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IBM 2016-2018 Financials
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International Business Machines Corp (NYS: IBM)
Exchange rate used is that of the Year End reported date
As Reported Annual Income Statement
Report Date 12/31/2018 12/31/2017 12/31/2016
Currency USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes
Scale Thousands Thousands Thousands
Services revenue 51,350,000 50,709,000 51,268,000
Sales revenue 26,641,000 26,715,000 26,942,000
Financing revenue 1,599,000 1,715,000 1,710,000
Total revenue 79,591,000 79,139,000 79,919,000
Cost of services 34,059,000 34,447,000 34,021,000
Cost of sales 7,464,000 7,256,000 6,559,000
Cost of financing 1,132,000 1,210,000 1,044,000
Total cost 42,655,000 42,913,000 41,625,000
Gross profit 36,936,000 36,227,000 38,294,000
Selling, general & administrative expense - other 16,438,000 16,568,000 16,971,000
Advertising & promotional expense 1,466,000 1,445,000 1,327,000
Workforce rebalancing charges 598,000 199,000 1,038,000
Retirement-related costs - 959,000 742,000
Amortization of acquired intangible assets 435,000 496,000 503,000
Stock-based compensation 361,000 384,000 401,000
Bad debt expense 67,000 55,000 87,000
Selling, general & administrative expense 19,366,000 20,107,000 21,069,000
Research, development & engineering expense 5,379,000 5,787,000 5,751,000
Intellectual property & custom development income 1,026,000 1,466,000 1,631,000
Foreign currency transaction gains (losses) 427,000 (405,000) 116,000
Gains (losses) on derivative instruments (434,000) 341,000 (260,000)
Interest income 264,000 144,000 108,000
Net gains (losses) from securities & investment assets 101,000 20,000 (23,000)
Retirement-related income (costs) (1,572,000) - -
Other income 63,000 116,000 (85,000)
Other income & expense 1,152 (216,000) 145,000
Interest expense 723,000 615,000 630,000
Total expense & other income (25,594,000) 24,827,000 25,964,000
Income from continuing operations before income taxes - U.S. operations 627,000 560,000 3,650,000
Income from continuing operations before income taxes - non-U.S. operations 10,715,000 10,840,000 8,680,000
Income from continuing operations before income taxes 11,342,000 11,400,000 12,330,000
Provision for (benefit from) U.S. federal income taxes - current (342,000) 2,388,000 186,000
Provision for (benefit from) U.S. federal income taxes - deferred 1,377,000 77,000 (746,000)
Total provision for (benefit from) U.S. federal income taxes 1,035,000 2,465,000 (560,000)
Provision for (benefit from) U.S. state & local income taxes - current 127,000 55,000 244,000
Provision for (benefit from) U.S. state & local income taxes - deferred (292,000) 28,000 (44,000)
Total provision for (benefit from) U.S. state & local income taxes (165,000) 83,000 200,000
Provision for (benefit from) nopn-U.S. income taxes - current 2,135,000 3,891,000 988,000
Provision for (benefit from) nopn-U.S. income taxes - deferred (386,000) (797,000) (179,000)
Total provision for (benefit from) nopn-U.S. income taxes 1,749,000 3,094,000 809,000
Provision for (benefit from) income taxes 2,619,000 5,642,000 449,000
Income (loss) from continuing operations 8,723,000 5,758,000 11,881,000
Income (loss) from discontinued operations, net of tax 5,000 (5,000) (9,000)
Net income (loss) 8,728,000 5,753,000 11,872,000
Weighted average shares outstanding - basic 912,048 932,828 955,423
Weighted average shares outstanding - diluted 916,316 937,386 958,714
Year end shares outstanding 892,479 922,179 945,867
Earnings (loss) per share from continuing operations - basic 10 6 12
Earnings (loss) per share from discontinued operations - basic 0 - 0 (0)
Net earnings (loss) per share - basic 10 6 12
Earnings (loss) per share from continuing operations - diluted 10 6 12
Earnings (loss) per share from discontinued operations - diluted 0 - 0 (0)
Net earnings (loss) per share - diluted 10 6 12
Dividends per share of common stock 6 - -
Total number of employees 350,600 366,600 380,300
Number of common stockholders 395,480 408,697 425,272
Foreign currency translation adjustments (730,000) 152,000 (20,000)
Competitor Financials 2016-2018
IBM 2018 2017 2016
Operating Income 19,177,000 19,459,000 20,383,000
Net Sales 26,641,000 26,715,000 26,942,000
COGS 7,464,000 7,256,000 6,559,000
Net Income 8,728,000 5,753,000 11,872,000
R & D Costs 5,379,000 5,787,000 5,751,000
Total Revenue 79,591,000 79,139,000 79,919,000
SG&A 16,438,000 16,568,000 16,971,000
PPE, Net 10,792,000 11,116,000 10,830,000
Inventory 1,682,000 1,583,000 1,553,000
Total Assets 123,382,000 125,356,000 117,470,000
Microsoft 2018 2017 2016
Operating Income 35,058,000 22,326,000 20,182,000
Net Sales 64,497,000 57,190,000 61,502,000
COGS 15,420,000 15,175,000 17,880,000
Net Income 16,571,000 21,204,000 16,798,000
R & D Costs 14,726,000 13,037,000 11,988,000
Total Revenue 110,360,000 89,950,000 85,320,000
SG&A 22,223,000 20,020,000 19,260,000
PPE, Net 29,460,000 23,734,000 18,356,000
Inventory 2,662,000 2,181,000 2,251,000
Total Assets 258,848,000 241,086,000 193,694,000
Dell 2018 2017 2016
Operating Income -191000 -3,333,000 -3,252,000
Net Sales 58,801,000 48,706,000 42,742,000
COGS 50,215,000 42,169,000 37,563,000
Net Income (loss) (3,855,000) (1,718,000) -1,104,000
R & D Costs 4,384,000 2,636,000 1,051,000
Total Revenue 78,660,000 61,642,000 50,911,000
SG&A 19,003,000 13,575,000 7,850,000
PPE, Net 5,390,000 5,653,000 1,649,000
Inventory 2,678,000 2,538,000 1,619,000
Total Assets 122,281,000 118,206,000 45,122,000
Intel 2018 2017 2016
Operating Income 23,316,000 17,936,000 12,874,000
Gross Margin 43,737,000 39,069,000 36,191,000
COGS 27,111,000 23,692,000 23,196,000
Net Income 21,053,000 9,601,000 10,316,000
R & D Costs 13,543,000 13,098,000 12,740,000
Total Revenue 70,848,000 62,761,000 59,387,000
SG&A 6,750,000 7,474,000 8,397,000
PPE, Net 48,976,000 41,109,000 36,171,000
Inventory 7,253,000 6,983,000 5,553,000
Total Assets 127,963,000 123,249,000 113,327,000
General Dynamic 2018 2017 2016
Operating Income 4,457,000 4,177,000 4,309,000
Net Sales 20,149,000 19,016,000 19,885,000
COGS 15,894,000 14,799,000 15,443,000
Net Income 3,345,000 2,912,000 2,955,000
R & D Costs - - -
Total Revenue 36,193,000 30,973,000 31,353,000
SG&A 2,258,000 2,010,000 1,940,000
PPE, Net 4,348,000 3,517,000 3,467,000
Inventory 5,977,000 5,303,000 3,523,000
Total Assets 45,408,000 35,046,000 32,872,000
Horizontal Analysis
International Business Machine Corp (IBM) International Business Machine Corp (IBM) 2017-2018 International Business Machine Corp (IBM) 2016-2017
Dollar Change 2017-2018 Percent Change 2017-2018 Dollar Change 2016-2017 Percent Change 2016-2017
Year 2018 2017 Formula: 2018-2017 Formula: 2018-2017/2017 2017 2016 Formula: 2017-2016 Formula: 2017-2016/2016
Services revenue $ 51,350,000.00 $ 50,709,000.00 $ 50,709,000.00 $ 51,268,000.00
Sales revenue $ 26,641,000.00 $ 26,715,000.00 $ 26,715,000.00 $ 26,942,000.00
Financing revenue $ 1,599,000.00 $ 1,715,000.00 $ 1,715,000.00 $ 1,710,000.00
Total revenue $ 79,591,000.00 $ 79,139,000.00 $ 79,139,000.00 $ 79,919,000.00
Cost of services $ 34,059,000.00 $ 34,447,000.00 $ 34,447,000.00 $ 34,021,000.00
Cost of sales $ 7,464,000.00 $ 7,256,000.00 $ 7,256,000.00 $ 6,559,000.00
Cost of financing $ 1,132,000.00 $ 1,210,000.00 $ 1,210,000.00 $ 1,044,000.00
Total cost $ 42,655,000.00 $ 42,913,000.00 $ 42,913,000.00 $ 41,625,000.00
Gross profit $ 36,936,000.00 $ 36,227,000.00 $ 36,227,000.00 $ 38,294,000.00
Selling, general & administrative expense - other $ 16,438,000.00 $ 16,568,000.00 $ 16,568,000.00 $ 16,971,000.00
Advertising & promotional expense $ 1,466,000.00 $ 1,445,000.00 $ 1,445,000.00 $ 1,327,000.00
Workforce rebalancing charges $ 598,000.00 $ 199,000.00 $ 199,000.00 $ 1,038,000.00
Retirement-related costs - $ 959,000.00 $ 959,000.00 $ 742,000.00
Amortization of acquired intangible assets $ 435,000.00 $ 496,000.00 $ 496,000.00 $ 503,000.00
Stock-based compensation $ 361,000.00 $ 384,000.00 $ 384,000.00 $ 401,000.00
Bad debt expense $ 67,000.00 $ 55,000.00 $ 55,000.00 $ 87,000.00
Selling, general & administrative expense $ 19,366,000.00 $ 20,107,000.00 $ 20,107,000.00 $ 21,069,000.00
Research, development & engineering expense $ 5,379,000.00 $ 5,787,000.00 $ 5,787,000.00 $ 5,751,000.00
Intellectual property & custom development income $ 1,026,000.00 $ 1,466,000.00 $ 1,466,000.00 $ 1,631,000.00
Foreign currency transaction gains (losses) $ 427,000.00 $ (405,000.00) $ (405,000.00) $ 116,000.00
Gains (losses) on derivative instruments $ (434,000.00) $ 341,000.00 $ 341,000.00 $ (260,000.00)
Interest income $ 264,000.00 $ 144,000.00 $ 144,000.00 $ 108,000.00
Net gains (losses) from securities & investment assets $ 101,000.00 $ 20,000.00 $ 20,000.00 $ (23,000.00)
Retirement-related income (costs) $ (1,572,000.00) - - -
Other income $ 63,000.00 $ 116,000.00 $ 116,000.00 $ (85,000.00)
Other income & expense $ 1,152.00 $ (216,000.00) $ (216,000.00) $ 145,000.00
Interest expense $ 723,000.00 $ 615,000.00 $ 615,000.00 $ 630,000.00
Total expense & other income $ (25,594,000.00) $ 24,827,000.00 $ 24,827,000.00 $ 25,964,000.00
Income from continuing operations before income taxes - U.S. operations $ 627,000.00 $ 560,000.00 $ 560,000.00 $ 3,650,000.00
Income from continuing operations before income taxes - non-U.S. operations $ 10,715,000.00 $ 10,840,000.00 $ 10,840,000.00 $ 8,680,000.00
Income from continuing operations before income taxes $ 11,342,000.00 $ 11,400,000.00 $ 11,400,000.00 $ 12,330,000.00
Provision for (benefit from) U.S. federal income taxes - current $ (342,000.00) $ 2,388,000.00 $ 2,388,000.00 $ 186,000.00
Provision for (benefit from) U.S. federal income taxes - deferred $ 1,377,000.00 $ 77,000.00 $ 77,000.00 $ (746,000.00)
Total provision for (benefit from) U.S. federal income taxes $ 1,035,000.00 $ 2,465,000.00 $ 2,465,000.00 $ (560,000.00)
Provision for (benefit from) U.S. state & local income taxes - current $ 127,000.00 $ 55,000.00 $ 55,000.00 $ 244,000.00
Provision for (benefit from) U.S. state & local income taxes - deferred $ (292,000.00) $ 28,000.00 $ 28,000.00 $ (44,000.00)
Total provision for (benefit from) U.S. state & local income taxes $ (165,000.00) $ 83,000.00 $ 83,000.00 $ 200,000.00
Provision for (benefit from) nopn-U.S. income taxes - current $ 2,135,000.00 $ 3,891,000.00 $ 3,891,000.00 $ 988,000.00
Provision for (benefit from) nopn-U.S. income taxes - deferred $ (386,000.00) $ (797,000.00) $ (797,000.00) $ (179,000.00)
Total provision for (benefit from) nopn-U.S. income taxes $ 1,749,000.00 $ 3,094,000.00 $ 3,094,000.00 $ 809,000.00
Provision for (benefit from) income taxes $ 2,619,000.00 $ 5,642,000.00 $ 5,642,000.00 $ 449,000.00
Income (loss) from continuing operations $ 8,723,000.00 $ 5,758,000.00 $ 5,758,000.00 $ 11,881,000.00
Income (loss) from discontinued operations, net of tax $ 5,000.00 $ (5,000.00) $ (5,000.00) $ (9,000.00)
Net income (loss) $ 8,728,000.00 $ 5,753,000.00 $ 5,753,000.00 $ 11,872,000.00
Weighted average shares outstanding - basic $ 912,048.07 $ 932,828.30 $ 932,828.30 $ 955,422.53
Weighted average shares outstanding - diluted $ 916,315.71 $ 937,385.63 $ 937,385.63 $ 958,714.10
Year end shares outstanding $ 892,479.41 $ 922,179.23 $ 922,179.23 $ 945,867.40
Earnings (loss) per share from continuing operations - basic $ 9.56 $ 6.17 $ 6.17 $ 12.44
Earnings (loss) per share from discontinued operations - basic $ 0.01 $ - 0 $ - 0 $ (0.01)
Net earnings (loss) per share - basic $ 9.57 $ 6.17 $ 6.17 $ 12.43
Earnings (loss) per share from continuing operations - diluted $ 9.51 $ 6.14 $ 6.14 $ 12.39
Earnings (loss) per share from discontinued operations - diluted $ 0.01 $ - 0 $ - 0 $ (0.01)
Net earnings (loss) per share - diluted $ 9.52 $ 6.14 $ 6.14 $ 12.38
Dividends per share of common stock $ 6.21 - - -
Total number of employees $ 350,600.00 $ 366,600.00 $ 366,600.00 $ 380,300.00
Number of common stockholders $ 395,480.00 $ 408,697.00 $ 408,697.00 $ 425,272.00
Foreign currency translation adjustments $ (730,000.00) $ 152,000.00 $ 152,000.00 $ (20,000.00)
Vertical Analysis
Income Statement Vertical Analysis
International Business Machine Corp (IBM) Formula =number / total revenue
Year 2018 2018 2017 2017 2016 2016
Services revenue 51,350,000 50,709,000 51,268,000
Sales revenue 26,641,000 26,715,000 26,942,000
Financing revenue 1,599,000 1,715,000 1,710,000
Total revenue 79,591,000 100.00% 79,139,000 100.00% 79,919,000 100.00%
Cost of services 34,059,000 34,447,000 34,021,000
Cost of sales 7,464,000 7,256,000 6,559,000
Cost of financing 1,132,000 1,210,000 1,044,000
Total cost 42,655,000 42,913,000 41,625,000
Gross profit 36,936,000 36,227,000 38,294,000
Selling, general & administrative expense - other 16,438,000 16,568,000 16,971,000
Advertising & promotional expense 1,466,000 1,445,000 1,327,000
Workforce rebalancing charges 598,000 199,000 1,038,000
Retirement-related costs - 959,000 742,000
Amortization of acquired intangible assets 435,000 496,000 503,000
Stock-based compensation 361,000 384,000 401,000
Bad debt expense 67,000 55,000 87,000
Selling, general & administrative expense 19,366,000 20,107,000 21,069,000
Research, development & engineering expense 5,379,000 5,787,000 5,751,000
Intellectual property & custom development income 1,026,000 1,466,000 1,631,000
Foreign currency transaction gains (losses) 427,000 (405,000) 116,000
Gains (losses) on derivative instruments (434,000) 341,000 (260,000)
Interest income 264,000 144,000 108,000
Net gains (losses) from securities & investment assets 101,000 20,000 (23,000)
Retirement-related income (costs) (1,572,000) - -
Other income 63,000 116,000 (85,000)
Other income & expense 1,152 (216,000) 145,000
Interest expense 723,000 615,000 630,000
Total expense & other income (25,594,000) 24,827,000 25,964,000
Income from continuing operations before income taxes - U.S. operations 627,000 560,000 3,650,000
Income from continuing operations before income taxes - non-U.S. operations 10,715,000 10,840,000 8,680,000
Income from continuing operations before income taxes 11,342,000 11,400,000 12,330,000
Provision for (benefit from) U.S. federal income taxes - current (342,000) 2,388,000 186,000