Kyndryl Holdings Inc (KD) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Kendall second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Lori Chapman.

您好，感謝您的耐心等待。歡迎參加 Kendall 2026 年第二季財報電話會議。目前，所有參與者均處於唯讀模式。演講結束後，將進行問答環節。會議期間，如需提問，請按電話上的 11 鍵。然後你會聽到一個自動語音訊息，告知你已被舉手。如需撤回您的問題，請再按 11。請注意，今天的會議正在錄影。現在我謹將會議交給今天的第一位發言人，Lori Chapman。

Good morning everyone and welcome to Kendall's earnings call for the second fiscal quarter ended September 30, 2025.

各位早安，歡迎參加 Kendall 2025 年 9 月 30 日結束的第二財季財報電話會議。

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.

在開始之前，我想提醒各位，我們今天的發言包含前瞻性陳述。這些聲明受風險因素影響，實際結果可能與明示或暗示的結果有重大差異。這些前瞻性陳述僅代表我們截至目前為止的預期。

For more details on some of these risks, please see the risk factor section of our annual report on Form 10K for the year ended March 31, 2025.

有關其中一些風險的更多詳細信息，請參閱我們截至 2025 年 3 月 31 日止年度的 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-GAAP financial metrics. Corresponding GAAP metrics and a reconciliation of non-GAAP metrics to GAAP metrics for historical periods are provided in the presentation materials for today's events, which are available on our website at investors.kindre.com.

在今天的演講中，我們也會提到一些非GAAP財務指標。相應的 GAAP 指標以及歷史時期非 GAAP 指標與 GAAP 指標的調整表，已在今天活動的演示材料中提供，這些材料可在我們的網站 investors.kindre.com 上獲取。

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

今天和我一起參加電話會議的有 Kendall 的董事長兼執行長 Martin Shorter 和 Kendall 的財務長 David Weisner。在發言結束後，我們將進行問答環節。現在我想把電話交給馬丁。馬丁。

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

謝謝你，勞裡，也謝謝各位的到來。

In the second quarter and 1st half of the year, we delivered margin expansion, a substantial increase in earnings, and strong growth in both Kindle Consults and hyperscalar related revenue streams.

今年第二季和上半年，我們實現了利潤率擴張、獲利大幅成長，以及 Kindle Consults 和超大規模相關收入流的強勁成長。

Our trailing 12 months revenue book to build remains above 1, illustrating the quality of our recent signing supporting our future revenue growth.

我們過去 12 個月的收入儲備仍然高於 1，這表明我們最近簽約的品質有利於我們未來的收入成長。

We're reaffirming our outlook for fiscal year 2026, and we're pleased that our internal cash generation and balance sheet strength positioned us to increase our share repurchase program by $400 million reflecting our confidence in achieving our fiscal 2028 objectives.

我們重申對 2026 財年的展望，並欣慰地看到，我們內部的現金流和資產負債表實力使我們能夠將股票回購計劃增加 4 億美元，這反映了我們對實現 2028 財年目標的信心。

Focusing on revenue, even though we successfully signed most of the deals that had slipped out of Q1, our revenue for the quarter again came in about 100 million below what we were targeting. We expected a strong September to drive a sequential uptick in our year over year revenue comp that didn't fully materialize.

著眼於營收，儘管我們成功簽下了第一季大部分未能達成的交易，但我們本季的營收再次比目標低了約 1 億美元。我們原本預期 9 月的強勁表現將推動我們年比營收季增，但這項預期並未完全實現。

The underlying dynamics are that our growth drivers like Kindle Consult and Hyperscalar related revenue are working well and resonating with customers.

其根本動力在於，我們的成長驅動因素，如 Kindle Consult 和超大規模相關收入，運作良好，並引起了客戶的共鳴。

We're increasingly working to expand scope in our contract renewals, which has led to longer sale cycles since these large complex deals often involve replacing incumbents or transitioning in-sourced work to Kindle.

我們正努力擴大合約續約的範圍，這導致銷售週期延長，因為這些大型複雜的交易通常涉及更換現有供應商或將內部工作轉移到 Kindle。

We still expect these expanded scope deals to close before our fiscal year end.

我們仍然預計這些擴大範圍的交易將在本財年結束前完成。

And third, our focus on margin expansion is a revenue headwind for us because we've taken low margin hardware and software content out of our customer relationships.

第三，我們對利潤率擴張的關注給我們帶來了收入上的不利影響，因為我們已經從客戶關係中剔除了低利潤率的硬體和軟體內容。

We estimate that this was roughly a 4 point drag on revenue growth in Q2, without which our constant currency revenue growth would have been positive. You can see the benefit of this strategy in our earnings.

我們估計這大約拖累了第二季的營收成長 4 個百分點，如果沒有這部分拖累，我們以固定匯率計算的營收成長本應為正值。從我們的收益中就可以看出這項策略帶來的好處。

We enter the 3rd quarter with a record pipeline that supports second half Chinese growth in a full year book to build ratio above 1.

我們帶著創紀錄的在建項目數量進入第三季度，這將支持下半年中國市場的成長，全年訂單量與產能比率將超過 1。

As a result, we're confident we'll deliver revenue growth in the back half of this year as we're redoubling our efforts to expand our services footprint throughout our customer base.

因此，我們有信心在今年下半年實現收入成長，因為我們將加倍努力，擴大我們在整個客戶群中的服務覆蓋範圍。

David will walk you through more details on these points, but I want you to keep in mind the following.

David 會詳細向你講解這些要點，但我希望你記得以下幾點。

We're entering the second half of the year with a larger revenue contribution from our committed backlog, including less of a headwind from having removed hardware and software content.

進入下半年，我們來自已承諾訂單的收入貢獻更大，同時，由於硬體和軟體內容的移除，不利因素也減少了。

We have incremental growth opportunities from Kindle Consult and the Hyperscalers and customer demand is driven by IT modernization, AI, and cybersecurity.

我們從 Kindle Consult 和超大規模資料中心獲得了增量成長機會，而客戶需求則受到 IT 現代化、人工智慧和網路安全的驅動。

We're also operating with a clear long-term mindset, all fully aligned with our triple double single fiscal year '28 objectives, and we remain on track to achieve them.

我們秉持著清晰的長期思維開展工作，所有工作都與我們2028財年實現三倍雙倍成長的目標完全一致，我們仍有望實現這些目標。

In fact, they represent the culmination of the strategy we've been executing powerfully over the last 4 years.

事實上，它們代表了我們過去 4 年來一直大力執行的策略的最終成果。

With our accounts initiative, we focused on removing unprofitable content and fixing unprofitable relationships.

透過我們的帳戶管理計劃，我們專注於刪除無利可圖的內容並修復無利可圖的關係。

During this process, we kept adding more gross profit to our backlog, even as we were shrinking our revenues.

在此過程中，我們不斷增加積壓訂單的毛利，即使我們的收入卻在減少。

We also began investing in Kindle Consult capabilities and our alliances, driving scope expansion with existing customers and our ability to add new logos.

我們也開始投資 Kindle Consult 能力和我們的聯盟，推動現有客戶範圍的擴大，並增加新客戶。

You've seen the growth in Kindwe Consult and in hyperscale related revenue streams as a result of these investments, and that momentum is continuing.

由於這些投資，您已經看到了 Kindwe Consult 和超大規模相關收入流的成長，而且這種勢頭還在繼續。

We then turned our attention to sign's growth, which drove our last 12 months revenue book to bill ratio above 1, a level we've maintained for 5 consecutive quarters now.

然後，我們將注意力轉向了標牌業務的成長，這使得我們過去 12 個月的收入訂單出貨比超過 1，並且我們已經連續 5 個季度保持了這一水平。

And this has brought us to a spot where over the last 12 months we're generating constant currency revenue growth aside from the estimated effects of removing hardware and software content.

這使得我們在過去 12 個月中實現了以固定匯率計算的收入成長，這還不包括移除硬體和軟體內容的預期影響。

And the next step is for the content removal headway to dissipate and the consult on hyperscalear growth to continue so that we're routinely delivering total constant currency revenue growth.

下一步是讓內容移除的進展逐漸消退，並繼續進行超大規模成長的諮詢，以便我們能夠持續實現以固定匯率計算的總收入成長。

It's in this context that we believe the strategy we deployed is working despite the near-term revenue pressures we faced in the first half, and we're well positioned to deliver growth in the second half on our way to our triple-double single fiscal year '28 objectives.

正是在這種背景下，我們相信，儘管上半年面臨短期收入壓力，但我們所採取的策略是有效的，並且我們已做好充分準備，在下半年實現增長，朝著 2028 財年單年度三倍增長的目標邁進。

On today's call, provide a deeper dive into the multiple growth drivers available to us, including infrastructure modernization.

在今天的電話會議上，請深入探討我們可利用的多種成長驅動因素，包括基礎設施現代化。

Also discuss how agentic AI will both be an operational and a go to market tailwind for Kendal.

此外，也要探討智慧人工智慧將如何為 Kendal 的營運和市場推廣帶來助力。

Before diving into the near term opportunities, let me first highlight areas where we're already seeing profitable revenue growth.

在深入探討近期機會之前，讓我先重點介紹一下我們已經看到獲利性收入成長的領域。

Among signings, our fastest growing practices have been apps, data, and AI and digital workplace. Our strongest geographies have been Canada, Spain, India, and Latin America, and the projected pretext margin on our total signings continues to be in the high single-digits.

在簽約項目中，我們成長最快的領域是應用程式、數據、人工智慧和數位化工作場所。我們實力最強的地區是加拿大、西班牙、印度和拉丁美洲，預計我們簽約總數的虛假利潤率仍將維持在個位數高點。

Kendall Consult revenue has increased 32% in constant currency over the last 12 months and is now running at an annual pace of $3.4 billion.

Kendall Consult 過去 12 個月的營收以固定匯率計算成長了 32%，目前年營收為 34 億美元。

And our hyperscalar related revenues have doubled since last year, and we're tracking above our initial 1.8 billion fiscal 2026 target.

我們的超大規模計算相關收入自去年以來翻了一番，我們正朝著高於最初設定的 2026 財年 18 億美元的目標穩步邁進。

Our excellence in service delivery is foundational to our growth strategy. Our innovative and outcome-based approach to managing, modernizing, and optimizing complex technology estates drives significant value for our customers and fuel share of wallet growth opportunities.

卓越的服務是我們成長策略的基石。我們以創新和以結果為導向的方式來管理、現代化和優化複雜的技術資產，從而為客戶創造巨大價值，並推動市場份額的成長機會。

Simply put, customers entrust us with more work because they appreciate the quality of what we already do for them.

簡而言之，客戶之所以信任我們並委託我們進行更多工作，是因為他們認可我們目前為他們提供的服務品質。

We deliver our mission critical services through Kindle Bridge, our AI powered operating platform.

我們透過我們的人工智慧營運平台 Kindle Bridge 提供關鍵任務服務。

With Kindle Bridge, our delivery teams and our customers run on a single open platform for monitoring, managing, and securing their IT estate end to end with an unprecedented level of real-time observability.

透過 Kindle Bridge，我們的交付團隊和客戶可以在開放的平台上運行，以前所未有的即時可觀測性，對 IT 資產進行端到端的監控、管理和保護。

Kendall Bridge now performs more than 186 million automations and generates 15 million actionable insights each month, making Kendall an ever more indispensable enabler of mission critical services.

Kendall Bridge 目前每月執行超過 1.86 億次自動化操作，並產生 1500 萬條可操作的見解，這使得 Kendall 成為關鍵任務服務中越來越不可或缺的推動者。

And we have more than 100 partners integrated on the platform, including Cisco, Nvidia, Oracle, SAP, and ServiceNow, providing real-time observability that spans applications, databases, networks, mainframes, and clouds across multiple technology vendors.

我們的平台上整合了 100 多個合作夥伴，包括 Cisco、Nvidia、Oracle、SAP 和 ServiceNow，提供跨越多個技術供應商的應用程式、資料庫、網路、大型主機和雲端的即時可觀測性。

As a result, Kidal Bridge, combined with our knowledge of our customers' infrastructure, dramatically reduces risk. It enhances security. It sets guardrails and accelerates problem solving.

因此，Kidal Bridge 與我們對客戶基礎設施的了解相結合，可顯著降低風險。它能增強安全性。它設定了安全保障措施，並加快了問題解決速度。

It has solidified our reputation as the gold standard for infrastructure services. It's a key driver of our top tier customer satisfaction and of how we're able to regularly win new scope during contract renewals.

這鞏固了我們作為基礎設施服務黃金標準的聲譽。這是我們獲得頂級客戶滿意度的關鍵驅動因素，也是我們能夠在合約續約過程中持續贏得新專案範圍的關鍵因素。

Also a key driver of the $875 million of annual savings that our advanced delivery initiative is generating.

這也是我們先進交付計畫每年節省 8.75 億美元的關鍵驅動因素。

Our capabilities position Kendall, the hardest secular trends like AI, cybersecurity risks, cloud migration, modernizing complex hybrid IT environments, and industry-wide skill gaps.

我們的能力使 Kendall 能夠應對人工智慧、網路安全風險、雲端遷移、複雜混合 IT 環境現代化以及產業技能差距等最嚴峻的長期趨勢。

Our alignment with these trends is allowing us to drive future growth in multiple ways through expanded partnerships with our alliance partners, through scope expansions and new customer wins through mission critical infrastructure expertise, through incremental Kindall consult engagements that leverage our technology first mindset by uncovering new opportunities with insights from Kindall Bridge and our recently launched agentic AI framework and by capitalizing on the widespread enterprise need for infrastructure modernization that spans all six of our global practices.

我們順應這些趨勢，透過多種方式推動未來的成長：擴大與聯盟夥伴的合作關係；透過關鍵基礎設施專業知識擴大業務範圍和贏得新客戶；透過逐步開展 Kindall 諮詢業務，利用我們以技術為先的理念，透過 Kindall Bridge 和我們最近推出的智能 AI 框架的洞察力發現新的機會；以及利用企業對基礎設施現代化的所有普遍需求（這種需求）涵蓋我們六個部門。

I want to double click on one of our growth vectors, infrastructure modernization. Our expertise in modernizing mission critical systems and our deep rooted customer relationships are key drivers behind the double-digit growth we're achieving in Kindle Consult and the additional managed services scope we regularly take on.

我想重點關注我們的成長點之一：基礎設施現代化。我們在現代化關鍵任務系統方面的專業知識以及我們與客戶之間根深蒂固的關係，是 Kindle Consult 實現兩位數增長以及我們定期承接的額外管理服務範圍的關鍵驅動因素。

As AI adoption accelerates, large enterprises are under increasing pressure to address tech debt and modernize their mission critical systems. We hear this from our customers every day.

隨著人工智慧的普及應用加速，大型企業面臨越來越大的壓力，需要解決技術債問題並對其關鍵業務系統進行現代化改造。我們每天都能從客戶那裡聽到這樣的回饋。

And modernization now extends far beyond just updating front-end applications. Organizations need to transform IT environments to meet the rigorous demand of AI-driven operations, addressing evolving cyber threats, maintaining regulatory compliance, and leveraging new technologies.

如今，現代化已經遠遠超出了更新前端應用程式的範疇。組織需要改造 IT 環境，以滿足人工智慧驅動營運的嚴格要求，應對不斷演變的網路威脅，保持合規性，並利用新技術。

Our experience and innovative solutions uniquely position us to help customers manage tech debt and deploy AI at scale.

我們憑藉豐富的經驗和創新的解決方案，在幫助客戶管理技術債和大規模部署人工智慧方面擁有獨特的優勢。

We know that nearly half of IT systems are at or near end of life, and all this tech debt represents a substantial opportunity for us, especially since most organizations use third-party providers for modernization.

我們知道，近一半的 IT 系統已經或接近報廢，所有這些技術債對我們來說都是一個巨大的機會，尤其是大多數組織都使用第三方供應商進行現代化改造。

In fact, our annual mainframe modernization survey showed that enterprises that have modernized their mainframe applications or migrated selective workloads to other platforms are realizing a 2 to 3-fold return on their investment.

事實上，我們的年度大型主機現代化調查顯示，那些對其大型主機應用程式進行現代化改造或將部分工作負載遷移到其他平台的企業，其投資回報率達到了 2 到 3 倍。

This underscores the tangible value of IT modernization in driving operational efficiency and business growth.

這凸顯了 IT 現代化在提升營運效率和促進業務成長方面的實質價值。

Kendall is a trusted services partner that not only runs but also transforms and sustains our customers' most vital IT assets.

Kendall 是值得信賴的服務合作夥伴，它不僅能夠運行，還能改造和維護我們客戶最重要的 IT 資產。

Relatedly, we're both using AI in our own operations and enabling customers to deploy AI in their businesses.

同時，我們雙方都在自己的營運中使用人工智慧，並幫助客戶在其業務中部署人工智慧。

For starters, our service delivery through Kindre Bridge features advanced AI leveraging machine learning. Kindre Bridge proactively identifies risks before they impact operations.

首先，我們透過 Kindre Bridge 提供的服務採用了先進的人工智慧技術，並運用了機器學習。Kindre Bridge 會在風險影響營運之前主動識別風險。

AI-driven recommendations empower our teams to resolve issues in real time while our intelligent AI agents streamline knowledge discovery and accelerate incident response, building greater efficiency and resilience across the IT environments we manage.

AI 驅動的建議使我們的團隊能夠即時解決問題，而我們的智慧 AI 代理則簡化了知識發現並加快了事件回應，從而提高了我們管理的 IT 環境的效率和彈性。

Our customers also need help with their own efforts to build and deploy AI agents using open source tools.

我們的客戶在使用開源工具建置和部署人工智慧代理的過程中也需要我們的幫助。

By combining our infrastructure first mindset with our deep systems expertise, we've created the dynamic agentic AI framework for our customers.

我們將基礎設施優先的理念與我們深厚的系統專業知識相結合，為客戶創建了動態的智慧體人工智慧框架。

Our framework incorporates a distinctive design process, specialized tools, and an innovative engagement methodology that blends agents within complex IT environments to drive business process innovation and productivity.

我們的框架融合了獨特的設計流程、專門的工具和創新的參與方法，將代理商融入複雜的 IT 環境中，以推動業務流程創新和生產力。

The Kinder ingestion agents uses company documents, procedures, and data, and goals to develop a comprehensive organizational process map.

Kinder 攝取代理利用公司文件、程序、資料和目標，制定全面的組織流程圖。

And with this as context, the framework's agent builder capabilities allow the organization to design, test, and launch AI agents to streamline workflows in accordance with relevant security and compliance standards. In other words, we help enterprises turn AI ambition into scalable transformation.

在此背景下，該框架的代理建構器功能使組織能夠設計、測試和啟動 AI 代理，以根據相關的安全性和合規性標準簡化工作流程。換句話說，我們幫助企業將人工智慧的雄心壯志轉化為可擴展的轉型。

And the demand runway is clear, roughly 25% of our signings already contain AI-related content.

市場需求前景明確，我們簽約的專案中約有 25% 已經包含與人工智慧相關的內容。

We're working with insurance companies, banks, manufacturers, healthcare providers, and government agencies to deploy AI agents to streamline processes, deliver real-time analysis, and expedite decision making.

我們正在與保險公司、銀行、製造商、醫療保健提供者和政府機構合作，部署人工智慧代理，以簡化流程、提供即時分析並加快決策速度。

Aogenic framework will help accelerate our customers' AI adoption and drive incremental opportunities for us going forward.

Aogenic框架將有助於加速客戶採用人工智慧，並為我們帶來更多未來的發展機會。

To look at one example of how we're driving growth, with a long standing customer in the APEC region, we identified an opportunity to leverage our strong relationship to expand the scope of our work to the customer's operations in the Americas.

舉個例子來說明我們如何推動成長：我們與亞太經合組織地區的一位長期客戶發現了一個機會，可以利用我們牢固的關係，將我們的工作範圍擴展到該客戶在美洲的業務。

Building the trust we've earned through consistent delivery excellence over many years, we successfully displaced an incumbent service provider in the US and won the assignment to manage the customer's mission critical IT estate globally.

憑藉多年來始終如一的卓越交付，我們贏得了客戶的信任，並成功取代了美國現有的服務供應商，贏得了在全球範圍內管理客戶關鍵任務型 IT 資產的委託。

Under our new contract, we'll be modernizing our customers' environment to enable global synergies and AI enablement while enhancing security and reliability.

根據我們的新合同，我們將對客戶環境進行現代化改造，以實現全球協同效應和人工智慧賦能，同時增強安全性和可靠性。

This modernization will migrate virtualized workloads to the AWS cloud, and the entire tech stack will be supported by automation and observability from our Kindle ridge platform.

這項現代化改造將把虛擬化工作負載遷移到 AWS 雲，整個技術棧將由我們的 Kindle Ridge 平台提供自動化和可觀測性支援。

And importantly, this expansion will drive an increase in our revenues from this account of more than 25%.

更重要的是，此次擴張將使我們從該帳戶獲得的收入成長超過 25%。

Expanding and winning new scope in our accounts is a key factor behind our positive financial trajectory in fiscal 2026 and beyond.

拓展和贏得新客戶是我們2026財年及以後財務表現保持良好動能的關鍵因素。

As a reminder, by fiscal 2028, which for us begins less than 17 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 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 2028.

提醒大家，到 2028 財年（對我們來說，距離現在不到 17 個月），我們預計調整後的自由現金流將超過 10 億美元。我們預計調整後稅前收入將超過 12 億美元，而要實現這些盈利和現金流目標，我們只需要在 2028 年之前實現個位數中段的收入增長。

With strong conversion of our earnings to free cash flow, we're optimizing our capital allocation by investing in organic growth opportunities, deploying more capital to shareholders through our increased share repurchase program, and occasionally pursuing tuck in acquisitions. In fact, we just announced that we've agreed to acquire a mid-size class services provider in Europe.

由於我們的收益能夠強勁地轉化為自由現金流，我們正在透過投資內生成長機會、透過增加股票回購計畫向股東部署更多資本以及偶爾進行小規模收購來優化我們的資本配置。事實上，我們剛剛宣布，我們已同意收購歐洲一家中型航空公司服務供應商。

Importantly, our fiscal 2026 outlook is consistent with our expected growth trajectory from fiscal 2025 to fiscal 2028.

重要的是，我們對 2026 財年的展望與我們對 2025 財年至 2028 財年的成長預期軌跡一致。

As David will discuss, we'll continue to expect to generate approximately $550 million in free cash flow this year to grow our adjusted pre-tax earnings by more than 50% and to deliver 1% for year constant currency revenue growth. Keep in mind 2/3 of our P&L this year will come 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 Kindre.

正如大衛將要討論的那樣，我們將繼續預計今年將產生約 5.5 億美元的自由現金流，使調整後的稅前收益增長超過 50%，並實現全年固定匯率收入增長 1%。請記住，我們今年損益表的 2/3 將來自分拆後利潤率更高的簽約，這是我們作為獨立 Kindre 公司首次大部分收入來自我們簽署的合約。

As we've discussed before, the investments we've made in our expanded capabilities and partnerships are opening new doors for us in terms of increased share of wallets and our ability to win new logos.

正如我們之前討論過的，我們對自身能力和合作夥伴關係的拓展投入，正在為我們打開新的大門，讓我們能夠增加客戶的錢包份額，並贏得新的客戶。

We've won 450 new logos over the last 4 years, and there's more op opportunity in the market today, and we have a robust pipeline of deals in the works. As a result, I'm enthusiastic about our ability to pivot to a second half that we expect will be demonstrably stronger than our first.

在過去 4 年裡，我們贏得了 450 個新標誌，如今市場上還有更多機會，我們也有強大的交易管道正在運作中。因此，我對我們能夠迅速調整狀態，迎接下半季充滿信心，我們預計下半季的表現將明顯強於上半季。

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

接下來，我想把電話交給大衛。大衛。

Thanks, Martin, and hello, everyone. Today I'd like to discuss our second quarter results, the solid margins at which we're signing customer contracts and our outlook for fiscal year 2026.

謝謝馬丁，大家好。今天我想談談我們第二季的業績、我們與客戶簽訂合約時所取得的穩健利潤率以及我們對 2026 財年的展望。

In the quarter, revenue totaled $3.7 billion down 1% from the prior year quarter on a reported basis and 3.7% in constant currency.

本季營收總計 37 億美元，以報告匯率計算比去年同期下降 1%，以固定匯率計算下降 3.7%。

We continue to gain momentum in higher margin advisory services. Kindre Consult revenues grew 25% year over year in constant currency, which underscores how we're expanding our share in this higher value add space.

我們在高利潤率的諮詢服務領域持續保持成長動能。Kindre Consult 的營收以固定匯率計算年增 25%，這凸顯了我們在這個高附加價值領域如何擴大市場份額。

Our Q2 signings, as expected, dipped year over year primarily because of the exceptionally strong Q2 we had last year.

正如預期的那樣，我們第二季的簽約量年減，這主要是因為去年第二季的業績異常強勁。

That said, our last 12 months signings total of $15.6 billion was 104% of our last 12 months' revenue, giving us a book to bill ratio above one.

也就是說，我們過去 12 個月的簽約總額為 156 億美元，佔過去 12 個月收入的 104%，使我們的訂單出貨比超過 1。

As Martin mentioned, we continue to see particularly strong signings growth in our applications, data and AI and digital workplace practices, reflecting strong demand for services in these domains.

正如 Martin 所提到的，我們在應用程式、數據和人工智慧以及數位化工作場所實踐方面繼續看到特別強勁的簽約成長，這反映出市場對這些領域服務的強勁需求。

Earnings in the quarter were solid as more and more of our revenues coming from higher margin post-pin signings. Our adjusted EBITDA increased 15% year over year to $641 million and our adjusted EBITDA margin was 17.2%, up 250 basis points year over year.

本季獲利穩健，因為我們越來越多的收入來自利潤率更高的簽名後交易。經調整後的 EBITDA 年成長 15% 至 6.41 億美元，經調整後的 EBITDA 利潤率為 17.2%，較去年同期成長 250 個基點。

Adjusted pre-tax income grew 171% to $123 million and our adjusted pre-tax margin increased 210 basis points year over year.

經調整後的稅前收入成長了 171%，達到 1.23 億美元，經調整後的稅前利潤率年增了 210 個基點。

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.

我們的 3A 計劃仍然是我們擴大利潤和創造價值的重要來源，並且仍然是我們營運和市場推廣方法的組成部分。

Through our alliances, we generated $440 million in hyperscalar related revenue in the second quarter. This puts us on track to exceed the 50% growth in hyperscalar related revenue that we targeted at the beginning of the year.

透過我們的聯盟，我們在第二季創造了 4.4 億美元的超大規模計算相關收入。這將使我們有望超過年初設定的超大規模計算相關收入成長 50% 的目標。

And other alliances from Cisco, Dell, and HPE to Data bricks, rubric, and Palo Alto Networks are also fueling our ability to offer cutting edge hybrid solutions to our customers.

此外，思科、戴爾、HPE、Data bricks、rubric 和 Palo Alto Networks 等其他聯盟也增強了我們為客戶提供尖端混合解決方案的能力。

Through our advanced delivery initiative powered by Kindle 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. It's a win-win for Kindle and our customers.

透過 Kindle Bridge 支援的先進配送計劃，我們不斷推動配送營運的自動化，將更多技術融入我們的產品和服務中，降低成本，並提高我們原本就很強的服務水準。這對 Kindle 和我們的用戶來說是雙贏的。

We've been able to free up thousands of delivery professionals, and this is worth roughly a cumulative $875 million a year to us, representing a $50 million dollar increase in our annual run rate this past quarter.

我們已經解放了數千名送貨員，這每年為我們節省了約 8.75 億美元，相當於上個季度年收入增加了 5,000 萬美元。

Our accounts initiative continues to remediate elements of contracts we inherited with substandard margins. In the second quarter, we increased the cumulative annualized profit from our Focus accounts by $25 million to $950 million.

我們的帳戶改進計劃將繼續糾正我們繼承的那些利潤率低於標準的合約中的一些問題。第二季度，我們來自重點客戶的累積年化利潤增加了 2,500 萬美元，達到 9.5 億美元。

I can't emphasize enough what an important source of sustainable value creation this has been for us.

我無法充分強調這對我們來說是多麼重要的永續價值創造來源。

In short, our strategic progress is driving our earnings growth.

簡而言之，我們的策略進展正在推動我們的獲利成長。

Turning to our cash flow and balance sheet, we generated free cash flow of $22 million in the second quarter. Our net capital expenditures were $125 million.

從現金流和資產負債表來看，我們第二季產生了 2,200 萬美元的自由現金流。我們的淨資本支出為 1.25 億美元。

Working capital is the use of cash in the quarter, driven by the timing of receivables and vendor payments that we expect to reverse in the back half of the year.

營運資金是指本季現金的使用情況，主要受應收帳款和供應商付款時間的影響，我們預計這些款項將在下半年收回。

We've 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.

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 last November, we bought back 2.9 million shares of our common stock in the quarter, 1.2% of our outstanding shares at a cost of $89 million.

根據我們去年 11 月宣布的股票回購授權，本季我們回購了 290 萬股普通股，占我們流通股的 1.2%，耗資 8,900 萬美元。

And yesterday we announced a $400 million dollar increase in our share repurchase program.

昨天我們宣布將股票回購計畫的規模增加 4 億美元。

The expansion of our buyback capacity reflects the confidence we have in our earnings trajectory and cash flow growth, as well as our commitment to distributing cash to shareholders.

我們擴大股票回購能力，反映了我們對獲利前景和現金流成長的信心，以及我們對向股東分配現金的承諾。

Our financial position remains strong. Our cash balance at September 30 was $1.3 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穩健。截至9月30日，我們的現金餘額為13億美元。我們的債務到期日從 2026 年末到 2041 年分佈合理，而且我們在循環信貸額度下沒有任何未償還的借款。

Our target has been to keep net leverage below 1 times adjusted EBITDA, and we ended the quarter well within our target range at 0.7 times. We're rated investment grade by Moody's, Fitch, and S&P.

我們的目標是將淨槓桿率保持在調整後 EBITDA 的 1 倍以下，而本季末我們達到了 0.7 倍的目標值，遠低於我們的目標範圍。我們獲得了穆迪、惠譽和標普的投資等級評級。

On capital allocation, our top priorities are to maintain strong liquidity, remain investment grade, reinvest in our business, including through tuck and acquisitions, and regularly buy back stock.

在資本配置方面，我們的首要任務是保持強勁的流動性，保持投資級信用評級，對我們的業務進行再投資（包括透過融資和收購），並定期回購股票。

I remain enthusiastic about how Kindra is poised for future profitable growth by maintaining an LTM book to build ratio above one and commanding attractive margins on our signings.

我對 Kindra 如何透過保持 LTM 帳簿以建立高於 1 的比例以及在簽約中獲得可觀的利潤率，為未來的獲利成長做好準備仍然充滿信心。

The September quarter was a continuation of us winning business with healthy margins throughout fiscal 2023, 24, and 25, and now into the first half of fiscal 2026, we've signed contracts with projected gross margins in the mid-20s and projected pre-tax margins in the high single-digits.

9 月季度延續了我們在 2023、24 和 25 財年以健康利潤率贏得業務的勢頭，現在進入 2026 財年上半年，我們已經簽署了合同，預計毛利率在 20% 左右，預計稅前利潤率在個位數高位。

Therefore, as our business mix increasingly shifts toward more post-in contracts, you'll continue to see a significant margin expansion in our reported results.

因此，隨著我們的業務組合越來越多地轉向後期合同，您將在我們的報告業績中繼續看到利潤率的顯著增長。

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

我們再次加入了毛利帳簿，以建立圖表，說明我們如何在業務中創造和獲取價值。

With an average projected gross margin of 26% on our $15.6 billion of signings over the last 12 months, we've added nearly $4 billion of projected gross profit to our backlog.

在過去 12 個月中，我們簽約金額達 156 億美元，預計平均毛利率為 26%，這意味著我們的積壓訂單中增加了近 40 億美元的預期毛利。

Over the same period of time, we've reported gross profit at $3.2 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.

同期，我們的毛利為 32 億美元。這意味著我們積壓訂單中的毛利超過了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 1.2% over the last 12 months, demonstrates how we're growing what matters most, the expected future profit from committed contracts.

過去 12 個月，毛利訂單出貨比一直維持在 1.2% 以上，這表明我們正在實現最重要的目標，即已承諾合約帶來的預期未來利潤的成長。

It also highlights the quality of our post-spin signings, 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 3 years.

這也突顯了我們分拆後簽約的質量，而且我們的毛利訂單出貨比一直高於 1，這意味著在過去 3 年裡，我們的毛利積壓訂單一直在持續增長。

As we've said previously, our core financial goals are to grow our revenues, expand our margins, increase our earnings, and generate free cash flow.

正如我們之前所說，我們的核心財務目標是增加收入、擴大利潤率、提高收益並產生自由現金流。

Our outlook for adjusted pre-tax income this year continues to be at least $725 million. This means growing our adjusted pre-tax income by at least 50% and increasing our adjusted pre-tax margin by roughly 150 basis points year over year.

我們對今年調整後稅前收入的預期仍然至少為 7.25 億美元。這意味著我們的調整後稅前收入要成長至少 50%，調整後稅前利潤率比上年提高約 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.

再次提醒大家，這也意味著我們預期利潤率將連續第三年大幅成長，這將使我們有望在 2027 財年和 2028 財年實現高個位數的調整後稅前利潤率。

We continue to estimate that our adjusted EBEA margin in fiscal 2026 will be approximately 18%, an increase of roughly 130 basis points versus fiscal 2025.

我們繼續預計，2026 財年調整後的 EBEA 利潤率約為 18%，比 2025 財年增長約 130 個基點。

We also continue to see opportunities to drive efficiencies in our operations, both through advanced delivery and in SG&A functions. In fact, our enterprise services headcount is down 8% from where it was a year ago.

我們也不斷看到提高營運效率的機會，包括透過先進的交付方式和銷售、一般及行政費用管理職能。事實上，我們的企業服務人員數量比一年前減少了 8%。

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. With cash taxes of roughly $175 million this implies free cash flow of approximately $550 million.

關於全年的現金流，我們預測調整後的稅前收入減去現金稅後，約 100% 可以轉換為自由現金流。扣除約 1.75 億美元的現金稅款後，這意味著自由現金流約為 5.5 億美元。

Our outlook for constant currency revenue growth in fiscal 2026 continues to be 1%, which implies revenue growth of 4 to 5% in the second half.

我們對 2026 財年以固定匯率計算的營收成長預期仍為 1%，這意味著下半年營收成長 4% 至 5%。

We're redoubling our efforts to drive this growth by aggressively seizing the multiple avenues for growth that Martin described earlier.

我們將加倍努力，積極抓住馬丁之前描述的多種成長途徑，以推動這一成長。

Our plan for stronger second half growth is straightforward.

我們實現下半年強勁成長的計畫很簡單。

Revenues from our opening backlog of already signed contracts for the second half are 1 point stronger than our opening backlog was for the first half.

下半年已簽約合約的初始收入比上半年的初始收入高出 1 個百分點。

We've anniversary our divestiture of a small business last year, which helps our second half growth compared to the first half by the better part of a point.

去年我們剝離了一家小型企業，這幫助我們下半年的成長比上半年成長了近一個百分點。

We've invested in incremental Kindle consult resources so that consult revenue, which is now a larger portion of our revenue base, continues to grow well into the double-digits, contributing in incremental two points of growth.

我們加大了 Kindle 諮詢資源的投入，諮詢收入（目前在我們收入基礎中所佔比例更大）繼續保持兩位數的增長，從而貢獻了 2 個百分點的增量增長。

We're growing hyperscalar related revenue more than we initially planned as we increasingly market solutions to customers hand in hand with our alliance partners, producing a 2 point benefit in the second half compared to the first.

由於我們越來越多地與聯盟夥伴攜手向客戶推廣解決方案，超大規模相關收入的增長超過了我們最初的計劃，下半年比上半年帶來了 2 個百分點的增長。

And the larger pipeline of deals we have for the second half is adding incremental revenue, both because it's larger and because of our emphasis on building additional scope into our customer relationships. This will also contribute approximately 2 points of incremental growth.

下半年我們擁有的更多交易項目正在增加收入，這不僅是因為專案規模更大，也是因為我們專注於拓展與客戶的關係。這將帶來大約 2 個百分點的增量成長。

A key theme that runs throughout these growth vectors is that enterprises needs for IT modernization, the desire to invest in AI, and their concerns around cybersecurity are all driving incremental demand for our mission critical expertise and services.

貫穿這些成長方向的一個關鍵主題是，企業對 IT 現代化的需求、對人工智慧的投資願望以及對網路安全的擔憂，都在推動對我們關鍵任務專業知識和服務的需求不斷增長。

Looking at the 3rd quarter in particular, we expect to deliver positive constant currency revenue growth and for adjusted pre-tax income to be 15% to 25% higher than the $160 million we reported in last year's 3rd quarter.

尤其就第三季而言，我們預計以固定匯率計算的收入將實現正成長，調整後的稅前收入將比去年第三季報告的 1.6 億美元高出 15% 至 25%。

In addition, we remain committed to delivering significant margin expansion and generating free cash flow growth over the medium term.

此外，我們仍致力於在中期內實現顯著的利潤率成長和自由現金流成長。

We have a solid game plan to drive our strategic progress, and this game plan starts with the steps we've already taken to expand our technology alliances, realize the numerous growth opportunities available to us, manage our costs, and earn a return on all of our revenues.

我們制定了切實可行的策略計畫來推動我們的策略發展，而這項計畫始於我們已經採取的措施，包括擴大我們的技術聯盟、實現眾多成長機會、控製成本以及從所有收入中獲得回報。

Sometimes investors want to confirm the favorable math that's associated with our forecast to more than double our adjusted pre-tax income from fiscal 2025 to fiscal 2028, combined with our share or purchase program.

有時投資人希望確認我們預測的有利數學模型，即從 2025 財年到 2028 財年，我們的調整後稅前收入將翻一番以上，再加上我們的股票或購買計畫。

And the answer is yes. With our income tax expense projected to be in the 25% range, our forecast implies that we'll generate adjusted earnings in the fiscal year after next of roughly $4 per share.

答案是肯定的。預計我們的所得稅支出將在 25% 左右，這意味著我們將在下個財政年度產生約 4 美元的調整後每股收益。

To wrap up, we're well positioned for success as a leading provider of mission critical enterprise technology services, driving thought leadership in our space, delivering modern hybrid IT solutions, growing our Kindre 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.

總而言之，我們作為領先的關鍵任務企業技術服務提供商，在業內樹立了良好的成功基礎，引領思想潮流，提供現代化的混合 IT 解決方案，快速發展 Kindre 諮詢業務，實現一流的服務水平和客戶滿意度，並處於推動客戶在可預見的未來對我們服務的需求的長期趨勢的核心。

So let me end by again thanking the tens of thousands of Kinderels 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 Kinderel，是他們推動了我們的進步。那麼，我和馬丁很樂意回答你們的問題。

At this time, we will conduct the question-and-answer session. As a reminder to ask a question, you will need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q&A roster.

屆時我們將進行問答環節。提醒您，如果您想提問，請在電話上按 11，然後等待播報您的名字。如需撤回您的問題，請再按 11。請稍候，我們正在整理問答名單。

Martin, are you ready for questions?

馬丁，你準備好回答問題了嗎？

Yes, thank you, operator.

是的，謝謝接線生。

Our first question comes from Jamie Friedman at Susquehanna.

我們的第一個問題來自薩斯奎哈納大學的傑米‧弗里德曼。

Hi, good morning.

您好，早安。

Congratulations on a strong quarter. I wanted to ask something about the, capital allocation opportunities for the company. It's $725 million of adjusted pre-tax income is your target for the year and the free cash flow of $550 million so, it gives you a lot of optionality on the capital allocation which is attractive to the investment thesis. So just trying to figure out what from your perspective.

恭喜你們本季業績出色。我想諮詢一下公司在資本配置方面的機會。您的年度調整前稅前收入目標是 7.25 億美元，自由現金流為 5.5 億美元，這為您提供了資本配置方面的很大選擇餘地，這對投資理念來說很有吸引力。所以，我只是想從你的角度來看這個問題。

What the priorities are from the capital allocation side.

從資本配置的角度來看，優先事項是什麼？

Sure, thanks, Jamie. So, and thank you for thank you for joining this morning and for the nice.

好的，謝謝你，傑米。所以，感謝各位今天早上的參與和熱情款待。

For the nice comment, I, I'd say a few things. Obviously we're investing in our business in the form of CapEx, and we'll continue to do that. And we're also investing in new capabilities and accelerating our capabilities and you saw that in the this morning in the form of our now now pending acquisition of Solvignity in the in the Netherlands. And then outside of that, obviously because we do see very strong cash flow growth, we see an opportunity to return capital to shareholders. We started last year with a $300 million share repurchase and then we followed that up this year with an increase approval from the board for a $400 million share repurchase. So I think going forward we have those same opportunities. We'll continue to invest in the business, we'll continue to accelerate.

對於你的好評，我有幾點想說。顯然，我們正在以資本支出的形式投資於我們的業務，而且我們將繼續這樣做。我們也在投資新的能力並加速提升我們的能力，今天早上你們已經看到了這一點，那就是我們正在進行荷蘭 Solvignity 的收購。除此之外，顯然因為我們看到了非常強勁的現金流成長，我們看到了向股東回饋資本的機會。去年我們啟動了 3 億美元的股票回購計劃，今年我們又獲得了董事會的批准，將股票回購規模擴大到 4 億美元。所以我認為，展望未來，我們依然擁有這些機會。我們將繼續投資這項業務，我們將繼續加速發展。

Our lead in certain areas where we see opportunities in the form of tuck in acquisitions and we'll continue to return capital to shareholders.

我們在某些​​領域擁有領先地位，我們看到了透過收購獲利的機會，我們將繼續向股東返還資本。

And then I just for my follow-up, wanted to ask about AI. I know you had some comments last night and in your prepared remarks about AI. I think that there's some reference to 25% of the workloads, maybe that's the wrong word, but the number might be right, are informed or, delivered through AI.

然後，我作為後續問題，想問關於人工智慧的問題。我知道你昨晚和你準備好的發言稿中都對人工智慧發表了一些評論。我認為其中提到了 25% 的工作量（也許用詞不當，但數字可能是正確的），這些工作量是透過人工智慧取得或交付的。

So Martin, a high level perspective on how, AI.

所以馬丁，從宏觀的角度來看，人工智慧是如何運作。

How AI may inform the competitive position and mindshare of Kindle going forward.

人工智慧將如何影響 Kindle 未來的競爭地位和市場份額。

Yeah, thanks Jamie. So just make sure we have the sort of the number clear in your head we we said in our prepared remarks this morning that about 25% of our signings have AI related content all already and for us. We do AI related work primarily in in in our cloud practice in our digital workplace practice and obviously in our apps data and AI practice and our AI related work is focused on data architecture and data migration services that allow our customers' AI models to operate. We have in digital workplace services obviously AI enabled solutions that our customers are are consuming and then. We also do, obviously cloud migration work to enable our customers to adopt AI, and then finally we have, some agentic development, agentic AI development that our customers are starting to consume now and that that gets them.

謝謝你，傑米。所以請確保你們清楚地記住這個數字，正如我們今天早上在準備好的發言稿中所說，我們簽約的項目中約有 25% 都包含與人工智慧相關的內容，而且對我們來說都是如此。我們主要在雲端實踐、數位工作場所實踐以及應用程式資料和人工智慧實踐中開展人工智慧相關工作，我們的人工智慧相關工作專注於資料架構和資料遷移服務，使客戶的人工智慧模型能夠運作。我們在數位化工作場所服務方面顯然擁有人工智慧解決方案，我們的客戶正在使用這些解決方案。當然，我們也會進行雲端遷移工作，以幫助我們的客戶採用人工智慧，最後，我們還有一些代理開發，代理人工智慧開發，我們的客戶現在開始使用，這讓他們受益匪淺。

Ready for AI that helps modernize their infrastructure so that they can turn their AI pilots into into scaled.

準備好迎接人工智慧，幫助其基礎設施現代化，以便將人工智慧試點計畫轉化為規模化計畫。

Components of how they run their their business. So it's focused on those practices. The other thing I'd say is it's pretty broad based, we work with insurance companies and banks and manufacturers and healthcare providers and government agencies as well on deploying agents now because they're really trying to transform their, they're trying to transform their business processes. And obviously these are very complex IT estates and that's why Kendall Bridge is such an important part of this because it gives them the data they need and the visibility they need to how their business processes are working and that again extends our lead and our competitive advantage in these mission critical workflows. So yeah, about 25% of our signings now have that form of AI related content.

他們經營業務的組成部分。所以它主要關注這些做法。我想說的另一點是，它的基礎非常廣泛，我們現在與保險公司、銀行、製造商、醫療保健提供者和政府機構合作部署代理人，因為他們真的在努力改變他們的業務流程。顯然，這些都是非常複雜的 IT 系統，因此 Kendall Bridge 在其中扮演著非常重要的角色，因為它為他們提供了所需的數據和業務流程運作情況的可見性，這再次擴大了我們在這些關鍵任務工作流程中的領先優勢和競爭優勢。是的，目前我們簽約的選手中約有 25% 都擁有這種形式的人工智慧相關內容。

Thank you, Martin. I'll drop back in the queue.

謝謝你，馬丁。我重新排隊。

Thanks. Operator, next question, please.

謝謝。接線員，請問下一個問題？

Our next question comes from James Fawcett at Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福塞特。

Hi, good morning.

您好，早安。

Guys, thanks for doing this this morning. On your CapEx and acquisitions, I, you've been pretty clear that you plan to do some tin acquisitions, but can you give a little more color, on the kinds of things that that you're looking for and maybe give us a sense of what those valuations look like and and how should we think about allocation to CapEx and and acquisitions versus buybacks do you have a targeted level or or range that we should be thinking about?

各位，謝謝你們今天早上完成這項工作。關於您的資本支出和收購，您已經很明確地表示計劃進行一些錫收購，但您能否更詳細地說明一下您正在尋找的收購目標類型，並讓我們了解一下這些收購的估值情況，以及我們應該如何考慮資本支出、收購和股票回購之間的分配？您是否有一個我們應該考慮的目標等級或範圍？

Sure, thank you. And thanks for joining. When we, when I think about the two acquisitions we've done, so far, I, I'd say that they have sort of common characteristics. First and foremost, they are very much in, they are very much part of.

當然，謝謝。謝謝您的參與。當我回顧我們迄今為止完成的兩項收購時，我認為它們有一些共同的特徵。首先，他們非常投入，他們是其中的重要組成部分。

Very much part of what we do today, right? We are the world's largest infrastructure services provider. Our acquisition a couple of years ago was focused on moving power architecture onto Microsoft's cloud very, squarely in the middle of how we operate, and it gave us the The technology and the IP we needed to help accelerate our customers move to the cloud. So everything about that is what we do today. It was just a way to accelerate. Salvinity today is again, a, it's a managed, private cloud sort of a structure where. In all over the world and we see this in our surveys all over the world, people are worried about sensitive workloads, about, regulatory requirements, about, cloud sovereignty. And so what this allows us to do is again, what we already do, we advise, we implement, we manage, clouds on behalf of our customers, both private and hybrid. And this is now another step into the sovereign world for us, in Europe. So they all have this consistency around, what we do today. It's again, it's either accelerating what we're already doing or or or allowing us to move into a very specific part of the market in this case, again, sovereign sovereign cloud in Europe. And this is about, look, it's about the right size for us.

這正是我們今天工作的重要部分，對吧？我們是全球最大的基礎設施服務提供者。幾年前的收購主要是為了將 Power Architecture 遷移到微軟的雲端上，這與我們目前的營運方式密切相關，並為我們提供了所需的技術和智慧財產權，以幫助我們的客戶加速遷移到雲端。所以，我們今天所做的一切都與此有關。這只是加速的一種方式。Salvinity 如今又變成了一種託管的私有雲架構。世界各地的人們，包括我們在世界各地的調查中都看到了這一點，都對敏感工作負載、監管要求和雲端主權感到擔憂。因此，這使我們能夠再次做到我們已經在做的事情：代表我們的客戶提供建議、實施和管理雲端服務，包括私有雲和混合雲。而這，對我們歐洲人來說，是邁向主權世界的又一步。所以，他們今天所做的一切都具有這種一致性。這要不是加速我們正在做的事情，就是讓我們進入一個非常具體的市場領域，在這個例子中，就是歐洲的主權雲。你看，這個尺寸對我們來說剛剛好。

It was €100 million you'll you'll see that in the queue later today with EUR100 million purchase price and at a reasonable kind of a kind of a multiple. So when it, we would expect it would close probably late our fiscal year, first half, next calendar year sometime. And again we're not looking to change who we are. We're trying to stay, we will stay focused on mission critical infrastructure services. With regard to other capital allocation, how to think about it, I think the two data points now that you have, that we've given everybody on, for instance, on share or purchase are starting to form a pattern that doesn't mean that we can't do something. Differently if the if the market changes, but we do view our stock as a pretty good, as a very good value here. So last year at $300 million it was sort of what I'll call a trailing the cash flow generation of the business this year at 400 million, again, it's trailing the cash flow of our business. So as we grow, we obviously have opportunities to continue to increase that, but we'll we'll do it more on a trailing basis so we keep the flexibility that we need within the business. We keep the The strong balance sheet we have, etc. Etc. So I'll ask David if he has anything he wanted to add to that.

價格是 1 億歐元，你今天晚些時候會在隊列中看到，收購價格為 1 億歐元，而且是相當合理的倍數。因此，我們預計它可能會在本財政年度結束時、下個日曆年的上半年或某個時候完成。我們再次重申，我們並不打算改變自己。我們正努力維持，也將繼續專注於關鍵基礎設施服務。至於其他資本配置，該如何考慮？我認為，現在我們掌握的這兩個數據點，例如股票或購買方面的數據，已經開始形成一種模式，但這並不意味著我們不能做些什麼。如果市場發生變化，情況可能會有所不同，但我們確實認為我們的股票目前具有相當不錯的價值，非常有價值。所以去年是 3 億美元，我稱之為跟不上業務現金流的水平；今年是 4 億美元，同樣，也跟不上我們業務的現金流。隨著我們的發展，我們顯然有機會繼續增加這方面的投入，但我們會更多地採取試算的方式，以保持業務所需的靈活性。我們保持著強勁的資產負債表等等。ETC。所以我將問大衛是否還有什麼要補充的。

That's that's right, Martin. When we, in terms of capital expenditures in particular, we expect those to be around 4% to 5% of our revenues over time. The substantial majority of that is to support our customers' infrastructure and IT needs 3 to 4 points out of the 4 to 5. And the remaining point is really related to our needs as a as a corporation with more than 70,000 employees around the world. So that's how we get to a 4 to 5% of revenue number. When we think about our free cash flow, it's actually calculated after our capital expenditures, so those cap those caps are. If you will, funded by, before we get to free the free cash flow that can be deployed elsewhere and as as Martin was saying, I think about us being able to pursue both both sharer purchases and tuck in acquisitions. It's not an either or for us, and you could see that in our announcements yesterday and today where we announced both the the sharer sharer purchase authorization increasing and the tuck in acquisition of solvignity.

沒錯，馬丁。就資本支出而言，我們預計隨著時間的推移，這些支出將占我們收入的 4% 到 5% 左右。其中絕大部分用於支援我們客戶的基礎架構和 IT 需求，佔 4 到 5 分中的 3 到 4 分。剩下的一點實際上與我們作為一家在全球擁有超過 7 萬名員工的公司的需求有關。所以，這就是我們得出營收佔比 4% 到 5% 的原因。當我們考慮自由現金流時，實際上是在扣除資本支出之後計算的，所以這些支出會限制自由現金流。如果可以的話，在獲得資金之前，我們可以釋放自由現金流，並將其部署到其他地方。正如馬丁所說，我認為我們能夠同時進行股份收購和小規模收購。對我們來說，這不是二選一的問題，這一點從我們昨天和今天的公告中可以看出，我們既宣布了提高股東購買授權，又宣布了收購 Solvignity。

That's great and.

那太好了。

Then just quickly, can you give a quick comment or summary of of how you're finding customer decision cycles right now? Do they seem about normal or are there any movement in in those sales cycles?

那麼，您能否簡單評價或總結一下您目前對顧客決策週期的發現？這些銷售週期看起來正常嗎？還是出現了什麼波動？

They seem fairly, they seem normal to me. I think what we're experiencing is not that they're changing, it's just that as we move to add new scope, as we add new customers, there's a tendency, given what we do and the mission critical nature of what we do, there's a tendency to be, cautious and there's a tendency to make sure that everything is right because these have to go well. That's true whether it's a new customer and it's true if you're just adding new scope.

我覺得他們看起來蠻正常的。我認為我們現在經歷的並不是他們正在改變，而是隨著我們拓展新的業務範圍，增加新的客戶，鑑於我們所做的事情以及我們所做的事情的關鍵性，我們傾向於保持謹慎，並傾向於確保一切都正確無誤，因為這些事情必須順利進行。無論是新客戶還是新增業務範圍，這個說法都成立。

We obviously have renewals that we're doing, but in the substantial majority of cases, there's new content coming in. We had an example in our prepared marks this morning that that shows how we grow within our accounts. So I don't see any difference in decision making from our customer standpoint, but I do see that because of because of what we're, how we're growing and the new capabilities we're bringing in, there's a, just the, a consistent level of care because they have to go well, these mission critical, relationships have to be perfect all the time.

我們當然會進行一些續約工作，但在絕大多數情況下，都會有新內容推出。今天早上我們準備的成績單中有一個例子，說明了我們在帳戶中是如何增長的。所以，從客戶的角度來看，我看不出決策方面有任何區別，但我確實看到，由於我們自身的發展方式以及我們正在引入的新能力，我們需要保持一種持續的關懷水平，因為這些至關重要的關係必須始終完美無缺。

Thanks.

謝謝。

Operator, next question, please.

接線員，請問下一個問題？

Our next question comes from Tinjin Huang at JPMorgan.

我們的下一個問題來自摩根大通的黃廷金。

Tenjin, your line is open.

天神，您的線路已接通。

Hi, sorry, can you hear me now? Hello? Yes, hey, thank you, sorry about that, just on the, just thinking about the revenue. I appreciate the second half discussion and Martin, you said demonstrably stronger second half, but I'm just thinking about the 100 million in revenue below expectations and with the September month and the deal slippage, the revenue conversion then. Doesn't that push out put greater risk in the second half relative to what you thought in the beginning of the year, or is it being made up for what some of the incremental consult resources that you also discussed in the in the prepared remarks?

你好，不好意思，現在能聽到我說話嗎？你好？是的，嘿，謝謝，不好意思，我只是在想收入的事。我很欣賞關於下半年的討論，馬丁，你說下半年業績明顯好轉，但我只是在想，營收比預期低了 1 億美元，再加上 9 月份的業績下滑和交易延誤，營收轉換率會受到影響。與年初的預期相比，這種延遲是否會在下半年帶來更大的風險？或者，這會被您在準備好的發言稿中提到的一些新增諮詢資源所彌補？

Thanks. Yeah, thanks. Thanks, Tinjin. Look, there are, I think some things we obviously we know as we sit here today and we TRY to lay this out, David at the at the tail end of his remarks, we know that.

謝謝。嗯，謝謝。謝謝你，廷金。你看，有些事情我們顯然都知道，就像我們今天坐在這裡，試圖把這些事情擺到檯面上一樣，就像大衛在發言的最後說道，我們知道這一點。

We enter the second half with a contracted backlog that is in a better position and we also know that we wrap on a divestiture we did last year, so their starting point.

進入下半年，我們積壓的訂單量減少，情況也更好了。此外，我們也知道，我們去年完成的資產剝離工作也即將完成，所以這是他們的起點。

In the excuse me, in the second half is a couple of points stronger than than what the first half was, right? So we know that there's there is certainty around around that. We also know that the demand profile in our consult business and our investments in our capacity will deliver an acceleration in the second half and that's fairly, it's fairly evenly split.

不好意思，下半場比上半場強了幾分，對吧？所以我們知道，在這方面是有確定性的。我們也知道，諮詢業務的需求狀況以及我們在產能的投資將在下半年加速成長，而且這種成長相當均衡。

In the 3rd and 4th quarter and our momentum in the hyperscalar business, hyperscalar related business, there's real momentum here. It's supported by what we see in our customers cloud growth, and, we see that continuing as well. And then, the last piece is, and maybe this is, part of what you're trying to, really get to. Yes, we have a stronger pipeline than than we had. And yes, the content within that pipeline has a slightly nearer term realization element to it because of the way these deals are shaped and constructed and because of what's in them. So, they could, they could move as we've always said, we're better at predicting the year in which something signs than the quarter in which something signs. And we don't need to sign all of them obviously to deliver, but you know these, my experience is that these, the renewals, the scope expansion, all these deals, they can shift quarter to quarter, they're not likely to shift year to year to year. So with what we know again.

第三季和第四季度，我們在超大規模業務和超大規模相關業務方面都展現出了強勁的發展勢頭。這一點得到了我們客戶雲端業務成長的佐證，而且我們預計這種成長勢頭還會持續下去。最後一點，也許正是你想要真正理解的部分。是的，我們現在的管道比以前更堅固了。是的，由於這些交易的形成和建構方式以及交易內容本身的原因，該管道中的內容具有更近期實現的要素。所以，他們可能會，他們可能會像我們一直說的那樣行動，我們更擅長預測某件事發生的具體年份，而不是具體季度。當然，我們不需要全部簽署才能交付，但你知道，根據我的經驗，這些續約、範圍擴大等所有這些交易，它們可能會逐季調整，但不太可能逐年調整。所以，根據我們目前掌握的資訊。

Second half starting point is a is a is an improvement from from the first half. The investments and the demand and our ability to meet the demand we see in consult drives an improvement. The hyperscale related businesses do have a lot of momentum.

下半場的起點比上半場有所提升。投資、需求以及我們滿足諮詢需求的能力推動了改進。與超大規模相關的業務確實發展勢頭強勁。

And continue to have a lot of momentum and then the deals we're working on just have stronger near term content. So I feel, I feel good about how we start the second half.

而我們將持續保持強勁的發展勢頭，我們正在洽談的交易也具有更強的近期價值。所以我覺得，我對我們下半場的開局感覺不錯。

Understood no that's helpful thank you.

明白了，這很有幫助，謝謝。

Our next question comes from Ian Zaffino at Oppenheimer & co. Inc

下一個問題來自奧本海默公司 (Oppenheimer & co. Inc.) 的 Ian Zaffino。

Hi, thank you very much, just on the pipeline, very strong here.

您好，非常感謝，就在管道上，這裡情況非常樂觀。

Maybe tell us what verticals or geographies have been particularly strong, also when we talk about like expanded scope or content can maybe give us an example or two, about that and also in this pipeline what sort of confidence that this is going to close and be, converted thanks.

能否告訴我們哪些垂直領域或地區表現特別強勁？另外，當我們談到擴大範圍或內容時，能否舉出一兩個例子？還有，在這個銷售管道中，您對最終成交和轉換率的信心有多大？謝謝。

Sure, I'll start with the the verticals and then we'll go to to an example on the on the verticals I'd say retail and travel and T TMT technology, media and telecommunications have been the strongest for us. Financial services has been okay in in terms of levels of activity. And and perhaps not too surprisingly given, uncertainty out there in the market, I'd say industrials and the public sector have been the, have been probably a little bit on the the lighter side among our verticals and then, in terms of the examples I think the. There are a number of them. There's one we talked about the financial services, firm example that we walked through where we're actually doing multiple things, the first is that we're expanding what we do into a different geography for a, for. Multinational firm. The second is that we're taking on additional work and and the you know the most typical form that's going to take for us is a situation where we we're running it, the historical or or legacy elements of the infrastructure. Ones that we often have been involved in for multiple years and now with the freedom of action we have as an independent company, we're expanding into areas that are beyond that hyper scalar related activity being tops on the list, cyber additional cybersecurity content, being common, we're doing often more networking related activity for for our customers as well. And the pitch associated with this is really about us being an end to end solution provider, which is something that that customers really value in their you know in their provider of mission critical IT services because it reduces the number of I guess potential air gaps and and things. You're pointing that that can exist and it, drives efficiency, it drives faster problem solving, it drives accountability and it plays to our strengths in terms of our ability to convene all the, all of these capabilities in one spot in a way that really provides great great outcomes for our customers. And what we're seeing is, really strong customer satisfaction and even stronger service level achievement as we expand the range of services that we're providing the customers. So, we do the strategic thrust that we have of building additional scope into our customer relationships as a real win-win its key to us growing our revenues, but it also helps us provide an even better quality and scope and scale of services to our customers in a way that helps them meet their business objectives.

當然，我先從垂直產業說起，然後我們舉個垂直產業的例子。就垂直產業而言，我認為零售、旅遊和TMT（科技、媒體和電信）是我們最強勁的產業。金融服務業的活躍程度尚可。考慮到市場上的不確定性，或許並不令人意外，我認為工業和公共部門在我們各個垂直領域中表現相對較弱，然後，就例子而言，我認為…有很多這樣的人。我們討論過金融服務公司的例子，我們詳細分析了我們實際上正在做多件事的情況，首先是我們正在將我們的業務擴展到不同的地理。跨國公司。第二點是，我們正在承擔額外的工作，最典型的情況是，我們正在運行基礎設施的歷史或遺留部分。我們多年來一直參與的領域，現在作為一家獨立公司，我們擁有行動自由，我們正在擴展到其他領域，其中超大規模相關活動位居榜首，網路安全相關內容也很常見，我們也經常為我們的客戶開展更多與網路相關的活動。而與此相關的宣傳重點在於我們是一家端到端的解決方案提供商，這是客戶在其關鍵任務 IT 服務提供商中真正重視的，因為它減少了潛在的物理隔離等問題。您指出這種情況確實存在，而且它能提高效率，加快問題解決速度，增強責任感，並發揮我們的優勢，將所有這些能力集中到一個地方，從而真正為我們的客戶帶來巨大的成果。我們看到的是，隨著我們擴大為客戶提供的服務範圍，客戶滿意度非常高，服務水準也進一步提高了。因此，我們採取的策略重點是擴大與客戶關係的範圍，這確實是一個雙贏的局面。這不僅是我們增加收入的關鍵，而且還有助於我們以更好的品質、更廣泛的範圍和更大的規模為客戶提供服務，從而幫助他們實現業務目標。

Thank you.

謝謝。

Okay, thank you operator. I think the queue is empty, so I do want to thank everybody, for joining us today, as you can see, our strategy is driving results, it's creating new growth opportunities for us. We are seeing consistent progress across across our business and consult on the hyper scalar work that we've, spent a fair bit of time on today but also in modernization and in our AI work. We have a disciplined approach. We are certainly managing for the long-term, for the long-term, and we are confident in our ability to achieve our financial goals, including driving revenue growth, expanding margins, increasing earnings, and generating strong cash flow and creating lasting value for our customers and for our shareholders and of course for the kindres around the world as well. So thank you everybody for joining.

好的，謝謝接線生。我想應該沒有隊伍了，所以我要感謝今天到場的每一位。正如你們所看到的，我們的策略正在取得成效，它正在為我們創造新的成長機會。我們看到，我們在業務的各個方面都取得了持續的進步，包括我們今天投入了相當多時間的超大規模工作，以及現代化和人工智慧工作。我們採取嚴謹的方法。我們當然在進行長期管理，我們有信心實現我們的財務目標，包括推動收入成長、擴大利潤率、提高收益、產生強勁的現金流，並為我們的客戶、股東以及世界各地的人們創造持久的價值。感謝大家的參與。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。