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Exhibit 99.1
IBM RELEASES FOURTH QUARTER RESULTS
Software and Consulting Growth Driven by Hybrid Cloud Adoption; Strong Profit Performance
ARMONK, N.Y., January 24, 2022 . . . IBM (NYSE: IBM) today announced fourth-quarter 2021 earnings results.
“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 |
─ | 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) |
─ | Software revenue up 8 percent, up 10 percent at constant currency (including about 5 points from incremental external sales to Kyndryl) |
─ | Consulting revenue up 13 percent, up 16 percent at constant currency |
─ | Infrastructure revenue flat, up 2 percent at constant currency (including about 5 points from incremental external sales to Kyndryl) |
─ | 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 |
─ | 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 | ||||||||||||||||
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| Pre-tax |
| | |
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| | | | | | 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 | | $ | | | $ | 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.”
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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