“We still expect Software revenue growth at the high end of its mid-single digit model, and Consulting revenue in the 6% to 8% range.”

In context

“nd inorganically, bring new products and innovation to market, expand our ecosystem and our talent base, and drive productivity across our business. The result is a business that addresses today's client needs, with a stronger financial profile. Our third quarter performance reinforces this progress with 3.5% revenue growth, gross and pre-tax margin expansion and strong free cash flow generation. Now, with three quarters of the year behind us, we are holding our full year view of our two primary financial metrics, revenue growth and free cash flow. We continue to expect constant currency revenue growth of 3% to 5%, and free cash flow of about $10.5 billion, that's up $1.2 billion over last year. We've had solid revenue performance all year in our growth vectors of Software and Consulting. We still expect Software revenue growth at the high end of its mid-single digit model, and Consulting revenue in the 6% to 8% range. Infrastructure revenue, of course, reflects product cycle dynamics. In total, with one quarter to go, it's prudent to assume the low end of IBM's 3% to 5% range. We are making great progress in our productivity initiatives. The work we are doing to digitally transform our business not only makes us more nimble by simplifying and streamlining our processes and operations, but it also frees up spend for reinvestment, provides financial flexibility and delivers operating leverage. This contributes to solid margin and free cash flow performance. We continue to expect about a 0.5 point of operating pre-tax margin improvement, and we see a mid-teens tax rate for the year. Our free cash flow performance has been driven primarily from our profit performance. Through the first three quarters, we'r”