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Published: 2023-07-19 00:00:00 ET
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EX-99.1 2 ibm-20230719xex991.htm EX-99.1 Document
Exhibit 99.1
IBM RELEASES SECOND-QUARTER RESULTS
Solid Software and Consulting Revenue Growth; Strong Gross Profit Margin Expansion
ARMONK, N.Y., July 19, 2023 . . . IBM (NYSE: IBM) today announced second-quarter 2023 earnings results.
“Organizations are using our hybrid cloud and AI technology, and our consulting capabilities, to transform their operations," said Arvind Krishna, IBM chairman and chief executive officer. "We continue to respond to the needs of our clients who seek trusted, enterprise AI solutions, and we are particularly excited about the response to the recently launched watsonx AI platform. Finally, we remain confident in our revenue and free cash flow growth expectations for the full year.”
Second-Quarter Highlights
Revenue
Revenue of $15.5 billion, down 0.4 percent, up 0.4 percent at constant currency
Software revenue up 7 percent, up 8 percent at constant currency
Consulting revenue up 4 percent, up 6 percent at constant currency
Infrastructure revenue down 15 percent, down 14 percent at constant currency

Profit Margin
Gross Profit Margin: GAAP: 54.9 percent, up 160 basis points; Operating (Non-GAAP): 55.9 percent, up 140 basis points
Pre-Tax Income Margin: GAAP: 12.9 percent, up 180 basis points; Operating (Non-GAAP): 15.5 percent, down 70 basis points

Cash Flow
Year to date net cash from operating activities of $6.4 billion, up $1.8 billion; free cash flow of $3.4 billion, up $0.1 billion

SECOND QUARTER 2023 INCOME STATEMENT SUMMARY
Results include YTY impact from gains on the 2Q22 sale of healthcare software assets*
RevenueGross
Profit
Gross Profit MarginPre-tax
Income*
Pre-tax
Income
Margin*
Net
Income*
Diluted
Earnings
Per Share*
GAAP from Continuing Operations$15.5B$8.5B54.9%$2.0B12.9%$1.6B$1.72
Year/Year(0.4)%**3%1.6Pts16%1.8Pts8%7%
Operating
(Non-GAAP)
$8.7B55.9%$2.4B15.5%$2.0B$2.18
Year/Year2%1.4Pts(5)%(0.7)Pts(5)%(6)%
* Results include the YTY impact from the gains on the 2Q22 sale of healthcare software assets. GAAP: Pre-Tax Income (17 pts); Pre-Tax Income Margin (1.4 pts); Net Income (15 pts); EPS (15 pts). Operating (Non-GAAP): Pre-Tax Income (9 pts); Pre-Tax Income Margin (1.4 pts); Net Income (9 pts); EPS (9 pts).
** 0.4% at constant currency


“In the quarter, revenue performance was led by our growth vectors of software and consulting, and we continued to expand our gross profit margin, driven by our improving portfolio mix and productivity initiatives," said James Kavanaugh, IBM senior vice president and chief financial officer. "This year we have leveraged our strong cash position to invest for growth, announcing seven acquisitions to bolster our hybrid cloud and AI strategy, while continuing to return value to shareholders through dividends.”




Segment Results for Second Quarter
Software — revenues of $6.6 billion, up 7.2 percent, up 7.5 percent at constant currency:
Hybrid Platform & Solutions up 6 percent, up 7 percent at constant currency:
Red Hat up 11 percent
Automation up 1 percent, up 2 percent at constant currency
Data & AI up 10 percent, up 11 percent at constant currency
Security down 2 percent, down 1 percent at constant currency
Transaction Processing up 9 percent, up 10 percent at constant currency

Consulting — revenues of $5.0 billion, up 4.3 percent, up 5.9 percent at constant currency:
Business Transformation up 3 percent, up 5 percent at constant currency
Technology Consulting up 4 percent, up 5 percent at constant currency
Application Operations up 6 percent, up 8 percent at constant currency

Infrastructure — revenues of $3.6 billion, down 14.6 percent, down 13.8 percent at constant currency:
Hybrid Infrastructure down 18 percent:
IBM z Systems down 30 percent
Distributed Infrastructure down 6 percent
Infrastructure Support down 8 percent, down 6 percent at constant currency

Financing — revenues of $0.2 billion, up 26.2 percent, up 27.1 percent at constant currency

Cash Flow and Balance Sheet
In the second quarter, the company generated net cash from operating activities of $2.6 billion, up $1.3 billion year to year. Net cash from operating activities excluding IBM Financing receivables was $2.6 billion. IBM’s free cash flow was $2.1 billion, flat year to year. The company returned $1.5 billion to shareholders in dividends in the second quarter.
For the first six months of the year, the company generated net cash from operating activities of $6.4 billion, up $1.8 billion year to year. Net cash from operating activities excluding IBM Financing receivables was $4.4 billion. IBM's free cash flow was $3.4 billion, up $0.1 billion year to year.
IBM ended the second quarter with $16.3 billion of cash and marketable securities, up $7.5 billion from year-end 2022. Debt, including IBM Financing debt of $10.6 billion, totaled $57.5 billion, up $6.5 billion since the end of 2022.


Full-Year 2023 Expectations
Revenue: The company continues to expect constant currency revenue growth of three percent to five percent. At current foreign exchange rates, currency is expected to be neutral to revenue growth.
Free cash flow: The company continues to expect about $10.5 billion in free cash flow, up more than $1 billion year to year.


Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending



budgets; a failure of the company’s innovation initiatives; damage to the company’s reputation; risks from investing in growth opportunities; failure of the company’s intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company’s ability to successfully manage acquisitions, alliances and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company’s failure to meet growth and productivity objectives; ineffective internal controls; the company’s use of accounting estimates; impairment of the company’s goodwill or amortizable intangible assets; the company’s ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product quality issues; impacts of business with government clients; reliance on third party distribution channels and ecosystems; cybersecurity and data privacy considerations; adverse effects related to climate change and environmental matters; tax matters; legal proceedings and investigatory risks; the company’s pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; potential failure of the separation of Kyndryl Holdings, Inc. to qualify for tax-free treatment; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company’s Form 10-Qs, Form 10-K and in the company’s other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference. Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

Presentation of Information in this Press Release
In an effort to provide investors with additional information regarding the company’s results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:

IBM results —
adjusting for currency (i.e., at constant currency);
presenting operating (non-GAAP) earnings per share amounts and related income statement items;
free cash flow;
cash from operating activities excluding IBM Financing receivables.

The rationale for management’s use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.

Conference Call and Webcast
IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. EDT, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-2q23. Presentation charts will be available shortly before the Webcast.


Financial Results Below (certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).

Contact:
IBM
Sarah Meron, 347-891-1770
sarah.meron@ibm.com
Tim Davidson, 914-844-7847
tfdavids@us.ibm.com



INTERNATIONAL BUSINESS MACHINES CORPORATION
COMPARATIVE FINANCIAL RESULTS
(Unaudited; Dollars in millions except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
REVENUE BY SEGMENT
Software$6,608 $6,166 $12,529 $11,938 
Consulting5,013 4,809 9,975 9,637 
Infrastructure3,618 4,235 6,716 7,453 
Financing185 146 380 300 
Other51 180 126 404 
TOTAL REVENUE15,475 15,535 29,727 29,732 
GROSS PROFIT8,501 8,290 16,010 15,625 
GROSS PROFIT MARGIN    
Software79.3 %79.2 %79.4 %79.0 %
Consulting25.9 %24.2 %25.6 %24.3 %
Infrastructure55.8 %53.8 %53.9 %52.4 %
Financing49.2 %35.3 %46.5 %36.5 %
TOTAL GROSS PROFIT MARGIN54.9 %53.4 %53.9 %52.6 %
EXPENSE AND OTHER INCOME
S,G&A4,900 4,855 9,754 9,452 
R,D&E1,687 1,673 3,342 3,352 
Intellectual property and custom development income(248)(176)(428)(297)
Other (income) and expense(261)(81)(506)166 
Interest expense423 297 790 607 
TOTAL EXPENSE AND OTHER INCOME6,501 6,568 12,952 13,280 
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
2,000 1,722 3,058 2,345 
Pre-tax margin12.9 %11.1 %10.3 %7.9 %
Provision for/(Benefit from) income taxes419 257 543 218 
Effective tax rate21.0 %14.9 %17.8 %9.3 %
INCOME FROM CONTINUING OPERATIONS$1,581 $1,465 $2,515 $2,127 
DISCONTINUED OPERATIONS
Income/(loss) from discontinued operations, net of taxes(73)(4)(2)
NET INCOME$1,583 $1,392 $2,511 $2,125 
EARNINGS/(LOSS) PER SHARE OF COMMON STOCK    
Assuming Dilution    
Continuing Operations$1.72 $1.61 $2.74 $2.34 
Discontinued Operations$0.00 $(0.08)$0.00 $0.00 
TOTAL $1.72 $1.53 $2.73 $2.34 
Basic    
Continuing Operations$1.74 $1.62 $2.77 $2.36 
Discontinued Operations$0.00 $(0.08)$0.00 $0.00 
TOTAL $1.74 $1.54 $2.76 $2.36 
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (M’s)
Assuming Dilution919.5910.7918.6910.0
Basic909.9901.5908.7900.4





INTERNATIONAL BUSINESS MACHINES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in Millions)At June 30,
2023
At December 31,
2022
ASSETS:
Current Assets:
Cash and cash equivalents$9,394 $7,886 
Restricted cash31 103 
Marketable securities6,904 852 
Notes and accounts receivable - trade, net5,673 6,541 
Short-term financing receivables, net6,429 7,790 
Other accounts receivable, net838 817 
Inventories1,501 1,552 
Deferred costs957 967 
Prepaid expenses and other current assets2,730 2,611 
Total Current Assets34,458 29,118 
Property, plant and equipment, net5,443 5,334 
Operating right-of-use assets, net2,653 2,878 
Long-term financing receivables, net5,221 5,806 
Prepaid pension assets8,735 8,236 
Deferred costs897 866 
Deferred taxes6,340 6,256 
Goodwill56,385 55,949 
Intangibles, net10,496 11,184 
Investments and sundry assets1,585 1,617 
Total Assets$132,213 $127,243 
LIABILITIES:
Current Liabilities:
Taxes$1,606 $2,196 
Short-term debt6,785 4,760 
Accounts payable3,732 4,051 
Deferred income12,712 12,032 
Operating lease liabilities842 874 
Other liabilities6,836 7,592 
Total Current Liabilities32,513 31,505 
Long-term debt50,691 46,189 
Retirement related obligations9,385 9,596 
Deferred income3,264 3,499 
Operating lease liabilities1,986 2,190 
Other liabilities12,103 12,243 
Total Liabilities109,942 105,222 
EQUITY:  
IBM Stockholders’ Equity:  
Common stock58,963 58,343 
Retained earnings149,318 149,825 
Treasury stock — at cost(169,581)(169,484)
Accumulated other comprehensive income/(loss)(16,499)(16,740)
Total IBM Stockholders’ Equity22,201 21,944 
Noncontrolling interests70 77 
Total Equity22,271 22,021 
Total Liabilities and Equity$132,213 $127,243 



INTERNATIONAL BUSINESS MACHINES CORPORATION
CASH FLOW ANALYSIS
(Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
Trailing Twelve Months Ended June 30,
(Dollars in Millions)20232022*20232022*2023
Net Cash from Operations per GAAP$2,638 $1,321 $6,412 $4,569 $12,278 
Less: change in IBM Financing receivables50 (1,264)2,028 367 944 
Capital Expenditures, net(487)(494)(944)(871)(1,933)
Free Cash Flow2,101 2,091 3,441 3,331 9,402 
Acquisitions(334)(260)(356)(958)(1,747)
Divestitures1,207 1,268 10 
Dividends(1,510)(1,488)(3,007)(2,963)(5,992)
Non-Financing Debt(1,178)(2,934)8,514 1,740 8,683 
Other (includes IBM Financing net receivables and debt)(347)(1,607)(1,109)(2,197)(1,805)
Change in Cash, Cash Equivalents, Restricted Cash and Short-term Marketable Securities$(1,263)$(2,991)$7,489 $221 $8,551 
*Includes immaterial cash flows from discontinued operations.



INTERNATIONAL BUSINESS MACHINES CORPORATION
CASH FLOW
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Dollars in Millions)20232022*20232022*
Net Income from Operations$1,583 $1,392 $2,511 $2,125 
Depreciation/Amortization of Intangibles1,076 1,245 2,150 2,501 
Stock-based Compensation288 254 556 488 
Working Capital / Other(359)(307)(832)(912)
IBM Financing A/R50 (1,264)2,028 367 
Net Cash Provided by Operating Activities$2,638 $1,321 $6,412 $4,569 
Capital Expenditures, net of payments & proceeds(487)(494)(944)(871)
Divestitures, net of cash transferred1,207 1,268 
Acquisitions, net of cash acquired(334)(260)(356)(958)
Marketable Securities / Other Investments, net822 (281)(6,659)(625)
Net Cash Provided by/(Used in) Investing Activities$7 $172 $(7,953)$(1,186)
Debt, net of payments & proceeds(1,135)(2,514)6,169 434 
Dividends(1,510)(1,488)(3,007)(2,963)
Financing - Other(86)(195)(185)(290)
Net Cash Provided by/(Used in) Financing Activities$(2,731)$(4,197)$2,978 $(2,819)
Effect of Exchange Rate changes on Cash(25)(262)(1)(267)
Net Change in Cash, Cash Equivalents and Restricted Cash$(110)$(2,965)$1,436 $297 
*Includes immaterial cash flows from discontinued operations.



INTERNATIONAL BUSINESS MACHINES CORPORATION
SEGMENT DATA
(Unaudited)
Three Months Ended June 30, 2023
 
(Dollars in Millions)SoftwareConsultingInfrastructureFinancing
Revenue$6,608 $5,013 $3,618 $185 
Pre-tax Income from Continuing Operations*$1,504 $446 $633 $64 
Pre-tax Margin*22.8 %8.9 %17.5 %34.9 %
Change YTY Revenue7.2 %4.3 %(14.6)%26.2 %
Change YTY Revenue - Constant Currency7.5 %5.9 %(13.8)%27.1 %

Three Months Ended June 30, 2022
 
(Dollars in Millions) SoftwareConsultingInfrastructureFinancing
Revenue$6,166 $4,809 $4,235 $146 
Pre-tax Income from Continuing Operations$1,375 $343 $757 $102 
Pre-tax Margin22.3 %7.1 %17.9 %69.7 %
*The second quarter 2023 pre-tax charge of approximately $0.12 billion for stranded costs related to portfolio actions is not included in the measure of segment pre-tax income, consistent with the company's management system.



Six Months Ended June 30, 2023
 
(Dollars in Millions)SoftwareConsultingInfrastructureFinancing
Revenue$12,529 $9,975 $6,716 $380 
Pre-tax Income from Continuing Operations*$2,668 $828 $849 $165 
Pre-tax Margin*21.3 %8.3 %12.6 %43.3 %
Change YTY Revenue5.0 %3.5 %(9.9)%26.8 %
Change YTY Revenue - Constant Currency6.6 %7.0 %(7.8)%29.1 %

Six Months Ended June 30, 2022
(Dollars in Millions) SoftwareConsultingInfrastructureFinancing
Revenue$11,938 $9,637 $7,453 $300 
Pre-tax Income from Continuing Operations$2,509 $691 $956 $186 
Pre-tax Margin21.0 %7.2 %12.8 %62.0 %
*The year-to-date 2023 pre-tax charge of approximately $0.38 billion for stranded costs related to portfolio actions is not included in the measure of segment pre-tax income, consistent with the company's management system.



INTERNATIONAL BUSINESS MACHINES CORPORATION
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION
(Unaudited; Dollars in millions except per share amounts)
Three Months Ended June 30, 2023
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Kyndryl-
Related
Impacts (3)
 Operating
(Non-GAAP)
Gross Profit$8,501 $150 $— $— $— $8,650 
Gross Profit Margin54.9 %1.0pts.pts.pts.pts.55.9 %
S,G&A$4,900 $(245)$— $— $— $4,655 
Other (Income) & Expense(261)(1)— — (262)
Total Expense & Other (Income)6,501 (246)(1)— — 6,254 
Pre-tax Income from Continuing Operations2,000 395 — — 2,396 
Pre-tax Income Margin from Continuing Operations12.9 %2.6 pts.0.0 pts.— pts.— pts.15.5 %
Provision for/(Benefit from) Income Taxes (4)
$419 $87 $(3)$(110)$— $393 
Effective Tax Rate21.0 %0.2 pts.(0.2)pts.(4.6)pts.— pts.16.4 %
Income from Continuing Operations$1,581 $308 $$110 $— $2,003 
Income Margin from Continuing Operations10.2 %2.0 pts.0.0 pts.0.7 pts.— pts.12.9 %
Diluted Earnings Per Share: Continuing Operations$1.72 $0.34 $0.00 $0.12 $— $2.18 



Three Months Ended June 30, 2022
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Kyndryl-
Related
Impacts (3)
Operating
(Non-GAAP)
Gross Profit$8,290 $180 $— $— $— $8,470 
Gross Profit Margin53.4 %1.2pts.pts.pts.pts.54.5 %
S,G&A$4,855 $(279)$— $— $$4,576 
Other (Income) & Expense(81)(1)(192)— (145)(418)
Total Expense & Other (Income)6,568 (280)(192)— (145)5,952 
Pre-tax Income from Continuing Operations1,722 460 192 — 145 2,518 
Pre-tax Income Margin from Continuing Operations11.1 %3.0 pts.1.2 pts.— pts.0.9 pts.16.2 %
Provision for/(Benefit from) Income Taxes (4)
$257 $115 $46 $(4)$— $413 
Effective Tax Rate14.9 %1.8 pts.0.7 pts.(0.2)pts.(0.9)pts.16.4 %
Income from Continuing Operations$1,465 $345 $146 $$145 $2,105 
Income Margin from Continuing Operations9.4 %2.2 pts.0.9 pts.0.0 pts.0.9 pts.13.5 %
Diluted Earnings Per Share: Continuing Operations$1.61 $0.38 $0.16 $0.00 $0.16 $2.31 
(1)Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing charges, such as financing costs.
(2)Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency costs and other costs.
(3)Primarily relates to fair value changes in shares of Kyndryl common stock that were retained by IBM and the related cash-settled swap..
(4)Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.



INTERNATIONAL BUSINESS MACHINES CORPORATION
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION
(Unaudited; Dollars in millions except per share amounts)
Six Months Ended June 30, 2023
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Kyndryl-
Related
Impacts (3)
Operating
(Non-GAAP)
Gross Profit$16,010 $298 $— $— $— $16,308 
Gross Profit Margin53.9 %1.0pts.pts.pts.pts.54.9 %
S,G&A$9,754 $(491)$— $— $— $9,263 
Other (Income) & Expense(506)(2)— — (504)
Total Expense & Other (Income)12,952 (493)— — 12,463 
Pre-tax Income from Continuing Operations3,058 791 (4)— — 3,845 
Pre-tax Income Margin from Continuing Operations10.3 %2.7 pts.0.0 pts.— pts.— pts.12.9 %
Provision for/(Benefit from) Income Taxes (4)
$543 $178 $(14)$(115)$— $593 
Effective Tax Rate17.8 %1.0 pts.(0.3)pts.(3.0)pts.— pts.15.4 %
Income from Continuing Operations$2,515 $613 $10 $115 $— $3,252 
Income Margin from Continuing Operations8.5 %2.1 pts.0.0 pts.0.4 pts.— pts.10.9 %
Diluted Earnings Per Share: Continuing Operations$2.74 $0.67 $0.01 $0.13 $— $3.54 



Six Months Ended June 30, 2022
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Kyndryl-
Related
Impacts (3)
Operating
(Non-GAAP)
Gross Profit$15,625 $361 $— $— $— $15,986 
Gross Profit Margin52.6 %1.2pts.pts.pts.pts.53.8 %
S,G&A$9,452 $(565)$— $— $$8,887 
Other (Income) & Expense166 (1)(394)— (367)(596)
Total Expense & Other (Income)13,280 (566)(394)— (367)11,953 
Pre-tax Income from Continuing Operations2,345 928 394 — 367 4,033 
Pre-tax Income Margin from Continuing Operations7.9 %3.1 pts.1.3 pts.— pts.1.2 pts.13.6 %
Provision for/(Benefit from) Income Taxes (4)
$218 $224 $104 $112 $— $657 
Effective Tax Rate9.3 %3.4 pts.1.7 pts.2.8 pts.(0.8)pts.16.3 %
Income from Continuing Operations$2,127 $704 $290 $(112)$367 $3,376 
Income Margin from Continuing Operations7.2 %2.4 pts.1.0 pts.(0.4)pts.1.2 pts.11.4 %
Diluted Earnings Per Share: Continuing Operations$2.34 $0.77 $0.32 $(0.12)$0.40 $3.71 
(1)Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing charges, such as financing costs.
(2)Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency costs and other costs.
(3)Primarily relates to fair value changes in shares of Kyndryl common stock that were retained by IBM and the related cash-settled swap.
(4)Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.