Kyndryl Holdings Inc (KD) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Kyndryl fourth quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Kyndryl 2025 年第四季財報電話會議。（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 first speaker today, Lori Chaitman, Global Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，全球投資者關係主管 Lori Chaitman。請繼續。

Good morning, everyone, and welcome to Kyndryl's earnings call for the fourth quarter and fiscal year ended March 31, 2025. Before we begin, I'd like to remind you that our remarks today 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 2025 年 3 月 31 日的第四季和財政年度收益電話會議。在我們開始之前，我想提醒您，我們今天的評論包括前瞻性陳述。這些聲明受風險因素的影響，可能導致我們的實際結果與明示或暗示的結果有重大差異。這些前瞻性陳述僅代表我們今天的預期。有關這些風險的更多詳細信息，請參閱我們截至 2024 年 3 月 31 日的年度報告 10-K 表的“風險因素”部分。

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

此外，在今天的發言中，我們將參考某些非 GAAP 財務指標。今天活動的簡報資料中提供了相應的 GAAP 指標以及非 GAAP 指標與歷史時期 GAAP 指標的對賬，您可以在我們的網站 investors.kyndryl.com 上找到這些資料。

With me for today's call 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.

參加今天電話會議的有 Kyndryl 董事長兼執行長 Martin Schroeter 和 Kyndryl 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。

I'd now like to turn the call over to Martin. Martin?

現在我想把電話轉給馬丁。馬丁？

Thank you, Lori. And thanks to each of you for joining us. Kyndryl has been an independent company for over three years now, and I am so proud of what our global team continues to accomplish. We've solidified our market leadership position in mission-critical technology services. And we've been executing a powerful and highly effective strategy centered around building our capabilities, skills, partnerships, and innovation to drive sustainable growth. With relentless focus and dedication to our customers, our people have propelled our success and will continue to do so.

謝謝你，洛瑞。感謝各位的參與。Kyndryl 作為一家獨立公司已有三年多了，我為我們的全球團隊不斷取得的成就感到自豪。我們鞏固了在關鍵任務技術服務領域的市場領導地位。我們一直在執行強而有力且高效的策略，重點是建立我們的能力、技能、合作夥伴關係和創新，以推動永續成長。我們的員工始終如一地專注並致力於為客戶服務，推動了我們的成功，並將繼續這樣做。

So on today's call, we'll focus on how we'll accelerate our momentum going forward. But first, I want to share the highlights from fiscal 2025. Simply put, we had another great year. Signings were up 48% in constant currency to more than $18 billion. Earnings increased $317 million to $482 million in adjusted pretax income. We generated $446 million in adjusted free cash flow, a 53% increase from last year. And in the fourth quarter, we achieved a significant milestone by returning our top line to positive constant currency growth.

因此，在今天的電話會議上，我們將重點放在如何加速我們未來的發展勢頭。但首先，我想分享 2025 財年的亮點。簡而言之，我們又度過了偉大的一年。以固定匯率計算，簽約金額成長了 48%，達到 180 多億美元。調整後的稅前收益增加了 3.17 億美元，達到 4.82 億美元。我們產生了 4.46 億美元的調整後自由現金流，比去年增長了 53%。在第四季度，我們實現了重要的里程碑，使我們的營業收入恢復到正的恆定貨幣成長。

Kyndryl Consult continued to deliver above-market growth, with revenue increasing more than 25% this year. And Kyndryl Bridge continues to enhance the value we deliver to our customers through actionable insights. Our 3A initiatives have transformed our company, and we once again surpassed our full-year targets for each of them.

Kyndryl Consult 繼續實現高於市場的成長，今年的收入成長了 25% 以上。Kyndryl Bridge 不斷透過可行的見解提升我們為客戶提供的價值。我們的 3A 計劃徹底改變了我們的公司，並且我們再次超額完成了每個計劃的全年目標。

Among our alliances, hyperscaler-related revenue more than doubled this year to $1.2 billion. We reached $775 million in annualized savings from Advanced Delivery and another $900 million from our Accounts initiative. As we enter a new fiscal year for Kyndryl, our 3A's have shifted from being initiatives that drove our turnaround to pillars of our profitable growth strategy. In fact, our fiscal 2025 results not only exceeded the earnings, cash flow, and 3A's projections we laid out at the beginning of the year. They also proved the investment thesis for Kyndryl's evolution that we laid out three years ago.

在我們的聯盟中，超大規模相關的收入今年成長了一倍多，達到 12 億美元。我們透過提前交付實現了 7.75 億美元的年度節省，並透過我們的帳戶計劃實現了 9 億美元的年度節省。隨著我們進入 Kyndryl 的新財政年度，我們的 3A 已從推動我們扭虧為盈的舉措轉變為我們獲利成長策略的支柱。事實上，我們的 2025 財年業績不僅超出了我們在年初制定的收益、現金流量和 3A 預測。它們也證明了我們三年前提出的 Kyndryl 發展的投資論點。

We are leaders in our space. We are important to our customers. We can execute on our strategy that is unique to us. We can grow. We are profitable, and we generate cash. In fiscal 2026, we're expecting another year of substantial earnings and cash flow growth as well as positive constant currency revenue growth.

我們是各自領域的領導者。我們對我們的客戶很重要。我們可以執行我們獨特的戰略。我們可以成長。我們是獲利的，並且產生現金。在 2026 財年，我們預計獲利和現金流將再次大幅成長，同時貨幣收入也將保持正成長。

And as I'll discuss in a few minutes, our outlook for this year is consistent with the financial objectives for fiscal 2028 that we laid out at our Investor Day last November. As many of you heard me say before, we are uniquely positioned to address the secular IT trends like cloud migration, increasingly hybrid IT environments, cybersecurity risks, and the adoption of AI. Our approach to designing, optimizing, running, and transforming mission-critical hybrid IT estates is driving increased demand for our services. This is reflected in the strong signings growth we delivered in fiscal 2025, which brought our full-year revenue book-to-bill to 1.2 and included consult signings growth that was right in line with our aggregate signings growth.

正如我將在幾分鐘內討論的那樣，我們對今年的展望與我們去年 11 月在投資者日上提出的 2028 財年的財務目標一致。正如你們許多人之前聽我說過的那樣，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、網路安全風險以及人工智慧的採用。我們設計、優化、運行和轉變關鍵任務混合 IT 資產的方法正在推動對我們服務的需求不斷增長。這反映在我們在 2025 財年實現的強勁簽約量增長上，這使我們的全年收入訂單出貨比達到 1.2，其中諮詢簽約量增長與我們的總簽約量增長完全一致。

We've previously highlighted how our freedom of action as an independent company has unlocked long-term growth opportunities that were unique to Kyndryl, and our signings growth in fiscal 2025 is a powerful evidence of that. Moreover, having our revenue book-to-bill ratio above 1 foreshadows future revenue growth from committed contracts since our signings typically convert into revenue over a three- to five-year period. In fact, our signings growth has been significant and broad-based across a range of geographies, vertical markets, and our practices.

我們先前曾強調，作為一家獨立公司，我們的行動自由如何釋放了 Kyndryl 獨有的長期成長機會，而我們在 2025 財年的簽約成長就是有力的證據。此外，我們的收入訂單出貨比高於 1 預示著未來已承諾合約的收入將增長，因為我們的簽約合約通常會在三到五年內轉化為收入。事實上，我們的簽約量成長顯著且廣泛，涉及多個地區、垂直市場和我們的業務。

We secured 55 contracts valued at over $50 million in fiscal 2025, an increase from 40 such contracts in the prior year. These larger deals accounted for nearly $10 billion of total signings and spanned 22 countries, reflecting the important work we're doing for our blue chip customers all around the world. And nearly half of these contracts were over $100 million.

我們在 2025 財年獲得了 55 份價值超過 5000 萬美元的合同，比上一年的 40 份有所增加。這些較大的交易佔總簽約金額的近 100 億美元，涉及 22 個國家，反映了我們為世界各地的藍籌客戶所做的重要工作。其中近一半的合約金額超過1億美元。

In the fourth quarter alone, we signed a large deal that will generate $1 billion of revenue for us over the next six years with a financial services firm that we've been serving for a long time. Going forward, we'll be modernizing and transforming the firm's IT estate and implementing AI technology at scale with Kyndryl Bridge. And at the same time, we'll continue supporting their core technology, providing security and resiliency, and driving compliance with regulatory requirements.

僅在第四季度，我們就與一家我們長期服務的金融服務公司簽署了一項大合同，該合約將在未來六年為我們創造 10 億美元的收入。展望未來，我們將對公司的 IT 資產進行現代化改造，並利用 Kyndryl Bridge 大規模實施 AI 技術。同時，我們將繼續支援他們的核心技術，提供安全性和彈性，並推動遵守監管要求。

We also displaced an incumbent to win a new logo contract with a European fintech to build a new hybrid IT infrastructure platform; and provide cloud migration, cybersecurity, resiliency, and regulatory compliance services. And with one of our large online retail customers, we signed new scope and extended our contract for the next five years.

我們也取代了現任者，贏得了與一家歐洲金融科技公司的新標誌合同，以建立新的混合 IT 基礎設施平台；並提供雲端遷移、網路安全、彈性和法規遵從服務。我們與一家大型線上零售客戶簽署了新的合作協議，並將合約期限延長至未來五年。

We're now providing application management services and software engineering development to deliver innovation that complements the modernization work we were already doing supported by Kyndryl Bridge. What's key here is the pattern of leveraging our expanded capabilities, partnerships, strong customer relationships, and great reputation to win more scope and higher-value opportunities. In fact, under each of these three new contracts, we're providing hyperscaler-related services. This pattern highlights Kyndryl's position as a trusted adviser for IT services, embraced for how we can help customers operate in the present and for how we can help organizations modernize for the future.

我們現在提供應用程式管理服務和軟體工程開發，以實現創新，補充我們在 Kyndryl Bridge 支援下已經開展的現代化工作。這裡的關鍵是利用我們擴展的能力、合作夥伴關係、強大的客戶關係和良好的聲譽來贏得更大的範圍和更高價值的機會。事實上，根據這三份新合同，我們都提供與超大規模相關的服務。這種模式凸顯了 Kyndryl 作為 IT​​ 服務值得信賴的顧問的地位，我們因如何幫助客戶當前營運以及如何幫助組織實現未來現代化而受到歡迎。

Our expanding scope not only strengthens our customers' technology operations. It also drives revenue and earnings growth for us. This share of wallet opportunity is so strategically important to us that I want to drill down for a moment into one more example. Another significant signing this quarter was in the health care sector. We've been partnering with this US health care provider for years, and they were ready to invest in more innovation. So together with one of our hyperscaler partners and leveraging insights from Kyndryl Bridge, we're codeveloping a comprehensive solution designed to transform and optimize their IT environment.

我們不斷擴大的業務範圍不僅加強了客戶的技術營運。它也推動了我們的收入和獲利成長。這個錢包份額機會對我們來說具有如此重要的戰略意義，因此我想深入探討另一個例子。本季的另一項重要簽約來自醫療保健領域。我們多年來一直與這家美國醫療保健提供者合作，他們已準備好投資更多的創新。因此，我們與一位超大規模合作夥伴一起，利用 Kyndryl Bridge 的見解，共同開發了一套旨在轉變和優化其 IT 環境的綜合解決方案。

This entails cloud migration, system consolidation, data rationalization, and application modernization, all of which will enhance patient experience and practitioner efficacy. As we design, implement, and manage this new hybrid IT estate, we'll focus on optimization, agility, and ongoing innovation. And as a result of the increased scale and scope of services, our annual revenue with this customer will grow by 33% over the next five years.

這需要雲端遷移、系統整合、資料合理化和應用程式現代化，所有這些都將增強患者體驗和從業者效率。在設計、實施和管理這個新的混合 IT 資產時，我們將專注於最佳化、敏捷性和持續創新。隨著服務規模和服務範圍的擴大，未來五年我們與該客戶的年收入將成長 33%。

The takeaway here is that Kyndryl, as a deeply trusted, scaled services provider with differentiated capabilities across hybrid IT landscapes, can help large enterprises modernize in the cloud. And we can do this in ways that present significant growth opportunities for us.

這裡的重點是，Kyndryl 作為一家深受信賴、規模龐大的服務供應商，在混合 IT 領域擁有差異化的能力，可以幫助大型企業在雲端現代化。我們可以透過一些方式來實現這一點，這將為我們帶來巨大的成長機會。

Kyndryl Consult has also been a key driver of our signings strength and our return to revenue growth. In fiscal 2025, consult signings grew 50% in constant currency and accounted for 22% of our total signings. This is our third consecutive year of above-market Kyndryl Consult signings growth. And as I mentioned, we saw that convert into 29% constant currency revenue growth this year.

Kyndryl Consult 也是我們簽約力度和收入恢復成長的關鍵推動力。2025 財年，顧問簽約量以固定匯率計算成長了 50%，占我們總簽約量的 22%。這是我們連續第三年實現高於市場水平的 Kyndryl Consult 簽約量成長。正如我所提到的，我們看到今年這一數字轉化為 29% 的固定貨幣收入成長。

Many of our customer engagements are focused on putting the right workload on the right platform: cloud migration, optimization, addressing tech debt, and more recently, application management services. With our expanded capabilities and heritage in mission-critical systems and data management, we're very well positioned to build robust data foundations for the AI-enabled future through project-based consult engagements.

我們許多客戶合作都專注於將正確的工作負載放在正確的平台上：雲端遷移、最佳化、解決技術債務，以及最近的應用程式管理服務。憑藉我們在關鍵任務系統和資料管理方面不斷擴展的能力和經驗，我們完全有能力透過基於專案的諮詢工作為人工智慧的未來建立強大的資料基礎。

We're also seeing demand in security and resiliency, leveraging our capabilities in data discovery, data integrity, AI assessment, and governance programs. These trends are driving double-digit signings growth across all six of our practices. And there will continue to be meaningful growth opportunities, especially since 95% of our companies are adopting AI, but nearly two-thirds haven't yet implemented an AI governance framework.

我們也看到了安全性和彈性方面的需求，利用我們在資料發現、資料完整性、人工智慧評估和治理計劃方面的能力。這些趨勢正在推動我們所有六項業務的簽約量實現兩位數成長。並將繼續存在有意義的成長機會，特別是因為我們 95% 的公司正在採用人工智慧，但近三分之二的公司尚未實施人工智慧治理框架。

So because of our strong fiscal 2025 results and expanding capabilities, we're entering our new fiscal year with a lot of momentum. And we're laser-focused on driving profitable growth and delivering value to our customers. The strategy we outlined three years ago continues to resonate. And our competitive advantages are powering multiple avenues for our growth: increasing scope with existing customers and winning new logos, providing industry-leading managed services and growing our Kyndryl Consult advisory revenues, and expanding our capabilities through our practices with our strategic alliances and with Kyndryl Bridge. Our position as a vital partner to our customers in both running and transforming their mission-critical technology estates is very powerful.

因此，由於我們 2025 財年的強勁業績和不斷擴展的能力，我們正以強勁的勢頭進入新的財年。我們專注於推動獲利成長並為客戶提供價值。我們三年前提出的策略至今仍引起共鳴。我們的競爭優勢為我們的成長提供了多種途徑：擴大現有客戶的合作範圍並贏得新標識，提供業界領先的託管服務並增加我們的 Kyndryl Consult 諮詢收入，並透過與策略聯盟和 Kyndryl Bridge 的實踐來擴展我們的能力。作為客戶的重要合作夥伴，我們在運作和改造其關鍵任務技術資產方面發揮著非常重要的作用。

And through our six global practices in Kyndryl Consult, we'll continue to build new capabilities and skills that our customers need to advance their business objectives. Our alliances with hyperscalers and leading technology providers are extensive and continually expanding. And our AI-powered Kyndryl Bridge operating platform distinguishes us from our peers, powers service excellence, and drives efficiency. This combination of leading expertise, strategic alliances, and technological innovation opens new doors with existing customers and attracts new customers, creating incremental growth opportunities for us and ensuring that we remain a critical part of our customers' IT evolution. And this combination is what will fuel our top-line growth in fiscal 2026 and beyond.

透過 Kyndryl Consult 的六項全球實踐，我們將繼續建立客戶推進其業務目標所需的新能力和技能。我們與超大規模企業和領先技術提供者的聯盟非常廣泛並且不斷擴大。我們由人工智慧驅動的 Kyndryl Bridge 操作平台使我們在同行中脫穎而出，提供卓越的服務並提高效率。領先的專業知識、策略聯盟和技術創新的結合為我們打開了與現有客戶的新的大門並吸引了新客戶，為我們創造了增量成長機會並確保我們仍然是客戶 IT 發展的重要組成部分。這種結合將推動我們 2026 財年及以後的營收成長。

I want to reiterate the targets we set for fiscal 2028 at our Investor Day in November. We expect to deliver more than $1 billion in adjusted free cash flow. We expect to deliver more than [$1.2 billion] in adjusted pretax income. And to achieve these earnings and cash flow targets, we only need to reach mid-single-digit revenue growth that we'll progress toward by fiscal 2028. With strong conversion of 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, returning capital to shareholders through our share repurchase program.

我想重申我們在 11 月投資者日為 2028 財年設定的目標。我們預計調整後的自由現金流將超過 10 億美元。我們預計調整後的稅前收入將超過 [12 億美元]。為了實現這些收益和現金流目標，我們只需要達到中等個位數的收入成長，到 2028 財年我們就能實現這一目標。透過將收益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。

It should be clear that the fiscal 2026 outlook we published yesterday is consistent with the path we previously laid out for our growth from fiscal 2025 to fiscal 2028. And as David will discuss, in fiscal 2026, we expect to generate approximately $550 million in adjusted free cash flow. We'll grow our pretax earnings by more than $240 million to at least $725 million, and we'll generate positive constant currency revenue growth.

應該要明確的是，我們昨天發布的 2026 財年展望與我們先前製定的 2025 財年到 2028 財年的成長路徑是一致的。正如 David 所討論的，在 2026 財年，我們預計將產生約 5.5 億美元的調整後自由現金流。我們的稅前利潤將增加 2.4 億美元以上，達到至少 7.25 億美元，我們的收入將實現正的恆定貨幣成長。

This fiscal year, two-thirds of our P&L will be derived from our higher-margin post-spin signings. And while we understand that it's a challenging environment in which to provide guidance given the heightened macro uncertainties since our last earnings call, let's remember, though, there are always reasons for companies to delay investment decisions, but the nature of our business providing mission-critical services under multiyear contracts means that we are significantly insulated from, although not immune to macro factors.

本財年，我們三分之二的損益將來自利潤率較高的分拆後簽約。雖然我們明白，鑑於自上次財報電話會議以來宏觀不確定性加劇，在這樣的環境下提供指導充滿挑戰，但我們也要記住，公司總是有理由推遲投資決策，但我們的業務性質是根據多年期合約提供關鍵任務服務，這意味著我們雖然不能完全免受宏觀因素的影響，但可以顯著地免受其影響。

And enterprise tech debt isn't going away because of potential tariffs or other geoeconomic factors. Our Q4 and fiscal 2025 signings growth is a testament to the unique Kyndryl-specific opportunities available to us. Our technology services are essential and non-discretionary, and we provide efficiency, resiliency, and innovation to our customers. As a result, while we continue to monitor economic and geopolitical developments carefully, our significant insulation from macro factors gives us confidence in the outlook we provided and in our longer-term trajectory.

而且，企業技術債不會因為潛在的關稅或其他地緣經濟因素而消失。我們第四季和 2025 財年的簽約量成長證明了我們擁有獨特的 Kyndryl 特定機會。我們的技術服務必不可少且不可隨意使用，我們為客戶提供效率、彈性和創新。因此，在我們繼續密切關注經濟和地緣政治發展的同時，我們對宏觀因素的顯著隔離使我們對我們所提供的前景和我們的長期發展軌跡充滿信心。

With that, I'd like to pass the call over to David.

說完這些，我想把電話轉給大衛。

Thanks, Martin. And hello, everyone. Today, I'd like to discuss our fourth quarter results, our continued progress on our 3A's initiatives, the solid margins at which we're signing customer contracts, and our outlook for fiscal year 2026, which began on April 1. We're proud of finishing strong in fiscal 2025. And we're enthusiastic about how our market leadership, strategy, and capabilities have positioned Kyndryl for profitable growth in fiscal 2026 and beyond.

謝謝，馬丁。大家好。今天，我想討論一下我們第四季度的業績、我們在 3A 計劃上的持續進展、我們簽署客戶合約的穩健利潤率，以及我們對 4 月 1 日開始的 2026 財年的展望。我們為 2025 財年的強勁表現感到自豪。我們對我們的市場領導地位、策略和能力如何幫助 Kyndryl 在 2026 財年及以後實現盈利成長感到非常興奮。

Our fourth-quarter results reflect strong operational execution and continued progress on our key initiatives. In the quarter, revenue totaled $3.8 billion, a 1.3% year-over-year increase in constant currency. Returning to positive constant currency revenue growth is an important milestone for us. Key drivers of our growth were Kyndryl Consult, where our revenues grew 45% in the quarter, and hyperscaler-related work, where our revenues more than doubled. Our $5.5 billion of signings made Q4 our sixth consecutive quarter of signings growth and brings our full year signings growth to 46%.

我們的第四季業績反映了強大的營運執行力和關鍵舉措的持續進展。本季度，總營收為 38 億美元，以固定匯率計算年增 1.3%。恢復正的恆定貨幣收入成長對我們來說是一個重要的里程碑。我們成長的主要驅動力是 Kyndryl Consult，本季我們的營收成長了 45%，以及超大規模相關工作，我們的營收成長了一倍以上。我們的簽約金額達到 55 億美元，這使我們第四季的簽約金額連續第六個季度實現成長，並使全年簽約金額成長率達到 46%。

Our strength continues to be broad-based across our practices and geographic segments, with Kyndryl Consult signings growing at the same rate as our aggregate signings growth. Our fourth-quarter adjusted EBITDA was $698 million. And our adjusted EBITDA margin was 18.4%, up 370 basis points year over year. Adjusted pretax income was $185 million, 6 times what it was a year earlier. And our adjusted pretax margin increased 410 basis points year over year.

我們的優勢繼續廣泛地涵蓋我們的業務範圍和地理區域，Kyndryl Consult 的簽約量與我們的總簽約量保持相同的成長速度。我們第四季的調整後 EBITDA 為 6.98 億美元。我們的調整後 EBITDA 利潤率為 18.4%，較去年同期成長 370 個基點。調整後的稅前收入為 1.85 億美元，是去年同期的 6 倍。我們的調整後稅前利潤率年增了 410 個基點。

Included in our $185 million of adjusted pretax income was $23 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. As a result, our underlying operational momentum is even stronger than the $150 million-plus increase in adjusted pretax income we reported in Q4.

我們 1.85 億美元的調整後稅前收入中包括 2300 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。因此，我們潛在的營運動能甚至比第四季報告的調整後稅前收入增加 1.5 億美元以上還要強勁。

Through our alliances, we generated $378 million in hyperscaler-related revenue in the fourth quarter. Our $1.2 billion full year total was more than double the prior year level and significantly exceeded our target of nearly $1 billion of hyperscaler-related revenue. 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，我們在第四季度創造了 3.78 億美元的超大規模相關收入。我們的全年總額為 12 億美元，比前一年增長了一倍多，並大大超過了我們設定的近 10 億美元超大規模相關收入的目標。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。

To date, we've been able to free up more than 13,000 delivery professionals to address new revenue opportunities and backfill attrition. This is now worth a cumulative $775 million a year to us, surpassing our fiscal 2025 target. Our Accounts initiative continues to remediate elements of contracts we inherited with substandard margins. In the fourth quarter, we increased the cumulative annualized profit from our focus accounts by $75 million to $900 million. This also topped our target for the year.

到目前為止，我們已經能夠釋放超過 13,000 名送貨專業人員來應對新的收入機會並填補人員流失。現在，這對我們來說每年累計價值 7.75 億美元，超過了我們 2025 財年的目標。我們的會計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。第四季度，我們重點帳戶的累計年化利潤增加了 7,500 萬美元，達到 9 億美元。這也超出了我們今年的目標。

The concepts underlying the 3A's continue to be an important source of margin expansion and value creation for us and are now integral parts of our operational and go-to-market approach. We're more confident than ever that the benefits from our 3A's initiatives will meet and ultimately exceed the targets we laid out in early 2022 and raised in early 2024. For fiscal year '25 as a whole, we generated $15.1 billion of revenue. Our adjusted EBITDA was $2.5 billion. And our adjusted pretax income was $482 million, representing a $317 million or 192% increase from the prior year.

3A 理念仍然是我們擴大利潤和創造價值的重要來源，現在已成為我們營運和行銷方法不可或缺的一部分。我們比以往任何時候都更有信心，我們的 3A 計劃帶來的收益將達到並最終超越我們在 2022 年初制定並在 2024 年初提出的目標。整個 25 財年，我們的營收為 151 億美元。我們的調整後 EBITDA 為 25 億美元。我們的調整後稅前收入為 4.82 億美元，比前一年增加 3.17 億美元，增幅為 192%。

We expanded our adjusted EBITDA margin by 200 basis points and our adjusted pretax margin by 220 basis points year-over-year, increases that represent continued progress on our path to high single-digit adjusted pretax margins. Our financial progress reflects our strategic achievements: leveraging technology alliances, stepping away from empty-calorie revenues, fixing focus accounts, growing the consult portion of our business, driving efficiency throughout our operations, and positioning Kyndryl to meet our customers' future IT needs.

我們的調整後 EBITDA 利潤率同比增長 200 個基點，調整後稅前利潤率同比增長 220 個基點，這些增長表明我們在實現高個位數調整後稅前利潤率的道路上繼續取得進展。我們的財務進步反映了我們的策略成就：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，以及定位 Kyndryl 以滿足客戶未來的 IT 需求。

Our performance in fiscal 2025 gives us strong momentum as we move forward. In fact, we continue to position Kyndryl for future revenue, margin, and profit growth not only by growing signings this past quarter and year but also by commanding attractive margins on our signings. Throughout fiscal 2025, just like fiscal 2023 and '24, we signed contracts with projected gross margins in the mid-20s and projected pretax margins in the very high single digits.

2025財年的業績為我們前進提供了強勁動力。事實上，我們不僅透過增加上個季度和去年的簽約量，而且還透過對簽約量要求有吸引力的利潤率，繼續為 Kyndryl 未來的收入、利潤率和利潤成長做好準備。在整個 2025 財年，就像 2023 財年和 2024 財年一樣，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 toward more post-spin contracts, you'll see significant margin expansion in our reported results. 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 $18.2 billion of signings over the last year, we've added over $4.5 billion of projected gross profit to our backlog. Over the same period of time, we've reported gross profit of $3.1 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.

因此，隨著我們的業務組合日益轉向更多的分拆後合同，您將看到我們報告的業績中的利潤率顯著擴大。我們再次添加了毛利訂單出貨比圖表，以強調我們如何在業務中創造和獲取價值。去年，我們簽約的合約總額為 182 億美元，預計平均毛利率為 26%，為我們的積壓合約增加了超過 45 億美元的預計毛利。在同一時期，我們報告的毛利為 31 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在損益表中產生的毛利。

Having a gross profit book-to-bill ratio above 1, at 1.5 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 three years.

毛利訂單出貨比高於 1，過去 12 個月為 1.5，是衡量我們如何實現最重要的成長的關鍵指標：已簽訂合約的預期未來利潤。我們的毛利訂單出貨比一直高於 1，這意味著過去三年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 $446 million for the year, and our net capital expenditures were $522 million. 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。我們全年調整後的自由現金流為 4.46 億美元，淨資本支出為 5.22 億美元。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 share repurchase authorization we announced in late November, we bought back 1.8 million shares of our common stock in the quarter at a cost of $64 million. As of March 31, we have $206 million of repurchase capacity remaining under our share repurchase authorization. Our financial position remained strong. Our cash balance was $1.8 billion. Our cash combined with available debt capacity under committed borrowing facilities gave us nearly $5 billion of liquidity at quarter end.

根據我們在 11 月下旬宣布的股票回購授權，我們在本季回購了 180 萬股普通股，耗資 6,400 萬美元。截至 3 月 31 日，我們的股票回購授權下剩餘的回購能力為 2.06 億美元。我們的財務狀況依然強勁。我們的現金餘額為18億美元。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近 50 億美元的流動資金。

Our debt maturities are well laddered from late 2026 to 2041. We had no borrowings outstanding under our revolving credit facility. And our net debt at quarter end was only $1.4 billion. Our target has been to keep net leverage below 1 times adjusted EBITDA, and we ended the quarter well within our target range at 0.6 times. We are rated investment grade by Moody's, Fitch, and S&P.

我們的債務到期期限為 2026 年底至 2041 年。我們的循環信貸安排下沒有未償還的借款。我們季末的淨債務僅 14 億美元。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 0.6 倍。我們被穆迪、惠譽和標準普爾評為投資級。

We continue to monitor economic and geopolitical developments. Our direct exposure to US Federal government spending is extremely limited, with less than 0.5% of our revenue coming from US government contracts. Our operations in China represent only about 1% of our revenue and our costs. And our direct exposure to various tariffs that have been proposed is quite limited.

我們將繼續關注經濟和地緣政治的發展。我們對美國聯邦政府支出的直接影響極為有限，只有不到 0.5% 的收入來自美國政府合約。我們在中國的業務僅占我們收入和成本的1%左右。我們直接受到的各種已提出的關稅的影響相當有限。

On capital allocation, our top priorities are to maintain strong liquidity, remain investment grade, reinvest in our business, and regularly return capital to shareholders. As we look ahead to fiscal 2026, our core financial goals are to continue to grow our revenues, expand our margins, increase our earnings, and generate free cash flow. Our outlook assumes that revenue will grow 1% in constant currency. Within that, we expect hyperscaler-related revenue to reach $1.8 billion or more, a 50% year-over-year increase.

在資本配置方面，我們的首要任務是保持強大的流動性，保持投資級別，對我們的業務進行再投資，並定期向股東返還資本。展望 2026 財年，我們的核心財務目標是持續增加收入、擴大利潤率、增加收益並產生自由現金流。我們的展望假設營收將以固定匯率成長 1%。其中，我們預計超大規模相關收入將達到 18 億美元或更多，年增 50%。

We expect Kyndryl Consult revenue to again grow double digits. And we expect constant currency revenue growth each quarter to be about the full-year rate. We estimate that our adjusted EBITDA margin in fiscal 2026 will be approximately 18%, an increase of roughly 130 basis points versus fiscal '25. And our outlook for adjusted pretax income is at least $725 million. This means growing our adjusted pretax income by at least $243 million and increasing our adjusted pretax margin by at least 150 basis points year over year.

我們預計 Kyndryl Consult 的營收將再次達到兩位數成長。我們預計每季的固定貨幣收入成長率將與全年成長率大致相同。我們估計，2026 財年的調整後 EBITDA 利潤率將約為 18%，比 25 財年增加約 130 個基點。我們預計調整後的稅前收入至少為 7.25 億美元。這意味著我們的調整後稅前收入將比去年同期增加至少 2.43 億美元，調整後稅前利潤率將比去年同期增加至少 150 個基點。

That means we're calling for a third straight year of the strong roughly 2-point margin expansion we delivered in fiscal 2024 and fiscal 2025. And it keeps us right on track to generate high single-digit adjusted pretax margins in fiscal 2027 and fiscal 2028. Exchange rates are currently expected to have a minimal impact on adjusted EBITDA and adjusted pretax income in fiscal '26 compared to fiscal '25. Also, this should be the last year in which we're talking about IBM software cost increases. Our fiscal 2026 outlook includes the $150 million Kyndryl-specific IBM software cost increase that we've previously discussed.

這意味著我們預計利潤率將連續第三年保持強勁成長，即 2024 財年和 2025 財年分別成長約 2 個百分點。這使我們預計在 2027 財年和 2028 財年實現高個位數調整後稅前利潤率。目前預計，與 25 財年相比，匯率對 26 財年的調整後 EBITDA 和調整後稅前收入的影響將微乎其微。此外，這應該是我們談論 IBM 軟體成本增加的最後一年。我們對 2026 財年的展望包括我們先前討論過的 1.5 億美元 Kyndryl 專用 IBM 軟體成本增加。

And going forward, we don't expect any outsized cost moves related to our former parent, for two reasons. First, beginning in January, it will be the annual inflationary increases that IBM poses on the entire market that determine our pricing. And second, we increasingly have provisions in our customer contracts that protect us. We're excited to be putting this behind us. We continue to see opportunities to drive efficiencies in our operations both through advanced delivery and in SG&A functions.

展望未來，我們預計不會出現與前母公司相關的任何超額成本變動，原因有二。首先，從一月開始，IBM 對整個市場造成的年度通膨成長將決定我們的定價。其次，我們在客戶合約中增加了越來越多的保護我們的條款。我們很高興能將這件事拋諸腦後。我們繼續看到透過先進的交付和銷售、一般及行政費用 (SG&A) 功能來提高營運效率的機會。

Looking at the first quarter in particular, we're expecting our adjusted pretax income to be 30% to 50% higher than the $92 million we reported in last year's first quarter. On the topic of cash flow, for the year as a whole, we project roughly $675 million of net capital expenditures in fiscal 2026 and about $675 million of depreciation expense. We expect to pay roughly $175 million in cash taxes. And we're forecasting roughly 100% conversion of adjusted pretax income, less cash taxes, into free cash flow, implying adjusted free cash flow of approximately $550 million. From a timing perspective and similar to last year, Q1 will be a significant user of cash due to annual software and incentive payments, and subsequent quarters will be more favorable.

具體來看第一季度，我們預計調整後的稅前收入將比去年第一季報告的 9,200 萬美元高出 30% 至 50%。關於現金流，就全年而言，我們預計 2026 財年的淨資本支出約為 6.75 億美元，折舊支出約為 6.75 億美元。我們預計將支付約 1.75 億美元的現金稅。我們預測，調整後的稅前收入減去現金稅後將約 100% 轉化為自由現金流，這意味著調整後的自由現金流約為 5.5 億美元。從時間角度來看，與去年類似，由於年度軟體和獎勵支付，第一季將大量使用現金，後續季度將更加有利。

The difference between our adjusted free cash flow and GAAP cash from operating activities less net CapEx was only $25 million in the last six months of fiscal 2025. And we expect the adjustments included in our calculation of cash flow to remain modest. 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.

在 2025 財年的最後六個月中，我們的調整後自由現金流與 GAAP 經營活動現金減去淨資本支出之間的差額僅為 2,500 萬美元。我們預計現金流計算中包含的調整將保持適度。從中期來看，我們仍致力於大幅提高利潤率並實現自由現金流成長。我們有一個完善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。

So in fiscal 2025, we said what we were going to do, and we delivered that and more. This gives us financial momentum as we move into our fiscal 2026. Even more important, though, is the momentum we have as a leading provider of mission-critical technology services, driving thought leadership in our space, growing our Kyndryl Consult presence rapidly, delivering modern hybrid IT solutions to our customers, and operating at the heart of secular trends that will fuel customer demand for our services for the foreseeable future. And over the medium term, we remain committed to delivering significant margin expansion and generating free cash flow growth. So let me end by again thanking the tens of thousands of Kyndryls around the world, who are powering our progress.

因此，在 2025 財年，我們說出了我們要做的事情，並且實現了這些目標，甚至更多。這為我們邁向 2026 財年提供了財務動力。但更重要的是，我們作為關鍵任務技術服務的領先供應商所擁有的動力，推動著我們所在領域的思想領導力，迅速擴大了我們的 Kyndryl Consult 業務，為我們的客戶提供了現代混合 IT 解決方案，並處於長期趨勢的核心，這將在可預見的未來推動客戶對我們服務的需求。從中期來看，我們仍致力於大幅提高利潤率並實現自由現金流成長。最後，我要再次感謝世界各地數以萬計的 Kyndryls，是他們為我們的進步提供了動力。

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 your first question?

（操作員指示）馬丁，你準備好回答你的第一個問題了嗎？

Yes, sir. Thank you, operator.

是的，先生。謝謝您，接線生。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

Congratulations on a year well done. So Martin, my first question is for you. I was wondering how you think of the accomplishments in '25 and your preliminary view of the positioning of the company mind share and technology in '26. How does that set you up for the mid-term cadence that you shared at the Analyst Day?

恭喜您度過了成功的一年。馬丁，我的第一個問題是問你的。我想知道您如何看待 25 年取得的成就以及對 26 年公司心智份額和技術定位的初步看法。這對您在分析師日上分享的中期節奏有何幫助？

Yeah, good. Well, thank you, Jamie. Thanks for joining and thanks for the nice comments on the year we just finished. If I think back to 3.5 years ago, when we laid out, I think, a very clear strategy that was unique to us, with very clear signposts on how to follow our progress, I think last year was a reflection of another great step, another great example of execution on a strategy that will continue to carry us into the medium term. Look, the medium-term goals that we laid out, I think, are what we're all focused on.

是的，很好。好吧，謝謝你，傑米。感謝您的加入，也感謝您對我們剛結束的一年所做的精彩評論。如果我回想三年半前，當時我們制定了一套非常清晰、獨一無二的戰略，並製定了非常明確的前進方向，我認為去年我們又邁出了重要的一步，又一個偉大的戰略執行典範，這一戰略將繼續帶領我們進入中期。你看，我認為，我們所訂的中期目標正是我們大家關注的重點。

And this year, this fiscal year that we just guided to, is another good step towards that, but over the long term, what we've all been working on and what we've been talking about for 3.5 years, and I think again it's really becoming evident now, is, one, the power of this business model, given the role we play in our customers' environments, the visibility we have to the future, is starting to become evident. Two, 3.5 years ago -- obviously the world has changed. In 3.5 years, the world will be different again, but we have been executing and delivering in pretty much exactly what we said we would get done. And I think the read-through is that we do kind of control our own destiny here.

今年，也就是我們剛剛公佈的財年，是朝著這個目標邁出的又一大步，但從長遠來看，我們一直在努力的事情，以及我們三年半以來一直在談論的事情，我認為現在再次變得顯而易見，首先，考慮到我們在客戶環境中扮演的角色，這種商業模式的力量，我們對未來的預見性，開始變得明顯。二、三年半前——顯然世界已經改變了。三年半後，世界將再次變得不同，但我們一直在執行並交付我們所說的一切。我認為從某種程度上來說我們確實可以掌控自己的命運。

Not that we're not affected by the outside world, but as long as we continue to invest in innovation, as long as we continue to invest in capabilities, then our ability to not only see the future but to deliver that future to our investors should be quite evident as well over the last few years.

這並不是說我們沒有受到外界的影響，而是只要我們繼續投資於創新，只要我們繼續投資於能力，那麼我們在過去幾年裡不僅能夠預見未來，而且能夠將未來的成果呈現給我們的投資者，這一點應該會非常明顯。

And then I'd point to this team's strong execution. So we're in a great space with a great business model. We have control. We'll continue to invest. This is another big year of investment for us, which means we control our own destiny through the midterm, again. And this team has demonstrated an ability to execute. So I think we're very well positioned to deliver everything that we've talked about back in November. And last year and the last quarter were evidence of how we've continued to do that.

然後我想指出這支球隊的強大執行力。因此，我們處於一個非常好的領域，並且擁有非常好的商業模式。我們擁有控制權。我們將繼續投資。對我們來說，這又是重要的投資年，這意味著我們再次透過中期選舉掌握自己的命運。這支團隊已經展現了執行能力。因此我認為我們完全有能力實現我們在 11 月談到的一切。去年和上一季的表現證明了我們一直在做這件事。

And then for my follow-up, I'd be interested in your perspective on where you are with the journey with the focus accounts. Are you closer to the middle or the end at this point? And what have you learned from the kind of restructuring or the conversations, at least, from those accounts that got you here since the separation 3.5 years ago?

然後，對於我的後續問題，我很想知道您對焦點帳戶之旅的看法。現在您是接近中間還是接近結尾？自 3.5 年前分離以來，您從重組或對話中學到了什麼？至少從那些讓您走到今天的帳戶中學到了什麼？

Yeah. Thanks, Jamie. So look. The view we had when we started this was that the work we do is really important that we're really good at it. And if we could engage with our customer base, we could reimagine these relationships at, quite frankly, an accelerated pace than what we were faced with if we just looked at what the backlog had.

是的。謝謝，傑米。所以看看吧。當我們開始這項工作時，我們的觀點是，我們所做的工作非常重要，而且我們非常擅長這項工作。如果我們能夠與客戶群互動，我們就可以重新構想這些關係，坦白說，如果我們只看積壓訂單，我們就可以以更快的速度重新構想這些關係。

And I think that's what we've proven now. Because of the quality of what we bring, the role we play in our customers' environments, they have been -- our customers have been really willing -- provided we showed up with some innovation, with some new ideas, with some ways to address their challenges of the future, that they would be keen to and willing to reimagine how these relationships worked. And I think that's what -- my observation over the last 3.5 years is that the teams have done an amazing job of doing that -- and says a lot about the quality of the talent and the skills we have. It says a lot about our ability to discern the future for our customers and bring them on this journey with us. And it says a lot about us as an organization and our focus on the bottom line and capturing the value we're creating.

我認為我們現在已經證明了這一點。由於我們所提供的產品的品質，以及我們在客戶環境中所扮演的角色，我們的客戶一直非常願意——只要我們提出一些創新、一些新想法、一些解決未來挑戰的方法，他們就會熱衷於並願意重新想像這些關係如何運作。我認為這就是——根據我過去三年半的觀察，這些團隊在這方面做得非常出色——這充分說明了我們人才和技能的品質。這充分說明了我們有能力為客戶洞察未來並帶領他們與我們一起踏上這段旅程。這在很大程度上說明了我們作為一個組織以及我們對底線的關注以及捕捉我們正在創造的價值。

So when we started this 3.5 years ago, we said it would be worth $800 million over the medium term. We've obviously exceeded that, but we are getting toward the end of this now from a focus account perspective. We're not through 100% of them. There is a long tail to this, but in terms of driving -- to getting us here, there is -- we are well through the -- I call it the substantial majority. Maybe David has a more specific way to identify substantial majority, but we're probably 3/4 of the way through this from a revenue perspective.

因此，當我們三年半前開始這個計畫時，我們說過中期其價值將達到 8 億美元。我們顯然已經超越了這個目標，但從焦點帳戶的角度來看，我們現在已經接近尾聲。我們還沒有完成全部工作。這個問題有很長的尾聲，但就推動我們達到這個目標而言，我們已經順利通過了——我稱之為絕大多數。也許大衛有更具體的方法來識別絕大多數，但從收入角度來看，我們可能已經完成了 3/4。

But again I would go back to what does it prove. It proves that the work we do is valuable. The investments we've made are paying off, that our customers love what we do. And we are very much now part of their future, not just part of their past.

但我還是想回顧這證明了什麼。這證明我們所做的工作是有價值的。我們所做的投資正在獲得回報，我們的客戶喜歡我們所做的事情。現在我們不僅是他們過去的一部分，更是他們未來的一部分。

Yeah. And we are about, I'd say, 75% of the way through, 3/4 of the way through on revenue, but we've already achieved 90% of our targeted savings. So we're with $900 million of annualized benefits on the focus accounts. The target that started out at $800 million is now $1 billion. And I think we're well positioned to exceed that as we work through the remainder of the accounts and drive not only margin improvement there but also growth in the top line.

是的。我想說，我們已經完成了 75% 的任務，收入完成了 3/4，但我們已經實現了 90% 的目標節省。因此，我們在重點帳戶上獲得了 9 億美元的年度收益。最初的 8 億美元目標現在已上升至 10 億美元。我認為，隨著我們處理剩餘帳戶並推動利潤率提高以及營業額成長，我們完全有能力超越這一目標。

Great. Thanks. Operator, can we move to the next question, please?

偉大的。謝謝。接線員，我們可以進入下一個問題嗎？

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Thanks. Congrats on the positive revenue growth milestone. Good to see that. I also like, Martin, some big discussions or going through some of the larger deals you guys won, which brings me to my question around book-to-bill. Do you think book-to-bill -- given some of the wins that you've had and the pipeline, that you can still maintain this book-to-bill above 1 for the better part of fiscal '26?

謝謝。祝賀收入實現正成長里程碑。很高興看到這一點。馬丁，我還喜歡進行一些大型討論或討論你們贏得的一些較大的交易，這讓我想到了有關訂單出貨比的問題。您是否認為，考慮到您已經取得的一些勝利和管道，您仍然可以在 26 財年的大部分時間裡將訂單出貨比維持在 1 以上？

And I'm curious, given some of the larger deals, maybe what the duration of the backlog looks like. Is that changing? Just to think about ACV maybe improving underneath it. Thank you.

我很好奇，考慮到一些較大的交易，積壓交易的持續時間可能是怎麼樣的。這種情況有改變嗎？只是想想 ACV 可能在其下方有所改善。謝謝。

Yeah. And thanks, Tien-Tsin. And thanks for the nice -- also thanks for the nice comments on the quarter. Look, a couple of things. And you were one of the people -- and you know this business well. So you were on this early, and 3.5 years ago, we were talking about how does Kyndryl get back to growth. You need a book-to-bill north of 1, et cetera, et cetera. You know this because you were at the heart of the questions and doing the work. And as you said well, if we're going to continue growth, which is what we see now and what we certainly put on the table back in November, over the medium term, then we do have to continue to have a book-to-bill north of 1.

是的。謝謝你，Tien-Tsin。也感謝您對本季的正面評價。看，有幾件事。而您就是其中之一——而且您非常了解這個行業。所以你很早就開始討論這個問題了，3.5 年前，我們就在討論 Kyndryl 如何恢復成長。您需要訂單出貨比大於 1，等等，等等。您知道這一點，因為您是這些問題的核心人物，並且從事這項工作。正如您所說，如果我們要繼續保持成長，這就是我們現在所看到的，也是我們在 11 月提出的中期成長目標，那麼我們就必須繼續保持訂單出貨比高於 1。

And that's what we see over the medium term, right, in order to drive that continued growth. Now one-year of book-to-bill doesn't get us everything we need, so we have to execute again, but the capabilities we've built, the innovation we've built is showing up really well. And it's driving the kind of performance that we saw, for instance, in our consult business, where 50% signings growth in the year is driving 29% revenue growth, where, for instance, from a standing start from essentially nothing, we built, last year, of -- services around our alliance activity, around our hyperscaler alliance activity, that turned into more than $1 billion of business per year. And those will keep growing.

這就是我們在中期所看到的，為了推動持續成長。現在，一年的訂單到出貨週期並不能滿足我們所有的需求，所以我們必須再次執行，但我們已經建立的能力、我們所建立的創新確實表現得非常好。它推動了我們所看到的業績，例如在我們的諮詢業務中，當年簽約量增長了 50%，推動了收入增長了 29%，例如，從零開始，去年我們圍繞我們的聯盟活動、圍繞我們的超大規模聯盟活動建立了服務，這些服務每年的業務額超過 10 億美元。而這些數字也將持續成長。

So yes. The short answer is yes. We recognize and expect that we will continue to deliver a book-to-bill north of 1. We would, as we've always said, encourage everybody to look at this over a 12-month trailing basis because, in any given quarter, we could be -- it could be phenomenal. It could be, for whatever reason -- is just too short a period. But we feel good about the momentum we're seeing, the vectors of growth that we've been pointing to and our ability to continue to drive a book-to-bill north of 1.

是的。簡短的回答是肯定的。我們認識到並期望我們將繼續實現 1 以上的訂單出貨比。正如我們一直所說的那樣，我們鼓勵每個人都以過去 12 個月為基礎來看待這個問題，因為在任何一個季度，我們都可能——它都可能是驚人的。不管是什麼原因，都可能是因為時間太短了。但我們對於所看到的勢頭、我們一直指向的增長方向以及我們繼續推動訂單出貨比超過 1 的能力感到滿意。

Perfect. And just my follow-up within that was the ACV question because I think you guided to consult growing in the double digit. I know it was running very hot in '25, so I think that will give you some short-term lift in conversion, but then you have a lot of longer-duration deals as well. Can you just talk about ACV and how the year will play out with consult presumably growing a little bit slower and backlog conversion making up for it to get to that positive revenue growth for the year?

完美的。我的後續問題是 ACV 問題，因為我認為您指導諮詢以兩位數成長。我知道它在 25 年的時候運行得非常火爆，所以我認為這會在短期內為你帶來一些轉換方面的提升，但你也會有很多長期交易。您能否簡單談談 ACV 以及今年的前景如何？諮詢業務的成長速度可能會稍微慢一些，而積壓訂單轉換將如何彌補這一差距，從而實現全年的正收入成長？

Sure. We do expect consult to continue to grow top line double digits in fiscal '26, so it will continue to be a significant contributor to our growth. And when we look at signings last year, a couple of points worth mentioning. First, overall signings grew about 46%. Consult grew 47%, and that means managed services growth was right there as well with very strong growth.

當然。我們確實預計諮詢業務在 26 財年將繼續實現兩位數的成長，因此它將繼續成為我們成長的重要貢獻者。當我們回顧去年的簽約情況時，有幾點值得一提。首先，整體簽約量成長了約46%。諮詢業務成長了 47%，這意味著託管服務業務也同樣實現了強勁成長。

And so we're seeing a -- call it, a good balance in our growth between the two. Consult signings will tend to turn into revenue a little bit faster. Managed services contracts tend to be longer. And we really like what they do for our backlog because it's really committed revenue and committed profitability that we're adding to our unrecorded balance sheet.

因此，我們看到了兩者之間增長的良好平衡。諮詢簽約往往會更快轉化為收入。託管服務合約通常較長。我們真的很喜歡他們為我們的積壓訂單所做的工作，因為它實際上是承諾的收入和承諾的盈利能力，我們將其添加到了未記錄的資產負債表中。

And in terms of ACV, what we saw was the -- our average signing was probably a few months longer last year. So about 75% to 80% of our growth was due to just additional activity. And then 20% to 25% of our 46% growth was driven by having a longer duration on average. And we really -- as the example that you mentioned highlights, we're very focused on growing ACV in individual accounts, growing our revenue there. And the opportunities that we have to expand scope in our relationships really end up being a big driver of that ACV growth.

就 ACV 而言，我們看到的是——去年我們的平均簽約時間可能比去年長了幾個月。因此，我們約 75% 到 80% 的成長歸功於額外的活動。我們 46% 的成長中有 20% 到 25% 是由平均較長的持續時間所推動的。正如您所提到的例子所強調的，我們確實非常注重增加個人帳戶的 ACV，增加我們在那裡的收入。我們擴大關係範圍的機會最終成為 ACV 成長的一大推動力。

Thanks. Operator, next question, please.

謝謝。接線員，請問下一個問題。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

All right. Great. Thank you very much. Very good quarter. Wanted to ask on the guide and the revenue growth that you're expecting for the year. I would have expected -- with signings growth 46% or so, that might seem very conservative, so maybe kind of walk us through how you're kind of getting there.

好的。偉大的。非常感謝。非常好的季度。想詢問一下指南以及您預計今年的收入成長。我本來預計——簽約量增長率約為 46%，這可能看起來非常保守，所以也許可以向我們介紹一下您是如何實現這一目標的。

And I know that there are some legacy signings that are starting to fall off. And maybe the better question is how do we think about revenues, maybe not just this current year but subsequent years as some of those legacy signings roll off? And I would imagine revenues would then accelerate, but help me understand that a little bit.

我也知道一些遺留簽約正在開始減少。也許更好的問題是我們如何考慮收入，也許不僅是今年，而且是隨著一些遺留簽約的結束，接下來的幾年？我想收入會增加，但請幫我理解這一點。

Yes, sure. Thank you. And thanks for the nice -- also thanks for the nice comments on the year and the quarter we just finished. I think there's a few things worth pointing out. One is, as I talked about earlier, 3.5 years ago, we were trying to prove to everybody that we could grow.

是的，當然。謝謝。也感謝您對我們剛結束的年度和季度的好評。我認為有幾點值得指出。一是，正如我之前提到的，3.5年前，我們試圖向所有人證明我們可以成長。

And what is really nice about your question, what's really nice about the position we're in now is now we're talking about, why can't you be growing faster, which is, quite frankly, it's fabulous. Team has done a nice job of repositioning this business and executing a plan that got us to this point, so we're delighted. As you said, well, look, we have a really good book-to-bill from last year. But the two prior years, with our work on focused accounts and our intent to improve profitability first, we have to -- that's all in the backlog as well, so what we wanted to make sure that everybody understood is that in this very strong profit improvement year, again this very strong cash flow growth, again all consistent with what we laid out over the medium term back in November -- that we're not relying on substantial revenue growth to get there even though last year, when we were still working on focused accounts, we had a 2-point year-to-year improvement in revenue growth, right, from down 6% to down 4%. And now we're saying we're only really relying on one.

您的問題真正好的方面是，我們現在所處的狀況真正好的方面是，我們現在正在討論，為什麼你們不能發展得更快，坦白說，這太棒了。團隊在重新定位這項業務和執行使我們達到這一點的計劃方面做得很好，所以我們很高興。正如您所說，嗯，您看，我們去年的訂單出貨比非常好。但在前兩年，由於我們致力於重點客戶並首先打算提高盈利能力，我們必須——這些也都在積壓工作中，所以我們想確保每個人都明白，在這個利潤增長非常強勁的年份，現金流再次增長非常強勁，所有這些都與我們去年 11 月制定的中期目標一致——我們並不依賴大幅收入增長來實現目標，儘管去年，當我們仍在致力於增長 2 個百分點時，我們的收入增長 2 個百分點。現在我們說我們實際上只依賴一個。

Well, that's a big step up obviously in the improvement, but with now more and more of our P&L determined by what we put in the backlog, what we've been able to shape and what is coming out into our P&L this year, it says that we have -- the things we relied on to deliver growth in the [fourth], as David said while he talked a little bit about consult earlier, those vectors of growth will continue.

嗯，這顯然是改進上的一大進步，但現在我們的損益表越來越多地取決於我們積壓的工作、我們能夠塑造的工作以及今年損益表中出現的工作，這表明我們已經——依靠這些來實現[第四季度]增長，正如大衛之前談到諮詢時所說的那樣，這些增長載體將會持續下去。

So yes, we said it in a specific way, yes, that we control more of our own P&L from what we've put in, but this year, this fiscal year, and the guide is what we're relying on to deliver. And we only -- I mean only -- I keep coming back to only. We told everybody that, in fiscal '28, we'd get to kind of a mid-single-digit level. And we're still well on track and this is consistent with that. But again, with this year's P&L being more than now half -- two-thirds of our P&L being determined by what we've put in, that's certainly -- it's accurate.

所以是的，我們以特定的方式說過，是的，我們透過投入來控制更多的自己的損益，但今年，這個財政年度，指南是我們依靠來實現的。而我們只是——我的意思是只是——我一直回到只是。我們告訴所有人，在 28 財年，我們的業績將達到中等個位數水準。我們仍然在順利進行，這與這一點是一致的。但是，今年的損益表已超過一半——我們的損益表的三分之二是由我們投入的資金決定的，這當然是準確的。

It's factual, but our year is also -- determined not just by fiscal '25 signings. It's determined by fiscal '24 signings, when we were still going through the account focus work in great earnest. It's determined by fiscal '23 signings, which -- again still going through account focus in great earnest. And obviously, even though two-thirds or so is determined by our stuff, that means one-third is what we inherited. So there's a lot of dynamics here that, I think, we wanted to make sure that our investors understood, another great year for profit improvement, even as we invest, another great year for cash flow generation. But we're not relying on a big swing back to revenue growth in order to deliver that.

這是事實，但我們的年份也不僅僅由 25 財年的簽約決定。這是由 24 財年的簽約決定的，當時我們仍在認真地進行帳戶重點工作。這是由 23 財年的簽約決定的，這仍然需要認真關注帳戶。顯然，儘管三分之二左右是由我們的東西決定的，但這意味著三分之一是我們繼承的。所以這裡有很多動態，我想，我們希望確保我們的投資者理解，這是利潤成長的另一個偉大年份，即使我們進行投資，這也是現金流產生的另一個偉大年份。但我們並不依賴收入大幅成長來實現這一目標。

Okay, understood. And then as a follow-up, it seems that you have an incredible amount of visibility just in the business and the way the state of the contracts work. And like I said earlier, you're coming off this massive acceleration in the business, so how are you then thinking about, I guess, capital allocation and maybe your tolerance or your appetite to get a little bit more aggressive on that side?

好的，明白了。然後作為後續，您似乎對業務和合約運作方式有非常深入的了解。正如我之前所說的，您的業務正處於巨大的加速階段，那麼您如何考慮資本配置，以及您對這方面的容忍度或興趣是否能更積極一些？

Yes. Thanks. So once again, relative to where we started, it's great to be talking about how we're going to be allocating capital. And I think we've continued to do two things. We've continued to look for opportunities to invest in our own business.

是的。謝謝。因此，再次，相對於我們開始的地方，談論如何分配資本是件好事。我認為我們一直在做兩件事。我們一直在尋找投資自身業務的機會。

We've done one acquisition, which is working out really, really well. And I would say that we continue to look for tuck-in acquisitions that can accelerate our position in the marketplace, that can maybe expand capabilities within things we're already doing. So first and foremost, we'll look to invest in the business because we see so much opportunity.

我們已經完成了一次收購，效果非常非常好。我想說的是，我們會繼續尋找能夠加速我們在市場上的地位、或許可以擴大我們已經在做的事情的能力的補充收購。因此，首先，我們會尋求投資該業務，因為我們看到了許多機會。

And the other thing, I'm really pleased that -- and probably a little bit ahead of what everyone expected, last November, the Board approved the initiation of a share repurchase program, which we've been doing. And we see great value in the stock here, so we'll obviously continue to allocate capital to our shareholders as well to return them their money. So we see opportunities in both, continue to invest. This is a business model that has great visibility to the future, so we have an ability to not only invest, but we have an ability to return capital. And I think we'll continue to do both of those things. I think we have an opportunity to do both.

另外，我很高興——這可能比大家預期的要早一點，去年 11 月，董事會批准啟動股票回購計劃，我們一直在這樣做。我們認為該股票具有很高的價值，因此我們顯然會繼續向股東分配資本，以返還他們的資金。因此，我們看到了兩者中的機會，並將繼續投資。這是一種具有強大未來視覺性的商業模式，因此我們不僅有能力投資，而且還有能力回饋資本。我認為我們會繼續做這兩件事。我認為我們有機會同時做到這兩點。

Anything you would add, David?

大衛，您還有什麼要補充的嗎？

No.

不。

No. Okay, there you go.

不。好的，就這樣。

All right. Great. Thanks for the color.

好的。偉大的。謝謝你的顏色。

Great. Operator, next question, please.

偉大的。接線員，請問下一個問題。

Divya Goyal, Scotiabank.

豐業銀行的 Divya Goyal。

Thanks a lot for all the color you provided. I actually wanted to go back and talk about on the accounts discussion that we had and maybe just get a little bit more clarity on the impact of macro on some of your strategic global accounts and trying to understand what are their key priorities? And could they be impacted given all the global uncertainties out there? And I'm also in line trying to understand, what is the percentage of revenue that could be potentially exposed to macro uncertainties, if at all? Thank you.

非常感謝您提供的所有顏色。我實際上想回過頭來談談我們討論過的帳戶問題，也許只是想更清楚地了解宏觀經濟對你們的一些戰略全球帳戶的影響，並試圖了解它們的主要優先事項是什麼？鑑於全球存在的種種不確定性，他們會受到影響嗎？我也想了解，如果有的話，有多少比例的收入可能會受到宏觀不確定性的影響？謝謝。

Yeah. Thanks, Divya. All right, so a couple of things. Uncertainty seems to be the -- sort of the most commonly used word in the business press these days. I would say that for us the good news is we're in the productivity business. We help drive productivity, create opportunities, optimize, consolidate, deconsolidate if that's what our customers are trying to do. And so this environment tends to be a tailwind for us because our customers need help in preparing their infrastructure for whatever macro environment they're envisioning.

是的。謝謝，Divya。好的，有幾件事。不確定性似乎是當今商業媒體中最常用的詞。我想說，對我們來說，好消息是我們從事的是生產力業務。如果我們的客戶有此需求，我們會幫助他們提高生產力、創造機會、進行最佳化、整合和分割。因此，這種環境對我們來說往往是一種順風，因為我們的客戶需要幫助來為他們所設想的任何宏觀環境準備基礎設施。

And that's true not only of macro, which as you know well -- are we in this period of uncertainty for two months, three months or a year? We don't know, but we know that they're always going to be preparing for the future they see. It's also true in -- with regard to technology.

這不僅適用於宏觀經濟，正如您所知，我們是否正處於這個不確定時期，持續兩個月、三個月還是一年？我們不知道，但我們知道他們總是會為他們所看到的未來​​做準備。就技術而言，情況也是如此。

And over the last 20-plus years, I think the world has observed that, no matter what the business problem is, technology is part of that answer. So if you're trying to find new customers, if you're trying to create a better employee experience, if you're trying to get yourself ready for a new regulatory environment or if you're trying to prepare for a new view of your own macro environment, technology is a part of that. And that's why it tends to be a tailwind for us, because they need an infrastructure to execute that strategy, whatever it is, that is secure and resilient and fit for purpose. So for us, I would say uncertainty tends to translate -- in all its forms, tends to translate to a bit of a tailwind.

在過去的 20 多年裡，我認為全世界已經觀察到，無論商業問題是什麼，科技都是答案的一部分。因此，如果您試圖尋找新客戶，如果您試圖創造更好的員工體驗，如果您試圖為新的監管環境做好準備，或者如果您試圖為自己的宏觀環境的新視角做好準備，那麼技術就是其中的一部分。這就是為什麼它對我們來說往往是一個順風，因為他們需要一個基礎設施來執行該策略，無論它是什麼，它都是安全、有彈性且適合目的的。因此，對我們來說，我想說不確定性往往會轉化為——無論其形式如何，往往會轉化為一點順風。

And then your second question, look, how much of our business is subject to it? We enter a year -- as is typical, we enter a year with 70%, 75% of our year under contract, right, so the revenue that we already have for the year that was represented in the guide is somewhere between 70% and 75% booked. And so yes, we have to continue to execute on signing deals and converting those to revenue throughout the whole year in order to deliver the year, but we're very comfortable. We're very confident, with the trends we're seeing, the role we play in our customers' environments and the capabilities and innovation we're bringing, that we'll continue to be able to execute that.

然後你的第二個問題是，看看我們的業務有多少受其影響？我們進入一年——通常情況下，我們進入一年時，合約期間的 70% 到 75% 已經到期，所以指南中所示的該年收入大約在 70% 到 75% 之間。所以是的，我們必須繼續簽署協議並將其轉化為全年的收入，以實現全年目標，但我們非常放心。我們非常有信心，憑藉我們所看到的趨勢、我們在客戶環境中扮演的角色以及我們帶來的能力和創新，我們將繼續能夠實現這一目標。

And again, I'd go to the momentum we see in consult as a good data point. The momentum we see in our hyperscaler alliance activity is a good data point, with other things now picking up. The work that we're doing with SAP and RISE is an important addition this year. So most of -- the substantial majority of our year is -- this year is under backlog. And we see really good demand trends given what we do and the role we play and the capabilities we have to deliver the year.

再次強調，我認為我們在諮商中看到的勢頭是一個很好的數據點。我們在超大規模聯盟活動中看到的勢頭是一個很好的數據點，其他事情現在也在回升。我們與 SAP 和 RISE 合作的工作是今年的重要補充。因此，今年我們絕大部分的時間都處於積壓狀態。考慮到我們的工作、我們所扮演的角色以及我們今年所擁有的交付能力，我們看到了非常好的需求趨勢。

That's great. Just as a follow-up for -- on this discussion here, Martin, I wanted to get a little bit more color quickly on Kyndryl Bridge. Is it fair to assume that Kyndryl Bridge can provide some additional leverage in such uncertain macro conditions when global clients potentially pull back on new implementations or enhancements? And could Kyndryl Bridge actually help the company uncover new opportunities here? Thank you.

那太棒了。馬丁，作為本次討論的後續，我想快速了解有關 Kyndryl Bridge 的更多資訊。當全球客戶可能撤回新的實施或增強功能時，是否可以公平地假設 Kyndryl Bridge 可以在這種不確定的宏觀條件下提供一些額外的槓桿作用？Kyndryl Bridge 是否真的能夠幫助該公司發現新的機會？謝謝。

Yeah, thanks, Divya. The short answer is yes. So among the many capabilities that Bridge has around observability and keeping your systems optimized and resilient, et cetera, et cetera, one of the things it can do is help uncover unused resources. And you can imagine in a big, sprawling corporation how many, for instance, unused public cloud instances are out there because they were used for something and then they didn't need it anymore. But somebody needs to find that and identify it and then get it turned off.

是的，謝謝，Divya。簡短的回答是肯定的。因此，在 Bridge 圍繞可觀察性以及保持系統優化和彈性等方面的眾多功能中，它可以做的事情之一就是幫助發現未使用的資源。你可以想像，在一個龐大而雜亂的公司中，有多少未使用的公有雲實例，因為它們被用於某些用途，然後不再需要它了。但有人需要找到它、識別它，然後將其關閉。

So among the many capabilities that bridge brings to customers is -- as a very direct example, is an ability to uncover unused resources, but there's also a whole host of what we call actionable insights that we're delivering to our customers every month to help them optimize to help them get ahead of problems, each of which is tied to one of their business outcomes.

因此，橋樑為客戶帶來的眾多功能之一是——舉一個非常直接的例子，就是發現未使用資源的能力，但還有一大堆我們稱之為可操作的見解，我們每個月都會向客戶提供這些見解，以幫助他們進行優化，幫助他們解決問題，每個問題都與他們的業務成果之一相關。

So yes, Bridge, it becomes not only -- it's not only the way we do our work. It's also providing some -- it's also probably a lot of actionable insights to our customers to help them optimize to help them find savings, in this case, to help them get ahead of the challenges that they may have so that can save money. A, not only, but the -- a, real cost in anybody's infrastructure is both the planned downtime and, quite frankly, the unplanned downtime. And we've been very public that we believe we saved customers across our portfolio billions of dollars just from the use of Bridge in managing better planned downtime and also avoiding unplanned downtime. So there's real benefits here.

所以是的，布里奇，這不僅僅是——這不僅僅是我們的工作方式。它也為我們的客戶提供了一些可行的見解，幫助他們進行最佳化，幫助他們找到節省的方法，在這種情況下，幫助他們克服可能遇到的挑戰，從而節省金錢。不僅如此，任何人的基礎設施的實際成本都是計劃內停機時間和坦率地說，非計劃停機時間。我們已經公開表示，我們相信，僅僅透過使用 Bridge 來更好地管理計劃內停機時間並避免非計劃停機時間，我們就為整個投資組合中的客戶節省了數十億美元。所以這確實有好處。

Yeah. And I just wanted to add on, on the, call it, macro uncertainty point that in the fourth quarter, our consult signings grew 37%. And that was obviously a period of time where there's a little bit more uncertainty. And I think the growth we delivered in consult signings sort of highlights as a proof point how we're insulated to the macro environment and really executing on a series of opportunities that are unique and specific to us, allowing us to perform really quite differently than the, call it, the overall market, with growth in the 37% range last quarter.

是的。我只是想補充一下，關於所謂的宏觀不確定性點，在第四季度，我們的顧問簽約量增加了 37%。顯然，那是一段充滿更多不確定性的時期。我認為，我們在諮詢簽約方面取得的成長凸顯了我們如何免受宏觀環境的影響，並真正抓住了一系列我們獨有的、特定的機會，這讓我們的表現與整體市場截然不同，上個季度的成長率達到了 37% 左右。

Great. Thank you. Operator, I think we have one more question in the queue.

偉大的。謝謝。接線員，我想我們還有一個問題。

Tyler DuPont, Bank of America.

美國銀行的泰勒杜邦 (Tyler DuPont)。

Thanks for taking the questions. I want to start just by echoing the congratulations on the quarter. It's nice to see a return to positive constant currency growth, definitely moving in the right direction there. But I wanted to -- first, to ask about growth trends in the consult business. First, if you can maybe just discuss the go-to-market in consult and if that's changed at all in recent quarters. Given the solid growth that we've seen and the fact that this component keeps increasing as a percent of total -- I think it's now around 25% as of 4Q. I -- how should we anticipate the growth there? And any margin dynamics among those contracts compared to the company average worth mentioning?

感謝您回答這些問題。首先，我想再次對本季表示祝賀。很高興看到貨幣恢復正的恆定成長，這肯定是朝著正確的方向發展的。但首先我想詢問一下諮詢業務的成長趨勢。首先，您是否可以討論諮詢中的市場進入情況以及最近幾季是否有所變化。鑑於我們所看到的穩健增長以及這一部分佔總量的百分比持續增加的事實——我認為截至第四季度，這一比例現在約為 25%。我——我們該如何預測那裡的成長？與公司平均值相比，這些合約的利潤率動態有什麼值得一提的嗎？

Yeah. Thanks, Tyler. And thanks for the nice comments. So two things. First, on the revenue trajectory. And let me start with the mix because, while it is certainly -- what you said is right, 25% of our revenue now. Remember that while the numerator has been growing very well and we've been executing well, the numerator being the consult, the total, we've been engineering a decline in because of the focus account activity. So that product has obviously grown faster.

是的。謝謝，泰勒。感謝您的精彩評論。所以有兩件事。首先，關於收入軌跡。讓我先從組合開始，因為雖然它確實是——您說的對，但現在它占我們收入的 25%。請記住，雖然分子一直成長得很好，而且我們執行得很好，但分子是諮詢，總數，我們一直在設計下降，因為焦點帳戶活動。因此該產品顯然成長得更快。

And now that we're back to growth in total, I would expect that while the numerator will continue to grow quite well, it won't be making the sort of the progress that we've seen when we started 3.5 years ago with it under 10% of our overall mix, now improving dramatically 2.5x to 25%. But that progress will slow notwithstanding that we continue to see great momentum in our consult signings. And obviously that will convert to revenue. As David said well earlier, it tends to be a bit faster than our managed service business.

現在我們總體上又恢復了增長，我預計雖然分子會繼續保持良好的增長勢頭，但它不會取得我們 3.5 年前剛開始時所看到的那種進步，當時它占我們整體組合的比例不到 10%，而現在已大幅提高 2.5 倍，達到 25%。但儘管我們繼續看到諮詢簽約的巨大勢頭，但進展將會放緩。顯然這將轉化為收入。正如 David 之前所說的那樣，它往往比我們的託管服務業務要快一些。

And then on margin profile, what we see is that the margins in consult tend to be a little bit higher, not dramatically, but they're accretive to the overall margin profile. And that's part of why -- with faster growth, plus accretive to margins, part of why we're investing so heavily this year in our consult business. And that's -- it's all part of what we guided to profit.

然後，在利潤率方面，我們看到諮詢業務的利潤率往往會高一點，雖然不是很高，但對整體利潤率是有貢獻的。這就是我們今年在諮詢業務上投入如此多資金的部分原因——更快的成長，加上利潤率的提高。這就是——這都是我們引導獲利的一部分。

So while again we have another big step-up in profit year-to-year, which we're delighted and excited about, that includes an acceleration, if you will, of our investments in our consult business. It includes a continuation of our investments in Kyndryl Bridge. It includes continuation of our investments in our partnerships, et cetera, et cetera, et cetera. But an acceleration in consult.

因此，雖然我們的利潤逐年大幅成長，我們對此感到高興和興奮，但這也包括我們對諮詢業務的投資加速。其中包括我們對 Kyndryl Bridge 的持續投資。其中包括繼續對我們的合作關係進行投資等等。但諮詢速度加快。

So yes, it's growing faster. It will continue to grow faster than the overall -- the mix won't move up as much because the total is now growing. And it is accretive at the bottom line.

是的，它成長得更快。它的成長速度將繼續快於整體的成長速度——由於總量正在成長，因此混合比例不會大幅上升。而它能帶來底線增值。

Understood. That's helpful, Martin. And then just on margins, particularly from a bookings lens, nice to see signings maintain that 9%-ish adjusted PTI margin profile. But given the strength in bookings that you've seen over the past several quarters, have you given any thought to maybe flexing that pricing muscle a bit harder?

明白了。這很有幫助，馬丁。然後就利潤率而言，特別是從預訂量的角度來看，很高興看到簽約量保持 9% 左右的調整後 PTI 利潤率。但考慮到過去幾季預訂量的強勁表現，您是否考慮過進一步加強定價？

Have we given it any thought? Look, we want to get paid for the great work we do. And teams have done a really nice job of creating and quite frankly, capturing the value that we're helping our customers create, so I think it's a testament. And the data shows the value of what we do.

我們有考慮過這個問題嗎？聽著，我們希望因我們所做的出色工作而獲得報酬。團隊在創造和坦率地說捕捉我們幫助客戶創造的價值方面做得非常出色，所以我認為這是一種證明。數據顯示了我們所做工作的價值。

Our customers desire for us to continue to be a big part and invest in their accounts. And this is like a -- this is a good spot for us. This is a good spot for us to land. This is a number that we've been talking about for 3.5 years. We always said that -- within the capabilities we have and the investments we're making, that we can capture high single-digit PTI margins.

我們的客戶希望我們繼續發揮重要作用並投資於他們的帳戶。這對我們來說是一個好地方。對我們來說，這是一個不錯的著陸地點。這是我們三年半以來一直在討論的數字。我們總是說——憑藉我們現有的能力和正在進行的投資，我們可以獲得較高的個位數 PTI 利潤率。

And this is the right place for us to be. So I feel great about the margin profile of what we're putting in. I feel great about what it says about how our customers think about us. And as long as we continue to invest -- and I laid out -- gave you a bit more color on investments. As long as we continue to invest to bring new capabilities and to innovate, I think this is a good reflection of how we can get paid for what we're doing. David, do you want to --

這正是我們該去的地方。因此，我對我們投入的利潤狀況感到非常滿意。我很高興看到它反映了我們的客戶對我們的看法。只要我們繼續投資——正如我所說——就會給你更多關於投資的資訊。只要我們繼續投資以帶來新的能力並進行創新，我認為這很好地反映了我們如何從所做的事情中獲得報酬。大衛，你想--

Yes.

是的。

Yeah, okay. All right, operator, I think that's the end of the questions, so let me just wrap up quickly. First, thanks, everybody, for joining. And thanks for the questions. When I think about the year ahead, as you could hear from our commentary, from the data, it's all about profitable growth for us.

嗯，好的。好的，接線員，我想問題已經結束了，所以讓我快速總結一下。首先，感謝大家的參與。感謝您的提問。當我考慮未來的一年時，正如您從我們的評論和數據中聽到的那樣，對我們來說一切都與獲利成長有關。

Our first 3.5 years, we had to fix the business. And we had to do that while we continue to support our existing customers with the best services in the world, and that's exactly what this team has done. We've invested in innovation. We invested in our capabilities. We invested in our partnerships, all of which we'll continue to do and in fact accelerate.

在最初的三年半里，我們必須修復業務。我們必須做到這一點，同時繼續為現有客戶提供世界上最好的服務，而這正是這個團隊所做的。我們對創新進行了投資。我們對我們的能力進行了投資。我們對我們的合作關係進行了投資，所有這些我們都會繼續進行，事實上還會加速。

And as a result, we're able now to engage differently with our customers, not just focused on meeting them where they are and what we can do for them today but helping them achieve their business outcomes, capturing new opportunities, and obviously, supporting their objectives so that we're part of their future as well. And all of that happens because of the tens of thousands of Kyndryls around the world working together every day as a flat and fast and focused teams. And they've really earned the right to win and they've earned the right to keep winning, and that's what you'll see from us.

因此，我們現在能夠以不同的方式與客戶互動，不僅專注於滿足他們的現狀和我們今天能為他們做什麼，還幫助他們實現業務成果，抓住新機遇，顯然，支持他們的目標，以便我們也成為他們未來的一部分。而這一切的發生都是因為世界各地數以萬計的 Kyndryls 每天都以扁平、快速、專注的團隊形式共同努力。他們確實贏得了勝利的權利，也贏得了繼續獲勝的權利，這就是你們將從我們這裡看到的。

So thanks again, everybody, for joining the call.

再次感謝大家參加電話會議。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。