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ARMONK, N.Y.--(business WIRE)--IBM (NYSE: IBM)
Full-year 2012 Expectation:
IBM (NYSE: IBM) nowadays introduced fourth-quarter 2011 diluted profits of $4.62 per share, compared with diluted income of $four.18 per partake in the fourth quarter of 2010, an extend of 11 %. working (non-GAAP) diluted earnings were $4.71 per share, compared with operating diluted salary of $four.25 per partake in the fourth quarter of 2010, a soar of eleven %.
Fourth-quarter net salary turned into $5.5 billion compared with $5.three billion within the fourth quarter of 2010, a soar of four p.c. operating (non-GAAP) internet revenue became $5.6 billion in comparison with $5.four billion in the fourth quarter of 2010, a soar of 5 p.c.
complete revenues for the fourth quarter of 2011 of $29.5 billion multiplied 2 percent (1 %, adjusting for currency) from the fourth quarter of 2010. while forex provided a improvement to profits boom of about 25 groundwork features in the quarter, forex movements in view that the industry announced its third-quarter profits in October impacted fourth-quarter income via approximately one point of growth, or $300 million.
"We had a strong fourth-quarter efficiency, capping a 12 months of listing salary per share, revenue, earnings and free money movement," said Ginni Rometty, IBM president and chief government officer. "We delivered excellent results in each and every four of their strategic initiatives for the quarter and the 12 months, as they persisted to recognize the improvement of their lengthy-term investments in boom markets, enterprise analytics, Smarter Planet options and cloud. they are neatly on course toward their lengthy-time epoch roadmap for working salary per partake of as a minimum $20 in 2015.”
Fourth-Quarter GAAP - operating (non-GAAP) Reconciliation
Fourth-quarter operating (non-GAAP) diluted earnings exclude $0.09 per partake of net expenses: $0.10 per partake for the amortization of purchased intangible assets and different acquisition-connected prices, offset by using ($0.01) per partake for retirement-linked items driven by means of alterations to devise belongings and liabilities primarily involving market performance.
Full-12 months 2012 Expectation
IBM spoke of that it expects to deliver full-12 months 2012 GAAP earnings per partake of at least $14.sixteen; and working (non-GAAP) earnings per partake of at least $14.eighty five. The 2012 operating (non-GAAP) revenue exclude $0.sixty nine per partake of costs for amortization of purchased intangible belongings, other acquisition-connected fees, and retirement-related items driven with the aid of changes to plot property and liabilities essentially involving market efficiency.
The Americas’ fourth-quarter revenues absorb been $12.5 billion, an extend of three p.c (3 %, adjusting for currency) from the 2010 period. Revenues from Europe/core East/Africa absorb been $9.6 billion, up 1 p.c (1 %, adjusting for alien money). Asia-Pacific revenues improved 2 percent (down 1 %, adjusting for currency) to $6.7 billion. OEM revenues were $714 million, down 9 percent compared with the 2010 fourth quarter.
Revenues from the enterprise’s extend markets increased 7 p.c (eight p.c, adjusting for forex). Revenues within the BRIC countries — Brazil, Russia, India and China — extended 10 p.c (eleven percent, adjusting for currency).
world technology capabilities segment revenues accelerated three p.c (three p.c, adjusting for forex) to $10.5 billion. global company capabilities segment revenues were up 3 p.c (2 percent, adjusting for forex) at $4.9 billion.
Pre-tax earnings from global technology services increased 18 p.c; pre-tax margin extended to 18.0 percent. world enterprise functions pre-tax revenue improved 14 p.c; pre-tax margin elevated to sixteen.6 percent.
The estimated functions backlog at December 31 turned into $141 billion, up $four billion as stated ($5 billion, adjusting for alien money), quarter to quarter, and down $2 billion as reported (flat, adjusting for forex), 12 months over year. features backlog at the conclusion of 1 / 4 measures the current cost of work below constrict expected to live recognized as income in future quarters.
Revenues from the application side absorb been $7.6 billion, an extend of 9 percent (9 p.c, adjusting for currency). utility pre-tax profits of $3.7 billion multiplied 12 percent year over yr.
Revenues from IBM’s key middleware products, which involve WebSphere, information administration, Tivoli, Lotus and Rational items, absorb been $5.2 billion, an extend of eleven % (eleven percent, adjusting for currency) versus the fourth quarter of 2010. working programs revenues of $710 million accelerated 3 percent (three p.c, adjusting for currency) compared with the prior-year quarter.
Revenues from the WebSphere family unit of software items multiplied 21 % yr over year. suggestions management software revenues multiplied 9 %. Revenues from Tivoli utility improved 14 percent. Revenues from Lotus utility lowered 2 %, and Rational utility multiplied four p.c.
Revenues from the techniques and expertise section totaled $5.8 billion for the quarter, down eight p.c (8 p.c, adjusting for currency) from the fourth quarter of 2010. systems and know-how pre-tax revenue become $790 million, a lessen of 33 %.
complete systems revenues diminished 7 p.c (7 %, adjusting for forex). Revenues from vigour programs accelerated 6 % compared with the 2010 duration. Revenues from materiel z mainframe server products decreased 31 percent compared with the year-in the past epoch which was the first replete quarter after a new product introduction. total birth of system z computing vigour, as measured in MIPS (tens of millions of directions per 2nd), lowered 4 percent. Revenues from gadget x reduced 2 percent. Revenues from gadget Storage lowered 1 p.c, and revenues from Retail withhold options extended 9 percent year over 12 months. Revenues from Microelectronics OEM decreased eleven %.
world Financing segment revenues diminished 13 percent (13 %, adjusting for forex) in the fourth quarter to $548 million. Pre-tax revenue for the segment diminished 9 % to $514 million.
The enterprise’s total Gross income margin changed into forty nine.9 p.c within the 2011 fourth quarter compared with forty nine.0 p.c within the 2010 fourth-quarter length. complete working (non-GAAP) Gross earnings margin become 50.2 percent in the 2011 fourth quarter in comparison with forty nine.1 % within the 2010 fourth-quarter length, with raises in features and application.
total price and other salary extended 2 % to $7.4 billion in comparison with the prior-12 months duration. S,G&A fee of $6.1 billion extended 2 p.c 12 months over 12 months in comparison with prior-year rate. R,D&E rate of $1.6 billion decreased 1 p.c compared with the 12 months-in the past duration. highbrow property and custom building profits lowered to $253 million in comparison with $318 million a 12 months ago. other (revenue) and price changed into earnings of $44 million in comparison with prior-yr revenue of $42 million. hobby price multiplied to $113 million in comparison with $102 million in the prior year.
total operating (non-GAAP) fee and other profits improved 2 % to $7.4 billion in comparison with the prior-year period. working (non-GAAP) S,G&A rate of $6.0 billion expanded 2 percent 12 months over year compared with prior-year cost. working (non-GAAP) R,D&E fee of $1.6 billion lowered 2 percent compared with the yr-in the past period.
Pre-tax salary extended 5 percent to $7.three billion; complete operating (non-GAAP) pre-tax salary extended 6 p.c to $7.four billion. Pre-tax margin turned into 24.7 p.c, up 0.7 features; complete operating (non-GAAP) pre-tax margin became 25.1 %, up 0.9 elements.
IBM’s tax fee become 24.5 p.c, up 0.1 aspects 12 months over year; total operating (non-GAAP) tax fee turned into 24.4 p.c, up 0.7 facets.
internet earnings margin accelerated 0.5 facets to 18.6 %; total operating (non-GAAP) net revenue margin become 19.0 %, an extend of 0.5 features.
The weighted-typical variety of diluted general shares miraculous in the fourth-quarter 2011 become 1.19 billion in comparison with 1.26 billion shares within the same length of 2010.
in the quarter, IBM generated free money circulate of $9.0 billion apart from global Financing receivables, up approximately $300 million 12 months over year.
Full-yr 2011 outcomes
net profits for the 12 months ended December 31, 2011 became $15.9 billion in comparison with $14.8 billion in the 12 months-in the past length, an extend of seven percent. operating (non-GAAP) net revenue become $sixteen.three billion compared with $15.0 billion in 2010, a soar of 9 %.
Diluted revenue absorb been $13.06 per partake in comparison with $eleven.fifty two per diluted partake in 2010, a soar of 13 p.c. operating (non-GAAP) diluted earnings had been $13.44 per share, in comparison with operating diluted earnings of $11.67 per partake in 2010, an extend of 15 percent. This changed into the enterprise’s 9th consecutive year of double-digit EPS growth.
Revenues for 2011 totaled $106.9 billion, an extend of 7 percent (3 percent, adjusting for currency), in comparison with $99.9 billion in 2010.
GAAP - operating (non-GAAP) Reconciliation
working (non-GAAP) diluted salary for the 12 months exclude $0.38 per partake of internet charges: $0.41 per partake for the amortization of purchased intangible belongings and other acquisition-related prices, offset via ($0.03) per partake for retirement-linked items pushed via changes to plot belongings and liabilities essentially involving market performance.
From a geographic standpoint, the Americas’ full-year revenues had been $forty four.9 billion, an extend of seven percent (6 p.c, adjusting for currency) from the 2010 duration. Revenues from Europe/middle East/Africa absorb been $34.0 billion, an extend of seven p.c (2 p.c, adjusting for alien money). Asia-Pacific revenues extended 9 percent (2 p.c, adjusting for currency) to $25.three billion. OEM revenues absorb been $2.7 billion, down 2 % (three percent, adjusting for forex) in comparison with 2010.
Revenues from the enterprise’s growth markets improved 16 % (eleven p.c, adjusting for forex), and represents 22 percent of IBM’s complete geographic earnings. Revenues within the BRIC international locations — Brazil, Russia, India and China — increased 19 percent (16 %, adjusting for forex).
complete global features revenues multiplied 7 % (2 percent, adjusting for alien money). Revenues from the world know-how services segment totaled $forty.9 billion, a soar of seven percent (three p.c, adjusting for alien money) compared with 2010. Revenues from the global industry functions side had been $19.three billion, up 6 percent (1 %, adjusting for alien money). utility segment revenues in 2011 totaled $24.9 billion, an extend of eleven p.c (8 percent, adjusting for forex). systems and know-how segment revenues had been $19.0 billion, a soar of 6 p.c (3 %, adjusting for alien money). world Financing segment revenues totaled $2.1 billion, a lessen of 6 percent (9 percent, adjusting for forex).
The business’s complete Gross earnings margin was forty six.9 p.c in 2011 compared with 46.1 p.c in 2010. criterion Gross earnings margins better 12 months over 12 months for the 8th consecutive yr. complete operating (non-GAAP) Gross profit margin became 47.2 p.c within the 2011 duration compared with 46.1 percent within the 2010 duration, with increases in features, software, and techniques and technology.
The weighted-regular number of diluted common shares astonishing in 2011 become 1.21 billion in comparison with 1.29 billion shares in 2010. As of December 31, 2011, there absorb been 1.16 billion basic habitual shares fabulous.
Debt, including world Financing, totaled $31.three billion, in comparison with $28.6 billion at 12 months-conclusion 2010. From a management side view, global Financing debt totaled $23.3 billion versus $22.eight billion at yr-conclusion 2010, resulting in a debt-to-equity ratio of 7.2 to 1. Non-world financing debt totaled $eight.0 billion, an extend of $2.2 billion considering the fact that year-conclusion 2010, leading to a debt-to-capitalization ratio of 32.0 p.c from 22.6 percent.
IBM ended 2011 with $11.9 billion of money on hand and generated free cash stream of $sixteen.6 billion except world Financing receivables, up approximately $300 million yr over year. The company back $18.5 billion to shareholders through $three.5 billion in dividends and $15.0 billion of partake repurchases. The stability sheet continues to live robust, and the industry is well placed to champion the enterprise over the future.
ahead-looking and Cautionary Statements
aside from the ancient assistance and discussions contained herein, statements contained during this free up may additionally limn forward-searching statements within the import of the private Securities Litigation Reform Act of 1995. ahead-looking statements are in response to the enterprise’s present assumptions involving future company and financial performance. These statements contain a number of hazards, uncertainties and other components that may trigger genuine consequences to vary materially, including prerogative here: a downturn in financial atmosphere and corporate IT spending budgets; the business’s failure to fulfill extend and productiveness ambitions, a failure of the company’s innovation initiatives; dangers from investing in extend alternatives; failure of the company’s highbrow property portfolio to evade aggressive choices and the failure of the company to garner integral licenses; breaches of information safety; fluctuations in monetary effects and purchases, influence of local criminal, financial, political and fitness situations; adverse consequences from environmental concerns, tax concerns and the business’s pension plans; ineffective inside controls; the business’s employ of accounting estimates; the enterprise’s capacity to entice and continue key personnel and its reliance on crucial talents; impacts of relationships with vital suppliers and industry with govt shoppers; forex fluctuations and client financing dangers; repercussion of alterations in market liquidity conditions and client credit random on receivables; reliance on third birthday party distribution channels; the business’s skill to correctly manage acquisitions and alliances; risk factors related to IBM securities; and different hazards, uncertainties and factors discussed within the business’s kind 10-Q, form 10-ok and in the enterprise’s other filings with the U.S. Securities and trade commission (SEC) or in substances included therein by reference. Any ahead-looking remark during this liberate speaks only as of the date on which it is made. The company assumes no responsibility to update or revise any ahead-looking statements.
Presentation of information in this Press liberate
with a purpose to deliver investors with more information involving the enterprise’s results as decided by means of frequently accredited accounting ideas (GAAP), the enterprise has moreover disclosed during this press unlock prerogative here non-GAAP assistance which administration believes gives beneficial suggestions to investors:
IBM results and expectations –
The rationale for administration’s employ of non-GAAP measures is included as portion of the supplementary substances presented within the fourth-quarter revenue materials. These materials are available on the IBM investor family members internet web site at www.ibm.com/investor and are being included in Attachment II (“Non-GAAP Supplementary substances”) to the form eight-ok that includes this press unlock and is being submitted these days to the SEC.
convention title and Webcast
IBM’s ordinary quarterly income conference summon is scheduled to start at 4:30 p.m. EST, these days. traders may additionally participate by pass of viewing the Webcast at www.ibm.com/investor/4q11. Presentation charts will live purchasable on the net web site shortly earlier than the Webcast.
economic effects below (definite amounts might moreover no longer add because of employ of rounded numbers; percentages introduced are calculated from the underlying whole-greenback quantities).international industry MACHINES organizationCOMPARATIVE monetary results (dollars in hundreds of thousands apart from per partake amounts) Three Months Ended Twelve Months Ended December 31, December 31, % percent 2011 2010* trade 2011 2010* modificationREVENUE world technology features $ 10,452 $ 10,a hundred sixty five 2.8 % $ 40,879 $ 38,201 7.0 % Gross margin 36.6 % 34.5 % 35.0 % 34.5 % world business capabilities 4,877 four,758 2.5 % 19,284 18,223 5.eight % Gross margin 29.three % 28.0 % 28.eight % 28.0 % application 7,648 7,039 eight.7 % 24,944 22,485 10.9 % Gross margin 89.eight % 89.6 % 88.5 % 87.9 % programs and expertise 5,803 6,277 -7.6 % 18,985 17,973 5.6 % Gross margin forty.5 % forty three.6 % 39.eight % 38.1 % global Financing 548 628 -12.9 % 2,102 2,238 -6.1 % Gross margin 49.7 % fifty one.8 % forty nine.eight % 51.three % different 159 151 four.7 % 722 750 -3.8 % Gross margin -eleven.0 % 10.3 % -fifty four.5 % -eight.6 % complete profits 29,486 29,019 1.6 % 106,916 ninety nine,870 7.1 % GROSS profit 14,722 14,227 three.5 % 50,138 forty six,014 9.0 % Gross margin 49.9 % 49.0 % forty six.9 % 46.1 % fee AND different income S,G&A 6,076 5,951 2.1 % 23,594 21,837 8.0 % % of revenue 20.6 % 20.5 % 22.1 % 21.9 % R,D&E 1,555 1,578 -1.5 % 6,258 6,026 three.eight % % of revenue 5.three % 5.4 % 5.9 % 6.0 % intellectual property and custom construction income (253 ) (318 ) -20.four % (1,108 ) (1,154 ) -four.0 % different (profits) and rate (44 ) (forty two ) 4.9 % (20 ) (787 ) -97.four % interest fee 113 102 eleven.6 % 411 368 11.6 % total price AND other salary 7,448 7,271 2.4 % 29,135 26,291 10.eight % % of earnings 25.three % 25.1 % 27.three % 26.three % profits before salary TAXES 7,274 6,956 four.6 % 21,003 19,723 6.5 % Pre-tax margin 24.7 % 24.0 % 19.6 % 19.7 % Provision for revenue taxes 1,784 1,698 5.1 % 5,148 four,890 5.three % valuable tax price 24.5 % 24.four % 24.5 % 24.eight % internet earnings $ 5,490 $ 5,257 4.four % $ 15,855 $ 14,833 6.9 % web margin 18.6 % 18.1 % 14.8 % 14.9 % profits PER SHARE OF accustomed inventory: ASSUMING DILUTION $ 4.sixty two $ 4.18 10.5 % $ 13.06 $ eleven.52 13.four % fundamental $ 4.sixty eight $ 4.24 10.four % $ 13.25 $ 11.sixty nine 13.three % WEIGHTED-regular quantity OF mediocre SHARES OUT- STANDING (M's): ASSUMING DILUTION 1,188.7 1,258.four 1,213.eight 1,287.four primary 1,172.2 1,240.1 1,197.0 1,268.8 * side Gross income margins in 2010 reclassified to conform with 2011 presentation. international company MACHINES corporationCONSOLIDATED observation OF financial position At At (greenbacks in tens of millions) December 31, December 31, 2011 2010 assets latest assets: money and cash equivalents $ eleven,922 $ 10,661 Marketable securities -- 990 Notes and accounts receivable - trade (net of allowances of $256 in 2011 and $324 in 2010) eleven,179 10,834 short-time epoch financing receivables (net of allowances of $311 in 2011 and $342 in 2010) 16,901 sixteen,257 other accounts receivable (net of allowances of $eleven in 2011 and $10 in 2010) 1,481 1,134 Inventories, at lessen of typical can impregnate or market: finished goods 589 432 Work in pass and uncooked substances 2,007 2,018 complete inventories 2,595 2,450 Deferred taxes 1,601 1,564 pay as you retreat charges and other existing property 5,249 4,226 complete existing belongings 50,928 48,116 Property, plant and device 40,124 40,289 less: amassed depreciation 26,241 26,193 Property, plant and machine - net 13,883 14,096 lengthy-time epoch financing receivables (internet of allowances of $38 in 2011 and $fifty eight in 2010) 10,776 10,548 prepaid pension property 2,843 3,068 Deferred taxes 3,503 three,220 Goodwill 26,213 25,136 Intangible belongings - web 3,392 three,488 Investments and varied assets 4,895 5,778 total property $ 116,433 $ 113,452 LIABILITIES AND equity latest Liabilities: Taxes $ three,313 $ four,216 brief-time epoch debt 8,463 6,778 debts payable eight,517 7,804 Compensation and advantages 5,099 5,028 Deferred revenue 12,197 11,580 different collected costs and liabilities 4,535 5,156 complete current Liabilities forty two,123 forty,562 lengthy-term debt 22,857 21,846 Retirement and nonpension postretirement advantage tasks 18,374 15,978 Deferred profits three,847 three,666 different liabilities eight,996 8,226 complete Liabilities ninety six,197 ninety,279 Contingencies and commitments equity IBM Stockholders' equity: ordinary stock 48,129 45,418 Retained revenue 104,857 ninety two,532 Treasury inventory -- at charge (one hundred ten,963 ) (ninety six,161 ) accumulated other comprehensive salary/(loss) (21,885 ) (18,743 ) complete IBM stockholders' equity 20,138 23,046 Noncontrolling interests ninety seven 126 total fairness 20,236 23,172 total Liabilities and equity $ 116,433 $ 113,452 foreign company MACHINES corporationcash movement evaluation Three Months Twelve Months Ended Ended (bucks in thousands and thousands) December 31, December 31, 2011 2010 2011 2010 net money from working activities per GAAP: $ 7,097 $ 6,795 $ 19,846 $ 19,549 much less: the change in global Financing (GF) Receivables (2,927 ) (2,991 ) (817 ) (734 ) net money from working activities (excluding GF Receivables) 10,024 9,786 20,663 20,283 Capital bills, net (1,059 ) (1,103 ) (four,059 ) (three,984 ) Free money circulation (except GF Receivables) 8,965 eight,683 sixteen,604 16,299 Acquisitions (1,588 ) (2,928 ) (1,811 ) (5,922 ) Divestitures 10 fifty five 14 fifty five Dividends (880 ) (808 ) (three,473 ) (3,177 ) Share Repurchase (3,581 ) (three,601 ) (15,046 ) (15,375 ) Non-GF Debt 599 745 1,692 2,279 other (includes GF Receivables, and GF Debt) (2,906 ) (1,582 ) 2,291 three,518 exchange in money, money Equivalents and short-time epoch Marketable Securities $ 619 $ 564 $ 271 ($2,322 ) overseas company MACHINES companySEGMENT data FOURTH-QUARTER 2011 (bucks in millions) salary Pre-tax Pre-tax exterior inside complete salary Margin SEGMENTS world expertise features $ 10,452 $ 299 $ 10,751 $ 1,930 18.0 % Y-T-Y change 2.eight % 0.2 % 2.7 % 18.0 % global industry functions four,877 193 5,069 841 sixteen.6 % Y-T-Y exchange 2.5 % -3.4 % 2.three % 14.4 % software 7,648 851 eight,499 3,710 forty three.7 % Y-T-Y trade 8.7 % 9.9 % eight.8 % 12.5 % systems and expertise 5,803 186 5,989 790 13.2 % Y-T-Y alternate -7.6 % -19.8 % -8.0 % -32.6 % international Financing 548 569 1,116 514 46.1 % Y-T-Y exchange -12.9 % -1.1 % -7.2 % -9.1 % total REPORTABLE SEGMENTS $ 29,328 $ 2,098 $ 31,425 $ 7,786 24.eight % Y-T-Y change 1.6 % 0.9 % 1.5 % 5.1 % Eliminations / other 159 (2,098 ) (1,939 ) (512 ) complete IBM CONSOLIDATED $ 29,486 $ 0 $ 29,486 $ 7,274 24.7 % Y-T-Y trade 1.6 % 1.6 % 4.6 % FOURTH-QUARTER 2010 (greenbacks in thousands and thousands) salary Pre-tax Pre-tax exterior inside total profits* Margin* SEGMENTS world technology capabilities $ 10,165 $ 299 $ 10,464 $ 1,635 15.6 % global enterprise services 4,758 199 four,957 735 14.8 % utility 7,039 774 7,813 three,299 42.2 % systems and expertise 6,277 232 6,509 1,173 18.0 % international Financing 628 575 1,203 566 forty seven.0 % total REPORTABLE SEGMENTS $ 28,867 $ 2,079 $ 30,947 $ 7,408 23.9 % Eliminations / other 151 (2,079 ) (1,928 ) (452 ) total IBM CONSOLIDATED $ 29,019 $ 0 $ 29,019 $ 6,956 24.0 % * Reclassified to conform with 2011 presentation. overseas industry MACHINES firmSEGMENT information TWELVE-MONTHS 2011 (dollars in millions) income Pre-tax Pre-tax external inside total earnings Margin SEGMENTS global expertise features $ forty,879 $ 1,242 $ forty two,121 $ 6,284 14.9 % Y-T-Y alternate 7.0 % -5.3 % 6.6 % 14.3 % global enterprise features 19,284 797 20,081 3,006 15.0 % Y-T-Y alternate 5.eight % -0.2 % 5.6 % 18.1 % application 24,944 three,276 28,219 9,970 35.three % Y-T-Y alternate 10.9 % eleven.0 % 10.9 % 5.3 % systems and technology 18,985 838 19,823 1,633 8.2 % Y-T-Y exchange 5.6 % 4.3 % 5.6 % 12.2 % global Financing 2,102 2,092 four,195 2,011 forty seven.9 % Y-T-Y change -6.1 % 13.6 % 2.eight % 2.8 % complete REPORTABLE SEGMENTS $ 106,194 $ 8,246 $ 114,440 $ 22,904 20.0 % Y-T-Y trade 7.1 % 7.0 % 7.1 % 9.5 % Eliminations / different 722 (eight,246 ) (7,524 ) (1,901 ) complete IBM CONSOLIDATED $ 106,916 $ 0 $ 106,916 $ 21,003 19.6 % Y-T-Y trade 7.1 % 7.1 % 6.5 % TWELVE-MONTHS 2010 (bucks in tens of millions) earnings Pre-tax Pre-tax external inner complete revenue* Margin* SEGMENTS international technology services $ 38,201 $ 1,313 $ 39,514 $ 5,499 13.9 % world company services 18,223 798 19,021 2,546 13.4 % utility 22,485 2,950 25,436 9,466 37.2 % systems and technology 17,973 804 18,777 1,456 7.eight % international Financing 2,238 1,842 four,080 1,956 forty eight.0 % complete REPORTABLE SEGMENTS $ ninety nine,120 $ 7,707 $ 106,827 $ 20,923 19.6 % Eliminations / other 750 (7,707 ) (6,956 ) (1,200 ) total IBM CONSOLIDATED $ 99,870 $ 0 $ ninety nine,870 $ 19,723 19.7 % * Reclassified to comply with 2011 presentation. foreign company MACHINES companyU.S. GAAP TO working results RECONCILIATION (greenbacks in hundreds of thousands apart from per partake amounts) FOURTH-QUARTER 2011 Acquisition- Retirement- connected related working GAAP changes* alterations** (Non-GAAP) Gross earnings $ 14,722 $ 81 ($10 ) $ 14,793 Gross earnings Margin 49.9 % 0.3Pts -0.0Pts 50.2 % S,G&A 6,076 (eighty two ) 2 5,996 R,D&E 1,555 0 23 1,578 different (salary) & cost (forty four ) (2 ) 0 (forty six ) total price & different (revenue) 7,448 (eighty five ) 25 7,388 Pre-Tax income 7,274 166 (35 ) 7,405 Pre-Tax earnings Margin 24.7 % 0.6Pts -0.1Pts 25.1 % Provision for profits Taxes*** 1,784 forty seven (24 ) 1,808 useful Tax price 24.5 % 0.1Pts -0.2Pts 24.4 % net income 5,490 119 (12 ) 5,597 internet income Margin 18.6 % 0.4Pts -0.0Pts 19.0 % Diluted income Per Share $ four.sixty two $ 0.10 ($0.01 ) $ four.71 FOURTH-QUARTER 2010 Acquisition- Retirement- related related operating GAAP adjustments* adjustments** (Non-GAAP) Gross profit $ 14,227 $ eighty two ($60 ) $ 14,249 Gross income Margin forty nine.0 % 0.3Pts -0.2Pts 49.1 % S,G&A 5,951 (95 ) 28 5,884 R,D&E 1,578 0 33 1,611 other (revenue) & expense (42 ) (2 ) 0 (forty four ) total expense & other (revenue) 7,271 (ninety eight ) 61 7,235 Pre-Tax salary 6,956 one hundred eighty (121 ) 7,015 Pre-Tax salary Margin 24.0 % 0.6Pts -0.4Pts 24.2 % Provision for revenue Taxes*** 1,698 10 (forty seven ) 1,661 advantageous Tax expense 24.4 % -0.5Pts -0.3Pts 23.7 % net salary 5,257 a hundred and seventy (74 ) 5,354 internet profits Margin 18.1 % 0.6Pts -0.3Pts 18.5 % Diluted salary Per Share $ four.18 $ 0.14 ($0.06 ) $ 4.25 * contains amortization of obtained intangible property and different acquisition-related fees. ** comprises retirement-linked objects driven through alterations to plot belongings and liabilities essentially involving market performance. *** Tax absorb an repercussion on on operating (non-GAAP) pre-tax salary is calculated under the equal accounting principles applied to the GAAP pre-tax profits which employs an annual constructive tax cost components to the consequences. overseas industry MACHINES corporationU.S. GAAP TO operating consequences RECONCILIATION (greenbacks in millions except per partake amounts) TWELVE-MONTHS 2011 Acquisition- Retirement- related connected working GAAP changes* changes** (Non-GAAP) Gross income $ 50,138 $ 341 $ 2 $ 50,481 Gross income Margin forty six.9 % 0.3Pts 0.0Pts 47.2 % S,G&A 23,594 (309 ) (13 ) 23,272 R,D&E 6,258 0 88 6,345 other (revenue) & price (20 ) (25 ) 0 (45 ) total price & different (income) 29,135 (334 ) seventy four 28,875 Pre-Tax profits 21,003 675 (seventy two ) 21,605 Pre-Tax salary Margin 19.6 % 0.6Pts -0.1Pts 20.2 % Provision for revenue Taxes*** 5,148 179 (forty ) 5,287 valuable Tax fee 24.5 % 0.1Pts -0.1Pts 24.5 % web profits 15,855 495 (32 ) 16,318 web income Margin 14.8 % 0.5Pts -0.0Pts 15.3 % Diluted income Per Share $ 13.06 $ 0.forty one ($0.03 ) $ 13.forty four TWELVE-MONTHS 2010 Acquisition- Retirement- connected connected operating GAAP alterations* alterations** (Non-GAAP) Gross profit $ forty six,014 $ 260 ($204 ) $ forty six,070 Gross income Margin forty six.1 % 0.3Pts -0.2Pts forty six.1 % S,G&A 21,837 (294 ) eighty four 21,628 R,D&E 6,026 0 126 6,152 different (earnings) & fee (787 ) (four ) 0 (791 ) complete rate & other (earnings) 26,291 (298 ) 210 26,202 Pre-Tax income 19,723 558 (414 ) 19,867 Pre-Tax earnings Margin 19.7 % 0.6Pts -0.4Pts 19.9 % Provision for profits Taxes*** 4,890 116 (162 ) four,844 useful Tax rate 24.eight % -0.1Pts -0.3Pts 24.4 % internet income 14,833 443 (253 ) 15,023 web salary Margin 14.9 % 0.4Pts -0.3Pts 15.0 % Diluted income Per Share $ eleven.52 $ 0.34 ($0.20 ) $ eleven.67 * includes amortization of got intangible property and different acquisition-related expenses. ** contains retirement-linked items pushed with the aid of changes to plot belongings and liabilities essentially regarding market performance. *** Tax influence on operating (non-GAAP) pre-tax income is calculated under the equal accounting ideas utilized to the GAAP pre-tax earnings which employs an annual positive tax rate system to the effects.
ARMONK, N.Y.--(company WIRE)--
superior yr-to-yr Gross Margin performance in three Years, Reflecting higher value company
IBM (IBM) today announced third-quarter consequences.
"IBM's growth and momentum this 12 months in the rising, high-cost segments of the IT industry are pushed by pass of their resourceful expertise, deep trade odds and dedication to absorb aplomb and security," famous Ginni Rometty, IBM chairman, president and chief government officer. "Our management in the technology and services that convey hybrid cloud, AI, blockchain, analytics and security has helped pressure their typical efficiency, and is assisting their customers unleash the entire company cost of these innovations."THIRD QUARTER 2018 Pre-tax Gross Diluted web Pre-tax earnings profit EPS profits profits Margin Margin GAAP from carrying on with Operations $2.94 $2.7B $three.0B sixteen.0% forty six.9% yr/yr 1% -1% -2% 0.0Pts 0.0Pts working (Non-GAAP) $three.forty two $3.1B $3.6B 19.2% forty seven.four% 12 months/12 months 5% three% 1% 0.5Pts 0.0Pts
"within the quarter, they once again accelerated their criterion operating pre-tax salary margin 12 months to yr, and produced their strongest yr-to-12 months Gross margin performance in three years," talked about James Kavanaugh, IBM senior vp and chief financial officer. "at the same time, with their astonishing cash era, they expanded their capital funding within the company through the first three quarters and continued to near back capital to shareholders."
Strategic Imperatives earnings
Strategic imperatives revenue over the ultimate one year become $39.5 billion, up 13 p.c (up 11 % adjusting for currency). complete cloud earnings over the terminal 12 months changed into $19.0 billion, up 20 percent (up 18 p.c adjusting for currency), with $8.1 billion from hardware, utility and services to enable IBM purchasers to implement hybrid cloud options throughout public, deepest and multi-cloud environments, and $10.9 billion delivered as a provider. The annual exit precipitate fee for as-a-service income multiplied in the quarter to $11.4 billion, up 21 % (up 24 percent adjusting for forex).
money movement and poise Sheet
in the third quarter, the company generated internet money from working activities of $4.2 billion, or $3.1 billion, except global Financing receivables. IBM’s free money movement turned into $2.2 billion. IBM lower back $2.1 billion to shareholders via $1.4 billion in dividends and $0.6 billion in Gross partake repurchases. at the conclusion of September 2018, IBM had $1.4 billion remaining within the present partake repurchase authorization.
IBM ended the third quarter with $14.7 billion of cash handy. Debt totaled $46.9 billion, together with world Financing debt of $30.four billion. The poise sheet continues to live mighty and is neatly positioned for the future.
segment results for Third Quarter
Full-yr 2018 Expectations
The company expects working (non-GAAP) diluted salary per partake of as a minimum $13.eighty, and GAAP diluted salary per partake of at least $eleven.60. operating (non-GAAP) diluted profits per partake exclude $2.20 per partake of charges for amortization of purchased intangible assets, other acquisition-related charges, retirement-linked expenses and any one-time impacts from the enactment of U.S. Tax Reform. GAAP expectations exclude any fourth-quarter one-time influences from the enactment of U.S. Tax Reform.
IBM expects free money circulate of about $12 billion, with a attention price greater than 100%.
yr-To-Date 2018 outcomes
Consolidated diluted revenue per partake from continuing operations turned into $7.36 in comparison to $7.24, up 2 percent year to yr. Consolidated internet salary become $6.eight billion, flat yr to 12 months. Revenues for the 9-month duration totaled $57.eight billion, an extend of two percent yr to 12 months (flat 12 months to yr adjusting for alien money), compared with $56.6 billion for the primary 9 months of 2017.
operating (non-GAAP) diluted salary per partake from continuing operations turned into $8.96 compared with $eight.54 per diluted partake for the 2017 length, an extend of 5 p.c. working (non-GAAP) internet salary for the nine months ended September 30, 2018 was $8.2 billion compared with $8.0 billion within the year-in the past period, a soar of three %.
forward-looking and Cautionary Statements
other than the passe tips and discussions contained herein, statements contained in this free up may additionally constitute forward-searching statements in the that means of the deepest Securities Litigation Reform Act of 1995. forward-looking statements are in accordance with the business’s latest assumptions involving future company and monetary efficiency. These statements contain a few hazards, uncertainties and other elements that may trigger genuine outcomes to vary materially, together with here: a downturn in economic environment and customer spending budgets; the enterprise’s failure to fulfill extend and productiveness targets; a failure of the business’s innovation initiatives; harm to the company’s reputation; hazards from investing in extend alternatives; failure of the enterprise’s highbrow property portfolio to preclude competitive offerings and the failure of the enterprise to gain crucial licenses; cybersecurity and statistics privateness concerns; fluctuations in fiscal results, repercussion of indigenous criminal, financial, political and fitness situations; adversarial consequences from environmental matters, tax concerns and the business’s pension plans; ineffective interior controls; the business’s employ of accounting estimates; the company’s means to attract and continue key employees and its reliance on vital abilities; affects of relationships with captious suppliers; product Great considerations; affects of enterprise with executive shoppers; forex fluctuations and client financing risks; absorb an repercussion on of adjustments in market liquidity situations and consumer credit score random on receivables; reliance on third celebration distribution channels and ecosystems; the business’s capacity to successfully manage acquisitions, alliances and inclinations; dangers from felony complaints; random factors concerning IBM securities; and different dangers, uncertainties and elements mentioned in the company’s kind 10-Qs, form 10-okay and within the business’s different filings with the U.S. Securities and trade fee (SEC) or in substances included therein by using reference. Any ahead-searching remark during this unencumber speaks most efficacious as of the date on which it is made. The enterprise assumes no responsibility to update or revise any ahead-searching statements.
Presentation of counsel during this Press free up
with a purpose to provide investors with additional info regarding the company’s effects as decided by generally accredited accounting ideas (GAAP), the enterprise has moreover disclosed during this press unlock here non-GAAP recommendation which management believes provides valuable counsel to investors:
IBM outcomes --
Free cash circulate tips is derived the usage of an assay of profit, working capital and operational money outflows. The enterprise views global Financing receivables as a earnings-producing funding, which it seeks to maximize and hence it is not considered when formulating suggestions without impregnate cash circulation. subsequently, the enterprise doesn't assay a GAAP net cash from Operations expectation metric.
The motive for management’s employ of these non-GAAP measures is covered in disclose 99.2 within the kindly 8-ok that comprises this press liberate and is being submitted today to the SEC.
convention summon and Webcast
IBM’s general quarterly salary convention summon is scheduled to inaugurate at 5:00 p.m. EDT, nowadays. The Webcast may live accessed by means of a link at http://www.ibm.com/investor/hobbies/profits/3q18.html. Presentation charts can live obtainable almost immediately earlier than the Webcast.
monetary results beneath (definite amounts may moreover now not add because of employ of rounded numbers; percentages offered are calculated from the underlying complete-dollar amounts).overseas industry MACHINES agency COMPARATIVE monetary results (Unaudited; bucks in thousands and thousands except per partake quantities) Three Months Ended nine Months Ended September 30, September 30, 2018 2017 2018 2017 earnings Cognitive options $ 4,148 $ 4,400 $ 13,027 $ 13,021 world company services four,one hundred thirty 4,093 12,495 12,196 technology capabilities & Cloud platforms eight,292 eight,457 25,533 25,079 methods 1,736 1,721 5,412 four,863 world Financing 388 427 1,188 1,246 different sixty two fifty six 176 192 complete profits 18,756 19,153 57,830 56,597 GROSS earnings 8,803 eight,981 * 26,249 25,894 * GROSS earnings MARGIN Cognitive options seventy six.0 % 78.7 % * seventy six.7 % 78.3 % * international industry functions 29.eight % 27.1 % * 26.three % 25.1 % * know-how services & Cloud platforms 42.1 % 40.9 % * 39.9 % forty.1 % * techniques fifty two.7 % 53.6 % * 49.three % fifty one.5 % * global Financing 26.3 % 25.2 % * 29.1 % 29.2 % * total Gross profit MARGIN 46.9 % forty six.9 % * forty five.4 % 45.8 % * expense AND different income S,G&A 4,363 four,606 * 14,665 14,666 * R,D&E 1,252 1,291 * four,021 4,212 * intellectual property and custom building profits (275 ) (308 ) (842 ) (1,118 ) other (profits) and rate 275 159 * 968 751 * activity price 191 168 530 451 complete cost AND other salary 5,807 5,917 * 19,341 18,962 * income FROM continuing OPERATIONS earlier than income TAXES 2,996 3,065 6,908 6,931 Pre-tax margin sixteen.0 % 16.0 % eleven.9 % 12.2 % Provision for income taxes 304 339 138 120 constructive tax price 10.2 % eleven.0 % 2.0 % 1.7 % revenue FROM carrying on with OPERATIONS $ 2,692 $ 2,726 $ 6,770 $ 6,811 DISCONTINUED OPERATIONS earnings/(Loss) from discontinued operations, net of taxes 2 0 7 (three ) web salary $ 2,694 $ 2,726 $ 6,777 $ 6,807 profits PER partake OF accustomed inventory: Assuming Dilution carrying on with Operations $ 2.ninety four $ 2.ninety two $ 7.36 $ 7.24 Discontinued Operations $ 0.00 $ 0.00 $ 0.01 $ 0.00 complete $ 2.ninety four $ 2.92 $ 7.37 $ 7.24 basic continuing Operations $ 2.95 $ 2.93 $ 7.39 $ 7.28 Discontinued Operations $ 0.00 $ 0.00 $ 0.01 $ 0.00 complete $ 2.ninety five $ 2.93 $ 7.40 $ 7.28 WEIGHTED-standard variety of typical SHARES remarkable (M's): Assuming Dilution 915.2 933.2 920.0 940.2 basic 911.2 929.four 915.6 935.6 * Recast to mirror adoption of the FASB information on presentation of internet postretirement capitalize can charge. foreign enterprise MACHINES organization CONDENSED CONSOLIDATED steadiness SHEET (Unaudited) At At (bucks in millions) September 30, December 31, 2018 2017 belongings: current property: cash and cash equivalents $ eleven,563 $ 11,972 restrained cash 168 262 * Marketable securities 2,932 608 Notes and bills receivable - change, internet 7,071 8,928 short-time epoch financing receivables, net 19,249 21,721 different bills receivable, internet 767 981 stock 1,893 1,583 Deferred fees 2,227 1,820 ** pay as you retreat prices and other existing belongings 2,388 1,860 * ** complete latest assets forty eight,257 forty nine,735 Property, plant and device, net 10,949 11,116 lengthy-time epoch financing receivables, web 8,179 9,550 pay as you retreat pension assets 5,655 4,643 Deferred costs 2,581 2,136 ** Deferred taxes 4,436 four,862 Goodwill and intangibles, net 39,660 forty,531 Investments and varied belongings 2,272 2,783 ** total assets $ 121,990 $ a hundred twenty five,356 LIABILITIES: current Liabilities: Taxes $ 2,502 $ 4,219 short-time epoch debt 10,932 6,987 money owed payable 5,384 6,451 Deferred salary 10,704 11,552 other liabilities 7,300 8,153 complete latest Liabilities 36,822 37,363 lengthy-time epoch debt 35,989 39,837 Retirement linked duties 15,774 sixteen,720 Deferred profits 3,507 3,746 other liabilities 9,979 9,965 complete Liabilities 102,071 107,631 fairness: IBM Stockholders' equity: commonplace stock fifty four,987 54,566 Retained revenue 158,612 153,126 Treasury inventory -- at can charge (one hundred sixty five,995 ) (163,507 ) gathered other finished revenue/(loss) (27,820 ) (26,592 ) complete IBM Stockholders' equity 19,784 17,594 Noncontrolling pastimes 134 131 total fairness 19,918 17,725 total Liabilities and fairness $ 121,990 $ a hundred twenty five,356 * Recast to reflect adoption of the FASB tips on limited money. ** Recast to conform to present epoch presentation. international industry MACHINES organisation money stride evaluation (Unaudited) Three Months Ended nine Months Ended (greenbacks in hundreds of thousands) September 30, September 30, 2018 2017 2018 2017 net cash offered via working actions per GAAP: $ four,232 $ 3,570 $ 11,128 $ 10,991 less: trade in world Financing (GF) Receivables 1,096 258 2,874 2,468 Capital expenditures, internet (942 ) (780 ) (2,839 ) (2,347 ) Free money circulation 2,194 2,532 5,415 6,176 Acquisitions (1 ) (274 ) (123 ) (442 ) Divestitures - 6 - 35 Dividends (1,431 ) (1,396 ) (four,250 ) (4,119 ) Share Repurchase (627 ) (949 ) (2,393 ) (3,674 ) Non-GF Debt 2,218 (467 ) 1,607 1,896 other (includes GF net Receivables and GF Debt) 382 (216 ) * 1,564 three,124 * change in cash, cash Equivalents, limited money and brief-term Marketable Securities $ 2,736 ($763 ) * $ 1,820 $ 2,995 * * Recast to replicate adoption of the FASB assistance on restrained cash. foreign enterprise MACHINES organizationcash stream (Unaudited) Three Months Ended nine Months Ended (dollars in millions) September 30, September 30, 2018 2017 2018 2017 net salary from Operations $ 2,694 $ 2,726 $ 6,777 $ 6,807 Depreciation/Amortization of Intangibles 1,138 1,175 3,368 3,392 inventory-based mostly Compensation 129 123 371 388 Working Capital / different (825 ) (713 ) (2,261 ) (2,064 ) world Financing A/R 1,096 258 2,874 2,468 internet cash provided by pass of operating actions $ 4,232 $ 3,570 $ eleven,128 $ 10,991 Capital bills, internet of payments & proceeds (942 ) (780 ) (2,839 ) (2,347 ) Divestitures, web of money transferred - 6 - 35 Acquisitions, internet of cash obtained (1 ) (274 ) (123 ) (442 ) Marketable Securities / different Investments, net (2,026 ) (858 ) * (2,406 ) (517 ) * net cash utilized in Investing actions ($2,969 ) ($1,906 ) * ($5,368 ) ($three,271 ) * Debt, internet of payments & proceeds 1,595 (446 ) 845 2,310 Dividends (1,431 ) (1,396 ) (four,250 ) (four,119 ) general stock Repurchases (627 ) (949 ) (2,393 ) (3,674 ) average stock Transactions - other 26 35 (66 ) (15 ) net money used in Financing activities ($437 ) ($2,756 ) ($5,864 ) ($5,499 ) impact of exchange rate adjustments on cash (55 ) 328 (399 ) 875 net exchange in cash, money Equivalents and confined cash $ 771 ($764 ) * ($503 ) $ three,096 * * Recast to replicate adoption of the FASB guidance on limited money. overseas company MACHINES organizationSEGMENT facts (Unaudited)
THIRD - QUARTER 2018know-how international services & (dollars in thousands and thousands) Cognitive enterprise Cloud global solutions services platforms programs Financing salary exterior $ four,148 $ four,one hundred thirty $ eight,292 $ 1,736 $ 388 inner 639 seventy seven 240 181 338 total side salary $ 4,787 $ 4,207 $ eight,533 $ 1,917 $ 726 Pre-tax salary from continuing Operations 1,629 579 1,075 209 308 Pre-tax margin 34.0 % 13.eight % 12.6 % 10.9 % forty two.5 % alternate YTY earnings - exterior (5.7 )% 0.9 % (1.9 )% 0.9 % (9.0 )% change YTY earnings - external @constant alien money (4.6 )% 2.5 % 0.2 % 1.eight % (7.1 )%
THIRD - QUARTER 2017technology international functions & (bucks in millions) Cognitive enterprise Cloud international solutions functions platforms methods Financing salary exterior $ 4,400 $ 4,093 $ eight,457 $ 1,721 $ 427 inner 629 92 164 227 272 total side income $ 5,030 $ 4,185 $ 8,621 $ 1,948 $ 698 Pre-tax profits from continuing Operations * 1,643 442 1,177 337 243 Pre-tax margin * 32.7 % 10.6 % 13.7 % 17.3 % 34.8 % * Recast to mirror adoption of the FASB guidance on presentation of net postretirement improvement charge. overseas industry MACHINES organizationSEGMENT information (Unaudited) 9 - MONTHS 2018 technology international services & (bucks in tens of millions) Cognitive enterprise Cloud international solutions functions platforms methods Financing revenue external $ 13,027 $ 12,495 $ 25,533 $ 5,412 $ 1,188 internal 2,122 249 550 576 1,240 total side profits $ 15,149 $ 12,744 $ 26,083 $ 5,989 $ 2,428 Pre-tax revenue from carrying on with Operations 4,718 1,109 2,395 352 1,042 Pre-tax margin 31.1 % 8.7 % 9.2 % 5.9 % 42.9 % trade YTY salary - external 0.0 % 2.4 % 1.eight % 11.three % (four.7 )% change YTY revenue - external @regular currency (1.4 )% 0.5 % (0.1 )% 9.9 % (5.eight )% nine - MONTHS 2017 expertise international services & (dollars in thousands and thousands) Cognitive company Cloud global options services systems programs Financing profits external $ 13,021 $ 12,196 $ 25,079 $ four,863 $ 1,246 internal 2,001 271 497 571 925 complete section profits $ 15,022 $ 12,467 $ 25,576 $ 5,434 $ 2,171 Pre-tax salary from carrying on with Operations * 4,522 1,035 2,845 222 835 Pre-tax margin * 30.1 % 8.3 % 11.1 % 4.1 % 38.5 % * Recast to replicate adoption of the FASB guidance on presentation of web postretirement improvement can charge. international industry MACHINES companyU.S. GAAP TO operating (Non-GAAP) consequences RECONCILIATION (Unaudited; greenbacks in tens of millions apart from per partake amounts) THIRD - QUARTER 2018 carrying on with OPERATIONS Acquisition- Retirement- Tax Reform related related One-Time operating GAAP alterations* alterations** have an upshot on (Non-GAAP) Gross earnings $ eight,803 $ 96 - - $ eight,899 Gross profit Margin 46.9 % 0.5Pts - - forty seven.four % S,G&A four,363 (112 ) - - four,251 R,D&E 1,252 - - - 1,252 different (profits) & expense 275 (1 ) (389 ) - (a hundred and fifteen ) complete fee & different (income) 5,807 (113 ) (389 ) - 5,304 Pre-tax income from carrying on with Operations 2,996 209 389 - 3,594 Pre-tax revenue Margin from carrying on with Operations sixteen.0 % 1.1Pts 2.1Pts - 19.2 % Provision for revenue Taxes*** 304 56 a hundred - 460 effective Tax rate 10.2 % 1.0Pts 1.7Pts - 12.8 % income from continuing Operations 2,692 153 289 - 3,134 salary Margin from continuing Operations 14.4 % 0.8Pts 1.5Pts - 16.7 % Diluted revenue Per Share: carrying on with Operations $ 2.ninety four $ 0.17 $ 0.31 - $ 3.42 THIRD - QUARTER 2017 carrying on with OPERATIONS Acquisition- Retirement- related linked working GAAP changes* adjustments** (Non-GAAP) Gross earnings $ 8,981 $ 114 - $ 9,095 Gross earnings Margin forty six.9 % 0.6Pts - forty seven.5 % S,G&A 4,606 (125 ) - four,482 R,D&E 1,291 - - 1,291 different (income) & price 159 - (273 ) (114 ) complete expense & different (salary) 5,917 (one hundred twenty five ) (273 ) 5,519 Pre-tax profits from carrying on with Operations 3,065 238 273 three,576 Pre-tax salary Margin from carrying on with Operations 16.0 % 1.2Pts 1.4Pts 18.7 % Provision for salary Taxes*** 339 79 113 531 positive Tax fee eleven.0 % 1.5Pts 2.3Pts 14.eight % earnings from carrying on with Operations 2,726 159 a hundred and sixty three,045 revenue Margin from carrying on with Operations 14.2 % 0.8Pts 0.8Pts 15.9 % Diluted profits Per Share: carrying on with Operations $ 2.92 $ 0.17 $ 0.17 $ 3.26
* includes amortization of bought intangible belongings, in technique R&D, severance impregnate for acquired personnel, vacant house for got groups, deal prices and acquisition integration tax costs.
** includes retirement-connected activity charge, anticipated revert on plot property, diagnosed actuarial losses or sterling points, amortization of transition assets, different settlements, curtailments, amortization of prior service impregnate and insolvency coverage. 2017 adjustments were recast to mirror the adoption of the FASB counsel on net postretirement odds can charge.
*** Tax absorb an repercussion on on operating (non-GAAP) pre-tax income from continuing operations is calculated below the same accounting principles applied to the As said pre-tax revenue beneath ASC 740, which employs an annual positive tax price system to the consequences.foreign enterprise MACHINES organizationU.S. GAAP TO working (Non-GAAP) effects RECONCILIATION (Unaudited; bucks in tens of millions except per partake amounts) nine - MONTHS 2018 carrying on with OPERATIONS Acquisition- Retirement- Tax Reform connected related One-Time working GAAP alterations* adjustments** impact (Non-GAAP) Gross income $ 26,249 $ 283 - - $ 26,531 Gross earnings Margin forty five.four % 0.5Pts - - forty five.9 % S,G&A 14,665 (332 ) - - 14,333 R,D&E four,021 - - - four,021 different (profits) & price 968 (1 ) (1,185 ) - (219 ) complete expense & other (revenue) 19,341 (333 ) (1,185 ) - 17,822 Pre-tax revenue from continuing Operations 6,908 616 1,185 - eight,709 Pre-tax revenue Margin from carrying on with Operations 11.9 % 1.1Pts 2.0Pts - 15.1 % Provision for earnings Taxes*** 138 138 285 (93 ) 468 advantageous Tax rate 2.0 % 1.4Pts 3.0Pts (1.1)Pts 5.four % profits from carrying on with Operations 6,770 478 900 ninety three 8,241 revenue Margin from carrying on with Operations 11.7 % 0.8Pts 1.6Pts 0.2Pts 14.2 % Diluted revenue Per Share: continuing Operations $ 7.36 $ 0.fifty two $ 0.ninety eight $ 0.10 $ 8.ninety six 9 - MONTHS 2017 continuing OPERATIONS Acquisition- Retirement- connected linked operating GAAP adjustments* alterations** (Non-GAAP) Gross earnings $ 25,894 $ 349 - $ 26,243 Gross profit Margin forty five.eight % 0.6Pts - forty six.4 % S,G&A 14,666 (393 ) - 14,273 R,D&E 4,212 - - 4,212 different (profits) & price 751 (7 ) (969 ) (225 ) total rate & different (profits) 18,962 (401 ) (969 ) 17,593 Pre-Tax income from carrying on with Operations 6,931 750 969 eight,650 Pre-tax earnings Margin from continuing Operations 12.2 % 1.3Pts 1.7Pts 15.three % Provision for income Taxes*** a hundred and twenty 212 288 621 positive Tax price 1.7 % 2.3Pts three.1Pts 7.2 % income from carrying on with Operations 6,811 537 681 eight,030 salary Margin from carrying on with Operations 12.0 % 0.9Pts 1.2Pts 14.2 % Diluted earnings Per Share: carrying on with Operations $ 7.24 $ 0.57 $ 0.73 $ eight.fifty four
* contains amortization of purchased intangible property, in manner R&D, severance cost for bought personnel, vacant space for obtained corporations, deal expenses and acquisition integration tax expenses.
** contains retirement-related interest charge, expected revert on plot belongings, identified actuarial losses or gains, amortization of transition belongings, other settlements, curtailments, amortization of prior carrier cost and insolvency coverage. 2017 adjustments had been recast to replicate the adoption of the FASB recommendation on web postretirement improvement cost.
*** Tax absorb an upshot on on operating (non-GAAP) pre-tax profits from continuing operations is calculated beneath the identical accounting concepts utilized to the As pronounced pre-tax salary beneath ASC 740, which employs an annual valuable tax cost components to the effects.international company MACHINES companyRECONCILIATION OF working income PER SHARE (Unaudited) 2018
EPS counselexpectationsGAAP Diluted EPS as a minimum $11.60 working EPS (non-GAAP) as a minimum $13.80 alterations Acquisition-linked expenses * $0.78 Non-operating Retirement-connected objects $1.32 12 months-to-Date Tax Reform One-time cost $0.10 * comprises acquisitions as of September 30, 2018
View supply edition on businesswire.com: https://www.businesswire.com/news/home/20181016006038/en/
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In portion 1, they discussed the requirements for following this train of articles, created the WCM libraries, and set up a simple workflow.
In portion 2, they continue by creating the WCM building blocks required to create and render a single article. More specifically they will be:
Creating a site zone where content items will live added.
Creating an authoring template for an article.
Creating a presentation template to render an article content item.
Setting various defaults and values to originate their lives easier in upcoming development.
On the article-list-content library, retreat to “Content” and click the “New” button -> Site zone -> Default site zone template.
Set the title and array title to “Articles” and click “Save and Close”.
You should now absorb something relish this:
Step 2: Create the Article Authoring Template
To create a content particular in WCM, you requisite to absorb an Authoring template.Note
The authoring template is a contour you employ to create content items with, while the presentation template renders the content item(s).
Under article-list-design, retreat to Authoring Templates, click on the ‘New’ button -> Content template.
Specify an arrogate title and array title.
Under the section ‘Location options’, specify that content items will live created under their content library’s Articles site area:
Don’t worry about the ‘Default Presentation Template’ for now, they will set this soon.
Now, add the custom elements for the authoring template. Click on ‘Manage Elements’ and add the following elements:
The result should ogle relish this:
Save and Close.Note
It is sterling exercise to screen elements on an authoring template that the WCM author does not requisite to use, or should not use. I moreover recommend providing encourage text for each element. It’s out of scope for this article on how to accomplish this.Step 3: Create the Presentation Template
The presentation template for an article will live used to render out an individual article on a page.
Under the article-list-design library, retreat to Presentation Templates and click new -> Presentation Template.
Provide the title and title.
Open up the plunker example and view the "articleDetail.html" file. Copy everything in the <article>...</article> straight into the presentation template.
Once this is done, replace each and every the mock text with WCM ingredient tags from the Article authoring template:
Highlight some mock text to replace with an ingredient from the content particular (via the authoring template elements);
Click on "Insert Tag", then select the arrogate element:
Tag ilk -> Element
Source particular ilk -> Content
Item context -> Current
Authoring template -> the article authoring template
Element to reference -> elect the arrogate ingredient from the authoring template
The end-result is an ingredient tag looking relish this (for the article title in this case):
[Element context="current" type="content" key="Title"]
Save and close.
To review your changes, you can absorb a ogle at "article_list_listing_1.html" from the gist.Note on ingredient tags
For the article image, they want to employ the url and alt text only, as they want to employ bootstrap’s styling classes. With WCM ingredient tags, you can request it to output a property of that element. For example, by default, an image ingredient outputs the img tag, but you can declare it to output the URL instead:
[Element context=”current” type=”content” key=”Image” format=”url”]
Have a ogle here for more information.Note on generic content particular properties
For their article, they want to render the published date. This is a built-in property of any content item. To accomplish this, you requisite to employ a Property tag (inserted in a similar pass to ingredient tags).
If I want to, for example, render out the current content item’s published date where the date is shown as e.g. Jun 7, 2016:
[Property context=”current” type=”content” format=”DATE_MEDIUM” field=”publishdate”]
You can read more on this here.Step 4: Set Template Default Content particular Properties
Now that they absorb an article authoring and presentation template, as well as workflow and a site zone where their articles are created, they can set up defaults to assist the creation of content items and allow the article details page to array correctly.Set the Presentation Template as Default
Edit the article authoring template and select the presentation template they created earlier as the Default Presentation Template (under particular Properties).
Save and Close.
This will now ensure that content items created with this authoring template employ this presentation template by default.Specify Child Template Mappings
We requisite to give the web content viewer (portlet) information on the kindly of content items to live rendered, as the viewer will requisite to render content items based on an incoming link (more on this later) as opposed to a specific content item. To accomplish this, you declare the site zone to render its children based on a child template mapping.
Go to the article-list-content library and edit the Articles site area.
Under Child Template Mappings, click ‘Manage Template Maps’.
Click ‘Add’ and then browse for the Authoring Template and Presentation template they created.
Click OK; you should now contemplate it displayed in the Manage Template Maps view:
Select it and click OK. You should now absorb a site zone that looks relish this:
This was quite a mouthful, but in portion II they created the building blocks for an individual article, namely an authoring and presentation template. They moreover set some defaults to assist us with content particular creation and provided defaults for the Site zone storing their articles (as content items) so that the web content viewer portlet has something to work with.
In portion 3, we'll tackle the article list view which will render out each and every the articles listed under their site area.
ibm websphere ,ibm ,web content management
This post is co-authored by Animesh Singh and Scott Boag, and is an updated version of a post on IBM Developer Works by the same authors
According to Gartner, the talent to employ AI to enhance conclusion making, reinvent industry models and ecosystems, and remake the customer tang will pay off for digital initiatives through 2025. Companies are collecting huge amounts of data, they want to employ the data to train and create deep learning algorithms and models, and they want these deep learning capabilities to live offered as a service in an easily consumable way.
Training deep neural network models requires a highly tuned system with the prerogative combination of software, drivers, compute, memory, network, and storage resources. To address the challenges around obtaining and managing these resources, they are satisfied to proclaim the launch of Fabric for deep Learning (FfDL).
FfDL offers a stack that abstracts away these concerns so data scientists can execute training jobs with their choice of deep learning framework at scale in the cloud. It has been built to present resilience, scalability, multi-tenancy, and security without modifying the deep learning frameworks, and with no or minimal changes to model code.
Jim Zemlin, Executive Director of The Linux Foundation, echoes these sentiments succinctly:
“Just as The Linux Foundation worked with IBM, Google, Red Hat and others to establish the open governance community for Kubernetes with the Cloud indigenous Computing Foundation, they contemplate IBM’s release of Fabric for deep Learning, or FfDL, as an opportunity to work with the open source community to align related open source projects, taking one more step toward making deep learning accessible. They assume its inception as an IBM product will appeal to open source developers and enterprise halt users.”FfDL architecture
The FfDL platform uses a microservices architecture, with a focus on scalability, resiliency, and failing tolerance. According to one IDC survey, by 2021 enterprise apps will shift toward hyper-agile architectures, with 80% of application evolution on cloud platforms using microservices and functions, and over 95% of new microservices deployed in containers. And what better cloud indigenous platform to build on than Kubernetes? The FfDL control plane microservices are deployed as pods, and they reckon on Kubernetes to manage this cluster of GPU- and CPU-enabled machines effectively, to restart microservices when they crash, and to report the health of microservices.REST API
The rest API microservice handles REST-level HTTP requests and acts as proxy to the lower-level gRPC Trainer service. The service moreover load-balances requests and is liable for authentication. Load balancing is implemented by registering the rest API service instances dynamically in a service registry. The interface is specified through a Swagger definition file.Trainer
The Trainer service admits training job requests, persisting metadata and model input configuration in a database (MongoDB). It initiates job deployment, halting, and (user-requested) job termination by calling the arrogate gRPC methods on the Lifecycle Manager microservice. The Trainer moreover assigns a unique identifier to each job, which is used by each and every other components to track the job.Lifecycle Manager and learner pods
The Lifecycle Manager (LCM) deploys training jobs arriving from the Trainer, halting (pausing) and terminating training jobs. LCM uses the Kubernetes cluster manager to deploy containerized training jobs. A training job is a set of interconnected Kubernetes pods, each containing one or more Docker containers.
The LCM determines the learner pods, parameter servers, and interconnections among them based on the job configuration, and calls on Kubernetes for deployment. For example, if a user creates a Caffe2 training job with four learners and two CPUs/GPUs per learner, the LCM creates five pods: one for each learner (called the learner pod), and one monitoring pod called the job monitor.Training Data Service
The Training Data Service (TDS) provides short-lived storage and retrieval for logs and evaluation data from a deep Learning training job. As the training job progresses, information is needed for evaluation of the ongoing success or failure of the learning progress. These metrics normally near in the contour of scalar values, and are termed evaluation metrics (or sometimes the term emetrics might live used). Debugging information can moreover live output through log lines.
While the learning job is running, a process runs as a sidecar to extract the training data from the learner, and then pushes that data into the TDS, which pushes the data into ElasticSearch. The sidecars used for collecting training data are termed log-collectors. Depending on the framework and desired extraction method, different types of log-collectors can live used. Log-collectors are not much misnamed, since their responsibilities involve at least both log line collection, and evaluation metrics extraction.FfDL forms the core of Watson Studio deep Learning Service
FfDL, developed in nigh collaboration with IBM Research and Watson product evolution teams, forms the core of their newly announced deep Learning as a Service within Watson Studio. Watson Studio provides tools for supporting the end-to-end AI workflow in a public cloud hosted environment, with best of the breed champion for GPU resources on a Kubernetes environment.Watson Studio architecture enables elastic machine learning and introduces a new, scalable paradigm for deep learning (both for minuscule teams and enterprises) Join the revolution and democratize AI
Get started with FfDL today. Deploy it, employ it, and extend it with capabilities that you find helpful. We’re waiting for your feedback and drag requests — let’s start the revolution and democratize AI!Related Links
UI/UX design is immensely captious in the modern digitally oriented industry world. Its primary focus lies in enhancing user interaction and in eddy user satisfaction with websites, application, and devices. In other words, the goal remains in making complexities easier for the users to understand and use.
“Good design is sterling business,” asserted by Thomas J Watson, the second president of IBM, in 1973. He added that sterling design could materially encourage originate a sterling product compass its replete potential. This was decades before the advent of Apple, Google, and Facebook, hence the gravity of his words is fathomed more than ever before.
For instance, Jeff Bezos invested hundred times more in customer tang planning than advertisement campaigns during Amazon’s first year, while AirBnB’s Mike Gebbia famously credited UX for catapulting the company to merit $10 billion in revenue. According to a study conducted by Forrester, companies that invest in UX/UI incur lower customer acquisition costs and champion costs, while garnering increased customer retention and market share. Their research further revealed that a well-designed user interface could raise website conversion by 200%, and better design could defer conversion rates up to 400%.
Following are some of the benefits that the enterprises can absorb with better UI/UX design:
• Reduced redevelopment cost: A sterling UX/UI design is derived during the meticulous process of user research, information architecture design, wireframing, prototyping, user testing, and final implementation. These processes enable accurate estimation of time, effort, and cost required before the final implementation. The figures remain precise rather than giving latitude to rugged estimates. The UX/UI designing process moreover encourage us avoid usage of any unnecessary feature in an app/website, therebydecreasing the risk of failed deadlines and blown budgets. The design process allows actual users to react to the product. Hence, further decisions are based on facts rather than inclinations.
According to Adobe’s research, about 38% of people are likely to leave a website if the content or layout looks unattractive, given that both retreat hand-in-hand. Thus, the design process moreover enables companies to both test their content as well as derive content marketing strategies to complement the application’s design and vice-versa.
• Increased revenue:About 75% of people referee a website based on its overall aesthetics. A user-friendly interface dictates users preferring one website over another despite effectively delivering the same content, products, and pricing. Hence, a sterling UX/UI design that fulfils customer satisfaction is more likely to metamorphose customers. Apart from converting new visitors, a sterling UX/UI strategy involves ease of use, lesser steps, and easy to understand CTAs (clear calls to action) which efficiently helps in retaining existing customers as well
• Improved user interaction: During the design process, UX/UI designers create user personas (for using the company app or website) including profiles of actual people, personal information, biographies, and motivations. Hence, this enables personalized designs for the target audience, thereby inspiring users to browse through the company’s website or mobile app. This helps deliver relevant content to specific users. Therefore, pop-ups on certain websites relish “you’ll moreover relish these products,” “similar to the items you’ve recently viewed,” and “inspired by your wish list” encourage grab user attention. About 56% users disclose that they’re likely to revert to a website that shows recommendations. In other words, a sterling design involving consistency, ease of navigation and comfort enables the company to extend the stay-time on their website, which can lead to product sales.
• Customer Journey Map: UI/UX designers create customer journey maps (CJM) to analyse customer interaction with the product that begins from the first point of contact. They may live in the contour of visuals or text, but the essence lies in increasing loyalty of visitors – by tracking customers’ interactions with content, satisfaction ratings, usability scores, and other relevant data. Hence, the metrics provide designers with the insights required for optimisation. This, in turn, leverages better user appointment and eventually gains their loyalty.
• Improved word-of-mouth: This is among the most credible forms of advertising, when consumers inaugurate to market the product for the company viz. a facet each and every enterprises hope to attain. UI/UX design stimulates word-of-mouth. Designers understand the minute of companionable sharing and thus array links of companionable media sites pertaining to specific target audiences. For instance, an knack website would involve links relish Pinterest, Tumblr, and Instagram rather than formal companionable media sites relish LinkedIn. This increases the compass towards the target audienceand offers convincing value propositions. In addition, UX/UI solutions such as reviews, star ratings, and references relish “people who bought this particular moreover bought” assemble the dependence and appointment of customers resulting in increased mediocre order sizes.
• Accumulates resources: sterling UX/UI design solutions encourage enterprises avoid wastage of human resources, time, and money. An instance of misusing such resources occurs when marketers and sales managers are hired to promote a product without investment in user tang that delights users. When minute is laid on a UX/UI design, such misuses can live avoided and thereby deliver upon the vital resources of the company – which can further live implemented in other growth areas.
Having listed the invaluable merits of UX/UI design for enterprise growth, it must live understood that certain investments are required to efficiently leverage the strategy. These must live made over three phases, namely research, including focus groups, surveys, eye tracking studies, A/B testing etc, design including interpretation of research and analysis, customer personas, and other elements of designing process and evolution including building and implementing changes. In addition, having the prerogative development, sales, and product employ metrics in spot is equally important. The narrower the metrics, the easier it is to analyse the ROI of usability investment.
The minute and focus laid on customer tang is more today than ever before in an enterprise set-up, where the primary agenda for these companies is to deliver cost and extend the ROI for customers and brands alike. Hence, user acceptance and satisfaction is captious to any product, project, or service. A sterling UX/UI design strategy can encourage propel industry growth because it has shifted to a more personalized approach. UX/UI is one of the best route to harness brand recognition and loyalty in today’s day and age.
(The author is Co-Founder and industry Evangelist, Techved Consulting)
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Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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