Jim Kavanaugh

Over the last three plus years, we've created more value for our shareholders than the prior 111 years combined.

Great.

Thank you, Tom.

I appreciate you having us here and looking forward to an engaging discussion with both of you.

Yeah, well, thank you, Tom.

I appreciate it.

I think that's a great place to start because

We today at IBM, we firmly believe we're a fundamentally different company than what we were five, seven years ago under Arvind's leadership now as he's taken over the reins of the IBM company.

But we've embarked several years ago on a major strategic transformation that I would argue

was all about reinventing IBM.

It was everything, Tom, from portfolio optimization and a bunch of moves around that I'm sure we could talk about to underlying fundamental operating and business model transformation.

to arguably the most important piece of what Arvind has really embedded and instilled in IBM, a cultural transformation.

We are a very different company.

And it starts with our strategy, a very focused strategy around what we believe are the three most transformative technological shifts that we're seeing today.

Hybrid cloud, AI,

and emerging right now and becoming reality very soon quantum and if you take a look at it we have done a ton of work around building a software-led platform-centric company to capitalize on those three strategic shifts with a very important integrated value proposition of

infrastructure.

So yes, we still have a infrastructure led by the most enduring platform mainframe, but we also have a software business that we could talk about and a consulting business that brings an integrated value proposition together that has a multiplier effect of every time we land a platform dollar.

Now, to your point, what is it going to take?

Well, let's just put this in perspective.