are a number of elements that reduce, if you will, the overall signings and scope that we take out but at the same time, we are growing scope in the labor elements and the elements that are important to our business model.

現在正如你所知，正如我們之前所說，當我們透過我們的焦點帳戶進行工作時，如果你願意的話，有許多因素會減少我們的整體簽約和範圍，但同時，我們正在擴大勞動力要素和對我們的商業模式重要的要素的範圍。

So the scope expansion that we see doing more work within our clients, even though some of the resell and low margin content comes out, is still giving us, it suggests that the value we're bringing and the value propositions we're bringing are quite powerful.

因此，我們看到在客戶中做更多工作的範圍擴展，即使出現了一些轉售和低利潤內容，仍然為我們帶來了好處，這表明我們帶來的價值和我們帶來的價值主張是相當強大。

And then finally, again, as I mentioned earlier, we've had three good quarters of overall growth even stronger in Consult.

最後，正如我之前提到的，我們在諮詢業務方面經歷了三個季度的整體成長，甚至更加強勁。

But as we sit here, we just had a great July.

但當我們坐在這裡時，我們剛剛度過了一個美好的七月。

So I think it's likely we're going to have a fourth quarter coming up of good growth in total signings as well.

因此，我認為第四季度的簽約總數很可能也會有良好的成長。

Okay.

好的。

Great to hear July comment.

很高興聽到七月的評論。

Just my follow-up, just on -- I heard David, you mentioned you don't need to do deals to hit your targets, you'll be focused on tuck-in acquisitions, but I have to ask your appetite here to do larger acquisitions, given where you are in the transformation of the 3As, even if it's opportunistic, any thoughts there would be appreciated?

只是我的後續行動，我聽到大衛，你提到你不需要進行交易來實現你的目標，你將專注於收購，但我必須在這裡問問你的胃口考慮到您在3A 轉型中所處的位置，即使這是機會主義的，有什麼想法會受到讚賞嗎？

Well, David's here, but I'm going to jump in as well.

好吧，大衛在這裡，但我也要加入。

And certainly, David made some comments in his prepared remarks around that we don't need to do.

當然，大衛在他準備好的演講中發表了一些我們不需要做的評論。

We don't need acquisitions.

我們不需要收購。

Look, the whole business, as we've talked about for a number of years is focused on delivering the financial performance that we laid out 2.5 years ago as I mentioned, when you do the math in fiscal '27, that's $1 billion of adjusted PTI.

看，正如我們多年來所討論的那樣，整個業務的重點是實現我們2.5 年前製定的財務業績，正如我提到的，當你在27 財年進行數學計算時，調整後的收入為10 億美元PTI。

We put on the table this year another big step toward that profit.

今年我們計劃朝實現利潤邁出又一大步。

And that's what this whole business is working on.

這就是整個企業正在努力的方向。

We are focused on delivering the return to revenue growth in the fourth quarter.

我們的重點是在第四季度實現收入成長的回報。

We're focused on delivering nearly a $300 million improvement in adjusted PTI.

我們致力於在調整後的 PTI 方面實現近 3 億美元的改進。

This year, again, on our way to $1 billion in total.

今年，我們的總額再次邁向 10 億美元。

As we've said before, we are focused on our balance sheet in the form of making sure we maintain investment grade and make sure we have the right liquidity to support the business.

正如我們之前所說，我們專注於資產負債表，以確保維持投資等級並確保我們擁有適當的流動性來支持業務。

And I think our words on the topic match kind of the actions.

我認為我們在這個主題上的言論與行動相符。

And what I mean by that is when you look at what we actually have done, we've now we bought Skytap.

我的意思是，當你看看我們實際所做的事情時，我們現在已經收購了 Skytap。

Skytap is a really good, I think, model for how we think about small tuck-in acquisitions that support what we see our customers needing.

我認為，Skytap 是一個非常好的模型，它可以幫助我們思考如何支持我們認為客戶需要的小型收購。

In the case of Skytap, we have a great partner with whom we go to market.

就 Skytap 而言，我們有一個很好的合作夥伴，可以與我們一起進入市場。

It's an area where we have good brand permission.

這是我們擁有良好品牌授權的領域。

So by the way, it's completely consistent with us achieving all of the financial objectives that we set out already, again, 2.5 years ago on our way to fiscal '27.

順便說一句，這與我們實現 2.5 年前在 27 財年制定的所有財務目標完全一致。

So that's what Kyndryl is working on.

這就是 Kyndryl 正在做的事情。

I mean that's kind of how I think about it.

我的意思是，這就是我的想法。

Anything, David, because he did ask you, by the way.

任何事，大衛，因為順便說一句，他確實問過你。

That was just my preface for you.

這只是我為你做的序言。

Yes.

是的。

The comments I made we made about not needing any acquisition where we had exactly what we meant.

我發表的評論是，我們不需要任何收購，因為我們完全有我們的意思。

Next question please.

請下一個問題。

Ian Zaffino, Oppenheimer & Co.

伊恩·扎菲諾，奧本海默公司

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Just kind of wanted to get your sense of growing confidence in the margins?

只是想了解一下您對利潤率信心不斷增強的感覺嗎？

What is basically giving you confidence in that?

是什麼讓您對此充滿信心？

And maybe just kind of the components whether how much is from advanced delivery, all the other initiatives you can maybe help us understand.

也許只是一些組成部分，無論有多少來自提前交付，以及您可以幫助我們理解的所有其他舉措。

Yes, sure.

是的，當然。

Thank you, and thanks for joining the call this morning.

謝謝您，也感謝您今天早上參加電話會議。

I'll start and then obviously I'll ask David to make some comments as well.

我會開始，然後顯然我也會請大衛發表一些評論。

Look, the confidence that we get in our margin profile is really probably just best displayed in the charts we shared during our prepared remarks, and we've shared this chart very consistently.

看，我們對利潤狀況的信心實際上可能最好地顯示在我們在準備好的評論中共享的圖表中，並且我們非常一致地共享了該圖表。

And you can see since spin, that we have consistently delivered margins that will put us into that high single-digit pretax margin range as more and more of our P&L is determined by our post-spin signings versus the signings that we were spun out with.

你可以看到，自分拆以來，我們一直提供利潤，這將使我們進入高個位數的稅前利潤範圍，因為我們的損益越來越多地取決於我們分拆後的簽約與分拆後的簽約。

So between what we've put in the backlog every quarter since spin, which is consistent with high single digit, our ability to we see those coming through the P&L, obviously, now.

因此，自旋轉以來我們每季積壓的訂單量與高個位數一致，我們現在顯然有能力透過損益表看到這些訂單量。

And as we work our way through this year, we're 50-50 between inherited backlog versus backlog we've created, which is a sort of a tipping point for our overall P&L.

當我們今年努力工作時，我們繼承的待辦事項與我們創建的待辦事項之間的比例為 50-50，這是我們整體損益的一個轉折點。

And next year, it will be two-third roughly that our P&L is determined by post-spin signing.

明年，我們的損益將大約有三分之二是由旋轉後簽約決定的。

So with the performance of what's going in the backlog and as David spent a little bit of time in his prepared remarks, the gross profit dollar book-to-bill, not only is the margin profile consistent, but it's in gross mode.

因此，根據積壓訂單的表現，以及大衛在他準備好的講話中花了一點時間，按訂單計算的毛利美元，不僅利潤率狀況保持一致，而且處於毛模式。

The gross profit dollar book-to-bill is greater than 1.

訂單出貨比毛利大於 1。

And now we're getting back to, as I mentioned earlier, three quarters of signings growth with likely a fourth quarter, we feel pretty good about the next quarter as well.

現在我們又回到了，正如我之前提到的，三個季度的簽約增長，第四季度可能會出現增長，我們對下個季度也感覺很好。

So we're seeing not only profit book-to-bill growth, we're seeing consistent value capture in what's going in the backlog and now we're getting back to revenue growth.

因此，我們不僅看到了訂單利潤的成長，還看到了積壓訂單中持續的價值獲取，現在我們又回到了營收成長。

So we the confidence, I think, comes from the data.

所以我認為我們的信心來自於數據。

David, do you want to add?

大衛，你想補充嗎？

And it's the data and the execution that we've had over the last few years since we became an independent company.

這是我們成為獨立公司以來過去幾年所擁有的數據和執行力。

You're seeing the growth in Consult signings and Consult revenues is part of it and the growth in hyperscaler related revenue is part of it as well.

您將看到諮詢簽約和諮詢收入的成長是其中的一部分，超大規模相關收入的成長也是其中的一部分。

And as I mentioned on the call, those are great examples of how we're able to grow and really succeed in the areas that we focus on for growth.

正如我在電話會議上提到的，這些都是我們如何能夠在我們關注的成長領域中成長並真正取得成功的很好的例子。

Martin mentioned the signings growth that we've had now for quarters, a strong July that we had.

馬丁提到了我們幾個季度以來的簽約增長，我們的七月份表現強勁。

That's another example.

這是另一個例子。

The execution on our 3As consistently over the last couple of years and the tremendous impact that 3As are having are also examples of what gives us confidence going forward.

過去幾年我們對 3A 的持續執行以及 3A 所產生的巨大影響也讓我們對未來充滿信心。

And then the last one I'd mention on that is what we referred to as our did versus bid results, how our contracts perform relative to where we price them and that has tended to be strong and consistently strong for us.

我要提到的最後一個是我們所說的“我們的實際行動與投標結果”，我們的合約相對於我們定價的表現如何，這對我們來說往往是強勁且持續強勁的。

So the fact that we're signing business with high projected single-digit margins gives us a lot of confidence that we'll be able to deliver those sorts of margins from those contracts.

因此，我們簽署的業務預計利潤率高達個位數，這一事實讓我們非常有信心，我們將能夠從這些合約中實現這些利潤率。

Okay, great.

好的，太好了。

And maybe just a little bit of a follow-up here on kind of the same vein.

也許只是出於同樣的原因進行了一些後續行動。

I think I heard a $1 billion pretax income numbers.

我想我聽到了 10 億美元的稅前收入數字。

Is that new?

那是新的嗎？

You've kind of hinted and we've kind of want the numbers, but we didn't quite get to $1 billion.

你已經暗示過，我們也想要這些數字，但我們還沒有達到 10 億美元。

And so I'm trying to -- is this new or is there more confidence in that on?

所以我試著——這是新的還是對此更有信心？

And how do we think about that?

我們對此有何看法？

Yes.

是的。

So one, it's not new.

所以，這並不新鮮。

When we talked about the 3As already 2.5 years ago, we laid out path to get there.

當我們在 2.5 年前談論 3A 時，我們就制定了實現這一目標的路徑。

We were talking about exactly this data.

我們正在談論的正是這些數據。

And we've been consistently -- we've been consistently sort of reaffirming, if you will, that the data supports that trajectory and the time frames we originally laid out.

如果你願意的話，我們一直在重申，數據支持我們最初制定的軌跡和時間框架。

So certainly not new and as again, as we trundle through quarter after quarter, and we keep delivering and the team keeps executing on the 3As, and we see the momentum we're capturing and the value we're capturing in Kyndryl Consult.

因此，這當然不是什麼新鮮事，而且，隨著我們一個季度又一個季度地前進，我們不斷交付，團隊不斷執行 3A，我們看到了我們正在捕捉的動力以及我們在 Kyndryl Consult 中捕捉到的價值。

And then we add to that some of the newer things.

然後我們添加一些更新的東西。

So as you saw, we're in the early stages.

正如您所看到的，我們正處於早期階段。

We created what I think is going to be quite a meaningful partnership with NVIDIA.

我認為我們與 NVIDIA 建立了非常有意義的合作關係。

You just saw us do something with SAP and their RISE platform, which is going to represent another big opportunity for us.

您剛剛看到我們利用 SAP 及其 RISE 平台做了一些事情，這對我們來說將是另一個巨大的機會。

So all of the data continues to support what we laid out 2.5 years ago and what we've continued to talk about, which was in that what we said at the time, medium term, which is now only a couple of years away, fiscal '27 in the medium term, this business, very stable business, but it will get back to good rates of growth, and then we'll deliver $1 billion of adjusted PTI.

因此，所有數據繼續支持我們 2.5 年前製定的計劃以及我們繼續討論的內容，即我們當時所說的中期（現在距離現在只有幾年的時間）財政'27 從中期來看，這項業務非常穩定，但它將恢復良好的成長率，然後我們將提供10 億美元的調整後PTI。

Okay, great.

好的，太好了。

Yes, just because the Street is just not there yet.

是的，只是因為這條街還沒出現。

So I'm glad to hear that you're looking for something that's better than the street.

所以我很高興聽到您正在尋找比街上更好的東西。

So I'll let someone else jump on.

那我就讓別人跳上去吧。

Thank you very much.

非常感謝。

Operator, next question, please.

接線員，請下一個問題。

David Togut, Evercore ISI.

大衛·托古特，Evercore ISI。

Thank you.

謝謝。

Good morning, Martin and David.

早上好，馬丁和大衛。

Martin, could you speak to the kind of detailed underlying drivers of the 49% constant currency growth and Kyndryl Consult bookings in Q1 sort of underlying drivers and sustainability.

Martin，您能否談談 49% 的恆定貨幣成長的詳細潛在驅動因素以及第一季 Kyndryl Consult 預訂的潛在驅動因素和永續性。

And then I'll ask my follow-up upfront of David, which is the signaling of capital returns over time.

然後我會詢問大衛的後續行動，這是隨著時間的推移資本回報的信號。

Do you need to get to $1 billion in pretax income in FY27 to start returning capital?

您是否需要在 2027 財年獲得 10 億美元的稅前收入才能開始返還資本？

Or could that happen before then?

或者在那之前會發生這種情況嗎？

Thank you.

謝謝。

I'll go.

我會去。

I think he asked me first, David.

我想是他先問我的，大衛。

So I'm going to go first, if that's okay.

所以如果可以的話我先走了。

Look, I think the Kyndryl Consult performance is -- we see what's going on and what others are announcing.

聽著，我認為 Kyndryl Consult 的表現是——我們看到正在發生的事情以及其他人宣布的事情。

So it is unique, I think, to us.

所以我認為它對我們來說是獨一無二的。

But there's a reason that we're winning.

但我們獲勝是有原因的。

And I think it's based in our expertise in what we would call run and transform, which is what customers want.

我認為這是基於我們在所謂的運作和轉型方面的專業知識，這正是客戶想要的。

Customers need, they know they need to transform their IT estates.

客戶需要，他們知道他們需要改造他們的 IT 資產。

But they also know because of the nature of what we do, it has to happen while they are running.

但他們也知道，由於我們所做工作的本質，這必須在他們跑步時發生。

And so we are uniquely positioned with the skills and capabilities, not only that we have in our deep insights, but we've made a lot of investments in capabilities and skills to move our customers to be able to move our customers into the future.

因此，我們在技能和能力方面處於獨特的地位，不僅是我們擁有深刻的見解，而且我們在能力和技能方面進行了大量投資，以推動我們的客戶走向未來。

And then you add to that the investments we've made in innovation like Kyndryl Bridge and by the way, since we're the largest, we have more data about how infrastructures work and how do you optimize them.

然後再加上我們在 Kyndryl Bridge 等創新方面所做的投資，順便說一句，由於我們是最大的，因此我們擁有更多有關基礎設施如何運作以及如何優化它們的數據。

So all of that comes together in the form of Kyndryl Consult and Kyndryl Consult is benefiting from our customers deep insights that we're providing.

因此，所有這些都以 Kyndryl Consult 的形式匯集在一起，Kyndryl Consult 受益於我們為客戶提供的深刻見解。

Kyndryl Consult is benefiting from our deep insights into how their how their systems are working.

Kyndryl Consult 受益於我們對他們的系統如何運作的深入洞察。

And so when we look at the nature of the work we do, it's probably maybe it's best to talk about what it is and what it isn't.

因此，當我們審視我們所做工作的性質時，也許最好談談它是什麼和不是什麼。

And maybe that's the best way to understand why this exceptionalism that we see will continue.

也許這是理解為什麼我們所看到的這種例外論將會持續下去的最佳方式。

First, everything we do within our value props has a strong business case tied to it.

首先，我們在價值支柱範圍內所做的一切都有與之相關的強大的商業案例。

Those business cases sometimes are to help customers become AI ready, sometimes they're to help customers respond to a new regime in a new regulatory regime like DORA in Europe and around resilience.

這些商業案例有時是為了幫助客戶做好人工智慧準備，有時是為了幫助客戶應對新監管制度中的新制度，例如歐洲的 DORA 以及圍繞彈性的新制度。

So each of these has a strong business case.

因此，每一個都有強大的商業案例。

So they're not science experiments.

所以它們不是科學實驗。

Companies have to do these things if they're going to be competitive or if they're going to respond to either competitive opportunities or, as I said, a new regulatory team.

如果公司想要保持競爭力，或者想要應對競爭機會，或者正如我所說的新的監管團隊，那麼他們就必須做這些事情。

Secondly, these are high value to these companies, which means they're also high value to us.

其次，這些對這些公司來說具有很高的價值，這意味著它們對我們來說也具有很高的價值。

This is not staff augmentation that you can respond with based on a different macro environment.

這不是你可以根據不同的宏觀環境來應對的人員擴充。

So each of them is in support of our customers strategy.

因此，他們每個人都支持我們客戶的策略。

It has a long-term element.

它有一個長期的因素。

So while the business case is good and the returns are good and they're suitable in the macro environment that our customers sit in, they're high value and they support their strategy.

因此，雖然業務案例良好，回報良好，並且適合我們客戶所處的宏觀環境，但它們具有很高的價值，並且支持他們的策略。

And I think that's not something that's going to change the role we play and the momentum we have says to us that we've made tremendous progress.

我認為這不會改變我們所扮演的角色和我們所取得的巨大進步的勢頭。

And since we were spun out in mixing toward advisory, I think there's still a lot more to go there.

由於我們從混合方向轉向諮詢業務，我認為還有很多工作要做。

So I think the growth continues for -- we got a good growth driver here.

所以我認為成長會持續下去——我們在這裡得到了良好的成長動力。

But with that, because I think that maybe feeds then into David's answer to your question because Kyndryl Consult is one of the two growth vectors that we put on the table already two years ago, the other one obviously being the alliances activity, but David turn it over to you.

但這樣一來，因為我認為這可能會影響大衛對你的問題的回答，因為 Kyndryl Consult 是我們兩年前提出的兩個成長向量之一，另一個顯然是聯盟活動，但大衛轉向交給你了。

Thanks, David, very much for the question on capital returns.

大衛，非常感謝有關資本回報的問題。

It's a very important topic for us.

這對我們來說是一個非常重要的主題。

And I think we've been really consistent in saying that over time, our leadership position in IT infrastructure services, with the benefits that we're generating from the 3As really should allow us to expand our margins and then ultimately be in a position to consider regularly returning capital to shareholders, all while remaining investment grade, which is really important to us.

我認為我們一直一致認為，隨著時間的推移，我們在 IT 基礎設施服務方面的領導地位以及我們從 3A 中獲得的優勢確實應該讓我們能夠擴大利潤，然後最終能夠考慮定期向股東返還資本，同時保持投資級別，這對我們來說非常重要。

We do not need to be at a in my opinion, we don't need to be at $1 billion of pretax income in order to be able to return capital to shareholders but nothing will come of nothing.

在我看來，我們不需要達到 10 億美元的稅前收入才能向股東返還資本，但一切都不會一帆風順。

And I think the key metric that will determine our ability to return capital to shareholders is really is our adjusted pretax income.

我認為決定我們向股東返還資本的能力的關鍵指標實際上是我們調整後的稅前收入。

And to me, it needs to be higher than 1% of revenue, which is where it was last year, where it is on an LTM basis.

對我來說，它需要高於收入的 1%，這是去年的情況，是基於 LTM 的。

That's what really needs to move up in order for us to be generating the sustainable free cash flow and earnings levels and margin that's supportive of providing capital returns.

為了讓我們產生可持續的自由現金流、獲利水準和利潤，以支持提供資本回報，這才是真正需要提高的。

Operator, can we move to the next question, please?

接線員，我們可以進入下一個問題嗎？

Divya Goyal, Scotiabank.

迪維亞‧戈亞爾，豐業銀行。

Thank you, everyone, and good to see the ongoing progress on the company's growth here.

謝謝大家，很高興看到公司在這裡不斷發展。

I wanted to ask actually a big picture question on the broader macro.

我實際上想問一個關於更宏觀的宏觀問題。

So as the interest rates potentially start to come down across North America.

因此，隨著北美地區的利率可能開始下降。

Martin, could you help us understand how would Kyndryl broadly benefit from that some improvement from a revenue growth standpoint?

Martin，您能否幫助我們了解從收入成長的角度來看，Kyndryl 將如何從這種改進中廣泛受益？

Sure.

當然。

Thanks, Divya, and thanks for the nice comments.

謝謝 Divya，也謝謝您的精彩評論。

Two things come to mind, and I'll talk about the one that's obviously important to our financial picture.

我想到了兩件事，我將討論對我們的財務狀況顯然很重要的一件事。

And then I'll talk about customers.

然後我會談談客戶。

I do think customers will react and we will benefit as they start to reposition themselves for a lower interest rate environment.

我確實認為客戶會做出反應，當他們開始為較低的利率環境重新定位時，我們將從中受益。

First and foremost, with the yen, I'll go back to the [yen] so high, our second biggest country is Japan.

首先，對於日元，我將回到[日元]如此高的水平，我們的第二大國是日本。

We are along the yen forever basically because it's a very profitable area for us.

我們永遠關注日元，基本上是因為這對我們來說是一個非常有利可圖的領域。

So having the yen come off its lows and start to make its way back is obviously a big benefit to us in our financial model.

因此，日圓脫離低點並開始回升，顯然對我們的金融模型來說是一個巨大的優勢。

Now on the customer side, look, when you think about the role we play in our customers environments and banking is a big element, financial services in total is our biggest industry, but industrials, telecoms, airline travel, all of these customers are investing and considering their focus as they deal with the macro.

現在在客戶方面，當你考慮我們在客戶環境中扮演的角色時，銀行業是一個重要因素，金融服務總體上是我們最大的行業，但工業、電信、航空旅行，所有這些客戶都在投資並在處理宏觀問題時考慮他們的重點。

And right now, obviously, we play a big role in helping them optimize and helping them save money.

顯然，現在我們在幫助他們優化和節省資金方面發揮著重要作用。

But at the same time, we're well positioned to help them to start ramp up their investments again when they're ready when they see a macro environment that is suitable and that means for us that they're going to want to start to work on the data architectures they need in order to be ready to use Generative AI as an example.

但同時，我們處於有利地位，可以幫助他們在準備好時，當他們看到合適的宏觀環境時，再次開始增加投資，這對我們來說意味著他們將想要開始研究他們所需的資料架構，以便準備好使用生成式人工智慧作為範例。

That means they're going to ramp up their investments in order to improve the resiliency that may be a new regulatory regime requires.

這意味著他們將增加投資，以提高新監管制度可能所需的彈性。

So it means for us additional opportunity because, again, in an environment like this, we can help them save money, but it also will allow us then to capture their reinvestment as they get ready for as they get their businesses ready for the future.

因此，這對我們來說意味著額外的機會，因為在這樣的環境中，我們可以幫助他們省錢，但也能讓我們在他們為未來的業務做好準備時抓住他們的再投資機會。

And all of that has to happen on a transformed and modernized and contemporary infrastructure.

所有這一切都必須發生在經過改造、現代化和當代的基礎設施上。

So that's why we tend to lead all of these things.

這就是為什麼我們傾向於領導所有這些事情。

And I think that's part of what you see in our Kyndryl Consult performance to date is we sit at the heart of what they need to get done, what our customers need to invest in order to prepare their businesses for whatever future is there.

我認為，您在 Kyndryl Consult 迄今為止的業績中看到的一部分是，我們處於他們需要完成的工作、我們的客戶需要投資的核心，以便為他們的業務做好應對未來的準備。

That's helpful, Martin.

這很有幫助，馬丁。

So just on the same theme, actually, broadly, right now, there is that discussion going on with respect to AI, GenAI implementations, not being at the same pace as anticipated by the market.

因此，實際上，就同一主題而言，目前廣泛地正在進行有關人工智慧、GenAI 實施的討論，但與市場預期的步伐不同。

That said, to your point, enterprises actually are working towards getting the infrastructure ready for AI implementation from a cybersecurity standpoint.

也就是說，從網路安全的角度來看，企業實際上正在努力為人工智慧的實施做好基礎設施的準備。

So could you actually elaborate on this last point that you made and talk a little bit more about what is Kyndryl as an infrastructure services management company actually seeing from enterprises currently on the AI front?

那麼，您能否詳細闡述您提出的最後一點，並更多地談談 Kyndryl 作為基礎設施服務管理公司從當前人工智慧領域的企業中實際看到的情況？

Yes, absolutely.

是的，一點沒錯。

And again, this is a place we play a very strong role with our customers.

再說一次，我們在這方面與客戶扮演非常重要的角色。

So to oversimplify this, there is right now a pretty substantial chasm in a large enterprise between the business line leader who wants to use Generative AI to help her run her business and the IT organization that needs to ensure, particularly if it's a regulated entity that needs to ensure it understands the security implications, the data management implications and all the other things that have to happen.

因此，簡單來說，目前在大型企業中，想要使用生成式AI 來幫助其運營業務的業務線領導者與需要確保的IT 組織之間存在著相當大的鴻溝，特別是如果它是一個受監管的實體，需要確保它理解安全影響、資料管理影響以及所有其他必須發生的事情。

So we help our customers bridge that chasm.

因此，我們幫助客戶彌合這一鴻溝。

Through Consult, we help our customers bridge that chasm through education.

透過諮詢，我們透過教育幫助客戶彌合這一鴻溝。

And that's what we're seeing today in our customer base.

這就是我們今天在客戶群中看到的情況。

And to the extent that the line leadership in a company and the IT shop in the company start to come together, you will see much more rapid progress in what customers talk about with regard to their use of GenAI.

當公司的直線領導層和公司的 IT 部門開始齊心協力時，您會發現客戶談論的有關 GenAI 使用情況的進展更加迅速。

But again, all of that has to happen first.

但同樣，所有這些都必須先發生。

The CIO needs to be sure that whatever large language model they're using and wherever the data is coming from, as an example, those servers have all the patches they need.

例如，資訊長需要確保無論他們使用哪種大型語言模型以及資料來自何處，這些伺服器都擁有他們需要的所有修補程式。

They need to make sure that they can answer the question for a regulator who can see your data right now.

他們需要確保能夠回答監管者的問題，監管者現在可以看到你的數據。

And so that chasm needs to get bridged.

因此，這個鴻溝需要彌合。

We see it getting bridge, and we're helping our customers work their way through that.

我們看到它正在建立橋樑，我們正在幫助我們的客戶解決這個問題。

Right now, it's heavily focused on bringing the CIO and the CIO organization into a readiness phase.

目前，它的重點是讓 CIO 和 CIO 組織進入準備階段。

And then it will get deployed more rapidly.

然後它將得到更快的部署。

But we sit in the middle of that now, and we're seeing the benefit in helping our customers through that.

但我們現在正處於這個過程中，我們看到了幫助我們的客戶度過難關的好處。

David is going to pile on.

大衛將會繼續前進。

Yes.

是的。

Certainly, a lot of the media attention over the last year has been on Generative AI, but old-fashioned AI is really important.

當然，去年很多媒體的注意力都集中在生成式人工智慧上，但老式人工智慧確實很重要。

And what we're seeing with Kyndryl Bridge is a tremendous amount of opportunity to create and add value through the use of AI and machine learning in particular.

我們在 Kyndryl Bridge 中看到的是透過使用人工智慧和機器學習來創造和增加價值的巨大機會。

And the benefits that we're delivering, the automations associated with that, the insights that we're generating in Kyndryl Bridge again, using more, call it, regular AI rather in traditional AI rather than generative AI and large language models is really quite incredible.

我們正在提供的好處，與之相關的自動化，我們再次在Kyndryl Bridge 中產生的見解，更多地使用常規人工智慧，而不是傳統人工智慧，而不是產生人工智慧和大型語言模型，這真的相當不錯極佳的。

And so I think we're probably not the only ones doing that.

所以我認為我們可能不是唯一這樣做的人。

We see customers getting value out of that in many ways as well.

我們看到客戶也透過多種方式從中獲得價值。

But I think we're a real leader in terms of the amount of value we're able to generate and deliver by applying Kyndryl Bridge and the AI enabled elements of it to generate all these insights and to operate in a more optimized way.

但我認為，透過應用 Kyndryl Bridge 及其人工智慧支援的元素來產生所有這些見解並以更優化的方式運營，我們能夠產生和交付的價值量方面是真正的領導者。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Divya.

謝謝，迪維亞。

Operator, I think we have one last question.

接線員，我想我們還有最後一個問題。

James Friedman, Susquehanna International Group.

詹姆斯‧弗里德曼，薩斯奎哈納國際集團。

Good morning.

早安.

Thanks for sneaking me in.

謝謝你偷偷帶我進來。

Martin, I track the narrative since the separation 2.5 years ago.

馬丁，我追蹤 2.5 年前分居以來的故事。

And it does seem like Consult is outperforming what you had set up at that time?

看起來 Consult 的表現確實優於您當時的設定？

I knew you knew there was a lot of white space.

我知道你知道有很多空白。

But the services space is not doing anything like what you're doing.

但服務領域並沒有做任何像你正在做的事情。

I realize it's off a smaller base.

我意識到它的基礎較小。

So anyway, could you give us some and -- I know other people have asked you about this, but can you give us some use cases and why you think that your Consult position may be outperforming the wider industry?

不管怎樣，你能給我們一些——我知道其他人也問過你這個問題，但你能給我們一些用例嗎？

Sure.

當然。

Thanks, Jamie.

謝謝，傑米。

Thanks for the nice -- again thanks for those comments and for joining.

感謝您的好意——再次感謝您的評論和加入。

So look, I think when David touched on this briefly with Kyndryl Bridge, but when you think about the knowledge, the depth of knowledge that we have just the raw engineering that we have and the skills and the talent that we have that understand our customer systems better than anybody that was what we started with, right?

所以看，我想當 David 與 Kyndryl Bridge 簡短地談到這一點時，但是當你想到知識時，我們擁有的原始工程知識以及我們擁有的了解客戶的技能和人才的知識深度我們的系統比任何人都好，這就是我們開始的時候，對嗎？

And to that and by the way, this is the trusted group of engineers that run the world's most important, most critical systems.

順便說一句，這是值得信賴的工程師團隊，他們運作著世界上最重要、最關鍵的系統。

To that, we've invested quite heavily to take those skills and supplement them with much more industry standard skills.

為此，我們投入了大量資金來獲取這些技能，並用更多的行業標準技能來補充它們。

And so now you have not only the group of engineers who understand your systems, but now they are contemporary and relevant in a much broader industry context and add to that, that we've invested heavily in Kyndryl Bridge, which gives insights we're generating as we said in our prepared remarks, we're generating over 3 million insights per month to help our customers, which is saving them money.

因此，現在您不僅擁有了解您的系統的工程師團隊，而且現在他們在更廣泛的行業環境中具有當代性和相關性，此外，我們在 Kyndryl Bridge 上投入了大量資金，這為我們提供了見解正如我們在準備好的演講中所說，我們每月產生超過300 萬條見解來幫助我們的客戶，這為他們節省了資金。

So you take the engineering and the trust we started with, you invest heavily in the people so that they have the most contemporary skills.

因此，您採取我們最初的工程和信任，對人員進行大量投資，以便他們擁有最現代的技能。

You invest in joining the ecosystem that really matters to our customer base.

您投資加入對我們的客戶群真正重要的生態系統。

You invest heavily in innovation so that you show up with new ideas and with insights that customers cannot get anywhere else.

您在創新上投入巨資，以便向客戶展示在其他地方無法獲得的新想法和見解。

And it's not, I guess it's not a surprise to me and yes, we did talk about it 2.5 years ago, but it's not a surprise to me that we, Kyndryl sit now at the heart, at the nexus of the secular trends that our customers are either excited by because there are opportunities like AI, like innovation on clouds, but also they're trying to manage like skill shortages or new regulatory requirements or security challenges or the need for resiliency, et cetera.

事實並非如此，我想這對我來說並不奇怪，是的，我們確實在2.5 年前討論過這個問題，但對我來說，我們Kyndryl 現在處於核心位置，處於我們的長期趨勢的紐帶，這並不奇怪。

So I think it comes down to us for we started really well with the talent that our customers trust running the most important workloads.

因此，我認為這取決於我們，因為我們的起步非常好，我們的客戶信任運行最重要工作負載的人才。

We added to that a substantial amount of investment in our people.

除此之外，我們也對員工進行了大量投資。

We've added a substantial amount of investment in innovation.

我們在創新方面增加了大量投資。

And we've joined the ecosystem that's relevant to our customers, and you put all that together, and that's why we sit again at the nexus of the secular trends that our customers are dealing with, everyone, everyone is trying to figure out how to transform digitally.

我們已經加入了與我們的客戶相關的生態系統，你把所有這些放在一起，這就是為什麼我們再次坐在我們的客戶正在處理的長期趨勢的紐帶上，每個人，每個人都在試圖弄清楚如何進行數位轉型。

And I think the other thing that we've noticed and customers are telling us is that there are really aren't any challenges they're facing that they can't solve now with technology, reaching new customers, reaching existing customers more efficiently, knowing more about your customers, running more efficiently, internally, optimizing your business, transforming what you see in technology into a new business model, all of that happens now with technology as a base.

我認為我們注意到並且客戶告訴我們的另一件事是，他們現在確實沒有任何無法透過技術解決的挑戰，接觸新客戶，更有效地接觸現有客戶，並更多地了解您的客戶，更有效率地內部運營，優化您的業務，將您在技術中看到的內容轉化為新的業務模式，所有這一切現在都以技術為基礎發生。

And that means that the infrastructure has to participate has to be a big part of that transformation journey.

這意味著基礎設施的參與必須成為轉型之旅的重要組成部分。

Yes, leveraging our capabilities.

是的，利用我們的能力。

And as Martin said, investing in our capabilities in Consult has been a big part of our strategy.

正如馬丁所說，投資我們的諮詢能力一直是我們策略的重要組成部分。

Like Martin said when this is part of our strategy, when you got a job to do, you've got to do it well.

正如馬丁所說，當這是我們策略的一部分時，當你有工作要做時，你就必須把它做好。

You have to give the other fellow help.

你必須給其他人幫助。

And for us, that really means investing in Consult and being in a position where we can lead and win and compete very effectively in this space, and that's showing up in the, call it, 49% signings growth you saw this last quarter in the consistent double-digit growth we're delivering in Consult.

對我們來說，這確實意味著投資 Consult 並處於一個能夠在這個領域領先、獲勝和非常有效競爭的位置，這體現在上個季度 49% 的簽約成長中。位數增長。

Thanks David.

謝謝大衛。

Thanks.

謝謝。

I'll join back in the queue.

我會重新加入隊列。

Okay, great.

好的，太好了。

Operator, we're going to have Martin say a couple of closing words, but I think that closes out our queue.

接線員，我們將讓馬丁說幾句結束語，但我認為我們的隊列就這樣結束了。

Perfect.

完美的。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn it back to Martin for closing remarks.

現在我想請馬丁致閉幕詞。

Thanks.

謝謝。

Operator.

操作員。

Thanks, everybody, for joining us again today.

謝謝大家今天再次加入我們。

Hopefully, you can get a sense and you can hear how enthusiastic we are about the strong start to the fiscal year.

希望您能感受到我們對本財年強勁開局的熱情。

And look, I also want to add and share the gratitude with the whole Kyndryl team for their hard work and their contributions and their efforts, including by the way, the tremendous job that the Kyndryl team did in recovering our customers from the CrowdStrike incident.

我還想向整個 Kyndryl 團隊表示感謝，感謝他們的辛勤工作、貢獻和努力，包括順便說一句，Kyndryl 團隊在從 CrowdStrike 事件中恢復我們的客戶方面所做的巨大工作。

It was just a phenomenal display of engineering prowess and urgency in support of important customers.

這只是工程實力和支持重要客戶的緊迫性的非凡展示。

Look, we're in a tremendous position in our third-year as an independent company.

瞧，作為一家獨立公司，我們已進入第三個年頭，處於非常有利的地位。

Our unique running transform approach is absolutely resonating with and adding a lot of value to our customers because it supports their continuous innovation while maintaining their operational excellence.

我們獨特的運作轉型方法絕對能引起客戶的共鳴，並為他們增加許多價值，因為它支持他們的持續創新，同時保持卓越的營運。

We, as a firm are capitalizing on the many opportunities we have to drive profitable growth you see that not only in the data, but you see that in the things that are going to affect the data in the future.

作為一家公司，我們正在利用許多機會來推動利潤成長，您不僅可以在數據中看到這一點，而且可以在未來影響數據的事物中看到這一點。

As I mentioned earlier, recent enhanced partnership with SAP.

正如我之前提到的，最近與 SAP 加強了合作關係。

SAP RISE is going to be a big part of how we bring value in the future and NVIDIA would be another one, all now announced, but not yet not yet part of the data, but the data looks great and progress so far.

SAP RISE 將成為我們未來創造價值的重要組成部分，而NVIDIA 將是另一個組成部分，所有這些現在都已宣布，但尚未成為數據的一部分，但數據看起來很棒，並且到目前為止取得了進展。

David and I, we're looking forward to getting together with the investors with our analyst community at our upcoming investor conferences, we said on first Investor Day on November 21.

David 和我，我們在 11 月 21 日的第一個投資者日表示，我們期待在即將舉行的投資者會議上與投資者和分析師社群相聚。

And in the meantime, thank you again for joining us, and we'll talk to you again in the quarter.

同時，再次感謝您加入我們，我們將在本季再次與您交談。

Thanks, everybody.

謝謝大家。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。