“We are absolutely committed to our $35 billion total free cash flow cumulative over '22 through '24. And we still see very good signs, and we have confidence in delivering that number.”

In context

“d for the year. So that kind of wraps up free cash flow overall. Operator: Our next question will come from Toni Sacconaghi with Bernstein. Toni Sacconaghi: I was wondering if you could just comment on whether you still expect $35 billion in free cash through 2024 and what the bridge for that is? And then you mentioned that revenue sequentially would be a little lighter than usual in Q3 because of the mainframe. I think you're typically down about $850 million. The mainframe is like $500 million to $700 million a quarter. So maybe it's a $100 million headwind. So is that sort of the dimension that you're thinking about for Q3? Or are there other factors at work? Arvind Krishna: Toni, let me start by first addressing the $35 billion free cash flow question, and then I'll hand it to Jim. We are absolutely committed to our $35 billion total free cash flow cumulative over '22 through '24. And we still see very good signs, and we have confidence in delivering that number. And so with that, you said the bridge to that and then the 2Q to 3Q dynamics, I'll hand it to Jim for those. James Kavanaugh: Yes. Thanks, Toni. If you go back to what I said in the prepared remarks, we typically -- I think the number is actually about $1 billion sequentially in revenue, Toni, overall. But we've actually given pretty explicit guidance on third quarter. We said that we were going to be all in high single digit at constant currency here in the second quarter. So let me address your question from that dynamic because we gave -- we've given that explicit quarter-to-quarter and what's going to happen to constant currency total revenue. So if you look at second quarter, we delivered mid-teens. By the way, I wouldn't make the point -- that is the strongest constant currency g”