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IBM RELEASES FOURTH-QUARTER RESULTS

Published

1 year ago

on

Double-digit Software revenue growth; Free cash flow well-exceeds full-year expectation

ARMONK, N.Y., Jan. 29, 2025 /PRNewswire/ — IBM (NYSE: IBM) today announced fourth-quarter 2024 earnings results.

“We closed the year with double-digit revenue growth in Software for the quarter, led by further acceleration in Red Hat. Clients globally continue to turn to IBM to transform with AI. Our generative AI book of business now stands at more than $5 billion inception-to-date, up nearly $2 billion quarter over quarter,” said Arvind Krishna, IBM chairman, president and chief executive officer. “Three years ago, we laid out a vision for a faster-growing, more-profitable IBM. I’m proud of the work the IBM team has done to meet or exceed our commitments. With our focused strategy, enhanced portfolio, and culture of innovation, we’re well-positioned for 2025 and beyond and expect revenue growth of at least five percent and free cash flow of about $13.5 billion this year.” 

Fourth-Quarter Highlights

Revenue
– Revenue of $17.6 billion, up 1 percent, up 2 percent at constant currency
– Software revenue up 10 percent, up 11 percent at constant currency
– Consulting revenue down 2 percent, down 1 percent at constant currency
– Infrastructure revenue down 8 percent, down 6 percent at constant currency
Profit
– Gross Profit Margin: GAAP: 59.5 percent, up 40 basis points; Operating (Non-GAAP): 60.6 percent, up 50 basis points

Full-Year Highlights

Revenue
– Revenue of $62.8 billion, up 1 percent, up 3 percent at constant currency
– Software revenue up 8 percent, up 9 percent at constant currency
– Consulting revenue down 1 percent, up 1 percent at constant currency
– Infrastructure revenue down 4 percent, down 3 percent at constant currency
Profit
– Gross Profit Margin: GAAP: 56.7 percent, up 120 basis points; Operating (Non-GAAP): 57.8 percent, up 130 basis points
Cash Flow
– Net cash from operating activities of $13.4 billion; free cash flow of $12.7 billion

FOURTH-QUARTER 2024 INCOME STATEMENT SUMMARY

 

GAAP results include impact of one-time, non-cash pension settlement charge (1)

 
 

Revenue

 

Gross

Profit

 
 

Gross
Profit
Margin

 
 

Pre-tax

Income (1)

 

Pre-tax

Income

Margin (1)

 

Net

Income (1)

 

Diluted

Earnings

Per Share (1)

GAAP from
Continuing
Operations

$   17.6 B

 
 

$ 10.4 B

 
 

59.5

%

 

$    3.3 B

 
 

18.8

%

 

$     2.9 B

 
 

$     3.11

 

Year/Year

1

%(2)

 

2

%

 

0.4

Pts

 

(12)

%

 

-2.8

Pts

 

(11)

%

 

(12)

%

Operating

(Non-GAAP)

 
 
 

$ 10.6 B

 
 

60.6

%

 

$    4.3 B

 
 

24.3

%

 

$     3.7 B

 
 

$     3.92

 

Year/Year

 
 
 

2

%

 

0.5

Pts

 

2

%

 

0.4

Pts

 

3

%

 

1

%

(1)  2024 GAAP results include the impact of a one-time, non-cash pension settlement charge of $0.4 billion related to the transfer of a
       portion of the company’s Non-U.S. defined benefit pension obligations and related plan assets to third-party insurers in October 2024.

(2)  2% at constant currency.

“With strong performance across our Software portfolio, we continue to drive solid fundamentals within our business,” said James Kavanaugh, IBM senior vice president and chief financial officer. “As a result, we generated $12.7 billion in free cash flow, far-outpacing our expectation for the year. Continued strength in operating profitability and free cash flow fuels our ability to invest for the future while returning value to shareholders through dividends.”

Segment Results for Fourth Quarter

Software — revenues of $7.9 billion, up 10.4 percent, up 11.5 percent at constant currency:
– Hybrid Platform & Solutions up 11 percent, up 12 percent at constant currency
      — Red Hat up 16 percent, up 17 percent at constant currency
      — Automation up 15 percent, up 16 percent at constant currency
      — Data & AI up 4 percent, up 5 percent at constant currency
      — Security up 4 percent, up 5 percent at constant currency
– Transaction Processing up 10 percent, up 11 percent at constant currency

Consulting — revenues of $5.2 billion, down 2.0 percent, down 1.1 percent at constant currency:
– Business Transformation up 1 percent, up 2 percent at constant currency
– Technology Consulting down 7 percent, down 6 percent at constant currency
– Application Operations down 4 percent, down 3 percent at constant currency

Infrastructure — revenues of $4.3 billion, down 7.6 percent, down 6.0 percent at constant currency:
– Hybrid Infrastructure down 10 percent, down 8 percent at constant currency
      — IBM Z down 21 percent, down 20 percent at constant currency
      — Distributed Infrastructure flat, up 2 percent at constant currency
– Infrastructure Support down 2 percent, flat at constant currency

Financing — revenues of $0.2 billion, down 2.5 percent, down 0.5 percent at constant currency

Cash Flow and Balance Sheet

In the fourth quarter, the company generated net cash from operating activities of $4.3 billion, down $0.1 billion year to year. IBM’s free cash flow was $6.2 billion, up $0.1 billion year to year. The company returned $1.5 billion to shareholders in dividends in the fourth quarter.

For the year, the company generated net cash from operating activities of $13.4 billion, down $0.5 billion year to year. Net cash from operating activities excluding IBM financing receivables was $13.9 billion, up $1.2 billion. IBM’s free cash flow was $12.7 billion, up $1.5 billion year to year.

IBM ended the fourth quarter with $14.8 billion of cash, restricted cash and marketable securities, up $1.3 billion from year-end 2023. Debt, including IBM Financing debt of $12.1 billion, totaled $55.0 billion, down $1.6 billion since year-end 2023.

Full-Year 2024 Results

FULL-YEAR 2024 INCOME STATEMENT SUMMARY

 

GAAP results include impacts of one-time, non-cash pension settlement charges (1)

 
 

Revenue

 

Gross

Profit

 
 

Gross
Profit
Margin

 
 

Pre-tax

Income (1)

 

Pre-tax

Income

Margin (1)

 

Net

Income (1)

 

Diluted

Earnings

Per Share (1)

GAAP from
Continuing
Operations

$   62.8 B

 
 

$ 35.6 B

 
 

56.7

%

 

$    5.8 B

 
 

9.2

%

 

$     6.0 B

 
 

$     6.42

 

Year/Year

1

%(2)

 

4

%

 

1.2

Pts

 

(33)

%

 

-4.8

Pts

 

(20)

%

 

(21)

%

Operating

(Non-GAAP)

 
 
 

$ 36.3 B

 
 

57.8

%

 

$ 11.2 B

 
 

17.9

%

 

$     9.7 B

 
 

$   10.33

 

Year/Year

 
 
 

4

%

 

1.3

Pts

 

9

%

 

1.2

Pts

 

9

%

 

7

%

(1)  2024 GAAP results include the impacts of one-time, non-cash, U.S. and non-U.S. pension settlement charges of $3.1 billion ($2.4 billion
       net of tax).

(2)   3% at constant currency

Full-Year 2025 Expectations

Revenue: The company expects full-year constant currency revenue growth of at least 5 percent. At current foreign exchange rates, currency is expected to be about a two-point headwind to growth for the year.
Free cash flow: The company expects about $13.5 billion in free cash flow for the full year.

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; 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

For generative AI, book of business includes Software transactional revenue, SaaS Annual Contract Value and Consulting signings. The generative AI book of business is further defined within Exhibit 99.2 in the Form 8-K that includes 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.

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-4q24. 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
December 31,

 
 

Year Ended
December 31,

 
 

2024

 
 

2023 (1)

 
 

2024

 
 

2023 (1)

 

REVENUE BY SEGMENT

 
 
 
 
 
 
 
 
 
 
 

Software

$                   7,924

 
 

$                   7,179

 
 

$                27,085

 
 

$                25,011

 

Consulting

5,175

 
 

5,283

 
 

20,692

 
 

20,884

 

Infrastructure

4,256

 
 

4,604

 
 

14,020

 
 

14,593

 

Financing

170

 
 

175

 
 

713

 
 

741

 

Other

29

 
 

141

 
 

243

 
 

632

 

TOTAL REVENUE

17,553

 
 

17,381

 
 

62,753

 
 

61,860

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT

10,439

 
 

10,267

 
 

35,551

 
 

34,300

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT MARGIN

 
 
 
 
 
 
 
 
 
 
 

Software

85.0

%

 

84.1

%

 

83.7

%

 

82.9

%

Consulting

28.0

%

 

28.1

%

 

27.0

%

 

26.8

%

Infrastructure

56.9

%

 

60.8

%

 

55.8

%

 

56.1

%

Financing

46.9

%

 

50.2

%

 

47.9

%

 

48.1

%

 
 
 
 
 
 
 
 
 
 
 
 

TOTAL GROSS PROFIT MARGIN

59.5

%

 

59.1

%

 

56.7

%

 

55.4

%

 
 
 
 
 
 
 
 
 
 
 
 

EXPENSE AND OTHER INCOME

 
 
 
 
 
 
 
 
 
 
 

S,G&A

4,866

 
 

4,791

 
 

19,688

 
 

19,003

 

R,D&E

1,967

 
 

1,748

 
 

7,479

 
 

6,775

 

Intellectual property and custom development income

(301)

 
 

(242)

 
 

(996)

 
 

(860)

 

Other (income) and expense (2)

177

 
 

(193)

 
 

1,871

 
 

(914)

 

Interest expense

424

 
 

405

 
 

1,712

 
 

1,607

 

TOTAL EXPENSE AND OTHER INCOME

7,133

 
 

6,509

 
 

29,754

 
 

25,610

 
 
 
 
 
 
 
 
 
 
 
 
 

INCOME FROM CONTINUING OPERATIONS

BEFORE INCOME TAXES

3,306

 
 

3,759

 
 

5,797

 
 

8,690

 

Pre-tax margin

18.8

%

 

21.6

%

 

9.2

%

 

14.0

%

Provision for/(Benefit from) income taxes (2)

379

 
 

474

 
 

(218)

 
 

1,176

 

Effective tax rate

11.5

%

 

12.6

%

 

(3.8)

%

 

13.5

%

 
 
 
 
 
 
 
 
 
 
 
 

INCOME FROM CONTINUING OPERATIONS

$                   2,927

 
 

$                   3,285

 
 

$                   6,015

 
 

$                   7,514

 
 
 
 
 
 
 
 
 
 
 
 
 

DISCONTINUED OPERATIONS

 
 
 
 
 
 
 
 
 
 
 

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

(12)

 
 

3

 
 

8

 
 

(12)

 
 
 
 
 
 
 
 
 
 
 
 
 

NET INCOME (2)

$                   2,915

 
 

$                   3,288

 
 

$                   6,023

 
 

$                   7,502

 
 
 
 
 
 
 
 
 
 
 
 
 

EARNINGS PER SHARE OF COMMON STOCK (2)

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                      3.11

 
 

$                      3.54

 
 

$                      6.42

 
 

$                      8.15

 

Discontinued Operations

$                     (0.01)

 
 

$                      0.00

 
 

$                      0.01

 
 

$                     (0.01)

 

TOTAL

$                      3.09

 
 

$                      3.55

 
 

$                      6.43

 
 

$                      8.14

 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                      3.16

 
 

$                      3.59

 
 

$                      6.53

 
 

$                      8.25

 

Discontinued Operations

$                     (0.01)

 
 

$                      0.00

 
 

$                      0.01

 
 

$                     (0.01)

 

TOTAL

$                      3.15

 
 

$                      3.59

 
 

$                      6.53

 
 

$                      8.23

 
 
 
 
 
 
 
 
 
 
 
 
 

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

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

942.4

 
 

927.3

 
 

937.2

 
 

922.1

 

Basic

926.0

 
 

914.7

 
 

921.8

 
 

911.2

 

____________________

(1)    Recast to reflect January 2024 segment changes.

(2)    2024 results include the impacts of one-time, non-cash pension settlement charges in the third quarter of $2.7 billion ($2.0 billion net of tax) in the U.S. and

        fourth quarter of $0.4 billion in the non-U.S.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

 

(Dollars in Millions)

 

At

December 31,
2024

 

At

December 31,
2023

ASSETS:

 
 
 
 

Current Assets:

 
 
 
 

Cash and cash equivalents

 

$                    13,947

 

$                    13,068

Restricted cash

 

214

 

21

Marketable securities

 

644

 

373

Notes and accounts receivable – trade, net

 

6,804

 

7,214

Short-term financing receivables, net

 

7,159

 

6,793

Other accounts receivable, net

 

947

 

640

Inventories

 

1,289

 

1,161

Deferred costs

 

959

 

998

Prepaid expenses and other current assets

 

2,520

 

2,639

Total Current Assets

 

34,482

 

32,908

 
 
 
 
 

Property, plant and equipment, net

 

5,731

 

5,501

Operating right-of-use assets, net

 

3,197

 

3,220

Long-term financing receivables, net

 

5,353

 

5,766

Prepaid pension assets

 

7,492

 

7,506

Deferred costs

 

788

 

842

Deferred taxes

 

6,978

 

6,656

Goodwill

 

60,706

 

60,178

Intangibles, net

 

10,660

 

11,036

Investments and sundry assets

 

1,787

 

1,626

Total Assets

 

$                  137,175

 

$                  135,241

 
 
 
 
 

LIABILITIES:

 
 
 
 

Current Liabilities:

 
 
 
 

Taxes

 

$                      2,033

 

$                      2,270

Short-term debt

 

5,089

 

6,426

Accounts payable

 

4,032

 

4,132

Deferred income

 

13,907

 

13,451

Operating lease liabilities

 

768

 

820

Other liabilities

 

7,313

 

7,022

Total Current Liabilities

 

33,142

 

34,122

 
 
 
 
 

Long-term debt

 

49,884

 

50,121

Retirement-related obligations

 

9,432

 

10,808

Deferred income

 

3,622

 

3,533

Operating lease liabilities

 

2,655

 

2,568

Other liabilities

 

11,048

 

11,475

Total Liabilities

 

109,783

 

112,628

 
 
 
 
 

EQUITY:

 
 
 
 

IBM Stockholders’ Equity:

 
 
 
 

Common stock

 

61,380

 

59,643

Retained earnings

 

151,163

 

151,276

Treasury stock – at cost

 

(169,968)

 

(169,624)

Accumulated other comprehensive income/(loss)

 

(15,269)

 

(18,761)

Total IBM Stockholders’ Equity

 

27,307

 

22,533

 
 
 
 
 

Noncontrolling interests

 

86

 

80

Total Equity

 

27,393

 

22,613

 
 
 
 
 

Total Liabilities and Equity

 

$                  137,175

 

$                  135,241

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW

(Unaudited)

 
 
 

Three Months Ended
December 31,

 

Year Ended
December 31,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

Net Income from Operations

 

$                     2,915

 

$                     3,288

 

$                     6,023

 

$                     7,502

Pension Settlement Charges

 

388

 

–

 

3,113

 

–

Depreciation/Amortization of Intangibles (1)

 

1,112

 

1,152

 

4,667

 

4,395

Stock-based Compensation

 

345

 

291

 

1,311

 

1,133

Operating assets and liabilities/Other, net (2)

 

1,824

 

1,619

 

(1,238)

 

(332)

IBM Financing A/R

 

(2,255)

 

(1,887)

 

(431)

 

1,233

Net Cash Provided by Operating Activities

 

$                     4,330

 

$                     4,463

 

$                  13,445

 

$                  13,931

 
 
 
 
 
 
 
 
 

Capital Expenditures, net of payments & proceeds (3)

 

(422)

 

(263)

 

(1,127)

 

(1,488)

Divestitures, net of cash transferred

 

(7)

 

–

 

698

 

(4)

Acquisitions, net of cash acquired

 

(541)

 

(137)

 

(3,289)

 

(5,082)

Marketable Securities / Other Investments, net

 

(409)

 

3,236

 

(1,218)

 

(496)

Net Cash Provided by/(Used in) Investing Activities

 

$                  (1,379)

 

$                     2,837

 

$                  (4,937)

 

$                  (7,070)

 
 
 
 
 
 
 
 
 

Debt, net of payments & proceeds

 

(103)

 

(122)

 

(880)

 

4,497

Dividends

 

(1,546)

 

(1,518)

 

(6,147)

 

(6,040)

Financing – Other

 

(26)

 

26

 

(52)

 

(226)

Net Cash Provided by/(Used in) Financing Activities

 

$                  (1,675)

 

$                   (1,615)

 

$                  (7,079)

 

$                  (1,769)

 
 
 
 
 
 
 
 
 

Effect of Exchange Rate changes on Cash

 

(330)

 

128

 

(359)

 

9

Net Change in Cash, Cash Equivalents and Restricted Cash

 

$                      946

 

$                    5,814

 

$                   1,071

 

$                   5,101

____________________

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

(2)  The year ended December 31, 2024 includes a $0.7 billion tax effect associated with a one-time, non-cash, U.S. pension settlement

       charge in the third-quarter 2024.

(3)  The year ended December 31, 2024 includes proceeds of $0.4 billion from the sale of certain QRadar SaaS assets in third-quarter 2024.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended

December 31,

 

Year Ended

December 31,

(Dollars in Billions)

 

2024

 

2023

 

Yr/Yr

 

2024

 

2023

 

Yr/Yr

Net Income as reported (GAAP) (1)

 

$           2.9

 

$           3.3

 

$         (0.4)

 

$           6.0

 

$           7.5

 

$         (1.5)

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

 

2.9

 

3.3

 

(0.4)

 

6.0

 

7.5

 

(1.5)

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

 

0.4

 

0.5

 

(0.1)

 

(0.2)

 

1.2

 

(1.4)

Pre-tax income from continuing operations (GAAP)

 

3.3

 

3.8

 

(0.5)

 

5.8

 

8.7

 

(2.9)

Non-operating adjustments (before tax)

 
 
 
 
 
 
 
 
 
 
 
 

Acquisition-related charges (2)

 

0.5

 

0.4

 

0.1

 

2.0

 

1.7

 

0.3

Non-operating retirement-related costs/(income) (1)

 

0.5

 

0.0

 

0.5

 

3.5

 

0.0

 

3.5

 
 
 
 
 
 
 
 
 
 
 
 
 

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

 

4.3

 

4.2

 

0.1

 

11.2

 

10.3

 

0.9

 
 
 
 
 
 
 
 
 
 
 
 
 

Net interest expense

 

0.3

 

0.3

 

0.0

 

1.0

 

0.9

 

0.0

Depreciation/Amortization of non-acquired intangible assets

 

0.7

 

0.7

 

0.0

 

2.8

 

2.8

 

0.1

Stock-based compensation

 

0.3

 

0.3

 

0.1

 

1.3

 

1.1

 

0.2

Workforce rebalancing charges

 

0.0

 

0.0

 

0.0

 

0.7

 

0.4

 

0.3

Corporate (gains) and charges (3)

 

0.0

 

0.0

 

0.0

 

(0.6)

 

(0.1)

 

(0.6)

 
 
 
 
 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           5.6

 

$           5.5

 

$           0.1

 

$        16.4

 

$        15.5

 

$           0.9

____________________

(1)    2024 results include the impacts of one-time, non-cash pension settlement charges in the third quarter of $2.7 billion ($2.0 billion net of tax) in the U.S. and fourth

         quarter of $0.4 billion in the non-U.S.

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

(3)    Corporate (gains) and charges primarily consists of unique corporate actions such as gains on divestitures and asset sales (e.g., certain QRadar SaaS assets).

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

 
 
 

Three Months Ended December 31, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       7,924

 
 

$                        5,175

 
 

$                       4,256

 
 

$                            170

 

Segment Profit

 

$                       3,102

 
 

$                           606

 
 

$                       1,063

 
 

$                              94

 

Segment Profit Margin

 

39.2

%

 

11.7

%

 

25.0

%

 

55.0

%

Change YTY Revenue

 

10.4

%

 

(2.0)

%

 

(7.6)

%

 

(2.5)

%

Change YTY Revenue – Constant Currency

 

11.5

%

 

(1.1)

%

 

(6.0)

%

 

(0.5)

%

 
 
 

Three Months Ended December 31, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       7,179

 
 

$                        5,283

 
 

$                       4,604

 
 

$                           175

 

Segment Profit

 

$                       2,649

 
 

$                           654

 
 

$                       1,299

 
 

$                           117

 

Segment Profit Margin

 

36.9

%

 

12.4

%

 

28.2

%

 

67.0

%

____________________

(1)    Recast to reflect January 2024 segment changes.

 
 
 

Year Ended December 31, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     27,085

 
 

$                     20,692

 
 

$                     14,020

 
 

$                           713

 

Segment Profit

 

$                       8,684

 
 

$                       2,054

 
 

$                       2,450

 
 

$                           348

 

Segment Profit Margin

 

32.1

%

 

9.9

%

 

17.5

%

 

48.8

%

Change YTY Revenue

 

8.3

%

 

(0.9)

%

 

(3.9)

%

 

(3.7)

%

Change YTY Revenue – Constant Currency

 

9.0

%

 

0.6

%

 

(2.7)

%

 

(2.5)

%

 
 
 

Year Ended December 31, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     25,011

 
 

$                     20,884

 
 

$                     14,593

 
 

$                           741

 

Segment Profit

 

$                       7,499

 
 

$                       2,130

 
 

$                       2,828

 
 

$                           373

 

Segment Profit Margin

 

30.0

%

 

10.2

%

 

19.4

%

 

50.3

%

____________________

(1)    Recast to reflect January 2024 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 December 31, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$       10,439

 
 

$                              191

 
 

$                                  —

 
 

$                       —

 
 

$           10,630

 

Gross Profit Margin

59.5

%

 

1.1

pts

 

—

pts

 

—

pts

 

60.6

%

S,G&A

$         4,866

 
 

$                            (305)

 
 

$                                  —

 
 

$                       —

 
 

$             4,561

 

Other (Income) & Expense

177

 
 

(2)

 
 

(467)

 
 

—

 
 

(291)

 

Total Expense & Other (Income)

7,133

 
 

(307)

 
 

(467)

 
 

—

 
 

6,359

 

Pre-tax Income from Continuing Operations

3,306

 
 

498

 
 

467

 
 

—

 
 

4,271

 

Pre-tax Income Margin from Continuing

Operations

18.8

%

 

2.8

pts

 

2.7

pts

 

—

pts

 

24.3

%

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

$            379

 
 

$                              123

 
 

$                                  58

 
 

$                      21

 
 

$                581

 

Effective Tax Rate

11.5

%

 

1.5

pts

 

0.1

pts

 

0.5

pts

 

13.6

%

Income from Continuing Operations

$         2,927

 
 

$                              375

 
 

$                                408

 
 

$                    (21)

 
 

$             3,690

 

Income Margin from Continuing Operations

16.7

%

 

2.1

pts

 

2.3

pts

 

(0.1)

pts

 

21.0

%

Diluted Earnings Per Share: Continuing

Operations

$           3.11

 
 

$                             0.40

 
 

$                               0.43

 
 

$                 (0.02)

 
 

$               3.92

 
 
 

Three Months Ended December 31, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$      10,267

 
 

$                             172

 
 

$                                 —

 
 

$                     —

 
 

$          10,439

 

Gross Profit Margin

59.1

%

 

1.0

pts

 

—

pts

 

—

pts

 

60.1

%

S,G&A

$        4,791

 
 

$                           (271)

 
 

$                                 —

 
 

$                     —

 
 

$            4,520

 

Other (Income) & Expense

(193)

 
 

12

 
 

22

 
 

—

 
 

(159)

 

Total Expense & Other (Income)

6,509

 
 

(259)

 
 

22

 
 

—

 
 

6,272

 

Pre-tax Income from Continuing Operations

3,759

 
 

431

 
 

(22)

 
 

—

 
 

4,167

 

Pre-tax Income Margin from Continuing

Operations

21.6

%

 

2.5

pts

 

(0.1)

pts

 

—

pts

 

24.0

%

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

$          474

 
 

$                              91

 
 

$                                19

 
 

$                     (4)

 
 

$              580

 

Effective Tax Rate

12.6

%

 

0.9

pts

 

0.5

pts

 

(0.1)

pts

 

13.9

%

Income from Continuing Operations

$       3,285

 
 

$                            339

 
 

$                              (41)

 
 

$                      4

 
 

$           3,587

 

Income Margin from Continuing Operations

18.9

%

 

2.0

pts

 

(0.2)

pts

 

—

pts

 

20.6

%

Diluted Earnings Per Share: Continuing

Operations

$         3.54

 
 

$                           0.37

 
 

$                           (0.04)

 
 

$                    —

 
 

$             3.87

 

____________________

(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. 2023 also includes a $12 million gain recognized 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. 2024 also includes the impact of a one-time, non-cash, non-U.S. pension settlement charge of $0.4 billion.

(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.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

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

(Unaudited; Dollars in millions except per share amounts)

 
 

Year Ended December 31, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts (3)

 
 

Operating

(Non-GAAP)

 

Gross Profit

$     35,551

 
 

$                          724

 
 

$                                  —

 
 

$                   —

 
 

$        36,275

 

Gross Profit Margin

56.7

%

 

1.2

pts

 

—

pts

 

—

pts

 

57.8

%

S,G&A

$     19,688

 
 

$                     (1,159)

 
 

$                                  —

 
 

$                   —

 
 

$        18,529

 

Other (Income) & Expense

1,871

 
 

(70)

 
 

(3,457)

 
 

—

 
 

(1,656)

 

Total Expense & Other (Income)

29,754

 
 

(1,229)

 
 

(3,457)

 
 

—

 
 

25,068

 

Pre-tax Income from Continuing Operations

5,797

 
 

1,953

 
 

3,457

 
 

—

 
 

11,207

 

Pre-tax Income Margin from Continuing

Operations

9.2

%

 

3.1

pts

 

5.5

pts

 

—

pts

 

17.9

%

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

$        (218)

 
 

$                         497

 
 

$                               790

 
 

$                455

 
 

$         1,523

 

Effective Tax Rate

(3.8)

%

 

5.1

pts

 

8.2

pts

 

4.1

pts

 

13.6

%

Income from Continuing Operations

$      6,015

 
 

$                      1,456

 
 

$                            2,668

 
 

$              (455)

 
 

$         9,684

 

Income Margin from Continuing Operations

9.6

%

 

2.3

pts

 

4.3

pts

 

(0.7)

pts

 

15.4

%

Diluted Earnings Per Share: Continuing

Operations

$        6.42

 
 

$                        1.55

 
 

$                              2.85

 
 

$             (0.49)

 
 

$         10.33

 
 
 

Year Ended December 31, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$    34,300

 
 

$                         631

 
 

$                                 —

 
 

$                   —

 
 

$       34,931

 

Gross Profit Margin

55.4

%

 

1.0

pts

 

—

pts

 

—

pts

 

56.5

%

S,G&A

$    19,003

 
 

$                    (1,039)

 
 

$                                 —

 
 

$                   —

 
 

$       17,964

 

Other (Income) & Expense

(914)

 
 

10

 
 

39

 
 

—

 
 

(866)

 

Total Expense & Other (Income)

25,610

 
 

(1,029)

 
 

39

 
 

—

 
 

24,620

 

Pre-tax Income from Continuing Operations

8,690

 
 

1,660

 
 

(39)

 
 

—

 
 

10,311

 

Pre-tax Income Margin from Continuing

Operations

14.0

%

 

2.7

pts

 

(0.1)

pts

 

—

pts

 

16.7

%

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

$      1,176

 
 

$                         368

 
 

$                                 (8)

 
 

$                 (95)

 
 

$         1,441

 

Effective Tax Rate

13.5

%

 

1.4

pts

 

—

pts

 

(0.9)

pts

 

14.0

%

Income from Continuing Operations

$      7,514

 
 

$                      1,292

 
 

$                               (30)

 
 

$                  95

 
 

$         8,870

 

Income Margin from Continuing Operations

12.1

%

 

2.1

pts

 

0.0

pts

 

0.2

pts

 

14.3

%

Diluted Earnings Per Share: Continuing

Operations

$        8.15

 
 

$                        1.40

 
 

$                            (0.03)

 
 

$               0.10

 
 

$           9.62

 

____________________

(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 and 2023 also include a $68 million loss and a $12 million gain, respectively, recognized 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. 2024 also includes the impacts of one-time, non-cash, U.S. and non-U.S. pension settlement charges of $3.1 billion ($2.4 billion net of tax).

(3)    2024 includes a net benefit from income taxes due to the resolution of certain tax audit matters.

(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.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO FREE CASH FLOW RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended
December 31,

 

Year Ended
December 31,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

Net Cash from Operations per GAAP

 

$            4,330

 

$            4,463

 

$         13,445

 

$         13,931

 
 
 
 
 
 
 
 
 

Less: change in IBM Financing receivables

 

(2,255)

 

(1,887)

 

(431)

 

1,233

 
 
 
 
 
 
 
 
 

Net cash from operating activities excl. IBM Financing receivables

 

6,584

 

6,350

 

13,876

 

12,699

 
 
 
 
 
 
 
 
 

Capital Expenditures, net

 

(422)

 

(263)

 

(1,127)

 

(1,488)

 
 
 
 
 
 
 
 
 

Free Cash Flow

 

6,163

 

6,087

 

12,749

 

11,210

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended
December 31,

 

Year Ended
December 31,

(Dollars in Billions)

 

2024

 

2023

 

2024

 

2023

Net Cash Provided by Operating Activities

 

$           4.3

 

$             4.5

 

$        13.4

 

$        13.9

 
 
 
 
 
 
 
 
 

Add:

 
 
 
 
 
 
 
 

Net interest expense

 

0.3

 

0.3

 

1.0

 

0.9

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

 

0.4

 

0.5

 

(0.2)

 

1.2

 
 
 
 
 
 
 
 
 

Less change in:

 
 
 
 
 
 
 
 

Financing receivables

 

(2.3)

 

(1.9)

 

(0.4)

 

1.2

Other assets and liabilities/other, net (1)

 

1.7

 

1.6

 

(1.8)

 

(0.7)

 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           5.6

 

$             5.5

 

$        16.4

 

$        15.5

____________________

(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.

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ibm-releases-fourth-quarter-results-302363763.html

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Technology

Vertafore advances AI innovation at Accelerate 2026, embedding AI across workflows to transform the insurance lifecycle

Published

4 minutes ago

on

April 20, 2026

By

From platform to agents to real workflows, Vertafore and NetVU bring the industry together to move from friction to flow

DENVER, April 20, 2026 /PRNewswire/ — Accelerate 2026 brought together a highly engaged community of insurance professionals to power what’s possible in the AI era, sparking conversations, forging high-impact connections and experiencing firsthand the innovations redefining what’s next for the industry. More than 2,000 attendees participated in the event by Vertafore®, the leader in insurance technology, and the Network of Vertafore Users (NetVU).

Vertafore CEO Amy Zupon and Chief Product Officer James Thom took the stage to outline a bold vision for the future, centered on delivering Distribution Velocity across the insurance value chain. They showed how agencies, MGAs and carriers can harness core digital technology, unmatched data and insurance-specific AI to reduce friction across workflows and achieve speed with intentional outcomes.

During the keynote, Vertafore introduced the Velocity™ AI Platform, brought ReferenceConnect AI™ to market to deliver trusted insights, launched six AI agents to reduce manual work and improve efficiency, and announced AgencyOne® Certificates to streamline certificate management and improve client service.

“This Accelerate was our most impactful event yet, and our customers brought incredible energy. They’re ready to put AI to work,” said Rick Warter, chief customer officer at Vertafore. “From the Velocity AI Platform to the momentum behind AgencyOne, everything we delivered this week focused on helping agencies, MGAs and carriers adapt faster and grow smarter.”

Hands-on AI sessions drive real business impact for attendees

NetVU and Vertafore brought AI to life at Accelerate with hands-on learning designed to turn ideas into action. Attendees worked through real-world use cases and practical training to apply AI across submissions, quoting, servicing and client engagement—reducing manual work and unlocking faster insights.

Education tracks combined technical guidance from Vertafore product experts and real-world experience and tangible next steps from NetVU volunteer session leaders, empowering peer insurance professionals to move from concepts to real, everyday impact.

“You could feel the momentum around AI in every session and every conversation this week,” said Shyla Lankford, chair of the NetVU Board of Directors and principal at Symphony Risk Solutions. “At a time of rapid change, community plays a critical role in helping us collaborate on best practices, stay connected and put what we’ve learned into action so we can continue to learn, grow and thrive together.”

NetVU celebrates industry leaders and delivers meaningful community impact

NetVU honored standout leaders in the Vertafore user community with its annual awards, recognizing meaningful contributions across the industry. Carl Schlotman III of CAI Insurance Agency received the Leadership Award for his long-standing leadership and industry advocacy. Joyce Sigler of SeibertKeck Insurance Partners earned the Insurance Technology Advocate Award for advancing automation and supporting agencies through change, while Sarah Dinwiddie of Charles M. Moore Insurance Agency received the Volunteer Service Award for her growing leadership and commitment to strengthening the NetVU network.

That spirit of leadership extended beyond the event into the local community. Day of Caring, a long-standing Accelerate tradition, brought attendees together for hands-on service, with nearly 200 volunteers packing shelf-stable groceries for The Just One Project’s drive-through distribution program. This year’s Day of Caring will provide up to 23,000 meals to 1,400 Southern Nevada families in need. Alongside these efforts, the community raised $30,000 to support hunger relief and critical local programs.

Insurance professionals can look ahead to this live infusion of innovation and community momentum at Accelerate 2027, scheduled for May 17–20 in San Antonio, Texas. Registration is now open.

About Vertafore

Vertafore powers Distribution Velocity, accelerating every part of the insurance value chain within and across agencies, MGAs, and carriers so they can adapt faster and grow smarter. As the trusted backbone of the industry, Vertafore provides the core digital systems, specialized AI, and data-driven foundation to eliminate distribution drag across sales, servicing, accounting, underwriting, and back-office operations, taking insurance workflows from friction to flow.

Supporting over 95% of the top agencies and insurers and 50% of industry compliance transactions, Vertafore leads at the intersection of innovation and trust, giving customers the speed, performance power, and confidence to transform and grow at scale in the new era. Vertafore is headquartered in Denver, Colorado. Learn more at www.vertafore.com.

©2026 Vertafore and the Vertafore logo are registered trademarks of Vertafore. All rights reserved. All other trademarks are the property of their respective owners.

MEDIA CONTACT:
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vertafore@ink-co.com

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Can Pets Help You Live Longer? New Research to Investigate the Link Between Pet Ownership, Psychosocial and Health Behaviors, and Mortality Among Older Adults

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April 20, 2026

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Human Animal Bond Research Institute Awards Grant to the University of Guelph

WASHINGTON, April 20, 2026 /PRNewswire/ — The Human Animal Bond Research Institute (HABRI) today announced a new grant to identify and quantify possible psychosocial mechanisms by which pet ownership influences mortality among older adults in Canada. The grant for this project was awarded to the University of Guelph under the supervision of Principal Investigator Dr. Lauren Grant, Assistant Professor of Environmental and Public Health, Department of Population Medicine, Ontario Veterinary College, University of Guelph.

Researchers will analyze data collected from the Canadian Community Health Survey – Healthy Aging (CCHS), as well as the Canadian Vital Statistics Death Database, to quantify these mechanisms. Using longitudinal data and mediation analysis, the research aims to differentiate the direct and indirect effects of pet ownership on all-cause and cause-specific mortality, providing a robust understanding of how pets may enhance longevity through improved psychosocial and health behaviors, including companionship, isolation, loneliness, physical activity and body mass index.

“This is the first path or mediation analysis of pet ownership, psychosocial variables, health behaviors and multiple mortality outcomes among older adults using linked health survey and mortality records,” said Dr. Lauren Grant. “This information can be used by clinicians in practice to convey how pet ownership can improve healthy aging.”

“Solid science links pet ownership to healthy aging, increased longevity and reduced loneliness,” said Steven Feldman, President, HABRI. “HABRI is proud to support this important study to explore these connections more deeply, enhancing our understanding of the profound benefits of the human-animal bond.”

About HABRI
HABRI is a not-for-profit organization that funds innovative scientific research to document the health benefits of companion animals; educates the public about human-animal bond research; and advocates for the beneficial role of companion animals in society. For more information, please visit http://www.habri.org.

CONTACT: Hayley Maynard
614-701-8205
hayleym@aboutinspire.com

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SOURCE Human Animal Bond Research Institute (HABRI)

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Scenic Places Near Penn State Explained in HelloNation Article Featuring Vineyard Expert Barb Christ

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April 20, 2026

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The article highlights how vineyard visits and local landscapes enhance weekend experiences beyond campus.

STATE COLLEGE, Pa., April 20, 2026 /PRNewswire/ — What is the best way to show weekend visitors the full experience of State College beyond the Penn State campus? HelloNation has published the piece and included the answer in an article.

The HelloNation article explores how visitors can experience more than campus landmarks by discovering scenic places near Penn State and the surrounding countryside. Featuring insights from Vineyard Expert Barb Christ, the article explains how adding vineyard visits, rural drives, and outdoor stops can create a more complete and memorable weekend.

The article describes State College, Pennsylvania, as a destination that extends well beyond its academic center. While campus visits and downtown dining are common starting points, the article notes that nearby rural areas offer expansive views, quiet settings, and a closer look at local agriculture. These scenic places near Penn State provide a contrast that helps visitors better understand the region’s identity.

According to the article, local wineries play a key role in shaping this broader experience. Locations such as Happy Valley Vineyard & Winery offer visitors a place to slow down, spend time outdoors, and engage with the region’s agricultural side. The article explains that these environments allow guests to connect with the land while learning how local products are made.

The HelloNation article explains that Vineyard Expert Barb Christ emphasizes the importance of creating meaningful experiences rather than rushed itineraries. By introducing guests to vineyard settings, visitors gain insight into how landscapes are cultivated and maintained. The article notes that this approach encourages a deeper appreciation for the region’s character and craftsmanship.

Sustainability is another important theme discussed in the article. At Happy Valley Vineyard & Winery, practices such as solar energy use and responsible land management are part of daily operations. The article highlights how these efforts reflect long-term environmental awareness and demonstrate how agriculture and sustainability can work together in central Pennsylvania.

The article also points out that many visitors are surprised by the balance between tradition and innovation in the area. By visiting wineries and nearby scenic places near Penn State, guests can see how longstanding farming practices are supported by modern sustainability efforts. This combination adds educational value to a weekend visit while keeping the experience accessible and enjoyable.

Beyond vineyards, the article recommends pairing these visits with nearby parks, overlooks, and natural spaces. These locations are described as easy to reach while still offering a sense of quiet and openness. The article explains that combining outdoor exploration with local agriculture creates a well-rounded itinerary that appeals to a wide range of visitors.

Pacing is another key takeaway. The HelloNation article suggests that a relaxed schedule allows visitors to fully engage with each stop. Rather than filling every hour, selecting a few meaningful destinations such as a vineyard, a trail, or a local restaurant can lead to more memorable experiences. This slower approach helps visitors connect with both the landscape and the people who shape it.

The article concludes that sharing scenic places near Penn State with weekend visitors offers an opportunity to highlight the region’s balance of culture, agriculture, and natural beauty. Through thoughtful planning and local insight, visitors can leave with a stronger understanding of what makes central Pennsylvania distinctive.

Where to Take Visitors in State College: A Weekend Guide to Local Flavor, Scenery, and Experiences features insights from Barb Christ, Vineyard Expert of State College, Pennsylvania, in HelloNation.

About HelloNation
HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative “edvertising” approach that blends educational content with storytelling, HelloNation delivers expert-driven, good-news articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities.

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SOURCE HelloNation

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