Company Quick10K Filing
Quick10K
IBM
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$135.34 887 $120,000
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-04-29
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-02 Exhibits
8-K 2019-08-02 Regulation FD, Exhibits
8-K 2019-07-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-17 Regulation FD, Exhibits
8-K 2019-07-17 Earnings, Regulation FD, Exhibits
8-K 2019-07-09 M&A, Regulation FD, Other Events, Exhibits
8-K 2019-05-15 Leave Agreement
8-K 2019-05-08 Exhibits
8-K 2019-05-03 Other Events
8-K 2019-04-30 Shareholder Vote
8-K 2019-04-16 Regulation FD, Exhibits
8-K 2019-04-16 Earnings, Regulation FD, Exhibits
8-K 2019-04-04 Other Events, Exhibits
8-K 2019-04-04 Exhibits
8-K 2019-02-05 Other Events, Exhibits
8-K 2019-01-29 Officers
8-K 2019-01-24 Exhibits
8-K 2019-01-22 Earnings, Regulation FD, Exhibits
8-K 2019-01-22 Regulation FD, Exhibits
8-K 2019-01-22 Regulation FD, Exhibits
8-K 2019-01-03 Other Events, Exhibits
8-K 2018-12-21 Officers
8-K 2018-12-11 Officers, Exhibits
8-K 2018-12-06 Other Events, Exhibits
8-K 2018-10-28 Regulation FD, Exhibits
8-K 2018-10-28 Enter Agreement, Exhibits
8-K 2018-10-16 Regulation FD, Exhibits
8-K 2018-10-16 Earnings, Regulation FD, Exhibits
8-K 2018-07-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-18 Earnings, Regulation FD, Exhibits
8-K 2018-07-18 Regulation FD, Exhibits
8-K 2018-04-24 Shareholder Vote
8-K 2018-04-17 Regulation FD, Exhibits
8-K 2018-03-29 Regulation FD, Exhibits
8-K 2018-03-20 Regulation FD
8-K 2018-03-08 Regulation FD, Exhibits
8-K 2018-01-30 Officers
8-K 2018-01-18 Regulation FD, Exhibits
8-K 2018-01-09 Officers
UNF UniFirst 3,120
SKT Tanger Factory Outlet Centers 1,710
FOE Ferro 1,300
REPL Replimune Group 512
ALOT Astronova 177
SVBL Silver Bull Resources 0
OIBR OI 0
WGP Western Gas Equity Partners 0
NTRR Neutra 0
C749 Granite Falls Energy 0
IBM 2019-06-30
Part I - Financial Information
Item 1. Consolidated Financial Statements:
Note 11, "Acquisitions/Divestitures," for Additional Information.
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-20190630ex1018a2c8c.htm
EX-31.1 ibm-20190630ex3113daf85.htm
EX-31.2 ibm-20190630ex31218422f.htm
EX-32.1 ibm-20190630ex3212c2104.htm
EX-32.2 ibm-20190630ex322e6386c.htm

IBM Earnings 2019-06-30

IBM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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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 JUNE 30, 2019

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)

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

 

 

 

 

Chicago Stock Exchange

1.375%  Notes due 2019

 

IBM 19B

 

New York Stock Exchange

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

1.25%    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

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

8.375%  Debentures due 2019

 

IBM 19

 

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 885,875,161 shares of common stock outstanding at June 30, 2019.

Table of Contents

Index

Page

Part I - Financial Information:

Item 1. Consolidated Financial Statements (Unaudited):

Consolidated Statement of Earnings for the three and six months ended June 30, 2019 and 2018

3

Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2019 and 2018

4

Consolidated Statement of Financial Position at June 30, 2019 and December 31, 2018

5

Consolidated Statement of Cash Flows for the six months ended June 30, 2019 and 2018

7

Consolidated Statement of Changes in Equity for the three and six months ended June 30, 2019 and 2018

8

Notes to Consolidated Financial Statements

10

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

62

Item 4. Controls and Procedures

100

Part II - Other Information:

Item 1. Legal Proceedings

101

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

101

Item 6. Exhibits

102

2

Table of Contents

Part I - Financial Information

Item 1. Consolidated Financial Statements:

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF EARNINGS

(UNAUDITED)

Three Months Ended June 30, 

 

Six Months Ended June 30, 

(Dollars in millions except per share amounts)

    

2019

    

2018

     

2019

    

2018

Revenue:

 

  

 

  

  

 

  

Services

$

12,352

$

12,886

$

24,775

$

25,848

Sales

 

6,458

 

6,721

 

11,812

 

12,421

Financing

 

351

 

396

 

756

 

806

Total revenue

 

19,161

 

20,003

 

37,342

 

39,075

Cost:

 

  

 

  

 

  

 

  

Services

 

8,272

 

8,645

 

16,631

 

17,479

Sales

 

1,651

 

1,869

 

3,167

 

3,591

Financing

 

228

 

290

 

492

 

559

Total cost

 

10,151

 

10,804

 

20,290

 

21,629

Gross profit

 

9,010

 

9,199

 

17,053

 

17,445

Expense and other (income):

 

  

 

  

 

  

 

  

Selling, general and administrative

 

5,456

 

4,857

 

10,147

 

10,302

Research, development and engineering

 

1,407

 

1,364

 

2,840

 

2,769

Intellectual property and custom development income

 

(222)

 

(250)

 

(323)

 

(567)

Other (income) and expense

 

(747)

 

280

 

(820)

 

692

Interest expense

 

348

 

173

 

558

 

338

Total expense and other (income)

 

6,242

 

6,423

 

12,402

 

13,534

Income from continuing operations before income taxes

 

2,768

 

2,776

 

4,651

 

3,911

Provision for/(benefit from) income taxes

 

269

 

373

 

558

 

(166)

Income from continuing operations

$

2,499

$

2,402

$

4,093

$

4,078

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

 

(1)

 

1

 

(4)

 

5

Net income

$

2,498

$

2,404

$

4,089

$

4,083

Earnings/(loss) per share of common stock:

 

  

 

  

 

  

 

  

Assuming dilution:

 

  

 

  

 

  

 

  

Continuing operations

$

2.81

$

2.61

$

4.58

$

4.42

Discontinued operations

 

0.00

 

0.00

 

0.00

 

0.01

Total

$

2.81

$

2.61

$

4.58

$

4.43

Basic:

 

  

 

  

 

  

 

  

Continuing operations

$

2.82

$

2.63

$

4.61

$

4.44

Discontinued operations

 

0.00

 

0.00

 

0.00

 

0.01

Total

$

2.82

$

2.63

$

4.61

$

4.45

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

 

  

 

  

 

  

 

  

Assuming dilution

 

890.8

 

919.4

 

892.4

 

922.4

Basic

 

886.3

 

915.1

 

887.9

 

917.9

(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 June 30, 

 

Six Months Ended June 30, 

(Dollars in millions)

    

2019

    

2018

     

2019

    

2018

Net income

$

2,498

$

2,404

$

4,089

$

4,083

Other comprehensive income/(loss), before tax:

 

  

 

  

 

  

 

  

Foreign currency translation adjustments

 

5

 

(347)

 

176

 

(513)

Net changes related to available-for-sale securities:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

(2)

 

0

 

(3)

 

(2)

Reclassification of (gains)/losses to net income

 

 

 

 

0

Total net changes related to available-for-sale securities

 

(2)

 

0

 

(3)

 

(2)

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

(6)

 

(149)

 

(359)