Free Cash Flow -- Free cash flow reached $14.7 billion, up 16%, the highest level in more than a decade and the company’s highest free cash flow margin on record. -- Free cash flow reached $14.7 billion, up 16%, the highest level in more than a decade and the company’s highest free cash flow margin on record. A tremendous source of profitability and free cash flow for IBM. We expect Confluent will be accretive to adjusted EBITDA within the first full year and to free cash flow in year two. But it implies high single-digit free cash flow growth versus the 16% that you saw last year.