Kyndryl Holdings Inc (KD) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the Kyndryl third-quarter 2025 earnings conference call.

歡迎參加 Kyndryl 2025 年第三季財報電話會議。

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

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Lori Chaitman, Head of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係主管 Lori Chaitman。

Ma'am, please go ahead.

女士，請繼續。

Good morning, everyone, and welcome to the Kyndryl's earnings call for the third quarter ended December 31, 2024.

大家早安，歡迎參加 Kyndryl 截至 2024 年 12 月 31 日第三季財報電話會議。

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

在我們開始之前，我想提醒您，我們今天的評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.

這些聲明受風險因素影響，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今天的預期。

For more details on some of these risks, please see the Risk Factors section of our annual report on Form 10-K 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 10-K 表年度報告中的“風險因素”部分。

In today's remarks, we'll also refer to certain non-GAAP financial metrics.

在今天的評論中，我們還將參考某些非 GAAP 財務指標。

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 investors.kyndryl.com.

今天活動的簡報資料中提供了相應的 GAAP 指標以及非 GAAP 指標與歷史時期的 GAAP 指標的對賬，您可以在我們的網站 investor.kyndryl.com 上找到。

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

和我一起在場的有 Kyndryl 的董事長兼執行長 Martin Schroeter；以及 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.

現在我想把電話轉給馬丁。

Martin?

馬丁？

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

謝謝你，Lori，也謝謝你們每一個人的加入我們。

On today's call, I'll discuss our recent progress and execution, the momentum that our capabilities are generating for us in the marketplace, and the growth strategy we outlined at our Investor Day in November.

在今天的電話會議上，我將討論我們最近的進展和執行情況、我們的能力在市場上為我們創造的動力以及我們在 11 月投資者日概述的成長策略。

David will then share more detail on our recent financial results and our increased fiscal 2025 earnings outlook.

然後，David 將分享更多有關我們最近的財務業績以及我們提高的 2025 財年盈利前景的詳細資訊。

We delivered another strong quarter for signings, margins, and earnings growth.

我們又一個季度在簽約量、利潤率和獲利成長方面表現強勁。

Signings grew year over year for the fifth consecutive quarter and are up 31% to $16.3 billion over the last 12 months.

簽約金額連續第五個季度同比增長，過去 12 個月增長了 31%，達到 163 億美元。

Adjusted pretax margins increased substantially compared to last year and we generated more than $170 million of adjusted free cash flow in the quarter.

調整後的稅前利潤率與去年同期相比大幅增加，本季我們產生了超過 1.7 億美元的調整後自由現金流。

Once again, our performance was led by double-digit revenue growth in Kyndryl Consult and demand for modernization, cloud, security, and AI services.

我們的業績再次得益於 Kyndryl Consult 的兩位數收入成長以及對現代化、雲端、安全性和人工智慧服務的需求。

Hyperscaler related revenue surpassed $300 million in the quarter, tracking ahead of our nearly $1 billion full-year target.

本季超大規模相關收入超過 3 億美元，超出了我們近 10 億美元的全年目標。

Our 3As initiatives, alliances, accounts and advanced delivery, continue to generate incremental signings, revenue and earnings.

我們的 3As 計劃、聯盟、帳戶和高級交付繼續產生增量簽約、收入和收益。

As David will discuss, the projected pretax margins on our signings continue to be in the high single digits, which is a leading indicator of our future earnings and cash flow trajectory.

正如大衛將要討論的，我們簽約合約的預期稅前利潤率仍然保持在高個位數，這是我們未來獲利和現金流走勢的領先指標。

In short, it was another great quarter of strong execution by our team, driving substantial progress toward our near-term and longer-term goals.

簡而言之，這又是一個偉大的季度，我們的團隊執行力強勁，推動著我們實現近期和長期目標的實質進展。

In addition, we began to buy back stock in the quarter under the share repurchase authorization we announced in November.

此外，我們根據 11 月宣布的股票回購授權，在本季開始回購股票。

As an independent company, we've leveraged our global scale and our expertise in mission-critical work and our global scale to be a vital and trusted partner for our customers' current and future technology needs.

作為一家獨立的公司，我們利用我們的全球規模和在關鍵任務工作方面的專業知識以及我們的全球規模，成為客戶當前和未來技術需求的重要和值得信賴的合作夥伴。

We've done this by investing in several key areas, capturing data about how complex IT systems and networks operate and using that data to drive learnings, concentrating this world-class intellectual property in Kyndryl Bridge, which is our innovation-rich AI-enabled operating platform, to drive insights, automation, optimization and efficiency and building alliances with leading technology providers that allows us to offer hybrid multi-vendor solutions to our customers.

我們透過投資幾個關鍵領域來實現這一目標，獲取有關複雜IT 系統和網路如何運作的數據，並利用這些數據來推動學習，將這一世界級的智慧財產權集中在Kyndryl Bridge 中，這是我們富有創新精神的人工智慧營運平台，推動洞察、自動化、優化和效率，並與領先的技術供應商建立聯盟，使我們能夠為客戶提供混合多供應商解決方案。

As a result, we're able to seize opportunities that emerge from a variety of reasons, whether they relate to modernization, complex cloud migration, cybersecurity incidents, regulatory changes, disruption to peer companies or the integration of new technologies like Gen AI.

因此，我們能夠抓住因各種原因而出現的機遇，無論這些機會與現代化、複雜的雲端遷移、網路安全事件、監管變化、同行公司的中斷或 Gen AI 等新技術的整合有關。

Existing and new customers continue to partner with Kyndryl for our capabilities and for innovation, efficiency through automation, and actionable insights from Kyndryl Bridge.

現有客戶和新客戶繼續與 Kyndryl 合作，以獲得我們的能力和創新、透過自動化實現的效率以及來自 Kyndryl Bridge 的可行見解。

For example, through our Skytap acquisition and our alliance with Microsoft Azure, we're seeing additional opportunities to deliver cloud migration services.

例如，透過收購 Skytap 以及與 Microsoft Azure 的聯盟，我們看到了提供雲端遷移服務的更多機會。

We're able to bring our mainframe modernization and application services skills and hyperscaler alliances together to migrate, manage, optimize and secure our customers' IT environments across multiple cloud platforms, including AWS and Google in addition to Azure.

我們能夠將我們的大型主機現代化和應用服務技能以及超大規模聯盟結合在一起，以跨多個雲端平台（包括 AWS、Google 和 Azure）遷移、管理、優化和保護我們客戶的 IT 環境。

Separately, we continue to collaborate with our enterprise software partners, including widely used platforms like Dynatrace, Oracle, Palo Alto Networks, Rubrik, and SAP to support our customers' IT needs.

另外，我們繼續與我們的企業軟體合作夥伴合作，包括 Dynatrace、Oracle、Palo Alto Networks、Rubrik 和 SAP 等廣泛使用的平台，以支援客戶的 IT 需求。

As a testament to the Kyndryl Way, we continue to achieve top-tier customer satisfaction scores.

作為 Kyndryl Way 的證明，我們繼續獲得頂級客戶滿意度評分。

We've had annual customer retention in the upper 90s over the last three years, and we've added more than 300 new customers over that period.

在過去三年裡，我們的年度客戶保留率一直保持在 90% 以上，在此期間，我們增加了 300 多個新客戶。

In fact, as many of you heard me say, we're uniquely positioned to address secular IT trends like cloud migration, increasingly hybrid IT environments, technology skill shortages, cybersecurity risks, and the adoption of artificial intelligence.

事實上，正如你們許多人聽到我說的那樣，我們在應對長期 IT 趨勢方面具有獨特的優勢，例如雲端遷移、日益混合的 IT 環境、技術技能短缺、網路安全風險以及人工智慧的採用。

And these trends are creating new opportunities for us.

這些趨勢正在為我們創造新的機會。

Over the last 12 months, Kyndryl Consult revenues were up 18% and Kyndryl Consult signings were up 45%.

在過去的 12 個月中，Kyndryl Consult 的營收成長了 18%，Kyndryl Consult 的簽約量增加了 45%。

Consult is now a $3 billion revenue stream for us with above-average margins and a runway for future growth.

諮詢業務目前為我們帶來了 30 億美元的收入來源，利潤率高於平均水平，為未來的成長奠定了基礎。

Many of you asked what role we play for our customers in AI.

許多人問我們在人工智慧領域為客戶扮演什麼角色。

As the world's largest managed infrastructure services provider with 30-plus years managing complex mission-critical systems, we operate at the center of our customers' AI investments with a distinctive perspective.

作為全球最大的託管基礎設施服務供應商，我們擁有 30 多年管理複雜關鍵任務系統的經驗，以獨特的視角站在客戶 AI 投資的中心。

Customers know that their AI is only going to be as good as their data.

客戶知道他們的人工智慧的優劣取決於他們的數據。

So we use our data expertise to support them in establishing a reliable digital foundation to enable AI at scale and capitalize on its benefits.

因此，我們利用我們的數據專業知識來支持他們建立可靠的數位基礎，以大規模實現人工智慧並充分利用其優勢。

We're collaborating with our customers and our alliance partners to address barriers to AI adoption, such as data privacy, security, governance, and skills.

我們正在與客戶和聯盟夥伴合作解決人工智慧採用的障礙，例如資料隱私、安全、治理和技能。

And we're facilitating successful deployment of AI at scale, including the development of secure and responsible AI governance models.

我們正在促進人工智慧的大規模成功部署，包括開發安全、負責任的人工智慧治理模式。

We're also working with customers in multiple sectors on projects across the AI spectrum, including traditional AI, generative AI and agentic AI, both in the cloud and on legacy platforms.

我們也與多個領域的客戶合作進行整個 AI 領域的項目，包括傳統 AI、生成 AI 和代理 AI，既可以在雲端也可以在傳統平台上進行。

As an example, in November, we announced the launch of a dedicated AI private cloud in Japan leveraging the Dell AI factory with NVIDIA to provide a controlled, secure, and sovereign environment where enterprises can develop, test, and plan the implementation of AI-powered applications and solutions.

例如，11 月，我們宣佈在日本推出專用的 AI 私有雲，利用戴爾 AI 工廠和 NVIDIA 為企業提供一個受控、安全且自主的環境，企業可以在其中開發、測試和規劃 AI 的實施。程序和解決方案。

And we're moving quickly to work with customers in other countries that want their own country-specific AI environments.

我們正快速與其他國家想要擁有自己國家特定 AI 環境的客戶展開合作。

Across virtually all industries, the modernization of IT systems is not a discretionary item but front and center for CEOs and their Boards in an increasingly digital world.

在幾乎所有行業中，IT 系統的現代化都不是可自由支配的項目，而是日益數位化的世界中 CEO 及其董事會關注的焦點。

In financial services, we're working with banks, insurance companies and others to modernize IT estates, reduce operational risk, manage technical debt, enable the use of AI, and ensure compliance with regulatory changes such as DORA.

在金融服務領域，我們正在與銀行、保險公司和其他公司合作，以實現 IT 資產現代化、降低營運風險、管理技術債務、實現人工智慧的使用，並確保遵守 DORA 等監管變化。

In Latin America, for example, we recently announced a five-year $500 million plus contract, the leading bank where we're partnering with Microsoft to modernize the bank's IT systems and help consumers gain greater access to digital banking services.

例如，在拉丁美洲，我們最近宣布了一項為期五年、價值5 億美元以上的合同，與一家領先的銀行合作，我們將與微軟對銀行的IT 系統進行現代化改造，並幫助消費者更多地使用數位銀行服務。

And in Japan, we've not only extended our mission-critical services contract with Taiju Life, a major life insurer until December 2029, we'll now also support the operation of its next-generation systems and promote IT modernization to strengthen the company's operations.

And in Japan, we've not only extended our mission-critical services contract with Taiju Life, a major life insurer until December 2029, we'll now also support the operation of its next-generation systems and promote IT modernization to strengthen the company's營運.

In retail and travel, we're seeing increased demand to enable the use of AI and enhance customers' digital experiences, security, and data privacy.

在零售和旅遊領域，我們看到對使用人工智慧以及增強客戶數位體驗、安全性和資料隱私的需求不斷增長。

We're working with one of the largest vehicle rental companies in the world to modernize its digital platforms, enhance its booking and fleet management systems, and ensure a secure and resilient online payment experience for their consumers.

我們正在與世界上最大的汽車租賃公司之一合作，以實現其數位平台的現代化，增強其預訂和車隊管理系統，並確保為消費者提供安全、穩定的線上支付體驗。

In tech, media and telecom, we're working with organizations to modernize their IT estates, enhanced security and resiliency and deploy new applications and services to consumers.

在科技、媒體和電信領域，我們正在與各組織合作，實現其 IT 資產的現代化，增強安全性和彈性，並向消費者部署新的應用程式和服務。

In Spain, for example, a leading telecommunications firm announced that it signed a six-year agreement with Kyndryl to modernize its core IT environment.

例如，在西班牙，一家領先的電信公司宣布與 Kyndryl 簽署了為期六年的協議，以實現其核心 IT 環境的現代化。

This will enable MasOrange employees, collaborators and customers to develop a new generation of applications and services on a flexible secure platform.

這將使 MasOrange 員工、合作者和客戶能夠在靈活的安全平台上開發新一代應用程式和服務。

And in the UK, we're partnering with WPP to create a modern digital workplace that enhances creativity and connectivity across WPP's global network using hybrid cloud and AI technologies.

在英國，我們與 WPP 合作創建一個現代化的數位化工作場所，利用混合雲和人工智慧技術增強 WPP 全球網路的創造力和連接性。

We're also expanding our scope with industrial companies, particularly manufacturing, logistics, and energy firms.

我們也將業務範圍擴大到工業公司，特別是製造業、物流業和能源公司。

For example, we recently expanded our scope of work and significantly increased our annual revenue with a large aerospace and defense company.

例如，我們最近與一家大型航空航太和國防公司擴大了工作範圍，並大幅增加了年收入。

We've been managing their mission-critical operations for more than a decade.

十多年來，我們一直在管理他們的關鍵任務營運。

Our delivery capabilities, service excellence, and strong partnerships were instrumental in allowing us to extend our existing relationship in several areas and displace an incumbent provider in several others.

我們的交付能力、卓越的服務和強大的合作夥伴關係使我們能夠在多個領域擴展現有的關係，並在其他幾個領域取代現有供應商。

Under our now expanded contract, our Kyndryl Consult team will develop and implement a new architecture designed to modernize resiliency and backup solutions and provide new cloud data security, network and other services.

根據我們現已擴大的合同，我們的 Kyndryl Consult 團隊將開發和實施一種新架構，旨在實現彈性和備份解決方案的現代化，並提供新的雲端資料安全、網路和其他服務。

With the integration of Kyndryl Bridge, we're enabling automation and analytics and driving efficiencies in our customers' operations.

透過整合 Kyndryl Bridge，我們可以實現自動化和分析，並提高客戶的營運效率。

An important benefit of our leadership and scale is our ability to bring new Kyndryl perspectives and insights to our customers in the broader IT market.

我們的領導力和規模的一個重要優勢是我們能夠為更廣泛的 IT 市場的客戶帶來新的 Kyndryl 觀點和見解。

Insights from Kyndryl Bridge are helping customers prioritize their IT investments every day.

Kyndryl Bridge 的見解每天都在幫助客戶確定其 IT 投資的優先順序。

In addition, we recently published our inaugural Kyndryl readiness report, which explored how businesses' IT and talent can help or hinder their progress and how ready businesses are for future risks and opportunities.

此外，我們最近發布了首份 Kyndryl 準備報告，該報告探討了企業的 IT 和人才如何幫助或阻礙他們的進步，以及企業對未來風險和機會的準備程度。

In December, we published a Japan-specific report with data and insights relevant to that market.

12 月，我們發布了一份針對日本的報告，其中包含與該市場相關的數據和見解。

And just this past quarter, we launched the Kyndryl Institute, which provides a platform for Kyndryl's thought leaders and external experts from industry, academia, and startups to offer new perspectives and research on major IT challenges.

就在上個季度，我們推出了 Kyndryl 研究所，它為 Kyndryl 的思想領袖和來自行業、學術界和新創公司的外部專家提供了一個平台，讓他們能夠就重大 IT 挑戰提供新的觀點和研究。

We're looking to amplify independent voices and convene diverse perspectives to drive an impactful dialogue on topics at the intersection of technology and business.

我們希望擴大獨立的聲音，匯聚不同的觀點，就科技與商業交叉領域的議題展開富有影響力的對話。

And in December, we published our first articles on the theme of readiness as it relates to digital trade and AI.

12 月，我們發表了第一篇有關數位貿易和人工智慧相關準備主題的文章。

These are examples of how we compare Kyndryl perspectives with what we're seeing in the market to offer valuable insights.

這些是我們將 Kyndryl 的觀點與市場現狀進行比較以提供寶貴見解的例子。

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.

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，從而提高盈利能力並促進未來的營收成長。

We have confidence in our ability to continue to set ambitious goals and achieve them.

我們有信心我們有能力繼續設定雄心勃勃的目標並實現它們。

And with that in mind, in November, we introduced our medium-term outlook with a triple double single mnemonic.

考慮到這一點，我們在 11 月以「三重雙單」助記詞介紹了我們的中期展望。

We're projecting to triple our adjusted free cash flow in fiscal 2028 compared to fiscal 2025 to roughly $1 billion.

我們預計，2028 財年的調整後自由現金流將比 2025 財年成長兩倍，達到約 10 億美元。

We're projected to more than double our adjusted pretax income to at least $1.2 billion over that same time period, and we project that we only need revenue to reach mid-single-digit annual growth in fiscal 2028 and beyond to deliver those goals.

我們預計在同一時期內，調整後的稅前收入將增加一倍以上，達到至少12 億美元，並且我們預計，只需要在2028 財年及以後實現中等個位數的年收入增長率即可實現這些目標。

With strong conversion of our earnings to free cash flow, we'll balance our approach to capital allocation by investing in organic growth opportunities and occasional tuck-in acquisitions, and at the same time, return capital to shareholders through our share repurchase program.

隨著我們的獲利強勁轉化為自由現金流，我們將透過投資有機成長機會和偶爾的補充收購來平衡我們的資本配置方法，同時透過我們的股票回購計畫向股東返還資本。

Because of our recognized industry leadership, expertise, scale and financial strength, customers trust us to manage their most mission-critical systems.

由於我們公認的行業領導地位、專業知識、規模和財務實力，客戶信任我們來管理他們最關鍵的任務系統。

And in the last three years, we've become an integral part of the broad IT ecosystem that is relevant to our customers.

在過去三年中，我們已經成為與客戶相關的廣泛 IT 生態系統不可或缺的一部分。

The mission-critical infrastructure services we provide are our foundation for sustained profitable growth.

我們提供的關鍵任務基礎設施服務是我們持續獲利成長的基礎。

Our focus on IT infrastructure, our ability to leverage technologies from multiple sources, and the operational insights from Kyndryl Bridge are what give us the credibility and access to move into more consulting engagements and expand our presence through customers' tech stacks.

我們對IT 基礎設施的關注、我們利用來自多種來源的技術的能力以及來自Kyndryl Bridge 的營運洞察力，這些為我們提供了信譽和管道，使我們能夠參與更多的諮詢活動並透過客戶的技術堆疊擴大我們的影響力。

With our higher-value service offerings, automation and AI, we're significantly expanding our margin profile with the goal of reaching high single-digit adjusted pretax margins and converting those earnings into cash flow.

憑藉我們更高價值的服務產品、自動化和人工智慧，我們正在大幅擴大我們的利潤率，目標是達到高個位數的調整後稅前利潤率，並將這些收益轉化為現金流。

And this framework gives us the flexibility to return capital to shareholders through our buyback program while maintaining the investment-grade ratings that are important to our customers.

這個框架使我們能夠靈活地透過回購計畫向股東返還資本，同時保持對客戶至關重要的投資等級。

We're enthusiastic about returning to revenue growth this quarter and closing at our fiscal year strong.

我們很高興看到本季營收恢復成長，並實現財年強勁收官。

At the same time, our focus is on taking the work we've done and the progress we've delivered to the next level, account by account, team by team across delivery, Kyndryl Consult and our practices to deliver sustainable profitable growth over time.

同時，我們的重點是將我們所做的工作和交付的進展提升到一個新的水平，逐個客戶、逐個團隊地交付，Kyndryl Consult 和我們的實踐將隨著時間的推移實現可持續的盈利增長。

We will continue to execute, delivering innovative services for our customers, growing our share of wallet with existing accounts, and of course, winning new business as well.

我們將繼續努力，為客戶提供創新服務，擴大現有帳戶的份額，當然，也贏得新業務。

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

現在，大衛將向您介紹我們的成果和展望。

Thanks, Martin, and hello, everyone.

謝謝，馬丁，大家好。

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

今天，我想討論一下我們的第三季業績、我們在 3As 計劃上取得的持續進展、我們簽訂客戶合約的穩健利潤率以及我們對 2025 財年的展望。

The key message is that we delivered dramatically higher record margins and earnings this quarter, and that's a result of strong execution on our powerful strategy.

關鍵訊息是，本季我們實現了創紀錄的大幅利潤率和收益，這是強有力執行我們強大策略的結果。

In the third quarter, revenue totaled $3.7 billion, only a 3% decline in constant currency.

第三季度，營收總計37億美元，以固定匯率計算僅下降3%。

We've now lapped our most aggressive actions to step away from negative no and low margin revenue streams, and we're adding new customers and expanding the scope of services we provide to existing customers.

我們現在已經採取最積極的行動，擺脫負利潤和低利潤收入流，並且正在增加新客戶並擴大向現有客戶提供的服務範圍。

As a result, our constant currency revenue growth was sequentially 4 points stronger than the year-over-year decline we reported last quarter, consistent with our plans to inflect back toward growth in the second half of our fiscal year.

因此，我們的固定匯率營收成長率比上季報告的年減幅度高出 4 個百分點，這與我們財年下半年恢復成長的計畫一致。

Our reported revenues were affected by currency movements, creating a 2-point gap between our reported revenue change and our constant currency revenue change unlike the second quarter when both numbers were the same.

我們報告的收入受到貨幣變動的影響，導致報告的收入變化和固定貨幣收入變化之間存在 2 個百分點的差距，而第二季度這兩個數字相同。

As Martin highlighted, our $4.1 billion of signings made Q3 our fifth consecutive quarter of signings growth and brings our trailing 12-month signings growth to 31%.

正如馬丁所強調的那樣，我們第三季的簽約額達到 41 億美元，這是我們連續第五個季度實現簽約金額成長，並且過去 12 個月的簽約額成長率達到 31%。

Our strength is broad-based both across our practices and among our segments.

我們的優勢廣泛存在於我們的業務領域和各個部門。

We also continued to gain momentum in higher-margin advisory services.

我們在利潤率較高的諮詢服務領域也持續保持強勁發展勢頭。

In the quarter, Kyndryl Consult revenues grew 26% year over year, which underscores how we're growing our share in this higher value-add space.

本季度，Kyndryl Consult 的營收年增 26%，這凸顯了我們在這個高附加價值領域的份額正在擴大。

Kyndryl Consult signings grew even faster, up 35%.

Kyndryl Consult 簽約量成長更快，成長了 35%。

And importantly, we're also delivering growth in managed services.

重要的是，我們還在實現託管服務的成長。

Our managed services signings have increased 27% in the last 12 months.

在過去 12 個月中，我們的託管服務簽約量增加了 27%。

Our third-quarter adjusted EBITDA was $704 million, and our adjusted EBITDA margin was a record 18.8%, up 320 basis points year over year.

我們第三季的調整後 EBITDA 為 7.04 億美元，調整後 EBITDA 利潤率達到創紀錄的 18.8%，較去年同期成長 320 個基點。

Adjusted pretax income was up 154% to a record $160 million, and our adjusted pretax margin increased 270 basis points year over year.

調整後的稅前收入成長 154%，達到創紀錄的 1.6 億美元，調整後的稅前利潤率年增 270 個基點。

Our financial progress continues to reflect our strategic execution, 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.

我們的財務進展持續反映出我們的策略執行，利用技術聯盟，擺脫無用收入，固定重點客戶，擴大業務的諮詢部分，提高整個營運的效率，以及讓 Kyndryl 滿足客戶未來的 IT 需求。

Included in our $160 million of adjusted pretax income was $17 million in workforce rebalancing charges and the contractually committed $50 million year-over-year increase in IBM software costs that we've discussed on prior calls.

我們 1.6 億美元的調整後稅前收入中包括 1700 萬美元的勞動力重新平衡費用，以及合約承諾的 5000 萬美元的 IBM 軟體成本同比增長，我們在之前的電話會議上已經討論過這一點。

As a result, our underlying operational momentum is even stronger than the $90 million-plus increase in adjusted pretax income we reported.

因此，我們潛在的營運動能甚至比我們報告的9,000多萬美元的調整後稅前收入成長還要強勁。

Through our alliances, we generated $300 million in hyperscaler-related revenue in the third quarter.

透過我們的聯盟，我們在第三季創造了 3 億美元的超大規模相關收入。

Our $800 million year-to-date total puts us on track to exceed $1 billion of hyperscaler related revenue this year, more than double our fiscal 2024 total.

我們今年迄今的 8 億美元總額使我們預計今年將超過 10 億美元的超大規模相關收入，是我們 2024 財年總額的兩倍多。

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 提供支援的先進交付計劃，我們繼續推動整個交付流程的自動化，將更多技術融入我們的產品中，降低成本，並提高我們已經很強大的服務水準。

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 12,300 delivery professionals to address new revenue opportunities and backfill attrition.

到目前為止，我們已經能夠釋放超過 12,300 名送貨專業人員來應對新的收入機會並填補人員流失。

This is worth a cumulative $725 million a year to us.

這對我們來說每年累計價值為 7.25 億美元。

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

我們的帳戶計劃將繼續糾正我們繼承的利潤不達標的合約中的一些問題。

In the third quarter, we increased the cumulative annualized profit from our focus accounts by $50 million to $825 million.

第三季度，我們重點帳戶的累計年化利潤增加了 5,000 萬美元，達到 8.25 億美元。

Clearly, the 3As remain an important source of margin expansion and value creation for us.

顯然，3A 仍然是我們擴大利潤和創造價值的重要來源。

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.

與我在前幾季所分享的內容一致，我對我們如何繼續定位 Kyndryl 以實現未來收入、利潤和利潤成長特別感興趣。

As we grew signings this past quarter, we continued to command attractive margins on our signings.

隨著我們上個季度的簽約量不斷增加，我們的簽約利潤率繼續保持著可觀的水平。

Throughout fiscal 2024 and now through the first three quarters 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.

在整個 2024 財年以及現在到 2025 財年的前三個季度，我們簽署的合約預計毛利率在 20% 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日益向更多的分拆後合約轉變，您將看到我們報告的結果中的利潤率顯著擴大。

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

我們再次加入了毛利訂單出貨比圖表，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 25% on our $16.3 billion of signings over the last 12 months, we've added over $4 billion of projected gross profit to our backlog.

過去 12 個月，我們的簽約合約總額達到 163 億美元，預計平均毛利率為 25%，這為我們的積壓訂單增加了超過 40 億美元的預計毛利。

Over that same period of time, we've reported gross profit of $3 billion.

在同一時期，我們報告的毛利為 30 億美元。

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.

這意味著我們在積壓訂單中增加的毛利遠高於我們合約業務在損益表中產生的毛利。

Having a gross profit book-to-bill ratio above 1 at 1.4 over the last 12 months is a key measure of how we're growing what matters most, the expected future profit from committed contracts.

過去 12 個月，毛利訂單出貨比超過 1，達到 1.4，這是衡量我們如何成長最重要的指標，即已簽訂合約的預期未來利潤。

And with our gross profit book-to-bill ratio having been consistently above 1, that means we've been consistently growing our gross profit backlog over the last three years.

我們的毛利訂單出貨比一直高於 1，這意味著過去三年來我們的毛利積壓訂單一直在持續成長。

Turning to our cash flow and balance sheet, our adjusted free cash flow was $171 million in the quarter.

談到我們的現金流和資產負債表，本季我們的調整後自由現金流為 1.71 億美元。

Our gross capital expenditures were [$109 million], and we received $16 million of proceeds from asset dispositions.

我們的總資本支出為 1.09 億美元，並從資產處置中獲得了 1,600 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的稅前收入到自由現金流的橋樑，以及從調整後的 EBITDA 到自由現金流量的橋樑。

Under the brand-new share repurchase authorization we announced in late November, we bought back 859,000 shares of our common stock in the quarter at a cost of $30 million.

根據我們在 11 月下旬宣布的全新股票回購授權，我們在本季以 3,000 萬美元的成本回購了 859,000 股普通股。

Our financial position remains strong.

我們的財務狀況依然強勁。

Our cash balance at December 31 was $1.5 billion.

截至 12 月 31 日，我們的現金餘額為 15 億美元。

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

我們的現金，加上承諾借款額度下的可用債務能力，使我們在季度末擁有超過 45 億美元的流動資金。

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

我們的債務到期期限為 2026 年底至 2041 年。

We had no borrowings outstanding under our revolving credit facility, and our net debt at quarter end was $1.7 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 17 億美元。

Our target has been to keep net leverage below 1 times adjusted EBITDA, and we ended the quarter well within our target range at 0.7 times.

我們的目標是將淨槓桿率保持在調整後 EBITDA 的 1 倍以下，而本季末我們的淨槓桿率遠低於目標範圍的 0.7 倍。

We are rated investment grade by Moody's, Fitch, and S&P.

我們被穆迪、惠譽和標準普爾評為投資級。

On capital allocation, our top priorities are to maintain strong liquidity, remain investment grade, reinvest in our business, and regularly return capital to shareholders.

在資本配置方面，我們的首要任務是保持強勁的流動性、保持投資等級、對我們的業務進行再投資以及定期向股東返還資本。

As we've said before, 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.

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實現收入成長、擴大利潤率、增加收益並產生自由現金流。

We're raising our earnings outlook for our fiscal 2025 adjusted EBITDA margin and adjusted pretax income primarily to reflect the execution against our plan we delivered in Q3.

我們上調了 2025 財年調整後 EBITDA 利潤率和調整後稅前收入的獲利預期，主要是為了反映我們在第三季制定的計劃的執行情況。

Our outlook for full-year adjusted EBITDA margin is now at least 16.7%, and our outlook for adjusted pretax income is at least $475 million.

我們對全年調整後 EBITDA 利潤率的預期目前至少為 16.7%，對全年調整後稅前收入的預期至少為 4.75 億美元。

Looking at the fourth quarter, in particular, our full-year guidance implies that our adjusted pretax income will be a multiple of the $30 million we reported in last year's fourth quarter.

特別是放眼第四季度，我們的全年指引意味著我們的調整後稅前收入將是去年第四季報告的 3,000 萬美元的倍數。

On revenue, we expect to deliver year-over-year constant currency revenue growth of approximately 2% in the fourth quarter.

在營收方面，我們預計第四季營收將年增約 2%。

Reported revenue will depend on exchange rates during the quarter including the significant strengthening of the US dollar relative to most major currencies over the last three months.

報告的收入將取決於本季的匯率，包括過去三個月美元兌大多數主要貨幣的大幅走強。

On the topic of cash flow, for the year as a whole, we're now expecting roughly $600 million of net capital expenditures and depreciation expense of $650 million as well as $150 million in cash taxes.

關於現金流，就全年而言，我們預計淨資本支出約為 6 億美元，折舊支出為 6.5 億美元，現金稅為 1.5 億美元。

This translates to roughly $350 million in adjusted free cash flow in fiscal 2025, a $50 million increase from our previous outlook.

這意味著 2025 財年的調整後自由現金流約為 3.5 億美元，比我們先前的預測增加 5,000 萬美元。

As we have in the past, we plan to provide our outlook for next year's revenue, earnings and cash flow when we report results in May.

與過去一樣，我們計劃在 5 月報告業績時提供明年收入、收益和現金流的預測。

And as I hope you heard during our Investor Day event in November, over the medium term, we remain committed to delivering significant margin expansion and growing free cash flow.

我希望您在 11 月的投資者日活動中聽到這樣的消息，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。

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.

我們有一個周密的計劃來推動我們的策略進步，這個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，並獲得所有收入的回報。

In closing, I want to highlight a couple of the reasons we're achieving the earnings growth we've reported this year and are positioned to deliver going forward.

最後，我想強調我們今年實現獲利成長以及未來獲利成長的幾個原因。

First, we're the world leader in providing mission-critical technology infrastructure services and related consulting services to enterprise customers around the globe.

首先，我們是向全球企業客戶提供關鍵任務技術基礎設施服務和相關諮詢服務的全球領導者。

This is because of the strong and expanding capabilities embedded in Kyndryl Bridge and our people.

這是因為 Kyndryl Bridge 和我們的員工擁有強大且不斷增強的能力。

And second, we've been executing on a powerful strategy to transform our business as an independent company poised to provide solutions that incorporate a broad range of technologies to drive business outcomes.

其次，我們一直在執行一項強而有力的策略，將我們的業務轉變為一家獨立的公司，準備提供融合多種技術的解決方案來推動業務成果。

So let me end by thanking the tens of thousands of Kyndryls around the world who are powering our progress.

最後，我要感謝世界各地數以萬計為我們的進步提供動力的 Kyndryl。

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

因此，馬丁和我很樂意回答您的問題。

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

（操作員指示）馬丁，你準備好回答我們的第一個問題了嗎？

Yes, operator.

是的，接線生。

Thank you very much.

非常感謝。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Hey, thanks a lot.

嘿，非常感謝。

Really great signings here.

這裡的簽約確實非常棒。

So I just wanted to ask about your pipeline from here.

所以我只是想問一下你從這裡的管道情況。

I know you've crossed the calendar year.

我知道你已經跨越了日曆年。

Any change in tone on the ground from what you've seen on the pipeline standpoint and confidence in converting the backlog in a timely way, that kind of thing?

從您所看到的管道角度和對及時轉換積壓訂單的信心來看，當地的基調有什麼變化嗎？

Sure.

當然。

Thanks, Tien-Tsin.

謝謝，Tien-Tsin。

Look, we see a very strong pipeline in fourth quarter, our fiscal fourth quarter.

你看，我們看到第四季度，也就是我們的財政第四季度的管道非常強勁。

And it continues to be driven by the capabilities that we've built.

而且它將繼續受到我們已經建立的能力的推動。

It continues to be led by Consult.

它繼續由 Consult 領導。

You saw that we had another great Consult signings and revenue quarter.

您會看到，我們又迎來了一個出色的顧問簽約和收入季度。

When we entered the year, as we talked about and gave guidance initially, we said the two vectors of growth for us that will get us back to growth in the fourth fiscal quarter, our Kyndryl Consult and our alliance activity.

當我們進入新的一年時，正如我們最初談論和給予的指導一樣，我們說有兩個成長方向將使我們在第四財季恢復成長，即我們的 Kyndryl Consult 和我們的聯盟活動。

And as you've seen, we've -- we're going to be well ahead of the rate of growth that we achieved last year in both signings and revenue and Consult.

正如您所看到的，我們的簽約量、收入和諮詢量都將遠遠超過去年的成長率。

And we're actually on pace to beat the alliance activity as well.

事實上，我們也正在穩步擊敗聯盟活動。

So demand remains strong, driven by our capabilities.

因此，在我們的能力的推動下，需求依然強勁。

And the pace of complexity is a real tailwind for us.

複雜性的步伐對我們來說是真正的順風。

As you saw from our readiness survey, while 90% of the C-suite thinks their IT infrastructure is best-in-class, fewer than 40% feel like they're ready to take advantage of the opportunities that are present in order to manage those risks.

正如你從我們的準備調查中看到的那樣，雖然 90% 的高管認為他們的 IT 基礎設施是一流的，但只有不到 40% 的人認為他們已經準備好利用現有的機會來管理這些風險。

And so the things we do, sometimes super exciting, like helping them with their AI projects, but sometimes a little more boring, like configuration management and asset management, all of it is to allow them to position themselves for the future.

所以，我們所做的事情，有時非常令人興奮，例如幫助他們完成人工智慧項目，但有時有點無聊，例如配置管理和資產管理，所有這些都是為了讓他們為未來做好準備。

So we see a great demand profile continuing.

因此，我們看到強勁的需求態勢持續。

Great.

偉大的。

Thanks for that.

謝謝。

My follow-up is you delivered on the profits and the outlook here looks strong.

我的後續問題是，您實現了利潤，前景看起來很強勁。

I know FX is obviously a drag and there's a lot of debate around the outlook on a dollar.

我知道外匯顯然是一個拖累因素，而且圍繞美元的前景存在著許多爭論。

Just curious here on your -- on the hedging and the efficiency and contract profitability given potential volatility in the dollar, I know there's a good history here for you, but is it worth going through that?

我只是好奇您在對沖、效率以及合約盈利能力方面，考慮到美元的潛在波動，我知道您在這方面有很好的歷史記錄，但值得一提嗎？

Maybe, David, just to make sure that we're good on hedge efficiency?

戴維，也許只是為了確保我們的對沖效率良好？

Yeah.

是的。

We feel good about our hedge efficiency this year and how that's working out.

我們對今年的對沖效率以及目前的運作感到滿意。

Obviously, revenues move around based on where exchange rates are.

顯然，收入會根據匯率的變化而變化。

But when we look at our expectations for the impacts that currency would have on us, we -- year over year, there's a significant impact.

但當我們審視貨幣對我們的影響的預期時，我們發現，與去年相比，影響顯著。

At the beginning of the year, we expected it to be a $75 million headwind for us.

今年年初，我們預計這將為我們帶來 7,500 萬美元的損失。

And then with our hedging, by the time we get to August, it was a 70 -- even with the moves that we had, it was a $70 million headwind.

然後透過我們的對沖，到 8 月的時候，逆風已經達到了 70 萬美元——即使我們採取了措施，逆風仍然達到了 7000 萬美元。

Now it's an $80 million headwind.

如今，它面臨著 8,000 萬美元的逆風。

And so what we've seen is that even though there have been large movements in the exchange rates because of our hedging program, the impact on the bottom line that we've seen has been very limited compared to what we expected at the beginning of the year.

因此，我們看到，儘管由於我們的對沖計劃，匯率出現了大幅波動，但與我們在年初的預期相比，這對利潤的影響非常有限。

So year over year, yes, it's a headwind, but our hedging programs are keeping that very consistent with what we expected at the beginning of the year with the movements being initially a favorable 5 and then an unfavorable 10.

因此，與去年同期相比，是的，這是一個逆風，但我們的對沖計劃與我們年初的預期保持非常一致，最初的走勢是有利的 5，然後是不利的 10。

So net only $5 million away from what we were anticipating at the beginning of the year.

因此，淨利潤僅比我們年初預期的少 500 萬美元。

Tyler DuPont, Bank of America.

美國銀行的泰勒杜邦 (Tyler DuPont)。

It was nice to see another quarter of bookings growth.

很高興看到預訂量又一個季度增長。

A quarterly book-to-bill above 1 is always good to see.

每季訂單出貨比超過 1 總是一件好事。

So I just wanted to ask where you can pinpoint this growth is coming from, whether it's across specific practices or industries.

所以我想問一下，您能確定這種成長來自哪裡嗎，無論是跨特定實踐還是跨行業。

And if you could sort of provide an update on the ramp of the recent large deals that you signed, it sounds like there were around 20 deals fiscal year to date over $100 million.

如果您可以提供有關您最近簽署的大型交易的最新情況，聽起來今年迄今為止，大約有 20 筆交易的金額超過 1 億美元。

How is that ramp compared to expectations and any call-outs there?

與預期和任何呼籲相比，這個坡道如何？

Sure.

當然。

As I mentioned during the prepared remarks, we're seeing strength that's really very broad-based, and it's running across our geographic segments in terms of the signings growth that we're seeing.

正如我在準備好的發言中提到的那樣，我們看到的力量確實非常廣泛，並且從我們看到的簽約增長來看，這種力量遍及我們各個地理區域。

It's running across our practices as well, with five of our six practices seeing signings growth north of 20%.

它也貫穿了我們的實踐，我們六項實踐中有五項的簽約量增加了20%以上。

So very broad-based from that perspective.

從這個角度來看，基礎非常廣泛。

And really, throughout the industries that we serve, financial services, obviously, being a key part of that, but strength there in retail and travel, good industrial uptake, public sector and healthcare activity continues to be robust as well.

事實上，在我們服務的行業中，金融服務顯然是其中的關鍵部分，但零售和旅遊業的實力、良好的工業吸收、公共部門和醫療保健活動也持續保持強勁。

So we feel that the -- for us, call it, the macro elements, the macro picture has felt fairly consistent from sector to sector.

因此，我們認為—對我們來說，稱之為宏觀要素，宏觀圖景在各個部門之間感覺相當一致。

Among practices, I think we expect to continue to see strong growth in security and resiliency, cloud and apps data and AI.

在實踐中，我認為我們有望繼續看到安全性和彈性、雲端和應用資料以及人工智慧的強勁成長。

And certainly, apps data AI has been a particular growth area for us.

當然，應用資料人工智慧一直是我們的一個特別的成長領域。

So that's an important part of what we're driving.

這是我們推動的重要部分。

And then on the large deals, you're right, the more than $100 million signings that we've had.

然後關於大宗交易，您說得對，我們已經簽署了超過 1 億美元的合約。

This year, we've had 20 year to date compared to 10 in the first 9 months last year.

今年迄今已有 20 年，而去年前 9 個月只有 10 年。

So real ramp-up in that activity.

因此該項活動真正得到了提升。

And certainly, that's an important contributor to the signings growth that we've had, but we've also had a lot of signings growth on the consult side, and those typically tend to be smaller or less than $100 million transactions there.

當然，這是我們簽約量成長的重要因素，但我們在諮詢方面的簽約量也有很多成長，這些交易的金額通常較小或低於 1 億美元。

So again, when we look both at Consult and at large managed services signings, we're seeing strength on both sides.

因此，當我們再次查看諮詢服務和大型託管服務簽約時，我們看到雙方都實力雄厚。

And they represent -- sorry, David, just to add, they also represent, Tyler, both renewals and growth within our existing customer base and new customers as well.

而且它們代表著——抱歉，大衛，我補充一下，泰勒，它們也代表著我們現有客戶群和新客戶的更新和成長。

That's right.

這是正確的。

One of the $100 million signings this quarter was actually a new logo for us.

本季價值 1 億美元的簽約合約之一實際上是我們的一個新標誌。

Great.

偉大的。

That's very helpful.

這非常有幫助。

David and Martin, I appreciate that.

大衛和馬丁，我很感激。

And just speaking of macro, I wanted to also ask about tariffs and recent client conversations you're having with respect to potential tariff implications as yesterday kind of proved you can definitely get whiplash keeping up with back and forth, but many of your clients are impacted by potential tariffs.

說到宏觀，我還想問一下關稅問題，以及您最近與客戶就潛在關稅影響進行的對話，昨天的情況證明，來來回回的談判肯定會讓您感到頭疼，但您的許多客戶受到潛在關稅的影響。

And given where we are in the calendar year with enterprise IT budgets being finalized right around this time, I'd be curious if maybe you could speak to any client dynamics you're seeing there, potentially tariff implications leading to sort of elongated time lines, just anything there worth calling out?

考慮到我們正處於日曆年，企業 IT 預算將在這個時候最終確定，我很好奇您是否可以談談您看到的任何客戶動態，潛在的關稅影響會導致時間線延長，有什麼值得一提的嗎？

Sure.

當然。

Let me make a few comments.

請容許我發表幾點評論。

First, from what we've seen, everything we've seen, there's no direct impact to Kyndryl.

首先，從我們目前看到的情況來看，這對 Kyndryl 沒有直接影響。

And bear in mind that what we do is not discretionary, as we've said before.

請記住，正如我們之前所說，我們所做的事情不是隨意的。

From a customer perspective, I think it's also important to note that -- and you said this well, it changed dramatically in 24 hours.

從客戶的角度來看，我認為還需要注意的是——您說得很好，它在 24 小時內發生了巨大的變化。

And I think from our customers' perspective, what they're dealing with is that volatility.

我認為從我們的客戶的角度來看，他們所面對的就是這種波動性。

They're trying to figure out where this is going, where it might land and then how they might respond.

他們試圖弄清楚這件事將走向何方、可能在何處發生以及他們該如何應對。

But it's really no different from any other business challenge that our customers face, whether it's a challenge in reaching new customers and how to provide better employee experiences.

但它實際上與我們的客戶面臨的任何其他業務挑戰沒有什麼不同，無論是接觸新客戶的挑戰還是如何提供更好的員工體驗。

Yes, those are maybe less volatile, but the regulatory environment changes all the time.

是的，這些可能波動性較小，但監管環境一直在變化。

And in each of those cases, each of those cases has a technology component to help.

在每種情況下，都有技術組件可以提供幫助。

It's not always the entire answer, but it's always part of the answer.

它並不總是完整的答案，但它始終是答案的一部分。

So for us, it's a tailwind to demand as, again, customers -- our customer base is trying to navigate increased uncertainty.

因此對我們來說，這對需求來說是一股順風，因為我們的客戶群正在努力應對日益增加的不確定性。

In any instance, all of those things are good tailwinds to our business.

無論如何，所有這些事情對我們的業務來說都是良好的順風。

And I think that's part of why we've seen consistent double-digit signings growth in Kyndryl Consult because we help them with the basics so they can be prepared for any environment.

我認為這就是為什麼我們看到 Kyndryl Consult 的簽約量持續保持兩位數成長的原因之一，因為我們幫助他們掌握了基本技能，讓他們為任何環境做好準備。

Divya Goyal, Scotiabank.

加拿大豐業銀行的 Divya Goyal。

So Martin, on this macro theme, I wanted to actually try to get Kyndryl's take or Kyndryl's positioning on AI front with DeepSeek-like models potentially coming to the forefront.

所以馬丁，在這個宏觀主題上，我實際上想嘗試了解 Kyndryl 的看法或 Kyndryl 在 AI 方面的定位，而類似 DeepSeek 的模型可能會成為焦點。

How does Kyndryl and Kyndryl's business get impacted one way or the other with the proliferation of potentially these firm models coming to the market in the near future, if I may say?

我可以說一下，隨著這些公司模式在不久的將來大量湧入市場，Kyndryl 和 Kyndryl 的業務會受到怎樣的影響？

Sure.

當然。

Thanks, Divya, and thanks for joining the call.

謝謝，Divya，謝謝您參加電話會議。

So when we talk to our customers about AI and their plans, we do a lot of work to get them ready, their data architecture ready.

因此，當我們與客戶談論人工智慧及其計劃時，我們會做大量工作來讓他們做好準備，讓他們的資料架構做好準備。

We do a lot of work to help them design and test different opportunities.

我們做了很多工作來幫助他們設計和測試不同的機會。

And then when they're ready to go -- and I'm going to come back to that ready to go point in a second -- when they're ready to go, we help them put it into production, doing all the things that have to be done if you're going to embed AI into a process.

然後當他們準備好了——我馬上就會回到那個準備就緒的階段——當他們準備好了，我們會幫助他們投入生產，做所有的事情如果要將AI 嵌入到某個流程中，就必須這樣做。

You have to understand where your assets are.

你必須了解你的資產在哪裡。

You have to understand how to transform that application landscape.

您必須了解如何轉變該應用程式格局。

You have to understand the configuration management.

您必須了解組態管理。

So going from a POC to a run environment is very complex.

因此，從 POC 到運作環境非常複雜。

That's why customers rely on us.

這就是客戶信賴我們的原因。

Because we know most about their systems, and our run and transform approach allows them to scale these things.

因為我們最了解他們的系統，而且我們的運行和轉換方法使他們能夠擴展這些東西。

Now the DeepSeek innovation, if you will, it's part of what customers are struggling with.

現在，如果你願意的話，DeepSeek 創新就是客戶正在努力解決的問題的一部分。

But on the list of what their challenges are, are really -- they need AI skills.

但他們面臨的挑戰其實是——他們需要人工智慧技能。

Probably number one is how do our customers get the AI skills they need to even try these POCs.

可能最重要的問題是我們的客戶如何獲得嘗試這些 POC 所需的 AI 技能。

They need to understand the data privacy and the security constraints that sit around what they might be trying, and there's a regulatory element to that as well.

他們需要了解他們可能嘗試的資料隱私和安全限制，其中也涉及監管因素。

They need to figure out how to integrate this stuff.

他們需要弄清楚如何整合這些東西。

And then there is -- ultimately, there's a business case.

然後就是—最終，有一個商業案例。

And to the extent that DeepSeek or somebody else has figured out a way to shorten the training time, sure, that would be a tailwind to a new business case, but there are so many more things happening around the AI space that our customers need to address that it's just -- again, it's just one of the elements.

如果 DeepSeek 或其他人找到了縮短訓練時間的方法，那麼這肯定會成為新商業案例的推動力，但人工智慧領域還有很多事情正在發生，我們的客戶需要再次強調，這只是其中一個因素。

All of this points to -- as I said earlier, all of this points to an increased rate of innovation, which is an increased rate of complexity, which means customers need to deal with the vulnerabilities of their infrastructure and invest with us -- as you see in our signings growth, invest with us to be ready for the future.

所有這些都表明——正如我之前所說，所有這些都表明創新速度加快，複雜性也隨之增加，這意味著客戶需要處理其基礎設施的脆弱性，並與我們一起投資——您可以觀看到我們的簽約數量正在增長，請與我們一起投資，為未來做好準備。

So we'll see what happens with DeepSeek will see what the world learns about it.

因此，我們將拭​​目以待 DeepSeek 的進展，看看世界對此有何了解。

Everyone, I think, is trying -- our customer base is trying.

我認為每個人都在嘗試——我們的客戶群也在嘗試。

We've helped their customer base with machine learning, embedding machine learning into their processes, embedding Gen AI into their process, embedding agentic AI into their process.

我們透過機器學習幫助他們的客戶群，將機器學習嵌入到他們的流程中，將 Gen AI 嵌入到他們的流程中，將代理 AI 嵌入到他們的流程中。

So a good tailwind for us.

這對我們來說是一個很好的順風。

But again, we sit at the base of what has to happen in order for them to take advantage of the opportunities they see.

但是，我們再次強調，我們必須了解必須採取哪些行動，以便他們能夠利用所看到的機會。

That's helpful.

這很有幫助。

Maybe in the same vein, I'll just ask a follow-up.

或許是出於同樣的原因，我只是想問一個後續問題。

So across your US business -- and we've not talked about this in the past, so I'm trying to get your perspective here.

所以，就您的美國業務而言——我們過去沒有談論過這個問題，所以我想在這裡了解您的觀點。

Could the DOGE or the efficiencies that are getting created with DOGE and the Federal US government, could that have any impact whatsoever, again, positively or negatively on Kyndryl?

DOGE 或 DOGE 與美國聯邦政府共同創造的效率，會對 Kyndryl 產生什麼影響嗎？

And that's all for me.

對我來說這就是全部了。

Yeah.

是的。

Okay.

好的。

Look, I think any attempt to make a business or government, state federal anywhere to more efficient is an opportunity for us.

看，我認為任何使企業、政府、州聯邦政府更有效率的嘗試對我們來說都是一個機會。

Because at the heart of what we do, yes, we get our customers ready for the future, and we help them prepare for the changing environment, but we also deliver a lot of productivity.

因為我們工作的核心是讓客戶為未來做好準備，我們幫助他們為不斷變化的環境做好準備，但我們也提供了許多生產力。

Enterprise IT is -- the foundation of enterprise IT is productivity.

企業IT是－企業IT的基礎是生產力。

So our ability to help them unleash resources, our ability to help them embed new technologies, which make them more productive, our ability, quite frankly, to help them find unused resources -- and Kyndryl Bridge, as an example, does this for our customer base, we can find all of the cloud -- public cloud instances that somebody spun up that are no longer being used.

因此，我們有能力幫助他們釋放資源，有能力幫助他們嵌入新技術，從而使他們更有效率，坦白說，有能力幫助他們找到未使用的資源——以Kyndryl Bridge 為例，它為我們做到了這一點。

We can find unused software licenses in their environment.

我們可以在他們的環境中找到未使用的軟體許可證。

So any focus on productivity is good tailwind for us.

因此，任何對生產力的關注對我們來說都是好的順風。

Now the DOGE as part of the US federal government -- we don't have a big US federal business currently.

現在，DOGE作為美國聯邦政府的一部分——我們目前沒有大型的美國聯邦業務。

So I don't see a specific element there.

所以我沒有看到那裡有具體的元素。

But again, any focus on productivity is something we can help with.

但同樣，我們可以為任何關註生產力的事情提供幫助。

So I think it's a tailwind for us, Divya.

所以我認為這對我們來說是一個順風，Divya。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾 (Ian Zaffino)，奧本海默。

Not to really beat a dead horse here on the AI side.

在人工智慧方面，我們不必再重複無用功了。

But is there anything on -- to your benefit and how you run your business like something like a DeepSeek could bring if it's Bridge or anywhere else and kind of how are you thinking about that?

但是，對於您和您經營業務的方式有什麼好處嗎？ 例如 DeepSeek 可以帶來什麼好處（如果是 Bridge 或其他任何地方），您是如何看待這一點的？

Thanks.

謝謝。

So a couple of things.

有幾件事。

We -- obviously, we're pretty substantial investors in and users of our AI, our machine learning.

顯然，我們是人工智慧和機器學習的重要投資者和用戶。

It does sit at the heart of Bridge.

它確實位於 Bridge 的中心。

And critically, we are helping -- giving our customers insights that are coming out of Bridge so they can understand how to optimize.

至關重要的是，我們正在提供幫助——為我們的客戶提供來自 Bridge 的見解，以便他們了解如何進行優化。

Within DeepSeek, at least on our early work and looking at it, there is some innovation here around how to split up, if you will, a problem and distribute that problem to be solved across an estate.

在 DeepSeek 中，至少從我們早期的工作來看，在如何拆分問題以及如何分配該問題以便在整個莊園內解決方面存在一些創新。

So you're using resources that already exist and are underutilized.

因此，您使用的是已經存在且未充分利用的資源。

So I do think there are some innovations, and that's just one specifically, but there are some innovations in what DeepSeek has accomplished that are worth investigating understanding and figuring how can we use resources more effectively.

所以我確實認為有一些創新，這只是其中之一，但 DeepSeek 所取得的成就中有一些創新值得研究、理解和弄清楚如何更有效地利用資源。

But again, Kyndryl Bridge and the machine learning in Kyndryl Bridge is what today drives the way we deliver, today what drives our ability to our ability to automate.

但是，Kyndryl Bridge 和 Kyndryl Bridge 中的機器學習正是當今推動我們交付方式的因素，也是當今推動我們實現自動化能力的因素。

It's today what drives our ability to give insights to our customers and create kind of the self-healing architecture that we've talked about.

正是這種能力推動我們今天向客戶提供洞察力，並創建我們所談論的自我修復架構。

So yeah, I think there might be something in here.

是的，我認為這裡可能有一些東西。

We'll have to -- we're spending some time to understand it.

我們必須花一些時間來理解它。

Okay.

好的。

Great.

偉大的。

And then if I was to turn to the Consult business a little bit, how are you thinking about that growth as far as the pace of growing at, the ability to continue that?

然後如果我稍微談談諮詢業務，您如何看待這種成長，以及成長速度和持續這種成長的能力？

And then when you look at the growth, where is that per se coming from?

那麼，當你觀察成長時，它本身又是從哪裡來的呢？

Is that share gains?

這是股票收益嗎？

Is that winning new business?

這就是贏得新業務嗎？

Is it expanding with additional accounts or existing accounts?

是透過增加帳戶還是現有帳戶來擴展？

Maybe kind of give us an understanding of the sources of growth there.

也許可以讓我們了解那裡的成長來源。

Thanks.

謝謝。

Sure.

當然。

And certainly, the growth is something where we're really excited about.

確實，我們對這種成長感到非常興奮。

Consult has grown from being 10% of our business at spin, probably 14% a couple of years ago and 21% of revenues this past quarter.

顧問業務占我們分拆業務的 10%，幾年前大概是 14%，而上個季度則佔營收的 21%。

It was the first time we crossed over the 20% threshold.

這是我們第一次跨越20％的門檻。

It's running around 25% of our signings.

它占我們簽約量的25%左右。

So we've got what we think is a clear path to moving up to Consult being about a quarter of our revenue in the not-too-distant future and then ultimately maybe even a little bit more than that.

因此，我們認為，在不久的將來，諮詢收入將占我們收入的四分之一左右，最終甚至可能略高於這一水平，這是一條明確的路徑。

So it's an increasingly important part of our revenue and our earnings and how we go to market and how we meet customer needs.

因此，它對我們的收入和利潤以及我們如何進入市場以及如何滿足客戶需求變得越來越重要。

And I think what we're seeing is that the growth there is coming from a number of different areas.

我認為我們看到的成長來自許多不同的領域。

By definition, that kind of growth is a share gain.

根據定義，這種成長就是一種份額成長。

And I do think there's work that other firms were providing before we were an independent company with the alliances we currently have, that we're now able to provide.

我確實認為，在我們成為獨立公司之前，透過我們目前的聯盟，其他公司可以提供一些工作，而我們現在能夠提供這些工作。

And that gives us an opportunity to take business that others were doing as well as to do some things that our customers for whom we are providing managed services sort of had to do on their own and do internally.

這使我們有機會承接其他人正在做的業務，以及做一些我們為其提供託管服務的客戶必須自己在內部做的事情。

So part of what we're doing is actually growing the pie in terms of work that we can provide that folks needed to do internally.

因此，我們所做工作的一部分實際上是擴大我們可以提供的、需要人們內部完成的工作量。

So I really see the growth as being a combination of share from others and some work that was previously in-sourced moving to us.

因此，我確實認為成長是其他公司的份額和一些先前內部承包的工作轉移到我們身上的結合。

And it's that set of opportunities associated with that, our ability to provide multi-vendor solutions and to be objective in finding the best solutions for our customers is something that's really distinguishing us and creating opportunities that are clearly so unique to us in this -- in the marketplace so that we're able to achieve growth levels that are significantly above where other folks have been.

正是與此相關的一系列機會，我們提供多供應商解決方案的能力，以及客觀地為我們的客戶尋找最佳解決方案的能力，才是真正讓我們與眾不同並創造獨特機會的關鍵— —在市場上，這樣我們就能實現遠高於其他人的成長水準。

Jamie Friedman, Susquehanna.

薩斯奎哈納的傑米·弗里德曼。

Hi, thank you, and good results here.

你好，謝謝你，這裡的結果很好。

So Martin, I wanted to ask you also about Consult, I thought that was an excellent prior question.

所以馬丁，我也想問你關於 Consult 的問題，我認為這是一個很好的先前問題。

But to step back, how would you describe the mind share of Consult?

但退一步來說，您如何描述 Consult 的市場佔有率？

Like what is Consult known for?

就像 Consult 因什麼而聞名？

If you ask the industry, what -- I'll just say Infosys is known for extreme offshoring.

如果您問這個行業，我會說印孚瑟斯公司以極端的離岸外包而聞名。

Accenture is known for best practices.

埃森哲因最佳實踐而聞名。

I'm just giving you the one liners.

我只是給你一句話。

What's the mind share that Kyndryl Consult is or what is it that you anticipate it will be for Consult?

Kyndryl Consult 的市場佔有率如何？

Yeah.

是的。

Thanks, Jamie.

謝謝，傑米。

Look, it's a great question.

瞧，這是一個很好的問題。

It's -- I think it's two things.

這是——我認為這是兩件事。

It's mission-critical and it's run and transform.

它的任務至關重要並且需要運行和轉換。

And the ability to run and transform is not something that our customers have organically and they need help.

而運作和轉型的能力並不是我們的客戶自然擁有的，他們需要幫助。

But at the same time, because we're doing mission-critical, we obviously need to keep those systems running while transforming them for the future.

但同時，由於我們正在執行關鍵任務，我們顯然需要保持這些系統的運行，同時為未來轉型。

And as I noted earlier, the ability and the insights that we get from Kyndryl Bridge allow our Kyndryl Consult team to go in and make very fast recommendations that can be implemented quickly to, again, prepare our customer systems for the opportunities, or quite frankly, the changes they need to keep up with a changing regulatory environment.

正如我之前提到的，Kyndryl Bridge 的能力和洞察力使我們的 Kyndryl Consult 團隊能夠迅速提出建議，這些建議可以迅速實施，再次為我們的客戶系統做好迎接機會的準備，或者坦率地說，他們需要做出改變以適應不斷變化的監管環境。

So mission-critical, and our run and transform approach is -- will continue to drive our Kyndryl Consult growth.

因此，任務至關重要，我們的運作和轉變方法將繼續推動 Kyndryl Consult 的發展。

Thank you.

謝謝。

And then, David, in terms of where we are in the evolution of the IBM relationship, could you just remind us about that transition to the P times Q?

然後，大衛，就我們與 IBM 關係的發展而言，您能否提醒我們向 P 乘以 Q 的轉變？

When that happened, if it already has happened or if it will happen and how to think about the -- what's that about and how to quantify it?

當它發生時，它是否已經發生或它是否將會發生，以及如何思考——它是關於什麼的以及如何量化它？

Thank you.

謝謝。

Sure.

當然。

We continue to be a fairly large customer, a large customer of IBM's, one of their largest in the world, particularly of software and mainframe-related software, given the sizes of the mainframe estate we manage for our customers.

我們仍然是 IBM 的一個相當大的客戶，也是 IBM 全球最大的客戶之一，特別是軟體和大型主機相關軟體的客戶，考慮到我們為客戶管理的大型主機資產的規模。

We're -- in terms of the IBM relationship, we've exited all the transition services agreements, and I'd say our relationship is primarily a vendor-customer relationship at this point in time.

就 IBM 關係而言，我們已經退出所有過渡服務協議，我想說，我們目前的關係主要是供應商與客戶的關係。

And with respect to software, there are two things going on.

就軟體而言，有兩件事正在發生。

The first is that we were entitled to a declining rebate over time, and that's what's been giving rise to the $200 million annual increase in costs.

首先，我們有權享受的回扣隨著時間的推移而減少，這就是每年 2 億美元成本增加的原因。

So we -- our rebate went down in fiscal '23 and fiscal '24 -- sorry, calendar '23, calendar '24 and again, in calendar '25.

因此，我們的回扣在 23 財年和 24 財年（抱歉，23 日曆年、24 日曆年以及 25 日曆年）下降了。

And so this is the -- that's created a $200 million headwind each year.

這就是——每年造成 2 億美元的逆風。

And this year, beginning in January of 2025 is the last time we see that increase affecting us.

今年，從 2025 年 1 月開始，是我們最後一次看到這種成長對我們產生影響。

So that's the first thing going on.

這是正在發生的第一件事。

And then the second is that also at the beginning of 2025, we've moved from having a fixed price that we pay to having our cost based on price times quantity.

第二，到 2025 年初，我們的成本將從固定價格轉變為基於價格乘以數量。

And that's a -- I think that's a positive move for us because it creates the opportunity for us to really manage our cost by managing the amount of licenses that we need for our customers.

我認為這對我們來說是一個積極的舉措，因為它為我們創造了機會，讓我們能夠透過管理客戶所需的許可證數量來真正管理我們的成本。

And that's an opportunity we've been preparing for, and we'll continue to look to utilize to make sure we optimize and manage the costs here.

這是我們一直在準備的機會，我們將繼續尋求利用這個機會來確保優化和管理成本。

Thanks, Jamie.

謝謝，傑米。

Martin, do you want to close out our call?

馬丁，你想結束我們的通話嗎？

Sure.

當然。

Thanks, everybody, for joining us.

感謝大家加入我們。

Today, as we look ahead, and we continue to build on our solid and proven foundation of the 3As, Kyndryl Consult and Kyndryl Bridge, we'll continue to leverage our capabilities to expand our share of wallet with our existing customers, and as we've said a number of times, continue to win new customers as well.

今天，我們展望未來，繼續鞏固和驗證了 3A、Kyndryl Consult 和 Kyndryl Bridge 的基礎，繼續利用我們的能力，擴大現有客戶的錢包份額，同時我們我已經說過很多次了，繼續贏得新客戶也同樣如此。

We'll continue to operate at an aggressive pace, both in terms of tackling our immediate execution priorities and the longer-term milestones that we set out back in November at Investor Day.

我們將繼續積極進取，不僅要完成眼前的執行重點，還要實現我們在 11 月投資者日所製定的長期里程碑。

And obviously, we'll continue to rely on the Kyndryl Way as our playbook for how we work and how we win together as a team.

顯然，我們將繼續依靠 Kyndryl 方式作為我們如何工作以及如何作為一個團隊共同取勝的劇本。

We are showing up with our customers with a winning mindset.

我們以勝利的心態對待我們的客戶。

We're challenging ourselves to drive progress every day, and we're focused obviously on the outcomes we're delivering.

我們每天都在挑戰自己以推動進步，並且我們顯然專注於我們正在實現的成果。

So we see opportunities available for us to continue to learn, to innovate, to grow, to assert our market leadership, to demonstrate our expertise and to deliver the exceptional value that our customers expect and have gotten.

因此，我們看到了繼續學習、創新、成長、鞏固市場領導地位、展示專業技能以及提供客戶所期望和已獲得的卓越價值的機會。

So we look forward to capitalizing on all those opportunities.

因此，我們期待利用所有這些機會。

So with that, operator, we will conclude our call.

接線員，我們的通話到此結束。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a great day.

祝大家有個愉快的一天。