“We strongly believe that our partners will achieve the first examples of Quantum Advantage this year leveraging IBM hardware.”

In context

“structure clients choose. We continue to make progress in Quantum and remain on track to deliver the first, large-scale fault-tolerant quantum computer by 2029. Here are some signposts of progress. In March, researchers used IBM Quantum hardware to simulate a 300 atom system with the Cleveland Clinic, demonstrating that quantum computers can serve as reliable tools for pharmaceutical discovery. Another team accurately simulated real magnetic materials. Magnetism is central to new forms of energy and electrification. These are significant demonstrations to date that quantum computers can serve as reliable tools for scientific discovery. We also released a new blueprint for Quantum-centric supercomputing that outlines the architecture for integrating quantum and classical systems at scale. We strongly believe that our partners will achieve the first examples of Quantum Advantage this year leveraging IBM hardware. In closing, we are executing on our strategy of accelerating revenue growth and delivering higher profitability. Given our strong start to the year, we remain confident in our ability to sustain revenue growth of 5% plus and grow free cash flow by about $1 billion this year. With that, let me hand it over to Jim to go through the financials. James Kavanaugh: Thanks, Arvind. In the first quarter, we delivered 6% revenue growth, 140 basis points of operating pretax margin expansion, 17% adjusted EBITDA growth, 19% diluted operating earnings per share growth and $2.2 billion of free cash flow, growing 13% year-to-year, representing our highest first quarter free cash flow in a decade and free cash flow margin in reported history. This performance reflects the work we have done to strengthen”