That’s why Jim and I are pausing and giving guidance here. The other dynamic I'd bring up, and I think Arvind talked about this earlier, you got to make sure that this business, while 75% annuity, 25%, give or take, in a year, transactional, that transactional SKU varies very differently between the third quarter and the fourth quarter. But many clients are taking a longer term view and are looking to modernize their infrastructure to create agility and operational efficiency. So they have different economic equations, different growth profiles. However, they are very different businesses, and they are different business models. That is going to be centered around technology, innovation, people, skills, capability, ecosystems, and also, as Arvind just answered, around the inorganic plays overall. Clients value the new innovation of the z15 mainframe and high-end storage. 20.07.2020 - IBM (NYSE: IBM) today announced second-quarter 2020 earnings results. Jim: (01:05:24) So that’s the first question. Turning the GBS profit gross margin declined by roughly 80 basis points. Any reproduction, redistribution or retransmission is expressly prohibited. In the third quarter the Global Technology Services segment, IBM's largest, contributed $6.46 billion in revenue. Both will have more agility to focus on their operating and financial models. We laid the foundation we talked on October 8th. I’m pleased to be speaking with you again just a week and a half after our strategic update on October 8.

But our client and our portfolio mix provide some stability in our revenue, profit and free cash flow. First, thanks for the question, Matt. That focus on resiliency continued into the second quarter and impacted software performance, especially in the first part of the quarter. Operating revenues fell 68.2% year-over-year to $1.8 billion. Now I will turn the meeting over to Ms. Patricia Murphy with IBM. Your dividend is $6 billion a year. I think 11 in the quarter in excess of $100 million and eight of those in our GTS managed infrastructure services business, which saw a very strong renewal rate that talks to the value of innovation that they bring to our client set overall and that has led to year-to-date, I think we said in the prepared remarks, GTS up 12% signings. Our cash and liquidity positions remained strong, fueled by our cashflow. These statements involve factors that could cause our actual results to differ materially. And we think that the ability to form many more partnerships as a standalone is going to allow, IF to much more fully participate in the complete market. * Recast to conform with 2020 presentation. Across IBM, our cloud revenue grew 34%, which is up from the 23% growth in the first quarter. This is a sequential improvement in the year-to-year performance despite a 4 point headwind from the ramp of the Red Hat acquisition in early July.

First, we’ve included supplemental information at the end of the presentation. Arvind Krishna: (02:21)

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