“Yes, first quarter, we expect about, again, about a similar point impact to IBM's growth. But second quarter on, we're back to growth above our model through the year, and that's what gives us confidence in the guide that we called for the year.”

In context

“rsus a third quarter and fourth, but that is -- we got a very hot hand and we're going to continue to invest in innovation. Second, on Consulting, we feel pretty good about how we concluded the year with our highest recorded ever signings quarter, up 23%. We entered the year with a backlog of plus 8%, a strong book-to-bill at 1.21. We're still dealing with a very dynamic environment around client prioritizing spend. And I think it's prudent for us right now, although we call low-single-digit for the year to see that accelerate as we move through the year. So I would see more of a second half play than a first half play. And then you get to Infrastructure. We did extremely well at the end of a three-year cycle. Our most promising program in mainframe, I think ever overall, delivering 122%. Yes, first quarter, we expect about, again, about a similar point impact to IBM's growth. But second quarter on, we're back to growth above our model through the year, and that's what gives us confidence in the guide that we called for the year. So a little bit of a mix shift, definitely strengthened Software, which is going to drive this business being 45% IBM. But when you bring it all together, maybe it's a point less first half on revenue versus history versus second half. But from a free cash flow perspective, we're pretty similar to history overall. Olympia McNerney: Great. Operator, let's take the next question. Operator: Your next question comes from Wamsi Mohan with Bank of America. Please state your question. Wamsi Mohan: Yes, thank you so much and congrats on the really strong free cash flow performance. Arvind, would love to get your thoughts around M&A, particularly as we maybe enter a period of relatively low regulatory overhang. At the same time, you are delivering record cash flows. And if I could, would love to g”