“Acquisitions will probably give us a little bit less than 2 points of that growth in 2024.”

In context

“Number one, I think we've proven over the last 2 years that we have rebuilt and repositioned our portfolio, and we now have a high-value recurring revenue stream that can grow in this business, offer the innovation and the success of our hardware platform business. That's about 2 points of growth of slightly above the mid-single digit model of software. So 2 points based on credibility of our sustained growth in the high-value recurring revenue. Number two, you talked about acquisitions. We are going to continue to invest and fuel investment into our software portfolio to improve the innovation, the synergistic value, the strategic fit, the hybrid cloud and AI. You saw we closed very excited off to a great start with Apptio, and we announced the acquisition of Web Methods and Stream Sets. Acquisitions will probably give us a little bit less than 2 points of that growth in 2024. So 2 points from high-value recurring revenue, a little bit less than 2 points of acquisition and then Red Hat, to your point. We actually delivered about what we said in fourth quarter. We said high single digit. We still got impacted by consumption-based services. By the way, we'll start wrapping on that later in 2024. But we're extremely excited about the acceleration of demand in our single-year bookings in our subscription book of business, 14% growth in third quarter, 17% growth in fourth quarter. Red Hat will give us about 2.5 points of growth year-over-year. And then the remaining 0.5 point is our continued growth of our transaction processing, and that's about 0.5 point. You add those up, you're over 6% growth, and I think we feel pretty good. But let me turn it over to Arvind. A”