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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
International Business Machines Corporation | LSE:IBM | London | Ordinary Share | COM STK USD0.20 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 118.95 | 5,057 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computer Communication Equip | 61.86B | 7.5B | 8.1833 | 20.86 | 156.46B |
TIDMIBM IBM RELEASES SECOND-QUARTER RESULTS Solid Software and Consulting Revenue Growth; Strong Gross Profit Margin Expansion ARMONK, N.Y.,July 20, 2023-- IBM (NYSE:IBM (http://www.ibm.com/investor)) today announced second-quarter 2023 earnings results. "Organizations are using our hybrid cloud and AI technology, and our consulting capabilities, to transform their operations," said Arvind Krishna, IBM chairman and chief executive officer. "We continue to respond to the needs of our clients who seek trusted, enterprise AI solutions, and we are particularly excited about the response to the recently launched watsonx AI platform. Finally, we remain confident in our revenue and free cash flow growth expectations for the full year." Second-Quarter Highlights · Revenue - Revenue of $15.5 billion, down 0.4 percent, up 0.4 percent at constant currency - Software revenue up 7 percent, up 8 percent at constant currency - Consulting revenue up 4 percent, up 6 percent at constant currency - Infrastructure revenue down 15 percent, down 14 percent at constant currency · Profit Margin - Gross Profit Margin: GAAP: 54.9 percent, up 160 basis points; Operating (Non -GAAP): 55.9 percent, up 140 basis points - Pre-Tax Income Margin: GAAP: 12.9 percent, up 180 basis points; Operating (Non -GAAP): 15.5 percent, down 70 basis points · Cash Flow - Year to date net cash from operating activities of $6.4 billion, up $1.8 billion; free cash flow of $3.4 billion, up $0.1 billion SECONDQUARTER 2023 INCOME STATEMENT SUMMARY Results include YTY impact from gains on the 2Q22 sale of healthcare software assets* Revenue Gross Gross Pre-tax Pre-tax Net Diluted Profit Profit Income* Income Income* Earnings Margin Margin* Per Share* GAAP from $ 15.5 B $ 8.5 54.9 % $ 2.0 B 12.9 % $ 1.6 B $ 1.72 B Continuing Operations Year/Year (0.4) %** 3 % 1.6 Pts 16 % 1.8 Pts 8 % 7 % Operating $ 8.7 55.9 % $ 2.4 B 15.5 % $ 2.0 B $ 2.18 B (Non-GAAP) Year/Year 2 % 1.4 Pts (5) % (0.7) Pts (5) % (6) % * Results include the YTY impact from the gains on the 2Q22 sale of healthcare software assets. GAAP: Pre -Tax Income (17 pts);Pre -Tax Income Margin(1.4 pts);Net Income (15 pts);EPS (15 pts). Operating (Non -GAAP): Pre-Tax Income (9 pts); Pre -Tax Income Margin (1.4 pts); Net Income (9 pts); EPS (9 pts). ** 0.4% at constant currency "In the quarter, revenue performance was led by our growth vectors of software and consulting, and we continued to expand our gross profit margin, driven by our improving portfolio mix and productivity initiatives," said James Kavanaugh, IBM senior vice president and chief financial officer. "This year we have leveraged our strong cash position to invest for growth, announcing seven acquisitions to bolster our hybrid cloud and AI strategy, while continuing to return value to shareholders through dividends." Segment Results for Second Quarter · Software -revenues of $6.6 billion, up 7.2 percent, up 7.5 percent at constant currency: - Hybrid Platform & Solutions up 6 percent, up 7 percent at constant currency: -- Red Hat up 11 percent -- Automation up 1 percent, up 2 percent at constant currency -- Data & AI up 10 percent, up 11 percent at constant currency -- Security down 2 percent, down 1 percent at constant currency - Transaction Processing up 9 percent, up 10 percent at constant currency · Consulting -revenues of $5.0 billion, up 4.3 percent, up 5.9 percent at constant currency: - Business Transformation up 3 percent, up 5 percent at constant currency - Technology Consulting up 4 percent, up 5 percent at constant currency - Application Operations up 6 percent, up 8 percent at constant currency · Infrastructure -revenues of $3.6 billion, down 14.6 percent, down 13.8 percent at constant currency: - Hybrid Infrastructure down 18 percent: -- IBM z Systems down 30 percent -- Distributed Infrastructure down 6 percent - Infrastructure Support down 8 percent, down 6 percent at constant currency · Financing -revenues of $0.2 billion, up 26.2 percent, up 27.1 percent at constant currency Cash Flow and Balance Sheet In the second quarter, the company generated net cash from operating activities of $2.6 billion, up $1.3 billion year to year. Net cash from operating activities excluding IBM Financing receivables was $2.6 billion. IBM's free cash flow was $2.1 billion, flat year to year. The company returned $1.5 billion to shareholders in dividends in the second quarter. For the first six months of the year, the company generated net cash from operating activities of $6.4 billion, up $1.8 billion year to year. Net cash from operating activities excluding IBM Financing receivables was $4.4 billion. IBM's free cash flow was $3.4 billion, up $0.1 billion year to year. IBM ended the second quarter with $16.3 billion of cash and marketable securities, up $7.5 billion from year-end 2022. Debt, including IBM Financing debt of $10.6 billion, totaled $57.5 billion, up $6.5 billion since the end of 2022. Full-Year 2023 Expectations · Revenue: The company continues to expect constant currency revenue growth of three percent to five percent. At current foreign exchange rates, currency is expected to be neutral to revenue growth. · Free cash flow: The company continues to expect about $10.5 billion in free cash flow, up more than $1 billion year to 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; potential failure of the separation of Kyndryl Holdings, Inc. to qualify for tax-free treatment; 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. 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 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; · cash from operating activities excluding IBM Financing receivables. 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. EDT, today. The Webcast may be accessed via a link athttps://www.ibm.com/investor/events/earnings-2q23.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 Six Months Months Ended Ended June June 30, 30, 2023 2022 2023 2022 REVENUE BY SEGMENT Software $ 6,608 $ 6,166 $ 12,52 $ 11,93 9 8 Consulting 5,013 4,809 9,975 9,637 Infrastructure 3,618 4,235 6,716 7,453 Financing 185 146 380 300 Other 51 180 126 404 TOTAL REVENUE 15,475 15,535 29,727 29,732 GROSS PROFIT 8,501 8,290 16,010 15,625 GROSS PROFIT MARGIN Software 79.3 % 79.2 % 79.4 % 79.0 % Consulting 25.9 % 24.2 % 25.6 % 24.3 % Infrastructure 55.8 % 53.8 % 53.9 % 52.4 % Financing 49.2 % 35.3 % 46.5 % 36.5 % TOTAL GROSS 54.9 % 53.4 % 53.9 % 52.6 % PROFIT MARGIN EXPENSE AND OTHER INCOME S,G&A 4,900 4,855 9,754 9,452 R,D&E 1,687 1,673 3,342 3,352 Intellectual (248) (176) (428) (297) property and custom development income Other (income) (261) (81) (506) 166 and expense Interest 423 297 790 607 expense TOTAL EXPENSE 6,501 6,568 12,952 13,280 AND OTHER INCOME INCOME FROM 2,000 1,722 3,058 2,345 CONTINUING OPERATIONS BEFORE INCOME TAXES Pre-tax margin 12.9 % 11.1 % 10.3 % 7.9 % Provision 419 257 543 218 for/(Benefit from) income taxes Effective tax 21.0 % 14.9 % 17.8 % 9.3 % rate INCOME FROM $ 1,581 $ 1,465 $ 2,515 $ 2,127 CONTINUING OPERATIONS DISCONTINUED OPERATIONS Income/(loss) 2 (73) (4) (2) from discontinued operations, net of taxes NET INCOME $ 1,583 $ 1,392 $ 2,511 $ 2,125 EARNINGS/(LOSS) PER SHARE OF COMMON STOCK Assuming Dilution Continuing $ 1.72 $ 1.61 $ 2.74 $ 2.34 Operations Discontinued $ 0.00 $ (0.08 $ 0.00 $ 0.00 Operations ) TOTAL $ 1.72 $ 1.53 $ 2.73 $ 2.34 Basic Continuing $ 1.74 $ 1.62 $ 2.77 $ 2.36 Operations Discontinued $ 0.00 $ (0.08 $ 0.00 $ 0.00 Operations ) TOTAL $ 1.74 $ 1.54 $ 2.76 $ 2.36 WEIGHTED -AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (M's) Assuming 919.5 910.7 918.6 910.0 Dilution Basic 909.9 901.5 908.7 900.4 INTERNATIONAL BUSINESS MACHINES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in Millions) At At June 30, December 31, 2023 2022 ASSETS: Current Assets: Cash and cash equivalents $ 9,394 $ 7,886 Restricted cash 31 103 Marketable securities 6,904 852 Notes and accounts receivable - trade, net 5,673 6,541 Short-term financing receivables, net 6,429 7,790 Other accounts receivable, net 838 817 Inventories 1,501 1,552 Deferred costs 957 967 Prepaid expenses and other current assets 2,730 2,611 Total Current Assets 34,458 29,118 Property, plant and equipment, net 5,443 5,334 Operating right-of-use assets, net 2,653 2,878 Long-term financing receivables, net 5,221 5,806 Prepaid pension assets 8,735 8,236 Deferred costs 897 866 Deferred taxes 6,340 6,256 Goodwill 56,385 55,949 Intangibles, net 10,496 11,184 Investments and sundry assets 1,585 1,617 Total Assets $ 132,213 $ 127,243 LIABILITIES: Current Liabilities: Taxes $ 1,606 $ 2,196 Short-term debt 6,785 4,760 Accounts payable 3,732 4,051 Deferred income 12,712 12,032 Operating lease liabilities 842 874 Other liabilities 6,836 7,592 Total Current Liabilities 32,513 31,505 Long-term debt 50,691 46,189 Retirement related obligations 9,385 9,596 Deferred income 3,264 3,499 Operating lease liabilities 1,986 2,190 Other liabilities 12,103 12,243 Total Liabilities 109,942 105,222 EQUITY: IBM Stockholders' Equity: Common stock 58,963 58,343 Retained earnings 149,318 149,825 Treasury stock - at cost (169,581) (169,484) Accumulated other comprehensive income/(loss) (16,499) (16,740) Total IBM Stockholders' Equity 22,201 21,944 Noncontrolling interests 70 77 Total Equity 22,271 22,021 Total Liabilities and Equity $ 132,213 $ 127,243 INTERNATIONAL BUSINESS MACHINES CORPORATION CASH FLOW ANALYSIS (Unaudited) Three Six Trailing Months Months Twelve Ended Ended June June Months 30, 30, Ended June 30, (Dollars in 2023 2022* 2023 2022* 2023 Millions) Net Cash from $ 2,638 $ 1,321 $ 6,412 $ 4,569 $ 12,278 Operations per GAAP Less: change in IBM 50 (1,264) 2,028 367 944 Financing receivables Capital (487) (494) (944) (871) (1,933) Expenditures, net Free Cash Flow 2,101 2,091 3,441 3,331 9,402 Acquisitions (334) (260) (356) (958) (1,747) Divestitures 6 1,207 6 1,268 10 Dividends (1,510) (1,488) (3,007) (2,963) (5,992) Non-Financing Debt (1,178) (2,934) 8,514 1,740 8,683 Other (includes IBM (347) (1,607) (1,109) (2,197) (1,805) Financing net receivables and debt) Change in Cash, Cash $ (1,263 $ (2,991 $ 7,489 $ 221 $ 8,551 Equivalents, ) ) Restricted Cash and Short-term Marketable Securities ____________________ * Includes immaterial cash flows from discontinued operations. INTERNATIONAL BUSINESS MACHINES CORPORATION CASH FLOW (Unaudited) Three Six Months Ended Months June 30, Ended June 30, (Dollars in Millions) 2023 2022* 2023 2022* Net Income from Operations $ 1,583 $ 1,392 $ 2,511 $ 2,125 Depreciation/Amortization of 1,076 1,245 2,150 2,501 Intangibles Stock-based Compensation 288 254 556 488 Working Capital / Other (359) (307) (832) (912) IBM Financing A/R 50 (1,264) 2,028 367 Net Cash Provided by $ 2,638 $ 1,321 $ 6,412 $ 4,569 Operating Activities Capital Expenditures, net of (487) (494) (944) (871) payments & proceeds Divestitures, net of cash 6 1,207 6 1,268 transferred Acquisitions, net of cash (334) (260) (356) (958) acquired Marketable Securities / 822 (281) (6,659) (625) Other Investments, net Net Cash Provided by/(Used $ 7 $ 172 $ (7,953) $ (1,186) in) Investing Activities Debt, net of payments & (1,135) (2,514) 6,169 434 proceeds Dividends (1,510) (1,488) (3,007) (2,963) Financing - Other (86) (195) (185) (290) Net Cash Provided by/(Used $ (2,731 $ (4,197) $ 2,978 $ (2,819) in) Financing Activities ) Effect of Exchange Rate (25) (262) (1) (267)
changes on Cash Net Change in Cash, Cash $ (110) $ (2,965) $ 1,436 $ 297 Equivalents and Restricted Cash ____________________ * Includes immaterial cash flows from discontinued operations. INTERNATIONAL BUSINESS MACHINES CORPORATION SEGMENT DATA (Unaudited) Three Months Ended June 30, 2023 (Dollars in Software Consulting Infrastructure Financing Millions) Revenue $ 6,608 $ 5,013 $ 3,618 $ 185 Pre-tax Income from $ 1,504 $ 446 $ 633 $ 64 Continuing Operations* Pre-tax Margin* 22.8 % 8.9 % 17.5 % 34.9 % Change YTY Revenue 7.2 % 4.3 % (14.6) % 26.2 % Change YTY Revenue - 7.5 % 5.9 % (13.8) % 27.1 % Constant Currency Three Months Ended June 30, 2022 (Dollars in Software Consulting Infrastructure Financing Millions) Revenue $ 6,166 $ 4,809 $ 4,235 $ 146 Pre-tax Income from $ 1,375 $ 343 $ 757 $ 102 Continuing Operations Pre-tax Margin 22.3 % 7.1 % 17.9 % 69.7 % ____________________ * The second quarter 2023 pre-tax charge of approximately $0.12 billion for stranded costs related to portfolio actions is not included in the measure of segment pre-tax income, consistent with the company's management system. Six Months Ended June 30, 2023 (Dollars in Software Consulting Infrastructure Financing Millions) Revenue $ 12,529 $ 9,975 $ 6,716 $ 380 Pre-tax Income from $ 2,668 $ 828 $ 849 $ 165 Continuing Operations* Pre-tax Margin* 21.3 % 8.3 % 12.6 % 43.3 % Change YTY Revenue 5.0 % 3.5 % (9.9) % 26.8 % Change YTY Revenue - 6.6 % 7.0 % (7.8) % 29.1 % Constant Currency Six Months Ended June 30, 2022 (Dollars in Software Consulting Infrastructure Financing Millions) Revenue $ 11,938 $ 9,637 $ 7,453 $ 300 Pre-tax Income from $ 2,509 $ 691 $ 956 $ 186 Continuing Operations Pre-tax Margin 21.0 % 7.2 % 12.8 % 62.0 % ____________________ * The year-to-date 2023 pre-tax charge of approximately $0.38 billion for stranded costs related to portfolio actions is not included in the measure of segment pre-tax income, consistent with the company's management system. INTERNATIONAL BUSINESS MACHINES CORPORATION U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION (Unaudited; Dollars in millions except per share amounts) Three Months Ended June 30, 2023 Continuing Operations GAAP Acquisition- Retirement- Tax Kyndryl- Operating Related Related Reform Related (Non -GAAP) Adjustments(1) Adjustments(2) Impacts Impacts(3) Gross Profit $8,501 $150 $- $- $- $8,650 Gross Profit Margin 54.9 % 1.0 pts. - pts. - pts. - pts. 55.9 % S,G&A $4,900 $ (245) $- $- $ - $4,655 Other (Income) & (261) 0 (1) - - (262) Expense Total Expense & 6,501 (246) (1) - - 6,254 Other (Income) Pre-tax Income from 2,000 395 1 - - 2,396 Continuing Operations Pre-tax Income 12.9 % 2.6 pts. 0.0 pts. - pts. - pts. 15.5 % Margin from Continuing Operations Provision $419 $87 $ (3) $ (110) $- $393 for/(Benefit from) Income Taxes(4) Effective Tax Rate 21.0 % 0.2 pts. (0.2) pts. (4.6) pts. - pts. 16.4 % Income from $ 1,581 $ 308 $5 $ 110 $- $ Continuing 2,003 Operations Income Margin from 10.2 % 2.0 pts. 0.0 pts. 0.7 pts. - pts. 12.9 % Continuing Operations Diluted Earnings Per $1.72 $ 0.34 $ 0.00 $ 0.12 $- $ 2.18 Share: Continuing Operations Three Months Ended June 30, 2022 Continuing Operations GAAP Acquisition- Retirement- Tax Kyndryl- Operating Related Related Reform Related (Non -GAAP) Adjustments(1) Adjustments(2) Impacts Impacts(3) Gross Profit $ 8,290 $ 180 $- $- $- $ 8,470 Gross Profit Margin 53.4 % 1.2 pts. - pts. - pts. - pts. 54.5 % S,G&A $ 4,855 $ (279) $- $- $ 0 $ 4,576 Other (Income) & (81) (1) (192) - (145) (418) Expense Total Expense & 6,568 (280) (192) - (145) 5,952 Other (Income) Pre-tax Income from 1,722 460 192 - 145 2,518 Continuing Operations Pre-tax Income 11.1 % 3.0 pts. 1.2 pts. - pts. 0.9 pts. 16.2 % Margin from Continuing Operations Provision $257 $ 115 $ 46 $ (4) $ - $ 413 for/(Benefit from) Income Taxes(4) Effective Tax Rate 14.9 % 1.8 pts. 0.7 pts. (0.2) pts. (0.9) pts. 16.4 % Income from $ 1,465 $ 345 $ 146 $4 $ 145 $ 2,105 Continuing Operations Income Margin from 9.4 % 2.2 pts. 0.9 pts. 0.0 pts. 0.9 pts. 13.5 % Continuing Operations Diluted Earnings Per $1.61 $ 0.38 $ 0.16 $ 0.00 $ 0.16 $ 2.31 Share: Continuing Operations ____________________ (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. (2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/s ettlements and pension insolvency costs and other costs. (3) Primarily relates to fair value changes in shares of Kyndryl common stock that were retained by IBM and the related cash -settled swap. (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, which employs an annual effective tax rate method to the results. INTERNATIONAL BUSINESS MACHINES CORPORATION U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION (Unaudited; Dollars in millions except per share amounts) Six Months Ended June 30, 2023 Continuing Operations GAAP Acquisition- Retirement- Tax Kyndryl- Operating Related Related Reform Related (Non -GAAP) Adjustments(1) Adjustments(2) Impacts Impacts(3) Gross Profit $16,010 $298 $- $- $- $ 16,308 Gross Profit Margin 53.9 % 1.0 pts. - pts. - pts. - pts. 54.9 %
S,G&A $9,754 $(491) $- $- $- $9,263 Other (Income) & (506) (2) 4 - - (504) Expense Total Expense & 12,952 (493) 4 - - 12,463 Other (Income) Pre-tax Income from 3,058 791 (4) - - 3,845 Continuing Operations Pre-tax Income 10.3 % 2.7 pts. 0.0 pts. - pts. - pts. 12.9 % Margin from Continuing Operations Provision $543 $178 $ (14) $ (115) $- $593 for/(Benefit from) Income Taxes(4) Effective Tax Rate 17.8 % 1.0 pts. (0.3) pts. (3.0) pts. - pts. 15.4 % Income from $ 2,515 $613 $ 10 $ 115 $- $ 3,252 Continuing Operations Income Margin from 8.5 % 2.1 pts. 0.0 pts. 0.4 pts. - pts. 10.9 % Continuing Operations Diluted Earnings Per $2.74 $0.67 $ 0.01 $ 0.13 $- $ 3.54 Share: Continuing Operations Six Months Ended June 30, 2022 Continuing Operations GAAP Acquisition- Retirement- Tax Kyndryl- Operating Related Related Reform Related (Non -GAAP) Adjustments(1) Adjustments(2) Impacts Impacts(3) Gross Profit $ 15,625 $361 $ - $- $- $ 15,986 Gross Profit Margin 52.6 % 1.2 pts. - pts. - pts. - pts. 53.8 % S,G&A $ 9,452 $(565) $ - $- $ 0 $ 8,887 Other (Income) & 166 (1) (394) - (367) (596) Expense Total Expense & 13,280 (566) (394) - (367) 11,953 Other (Income) Pre-tax Income from 2,345 928 394 - 367 4,033 Continuing Operations Pre-tax Income 7.9 % 3.1 pts. 1.3 pts. - pts. 1.2 pts. 13.6 % Margin from Continuing Operations Provision $218 $224 $ 104 $ 112 $- $657 for/(Benefit from) Income Taxes(4) Effective Tax Rate 9.3 % 3.4 pts. 1.7 pts. 2.8 pts. (0.8) pts. 16.3 % Income from $ 2,127 $704 $ 290 $ (112) $ 367 $ 3,376 Continuing Operations Income Margin from 7.2 % 2.4 pts. 1.0 pts. (0.4) pts. 1.2 pts. 11.4 % Continuing Operations Diluted Earnings Per $2.34 $0.77 $ 0.32 $ (0.12) $ 0.40 $ 3.71 Share: Continuing Operations ____________________ (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. (2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/s ettlements and pension insolvency costs and other costs. (3) Primarily relates to fair value changes in shares ofKyndryl common stock that were retained by IBM and the related cash -settled swap. (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, which employs an annual effective tax rate method to the results. This information was brought to you by Cision http://news.cision.com END
(END) Dow Jones Newswires
July 20, 2023 02:00 ET (06:00 GMT)
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