Jim Kavanaugh

You've been following us, and we really appreciate the recommendations from you and the team overall, your trust, your confidence, and the investment overall in our great company.

But what we've done over the last handful of years, we've taken a company that was in structurally declining portfolio growth,

incrementally diluted margins and a free cashflow engine that was stagnant at best to declining.

And over the last three plus years, we have built a durable, sustainable revenue growth model.

We've improved our operating margins over the last three and a half years by a thousand basis points.

And we have basically almost two and a half times our free cash flow.

five plus billion dollars of growth over the last three years.

And by the way, the market has rewarded us on capitalizing on that.

Put it in perspective, over the last three, five years, our TSR is about 2x the S&P 500, and it's well above the S&P Tech

over the last three to five years.

And IBM, Tom, as you know, you've studied us quite well.

We just celebrated our 114 year anniversary.

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

Hit all-time stock price, all-time market value, all-time enterprise value overall.

So now you say, well, where can we take this company going forward to your question?

Well, we laid out at our investor day last year in February, about a year ago to almost a day here today.

And we said that we were going to fundamentally build the next leg of our shareholder value creation model that is built on three pillars, accelerating this revenue growth even faster in this company, five plus percent led by double digit growth in our software book of business.

Two, continued operating margin leverage about 100 basis points per year.

We think we've got significant headroom still to go.

And three, a free cash flow engine that is going to grow faster than revenue, expanding free cash flow margins each year that creates investment flexibility.