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IBM (IBM) Q3 2021 profits call Transcript | C9510-819 Latest courses and Free exam PDF

a close up of a logo: IBM (IBM) Q3 2021 Earnings Call Transcript © supplied through The Motley idiot IBM (IBM) Q3 2021 profits call Transcript

IBM (NYSE: IBM)

Q3 2021 revenue call

Oct 20, 2021, 5:00 p.m. ET

Contents:
  • organized Remarks
  • Questions and solutions
  • name contributors
  • prepared Remarks:

    Operator

    Welcome, and thanks for standing by. at present, all members are in a listen-simplest mode. ultra-modern conference is being recorded. if you have any objections, you may additionally disconnect at the moment.

    Now i will be able to flip the meeting over to Ms. Patricia Murphy with IBM. Ma'am, you can also start.

    Patricia Murphy -- vice chairman of Investor members of the family

    thanks. here's Patricia Murphy, and i'd like to welcome you to IBM's third-quarter 2021 revenue presentation. i am right here with Arvind Krishna, IBM's chairman and chief executive officer; and Jim Kavanaugh, IBM's senior vice president and chief financial officer. [Inaudible] organized remarks on the IBM investor web site within a couple of hours, and a replay might be purchasable via this time day after today.

    i may remind you the separation of Kyndryl is expected to be achieved firstly of December. And as a result, their third-quarter efficiency reflects IBM, together with the managed infrastructure services enterprise and their pre-separation segment structure. feedback made during this presentation may well be regarded ahead-looking below the private Securities Litigation Reform Act of 1995. These statements involve components that may trigger their exact consequences to differ materially.

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    this article is a transcript of this convention name produced for The Motley idiot. whereas they strive for their foolish most fulfilling, there could be errors, omissions, or inaccuracies during this transcript. as with all their articles, The Motley fool does not assume any accountability in your use of this content material, and they strongly motivate you to do your personal research, together with listening to the name yourself and studying the enterprise's SEC filings. Please see their terms and conditions for extra details, including their necessary Capitalized Disclaimers of legal responsibility.

    The Motley fool has no position in any of the stocks mentioned. The Motley idiot has a disclosure policy.

    information about these components is blanketed within the company's SEC filings. The presentation additionally includes non-GAAP measures to provide additional information to traders. as an example, they present income and signings growth in steady currency. furthermore, to deliver a view in step with their go-forward enterprise, they will center of attention on consistent-forex boom, adjusting for the divested organizations for the impacted strains of total revenue, cloud, and their geographic performance.

    We supplied reconciliation charts for these and different non-GAAP measures at the conclusion of the presentation, eight-k submitted to the SEC. With that, i could flip the name over to Arvind.

    Arvind Krishna -- Chairman and Chief govt Officer

    thank you, Patricia, and thanks to all of you for becoming a member of us today to focus on their third-quarter performance. At their fresh investor briefing, they laid out their hybrid cloud and AI approach and their strategy to offering amazing free cash stream and sustainable mid-single-digit salary boom starting in 2022. For the last year and a half, they now have been taking moves and investing to execute their strategy. This quarter, they pronounced modest earnings increase and delivered solid free money flow, generated over $eleven billion of adjusted free money flow over the final yr.

    We also made tangible development in their key growth areas of utility and consulting. With that, i'll well known that in different areas of the enterprise, they fell wanting their expectation; techniques all over the end of the z15 cycle and global expertise features lines pausing forward of the general public filing of the kind 10 and separation of Kyndryl. they have made additional development within the Kyndryl separation within the ultimate two weeks and announced the distribution date of November 3, which is forward of their long-established agenda. we've got performed lots to put together Kyndryl for this second.

    We took structural moves to increase the earnings profile. The management team is in region. worker transfers and the vast majority of client contract improvements are complete. They are now even more certain that separating this enterprise creates cost via focus.

    That mentioned, the americans of GTS had been a part of IBM for a very long time. hence, it is with combined emotions that we're reporting on this phase for the final time. And just yesterday, you heard from Martin and his management group greater method and price proposition. The separation is only one of the many movements they are taking to focal point their business on hybrid cloud and AI and enrich their monetary profile.

    To deliver you some colour on IBM's efficiency with the exception of Kyndryl, they delivered 2% earnings boom this quarter. That compares to 1% in the second quarter and minus 1% in the first quarter. These results reflect the amazing demand for technology products and capabilities that assist their clients Boost their digital transformation. Their utility salary increase was led with the aid of purple Hat, protection, automation, and Cloud Paks across their software.

    international enterprise functions, quickly to be IBM Consulting, accelerated revenue boom to a double-digit fee. software and consulting are their two leading drivers of boom, and this turned into certainly genuine this quarter. i'll now expand on the progress they made within the third quarter toward their future. As I even have described in the past, we've a platform-centric strategy, trying to satisfy shoppers at any place they're of their experience.

    The platform they have built is open, comfortable, and flexible and continues to benefit traction within the industry. they have more than 3,500 clients using their hybrid cloud platform, no longer simplest fuels their pink Hat income efficiency but additionally gives a fantastic base for the multiplier effect throughout utility and functions. IBM Consulting is helping to force this platform adoption and this quarter, had over one hundred eighty new crimson Hat engagements. Their teams work alongside their consumers to co-create business products and solutions.

    so far, they now have accomplished more than 4,000 IBM garage engagements. in the last quarter, more shoppers are leveraging their platform capabilities and their competencies to unlock enterprise cost. introduced DISH is the usage of IBM application and features to assist automate their cloud-native 5G community; Cloud Pak for network Automation, which is used with AI, automation, and orchestration capabilities used by way of DISH to excellent-tune pace ranges or coverage areas reckoning on the needs of specific shoppers. building on their partnership spanning half a century, they announced credit score Mutuel is growing an IBM technology and skills hub in France.

    the new hub will assist credit Mutuel leverage AI, facts, cloud, and IBM Z. additionally announced a new contract with CaixaBank, one of the most biggest banks in Europe, to raise its digital capabilities with IBM Cloud for fiscal functions and the new IBM Cloud Multizone place in Spain. CaixaBank will leverage IBM Consulting industry potential to move to a hybrid cloud method for modernization. This quarter, they continued to leverage their ecosystem to drive what they described at their investor briefing as a flywheel of growth.

    that's the greater they develop, the greater their companions grow and vice versa. We're partnering with opt for GSIs to carry joint options to market. This quarter, Atos introduced the setup of the Atos Cloud core of Excellence to assist monetary features consumers with their digital transformation event. even have continued momentum and income increase from their partnership with trade-leading ISVs and hyperscalers.

    [Inaudible], they are partnering with Adobe to assist the British pharmacy chain, Boots, radically change their e-commerce platform and carry new digital consumer experiences. while they invest in partnerships, they additionally make investments organically and inorganically to carry innovation. They made 16 acquisitions given that April 2020, together with BoxBoat and Bluetab within the third quarter. These will Boost their hybrid cloud consulting means.

    in the equal method, they are organically constructing new improvements that rely to their purchasers. i'll point out a number of new introductions beginning with their improvements in application. within the quarter, purple Hat introduced a brand new rearchitectured edition of the purple Hat Ansible automation platform. red Hat also launched a new version of its superior cluster management of Kubernetes.

    These two products at the moment are extra tightly built-in, which helps force hybrid cloud automation. in addition, the latest version of red Hat OpenShift grew to become generally available. IBM Cloud Paks run anyplace that OpenShift runs. They use average services reminiscent of logging, metering, monitoring, and security and are infused with improvements and capabilities from IBM research to convey a great deal extra cost than containerized code.

    in this quarter, they launched Cloud Pak for security, SaaS, as well as new types of Cloud Pak for Integration, Cloud Pak for network Automation, and the Maximo software suite. also lately introduced their Environmental Intelligence software suite. Product based on their Cloud Pak for records and leveraging their weather capabilities is designed to aid businesses measure, computer screen, and predict environmental outcomes but also to support simplify ESG reporting. As you be aware of, they made a commitment to be net-zero greenhouse fuel emissions with the aid of 2030.

    we are able to leverage this solution to notify management as they take action to attain this purpose. Their methods enterprise, they these days launched Power10. Power10 has entertaining hardware innovations, including a processor primarily optimized for statistics-intensive workloads similar to SAP S/4HANA. throughout the quarter, they also introduced a Telum processor.

    This 7-nanometer microprocessor is engineered to support clients gain insights from their data on the velocity of the workload. at the identical time, we've continued to see quantum computing as a promising enviornment of chance for you to play out in the long run. Their groups are hard at work to flow this pleasing box ahead. traders can have an opportunity to learn more about this in the next month.

    Let me instantly spotlight one ESG announcement they made currently. To assist deliver protection to the rights and privacy of cloud consumers, they now have joined different main agencies in the tech business, Amazon, Google, Microsoft, Salesforce, and SAP, to establish the relied on cloud principles. This initiative is in keeping with their lengthy-standing focal point on trust and transparency. earlier than I transition to Jim, let me reiterate three messages they conveyed all the way through their investor briefing.

    First, they are optimizing their portfolio to power mid-single-digit profits boom starting in 2022. 2nd, we're increasing their center of attention and agility to more desirable serve valued clientele. Third, they are producing effective free cash flow that allows for their investments while featuring appealing shareholder returns. This quarter, they took an additional step toward this future.

    while a whole lot is still to be performed, we're assured they are able to obtain their midterm objectives. Jim, over to you.

    Jim Kavanaugh -- Senior vice chairman and Chief financial Officer

    Thanks, Arvind. Over the remaining year, they have been very clear on the two most important measures of success: profits increase and free cash circulation technology. i may delivery with these key metrics. within the third quarter, their profits of $17.6 billion became up as pronounced and down modestly at consistent currency.

    excluding the content to be able to go to Kyndryl, IBM's salary grew 2% with an enhancing style over the last three quarters. Their money technology was up for the quarter, 12 months to date, and trailing twelve months. This excludes the money expenses associated with the separation of Kyndryl and the structural moves initiated on the end of remaining 12 months. taking a look at their earnings from a phase viewpoint, world company functions boom accelerated to eleven%, and their software income became up 2%.

    These groups could be their growth drivers into the long run and collectively represent over 70% of their submit-separation profits profile. systems declined this quarter through 12%, reflecting product cycle dynamics. throughout their segments, IBM's cloud profits become up eleven% over remaining year, and it's up 17%, except the cloud revenue going to Kyndryl. here's led through global business services and Cloud and Cognitive application, which are up 27% and 28%, respectively, over that duration.

    moving on to the income dynamics. Pretax margin is up 10 groundwork elements sequentially however down a hundred foundation points 12 months to yr. As they noticed the demand atmosphere enhancing in the fourth quarter of final 12 months, they have been expanding investments in knowledge, innovation, and their ecosystem, organically and through acquisition. in the third quarter, they persevered to aggressively appoint, bringing in technical ability in purple Hat and extremely professional advantage in Consulting.

    We're scaling resources in their garages to deliver a more experiential consulting and income strategy. We're adding customer success managers to aid valued clientele get the most price out of their IBM solution, and we're increasing investments in R&D to carry innovations in their hybrid cloud platform, AI, and emerging technologies like Quantum. The structural movements they initiated at the end of closing 12 months are funding some of those investments. Roughly two-thirds of the discounts from these moves address stranded costs from the separation and create economic flexibility to be reinvested for increase.

    The other one-third address the global know-how capabilities income profile forward of the separation, and we're seeing development in the GTS gross margin. Their third-quarter working tax cost got here in about 5%, which is lower than what they noted final quarter. This changed into as a result of discrete tax merits that befell sooner than they in the past anticipated as they put together for the Kyndryl separation. or not it's important to be aware that their view of the complete-year working tax price has not changed seeing that January.

    i'll touch upon their free cash move and stability sheet position. They generated $5 billion of adjusted free cash circulation year to date and $11.1 billion over the last 12 months. each exclude money affects of about $1.8 billion for the structural moves initiated late ultimate year and transaction charges associated with the separation of Kyndryl. Their adjusted free money circulation over the closing 12 months is up about $300 million with growth in their underlying business efficiency mitigated by way of a money tax headwind.

    Our cash balance on the end of September was $8.four billion, up a bit of from June however down about $6 billion from yr-conclusion. Over the identical period, their debt is down $7 billion. apart from debt reduction 12 months to date, they now have used $3 billion for acquisitions and over $4 billion for shareholder returns via dividends. Their solid money era and disciplined financial management provides the fuel to invest in their company and pay a beautiful dividend.

    Turning to the segments. Cloud and Cognitive application revenue grew 2%. we've a powerful habitual income base in application. Renewal prices for subscription and aid have been up once more this quarter, contributing to the boost in their utility deferred earnings steadiness over the final yr.

    through business area, Cloud and information structures revenue became up 9%, while Cognitive applications declined 1%, and Transaction Processing systems turned into down 9%. They currently shared plans to deliver new application salary categories beginning within the fourth quarter. they are able to mix their two software increase vectors, Cloud and records platforms and Cognitive purposes, and inside that, provide greater transparency into efficiency and traits by means of company enviornment. searching across these increase vectors, purple Hat, protection, and automation fueled revenue growth this quarter.

    purple Hat salary become up 17% on a historically normalized groundwork and 23% all-in. Going forward, they can focus on this all-in growth given these views will converge over the next 12 months because the influence of the deferred profits impairment dissipates. red Hat profits growth became driven by means of double-digit boom in each infrastructure and utility construction and rising expertise. And they had more than 40% increase in OpenShift routine income.

    growth in automation become led by way of key solutions like Cloud Pak for Integration, and Cloud Pak for business Automation, as well as a robust birth to their fresh Instana and Turbonomic acquisition. Their facts and AI salary was down modestly. They had electricity in Cloud Pak for facts, climate, and Maximo and declines in on-premise data ops portfolio and provide chain as it wrapped on a strong third quarter final yr. protection remains a key strategic focal point enviornment as we're assisting customers adopt zero have faith architecture with Cloud Pak for safety and export capabilities.

    growth in protection profits persevered this quarter, led with the aid of risk administration software and functions as valued clientele respond to the evolving cybersecurity atmosphere. in the spirit of transparency, i could deliver a few additional metrics into their efficiency. Their annual recurring income, or ARR, across these utility boom vectors grew 7%. here is a pretty good indication of the progress in their hybrid cloud and AI client adoption.

    And they now have over $eight billion in application cloud salary over the last yr, which is up 28%. Turning to their application value vector, transaction processing structures. They deliver flexibility to their consumers and the way they purchase this mission-critical utility. Over the last 18 months, we've got considered a option for opex over capex.

    This continues to drive perpetual licenses in prefer of extra consumption-like mannequin. but importantly, they once more had mighty renewal fees in their transaction processing platform software. here's an excellent indication that valued clientele see lengthy-time period price in these offerings. looking at income for the software section, they accelerated pre-tax margin sequentially, whereas they continue to put money into new innovation and their ecosystem.

    relocating to world enterprise functions. income boom accelerated to 11%. Even with the amazing income performance, their booklet-to-bill ratio turned into greater than one. Their GBS cost proposition is aligned to their consumers' priorities.

    We're helping their purchasers capture new increase alternatives and increase operational flexibility and productiveness with hybrid cloud and AI. They leverage their incumbency, IBM know-how, and strategic partnerships to modernize their purposes and digitally radically change their groups at scale. GBS earnings increase is led by their cloud providing. GBS cloud income now represents greater than $7 billion of revenue over the remaining 12 months and is up 27%.

    This efficiency displays the persisted investments we're making in their red Hat, Microsoft, and AWS practices. As Arvind spoke of, they added over a hundred and eighty red Hat client engagements this quarter. This contributes to complete pink Hat-related signings of near $3.5 billion on the grounds that the acquisition. inside their 11% revenue boom, consulting was up sixteen%.

    there is strong demand here. We're leveraging their knowledge and ecosystem companions to seriously change their customers' business methods and modernize applications in accordance with OpenShift. world processing features revenue was up 19%. Their offerings in finance, procurement, and talent and transformation all grew at double-digit prices.

    further and further, we're connecting consulting and BPO to seriously change customer workflows the usage of hybrid cloud and AI. finally, in utility administration, salary increase accelerated to five%, off a previous yr that was impacted by the pandemic. boom this quarter was pushed through administration of applications in a multi-cloud environment. i could shift to GBS earnings profile, where their effective profits performance drove gross and pre-tax income dollar growth.

    Our gross and pre-tax margins more desirable sequentially however were down 12 months to year. With the market probability they see, we're making aware selections to invest forward of salary. they are investing in strategic partnerships, new choices and practices, and integrating and scaling out their acquisition. As i mentioned previous, they are investing in capabilities for GBS.

    within the ultimate several months, they now have multiplied their go-to-market components and scaled their practices developed around their ecosystem companions and purple Hat. With a aggressive labor market, this is placing some power on their labor prices, together with bigger acquisition and retention charges, which is not yet reflected in their present pricing. They predict to capture this value in future engagements, nevertheless it will take time to appear in their margin profile. So now turning to the techniques phase.

    income efficiency changed into down 12% pushed by using product cycles in IBM Z and vigour, mitigated via boom in Storage. In IBM Z, earnings declined 33% within the ninth quarter of z15 availability. whereas z15 software up to now continues to exceed the mighty z14 cycle, the magnitude of that overachievement has come down a couple of elements this quarter. IBM Z is a long-lasting platform given market wants for scalability, reliability, protection, and more recently, cloud-native building.

    These features, along side their more moderen bendy consumption choices, further exhibit the value of IBM Z platform inside their hybrid cloud and AI method. Their salary turned into down. Late in the quarter, they begun the rollout of their subsequent-technology Power10 starting with excessive-conclusion system. As all the time, new vigour expertise is added over time, and the mid-latitude and low-end Power10 methods might be attainable right through 2022.

    Storage delivered eleven% salary increase driven by way of demand from hyperscalers for their tape products and boom in entry-degree, all-flash storage following their product refresh earlier this yr. looking at income during this segment. profit margin was down, reflecting where we're in the IBM Z and Power10 product cycles. So now let me turn to world know-how functions.

    income became down 5%, which is a 1-element deceleration from last quarter. The yr-to-year trajectory of salary generated from the backlog has been improving over the remaining few quarters. within the first half of the yr, they also had modest improvements in customer-based mostly company volumes and undertaking pastime, which contributes to in-duration income. youngsters, this quarter, consumers paused on new venture pastime because the separation turned into coming near near, resulting in the revenue deceleration.

    at the time they determined to separate their managed infrastructure capabilities enterprise, they undertook a collection of moves to increase the margin, income, and money generation profile of the company, including a substantial can charge within the fourth quarter of 2020. The effects of these movements may also be seen in the margin growth over the ultimate a few quarters. And this quarter, they again extended gross margin, up one hundred twenty basis features. Kyndryl will take this stronger earnings profile into the separation.

    i could wrap up with a view of their progress yr to this point after which talk about one of the crucial fourth-quarter dynamics. As they enter 2021, they laid out their expectations for the year for their two most important measures: revenue and free cash stream. They expected to develop profits for IBM at exact prices with underlying regular-foreign money efficiency stronger in the 2d half than the primary. They anticipated to grow revenue for IBM, apart from Kyndryl, at steady currency.

    And they anticipated to generate $11 billion to $12 billion of adjusted free money stream. That, of direction, excludes the money influences of the Kyndryl transaction charges and the structural movements i'd mentioned previous. Now we're three quarters into the year, and they just completed the remaining full quarter of IBM on a pre-separation groundwork. it be a fine time to take a image against these targets.

    through the first three quarters, their income at genuine prices is up 2%. Their revenue increase trajectory at constant currency has been enhancing during the yr. And apart from Kyndryl, their third-quarter profits turned into up 2% yr to 12 months, and their adjusted free money stream over the closing 365 days is $eleven.1 billion. on the grounds that the beginning of the year, they now have streamlined their go-to-market.

    we've multiplied investments and closed 10 acquisitions. These actions and investments will help pressure profits growth, nonetheless it takes time to utterly understand the advantage. average, their results over the first three quarters of 2021 mirror progress we've been making towards their midterm mannequin. all over the fourth quarter, they can comprehensive the separation of Kyndryl, which is on the right track for November 3.

    The fourth quarter, therefore, is an enormous milestone as they transition to the future IBM. Now let me deliver some colour on three areas for the fourth quarter: first, the earnings trajectory of the new segments; 2nd, i could comment on their tax expense; and third, the influence of the separation of Kyndryl to IBM's consolidated effects for November and December on an working groundwork. i could start with the salary trajectory of their segments as they document them in the fourth quarter. As all the time, i'll discuss it on a relentless-currency groundwork.

    however i'll remind you, the U.S. greenback continues to strengthen and would be a 1- to 2-element headwind to increase based on latest spot quotes. To deliver a better view of developments, i may focal point on the boom prices before the earnings from incremental income to Kyndryl. They see continued momentum in their growth vectors in application and Consulting.

    We predict their software profits increase price to increase versus the third quarter. And in IBM Consulting, they again expect double-digit revenue growth. In infrastructure, given product cycle dynamics, they predict relatively constant efficiency with the third quarter, which became a excessive single-digit decline. 2d, tax.

    i mentioned the timing of discrete tax advantages occurred sooner than they in the past anticipated as they prepared for the Kyndryl separation. They nevertheless predict their full-12 months tax rate to be within the low teenagers range, in accordance with what they indicated again in January. that's their all-in cost, together with discrete tax items, and applies a fourth-quarter tax rate within the high teenagers. and then ultimately, IBM's fourth-quarter consolidated effects will replicate the Kyndryl separation.

    i'll frame the profits and income per share implications in response to the closing couple of years. Kyndryl traditionally represented just below $5 billion of salary within the fourth quarter, with about $three.5 billion of that in November and December. on the identical time, they estimate we'll get about $350 million from incremental sales in those two months from the new business relationship. The internet impact to IBM consolidated effects is a reduction of about $three billion of earnings for November and December because of the separation.

    And for these two months, they estimate an influence of $0.20 to $0.25 of earnings per share together with the new industrial relationship. at the time of separation, Kyndryl should be presented in discontinued operation, with the stability of IBM in continuing operation. they are able to deliver a historic restatement of continuing operations earlier than the end of the year. we're on the brink of the longer term IBM.

    Video: IBM misses Q3 earnings estimates (Yahoo! Finance)

    We predict to exit the fourth quarter competent to bring their mid-time period mannequin, a mid-single-digit income boom, and cumulative free cash circulate of $35 billion in 2022 to 2024. So with that, they will be satisfied to take your questions. i'll flip it returned to Patricia.

    Patricia Murphy -- vice president of Investor family members

    thank you, Jim. earlier than they begin the study guide mp;A, i might want to mention a few items. First, a couple of references had been made nowadays to IBM's new phase constitution, which can be useful instantly in advance of the Kyndryl separation. They supplied counsel on the brand new segment scope and naming in a piece of writing posted to their investor web site initially of this month.

    second, supplemental suggestions is equipped at the end of the presentation, [Inaudible] includes the schedule of the provision of recast financial tips for IBM submit separation. and at last, as all the time, I ask you to refrain from multi-half questions. Operator, let's please open it up for questions.

    Questions & solutions:

    Operator

    thank you. at present, they can begin the query-and-answer session of the conference. [Operator instructions] Their first query comes from Wamsi Mohan with bank of the us. Sir, your line is open.

    Wamsi Mohan -- bank of america Merrill Lynch -- Analyst

    sure, thanks. Arvind, there appears to be loads of concerns across the genuine separation in terms of competencies disruptions. You noted on this name that you saw some hesitation or pause in spending. Do you suppose -- given the adjustments that you've put in place also with income comp, do you feel comfortable concerning the trajectory of the enterprise once you get past this threshold of near-term disruption that you highlighted? And if I might, Jim, you noted about $2.5 billion one-time bump from Kyndryl in 2022.

    are you able to might be calibrate that number for 2021 as neatly? that would be useful. thanks.

    Arvind Krishna -- Chairman and Chief govt Officer

    howdy, Wamsi, thanks for the query. seem to be, i'd want to be very clear. I suppose that any -- and that i would not use the be aware disruption, Wamsi. i'd use the word that there may be a mild pause, which is the words that I used in the -- my organized remarks.

    I suppose there may be a moderate pause, and it will be the conclusion of third quarter, maybe the starting of fourth quarter. And they see that fall ordinarily in hardware and in Kyndryl itself. incidentally, simply to add some colour, why do you see that? there was lots of hardware that truly does circulate through Kyndryl. and many individuals, lots of their clients suppose of that as being an alternate method that they've procured infrastructure during the past.

    So, it's now not a shock given the measurement of the connection with all of those customers that they see a pause in some of them. incidentally, I believe that this is the complete nature of it. when I study their pipeline, I analyze their revenue compensation, I look at their government compensation, i am fully assured that this could be neatly behind us by way of the starting of '22, meaning by January, well at the back of us. And as they additionally get into a new product cycle on one of the vital hardware in the first half of '22, I believe that'll put it completely in the back of us.

    And so, my view is that they cling enterprise to their '22 and ahead projections. And this has truly obtained no long-time period or systemic considerations that I see, both within the numbers, in the pipelines, and in the genuine behavior of valued clientele and their individuals.

    Jim Kavanaugh -- Senior vice chairman and Chief monetary Officer

    Thanks, Wamsi. To your 2nd question, be aware returned at -- on October four, at their Investor Day, they talked about the effective strategic relationship between IBM and Kyndryl going forward, of which I believe, at the moment, they shared about $2.5 billion of annualized business predominantly structured round their excessive-price, mission-vital recurring earnings of application and additionally some in their infrastructure phase round hardware purchases and round their infrastructure aid. That became a full-yr annualized view. if you study fourth quarter, they will have two months' worth of that in 2021.

    And they estimate that that is about $350 million to $four hundred million ordinary. So if you go lower back to what I observed on October four, the 2022 in comparison to 2021, three hundred and sixty five days versus two months is, supply or take, about a bit bit over $2 billion. And that translates into the 3 aspects of incremental boom one time above their mid-single-digit mannequin in midterm.

    Patricia Murphy -- vice chairman of Investor relations

    Thanks, Wamsi. Let's go to the subsequent question.

    Operator

    Our subsequent question comes from Toni Sacconaghi with Bernstein. Your line is open.

    Toni Sacconaghi -- AB Bernstein -- Analyst

    yes. thanks. and that i suppose, Arvind, you touched on this within the first query, however perhaps let me ask it a little extra without delay. So, this quarter, IBM grew at 1.9% for RemainCo versus the evaluation of steady currency at minus three.5%.

    The comparisons get about 2 or 3 aspects more elaborate searching into subsequent year, and you have to accelerate your increase rate to get to mid-single-digit increase by using 2 or three points. So effectively, adjusting for compares, the growth expense has to increase about 5 percentage elements relative to what you did this quarter to hit that mid-single-digit target. past a product cycle in mainframe and UNIX, given you observed variety of taking time for investments to pay off, what goes to apparently pretty abruptly alternate the growth profile adjusting for comps by means of probably 4, 5, or 6 points over the next few quarters? and the way long do you proceed to are expecting to invest, i.e., have pressure on operating margins, specifically in utility and GBS going ahead? thank you.

    Arvind Krishna -- Chairman and Chief govt Officer

    adequate. Thanks, Toni. i may take the primary a part of that, and then i may examine Jim for the 2d part of the question. So, Toni, there may be three ingredients of it.

    First, let me well known, sure, their boom quotes ought to increase, so no doubt about it. They are not saying they are completed. The three facets in order to make a contribution to the boom expense -- and i consider lots of what you had been pointing to become toward the software boom price. i'll say it comes from three things.

    One, we're seeing advancements in their biological, that means the application they already have. They proceed to look that. They predict that with a purpose to enrich the software increase charges through a few points. I won't basically say the upper band because I do not expect that the three features i mentioned, all of them, will all return at their upper band.

    So, as an instance, 1 or 2 elements from the biological boom cost. Two, they will proceed to make acquisitions. So not simplest do the ones they now have made hold contributing as a result of they are becoming neatly into double-digit boom prices or the brand new ones they make will also contribute to that. consider of that to be within the identical latitude.

    The third one, as we're making a lot of changes in their sales compensation, in addition to in the make-up of their earnings crew, they talk about the garages. They focus on customer success managers leading to extra experiential and greater technical selling. They trust that'll drive superior deployment and hence, sooner purchases in that section. And so, all of those collectively will contribute towards a lots-improved boom fee within the software section up to the mid-single digit as I believe you might be pointing out in some of your math.

    i am not going to debate is it 3%, 4%, or 5%. chuffed to try this when we've a little extra time. and i'll circulate it over to Jim for the 2nd a part of the query.

    Jim Kavanaugh -- Senior vice chairman and Chief fiscal Officer

    To that element, I can't withstand but go into the numbers. So, let's just -- Toni, first-rate question. thank you very lots. Let's focus on this quarter.

    once again, IBM ex-Kyndryl delivered about 2% growth. incidentally, it is an accelerating vogue as they said in the organized remarks from about flat through the first half to now growing to be 2%. yes, off a less complicated examine, they acknowledge that. however let's take a look at the profits contribution evaluation of what contributed to that 2 features, and now i may tie it returned to what they said on October four as their mid-single-digit increase cost model.

    We said throughout their three segments, first, they now have an improving growth profile as they shift to higher price, better boom markets over 70% of their enterprise in application and in Consulting, which, incidentally, also consists of a better cost habitual income movement, that these two segments will make contributions all 5 facets of IBM's growth, by the way, with improving operating margins, which i may get into on the end. The infrastructure segment, which is excessive-price, mission-essential covering their mainframe business and infrastructure assist business, changed into projected to be flat over time as it follows innovation cycle. So, as they carry out innovation subsequent year, they firmly believe and confident that we'll grow there. but over a 3-yr duration, it's about flat but a significant cash generator.

    So, you bought two increase vectors, one value vector, two delivering boom, one providing money technology. Now let's examine how the third quarter played out. in opposition t that 70-plus p.c of their two boom vectors that targeted a 5-factor contribution, they delivered four.5 elements of salary boom to IBM. They fell about 0.5 factor short, and that's the reason in the software area because they overachieved in GBS.

    we now have a powerful e-book of business in GBS, now IBM Consulting, and they see that continuing to play out. They acquired work to do on application, however we're making underlying company performance because, as you all comprehend, you see the facts. Their deferred profits tailwind dissipates over time. And they misplaced about 1 element of growth in utility simply as a result of the deferred profits tailwind, which means that the underlying company of their professional forma IBM utility continues to enrich.

    Why can they feel assured relocating ahead? just adding to one of the crucial points of Arvind, number 1, we've got been five quarters in a row now with mighty renewal costs. eighty% of their software company is routine earnings, excessive-value habitual profits. and also you see that in their deferred salary and deferred salary balance up $800 million year over yr. number two, they see excellent acceleration in ARR.

    And by the way, NRR north of one hundred% again for the third consecutive quarter. And we're starting to see exceptional acceleration in Cloud Paks. And most significantly, as they pointed out three quarters in the past, they are actually beginning to enter the early ingredients of their ELA cycle. with the intention to continue into 2022 and the primary half of 2023.

    So, they believe pretty confident concerning the two growth vectors. the place they missed is, in line with being on the again end of a extremely a hit mainframe cycle, the infrastructure segment took 2.5 features of increase far from IBM ex-Kyndryl. So plus 4.5 facets towards the goal of 5%, they lost 2.5 features in infrastructure. And in an effort to reasonable out over time as they convey new innovation.

    after which at last, simply wrapping up, in your operating margin remark, they spoke of getting into this yr, two most essential measures, salary boom, free cash movement technology. We're reaching on both of those. They noted that free money movement technology become going to be critical because they mandatory to gas investment in innovation and in IBM Consulting as a result of they noticed strong demand. We're taking part in that out consciously.

    we'll see that enrich as they get into 2022, however we're nevertheless using that cash. and that i'll wrap up, year to date via third quarter, growing to be earnings, growing salary ex-Kyndryl at consistent foreign money. We're transforming into gross and pre-tax greenbacks. We're starting to be pre-tax margin, and we're turning out to be trailing 365 days free money stream.

    So that is the mannequin that they put in place, and they believe pretty confident as they enter 2022.

    Patricia Murphy -- vice president of Investor members of the family

    thank you, Toni. Victor, might they please take the subsequent query?

    Operator

    Our next query comes from Katy Huberty with Morgan Stanley. Your line is open.

    Katy Huberty -- Morgan Stanley -- Analyst

    yes, thank you. Arvind, you referenced the positives in Kyndryl and hardware in the quarter, however software efficiency was also gentle of expectations. So, are you able to discuss what drove the shortfall in Cloud and Cognitive utility and the place you see alternatives for more advantageous execution inside that application company?

    Arvind Krishna -- Chairman and Chief executive Officer

    yes. Thanks, Katy. sure, actually, as -- definitely, even Jim acknowledged that they fell perhaps 0.5 point in need of their personal expectations, and they may have done enhanced. here is the place I see it doing more desirable.

    First, the one that performed exactly in line with what they wanted become red Hat. purple Hat gave us 17%, which is pretty an awful lot what they wanted and anticipated. If I now study their Transaction Processing Platform, it became a bit bit below what they want as a result of we've been asserting that, in a protracted-time period mannequin, that may still be more mid-single-digit decliner. but this quarter, it became a high single-digit decliner.

    We feel that as they get past as a result of it's coupled, i would not call it similar, but it surely is coupled to one of the most infrastructure cycles, I expect that to return back starting in early '22 or probably late in '21. Then on their class this is these days called AI applications, they have been minus 1%. There, i might predict us to get again to mid-single-digit increase. Now you form of say, if I put all of it collectively, do they are expecting to see a tiny bit -- I name it a tiny little bit of pausing from individuals on account of every little thing occurring? yes.

    Two, we're turning their incentive models. I spoke on it on the prior query very in short. Their incentive models for their earnings groups are going to be very heavily tuned towards application going ahead in '22. That, I trust, will influence in better -- an awful lot superior efficiency because the handiest approach that they're going to get any place near the target incentives is to make their software number.

    it truly is doubtless for the first time that it truly is been proper in a long, long time at IBM. So, Katy, it truly is sort of my view on what happened there and how they are able to enhance going ahead.

    Patricia Murphy -- vp of Investor members of the family

    Thanks, Katy. Let's go to the next query, please. 

    Operator

    Our subsequent question comes from Tien-Tsin Huang with J.P. Morgan. Your line is open.

    Tien-Tsin Huang -- J.P. Morgan -- Analyst

    howdy, thanks. it's decent to speak to you all. i wished to ask on the GBS side. so that did speed up double-digit salary increase.

    sounds like fourth quarter, you expect that, too, nonetheless it did come at a far better can charge. So, i'm just curious on the gross margin percentage front. So, i'm curious, one of the crucial confidence that you should reprice to offset the better cost of delivery, is there chance that these charges could persist right here given the entire demand facet that you simply're seeing? thank you.

    Jim Kavanaugh -- Senior vice chairman and Chief financial Officer

    Yeah. Tien-Tsin, here is Jim. i may take that as they circulate ahead. As I cited earlier and Arvind commented within the prepared remarks, they do see a extremely powerful demand environment available.

    As they were going via fourth quarter, they called a extremely conscious strategy. GBS, now IBM Consulting, again, performs a extremely fundamental position to their hybrid cloud platform-centric company model. Why? since it drives scale and adoption to their platform, and it additionally pulls IBM know-how whereas taking abilities of the ecosystem and partnership and ability and means. So, they started aggressively including ability, capability, expertise, ecosystem partnerships, and scaling acquisitions.

    I think they simply announced these days their eighth GBS acquisition within the final one year typical. So, it became a aware strategy. And they consider that that flywheel effect of GBS that turns into the multiplier of using their platform, pulling their utility, and driving a really potent financial equation for their ecosystem companions is primary in their lengthy-term strategy. Now with that spoke of, they noticed margins down 310 basis points.

    We saw pre-tax margins down one hundred ten basis elements. within that, notwithstanding, they grew gross profit bucks, and they grew pre-tax greenbacks. We're about generating growth in correct line and round generating money contribution. And GBS delivered that nowadays.

    i would also point out that GBS accelerated their margins quarter to quarter totally. Pretax margins were up 5 features quarter to quarter, and that they've been accelerating their gross margins sequentially each quarter this yr. So, they delivered over 13 facets of pre-tax margin in the third quarter; and their mannequin, as they talked about on October 4, became low young adults. So, they believe pretty relaxed.

    We see an excellent e-book of business, and they continue to look, in fourth quarter, IBM Consulting delivering double-digit revenue growth and margin greenback and earnings greenback and cash dollar contribution while pulling their software and hybrid cloud platform.

    Patricia Murphy -- vice president of Investor members of the family

    Thanks, Tien-Tsin. Let's go to the next question, please.

    Operator

    Our next query comes from Jim Suva with Citigroup. Your line is open.

    Jim Suva -- Citigroup -- Analyst

    thanks very tons. My question, for the reason that loads of them have been answered, there is only 1 of them, and that is the influence of higher labor costs. No count where you appear, labor prices are going larger. and that i do see that in your organized slides that you did deliver that your signings have been up three%.

    So, should they suppose about, as time rolls ahead, you're going to implement greater labor charges that expand and go bigger? Or are they in fact fabric enough so they should be modeling some changes into your money flows? Or how should they kind of consider about that as you work throughout the company because it's a good looking dynamic and fluid condition with labor expenses? thank you.

    Arvind Krishna -- Chairman and Chief govt Officer

    So, Jim, high-quality query. And by the way, i might tell you that I do not suppose that this 12 months is entertaining. maybe there may be a splash extra concerns happening, however I don't think it's interesting. I remember 2001 actually neatly.

    I remember 2007 just earlier than the monetary crisis. here's a continuous movie in the know-how industry. Now you stated the three% signings growth. i wouldn't seem on the 3%.

    i would examine their e-book-to-invoice ratio, which is 1.1. And so, booklet-to-invoice offers a much better sign of what the demand is for their forward-looking profits and demand in their IBM Consulting company. Now, look, labor needs to be managed. we've a world labor model.

    We put people far and wide. And as Jim simply mentioned in solutions to the prior query that, sure, should you do have inflation for your labor can charge, there's a component of it it truly is going to expense via for that aspect of the business. In all the leisure of the enterprise, in fact, i'm now not so worried about labor charge. i'm concerned about getting the right ability probably, but that is at all times a be concerned that I actually have, and i've been paranoid about that for 30 years.

    it's no longer pleasing. and i think or not it's akin to a lot of your businesses, Jim, like not just yours however your whole colleagues right here on this call. The correct talent is much more important, and their labor charge is crucial. within the conclusion of the day, it's probably 15%, 20% of the whole can charge and expense it really is variety of crucial towards the other companies since you can manage the leisure.

    So, net reply to you is, no, it be now not whatever that must be modeled in. I don't believe so. but they at all times must be troubled about it in terms of how will they fee, how can they get the labor pools, where will they put the labor pools, and all of these features.

    Patricia Murphy -- vice president of Investor members of the family

    excellent. thank you, Jim. Let's go to the next question, please.

    Operator

    Our subsequent query comes from Keith Bachman, bank of Montreal. Your line is open.

    Keith Bachman -- BMO Capital Markets -- Analyst

    hi. Many thanks for taking the query. i wished to ask first on Cloud Paks that you just seem to be suggesting that this is going to be a key or one of the vital many enablers to drive boom. and that i was hoping you might clarify a little bit why Cloud Paks because it sounds very corresponding to bundling, which IBM and a lot of corporations have been doing for years.

    So, need to are attempting to understand a little bit why Cloud Pak is distinct from the ancient bundling that IBM has been doing. and then 2nd, if I could just ask, Jim, a query I've asked before is on utility renovation. a great quarter on effortless compares and that i simply desired to get your recommendations on the sturdiness of the utility maintenance, now not whether it's essential. but is it, really, a boom class as they appear out inside GBS over the subsequent two years, three years? Many thanks.

    Arvind Krishna -- Chairman and Chief govt Officer

    adequate. So, Keith, i'll take the primary a part of that question on Cloud Paks. So, Cloud Paks don't seem to be just bundled. they're now not simply containerizing application.

    i could tell you right away, if all you do is bundled software, you'll in fact get a value deflation. If all you do is containerized application, there might be no plus or minus. it be simply a distinct method of delivering it. So i could take one of the Cloud Paks and maybe use it as a short illustration.

    If I take their Cloud Pak for facts, if I now turn around and inform you that even if they take a few of their integration utility or whether they take a database software like Db2, and that is the reason all you provide through that, you're correct, that's neither plus nor minus. I suppose it's going to reside the place it's. besides the fact that children, it's now not just placing those in as alternate options. lots of the Cloud Pak for statistics is really new innovation.

    It includes strategies round data material. It contains methods round how do you federate records both from public clouds and from other repositories that are probably now not IBMs interior the customer's on-premise atmosphere. It incorporates the facts catalog. It consists of these ways to be capable of do some competition devoid of even relocating the information.

    That new content brought to one of the crucial current content, so they take capabilities of their incumbency, however they get raise as a result of there is greater usage usual for these applied sciences than there became earlier than, is why they are so enthusiastic about Cloud Paks and the place it gives us both. sure, some of it is barely going to be a flow, but loads of it's truly expanded utilization. And hopefully, that type of made the illustration clear on how they are driving innovation into the portfolio with that one illustration. So Jim, i may provide it to you to address the -- I don't know whether to lift protection in ARR or NRR.

    Jim Kavanaugh -- Senior vice chairman and Chief fiscal Officer

    I suppose, Keith -- and that i'm interpreting your question given you utilized it to GBS, and they now have had this dialogue many quarters as it should be so, and also you're speakme about software management services, AMS. If i'm now not answering the appropriate question, please get back to Patricia, and they can circulation ahead from there. however AMS, as we've got observed for a handful of quarters, they bought again to growth, up 5%, accelerated that increase, albeit, as they pointed out in the organized remarks, off a much more straightforward evaluate all through the peak of the pandemic closing yr in third quarter. but it surely become up this quarter as they had increase in choices, which modernize the client's purposes and as they circulate them to a hybrid cloud.

    We said their application administration having a tremendous incumbency value in a hybrid cloud platform-centric model. Why? because what we've viewed and learned over the last two-plus years after the acquisition of crimson Hat is that, one, now they have constructed up a $three.5 billion book of company round their purple Hat observe in GBS from a dead start all through the acquisition. And they developed that up. Of that $three.5 billion, over three-quarters of that booklet of enterprise is in AMS money owed.

    2d, AMS -- excuse me, GBS riding that flywheel effect I talked about earlier is basically -- grants over one-third of their cloud profits -- Cloud Pak revenue increase each and every quarter, and inside that, 80% are AMS bills. So, there is a causality and a correlation right here between their potent incumbency base, us having trade company technique potential and the technical skills to be the client's depended on accomplice. To movement them alongside their adventure to cloud, AMS is a very indispensable part. So, they saw decent increase.

    And by the way, their penetration of AMS cloud pastime, remember, they stated during the past this predominantly being an on-prem business application awareness subject. They continue to make progress. We're -- about close to forty% of their AMS company is now cloud, and we're capitalizing on crimson Hat. We're catalyzing on application modernization.

    And we're capitalizing on very robust ecosystem partnerships with SAP S/4HANA, to name one, as they flow ahead.

    Patricia Murphy -- vice president of Investor members of the family

    Very good. thanks, Keith. Victor, let's take one closing query.

    Operator

    certainly, their last question comes from David Grossman with Stifel. Your line is open.

    David Grossman -- Stifel financial Corp. -- Analyst

    thank you, and thanks for squeezing me in right here. simply two definitely quick ones. First, how plenty, if any, of the earnings with Kyndryl is undertaking-primarily based, which may well be stylish on their own execution? and then secondly, Jim, you outlined the ELA cycle taking off, I think, early 2022. perhaps you might share with us simply how plenty of a headwind or not it's been and which segments it be impacted most.

    Thanks.

    Jim Kavanaugh -- Senior vice president and Chief fiscal Officer

    David, thank you very lots for the question. I feel i'll take each, after which Arvind can wrap it up here typical. First, around Kyndryl. So, if you go returned to October four, on the Investor Day, which they have been relatively transparent, and they talked about we'll proceed that transparency into 2022 around the exterior revenue with the strong strategic relationship between IBM and Kyndryl, they pointed out about, on a full-12 months groundwork, $2.5 billion, provide or take.

    And in 2022, in the event you received three hundred and sixty five days versus two months in 2021, it'd be about $2 billion of incremental or about three aspects. within that, David, the vast majority of it really is in utility. And a majority of that is annuitized-based mostly high-value, mission-vital-based habitual income. So, when you are considering do they have any deflationary affects around that $2-plus billion on the application facet, which includes nearly all of it, no.

    The 2nd part is they have about -- annualized about $0.5 billion related to their infrastructure assist and hardware. On the infrastructure assist, or not it's again an annuitized-based enterprise ordinary. And concerning hardware, in their strategic relationship, as they set Kyndryl up, now they have given them a gorgeous aggressive and part of aged inventory refresh application, so they now have little or no hardware purchases over likely the subsequent 18 months to 2 years given they just went via a large asset refresh. So long answer to your query, however I do not believe we've lots of affect moving ahead against that.

    2d, across the ELA cycle, you comprehend this quite smartly. it be customarily a 3-plus year. The dynamics of customer purchasing behaviors alternate over time, but they think very confident. The respectable news is here is they have lots of headroom.

    We're simply beginning the early part of that in fourth quarter. that allows you to predominantly play out in 2022 and then will also lengthen early into 2023 as they circulation forward. And in case you examine their transactional-related undertaking, we've been making strong performance growth in their annuitized-based mostly company with the renewal fees, and their on-prem transactional business has struggled, peculiarly throughout the pandemic. this will bolster that as they movement forward.

    And most importantly, they consider confident in the investments in innovation and what we're bringing to market with their modernized and containerized Cloud Pak choices optimized on properly of their hybrid cloud crimson Hat platform that we're first rate. So, with that, let me turn it over to Arvind.

    Arvind Krishna -- Chairman and Chief govt Officer

    Thanks, Jim. appear, first, i might want to thank all of you to your questions. i assumed they were truly getting into the details; and confidently, their solutions helped you take into account their business a lot greater. Let me just make a few comments to wrap it up.

    i'm hoping you took away is that they proceed to make this progress this quarter in the key areas. both myself and Jim highlighted them in their key areas of growth and in their value vectors as they go forward, specially searching into '23. but they will also acknowledge that they at all times have extra to do. Importantly, we're on the brink of the IBM of the longer term, and they are expecting to exit the yr capable that provides on their mid-term model beginning in 2022.

    that's the sustainable mid-single-digit income boom and the expanding free cash stream that fuels all the investments. So, with that, I seem to be forward to talking to all of you once more.

    Patricia Murphy -- vp of Investor relations

    Arvind, thanks. Victor, let me turn it lower back to you to close out the name.

    Operator

    [Operator signoff]

    period: sixty seven minutes

    call contributors:

    Patricia Murphy -- vice president of Investor relations

    Arvind Krishna -- Chairman and Chief government Officer

    Jim Kavanaugh -- Senior vice chairman and Chief economic Officer

    Wamsi Mohan -- financial institution of america Merrill Lynch -- Analyst

    Toni Sacconaghi -- AB Bernstein -- Analyst

    Katy Huberty -- Morgan Stanley -- Analyst

    Tien-Tsin Huang -- J.P. Morgan -- Analyst

    Jim Suva -- Citigroup -- Analyst

    Keith Bachman -- BMO Capital Markets -- Analyst

    David Grossman -- Stifel fiscal Corp. -- Analyst

    greater IBM analysis

    All income call transcripts




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