CORPORATION (OTCMKTS:CCYPQ) Files An 8-K Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure.
Exhibit99.1 of this Form8-K contains the prepared remarks for IBM’s Chief Financial Officer Jim Kavanaugh’s fourth-quarter and full-year 2018 earnings presentation to investors on January22, 2019.
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 Exhibit99.2 of this Form8-K. The slides used in Mr.Kavanaugh’s fourth-quarter and full-year 2018 earnings presentation are Exhibit99.3 to the company’s Form8-K submitted to the SEC on January22, 2019.
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 Section18 of the Securities Exchange Act of 1934 (the “Exchange Act”), with the exception of the following information from the question and answer period of the earnings presentation, which has been edited to provide additional context and clarity, and shall be deemed “filed” under the Exchange Act:
· In 2019, the company expects to expand gross and pre-tax margins.
· For full-year 2019, the company expects the GAAP tax rate to be approximately 14 percent, excluding discrete items. The company expects its operating (non-GAAP) tax rate for 2019 to be approximately 11 to 12 percent (which is a 3 to 4 points headwind year to year), including an estimate of potential discrete items.
· For the first quarter of 2019, the company expects GAAP earnings per share from continuing operations to be 16 percent of the full-year expectation of at least $12.45 and also expects operating (non-GAAP) earnings per share to be 16 percent of the full-year expectation of at least $13.90.
· At mid-Januaryspot rates, the company expects a 4 point currency headwind to first quarter 2019 revenue growth, which is approximately two points worse than the year-to-year impact realized in the fourth quarter of 2018. The company expects 1 to 2 point sequential improvement in revenue growth at constant currency from the fourth quarter 2018 to the first quarter 2019.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
The following exhibits are being furnished as part of this report:
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.
INTERNATIONAL BUSINESS MACHINES CORP Exhibit
EX-99.1 2 a19-2327_2ex99d1.htm EX-99.1 Exhibit 99.1 Introduction Thank you. This is Patricia Murphy,…
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