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IBM RELEASES SECOND-QUARTER RESULTS

Published

2 years ago

on

Accelerated revenue growth led by Software; Raises full-year free cash flow expectation

ARMONK, N.Y., July 24, 2024 /PRNewswire/ — IBM (NYSE: IBM) today announced second-quarter 2024 earnings results.

“We had a strong second quarter, exceeding our expectations, driven by growth in both revenue and free cash flow. We continue to see that clients turn to IBM for our technology and our expertise in enterprise AI, and our book of business for generative AI has grown to more than two billion dollars since the launch of watsonx one year ago,” said Arvind Krishna, IBM chairman and chief executive officer. “Given our first-half results, we are raising our full-year view of free cash flow, which we now expect to be more than $12 billion.” 

Second-Quarter Highlights

Revenue
– Revenue of $15.8 billion, up 2 percent, up 4 percent at constant currency
– Software revenue up 7 percent, up 8 percent at constant currency
– Consulting revenue down 1 percent, up 2 percent at constant currency
– Infrastructure revenue up 1 percent, up 3 percent at constant currency
Profit Margin
– Gross Profit Margin: GAAP: 56.8 percent, up 180 basis points; Operating (Non-GAAP): 57.8 percent, up 190 basis points
– Pre-Tax Income Margin: GAAP: 14.1 percent, up 110 basis points; Operating (Non-GAAP): 17.7 percent, up 220 basis points
Cash Flow
– Year to date, net cash from operating activities of $6.2 billion, down $0.2 billion; free cash flow of $4.5 billion, up $1.1 billion
– Over the last twelve months, net cash from operating activities of $13.8 billion; free cash flow of $12.3 billion

SECOND QUARTER 2024 INCOME STATEMENT SUMMARY

 

Revenue

 

Gross

Profit

 
 

Gross
Profit
Margin

 
 

Pre-tax

Income

 

Pre-tax

Income

Margin

 

Net

Income

 

Diluted

Earnings

Per Share

GAAP from
Continuing
Operations

$   15.8 B

 
 

$   8.9 B

 
 

56.8

%

 

$  2.2 B

 
 

14.1

%

 

$     1.8 B

 
 

$     1.96

 

Year/Year

2

%(1)

 

5

%

 

1.8

Pts

 

11

%

 

1.1

Pts

 

16

%

 

14

%

Operating

(Non-GAAP)

 
 
 

$   9.1 B

 
 

57.8

%

 

$  2.8 B

 
 

17.7

%

 

$     2.3 B

 
 

$     2.43

 

Year/Year

 
 
 

5

%

 

1.9

Pts

 

17

%

 

2.2

Pts

 

14

%

 

11

%

(1)  4% at constant currency.

“In the quarter, we accelerated our revenue growth as we continue to execute well on our strategy. Our business fundamentals, operating leverage, product mix and productivity initiatives all contributed to significant margin expansion and increased profit and free cash flow,” said James Kavanaugh, IBM senior vice president and chief financial officer. “Our strong cash generation enables us to continue investing in innovation and expertise across the portfolio, while returning value to shareholders through dividends.”

Segment Results for Second Quarter

Software — revenues of $6.7 billion, up 7.1 percent, up 8.4 percent at constant currency:
– Hybrid Platform & Solutions up 5 percent, up 6 percent at constant currency:
      — Red Hat up 7 percent, up 8 percent at constant currency
      — Automation up 15 percent, up 16 percent at constant currency
      — Data & AI down 3 percent, down 2 percent at constant currency
      — Security up 2 percent, up 3 percent at constant currency
– Transaction Processing up 11 percent, up 13 percent at constant currency

Consulting — revenues of $5.2 billion, down 0.9 percent, up 1.8 percent at constant currency:
– Business Transformation up 3 percent, up 6 percent at constant currency
– Technology Consulting down 3 percent, up 1 percent at constant currency
– Application Operations down 4 percent, down 2 percent at constant currency

Infrastructure — revenues of $3.6 billion, up 0.7 percent, up 2.7 percent at constant currency:
– Hybrid Infrastructure up 4 percent, up 6 percent at constant currency
      — IBM Z up 6 percent, up 8 percent at constant currency
      — Distributed Infrastructure up 3 percent, up 5 percent at constant currency
– Infrastructure Support down 5 percent, down 3 percent at constant currency

Financing — revenues of $0.2 billion, down 8.3 percent, down 6.6 percent at constant currency

Cash Flow and Balance Sheet

In the second quarter, the company generated net cash from operating activities of $2.1 billion, down $0.6 billion year to year. IBM’s free cash flow was $2.6 billion, up $0.5 billion year to year. The company returned $1.5 billion to shareholders in dividends in the second quarter.

For the first six months of the year, the company generated net cash from operating activities of $6.2 billion, down $0.2 billion year to year. IBM’s free cash flow was $4.5 billion, up $1.1 billion year to year. Over the last twelve months, the company generated net cash from operating activities of $13.8 billion and free cash flow of $12.3 billion.

IBM ended the second quarter with $16.0 billion of cash, restricted cash and marketable securities, up $2.5 billion from year-end 2023. Debt, including IBM Financing debt of $11.1 billion, totaled $56.5 billion, flat year to date.

Full-Year 2024 Expectations

Revenue: The company continues to expect constant currency revenue growth consistent with its mid-single digit model. At current foreign exchange rates, currency is expected to be about a one to two-point headwind to revenue growth
Free cash flow: The company now expects more than $12 billion in free cash flow

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, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company’s innovation initiatives; damage to the company’s reputation; 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; the company’s ability to successfully manage acquisitions, alliances and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company’s failure to meet growth and productivity objectives; ineffective internal controls; the company’s use of accounting estimates; impairment of the company’s goodwill or amortizable intangible assets; the company’s ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product quality issues; impacts of business with government clients; reliance on third party distribution channels and ecosystems; cybersecurity and data privacy considerations; adverse effects related to climate change and environmental matters; tax matters; legal proceedings and investigatory risks; the company’s pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; potential failure of the separation of Kyndryl Holdings, Inc. to qualify for tax-free treatment; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company’s Form 10-Qs, Form 10-K and in the company’s other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.

Statements in this communication regarding the strategic acquisition that are forward-looking may include projections as to closing date for the transaction, the extent of, and the time necessary to obtain, the regulatory approvals required for the transaction, the anticipated benefits of the transaction, the impact of the transaction on IBM’s business, the synergies from the transaction, and the combined company’s future operating results.

Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, 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 —

adjusting for currency (i.e., at constant currency);
presenting operating (non-GAAP) earnings per share amounts and related income statement items;
free cash flow;
net cash from operating activities excluding IBM Financing receivables;
adjusted EBITDA.

The rationale for management’s use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.

For generative AI, book of business includes Software transactional revenue, SaaS Annual Contract Value and Consulting signings.

Conference Call and Webcast

IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-2q24. Presentation charts will be available 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).

Contact:      IBM
                     Sarah Meron, 347-891-1770
                     sarah.meron@ibm.com

                     Tim Davidson, 914-844-7847
                     tfdavids@us.ibm.com  

INTERNATIONAL BUSINESS MACHINES CORPORATION

COMPARATIVE FINANCIAL RESULTS

(Unaudited; Dollars in millions except per share amounts)

 
 

Three Months Ended
June 30,

 
 

Six Months Ended
June 30,

 
 

2024

 
 

2023 (1)

 
 

2024

 
 

2023 (1)

 

REVENUE BY SEGMENT

 
 
 
 
 
 
 
 
 
 
 

Software

$                   6,739

 
 

$                   6,294

 
 

$                12,637

 
 

$                11,885

 

Consulting

5,179

 
 

5,226

 
 

10,365

 
 

10,423

 

Infrastructure

3,645

 
 

3,618

 
 

6,721

 
 

6,716

 

Financing

169

 
 

185

 
 

362

 
 

380

 

Other

38

 
 

152

 
 

146

 
 

321

 

TOTAL REVENUE

15,770

 
 

15,475

 
 

30,231

 
 

29,727

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT

8,950

 
 

8,501

 
 

16,692

 
 

16,010

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT MARGIN

 
 
 
 
 
 
 
 
 
 
 

Software

83.6

%

 

82.1

%

 

83.0

%

 

82.3

%

Consulting

26.3

%

 

25.9

%

 

25.8

%

 

25.7

%

Infrastructure

56.5

%

 

56.0

%

 

55.4

%

 

54.1

%

Financing

48.9

%

 

49.2

%

 

48.7

%

 

46.5

%

 
 
 
 
 
 
 
 
 
 
 
 

TOTAL GROSS PROFIT MARGIN

56.8

%

 

54.9

%

 

55.2

%

 

53.9

%

 
 
 
 
 
 
 
 
 
 
 
 

EXPENSE AND OTHER INCOME

 
 
 
 
 
 
 
 
 
 
 

S,G&A

4,938

 
 

4,900

 
 

9,912

 
 

9,754

 

R,D&E

1,840

 
 

1,687

 
 

3,637

 
 

3,342

 

Intellectual property and custom development income

(241)

 
 

(248)

 
 

(458)

 
 

(428)

 

Other (income) and expense

(233)

 
 

(261)

 
 

(550)

 
 

(506)

 

Interest expense

427

 
 

423

 
 

859

 
 

790

 

TOTAL EXPENSE AND OTHER INCOME

6,730

 
 

6,501

 
 

13,399

 
 

12,952

 
 
 
 
 
 
 
 
 
 
 
 
 

INCOME FROM CONTINUING OPERATIONS

BEFORE INCOME TAXES

2,219

 
 

2,000

 
 

3,293

 
 

3,058

 

Pre-tax margin

14.1

%

 

12.9

%

 

10.9

%

 

10.3

%

Provision for/(Benefit from) income taxes

389

 
 

419

 
 

(112)

 
 

543

 

Effective tax rate

17.5

%

 

21.0

%

 

(3.4)

%

 

17.8

%

 
 
 
 
 
 
 
 
 
 
 
 

INCOME FROM CONTINUING OPERATIONS

$                   1,830

 
 

$                   1,581

 
 

$                   3,405

 
 

$                   2,515

 
 
 
 
 
 
 
 
 
 
 
 
 

DISCONTINUED OPERATIONS

 
 
 
 
 
 
 
 
 
 
 

Income/(loss) from discontinued operations, net of taxes

4

 
 

2

 
 

34

 
 

(4)

 
 
 
 
 
 
 
 
 
 
 
 
 

NET INCOME

$                   1,834

 
 

$                   1,583

 
 

$                   3,439

 
 

$                   2,511

 
 
 
 
 
 
 
 
 
 
 
 
 

EARNINGS/(LOSS) PER SHARE OF COMMON STOCK

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                      1.96

 
 

$                      1.72

 
 

$                      3.65

 
 

$                      2.74

 

Discontinued Operations

$                      0.00

 
 

$                      0.00

 
 

$                      0.04

 
 

$                      0.00

 

TOTAL

$                      1.96

 
 

$                      1.72

 
 

$                      3.68

 
 

$                      2.73

 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                      1.99

 
 

$                      1.74

 
 

$                      3.71

 
 

$                      2.77

 

Discontinued Operations

$                      0.00

 
 

$                      0.00

 
 

$                      0.04

 
 

$                      0.00

 

TOTAL

$                      1.99

 
 

$                      1.74

 
 

$                      3.74

 
 

$                      2.76

 
 
 
 
 
 
 
 
 
 
 
 
 

WEIGHTED-AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING (M’s)

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

934.4

 
 

919.5

 
 

933.9

 
 

918.6

 

Basic

920.3

 
 

909.9

 
 

918.7

 
 

908.7

 

____________________

 

(1)  Recast to reflect January 2024 segment changes.

 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

 

(Dollars in Millions)

 

At
June 30,
2024

 

At
December 31,
2023

ASSETS:

 
 
 
 

Current Assets:

 
 
 
 

Cash and cash equivalents

 

$                   12,210

 

$                   13,068

Restricted cash

 

2,268

 

21

Marketable securities

 

1,481

 

373

Notes and accounts receivable – trade, net

 

5,769

 

7,214

Short-term financing receivables, net

 

5,799

 

6,793

Other accounts receivable, net

 

757

 

640

Inventories

 

1,234

 

1,161

Deferred costs

 

997

 

998

Prepaid expenses and other current assets

 

2,784

 

2,639

Total Current Assets

 

33,299

 

32,908

 
 
 
 
 

Property, plant and equipment, net

 

5,600

 

5,501

Operating right-of-use assets, net

 

3,130

 

3,220

Long-term financing receivables, net

 

5,483

 

5,766

Prepaid pension assets

 

7,630

 

7,506

Deferred costs

 

820

 

842

Deferred taxes

 

6,378

 

6,656

Goodwill

 

59,416

 

60,178

Intangibles, net

 

10,251

 

11,036

Investments and sundry assets

 

1,840

 

1,626

Total Assets

 

$                  133,848

 

$                  135,241

 
 
 
 
 

LIABILITIES:

 
 
 
 

Current Liabilities:

 
 
 
 

Taxes

 

$                      1,691

 

$                      2,270

Short-term debt

 

3,602

 

6,426

Accounts payable

 

3,631

 

4,132

Deferred income

 

13,643

 

13,451

Operating lease liabilities

 

762

 

820

Other liabilities

 

6,319

 

7,022

Total Current Liabilities

 

29,648

 

34,122

 
 
 
 
 

Long-term debt

 

52,929

 

50,121

Retirement related obligations

 

10,200

 

10,808

Deferred income

 

3,489

 

3,533

Operating lease liabilities

 

2,546

 

2,568

Other liabilities

 

10,932

 

11,475

Total Liabilities

 

109,745

 

112,628

 
 
 
 
 

EQUITY:

 
 
 
 

IBM Stockholders’ Equity:

 
 
 
 

Common stock

 

60,501

 

59,643

Retained earnings

 

151,659

 

151,276

Treasury stock — at cost

 

(169,815)

 

(169,624)

Accumulated other comprehensive income/(loss)

 

(18,319)

 

(18,761)

Total IBM Stockholders’ Equity

 

24,026

 

22,533

 
 
 
 
 

Noncontrolling interests

 

77

 

80

Total Equity

 

24,103

 

22,613

 
 
 
 
 

Total Liabilities and Equity

 

$                 133,848

 

$                 135,241

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW ANALYSIS

(Unaudited)

 
 
 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

Trailing Twelve
Months Ended
June 30,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

 

2024

Net Cash from Operations per GAAP

 

$            2,066

 

$            2,638

 

$         6,234

 

$            6,412

 

$                      13,752

 
 
 
 
 
 
 
 
 
 
 

Less: change in IBM Financing receivables

 

(946)

 

50

 

951

 

2,028

 

156

Capital Expenditures, net

 

(399)

 

(487)

 

(761)

 

(944)

 

(1,305)

 
 
 
 
 
 
 
 
 
 
 

Free Cash Flow

 

2,612

 

2,101

 

4,522

 

3,441

 

12,292

 
 
 
 
 
 
 
 
 
 
 

Acquisitions

 

(153)

 

(334)

 

(235)

 

(356)

 

(4,961)

Divestitures

 

—

 

6

 

703

 

6

 

693

Dividends

 

(1,537)

 

(1,510)

 

(3,058)

 

(3,007)

 

(6,092)

Non-Financing Debt

 

(4,168)

 

(1,178)

 

1,076

 

8,514

 

(1,892)

Other (includes IBM Financing net receivables and debt)

 

(73)

 

(347)

 

(510)

 

(1,109)

 

(410)

 
 
 
 
 
 
 
 
 
 
 

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

 

$          (3,318)

 

$          (1,263)

 

$         2,497

 

$            7,489

 

$                            (370)

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW

(Unaudited)

 
 
 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

Net Income from Operations

 

$                     1,834

 

$                         1,583

 

$                     3,439

 

$                     2,511

Depreciation/Amortization of Intangibles (1)

 

1,155

 

1,076

 

2,287

 

2,150

Stock-based Compensation

 

316

 

288

 

636

 

556

Operating assets and liabilities/Other, net (2)

 

(293)

 

(359)

 

(1,079)

 

(832)

IBM Financing A/R

 

(946)

 

50

 

951

 

2,028

Net Cash Provided by Operating Activities

 

$                     2,066

 

$                         2,638

 

$                     6,234

 

$                     6,412

 
 
 
 
 
 
 
 
 

Capital Expenditures, net of payments & proceeds

 

(399)

 

(487)

 

(761)

 

(944)

Divestitures, net of cash transferred

 

–

 

6

 

703

 

6

Acquisitions, net of cash acquired

 

(153)

 

(334)

 

(235)

 

(356)

Marketable Securities / Other Investments, net

 

2,791

 

822

 

(1,679)

 

(6,659)

Net Cash Provided by/(Used in) Investing Activities

 

$                     2,239

 

$                                7

 

$                   (1,971)

 

$                   (7,953)

 
 
 
 
 
 
 
 
 

Debt, net of payments & proceeds

 

(2,900)

 

(1,135)

 

481

 

6,169

Dividends

 

(1,537)

 

(1,510)

 

(3,058)

 

(3,007)

Financing – Other

 

(78)

 

(86)

 

(61)

 

(185)

Net Cash Provided by/(Used in) Financing Activities

 

$                    (4,515)

 

$                       (2,731)

 

$                   (2,638)

 

$                     2,978

 
 
 
 
 
 
 
 
 

Effect of Exchange Rate changes on Cash

 

(76)

 

(25)

 

(236)

 

(1)

Net Change in Cash, Cash Equivalents and Restricted Cash

 

$                       (287)

 

$                          (110)

 

$                     1,389

 

$                     1,436

____________________

(1)  Includes operating lease right-of-use assets amortization. 

(2)  Includes the reduction of tax reserves. 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended

June 30,

 

Six Months Ended
June 30,

(Dollars in Billions)

 

2024

 

2023

 

Yr/Yr

 

2024

 

2023

 

Yr/Yr

Net Income as reported (GAAP)

 

$           1.8

 

$           1.6

 

$           0.3

 

$           3.4

 

$           2.5

 

$           0.9

Less: Income/(loss) from discontinued operations, net of tax

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

Income from continuing operations

 

1.8

 

1.6

 

0.2

 

3.4

 

2.5

 

0.9

Provision for/(Benefit from) income taxes from continuing ops.

 

0.4

 

0.4

 

0.0

 

(0.1)

 

0.5

 

(0.7)

Pre-tax income from continuing operations (GAAP)

 

2.2

 

2.0

 

0.2

 

3.3

 

3.1

 

0.2

Non-operating adjustments (before tax)

 
 
 
 
 
 
 
 
 
 
 
 

Acquisition-related charges (1)

 

0.5

 

0.4

 

0.1

 

1.0

 

0.8

 

0.2

Non-operating retirement-related costs/(income)

 

0.1

 

0.0

 

0.1

 

0.2

 

0.0

 

0.2

 
 
 
 
 
 
 
 
 
 
 
 
 

Operating (non-GAAP) pre-tax income from continuing ops.

 

2.8

 

2.4

 

0.4

 

4.4

 

3.8

 

0.6

 
 
 
 
 
 
 
 
 
 
 
 
 

Net interest expense

 

0.2

 

0.2

 

0.0

 

0.4

 

0.4

 

0.0

Depreciation/Amortization of non-acquired intangible assets

 

0.7

 

0.7

 

0.0

 

1.4

 

1.4

 

0.0

Stock-based compensation

 

0.3

 

0.3

 

0.0

 

0.6

 

0.6

 

0.1

Workforce rebalancing charges

 

0.0

 

0.1

 

(0.1)

 

0.4

 

0.4

 

0.0

Corporate (gains) and charges (2)

 

0.0

 

0.0

 

0.0

 

(0.2)

 

0.0

 

(0.2)

 
 
 
 
 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           4.0

 

$           3.7

 

$           0.4

 

$           7.1

 

$           6.5

 

$           0.5

____________________

(1)   Primarily consists of amortization of acquired intangible assets. 

(2)   Corporate (gains) and charges primarily consists of unique corporate actions such as gains on divestitures. 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

 
 
 

Three Months Ended June 30, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       6,739

 
 

$                        5,179

 
 

$                        3,645

 
 

$                            169

 

Segment Profit

 

$                       2,113

 
 

$                           463

 
 

$                           654

 
 

$                              77

 

Segment Profit Margin

 

31.3

%

 

8.9

%

 

17.9

%

 

45.3

%

Change YTY Revenue

 

7.1

%

 

(0.9)

%

 

0.7

%

 

(8.3)

%

Change YTY Revenue – Constant Currency

 

8.4

%

 

1.8

%

 

2.7

%

 

(6.6)

%

 
 
 
 
 
 

Three Months Ended June 30, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       6,294

 
 

$                        5,226

 
 

$                        3,618

 
 

$                            185

 

Segment Profit

 

$                       1,749

 
 

$                           483

 
 

$                           732

 
 

$                              64

 

Segment Profit Margin

 

27.8

%

 

9.2

%

 

20.2

%

 

34.8

%

____________________

(1) Recast to reflect January 2024 segment changes. 

 
 
 

Six Months Ended June 30, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     12,637

 
 

$                      10,365

 
 

$                        6,721

 
 

$                           362

 

Segment Profit

 

$                       3,612

 
 

$                           888

 
 

$                           965

 
 

$                           168

 

Segment Profit Margin

 

28.6

%

 

8.6

%

 

14.4

%

 

46.5

%

Change YTY Revenue

 

6.3

%

 

(0.6)

%

 

0.1

%

 

(4.9)

%

Change YTY Revenue – Constant Currency

 

7.2

%

 

1.8

%

 

1.5

%

 

(4.0)

%

 
 
 
 
 
 

Six Months Ended June 30, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     11,885

 
 

$                      10,423

 
 

$                       6,716

 
 

$                           380

 

Segment Profit

 

$                       3,128

 
 

$                           910

 
 

$                       1,039

 
 

$                           164

 

Segment Profit Margin

 

26.3

%

 

8.7

%

 

15.5

%

 

43.2

%

__________

(1) Recast to reflect January 2004 segment changes. 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; Dollars in millions except per share amounts)

 
 

Three Months Ended June 30, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$       8,950

 
 

$                           170

 
 

$                               —

 
 

$                       —

 
 

$          9,120

 

Gross Profit Margin

56.8

%

 

1.1

pts

 

—

pts

 

—

pts

 

57.8

%

S,G&A

$       4,938

 
 

$                         (286)

 
 

$                               —

 
 

$                       —

 
 

$          4,651

 

Other (Income) & Expense

(233)

 
 

(18)

 
 

(98)

 
 

—

 
 

(349)

 

Total Expense & Other (Income)

6,730

 
 

(304)

 
 

(98)

 
 

—

 
 

6,328

 

Pre-tax Income from Continuing Operations

2,219

 
 

474

 
 

98

 
 

—

 
 

2,792

 

Pre-tax Income Margin from Continuing
Operations

14.1

%

 

3.0

pts

 

0.6

pts

 

—

pts

 

17.7

%

Provision for/(Benefit from) Income Taxes (3)

$          389

 
 

$                          113

 
 

$                              26

 
 

$                     (12)

 
 

$             516

 

Effective Tax Rate

17.5

%

 

1.1

pts

 

0.3

pts

 

(0.4)

pts

 

18.5

%

Income from Continuing Operations

$       1,830

 
 

$                          362

 
 

$                              72

 
 

$                      12

 
 

$          2,275

 

Income Margin from Continuing Operations

11.6

%

 

2.3

pts

 

0.5

pts

 

0.1

pts

 

14.4

%

Diluted Earnings Per Share: Continuing
Operations

$         1.96

 
 

$                         0.39

 
 

$                           0.08

 
 

$                   0.01

 
 

$            2.43

 
 
 
 
 

Three Months Ended June 30, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$       8,501

 
 

$                          150

 
 

$                               —

 
 

$                      —

 
 

$           8,650

 

Gross Profit Margin

54.9

%

 

1.0

pts

 

—

pts

 

—

pts

 

55.9

%

S,G&A

$       4,900

 
 

$                         (245)

 
 

$                               —

 
 

$                      —

 
 

$           4,655

 

Other (Income) & Expense

(261)

 
 

0

 
 

(1)

 
 

—

 
 

(262)

 

Total Expense & Other (Income)

6,501

 
 

(246)

 
 

(1)

 
 

—

 
 

6,254

 

Pre-tax Income from Continuing Operations

2,000

 
 

395

 
 

1

 
 

—

 
 

2,396

 

Pre-tax Income Margin from Continuing
Operations

12.9

%

 

2.6

pts

 

0.0

pts

 

—

pts

 

15.5

%

Provision for/(Benefit from) Income Taxes (3)

$          419

 
 

$                            87

 
 

$                               (3)

 
 

$                  (110)

 
 

$              393

 

Effective Tax Rate

21.0

%

 

0.2

pts

 

(0.2)

pts

 

(4.6)

pts

 

16.4

%

Income from Continuing Operations

$       1,581

 
 

$                          308

 
 

$                                5

 
 

$                   110

 
 

$           2,003

 

Income Margin from Continuing Operations

10.2

%

 

2.0

pts

 

0.0

pts

 

0.7

pts

 

12.9

%

Diluted Earnings Per Share: Continuing
Operations

$         1.72

 
 

$                         0.34

 
 

$                           0.00

 
 

$                  0.12

 
 

$             2.18

 

____________________

(1)    Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax
        charges related to acquisition integration and pre-closing charges, such as financing costs. 2024 also includes a loss of $18 million on foreign
        exchange derivative contracts entered into by the company prior to the acquisition of StreamSets and webMethods from Software AG.

(2)    Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan
        curtailments/settlements and pension insolvency costs and other costs.

(3)    Tax impact on operating (non-GAAP) pre-tax income from continuing operations 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.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; Dollars in millions except per share amounts)

 
 

Six Months Ended June 30, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts (3)

 
 

Operating

(Non-GAAP)

 

Gross Profit

$    16,692

 
 

$                         341

 
 

$                               —

 
 

$                   —

 
 

$         17,033

 

Gross Profit Margin

55.2

%

 

1.1

pts

 

—

pts

 

—

pts

 

56.3

%

S,G&A

$      9,912

 
 

$                       (554)

 
 

$                               —

 
 

$                   —

 
 

$           9,358

 

Other (Income) & Expense

(550)

 
 

(68)

 
 

(194)

 
 

—

 
 

(812)

 

Total Expense & Other (Income)

13,399

 
 

(622)

 
 

(194)

 
 

—

 
 

12,584

 

Pre-tax Income from Continuing Operations

3,293

 
 

963

 
 

194

 
 

—

 
 

4,449

 

Pre-tax Income Margin from Continuing
Operations

10.9

%

 

3.2

pts

 

0.6

pts

 

—

pts

 

14.7

%

Provision for/(Benefit from) Income Taxes (4)

$        (112)

 
 

$                         255

 
 

$                              31

 
 

$                436

 
 

$              610

 

Effective Tax Rate

(3.4)

%

 

6.5

pts

 

0.9

pts

 

9.8

pts

 

13.7

%

Income from Continuing Operations

$      3,405

 
 

$                         707

 
 

$                            163

 
 

$               (436)

 
 

$           3,839

 

Income Margin from Continuing Operations

11.3

%

 

2.3

pts

 

0.5

pts

 

(1.4)

pts

 

12.7

%

Diluted Earnings Per Share: Continuing
Operations

$        3.65

 
 

$                        0.76

 
 

$                           0.17

 
 

$              (0.47)

 
 

$             4.11

 
 
 
 
 

Six Months Ended June 30, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$    16,010

 
 

$                         298

 
 

$                               —

 
 

$                   —

 
 

$         16,308

 

Gross Profit Margin

53.9

%

 

1.0

pts

 

—

pts

 

—

pts

 

54.9

%

S,G&A

$      9,754

 
 

$                       (491)

 
 

$                               —

 
 

$                   —

 
 

$           9,263

 

Other (Income) & Expense

(506)

 
 

(2)

 
 

4

 
 

—

 
 

(504)

 

Total Expense & Other (Income)

12,952

 
 

(493)

 
 

4

 
 

—

 
 

12,463

 

Pre-tax Income from Continuing Operations

3,058

 
 

791

 
 

(4)

 
 

—

 
 

3,845

 

Pre-tax Income Margin from Continuing
Operations

10.3

%

 

2.7

pts

 

0.0

pts

 

—

pts

 

12.9

%

Provision for/(Benefit from) Income Taxes (4)

$         543

 
 

$                         178

 
 

$                            (14)

 
 

$               (115)

 
 

$              593

 

Effective Tax Rate

17.8

%

 

1.0

pts

 

(0.3)

pts

 

(3.0)

pts

 

15.4

%

Income from Continuing Operations

$      2,515

 
 

$                         613

 
 

$                             10

 
 

$                115

 
 

$           3,252

 

Income Margin from Continuing Operations

8.5

%

 

2.1

pts

 

0.0

pts

 

0.4

pts

 

10.9

%

Diluted Earnings Per Share: Continuing
Operations

$        2.74

 
 

$                        0.67

 
 

$                          0.01

 
 

$              0.13

 
 

$             3.54

 

____________________

(1)    Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax
        charges related to acquisition integration and pre-closing charges, such as financing costs. 2024 also includes a loss of $68 million on foreign
        exchange derivative contracts entered into by the company prior to the acquisition of StreamSets and webMethods from Software AG.

(2)    Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan
        curtailments/settlements and pension insolvency costs and other costs.

(3)    2024 includes a net benefit from discrete tax events.

(4)   Tax impact on operating (non-GAAP) pre-tax income from continuing operations 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.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(Dollars in Billions)

 

2024

 

2023

 

2024

 

2023

Net Cash Provided by Operating Activities

 

$           2.1

 

$           2.6

 

$           6.2

 

$           6.4

 
 
 
 
 
 
 
 
 

Add:

 
 
 
 
 
 
 
 

Net interest expense

 

0.2

 

0.2

 

0.4

 

0.4

Provision for/(Benefit from) income taxes from continuing operations

 

0.4

 

0.4

 

(0.1)

 

0.5

 
 
 
 
 
 
 
 
 

Less change in:

 
 
 
 
 
 
 
 

Financing receivables

 

(0.9)

 

0.1

 

1.0

 

2.0

Other assets and liabilities/Other, net (1)

 

(0.4)

 

(0.5)

 

(1.5)

 

(1.2)

 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           4.0

 

$           3.7

 

$           7.1

 

$           6.5

____________________

(1)    Other assets and liabilities/Other, net mainly consists of Operating assets and liabilities/Other, net in the Cash flow chart, workforce
         rebalancing charges, non-operating impacts and corporate (gains) and charges. 

 

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SOURCE IBM

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Technology

NIX United Achieves AWS AI Competency After Rigorous Audit

Published

52 minutes ago

on

July 23, 2026

By

AI-enabled software development company NIX United has officially achieved the AWS AI Competency designation from Amazon Web Services (AWS). The recognition validates NIX’s proven expertise in architecting, securing, and deploying enterprise-grade artificial intelligence and machine learning solutions on AWS.

TAMPA, Fla., July 23, 2026 /PRNewswire-PRWeb/ — For enterprise organizations, the designation provides independent validation of NIX’s end-to-end AI capabilities across solution architecture, data security, governance, and operational excellence. It is based on successful production deployments, including a generative AI customer feedback analytics platform and an AI-powered medical education solution. The competency also provides eligible customers with access to AWS-validated frameworks, specialized technical resources, and AWS GenAI Innovation Funding programs.

“AI must be engineered for long-term production value,” said Artur Bakulin, Head of RnD and Innovation at NIX United. “Earning the AWS AI Competency reflects our commitment to building AI architectures grounded in verifiable return on investment.”

Moving Beyond AI Demos to Production Value

While AI adoption accelerates, organizations face a critical barrier: transitioning from impressive proofs of concept to production-grade applications. Building AI for the modern enterprise requires solving complex challenges around regulatory compliance and seamless system integration.

To earn the AWS AI Competency, NIX completed a comprehensive technical audit demonstrating its ability to deliver scalable AI solutions. The evaluation covered engineering practices, security controls, governance frameworks, and operational excellence, while highlighting NIX’s experience applying generative AI to complex business workflows.

Strategic Benefits for Enterprise Clients

“AI must be engineered for long-term production value,” said Artur Bakulin, Head of RnD and Innovation at NIX United. “Earning the AWS AI Competency reflects our commitment to building AI architectures grounded in verifiable return on investment.”

For NIX clients, this designation provides:

Reduced project risk through AWS-validated architectures that support data privacy, security, and regulatory compliance.Faster project execution with access to eligible AWS funding programs, including subsidized AI assessments, Proofs of Concept (PoCs), and AWS GenAI Innovation Funding.Long-term scalability with solutions engineered to move seamlessly from pilot projects to business-critical production environments.

Organizations exploring generative AI initiatives can work with NIX experts to evaluate their eligibility for the AWS GenAI Innovation Funding Program and identify opportunities to accelerate adoption.

Frequently Asked Questions

Q: What specific competency did NIX United achieve?

A: NIX achieved the AWS AI Competency, a formal designation by Amazon Web Services verifying a partner’s technical proficiency and robust customer success in delivering generative AI solutions.

Q: What criteria did AWS use to evaluate NIX United?

A: AWS conducted a comprehensive technical audit covering NIX’s solution architecture, security controls, governance frameworks, and delivery methodology.

Q: How can enterprise clients fund their AI initiatives with NIX United?

A: Through NIX’s status as an advanced AWS partner, eligible clients can access the AWS GenAI Innovation Funding Program to offset costs for AI assessments, proofs-of-concept, and full-scale implementations.

Media Contact

Yevheniia Kryvenko, NIX United, 1 7272563558, yevheniia.kryvenko@nixs.com, NIX United

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SOURCE NIX United

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Technology

Apollo and San Jose Earthquakes Announce Official Sleeve and Go-to-Market Partnership, Bringing the AI GTM System to Major League Soccer

Published

52 minutes ago

on

July 23, 2026

By

First-of-its-kind partnership to help Earthquakes capitalize on soccer’s surging popularity through AI-powered GTM transformation

SAN FRANCISCO, July 23, 2026 /PRNewswire/ — Apollo, the AI go-to-market system, announced today a multiyear Official Sleeve Partnership with Major League Soccer’s San Jose Earthquakes that entails becoming both the club’s Official Go-to-Market Partner and the first go-to-market (GTM) company to combine a professional sports sponsorship with a full-scale partnership for revenue operations transformation.

As soccer continues its unprecedented rise in popularity across the United States, with MLS seeing a 62% year-over-year increase in viewership to kick off the 2026 season, the unique partnership positions the Earthquakes to modernize their GTM, accelerate revenue and capitalize on the sport’s expanding global audience.

In the partnership, Apollo will serve as both a brand sponsor with its logo featured prominently on the right sleeve of the Earthquakes’ jersey, and as a technology partner, powering the club’s GTM strategy. The club will deploy Apollo’s system across key revenue-generating functions, including group ticket sales, sponsorship pipeline management, inbound lead routing and season ticket renewals, creating a modern GTM system designed to drive fan engagement and commercial growth.

“We see this partnership as a natural extension of Apollo’s mission to make world-class go-to-market accessible to everyone by bringing it to the world’s most popular game,” said Matt Curl, CEO of Apollo. “Soccer is entering an incredible growth phase in the U.S., creating a once-in-a-generation opportunity for clubs to deepen fan relationships and accelerate commercial growth. Every professional sports team is running a revenue business focused on finding customers, engaging fans, growing sponsorships and driving renewals. By bringing together data, intelligence and execution into one system, we’re helping the Earthquakes build a modern commercial operation that will become a model for the future of sports.”  

The partnership reflects Apollo’s broader vision that every organization can benefit from its AI GTM system. With the rise in soccer’s popularity, clubs face increasing pressure to convert fan interest into lasting relationships, ticket sales, sponsorships and recurring revenue. While sports organizations have historically relied on fragmented tools across ticketing, sponsorship sales, CRM and marketing, Apollo brings those workflows together into one connected system to help organizations capitalize on this moment.

For the Earthquakes, that means:

Modernizing group ticket sales workflowsImproving inbound lead managementGrowing sponsorship pipelineStreamlining season ticket renewal campaignsGiving sales and marketing teams a unified system

“While excitement around soccer continues to grow across the country, we’re investing in the technology and systems that will help us better engage our supporters and continue growing our commercial business,” said Earthquakes President Jared Shawlee. “I started my career in sales and have never seen the kind of technology that Apollo provides. This will transform our approach to sales and marketing by giving us one system to connect data, automate workflows and create a more connected experience for Quakes fans throughout their journey with the club.”

“We are excited to roll out the Apollo AI GTM system to revenue teams across our organization,” added Earthquakes Chief Strategy Officer Ian Anderson. “Apollo is at the forefront of AI-powered GTM and the Quakes are committed to being ahead of the technology curve for our industry.”

The Earthquakes become Apollo’s first official sports partner, laying the foundation for a broader strategy to bring modern GTM technology to sports organizations worldwide. Apollo plans to use the partnership as a blueprint for working with hundreds of professional sports organizations facing similar revenue and commercial challenges.

“This is just the beginning,” added Curl. “Professional sports organizations have the same GTM challenges as fast-growing businesses. We’re excited to demonstrate what’s possible when data, intelligence, and execution come together in a single system to help teams build stronger relationships with fans, partners, and customers.”

The partnership will officially debut ahead of the Earthquakes’ annual California Clasico match on Saturday, July 25, against the LA Galaxy at Stanford Stadium, with Apollo and the club jointly celebrating the launch through customer events, social activations and in-stadium experiences.

About Apollo
Apollo is the AI GTM System that uniquely combines data, intelligence, and execution in one loop helping every business find and win their next customer. Trusted by millions of users and over 600,000 companies worldwide, Apollo combines one of the industry’s largest B2B contact databases with a purpose built GTM intelligence engine and a full execution stack, in an all-in-one system. Learn more at apollo.io.

About San Jose Earthquakes
The San Jose Earthquakes, one of Major League Soccer’s original teams, are the epicenter for soccer in Northern California, playing at the highest professional level in the United States. The club won MLS Cups in 2001 and 2003 and took home Supporters’ Shields in 2005 and 2012. The Earthquakes are based out of PayPal Park, an 18,000-seat soccer-specific stadium that opened in 2015 and is the first cloud-enabled venue in MLS. The organization was originally founded in 1974 in the North American Soccer League, and in 2024, celebrated its 50th anniversary of positively impacting communities around Northern California. The club’s nonprofit arm, the Quakes Foundation, focuses on health and fitness initiatives for local underserved youth and fighting food insecurity. For more information about the Earthquakes, visit sjearthquakes.com.

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Technology

CIQ Arms Federal Agencies and Contractors with Kernel-Level Detection and BOD 26-04-Compliant Remediation

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52 minutes ago

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July 23, 2026

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RLC Pro Hardened and Ascender Pro together give federal teams kernel exploitation detection as it happens and CVE remediation before it wipes out an entire fleet

RENO, Nev., July 23, 2026 /PRNewswire/ — CIQ, the founding commercial sponsor of Rocky Linux, today announced the launch of an RLC Pro Hardened and Ascender Pro deployment that gives federal agencies real-time kernel exploit detection, audit-ready compliance, and automated remediation in a single deployment. The pairing gives federal teams a stronger position inside the three-day remediation window Binding Operational Directive (BOD) 26-04 sets for the highest-risk vulnerabilities on federal systems.

On June 10, 2026, CISA issued BOD 26-04, and the three-day clock starts when a flaw enters the Known Exploited Vulnerabilities (KEV) catalog, not when a patch ships. For the most dangerous vulnerabilities, the exploit often arrives before the patch does, leaving agencies with a compliance deadline and no fix to apply yet. Non-compliance penalties can include a range of administrative consequences, including greater regulatory oversight and asset disconnection.

RLC Pro Hardened, CIQ’s federal-ready Enterprise Linux distribution, answers that gap. It is the first Enterprise Linux distribution to ship runtime kernel exploitation detection enabled and supported by default, giving agencies a record of what happened during the window before a fix shipped. CIQ delivered that capability well before BOD 26-04 put federal agencies on a three-day clock.

“A single critical vulnerability can impact an entire federal fleet before it’s even confirmed as a CVE,” said Gregory Kurtzer, founder and CEO of CIQ. “RLC Pro Hardened’s LKRG catches the exploit behavior at the kernel the moment it happens, patch or no patch. Once remediation is required, Ascender Pro orchestrates it across the entire fleet and proves it happened, system by system. Agencies get both sides covered without rebuilding their infrastructure.”

RLC Pro Hardened ships with Linux Kernel Runtime Guard (LKRG), which validates kernel integrity continuously and records kernel-level exploitation as it happens. The distribution also arrives audit-ready, with FIPS 140-3 validated cryptography and CIQ-engineered lockdown playbooks for DISA STIG, CIS and NIST 800-171.

Ascender Pro adds Reaqt, an event-driven engine that watches fleet logs, matches them against rule sets, and fires the right Ansible playbook automatically. Across a fleet, that closes issues faster than manual, ticket-driven review.

More About BOD 26-04

BOD 26-04 replaced the severity-score deadlines of BOD 22-01 and BOD 19-02 with a risk model. It scores each vulnerability on four factors: public exposure, presence in the KEV catalog, exploit automation and technical impact. A vulnerability that meets all four carries a three-calendar-day remediation deadline, the shortest CISA has set in a Binding Operational Directive. Agency remediation policies must support the directive by August 7, 2026.

About CIQ

CIQ is the founding support and services partner for Rocky Linux and a leading provider of enterprise Linux infrastructure. CIQ delivers commercially supported Linux offerings, high-performance computing solutions and AI infrastructure to enterprises, government agencies, research institutions and supercomputing centers worldwide. CIQ’s products include the Rocky Linux from CIQ (RLC Pro) family of operating systems, Ascender Pro for IT automation, Fuzzball job-based container orchestration, Warewulf cluster provisioning and Apptainer, the leading container system for high-performance computing. For more information, visit ciq.com.

MEDIA CONTACT:
Cristin Connelly
Cathey Communications for CIQ
cristin@cathey.co

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