International Business Machines Corp (IBM) 10K Annual Reports & 10Q SEC Filings

“We increased revenue in the fourth quarter with hybrid cloud adoption driving growth in software and consulting," said Arvind Krishna, IBM chairman and chief executive officer. "Our fourth-quarter results give us confidence in our ability to deliver our objectives of sustained mid-single digit revenue growth and strong free cash flow in 2022.”

On November 3, 2021, IBM completed the separation of Kyndryl. Unless otherwise specified, fourth-quarter and full-year results are presented on a continuing operations basis.

Fourth-Quarter Highlights

●

Revenue

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Revenue of $16.7 billion, up 6.5 percent, up 8.6 percent at constant currency (including about 3.5 points from incremental external sales to Kyndryl)

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Software revenue up 8 percent, up 10 percent at constant currency (including about 5 points from incremental external sales to Kyndryl)

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Consulting revenue up 13 percent, up 16 percent at constant currency

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Infrastructure revenue flat, up 2 percent at constant currency (including about 5 points from incremental external sales to Kyndryl)

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Hybrid cloud revenue:

-- Fourth Quarter: $6.2 billion, up 16 percent, up 18 percent at constant currency

-- Full Year: $20.2 billion, up 20 percent, up 19 percent at constant currency

●	Pre-tax Income:

─

GAAP: $2.9 billion, up 183 percent, including 167 points from the impact of fourth-quarter 2020 charge for structural actions

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Operating (Non-GAAP): $3.5 billion, up 102 percent, including 92 points from the impact of fourth-quarter 2020 charge for structural actions


	FOURTH QUARTER 2021 INCOME STATEMENT SUMMARY
										Pre-tax
					Gross			Pre-tax		Income			Net			Diluted
		Revenue			Profit			Income**		Margin**			Income**			EPS**
GAAP from Continuing Operations	$	16.7B		$	9.5B		$	2.9B		17.2	%	$	2.5B		$	2.72
Year/Year		6.5	%*		2.8	%		183	%	10.7	Pts		107	%		106	%
Operating (Non-GAAP)	$			$	9.7B		$	3.5B		21.2	%	$	3.0B		$	3.35
Year/Year					2.8	%		102	%	10.0	Pts		80	%		78	%

* 8.6% at constant currency

** Year-to-year results include impact of $1.5 billion pre-tax charge for structural actions in fourth quarter of 2020

“In 2021, we continued to invest for the future by increasing R&D spending, expanding our ecosystem and acquiring 15 companies to strengthen our hybrid cloud and AI capabilities," said James Kavanaugh, IBM senior vice president and chief financial officer. "With the separation of Kyndryl we now have taken the next step in the evolution of our strategy, creating value through focus and strengthening our financial profile.”

The following information was filed by International Business Machines Corp (IBM) on Monday, January 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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International Business Machines Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

International Business Machines Corp provided additional information to their SEC Filing as exhibits

Exhibit 3.1: Articles Of Incorporation

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 13: Report To Security Holders

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 24.1: Power Of Attorney

Exhibit 24.2: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: IBM
CIK: 51143
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-001584
Submitted to the SEC: Tue Feb 22 2022 4:07:29 PM EST
Accepted by the SEC: Tue Feb 22 2022
Period: Friday, December 31, 2021
Industry: Computer And Office Equipment

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International Business Machines Corp (IBM) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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