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Systems finished pretty strong, which is a testament to our value prop.

While this business has a high mix of recurring revenues, there is some variability in that revenue stream.
Let's go to the next question, please.Our balance sheet remains strong and we continue to have ample liquidity. Jim will take you through a few of our more recent actions. The only thing I would add, Katy, is that it's not a statement of the confidence we have in our portfolio, our offerings, our strategy and our platform of what Arvind is trying to drive as the new CEO of the IBM company overall. Though we've been at it for a few months already.

Now, with all that said, we've said all along that we've got to leverage at least from an offering capability and, to some extent, at a client lens some leverage between those two because clients are making architectural decisions at our application first and infrastructure second.Thank you.

Jim?Looking at the key highlights in the quarter. I hope that what you've taken away from this call is that while these are challenging times, we are excited about the opportunity that we have moving forward.

Thank you. Let me remind you of how our business mix provides this stability. So I just wanted to make sure I didn't miss anything there.OK. Now, I'll turn to the segment performance, beginning with cloud and cognitive software, where revenue was up 5%, driven by growth in cloud and data platforms. Good … So I think, Tien-Tsin, when we went back and we've done many different stress tests of our business model to ensure our balance sheet, our liquidity position scenarios, we looked at prior recessions, we don't see anything different.We ended June with a cash balance of over $14 billion, up over $5 billion from the end of last year. Our presentation also includes non-GAAP measures to provide additional information to investors.These actions all contributed to growth in the number of clients using our container platform to over 2,400. As we stated when we entered January, very similar, we talked about capital.Arvind, you mentioned you're seeing large transformational projects in the pipeline.

They are fundamentally different business models. If you look at the transactional side of the business, I would tell you that the month of May was significantly worse than we would normally expect.90-plus percent of that business is annuitized. Arvind talked about it from a client perspective and the value we bring around our hybrid cloud differentiated value proposition. We're going to continue to invest in our business.

Now, over to Patricia for the Q&A.All right. You may go ahead.All are using our hybrid cloud platform to help clients modernize mission critical workloads. It's over 60% of our revenue today.

Is there something different about your business exposure or what you see in the market that is holding you back from providing guidance? We further strengthened our cash and our balance sheet in the second quarter, fueled by solid free cash flow, and we took additional measures to improve our liquidity position.We see opportunity in digital transformation.

We've created a virtual dynamic delivery model to effectively reimagine services delivery, including improved access to expertise and enhanced business resiliency and security.Jim, what's most important to me and to IBM is that we emerge stronger from this environment with a business positioned for growth, and I am confident we can do that.
And so, we just can't tell where those go.How that pipeline yields to revenue will ultimately be tied to the rate and pace of the economic recovery and the resulting client spending confidence. Perpetual software licenses continue to be impacted, particularly in some of the more troubled industries.OK, Toni.

So let me make a couple of comments to wrap up this discussion. And that is things like cyber security managed services, data managed services, compliance services and the like. Act 1.8 Est 1.84 Q1 2015 Transdigm Group Inc Earnings Conference call 01/27/2015 11:00 AM (EST) TDG. So Tien-tsin, you do the P times Q and you say, pick a number, is it $300 million, $400 million, $500 million in total contract value, and you do that, and you say those typically will give their full yield over five to seven years. My focus will be on investing and maintaining flexibility to take actions, not just to strengthen our operating model but also to advance our strategic priorities. So when we say large, these are typically projects that measure in the multiple hundreds of millions of dollars in contract value. This results in improved backlog trajectory from where we entered the year. We had a sequential improvement in software renewal rates as clients favored subscription models. Thank you Matt.

Our next question comes from Wamsi Mohan with Bank of America. Act 2.21 Est 1.94 Q4 2014 Transdigm Group Inc Earnings Conference call 11/13/2014 11:00 AM (EST) TDG. Three, continually delight our clients.