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IBM) CEO Ginni Rometty on Acquisition of Red Hat (Transcript International Business Machines Corp (IBM) CEO Ginni Rometty on Ac... https://seekingalpha.com/article/4215572-international-business-machine... Transcripts | Technology International Business Machines Corp (IBM) CEO Ginni Rometty on Acquisition of Red Hat (Transcript) Oct. 29, 2018 4:17 PM ET | 3 Likes by: SA Transcripts International Business Machines Corp (NYSE:IBM) IBM to Acquire Red Hat Conference Call October 29, 2018 8:30 AM ET Executives Patricia Murphy - VP, IR Ginni Rometty - IBM Chairman, President and CEO Jim Kavanaugh - IBM SVP, President and CFO Jim Whitehurst - Red Hat President and CEO Paul Cormier - Red Hat President, Products & Technologies Arvind Krishna - IBM SVP, Hybrid Cloud and Director of Research Analysts Amit Daryanani - RBC Capital Markets Katy Huberty - Morgan Stanley Wamsi Mohan - Bank of America Toni Sacconaghi - Bernstein David Grossman - Stifel Financials John Roy - UBS Operator Good morning. Welcome and thank you for standing by. At this time, all participants are in a listen-only mode. Today’s conference is being recorded [Operator Instructions]. I will now turn the meeting over to Patricia Murphy with IBM. Ma’am you may begin. 1 of 20 10/29/2018, 4:02 PM International Business Machines Corp (IBM) CEO Ginni Rometty on Ac... https://seekingalpha.com/article/4215572-international-business-machine... Patricia Murphy Thank you, Jill. This is Patricia Murphy, Vice President of Investor Relations for IBM. Thanks for joining us today. We’re here to talk about IBM’s acquisition of Red Hat. We have five senior executives between the two firms on today’s call. In speaking order, we have Ginni Rometty, IBM Chairman, President and CEO; Jim Kavanaugh, IBM Senior Vice President and CFO; Jim Whitehurst, Red Hat President and CEO; Paul Cormier, Red Hat President Products & Technologies; and Arvind Krishna, IBM Senior Vice President and Hybrid-cloud and Director of IBM Research. During today’s call, we make some statements that are considered forward-looking. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the Company’s filings with the SEC which you can get from the SEC or from the IBM website With that, I’ll turn the call over to Ginni Rometty Ginni Rometty All right. Thank you, Pat. And I can’t tell you how happy I am to be here today, as is Jim Whitehurst, together both of us to talk to you about this exciting announcement. You now know, as Pat just mentioned, yesterday afternoon, we announced that we would acquire Red Hat, the world’s leading provider of open-cloud solution and the emerging leader in the platform for hybrid-cloud and multi-cloud. Now, Jim is here with me, we’re both in Raleigh because we’re going to be speaking to employees in a minute, and Arvind are Paul are in Boston to speak to employees there, we are where we need to be and Jim is back in Armonk. So, we are all over the place, we’re going to do this all remotely here with you. This is clearly IBM's most significant step in the transformation of our offerings and services to lead in high value, and I’m going to keep coming back to how this helps us lead in the high value segment to the industry. The combination of IBM and Red Hat it’s a game changer, I want to keep repeating this is about resetting the cloud landscape, and we will be the undisputed number leader in hybrid-cloud. So to give that some context, I keep saying this is the second chapter of the cloud and the second chapter of the cloud is about something different, and we’ve been really building our business for this moment. And to lead in the second chapter, this is going to be about hybrid-cloud. In hybrid-cloud is an emerging $1 trillion market. Now, all clients today have 2 of 20 10/29/2018, 4:02 PM International Business Machines Corp (IBM) CEO Ginni Rometty on Ac... https://seekingalpha.com/article/4215572-international-business-machine... cloud, I mean look we already have a $19 billion successful cloud business. But, in Phase 1 is what I call it, the early cloud projects, the easy work as moved, it's mostly is been about productivity, some clients facing out, and as we’ve done surveys not only our own external, clients have move 10% to 20% of their workloads to the cloud. So that’s why I call chapter one 20% mostly cost focus. But this is an inflection point, and if they’re going to get pass that and move the other 80% which is about all their processes and their data they need what we’re going to offer together, this robust hybrid environment. And so this 80% is I can’t say about them unlocking business value, but I want to put in context, the average clients has a thousand application and the average client already has five -- that we see some as many as many 16 clouds. They’ve got to move this. They either have to rewrite, refactor, decide what goes where, secure the data. These are inhibitors that stop them from going. So, this is only going to be achieved this move to the 80%, if you can move data and applications across multiple cloud, make that portable and by the way, we just had a big of advisor meeting last week. And the number one thing they’re saying to us is, hey, we -- these other clouds, they're proprietary. We want an open solution no lock-in. So move it across multiple cloud environments with no lock-in, that's what the two of us do together. By the way we've both been building on that technology. And then they say, it has got to address data security in a multi-cloud environment and then give us a way to manage a multi-cloud environment. So if I said to address it, they are demanding this open approach. I mean I heard it loud and clear, Jim and I have gotten hundreds of notes from clients, telling us this is the right thing to do. And they want the ability to run a single common platform in all those environments whether it's traditional, virtualized, private all the publics out there. And this open approach is what lets them avoid that lock-in and allows them to move all the apps and data services we're talking about into the cloud environment. So that's what you see on this chart to us to lead in chapter 2, you got to be hybrid, multi- cloud, open, secure end-to-end in multi-cloud management. Now, we have been building and we have been very focused on hybrid and multi-cloud again based on open technologies. So we've built on containers, Kubernetes, our IBM Cloud platform is growing like crazy, multi-cloud manager was just announced last week from us, and I remind you we have the largest cloud managed services business on the planet. We run more SAP in the cloud than anyone else runs in the cloud as an example. 3 of 20 10/29/2018, 4:02 PM International Business Machines Corp (IBM) CEO Ginni Rometty on Ac... https://seekingalpha.com/article/4215572-international-business-machine... But I’m going to pause, I mean what we did was look and we see a scale of a $1 trillion market and we said to ourselves and constantly kept saying. What can we do better to address the needs of our clients? And how do we accelerate our ability to go after that? And knowing and there's really an important point, knowing that Linux is the fastest growing platform out there. And this just this year, it became the number one platform both on-prem and in the cloud. So, it is the starting point in the destination. It is the starting point the destination and we now own both of them. So we're playing to be the undisputed number one and that is what led us to Red Hat, and Jim is going to get to talk -- Jim Whitehurst in a little bit here. But I want to talk a little bit more about okay, tell me more about why Red Hat here. And so for those of you that do or don't remember, we are a longstanding champion of the Linux and Open Source community, and that started in gosh 20 years ago when we made a $1 billion investment. And ever since we've had a longstanding partnership with Red Hat, and we've been the pioneer with them on Linux and other platforms for the enterprise. They also bring to us, 8 million plus developers, right. 90% penetration in the Fortune 500 and they are now one of the key foundational technologies of our hybrid-cloud. I hear this from everyone. Hence the starting point. Now, as our clients think about this transition to hybrid and multi-cloud, Red Hat strategic value has only increased. Leveraging their large installed base, the value preposition of its open architecture, they operate across multiple environments which we welcome, right. That's why they've emerged as one of the key foundational technologies for hybrid computing as well. And so, they have to offer a portfolio open standards including open shift which is our open hybrid-cloud infrastructure. They use open containers, Kubernetes, cloud native development, cloud automation, not to mention if I said their developer system.
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