Kyndryl Holdings Inc (KD) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Kyndryl fiscal first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加 Kyndryl 2026 財年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your first speaker today, Laurie Chapman, Global Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位演講嘉賓，全球投資者關係主管勞瑞·查普曼 (Laurie Chapman)。請發言。

Good morning, everyone, and welcome to Kyndryl's earnings call for the first fiscal quarter ended June 30, 2025.

大家早安，歡迎參加 Kyndryl 截至 2025 年 6 月 30 日的第一財季財報電話會議。

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, 2025.

在開始之前，我想提醒您，我們今天的評論包含前瞻性陳述。這些陳述受風險因素影響，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。這些前瞻性陳述僅代表我們截至今天的預期。有關其中一些風險的更多詳情，請參閱我們截至2025年3月31日的10-K表格年度報告中的風險因素部分。

Also, in today's remarks, we refer to certain non-gap financial metrics, corresponding GAAP metrics and a reconciliation of non-gap 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，我們參考了某些非差距財務指標、相應的 GAAP 指標以及非差距指標與歷史時期 GAAP 指標的對賬，這些都包含在今天活動的演示材料中，可在我們的網站 investors.kyndryl.com 上找到。

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

參加今天電話會議的嘉賓包括 Kyndryl 董事長兼執行長 Martin Schroeter 和 Kyndall 財務長 David Wyshner。在準備好發言後，我們將進行問答環節。現在，請 Martin 發言。

Thank you, Laurie, and thanks to each of you for joining us. In the first quarter, we made significant progress on our strategic initiatives, continued to drive margin expansion, and delivered a substantial increase in earnings. We're reaffirming our outlook for fiscal '26 and advancing well toward our fiscal 2028 objectives.

謝謝勞麗，也謝謝各位的參與。第一季度，我們的策略性舉措取得了重大進展，利潤率持續提升，獲利也實現了大幅成長。我們重申了2026財年的展望，並朝著2028財年的目標穩步邁進。

On today's call, I'll update you on how we're executing our differentiated growth strategy. I'll also highlight how our leadership position and investments and innovation are driving demand for our services empowering sustainable, profitable growth.

在今天的電話會議上，我將向大家介紹我們差異化成長策略的執行情況。我還將重點介紹我們的領導地位、投資和創新如何推動對我們服務的需求，從而實現可持續的獲利成長。

David will provide more detail on our recent financial results and our outlook. I'm very enthusiastic about our progress and our outlook because of the 39% year-over-year increase in our adjusted pre-tax income in Q1, because of the continued growth in Kyndryl consult revenue, our ongoing collaboration with cloud hyperscalers and other leading technology partners, and the expanded capabilities we're bringing to the market related to cloud, cybersecurity, AI, and Kyndryl Bridge, resulting in record high customer satisfaction scores.

David 將詳細介紹我們近期的財務表現和前景。我對我們的進展和前景充滿信心，這得益於我們第一季調整後稅前利潤同比增長 39%，這得益於 Kyndryl 諮詢收入的持續增長，得益於我們與雲超大規模提供商和其他領先技術合作夥伴的持續合作，以及我們不斷向市場推出的與雲、網絡安全、滿意度和 Kyndryl Bridge 相關的新客戶功能，從而創下了新的新客戶。

Q1 revenue declined in constant currency as we continue to drive progress on our accounts initiative. In fact, all of the Q1 revenue change was attributed to our actions to address eight focus accounts where we reduced our revenue by 50% and significantly increased our gross margin over the last year.

由於我們持續推進帳戶管理計劃，第一季營收以固定匯率計算有所下降。事實上，第一季收入的所有變化都歸因於我們針對八個重點帳戶採取的措施，這些帳戶導致收入減少了50%，但毛利率卻比去年大幅提高。

We also saw some deals that we had targeted for Q1 move out of the quarter. Throughout our global operations, we're leveraging our leadership in essential mission critical services and benefiting from the investments we've made in our skills, innovation, and alliances.

我們也發現，一些原定於第一季完成的交易已延後。在我們的全球營運中，我們正在充分利用我們在關鍵任務服務領域的領導地位，並從我們在技能、創新和聯盟方面的投資中獲益。

By focusing on delivery excellence, automation, and insights through Kyndryl Bridge, and expanded technology partnerships, we've continued to achieve above market growth in Kyndryl Consult, with new logos, and add new scope to our customer relationships.

透過 Kyndryl Bridge 專注於卓越交付、自動化和洞察力以及擴大技術合作夥伴關係，我們繼續在 Kyndryl Consult 中實現高於市場的成長，擁有新的標識，並為我們的客戶關係增添了新的範圍。

Our progress is driving strong earnings growth and gives us the flexibility to regularly return capital to shareholders through our share repurchase program. And there's a reason why we're winning. We're delivering innovation and best of breed solutions.

我們的進步推動了強勁的獲利成長，並賦予我們靈活性，透過股票回購計畫定期向股東返還資本。我們之所以成功，是有原因的。我們提供創新和一流的解決方案。

Our expertise in both running and transforming is unmatched and differentiates us among other IT service providers and consulting firms. And we're uniquely positioned as an innovation partner at the center of secular trends from AI adoption and cloud migration to managing increasingly complex hybrid IT estates, addressing skill shortages, and building cyber resiliency, all of which are fueling our signings.

我們在營運和轉型方面的專業知識無與倫比，這使我們在眾多IT服務提供者和顧問公司中脫穎而出。作為創新合作夥伴，我們擁有獨特的優勢，能夠引領長期趨勢，從人工智慧的採用和雲端遷移，到管理日益複雜的混合IT資產、解決技能短缺問題以及建立網路彈性，所有這些都推動著我們的簽約。

Over the last 12 months, our signings have increased 44% in constant currency. Our book to build ratio is above 1, and the projected pre-tax margin on our signings continues to be in the high single digits. Our performance in the quarter was once again led by Kyndryl Consult and hyperscale related revenues, as well as strong signings in the US.

過去12個月，以固定匯率計算，我們的簽約專案成長了44%。我們的訂單與建設比率超過1，預計簽約項目的稅前利潤率仍將維持在較高的個位數。本季度，我們業績的領跑者再次是Kyndryl Consult和超大規模專案相關收入，以及美國強勁的簽約項目。

Over the last 12 months, Kyndryl Consult revenue has grown 32% in constant currency and is now running at an annual pace of more than $3 billion. Hyperscalar related revenue nearly doubled from a year ago to $400 million in Q1 and is progressing well toward our $1.8 billion fiscal 2026 target.

過去12個月，Kyndryl Consult的營收以固定匯率計算成長了32%，目前年增率超過30億美元。超標量相關營收較去年同期幾乎翻了一番，達到第一季的4億美元，並正朝著2026財年18億美元的目標穩步邁進。

We've been executing a highly effective strategy to build our capabilities, skills, ecosystem, and innovation to drive profitable growth with the three A's alliances, advanced delivery, and accounts, plus Kyndryl Consult and Kyndryl Bridge at the center.

我們一直在執行一項高效的策略，以建立我們的能力、技能、生態系統和創新，透過三個 A 聯盟、高級交付和帳戶以及 Kyndryl Consult 和 Kyndryl Bridge 為中心推動獲利成長。

These initiatives are an integral part of how we operate and create value every day. Through this strategy, we're showing up differently for our customers and partners, demonstrating our competitive advantages and unlocking multiple avenues for growth.

這些舉措是我們日常營運和價值創造不可或缺的一部分。透過這項策略，我們為客戶和合作夥伴呈現與眾不同的形象，展現我們的競爭優勢，並開啟多元化的成長途徑。

By harnessing a range of technologies to accelerate digital innovation, Kyndryl meets more customer needs with our alliance partners. Being an expert ecosystem orchestrator, collaborating closely with the leading technology providers is why we're essential to our customers' future.

Kyndryl 利用一系列技術加速數位化創新，與我們的聯盟合作夥伴共同滿足更多客戶需求。作為專業的生態系統協調者，我們與領先的技術供應商緊密合作，這對客戶的未來至關重要。

We're regularly and selectively expanding our portfolio of technology alliances to meet the evolving needs of our customers. For example, we recently announced a new partnership with Data Bricks, a leading AI and data services provider, to enable the delivery of AI at scale and further modernized enterprise IT estates.

我們定期並選擇性地擴展我們的技術聯盟組合，以滿足客戶不斷變化的需求。例如，我們最近宣布與領先的人工智慧和數據服務供應商 Data Bricks 建立新的合作夥伴關係，以實現人工智慧的規模化交付，並進一步實現企業 IT 資產的現代化。

By infusing AI and automation into how we deliver our mission critical services, we're getting even better at what we do for our customers every day. We deeply understand our customer systems. Combined with our alliances, this enables us to design, implement, and manage multi-vendor solutions focused on business outcomes.

透過將人工智慧和自動化融入我們交付關鍵任務服務的方式，我們每天都在為客戶提供更優質的服務。我們深刻理解客戶系統。結合我們的聯盟，這使我們能夠設計、實施和管理專注於業務成果的多供應商解決方案。

Kyndryl Consult leverages our leadership position in Miss Critical managed services. Our credibility, access, and long-standing customer relationships make it seamless for us to move into more advisory engagements and expand our presence throughout our customers' technology stacks.

Kyndryl Consult 充分利用了我們在 Miss Critical 託管服務領域的領導地位。我們的信譽、管道和長期的客戶關係使我們能夠無縫地開展更多諮詢業務，並擴大我們在客戶技術堆疊中的影響力。

We expect Kyndryl Consult to continue growing double digits, and we continue to invest in our people, so we have the business and technical skills to meet customer demand. Fuelling both mission critical services and Kyndryl consult growth is our AI powered Kyndryl Bridge operating platform.

我們預計 Kyndryl Consult 將繼續保持兩位數成長，並持續投資於人才，以確保我們擁有滿足客戶需求的業務和技術能力。我們由人工智慧驅動的 Kyndryl Bridge 營運平台，為關鍵任務服務和 Kyndryl Consult 業務的成長提供動力。

It combines operational data, agentic AI and machine learning with our expertise to deliver actionable insights, innovation, and operational efficiency across our customers' entire tech stack.

它將營運數據、代理 AI 和機器學習與我們的專業知識相結合，為客戶的整個技術堆疊提供可行的見解、創新和營運效率。

As a result, Kyndryl Bridge helps us integrate and manage customer IT environments, enabling us to expand our services and win new business. And a common theme here is the enduring demand for IT modernization, including the need for large enterprises to address tech debt.

因此，Kyndryl Bridge 幫助我們整合和管理客戶的 IT 環境，使我們能夠擴展服務並贏得新業務。而這其中的一個共同點是對 IT 現代化的持續需求，包括大型企業解決技術債的需求。

For us, modernization encompasses all 6 of our global practices and is connected with our alliance partners technologies. We've built solutions frameworks that are tailored to meet market needs from design through delivery.

對我們來說，現代化涵蓋了我們所有六項全球業務，並與我們的聯盟合作夥伴的技術緊密相連。我們建立了客製化的解決方案框架，以滿足從設計到交付的市場需求。

Our customers rely on us for cost-effective solutions to complex IT challenges. We're partnering with them to align their business and technology strategies to drive hybrid IT modernization that provides a strong return on investment.

我們的客戶信賴我們提供經濟高效的解決方案，以應對複雜的 IT 挑戰。我們與他們攜手合作，協調他們的業務和技術策略，推動混合 IT 現代化，從而實現豐厚的投資回報。

Among each of these growth factors we're demonstrating our capabilities, unlocking our competitive advantages, and driving demand for our services with existing and new customers. I want to double click on one of our growth factors, Kyndryl Consult, and highlight why it's gained so much momentum and how it's positioned for long term success.

在這些成長因素中，我們正在展示我們的能力，釋放我們的競爭優勢，並推動現有客戶和新客戶對我們服務的需求。我想重點談談我們的成長因素之一——Kyndryl Consult，並強調它為何能獲得如此強勁的發展勢頭，以及它如何為長期成功做好準備。

As businesses increasingly prioritize initiatives like adopting AI and deploying new security solutions, and migrating to the cloud, they're turning to us to navigate this dynamic landscape with our advisory and implementation and expertise.

隨著企業越來越重視採用人工智慧、部署新的安全解決方案以及遷移到雲端等舉措，他們開始向我們尋求建議、實施和專業知識，以應對這一動態情況。

What differentiates Kyndryl consult is our infrastructure first mindset and how we approach IT evolution and complex digital transformations. We start by assuring that our customers' IT foundation is not only strong, but also adaptable and reliable.

Kyndryl Consult 的獨特之處在於我們秉持「基礎設施優先」的理念，以及我們應對 IT 發展和複雜數位轉型的策略。我們首先要確保客戶的 IT 基礎不僅強大，而且靈活可靠。

This approach allows us to help our customers scale and innovate effectively while tackling challenges like security, data processing, and regulatory compliance. This is especially true for our AI consulting engagements and how we enable our customers to turn AI pilots into scalable solutions.

這種方法使我們能夠幫助客戶有效擴展和創新，同時應對安全、資料處理和法規遵循等挑戰。這在我們的人工智慧諮詢業務中尤其重要，我們幫助客戶將人工智慧試點專案轉化為可擴展的解決方案。

With the investments we've made in AI and the releasing the recently announced Kyndryl Agentic AI framework, we help customers design, implement, and run AI models in the same way that we help enterprises design, build, manage, and modernize mission critical information systems.

透過我們在人工智慧方面的投資以及最近發布的 Kyndryl Agentic AI 框架，我們幫助客戶設計、實施和運行人工智慧模型，就像我們幫助企業設計、建構、管理和現代化關鍵任務資訊系統一樣。

For example, with this framework, we're working hand in hand with the national government to deploy a gentech AI to enhance citizen experiences and improve public service across major sectors like transportation, education, and healthcare.

例如，透過這個框架，我們正在與國家政府攜手合作，部署基因科技人工智慧，以增強公民體驗並改善交通、教育和醫療保健等主要領域的公共服務。

Our holistic customizable tools give us confidence in our ability to capitalize on the significant multi-year opportunity associated with AI adoption. Our recent investments in technology hubs in England, France, and Singapore are great examples of how we're innovating to support our customers' IT futures by accelerating their AI adoption and digital transformation.

我們全面的客製化工具讓我們有信心掌握人工智慧應用帶來的多年期重大機會。我們近期在英國、法國和新加坡的技術中心進行的投資，正是我們透過創新加速客戶人工智慧應用和數位轉型，從而支持其IT未來發展的典範。

Our dedicated AI private cloud in Japan, built in collaboration with Dell and Nvidia is allowing organizations to develop, test, and implement AI services in a security rich environment. And we recently announced a new virtual Kyndryl Microsoft acceleration hub that will enable AI-driven industry-specific development and modernization.

我們與戴爾和英偉達合作，在日本建立了專用的 AI 私有雲，使企業能夠在高度安全的環境中開發、測試和實施 AI 服務。我們最近宣布推出全新的虛擬 Kyndryl Microsoft 加速中心，它將支援 AI 驅動的行業特定開發和現代化。

By working closely with customers on AI, cybersecurity, cloud migration, and other modernization initiatives, Kyndryl Consultants have become a powerful growth engine for us, and this revenue stream is valuable, both because of the margins directly associated with it and because of the ongoing managed services work that accompanies so many IT modernization assignments.

透過與客戶在人工智慧、網路安全、雲端遷移和其他現代化計劃方面密切合作，Kyndryl Consultants 已成為我們強大的成長引擎，而這一收入來源很有價值，不僅因為與其直接相關的利潤，還因為伴隨許多 IT 現代化任務的持續託管服務工作。

To be more specific, I want to highlight two customers where our expanded capabilities, Technology Alliances and Kyndryl Consult are enabling us to provide a broader scope of services and to generate revenue growth for Kyndryl.

更具體地說，我想重點介紹兩位客戶，我們擴展了他們的能力，技術聯盟和 Kyndryl Consult 使我們能夠提供更廣泛的服務範圍，並為 Kyndryl 創造收入成長。

For a travel sector sector customer for whom we've managed their IT estate for years, we're now modernizing their infrastructure using state of the art technologies, providing efficiencies, enhanced security, and sustainability benefits.

對於我們多年來一直為其管理 IT 資產的旅遊業客戶，我們現在正在使用最先進的技術對其基礎設施進行現代化改造，以提供效率、增強的安全性和永續性優勢。

In collaboration with AWS, we're migrating select workloads to the cloud and running the environments that connect the customer's legacy and cloud systems. We're also optimizing and further automating our customers' network resiliency solution. And as a result, our annual revenues related to this account are growing by more than 30%.

我們與 AWS 合作，將部分工作負載遷移至雲端，並運行連接客戶傳統系統和雲端系統的環境。我們也正在優化客戶的網路彈性解決方案，並進一步實現自動化。因此，我們與該客戶相關的年收入成長了 30% 以上。

And for a large company that wasn't a customer of ours just 18 months ago, our mission critical expertise and solutioning helped us add this firm to our customer roster with eight figure a year contract. And the quality of our services and the innovation we're bringing to bear have allowed us to expand our scope so that our annual revenue from this account will be 3 times what it was originally.

對於一家18個月前還不是我們客戶的大公司，我們憑藉關鍵任務專業知識和解決方案，以每年八位數的合約收入將其納入我們的客戶名單。我們優質的服務和創新使我們能夠拓展業務範圍，從而使該客戶的年收入達到最初的三倍。

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

這裡的要點是，Kyndryl 作為一家深受信賴的規模服務供應商，在混合 IT 領域擁有差異化的能力，可以幫助大型企業實現其複雜 IT 資產的現代化，而我們這樣做的方式為我們帶來了巨大的成長機會。

Our expanding scope and larger mid-sized accounts is fueling growth in key financial metrics for fiscal 2026 and beyond. As a reminder, by fiscal 2028, which for us begins less than 20 months from now, we expect to deliver more than a billion dollars in adjusted free cash flow. We expect to deliver more than $1.2 billion in an adjusted pre-tax income, and achieving these earnings and cash flow targets only requires us to reach the mid-single digit revenue growth that will progress toward by fiscal 2028.

我們不斷擴大的業務範圍和規模更大的中型客戶，正在推動2026財年及以後關鍵財務指標的成長。需要提醒的是，到2028財年（對我們來說，距離現在不到20個月）時，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利潤將超過12億美元。要實現這些獲利和現金流目標，我們只需要在2028財年實現中等個位數的收入成長，並朝著這個目標邁進。

With strong conversion of our earnings to free cash flow, we're optimizing our capital allocation by investing in organic growth opportunities, returning capital to shareholders through our share or purchase program, and occasionally pursuing tin acquisitions.

隨著我們的收益強勁轉化為自由現金流，我們正在透過投資有機成長機會、透過我們的股份或購買計劃向股東返還資本以及偶爾進行錫收購來優化我們的資本配置。

Also, with our free cash flow adjustments having become minimal as anticipated, you'll hear us talking about free cash flow rather than adjusted free cash flow.

此外，由於我們的自由現金流調整已如預期般變得微乎其微，您會聽到我們談論自由現金流而不是調整後的自由現金流。

And importantly, our fiscal 2026 outlook is consistent with our expected growth trajectory from fiscal 2025 to fiscal 2028. As David will discuss, we're expecting to generate approximately $550 million in free cash flow, grow our adjusted pre-tax earnings by more than $240 million to at least $725 million and generate positive 1% constant currency revenue growth this fiscal year.

重要的是，我們對 2026 財年的展望與我們 2025 財年至 2028 財年的預期成長軌跡一致。正如 David 即將討論的那樣，我們預計本財年將產生約 5.5 億美元的自由現金流，調整後的稅前收益將增加 2.4 億美元以上，達到至少 7.25 億美元，並實現 1% 的正恆定貨幣收入增長。

We expect our revenue growth to accelerate from Q1 to Q2 and further in the second half. Keep in mind two-third of our P&L this year will be derived from our higher margin post-spin signings, the first time that a significant majority of our revenue is coming from contracts that we signed as independent Kyndryl.

我們預計營收成長將從第一季加速到第二季度，並在下半年進一步加速。需要注意的是，今年我們三分之二的損益將來自利潤率更高的分拆後簽約合同，這是我們首次將絕大部分收入來自我們作為獨立Kyndryl公司簽訂的合同。

In short, we remain committed to our progress and the multiple avenues of revenue and profit growth that we're capitalizing on as we help our customers achieve their IT and business objectives.

簡而言之，我們將繼續致力於進步以及我們正在利用的多種收入和利潤成長途徑，幫助我們的客戶實現他們的 IT 和業務目標。

And 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 first quarter results, the solid margins at which we're signing customer contracts and our outlook for fiscal year 2026. In the quarter, revenue totaled $3.7 billion up slightly from the prior year quarter on a reported basis and a 2.6% decline in constant currency, primarily reflecting our Focus accounts initiative.

謝謝，馬丁，大家好。今天我想談談我們第一季的業績、我們簽訂客戶合約的穩健利潤率以及我們對2026財年的展望。本季度，公司總收入為37億美元，按報告基礎計算，較去年同期略有增長，按固定匯率計算，則下降了2.6%，這主要反映了我們「聚焦帳戶」計劃的影響。

We continued to gain momentum in higher margin advisory services. Kyndryl Consult revenues grew 30% year-over-year, which underscores how we're growing our share in this higher value add space.

我們在高利潤率諮詢服務領域持續保持強勁成長動能。 Kyndryl Consult 的營收年增 30%，這凸顯了我們在這一高附加價值領域的市佔率正在不斷增長。

Aggregate signings were up 2% year-over-year and a fraction of a point in constant currency in Q1. Our latest 12 month signings total $18.3 billion a 43% increase from the year earlier period, and are 1.2 times our last 12 months' revenue.

第一季度，總簽約額年增2%，以固定匯率計算，增幅僅0.1個百分點。我們最新的12個月簽約總額達183億美元，年增43%，是過去12個月營收的1.2倍。

We saw a particularly strong Q1 signings growth in our applications, data and AI and cloud practices reflecting strong demand for services in these domains. Our first quarter adjusted Ibida was $647 million and our adjusted IBA margin was 17.3%, up 240 basis points year-over-year.

我們在第一季的應用、數據、人工智慧和雲端業務領域簽約量成長尤為強勁，反映出這些領域服務需求強勁。第一季調整後的Ibida為6.47億美元，調整後的IBA利潤率為17.3%，年增240個基點。

Adjusted pre-tax income grew 39% to $128 million and our adjusted pre-tax margin increased to 100 basis points year-over-year. Our financial progress continues to reflect our strategic achievements, leveraging technology alliances, stepping away from empty calorie revenues, fixing focus accounts, growing the consult portion of our business, driving efficiency throughout our operations, and positioning Kyndryl to meet our customers' future IT needs.

調整後稅前利潤成長39%，達到1.28億美元，調整後稅前利潤率年增100個基點。我們的財務成長持續體現了我們的策略成就：充分利用技術聯盟，減少無用收入，鎖定重點客戶，擴大業務諮詢份額，提升營運效率，並讓Kyndryl更好地滿足客戶未來的IT需求。

Our 3A's initiatives continue to be an important source of margin expansion and value creation for us and remain integral parts of our operational and go to market approach. Through our alliances, we generated $400 million in hyperscalar related revenue in the first quarter.

我們的3A計劃繼續成為我們利潤成長和價值創造的重要來源，並將繼續成為我們營運和市場策略的重要組成部分。透過我們的聯盟，我們在第一季創造了4億美元的超標量相關收入。

This puts us on track to deliver $1.8 billion of hyperscalar related revenue this year, a 50% increase from our fiscal 2025 total. Through our advanced delivery initiative powered by Kindall Bridge, we continue to drive automation through our delivery operations, incorporate more technology into our offerings, reduce our costs, and increase our already strong service levels.

這使我們今年可望實現18億美元的超標量相關收入，比2025財年總額增加50%。透過由Kindall Bridge支援的先進交付計劃，我們將繼續推動交付營運的自動化，將更多技術融入我們的產品中，降低成本，並提升我們本已強大的服務水準。

It's a win-win for Kyndryl and our customers. We've been able to free up thousands of delivery professionals, and this is worth roughly a cumulative $825 million a year to us, representing a $50 million increase in our annual run rate this past quarter.

這對 Kyndryl 和我們的客戶來說是雙贏的。我們得以釋放數千名配送專業人員，這對我們來說每年累積價值約 8.25 億美元，這意味著我們上個季度的年營運率增加了 5,000 萬美元。

Our accounts initiative continues to remediate elements of contracts we inherited with substandard margins. In the first quarter, we increased the cumulative annualized profit from our Focus accounts by $25 million to $925 million. I can't emphasize enough what an important source of sustainable value creation this has been for us.

我們的客戶計畫持續改善了我們承接的利潤率不達標的合約。第一季度，我們重點客戶的累計年化利潤增加了2,500萬美元，達到9.25億美元。我再怎麼強調，這對我們永續價值創造至關重要。

In short, our strategic progress continues to drive our earnings growth. Turning to our cash flow and balance sheet, as expected and similar to last year, our first quarter was a seasonal user of cash due to annual software and broad-based incentive comp payments, and our pre-cash flow was a $222 million outflow in the quarter.

簡而言之，我們的策略進展持續推動著我們的獲利成長。談到我們的現金流和資產負債表，正如預期並與去年類似，由於年度軟體和廣泛的激勵性薪酬支付，我們第一季度的現金使用呈季節性增長，本季度我們的預付現金流出2.22億美元。

Our net capital expenditures were $97 million. We provided a bridge from our adjusted pre-tax income to our free cash flow, as well as a bridge from our adjusted EBITDA to our free cash flow in the appendix. Importantly, our use of cash in the first quarter was what we anticipated and doesn't change our expectation of generating roughly $550 million of positive free cash flow this year.

我們的淨資本支出為9700萬美元。我們在附錄中提供了調整後稅前利潤與自由現金流量之間的對應關係，以及調整後EBITDA與自由現金流量之間的對應關係。重要的是，我們第一季的現金使用符合預期，這不會改變我們今年產生約5.5億美元正自由現金流的預期。

Also, as Martin mentioned, our cash flow adjustments have become immaterial as spin-related costs have subsided. So we're now calculating free cash flow rather than adjusted free cash flow. We show the calculation of both metrics in our earnings materials.

另外，正如馬丁所提到的，隨著分拆相關成本的下降，我們的現金流量調整變得無關緊要。因此，我們現在計算的是自由現金流，而不是調整後的自由現金流。我們在收益材料中展示了這兩個指標的計算結果。

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 $65 million. As of June 30, we have $141 million of repurchase capacity remaining under our share repurchase authorization.

根據我們11月底宣布的股票回購授權，我們在本季回購了價值180萬股的普通股，成本為6,500萬美元。截至6月30日，我們根據授權的股票回購剩餘可回購額度為1.41億美元。

Our financial position remains strong. Our cash balance at June 30 was $1.5 billion. Our debt maturities are well laddered from late 2026 to 2041, and we had no borrowings outstanding under our revolving credit facility.

我們的財務狀況依然強勁。截至6月30日，我們的現金餘額為15億美元。我們的債務期限從2026年底到2041年，且我們的循環信貸安排下沒有未償還的借款。

Our target has been to keep net leverage below 1-time 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. On capital allocation, our top priorities are to maintain strong liquidity, remain investment grade, reinvest in our business, and regularly buy back stock.

我們的目標是將淨槓桿率保持在調整後EBITDA的1倍以下，本季末我們的淨槓桿率達到了0.6倍，遠超目標範圍。穆迪、惠譽和標準普爾都給予我們投資等級。在資本配置方面，我們的首要任務是保持強勁的流動性，維持投資級評級，對業務進行再投資，並定期回購股票。

I remain enthusiastic about how we continue to position Kyndryl for future revenue margin and profit growth, not only by growing signings this past year, but also by commanding attractive margins on our signings. The June quarter was a continuation of us signing business with healthy margins. Throughout fiscal 2023, '24, and '25, and now into the early part of fiscal 2026, we've signed contracts with projected gross margins in the mid-20s and projected pre-tax margins in the very high single digits.

我仍然對如何繼續為 Kyndryl 未來的收入利潤率和利潤增長做好準備充滿熱情，這不僅體現在過去一年簽約數量的增加，也體現在簽約合約中取得的可觀利潤率。第二季度，我們的簽約業務延續了良好的利潤率。在整個 2023、2024、2025 財年，以及現在的 2026 財年初期，我們簽訂的合約預計毛利率在 25% 左右，預計稅前利潤率將達到非常高的個位數。

Therefore, as our business makes increasingly shifts toward more post-in contracts, you'll see significant margin expansion in our reported results. We've again included a gross profit book to build chart that illustrates how we've been creating and capturing value in our business. With an average projected gross margin of 26% on our $18 billion of signings over the last 12 months. We've added over $4.5 billion of projected gross profit to our backlog.

因此，隨著我們的業務越來越多地轉向後期合同，您將看到我們報告業績中的利潤率顯著增長。我們再次添加了毛利圖表，以展示我們如何在業務中創造和獲得價值。過去12個月，我們180億美元的簽約合約的平均預期毛利率為26%。我們已為積壓訂單增加了超過45億美元的預計毛利。

Over the same period of time, we've reported gross profit at $3.1 billion. This means we've been adding more gross profit to our backlog than our contracted book of business has been producing in our P&L. Having a gross profit book to build ratio above 1 at 1.5% over the latest 12 months demonstrates how we're growing what matters most, the expected future profit from committed contracts. It also highlights the quality of our post-in signings.

同期，我們的毛利為31億美元。這意味著我們新增的待完成訂單毛利超過了我們已簽約業務在損益表中創造的毛利。過去12個月，毛利訂單與已完成訂單之比超過1，達到1.5%，這表明我們正在實現最重要的目標——已簽約合約帶來的預期未來利潤。這也凸顯了我們簽約後的品質。

And with our gross profit book to build ratio having been consistently above 1, that means we've been consistently growing our gross profit backlog over the last three years. As we've said previously, our core financial goals are to continue to grow our revenue, expand our margins, increase our earnings, and generate free cash flow. Our outlook for fiscal 2026 is for revenue to grow 1% in constant currency, with the second half being stronger than the first. Within that, we expect Kindra consult revenue to again grow double digits.

我們的毛利訂單與預期利潤之比一直高於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。正如我們之前所說，我們的核心財務目標是繼續增加收入、提高利潤率、增加利潤並產生自由現金流。我們對2026財年的預期是，以固定匯率計算，營收將成長1%，下半年將強於上半年。在此基礎上，我們預計Kindra的諮詢收入將再次達到兩位數成長。

We continue to estimate that our adjusted EBITDA margin in fiscal 2026 will be approximately 18%, an increase of roughly 130 basis points versus fiscal 2025. We also continue to see opportunities to drive efficiencies in our operations, both through advanced delivery and in SG&A functions.

我們繼續估計，2026 財年的調整後 EBITDA 利潤率將約為 18%，比 2025 財年增加約 130 個基點。我們也繼續看到透過提前交付和銷售、一般及行政管理 (SG&A) 職能來提高營運效率的機會。

And our outlook for adjusted pre-tax income continues to be at least $725 million. This means growing our adjusted pre-tax income by at least $243 million and increasing our adjusted pre-tax margin by roughly 150 basis points year-over-year.

我們預計調整後稅前利潤至少為7.25億美元。這意味著調整後稅前利潤將年增至少2.43億美元，調整後稅前利潤率也將年增約150個基點。

As a reminder, it also means we're calling for a third straight year of substantial margin expansion, and it keeps us right on track to generate high single digit adjusted pre-tax margins in fiscal 2027 and fiscal 2028. We've hedged a majority of our fiscal 2026 pre-tax income exposures to currency movements, so exchange rates are expected to have only a limited impact on adjusted EBITA and adjusted pre-tax income this year.

提醒一下，這也意味著我們預計利潤率將連續第三年大幅擴張，並使我們預計在 2027 財年和 2028 財年實現高個位數調整後稅前利潤率。我們已經對沖了 2026 財年稅前收入因貨幣波動而產生的大部分風險敞口，因此預計匯率對今年調整後 EBITA 和調整後稅前收入的影響有限。

Looking at the second quarter in particular, we're expecting our year-over-year revenue growth to accelerate from the first quarter to the second, and we're expecting our adjusted pre-tax income to be similar to Q1 and nearly 3 times the $45 million we reported in last year's second quarter.

特別是第二季度，我們預計我們的同比收入成長將從第一季加速到第二季度，我們預計我們的調整後稅前收入將與第一季度相似，幾乎是去年第二季度報告的 4500 萬美元的三倍。

Our fiscal 2026 outlook implies we'll generate roughly 35% of our adjusted pre-tax income in the first half of the year compared to 28% in the first half last year. On the topic of cash flow, for the year as a whole, we're forecasting roughly 100% conversion of adjusted pre-tax income, less cash taxes into free cash flow.

我們對2026財年的展望表明，今年上半年我們將實現約35%的調整後稅前收入，而去年上半年這一比例為28%。就現金流而言，我們預測全年調整後稅前收入（扣除現金稅）將約100%轉化為自由現金流。

With cash taxes of roughly $175 million this implies free cash flow of approximately $550 million. We also project roughly $700 million of net capital expenditures and about $700 million of depreciation expense. From a timing perspective, while Q1 was a significant user of cash due to annual software and incentive compensation payments, subsequent quarters will be more favorable.

現金稅約為1.75億美元，這意味著自由現金流約為5.5億美元。我們也預期淨資本支出約為7億美元，折舊支出約為7億美元。從時間角度來看，雖然第一季由於年度軟體和激勵薪資支出而消耗了大量現金，但後續幾季的現金流將更加充裕。

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, realize the numerous growth opportunities available to us, manage our costs, and earn a return on all of our revenues.

中期來看，我們將繼續致力於大幅提升利潤率並實現自由現金流成長。我們制定了完善的策略規劃來推動策略進展，而這項規劃始於我們已採取的措施，包括擴大技術聯盟、掌握眾多成長機會、管理成本以及實現所有收入的回報。

To wrap up, our financial progress is a direct result of our strategic positioning and relentless execution.

總而言之，我們的財務進步直接得益於我們的策略定位和不懈的執行。

We have powerful momentum as a leading provider of mission-critical enterprise technology services, driving thought leadership in our space, delivering modern hybrid IT solutions, growing our Kyndryl consult presence rapidly, achieving top tier service levels and customer satisfaction scores, and operating at the heart of secular trends that will fuel customer demand for our services for the foreseeable future.

作為關鍵任務企業技術服務的領先供應商，我們擁有強大的發展勢頭，推動著我們領域的思想領導力，提供現代混合 IT 解決方案，迅速擴大我們的 Kyndryl 諮詢業務，實現頂級服務水平和客戶滿意度評分，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。

So let me end by again thanking the tens of thousands of Kindres around the world who are powering our progress. With that, Martin and I would be pleased to take your questions.

最後，我要再次感謝世界各地成千上萬的“親人”，感謝你們為我們的進步貢獻力量。馬丁和我很樂意回答你們的提問。

(Operator Instructions)

（操作員指示）

Tinjin Wang, JPMorgan.

王天錦，摩根大通。

Hi, thank you. Good morning, guys. I just want to ask on the top line, if you don't mind, just on the first quarter revenue, how did that come in versus planned and can you give us a little bit more detail on the growth cadence for the rest of the year? I'm particularly interested in the, what the, where the exit rate might be for fiscal '25 for the year to the extent that you have visibility?

嗨，謝謝。大家早安。如果您不介意的話，我只想問一下第一季的收入，與計劃相比如何？能否詳細介紹今年剩餘時間的成長節奏？我特別想知道，2025財年的退出率大概是多少？

Yeah, sure. Thanks, Tenjin and thanks for thanks for joining this morning. Look, we have good momentum in the two growth vectors that we're we've been talking about and we continue to talk about to to drive growth for us. Consult, as you saw, grew well in the quarter. It's got a good 12 months trailing book to bill ratio, so we see continued growth there. And our alliance activity.

是的，當然。謝謝 Tenjin，也謝謝您今天早上的採訪。您好，我們在我們一直在談論的兩個成長領域都保持著良好的勢頭，我們將繼續討論如何推動我們的成長。如您所見，諮詢業務在本季成長良好。過去 12 個月的訂單出貨比也表現良好，因此我們預計該業務將繼續成長。此外，我們的聯盟活動也將持續成長。

Which was $400 million in the quarters positions as well to deliver on the 1.8, which we thought we could get done. We still feel very strongly we can, and that's a 50% increase from last year. Remember that business was basically zero when we came out of spin, so we were able to build a good solid, billion-dollar business in a pretty short period of time.

季度營收也達到了4億美元，實現了18億美元的目標，我們當時覺得自己能夠做到。我們仍然堅信我們能夠做到，而且這比去年增長了50%。別忘了，我們分拆出來的時候，業務幾乎為零，所以我們能夠在相當短的時間內建立起一個穩固的、價值10億美元的業務。

Overall, the book to build on a trailing twelve-month basis supports growth as well. So, as we, and I should say importantly, our pipeline this year as we sit here, today versus where we were at this time last year, our pipeline is both well ahead of last year's and a bit less concentrated. You may remember that we had some pretty substantial deals signed.

總體而言，基於過去12個月的帳面數據也支持成長。因此，正如我們（應該說很重要的一點）所說，我們今年的待售項目數量與去年同期相比，不僅遠遠超過了去年同期，而且集中度有所降低。您可能還記得，我們​​簽署了一些相當重要的交易。

Last year, so we have an overall pipeline that is larger but not because of any one or two deals. And so when I think about your question around what does the year look like, we'll accelerate from 2, into 2 from where we finished 1, and then we have a, fairly easy compare in 3 and then again, we'll finish, overall, at where we guided, which was 1%.

去年，我們的整體專案儲備規模更大，但這並非因為一兩筆交易。所以，當我思考你關於今年會是什麼樣子的問題時，我們會從去年的1個項目加速到今年的2個項目，然後我們很容易就能比較出今年的3個項目，最終，我們總體上會達到我們預期的1%。

So, I feel like we're pretty well positioned here. I'm not at all worried about what we're, what we see in the pipeline, some of the deals that, we thought would have closed our closing now and we will continue to close, so I feel like we're pretty well positioned.

所以，我覺得我們目前處於相當有利的位置。我完全不擔心我們目前的情況，也不擔心我們目前看到的一些交易，有些交易我們原以為現在已經完成了，但我們還會繼續完成，所以我覺得我們目前處於相當有利的位置。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Hi, great, thank you very much. I have been a little bit late, but, sorry this is discussed, but on some of the focus accounts, have you noticed any trends, among those focus accounts that kind of have been pushed out and you know in your discussions, what is your confidence level of, that those signings actually being executed, in this quarter or is this something where things get pushed out, more than a quarter or two.

嗨，太好了，非常感謝。我來得有點晚，抱歉，討論的是這個話題。不過，關於一些焦點帳戶，您是否注意到這些被推遲的焦點帳戶有什麼趨勢？您在討論中了解到，您對這些簽約在本季度​​實際執行的信心如何？或者，這些簽約是否會被推遲一兩個季度以上？

So, it basically was this kind of a timing issue where it's a couple of weeks or is this really a matter of months and quarters and then also the follow up but would just be on buybacks, how you think about buybacks. You have a lot of free cash flow coming your way, in in kind of the near to medium term. So, would you defend your stock, and how do you feel about that?

所以，這基本上是一個時間問題，可能是幾週，也可能是幾個月或幾個季度，然後還有後續事宜，但主要還是關於回購，您如何看待回購。在中短期內，您有大量的自由現金流。那麼，您會捍衛您的股票嗎？您對此有何看法？

Thanks. Yeah. So let me start, thank you, and let me start on focus accounts first. Remember. When we started talking about this, we said it was very much a profit focussed part of our strategy, and we thought we could in the medium term deliver $800 million of benefit. We have since raised that a number of times and what we see today on Focus accounts is that we will deliver $925 million of cumulative benefit.

謝謝。是的。那麼，首先，謝謝，我先從重點客戶談起。記住，我們一開始討論這個的時候，就說過這是我們策略中非常注重利潤的部分，我們認為中期可以帶來8億美元的收益。之後我們多次提到這個數字，而今天我們看到的重點客戶累積收益將達到9.25億美元。

Now, having said all that, as you would imagine, The discussions happen because we are bringing innovation. We've repositioned this business, we've invested in our capabilities, we show up with the ecosystem that really matters and our alliance partners and we've built a platform that brings real innovation in the form of Kyndryl Bridge and all of that I go through because there is a complexity to repositioning and reimagining these relationships.

說了這麼多，正如你所想，這些討論之所以發生，是因為我們正在帶來創新。我們重新定位了這項業務，投資於我們的能力，展現了真正重要的生態系統和我們的聯盟合作夥伴，並以Kyndryl Bridge的形式建立了一個帶來真正創新的平台。所有這些我都經歷過，因為重新定位和重塑這些關係本身就很複雜。

We made a ton of progress in the first three and half years, and we will continue to make progress in our focus accounts, but you have to land it in the, in a deal in a relationship. That is value creating for customers, that's value creating for us, and sometimes there's a third party involved as well. So, bringing all of that together does make it a little bit sort of tricky to try to predict when these might close.

我們在前三年半取得了巨大的進展，並將繼續在重點客戶方面取得進展，但你必須在交易中建立良好的關係。這不僅能為客戶創造價值，還能為我們創造價值，有時還會有第三方參與。所以，綜合考慮所有這些因素，預測這些交易何時能完成確實有點困難。

But having said all that as an example, one of the Focus account, transactions that we were working on in the first quarter, I think closed like 23 minutes after the quarter ended, so I would put it into the fast start for 2. So that that's not all of them. We didn't finish all in 23 minutes, but that's just sort of the nature of what happens with focus accounts.

不過，話雖如此，舉個例子，我們第一季處理的焦點帳戶交易之一，我記得在季度結束後大約23分鐘就完成了，所以我會把它放在快速啟動的2分鐘內。所以，這還不是全部。我們並沒有在23分鐘內完成所有交易，但焦點帳戶的運作方式就是這樣的。

As long as we continue to bring innovation, we continue to deliver great service, which we do, and that's part of why our customers love what we do for them. We know the most about their infrastructure and their apps and how it all fits together. So we deliver great service, we bring innovation, we continuously invest in new capabilities to allow them to reposition themselves for the future and modernize their infrastructure.

只要我們持續創新，我們就能持續提供卓越的服務，我們確實做到了，這也是客戶喜愛我們服務的部分原因。我們最了解他們的基礎設施、應用以及它們如何協同工作。因此，我們提供卓越的服務，帶來創新，並持續投資於新功能，幫助他們重新定位未來，並實現基礎設施的現代化。

We'll continue to make progress on focused accounts, but again, picking any one or, picking any when any one deal may close is a little bit harder. You want to add anything, David?

我們將繼續在重點客戶上取得進展，但再次強調，挑選任何一個客戶，或在哪筆交易可能成交時挑選一個客戶，都有點困難。大衛，你還有什麼要補充的嗎？

I just on the on the buybacks, we are urchasing $65 million of stock of stock in the quarter. And since we've launched the program in November, we've repurchased almost 2% of our shares outstanding. As we go into this quarter, we'll look at our cash flow, we'll look at the share price, we'll look at market conditions, we'll look at other factors, and make a decision about how much stock to buy back.

我只是提到了回購，我們本季回購了價值6500萬美元的股票。自11月啟動該計劃以來，我們已經回購了近2%的流通股。進入本季度，我們將專注於現金流、股價、市場狀況以及其他因素，並決定回購多少股票。

But we have over $140 million of available capacity under the existing authorization and you're absolutely right, we're moving into the cash flow generating portion of the year for us so we will have additional cash flow to deploy.

但在現有授權下，我們擁有超過 1.4 億美元的可用容量，您說得完全正確，我們正進入一年中產生現金流的部分，因此我們將有額外的現金流可供部署。

Thank you, David. Next question, please.

謝謝，David。請問下一個問題。

Divya Goyal, Scotiabank.

豐業銀行的 Divya Goyal。

Good morning, everyone. I wanted to get a little bit more color on the margins. So there has been a notable margin expansion as you detailed during your prepared remarks, but I wanted to understand if you could, or if you could elaborate on beyond the account renegotiation which is driving up the margins of renewals.

大家早安。我想稍微詳細講一下利潤率。正如您在準備好的發言中詳細提到的，利潤率確實顯著提升了。我想了解一下，除了帳戶重新談判之外，帳戶重新談判也推高了續約利潤率，您能否進一步解釋其他因素？

And your consulting engagements, what could be some of the other catalysts that we could potentially see for margin expansion as the company continues to mature?

在您的顧問業務中，隨著公司不斷成熟，我們還能看到哪些其他催化劑可以促進利潤率的擴大？

Yeah. So, as you said, well, Kyndryl Consult is accretive to our margins and obviously our account focus activity has been helpful for our margins as well. But what I'd add to that is the data we share every quarter on the gross profit book to build that's going in, and what's important here is that we continue to capture the value that we're creating.

是的。正如您所說，Kyndryl Consult 確實提升了我們的利潤率，而我們的客戶關注活動顯然也有助於提高我們的利潤率。此外，我想補充一點，我們每季都會分享毛利數據，以鞏固這一成長動能。重要的是，我們要持續捕捉我們正在創造的價值。

With our customers and it's, I think, evidenced by both the high single digit margins that we share and also the growing and greater than one gross profit book to build. But there are a few other things to keep in mind. One is that, over time, because of the nature of this business, over time, more and more of our P&L is determined by what we've put in by the margins I just described. And obviously less and less from what we inherited pre-spin. Now, it takes a while, right?

對於我們的客戶來說，我認為這一點可以從我們共享的高個位數利潤率以及不斷增長且超過一份的毛利表中得到證明。但還有其他一些事情要注意。首先，隨著時間的推移，由於這項業務的性質，隨著時間的推移，我們的損益表將越來越多地取決於我們根據我剛才描述的利潤率所投入的資金。顯然，來自我們分拆前繼承的資金將越來越少。現在，這需要一段時間，對吧？

As we, as we, shared last year, last fiscal year. Last fiscal year was our third fiscal year of being independent, and only half of our P&L at the time was determined by what we put in and half was still from pre-spin activity. This year that improves again to 67%, and every quarter, it gets a bit better.

正如我們去年，也就是上個財年所分享的。上個財年是我們獨立後的第三個財年，當時我們的損益表中只有一半是由我們投入的資金決定的，另一半仍然來自分拆前的業務。今年，這一比例再次提高到67%，而且每季都在好轉。

So, by the time we get to the time frames that we talked about in our investor day when we laid out our triple double single and the double was obviously our profitability, part of that is driven by the fact that, 90+% of our P&L will be driven by our own, margins that again we've shared, on what we've put into the backlog.

因此，當我們談到投資者日上談到的時間框架時，我們提出了三倍、兩倍的盈利，而這個兩倍顯然是我們的盈利能力，部分原因是，90% 以上的損益將由我們自己的利潤驅動，這些利潤是我們分享的，也是我們已投入積壓訂單的利潤。

So there is a timing element of this that, because of the nature of this business is very powerful once we get far enough from the spin, right now we're still battling some of what we've inherited. And then secondly, I point to some other tailwinds. So as an example, in the first three and half years, we've been subject to IBM software cost increases. It was $200 million in the calendar years, but this year it finishes after our third fiscal quarter, the end of the calendar year.

所以，這其中有一個時間因素，由於這項業務的性質，一旦我們擺脫分拆，就會變得非常強大。目前，我們仍在與一些繼承下來的因素作鬥爭。其次，我指出一些其他的利多因素。例如，在最初的三年半里，我們一直受到IBM軟體成本上漲的影響。過去三年裡，成本上漲了2億美元，但今年，成本上漲在第三財季，也就是年度末後就結束了。

So we get a $50 million, reduced software increases instead of having $200 in a fiscal year, which we've had the past 3 years, we only have $150 this fiscal year. So we get further from the spin, more of the P&L is, determined by what we've put in and obviously shared with investors. And then we're subject to a few discrete things like we don't have the headwind from IBM software cost increases, in the fourth quarter. That's all in the, in what I'll call the cost and gross profit line.

因此，我們獲得了5000萬美元的軟體成本，但成長幅度有所減少，而不是像過去三年那樣，一個財年只有2億美元，而本財年只有1.5億美元。因此，我們擺脫了過度的獲利模式，更多的損益表取決於我們投入的資金，而且顯然會與投資者分享。此外，我們也會受到一些獨立因素的影響，例如，第四季我們沒有受到IBM軟體成本上漲的不利影響。這些都體現在我稱之為成本和毛利的那條線上。

And then obviously, we've become more efficient on, in our SG&A and so we've been able to reduce, how much is consumed in overhead. So the profitability that we've driven. As you remember, a pretty substantial loss to, 400+ million dollars last year and guiding to $725 million another $245 million increase on our at least guidance.

顯然，我們在銷售、行政及行政管理（SG&A）方面變得更加高效，因此能夠減少間接費用。因此，我們提高了獲利能力。大家還記得，去年的虧損相當可觀，超過4億美元，而預期虧損達到7.25億美元，比我們至少的預期又增加了2.45億美元。

The dollar cost increase is coming from a number of areas with more ahead of us. We still, given, how we started this year and the guide we gave, which we've, we still feel good about for this year, we are very well positioned for, what we laid out in investor day, the triple double single.

美元成本的成長來自多個領域，未來還會有更多領域。考慮到我們今年的開局以及我們給出的指引，我們對今年的業績仍然感到樂觀，我們完全有能力實現投資者日設定的三倍、雙倍和單倍的目標。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

Hi, Martin David, good connecting here, a good start. So, a couple of questions. At a high level, Martin, how are you articulating the opportunity of AI related technology transitions both for the company and for your clients?

嗨，Martin David，很高興能與您聯繫，這是一個很好的開始。那麼，我有幾個問題。 Martin，請您概括地講一下，您如何闡述人工智慧相關技術轉型對公司和客戶帶來的機會？

That's the first one. And then the second one is if you could just share how you feel about your visibility on the triple, double, single, especially relative to the trends and pretext margin on posts and signings as demonstrated in slide 15. In the deck, so first one on AI and the second one on visibility?

這是第一個問題。第二個問題是，您能否分享一下您對三重、雙重、單重可見度的感受，特別是相對於趨勢和貼文和簽約的藉口利潤率，如幻燈片15所示。在簡報中，第一個是關於AI的，第二個是關於可見度的？

Sure, thanks. So, let's start with AI. So, AI represents, opportunities for us in a number of areas. Obviously Kyndryl Bridge runs on AI, and it is, our data and our IP that is allowing us to provide insights to our customers. It's allowing us to Automate things and allow us to become much more efficient and drive a higher quality in our delivery platform, for our customer base.

當然，謝謝。那麼，我們先從人工智慧開始。人工智慧在許多領域都為我們帶來了機會。顯然，Kyndryl Bridge 依靠人工智慧運行，我們的數據和智慧財產權使我們能夠為客戶提供洞察。它使我們能夠實現自動化，提高效率，並為我們的客戶群提供更高品質的交付平台。

So there is very much both a a cost element to AI for us, cost savings element for AI, and there's a revenue opportunity that Kyndryl Consult takes advantage of in the insights that bridge. The bridge develops. So two ways that we, benefit. Secondly, because of, our deep knowledge that our engineers have of our customers, systems and because of the role we play in their environments, our customers are looking to us for both consultant run help. With all the things that that AI means to them.

因此，對我們來說，人工智慧既能降低成本，又能節省成本；而 Kyndryl Consult 則可以利用這種橋接方式帶來的洞察，創造收入機會。這種橋接方式不斷發展。因此，我們從中受益匪淺。其次，由於我們的工程師對客戶和系統有著深入的了解，並且我們在其環境中扮演著重要的角色，我們的客戶希望我們能夠提供顧問式的幫助，因為人工智慧對他們來說意義非凡。

So as an example, in the start of the AI journey, you've spent a lot of time on data, you spend a lot of time on data architecture and our practices in data applications in AI is creating capabilities to help them. Similarly, when you implement AI in the kinds of workloads that we run, mission critical, kind of hearts and lungs, you have to be obviously, very aware, very cognizant and prepared for the cybersecurity risks that come with that.

舉個例子，在人工智慧之旅的起步階段，你會在資料和資料架構上投入大量時間，而我們在人工智慧資料應用方面的實踐正在創造一些能力來幫助他們。同樣，當你在我們運行的各種工作負載（例如關鍵任務、心臟和肺部）中部署人工智慧時，你必須非常警惕、非常了解並做好準備，以應對隨之而來的網路安全風險。

And importantly, the resiliency characteristics that are needed In order to maintain resiliency as you implement new things, so we are the deepest in our customers' environments. We know more about how their systems run and so while Bridge is helping us, reduce cost and deliver more efficiently and it's helping identify some opportunities for our consulting, we also have our practices building, capabilities and an ecosystem around data around security, around resiliency, etc.

更重要的是，為了在實施新事物時保持彈性，我們深入客戶的環境中，深入了解他們的系統運作方式。因此，Bridge 在幫助我們降低成本、提高交付效率、發現諮詢機會的同時，也在建立實踐、能力和生態系統，圍繞著數據、安全、彈性等。

In fact, you heard in our prepared remarks that while we've had partners like Nvidia for a while and others, we added data bricks, this past quarter which is an up and comer, if you will, in how companies are our customer base is thinking about AI. So I think we're, I think we're pretty well positioned to help customers with AI. Secondly, on your visibility to our triple-double single. So, a few things.

事實上，你們在我們準備好的發言稿中已經聽到了，雖然我們一段時間以來一直與英偉達等公司合作，但我們也增加了數據塊。在過去的一個季度，數據區塊在公司如何看待人工智慧方面表現出了上升趨勢，我們的客戶群也在考慮人工智慧。所以我認為我們完全有能力幫助客戶利用人工智慧。其次，關於你們對我們三雙業績的預期。所以，我想說幾件事。

The cash flow and as you heard David comment in his prepared remarks, we landed cash, about where we thought we would. It's a seasonal, structure here in Kendall, so first quarter is an outflow and then the next 9 months are inflows. That keeps us on track for the 550 and quite frankly, because of a unique tax position that we were put in from spin. Our cash taxes over the next few years really won't grow much and our profits will grow dramatically.

現金流方面，正如David在他的準備好的發言中所說，我們獲得的現金與預期大致相同。肯德爾的現金結構是季節性的，所以第一季是流出，接下來的9個月是流入。這讓我們能夠順利實現550的目標，坦白說，這得益於我們分拆後獲得的特殊稅務狀況。未來幾年，我們的現金稅實際上不會成長太多，而利潤將大幅成長。

And that's what, that's part of what drives the triple is. We will not have the cash tax outflows over the next few years that we experienced, early on. Obviously, it requires that we double profits as we said we would and we feel also very good about that, as I noted in my prior answer to Devious question. This year was a great start on what is going to be another good year in profit dollar growth.

這就是推動利潤翻倍的部分原因。未來幾年，我們不會像早期那樣出現現金流稅流出。顯然，這需要我們像承諾的那樣實現利潤翻番，我們對此感到非常滿意，正如我之前回答「Devious」問題時提到的那樣。今年是一個好的開端，我們即將迎來利潤成長的另一個豐收年。

And the phenomena that helps drive the doubling is both, what I talked about. We're out of certain elements of what have been a headwind for us like IBM software costs as we go through the remainder of The time frame between now and the end of fiscal '28 when we talked about investor day.

推動業績翻倍的因素有兩個，我之前也提到過。在投資者日那天，也就是從現在到2028財年末的剩餘時間裡，我們已經擺脫了一些對我們造成不利影響的因素，例如IBM的軟體成本。

And also just the physics, if you will, of having more and more of our P&L being determined by what we put in. Versus what we've inherited and again, there's really good visibility to that because we share both the gross profit dollar book to bill and we share the price margins, what's going in the backlog every quarter. So very good visibility to cash flow, well positioned for this year, which positions us well for the triple, very well positioned, on profit, good visibility to how we get there.

而且，從物理角度來說，我們的損益表越來越多地由我們投入的資金決定，而不是我們繼承的資金。而且，這確實具有很好的可視性，因為我們共享毛利（訂單出貨比），也共享價格利潤率，以及每季積壓訂單的情況。因此，現金流的可視性非常好，為今年的盈利做好了準備，也為我們實現三倍盈利做好了準備，利潤方面也處於非常有利的位置，我們對如何實現這一目標也擁有良好的可視性。

And then on revenue growth, as I said earlier, the vectors that drive the bulk of this, Kyndryl consult and the alliance activity continue to grow at the pace that that we expect them to. In fact, they could even slow down a bit and we, and we'd still get to growth that we talked about in investor day time frames, and the overall signings book to build from last year, well north of one, and we expect again, even if we don't, we expect to have another book to build year north of one, which is really what determines the overall growth rate.

關於營收成長，正如我之前所說，推動營收成長的主要因素是 Kyndryl 顧問公司和聯盟活動，它們將繼續以我們預期的速度成長。事實上，它們的成長速度甚至可能略有放緩，但我們仍然能夠實現我們在投資者日時間內討論的成長，而且整體簽約量將從去年的 1 筆增長到 2 筆以上。我們預計，即使沒有達到 1 筆，我們預計今年的簽約量也將超過 1 筆，這才是決定整體成長率的真正因素。

So, I think, I feel very good about both the visibility and our ability to execute the triple-double single based on where we sit right here.

因此，我認為，就我們現在所處的位置而言，我對我們的知名度和執行三雙單打的能力感到非常滿意。

And Jamie, I just added it, really makes a lot of sense to point to the slide you did in terms of the margins that we're generating on our signings, because that really is what produces a lot of the visibility into the margin growth, that we, that that we project that we're confident we're going to have in the next few years.

傑米，我剛剛補充說，指出你對我們透過簽約產生的利潤率所做的幻燈片確實很有意義，因為這確實為利潤率的增長帶來了很大的可見性，我們預測，我們有信心在未來幾年實現這一目標。

And in particular, when we look at how we're performing on contracts or bid versus bid analysis. We continue to operate very close to the pricing that was projected on our signings, and in fact the trend over the last year or two has been to move even closer to realizing all of the all of the profit. That was built into our signed margins, originally, we're running half a point to point short, and on the deals over the last year or two, we've been right in line in some cases slightly ahead of the margins we anticipated. So that's really helpful to our visibility.

尤其是當我們審視合約執行情況或投標對比分析時，我們發現我們的營運價格始終非常接近簽約時預測的價格，事實上，過去一兩年的趨勢是，我們甚至更接近實現全部利潤。這已經計入了我們簽約的利潤率。最初，我們只比預期利潤低了半個點到一個百分點。而在過去一兩年的交易中，我們的利潤率在某些情況下甚至略高於預期利潤率。這對我們的可見性非常有幫助。

Operator, I believe that was our last question. So I'm going to pass the call to Martin so close it out.

接線員，我想這是我們最後一個問題了。我要把電話轉給馬丁，結束對話。

Thank you, Laurie. Thanks again everybody for joining us today. I am very proud of the Global Kyndryl team. Together with our customers and our partners, we're innovating and we're creating new growth opportunities.

謝謝，勞麗。再次感謝各位今天的到來。我為 Kyndryl Global 團隊感到非常自豪。我們與客戶和合作夥伴攜手創新，創造新的成長機會。

Our steady progress this quarter continues across all the key growth areas of our business, and our unique run and transform approach is resonating with customers and delivering value and operational excellence to them. We have a solid game plan. We are relentless on execution, and I remain very confident in our ability to achieve our financial and operational goals, grow our revenues, expand our margins, and increase earnings and generate free cash flow.

本季度，我們業務所有關鍵成長領域均取得了穩步進展，我們獨特的營運和轉型模式得到了客戶的認可，並為他們帶來了價值和卓越的營運。我們制定了完善的營運計劃。我們堅持不懈地執行，我對我們實現財務和營運目標、增加收入、提高利潤率、增加盈利並產生自由現金流的能力充滿信心。

So, thanks again for joining us this morning.

所以，再次感謝您今天早上加入我們。

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

感謝您參加今天的會議。本次會議到此結束。您可以斷開連線了。