Kyndryl Holdings Inc (KD) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Kyndryl's second-quarter 2024 (sic, "2025") earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Lori Chaitman, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Kyndryl 2024 年第二季（原文如此，「2025」）收益電話會議。 （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人，投資者關係主管洛里·柴特曼 (Lori Chaitman)。請繼續。

Good morning, everyone, and welcome to Kyndryl's earnings call for the second quarter ended September 30, 24. Before we begin, I'd like to remind you that our remarks today will include forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied. These forward-looking statements speak only to our expectations as of today. For more details on some of these risks, please see the Risk Factors section of our annual report on Form 10-K for the year ended March 31, 2024.

大家早安，歡迎參加 Kyndryl 截至 9 月 30 日的第二季財報電話會議。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。這些前瞻性陳述僅代表我們截至目前為止的預期。有關其中一些風險的更多詳細信息，請參閱我們截至 2024 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 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 events, which are available on our website at investor.kyndryl.com.

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 指標以及歷史時期非 GAAP 指標與 GAAP 指標的調整表，這些資料可在我們的網站 Investor.kyndryl.com 上取得。

With me here 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?

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. On today's call, I'll update you on our continued progress and execution to meet our customers' large and complex technology needs and to drive our growth strategy. David will then review our recent financial results and our fiscal 2025 earnings outlook. We delivered another strong quarter for signings, margins and cash flow generation. It was a record post-spin quarter for signings, which have grown 33% over the last 12 months to $16 billion.

謝謝你，洛瑞，也謝謝你們每個人加入我們。在今天的電話會議上，我將向您介紹我們的持續進展和執行情況，以滿足客戶龐大而複雜的技術需求並推動我們的成長策略。然後 David 將回顧我們最近的財務表現和 2025 財年的獲利前景。我們在簽約、利潤和現金流方面又實現了強勁的季度表現。這是一個創紀錄的轉後季度簽約金額，在過去 12 個月中增長了 33%，達到 160 億美元。

We signed 10 deals of more than $100 million in the quarter, including our largest deal as an independent company a scope expansion that will generate more than $2 billion of revenue over the next five years. Clearly, our signing strength will power our return to sustained revenue growth. And as David will discuss, what's even more encouraging is that the projected pretax margins on our signings continue to be in the high single digits.

本季我們簽署了 10 筆價值超過 1 億美元的交易，其中包括我們作為獨立公司最大的一筆交易，以及將在未來五年內產生超過 20 億美元收入的規模擴張。顯然，我們的簽約實力將推動我們恢復持續的營收成長。正如大衛將討論的那樣，更令人鼓舞的是我們簽約的預計稅前利潤繼續保持在高個位數。

In the quarter, adjusted pretax earnings were up substantially year-over-year and we remain on track to deliver significant cash flow this year. Our performance was once again led by double-digit growth in Kyndryl Consult and strong momentum in hyperscaler related revenue as well as our ability to continue to drive efficiency and deliver innovation through automation and Kyndryl Bridge, our AI-enabled open integration platform.

本季度，調整後的稅前收益較去年同期大幅成長，我們今年仍有望實現可觀的現金流。我們的業績再次領先 Kyndryl Consult 的兩位數成長和超大規模相關收入的強勁勢頭，以及我們透過自動化和 Kyndryl Bridge（我們的人工智慧開放整合平台）繼續提高效率和提供創新的能力。

In addition, our 3As initiatives, alliances, accounts and advanced delivery, continued to generate significant incremental benefits in the quarter. There have been multiple disruptions across the competitive landscape and we are leveraging the investments we've made and our differentiated mission-critical capabilities to take advantage of select opportunities to win new customers and additional scope.

此外，我們的 3A 計劃、聯盟、客戶和高級交付在本季度繼續產生顯著的增量效益。競爭格局出現了多重顛覆，我們正在利用我們所做的投資和我們差異化的關鍵任務能力，利用精選的機會來贏得新客戶和額外的範圍。

Having invested when others have pulled back, we're in a great position to continue to capitalize on these opportunities. As we head into the second half of this year, we'll continue to focus on driving substantial financial progress and on returning to top line growth in the fourth quarter. There's a reason why we're delivering our fourth consecutive quarter of signings growth. It's our expertise in both running and transforming IT estates that differentiates us in the markets we serve, enabling us to increase our share of wallet and grow our customer base.

在其他人撤退時進行投資，我們處於有利地位，可以繼續利用這些機會。進入今年下半年，我們將繼續專注於推動實質財務進展並在第四季度恢復營收成長。我們連續第四個季度實現簽約成長是有原因的。我們在 IT 資產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，使我們能夠增加錢包份額並擴大客戶群。

As you've heard me say before, Kyndryl is uniquely positioned to address secular IT trends, cloud migration and management increasingly hybrid IT environments, technology skill shortages, cybersecurity risks and the adoption of artificial intelligence. Kyndryl Consult is strategically positioned at the nexus of these secular trends. Our consult revenue has been consistently growing in the double digits. And this quarter, our Consult signings and revenue were up 81% and 23%, respectively.

正如您之前聽我說過的，Kyndryl 具有獨特的優勢，可以解決長期 IT 趨勢、雲端遷移和管理日益混合的 IT 環境、技術技能短缺、網路安全風險和人工智慧的採用。 Kyndryl Consult 的策略定位是結合這些長期趨勢。我們的諮詢收入一直以兩位數成長。本季度，我們的諮詢簽約量和收入分別成長了 81% 和 23%。

Consult is now a $2.5 billion plus revenue stream for us with significant runway for continued growth. This revenue stream is valuable and central to our strategy, not only because of the margins directly associated with it, but also because of the ongoing managed services work that accompanies so many IT modernization assignments. Over the last year, we've delivered significant signings growth in both Consult and managed services. Our Kyndryl Consult teams have decades of experience with deep domain knowledge on our customers' mission-critical systems.

Consult 現在為我們帶來了超過 25 億美元的收入來源，並為持續成長提供了重要的基礎。這項收入流非常有價值，並且是我們策略的核心，不僅因為與它直接相關的利潤，還因為伴隨如此多 IT 現代化任務而進行的持續託管服務工作。去年，我們在諮詢和託管服務方面的簽約量均實現了顯著增長。我們的 Kyndryl Consult 團隊擁有數十年的經驗，對客戶的關鍵任務系統擁有深厚的領域知識。

This experience, paired with the IP and data in Kyndryl Bridge enables us to turn technical value into business value. And we're engaging more and more with CIOs and CTOs on modernization, data architecture, AI readiness, efficiency, security, resiliency and governance. The seven-figure assignments that we're winning to help customers with their data foundations and AI readiness are examples of that.

這種經驗與 Kyndryl Bridge 中的 IP 和數據相結合，使我們能夠將技術價值轉化為商業價值。我們越來越多地與資訊長和技術長就現代化、資料架構、人工智慧準備、效率、安全性、彈性和治理進行接觸。我們贏得的七位數的任務就是幫助客戶建立數據基礎和人工智慧準備的例子。

Another key driver of our success and confidence in our future growth trajectory is our deep relationships with the three major hyperscalers and other top-tier technology leaders. Over the last year, we've more than doubled our revenue from services we provide that are related to the hyperscalers and we expect to reach $1 billion in hyperscaler related revenue this fiscal year. With our mainframe modernization skills and hyperscaler alliances, we're migrating, managing, optimizing and securing our customers' IT environments across multiple cloud platforms and helping them ensure that the right workload is on the right platform.

我們成功和對未來成長軌跡充滿信心的另一個關鍵驅動力是我們與三大超大規模企業和其他頂尖技術領導者的深厚關係。去年，我們提供的與超大規模相關的服務收入增加了一倍多，預計本財年將超大規模相關收入將達到 10 億美元。憑藉我們的大型主機現代化技能和超大規模聯盟，我們正在跨多個雲端平台遷移、管理、優化和保護客戶的 IT 環境，並幫助他們確保正確的工作負載位於正確的平台上。

Our growth is fueled by providing customers with higher value solutions that leverage both our extensive know-how and our alliance partners' capabilities. Together, we're focused on joint enablement activities, co-marketing and incremental training, all of which bring solutions to the market that address our customers' most pressing needs.

我們的成長是透過利用我們豐富的專業知識和聯盟合作夥伴的能力為客戶提供更高價值的解決方案來推動的。我們共同致力於聯合支援活動、聯合行銷和增量培訓，所有這些都為市場帶來解決方案，滿足客戶最迫切的需求。

Because of our alliances, the skills we can bring to bear and the freedom of action we have as an independent company, we are frequently expanding the scope of services we provide to existing customers to now include mainframe modernization and cloud migration services. At the same time, we're also beginning to add more new logos where Kyndryl Bridge is at the core of our service delivery across multiple platforms involving one or more hyperscalers.

由於我們的聯盟、我們可以發揮的技能以及我們作為獨立公司所擁有的行動自由，我們經常擴大我們向現有客戶提供的服務範圍，現在包括大型主機現代化和雲端遷移服務。同時，我們也開始添加更多新徽標，其中 Kyndryl Bridge 是我們跨涉及一個或多個超大規模企業的多個平台提供服務的核心。

Separately, last month, we published the inaugural Kyndryl Readiness report. This report analyzes what business and IT leaders see as the big picture challenges and opportunities in today's global business landscape, how their IT helps them prepare for those risks and capitalize on opportunities and what specific factors enable or hinder progress.

另外，上個月，我們發布了第一份 Kyndryl 準備報告。本報告分析了業務和 IT 領導者認為當今全球業務格局中的重大挑戰和機會、IT 如何幫助他們為這些風險做好準備並利用機遇，以及哪些具體因素促進或阻礙了進展。

I am really excited about the report because it combines our proprietary Kyndryl Bridge operational data with survey data from over 3,000 senior leaders in 18 markets. By combining operational data with survey data, the report assesses and compares the perception of IT readiness versus the reality of readiness. With the goal of helping companies uncover new value for past, current and future technology investments.

我對這份報告感到非常興奮，因為它結合了我們專有的 Kyndryl Bridge 營運數據和 18 個市場 3,000 多名高階領導者的調查數據。透過將營運數據與調查數據相結合，該報告評估並比較了 IT 準備情況的感知與實際情況。目標是幫助公司發現過去、當前和未來技術投​​資的新價值。

Among our key findings, more than 90% of the leaders survey believe their infrastructure is world-class, get fewer than 40% believe they are ready for potential risks coming their way. Cybersecurity is the #1 concern regarding risk readiness closely followed by policy and regulatory requirements and emerging technologies, including AI. 2/3 of CEOs are concerned that their IT is outdated carrying vulnerabilities, skills gaps and has challenges for modernization. And 40% of mission-critical components such as servers, storage, networks and operating systems are approaching or at their end of life.

在我們的主要調查結果中，超過 90% 的受訪領導者認為他們的基礎設施是世界一流的，只有不到 40% 的受訪者認為他們已做好應對潛在風險的準備。網路安全是風險準備的第一大問題，緊隨其後的是政策和監管要求以及包括人工智慧在內的新興技術。 2/3 的執行長擔心他們的 IT 已經過時，存在漏洞、技能差距，並且面臨現代化挑戰。伺服器、儲存、網路和作業系統等 40% 的關鍵任務元件已接近或已達到使用壽命。

These factors are why tech modernization is a top priority for business and IT leaders. However, more than 70% of participants indicated they are still in the early stages of modernization. For enterprises to progress on their modernization journey and make their organizations more ready for the future, leaders need to overcome their prioritization paralysis. And that is precisely the role that Kyndryl plays as a trusted partner providing a differentiated pragmatic approach to modernization.

這些因素解釋了為什麼技術現代化是業務和 IT 領導者的首要任務。然而，超過70%的參與者表示他們仍處於現代化的早期階段。為了讓企業在現代化進程中取得進展並讓組織為未來做好更充分的準備，領導者需要克服優先癱瘓。這正是 Kyndryl 作為值得信賴的合作夥伴所扮演的角色，為現代化提供差異化的務實方法。

We offer unmatched expertise in designing, building and managing mission-critical workloads, we provide unprecedented observability and valuable insights from Kyndryl Bridge and we collaborate with hyperscalers and other top-tier technology providers to accelerate the pace of our customers' IT transformations.

我們在設計、建置和管理關鍵任務工作負載方面提供無與倫比的專業知識，我們提供前所未有的可觀察性和來自Kyndryl Bridge 的寶貴見解，我們與超大規模提供者和其他頂級技術供應商合作，加快客戶IT轉型的步伐。

As we've highlighted before, our evolving business mix where we're focusing on higher value services for our customers is driving increased profitability and fueling future top line growth. This fiscal year, half of our revenue is coming from post-spin signings that have higher margins than our backlog did at spin. And in fiscal 2026, it will be roughly 2/3.

正如我們之前所強調的那樣，我們不斷發展的業務組合專注於為客戶提供更高價值的服務，這正在推動盈利能力的提高並推動未來的收入成長。本財年，我們一半的收入來自旋轉​​後的簽約，這些簽約的利潤率高於旋轉時的積壓訂單。到 2026 財年，這一數字將約為 2/3。

This inflection point when our P&L is largely determined by our post-spin signings will dramatically strengthen our earnings and growth profile. Our 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. 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, keep us well on track to deliver high single-digit adjusted pretax margins by fiscal 2027.

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。我們對 2025 財年的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。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，使我們能夠在 2027 財年之前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 pretax income with strong conversion of our earnings into cash flow. Our confidence stems from Kyndryl's unique set of attributes that position us well for sustainable growth. Our customers want to work with us for a number of reasons, including we have mission-critical expertise and domain knowledge throughout our six global practices to manage increasingly complex hybrid IT estates and address tech debt.

是的，與此相關的數學最終是 10 億美元或更多的調整後稅前收入，而我們的收入將強勁地轉化為現金流。我們的信心源自於 Kyndryl 獨特的屬性，這些屬性使我們能夠實現永續成長。我們的客戶希望與我們合作的原因有很多，其中包括我們在六個全球實踐中擁有關鍵任務專業知識和領域知識，可以管理日益複雜的混合 IT 資產並解決技術債務。

Because we've established and expanded relationships with hyperscalers and other top-tier technology providers to accelerate the pace of mainframe modernization and cloud migration. Because we've invested in our advisory talent, our Kyndryl Consult teams have the know-how to make our customers' IT estates optimized, secure, resilient and regulatory compliant. And they know how to architect data for our customers so they can be responsibly and securely adopt and leverage AI.

因為我們已經與超大規模供應商和其他頂級技術供應商建立並擴大了關係，以加快大型主機現代化和雲端遷移的步伐。由於我們對顧問人才進行了投資，因此我們的 Kyndryl Consult 團隊擁有使客戶的 IT 資產優化、安全、彈性和合規性的專業知識。他們知道如何為我們的客戶建立數據，以便他們能夠負責任地、安全地採用和利用人工智慧。

And finally, because we're making ongoing investments in Kyndryl Bridge, that's enabling unprecedented observability, actionable business insights and valuable outcomes that align with our customers' business strategies and goals. In short, we are delivering sophisticated, optimized multi-vendor solutions to customers that allow them to address critical needs and major opportunities. Through Kyndryl Bridge, automation and AI we're delivering managed services more efficiently than ever. And as a result, and as we've said, we're showing up differently and powerfully in the IT services market.

最後，由於我們正在對 Kyndryl Bridge 進行持續投資，因此能夠實現前所未有的可觀察性、可操作的業務洞察和與客戶的業務策略和目標一致的有價值的成果。簡而言之，我們正在為客戶提供複雜、最佳化的多供應商解決方案，使他們能夠滿足關鍵需求和重大機會。透過 Kyndryl Bridge、自動化和人工智慧，我們比以往更有效率地提供託管服務。因此，正如我們所說，我們在 IT 服務市場上以不同的方式展現出強大的實力。

Lastly, I want to remind you all that we'll be hosting our first post-spin Investor Day in New York on November 21. This will be an in-person and live webcast event available on our Investor Relations website where we will delve deeper into our strategy and key priorities that will drive our next chapter of growth and margin expansion.

最後，我想提醒大家，我們將於 11 月 21 日在紐約舉辦首次分拆後投資者日。納入我們的策略和關鍵優先事項，這將推動我們的成長和利潤擴張的新篇章。

I also want to highlight that we recently published our second corporate citizenship report. It describes our notable progress as a multinational organization, a role as a provider of essential services, our focus on managing our environmental impacts, our Kyndryl way culture and our principled approach to corporate governance. I'm very proud of the Kyndryl team and the progress we've made, and I encourage you to review it on our website.

我還想強調，我們最近發布了第二份企業公民報告。它描述了我們作為跨國組織的顯著進步、作為基本服務提供者的角色、我們對環境影響管理的關注、我們的 Kyndryl 方式文化以及我們的公司治理原則方法。我為 Kyndryl 團隊和我們所取得的進步感到非常自豪，我鼓勵您在我們的網站上查看它。

Now with that, David will take you through our results and our outlook.

現在，大衛將帶您了解我們的成果和前景。

Thanks, Martin, and hello, everyone. Today, I'd like to discuss our second quarter results, our continued progress on our 3A initiatives, the solid margins at which we're signing customer contracts and our outlook for fiscal year 2025.

謝謝馬丁，大家好。今天，我想討論我們第二季度的業績、我們在 3A 計劃方面的持續進展、我們簽署客戶合約的穩健利潤率以及我們對 2025 財年的展望。

The theme that you'll pick up is strong execution on our powerful strategy. In the second quarter, revenue totaled $3.8 billion, a 7% decline in constant currency. The year-over-year trend was anticipated and primarily driven by our intentional exit primarily in prior quarters from negative no and low margin revenue streams within ongoing customer relationships, not by macro factors. It's also sequentially one point stronger than the year-over-year decline we reported last quarter.

您將學到的主題是對我們強大策略的強大執行。第二季營收總計 38 億美元，以固定匯率計算下降 7%。同比趨勢是預期的，主要是由於我們在前幾個季度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。它也比我們上季報告的年減幅強一個百分點。

We also reported the strongest quarter of signings in our history as an independent company. Total signings grew 132% year-over-year. Our $5.6 billion of signings made Q2 our fourth consecutive quarter of signings growth, and brings our trailing 12-month signings growth to 33%. We saw strength across all six of our practices, each of which reported signings growth of 30% or more in the quarter and we delivered growth across our four geographic segments, each of which reported signings growth in the quarter.

我們也報告了作為一家獨立公司歷史上最強勁的季度簽約情況。簽約總數較去年同期成長 132%。我們的 56 億美元簽約量使第二季度成為連續第四個季度的簽約量增長，並使我們過去 12 個月的簽約量增長達到 33%。我們看到了所有六項業務的實力，每個業務在本季度的簽約量增長了30% 或更多，並且我們在四個地理區域實現了增長，每個業務在本季度的簽約量都有增長。

As Martin highlighted, we continue to gain momentum in higher-margin advisory services. Kyndryl Consult revenues grew 23% year-over-year, which underscores how we're growing our share in this higher value-add space. Kyndryl Consult signings grew even faster, up 81%. Over the last 12 months, we've seen strong growth in Kyndryl Consult with signings up 41% year-over-year.

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 營收年增 23%，這凸顯了我們如何在這個高附加價值領域擴大份額。 Kyndryl Consult 的簽約量成長更快，成長了 81%。在過去 12 個月中，我們看到 Kyndryl Consult 的強勁成長，簽約人數較去年同期成長 41%。

And importantly, we're also delivering growth in managed services. Our managed services signings have increased 32% in the last 12 months. Our second quarter adjusted EBITDA was $557 million and our adjusted EBITDA margin was 14.8%. Adjusted pretax income grew 80% to $45 million. Our financial progress continues to reflect our strategic execution, leveraging technology alliances, stepping away from empty calorie revenues, fixing focused accounts, growing the consult portion of our business, driving efficiency throughout our operations and positioning Kyndryl to meet our customers' future IT needs.

重要的是，我們也實現了託管服務的成長。在過去 12 個月中，我們的託管服務簽約量增加了 32%。我們第二季調整後 EBITDA 為 5.57 億美元，調整後 EBITDA 利潤率為 14.8%。調整後稅前收入成長 80%，達到 4,500 萬美元。我們的財務進展繼續反映我們的策略執行、利用技術聯盟、擺脫空洞的卡路里收入、修復重點客戶、增加我們業務的諮詢部分、提高​​整個營運的效率以及定位 Kyndryl 以滿足客戶未來的 IT 需求。

Included in our $45 million of adjusted pretax income was $39 million in workforce rebalancing charges, the contractually committed $50 million increase in IBM software costs and a $40 million impact from currency movements that all operated as headwinds. Mitigating this, we also had a $20 million net benefit from depreciation changes. Excluding these items, we delivered a year-over-year increase of $129 million in adjusted pretax income, which reflects our execution and progress on our 3As initiatives.

我們 4,500 萬美元的調整後稅前收入中包括 3,900 萬美元的勞動力再平衡費用、合約承諾的 IBM 軟體成本增加 5,000 萬美元以及貨幣變動帶來的 4,000 萬美元的影響，所有這些都是不利因素。為了緩解這個問題，我們也從折舊變化中獲得了 2000 萬美元的淨收益。排除這些項目，我們的調整後稅前收入年增 1.29 億美元，這反映了我們 3A 計畫的執行和進展。

Through our alliances, we generated $260 million in hyperscaler related revenue in the second quarter. This puts us on track to deliver $1 billion of hyperscaler related revenue this year double our fiscal 2024 total. 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.

透過我們的聯盟，我們在第二季創造了 2.6 億美元的超大規模相關收入。這使我們預計今年將實現 10 億美元的超大規模相關收入，是 2024 財年總收入的兩倍。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. To date, we've been able to free up more than 11,500 delivery professionals to address new revenue opportunities and backfill attrition. This is worth a cumulative $700 million a year to us, representing a $50 million increase in our annual run rate this past quarter. Our accounts initiative continues to remediate elements of contracts we inherited with substandard margins.

這對 Kyndryl 和我們的客戶來說是雙贏的。到目前為止，我們已經騰出了超過 11,500 名配送專業人員來應對新的收入機會和回補人員流失。這對我們來說每年累計價值 7 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。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 second quarter, we increased the cumulative annualized profit from our focus accounts by $50 million to $775 million. Clearly, the 3As remain an important source of margin expansion and value creation for us. Consistent with what I've shared in prior quarters, I'm particularly enthusiastic about how we continue to position Kyndryl for future revenue, margin and profit growth.

第二季度，我們的焦點帳戶累計年化利潤增加了 5,000 萬美元，達到 7.75 億美元。顯然，3A 仍然是我們利潤擴張和價值創造的重要來源。與我在前幾季分享的內容一致，我對我們如何繼續定位 Kyndryl 以實現未來收入、利潤和利潤成長感到特別熱情。

As we grew signing substantially this past quarter, we continued to command attractive margins on our signings. Throughout fiscal 2024 and now through the first half of fiscal 2025, we've signed contracts with projected gross margins in the mid-20s and projected pretax margins in the very high single digits. Therefore, as our business mix increasingly shifts towards more post-spin contracts, you'll see significant margin expansion in our reported results.

隨著上個季度我們簽約人數的大幅增長，我們的簽約利潤繼續具有吸引力。在整個 2024 財年以及現在到 2025 財年上半年，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。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. With an average projected gross margin of 26% on our $16 billion of signings over the last 12 months, we've added over $4 billion of projected gross profit to our backlog.

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。過去 12 個月，我們簽下的價值 160 億美元的合約的平均預期毛利率為 26%，因此我們的積壓訂單中增加了超過 40 億美元的預計毛利。

Over the same period of time, we've reported gross profit of $3 billion. This means we've been adding significantly more gross profit to our backlog than our contracted book of business has been producing in our P&L. Having a gross profit book-to-bill ratio above 1 at 1.4 over the latest 12 months is a key measure of how we're growing what matters most, the expected future profit from committed contracts. And with our gross profit book-to-bill ratio having been consistently above 1, that means that we've been consistently growing our gross profit backlog over the last two-plus years.

同期，我們報告的毛利為 30 億美元。這意味著我們在積壓訂單中增加的毛利遠高於我們的合約業務帳簿在損益表中產生的毛利。過去 12 個月內毛利訂單出貨比達到 1.4 以上，是衡量我們如何成長最重要的內容（承諾合約的預期未來利潤）的關鍵指標。由於我們的毛利訂單出貨比一直高於 1，這意味著我們在過去兩年多的時間裡一直在持續成長毛利積壓。

Turning to our cash flow and balance sheet. Our adjusted free cash flow was $56 million in the quarter. Our gross capital expenditures were $134 million and we received $30 million of proceeds from asset dispositions. 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.

轉向我們的現金流和資產負債表。本季調整後的自由現金流為 5,600 萬美元。我們的總資本支出為 1.34 億美元，我們從資產處置中獲得了 3000 萬美元的收益。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 financial position remains strong. Our cash balance at September 30 was $1.3 billion. Our cash, combined with available debt capacity under committed borrowing facilities, gave us $4.5 billion of liquidity at quarter end. Our debt maturities are well laddered from late 2026 to 2041. We had no borrowings under our revolving credit facility and our net debt at quarter end was $1.9 billion.

我們的財務狀況依然強勁。截至 9 月 30 日，我們的現金餘額為 13 億美元。我們的現金加上承諾借款額度下的可用債務能力，在季度末為我們提供了 45 億美元的流動性。我們的債務到期日從 2026 年末一直到 2041 年。

Our target has been to keep net leverage below 1x adjusted EBITDA, and we ended the quarter well within our target range at 0.84x. We rated investment grade by Moody's, Fitch and S&P. On capital allocation, our top priorities continue to maintain strong liquidity and remain investment grade and reinvest in our business. As our earnings increase, they'll drive meaningful free cash flow growth. As a result, over time, we'll be in a position to consider regularly returning capital to shareholders all while remaining investment grade.

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，我們的槓桿率完全在 0.84 倍的目標範圍內。我們獲得穆迪、惠譽和標準普爾的投資評級。在資本配置方面，我們的首要任務是繼續保持強勁的流動性，保持投資等級並對我們的業務進行再投資。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。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。

As we've said previously, our core financial goals are to continue to inflect our revenues back to growth as the year progresses expand our margins, grow our earnings and generate free cash flow. Our outlook for fiscal 2025 continues to be for revenue to decline 2% to 4% in constant currency. This implies revenues of $15.2 billion to $15.5 billion based on recent exchange rates.

正如我們之前所說，我們的核心財務目標是隨著時間的推移，繼續使我們的收入恢復成長，擴大我們的利潤，增加我們的收入並產生自由現金流。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%。根據最近的匯率，這意味著收入為 152 億至 155 億美元。

We continue to expect to return to year-over-year revenue growth in the fourth quarter. We're reaffirming our outlook for adjusted EBITDA margin and adjusted pretax income to reflect the execution against our plan we delivered in Q2. Our outlook for full year adjusted EBITDA margin is at least 16.3%, and our outlook for adjusted pretax income is at least $460 million.

我們繼續預計第四季度營收將恢復年增。我們重申調整後 EBITDA 利潤率和調整後稅前收入的前景，以反映我們在第二季度交付的計劃的執行情況。我們對全年調整後 EBITDA 利潤率的預期至少為 16.3%，對調整後稅前收入的預期至少為 4.6 億美元。

Looking at the third quarter, in particular, our year-over-year constant currency revenue decline will be meaningfully smaller than our Q2 decline. Our adjusted pretax income should be more than double the $63 million we reported in last year's third quarter. In total, we expect to deliver more than 60% of our full year adjusted PTI in the first three quarters of the year.

特別是第三季度，我們的固定貨幣收入年減幅度將明顯小於第二季的下降幅度。我們調整後的稅前收入應該是去年第三季報告的 6,300 萬美元的兩倍多。總的來說，我們預計今年前三個季度將實現全年調整後 PTI 的 60% 以上。

Included in our guidance for the third quarter is approximately $20 million of workforce rebalancing charges. The timing of these charges have been weighted towards the earlier part of the year, while our revenues are slightly tilted towards the latter half. On the topic of cash flow for the year as a whole, we project $675 million of net capital expenditures and a similar amount of depreciation expense as well as $150 million in cash taxes. This translates to roughly $300 million in adjusted free cash flow in fiscal 2025, consistent with our prior outlook.

我們對第三季的指導包括約 2000 萬美元的勞動力再平衡費用。這些費用的時間安排偏向今年早些時候，而我們的收入則稍微偏向下半年。就全年現金流而言，我們預計淨資本支出為 6.75 億美元，折舊費用約為 6.75 億美元，現金稅為 1.5 億美元。這意味著 2025 財年調整後自由現金流約為 3 億美元，與我們先前的預期一致。

Over the medium term, we remain committed to delivering significant margin expansion and generating 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.

從中期來看，我們仍然致力於實現利潤率的大幅擴張和自由現金流的成長。我們有一個堅實的遊戲計劃來推動我們的策略進展，而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。

Stepping back from the financials, because we provide mission-critical services to large important organizations, Kyndryl powers economic progress around the world. What we do matters. And our leading market position in IT infrastructure services are strong service levels and the mission-critical nature of what we do distinguish us from other providers of tech services. These attributes that differentiate us, give us opportunities for profitable growth that are specific to Kyndryl, and we're moving aggressively to seize them.

從財務角度來看，我們為大型重要組織提供關鍵任務服務，Kyndryl 為世界各地的經濟進步提供動力。我們所做的事情很重要。我們在 IT 基礎設施服務領域的領先市場地位在於強大的服務水準和我們所做的事情的關鍵任務性質，這使我們有別於其他技術服務提供者。這些使我們與眾不同的屬性為我們提供了 Kyndryl 特有的獲利成長機會，我們正在積極採取行動來抓住這些機會。

You can see our progress in the margin expansion we've been delivering in our Q2 and LTM signings growth and in our planned return to revenue growth in the fourth quarter. And we plan to talk more about this during our Investor Day on November 21.

您可以看到我們在第二季和 LTM 簽約成長以及計劃在第四季度恢復收入成長方面所取得的利潤率擴張方面取得的進展。我們計劃在 11 月 21 日的投資者日期間更多地討論這個問題。

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。

(Operator Instructions) Martin, are you ready for your first question?

（操作員說明）馬丁，您準備好回答第一個問題了嗎？

Yes, Sir.

是的，先生。

Divya Goyal, Scotiabank.

迪維亞‧戈亞爾，豐業銀行。

Great quarter here. Martin, could you provide us a little bit more color in terms of the macro impact on the signing. Do you potentially see the signings momentum to pick up more significantly as the macro improves and the rates start to continue to come down?

這裡很棒。馬丁，您能否就簽約的宏觀影響向我們提供更多資訊。隨著宏觀經濟的改善和利率開始繼續下降，您是否可能認為簽約動能會更加顯著回升？

Divya, thank you for the nice comments. I think what I'd start with is what we've been talking about and what we shared a few weeks ago in the form of the first Kyndryl Readiness report. And in that which is a combination of our data, and we obviously have more data on the state of the world's technology infrastructure than anybody else, along with what the leaders of companies are faced with and how they feel about their readiness for the future.

Divya，謝謝您的精彩評論。我想我首先要討論的是我們一直在談論的內容以及我們幾週前以第一份 Kyndryl 準備情況報告的形式分享的內容。這是我們數據的結合，我們顯然比其他任何人都擁有更多關於世界技術基礎設施狀況的數據，以及公司領導者面臨的情況以及他們對未來準備的感受。

And so when we think about the challenges they have when they think about the opportunities that they're looking at and we think about our capabilities and the innovation we bring and the skills we bring, I think we do, in our part of the long-term secular trends that are driving the markets we serve to continue to grow over the long term. So I feel really good about how we've invested to build new capabilities, about how we've invested to bring innovation in a very unique way in a space that is extraordinarily important to either, again, manage the risks that the leaders of companies see coming or to take advantage of the opportunity.

因此，當我們考慮他們面臨的挑戰時，當他們考慮他們正在尋找的機會時，我們考慮我們的能力、我們帶來的創新和我們帶來的技能時，我認為我們確實這樣做了，在我們的長期發展中- 長期趨勢推動我們所服務的市場持續長期成長。因此，我對我們如何投資建立新能力，如何投資以一種非常獨特的方式在一個對於管理公司領導者所面臨的風險極其重要的領域進行創新感到非常滿意。

So the alignment of Kyndryl with the secular trends will continue to provide long-term signings and therefore, long-term revenue growth for us.

因此，Kyndryl 與長期趨勢的結合將繼續為我們提供長期簽約，從而帶來長期收入成長。

That's helpful. Just as a quick follow-up, and I'll pass the line right after, is considering where things are broadly with the election and everything, where do you see the global enterprises place? Like you talked about core modernization generally, AI is a big theme that continues to evolve.

這很有幫助。作為一個快速的後續行動，我將在之後立即通過，正在考慮選舉和所有事情的大致情況，您認為全球企業在哪裡？就像您一般談​​論核心現代化一樣，人工智慧是一個不斷發展的大主題。

How do you see global enterprises and the global C-suite executives position from an investment standpoint when it comes to the core modernization, the AI readiness related investments, given the role -- certain important role can replace in the infrastructure side of things?

當涉及核心現代化、人工智慧準備相關的投資時，考慮到在基礎設施方面可以取代的某些重要角色，您如何從投資的角度看待全球企業和全球高階主管的立場？

Yes, it's a great question. And look, I think the way our customer base and the respondents, for instance to our readiness survey, I think the way they feel is sort of at the beginning of a journey that they know they have to go down. So the digitization of the economy is going to keep happening. They know they need to be a part of it. They know they need to invest in, for instance, AI and the work we do to help them get ready for that is part of what we're already seeing in our Consult results.

是的，這是一個很好的問題。看，我認為我們的客戶群和受訪者的方式，例如我們的準備調查，我認為他們的感受有點像他們知道自己必須走下去的旅程的開始。因此，經濟的數位化將繼續發生。他們知道自己需要成為其中的一部分。例如，他們知道他們需要投資人工智慧，而我們為幫助他們做好準備所做的工作是我們在諮詢結果中已經看到的一部分。

It's part of what we're already seeing in our managed results and at the same time, while they're trying to invest for the future to take advantage of opportunities, they're also trying to keep the bad guys at bay. Cybersecurity and resilience sits very high on their list of things they need to invest in. And they're also trying to adjust to whatever the regulatory regime happens to be, and we're headed towards, obviously, different regulatory regimes, but probably not that different when it comes to cybersecurity or resiliency.

這是我們在管理結果中已經看到的一部分，同時，當他們試圖為未來投資以利用機會時，他們也試圖將壞人拒之門外。網路安全和彈性在他們需要投資的事項清單中名列前茅。

You still need to have resilient systems. You still need to be safe from the bad guys. So I expect that from our customers' perspective that they've all -- they each accept that digitization of the economy is coming, that there are opportunities for them to continue to invest in to take advantage of that. And at the same time, they're going to have to both respond to the regulatory regime and keep the bad guys at bay.

您仍然需要擁有彈性系統。你仍然需要遠離壞人。因此，我希望從我們客戶的角度來看，他們都接受經濟數位化即將到來，他們有機會繼續投資以利用這一點。同時，他們必須對監管制度做出反應，並阻止壞人。

And that again, that's the role we play in helping them do all those things. So I see continued investment in IT. There are very few companies who don't believe that IT is either a very big part or a substantial part of solutions to almost every problem that they have. So that's the world we live in today, and I expect that to continue.

再說一遍，這就是我們在幫助他們做所有這些事情方面所扮演的角色。因此，我認為 IT 方面的投資將持續存在。很少有公司不相信 IT 是他們所面臨的幾乎所有問題的解決方案的重要組成部分或重要組成部分。這就是我們今天生活的世界，我希望這種情況能持續下去。

Jamie Friedman, Susquehanna.

傑米·弗里德曼，薩斯奎哈納。

Let me echo the congratulations. Martin, I was wondering about the 10 large deals of $100 million plus -- is there any -- that's a big number, a big number for anyone, a big number for you. I think it's a lot more than what we had seen in the past. Is there any common pattern that you're seeing in terms of what those customers are looking for and why they're renewing now?

讓我也表達祝賀吧。馬丁，我想知道10 筆1 億美元以上的大交易——有沒有——這是一個很大的數字，對任何人來說都是一個很大的數字，對你來說也是一個很大的數字。我認為這比我們過去看到的要多得多。在這些客戶正在尋找什麼以及他們現在續訂的原因方面，您是否發現了任何共同的模式？

So yes, a few things, I think, that are fairly consistent. One, in each of these, I wouldn't think of them just necessarily as a renewal now. It's rather I think of them and what we're seeing is that a very consistent acceptance of the capabilities that we've invested in and the desire to modernize with the company that's investing in the infrastructure space, which is us.

所以，是的，我認為有一些事情是相當一致的。第一，在每一個方面，我現在都不認為它們一定是更新。相反，我想到的是他們，我們看到的是，我們對我們所投資的能力的一致接受，以及與投資基礎設施領域的公司（即我們）一起現代化的願望。

So they're looking obviously for deep engineering skills and deep capabilities and at the same time, they're looking for innovation that the Kyndryl Bridge provides to give them observability and help them to manage their ever sprawling IT infrastructure. So think of each of these as reflecting continued investment in their digitization. Think of each of these as additional scope for us, so not just renewing what we've done in the past.

因此，他們顯然正在尋求深厚的工程技能和深厚的能力，同時，他們也在尋求 Kyndryl Bridge 提供的創新，以賦予他們可觀察性並幫助他們管理日益龐大的 IT 基礎設施。因此，您可以將這些視為對其數位化的持續投資的反映。將每一個都視為我們的額外範圍，而不僅僅是更新我們過去所做的事情。

And think of each of these as generally reflecting each of our practices. So I think every one of them has each of the practices represented and importantly, think of them as both a consulting element, and you see that in the Consult growth and as well as a managed element. And David noted in his prepared comments, very high double-digit growth we're getting from the managed business.

並認為其中每一個都普遍反映了我們的每一種實踐。因此，我認為他們每個人都有所代表的每種實踐，重要的是，將它們視為諮詢元素，你可以在諮詢成長和託管元素中看到這一點。大衛在他準備好的評論中指出，我們從託管業務中獲得了非常高的兩位數成長。

So these are -- the pattern is a scope expansion for us as we invest -- as we bring the best skills to help them with their biggest challenges or take advantage of their opportunities. It's pretty broad-based. It has each of our practices. It has Consult and it has managed. So it's a pretty whole of firm, if you will, approach that our customers are taking up from what they see from Kyndryl.

因此，當我們投資時，這種模式是我們範圍的擴展，因為我們帶來最好的技能來幫助他們應對最大的挑戰或利用他們的機會。它的基礎相當廣泛。它有我們每個人的做法。它有諮詢並且已經成功管理。因此，如果您願意的話，這是我們的客戶從 Kyndryl 看到的情況中採用的一種非常堅定的方法。

Got it. And then could I just ask, is the -- is there any other pattern that you're noticing in those, for example, are they consistent with the vertical call outs on Page 17 of the PowerPoint or from a service line perspective or a regional perspective, are any of it in any particular region or a vertical?

知道了。然後我可以問一下，您在這些中是否注意到了任何其他模式，例如，它們是否與 PowerPoint 第 17 頁上的垂直標註一致，或者從服務線的角度或區域的角度一致從角度來看，其中是否有任何特定區域或垂直領域？

Yes, yes, sure. Thanks, Jamie, and thanks for the nice comments at the beginning as well. Look, in any given quarter, the signings mix will obviously reflect the customer base more or less in any given quarter. Over time, that industry mix is where we've been -- is where we're mixed, and I would expect that will shift slowly over time.

是的，是的，當然。謝謝傑米，也謝謝你一開始的好評。看，在任何特定季度，簽約組合顯然都會或多或少反映任何特定季度的客戶群。隨著時間的推移，這種行業組合就是我們一直所處的位置——就是我們混合的地方，我預計這種情況會隨著時間的推移而緩慢改變。

From a regional perspective, each of the regions, each of our segments grew signings in the quarter, some obviously faster than others. And when you double, obviously, there's some big growth numbers in there. But each of the segments grew as well. And I would say that, again, our ability to deliver on a global basis, with a single global delivery platform, which means our capabilities can reach each of our customers across all of our practices.

從區域角度來看，每個地區、我們的每個部門在本季的簽約量都有所成長，其中一些明顯快於其他地區。當你翻倍時，顯然會有一些巨大的成長數字。但每個細分市場也在成長。我想說，我們有能力透過單一的全球交付平台在全球範圍內交付，這意味著我們的能力可以涵蓋我們所有實踐中的每位客戶。

I think that to me is the end-to-end kind of go-to-market that we've been building so that each of our customers in each of our -- in each of the industries we serve can take advantage of innovation, can take advantage of skills and experience wherever they happen to be. So I think it's -- again, it's broad-based. The large deals that we signed this quarter are obviously a reflection of the confidence and the trust that our customers and our new logo customers, by the way, they're not all existing -- they're customers now, but some of them are new logo customers as well that they see coming from Kyndryl in the form of innovation and experience and depth of skills.

我認為對我來說，這是我們一直在構建的端到端的市場進入方式，以便我們所服務的每個行業的每個客戶都可以利用創新，無論身在何處，都可以利用技能和經驗。所以我認為它的基礎很廣泛。我們本季簽署的大筆交易顯然反映了我們的客戶和我們的新商標客戶的信心和信任，順便說一句，他們並不都是現有的 - 他們現在是客戶，但其中一些是新商標客戶也看到了來自Kyndryl 的創新、經驗和技能深度。

And Jamie, one of the things -- this is David. One of the things I think is really important is that we're achieving the signings growth while continuing to be really disciplined about the margins at which we're signing business and really successful and effective in making sure we get reasonable margins on this business and continuing to sign new contracts with an expected high single-digit pretax margin.

傑米，其中之一——這是大衛。我認為非常重要的一件事是，我們在實現簽約增長的同時，繼續嚴格遵守簽約業務的利潤率，並真正成功和有效地確保我們在這項業務上獲得合理的利潤率，繼續簽署新合同，預計稅前利潤率將高達個位數。

I think that's -- as we highlighted in the deck that we shared our gross profit book-to-bill is remarkably high, and we're adding a lot of embedded value to our backlog.

我認為，正如我們在簡報中所強調的那樣，我們的訂單毛利非常高，而且我們正在為我們的積壓訂單增加大量內在價值。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Sorry, can you hear me now? Martin, sorry about that, just switch of phones here. Just I also want to ask about the really strong signings. I always -- we see that always my go to is asking about replenishing the pipeline. So just curious from here if you feel this kind of signings momentum is sustainable?

抱歉，你現在聽得到我說話嗎？馬丁，抱歉，請把電話轉過來。只是我還想問一下真正強大的簽約。我總是——我們看到我總是去詢問補充管道的問題。那麼，您是否認為這種簽約勢頭可持續？

I know it's very broad-based, which is encouraging, but how does the replenish opportunity look like?

我知道它的基礎非常廣泛，這令人鼓舞，但是補充機會是什麼樣的呢？

Thanks for the question. We absolutely think it's sustainable. And it has been sustainable. So we actually try to look and prefer to look at signings over an LTM a latest 12-month basis. And we're seeing north of 30% growth over that period of time.

謝謝你的提問。我們絕對認為這是可持續的。而且它是可持續的。因此，我們實際上嘗試並且更願意在最近 12 個月的基礎上考慮 LTM 的簽約。我們看到這段時間內的成長率超過 30%。

Our book-to-bill ratio is now at 1, and we see an opportunity for that to move up as well. And as Martin was saying, the role we're playing with customers the range of capabilities we're able to bring to bear our ability to offer end-to-end solutions and the know-how that we have, combined with the technology alliances we have has absolutely put us in a position where the growth trajectory that we're on is sustainable and I think going to be really valuable for us.

我們的訂單出貨比現在為 1，我們看到了該比率也有上升的機會。正如馬丁所說，我們在客戶中扮演的角色是我們能夠提供的一系列能力，包括我們提供端到端解決方案的能力以及我們擁有的專業知識，與技術聯盟相結合我們絕對讓我們處於一個可持續的成長軌道，我認為這對我們來說非常有價值。

And frankly, it's one of the areas that we plan to talk more about at our Investor Day on the 21st because we think it's a really important part of our story and the way we've developed as an organization over the last three years, positioning the business for sustainable long-term growth.

坦白說，這是我們計劃在 21 日的投資者日更多討論的領域之一，因為我們認為這是我們故事的一個非常重要的部分，也是我們過去三年作為一個組織發展的方式，定位業務的可持續長期增長。

One thing I'd add, Tien-Tsin, and I think David described it really well. But one thing I'd add is keep in mind that Kyndryl Bridge is also a way for us to provide actionable insights to our customers. So that fuels our Kyndryl Consult growth over the long term as well.

我要補充一件事，田津，我認為大衛描述得非常好。但我要補充的一件事是請記住，Kyndryl Bridge 也是我們向客戶提供可行見解的一種方式。因此，這也促進了我們 Kyndryl Consult 的長期成長。

So we have an ability to deliver value through Kyndryl Consult. Obviously, we have really delivered great value through Bridge, which our customers appreciate the observability, they appreciate the visibility they get to their systems, but it also gives them insights that nobody else can, nobody else has that they can also take advantage of.

因此，我們有能力透過 Kyndryl Consult 提供價值。顯然，我們確實透過 Bridge 提供了巨大的價值，我們的客戶欣賞 Bridge 的可觀察性，他們欣賞對系統的可見性，但它也為他們提供了其他人無法提供的見解，沒有其他人可以利用。

Yes. No, it sounds like you got a lot of good things going on there. So that's great to hear. Just my follow-up and now I have to ask it here, if it's okay. Just the decision to not raise your outlook.

是的。不，聽起來你那裡發生了很多好事。很高興聽到這個消息。只是我的後續行動，現在我必須在這裡詢問是否可以。只是決定不提高你的觀點。

A little bit of a change in pattern results has clearly been quite good. So update us there?

模式結果的一點改變顯然是相當不錯的。那麼更新我們的情況嗎？

Yes, sure. Look, I'll start then David might have something. Look, we had a great quarter, and we feel great about how we finished the first of the year gives us a lot of momentum going into the second half. We're really, obviously, really pleased with the continued signings momentum, which positions us well and the signings momentum is -- really is coming from the growth factors that we have been talking about now for just over three years, right?

是的，當然。聽著，我先開始，然後大衛可能會有東西。看，我們度過了一個很棒的季度，我們對今年上半年的完成情況感覺很好，這給我們進入下半年帶來了巨大的動力。顯然，我們對持續的簽約勢頭感到非常滿意，這使我們處於有利地位，而簽約勢頭確實來自我們現在談論了三年多的成長因素，對嗎？

We were just on our third birthday a couple of days ago. So with the Consult momentum, with alliances momentum, really hitting and with the -- at least guidance we have out there, we feel like we're really well positioned to deliver another great year, which, remember, the year has pretty substantial profit improvement already and it also has the return to revenue growth. So with the momentum with another great quarter, so really, really good first half relative to where we guided.

幾天前我們剛過三歲生日。因此，憑藉諮詢的勢頭，憑藉聯盟的勢頭，真正的打擊，以及至少我們現有的指導，我們覺得我們確實有能力交付另一個偉大的一年，請記住，這一年有相當可觀的利潤已經有所改善，而且收入也恢復了成長。因此，憑藉又一個偉大季度的勢頭，相對於我們的指導，上半場真的非常非常好。

I think we feel good about the second half. And the second half represents a big improvement in profitability. And keep in mind, and you know this, Tien-Tsin because you've been around the business quite a bit. This year, only half, even after three years, this year, only half of our revenue comes from what we've added to the backlog. The other half still represents what we've inherited.

我認為下半場我們感覺很好。下半年獲利能力大幅改善。請記住，Tien-Tsin，你知道這一點，因為你已經在這個行業裡待了很長時間了。今年，只有一半，即使三年後，今年，我們的收入只有一半來自我們增加的積壓訂單。另一半仍然代表我們繼承的東西。

And as we get further and further away from that -- the spin date, obviously, the role in our P&L of the inherited backlog continues to diminish. So we've got a lot of growth and a lot of acceleration ahead of us here as we move further from the spin date.

隨著我們離這一目標越來越遠——很明顯，旋轉日期在我們的損益表中繼承的積壓訂單的作用繼續減弱。因此，隨著我們距離旋轉日期越來越遠，我們面前有很大的增長和很大的加速。

Agree with all of that. Happy to your birthday and see you a couple of weeks.

同意所有這些。祝你生日快樂，幾週後再見。

Isaac Sellhausen, Oppenheimer.

艾薩克·塞爾豪森，奧本海默。

This is Isaac on for Ian Zaffino. My question is on Consult revenue and signings. Maybe if you'd be able to provide some higher level commentary what you're seeing for growth between new logos and existing customers. And then secondly, maybe how those margins on those consult signings compared to managed services and some of the other work.

這是艾薩克 (Isaac) 替補伊恩·扎菲諾 (Ian Zaffino)。我的問題是關於諮詢收入和簽約。也許如果您能夠提供一些更高級別的評論，您會看到新徽標和現有客戶之間的成長。其次，與託管服務和其他一些服務相比，這些諮詢簽約的利潤可能如何。

Sure. In Consult, we're seeing strength in a number of different areas. Our revenues are up north of 20% year-over-year, and that compares to 14% in the prior quarter in constant currency. So we're seeing not only growth but an acceleration of that growth in the most recent quarter. Consults now up to 19% of our total revenue in the most recent quarter.

當然。在 Consult 中，我們看到了許多不同領域的優勢。我們的營收年增超過 20%，而以固定匯率計算，上一季的營收成長 14%。因此，我們不僅看到了成長，而且在最近一個季度看到了成長的加速。目前，諮詢業務占我們最近一個季度總收入的 19%。

So it's becoming a more and more important part, a larger part of what we do. We're really excited about that.

因此，它正在成為我們工作中越來越重要的一部分。我們對此感到非常興奮。

Consult is really spanning the range of our practices and the range of our offerings. So we're using Consult in a number of areas where we're providing advisory services in a number of different areas related to the capabilities that we bring to bear. We think that's really helpful to our customers. From a margin perspective, Consult tends to be a few points higher than our managed services in general and that's often the way we price it.

諮詢確實涵蓋了我們的實踐範圍和產品範圍。因此，我們在許多領域使用諮詢，在與我們所發揮的能力相關的許多不同領域提供諮詢服務。我們認為這對我們的客戶確實有幫助。從利潤角度來看，諮詢服務通常比我們的託管服務高出幾個百分點，這也是我們定價的方式。

On occasion, we'll -- with a new logo opportunity, we'll use Consult assignments as the starting point for building that relationship. And so we consider Consult to be a big value add in existing relationships but it's also where we typically or often will start new logo relationships. And so we think our presence in this space is extremely important and valuable from that perspective as well.

有時，我們會利用新的標誌機會，使用諮詢任務作為建立這種關係的起點。因此，我們認為諮商是現有關係中的一大附加價值，但它也是我們通常或經常開始新的標誌關係的地方。因此，從這個角度來看，我們認為我們在這個領域的存在極為重要且有價值。

And I would say lastly, that this is more and more something that we're becoming known for. Our history, obviously, is on the managed services side, but the growth in Consult and our ability to bring together a wide range of technologies, the capabilities that we have, the insights from Kyndryl Bridge, all the technologies that we have is really putting us in a position where we can deliver a lot of value to customers through these Consult assignments.

最後我要說的是，這是我們越來越出名的事。顯然，我們的歷史是在託管服務方面，但諮詢業務的成長以及我們整合廣泛技術的能力、我們擁有的能力、Kyndryl Bridge 的見解以及我們擁有的所有技術確實讓我們受益匪淺。諮詢任務為客戶提供大量價值。

And I think that's what's driving our growth, and it's driving a lot of repeat business from our customers in this area as well.

我認為這就是推動我們成長的因素，也推動了我們這領域客戶的大量回頭客業務。

Yes. Thank you, David. I just would supplement that. I think it's well said. I'd just supplement it.

是的。謝謝你，大衛。我只是補充一下。我覺得說得很好。我只是補充一下。

I mean, I guess the way I think about this and our experience is that kind of all roads lead to infrastructure and all roads lead to Kyndryl. So if you pick up a newspaper and read about the new, for instance, regulatory requirements for resiliency across the European financial sector called DORA, the acronym for it. You should assume and you would be correct in assuming that we're doing a lot of consult work for our customer base on getting them ready for DORA if you think of a newspaper and read about Gen AI or a new large language model or it's used in a test case, again, it's going to start with that customer's data architecture, data security and resiliency features that they're going to need.

我的意思是，我想我對此的思考方式和我們的經驗是，所有的道路都通往基礎設施，所有的道路都通往 Kyndryl。因此，如果您拿起一份報紙並閱讀有關整個歐洲金融部門彈性的新監管要求，即 DORA（其縮寫）。你應該假設，如果你想到一份報紙並閱讀有關Gen AI 或新的大型語言模型或其使用的內容，那麼你的假設是正確的，我們正在為我們的客戶群做大量的諮詢工作，讓他們為DORA 做好準備在測試案例中，同樣將從客戶需要的資料架構、資料安全性和彈性功能開始。

And again, that leads back to Kyndryl and our practices. And I can go on and on and on, when you read about health care industry needing to take advantage of innovation on the cloud while at the same time, protecting its data and getting ready for the future. Again, that's where we are with our health care customers. So over and over and over again and the reason where we see this long-term growth trend is because we sit at the heart of what customers are facing.

再一次，這又回到了 Kyndryl 和我們的實踐。當您了解到醫療保健產業需要利用雲端創新，同時保護其資料並為未來做好準備時，我可以繼續說下去。同樣，這就是我們與醫療保健客戶的關係。所以一次又一次，我們看到這種長期成長趨勢的原因是因為我們處於客戶所面臨問題的核心。

Our customers are facing with regard to, how do I take advantage of the opportunities I see or how do I manage the risk or get ready for the regulatory regime [IC]. So it's as David said, well, it's widespread. It's across our practices and customers need help getting ready for their digitized future.

我們的客戶面臨以下問題：我如何利用我所看到的機會，或我如何管理風險或為監管制度做好準備 [IC]。正如大衛所說，這種現像很普遍。這貫穿我們的實踐，客戶需要幫助為他們的數位化未來做好準備。

Okay. That's very helpful. And then I just had a quick follow-up on the cloud business and hyperscaler partnerships. It's also great to see the strong growth there. I'm just curious what you're seeing as far as trends with clients either staying on-premise helping to move fully to the cloud or remain in hybrid?

好的。這非常有幫助。然後我對雲端業務和超大規模合作夥伴關係進行了快速跟進。很高興看到那裡的強勁增長。我只是好奇您對客戶的趨勢有何看法，要么留在本地，幫助完全遷移到雲，要么保持混合？

And if you've seen any notable shifts over the past 12 months or so?

在過去 12 個月左右的時間裡您是否看到任何顯著的變化？

Yes, I see a continuation of the idea that innovation is showing up on clouds. Our customers who are not the born on the cloud crowd, obviously, our customers live and work in a hybrid environment. And so in order for them to get to the innovation that they see in order for them to move, if you will, the -- where the workload runs to where the data is or is collected.

是的，我看到創新正在雲端上顯現這個想法的延續。我們的客戶不是出生在雲端的人群，顯然，我們的客戶在混合環境中生活和工作。因此，為了讓他們獲得他們所看到的創新，為了讓他們移動（如果你願意的話），工作負載運行的地方到資料所在或收集的地方。

And quite frankly, in order to get the right workload on the right platform, I think that trend continues. We don't see it slowing down. We see new opportunities. We see new complexity being introduced into systems because not all innovation is available everywhere. So our customer base is now thinking, how do I make sure I can get the innovation I need.

坦白說，為了在正確的平台上獲得正確的工作負載，我認為這種趨勢仍在繼續。我們沒有看到它放緩。我們看到了新的機會。我們看到系統中引入了新的複雜性，因為並非所有創新都隨處可用。因此，我們的客戶群現在正在思考，如何確保我能夠獲得所需的創新。

But I haven't seen in the last 12 months, which is the time frame unit, I've not seen a dramatic any kind of change in customers' desire to or use of moving to creating a more hybrid environment by moving things to where they should run. And again, over and over that tends to be a cloud or a mix of what they're doing today plus supplemented by public cloud, et cetera, et cetera.

但在過去 12 個月（即時間框架單位）中，我沒有看到客戶的願望或使用移動來通過將事物移動到何處來創建更加混合的環境發生任何戲劇性的變化。再說一遍，這往往是雲或他們今天所做的事情的混合加上公有雲等的補充。

As David said earlier, one of the things we're noticing in Consult is that a lot of the repeat business we get is growing that Consult around cloud migration. But again, I don't see that as a change in trajectory. It's just us winning more and more and more of that business as our customer base and our prospect base continue to take advantage of our investments in capabilities and our investments in innovation.

正如 David 之前所說，我們在 Consult 中註意到的一件事是，我們獲得的大量重複業務正在圍繞雲端遷移進行成長。但同樣，我不認為這是軌跡的改變。隨著我們的客戶群和潛在客戶群繼續利用我們對能力的投資和對創新的投資，我們贏得了越來越多的業務。

Great. Operator, I think there's one more question in the queue.

偉大的。接線員，我認為隊列中還有一個問題。

Divya Goyal, Scotiabank.

迪維亞‧戈亞爾，豐業銀行。

Sorry, guys, I think there's a confusion I did not raise my hand again.

抱歉，夥計們，我覺得有些混亂，我沒有再舉手。

All right. Thank you.

好的。謝謝。

I am showing no further questions. I will now turn it back over to Martin for closing remarks.

我沒有提出任何進一步的問題。現在我將把它轉回給馬丁做總結發言。

Thank you. Thank you very much, and thanks to everybody for joining us today. As you can tell, we continue to execute on all of the opportunities that we see ahead of us, the strategies we've laid out now three years ago have -- are clearly driving the kind of financial progress that we've described.

謝謝。非常感謝大家，也感謝大家今天加入我們。如您所知，我們將繼續執行我們所看到的所有機遇，我們三年前製定的策略顯然正在推動我們所描述的那種財務進步。

In fact, I'd say we're ahead of the progress that we've described. So we have a very exciting second half. But more importantly, we have a very exciting future ahead of us as we move further and further from the spin date. Our unique run and transform approach is resonating with and delivering a ton of value to our customers because each of them is trying to figure out how do they continuously innovate while maintaining the operational excellence they need for the kinds of systems we run mission-critical systems.

事實上，我想說我們已經領先於我們所描述的進展。所以我們有一個非常令人興奮的下半場。但更重要的是，隨著我們距離旋轉日期越來越遠，我們將迎來一個非常令人興奮的未來。我們獨特的運作和轉型方法引起了客戶的共鳴，並為他們提供了大量的價值，因為他們每個人都在努力弄清楚如何不斷創新，同時保持我們運行關鍵任務系統所需的卓越營運。

And so for us, at Kyndryl, we'll continue to capitalize on those opportunities to drive profitable growth. We'll continue to meet our customers, both current and future IT needs as we continue to invest in new capabilities and new innovation and bring all of that to our customers. It is pretty clear, I think, that we are -- we continue to move toward our potential here, and we're very excited by it.

因此，對於 Kyndryl 來說，我們將繼續利用這些機會來推動獲利成長。我們將繼續投資於新功能和新創新，並將所有這些帶給我們的客戶，從而繼續滿足客戶當前和未來的 IT 需求。我認為，很明顯，我們正在繼續發揮我們的潛力，我們對此感到非常興奮。

So one more plug for our Investor Day. David and Lori and I and a few others of the leadership team will be there November 21, and we're looking forward to having you join that as well. So thanks, everybody, for joining.

因此，我們的投資者日又多了一個插曲。 David、Lori 和我以及領導團隊的其他幾位成員將於 11 月 21 日出席，我們期待您也加入其中。謝謝大家的加入。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。