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: October 19, 2022

(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
1.250% Notes due 2023	IBM 23A	New York Stock Exchange
0.375% Notes due 2023	IBM 23B	New York Stock Exchange
1.125% Notes due 2024	IBM 24A	New York Stock Exchange
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
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 30	New York Stock Exchange
1.750% Notes due 2031	IBM 31	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
1.200% Notes due 2040	IBM 40	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 7.01. Regulation FD Disclosure.

Exhibit 99.1 of this Form 8-K contains the prepared remarks for IBM’s Chairman and Chief Executive Officer Arvind Krishna and Chief Financial Officer Jim Kavanaugh’s third-quarter 2022 earnings presentation to investors on October 19, 2022.

The slides for IBM’s Chairman and Chief Executive Officer Arvind Krishna and Chief Financial Officer Jim Kavanaugh’s third-quarter 2022 earnings presentation on October 19, 2022, are Exhibit 99.2 to this Form 8-K.

Reconciliations of non-GAAP financial measures discussed in the earnings presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in Exhibit 99.2 of this Form 8-K.

The information in this Item 7.01, 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	Prepared Remarks of Earnings Presentation on October 19, 2022
99.2	Earnings Presentation of the Registrant, dated October 19, 2022

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.

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: October 20, 2022
	By:	/s/ Robert F. Del Bene
		Robert F. Del Bene
		Vice President and Controller

3

EX-99.1

‌Exhibit 99.1

Introduction

Thank you. This is Patricia Murphy, and I’d like to welcome you to IBM’s third quarter 2022 earnings presentation. I’m here with Arvind Krishna, IBM’s Chairman and Chief Executive Officer, and Jim Kavanaugh, IBM’s Senior Vice President and Chief Financial Officer.We’ll post today’s prepared remarks on the IBM investor website within a couple of hours, and a replay will be available by this time tomorrow. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue growth are at constant currency. We have provided reconciliation charts for these and other non-GAAP measures at the end of the presentation, which is posted to our investor website. Finally, some comments made in this presentation may be considered forward looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company’s SEC filings.

So with that, I’ll turn the call over to Arvind.

CEO Perspective

Thank you for joining us today. The results we delivered in the third quarter reflect our continued focus on the execution of our strategy, with over $14 billion of revenue and strong growth across the portfolio.

Technology remains a fundamental source of competitive advantage, and we continue to see solid demand for our hybrid cloud and AI solutions. We continued double-digit revenue growth in IBM Consulting, capturing client demand for digital transformations. Software revenue performance was also strong, with growth across all categories. And our Infrastructure business had another high-growth quarter, in both zSystems and distributed infrastructure. Our revenue strength was broad-based geographically as well.

When I talk with clients, it's clear there is a real opportunity to help businesses leverage technology in today’s environments. Clients are dealing with everything from inflation to demographic shifts, from supply chain bottlenecks to sustainability efforts. By deploying powerful hybrid cloud and AI technologies, IBM is helping businesses seize new opportunities, overcome today’s challenges, and emerge stronger.

We too are building a stronger company that is closely aligned to the needs of our clients. In line with our hybrid cloud and AI strategy, we have continued to focus our portfolio, invest in our offerings, technical talent and ecosystem, and streamline our go-to-market model. With strong performance through the first three quarters, we are taking up our revenue expectations for the year, and now expect 2022 revenue above our mid-single digit model.

Hybrid Cloud and AI Progress

Let me now turn to the progress we are making in the execution of our strategy. Our point of view is clear: hybrid cloud and AI are the two most transformational enterprise technologies of our time.

Hybrid cloud is already becoming the dominant architecture for enterprises. According to a recent survey by The Harris Poll, 77 percent of businesses surveyed said they have adopted hybrid cloud for their organizations, with data located across multiple clouds, on premise or at the edge. Hybrid cloud is about offering clients a platform that can drive value across these different environments.

Our platform, based on Red Hat, allows our clients to consume software driven by open-source innovation. IBM software has been optimized to run on that platform and includes advanced data and AI, automation, and security capabilities. Our consultants offer deep business expertise and co-create with clients to accelerate their digital transformation journeys. And our infrastructure allows clients to take full advantage of a hybrid cloud environment. Our platform-centric strategy continues to have good momentum, adding a couple of hundred hybrid cloud platform clients in the third quarter. We see more and more clients consuming across our portfolio of software, consulting, and infrastructure capabilities. This quarter, clients such as Bank of America, Bharti Airtel and Samsung Electronics have chosen IBM to realize the full potential of a hybrid cloud computing model.

Let me now say a few words about our AI capabilities. As demographic shifts continue to add pressure to modern economies, coupled with wage inflation, companies are eager to deploy AI and automation capabilities at scale to boost their levels of productivity. That is what IBM is helping

companies bring to bear. In the context of an enterprise, we are seeing four main use cases emerge: AI to interact and converse, AI to automate IT processes, AI to extract knowledge and insights and, finally, AI to automate business workflows such as HR, supply chains, and financial reporting. We are working to bring these capabilities to clients across all industries. For instance, this quarter IBM Consulting partnered with the U.S. Department of Veterans Affairs to automate business workflows related to the delivery of pension benefits. This helps free up valuable time of VA staff and speed up the processing of claims made by the veterans most in need.

Our partner ecosystem is a crucial element of our strategy. Each quarter we continue to expand the work we do with partners to serve our joint clients. For instance, we recently announced an expansion of our partnership with VMWare to help clients in regulated industries more easily move workloads to the cloud, with IBM Consulting now serving as a GSI partner for VMware. We announced that Red Hat and Dell are launching a set of containerized solutions aimed at simplifying the management of multi-cloud environments on-premise. Gartner predicts that by 2026, 90 percent of organizations will use containers. These actions represent another step in our efforts to seize this opportunity through ecosystem relationships and our technology offerings.

We are actively working to introduce new innovations and shape the technologies of the future. Most recently, we unveiled the next generation of our LinuxONE server, a Linux and Kubernetes-based platform designed to support thousands of workloads within the footprint of a single system. As an example, Citibank is hosting MongoDB on IBM LinuxONE, leveraging the platform’s security, resiliency, and elastic capacity, and helping Citi lower its overall carbon footprint.

We also continue to make progress on quantum computing. We remain on track toward our goal of building a 1,000-qubit system by 2023. To advance the security of our communication networks, IBM, alongside Vodafone, recently joined the GSMA's Post-Quantum Telco Network Taskforce. This taskforce aims to introduce a framework for the telco industry to adopt new quantum-safe approaches.

Complementing our organic innovation, we recently acquired Dialexa. This brings our total number of acquisitions this year to seven, adding new capabilities in areas like hybrid cloud services, security, data observability, and sustainability.

As the world takes on the challenge of sustainability and building a more circular economy, IBM has been building a portfolio of solutions to help companies make progress on this journey. This quarter, we received recognition highlighting our sustainability efforts. The analyst firm HFS Research and Forbes both recognized IBM for its capabilities in the area of sustainability, including Envizi and our Environmental Intelligence Suite software.

Let me conclude by reminding you that last October, and just prior to the separation of Kyndryl, we held our investor briefing – laying out priorities for our portfolio and growth. Over the last four quarters, we have driven constant currency revenue growth at or above our mid-single digit model, with solid free cash flow. And while there is always more to do, we are pleased with our first year’s progress. As we look forward, we remain confident in our strategy and execution, and feel we are well-positioned to address today’s client needs. Let me now turn it over to Jim who will provide more details on the quarter, and our expectations for the balance of the year.

Financial Highlights

Thanks Arvind. I’ll start with the financial highlights. In the third quarter, we delivered $14.1 billion in revenue, $2 billion of operating pre-tax income, at a margin of nearly 14 percent, and operating earnings per share of $1.81. Through the first three quarters of the year, we generated over $4 billion of free cash flow. Our revenue was up 15 percent, which includes about five points of contribution from sales to Kyndryl. While we’ll discuss our results today at constant currency, I’ll mention that with the continuing strengthening of the U.S. dollar, currency translation impacted our reported revenue growth by more than eight points, or nearly $1.1 billion.

As Arvind said, our revenue growth this quarter was pervasive. Software revenue was up 14 percent and Consulting up 16 percent. These are our growth vectors and represent over 70 percent of our revenue. Infrastructure was up 23 percent, reflecting solid product cycle dynamics. Software and Infrastructure include about eight and nine points of growth respectively from the commercial relationship with Kyndryl. More than half of our revenue is recurring, and this annuity content – which is driven by software – continues to grow. Performance was also broad-based by geography – Americas, EMEA and Asia Pacific revenue were all up double digits – and we gained share overall.

These revenue results reflect the execution of a more focused hybrid cloud and AI strategy based on a platform-centric approach and leveraging a broad ecosystem of partners. Our full-stack capabilities across Software, Consulting, and Infrastructure delivered 20 percent growth in hybrid cloud revenue over the last year, to over $22 billion.

Looking at our profit metrics – operating pre-tax income was up, and margin expanded by 180 basis points year to year. These profit dynamics reflect our portfolio shift toward higher value, led by software. This mix shift is contributing to profit and margin. Our pre-tax profit also includes the contribution from incremental sales to Kyndryl. Like our clients, we are focused on digitally transforming our own operations, applying AI and automation to drive productivity and efficiency in the spend base. This provides flexibility to continue to invest in talent, innovation and our ecosystem, in an inflationary environment.

Ninety days ago, we spent some time talking about currency dynamics. I’ll remind you of a few of the key points. A stronger dollar impacts our revenue and gross profit dollars. We execute a hedging program which defers, versus eliminates, the impact of currency. The gains from these hedging programs are reflected primarily in other income and expense. But, with the rate and magnitude of the movements, and because we don’t hedge all currencies, we do have a currency impact to our overall profit and cash flow.

Wrapping up the discussion on profit dynamics – the currency impacts, and a good amount of investments are in gross profit, while the mitigating hedging benefits and operational productivity are reflected primarily in expense. As a result, pre-tax income is a better indicator of our profit performance.

Our operating tax rate was about 16 percent. Compared to last year, tax is a significant year-to-year headwind to operating net income and operating EPS growth, which were both down modestly year to year.

Turning to free cash flow – we generated $4.1 billion in the first three quarters. That’s up over $900 million year to year. We’re wrapping on

payments related to the Kyndryl separation and the 2020 structural action, and driving working capital efficiencies. In terms of uses of cash in the first three quarters – we invested over a billion dollars in acquisitions, which was more than offset by proceeds from divested businesses, and we returned nearly four-and-a-half billion dollars to shareholders in the form of dividends.

From a balance sheet perspective, we issued debt in July to prudently get ahead of our 2023 maturities. Our debt balance is up since June, but down nearly a billion dollars since December. We ended the quarter in a strong liquidity position with cash of $9.7 billion. This is up over $2 billion from year end, and well in excess of the minimum cash required for our business.

Software

Turning to the segments, Software revenue grew 14 percent. This includes about eight points of Kyndryl contribution. Both of our revenue categories, Hybrid Platform & Solutions and Transaction Processing, grew this quarter. This performance reflects our strong and growing recurring revenue base, which is about 80 percent of our annual software revenue. And Software’s hybrid cloud revenue is now $9.2 billion over the last year, up 20 percent.

In Hybrid Platform & Solutions, revenue was up eight percent, including about a point-and-a-half contribution from the Kyndryl commercial relationship. The growth was broad-based. Red Hat revenue, all in, grew 18 percent. As a leader in open-source technologies for the enterprise, Red Hat’s performance was again fueled by market share gains across RHEL, OpenShift, and Ansible this quarter. With our enterprise incumbency and global scale, we continue to see an increase in large deals, as well as strong cross-sell and up-sell across Red Hat solutions. Automation revenue grew three percent. This quarter’s performance reflects continued adoption in areas like AI Ops and Management and Integration, while we’re also wrapping on strong acquisition content from last year. We’re bringing innovation to our clients this quarter, such as new Instana observability capabilities for zSystems in a hybrid cloud environment. In Data & AI, revenue was up four percent. Let me highlight just a few of the growth areas this quarter. Data Management fuels advanced analytics. Data Fabric helps clients discover and unlock the value of their data wherever it resides. And Information Exchange enables the timely and secure flow of complex B2B information. And offerings like Envizi and Environmental Intelligence Suite are resonating with clients as they prioritize sustainability efforts. Security revenue was up six percent with growth in both Data Security and Threat Management. In Data

Security, we’re seeing adoption of Guardium Insights as we continue to deliver new product innovation. Threat Management growth was led by CloudPak for Security, which helps clients prevent and respond to modern threats across disparate security feeds. Across Hybrid Platform & Solutions, the annual recurring revenue, or ARR, is now $13 billion and up nine percent.

Transaction Processing revenue was up 33 percent, including about 26 points of Kyndryl contribution. The increase in zSystems installed capacity over the last couple of cycles and continued strong renewal rates are recognition of the importance of this platform in a hybrid cloud environment. As a result, the Transaction Processing annuity base is now growing.

Looking at software profit, we delivered operating leverage given the solid revenue growth and new Kyndryl commercial relationship. Our pre-tax margin was up more than four points over last year.

Consulting

Consulting revenue grew 16 percent. This is the fifth consecutive quarter of double-digit growth. This strong performance was again broad based, with revenue growing at double-digit rates across all business lines and geographies. Over the last year, our book-to-bill ratio is 1.05.

Clients trust IBM’s deep industry expertise and co-creation approach throughout their hybrid cloud and digital transformation journeys.As IBM Consulting designs and enables enterprise hybrid cloud strategies, this business delivered $8.9 billion in hybrid cloud revenue over the last year. That’s up 28 percent. Our Red Hat consulting practice continues to be a meaningful contributor to revenue growth, growing strong double digits as we add new engagements. Since IBM acquired Red Hat just over three years ago, Consulting has led nearly 1,400 Red Hat engagements with over six-and-a-half billion dollars in aggregate bookings. Strategic partnerships also contributed to performance, continuing to grow revenue at a double-digit rate.

Turning to our lines of business – Business Transformation revenue grew 14 percent, as clients look to IBM to help them transform critical workflows at scale. Growth in Business Transformation was pervasive, driven by supply chain, finance, data, and client experience transformations. Working with our partners like SAP, Salesforce, and Adobe, we help our clients optimize their operations and improve the way they engage with their customers.

In Technology Consulting, where we architect and implement clients’ cloud platforms and strategies, revenue was up 17 percent. Once again, growth was led by cloud-application development and cloud

modernization, including our Red Hat practice, which as I mentioned, grew strong double-digits.

Application Operations revenue grew 17 percent. IBM helps clients optimize their operations and reduce cost by taking over the management of clients’ applications in hybrid and multi-cloud environments. We leverage AI to help predict problems before they happen and monitor our clients’ different environments with dashboards, enabling action to be taken quickly.

Moving to Consulting profit, our pre-tax margin of about 10 percent is down year to year, though up nearly three points from the second quarter. As we’ve discussed in prior quarters, Consulting is most impacted by the labor cost inflation. Those dynamics continue to put pressure on the margin profile. However, coming out of the third quarter, we are seeing signs of progress. Our utilization rates are improving as we exited the quarter. Our acquisitions are scaling and are on a path to margin accretion. And we’ve seen two quarters of priced margin improvement year over year that will benefit our margin profile going forward.

Infrastructure

Moving to our Infrastructure segment, revenue grew 23 percent. This includes about nine points from the incremental Kyndryl content. Hybrid Infrastructure revenue grew 41 percent and Infrastructure Support revenue grew five percent, including about 11 and seven points of Kyndryl benefit respectively.

Looking at Hybrid Infrastructure, zSystems revenue nearly doubled, driven by continued adoption of our newest program, z16. This latest program combines embedded AI at scale, cloud-native development for hybrid cloud, and cyber-resilient security. In fact, z16 is the industry’s first quantum-safe system, delivering 25 billion encrypted transactions per day for clients. And, as Arvind mentioned, we just introduced our newest LinuxONE server, a highly scalable Linux and Kubernetes-based platform with capabilities to reduce clients’ energy consumption. zSystems remains an enduring platform, playing an important role in a hybrid cloud environment. Distributed Infrastructure revenue was up 21 percent. Recent innovation across the portfolio enabled broad-based growth within both Storage and Power. These include the expansion of our Power10 server family earlier this quarter and refreshes to the flash storage solutions throughout this year.

Looking at Infrastructure profit, pre-tax margin was up one point year to year, reflecting mix benefits from the growth in zSystems.

Summary

Now let me take it back up to the IBM level, and I’ll shift the focus to the full year and the fourth quarter. Over the last year, we’ve continued to invest and make portfolio changes to advance our hybrid cloud and AI strategy, streamline our go-to-market, and digitally transform our own operations.

Our more focused strategy and portfolio is aligned to client needs – our revenue performance so far this year demonstrates that. And based on this revenue performance in the first three quarters, as Arvind said, we now see constant currency revenue growth above our mid-single digit model for the year. On top of that, Kyndryl sales add about three-and-a-half points of growth, primarily in the first three quarters of the year – so it’s essentially behind us. The US dollar continues to strengthen, and at mid-October spot rates currency translation will now be about a seven-point headwind to growth for the year. As I mentioned earlier, this impacts profit and free cash flow as well.

Looking at free cash flow, our other key metric, we continue to expect to generate about $10 billion for the year. That’s up over $3 billion from last year. A large part of that growth comes from the wrap on the Kyndryl spin-related and structural payments, but we’re also driving working capital efficiency and an improving operating profit profile. We expect strong free cash flow performance in the fourth quarter, while we continue to face some external headwinds – including appreciation of the U.S. dollar and exit of our Russia operations.

In terms of segment performance for 2022 – our view of Software has been consistent all year. We continue to expect revenue growth in line with our mid-single digit model range, plus five to six points from sales to

Kyndryl. And we still see Software pre-tax margin in the mid-20’s range for 2022. Our IBM Consulting revenue growth has been great, and we’re taking our view up to a mid-teens revenue growth rate for the year. While we’re still operating in a competitive labor environment, we see some encouraging signs in our Consulting margin profile exiting the third quarter. We now expect a Consulting pre-tax margin for the year at the low end of our previous nine to ten percent range, which is up about a point year to year. Our Infrastructure revenue performance, as always, reflects product cycle dynamics. With a strong launch of our z16 earlier this year, Infrastructure revenue performance will be above the model level for the year – and that’s before the five to six points from sales to Kyndryl. We expect Infrastructure pre-tax margin in the mid-teens.

Looking specifically at the fourth quarter, we expect all-in constant currency revenue growth at the high end of the mid-single digit range. At current spot rates, currency translation has increased to an eight to nine point headwind to revenue growth in the fourth quarter – that’s up two to three points from 90 days ago. And then I’ll remind you, in a couple of weeks, we’ll reach the anniversary of our separation of Kyndryl. While the external sales to Kyndryl will remain in our revenue and profit base, we’ve essentially wrapped around the year-to-year contribution to our revenue and profit growth and margin expansion.

As we enter the fourth quarter, we look forward to closing out our first calendar year of “today’s IBM”. As always, we’ll provide a view of 2023 during our fourth quarter earnings report in January.

Patricia, now let’s go on to the Q&A.

Closing

Thank you, Jim. Before we begin the Q&A, I’d like to mention a couple of items. First, supplemental information is provided at the end of the presentation. And then second, as always, I’d ask you to refrain from multi-part questions.

Operator, let’s please open it up for questions.

EX-99.2

Exhibit 99.2

IBM 3Q 2022 Earnings October 19, 2022 ibm.com/investor

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 website, 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 except as required by law; these charts and the associated remarks and comments are integrally related and are intended to be presented and understood together. Unless otherwise specified, results are presented on a continuing operations basis. All references to revenue impacts from sales to Kyndryl are incremental sales post - separation. 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 presentation materials, certain non - GAAP information including operating earnings and other “operating” financial measures, consolidated free cash flow, net cash from operating activities excluding IBM Financing receivables, and adjustments for currency. The rationale for management’s use of this non - GAAP information is included as Exhibit 99.2 to the company’s Form 8 - K submitted to the SEC on October 19, 2022. The reconciliation of non - GAAP information to GAAP is included in the press release within Exhibit 99.1 to the company’s Form 8 - K submitted to the SEC on October 19, 2022, as well as on the slides entitled “Non - GAAP supplemental materials” in this presentation. To provide better transparency, the company also discusses management performance metrics including hybrid cloud revenue, annual recurring revenue, signings, and book - to - bill. The metrics are used to monitor the performance of the business and are viewed as useful decision - making information for management and stakeholders. The rationale for management’s use of these performance metrics and their calculation are included in the Management Discussion section of the company’s 2021 Annual Report, which is Exhibit 13 to the Form 10 - K submitted with the SEC on February 22, 2022. For other related information please visit the Company’s investor relations website at: https://www.ibm.com/investor/events/earnings - 3q22 2

3 Arvind Krishna Chairman and Chief Executive Officer James Kavanaugh SVP, Finance & Operations, Chief Financial Officer

“IBM delivered strong revenue growth in the quarter, reflecting our continued focus on the execution of our strategy. Globally, clients view technology as an opportunity to enhance their business, which is evident in the results across our portfolio. With our year - to - date performance, we now expect full - year revenue growth above our mid - single digit model.” Arvind Krishna IBM Chairman and CEO 4 3Q22 Performance Clients, ecosystem and innovation Hybrid cloud and AI progress CEO perspective

5 Hybrid cloud and AI progress Our platform approach Accelerating client adoption Expanding partner ecosystem Delivering innovation Red Hat Hybrid Cloud Platform Development, Security and Operational Services Public Clouds AWS Azure Others Enterprise Infrastructure Edge IBM Infrastructure zSystems Distributed Infrastructure (IBM Cloud, Power, Storage) Infrastructure Support Business Transformation Technology Consulting Application Operations IBM Consulting System Integrator Partners Software and SaaS Partners IBM Software Automation Data & AI Security Transaction Processing IBM Cloud Paks OpenShift Red Hat Enterprise Linux Ansible Automation Platform

$14.1B Revenue $4 ..1 B Free Cash Flow (YTD) 3Q22 Financial highlights Revenue growth rates @CC 6 15% R evenue growth incl. ~5 pts from sales to Kyndryl >70% R evenue mix in software and consulting $22.2B Hybrid cloud revenue (TTM), +20% yr/yr 180bps Pre - tax margin expansion (Operating) $9.7B C ash on hand, incl. marketable securities “Both our revenue growth and operating profit profile for the first three quarters of the year align to the investment thesis we outlined last fall. Our portfolio mix, business fundamentals, strong recurring revenue stream and solid cash generation allow us to invest for continued growth and return value to shareholders through dividends.” James Kavanaugh IBM SVP & CFO

Strong and growing software recurring revenue base Annual recurring revenue* of $13B, +9% yr / yr Pre - tax margin reflects solid revenue performance 7 $5.8B Revenue Revenue categories Transaction Processing +33% yr/ yr ~26 pts sales to Kyndryl +14% Revenue growth (includes ~8 pts from sales to Kyndryl) Hybrid Platform & Solutions +8% yr/ yr ~1.5 pts sales to Kyndryl Red Hat 18% Automation 3% Data & AI 4% Security 6% Software 3Q22 results; revenue growth rates @ CC *Annual recurring revenue for Hybrid Platform & Solutions, growth rate @CC

8 $4.7B Revenue Revenue categories Application Operations +17% yr/yr +16% Revenue growth Pervasive growth driven by demand for digital transformations Strength in Red Hat and strategic partner practices Book - to - bill ratio of 1.05 for the last year Profit reflects continued labor cost inflation; sequential margin improvement Technology Consulting +17% yr/yr Business Transformation +14% yr/yr Consulting 3Q22 results; revenue growth rates @CC

9 $3.4B Revenue Revenue categories Infrastructure Support +5% yr/ yr ~7 pts sales to Kyndryl +23% Revenue growth (includes ~9 pts from sales to Kyndryl) Hybrid Infrastructure +41% yr/ yr ~11 pts sales to Kyndryl zSystems +98% Distributed Infrastructure +21% zSystems performance fueled by new workloads and demand for zSystems in a hybrid cloud environment Distributed Infrastructure growth driven by Power and storage innovation Pre - tax margin reflects zSystems mix benefit Infrastructure 3Q22 results; revenue growth rates @CC

10 Summary 3Q 2022 Progress Executing a focused hybrid cloud and AI strategy Broad - based revenue growth Port folio mix contributes to profit and margin Generated >$4B of free c ash flow year to date FY 2022 Expectations Revenue growth @CC above mid - single digit model , plus ~3.5 pts from sales to Kyndryl Free cash flow of ~$10 billion

ibm.com/investor

12 Supplemental material ● Revenue and P&L highlights ● Cash flow and balance sheet highlights ● Currency impact on revenue growth ● Software & Infrastructure segment details ● Consulting segment details ● Expense summary ● Balance sheet summary Unless otherwise specified, results are presented on a continuing operations basis. Some columns and rows in these materials, including the supplemental exhibits, may not add due to rounding ● Cash flow summary ● Cash flow (ASC 230) ● Software segment revenue categories ● Consulting segment revenue categories ● Infrastructure segment revenue categories ● Non - GAAP supplemental materials

13 Revenue and P&L highlights Revenue growth rates @CC, $ in billions Operating P&L highlights $ 3Q22 B/(W) Yr/Yr Gross profit $7.6 4% Expense $5.6 1% Pre-tax income $2.0 23% Net income $1.7 (1%) Earnings per share $1.81 (2%) Operating P&L highlights % 3Q22 B/(W) Yr/Yr Gross profit margin 53.8% (1.2 pts) Expense E/R 39.9% 3.0 pts Pre-tax income margin 13.9% 1.8 pts Net income margin 11.7% (0.9 pts) Tax rate 15.9% (20.1 pts) ~ ~ ~ ~ ~ Revenue highlights 3Q22 B/(W) sales to KD Yr/Yr benefit Revenue $14.1 15% 5 pts Hybrid cloud $5.2 19% 2 pts Hybrid cloud (TTM) $22.2 20% Geography revenue 3Q22 B/(W) sales to KD Yr/Yr benefit Americas $7.4 13% 4 pts Europe/ME/Africa $4.0 16% 6 pts Asia Pacific $2.7 16% 5 pts

14 Cash flow and balance sheet highlights $ in billions *Non - GAAP financial measure; excludes Financing receivables **Non - GAAP financial measure; adjusts for Financing receivables and net capital expenditures Balance sheet Sep 22 Dec 21 Sep 21 Cash & marketable securities $9.7 $7.6 $8.4 Total debt $50.9 $51.7 $54.5 Selected debt measures Sep 22 Dec 21 Sep 21 IBM Financing debt $11.2 $13.9 $15.9 Core (non-IBM Financing) debt $39.7 $37.8 $38.6 Cash flow 3Q22 Yr/Yr YTD Consolidated net cash from operations* $1.2 ($0.0) $5.4 Consolidated free cash flow** $0.8 $0.1 $4.1 Selected uses of cash 3Q22 YTD Net capital expenditures $0.4 $1.3 Acquisitions $0.1 $1.0 Dividends $1.5 $4.5

15 Currency impact on growth Quarterly averages per US $ 3Q22 Yr/Yr Spot 4Q22 FY22 1Q23 2Q23 3Q23 FY23 10/18/22 Euro 0.99 (17%) 1.02 (16%) (14%) (14%) (8%) (2%) (6%) Pound 0.85 (17%) 0.88 (19%) (13%) (19%) (11%) (4%) (8%) Yen 138 (26%) 149 (31%) (21%) (28%) (15%) (8%) (12%) Revenue impact, future @ 10/18/22 Spot (8.2 pts) (8-9 pts) ~(7 pts) ~(8 pts) ~(5 pts) (2-3 pts) ~(4 pts) Prior view @ 7/15/22 Spot ~(8 pts) ~(6 pts) ~(6 pts) US $B Yr/Yr Revenue as reported $14.1 6.5% Currency impact ($1.1) (8.2 pts) Revenue @CC 14.6%

16 Software & Infrastructure segment details Includes sales to Kyndryl Software segment 3Q22 B/(W) Yr/Yr Revenue $5.8 14% Hybrid Platform & Solutions $4.2 8% Red Hat 18% Automation 3% Data & AI 4% Security 6% Transaction Processing $1.6 33% Pre-tax income $1.3 32% Pre-tax income margin 22.5% 4.2 pts Hybrid cloud revenue (TTM) $9.2 20% Annual recurring revenue* $13.0 9% Infrastructure segment 3Q22 B/(W) Yr/Yr Revenue $3.4 23% Hybrid Infrastructure $1.9 41% zSystems 98% Distributed Infrastructure 21% Infrastructure Support $1.4 5% Pre-tax income $0.3 34% Pre-tax income margin 8.3% 1.2 pts Hybrid cloud revenue (TTM) $3.9 6% 3Q22 results; revenue growth rates @ CC *Annual recurring revenue for Hybrid Platform & Solutions, growth rate @CC

17 Consulting segment details Revenue and signings growth rates @CC, $ in billions Consulting segment 3Q22 B/(W) Yr/Yr Revenue $4.7 16% Business Transformation $2.2 14% Technology Consulting $0.9 17% Application Operations $1.6 17% Gross profit margin 26.0% (3.5 pts) Pre-tax income $0.5 (1%) Pre-tax income margin 9.8% (0.6 pts) Hybrid cloud revenue (TTM) $8.9 28% Signings $4.5 (2%) Book-to-bill ratio (TTM) 1.05

18 Expense summary $ in billions *includes acquisitions in the last twelve months net of non - operating acquisition - related charges and includes impact of closed divested businesses **represents the percentage change after excluding the impact of currency, acquisitions and divestitures Expense 3Q22 B/(W) Acq/ Yr/Yr Currency Divest* Base** SG&A – operating $4.1 (3%) 5 pts 0 pts (8 pts) RD&E $1.6 Flat 3 pts 5 pts (8 pts) IP and custom development income ($0.1) (21%) Other (income)/expense - operating ($0.3) NM Interest expense $0.3 (2%) Operating expense & other income $5.6 1% 7 pts 1 pts (7 pts)

19 Balance sheet summary $ in billions *includes eliminations of inter - company activity Consolidated Sep 22 Dec 21 Sep 21 Cash & marketable securities $9.7 $7.6 $8.4 Core (non-IBM Financing) assets* $102.9 $108.9 $117.8 IBM Financing assets $13.2 $15.5 $18.0 Total assets $125.8 $132.0 $144.2 Other liabilities $54.8 $61.3 $67.4 Core (non-IBM Financing) debt* $39.7 $37.8 $38.6 IBM Financing debt $11.2 $13.9 $15.9 Total debt $50.9 $51.7 $54.5 Total liabilities $105.7 $113.0 $121.9 Equity $20.1 $19.0 $22.4

20 Cash flow summary $ in billions Consolidated QTD B/(W) YTD B/(W) 3Q22 Yr/Yr 3Q22 Yr/Yr Net cash from operations $1.9 ($0.8) $6.5 ($3.8) Less: IBM Financing receivables $0.7 ($0.8) $1.1 ($4.2) Net cash from operations (excluding IBM Financing receivables) $1.2 ($0.0) $5.4 $0.4 Net capital expenditures ($0.4) $0.2 ($1.3) $0.5 Free cash flow (excluding IBM Financing receivables) $0.8 $0.1 $4.1 $0.9 Acquisitions ($0.1) $0.1 ($1.0) $2.0 Divestitures $0.0 ($0.0) $1.3 $1.2 Dividends ($1.5) ($0.0) ($4.5) ($0.1) Non-IBM Financing debt $2.9 $1.8 $4.7 $5.8 Other (includes IBM Financing net A/R & IBM Financing debt) ($0.2) ($0.2) ($2.4) ($1.9) Change in cash & marketable securities $1.9 $1.7 $2.2 $8.0

21 Cash flow (ASC230) Consolidated $ in billions QTD QTD YTD YTD 3Q22 3Q21 3Q22 3Q21 Net income/(loss) from operations ($3.2) $1.1 ($1.1) $3.4 Pension settlement charges $5.9 - $5.9 - Depreciation / amortization of intangibles $1.2 $1.7 $3.7 $5.0 Stock-based compensation $0.3 $0.3 $0.7 $0.7 Working capital / other ($2.9) ($1.8) ($3.8) ($4.1) IBM Financing A/R $0.7 $1.5 $1.1 $5.2 Net cash provided by operating activities $1.9 $2.7 $6.5 $10.3 Capital expenditures, net of payments & proceeds ($0.4) ($0.6) ($1.3) ($1.9) Divestitures, net of cash transferred $0.0 $0.1 $1.3 $0.0 Acquisitions, net of cash acquired ($0.1) ($0.2) ($1.0) ($3.0) Marketable securities / other investments, net ($1.2) $0.1 ($1.8) ($0.5) Net cash provided by/(used in) investing activities ($1.7) ($0.6) ($2.9) ($5.3) Debt, net of payments & proceeds $2.1 ($0.3) $2.6 ($6.1) Dividends ($1.5) ($1.5) ($4.5) ($4.4) Common stock repurchases - - - - Financing - other $0.1 $0.0 ($0.2) ($0.2) Net cash provided by/(used in) financing activities $0.7 ($1.7) ($2.1) ($10.7) Effect of exchange rate changes on cash ($0.2) ($0.1) ($0.5) ($0.2) Net change in cash, cash equivalents & restricted cash $0.7 $0.2 $1.0 ($5.9)

Red Hat Automation Data & AI Security Hybrid Platform & Solutions Software, infused with AI, to help clients operate, manage, and optimize their IT resources and business processes within hybrid, multi - cloud environments Red Hat: incl. RHEL, OpenShift, Ansible Automation: incl. business automation, AIOps and management, integration, and application servers Data & AI: incl. data fabric, customer care, data management, business analytics, dataops & governance, asset & supply chain management, information exchange and weather Security: incl. software and services for threat, data and identity Transaction Processing Software that supports clients’ mission - critical on - premise workloads in industries such as banking, airlines and retail incl. transaction processing software such as Customer Information Control System and storage software, and analytics and integration software running on IBM operating systems (e.g., DB2 and WebSphere running on z/OS) 22 Software segment categories Revenue categories Revenue categories – FY 2021 Hybrid Platform & Solutions Transaction Processing

23 Consulting segment categories Revenue categories Business Transformation Services that enable clients to apply technologies at scale to transform key workflows, processes and domains end - to - end incl. finance & supply chain, talent, strategy, business process design and operations, data and analytics, and system integration These services deploy AI in business processes to exploit the value of data incl. a full ecosystem of partners: SAP, Adobe, Salesforce and Oracle, among others Technology Consulting The skills to architect and implement cloud platforms and strategies to transform enterprise experience and enable innovation, including application modernization on the hybrid cloud with Red Hat OpenShift Application Operations Application and cloud platform services required to operationalize and run cloud platforms Manage, optimize, and orchestrate application and data workloads across environments through both custom applications and ISV/ERP packages Business Transformation Technology Consulting Application Operations Revenue categories – FY 2021

24 Infrastructure segment categories Revenue categories Revenue categories – FY 2021 Hybrid Infrastructure Innovative infrastructure platforms to help meet the new requirements of hybrid multi - cloud and enterprise AI workloads leveraging flexible and as - a - service consumption models zSystems : incl. hardware and operating system Distributed Infrastructure : incl. Power hardware and operating system, storage hardware, IBM Cloud IaaS, OEM asset recovery service Infrastructure Support Comprehensive, proactive and AI enabled services to maintain and improve the availability and value of clients’ IT infrastructure (hardware and software) both on - premises and in the cloud incl. maintenance for IBM products and other technology platforms zSystems Distributed Infrastructure Hybrid Infrastructure Infrastructure Support

25 Non - GAAP supplemental materials The above reconciles the non - GAAP financial information contained in the “Financial highlights”, “Revenue and P&L highlights”, a nd “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8 - K dated October 19, 2022, for additional information on the use of these Non - GAAP financial measures. Reconciliation of revenue performance - 3Q 2022 GAAP @CC Total revenue 6% 15% Total hybrid cloud 11% 19% Total hybrid cloud (TTM) 15% 20% Americas 13% 13% Europe/ME/Africa 1% 16% Asia Pacific Flat 16% 3Q22 Yr/Yr

26 Non - GAAP supplemental materials The above reconciles the non - GAAP financial information contained in the “Software”, “Consulting”, “Infrastructure”, “Software & Infrastructure segment details”, “Consulting segment details”, and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8 - K dated October 19, 2022, for additional information on the use of these Non - GAAP financial measures. Reconciliation of segment revenue performance - 3Q 2022 GAAP @CC Software 7% 14% Hybrid Platform & Solutions 2% 8% Red Hat 12% 18% Automation (2%) 3% Data & AI (1%) 4% Security (1%) 6% Transaction Processing 23% 33% Hybrid cloud revenue (TTM) 16% 20% 3Q22 Yr/Yr GAAP @CC Consulting 5% 16% Business Transformation 5% 14% Technology Consulting 6% 17% Application Operations 6% 17% Hybrid cloud revenue (TTM) 21% 28% Infrastructure 15% 23% Hybrid Infrastructure 33% 41% zSystems 88% 98% Distributed Infrastructure 13% 21% Infrastructure Support (3%) 5% Hybrid cloud revenue (TTM) 3% 6% 3Q22 Yr/Yr

27 Non - GAAP supplemental materials The above reconciles the non - GAAP financial information contained in the “Expense summary” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8 - K dated October 19, 2022, for additional information on the use of these Non - G AAP financial measures. * Represents the percentage change after excluding the impact of currency, acquisitions and divestitures. Reconciliation of expense summary - 3Q 2022 GAAP Non-GAAP Operating Adjustments (Non-GAAP) SG&A Currency 5 pts 0 pts 5 pts Acquisitions/divestitures 0 pts 0 pts 0 pts Base* (7 pts) (1 pts) (8 pts) RD&E Currency 3 pts 0 pts 3 pts Acquisitions/divestitures 5 pts 0 pts 5 pts Base* (8 pts) 0 pts (8 pts) Operating expense & other income Currency 6 pts 0 pts 7 pts Acquisitions/divestitures 3 pts (2 pts) 1 pts Base* (99 pts) 92 pts (7 pts) 3Q22

GAAP Acquisition- related adjustments Retirement- related adjustments* Tax reform impacts Kyndryl- related impact Operating (non-GAAP) Gross profit $7,430 $165 — — — $7,595 Gross profit margin 52.7% 1.2 pts — — — 53.8% SG&A 4,391 (253) — — (0) 4,138 Other (income) & expense 5,755 (1) (6,062) — 14 (293) Total expense 11,931 (253) (6,062) — 14 5,630 Pre-tax income (4,501) 418 6,062 — (14) 1,965 Pre-tax income margin (31.9%) 3.0 pts 43.0 pts — (0.1 pts) 13.9% Tax rate 28.6% (0.8 pts) (12.1 pts) 0.0 pts 0.2 pts 15.9% Net income (3,214) 315 4,566 — (14) 1,653 Net income margin (22.8%) 2.2 pts 32.4 pts 0.0 pts (0.1 pts) 11.7% Earnings per share** ($3.55) $0.35 $5.05 $0.00 -$0.02 $1.81 3Q22 28 Non - GAAP supplemental materials $ in millions (except EPS which is in whole dollars) *Includes a one - time non - cash pre - tax pension settlement charge of $5.9 billion ($4.4 billion net of tax) **Operating (non - GAAP) EPS was calculated using 912.8 million shares, which includes 8.8 million dilutive potential shares under our stock - based compensation plans and contingently issuable shares. Due to the GAAP net loss for the three months ended September 30, 2022, these dilutive pot ent ial shares were excluded from the GAAP loss per share calculation as the effect would have been antidilutive. The difference in share count resulted in an addition al ($0.02) reconciling item. The above reconciles the non - GAAP financial information contained in the “ Financial hi ghlights ”, “Revenue and P&L highlights”, “Expense summary” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8 - K dated October 19, 2022, for additional information on the use of these Non - GAAP financial measures .. Reconciliation of continuing operations - 3Q 2022

ibm.com /investor

XML

Document and Entity Information	Oct. 19, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 19, 2022
Entity File Number	1-2360
Entity Registrant Name	INTERNATIONAL BUSINESS MACHINES CORPORATION
Entity Incorporation, State or Country Code	NY
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
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New York Stock Exchange | Common Stock
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Trading Symbol	IBM
Security Exchange Name	NYSE
New York Stock Exchange | 1.250% Notes due 2023
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Title of 12(b) Security	1.250% Notes due 2023
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Chicago Stock Exchange | Common Stock
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Title of 12(b) Security	Capital stock, par value $.20 per share
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