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International Business Machines Corp (IBM) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

International Business Machines Corp

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CIK: 1130144 Ticker: IBM

Exhibit 99.1

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IBM REPORTS 2020 THIRD-QUARTER RESULTS

Strong Cloud Revenue Growth; Gross Margin Expansion; Solid Balance Sheet and Liquidity Position

ARMONK, N.Y., October 19, 2020 . . . IBM (NYSE: IBM) today announced third-quarter 2020 earnings results.

“The strong performance of our cloud business, led by Red Hat, underscores the growing client adoption of our open hybrid cloud platform," said Arvind Krishna, IBM chief executive officer. "Separating the managed infrastructure services business creates a market-leading standalone company and further sharpens our focus on IBM's open hybrid cloud platform and AI capabilities. This will accelerate our growth strategy and better position IBM to seize the $1 trillion hybrid cloud opportunity.”

Highlights for the third quarter include:

●GAAP EPS from continuing operations of $1.89
●Operating (non-GAAP) EPS of $2.58
●Revenue of $17.6 billion, down 2.6 percent (down 3.1 percent adjusting for divested businesses and currency)

-- Cloud & Cognitive Software revenue up 7 percent (up 6 percent adjusting for currency)

●Total cloud revenue of $6.0 billion, up 19 percent

-- Total cloud revenue of $24.4 billion over the last 12 months, up 22 percent (up 25 percent adjusting for divested businesses and currency)

●Red Hat revenue up 17 percent (up 16 percent adjusting for currency), normalized for historical comparability
●GAAP gross profit margin of 48 percent, up 180 basis points; Operating (non-GAAP) gross profit margin of 49 percent, up 160 basis points
●Net cash from operating activities of $15.8 billion and free cash flow of $10.8 billion, over the last 12 months

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THIRD QUARTER 2020

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Pre-tax

    

Gross

 

​

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Diluted

​

Net

​

Pre-tax

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Income

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Profit

 

​

​

EPS

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Income

​

Income

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Margin

​

Margin

 

GAAP from Continuing Operations

​

$

1.89

​

$

1.7B

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$

1.8B

 

10.4

%  

48.0

%

Year/Year

​

 

1

%  

 

2

%  

 

20

%  

2.0

Pts

1.8

Pts

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​

​

​

​

​

​

​

​

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​

​

​

​

​

Operating (Non-GAAP)

​

$

2.58

​

$

2.3B

​

$

2.6B

 

14.7

%  

49.0

%

Year/Year

​

 

(4)

%  

 

(3)

%  

 

8

%  

1.4

Pts

1.6

Pts

​

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“In the third quarter we continued to deliver strong gross profit margin expansion, generated solid free cash flow and maintained a sound capital structure with ample liquidity," said James Kavanaugh, IBM senior vice president and chief financial officer. "We have the necessary financial flexibility to increase our investments in hybrid cloud and AI technology innovation and skills, while remaining committed to our long-standing dividend policy.”

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The following information was filed by International Business Machines Corp (IBM) on Monday, October 19, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how International Business Machines Corp's management team is paid from their Annual Proxy

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International Business Machines Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
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Inside International Business Machines Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Income Statement
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Equity
Consolidated Statement Of Equity (Parenthetical)
Accounting Changes
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Accounting Changes - Leases (Details)
Accounting Policies (Policies)
Acquisitions/Divestitures
Acquisitions/Divestitures (Details)
Acquisitions/Divestitures (Tables)
Acquisitions/Divestitures - Divestitures (Details)
Acquisitions/Divestitures - Goodwill (Details)
Acquisitions/Divestitures - Pro Forma Information (Details)
Acquisitions/Divestitures - Purchase Price Allocation (Details)
Basis Of Presentation
Basis Of Presentation (Details)
Borrowings
Borrowings (Tables)
Borrowings - Interest On Debt (Details)
Borrowings - Lines Of Credit (Details)
Borrowings - Long-Term Debt, Components (Details)
Borrowings - Long-Term Debt, Covenants (Details)
Borrowings - Long-Term Debt, Debt Issued (Details)
Borrowings - Pre-Swap Obligations (Details)
Borrowings - Short-Term Debt (Details)
Commitments
Commitments (Tables)
Commitments - Extended Warranty Liability (Details)
Commitments - Extensions Of Credit (Details)
Commitments - Standard Warranty Liability (Details)
Contingencies
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Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivative Financial Instruments - Effect Of Hedge Activity On Income And Expense (Details)
Derivative Financial Instruments - Gains And Losses (Details)
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Equity Activity - Reclassifications And Taxes (Details)
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Financial Assets &Amp; Liabilities - Impairment (Details)
Financial Assets &Amp; Liabilities - Not Measured At Fair Value (Details)
Financing Receivables
Financing Receivables (Tables)
Financing Receivables - By Portfolio Segment (Details)
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Financing Receivables - Credit Quality Indicators (Details)
Financing Receivables - Credit Quality Year Of Origination (Details)
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Intangible Assets Including Goodwill
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Intangible Assets Including Goodwill - Future Amortization (Details)
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Leases
Leases (Tables)
Leases - Lease Amounts Included In Consolidated Income Statement (Details)
Retirement-Related Benefits
Retirement-Related Benefits (Tables)
Retirement-Related Benefits - All Retirement Plans Cost (Details)
Retirement-Related Benefits - Contributions (Details)
Retirement-Related Benefits - Cost Of Pension Plans (Details)
Retirement-Related Benefits - Nonpension Postretirement Cost (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue By Geography (Details)
Revenue Recognition - Disaggregation Of Revenue By Major Products/Service Offerings (Details)
Revenue Recognition - Performance Obligations Satisfied Or Partially Satisfied In Prior Periods (Details)
Revenue Recognition - Reconciliation Of Contract Balances (Details)
Revenue Recognition - Remaining Performance Obligations (Details)
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Revenue Recognition - Trade Allowance For Credit Losses (Details)
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Subsequent Events
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Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0001558370-20-011799
Submitted to the SEC: Tue Oct 27 2020 4:20:30 PM EST
Accepted by the SEC: Tue Oct 27 2020
Period: Wednesday, September 30, 2020
Industry: Computer And Office Equipment

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