Our GBS business, which is about $5.5 billion on a trailing 12 months grew in the mid-teens. So that's what happened in GBS.

It sounds like they were down perhaps 20% year over year. And that means that you're looking at the revenue impact, that even if you have good signings, the revenue impact takes a long time to sort of make its way through the -- through that business and also in terms of the backlogs that are in that business.

For example, at Daimler, we have expanded our relationship to migrate their global aftersales platform to the IBM cloud.

So look, so I mentioned explicitly that half the opportunity is services. Act 1.8 Est 1.84 Q1 2015 Transdigm Group Inc Earnings Conference call 01/27/2015 11:00 AM (EST) TDG. But this is long annuitized-based contracts that has a duration of probably five-plus years.Yeah. So talking about them being new logos would be unfair. In global technology services, revenue declined 5%, fairly consistent with the first quarter's performance.Yeah. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. We provide clients with flexibility in their capacity to deal with volume changes due to their business needs and macroeconomic environment.These adjustments and charges are primarily noncash. And the savings from our structural actions will start to yield in the second half, providing better cost competitiveness and margin performance, especially in GTS. So that is there.

We see opportunity in people as they're doing a return to the workplace and projects that all advance those things. You're significantly impacted by volumes, but it looks like you had pretty good signings, in the first half of the year, your duration's up in the backlog, etc.Our next question will come from Toni Sacconaghi with Bernstein.

And then, we'll ask Jim to add a lot more color.And that, of course, will play out in our results as well. Looking at profit, we expanded gross margin in GBS by 240 basis points. I think as to deal -- I can't comment on is the business different or do we see it differently. Now, we do have variability collars within that, of about 30% of our clients today have that. That's 70% of industry. I would say we are absolutely doing that, and that's a big part why you see that 34% growth. IBM's hybrid cloud platform generated more than $23 billion of revenue over the last 12 months. We're simplifying the geographic dimension of our go-to-market by consolidating our operations and moving to a streamlined structure for sales teams to be more flexible and responsive to our clients.

So when I look through the cyclical impacts there, I think that we want to be careful about trying to say that the trends change dramatically quarter-to-quarter.Yeah. Our next question will come from David Grossman with Stifel Nicolaus. As IBM's CEO, I'm fully committed to ensuring that IBM will continue to lead in this area. The other 80% are mission-critical workloads that are far more difficult to move. Let me give you some of the underlying dynamics and then I'll give you some color, given we're not giving forward-looking guidance, we're not going to give a free cash flow guidance here on the call. So they have different economic equations, different growth profiles. And that's why you see us keep using the word transformational because that is where people see the huge opportunity of these projects. But even on a pro forma organic perspective, we are growing right around 20%.Thanks, Jim.

With Red Hat, we are positioned to win the hybrid cloud architectural battle and have deployed the most secure, open hybrid cloud platform underpinned by OpenShift.Next, we will hear from Katy Huberty with Morgan Stanley. Your line is open.Katy, thanks for the question.

We will absolutely see the needle move on our services business as those begin to close and yield.However, I'll just put a caution that that said, the run component does remain important. If we also look at some of those project-based businesses, we'll likely -- and this is where it's tough to give guidance, but it's likely that we see that the economic recovery is looking to be longer and more protracted than we might have hoped for back in March.

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