Kyndryl Holdings, Inc. (KD) 2027 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fiscal first quarter 2027 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

各位好，感謝您耐心等候。歡迎參加 2027 會計年度第一季財報電話會議。（接線員指示）請注意，今天的電話會議將被錄音。

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

現在我想把會議交給今天的第一位講者，投資人關係全球主管 Lori Chaitman。請開始。

Good morning, everyone, and welcome to Kyndryl's earnings call for the first fiscal quarter June 30, 2026. Before we begin, I'd like to remind you that our remarks today include forward-looking statements. These statements do not guarantee future performance and speak only as of today, and the company assumes no obligation to update its forward-looking statements, except as required by law.

各位早安，歡迎參加 Kyndryl 截至 2026 年 6 月 30 日之會計年度第一季財報電話會議。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。這些陳述不保證未來表現，且僅代表截至今日的觀點；除法律要求外，公司不承擔更新其前瞻性陳述的義務。

Actual outcomes or results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties. For more information on some of these risks and uncertainties, please see the Risk Factors section of our annual report on Form 10-K for the year ended March 31, 2026, and as such, factors may be updated from time to time in the company's subsequent filings with the SEC.

由於風險與不確定性，實際結果可能與前瞻性陳述所暗示者存在重大差異。關於其中部分風險與不確定性的更多資訊，請參閱我們截至 2026 年 3 月 31 日止年度之 Form 10-K 年報中的「風險因素」章節；相關因素亦可能不時於公司後續向美國證券交易委員會（SEC）提交的文件中更新。

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

此外，在今天的發言中，我們將提及若干非 GAAP 財務衡量指標。關於我們計算非 GAAP 財務衡量指標的定義與補充資訊，以及歷史期間非 GAAP 指標與 GAAP 指標之調節表，均載於本次活動的簡報資料中，並可於我們網站 investors.kyndryl.com 取得。

Following our prepared remarks, we'll hold a Q&A session. I'd now like to turn the call over to Kyndryl's Chairman and Chief Executive Officer, Martin Schroeter. Martin?

在我們的準備發言之後，將進行問答環節。現在我想把電話會議交給 Kyndryl 董事長兼執行長 Martin Schroeter。Martin？

Thank you, Lori, and thanks to each of you for joining us. In the first quarter, we executed on our key priorities and made progress in our targeted growth areas supported by continued strength in the United States.

謝謝你，Lori，也感謝各位與會。第一季我們落實了關鍵優先事項，並在目標成長領域取得進展，且美國市場持續強勁提供支撐。

Signings and revenue grew in Kyndryl Consult, and we continue to see positive momentum with hyperscalers. We continue to invest in the areas where we see opportunity, Kyndryl Consult, our alliance partnerships and our Agentic AI capabilities through Kyndryl Bridge and our IP to support and modernize our customers' most complex mission-critical IT estates. And at the same time, we took actions to further streamline our operations. While there is more work ahead, our strategic priorities remain clear.

Kyndryl Consult 的簽約與營收均成長，我們也持續看到與超大規模雲端服務商（hyperscalers）合作的正向動能。我們持續投資於我們看見機會的領域：Kyndryl Consult、我們的聯盟夥伴關係，以及透過 Kyndryl Bridge 與我們的智慧財產（IP）所打造的 Agentic AI 能力，以支援並現代化客戶最複雜、最關鍵任務的 IT 資產。同時，我們也採取行動進一步精簡營運。雖然前方仍有許多工作要做，但我們的策略優先事項依然清晰。

We're focused on delivering our fiscal 2027 outlook and our 2028 objectives. With more revenue expected to come from higher-margin post-spin signings this year and next, the quality of that revenue base gives us confidence in our ability to increase profitability and deliver more than $1.2 billion in adjusted pretax income and $1 billion in free cash flow in fiscal 2028. And these targets can be achieved on low single-digit constant currency revenue growth. Harsh will provide more detail in a few minutes on our recent financial results and our outlook.

我們專注於達成 2027 會計年度展望與 2028 年目標。由於今年與明年預期將有更多營收來自分拆後、毛利率較高的簽約，該營收基礎的品質讓我們對提升獲利能力更具信心，並有能力在 2028 會計年度實現超過 12 億美元的調整後稅前收益，以及 10 億美元的自由現金流。而且，這些目標可在固定匯率下低個位數的營收成長情境中達成。Harsh 將在幾分鐘後就我們近期財務結果與展望提供更多細節。

Last quarter, we outlined the priorities that support our fiscal 2028 targets. As we highlighted, we entered the fiscal year with a 5-point improvement in beginning backlog versus fiscal 2026. And four months into the year, our pipeline consists of more scope expansions and new logos that support future signings growth and better mix of higher-value services.

上季我們概述了支撐 2028 會計年度目標的優先事項。如同我們所強調的，我們在本會計年度開始時，相較 2026 會計年度的期初在手訂單（backlog）提升了 5 個百分點。而在年度進行四個月後，我們的商機管線包含更多範疇擴張與新客戶（new logos），可支撐未來簽約成長，並帶來更佳的高價值服務組合。

AI, modernization and cyber preparedness remain important priorities for enterprises around the world as they balance innovation and transformation with operational stability in an uncertain macro environment. This is driving demand for Kyndryl Consult with signings exceeding revenue over the last 12 months.

在不確定的總體經濟環境下，全球企業在兼顧創新與轉型、同時維持營運穩定之際，AI、現代化與資安準備度仍是重要優先事項。這正推動 Kyndryl Consult 的需求，且過去 12 個月的簽約金額已高於營收。

These same dynamics are creating opportunities across our alliance ecosystem with customers' modernization needs accelerating demand in both public and private cloud. We continue to sign deals with average projected pretax margins in the high single digits, reflecting our focus on higher-value services and pricing discipline central to our transformation.

同樣的動態也在我們的聯盟生態系中創造機會；客戶的現代化需求加速，帶動公有雲與私有雲的需求。我們持續簽下平均預估稅前利潤率為高個位數的合約，反映我們聚焦高價值服務與價格紀律，這也是我們轉型的核心。

Through our advanced delivery initiative, we are embedding more automation and AI into our operations, improving productivity and upskilling our teams for higher-value work. And with Kyndryl Bridge, our AI-powered services delivery platform, we're providing our customers with the technology foundation to deploy, govern and orchestrate AI agents and agentic workflows across complex IT estates.

透過我們的先進交付（advanced delivery）計畫，我們在營運中導入更多自動化與 AI，以提升生產力，並讓團隊技能升級以承接更高價值的工作。同時，藉由 Kyndryl Bridge（我們的 AI 驅動服務交付平台），我們為客戶提供技術基礎，使其能在複雜 IT 資產環境中部署、治理並協調 AI 代理（AI agents）與代理式工作流程（agentic workflows）。

In parallel, we're taking workforce rebalancing actions to address lower-than-normal voluntary attrition and our SG&A costs with savings expected to begin in the back half of this year. We'll continue to share our progress against these signposts as we drive our business toward our multiyear objectives.

同時，我們也採取人力結構再平衡措施，以因應低於常態的自願離職率以及我們的 SG&A 成本，預期節省效益將自今年下半年開始顯現。我們將持續分享在這些里程碑上的進展，推動業務朝多年度目標邁進。

I want to focus my discussion on total signings performance. While our customers remain thoughtful and deliberate in their IT decision-making, we're seeing demand for AI-led modernization, especially where Kyndryl Consult and our hyperscaler alliances help customers address their mission-critical needs.

我想把討論重點放在總簽約表現。雖然客戶在 IT 決策上仍保持審慎且循序漸進，但我們看到 AI 主導的現代化需求，特別是在 Kyndryl Consult 與我們的 hyperscaler 聯盟能協助客戶滿足其關鍵任務需求的領域。

We're encouraged that over the last six months, our total signings have exceeded our revenue. Deal size and composition are additional proof points that demonstrate how we're executing our strategy. Over the last 12 months, we signed 40 deals in excess of $50 million, of which 10 were signed in the first quarter.

我們感到振奮的是，過去六個月我們的總簽約已超過營收。交易規模與組成是額外的佐證，顯示我們如何落實策略。過去 12 個月，我們簽下 40 筆超過 5,000 萬美元的交易，其中 10 筆是在第一季簽訂。

And among these 40 large deals, approximately 30% of their value consists of scope expansion or our new logos, which compares to 15% in fiscal 2025. Strong signings in Kyndryl Consult and momentum in hyperscalers are translating to revenue growth in these targeted areas.

在這 40 筆大型交易中，約 30% 的價值來自範疇擴張或新客戶，對比 2025 會計年度的 15%。Kyndryl Consult 的強勁簽約與 hyperscalers 的動能，正轉化為這些目標領域的營收成長。

Kyndryl Consult revenue grew 14% and hyperscaler-related revenue streams grew 48% in the last 12 months on a year-over-year basis. Performance in Kyndryl Consult and hyperscalers has partially offset the revenue headwinds from focus accounts over the last few years and more recently, lengthening sales cycles and customers' decisions to procure hardware and software directly from IBM.

過去 12 個月，Kyndryl Consult 營收年增 14%，與 hyperscaler 相關的營收來源年增 48%。Kyndryl Consult 與 hyperscalers 的表現，部分抵消了過去幾年來自重點客戶（focus accounts）的營收逆風，以及近期銷售週期拉長與客戶選擇直接向 IBM 採購硬體與軟體所帶來的影響。

Kyndryl Consult's results demonstrate broad demand from enterprises looking to design and scale Agentic AI across their business workflows, modernize complex hybrid IT environments and strengthen cybersecurity and resilience.

Kyndryl Consult 的成果顯示企業端的廣泛需求：企業希望在其業務工作流程中設計並擴展 Agentic AI、現代化複雜的混合式 IT 環境，並強化資安與韌性。

To meet that demand, we've been expanding our consulting skills and capabilities, including investments in forward deploy engineers, human systems architects and AI innovation labs, where we co-create Agentic solutions at scale with our Kyndryl Agentic Framework.

為了滿足這些需求，我們持續擴充顧問技能與能力，包括投資前線部署工程師（forward deploy engineers）、人類系統架構師（human systems architects）以及 AI 創新實驗室；在這些場域中，我們透過 Kyndryl Agentic Framework 與客戶共同創造可規模化的 Agentic 解決方案。

To further address customers' modernization and AI needs, we've been expanding our relationships with our alliance partners. Recently, we expanded our alliance with AWS to help enterprises adopt and scale Agentic AI as they modernize and run mission-critical workloads in the cloud.

為了進一步滿足客戶的現代化與 AI 需求，我們持續擴大與聯盟夥伴的合作關係。近期我們擴展了與 AWS 的聯盟，協助企業在雲端現代化並運行關鍵任務工作負載的同時，導入並擴展 Agentic AI。

We also expanded our work with Microsoft Azure to help customers design, build and operate cloud architectures that align with evolving data residency and operational requirements. And we continue to strengthen collaborations with partners such as Broadcom and Dell, HP Enterprise and Red Hat to support customers' modernization efforts in complex private and hybrid cloud environments.

我們也擴大與 Microsoft Azure 的合作，協助客戶設計、建置並營運符合不斷演進之資料駐留（data residency）與營運需求的雲端架構。同時，我們持續強化與 Broadcom、Dell、HP Enterprise 以及 Red Hat 等夥伴的協作，以支援客戶在複雜的私有雲與混合雲環境中的現代化工作。

AI is accelerating the need for modernization. Every day, I speak with business and technology leaders in different industries and nearly every customer conversation comes back to the same long-term themes. First, enterprises are eager to realize the benefits of AI, but many are trying to deploy next-generation technologies on infrastructure applications and processes that were not designed for them.

AI 正在加速現代化的需求。每天我都會與不同行業的商業與科技領袖交流，而幾乎每一次與客戶的對話都回到相同的長期主題。第一，企業渴望實現 AI 的效益，但許多企業正嘗試在並非為其設計的基礎架構、應用程式與流程上部署下一代技術。

As you've heard me say before, it's like trying to run a new 200-mile per hour capable bullet train on tracks built for a 30-mile per hour world. Equally challenging as our Kyndryl People Readiness Report found, there's also a lack of skills as only 23% of business leaders said their workforce is ready for AI. The need for Kyndryl's expertise and modernization capabilities to continue running their business while transforming it, that run and transform and run approach is where Kyndryl is differentiated.

如同我之前所說，這就像試圖讓一列可達每小時 200 英里的新型子彈列車，行駛在為每小時 30 英里世界所建造的軌道上。同樣具挑戰的是，正如我們的《Kyndryl People Readiness Report》所發現的，技能也存在缺口，僅有 23% 的企業領袖表示其員工已準備好迎接 AI。企業在持續營運的同時推動轉型，對 Kyndryl 的專業與現代化能力的需求——也就是「邊運行、邊轉型、再運行」（run and transform and run）的做法——正是 Kyndryl 的差異化所在。

Second, AI, cybersecurity and data residency regulations and mandates are becoming fundamental considerations in how customers plan and invest in IT. Enterprises increasingly want greater control over their data, their AI models and their digital infrastructure, and Kyndryl helps our customers navigate and build technology foundations that can adapt to the evolving regulatory requirements, geopolitical realities and business needs over the long term.

第二，AI、資安與資料駐留相關的法規與強制要求，正成為客戶規劃與投資 IT 時的基本考量。企業愈來愈希望對其資料、AI 模型與數位基礎設施擁有更高的掌控度；Kyndryl 協助客戶因應並建置可長期適應不斷演進的監管要求、地緣政治現實與業務需求的技術基礎。

Third, and related to the previous theme, cybersecurity and resilience remain top priorities. As Agentic AI becomes more powerful, as we've seen with recent frontier models and further embedded into how enterprises operate, our customers need strong guardrails and policies to bolster the governance and security of their critical systems.

第三點，且與前述主題相關，資安與韌性仍是最優先事項。隨著代理式 AI（Agentic AI）變得更強大——正如我們在近期前沿模型所見——並進一步深度嵌入企業的營運方式之中，我們的客戶需要強而有力的防護欄與政策，以強化其關鍵系統的治理與安全。

This is especially important in the highly regulated and mission-critical environments where Kyndryl has deep expertise in governing and securing data across complex hybrid environments and adhering to unique compliance requirements.

這在高度監管且任務關鍵的環境中特別重要；Kyndryl 在此領域具備深厚專業，能在複雜的混合式環境中治理與保護資料，並遵循獨特的合規要求。

Fourth, customers increasingly want open and interconnected platforms for flexibility and choice across public cloud, private cloud and on-premises environments. As technology ecosystems become even more diverse and interconnected, organizations need agile platforms that integrate seamlessly across environments and applications, enabling interoperability, reducing vendor lock-in and accelerating innovation.

第四點，客戶愈來愈希望擁有開放且互聯的平台，以在公有雲、私有雲與地端（on-premises）環境之間取得彈性與選擇。隨著科技生態系更加多元且互聯，組織需要能在各環境與應用間無縫整合的敏捷平台，以實現互通性、降低供應商綁定並加速創新。

And finally, while most AI investments were initially justified through productivity gains, customers are increasingly looking beyond efficiency toward growth, towards speed and toward new business outcomes. These are structural and durable trends that leverage our heritage and expertise in mission-critical IT infrastructure, our ecosystem, Kyndryl Bridge and our differentiated portfolio of Agentic AI capabilities.

最後，雖然多數 AI 投資最初是以生產力提升作為正當性依據，但客戶正愈來愈多地超越效率，轉向追求成長、速度以及新的業務成果。這些是結構性且持久的趨勢，能運用我們在任務關鍵 IT 基礎架構的傳承與專業、我們的生態系、Kyndryl Bridge，以及我們具差異化的代理式 AI 能力組合。

We're helping customers simplify complexity and build technology environments that can adapt as business, regulatory and technology requirements evolve while improving resilience, security and operational performance.

我們正協助客戶簡化複雜性，打造可隨著業務、監管與技術需求演進而調適的技術環境，同時提升韌性、安全性與營運績效。

Now let's talk about three tangible examples of how we're helping customers deliver business outcomes across the modernization continuum using an Agentic AI approach. First, with a large global payments company that we've been working with for decades, the challenge wasn't deciding to modernize. It was to better understand the complexities and dependencies across decades of mission-critical mainframe applications to modernize effectively, maximize their ROI and drive the agility and scale that the business required.

現在讓我們談三個具體例子，說明我們如何以代理式 AI 方法，協助客戶在現代化連續體（modernization continuum）上交付業務成果。第一個例子是一家我們合作數十年的大型全球支付公司；挑戰不在於是否要現代化，而在於更好地理解數十年任務關鍵大型主機（mainframe）應用程式之間的複雜性與相依關係，以有效推動現代化、最大化其投資報酬率（ROI），並帶動業務所需的敏捷性與規模。

We expanded our scope to roll out Kyndryl's Agentic modernization platform with prepackaged AI modernization workflows, which can be scaled to support multiple customer teams globally carrying out modernization work. We deployed our engineers to develop additional AI workflows to meet the customers' unique modernization and tech stack needs.

我們擴大了合作範圍，導入 Kyndryl 的代理式現代化平台，內含預先封裝的 AI 現代化工作流程，可擴展以支援全球多個客戶團隊執行現代化工作。我們也派出工程師開發額外的 AI 工作流程，以滿足客戶獨特的現代化與技術堆疊需求。

Next, we expanded our scope with a leading European financial institution to transform its operations and technology while improving efficiency and meeting increasingly complex regulatory requirements. This customer wants to modernize applications, infrastructure and operations at the same time, not as separate initiatives.

接著，我們與一家歐洲領先的金融機構擴大合作範圍，在提升效率並滿足日益複雜的監管要求的同時，轉型其營運與技術。該客戶希望同時現代化應用程式、基礎架構與營運，而非分別作為獨立計畫推進。

We're bringing together Kyndryl Consult, Kyndryl Bridge and our managed services expertise to implement an AI-native Agentic banking platform. This end-to-end modernization effort will automate its operations, strengthen security and resilience, improve overall decision-making and enhance the customer experience.

我們整合 Kyndryl Consult、Kyndryl Bridge 與我們的託管服務專業，導入 AI 原生的代理式銀行平台。這項端到端的現代化工作將自動化其營運、強化安全與韌性、改善整體決策，並提升客戶體驗。

And then we were recently awarded a new logo with a global technology company to help streamline software engineering and IT operations using the Kyndryl Agentic AI Framework. This will help them grow while improving security, resilience and speed.

此外，我們近期也獲得一家全球科技公司的新客戶（new logo），將運用 Kyndryl 代理式 AI 框架（Kyndryl Agentic AI Framework）協助其精簡軟體工程與 IT 營運。這將在提升安全、韌性與速度的同時，協助其成長。

By combining Kyndryl's expertise in Agentic software development, platform engineering and IT operations, we will deliver a scalable, secure and efficient technology foundation that supports their expanding Edge AI global business while reducing deployment complexity and operational risk.

透過結合 Kyndryl 在代理式軟體開發、平台工程與 IT 營運方面的專業，我們將交付可擴展、安全且高效率的技術基礎，支援其擴張中的 Edge AI 全球業務，同時降低部署複雜度與營運風險。

In all three examples, our AI-led modernization approach is accelerating transformation timeline and improving efficiency, strengthening the resilience of their mission-critical technology environments. We were awarded new scope with each of these customers and now expect to expand into new areas, demonstrating the breadth of our capabilities and importantly, creating opportunities to deepen and expand our long-term strategic relationships with our customers.

在這三個案例中，我們以 AI 驅動的現代化方法正在加速轉型時程並提升效率，同時強化其任務關鍵技術環境的韌性。我們在每位客戶身上都獲得了新增範圍（new scope），並預期將擴展至新的領域，展現我們能力的廣度；更重要的是，創造機會以深化並擴大與客戶的長期策略關係。

We're a trusted adviser and a long-term partner for our customers with differentiated solutions that center on achieving tangible business results. With the expectation that higher-value signings continue to improve, our focus is clear, drive profitable growth and stronger free cash flow.

我們是客戶信賴的顧問與長期夥伴，提供以達成可衡量的業務成果為核心的差異化解決方案。隨著高價值簽約（signings）持續改善的預期，我們的重點很明確：推動獲利性成長與更強勁的自由現金流。

And with that, I'd like to pass the call over to Harsh to discuss our quarterly results and our fiscal year outlook. Harsh?

接下來，我想把電話會議交給 Harsh，請他說明我們的季度業績與 2027 會計年度展望。Harsh？

Thanks, Martin, and hello, everyone. Today, I will focus my comments on our first quarter results and outlook for fiscal year 2027. In Q1, we generated $3.6 billion of revenue, down 3% year-over-year on both a reported and constant currency basis. For the second consecutive quarter, we delivered 5% revenue growth in the US as our AI-led modernization approach continues to resonate with our customers. We exited the period with 12-month signings of $14.2 billion, of which $3.9 billion was signed in Q1. As Martin noted, it was encouraging to see signings gain momentum as we exited the March quarter and kicked off our new fiscal year.

謝謝你，Martin，各位好。今天我將把重點放在我們第一季的業績以及 2027 會計年度的展望。第一季我們創造 36 億美元營收，無論按報告口徑或按固定匯率口徑，年減 3%。連續第二個季度，我們在美國實現 5% 的營收成長，因為我們以 AI 驅動的現代化方法持續獲得客戶共鳴。我們在期末的 12 個月簽約額為 142 億美元，其中 39 億美元是在第一季簽署。如 Martin 所提，令人鼓舞的是，隨著我們走出 3 月季度並啟動新的會計年度，簽約動能有所提升。

Our adjusted EBITDA in the quarter was $512 million, and our adjusted pretax loss was $37 million. The year-over-year declines in earnings and margin were primarily driven by $152 million of workforce rebalancing charges incurred in the quarter. These charges had more than a 4-point impact on adjusted pretax income margin in the quarter.

本季調整後 EBITDA 為 5.12 億美元，調整後稅前虧損為 3,700 萬美元。獲利與利潤率的年減主要是由本季認列的 1.52 億美元人力結構再平衡費用所致。這些費用使本季調整後稅前所得利潤率受到超過 4 個百分點的影響。

Our 3A's initiative have become central to how we run the business as the savings from our workforce actions begin to materialize, we expect to see greater operating leverage flow through to the bottom line. Through our alliances, we generated more than $530 million of hyperscaler-related revenue streams in the quarter with $2 billion over the last 12 months. We continue to expect hyperscalers to be a positive contributor to revenue and earnings growth going forward.

我們的 3A 計畫已成為公司營運方式的核心；隨著人力相關行動帶來的節省開始顯現，我們預期將看到更大的營運槓桿反映在最終獲利上。透過我們的策略聯盟，本季我們創造超過 5.3 億美元與超大規模雲端服務商（hyperscaler）相關的營收來源，過去 12 個月累計達 20 億美元。我們仍預期 hyperscaler 將在未來持續對營收與獲利成長做出正向貢獻。

Through advanced delivery, we are embedding more AI-based technology into our services through Kyndryl Bridge, driving continuous productivity improvements, reducing cost and further increasing our already strong service levels.

透過先進交付（advanced delivery），我們正藉由 Kyndryl Bridge 將更多以 AI 為基礎的技術嵌入服務中，推動持續的生產力提升、降低成本，並進一步提升我們原本就很強的服務水準。

And while the work to address focused accounts through our accounts initiative is largely behind us, the discipline we developed continues to inform how we pursue higher-value growth. through scope expansions, new logos, our expanding consulting and agentic AI capabilities and our broad alliance ecosystem.

此外，雖然透過我們的帳戶計畫來處理重點帳戶（focused accounts）的工作大致已告一段落，但我們所建立的紀律仍持續影響我們如何追求更高價值的成長——透過範圍擴張、新客戶（new logos）、我們不斷擴大的顧問服務與代理式 AI 能力，以及我們廣泛的聯盟生態系。

I want to provide an update on what we have been sharing on our evolving partnership with IBM, largely driven by how customers are consuming IBM innovation. This chart illustrates a 3-point adverse impact on revenue performance in constant currency, driven by our focus accounts initiative in earlier years and more recently by this evolving relationship.

我想更新我們先前分享的、與 IBM 不斷演進的合作關係，這主要是由客戶採用 IBM 創新的方式所驅動。此圖表顯示在固定匯率口徑下，營收表現受到 3 個百分點的不利影響，原因包括我們在早期年度的重點帳戶計畫，以及近期這段演進中的關係所帶來的影響。

As we have described before, at the time of the spin-off, approximately 40% of revenue from our inherited commercial agreements were in a low-to-no margin position. To give you a sense of the magnitude of this, when we were spun-off, the annualized run rate of our spend with IBM was nearly $4 billion. Over the past four years, we have addressed most of the focus accounts, leading to improved profitability gains.

如同我們先前所述，在分拆（spin-off）之時，我們承接的商業合約中約有 40% 的營收處於低利潤甚至無利潤的狀態。為了讓各位了解其規模：我們分拆時，對 IBM 的年度化支出運行率（annualized run rate）接近 40 億美元。過去四年，我們已處理了大多數重點帳戶，帶來獲利能力的改善。

In fact, our spend with IBM over the last 12 months was less than $2 billion, less than half of the spend since we spun off. During fiscal 2026, especially in second half, customers increasingly procured certain IBM hardware and software directly from IBM, while continuing to rely on Kyndryl for high-value services.

事實上，過去 12 個月我們對 IBM 的支出已低於 20 億美元，不到分拆以來支出的一半。在 2026 會計年度，特別是下半年，客戶愈來愈多直接向 IBM 採購部分 IBM 硬體與軟體，同時仍仰賴 Kyndryl 提供高價值服務。

That pattern has continued into fiscal 2027 and is creating a similar headwind to our top line performance over the last 12-month period. Importantly, these changes do not affect the scope or margin profile of our services or our ability to grow services content over time.

這種模式延續到 2027 會計年度，並在過去 12 個月期間對我們的營收（top line）表現造成類似的逆風。重要的是，這些變化不會影響我們服務的範圍或利潤結構，也不會影響我們隨時間推進擴大服務內容的能力。

However, they do reduce the size of our signings and consequently, our revenue growth over time. And as we have said, this has limited impact on our earnings. Our outlook for fiscal 2027 continues to be based on the assumption that we'll see similar headwinds throughout the remainder of the year.

然而，這確實會縮小我們的簽約額（signings），因此也會在時間推移下壓抑我們的營收成長。正如我們所說，這對獲利的影響有限。我們對 2027 會計年度的展望仍以假設今年剩餘期間將持續面臨類似逆風為基礎。

Turning to cash flow. As a reminder, our first quarter is a seasonal use of cash driven by working capital timing. This year, free cash flow was $401 million outflow. Compared to the same period a year ago, we had higher payments related to multiyear renewals and annual prepaid software subscriptions and lower billings and collections.

接著談現金流。提醒各位，我們第一季因營運資金時點因素，季節性地會使用現金。今年自由現金流為流出 4.01 億美元。與去年同期相比，我們支付了更多與多年期續約及年度預付軟體訂閱相關的款項，同時開立帳單與收款較少。

This was partially offset by lower broad-based annual incentive compensation payments. Importantly, working capital dynamics were contemplated in our full year fiscal 2027 outlook. As we move through the year, we expect meaningfully higher earnings, particularly in second half and stronger working capital to drive free cash flow.

這部分被較低的全公司年度獎酬（annual incentive compensation）支付所部分抵銷。重要的是，營運資金的動態已納入我們 2027 會計年度的全年展望。隨著年度推進，我們預期獲利將顯著提高，特別是在下半年，並由更強勁的營運資金帶動自由現金流。

While quarter-to-quarter dynamics can vary, we continue to target a strong conversion of earnings to free cash flow on a full year basis. We have provided a bridge from our adjusted pretax income to our free cash flow as well as a bridge from our adjusted EBITDA to our free cash flow in the appendix and more information on the free cash flow metric calculation.

雖然季度之間的動態可能有所波動，我們仍以全年為基礎，持續以強勁的獲利轉換為自由現金流為目標。我們已在附錄中提供從調整後稅前收入到自由現金流的調節表，以及從調整後 EBITDA 到自由現金流的調節表，並提供更多關於自由現金流指標計算方式的資訊。

Our financial position remains strong. Our cash balance at June 30 was $2.1 billion. Our debt maturities are well laddered from late 2026 to 2041. We plan to refinance or use cash on hand to fund our near-term debt maturity of $700 million.

我們的財務狀況依然穩健。截至 6 月 30 日，我們的現金餘額為 21 億美元。我們的債務到期結構自 2026 年末至 2041 年分布良好。我們計劃透過再融資或動用手頭現金，來支應近期 7 億美元的到期債務。

Our net leverage ratio exiting the quarter was 0.8x, and our investment-grade rating was recently reaffirmed by Fitch, Moody's and S&P. Under the share repurchase authorization, we bought 5 million of shares of common stock at a cost of $64 million in the first quarter.

本季結束時，我們的淨槓桿比率為 0.8 倍，且我們的投資級評等近期已獲 Fitch、Moody's 與 S&P 再次確認。在股份回購授權下，我們於第一季以 6,400 萬美元成本回購了 500 萬股普通股。

Since the inception of the program, we have repurchased 8% of our outstanding shares. On capital allocation, our top priorities are to maintain an investment-grade balance sheet and financial flexibility. We have remained focused on winning business with healthy margins, which takes significant discipline as enterprises prolong decision-making.

自該計畫啟動以來，我們已回購了已發行在外股份的 8%。在資本配置方面，我們的首要優先事項是維持投資級資產負債表與財務彈性。我們仍專注於以健康的利潤率贏得業務；在企業延長決策時間的情況下，這需要相當的紀律。

Over the last four years, we have signed contracts with projected gross margin in the mid-20s and projected pretax margins in the high single digits. We have again included a gross profit book-to-bill chart that illustrates how we have been creating and capturing value in our business.

過去四年，我們簽署的合約預估毛利率約在 20% 中段，預估稅前利潤率在高個位數。我們再次納入毛利 book-to-bill 圖表，以說明我們如何在業務中創造並掌握價值。

With an average projected gross margin of 25% on signings over the last 12 months, we have added more gross profit dollars to our backlog than we have reported as gross profit over the same period. Having a gross profit book-to-bill ratio at or above one demonstrates the quality of post-spin signings and the expected future profit growth from committed contracts. And as Martin highlighted, new scope and new logos continue to increase as a percent of our large deal signings.

過去 12 個月簽約的平均預估毛利率為 25%，我們新增至在手訂單（backlog）的毛利金額，已高於同期間我們所認列的毛利。毛利 book-to-bill 比率達到或高於 1，顯示分拆後簽約的品質，以及已承諾合約所帶來的未來利潤成長預期。正如 Martin 所強調的，新範疇（new scope）與新客戶（new logos）在大型交易簽約中的占比持續提升。

Turning to our outlook for fiscal 2027. We continue to expect adjusted pretax income to be in the range of $600 million to $700 million. This pretax income outlook includes approximately $200 million of workforce rebalancing charges and a similar amount of savings associated with these actions to offset the charges. In fiscal 2028, these actions are expected to yield annualized savings in the range of $400 million to $500 million.

接著談我們對 2027 會計年度的展望。我們仍預期調整後稅前收入將落在 6 億至 7 億美元區間。此稅前收入展望包含約 2 億美元的人力再平衡費用，以及與這些行動相關、用以抵銷費用的相近金額節省。於 2028 會計年度，這些行動預期將帶來年化節省約 4 億至 5 億美元。

Looking at the second quarter, we expect adjusted pretax income to be relatively in line with the $123 million we reported last year, which includes more workforce rebalancing charges compared to the prior year. The progress we are making on our workforce actions are on track to what we have previously outlined.

就第二季而言，我們預期調整後稅前收入將大致與去年我們所報告的 1.23 億美元相當，其中包含相較前一年更多的人力再平衡費用。我們在人力相關行動上的進展，符合先前所說明的時程。

For the full year, we continue to expect our free cash flow in the range of $400 million to $500 million. We continue to expect revenue to be flat to down 2% in constant currency with year-over-year trends projected to improve each quarter.

就全年而言，我們仍預期自由現金流將落在 4 億至 5 億美元區間。我們仍預期以固定匯率計算的營收將持平至下滑 2%，且預估年對年趨勢將在每一季逐步改善。

Within that, we expect Kyndryl Consult and our alliances-related revenue streams will continue to grow. While at the same time, as I discussed earlier, we are assuming that our evolving relationship with IBM will be a similar headwind to what we have been experiencing. Taking into consideration the pace of signings over the last 15 months and what we expect to sign in the second quarter, we expect our second half 2027 revenue to be stronger than the first half.

在此之中，我們預期 Kyndryl Consult 與聯盟相關的營收來源將持續成長。同時，如我先前所述，我們假設與 IBM 的關係演變將帶來與目前相近的逆風。綜合考量過去 15 個月的簽約節奏，以及我們預期在第二季將簽下的合約，我們預期 2027 年下半年營收將強於上半年。

Let me now pass the call back to Martin. Martin?

接下來我把電話交回給 Martin。Martin？

Thank you, Harsh. To wrap up, we are executing against a clear strategy in a market where customers need trusted partners to modernize mission-critical environments, adopt AI and navigate increasing complexity.

謝謝你，Harsh。總結來說，我們正依循清晰的策略執行；在這個市場中，客戶需要值得信賴的合作夥伴來現代化關鍵任務環境、採用 AI，並因應日益增加的複雜性。

We're seeing momentum in the areas that matter most, Kyndryl Consult, hyperscalers, alliance-led growth and AI-led modernization. Our differentiated capabilities, including Kyndryl Bridge and Agentic AI are helping customers deliver tangible business outcomes while creating opportunities to expand our relationships.

我們在最重要的領域看到動能：Kyndryl Consult、超大規模雲端服務商（hyperscalers）、由聯盟帶動的成長，以及以 AI 驅動的現代化。我們具差異化的能力，包括 Kyndryl Bridge 與 Agentic AI，正協助客戶交付具體的業務成果，同時創造擴大合作關係的機會。

At the same time, we continue to improve the quality of our signings, embed automation into our operations and drive greater efficiency across the business. Taken together, these actions give us confidence in our ability to deliver on our fiscal 2027 and our fiscal 2028 targets. Operator, let's now move on to questions.

同時，我們持續提升簽約品質、將自動化嵌入營運，並推動全公司更高的效率。綜合而言，這些行動讓我們對達成 2027 會計年度與 2028 會計年度目標的能力充滿信心。接線員，現在我們進入問答。

(Operator Instructions) Jonathan Lee, Guggenheim Securities.

（接線員指示）Jonathan Lee，Guggenheim Securities。

Can you help us think through what's contemplated in the fiscal '27 outlook across the key moving pieces, specifically the assumed Consult growth pace, the level of signings conversion assumed and any embedded assumptions around sales cycle duration? Where do you see the biggest sources of upside and downside relative to the flat to down 2% constant currency revenue outlook range?

你能否協助我們梳理 2027 會計年度展望中各個關鍵變動因素的假設，特別是 Consult 的假設成長速度、假設的簽約轉換程度，以及任何內含的銷售週期長度假設？相對於以固定匯率計算營收持平至下滑 2% 的展望區間，你認為最大的上行與下行來源分別是什麼？

Sure. Thank you, and thanks for the time this morning. A couple of comments. I'll ask Harsh, obviously, if he wants to add anything to my answer. So first, let's start where you did, which is on Consult.

當然。謝謝你，也謝謝你今天早上的時間。我先說幾點評論；我也會請 Harsh 看看是否要補充我的回答。首先，就從你提到的 Consult 開始。

At the beginning of the year, when we provided our guidance -- revenue guidance, we said Consult would be kind of high single, low-double digit. And I think we've just printed at 10%. So we feel very good about the start we had to stay within that range and have Consult deliver what we've embedded in our initial guidance.

在年初我們提供指引——營收指引時，我們說 Consult 大概會是高個位數到低雙位數。我想我們剛公布的是 10%。因此，我們對開局表現非常滿意，認為可以維持在該區間內，並讓 Consult 交出我們在初始指引中所內含的表現。

Additionally, we feel really good about the signings in the first quarter. As everybody knows, we have to keep the signings machine going and the 50% growth in Consult in the first quarter says our assumption for the year, it looks quite good.

此外，我們對第一季的簽約也感到非常滿意。眾所周知，我們必須讓簽約引擎持續運轉，而第一季 Consult 簽約成長 50% 顯示我們對全年所做的假設看起來相當不錯。

I would add to that, by the way, that in addition to the first quarter where we had good consult growth, I'd also say that we had a good July in signings. So I think we feel like we're on track to deliver what we said for the year.

順帶一提，我還要補充，除了第一季 Consult 成長良好之外，我也會說我們在 7 月的簽約表現也不錯。因此，我們覺得自己正按計畫推進，以交付我們對全年所說的內容。

Now let's recognize that while the 50% growth, for instance, in signings in Consult in the first quarter is certainly a help. We also have a tough compare in the second quarter with Consult. Again, it doesn't affect the year. We're still confident in the year.

現在也要認知到，雖然例如第一季 Consult 簽約成長 50% 確實有幫助，但我們在第二季的 Consult 也面臨較高的比較基期。同樣地，這不影響全年；我們對全年仍有信心。

On sales cycles, look, given what we do and the role we play in our customers' environments, our customers are making long-term decisions. And so that hasn't changed. At the same time, we run mission-critical. We run their hearts and lungs. So there's a big component of trust in how our customers make decisions, and that hasn't changed.

關於銷售週期，坦白說，考量我們所做的事情以及我們在客戶環境中扮演的角色，客戶是在做長期決策，因此這點沒有改變。同時，我們負責關鍵任務系統；我們運行的是他們的心臟與肺。因此，客戶在決策時對信任的依賴程度很高，而這也沒有改變。

At the same time, the world is getting more complex. And since we had our last earnings call, for instance, Mythos was announced, and that's certainly captured the attention of the enterprise tech world. So our customers are making long-term decisions on mission-critical elements and the complexity of technology and what they're thinking through is still ever present.

同時，世界正變得更複雜。舉例來說，自我們上次財報電話會議以來，Mythos 已被宣布，這無疑吸引了企業科技圈的注意。因此，我們的客戶在關鍵任務要素上做長期決策，而技術的複雜性以及他們需要思考的事情仍然一直存在。

Is there -- in certain instances, is there a new dynamic like sovereignty, for instance, in Europe? Sure, that's a discussion that leads into the overall sales cycle. But I wouldn't say that we're seeing dramatically different sales cycles, again, relative to the role we play in the world on long-term commitments, the role of trust in running mission-critical and the complexity of technology. Harsh, anything to add?

是否——在某些情況下，會出現新的動態，例如歐洲的主權（sovereignty）議題？當然，這會成為整體銷售週期中的一部分討論。但我不會說我們看到銷售週期出現顯著不同；同樣地，考量我們在全球所扮演的角色——長期承諾、在關鍵任務運行中信任的重要性，以及技術的複雜性。Harsh，有要補充的嗎？

Yes. A couple of things I would add. We continue to see momentum in our hyperscaler kind of that we have continued to see. And I think the higher value elements that we have in our signings, once again, the new scope and new logo, it continued at a pace of 30%, as Martin mentioned in his prepared remarks compared to 2025 fiscal, which was like 15%. And we do see a good mix of pipeline for new scope and new logo as we look forward as well.

有的。我會補充幾點。我們在超大規模雲端服務商（hyperscaler）方面持續看到動能，延續我們一直以來所見的趨勢。另外，我們簽約中更高價值的要素——再次強調新範疇（new scope）與新客戶（new logo）——如 Martin 在事先準備的講稿中提到，仍以 30% 的速度持續推進；相較之下，2025 會計年度大約是 15%。展望未來，我們也看到在新範疇與新客戶方面有不錯的管線組合。

Kevin Krishnaratne, Scotiabank.

Kevin Krishnaratne，Scotiabank。

Good strength -- continued strength in the US, but I want to switch to the Principal Markets and maybe Europe was down 8% constant currency, 7% last quarter. I mean, I think that's expected. You did talk last quarter about some of the headwinds on AI sovereignty and buying decisions. But just curious, was that ahead or below your expectations? And how do you see trends out of Europe evolving into Q2, Q3?

美國表現強勁——持續強勁；但我想轉到 Principal Markets，或許是歐洲，以固定匯率計算下滑 8%，上一季下滑 7%。我的意思是，我想這是預期之內。你們上一季確實談到一些逆風，包括 AI 主權與採購決策。但我只是好奇，這是高於或低於你們的預期？以及你們如何看待歐洲的趨勢在第二季、第三季的演變？

Yes. So a couple of things. It is all consistent with what we've assumed as we started the year and still supports our guidance for the full year. And the trends, as I just talked about, that we see in terms of deal closings and cycle times are not a lot different. Again, does Europe sometimes have a sovereignty discussion?

是的。所以有幾點。這一切都與我們在年初所做的假設一致，也仍然支持我們對全年所給出的指引。而且，正如我剛才談到的，我們在交易結案與週期時間方面看到的趨勢並沒有太大不同。再說一次，歐洲有時候會出現主權方面的討論嗎？

It does sometimes. But by and large, it's the complexity of the environments that our customers are dealing with. It's the choices they have. And they know that while they need to commit over the long term to Kyndryl to run their infrastructure mission-critical, they also know that in three months, somebody can make an announcement that changes the world of AI again.

有時候會。但總體而言，更多是我們客戶所面對環境的複雜性，是他們可選擇的方案很多。他們也知道，雖然需要長期承諾由 Kyndryl 來運行其關鍵任務的基礎架構，但他們也知道，三個月後就可能有人發布一項公告，再次改變 AI 的世界。

And so it's all of these things that I think come to a head, a little bit more so in Europe than here in the US Obviously, the world changes here in the US as well, but the sovereignty issue is not at all an issue here in the US. So no, the short answer is, all consistent with what we assumed for our guidance. We're not seeing any trends, if you will, that would suggest the deal cycles are getting longer. It's just the world in which we live and it's the role we play in our customers. Harsh, anything you'd add?

因此，我認為所有這些因素會同時浮現，在歐洲比在美國更為明顯。當然，美國這邊世界也在變化，但主權議題在美國完全不是問題。所以，不，簡短的答案是：一切都與我們用於指引的假設一致。我們沒有看到任何趨勢會顯示交易週期正在變長。這只是我們所處的世界，以及我們在客戶那裡扮演的角色。Harsh，你有要補充的嗎？

Yes, I think it's consistent with what we had talked about. If you remember in the last couple of quarters, we had talked about UK as well as the European segment of Strategic Markets, like that has been kind of what we have continued to see. So it was as we were anticipating and not impacting our view for what we see the full year.

是的，我認為這與我們之前談到的內容一致。如果你記得在過去幾個季度，我們也談到英國以及策略市場（Strategic Markets）中的歐洲區段，這一直是我們持續看到的情況。所以這符合我們的預期，並未影響我們對全年展望的看法。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通（JPMorgan）。

Just thinking about the workforce in general. So you've got robust signings, you've got some savings on the way from the workforce rebalancing. I'm curious if you can just comment on resourcing or headcount and just your line of sight there in reskilling and lining up the workforce to deliver on the AI-led modernization and the value-added services work that you're focusing on.

我想從整體人力的角度來思考。你們有強勁的簽約，也有一些因人力再平衡而即將實現的節省。我很好奇你們能否談談資源配置或人頭數，以及你們在再技能培訓（reskilling）與讓人力到位以交付 AI 驅動的現代化，以及你們聚焦的增值服務工作方面的可視度。

Do you feel good about the pathway there? I would expect you'll probably see some increase in revenue per head or PTI per head. But just again, just looking for more detail there.

你們對這條路徑有信心嗎？我預期你們可能會看到每位員工的營收或每位員工的 PTI 有所提升。但我想再請你們提供更多細節。

Yes, sure. Thanks, Tien-Tsin. A couple of comments. And again, I'll invite Harsh if he wants to add anything. Our use of AI, which we've talked about for a number of years already, starting with the machine learning we use from the bridge data that we have in order to automate things, now moving into an agentic world.

好的，當然。謝謝你，Tien-Tsin。我有幾點評論。同樣地，如果 Harsh 想補充，我也歡迎。我們對 AI 的使用——我們其實已經談了好幾年——一開始是利用我們從 Bridge 數據中取得的機器學習來自動化一些事情，現在則進一步邁向代理式（agentic）的世界。

And for us, we have 1,800 or so agents in the infrastructure, helping us get to solutions faster, helping us reduce impact events, helping us reduce errors, helping us automate things. So it's very real for us, and it is something that allows us to free up people and reposition them in higher-value roles, still with a customer base that trust them.

對我們而言，我們在基礎架構領域大約有 1,800 個代理（agents），幫助我們更快找到解決方案、降低事件影響、減少錯誤、並推動自動化。所以這對我們來說非常真實，而且它讓我們能釋放人力，並把他們重新配置到更高價值的角色，同時仍然服務於信任他們的客戶群。

And so we've been very successful in doing that. I think we've deployed in the tens of thousands of -- redeployed in tens of thousands of people since we started this process, and I expect that to continue. There is a chance that Agentic can accelerate some of that, but we're just assuming that we can continue to free people up and redeploy them.

因此我們在這方面非常成功。我認為自從我們啟動這個流程以來，我們已經部署——重新部署了數以萬計的人員，而且我預期這會持續下去。代理式（Agentic）確實有可能加速其中一部分，但我們目前的假設是：我們可以持續釋放人力並進行重新部署。

And remember, our business model is one that's paid on outcomes. So we have to deliver uptime. We have to deliver resiliency features. We have to deliver security features. And I think what we've proven to ourselves, to our customers and to our investors is that as we -- as long as we continue to deliver on those outcomes, and again, agentic and automation actually improves quality, improves the way we deliver, we get to keep a piece of the savings we can generate as we manage those contracts.

而且請記住，我們的商業模式是以成果（outcomes）計酬。我們必須交付正常運行時間（uptime），必須交付韌性（resiliency）功能，必須交付安全功能。我認為我們已向自己、客戶以及投資人證明：只要我們持續交付這些成果——而且代理式與自動化其實提升品質、改善交付方式——那麼在我們管理這些合約時所能產生的節省中，我們可以保留其中一部分。

And I think our customers see the benefit in efficiency. They see the benefit in quality. And I think that is part of how we've generated about $1 billion in cumulative savings since we were spun out using, again, machine data, Kyndryl Bridge and our ability to automate in our advanced delivery initiative, all while our Net Promoter Scores on the run part of our business, which is what our customers are really are really looking at continues to improve.

我認為客戶看得到效率帶來的好處，也看得到品質帶來的好處。我想這也是為什麼自從我們分拆以來，透過機器數據、Kyndryl Bridge，以及我們在先進交付（advanced delivery）計畫中的自動化能力，我們已累計產生約 10 億美元的節省；同時，我們在業務「運行」（run）部分的淨推薦值（NPS）——也就是客戶真正關注的部分——仍在持續改善。

We're in world-class territory on NPS. We're in world-class territory on quality of service. So look, the use of AI, the use now of Agentic is very real for us. It's how our advanced delivery part of our strategy has generated a lot of value. And our model is one again that allows us to continue down this path and continue to redeploy.

我們的 NPS 已達世界級水準。我們的服務品質也達世界級水準。所以你看，AI 的使用、以及現在代理式（Agentic）的使用，對我們而言非常真實。這也是我們策略中先進交付部分創造大量價值的方式。而我們的模式也再次讓我們能沿著這條路持續前進並持續重新部署人力。

Harsh, anything you'd add?

Harsh，你有要補充的嗎？

Yes. I would say kind of some of the deals that you heard Martin talk about, I think it's important to talk about the value that we bring through the forward deployed engineers that we bring as well as the agentification that we bring in that's kind of helping us win against some of our competition because some of the insights that we have on the existing environment is unique from our point of view, that's kind of giving us an edge in some of the new scope, new logo that we've won.

有的。我會說，像你聽到 Martin 談到的一些交易，我認為也很重要的是談談我們透過前置部署工程師（forward deployed engineers）所帶來的價值，以及我們導入的代理化（agentification）。這些正在幫助我們在與部分競爭對手的競爭中勝出，因為我們對既有環境所掌握的一些洞察，從我們的角度來看是獨特的，這讓我們在一些新範疇（new scope）與新客戶（new logo）的贏單上取得優勢。

But also, we know how to kind of manage our bench like in terms of reskilling and redeployment kind of we have a great success rate in redeployment. We started to have great success in reskilling resources. And then we now -- as we talked about exiting kind of last year into this year, importance of workforce management that we are doing, which allows us to manage the cost of something that's kind of stranded, like? So that's kind of allowing us to kind of think about this as a more holistic way that we are approaching it, and you cannot miss agentification as an important element of that.

同時，我們也知道如何管理我們的人力儲備（bench），包括再技能培訓與重新部署；我們在重新部署方面的成功率很高。我們也開始在資源再技能培訓上取得很好的成果。然後我們現在——正如我們談到的，從去年到今年——正在做的人力管理的重要性，讓我們能管理那些有點被閒置（stranded）的成本，對吧？因此這讓我們能以更整體的方式來思考並推進，而你不能忽視代理化（agentification）是其中一個重要元素。

(Operator Instructions) Bradley Clark, BMO Capital Markets.

（接線員指示）Bradley Clark，BMO 資本市場（BMO Capital Markets）。

I want to hone in on some of the new logos that were highlighted on the call and specifically one in the presentation. But more broadly, like in this competitive environment, how is Kyndryl like approaching new logos? And what -- where do you think your advantages lie as you win new customers, particularly in the consulting business?

我想聚焦在電話會議中提到的一些新客戶（new logos），特別是簡報中提到的一個。但更廣泛地說，在這樣的競爭環境下，Kyndryl 是如何切入新客戶的？以及——你認為你們在贏得新客戶、尤其是在顧問業務方面，你們的優勢在哪裡？

And then if you could also comment on any pricing dynamics that Kyndryl is experiencing approaching new logos for some of these services versus what you're seeing more in the renewals with your existing customers?

另外，如果可以的話，也請你們評論一下 Kyndryl 在爭取這些服務的新客戶時所面臨的任何定價動態，與你們在既有客戶續約時所看到的情況相比，有什麼不同？

Yes, sure. Thank you. Thanks for joining, and thanks for the question. Look, we've had -- and we've talked about this already at our Investor Day a couple of years ago. We've added hundreds and hundreds of new customers. And that shouldn't -- I mean, it certainly doesn't surprise us.

好的，當然。謝謝你。謝謝你加入，也謝謝你的問題。你看，我們已經——而且我們在幾年前的投資人日也談過——新增了數百、數百位新客戶。這不應該——我的意思是，這當然不會讓我們感到意外。

We win for a number of reasons. And the most recent wins are tied to our leadership with the Kyndryl Agentic Framework, which allows which allows -- provides the architecture and the delivery framework so that our customers, we can really industrialize both -- not both, but the design and the integration and then the operations of their infrastructure.

我們能贏有很多原因。而最近的贏單與我們在 Kyndryl Agentic Framework 的領導地位有關。它能——它提供架構與交付框架，讓我們能協助客戶真正把其基礎架構的設計與整合，以及其運營，進行工業化（industrialize）。

So the Kyndryl Agentic Framework is highly unique, highly differentiated in the marketplace, supported by Bridge. Bridge is the control plane, if you will, that connects the tools and the workflows and the telemetry and the automation across the enterprise. It provides us with real-time data and provides our customers with 16 million, 17 million, 18 million insights a month on how their infrastructure is running.

因此，Kyndryl Agentic Framework 在市場上非常獨特、差異化非常明顯，並由 Bridge 支持。Bridge 可以說是控制平面（control plane），把工具、工作流程、遙測（telemetry）與自動化串接到整個企業。它為我們提供即時數據，也每月為客戶提供 1,600 萬、1,700 萬、1,800 萬條關於其基礎架構運行情況的洞察。

And it also provides us with over 200 million automations a month. And then all of that supported by our expertise and our engineering talent in the form of Kyndryl Consult. And some of that we've had, but we've also been very active and very aggressive in investing in Kyndryl Consult to get industry expertise and industry points of view to get the talent that we need in order to help the Kyndryl Agentic Framework and Bridge land in the right spot.

它也每月為我們提供超過 2 億次自動化。而所有這些都由我們的專業能力與工程人才所支撐，體現在 Kyndryl Consult 的形式上。其中有一部分我們原本就具備，但我們也一直非常積極、非常進取地投資 Kyndryl Consult，以取得產業專業與產業觀點，並取得我們所需的人才，來協助 Kyndryl Agentic Framework 與 Bridge 落在正確的位置。

And that expertise has proven to be hugely valuable and is why you see the great consult signings growth that we've delivered over the last number of years and the continued revenue growth. These are very complex, as you would imagine, infrastructures. And it's not that when AI comes along or when Agentic AI comes along that our customers are adding a model for a new application.

而這些專業能力已被證明極具價值，這也是為什麼你會看到我們在過去幾年所達成的顧問簽約（consult signings）強勁成長，以及持續的營收成長。正如你所想像的，這些基礎架構非常複雜。並不是說當 AI 出現，或當代理式 AI（Agentic AI）出現時，我們的客戶只是為了一個新應用再加上一個模型。

I mean these are models and agents and workflows and applications that need data and they need to sit on an infrastructure and somebody this is why our customers call us, somebody needs to integrate and orchestrate and govern and operate that in a world that is highly complex and at scale. And so what the expertise we've built, the investments we've made not only in our people, but in Bridge and our Kyndryl Agentic Framework is highly differentiated in the marketplace, and that's why we see a good long-term growth arc for Kyndryl.

我的意思是，這些是模型、代理、工作流程與應用程式，它們需要資料，也需要部署在某種基礎架構之上；而且在一個高度複雜、且具規模的世界裡，必須有人去整合、編排、治理並營運它——這也是為什麼我們的客戶會找上我們。因此，我們所建立的專業能力、我們所做的投資，不僅在人才上，也在 Bridge 以及我們的 Kyndryl 代理式框架（Kyndryl Agentic Framework）上，都在市場上具高度差異化；這也是為什麼我們看好 Kyndryl 長期的成長軌跡。

Thanks, Martin. Operator, I believe we have one more question in the queue, and then Martin is going to close us out with some remarks.

謝謝你，Martin。接線員，我相信佇列中還有最後一個問題，之後 Martin 會以一些結語為我們做收尾。

Spencer Anson, Susquehanna.

Spencer Anson，Susquehanna。

There's been a lot of talk over the years about mainframe modernization and COBOL modernization. Can you just talk to the opportunity you see there, how it might affect your business? And any impact to the relationship with IBM?

多年來大家談了很多大型主機現代化（mainframe modernization）與 COBOL 現代化。你能談談你們在這方面看到的機會、它可能如何影響你們的業務嗎？以及對與 IBM 的關係是否有任何影響？

Yes, sure. So look, mainframe modernization is a thing. It's real. It's something we're experts in. We have more scale than anybody else in mainframe and mainframe services. And that scale allows us to -- it allows us to invest and create career paths for that next generation of mainframe talent.

好的，當然。首先，大型主機現代化確實是一件事。它是真實存在的。我們在這方面是專家。我們在大型主機與大型主機服務上的規模比任何人都大。而這樣的規模讓我們能夠——讓我們得以投資，並為下一代大型主機人才建立職涯路徑。

So we have 8,000, 9,000 deep mainframe experts, but those 8,000 or 9,000 look more like my kids instead of me because we've invested and partnered with universities to build curriculums, etc, etc, etc. So our scale gives us an ability to invest there in what is a very common and important set of dialogues with our customers.

所以我們有 8,000、9,000 名資深的大型主機專家，但這 8,000 或 9,000 人看起來更像我的孩子而不是我，因為我們投入資源並與大學合作建立課程等，等等等等。因此，我們的規模讓我們有能力在這個與客戶之間非常常見且重要的對話領域進行投資。

Modernization, mainframe being one of those, but modernization in general is the sort of the top of the list on what customers are thinking about. You heard some of this in our prepared remarks. Modernization in order to use the new technologies that are coming out like AI in order to stay ahead of the bad guys and become more secure and resilient and in order to keep up with an ever-changing regulatory environment.

現代化，其中大型主機是其中之一，但更廣義的現代化，基本上是客戶思考事項清單的最前面。你在我們事先準備的發言中也聽到一些。現代化是為了使用像 AI 這樣正在出現的新技術，以保持領先於壞人並提升安全性與韌性，並且為了跟上不斷變化的監管環境。

So modernization of which, again, mainframe is one where we have more scale than anybody. We, I think, run more than half the world's outsourced mainframes. So we're really good at this. And it is driving a lot of interest from customers because, again, I've used this metaphor before, AI and GenAI and Agentic AI represents a nice shiny new bullet train that can go 200 miles an hour, but most customers are still running on tracks that were built for 30 miles an hour. So that is sort of a way to capture this idea of modernization.

所以現代化——其中再次強調，大型主機是我們規模領先於任何人的一項。我想我們運行了全球超過一半的外包大型主機。因此我們非常擅長這件事。而這也帶動了客戶的高度興趣，因為——我以前用過這個比喻——AI、GenAI 與代理式 AI 就像一列閃亮的新子彈列車，可以以每小時 200 英里行駛，但大多數客戶仍在使用為每小時 30 英里所建造的軌道。這大概就是用來捕捉「現代化」這個概念的一種方式。

As for the relationship with IBM, look, our relationship with IBM, it's quite good. It continues to evolve. We spent the first few years working very cooperatively and closely with IBM and our customers to execute our focus account initiative. We're largely through that, not entirely.

至於與 IBM 的關係，我們與 IBM 的關係相當好，而且持續演進。我們在最初幾年與 IBM 以及我們的客戶非常合作且緊密地工作，以執行我們的重點客戶（focus account）倡議。我們大致上已經完成了，雖然還沒有完全。

Some of these have long tails, but we've worked very well with IBM and our customer base in order to execute that. And even today, we're lined up with IBM to help customers get to the right answer. By the way, that right answer is quite often a mainframe. And quite often, by the way, we have to modernize in a way that allows customers to continue to deliver the services.

其中有些案子會有很長的尾端，但我們與 IBM 以及客戶群合作得非常好，以便把這件事執行到位。即使到今天，我們仍與 IBM 對齊，協助客戶找到正確答案。順帶一提，那個正確答案很多時候就是大型主機。而且很多時候，我們必須以一種讓客戶能夠持續提供服務的方式來進行現代化。

So modernization is real. Mainframe is one of those flavors. We have the scale and the investments and the capabilities that nobody else has to do this. And it's been a -- the partnership with IBM has been good, and I expect it will continue to be quite good because our customers, they need IBM's technology just like they need access to public clouds and all the other complexity we manage.

所以現代化是真實存在的；大型主機是其中一種形式。我們具備其他人沒有的規模、投資與能力來做這件事。而且——我們與 IBM 的合作夥伴關係一直很好，我也預期它會持續相當良好，因為我們的客戶需要 IBM 的技術，就像他們需要使用公有雲以及我們所管理的所有其他複雜性一樣。

Yes. I think the other thing that I would add is kind of eventually, customers will decide, depending on their business needs, kind of what business modernization they need and where the IT environment for them will go.

是的。我想我還要補充的是，最終客戶會依據其業務需求，決定他們需要什麼樣的業務現代化，以及他們的 IT 環境將走向何處。

It's important that we are bringing all the capabilities and high-value services to follow their wallet share, which is important to us, which means largely the whole ecosystem, we have to be relevant for all the ecosystem players. In some cases, mainframe, including private cloud, will remain relevant for them.

重要的是，我們要帶來所有能力與高價值服務，以跟隨他們的錢包份額（wallet share），這對我們很重要；這也意味著在很大程度上，整個生態系我們都必須具備相關性，對所有生態系參與者都要有價值。在某些情況下，大型主機（包含私有雲）對他們仍將保持相關性。

So they have to exist, especially the customers that we deal with, they exist in all such environment, and they will evolve around cloud, public cloud, they will evolve around SaaS-based application. They will evolve around private cloud and mainframe. So there is a relevance that we have to bring across. And modernization for us means we're playing across all the spectrum.

因此它們必須存在，尤其是我們所服務的客戶，他們存在於所有這些環境中，並且會隨著雲端而演進、隨著公有雲而演進、隨著以 SaaS 為基礎的應用而演進；他們也會圍繞私有雲與大型主機而演進。所以我們必須在各方面都帶來相關性。而對我們而言，現代化意味著我們在整個光譜上都要參與。

Thanks, Harsh. Operator, I think that was the last in the queue. So before we close, a couple of notes. One, I do want to thank Harsh for stepping into the CFO role and leading our finance organization and being a critical leader here at Kyndryl for the past six months. And of course, before that, he was our first COO. And after a distinguished career, Harsh has made the decision to retire.

謝謝你，Harsh。接線員，我想這就是佇列中的最後一題。所以在我們結束之前，有幾點說明。第一，我確實想感謝 Harsh 接任 CFO 一職，並在過去六個月領導我們的財務組織，成為 Kyndryl 這裡的關鍵領導者。當然，在那之前，他是我們的第一任 COO。在一段卓越的職涯之後，Harsh 已決定退休。

Now he will continue as an executive adviser here to me and to the leadership team. And from the very beginning, from the start of Kyndryl, Harsh has been a trusted partner. He's been an exceptional leader who always puts the success of our customers, the success of the Kyndryls around the world and, quite frankly, the success of Kyndryl first. So Harsh, thank you for your leadership. I have nothing but gratitude and thanks for you.

他接下來會以執行顧問（executive adviser）的身分，繼續協助我與領導團隊。從一開始、從 Kyndryl 成立之初，Harsh 就是值得信賴的夥伴。他是一位卓越的領導者，總是把客戶的成功、全球各地 Kyndryl 同仁（Kyndryls）的成功，以及坦白說，把 Kyndryl 的成功放在第一位。所以 Harsh，謝謝你的領導。我對你只有感激與謝意。

Now as we announced in July, we're pleased to welcome Ellen Johnson as our incoming CFO. Ellen, highly experienced in driving financial discipline, operational excellence, and she is a great addition to strengthen our leadership team. Ellen officially starts in the role tomorrow, August 6, and I know she's looking forward to meeting with our investors, our analysts in the coming weeks and months. So welcome, Ellen. Thank you.

另外，正如我們在 7 月宣布的，我們很高興歡迎 Ellen Johnson 擔任我們即將上任的 CFO。Ellen 在推動財務紀律與營運卓越方面經驗豐富，她的加入將大幅強化我們的領導團隊。Ellen 將於明天（8 月 6 日）正式就任，我知道她也期待在接下來幾週與幾個月與我們的投資人與分析師會面。所以歡迎你，Ellen。謝謝。

And again, every day, we deliver the world-class services our customers and the world relies on. Our focus this year is to drive progress across the targeted growth areas of our business, including Kyndryl Consult, the work we do around the hyperscalers, our modernization efforts that's come up a number of times and obviously, the role of AI and how our customers deploy it and also how we use it to streamline the way we operate.

再重申一次，我們每天都在提供世界級服務，這些服務是我們的客戶與全世界所依賴的。我們今年的重點是推動業務目標成長領域的進展，包括 Kyndryl Consult、我們圍繞超大規模雲服務商（hyperscalers）所做的工作、我們多次提到的現代化努力，當然還包括 AI 的角色——客戶如何部署它，以及我們如何使用它來精簡我們的營運方式。

We've got a great team around the world that's focused on delivering every day. We are and have been confident in our ability to deliver the year and to deliver our multiyear objectives. So thanks, everyone, for joining.

我們在全球有一支很棒的團隊，每天都專注於交付。我們對於達成今年目標以及達成我們的多年期目標的能力，現在與過去一直都充滿信心。謝謝各位的參與。

Thank you for participating in today's call. You may now disconnect.

感謝您參與今天的電話會議。您現在可以中斷連線。