...Welcome, everyone. I'm Katy Huberty, IT hardware analyst at Morgan Stanley. And I'm really pleased to welcome Jim Whitehurst, President of IBM, previously CEO of Red Hat. I'm particularly looking forward to this discussion because Jim represents an important growth engine at IBM, but also provides an inside view of IBM's transformation, but with a bit of an outsider's perspective, having joined the company with the Red Hat acquisition in the summer of 2019. As President, Jim heads IBM's Cloud & Cognitive Software business and is in charge of corporate strategy. Before we begin the discussion, I just want to point you to important disclosures, which can be found at Morgan Stanley research disclosures website at www.morganstanley.com/researchdisclosures. If you have any questions, please don't hesitate to reach out to Morgan Stanley's sales representatives. Jim, thank you so much for spending the time today. Really looking forward to the discussion, as I said. James M. Whitehurst ...