“And we still see software pre-tax margin in the mid-20s range for 2022.”

In context

“ts profit and free cash flow as well. Looking at free cash flow, our other key metric, we continue to expect to generate about $10 billion for the year. That’s up over $3 billion from last year. A large part of that growth comes from the wrap on the Kyndryl spin-related and structural payments. But we’re also driving working capital efficiency and improving operating profit profile. We expect strong free cash flow performance in the fourth quarter, while we continue to face some external headwinds, including appreciation of the U.S. dollar and exit of our Russia operations. In terms of segment performance for 2022, our view of software has been consistent all year. We continue to expect revenue growth in line with our mid-single digit model range, plus 5 to 6 points from sales to Kyndryl. And we still see software pre-tax margin in the mid-20s range for 2022. Our IBM Consulting revenue growth has been great, and we’re taking our view up to a mid-teens revenue growth rate for the year. While we’re still operating in a competitive labor environment, we see some encouraging signs in our Consulting margin profile exiting the third quarter. We now expect a Consulting pre-tax margin for the year at the low end of our previous 9% to 10% range, which is up about a point year-to-year. Our Infrastructure revenue performance, as always, reflects product cycle dynamics. With the strong launch of our z16 earlier this year, Infrastructure revenue performance will be above the model level for the year, and that’s before the 5 to 6 points from sales to Kyndryl. We expect Infrastructure pre-tax margin in the mid-teens. Looking specifically at the fourth quarte”