We will absolutely see the needle move on our services business as those begin to close and yield. Cash from ops is about flat year over year. Trump oder Biden? WATCH: Full interview with IBM CEO Arvind Krishna and Executive Chair Ginni Rometty. Katy Huberty -- Morgan Stanley -- Analyst. Now, back to the quarter and the business. At this time, we’ll begin the question and answer session of the conference. I know you’re not commenting on Q4 guidance, but maybe you can tell us how to think about it. Supply chain order management enables the shift to more flexible and scalable digital channels which is a great value prop to our clients during the pandemic. Then there are some who do enough on both sides that they do have some concerns. To put this in context, we hire between 5,000 and 10,000 interns at IBM each year, so this represents more than 10% of our intern base. Let’s go to the next question, please. People are pausing certain large software license transactions, and that is perhaps the macro environment. As I mentioned earlier, our GBS cloud signings were up over 25%. At that time IBM issued preliminary results, saying it expected $2.58 in adjusted earnings per share on $17.6 billion in revenue. Get a weekly digest of the week’s most important transcripts in your inbox. Our presentation also includes non-gap measures to provide additional information to investors. About 70% of our revenue comes from industries that run the world's most critical processes, and those industries have been less impacted by the current economic and health crisis. Hi, many thanks for taking the question and congratulations on the ongoing success of Red Hat. We've provided reconciliation charts for these and other non-GAAP measures at the end of the presentation and in the 8-K submitted to the SEC. And as you begin to see that slow down in the third quarter of this year, we do expect to, I think, see that continuing for some time. Third, we are going to be increasing investments in our core software areas in terms of the hybrid cloud platform itself. But I think we feel very, very good that we were correct in our estimations of the level of concerns.

Arvin, let me turn it back over to you. Notes and accounts receivable - trade, net, Prepaid expenses and other current assets, Accumulated other comprehensive income/(loss). Arvind Krishna: (02:21) But all else equal, I would think the growth rate over the next couple of quarters is going to drop pretty meaningfully, just given the anniversary of Red Hat, but perhaps combined with the mainframe cycle as well. I actually wanted to ask a clarification question to Jim. Some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. Thank you. Arvind talked about it from a client perspective and the value we bring around our hybrid cloud differentiated value proposition. We should do maybe a little bit better than that, but I don’t think anything substantial above that. Arvin: (56:46) Speaker 4: (58:26) International Business Machines (IBM) Corp. (symbol IBM) reported their Q3 2020 earnings on October 19, 2020. We recently signed a multi-year agreement to accelerate their modernization journey. So we see pretty similar dynamics. With the expertise and process knowledge gained through our application management incumbency, clients trust us to guide them through architectural decisions and facilitate their transformations with a particular expertise in application modernization at scale across all on-prem, private and public cloud environments. Yes. That should allow them to also make targeted acquisitions as appropriate.

And we think that the ability to form many more partnerships as a standalone is going to allow, IF to much more fully participate in the complete market. So we’re pretty pleased there. Xiaomi-Aktie auseinandergenommen: Was hat die Möchtegern-Apple-Konkurrenz aus China wirklich drauf? And I’ll remind you, that was off of a third quarter last year, where we grew 20%. Thank you. months of 2019. But I would fully expect that at the same time as you complete the spin, we should be able to see those growths return in those parts of the portfolio, and you’ve got a sense of how we’ll do it across those various elements. The firm reported a third consecutive quarter of revenue decline. We are continuing to expand our ecosystem. And you saw that in some of my prepared remarks on the innovations we are driving into the Red Hat technologies. Yeah. But as we pivot our offerings and delivery to address these client needs, GBS posted double digit signings growth in the third quarter and returned its backlog to growth. The coronavirus pandemic has challenged IBM, among other companies, in part because of exposure to industries such as retail and transportation that the pandemic interrupted. These adjustments and charges are primarily noncash. Dirk Müller tanzt auf dem Crash-Vulkan: "Wer gerne in eine laufende Kettensäge fasst, kann ... Vergleich von COVID-19-Testkits: Sona vs. XPhyto, Robo-Advisor: Digitale Helfer für die Geldanlage, Modernisierungen, Übernahmen und kaum Mieteinbußen: DAX-Top-Performer Deutsche Wohnen und Vonovia überraschen, Discovery Metals Unternehmens-Teaser 2020, Börsen- & Finanzwidgets für Ihre Homepage, GAAP EPS from continuing operations of $1.52, Revenue of $18.1 billion, down 5.4 percent (down 1.9 percent adjusting for divested businesses and currency), Total cloud revenue of $6.3 billion, up 30 percent (up 34 percent adjusting for divested businesses and currency), Red Hat revenue up 17 percent (up 18 percent adjusting for currency), normalized for historical comparability, GAAP gross profit margin of 48 percent, up 100 basis points; Operating (non-GAAP) gross profit margin of 49 percent up 160 basis points, Net cash from operating activities of $15.1 billion and free cash flow of $11.5 billion, over the last 12 months. At that time IBM issued preliminary results, saying it expected $2.58 in adjusted earnings per share on $17.6 billion in revenue. Biontech lässt User-Herzen höherschlagen: „Vier mal bullish – bald geht die Luzi ab". So when I put all of that together, I think that there’s a couple of dozen clients where we just have to make sure that we can tell them who the team that’s going to be servicing them. If you take a look at the fourth quarter actions overall, we talked about, 10 days ago, the strategic action around separating out and creating two market-leading companies and creating an independent, publicly traded company around our managed infrastructure services business. Then there are some who do enough on both sides that they do have some concerns. So we've got our arms around this, but it's going to take time to turn this business overall, especially in the pandemic. Jim: (01:00:06) Look, most of the larger deals are to a client’s benefit. Can we please go to the next question? At the same time, clients are continuing their infrastructure transformations to hybrid multi-cloud environments. Thank you, Wamsi. Maybe they’re pausing because of the industry or because of geography or because they’re into a cash conservation mode. I’m not sure how to make the math work when you say impactful, And then I’ll just ask my question of Jim if I could. Can we please go to the next question? The second part you asked was, are we just moving our people from one side to the other, or are we getting new wins? We’re driving adoption of our cloud pack for security and QRadar on the cloud and identity and trust services also had good performance as we’re helping clients with their secure digital transformations. And so we’re going to be driving in terms of organic R&D, in terms of working with certain areas where there is a lot of demand. This has always been important to IBM. [inaudible 00:34:10] this is Jim. Yet application management and global process were weak before the pandemic hit. And what is it that you're looking for in order to return to the prior framework of giving an annual outlook? As we apply the dynamic delivery principles across our client base, in the third quarter we delivered more than 90% of our services remotely while maintaining stable quality and increasing Net Promoter Score. We should do maybe a little bit better than that, but I don’t think anything substantial above that. Can we go to the next question please, sheila? So as those go through, you tend to see, I will call it an alignment, it’s not necessarily identical. And that curve will begin to flatten in three to four months, which was, at that time, a reasonable but turned out to be a misplaced expectation. But based on everything I can see, I am confident that actually we will be able to see most of the deals progress to a satisfactory conclusion. We’re pretty pleased given the overall macroeconomic environment and the rate and pace and the continued uncertainty. Not only are the number of large deals increasing, but also the size of these engagements is increasing as well, with the total value of these deals doubling over the last 12 months. Thank you. But second, to your other point, we've been dealing with this deferred revenue, noncash purchase accounting adjustment for the last four quarters.