Looking at profit, we expanded gross margin in GBS by 240 basis points. Hi. And I obviously can handle some of the numbers overall. Arvin: (53:17) Thanks, Katy. We also had good performance in our supply chain software, supply chain order management enables the shift to more flexible and scalable digital channels, which is a great value prop to our clients during the pandemic. I certainly think consulting business can improve, particularly next year as we get into presumably better economic cycles. But we are also going to be quite acquisitive in the areas that we have called out. Let's go to the next question, please. Plug Power und Bloom Energy gestern an der Börse geprügelt - warum? Over the last year, we generated $10.8 billion of free cash flow which is 136% of GAAP net income. And by ecosystem there are large partners, we just announced ServiceNow last week, but we announced Adobe a couple of months before that. A couple of weeks ago Red Hat was recognized as the leader in multi-cloud container development platforms in Forrester’s latest Wave report. The number of clients adopting cloud packs versus a year ago, it added nearly 200 clients to our container platforms in the third quarter. And let’s go to the next question please. What I want to understand, maybe if you don’t mind, just this transition from going with the tighter integration of GBS and GTS to the separation now. I’ll take that one. Thank you, Toni. Clients have really continued focused on mission-critical operational stability, cash preservation as any company as we were in the midst of the worst pandemic we've seen in quite a period of time. And our weather consumer business was impacted by general weakness in the advertising market. In transaction processing platforms, client focus on opex versus capex continued to impact transactions this quarter. And so how do we invest in that in order to drive growth down the road is the second piece.

And from there, we have gotten back over 80% our corridor in the great to good to not really concerned. More profoundly, we see that the digital transformation of businesses is accelerating. Infrastructure services continues to experience lower client base business volumes in the more economically sensitive industries.

Sheila, let's please open it up for questions. Sheila, can we turn it back to you to close out the call please? But I want to start with a summary of our strategic discussion. Forrester and IDC just named our Managed Security Services as an industry leader based on our integrated product and services capabilities. That will diminish as we get into second half. Let me give you some of the underlying dynamics and then I'll give you some color, given we're not giving forward-looking guidance, we're not going to give a free cash flow guidance here on the call. By annualizing IBM’s most recent dividend of $1.63 per share, its dividend yield works out to be 5.3 percent—a healthy yield, and more than double the S&P 500’s. With the acceleration of the Red Hat platform adoption and the changes to clients’ needs for application versus infrastructure services, we are separating our managed infrastructure services into a new publicly traded company. Jim Kavanaugh: (19:22) Three, Jim mentioned that a third of the restructuring charge is for also improving the EBITDA profile of the spin company. And then separately, could you just comment on GBS signings? GTS’ signings were down 1% this quarter but up 12% year-to-date with 19 deals over $100 million including eight this quarter.
IBM earnings call for the period ending June 30, 2020.

ET. I’m pleased to be speaking with you again just a week and a half after our strategic update on October 8.

For IBM as we look forward, the case for hybrid cloud is clear. We want to hear from you. We continue to offer additional hybrid cloud capabilities on z15. Our last question will come from Jim Suva with Citigroup Investment Research. Next we’ll hear from Katy Huberty with Morgan Stanley.

Arvin: (56:46)


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