Company Quick10K Filing
IBM
Price134.40 EPS11
Shares888 P/E13
MCap119,404 P/FCF8
Net Debt53,890 EBIT11,559
TEV173,294 TEV/EBIT15
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-28
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-30
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8-K 2020-04-30
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8-K 2019-11-11
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8-K 2018-07-19
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8-K 2018-04-24
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8-K 2018-03-29
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8-K 2018-03-08
8-K 2018-01-30
8-K 2018-01-18
8-K 2018-01-18
8-K 2018-01-09

IBM 10Q Quarterly Report

Part I - Financial Information
Item 1. Consolidated Financial Statements:
Item 2.
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities
Item 6. Exhibits
EX-10.1 ibm-20200331ex101b6fe84.htm
EX-31.1 ibm-20200331ex311a5d6f1.htm
EX-31.2 ibm-20200331ex31205ff37.htm
EX-32.1 ibm-20200331ex3215b1f22.htm
EX-32.2 ibm-20200331ex3224c26ee.htm

IBM Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
15512493623102011201420172021
Assets, Equity
302317115-12011201420172021
Rev, G Profit, Net Income
25131-11-23-352011201420172021
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTER ENDED MARCH 31, 2020

1-2360

(Commission file number)

INTERNATIONAL BUSINESS MACHINES CORPORATION

(Exact name of registrant as specified in its charter)

New York

13-0871985

(State of incorporation)

(IRS employer identification number)

One New Orchard Road

Armonk, New York

10504

(Address of principal executive offices)

(Zip Code)

914-499-1900

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading symbol

    

Name of each exchange
on which registered

Capital stock, par value $.20 per share

 

IBM

 

New York Stock Exchange

 

 

 

 

NYSE Chicago

2.750%  Notes due 2020

 

IBM 20B

 

New York Stock Exchange

1.875%  Notes due 2020

 

IBM 20A

 

New York Stock Exchange

0.500%  Notes due 2021

 

IBM 21B

 

New York Stock Exchange

2.625%  Notes due 2022

 

IBM 22A

 

New York Stock Exchange

1.250%  Notes due 2023

 

IBM 23A

 

New York Stock Exchange

0.375%  Notes due 2023

 

IBM 23B

 

New York Stock Exchange

1.125%  Notes due 2024

 

IBM 24A

 

New York Stock Exchange

2.875%  Notes due 2025

 

IBM 25A

 

New York Stock Exchange

0.950%  Notes due 2025

 

IBM 25B

 

New York Stock Exchange

0.875%  Notes due 2025

 

IBM 25C

 

New York Stock Exchange

0.300%  Notes due 2026

 

IBM 26B

 

New York Stock Exchange

1.250%  Notes due 2027

 

IBM 27B

 

New York Stock Exchange

0.300% Notes due 2028

IBM 28B

New York Stock Exchange

1.750%  Notes due 2028

 

IBM 28A

 

New York Stock Exchange

1.500%  Notes due 2029

 

IBM 29

 

New York Stock Exchange

1.750%  Notes due 2031

 

IBM 31

 

New York Stock Exchange

0.650% Notes due 2032

IBM 32A

New York Stock Exchange

1.200% Notes due 2040

IBM 40

New York Stock Exchange

7.00%    Debentures due 2025

 

IBM 25

 

New York Stock Exchange

6.22%    Debentures due 2027

 

IBM 27

 

New York Stock Exchange

6.50%    Debentures due 2028

 

IBM 28

 

New York Stock Exchange

7.00%    Debentures due 2045

 

IBM 45

 

New York Stock Exchange

7.125%  Debentures due 2096

 

IBM 96

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section l3 or l5(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

The registrant had 887,891,957 shares of common stock outstanding at March 31, 2020.

Table of Contents

Index

9

Page

Part I - Financial Information:

Item 1. Consolidated Financial Statements (Unaudited):

Consolidated Income Statement for the three months ended March 31, 2020 and 2019

3

Consolidated Statement of Comprehensive Income for the three months ended March 31, 2020 and 2019

4

Consolidated Balance Sheet at March 31, 2020 and December 31, 2019

5

Consolidated Statement of Cash Flows for the three months ended March 31, 2020 and 2019

7

Consolidated Statement of Equity for the three months ended March 31, 2020 and 2019

8

Notes to Consolidated Financial Statements

9

Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition

44

Item 4. Controls and Procedures

74

Part II - Other Information:

Item 1. Legal Proceedings

75

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities

75

Item 6. Exhibits

76

2

Table of Contents

Part I - Financial Information

Item 1. Consolidated Financial Statements:

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED INCOME STATEMENT

(UNAUDITED)

Three Months Ended March 31, 

(Dollars in millions except per share amounts)

    

2020

    

2019

Revenue:

 

  

 

  

Services

$

11,373

$

11,915

*

Sales

 

5,895

 

5,862

*

Financing

 

302

 

404

Total revenue

 

17,571

 

18,182

Cost:

 

  

 

  

Services

 

7,843

 

8,272

*

Sales

 

1,624

 

1,603

*

Financing

 

181

 

264

Total cost

 

9,649

 

10,139

Gross profit

 

7,922

 

8,043

Expense and other (income):

 

  

 

  

Selling, general and administrative

 

5,955

 

4,691

Research, development and engineering

 

1,625

 

1,433

Intellectual property and custom development income

 

(116)

 

(101)

Other (income) and expense

 

182

 

(73)

Interest expense

 

326

 

210

Total expense and other (income)

 

7,972

 

6,160

Income/(loss) from continuing operations before income taxes

 

(49)

 

1,883

Provision for/(benefit from) income taxes

 

(1,226)

 

289

Income from continuing operations

$

1,176

$

1,593

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

 

(1)

 

(2)

Net income

$

1,175

$

1,591

Earnings/(loss) per share of common stock:

 

  

 

  

Assuming dilution:

 

  

 

  

Continuing operations

$

1.31

$

1.78

Discontinued operations

 

0.00

 

0.00

Total

$

1.31

$

1.78

Basic:

 

  

 

  

Continuing operations

$

1.32

$

1.79

Discontinued operations

 

0.00

 

0.00

Total

$

1.32

$

1.79

Weighted-average number of common shares outstanding: (millions)

 

  

 

  

Assuming dilution

 

895.0

 

893.9

Basic

 

888.0

 

889.6

* Reclassified to conform to current period presentation. Refer to note 1, “Basis of Presentation,” for additional information.

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

3

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended March 31, 

(Dollars in millions)

    

2020

    

2019

Net income

$

1,175

$

1,591

Other comprehensive income/(loss), before tax:

 

  

 

  

Foreign currency translation adjustments

 

(919)

 

171

Net changes related to available-for-sale securities:

 

  

 

  

Unrealized gains/(losses) arising during the period

 

0

 

(1)

Reclassification of (gains)/losses to net income

 

 

Total net changes related to available-for-sale securities

 

0

 

(1)

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

Unrealized gains/(losses) arising during the period

 

(180)

 

(352)

Reclassification of (gains)/losses to net income

 

91

 

98

Total unrealized gains/(losses) on cash flow hedges

 

(90)

 

(254)

Retirement-related benefit plans:

 

  

 

  

Prior service costs/(credits)

 

(4)

 

Net (losses)/gains arising during the period

 

8

 

(4)

Curtailments and settlements

 

8

 

1

Amortization of prior service (credits)/costs

 

1

 

(3)

Amortization of net (gains)/losses

 

570

 

464

Total retirement-related benefit plans

 

582

 

458

Other comprehensive income/(loss), before tax

 

(427)

 

375

Income tax (expense)/benefit related to items of other comprehensive income

 

(260)

 

(67)

Other comprehensive income/(loss), net of tax

 

(686)

 

308

Total comprehensive income/(loss)

$

489

$

1,899

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

4

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

ASSETS

    

At March 31, 

    

At December 31, 

(Dollars in millions)

2020

    

2019

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

11,218

$

8,172

Restricted cash

 

152

 

141

Marketable securities

 

647

 

696

Notes and accounts receivable — trade (net of allowances of $337 in 2020 and $299 in 2019)

 

6,927

 

7,870

Short-term financing receivables (net of allowances of $186 in 2020 and $188 in 2019)

 

12,126

 

14,192

Other accounts receivable (net of allowances of $28 in 2020 and $33 in 2019)

 

1,616

 

1,733

Inventory, at lower of average cost or net realizable value:

 

 

  

Finished goods

 

298

 

220

Work in process and raw materials

 

1,488

 

1,399

Total inventory

 

1,786

 

1,619

Deferred costs

 

1,948

 

1,896

Prepaid expenses and other current assets

 

2,509

 

2,101

Total current assets

 

38,931

 

38,420

Property, plant and equipment

 

31,089

 

32,028

Less: Accumulated depreciation

 

21,464

 

22,018

Property, plant and equipment — net

 

9,626

 

10,010

Operating right-of-use assets — net

 

4,871

 

4,996

Long-term financing receivables (net of allowances of $52 in 2020 and $33 in 2019)

 

7,708

 

8,712

Prepaid pension assets

 

6,933

 

6,865

Deferred costs

 

2,459

 

2,472

Deferred taxes

 

8,782

 

5,182

Goodwill

 

57,517

 

58,222

Intangible assets — net

 

14,666

 

15,235

Investments and sundry assets

 

1,911

 

2,074

Total assets

$

153,403

$

152,186

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

5

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEET – (CONTINUED)

(UNAUDITED)

LIABILITIES AND EQUITY

    

At March 31, 

    

At December 31, 

(Dollars in millions except per share amount)

2020

    

2019

Liabilities:

Current liabilities:

 

  

 

  

Taxes

$

2,348

$

2,839

Short-term debt

 

11,642

 

8,797

Accounts payable

 

4,172

 

4,896

Compensation and benefits

 

3,029

 

3,406

Deferred income

 

13,377

 

12,026

Operating lease liabilities

 

1,327

 

1,380

Other accrued expenses and liabilities

 

4,777

 

4,357

Total current liabilities

 

40,673

 

37,701

Long-term debt

 

52,685

 

54,102

Retirement and nonpension postretirement benefit obligations

 

16,474

 

17,142

Deferred income

 

3,769

 

3,851

Operating lease liabilities

 

3,799

 

3,879

Other liabilities

 

15,874

 

14,526

Total liabilities

 

133,275

 

131,202

Equity:

 

 

  

IBM stockholders’ equity:

 

 

  

Common stock, par value $0.20 per share, and additional paid-in capital

 

56,092

 

55,895

Shares authorized: 4,687,500,000

 

 

  

Shares issued: 2020 - 2,238,932,461

 

 

  

2019 - 2,237,996,975

 

 

  

Retained earnings

 

162,626

 

162,954

Treasury stock - at cost

 

(169,437)

 

(169,413)

Shares: 2020 - 1,351,040,504

 

 

  

2019 - 1,350,886,521

 

 

  

Accumulated other comprehensive income/(loss)

 

(29,283)

 

(28,597)

Total IBM stockholders’ equity

 

19,999

 

20,841

Noncontrolling interests

 

129

 

144

Total equity

 

20,128

 

20,985

Total liabilities and equity

$

153,403

$

152,186

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

6

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

Three Months Ended March 31, 

(Dollars in millions)

    

2020

    

2019

Cash flows from operating activities:

 

  

 

  

Net income

$

1,175

$

1,591

Adjustments to reconcile net income to cash provided by operating activities

 

  

 

  

Depreciation

 

1,012

 

1,143

Amortization of intangibles

 

622

 

303

Stock-based compensation

 

189

 

113

Net (gain)/loss on asset sales and other

 

315

 

(176)

Changes in operating assets and liabilities, net of acquisitions/divestitures

 

1,162

 

1,785

Net cash provided by operating activities

 

4,476

 

4,759

Cash flows from investing activities:

 

  

 

  

Payments for property, plant and equipment

 

(630)

 

(539)

Proceeds from disposition of property, plant and equipment

 

46

 

81

Investment in software

 

(153)

 

(156)