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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: January 29, 2025
(Date of earliest event reported)
INTERNATIONAL BUSINESS MACHINES CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| New York | | 1-2360 | | 13-0871985 |
| (State of Incorporation) | | (Commission File Number) | | (IRS employer Identification No.) |
| | | | | | | | | | | |
One New Orchard Road Armonk, New York | | | 10504 |
| (Address of principal executive offices) | | | (Zip Code) |
914-499-1900
(Registrant’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading symbol(s) | | Name of each exchange on which registered |
| Capital stock, par value $.20 per share | | IBM | | New York Stock Exchange |
| | | | NYSE Chicago |
| 2.875% Notes due 2025 | | IBM 25A | | New York Stock Exchange |
| 0.950% Notes due 2025 | | IBM 25B | | New York Stock Exchange |
| 0.875% Notes due 2025 | | IBM 25C | | New York Stock Exchange |
| 0.300% Notes due 2026 | | IBM 26B | | New York Stock Exchange |
| 1.250% Notes due 2027 | | IBM 27B | | New York Stock Exchange |
| 3.375% Notes due 2027 | | IBM 27F | | New York Stock Exchange |
| 0.300% Notes due 2028 | | IBM 28B | | New York Stock Exchange |
| 1.750% Notes due 2028 | | IBM 28A | | New York Stock Exchange |
| 1.500% Notes due 2029 | | IBM 29 | | New York Stock Exchange |
| 0.875% Notes due 2030 | | IBM 30A | | New York Stock Exchange |
| 1.750% Notes due 2031 | | IBM 31 | | New York Stock Exchange |
| 3.625% Notes due 2031 | | IBM 31B | | New York Stock Exchange |
| 0.650% Notes due 2032 | | IBM 32A | | New York Stock Exchange |
| 1.250% Notes due 2034 | | IBM 34 | | New York Stock Exchange |
| 3.750% Notes due 2035 | | IBM 35 | | New York Stock Exchange |
| 4.875% Notes due 2038 | | IBM 38 | | New York Stock Exchange |
| 1.200% Notes due 2040 | | IBM 40 | | New York Stock Exchange |
| 4.000% Notes due 2043 | | IBM 43 | | New York Stock Exchange |
| 7.00% Debentures due 2025 | | IBM 25 | | New York Stock Exchange |
| 6.22% Debentures due 2027 | | IBM 27 | | New York Stock Exchange |
| 6.50% Debentures due 2028 | | IBM 28 | | New York Stock Exchange |
| 5.875% Debentures due 2032 | | IBM 32D | | New York Stock Exchange |
| 7.00% Debentures due 2045 | | IBM 45 | | New York Stock Exchange |
| 7.125% Debentures due 2096 | | IBM 96 | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
The registrant’s press release dated January 29, 2025, regarding its financial results for the periods ended December 31, 2024, including consolidated financial statements for the period ended December 31, 2024, is Exhibit 99.1 of this Form 8-K.
In an effort to provide investors with additional information regarding the company’s results as determined by generally accepted accounting principles (GAAP), the company has disclosed in the attached press release certain non-GAAP information which management believes provides useful information to investors. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the press release, which is Exhibit 99.1 to this Form 8-K. The rationale for management’s use of non-GAAP measures is included in Exhibit 99.2 to this Form 8-K.
The information in this Item 2.02, including the corresponding Exhibits 99.1 and 99.2, is being furnished with the Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
The following exhibits are being furnished as part of this report:
| | | | | | | | |
| Exhibit No. | | Description of Exhibit |
| 99.1 | | |
| 99.2 | | |
The following exhibit is being filed as part of this report:
| | | | | | | | |
| Exhibit No. | | Description of Exhibit |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
IBM’s web site (www.ibm.com) contains a significant amount of information about IBM, including financial and other information for investors (www.ibm.com/investor/). IBM encourages investors to visit its various web sites from time to time, as information is updated and new information is posted.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| | | | | | | | |
Date: January 29, 2025 | |
| | |
| By: | /s/ Nicolás A. Fehring |
| | Nicolás A. Fehring |
| | Vice President and Controller |
IBM RELEASES FOURTH-QUARTER RESULTS
Double-digit Software revenue growth; Free cash flow well-exceeds full-year expectation
ARMONK, N.Y., January 29, 2025 . . . IBM (NYSE: IBM) today announced fourth-quarter 2024 earnings results.
“We closed the year with double-digit revenue growth in Software for the quarter, led by further acceleration in Red Hat. Clients globally continue to turn to IBM to transform with AI. Our generative AI book of business now stands at more than $5 billion inception-to-date, up nearly $2 billion quarter over quarter," said Arvind Krishna, IBM chairman, president and chief executive officer. "Three years ago, we laid out a vision for a faster-growing, more-profitable IBM. I'm proud of the work the IBM team has done to meet or exceed our commitments. With our focused strategy, enhanced portfolio, and culture of innovation, we're well-positioned for 2025 and beyond and expect revenue growth of at least five percent and free cash flow of about $13.5 billion this year."
Fourth-Quarter Highlights
•Revenue
–Revenue of $17.6 billion, up 1 percent, up 2 percent at constant currency
–Software revenue up 10 percent, up 11 percent at constant currency
–Consulting revenue down 2 percent, down 1 percent at constant currency
–Infrastructure revenue down 8 percent, down 6 percent at constant currency
•Profit
–Gross Profit Margin: GAAP: 59.5 percent, up 40 basis points; Operating (Non-GAAP): 60.6 percent, up 50 basis points
Full-Year Highlights
•Revenue
–Revenue of $62.8 billion, up 1 percent, up 3 percent at constant currency
–Software revenue up 8 percent, up 9 percent at constant currency
–Consulting revenue down 1 percent, up 1 percent at constant currency
–Infrastructure revenue down 4 percent, down 3 percent at constant currency
•Profit
–Gross Profit Margin: GAAP: 56.7 percent, up 120 basis points; Operating (Non-GAAP): 57.8 percent, up 130 basis points
•Cash Flow
–Net cash from operating activities of $13.4 billion; free cash flow of $12.7 billion
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FOURTH-QUARTER 2024 INCOME STATEMENT SUMMARY | |
| GAAP results include impact of one-time, non-cash pension settlement charge (1) | |
| Revenue | | Gross
Profit | | | Gross Profit Margin | | | Pre-tax Income (1) | | Pre-tax Income Margin (1) | | Net Income (1) | | Diluted Earnings Per Share (1) |
| GAAP from Continuing Operations | $ | 17.6B | | | $ | 10.4B | | | 59.5 | % | | $ | 3.3B | | | 18.8 | % | | $ | 2.9B | | | $ | 3.11 | |
| Year/Year | 1 | %(2) | | 2 | % | | 0.4 | Pts | | (12) | % | | -2.8 | Pts | | (11) | % | | (12) | % |
Operating
(Non-GAAP) | | | | $ | 10.6B | | | 60.6 | % | | $ | 4.3B | | | 24.3 | % | | $ | 3.7B | | | $ | 3.92 | |
| Year/Year | | | | 2 | % | | 0.5 | Pts | | 2 | % | | 0.4 | Pts | | 3 | % | | 1 | % |
(1) 2024 GAAP results include the impact of a one-time, non-cash pension settlement charge of $0.4 billion related to the transfer of a portion of the company's Non-U.S. defined benefit pension obligations and related plan assets to third-party insurers in October 2024.
(2) 2% at constant currency.
“With strong performance across our Software portfolio, we continue to drive solid fundamentals within our business," said James Kavanaugh, IBM senior vice president and chief financial officer. "As a result, we generated $12.7 billion in free cash flow, far-outpacing our expectation for the year. Continued strength in operating profitability and free cash flow fuels our ability to invest for the future while returning value to shareholders through dividends.”
Segment Results for Fourth Quarter
•Software — revenues of $7.9 billion, up 10.4 percent, up 11.5 percent at constant currency:
–Hybrid Platform & Solutions up 11 percent, up 12 percent at constant currency
•Red Hat up 16 percent, up 17 percent at constant currency
•Automation up 15 percent, up 16 percent at constant currency
•Data & AI up 4 percent, up 5 percent at constant currency
•Security up 4 percent, up 5 percent at constant currency
–Transaction Processing up 10 percent, up 11 percent at constant currency
•Consulting — revenues of $5.2 billion, down 2.0 percent, down 1.1 percent at constant currency:
–Business Transformation up 1 percent, up 2 percent at constant currency
–Technology Consulting down 7 percent, down 6 percent at constant currency
–Application Operations down 4 percent, down 3 percent at constant currency
•Infrastructure — revenues of $4.3 billion, down 7.6 percent, down 6.0 percent at constant currency:
–Hybrid Infrastructure down 10 percent, down 8 percent at constant currency
•IBM Z down 21 percent, down 20 percent at constant currency
•Distributed Infrastructure flat, up 2 percent at constant currency
–Infrastructure Support down 2 percent, flat at constant currency
•Financing — revenues of $0.2 billion, down 2.5 percent, down 0.5 percent at constant currency
Cash Flow and Balance Sheet
In the fourth quarter, the company generated net cash from operating activities of $4.3 billion, down $0.1 billion year to year. IBM’s free cash flow was $6.2 billion, up $0.1 billion year to year. The company returned $1.5 billion to shareholders in dividends in the fourth quarter.
For the year, the company generated net cash from operating activities of $13.4 billion, down $0.5 billion year to year. Net cash from operating activities excluding IBM financing receivables was $13.9 billion, up $1.2 billion. IBM's free cash flow was $12.7 billion, up $1.5 billion year to year.
IBM ended the fourth quarter with $14.8 billion of cash, restricted cash and marketable securities, up $1.3 billion from year-end 2023. Debt, including IBM Financing debt of $12.1 billion, totaled $55.0 billion, down $1.6 billion since year-end 2023.
Full-Year 2024 Results
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FULL-YEAR 2024 INCOME STATEMENT SUMMARY | |
| GAAP results include impacts of one-time, non-cash pension settlement charges (1) | |
| Revenue | | Gross
Profit | | | Gross Profit Margin | | | Pre-tax Income (1) | | Pre-tax Income Margin (1) | | Net Income (1) | | Diluted Earnings Per Share (1) |
| GAAP from Continuing Operations | $ | 62.8B | | | $ | 35.6B | | | 56.7 | % | | $ | 5.8B | | | 9.2 | % | | $ | 6.0B | | | $ | 6.42 | |
| Year/Year | 1 | %(2) | | 4 | % | | 1.2 | Pts | | (33) | % | | -4.8 | Pts | | (20) | % | | (21) | % |
Operating
(Non-GAAP) | | | | $ | 36.3B | | | 57.8 | % | | $ | 11.2B | | | 17.9 | % | | $ | 9.7B | | | $ | 10.33 | |
| Year/Year | | | | 4 | % | | 1.3 | Pts | | 9 | % | | 1.2 | Pts | | 9 | % | | 7 | % |
(1) 2024 GAAP results include the impacts of one-time, non-cash, U.S. and non-U.S. pension settlement charges of $3.1 billion ($2.4 billion net of tax).
(2) 3% at constant currency
Full-Year 2025 Expectations
•Revenue: The company expects full-year constant currency revenue growth of at least 5 percent. At current foreign exchange rates, currency is expected to be about a two-point headwind to growth for the year.
•Free cash flow: The company expects about $13.5 billion in free cash flow for the full year.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company’s innovation initiatives; damage to the company’s reputation; risks from investing in growth opportunities; failure of the company’s intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company’s ability to successfully manage acquisitions, alliances and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company’s failure to meet growth and productivity objectives; ineffective internal controls; the company’s use of accounting estimates; impairment of the company’s goodwill or amortizable intangible assets; the company’s ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product quality issues; impacts of business with government clients; reliance on third-party distribution channels and ecosystems; cybersecurity and data privacy considerations; adverse effects related to climate change and environmental matters; tax matters; legal proceedings and investigatory risks; the company’s pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company’s Form 10-Qs, Form 10-K and in the company’s other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.
Statements in this communication regarding the strategic acquisition that are forward-looking may include projections as to closing date for the transaction, the extent of, and the time necessary to
obtain, the regulatory approvals required for the transaction, the anticipated benefits of the transaction, the impact of the transaction on IBM’s business, the synergies from the transaction, and the combined company’s future operating results.
Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.
Presentation of Information in this Press Release
For generative AI, book of business includes Software transactional revenue, SaaS Annual Contract Value and Consulting signings. The generative AI book of business is further defined within Exhibit 99.2 in the Form 8-K that includes this press release.
In an effort to provide investors with additional information regarding the company’s results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:
IBM results —
•adjusting for currency (i.e., at constant currency);
•presenting operating (non-GAAP) earnings per share amounts and related income statement items;
•free cash flow;
•net cash from operating activities excluding IBM Financing receivables;
•adjusted EBITDA.
The rationale for management’s use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.
Conference Call and Webcast
IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-4q24. Presentation charts will be available shortly before the Webcast.
Financial Results Below (certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).
| | | | | |
Contact: | IBM |
| Sarah Meron, 347-891-1770 |
| sarah.meron@ibm.com |
| |
| Tim Davidson, 914-844-7847 |
| tfdavids@us.ibm.com |
INTERNATIONAL BUSINESS MACHINES CORPORATION
COMPARATIVE FINANCIAL RESULTS
(Unaudited; Dollars in millions except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
December 31, | | | Year Ended
December 31, | |
| 2024 | | | 2023 (1) | | | 2024 | | | 2023 (1) | |
| REVENUE BY SEGMENT | | | | | | | | | | | |
| Software | $ | 7,924 | | | | $ | 7,179 | | | | $ | 27,085 | | | | $ | 25,011 | | |
| Consulting | 5,175 | | | | 5,283 | | | | 20,692 | | | | 20,884 | | |
| Infrastructure | 4,256 | | | | 4,604 | | | | 14,020 | | | | 14,593 | | |
| Financing | 170 | | | | 175 | | | | 713 | | | | 741 | | |
| Other | 29 | | | | 141 | | | | 243 | | | | 632 | | |
| TOTAL REVENUE | 17,553 | | | | 17,381 | | | | 62,753 | | | | 61,860 | | |
| | | | | | | | | | | |
| GROSS PROFIT | 10,439 | | | | 10,267 | | | | 35,551 | | | | 34,300 | | |
| | | | | | | | | | | |
| GROSS PROFIT MARGIN | | | | | | | | | | | |
| Software | 85.0 | | % | | 84.1 | | % | | 83.7 | | % | | 82.9 | | % |
| Consulting | 28.0 | | % | | 28.1 | | % | | 27.0 | | % | | 26.8 | | % |
| Infrastructure | 56.9 | | % | | 60.8 | | % | | 55.8 | | % | | 56.1 | | % |
| Financing | 46.9 | | % | | 50.2 | | % | | 47.9 | | % | | 48.1 | | % |
| | | | | | | | | | | |
| TOTAL GROSS PROFIT MARGIN | 59.5 | | % | | 59.1 | | % | | 56.7 | | % | | 55.4 | | % |
| | | | | | | | | | | |
| EXPENSE AND OTHER INCOME | | | | | | | | | | | |
| S,G&A | 4,866 | | | | 4,791 | | | | 19,688 | | | | 19,003 | | |
| R,D&E | 1,967 | | | | 1,748 | | | | 7,479 | | | | 6,775 | | |
| Intellectual property and custom development income | (301) | | | | (242) | | | | (996) | | | | (860) | | |
Other (income) and expense (2) | 177 | | | | (193) | | | | 1,871 | | | | (914) | | |
| Interest expense | 424 | | | | 405 | | | | 1,712 | | | | 1,607 | | |
| TOTAL EXPENSE AND OTHER INCOME | 7,133 | | | | 6,509 | | | | 29,754 | | | | 25,610 | | |
| | | | | | | | | | | |
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES | 3,306 | | | | 3,759 | | | | 5,797 | | | | 8,690 | | |
| Pre-tax margin | 18.8 | | % | | 21.6 | | % | | 9.2 | | % | | 14.0 | | % |
Provision for/(Benefit from) income taxes (2) | 379 | | | | 474 | | | | (218) | | | | 1,176 | | |
| Effective tax rate | 11.5 | | % | | 12.6 | | % | | (3.8) | | % | | 13.5 | | % |
| | | | | | | | | | | |
| INCOME FROM CONTINUING OPERATIONS | $ | 2,927 | | | | $ | 3,285 | | | | $ | 6,015 | | | | $ | 7,514 | | |
| | | | | | | | | | | |
| DISCONTINUED OPERATIONS | | | | | | | | | | | |
| Income/ (loss) from discontinued operations, net of taxes | (12) | | | | 3 | | | | 8 | | | | (12) | | |
| | | | | | | | | | | |
NET INCOME (2) | $ | 2,915 | | | | $ | 3,288 | | | | $ | 6,023 | | | | $ | 7,502 | | |
| | | | | | | | | | | |
EARNINGS PER SHARE OF COMMON STOCK (2) | | | | | | | | | | | |
| Assuming Dilution | | | | | | | | | | | |
| Continuing Operations | $ | 3.11 | | | | $ | 3.54 | | | | $ | 6.42 | | | | $ | 8.15 | | |
| Discontinued Operations | $ | (0.01) | | | | $ | 0.00 | | | | $ | 0.01 | | | | $ | (0.01) | | |
| TOTAL | $ | 3.09 | | | | $ | 3.55 | | | | $ | 6.43 | | | | $ | 8.14 | | |
| | | | | | | | | | | |
| Basic | | | | | | | | | | | |
| Continuing Operations | $ | 3.16 | | | | $ | 3.59 | | | | $ | 6.53 | | | | $ | 8.25 | | |
| Discontinued Operations | $ | (0.01) | | | | $ | 0.00 | | | | $ | 0.01 | | | | $ | (0.01) | | |
| TOTAL | $ | 3.15 | | | | $ | 3.59 | | | | $ | 6.53 | | | | $ | 8.23 | | |
| | | | | | | | | | | |
| WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (M’s) | | | | | | | | | | | |
| Assuming Dilution | 942.4 | | | 927.3 | | | 937.2 | | | 922.1 | |
| Basic | 926.0 | | | 914.7 | | | 921.8 | | | 911.2 | |
(1)Recast to reflect January 2024 segment changes.
(2)2024 results include the impacts of one-time, non-cash pension settlement charges in the third quarter of $2.7 billion ($2.0 billion net of tax) in the U.S. and fourth quarter of $0.4 billion in the non-U.S.
INTERNATIONAL BUSINESS MACHINES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
| | | | | | | | | | | | | | |
| (Dollars in Millions) | | At December 31,
2024 | | At December 31,
2023 |
| ASSETS: | | | | |
| Current Assets: | | | | |
| Cash and cash equivalents | | $ | 13,947 | | | $ | 13,068 | |
| Restricted cash | | 214 | | | 21 | |
| Marketable securities | | 644 | | | 373 | |
| Notes and accounts receivable - trade, net | | 6,804 | | | 7,214 | |
| Short-term financing receivables, net | | 7,159 | | | 6,793 | |
| Other accounts receivable, net | | 947 | | | 640 | |
| Inventories | | 1,289 | | | 1,161 | |
| Deferred costs | | 959 | | | 998 | |
| Prepaid expenses and other current assets | | 2,520 | | | 2,639 | |
| Total Current Assets | | 34,482 | | | 32,908 | |
| | | | |
| Property, plant and equipment, net | | 5,731 | | | 5,501 | |
| Operating right-of-use assets, net | | 3,197 | | | 3,220 | |
| Long-term financing receivables, net | | 5,353 | | | 5,766 | |
| Prepaid pension assets | | 7,492 | | | 7,506 | |
| Deferred costs | | 788 | | | 842 | |
| Deferred taxes | | 6,978 | | | 6,656 | |
| Goodwill | | 60,706 | | | 60,178 | |
| Intangibles, net | | 10,660 | | | 11,036 | |
| Investments and sundry assets | | 1,787 | | | 1,626 | |
| Total Assets | | $ | 137,175 | | | $ | 135,241 | |
| | | | |
| LIABILITIES: | | | | |
| Current Liabilities: | | | | |
| Taxes | | $ | 2,033 | | | $ | 2,270 | |
| Short-term debt | | 5,089 | | | 6,426 | |
| Accounts payable | | 4,032 | | | 4,132 | |
| Deferred income | | 13,907 | | | 13,451 | |
| Operating lease liabilities | | 768 | | | 820 | |
| Other liabilities | | 7,313 | | | 7,022 | |
| Total Current Liabilities | | 33,142 | | | 34,122 | |
| | | | |
| Long-term debt | | 49,884 | | | 50,121 | |
| Retirement-related obligations | | 9,432 | | | 10,808 | |
| Deferred income | | 3,622 | | | 3,533 | |
| Operating lease liabilities | | 2,655 | | | 2,568 | |
| Other liabilities | | 11,048 | | | 11,475 | |
| Total Liabilities | | 109,783 | | | 112,628 | |
| | | | |
| EQUITY: | | | | |
| IBM Stockholders’ Equity: | | | | |
| Common stock | | 61,380 | | | 59,643 | |
| Retained earnings | | 151,163 | | | 151,276 | |
| Treasury stock - at cost | | (169,968) | | | (169,624) | |
| Accumulated other comprehensive income/(loss) | | (15,269) | | | (18,761) | |
| Total IBM Stockholders’ Equity | | 27,307 | | | 22,533 | |
| | | | |
| Noncontrolling interests | | 86 | | | 80 | |
| Total Equity | | 27,393 | | | 22,613 | |
| | | | |
| Total Liabilities and Equity | | $ | 137,175 | | | $ | 135,241 | |
INTERNATIONAL BUSINESS MACHINES CORPORATION
CASH FLOW
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
December 31, | | Year Ended
December 31, |
| (Dollars in Millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Net Income from Operations | | $ | 2,915 | | | $ | 3,288 | | | $ | 6,023 | | | $ | 7,502 | |
| Pension Settlement Charges | | 388 | | | - | | | 3,113 | | | - | |
Depreciation/Amortization of Intangibles (1) | | 1,112 | | | 1,152 | | | 4,667 | | | 4,395 | |
| Stock-based Compensation | | 345 | | | 291 | | | 1,311 | | | 1,133 | |
Operating assets and liabilities/Other, net (2) | | 1,824 | | | 1,619 | | | (1,238) | | | (332) | |
| IBM Financing A/R | | (2,255) | | | (1,887) | | | (431) | | | 1,233 | |
| Net Cash Provided by Operating Activities | | $ | 4,330 | | | $ | 4,463 | | | $ | 13,445 | | | $ | 13,931 | |
| | | | | | | | |
Capital Expenditures, net of payments & proceeds (3) | | (422) | | | (263) | | | (1,127) | | | (1,488) | |
| Divestitures, net of cash transferred | | (7) | | | - | | | 698 | | | (4) | |
| Acquisitions, net of cash acquired | | (541) | | | (137) | | | (3,289) | | | (5,082) | |
| Marketable Securities / Other Investments, net | | (409) | | | 3,236 | | | (1,218) | | | (496) | |
| Net Cash Provided by/(Used in) Investing Activities | | $ | (1,379) | | | $ | 2,837 | | | $ | (4,937) | | | $ | (7,070) | |
| | | | | | | | |
| Debt, net of payments & proceeds | | (103) | | | (122) | | | (880) | | | 4,497 | |
| Dividends | | (1,546) | | | (1,518) | | | (6,147) | | | (6,040) | |
| Financing - Other | | (26) | | | 26 | | | (52) | | | (226) | |
| Net Cash Provided by/(Used in) Financing Activities | | $ | (1,675) | | | $ | (1,615) | | | $ | (7,079) | | | $ | (1,769) | |
| | | | | | | | |
| Effect of Exchange Rate changes on Cash | | (330) | | | 128 | | | (359) | | | 9 | |
| Net Change in Cash, Cash Equivalents and Restricted Cash | | $ | 946 | | | $ | 5,814 | | | $ | 1,071 | | | $ | 5,101 | |
(1) Includes operating lease right-of-use assets amortization.
(2) The year ended December 31, 2024 includes a $0.7 billion tax effect associated with a one-time, non-cash, U.S. pension settlement charge in the third-quarter 2024.
(3) The year ended December 31, 2024 includes proceeds of $0.4 billion from the sale of certain QRadar SaaS assets in third-quarter 2024.
INTERNATIONAL BUSINESS MACHINES CORPORATION
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
December 31, | | Year Ended
December 31, |
| (Dollars in Billions) | | 2024 | | 2023 | | Yr/Yr | | 2024 | | 2023 | | Yr/Yr |
Net Income as reported (GAAP) (1) | | $ | 2.9 | | | $ | 3.3 | | | $ | (0.4) | | | $ | 6.0 | | | $ | 7.5 | | | $ | (1.5) | |
| Less: Income/(loss) from discontinued operations, net of tax | | 0.0 | | | 0.0 | | | 0.0 | | | 0.0 | | | 0.0 | | | 0.0 | |
| Income from continuing operations | | 2.9 | | | 3.3 | | | (0.4) | | | 6.0 | | | 7.5 | | | (1.5) | |
| Provision for/(Benefit from) income taxes from continuing ops. | | 0.4 | | | 0.5 | | | (0.1) | | | (0.2) | | | 1.2 | | | (1.4) | |
| Pre-tax income from continuing operations (GAAP) | | 3.3 | | | 3.8 | | | (0.5) | | | 5.8 | | | 8.7 | | | (2.9) | |
| Non-operating adjustments (before tax) | | | | | | | | | | | | |
Acquisition-related charges (2) | | 0.5 | | | 0.4 | | | 0.1 | | | 2.0 | | | 1.7 | | | 0.3 | |
Non-operating retirement-related costs/(income) (1) | | 0.5 | | | 0.0 | | | 0.5 | | | 3.5 | | | 0.0 | | | 3.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Operating (non-GAAP) pre-tax income from continuing ops. | | 4.3 | | | 4.2 | | | 0.1 | | | 11.2 | | | 10.3 | | | 0.9 | |
| | | | | | | | | | | | |
| Net interest expense | | 0.3 | | | 0.3 | | | 0.0 | | | 1.0 | | | 0.9 | | | 0.0 | |
| Depreciation/Amortization of non-acquired intangible assets | | 0.7 | | | 0.7 | | | 0.0 | | | 2.8 | | | 2.8 | | | 0.1 | |
| Stock-based compensation | | 0.3 | | | 0.3 | | | 0.1 | | | 1.3 | | | 1.1 | | | 0.2 | |
| Workforce rebalancing charges | | 0.0 | | | 0.0 | | | 0.0 | | | 0.7 | | | 0.4 | | | 0.3 | |
Corporate (gains) and charges (3) | | 0.0 | | | 0.0 | | | 0.0 | | | (0.6) | | | (0.1) | | | (0.6) | |
| | | | | | | | | | | | |
| Adjusted EBITDA | | $ | 5.6 | | | $ | 5.5 | | | $ | 0.1 | | | $ | 16.4 | | | $ | 15.5 | | | $ | 0.9 | |
(1)2024 results include the impacts of one-time, non-cash pension settlement charges in the third quarter of $2.7 billion ($2.0 billion net of tax) in the U.S. and fourth quarter of $0.4 billion in the non-U.S.
(2)Primarily consists of amortization of acquired intangible assets.
(3)Corporate (gains) and charges primarily consists of unique corporate actions such as gains on divestitures and asset sales (e.g., certain QRadar SaaS assets).
INTERNATIONAL BUSINESS MACHINES CORPORATION
SEGMENT DATA
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, 2024 | |
| | | | | | | | | | | | |
| (Dollars in Millions) | | Software | | | Consulting | | | Infrastructure | | | Financing | |
| Revenue | | $ | 7,924 | | | | $ | 5,175 | | | | $ | 4,256 | | | | $ | 170 | | |
| Segment Profit | | $ | 3,102 | | | | $ | 606 | | | | $ | 1,063 | | | | $ | 94 | | |
| Segment Profit Margin | | 39.2 | | % | | 11.7 | | % | | 25.0 | | % | | 55.0 | | % |
| Change YTY Revenue | | 10.4 | | % | | (2.0) | | % | | (7.6) | | % | | (2.5) | | % |
| Change YTY Revenue - Constant Currency | | 11.5 | | % | | (1.1) | | % | | (6.0) | | % | | (0.5) | | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, 2023 (1) | |
| | | | | | | | | | | | |
| (Dollars in Millions) | | Software | | | Consulting | | | Infrastructure | | | Financing | |
| Revenue | | $ | 7,179 | | | | $ | 5,283 | | | | $ | 4,604 | | | | $ | 175 | | |
| Segment Profit | | $ | 2,649 | | | | $ | 654 | | | | $ | 1,299 | | | | $ | 117 | | |
| Segment Profit Margin | | 36.9 | | % | | 12.4 | | % | | 28.2 | | % | | 67.0 | | % |
(1)Recast to reflect January 2024 segment changes.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2024 | |
| | | | | | | | | | | | |
| (Dollars in Millions) | | Software | | | Consulting | | | Infrastructure | | | Financing | |
| Revenue | | $ | 27,085 | | | | $ | 20,692 | | | | $ | 14,020 | | | | $ | 713 | | |
| Segment Profit | | $ | 8,684 | | | | $ | 2,054 | | | | $ | 2,450 | | | | $ | 348 | | |
| Segment Profit Margin | | 32.1 | | % | | 9.9 | | % | | 17.5 | | % | | 48.8 | | % |
| Change YTY Revenue | | 8.3 | | % | | (0.9) | | % | | (3.9) | | % | | (3.7) | | % |
| Change YTY Revenue - Constant Currency | | 9.0 | | % | | 0.6 | | % | | (2.7) | | % | | (2.5) | | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2023 (1) | |
| | | | | | | | | | | | |
| (Dollars in Millions) | | Software | | | Consulting | | | Infrastructure | | | Financing | |
| Revenue | | $ | 25,011 | | | | $ | 20,884 | | | | $ | 14,593 | | | | $ | 741 | | |
| Segment Profit | | $ | 7,499 | | | | $ | 2,130 | | | | $ | 2,828 | | | | $ | 373 | | |
| Segment Profit Margin | | 30.0 | | % | | 10.2 | | % | | 19.4 | | % | | 50.3 | | % |
(1)Recast to reflect January 2024 segment changes.
INTERNATIONAL BUSINESS MACHINES CORPORATION
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION
(Unaudited; Dollars in millions except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2024 | |
| Continuing Operations | |
| GAAP | | | Acquisition- Related Adjustments (1) | | | Retirement- Related Adjustments (2) | | | Tax
Reform
Impacts | | | | | | Operating
(Non-GAAP) | |
| Gross Profit | $ | 10,439 | | | | $ | 191 | | | | $ | — | | | | $ | — | | | | | | | $ | 10,630 | | |
| Gross Profit Margin | 59.5 | | % | | 1.1 | | pts | | — | | pts | | — | | pts | | | | | 60.6 | | % |
| S,G&A | $ | 4,866 | | | | $ | (305) | | | | $ | — | | | | $ | — | | | | | | | $ | 4,561 | | |
| | | | | | | | | | | | | | | | | |
| Other (Income) & Expense | 177 | | | | (2) | | | | (467) | | | | — | | | | | | | (291) | | |
| | | | | | | | | | | | | | | | | |
| Total Expense & Other (Income) | 7,133 | | | | (307) | | | | (467) | | | | — | | | | | | | 6,359 | | |
| Pre-tax Income from Continuing Operations | 3,306 | | | | 498 | | | | 467 | | | | — | | | | | | | 4,271 | | |
| Pre-tax Income Margin from Continuing Operations | 18.8 | | % | | 2.8 | | pts | | 2.7 | | pts | | — | | pts | | | | | 24.3 | | % |
Provision for/(Benefit from) Income Taxes (3) | $ | 379 | | | | $ | 123 | | | | $ | 58 | | | | $ | 21 | | | | | | | $ | 581 | | |
| Effective Tax Rate | 11.5 | | % | | 1.5 | | pts | | 0.1 | | pts | | 0.5 | | pts | | | | | 13.6 | | % |
| Income from Continuing Operations | $ | 2,927 | | | | $ | 375 | | | | $ | 408 | | | | $ | (21) | | | | | | | $ | 3,690 | | |
| Income Margin from Continuing Operations | 16.7 | | % | | 2.1 | | pts | | 2.3 | | pts | | (0.1) | | pts | | | | | 21.0 | | % |
| Diluted Earnings Per Share: Continuing Operations | $ | 3.11 | | | | $ | 0.40 | | | | $ | 0.43 | | | | $ | (0.02) | | | | | | | $ | 3.92 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2023 | |
| Continuing Operations | |
| GAAP | | | Acquisition- Related Adjustments (1) | | | Retirement- Related Adjustments (2) | | | Tax
Reform
Impacts | | | | | | Operating
(Non-GAAP) | |
| Gross Profit | $ | 10,267 | | | | $ | 172 | | | | $ | — | | | | $ | — | | | | | | | $ | 10,439 | | |
| Gross Profit Margin | 59.1 | | % | | 1.0 | | pts | | — | | pts | | — | | pts | | | | | 60.1 | | % |
| S,G&A | $ | 4,791 | | | | $ | (271) | | | | $ | — | | | | $ | — | | | | | | | $ | 4,520 | | |
| | | | | | | | | | | | | | | | | |
| Other (Income) & Expense | (193) | | | | 12 | | | | 22 | | | | — | | | | | | | (159) | | |
| | | | | | | | | | | | | | | | | |
| Total Expense & Other (Income) | 6,509 | | | | (259) | | | | 22 | | | | — | | | | | | | 6,272 | | |
| Pre-tax Income from Continuing Operations | 3,759 | | | | 431 | | | | (22) | | | | — | | | | | | | 4,167 | | |
| Pre-tax Income Margin from Continuing Operations | 21.6 | | % | | 2.5 | | pts | | (0.1) | | pts | | — | | pts | | | | | 24.0 | | % |
Provision for/(Benefit from) Income Taxes (3) | $ | 474 | | | | $ | 91 | | | | $ | 19 | | | | $ | (4) | | | | | | | $ | 580 | | |
| Effective Tax Rate | 12.6 | | % | | 0.9 | | pts | | 0.5 | | pts | | (0.1) | | pts | | | | | 13.9 | | % |
| Income from Continuing Operations | $ | 3,285 | | | | $ | 339 | | | | $ | (41) | | | | $ | 4 | | | | | | | $ | 3,587 | | |
| Income Margin from Continuing Operations | 18.9 | | % | | 2.0 | | pts | | (0.2) | | pts | | — | | pts | | | | | 20.6 | | % |
| Diluted Earnings Per Share: Continuing Operations | $ | 3.54 | | | | $ | 0.37 | | | | $ | (0.04) | | | | $ | — | | | | | | | $ | 3.87 | | |
(1)Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing charges, such as financing costs. 2023 also includes a $12 million gain recognized on foreign exchange derivative contracts entered into by the company prior to the acquisition of StreamSets and webMethods from Software AG.
(2)Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency costs and other costs. 2024 also includes the impact of a one-time, non-cash, non-U.S. pension settlement charge of $0.4 billion.
(3)Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740.
INTERNATIONAL BUSINESS MACHINES CORPORATION
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION
(Unaudited; Dollars in millions except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2024 | |
| Continuing Operations | |
| GAAP | | | Acquisition- Related Adjustments (1) | | | Retirement- Related Adjustments (2) | | | Tax Reform Impacts (3) | | | | | | Operating
(Non-GAAP) | |
| Gross Profit | $ | 35,551 | | | | $ | 724 | | | | $ | — | | | | $ | — | | | | | | | $ | 36,275 | | |
| Gross Profit Margin | 56.7 | | % | | 1.2 | | pts | | — | | pts | | — | | pts | | | | | 57.8 | | % |
| S,G&A | $ | 19,688 | | | | $ | (1,159) | | | | $ | — | | | | $ | — | | | | | | | $ | 18,529 | | |
| | | | | | | | | | | | | | | | | |
| Other (Income) & Expense | 1,871 | | | | (70) | | | | (3,457) | | | | — | | | | | | | (1,656) | | |
| | | | | | | | | | | | | | | | | |
| Total Expense & Other (Income) | 29,754 | | | | (1,229) | | | | (3,457) | | | | — | | | | | | | 25,068 | | |
| Pre-tax Income from Continuing Operations | 5,797 | | | | 1,953 | | | | 3,457 | | | | — | | | | | | | 11,207 | | |
| Pre-tax Income Margin from Continuing Operations | 9.2 | | % | | 3.1 | | pts | | 5.5 | | pts | | — | | pts | | | | | 17.9 | | % |
Provision for/(Benefit from) Income Taxes (4) | $ | (218) | | | | $ | 497 | | | | $ | 790 | | | | $ | 455 | | | | | | | $ | 1,523 | | |
| Effective Tax Rate | (3.8) | | % | | 5.1 | | pts | | 8.2 | | pts | | 4.1 | | pts | | | | | 13.6 | | % |
| Income from Continuing Operations | $ | 6,015 | | | | $ | 1,456 | | | | $ | 2,668 | | | | $ | (455) | | | | | | | $ | 9,684 | | |
| Income Margin from Continuing Operations | 9.6 | | % | | 2.3 | | pts | | 4.3 | | pts | | (0.7) | | pts | | | | | 15.4 | | % |
| Diluted Earnings Per Share: Continuing Operations | $ | 6.42 | | | | $ | 1.55 | | | | $ | 2.85 | | | | $ | (0.49) | | | | | | | $ | 10.33 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2023 | |
| Continuing Operations | |
| GAAP | | | Acquisition- Related Adjustments (1) | | | Retirement- Related Adjustments (2) | | | Tax
Reform
Impacts | | | | | | Operating
(Non-GAAP) | |
| Gross Profit | $ | 34,300 | | | | $ | 631 | | | | $ | — | | | | $ | — | | | | | | | $ | 34,931 | | |
| Gross Profit Margin | 55.4 | | % | | 1.0 | | pts | | — | | pts | | — | | pts | | | | | 56.5 | | % |
| S,G&A | $ | 19,003 | | | | $ | (1,039) | | | | $ | — | | | | $ | — | | | | | | | $ | 17,964 | | |
| | | | | | | | | | | | | | | | | |
| Other (Income) & Expense | (914) | | | | 10 | | | | 39 | | | | — | | | | | | | (866) | | |
| | | | | | | | | | | | | | | | | |
| Total Expense & Other (Income) | 25,610 | | | | (1,029) | | | | 39 | | | | — | | | | | | | 24,620 | | |
| Pre-tax Income from Continuing Operations | 8,690 | | | | 1,660 | | | | (39) | | | | — | | | | | | | 10,311 | | |
| Pre-tax Income Margin from Continuing Operations | 14.0 | | % | | 2.7 | | pts | | (0.1) | | pts | | — | | pts | | | | | 16.7 | | % |
Provision for/(Benefit from) Income Taxes (4) | $ | 1,176 | | | | $ | 368 | | | | $ | (8) | | | | $ | (95) | | | | | | | $ | 1,441 | | |
| Effective Tax Rate | 13.5 | | % | | 1.4 | | pts | | — | | pts | | (0.9) | | pts | | | | | 14.0 | | % |
| Income from Continuing Operations | $ | 7,514 | | | | $ | 1,292 | | | | $ | (30) | | | | $ | 95 | | | | | | | $ | 8,870 | | |
| Income Margin from Continuing Operations | 12.1 | | % | | 2.1 | | pts | | 0.0 | | pts | | 0.2 | | pts | | | | | 14.3 | | % |
| Diluted Earnings Per Share: Continuing Operations | $ | 8.15 | | | | $ | 1.40 | | | | $ | (0.03) | | | | $ | 0.10 | | | | | | | $ | 9.62 | | |
(1)Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing charges, such as financing costs. 2024 and 2023 also include a $68 million loss and a $12 million gain, respectively, recognized on foreign exchange derivative contracts entered into by the company prior to the acquisition of StreamSets and webMethods from Software AG.
(2)Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency costs and other costs. 2024 also includes the impacts of one-time, non-cash, U.S. and non-U.S. pension settlement charges of $3.1 billion ($2.4 billion net of tax).
(3)2024 includes a net benefit from income taxes due to the resolution of certain tax audit matters.
(4)Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740.
INTERNATIONAL BUSINESS MACHINES CORPORATION
GAAP OPERATING CASH FLOW TO FREE CASH FLOW RECONCILIATION
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
December 31, | | Year Ended
December 31, | | |
| (Dollars in Millions) | | 2024 | | 2023 | | 2024 | | 2023 | | |
| Net Cash from Operations per GAAP | | $ | 4,330 | | | $ | 4,463 | | | $ | 13,445 | | | $ | 13,931 | | | |
| | | | | | | | | | |
| Less: change in IBM Financing receivables | | (2,255) | | | (1,887) | | | (431) | | | 1,233 | | | |
| | | | | | | | | | |
| Net cash from operating activities excl. IBM Financing receivables | | 6,584 | | | 6,350 | | | 13,876 | | | 12,699 | | | |
| | | | | | | | | | |
| Capital Expenditures, net | | (422) | | | (263) | | | (1,127) | | | (1,488) | | | |
| | | | | | | | | | |
| Free Cash Flow | | 6,163 | | | 6,087 | | | 12,749 | | | 11,210 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
INTERNATIONAL BUSINESS MACHINES CORPORATION
GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
December 31, | | Year Ended
December 31, |
| (Dollars in Billions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Net Cash Provided by Operating Activities | | $ | 4.3 | | | $ | 4.5 | | | $ | 13.4 | | | $ | 13.9 | |
| | | | | | | | |
| Add: | | | | | | | | |
| Net interest expense | | 0.3 | | | 0.3 | | | 1.0 | | | 0.9 | |
| Provision for/(Benefit from) income taxes from continuing operations | | 0.4 | | | 0.5 | | | (0.2) | | | 1.2 | |
| | | | | | | | |
| Less change in: | | | | | | | | |
| Financing receivables | | (2.3) | | | (1.9) | | | (0.4) | | | 1.2 | |
Other assets and liabilities/other, net (1) | | 1.7 | | | 1.6 | | | (1.8) | | | (0.7) | |
| | | | | | | | |
| Adjusted EBITDA | | $ | 5.6 | | | $ | 5.5 | | | $ | 16.4 | | | $ | 15.5 | |
(1)Other assets and liabilities/other, net mainly consists of operating assets and liabilities/Other, net in the Cash Flow chart, workforce rebalancing charges, non-operating impacts and corporate (gains) and charges.
Exhibit 99.2
Non-GAAP Metrics and Other Financial Information
Operating (non-GAAP) Earnings Per Share and Related Income Statement Items
In an effort to provide better transparency into the operational results of the business, supplementally, the company separates business results into operating and non-operating categories. Operating earnings from continuing operations is a non-GAAP measure that excludes the effects of certain acquisition-related charges and intangible asset amortization, expense resulting from basis differences on equity method investments, retirement-related costs and their related tax impacts. Due to the unique, non-recurring nature of the enactment of the U.S. Tax Cuts and Jobs Act (U.S. tax reform), the company characterizes the one-time provisional charge recorded in the fourth quarter of 2017 and adjustments to that charge as non-operating. Adjustments primarily include true-ups, accounting elections and any changes to regulations, laws, or audit adjustments that affect the recorded one-time charge. For acquisitions, operating (non-GAAP) earnings exclude the amortization of purchased intangible assets and acquisition-related charges such as in-process research and development, transaction costs, applicable retention, restructuring and related expenses, tax charges related to acquisition integration and pre-closing charges, such as financing costs. These charges are excluded as they may be inconsistent in amount and timing from period to period and are significantly impacted by the size, type and frequency of the company’s acquisitions. Management has also characterized as non-operating expense, given its unique and temporary nature, the mark-to-market impact on the foreign exchange derivative contracts entered into prior to the acquisition of StreamSets and webMethods from Software AG, beginning in December 2023, to economically hedge the foreign currency exposure related to the purchase price of this acquisition. These derivative contracts expired by June 28, 2024. This impact was recorded in other (income) and expense in the Consolidated Income Statement and reflects the changes in fair value of these derivative contracts. All other spending for acquired companies is included in both earnings from continuing operations and in operating (non-GAAP) earnings. For retirement-related costs, the company characterizes certain items as operating and others as non-operating, consistent with GAAP. The company includes defined benefit plan and nonpension postretirement benefit plan service costs, multi-employer plan costs and the cost of defined contribution plans in operating earnings. Non-operating retirement-related costs include defined benefit plan and nonpension postretirement benefit plan amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements including the impact of the one-time, non-cash, pension settlement charges of $3.1 billion ($2.4 billion net of tax) resulting from the transfer to insurers of a portion of U.S. and non-U.S. defined benefit pension obligations and related plan assets in 2024 and pension insolvency costs and other costs. Non-operating retirement-related costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance, and the company considers these costs to be outside of the operational performance of the business.
Overall, the company believes that supplementally providing investors with a view of operating earnings as described above provides increased transparency and clarity into both the operational results of the business and the performance of the company’s pension plans; improves visibility to management decisions and their impacts on operational performance; enables better comparison to peer companies; and allows the company to provide a long-term strategic view of the business going forward. In addition, these non-GAAP measures provide a perspective consistent with areas of interest the company routinely receives from investors and analysts. The company’s reportable segment financial results reflect pre-tax operating earnings from continuing operations, consistent with the company’s management and measurement system.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
Additionally, the company reports adjusted EBITDA which, in addition to the operating (non-GAAP) earnings adjustments described above, also excludes income/(loss) from discontinued operations, income tax expense, net interest expense, depreciation/amortization of non-acquired intangible assets including operating lease right-of-use assets, stock-based compensation, and certain other activity that is not reflective of the company’s ongoing operational results such as workforce rebalancing charges and corporate gains and charges. The company uses adjusted EBITDA to measure its operating performance and believes that supplementally providing adjusted EBITDA will provide investors with additional transparency and clarity into how the company’s operational profitability is driving its free cash flow results.
Free Cash Flow / Net Cash from Operating Activities Excluding IBM Financing Receivables
The company uses free cash flow as a measure to evaluate its operating results, plan shareholder return levels, strategic investments and assess its ability and need to incur and service debt. The entire free cash flow amount is not necessarily available for discretionary expenditures. The company defines free cash flow as net cash from operating activities less the change in Financing receivables and net capital expenditures, including the investment in software and other asset sales (e.g., certain QRadar SaaS assets). A key objective of the Financing business is to generate strong returns on equity, and our Financing receivables are the basis for that growth. Accordingly, management considers Financing receivables as a profit-generating investment, not as working capital that should
be minimized for efficiency. Therefore, management presents both free cash flow and net cash from operating activities that exclude the effect of Financing receivables. Free cash flow guidance is derived using an estimate of profit, working capital and operational cash flows. Since the company views Financing receivables as a profit-generating investment which it seeks to maximize, it is not considered when formulating guidance for free cash flow and adjusted EBITDA. As a result, the company does not estimate a GAAP net cash from operations expectation metric.
Constant Currency
When the company refers to growth rates at constant currency or adjusts such growth rates for currency, it is done so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of its business performance. Financial results adjusted for currency are calculated by translating current period activity in local currency using the comparable prior year period’s currency conversion rate. This approach is used for countries where the functional currency is the local currency. Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates.
Key Performance Indicators
Annual Recurring Revenue (ARR):
The ARR metric was updated in the first quarter of 2024 to reflect the company's organizational changes, as described in the Form 8-K furnished with the SEC on March 18, 2024, and to simplify the calculation.
ARR is a key performance metric management uses to assess the health and growth trajectory of our Hybrid Platform & Solutions business within the Software segment. ARR is calculated by using the current quarter’s recurring revenue and then multiplying that value by four. This value includes the following consumption models: (1) software subscription agreements, including committed term licenses, (2) as-a-service arrangements such as SaaS and PaaS, and (3) maintenance and support contracts. ARR should be viewed independently of revenue as this performance metric and its inputs may not represent revenue that will be recognized in future periods.
Red Hat Annual Bookings:
Annual bookings is a key performance metric management uses in its assessment of a customer's commitment under Red Hat subscription and services contracts and provides an indication of forward-looking Red Hat revenue trajectory. It represents the value of a contract over a 12-month period, as of the date of contract signing. Annual bookings is calculated by taking the total subscription and service contract value divided by the number of days in the contract, multiplied by 365, plus the revenue recognized in the quarter for select cloud based offerings. Annual bookings should be viewed independently of revenue as this performance metric and its inputs may not represent the amount of revenue recognized in the period. For example, the conversion of annual bookings to revenue may vary based on types of services, customer decisions, start dates, and other factors. Therefore, annual bookings is not intended to represent current period revenue or revenue that will be recognized in future periods.
Other Information
Book of Business:
For generative AI, book of business includes Software transactional revenue, SaaS Annual Contract Value and Consulting signings. Book of business inception to date, since second-quarter 2023, is about four-fifths consulting signings. Our book of business reflects the value we are delivering to clients in two ways. First, we are partnering with our clients to design and scale AI solutions, whether that be leveraging AI capabilities of IBM, our partners, or a combination. Second, we are utilizing generative AI solutions to improve delivery by developing new ways of working and driving productivity within our client contracts.
v3.24.4
Cover
|
Jan. 29, 2025 |
| Document Information [Line Items] |
|
| Document Type |
8-K
|
| Document Period End Date |
Jan. 29, 2025
|
| Entity Registrant Name |
INTERNATIONAL BUSINESS MACHINES CORPORATION
|
| Entity Incorporation, State or Country Code |
NY
|
| Entity File Number |
1-2360
|
| Entity Tax Identification Number |
13-0871985
|
| Entity Address, Address Line One |
One New Orchard Road
|
| Entity Address, City or Town |
Armonk
|
| Entity Address, State or Province |
NY
|
| Entity Address, Postal Zip Code |
10504
|
| City Area Code |
914
|
| Local Phone Number |
499-1900
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Entity Emerging Growth Company |
false
|
| Entity Central Index Key |
0000051143
|
| Amendment Flag |
false
|
| NEW YORK STOCK EXCHANGE, INC. | Common Stock |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
Capital stock, par value $.20 per share
|
| Trading Symbol |
IBM
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 2.875% Notes due 2025 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
2.875% Notes due 2025
|
| Trading Symbol |
IBM 25A
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 0.950% Notes due 2025 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
0.950% Notes due 2025
|
| Trading Symbol |
IBM 25B
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 0.875% Notes due 2025 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
0.875% Notes due 2025
|
| Trading Symbol |
IBM 25C
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 0.300% Notes due 2026 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
0.300% Notes due 2026
|
| Trading Symbol |
IBM 26B
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 1.250% Notes due 2027 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
1.250% Notes due 2027
|
| Trading Symbol |
IBM 27B
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 3.375% Notes due 2027 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
3.375% Notes due 2027
|
| Trading Symbol |
IBM 27F
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 0.300% Notes due 2028 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
0.300% Notes due 2028
|
| Trading Symbol |
IBM 28B
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| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 1.750% Notes due 2028 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
1.750% Notes due 2028
|
| Trading Symbol |
IBM 28A
|
| Security Exchange Name |
NYSE
|
| NEW YORK STOCK EXCHANGE, INC. | 1.500% Notes due 2029 |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
1.500% Notes due 2029
|
| Trading Symbol |
IBM 29
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| Security Exchange Name |
NYSE
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| NEW YORK STOCK EXCHANGE, INC. | 0.875% Notes due 2030 |
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0.875% Notes due 2030
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NYSE
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| Title of 12(b) Security |
1.750% Notes due 2031
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IBM 31
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| Security Exchange Name |
NYSE
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| Title of 12(b) Security |
3.625% Notes due 2031
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NYSE
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0.650% Notes due 2032
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NYSE
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1.250% Notes due 2034
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NYSE
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| Document Information [Line Items] |
|
| Title of 12(b) Security |
3.750% Notes due 2035
|
| Trading Symbol |
IBM 35
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| Security Exchange Name |
NYSE
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| NEW YORK STOCK EXCHANGE, INC. | 4.875% Notes due 2038 |
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| Document Information [Line Items] |
|
| Title of 12(b) Security |
4.875% Notes due 2038
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| Trading Symbol |
IBM 38
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| Security Exchange Name |
NYSE
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|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
1.200% Notes due 2040
|
| Trading Symbol |
IBM 40
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| Security Exchange Name |
NYSE
|
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| Document Information [Line Items] |
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| Title of 12(b) Security |
4.000% Notes due 2043
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| Trading Symbol |
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NYSE
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|
| Document Information [Line Items] |
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| Title of 12(b) Security |
7.00% Debentures due 2025
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NYSE
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| Document Information [Line Items] |
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| Title of 12(b) Security |
6.22% Debentures due 2027
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| Trading Symbol |
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| Security Exchange Name |
NYSE
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| Document Information [Line Items] |
|
| Title of 12(b) Security |
6.50% Debentures due 2028
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| Trading Symbol |
IBM 28
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| Security Exchange Name |
NYSE
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| NEW YORK STOCK EXCHANGE, INC. | 5.875% Debentures due 2032 |
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| Document Information [Line Items] |
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IBM 32D
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| Security Exchange Name |
NYSE
|
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|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
7.00% Debentures due 2045
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| Trading Symbol |
IBM 45
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| Security Exchange Name |
NYSE
|
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|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
7.125% Debentures due 2096
|
| Trading Symbol |
IBM 96
|
| Security Exchange Name |
NYSE
|
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| Document Information [Line Items] |
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| Title of 12(b) Security |
Capital stock, par value $.20 per share
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| Trading Symbol |
IBM
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International Business M... (NYSE:IBM)
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International Business M... (NYSE:IBM)
Graphique Historique de l'Action
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