“Looking to the first quarter, I expect our constant currency revenue growth rate to be similar to the fourth quarter.”

In context

“e items can cause the rate to vary within the year. For free cash flow, we expect to generate about $13.5 billion in 2025. Given the strong fundamentals of our business, we expect double-digit adjusted EBITDA growth, which is the primary driver of our free cash flow. This will be offset by cash tax headwinds and higher CapEx. Our productivity initiatives have enabled investments in innovation, skills, and go-to-market capabilities, including our ecosystem. We have accomplished this while simultaneously growing our operating profit margin and free cash flow, which in turn has increased our financial flexibility. This remains our playbook going forward, having executed on $3.5 billion of annual run rate savings exiting 2024, supporting our strong free cash flow growing in excess of revenue. Looking to the first quarter, I expect our constant currency revenue growth rate to be similar to the fourth quarter. We expect workforce rebalancing fairly consistent with prior year. We are also ramping on the $241 million gain from the divestiture of The Weather Company. Excluding the year-over-year impact of the gain, we expect about 50 basis points of operating pre-tax margin expansion. It is hard to predict discrete events. But our best view is that the first quarter tax rate could be a few points lower than the full year rate, but still a headwind over last year. In summary, we have delivered durable growth over the mid-term model and expect to drive an upwards inflection. We have repositioned our business and are excited about 2025 and beyond. We look forward to discussing more details at our upcoming Investor Day on February 4. Arvind and I are now happy to take your questions. Olympia, let's ge”