James J. Kavanaugh
Arvind. Thanks,
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end. September end $X slightly up cash the but from $X.X at year from down of Our June, billion, about balance was billion
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acquisitions. We the quarters of time our Overall, growth, investments closed toward to three been takes progress will model. realize we've have our results help These first it benefit. drive XXXX midterm increased over ten the fully and investments but and reflect revenue making actions
for will is major therefore, IBM. November a transition we Xrd. which quarter, The separation the quarter, to is we fourth complete of fourth Kyndryl, the on future as milestone During the track
Now let fourth me provide some areas color the quarter. on for three
of the segments. the First, trajectory new revenue
consolidated And the start on on our rate. separation report we comment segments, I'll of revenue IBM’s the fourth our with to third, impact December as Second, an tax the results in for them of Kyndryl I'll of trajectory quarter. and operating November the basis.
the of As always, U.S. basis to before Software strengthen in rates better I'll to about continues on spot I'll but growth a X be We trends, sales factors see on X Kyndryl. you revenue rate. To a it a constant the Consulting. on the current point based momentum currency and to would headwind growth of focus continual talk I'll provide remind from view our incremental growth to dollar and
double expect the IBM rate We growth. cycle decline. In and Software third consistent performance expect a we the single-digit was versus we dynamics, growth revenue revenue with quarter fairly Consulting, improve to in digit product high expect third our quarter, again given which infrastructure,
quarter that revenue implications from we in the two we'll billion the billion share $X billion those November of high-teens. rate, to of years. November Kyndryl of is Kyndryl discrete for quarter, And to $X of the December. At earlier Kyndryl results same just time, for still and timing that as couple mentioned be reduction and prepared due the January. a I of teen’s the per fourth in I'll IBM we represented then relationship. applies get in tax the commercial to finally, December tax rate a earnings tax. from range, The we months about full-year reflect expect all-in about impact revenue $XXX the results low items than in million we in frame will consolidated discrete tax and fourth net revenue with anticipated, indicated on line based previously in under and We back our fourth-quarter separation. tax last benefits what new That's the with in consolidated estimate separation. historically rate the incremental including of sales Second, separation. occurred our the IBM's about $X.X
an those For balance $X.XX the impact months, IBM of new relationships. separation, presented XX we the of commercial continuing share, time operation. discontinued operation, in At of to be of including Kyndryl will the two with estimate earnings per in
of provide year. will a restatement operations We continuing the end historical the of before
on to of mid-single-digit in the model. IBM; the Patricia. billion future We in we of the XXXX to midterm questions. exit expect threshold cash back it to that, our growth we'll I'll a free revenue take XXXX. quarter are to your and A position With fourth flow $XX deliver cumulative be happy to turn
