0001104659-11-039489.txt : 20110718 0001104659-11-039489.hdr.sgml : 20110718 20110718172948 ACCESSION NUMBER: 0001104659-11-039489 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 36 CONFORMED PERIOD OF REPORT: 20110718 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20110718 DATE AS OF CHANGE: 20110718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL BUSINESS MACHINES CORP CENTRAL INDEX KEY: 0000051143 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER & OFFICE EQUIPMENT [3570] IRS NUMBER: 130871985 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02360 FILM NUMBER: 11972878 BUSINESS ADDRESS: STREET 1: 1 NEW ORCHARD ROAD CITY: ARMONK STATE: NY ZIP: 10504 BUSINESS PHONE: 9144991900 MAIL ADDRESS: STREET 1: 1 NEW ORCHARD RD CITY: ARMONK STATE: NY ZIP: 10504 8-K 1 a11-19313_18k.htm 8-K

 

 

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:  July 18, 2011

(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.)

 

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:

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02.   Results of Operations and Financial Condition.

 

The registrant’s press release dated July 18, 2011, regarding its financial results for the periods ended June 30, 2011, including consolidated financial statements for the periods ended June 30, 2011, is Attachment I of this Form 8-K.  Attachment II are the slides for IBM’s Chief Financial Officer Mark Loughridge’s second quarter earnings presentation on July 18, 2011, as well as certain reconciliation and other information (“Non-GAAP Supplementary Materials”) for information in Attachment I (press release), Attachment II (slides) and in Mr. Loughridge’s presentation. All of the information in Attachment I and II is hereby filed.

 

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.

 

2



 

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: July 18, 2011

 

 

 

 

 

 

By:

/s/ James J. Kavanaugh

 

 

 

 

 

James J. Kavanaugh

 

 

Vice President and Controller

 

3



 

ATTACHMENT I

 

IBM REPORTS 2011 SECOND-QUARTER RESULTS

 

·      Diluted EPS:

 

—    GAAP: $3.00, up 15 percent;

    Operating (non-GAAP): $3.09, up 18 percent;

 

·      Revenue: $26.7 billion, up 12 percent, up 5 percent adjusting for currency;

·      Net income:

 

—    GAAP: $3.7 billion, up 8 percent;

—    Operating (non-GAAP): $3.8 billion, up 11 percent;

 

·      Pre-tax income:

 

—    GAAP: $4.9 billion, up 7 percent;

—    Operating (non-GAAP): $5.0 billion, up 10 percent;

 

·      Gross profit margin:

 

—    GAAP: 46.4 percent, up 0.9 points;

—    Operating (non-GAAP): 46.8 percent, up 1.2 points;

 

·      Software revenue up 17 percent, 10 percent adjusting for currency;

·      Systems and Technology revenue up 17 percent, 12 percent adjusting for currency:

 

—    System z mainframe revenue up 61 percent; MIPS up 86 percent;

—    Power Systems up 12 percent;

 

·      Services revenue up 10 percent, 2 percent adjusting for currency;

·      Services backlog of $144 billion, up $15 billion;

·      Growth markets revenue up 23 percent, 13 percent adjusting for currency;

·      Business analytics revenue up more than 20 percent in the first half;

·      Smarter Planet revenue up more than 50 percent in the first half;

·      Cloud revenue on track to double in 2011;

·      Full-year 2011 Operating (non-GAAP) EPS expectations raised to at least $13.25 from at least $13.15.

 

ARMONK, N.Y., July 18, 2011 . . . IBM (NYSE: IBM) today announced second-quarter 2011 diluted earnings of $3.00 per share, compared with diluted earnings of $2.61 per share in the second quarter of 2010, an increase of 15 percent.  Operating (non-GAAP) diluted earnings were $3.09 per share, compared with operating diluted earnings of $2.62 per share in the second quarter of 2010, an increase of 18 percent.

 

Second-quarter net income was $3.7 billion compared with $3.4 billion in the second quarter of 2010, an increase of 8 percent.  Operating (non-GAAP) net income was $3.8 billion compared with $3.4 billion in the second quarter of 2010, an increase of 11 percent.

 

Total revenues for the second quarter of 2011 of $26.7 billion increased 12 percent (5 percent, adjusting for currency) from the second quarter of 2010.

 

“In the second quarter our long-term strategic investments in the company’s growth initiatives again helped drive strong revenue performance,” said Samuel J. Palmisano, IBM chairman, president and chief executive officer.  “Hardware, software and services revenue grew at double digits, and we achieved strong profit and free cash flow growth.

 

“As IBM begins its second century, we continue a process of transformation, positioning the company to lead in the future and deliver higher value to our clients and our shareholders.  Given our strong start to 2011, we are raising our full-year operating earnings per share expectations to at least $13.25.”

 

Second-Quarter GAAP - Operating (non-GAAP) Reconciliation

 

Second-quarter operating (non-GAAP) diluted earnings exclude $0.09 per share of net charges: $0.10 per share for the amortization of purchased intangible assets and other acquisition-related charges, offset by ($0.01) per share for retirement-related items driven by changes to plan assets and liabilities primarily related to market performance.

 

Full-Year 2011 Expectations

 

IBM raised its expectations for full-year 2011 GAAP diluted earnings per share to at least $12.87 from at least $12.73; and operating (non-GAAP) diluted earnings per share to at least $13.25 from at least $13.15.  The 2011 operating (non-GAAP) earnings exclude $0.38 per share of charges for amortization of purchased intangible assets, other acquisition-related charges, and retirement-related items driven by changes to plan assets and liabilities primarily related to market performance.

 

1



 

Geographic Regions

 

The Americas’ second-quarter revenues were $11.2 billion, an increase of 10 percent (8 percent, adjusting for currency) from the 2010 period.  Revenues from Europe/Middle East/Africa were $8.6 billion, up 16 percent (3 percent, adjusting for currency).  Asia-Pacific revenues increased 14 percent (3 percent, adjusting for currency) to $6.2 billion.  OEM revenues were $674 million, flat (down 1 percent, adjusting for currency) compared with the 2010 second quarter.

 

Growth Markets

 

Revenues from the company’s growth markets increased 23 percent (13 percent, adjusting for currency).  Revenues in the BRIC countries — Brazil, Russia, India and China — increased 27 percent (21 percent, adjusting for currency).  Growth markets revenue represents 22 percent of IBM’s total geographic revenue for the second quarter.

 

Services

 

Total Global Services revenues increased 10 percent (2 percent, adjusting for currency).  Global Technology Services segment revenues increased 11 percent (3 percent, adjusting for currency) to $10.2 billion.  Global Business Services segment revenues were up 9 percent (1 percent, adjusting for currency) at $4.9 billion.

 

Global Services pre-tax income increased to $2.2 billion, up 4 percent year over year.  Pre-tax income from Global Technology Services increased 1 percent; pre-tax income growth was reduced by 7 points as a result of increased workforce rebalancing expenses.  Global Business Services pre-tax income increased 11 percent.

 

The estimated services backlog at June 30 was $144 billion, up $15 billion year over year at actual rates ($2 billion, adjusting for currency).  Services backlog at the end of a quarter measures the current value of work under contract expected to be recognized as revenue in future quarters.

 

Software

 

Revenues from the Software segment were $6.2 billion, an increase of 17 percent (10 percent, adjusting for currency).  Software pre-tax income of $2.3 billion was up 12 percent year over year.

 

Revenues from IBM’s key middleware products, which include WebSphere, Information Management, Tivoli, Lotus and Rational products, were $3.9 billion, an increase of 21 percent (14 percent, adjusting for currency) versus the second quarter of 2010.  Operating systems revenues of $630 million increased 16 percent (9 percent, adjusting for currency) compared with the prior-year quarter.

 

Revenues from the WebSphere family of software products increased 55 percent year over year.  Information Management software revenues increased 18 percent.  Revenues from Tivoli software increased 9 percent.  Revenues from Lotus software increased 12 percent, and Rational software increased 4 percent.

 

Hardware

 

Revenues from the Systems and Technology segment totaled $4.7 billion for the quarter, up 17 percent (12 percent, adjusting for currency) from the second quarter of 2010.  Systems and Technology pre-tax income was $393 million, an increase of 112 percent year over year.

 

Systems revenues increased 20 percent (13 percent, adjusting for currency).  Revenues from System z mainframe server products increased 61 percent compared with the year-ago period.  Total delivery of System z computing power, as measured in MIPS (millions of instructions per second), increased 86 percent.  Revenues from Power Systems increased 12 percent compared with the 2010 period.  Revenues from System x increased 15 percent.  Revenues from System Storage increased 10 percent, and revenues from Retail Store Solutions increased 8 percent year over year.  Revenues from Microelectronics OEM increased 4 percent.

 

Financing

 

Global Financing segment revenues decreased 5 percent (11 percent, adjusting for currency) in the second quarter to $519 million.  Pre-tax income for the segment increased 7 percent to $496 million.

 

***

 

The company’s total gross profit margin was 46.4 percent in the 2011 second quarter compared with 45.6 percent in the 2010 second-quarter period.  Total operating (non-GAAP) gross profit margin was 46.8 percent in the 2011 second quarter compared with 45.6 percent in the 2010 second-quarter period, with increases in Systems and Technology, Global Business Services and Software.

 

2



 

Total expense and other income increased 20 percent to $7.5 billion compared with the prior-year period.  SG&A expense of $6.0 billion increased 19 percent compared with prior-year expense.  RD&E expense of $1.6 billion increased 6 percent compared with the year-ago period.  Intellectual property and custom development income decreased to $295 million compared with $297 million a year ago.  Other (income) and expense was expense of $97 million compared with prior-year income of $95 million.  Interest expense increased to $97 million compared with $90 million in the prior year.

 

Total operating (non-GAAP) expense and other income increased 20 percent to $7.4 billion compared with the prior-year period.  Operating (non-GAAP) SG&A expense of $5.9 billion increased 18 percent year over year compared with prior-year expense.  Operating (non-GAAP) RD&E expense of $1.6 billion increased 6 percent compared with the year-ago period.

 

Pre-tax income increased 7 percent to $4.9 billion, and pre-tax margin was 18.3 percent, down 1.0 points.  Operating (non-GAAP) pre-tax income increased 10 percent to $5.0 billion and pre-tax margin was 18.9 percent, down 0.4 points.

 

IBM’s tax rate was 25.0 percent, down 1.0 points year over year; operating (non-GAAP) tax rate was also 25.0 percent, down 0.8 points.

 

Net income margin decreased 0.5 points to 13.7 percent.  Operating (non-GAAP) net income margin decreased 0.2 points to 14.2 percent.

 

The weighted-average number of diluted common shares outstanding in the second-quarter 2011 was 1.22 billion compared with 1.30 billion shares in the same period of 2010.  As of June 30, 2011, there were 1.19 billion basic common shares outstanding.

 

Debt, including Global Financing, totaled $29.8 billion, compared with $28.6 billion at year-end 2010.  From a management segment view, Global Financing debt totaled $23.4 billion versus $22.8 billion at year-end 2010, resulting in a debt-to-equity ratio of 7.0 to 1.  Non-global financing debt totaled $6.4 billion, an increase of $581 million since year-end 2010, resulting in a debt-to-capitalization ratio of 24.3 percent from 22.6 percent.

 

IBM ended the second-quarter 2011 with $11.8 billion of cash on hand and generated free cash flow of $3.4 billion, up approximately $350 million year over year.  The company returned $4.9 billion to shareholders through $0.9 billion in dividends and $4.0 billion of share repurchases.  The balance sheet remains strong, and the company is well positioned to support the business over the long term.

 

Year-To-Date 2011 Results

 

Net income for the six months ended June 30, 2011 was $6.5 billion compared with $6.0 billion in the year-ago period, an increase of 9 percent.  Diluted earnings per share were $5.30 compared with $4.57 per diluted share for the 2010 period, an increase of 16 percent.  Revenues for the six-month period totaled $51.3 billion, an increase of 10 percent (5 percent, adjusting for currency) compared with $46.6 billion for the six months of 2010.

 

Operating (non-GAAP) net income for the six months ended June 30, 2011 was $6.8 billion compared with $6.0 billion in the year-ago period, an increase of 12 percent. Operating (non-GAAP) diluted earnings per share were $5.50 compared with $4.61 per diluted share for the 2010 period, an increase of 19 percent.

 

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 the following: a downturn in economic environment and corporate IT spending budgets; the company’s failure to meet growth and productivity objectives, a failure of the company’s innovation initiatives; 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; breaches of data security; fluctuations in financial results and purchases, impact of local legal, economic, political and health conditions; adverse effects from environmental matters, tax matters and the company’s pension plans; ineffective internal controls; the company’s use of accounting estimates; the company’s ability to attract and retain key personnel and its reliance on critical skills; impacts of relationships with critical suppliers and business with government clients; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; reliance on third party distribution channels; the company’s ability to successfully manage acquisitions and alliances; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company’s Form 10-Q, Form 10-K and in the company’s other filings with the U.S. Securities and Exchange

 

3



 

Commission (SEC) 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.  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 and expectations —

 

·      presenting operating (non-GAAP) earnings per share amounts and related income statement items;

·      presenting non-global financing debt-to-capitalization ratio;

·      adjusting for free cash flow;

·      adjusting for currency (i.e., at constant currency).

 

The rationale for management’s use of non-GAAP measures is included as part of the supplementary materials presented within the second-quarter earnings materials.  These materials are available on the IBM investor relations Web site at www.ibm.com/investor and are being included in Attachment II (“Non-GAAP Supplementary Materials”) to 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 4:30 p.m. EDT, today.  Investors may participate by viewing the Webcast at www.ibm.com/investor/2q11.  Presentation charts will be available on the Web site 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).

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

COMPARATIVE FINANCIAL RESULTS

(Unaudited; Dollars in millions except per share amounts)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

Percent

 

 

 

 

 

Percent

 

 

 

2011

 

2010*

 

Change

 

2011

 

2010*

 

Change

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technology Services

 

$

10,241

 

$

9,234

 

10.9

%

$

20,104

 

$

18,540

 

8.4

%

Gross margin

 

34.0

%

34.3

%

 

 

33.9

%

34.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Business Services

 

4,866

 

4,483

 

8.5

%

9,575

 

8,893

 

7.7

%

Gross margin

 

28.9

%

28.2

%

 

 

28.2

%

27.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

6,169

 

5,277

 

16.9

%

11,478

 

10,296

 

11.5

%

Gross margin

 

88.4

%

88.1

%

 

 

87.8

%

86.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Systems and Technology

 

4,681

 

3,985

 

17.5

%

8,700

 

7,370

 

18.0

%

Gross margin

 

40.6

%

35.7

%

 

 

39.3

%

34.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Financing

 

519

 

544

 

-4.6

%

1,035

 

1,081

 

-4.3

%

Gross margin

 

48.7

%

50.1

%

 

 

51.1

%

50.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

191

 

200

 

-4.8

%

381

 

400

 

-4.7

%

Gross margin

 

-57.7

%

16.4

%

 

 

-75.5

%

-14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL REVENUE

 

26,666

 

23,724

 

12.4

%

51,273

 

46,581

 

10.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

12,385

 

10,809

 

14.6

%

23,243

 

20,785

 

11.8

%

Gross margin

 

46.4

%

45.6

%

 

 

45.3

%

44.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSE AND OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S,G&A

 

6,030

 

5,061

 

19.2

%

11,856

 

10,737

 

10.4

%

% of revenue

 

22.6

%

21.3

%

 

 

23.1

%

23.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R,D&E

 

1,569

 

1,475

 

6.4

%

3,156

 

2,984

 

5.8

%

% of revenue

 

5.9

%

6.2

%

 

 

6.2

%

6.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intellectual property and custom development income

 

(295

)

(297

)

-0.8

%

(557

)

(558

)

-0.3

%

Other (income) and expense

 

97

 

(95

)

NM

 

(105

)

(640

)

-83.6

%

Interest expense

 

97

 

90

 

8.3

%

190

 

172

 

10.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EXPENSE AND OTHER INCOME

 

7,500

 

6,234

 

20.3

%

14,541

 

12,695

 

14.5

%

% of revenue

 

28.1

%

26.3

%

 

 

28.4

%

27.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

4,885

 

4,575

 

6.8

%

8,702

 

8,090

 

7.6

%

Pre-tax margin

 

18.3

%

19.3

%

 

 

17.0

%

17.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

1,221

 

1,190

 

2.7

%

2,175

 

2,103

 

3.4

%

Effective tax rate

 

25.0

%

26.0

%

 

 

25.0

%

26.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

3,664

 

$

3,386

 

8.2

%

$

6,526

 

$

5,987

 

9.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net margin

 

13.7

%

14.3

%

 

 

12.7

%

12.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSUMING DILUTION

 

$

3.00

 

$

2.61

 

14.9

%

$

5.30

 

$

4.57

 

16.0

%

BASIC

 

$

3.04

 

$

2.65

 

14.7

%

$

5.38

 

$

4.64

 

15.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUT-STANDING (M’s):

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSUMING DILUTION

 

1,221.4

 

1,296.7

 

 

 

1,230.7

 

1,309.2

 

 

 

BASIC

 

1,204.8

 

1,278.6

 

 

 

1,213.5

 

1,289.9

 

 

 

 


NM — Not Meaningful

 

*      Segment gross profit margins in 2010 reclassified to conform with 2011 presentation.

 

4



 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Unaudited)

 

 

 

At

 

At

 

 

 

June 30,

 

December 31,

 

(Dollars in Millions)

 

2011

 

2010

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

11,714

 

$

10,661

 

Marketable securities

 

50

 

990

 

Notes and accounts receivable - trade

 

 

 

 

 

(net of allowances of $305 in 2011 and $324 in 2010)

 

10,539

 

10,834

 

Short-term financing receivables

 

 

 

 

 

(net of allowances of $286 in 2011 and $342 in 2010)

 

14,715

 

16,257

 

Other accounts receivable

 

 

 

 

 

(net of allowances of $12 in 2011 and $10 in 2010)

 

1,127

 

1,134

 

Inventories, at lower of average cost or market:

 

 

 

 

 

Finished goods

 

560

 

432

 

Work in process and raw materials

 

2,013

 

2,018

 

 

 

 

 

 

 

Total inventories

 

2,573

 

2,450

 

Deferred taxes

 

1,557

 

1,564

 

Prepaid expenses and other current assets

 

4,662

 

4,226

 

 

 

 

 

 

 

Total Current Assets

 

46,937

 

48,116

 

 

 

 

 

 

 

Plant, rental machines, and other property

 

41,126

 

40,289

 

Less: Accumulated depreciation

 

26,887

 

26,193

 

 

 

 

 

 

 

Plant, rental machines, and other property - net

 

14,239

 

14,096

 

Long-term financing receivables

 

 

 

 

 

(net of allowances of $40 in 2011 and $58 in 2010)

 

10,422

 

10,548

 

Prepaid pension assets

 

4,855

 

3,068

 

Deferred taxes

 

2,877

 

3,220

 

Goodwill

 

25,609

 

25,136

 

Intangible assets - net

 

3,205

 

3,488

 

Investments and sundry assets

 

5,329

 

5,778

 

 

 

 

 

 

 

Total Assets

 

$

113,474

 

$

113,452

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Taxes

 

$

2,363

 

$

4,216

 

Short-term debt

 

7,858

 

6,778

 

Accounts payable

 

7,112

 

7,804

 

Compensation and benefits

 

4,706

 

5,028

 

Deferred income

 

12,660

 

11,580

 

Other accrued expenses and liabilities

 

5,144

 

5,156

 

 

 

 

 

 

 

Total Current Liabilities

 

39,843

 

40,562

 

 

 

 

 

 

 

Long-term debt

 

21,915

 

21,846

 

Retirement and nonpension postretirement benefit obligations

 

16,014

 

15,978

 

Deferred income

 

3,641

 

3,666

 

Other liabilities

 

8,851

 

8,226

 

 

 

 

 

 

 

Total Liabilities

 

90,263

 

90,279

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

IBM Stockholders’ Equity:

 

 

 

 

 

Common stock

 

46,975

 

45,418

 

Retained earnings

 

97,334

 

92,532

 

Treasury stock — at cost

 

(104,073

)

(96,161

)

Accumulated other comprehensive income/(loss)

 

(17,109

)

(18,743

)

 

 

 

 

 

 

Total IBM stockholders’ equity

 

23,127

 

23,046

 

 

 

 

 

 

 

Noncontrolling interests

 

84

 

126

 

 

 

 

 

 

 

Total Equity

 

23,210

 

23,172

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

113,474

 

$

113,452

 

 

5



 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW ANALYSIS

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

(Dollars in Millions)

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Net Cash from Operating Activities per GAAP:

 

$

4,279

 

$

3,766

 

$

8,071

 

$

8,203

 

 

 

 

 

 

 

 

 

 

 

Less: the change in Global Financing (GF) Receivables

 

(33

)

(218

)

1,903

 

1,883

 

 

 

 

 

 

 

 

 

 

 

Net Cash from Operating Activities

 

 

 

 

 

 

 

 

 

(Excluding GF Receivables)

 

4,313

 

3,985

 

6,168

 

6,320

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures, Net

 

(952

)

(970

)

(2,010

)

(1,873

)

 

 

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

 

 

 

 

 

 

 

(Excluding GF Receivables)

 

3,361

 

3,015

 

4,159

 

4,446

 

 

 

 

 

 

 

 

 

 

 

Acquisitions

 

(107

)

(185

)

(159

)

(1,009

)

Divestitures

 

4

 

0

 

4

 

0

 

Dividends

 

(905

)

(833

)

(1,700

)

(1,551

)

Share Repurchase

 

(3,976

)

(4,104

)

(8,021

)

(8,121

)

Non-GF Debt

 

(20

)

920

 

1,007

 

1,261

 

Other (includes GF Receivables, GF Debt)

 

162

 

(548

)

4,822

 

3,241

 

 

 

 

 

 

 

 

 

 

 

Change in Cash, Cash Equivalents and Short-term Marketable Securities

 

$

(1,481

)

$

(1,736

)

$

113

 

$

(1,732

)

 

6



 

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

 

 

 

SECOND-QUARTER 2011

 

 

 

 

 

 

 

 

 

Pre-tax

 

 

 

 

 

Revenue

 

Income/

 

Pre-tax

 

(Dollars in Millions)

 

External

 

Internal

 

Total

 

(Loss)

 

Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technology Services

 

$

10,241

 

$

320

 

$

10,561

 

$

1,420

 

13.4

%

Y-T-Y change

 

10.9

%

–3.6

%

10.4

%

1.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Business Services

 

4,866

 

205

 

5,071

 

750

 

14.8

%

Y-T-Y change

 

8.5

%

4.3

%

8.3

%

10.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

6,169

 

792

 

6,961

 

2,310

 

33.2

%

Y-T-Y change

 

16.9

%

14.8

%

16.7

%

12.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Systems and Technology

 

4,681

 

218

 

4,899

 

393

 

8.0

%

Y-T-Y change

 

17.5

%

7.9

%

17.0

%

112.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Financing

 

519

 

547

 

1,066

 

496

 

46.5

%

Y-T-Y change

 

–4.6

%

26.8

%

9.3

%

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL REPORTABLE SEGMENTS

 

$

26,476

 

$

2,082

 

$

28,558

 

$

5,370

 

18.8

%

Y-T-Y change

 

12.6

%

12.4

%

12.5

%

12.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations / Other

 

191

 

(2,082

)

(1,891

)

(485

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL IBM CONSOLIDATED

 

$

26,666

 

$

(0

)

$

26,666

 

$

4,885

 

18.3

%

Y-T-Y change

 

12.4

%

 

 

12.4

%

6.8

%

 

 

 

 

 

SECOND-QUARTER 2010

 

 

 

 

Pre-tax

 

 

 

 

 

Revenue

 

Income/

 

Pre-tax

 

(Dollars in Millions)

 

External 

 

Internal

 

Total

 

(Loss)*

 

Margin*

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technology Services

 

$

 9,234

 

$

332

 

$

9,566

 

$

1,399

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Global Business Services

 

4,483

 

197

 

4,680

 

678

 

14.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

5,277

 

690

 

5,967

 

2,062

 

34.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Systems and Technology

 

3,985

 

202

 

4,187

 

185

 

4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Global Financing

 

544

 

431

 

975

 

462

 

47.3

%

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL REPORTABLE SEGMENTS

 

$

23,523

 

$

1,852

 

$

25,376

 

$

4,786

 

18.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations / Other

 

200

 

(1,852

)

(1,652

)

(211

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL IBM CONSOLIDATED

 

$

23,724

 

$

(0

)

$

23,724

 

$

4,575

 

19.3

%

 


* Reclassified to conform with 2011 presentation.

 

7



 

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

 

 

 

SIX-MONTHS 2011

 

 

 

 

 

 

 

 

 

Pre-tax

 

 

 

 

 

Revenue

 

Income/

 

Pre-tax

 

(Dollars in Millions) 

 

External

 

Internal

 

Total

 

(Loss)

 

Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technology Services

 

$

20,104

 

$

627

 

$

20,732

 

$

2,658

 

12.8

%

Y-T-Y change

 

8.4

%

-3.9

%

8.0

%

12.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Business Services

 

9,575

 

405

 

9,980

 

1,390

 

13.9

%

Y-T-Y change

 

7.7

%

1.3

%

7.4

%

23.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

11,478

 

1,621

 

13,099

 

4,045

 

30.9

%

Y-T-Y change

 

11.5

%

12.0

%

11.5

%

-3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Systems and Technology

 

8,700

 

462

 

9,162

 

525

 

5.7

%

Y-T-Y change

 

18.0

%

23.1

%

18.3

%

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Financing

 

1,035

 

1,044

 

2,079

 

1,015

 

48.8

%

Y-T-Y change

 

-4.3

%

25.1

%

8.5

%

14.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL REPORTABLE SEGMENTS

 

$

50,892

 

$

4,160

 

$

55,052

 

$

9,634

 

17.5

%

Y-T-Y change

 

10.2

%

12.1

%

10.3

%

12.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations / Other

 

381

 

(4,160

)

(3,779

)

(932

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL IBM CONSOLIDATED

 

$

51,273

 

$

(0

)

$

51,273

 

$

8,702

 

17.0

%

Y-T-Y change

 

10.1

%

 

 

10.1

%

7.6

%

 

 

 


NM — Not Meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIX-MONTHS 2010

 

 

 

 

 

 

 

 

 

Pre-tax

 

 

 

 

 

Revenue

 

Income/

 

Pre-tax

 

(Dollars in Millions)

 

External

 

Internal

 

Total

 

(Loss)*

 

Margin*

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technology Services

 

$

18,540

 

$

652

 

$

19,192

 

$

2,357

 

12.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Global Business Services

 

8,893

 

400

 

9,293

 

1,124

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

10,296

 

1,448

 

11,743

 

4,189

 

35.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Systems and Technology

 

7,370

 

376

 

7,746

 

(12

)

-0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Global Financing

 

1,081

 

834

 

1,916

 

889

 

46.4

%

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL REPORTABLE SEGMENTS

 

$

46,181

 

$

3,710

 

$

49,891

 

$

8,546

 

17.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations / Other

 

400

 

(3,710

)

(3,310

)

(456

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL IBM CONSOLIDATED

 

$

46,581

 

$

(0

)

$

46,581

 

$

8,090

 

17.4

%

 


* Reclassified to conform with 2011 presentation.

 

8



 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING RESULTS RECONCILIATION

(Unaudited, Dollars in millions except per share amounts)

 

 

 

SECOND-QUARTER 2011

 

 

 

 

 

Acquisition-

 

Retirement-

 

 

 

 

 

 

 

Related

 

Related

 

Operating

 

 

 

GAAP

 

Adjustments*

 

Adjustments

 

(Non-GAAP)

 

Gross Profit

 

$

12,385

 

$

87

 

$

6

 

$

12,477

 

Gross Profit Margin

 

46.4

%

0.3

Pts

0.0

Pts

46.8

%

S,G&A

 

6,030

 

(76

)

(5

)

5,950

 

R,D&E

 

1,569

 

0

 

24

 

1,593

 

Other (Income) & Expense

 

97

 

(1

)

0

 

96

 

Total Expense & Other (Income)

 

7,500

 

(77

)

18

 

7,441

 

Pre-Tax Income

 

4,885

 

163

 

(12

)

5,036

 

Pre-Tax Income Margin

 

18.3

%

0.6

Pts

-0.0

Pts

18.9

%

Provision for Income Taxes**

 

1,221

 

38

 

0

 

1,259

 

Effective Tax Rate

 

25.0

%

-0.1

Pts

-0.1

Pts

25.0

%

Net Income

 

3,664

 

126

 

(13

)

3,777

 

Net Income Margin

 

13.7

%

0.5

Pts

-0.0

Pts

14.2

%

Diluted Earnings Per Share

 

$

3.00

 

$

0.10

 

$

(0.01

)

$

3.09

 

 

 

 

SECOND-QUARTER 2010

 

 

 

 

 

Acquisition-

 

Retirement-

 

 

 

 

 

 

 

Related

 

Related

 

Operating

 

 

 

GAAP

 

Adjustments*

 

Adjustments

 

(Non-GAAP)

 

Gross Profit

 

$

10,809

 

$

58

 

$

(56

)

$

10,811

 

Gross Profit Margin

 

45.6

%

0.2

Pts

-0.2

Pts

45.6

%

S,G&A

 

5,061

 

(62

)

25

 

5,024

 

R,D&E

 

1,475

 

0

 

32

 

1,507

 

Other (Income) & Expense

 

(95

)

(3

)

0

 

(97

)

Total Expense & Other (Income)

 

6,234

 

(64

)

57

 

6,227

 

Pre-Tax Income

 

4,575

 

122

 

(113

)

4,584

 

Pre-Tax Income Margin

 

19.3

%

0.5

Pts

-0.5

Pts

19.3

%

Provision for Income Taxes**

 

1,190

 

38

 

(45

)

1,183

 

Effective Tax Rate

 

26.0

%

0.1

Pts

-0.4

Pts

25.8

%

Net Income

 

3,386

 

84

 

(68

)

3,402

 

Net Income Margin

 

14.3

%

0.4

Pts

-0.3

Pts

14.3

%

Diluted Earnings Per Share

 

$

2.61

 

$

0.06

 

$

(0.05

)

$

2.62

 

 


*   Includes amortization of acquired intangible assets and other acquisition-related charges.

** Tax impact on operating (non-GAAP) pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income which employs an annual effective tax rate method to the results.

 

9



 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING RESULTS RECONCILIATION

(Unaudited, Dollars in millions except per share amounts)

 

 

 

SIX-MONTHS 2011

 

 

 

 

 

Acquisition-

 

Retirement-

 

 

 

 

 

 

 

Related

 

Related

 

Operating

 

 

 

GAAP

 

Adjustments*

 

Adjustments

 

(Non-GAAP)

 

Gross Profit

 

$

23,243

 

$

172

 

$

19

 

$

23,434

 

Gross Profit Margin

 

45.3

%

0.3

Pts

0.0

Pts

45.7

%

S,G&A

 

11,856

 

(152

)

(15

)

11,689

 

R,D&E

 

3,156

 

0

 

43

 

3,199

 

Other (Income) & Expense

 

(105

)

(5

)

0

 

(110

)

Total Expense & Other (Income)

 

14,541

 

(157

)

28

 

14,412

 

Pre-Tax Income

 

8,702

 

329

 

(8

)

9,022

 

Pre-Tax Income Margin

 

17.0

%

0.6

Pts

-0.0

Pts

17.6

%

Provision for Income Taxes**

 

2,175

 

86

 

(5

)

2,256

 

Effective Tax Rate

 

25.0

%

0.0

Pts

0.0

Pts

25.0

%

Net Income

 

6,526

 

243

 

(3

)

6,767

 

Net Income Margin

 

12.7

%

0.5

Pts

-0.0

Pts

13.2

%

Diluted Earnings Per Share

 

$

5.30

 

$

0.20

 

$

(0.00

)

$

5.50

 

 

 

 

SIX-MONTHS 2010

 

 

 

 

 

Acquisition-

 

Retirement-

 

 

 

 

 

 

 

Related

 

Related

 

Operating

 

 

 

GAAP

 

Adjustments*

 

Adjustments

 

(Non-GAAP)

 

Gross Profit

 

$

20,785

 

$

113

 

$

(91

)

$

20,807

 

Gross Profit Margin

 

44.6

%

0.2

Pts

-0.2

Pts

44.7

%

S,G&A

 

10,737

 

(123

)

36

 

10,650

 

R,D&E

 

2,984

 

0

 

62

 

3,046

 

Other (Income) & Expense

 

(640

)

(3

)

0

 

(643

)

Total Expense & Other (Income)

 

12,695

 

(126

)

97

 

12,667

 

Pre-Tax Income

 

8,090

 

239

 

(189

)

8,140

 

Pre-Tax Income Margin

 

17.4

%

0.5

Pts

-0.4

Pts

17.5

%

Provision for Income Taxes**

 

2,103

 

72

 

(76

)

2,100

 

Effective Tax Rate

 

26.0

%

0.1

Pts

-0.3

Pts

25.8

%

Net Income

 

5,987

 

166

 

(113

)

6,040

 

Net Income Margin

 

12.9

%

0.4

Pts

-0.2

Pts

13.0

%

Diluted Earnings Per Share

 

$

4.57

 

$

0.13

 

$

(0.09

)

$

4.61

 

 


*   Includes amortization of acquired intangible assets and other acquisition-related charges.

** Tax impact on operating (non-GAAP) pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income which employs an annual effective tax rate method to the results.

 

10



 

Contact:

IBM

 

 

Mike Fay, 914/499-6107

 

 

mikefay@us.ibm.com

 

 

 

 

 

John Bukovinsky, 732/618-3531

 

 

jbuko@us.ibm.com

 

 

11



ATTACHMENT II

 

2Q 2011 Earnings Presentation July 18, 2011

 


2 Forward Looking Statements and Non-GAAP Information Certain comments made in this presentation may be characterized as forward looking under 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. Those statements by their nature address matters that are uncertain to different degrees. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the Company's filings with the SEC. Copies are available from the SEC, from the IBM web site, or from IBM Investor Relations. Any forward-looking statement made during this presentation speaks only as of the date on which it is made. The company assumes no obligation to update or revise any forward-looking statements. These charts and the associated remarks and comments are integrally related, and are intended to be presented and understood together. In an effort to provide additional and useful information regarding the company’s financial results and other financial information as determined by generally accepted accounting principles (GAAP), the company also discusses, in its earnings press release and earnings presentation materials, certain non-GAAP information including "operating earnings" and other "operating" financial measures. The rationale for management’s use of this non-GAAP information, the reconciliation of that information to GAAP, and other related information are included in supplementary materials entitled “Non-GAAP Supplementary Materials” that are posted on the Company’s investor relations web site at http://www.ibm.com/investor/2q11/ The Non-GAAP Supplementary Materials are also included as Attachment II to the Company’s Form 8-K dated July 18, 2011.

 


3 2Q 2011 Highlights Increasing 2011 Operating (Non-GAAP) EPS expectations to at least $13.25 12% revenue growth driven by: Key Branded Middleware +21% yr/yr Systems +20% yr/yr, strong performance across all three server lines Services +10% yr/yr, led by growth markets +22% (+10% @CC) Momentum in all four growth initiatives: Growth Markets Business Analytics Double-digit growth in Operating Net Income Returned $5B to shareholders Revenue $26.7B +12%, 5% yr/yr @CC Operating (Non-GAAP) EPS $3.09 +18% yr/yr Cloud Smarter Planet

 


4 Key Financial Metrics P&L Ratios (Operating) 2Q11 B/(W) Yr/Yr GP Margin 46.8% 1.2 pts PTI Margin 18.9% (0.4 pts) NI Margin 14.2% (0.2 pts) Tax Rate 25.0% 0.8 pts P&L Highlights 2Q11 B/(W) Yr/Yr Revenue $26.7 12% @CC 5% PTI – Operating $5.0 10% EPS – Operating $3.09 18% $ in Billions, except EPS Cash Highlights 2Q11 Last 12 Mos. Free Cash Flow (excl GF Receivables) $3.4 $16.0 Share Repurchase 4.0 15.3 Dividends 0.9 3.3 Cash Balance @ June 30 11.8

 


5 Revenue by Geography 2Q11 Rptd @CC Americas $11.2 10% 8% Europe/ME/A 8.6 16% 3% Asia Pacific 6.2 14% 3% OEM 0.7 Flat (1%) IBM $26.7 12% 5% Major Markets 10% 3% Growth Markets 23% 13% BRIC Countries 27% 21% $ in Billions APac +12% @CC OEM -1% U.S. +6% EMEA Canada/ LA Japan - 5% @CC Performance led by Growth Markets and North America B/(W) Yr/Yr

 


6 Revenue and Gross Profit Margin by Segment 2Q11 B/(W) Yr/Yr Rptd @CC 2Q11 B/(W) Yr/Yr Pts Global Technology Services $10.2 11% 3% 34.0% (0.3 pts) Global Business Services 4.9 9% 1% 28.9% 0.6 pts Software 6.2 17% 10% 88.4% 0.4 pts Systems & Technology 4.7 17% 12% 40.6% 4.9 pts Global Financing 0.5 (5%) (11%) 48.7% (1.4 pts) Total Revenue & Operating GP Margin $26.7 12% 5% 46.8% 1.2 pts $ in Billions Gross Profit Margin Revenue Margin expansion led by Systems & Technology Transaction businesses drove revenue performance

 


7 Expense Summary 2Q11 B/(W) Yr/Yr Currency Acq.* Base SG&A – Operating $5.9 (18%) (8 pts) (4 pts) (7 pts) RD&E – Operating 1.6 (6%) (3 pts) (5 pts) 2 pts IP and Development Income (0.3) (1%) Other (Income)/Expense 0.1 nm Interest Expense 0.1 (8%) Operating Expense & Other Income $7.4 (20%) (10 pts) (4 pts) (6 pts) $ in Billions B/(W) Yr/Yr Drivers * Includes acquisitions made in the last twelve months, net of non-operating acquisition-related charges

 


8 B/(W) Yr/Yr 2Q11 Rptd @CC Revenue (External) $10.2 11% 3% Gross Margin (External) 34.0% (0.3 pts) Pre-Tax Income $1.4 1% PTI Margin 13.4% (1.2 pts) Services Segments Global Technology Services (GTS) Global Business Services (GBS) Growth Markets backlog up 50% over last two years 2Q11 Revenues (% of Total Services) $ in Billions B/(W) Yr/Yr 2Q11 Rptd @CC Revenue (External) $4.9 9% 1% Gross Margin (External) 28.9% 0.6 pts Pre-Tax Income $0.8 11% PTI Margin 14.8% 0.3 pts $ in Billions 2Q11 Revenue Yr/Yr GTS Rptd @CC GTS Outsourcing 12% 3% Integrated Technology Services 11% 3% Maintenance 7% Flat GBS GBS Outsourcing 12% 4% Consulting & Systems Integration 7% Flat 2Q11 Services Backlog $144B +$15B +$2B GTS Outsourcing 40% GBS C&SI 25% Maint. 13% ITS 15% GBS Outsourcing 7%

 


9 Software Segment B/(W) Yr/Yr 2Q11 Rptd @CC Revenue (External) $6.2 17% 10% Gross Margin (External) 88.4% 0.4 pts Pre-Tax Income $2.3 12% PTI Margin 33.2% (1.4 pts) 2Q11 Revenue Yr/Yr Rptd @CC WebSphere Family 55% 47% Information Management 18% 11% Tivoli 9% 3% Lotus 12% 4% Rational 4% (2%) Key Branded Middleware 21% 14% Total Middleware 17% 10% Total Software 17% 10% 2Q11 Revenue (% of Total Software) Key Branded Middleware 64% Operating Systems 10% Other Middleware 18% Other 8% $ in Billions Branded Middleware grew 21%, represents 64% of total Software

 


10 Systems & Technology Segment B/(W) Yr/Yr 2Q11 Rptd @CC Revenue (External) $4.7 17% 12% Gross Margin (External) 40.6% 4.9 pts Pre-Tax Income $0.4 112% PTI Margin 8.0% 3.6 pts $ in Billions 2Q11 Revenue (% of Total Sys & Tech) Servers 65% Storage 19% Micro OEM 12% RSS 2Q11 Revenue Yr/Yr Rptd @CC System z 61% 53% Power Systems 12% 7% System x 15% 9% Storage 10% 4% Retail Store Solutions 8% 3% Total Systems 20% 13% Microelectronics OEM 4% 4% Total Systems & Technology 17% 12% Strong growth in revenue, profit and margin

 


11 Cash Flow Analysis 2Q11 B/(W) Yr/Yr YTD 1H11 B/(W) Yr/Yr Net Cash from Operations $4.3 $0.5 $8.1 ($0.1) Less: Global Financing Receivables 0.0 0.2 1.9 0.0 Net Cash from Operations (excluding GF Receivables) 4.3 0.3 6.2 (0.2) Net Capital Expenditures (1.0) 0.0 (2.0) (0.1) Free Cash Flow (excluding GF Receivables) 3.4 0.3 4.2 (0.3) Acquisitions (0.1) 0.1 (0.2) 0.9 Divestitures 0.0 0.0 0.0 0.0 Dividends (0.9) (0.1) (1.7) (0.1) Share Repurchases (4.0) 0.1 (8.0) 0.1 Non-GF Debt 0.0 (0.9) 1.0 (0.3) Other (includes GF A/R & GF Debt) 0.2 0.7 4.8 1.6 Change in Cash & Marketable Securities ($1.5) $0.3 $0.1 $1.8 $ in Billions

 


12 June 10 Dec. 10 June 11 Cash & Marketable Securities $12.2 $11.7 $11.8 Non-GF Assets* 61.6 67.3 68.8 Global Financing Assets 29.5 34.5 32.9 Total Assets 103.4 113.5 113.5 Other Liabilities 55.6 61.7 60.5 Non-GF Debt* 5.5 5.8 6.4 Global Financing Debt 21.2 22.8 23.4 Total Debt 26.7 28.6 29.8 Total Liabilities 82.2 90.3 90.3 Equity 21.2 23.2 23.2 Non-GF Debt / Capital 23% 23% 24% Global Financing Leverage 7.1 7.0 7.0 Balance Sheet Summary $ in Billions * Includes eliminations of inter-company activity

 


13 2Q10 Operating EPS Revenue Growth @ Actual Margin Expansion Share Repurchases 2Q11 Operating EPS Operating EPS Bridge – 2Q10 to 2Q11 $0.33 ($0.04) $0.18 $2.62 $3.09

 


14 2Q 2011 Summary Increasing 2011 Operating (Non-GAAP) EPS expectations to at least $13.25 Revenue growth driven by transaction businesses Momentum in growth initiatives Growth markets +13% yr/yr @CC for 2Q and YTD, half of geographic revenue growth 1st half business analytics revenue up >20% yr/yr Cloud revenue on track to double in 2011 1st half Smarter Planet revenue up >50% yr/yr Double-digit growth in Operating Net Income Leveraging strong cash generation to return value to shareholders 2010 2015 $11.67 At least $20 Operating EPS

 


15 [LOGO]

 


16 Supplemental Materials Currency – Year/Year Comparison Supplemental Segment Information – Global Services Supplemental Segment Information – Systems & Technology, Software Global Financing Portfolio Revenue by Key Industry Sales Unit Cash Flow (FAS 95) Non-GAAP Supplementary Materials Operating (Non-GAAP) Earnings Per Share and Related Income Statement Items, Constant Currency Cash Flow, Debt-to-Capital Ratio, Current Item (Workforce Rebalancing) Reconciliation of Operating Earnings Per Share GAAP to Operating (Non-GAAP) Bridge – 2Q 2011 GAAP to Operating (Non-GAAP) Bridge – 2Q 2010 Reconciliation of Free Cash Flow (excluding GF Receivables) Reconciliation of Revenue Growth Rates – Geographies Reconciliation of Revenue Growth Rates – Segments Reconciliation of Revenue Growth – Growth Markets vs. Major Markets Reconciliation of Yr/Yr Expense Drivers Reconciliation of Debt-to-Capital Ratio Reconciliation of Operating EPS Bridge 2Q10 to 2Q11 Some columns and rows in these materials, including the supplemental exhibits, may not add due to rounding Supplemental Materials

 


17 Currency – Year/Year Comparison 1Q11 Yr/Yr 2Q11 Yr/Yr 7/15 Spot 3Q11 4Q11 FY11 Euro 0.73 (1%) 0.69 12% 0.71 9% 4% 7% Pound 0.62 3% 0.61 9% 0.62 4% 2% 5% Yen 82 9% 82 11% 79 8% 4% 8% IBM Revenue Impact 3 pts 7 pts ~5-6 pts 3 pts ~4-5 pts (US$B) Yr/Yr Revenue As Reported $26.7 12% Currency Impact 1.7 7 pts Revenue @CC $24.9 5% Yr/Yr @ 7/15 Spot Quarterly Averages per US $

 


18 Supplemental Segment Information – 2Q 2011 $ in Billions Backlog Global Services 2Q11 Yr/Yr @CC Total Backlog $144 +$15 +$2 Outsourcing Backlog 96 +8 (1) $ in Billions Signings Global Services 2Q11 Yr/Yr @CC Outsourcing $7.1 17% 8% - GTS O/S, GBS O/S (AMS) Transactional 7.1 15% 7% - ITS, Consulting & AMS SI (incl. US Federal) Total Signings $14.3 16% 8% Note: YTY signings growth reflects 2010 signings categories consistent with 2011 Revenue Growth Global Services Yr/Yr @CC GTS Outsourcing 12% 3% Integrated Tech Services 11% 3% Maintenance 7% Flat Total GTS 11% 3% GBS Outsourcing 12% 4% GBS C&SI 7% Flat Total GBS 9% 1% Total Outsourcing 12% 3% Total Transactional 9% 1% Maintenance 7% Flat Supplemental Revenue Information Supplemental Backlog / Signings Information Supplemental Materials

 


19 Supplemental Segment Information – 2Q 2011 Revenue Growth Systems & Technology Yr/Yr @CC GP% Share System z 61% 53% Power Systems 12% 7% System x 15% 9% = Storage 10% 4% = Retail Store Solutions 8% 3% = Total Systems 20% 13% Microelectronics OEM 4% 4% Total Systems & Technology 17% 12% Revenue Growth Software Yr/Yr @CC WebSphere Family 55% 47% Information Management 18% 11% Tivoli 9% 3% Lotus 12% 4% Rational 4% (2%) Key Branded Middleware 21% 14% Other Middleware 5% Flat Total Middleware 17% 10% Operating Systems 16% 9% Other Software/Services 19% 12% Total Software 17% 10% Supplemental Materials

 


20 20 2Q11 1Q11 2Q10 Identified Loss Rate 1.0% 1.2% 1.8% Anticipated Loss Rate 0.3% 0.3% 0.3% Reserve Coverage 1.3% 1.5% 2.1% Client Days Delinquent Outstanding 2.4 3.3 3.7 Commercial A/R > 30 Days $32M $25M $27M Global Financing Portfolio 2Q11 – $24.4B Net External Receivables 25% 40% 19% 10% 4% 2% 0% 10% 20% 30% 40% 50% Aaa-A3 Baa1-Baa3 Ba1-Ba2 Ba3-B1 B2-B3 Caa-D Investment Grade 65% Non-Investment Grade 35%

 


21 2Q11 B/(W) Yr/Yr Rptd @CC Financial Services $7.8 17% 8% Public 4.0 6% Flat Industrial 2.6 9% 1% Distribution 2.6 9% 3% Communications 2.7 16% 10% General Business 5.4 16% 8% Total IBM $26.7 12% 5% Revenue by Key Industry Sales Unit $ in Billions General Business Comms Distribution Industrial Public Financial Services Supplemental Materials

 


22 Cash Flow (FAS 95) QTD 2Q11 QTD 2Q10 YTD 1H11 YTD 1H10 Net Income from Operations $3.7 $3.4 $6.5 $6.0 Depreciation / Amortization of Intangibles 1.2 1.2 2.4 2.4 Stock-based Compensation 0.2 0.2 0.3 0.3 Working Capital / Other (0.7) (0.7) (3.1) (2.4) Global Financing A/R 0.0 (0.2) 1.9 1.9 Net Cash provided by Operating Activities 4.3 3.8 8.1 8.2 Capital Expenditures, net of payments & proceeds (1.0) (1.0) (2.0) (1.9) Divestitures, net of cash transferred 0.0 0.0 0.0 0.0 Acquisitions, net of cash acquired (0.1) (0.2) (0.2) (1.0) Marketable Securities / Other Investments, net 0.5 (0.8) 2.1 0.2 Net Cash used in Investing Activities (0.6) (1.9) (0.1) (2.6) Debt, net of payments & proceeds (0.7) 0.2 1.0 0.7 Dividends (0.9) (0.8) (1.7) (1.6) Common Stock Repurchases (4.0) (4.1) (8.0) (8.1) Common Stock Transactions - Other 0.7 0.9 1.6 1.8 Net Cash used in Financing Activities (4.9) (3.7) (7.2) (7.1) Effect of Exchange Rate changes on Cash 0.2 (0.2) 0.3 (0.3) Net Change in Cash & Cash Equivalents ($1.0) ($2.1) $1.1 ($1.9) $ in Billions

 


23 Non-GAAP Supplementary Materials In an effort to provide investors with additional information regarding the company's results as determined by generally accepted accounting principles (GAAP), the company also discusses, in its earnings press release and earnings presentation materials, the following Non-GAAP information which management believes provides useful information to investors. Operating (Non-GAAP) Earnings Per Share and Related Income Statement Items Management presents certain financial measures excluding the effects of certain acquisition-related charges, non-operating retirement-related costs, and any related tax impacts. Management uses the term "operating" to describe this view of the company's financial results and other financial information. For acquisitions, these measures exclude the amortization of purchased intangible assets and acquisition-related charges such as in-process research and development, transaction costs, applicable restructuring and related expenses, and tax charges related to acquisition integration. For retirement-related costs, the company has characterized certain items as operating and others as non-operating. The company includes service cost, amortization of prior service cost and the cost of defined contribution plans in its operating results. Non-operating retirement-related costs include interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements, multi-employer plan costs, pension insolvency costs, and other costs. Non-operating costs primarily relate to changes in pension plan assets and liabilities which are tied to market performance, and management considers these costs to be outside the operational performance of the business. Management’s calculation of these operating measures, as presented, may differ from similarly titled measures reported by other companies. Overall, management believes that providing investors with an operating view 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. For the 2015 earnings per share roadmap, the company is utilizing an operating view to establish its objectives and track its progress. Effective January 1, 2011, the company’s segment financial results and performance reflect operating earnings, consistent with the company’s management and measurement system. Constant Currency Management refers to growth rates at constant currency or adjusting for currency 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 the company's 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. Supplemental Materials

 


24 Non-GAAP Supplementary Materials Cash Flow Management uses a free cash flow measure to evaluate the company’s operating results, plan share repurchase levels, evaluate strategic investments and assess the company’s 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 Global Financing receivables and net capital expenditures, including the investment in software. A key objective of the Global Financing business is to generate strong returns on equity, and increasing receivables is the basis for growth. Accordingly, management considers Global Financing receivables as a profit-generating investment, not as working capital that should be minimized for efficiency. Therefore, management includes presentations of both free cash flow and cash flow from operations that exclude the effect of Global Financing receivables. Debt-to-Capital Ratio Management presents its debt-to-capital ratio excluding the Global Financing business. A financing business is managed on a leveraged basis. The company funds its Global Financing segment using a debt-to-equity ratio target of approximately 7 to 1. Given this significant leverage, the company presents a debt-to-capital ratio which excludes the Global Financing segment debt and equity because the company believes this is more representative of the company’s core business operations. Current Item (Workforce Rebalancing) Management presents certain financial results excluding the effects of certain charges in connection with workforce rebalancing actions. Management believes that presenting certain financial information without this item is more representative of the company’s operational performance and provides additional insight into, and clarifies the basis for, historical and/or future performance, which may be more useful for investors. Supplemental Materials

 


25 Non-GAAP Supplementary Materials Reconciliation of Operating Earnings Per Share IBM Operating EPS (Non-GAAP) Acquisition-Related Charges * Amortization of Purchased Intangibles Other Acquisition-Related Charges Non-Operating Retirement-Related Items IBM GAAP EPS Adjustments 2011 Expectations $12.87+ $13.25+ $0.40 $0.39 $0.01 ($0.02) * Includes acquisitions as of 6/30/2011 The above serves to reconcile the Non-GAAP financial information contained in the “2Q 2011 Highlights” and “2Q 2011 Summary” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


26 Non-GAAP Supplementary Materials GAAP to Operating (Non-GAAP) Bridge – 2Q 2011 $ in Millions, except EPS GAAP Acquisition-related Adjustments* Retirement-related Adjustments** Operating (Non-GAAP) Gross Profit $12,385 $87 $6 $12,477 SG&A 6,030 (76) (5) 5,950 RD&E 1,569 0 24 1,593 Other Income & Expense 97 (1) 0 96 Total Operating Expense & Other Income 7,500 (77) 18 7,441 Pre-Tax Income 4,885 163 (12) 5,036 Tax *** 1,221 38 0 1,259 Net Income 3,664 126 (13) 3,777 Diluted Earnings Per Share $3.00 $0.10 ($0.01) $3.09 * Includes amortization of purchased intangibles, in process R&D, severance cost for acquired employees, vacant space for acquired companies, and deal costs ** Includes retirement related interest cost, expected return on plan assets, recognized actuarial losses or gains, amortization of transition assets, other settlements, curtailments, multi-employer plans and insolvency insurance ***The tax impact on the Operating (Non-GAAP) Pre-Tax Income 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. The above serves to reconcile the Non-GAAP financial information contained in the “2Q 2011 Highlights,” “Key Financial Metrics” and “Expense Summary” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


27 Non-GAAP Supplementary Materials GAAP to Operating (Non-GAAP) Bridge – 2Q 2010 $ in Millions, except EPS GAAP Acquisition-related Adjustments* Retirement-related Adjustments** Operating (Non-GAAP) Gross Profit $10,809 $58 ($56) $10,811 SG&A 5,061 (62) 25 5,024 RD&E 1,475 0 32 1,507 Other Income & Expense (95) (3) 0 (97) Total Operating Expense & Other Income 6,234 (64) 57 6,227 Pre-Tax Income 4,575 122 (113) 4,584 Tax *** 1,190 38 (45) 1,183 Net Income 3,386 84 (68) 3,402 Diluted Earnings Per Share $2.61 $0.06 ($0.05) $2.62 * Includes amortization of purchased Intangibles, in process R&D, severance cost for acquired employees, vacant space for acquired companies, and deal costs ** Includes retirement related interest cost, expected return on plan assets, recognized actuarial losses or gains, amortization of transition assets, other settlements, curtailments, multi-employer plans and insolvency insurance ***The tax impact on the Operating (Non-GAAP) Pre-Tax Income 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. The above serves to reconcile the Non-GAAP financial information contained in the “2Q 2011 Highlights,” “Key Financial Metrics” and “Expense Summary” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


28 Non-GAAP Supplementary Materials 12 months ended 6/30/11 Net Cash from Operations $19.4 Less: Global Financing Receivables (0.7) Net Cash from Operations (excluding GF Receivables) 20.1 Net Capital Expenditures (4.1) Free Cash Flow (excluding GF Receivables) $16.0 $ in Billions Reconciliation of Free Cash Flow (excluding GF Receivables) The above serves to reconcile the Non-GAAP financial information contained in the “Key Financial Metrics” discussion in the company’s earnings presentation. See Slide 24 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


29 Non-GAAP Supplementary Materials Reconciliation of Geography Revenue Growth As Rptd @CC Canada Japan Asia Pacific, other than Japan Growth Markets Hardware WebSphere Services 18% 7% 22% 30% 50% 22% 11% (5%) 12% 24% 39% 10% 2Q11 Yr/Yr The above serves to reconcile the Non-GAAP financial information contained in the“Revenue by Geography” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


30 Non-GAAP Supplementary Materials Reconciliation of Segment Revenue Growth As Rptd @CC Global Technology Services Outsourcing – Growth Markets Integrated Technology Services– Growth Markets Global Business Services Growth Markets Major Markets Systems and Technology Growth Markets Major Markets System x – Growth Markets 23% 23% 21% 7% 29% 12% 35% 10% 14% 10% (1%) 24% 7% 27% 2Q11 Yr/Yr The above serves to reconcile the Non-GAAP financial information contained in the “Services Segments,” and “Systems and Technology Segment” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


31 Non-GAAP Supplementary Materials Reconciliation of Revenue Growth As Rptd @CC Growth Markets vs. Major Markets 9% 9% Average 1Q 2008 to 2Q 2011 The above serves to reconcile the Non-GAAP financial information contained in the “Revenue by Geography” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


32 GAAP Non-GAAP Adjustments Operating (Non-GAAP) SG&A Currency (8 pts) 0 pts (8 pts) Acquisitions (4 pts) 0 pts (4 pts) Base (7 pts) 0 pts (7 pts) RD&E Currency (3 pts) 0 pts (3 pts) Acquisitions (5 pts) 0 pts (5 pts) Base 2 pts 1 pt 2 pts Operating Expense & Other Income Currency (10 pts) 0 pts (10 pts) Acquisitions (5 pts) 0 pts (4 pts) Base (6 pts) 0 pts (6 pts) Non-GAAP Supplementary Materials Reconciliation of Yr/Yr Expense Drivers The above serves to reconcile the Non-GAAP financial information contained in the “Expense Summary” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. Supplemental Materials

 


33 Reconciliation of Debt-to-Capital Ratio 2Q11 FY10 2Q10 Non-Global Financing Debt / Capital IBM Consolidated Debt / Capital 24% 56% 23% 55% 23% 56% The above serves to reconcile the Non-GAAP financial information contained in the “Balance Sheet” discussion regarding the non-Global Financing debt to capital ratio in the company’s earnings presentation. See Slide 24 of this presentation for additional information on the use of these Non-GAAP financial measures. Non-GAAP Supplementary Materials Supplemental Materials

 


34 * Includes amortization of purchased intangibles, in process R&D, severance cost for acquired employees, vacant space for acquired companies, deal costs ** Includes retirement related interest cost, expected return on plan assets, recognized actuarial losses or gains, amortization of transition assets, other settlements, curtailments, multi-employer plans and insolvency insurance Non-GAAP Supplementary Materials Reconciliation of Operating EPS Bridge 2Q10 to 2Q11 The above serves to reconcile the Non-GAAP financial information contained in the “Operating EPS Bridge – 2Q10 to 2Q11” discussion in the company’s earnings presentation. See Slide 23 of this presentation for additional information on the use of these Non-GAAP financial measures. GAAP Acquisition- related Adjustments* Retirement-related Adjustments** Operating (Non-GAAP) 2Q10 EPS $2.61 $0.06 ($0.05) $2.62 Revenue growth @ actual 0.32 0.01 0.00 0.33 Margin expansion (0.10) 0.02 0.04 (0.04) Share repurchases 0.17 0.01 0.00 0.18 2Q11 EPS $3.00 $0.10 ($0.01) $3.09 Supplemental Materials

 


35 [LOGO]

 

 

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