“We see full year constant currency revenue growth in line with our mid-single-digit model, still prudently at the low end.”

In context

“fits from productivity while absorbing about 1 point of impact from currency. Now let me bring it back to the IBM level to wrap up. More than 2 years into our midterm model, we are a more focused business that has delivered sustained revenue and free cash flow growth. Over this time, we've continued to invest organically and inorganically, bring new products and innovation to market, expand our ecosystem and drive productivity across our business. Our first quarter performance is another proof point of this progress with constant currency revenue growth, operating gross margin and operating pretax margin expansion, and the strongest first quarter free cash flow in many years. Looking to the full year 2024, we are holding our view on our 2 primary metrics: revenue and free cash flow. We see full year constant currency revenue growth in line with our mid-single-digit model, still prudently at the low end. And for free cash flow, we expect to generate about $12 billion driven primarily by growth in adjusted EBITDA. On the segments. In Software, we had a solid start to the year and continue to expect growth slightly above the high end of our mid-single-digit model. In Consulting, we continue to see strong demand for digital transformations. Though, as I said, we are seeing some pressure on smaller, more discretionary projects. We now see mid-single-digit revenue growth in Consulting with acceleration throughout the year. Given our ongoing productivity initiatives and investment in innovation, we expect to see about 1 point of segment profit margin expansion in both of these segments. And in Infrastructure, given product cycle dynamics, we expect revenue to decline, driving about a 0.5 poin”