seekingalpha上这篇帖子讨论了IBM软件板块营收和利润变化趋势的重要性，目前软件部门营收占比只有28%、却贡献了IBM整个公司55%的毛利，因为软件业务毛利率太高了（88%）：the 6% decline in YoY software revenues measured on a constant currency basis were more extreme than we had expected. The Software segment makes up only 28 percent of IBM's revenues but a full 57 percent of its profits

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请教讨论一下IBM软件板块的营收，下面这段没太看懂。软件营收中transactional占比高，营收就低，这是什么道理？这个transactional营收是指初次购买软件的收入？指的新订单部分？而客户在初次购买某个软件之后，每年还需要交一定的服务支持费、授权使用费之类的年费，如果这样理解的话，transactional越多营收不是越高吗？

// Given the much higher transactional mix in the fourth quarter, this had a larger impact on our total software performance, resulting in a deceleration in software growth in the fourth. Looking ahead to first quarter, which has a lower transactional mix, we will see an improvement in our revenue trajectory. We’ve said in the past that our performance reflects that many of our large clients with multi-year contracts are utilizing the flexibility on deployment of their software, as they build out their environments with our broad portfolio, and this is continuing. Outside of our top 250 clients our software revenue was up low single digits in the fourth quarter, and for the full year.

转自IBM的2015年四季报电话会议：
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