UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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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. ☐
Item 7.01. Regulation FD Disclosure.
Exhibit 99.1 of this Form 8-K contains the prepared remarks for IBM’s Chief Executive Officer Arvind Krishna and Chief Financial Officer Jim Kavanaugh’s third-quarter 2020 earnings presentation to investors on October 19, 2020.
Reconciliations of non-GAAP financial measures discussed in the earnings presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP are included as Exhibit 99.2 of this Form 8-K. The slides used in Messrs. Krishna and Kavanaugh’s third-quarter 2020 earnings presentation are Exhibit 99.3 to the company’s Form 8-K submitted to the SEC on October 19, 2020.
The information in this Item 7.01, including the corresponding Exhibits 99.1 and 99.2, is being furnished with the Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and includes the following information from the question and answer period of the earnings presentation and comments from senior management at the WSJ Tech Live conference on October 20, 2020, which has been edited to provide additional context and clarity:
· | The company expects the dollar increase of revenue from third-quarter to fourth-quarter 2020 to be in line with historical averages. |
· | The company expects the percentage increase of operating (non-GAAP) earnings per share from third-quarter to fourth-quarter 2020 to be consistent with or slightly ahead of the historical average over the past few years, before the $2.3 billion dollar fourth-quarter charge for structural actions. |
· | The company expects to deliver sustainable mid-single digit revenue growth in the medium term, which is after completion of the separation of its managed infrastructure services business. The company expects to show milestones, including improving revenue growth by the middle of 2021 as it progesses toward mid-single digit growth. For example, the Global Business Services segment is expected to return to pre-COVID revenue growth rates by mid-year 2021. |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being furnished as part of this report:
Exhibit No. | Description of Exhibit | |
99.1 | Prepared Remarks of Earnings Presentation on October 19, 2020 | |
99.2 | Non-GAAP Supplemental Materials | |
The following exhibit is being filed as part of this report:
Exhibit No. | Description of Exhibit | |
104 | Cover Page Interactive Data File – the cover page interactive data file does not appear in the | |
Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||
IBM’s web site (www.ibm.com) contains a significant amount of information about IBM, including financial and other information for investors (www.ibm.com/investor/). IBM encourages investors to visit its various web sites from time to time, as information is updated and new information is posted.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: October 20, 2020 | ||
By: | /s/ Robert F. Del Bene | |
Robert F. Del Bene | ||
Vice President and Controller |
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