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1、 IBM RELEASES SECOND-QUARTER RESULTS Accelerated revenue growth led by Software;Raises full-year free cash flow expectation ARMONK,N.Y.,July 24,2024.IBM(NYSE:IBM)today announced second-quarter 2024 earnings results.“We had a strong second quarter,exceeding our expectations,driven by growth in both r

2、evenue and free cash flow.We continue to see that clients turn to IBM for our technology and our expertise in enterprise AI,and our book of business for generative AI has grown to more than two billion dollars since the launch of watsonx one year ago,said Arvind Krishna,IBM chairman and chief execut

3、ive officer.Given our first-half results,we are raising our full-year view of free cash flow,which we now expect to be more than$12 billion.”Second-Quarter Highlights Revenue Revenue of$15.8 billion,up 2 percent,up 4 percent at constant currency Software revenue up 7 percent,up 8 percent at constant

4、 currency Consulting revenue down 1 percent,up 2 percent at constant currency Infrastructure revenue up 1 percent,up 3 percent at constant currency Profit Margin Gross Profit Margin:GAAP:56.8 percent,up 180 basis points;Operating(Non-GAAP):57.8 percent,up 190 basis points Pre-Tax Income Margin:GAAP:

5、14.1 percent,up 110 basis points;Operating(Non-GAAP):17.7 percent,up 220 basis points Cash Flow Year to date,net cash from operating activities of$6.2 billion,down$0.2 billion;free cash flow of$4.5 billion,up$1.1 billion Over the last twelve months,net cash from operating activities of$13.8 billion;

6、free cash flow of$12.3 billion SECOND QUARTER 2024 INCOME STATEMENT SUMMARY Revenue Gross Profit Gross Profit Margin Pre-tax Income Pre-tax Income Margin Net Income Diluted Earnings Per Share GAAP from Continuing Operations$15.8 B$8.9 B 56.8%$2.2 B 14.1%$1.8 B$1.96 Year/Year 2%(1)5%1.8 Pts 11%1.1 Pt

7、s 16%14%Operating (Non-GAAP)$9.1 B 57.8%$2.8 B 17.7%$2.3 B$2.43 Year/Year 5%1.9 Pts 17%2.2 Pts 14%11%(1)4%at constant currency.“In the quarter,we accelerated our revenue growth as we continue to execute well on our strategy.Our business fundamentals,operating leverage,product mix and productivity in

8、itiatives all contributed to significant margin expansion and increased profit and free cash flow,said James Kavanaugh,IBM senior vice president and chief financial officer.Our strong cash generation enables us to continue investing in innovation and expertise across the portfolio,while returning va

9、lue to shareholders through dividends.”Segment Results for Second Quarter Software revenues of$6.7 billion,up 7.1 percent,up 8.4 percent at constant currency:Hybrid Platform&Solutions up 5 percent,up 6 percent at constant currency:Red Hat up 7 percent,up 8 percent at constant currency Automation up

10、15 percent,up 16 percent at constant currency Data&AI down 3 percent,down 2 percent at constant currency Security up 2 percent,up 3 percent at constant currency Transaction Processing up 11 percent,up 13 percent at constant currency Consulting revenues of$5.2 billion,down 0.9 percent,up 1.8 percent

11、at constant currency:Business Transformation up 3 percent,up 6 percent at constant currency Technology Consulting down 3 percent,up 1 percent at constant currency Application Operations down 4 percent,down 2 percent at constant currency Infrastructure revenues of$3.6 billion,up 0.7 percent,up 2.7 pe

12、rcent at constant currency:Hybrid Infrastructure up 4 percent,up 6 percent at constant currency IBM Z up 6 percent,up 8 percent at constant currency Distributed Infrastructure up 3 percent,up 5 percent at constant currency Infrastructure Support down 5 percent,down 3 percent at constant currency Fin

13、ancing revenues of$0.2 billion,down 8.3 percent,down 6.6 percent at constant currency Cash Flow and Balance Sheet In the second quarter,the company generated net cash from operating activities of$2.1 billion,down$0.6 billion year to year.IBMs free cash flow was$2.6 billion,up$0.5 billion year to yea

14、r.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$6.2 billion,down$0.2 billion year to year.IBMs free cash flow was$4.5 billion,up$1.1 billion year to year.Over the la

15、st twelve months,the company generated net cash from operating activities of$13.8 billion and free cash flow of$12.3 billion.IBM ended the second quarter with$16.0 billion of cash,restricted cash and marketable securities,up$2.5 billion from year-end 2023.Debt,including IBM Financing debt of$11.1 bi

16、llion,totaled$56.5 billion,flat year to date.Full-Year 2024 Expectations Revenue:The company continues to expect constant currency revenue growth consistent with its mid-single digit model.At current foreign exchange rates,currency is expected to be about a one to two-point headwind to revenue growt

17、h Free cash flow:The company now expects more than$12 billion in free cash flow 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 Pr

18、ivate Securities Litigation Reform Act of 1995.Forward-looking statements are based on the companys 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,

19、including,but not limited to,the following:a downturn in economic environment and client spending budgets;a failure of the companys innovation initiatives;damage to the companys reputation;risks from investing in growth opportunities;failure of the companys intellectual property portfolio to prevent

20、 competitive offerings and the failure of the company to obtain necessary licenses;the companys 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 f

21、inancial results;impact of local legal,economic,political,health and other conditions;the companys failure to meet growth and productivity objectives;ineffective internal controls;the companys use of accounting estimates;impairment of the companys goodwill or amortizable intangible assets;the compan

22、ys 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 considera

23、tions;adverse effects related to climate change and environmental matters;tax matters;legal proceedings and investigatory risks;the companys pension plans;currency fluctuations and customer financing risks;impact of changes in market liquidity conditions and customer credit risk on receivables;poten

24、tial 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 companys Form 10-Qs,Form 10-K and in the companys other filings with the U.S.Securities and Exchange Commission o

25、r in materials incorporated therein by reference.Statements in this communication regarding the strategic acquisition that are forward-looking may include projections as to closing date for the transaction,the extent of,and the time necessary to obtain,the regulatory approvals required for the trans

26、action,the anticipated benefits of the transaction,the impact of the transaction on IBMs business,the synergies from the transaction,and the combined companys future operating results.Any forward-looking statement in this release speaks only as of the date on which it is made.Except as required by l

27、aw,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 companys results as determined by generally accepted accounting principles(GAAP),the c

28、ompany 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 it

29、ems;free cash flow;net cash from operating activities excluding IBM Financing receivables;adjusted EBITDA.The rationale for managements 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.For generative A

30、I,book of business includes Software transactional revenue,SaaS Annual Contract Value and Consulting signings.Conference Call and Webcast IBMs regular quarterly earnings conference call is scheduled to begin at 5:00 p.m.ET,today.The Webcast may be accessed via a link at https:/ charts will be availa

31、ble 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 Tim Davidson,914-844-7847 INTERNATIONAL BUSINESS MACHINES CORPORATION C

32、OMPARATIVE FINANCIAL RESULTS(Unaudited;Dollars in millions except per share amounts)Three Months Ended June 30,Six Months Ended June 30,2024 2023(1)2024 2023(1)REVENUE BY SEGMENT Software$6,739$6,294$12,637$11,885 Consulting 5,179 5,226 10,365 10,423 Infrastructure 3,645 3,618 6,721 6,716 Financing

33、169 185 362 380 Other 38 152 146 321 TOTAL REVENUE 15,770 15,475 30,231 29,727 GROSS PROFIT 8,950 8,501 16,692 16,010 GROSS PROFIT MARGIN Software 83.6%82.1%83.0%82.3%Consulting 26.3%25.9%25.8%25.7%Infrastructure 56.5%56.0%55.4%54.1%Financing 48.9%49.2%48.7%46.5%TOTAL GROSS PROFIT MARGIN 56.8%54.9%5

34、5.2%53.9%EXPENSE AND OTHER INCOME S,G&A 4,938 4,900 9,912 9,754 R,D&E 1,840 1,687 3,637 3,342 Intellectual property and custom development income (241)(248)(458)(428)Other(income)and expense (233)(261)(550)(506)Interest expense 427 423 859 790 TOTAL EXPENSE AND OTHER INCOME 6,730 6,501 13,399 12,952

35、 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2,219 2,000 3,293 3,058 Pre-tax margin 14.1%12.9%10.9%10.3%Provision for/(Benefit from)income taxes 389 419 (112)543 Effective tax rate 17.5%21.0%(3.4)%17.8%INCOME FROM CONTINUING OPERATIONS$1,830$1,581$3,405$2,515 DISCONTINUED OPERATIONS Income

36、/(loss)from discontinued operations,net of taxes 4 2 34 (4)NET INCOME$1,834$1,583$3,439$2,511 EARNINGS/(LOSS)PER SHARE OF COMMON STOCK Assuming Dilution Continuing Operations$1.96$1.72$3.65$2.74 Discontinued Operations$0.00$0.00$0.04$0.00 TOTAL$1.96$1.72$3.68$2.73 Basic Continuing Operations$1.99$1.

37、74$3.71$2.77 Discontinued Operations$0.00$0.00$0.04$0.00 TOTAL$1.99$1.74$3.74$2.76 WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING(Ms)Assuming Dilution 934.4 919.5 933.9 918.6 Basic 920.3 909.9 918.7 908.7 (1)Recast to reflect January 2024 segment changes.INTERNATIONAL BUSINESS MACHINES CORPORA

38、TION CONDENSED CONSOLIDATED BALANCE SHEET(Unaudited)(Dollars in Millions)At June 30,2024 At December 31,2023 ASSETS:Current Assets:Cash and cash equivalents$12,210$13,068 Restricted cash 2,268 21 Marketable securities 1,481 373 Notes and accounts receivable-trade,net 5,769 7,214 Short-term financing

39、 receivables,net 5,799 6,793 Other accounts receivable,net 757 640 Inventories 1,234 1,161 Deferred costs 997 998 Prepaid expenses and other current assets 2,784 2,639 Total Current Assets 33,299 32,908 Property,plant and equipment,net 5,600 5,501 Operating right-of-use assets,net 3,130 3,220 Long-t

40、erm financing receivables,net 5,483 5,766 Prepaid pension assets 7,630 7,506 Deferred costs 820 842 Deferred taxes 6,378 6,656 Goodwill 59,416 60,178 Intangibles,net 10,251 11,036 Investments and sundry assets 1,840 1,626 Total Assets$133,848$135,241 LIABILITIES:Current Liabilities:Taxes$1,691$2,270

41、 Short-term debt 3,602 6,426 Accounts payable 3,631 4,132 Deferred income 13,643 13,451 Operating lease liabilities 762 820 Other liabilities 6,319 7,022 Total Current Liabilities 29,648 34,122 Long-term debt 52,929 50,121 Retirement related obligations 10,200 10,808 Deferred income 3,489 3,533 Oper

42、ating lease liabilities 2,546 2,568 Other liabilities 10,932 11,475 Total Liabilities 109,745 112,628 EQUITY:IBM Stockholders Equity:Common stock 60,501 59,643 Retained earnings 151,659 151,276 Treasury stock at cost (169,815)(169,624)Accumulated other comprehensive income/(loss)(18,319)(18,761)Tota

43、l IBM Stockholders Equity 24,026 22,533 Noncontrolling interests 77 80 Total Equity 24,103 22,613 Total Liabilities and Equity$133,848$135,241 INTERNATIONAL BUSINESS MACHINES CORPORATION CASH FLOW ANALYSIS(Unaudited)Three Months Ended June 30,Six Months Ended June 30,Trailing Twelve Months Ended Jun

44、e 30,(Dollars in Millions)2024 2023 2024 2023 2024 Net Cash from Operations per GAAP$2,066$2,638$6,234$6,412$13,752 Less:change in IBM Financing receivables (946)50 951 2,028 156 Capital Expenditures,net (399)(487)(761)(944)(1,305)Free Cash Flow 2,612 2,101 4,522 3,441 12,292 Acquisitions (153)(334)

45、(235)(356)(4,961)Divestitures 6 703 6 693 Dividends (1,537)(1,510)(3,058)(3,007)(6,092)Non-Financing Debt (4,168)(1,178)1,076 8,514 (1,892)Other(includes IBM Financing net receivables and debt)(73)(347)(510)(1,109)(410)Change in Cash,Cash Equivalents,Restricted Cash and Short-term Marketable Securit

46、ies$(3,318)$(1,263)$2,497$7,489$(370)INTERNATIONAL BUSINESS MACHINES CORPORATION CASH FLOW(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(Dollars in Millions)2024 2023 2024 2023 Net Income from Operations$1,834$1,583$3,439$2,511 Depreciation/Amortization of Intangibles(1)1,155 1,076

47、2,287 2,150 Stock-based Compensation 316 288 636 556 Operating assets and liabilities/Other,net(2)(293)(359)(1,079)(832)IBM Financing A/R (946)50 951 2,028 Net Cash Provided by Operating Activities$2,066$2,638$6,234$6,412 Capital Expenditures,net of payments&proceeds (399)(487)(761)(944)Divestitures

48、,net of cash transferred -6 703 6 Acquisitions,net of cash acquired (153)(334)(235)(356)Marketable Securities/Other Investments,net 2,791 822 (1,679)(6,659)Net Cash Provided by/(Used in)Investing Activities$2,239$7$(1,971)$(7,953)Debt,net of payments&proceeds (2,900)(1,135)481 6,169 Dividends (1,537

49、)(1,510)(3,058)(3,007)Financing-Other (78)(86)(61)(185)Net Cash Provided by/(Used in)Financing Activities$(4,515)$(2,731)$(2,638)$2,978 Effect of Exchange Rate changes on Cash (76)(25)(236)(1)Net Change in Cash,Cash Equivalents and Restricted Cash$(287)$(110)$1,389$1,436 (1)Includes operating lease

50、right-of-use assets amortization.(2)Includes the reduction of tax reserves.INTERNATIONAL BUSINESS MACHINES CORPORATION GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(Dollars in Billions)2024 2023 Yr/Yr 2024 2023 Yr/Yr Net Income as re

51、ported(GAAP)$1.8$1.6$0.3$3.4$2.5$0.9 Less:Income/(loss)from discontinued operations,net of tax 0.0 0.0 0.0 0.0 0.0 0.0 Income from continuing operations 1.8 1.6 0.2 3.4 2.5 0.9 Provision for/(Benefit from)income taxes from continuing ops.0.4 0.4 0.0 (0.1)0.5 (0.7)Pre-tax income from continuing opera

52、tions(GAAP)2.2 2.0 0.2 3.3 3.1 0.2 Non-operating adjustments(before tax)Acquisition-related charges(1)0.5 0.4 0.1 1.0 0.8 0.2 Non-operating retirement-related costs/(income)0.1 0.0 0.1 0.2 0.0 0.2 Operating(non-GAAP)pre-tax income from continuing ops.2.8 2.4 0.4 4.4 3.8 0.6 Net interest expense 0.2

53、0.2 0.0 0.4 0.4 0.0 Depreciation/Amortization of non-acquired intangible assets 0.7 0.7 0.0 1.4 1.4 0.0 Stock-based compensation 0.3 0.3 0.0 0.6 0.6 0.1 Workforce rebalancing charges 0.0 0.1 (0.1)0.4 0.4 0.0 Corporate(gains)and charges(2)0.0 0.0 0.0 (0.2)0.0 (0.2)Adjusted EBITDA$4.0$3.7$0.4$7.1$6.5$

54、0.5 (1)Primarily consists of amortization of acquired intangible assets.(2)Corporate(gains)and charges primarily consists of unique corporate actions such as gains on divestitures.INTERNATIONAL BUSINESS MACHINES CORPORATION SEGMENT DATA(Unaudited)Three Months Ended June 30,2024 (Dollars in Millions)

55、Software Consulting Infrastructure Financing Revenue$6,739$5,179$3,645$169 Segment Profit$2,113$463$654$77 Segment Profit Margin 31.3%8.9%17.9%45.3%Change YTY Revenue 7.1%(0.9)%0.7%(8.3)%Change YTY Revenue-Constant Currency 8.4%1.8%2.7%(6.6)%Three Months Ended June 30,2023(1)(Dollars in Millions)Sof

56、tware Consulting Infrastructure Financing Revenue$6,294$5,226$3,618$185 Segment Profit$1,749$483$732$64 Segment Profit Margin 27.8%9.2%20.2%34.8%(1)Recast to reflect January 2024 segment changes.Six Months Ended June 30,2024 (Dollars in Millions)Software Consulting Infrastructure Financing Revenue$1

57、2,637$10,365$6,721$362 Segment Profit$3,612$888$965$168 Segment Profit Margin 28.6%8.6%14.4%46.5%Change YTY Revenue 6.3%(0.6)%0.1%(4.9)%Change YTY Revenue-Constant Currency 7.2%1.8%1.5%(4.0)%Six Months Ended June 30,2023(1)(Dollars in Millions)Software Consulting Infrastructure Financing Revenue$11,

58、885$10,423$6,716$380 Segment Profit$3,128$910$1,039$164 Segment Profit Margin 26.3%8.7%15.5%43.2%(1)Recast to reflect January 2004 segment changes.INTERNATIONAL BUSINESS MACHINES CORPORATION U.S.GAAP TO OPERATING(Non-GAAP)RESULTS RECONCILIATION(Unaudited;Dollars in millions except per share amounts)

59、Three Months Ended June 30,2024 Continuing Operations GAAP Acquisition-Related Adjustments(1)Retirement-Related Adjustments(2)Tax Reform Impacts Operating (Non-GAAP)Gross Profit$8,950$170$9,120 Gross Profit Margin 56.8%1.1 pts pts pts 57.8%S,G&A$4,938$(286)$4,651 Other(Income)&Expense (233)(18)(98)(

60、349)Total Expense&Other(Income)6,730 (304)(98)6,328 Pre-tax Income from Continuing Operations 2,219 474 98 2,792 Pre-tax Income Margin from Continuing Operations 14.1%3.0 pts 0.6 pts pts 17.7%Provision for/(Benefit from)Income Taxes(3)$389$113$26$(12)$516 Effective Tax Rate 17.5%1.1 pts 0.3 pts (0.4

61、)pts 18.5%Income from Continuing Operations$1,830$362$72$12$2,275 Income Margin from Continuing Operations 11.6%2.3 pts 0.5 pts 0.1 pts 14.4%Diluted Earnings Per Share:Continuing Operations$1.96$0.39$0.08$0.01$2.43 Three Months Ended June 30,2023 Continuing Operations GAAP Acquisition-Related Adjust

62、ments(1)Retirement-Related Adjustments(2)Tax Reform Impacts Operating (Non-GAAP)Gross Profit$8,501$150$8,650 Gross Profit Margin 54.9%1.0 pts pts pts 55.9%S,G&A$4,900$(245)$4,655 Other(Income)&Expense (261)0 (1)(262)Total Expense&Other(Income)6,501 (246)(1)6,254 Pre-tax Income from Continuing Operat

63、ions 2,000 395 1 2,396 Pre-tax Income Margin from Continuing Operations 12.9%2.6 pts 0.0 pts pts 15.5%Provision for/(Benefit from)Income Taxes(3)$419$87$(3)$(110)$393 Effective Tax Rate 21.0%0.2 pts (0.2)pts (4.6)pts 16.4%Income from Continuing Operations$1,581$308$5$110$2,003 Income Margin from Con

64、tinuing Operations 10.2%2.0 pts 0.0 pts 0.7 pts 12.9%Diluted Earnings Per Share:Continuing Operations$1.72$0.34$0.00$0.12$2.18 (1)Includes amortization of purchased intangible assets,in process R&D,transaction costs,applicable restructuring and related expenses,tax charges related to acquisition int

65、egration and pre-closing charges,such as financing costs.2024 also includes a loss of$18 million on foreign exchange derivative contracts entered into by the company prior to the acquisition of StreamSets and webMethods from Software AG.(2)Includes amortization of prior service costs,interest cost,e

66、xpected return on plan assets,amortized actuarial gains/losses,the impacts of any plan curtailments/settlements and pension insolvency costs and other costs.(3)Tax impact on operating(non-GAAP)pre-tax income from continuing operations is calculated under the same accounting principles applied to the

67、 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 30,2024 Continuing

68、 Operations GAAP Acquisition-Related Adjustments(1)Retirement-Related Adjustments(2)Tax Reform Impacts(3)Operating (Non-GAAP)Gross Profit$16,692$341$17,033 Gross Profit Margin 55.2%1.1 pts pts pts 56.3%S,G&A$9,912$(554)$9,358 Other(Income)&Expense (550)(68)(194)(812)Total Expense&Other(Income)13,399

69、 (622)(194)12,584 Pre-tax Income from Continuing Operations 3,293 963 194 4,449 Pre-tax Income Margin from Continuing Operations 10.9%3.2 pts 0.6 pts pts 14.7%Provision for/(Benefit from)Income Taxes(4)$(112)$255$31$436$610 Effective Tax Rate (3.4)%6.5 pts 0.9 pts 9.8 pts 13.7%Income from Continuing

70、 Operations$3,405$707$163$(436)$3,839 Income Margin from Continuing Operations 11.3%2.3 pts 0.5 pts (1.4)pts 12.7%Diluted Earnings Per Share:Continuing Operations$3.65$0.76$0.17$(0.47)$4.11 Six Months Ended June 30,2023 Continuing Operations GAAP Acquisition-Related Adjustments(1)Retirement-Related

71、Adjustments(2)Tax Reform Impacts Operating (Non-GAAP)Gross Profit$16,010$298$16,308 Gross Profit Margin 53.9%1.0 pts pts pts 54.9%S,G&A$9,754$(491)$9,263 Other(Income)&Expense (506)(2)4 (504)Total Expense&Other(Income)12,952 (493)4 12,463 Pre-tax Income from Continuing Operations 3,058 791 (4)3,845

72、Pre-tax Income Margin from Continuing Operations 10.3%2.7 pts 0.0 pts pts 12.9%Provision for/(Benefit from)Income Taxes(4)$543$178$(14)$(115)$593 Effective Tax Rate 17.8%1.0 pts (0.3)pts (3.0)pts 15.4%Income from Continuing Operations$2,515$613$10$115$3,252 Income Margin from Continuing Operations 8

73、.5%2.1 pts 0.0 pts 0.4 pts 10.9%Diluted Earnings Per Share:Continuing Operations$2.74$0.67$0.01$0.13$3.54 (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-clos

74、ing charges,such as financing costs.2024 also includes a loss of$68 million on foreign exchange derivative contracts entered into by the company prior to the acquisition of StreamSets and webMethods from Software AG.(2)Includes amortization of prior service costs,interest cost,expected return on pla

75、n assets,amortized actuarial gains/losses,the impacts of any plan curtailments/settlements and pension insolvency costs and other costs.(3)2024 includes a net benefit from discrete tax events.(4)Tax impact on operating(non-GAAP)pre-tax income from continuing operations is calculated under the same a

76、ccounting 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 GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION(Unaudited)Three Months Ended June 30,Six Months Ended J

77、une 30,(Dollars in Billions)2024 2023 2024 2023 Net Cash Provided by Operating Activities$2.1$2.6$6.2$6.4 Add:Net interest expense 0.2 0.2 0.4 0.4 Provision for/(Benefit from)income taxes from continuing operations 0.4 0.4 (0.1)0.5 Less change in:Financing receivables (0.9)0.1 1.0 2.0 Other assets and liabilities/Other,net(1)(0.4)(0.5)(1.5)(1.2)Adjusted EBITDA$4.0$3.7$7.1$6.5 (1)Other assets and liabilities/Other,net mainly consists of Operating assets and liabilities/Other,net in the Cash flow chart,workforce rebalancing charges,non-operating impacts and corporate(gains)and charges.