...Good morning. I'm Katy Huberty, Director of North America Research at Morgan Stanley. And I am absolutely pleased to welcome Tom Rosamilia, SVP of Software and Chairman of North America at IBM. I'm particularly looking forward to this discussion given Tom's tenure at the company and how important software is to the business. Tom has held a number of roles, more recently, SVP of Systems and now, as I said, Head of the software business. Before we begin, I just need to mention that important disclosures can be found at www.morganstanley.com/researchdisclosure. So Tom, thank you so much for being here today. Thomas W. Rosamilia ...