Operator: Our last question will come from Kyle McNealy with Jefferies. Your line is open.
Kyle McNealy: Thanks very much for squeezing it in. This one is macro related as well, but just pretty quick. It seems like some of the long macros implied in your 2023 guidance, but I don’t think you talked specifically about whether you’re seeing anything specifically slowing. It sounded generally positive for you guys, even though there’s a bit of a slowdown implied in the guidance. Microsoft and F5 talked about a divergence between new business and new applications, seeing some growth versus renewal business, capacity expansions, cross-selling and things like that. Are you seeing a similar thing in terms of new applications slowing a bit and some of the kind of recurring and cross-selling capacity expansion is holding up? How much of either of those is driving your lower end of mid-single-digit growth guidance for 2023 and kind of break it down, if you can. Thanks.
Arvind Krishna: Okay. Look, I think that first and I’ll address your point of new application versus existing pretty directly. The point about the lower end of the mid-single digit is largely from the fact that Infrastructure segment will be a headwind going into 2023, whereas it was a tailwind in 2022. I wouldn’t read anything more than that into our low end as opposed to the middle of the range. Now, for us, I don’t really see that. I see that our clients do want to do new development. Now, from our perspective, if somebody is doing an expanded sales force deployment, I call that a new application. If somebody is doing a new application on Azure or if they are moving, well, they never really directly move. They always talk about refactoring, putting in new function, integrating with other applications they might have in their shop, or that they buy a SaaS properties, we consider all that new development.
And so, for us, our consulting teams are largely doing that new development for our clients. And in that process, they tend to use OpenShift from Red Hat, it tends to use Red Hat Linux, they tend to use our AI automation. Our AI automation then surrounds all those things to make them much more resilient, much more robust, much more secure, and those are the capabilities we bring. So we are not really seeing that divergence, I will tell you straightforwardly, but there is likely a focus that in that new application, is it helping automate things more? Is it helping make things I call it straight through as opposed to with a lot of manual intervention. That is probably a bigger focus. Maybe we don’t see it because we kind of call that play in late 2021, because we kind of saw those things coming and becoming more important.
And we decided to invest in them, both in technology and in consulting. Patricia, with that being the last question, let me now make a couple of very quick comments to wrap up the call. 2022 was an important year for us. As Jim said, it was the first full year of the new IBM. The results we delivered reinforce our confidence in our strategy and our model. While there is always more to do, we are pleased with our position as we enter 2023, and I look forward to continuing this dialogue as you roll through the year.
Patricia Murphy: Thank you, Arvind. Sheila, let me turn it back to you to close out the call.
Operator: Thank you. Thank you for participating on today’s call. The conference has now ended. You may disconnect at this time.
