“But remember, we start ramping on that in the second half, so that provides us a tailwind in the second half.”

In context

“first quarter earnings, we've kind of bifurcated this business when we saw the slowdown happen in second half last year between our subscription-based business within Red Hat versus our consumption-based services and offerings, the former being about 80% of our portfolio, the latter being about 20%. If you look at first quarter, as Arvind indicated, we're very pleased. Coming off of a 2-plus point acceleration positions us extremely well, even more confident in that double-digit for the year. But the reason why we're even more confident is that 80% of that portfolio, that subscription business, we accelerated 3 points quarter-to-quarter in revenue and we were above double digits. On the consumption base, we finally saw a stabilization. We didn't see acceleration, we saw stabilization. But remember, we start ramping on that in the second half, so that provides us a tailwind in the second half. But our subscription business today, the 80%, 3 points acceleration, double-digit in the first quarter, all 3 major lines broad-based double-digit bookings; Red Hat OpenShift, over 40% booking strength; $1.3 billion ARR book of business, growing 25-plus percent; Ansible taking share, we feel even more confident as I said. Operator: Next question comes from Erik Woodring with Morgan Stanley. Erik Woodring: Arvind, maybe this one is for you. If we include the Software AG assets and now HashiCorp, I think you spent about $16 billion on acquisitions since your 2021 Analyst Day. Back then, you talked about kind of having $20 billion to $25 billion of M&A firepower you could leverage through 2024. Just curious, as we sit here today, your willingness or desire to go after more M&A for the rest”