IBM Reports 2009 Q1 Results

* Reflects implementation of SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements -- an amendment of ARB No. 51."

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW ANALYSIS

(Unaudited)

 
(Dollars in Millions) Three Months Ended March 31,
2009   2008
 
Net Cash from Operations $4,386 $4,202
 
Less: Global Financing (GF) Accounts Receivable 2,584 2,397
 
Net Cash from Operations 1,802 1,804
(Excluding GF Accounts Receivable)
 
Net Capital Expenditures (760 ) (1,212 )
 
Free Cash Flow (excluding GF Accounts Receivable) 1,043 593
 
Acquisitions (21 ) (4,962 )
Divestitures 356 29
Share Repurchase (1,765 ) (2,427 )
Dividends (675 ) (554 )
Non-GF Debt (1,915 ) (1,720 )
Other (including GF Accounts Receivable,
GF Debt) 2,367 4,921
 
Change in Cash & Marketable Securities ($612 ) ($4,119 )

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

         

FIRST-QUARTER 2009

 
(Dollars in Millions) --------- Revenue --------- Pre-tax Pre-tax
External Internal Total Income Margin
SEGMENTS
 
Global Technology Services $8,754 $342 $9,096 $1,104 12.1 %
% change -9.5 % -11.9 % -9.6 % 11.7 %
 
Global Business Services 4,397 232 4,629 521 11.3 %
% change -10.5 % -9.9 % -10.4 % -10.0 %
 
Software 4,539 614 5,153 1,335 25.9 %
% change -6.3 % -8.0 % -6.5 % 5.4 %
 
Systems and Technology 3,228 176 3,404 28 0.8 %
% change -23.5 % -9.6 % -22.9 % -80.7 %
 
Global Financing 578 390 968 360 37.2 %
% change -8.5 % 0.9 % -5.0 % -7.2 %
 
TOTAL REPORTABLE SEGMENTS 21,498 1,754 23,251 3,348 14.4 %
% change -11.5 % -7.4 % -11.2 % -0.6 %
 
Eliminations / Other 213 (1,754 ) (1,540 ) (226 )
 
TOTAL IBM CONSOLIDATED $21,711 $0 $21,711 $3,122 14.4 %
% change -11.4 % -11.4 % -2.4 %
 
 
 

FIRST-QUARTER 2008

 
(Dollars in Millions) --------- Revenue -------- Pre-tax Pre-tax
External Internal Total Income Margin
SEGMENTS
 
Global Technology Services $9,677 $388 $10,065 $988 9.8 %
 
Global Business Services 4,911 258 5,169 579 11.2 %
 
Software 4,847 667 5,514 1,267 23.0 %
 
Systems and Technology 4,219 195 4,414 145 3.3 %
 
Global Financing 633 386 1,019 388 38.1 %
 
TOTAL REPORTABLE SEGMENTS 24,286 1,894 26,180 3,368 12.9 %
 
Eliminations / Other 216 (1,894 ) (1,679 ) (170 )
 
TOTAL IBM CONSOLIDATED $24,502 $0 $24,502 $3,198 13.1 %

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