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Exam Code: C2090-616 Practice test 2022 by Killexams.com team
C2090-616 DB2 11.1 Fundamentals for LUW

Exam ID : C2090-616
Exam Title : DB2 11.1 Fundamentals for LUW
Number of questions: 63
Number of questions to pass: 43
Time allowed: 90 mins
Status: Live

This Database Associate certification is an entry level test for a user of any of the DB2 family of products. This individual is knowledgeable about the fundamental concepts of DB2 11.1 through either hands on experience or formal and informal education. The database associate should have an in-depth knowledge of the basic to intermediate tasks required in day-to-day administration, basic SQL (Structured Query Language), understand which additional products are available with DB2 11.1, understand how to create databases and database objects, and have a basic knowledge of database security and transaction isolation.

Section 1 - Planning 21%
- Identify and describe the DB2 products available
- Identify and decribe the DB2 Cloud offerings available
- Describe the characteristics of OLTP and Data Warehouse workloads
- Describe the benefits of DB2 pureScale
- Demonstrate the ability to use DB2 BLU Acceleration
- Explain Federation support
- Identify and describe Oracle and Netezza Compatibility Features

Section 2 - Security 17%
- Describe methods used to restrict data access
- Identify and describe the authorities and privileges available
- Identify and describe the DCL statements available
- Describe Roles and Trusted Contexts

Section 3 - Working with Databases and Database Objects 16%
- Create and connect to DB2 servers and databases
- Identify DB2 objects
- Identify and describe the DDL statements available
- Describe the different types of tables available

Section 4 - Working with DB2 Data using SQL 19%
- Demonstrate the ability to use SQL to SELECT data from tables
- Demonstrate the ability to use SQL to UPDATE, DELETE, or INSERT data
- Demonstrate the ability to manage transactions
- Demonstrate the ability to create and call an SQL stored procedure or a user defined function
- Identify and describe SQL compatibility enhancements
- Identify the OLAP function used to meet a specific business requirement

Section 5 - Working with DB2 Tables, Views, and Indexes 13%
- Identify and describe the DB2 data types available
- Identify the characteristics of a table, view or index
- Demonstrate the ability to create and use temporary tables
- Demonstrate the ability to create and use triggers

Section 6 - Data Concurrency 14%
- Identify factors that influence locking
- List objects on which locks can be obtained
- Identify characteristics of DB2 locks
- Given a situation, identify the isolation level that should be used

DB2 11.1 Fundamentals for LUW
IBM Fundamentals information
Killexams : IBM Fundamentals information - BingNews https://killexams.com/pass4sure/exam-detail/C2090-616 Search results Killexams : IBM Fundamentals information - BingNews https://killexams.com/pass4sure/exam-detail/C2090-616 https://killexams.com/exam_list/IBM Killexams : IBM RELEASES SECOND QUARTER RESULTS

Growth Across Key Segments Led by Hybrid Cloud Adoption; Solid Cash and Profit Generation

ARMONK, N.Y., July 18, 2022 /PRNewswire/ -- IBM (NYSE: IBM) today announced second-quarter 2022 earnings results.

IBM Corporation logo. (PRNewsfoto/IBM)

"In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well," said Arvind Krishna, IBM chairman and chief executive officer. "With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model."

Second-Quarter Highlights

  • Revenue
    - Revenue of $15.5 billion, up 9 percent, up 16 percent at constant currency (about 5 points from sales to Kyndryl)
    - Software revenue up 6 percent, up 12 percent at constant currency (about 7 points from sales to Kyndryl)
    - Consulting revenue up 10 percent, up 18 percent at constant currency
    - Infrastructure revenue up 19 percent, up 25 percent at constant currency (about 7 points from sales to Kyndryl)
    - Hybrid cloud revenue, over the last 12 months, of $21.7 billion, up 16 percent, up 19 percent at constant currency
  • Cash Flow
    - On a consolidated basis, year to date, net cash from operating activities of $4.6 billion; free cash flow of $3.3 billion 
SECOND QUARTER 2022 INCOME STATEMENT SUMMARY
Pre-tax 
Gross Pre-tax  Income  Net  Diluted 
Revenue Profit Income Margin Income EPS
GAAP from
Continuing
Operations
$ 15.5B $ 8.3B $ 1.7B 11.1 % $ 1.5B $ 1.61
    Year/Year 9 %* 6 % 89 % 4.7 Pts 81 % 79 %
Operating
(Non-GAAP)
$ 8.5B $ 2.5B 16.2 % $ 2.1B $ 2.31
    Year/Year 5 % 48 % 4.2 Pts 45 % 43 %
*16% at constant currency

"We are a faster-growing, focused, disciplined company with sound business fundamentals," said James Kavanaugh, IBM senior vice president and chief financial officer. "Our recurring revenue stream and solid cash generation position us well to continue to invest in R&D, acquire new companies, and strengthen our talent in every part of the business, while also returning value to shareholders through our dividend."

Segment Results for Second Quarter

  • Software (includes Hybrid Platform & Solutions, Transaction Processing)— revenues of $6.2 billion, up 6.4 percent, up 11.6 percent at constant currency (about 7 points from sales to Kyndryl):
    - Hybrid Platform & Solutions up 4 percent, up 9 percent at constant currency (about 1.5 points from sales to Kyndryl):
       -- Red Hat up 12 percent, up 17 percent at constant currency
       -- Automation up 4 percent, up 8 percent at constant currency
       -- Data & AI flat, up 4 percent at constant currency
       -- Security flat, up 5 percent at constant currency
    - Transaction Processing up 12 percent, up 19 percent at constant currency (about 22 points from sales to Kyndryl)
    - Software segment hybrid cloud revenue up 14 percent, up 18 percent at constant currency
  • Consulting (includes Business Transformation, Technology Consulting and Application Operations)— revenues of $4.8 billion, up 9.8 percent, up 17.8 percent at constant currency:
    - Business Transformation up 9 percent, up 16 percent at constant currency
    - Technology Consulting up 14 percent, up 23 percent at constant currency
    - Application Operations up 9 percent, up 17 percent at constant currency
    - Consulting segment hybrid cloud revenue up 20 percent, up 29 percent at constant currency
  • Infrastructure (includes Hybrid Infrastructure, Infrastructure Support)— revenues of $4.2 billion, up 19.0 percent, up 25.4 percent at constant currency (about 7 points from sales to Kyndryl):
    - Hybrid Infrastructure up 34 percent, up 41 percent at constant currency (about 7 points from sales to Kyndryl)
       -- IBM z Systems up 69 percent, up 77 percent at constant currency
       -- Distributed Infrastructure up 11 percent, up 17 percent at constant currency
    - Infrastructure Support down 2 percent, up 5 percent at constant currency (about 8 points from sales to Kyndryl)
    - Infrastructure segment hybrid cloud revenue up 24 percent, up 30 percent at constant currency
  • Financing (includes client and commercial financing)— revenues of $0.1 billion, down 29.9 percent, down 26.6 percent at constant currency

Cash Flow and Balance Sheet
On a consolidated basis, in the second quarter, the company generated net cash from operating activities of $1.3 billion or $2.6 billion excluding IBM Financing receivables. IBM's free cash flow was $2.1 billion. The company returned $1.5 billion to shareholders in dividends in the second quarter.

On a consolidated basis, for the first six months of the year, the company generated net cash from operating activities of $4.6 billion or $4.2 billion excluding IBM Financing receivables. IBM's free cash flow was $3.3 billion, which includes cash impacts from the company's structural actions initiated at the end of 2020.

IBM ended the second quarter with $7.8 billion of cash on hand (which includes marketable securities), up $0.2 billion from year-end 2021. Debt, including IBM Financing debt of $12.3 billion, totaled $50.3 billion, down $1.4 billion since the end of 2021.

Full-Year 2022 Expectations

  • Revenue growth: The company continues to expect constant currency revenue growth at the high end of its mid-single digit model. The company also expects an additional 3.5 point contribution from incremental sales to Kyndryl. At mid-July 2022 foreign exchange rates, currency is expected to be about a six-point headwind.
  • Free Cash Flow: The company now expects about $10 billion in consolidated 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 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 real 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
On November 3, 2021, IBM completed the separation of Kyndryl. Unless otherwise specified, results are presented on a continuing operations basis. All references to revenue impacts from sales to Kyndryl are incremental sales post-separation.

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;
  • consolidated free cash flow;
  • consolidated 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-2q22. 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 Six Months Ended
June 30,  June 30, 
2022 2021* 2022 2021*
REVENUE
Software $ 6,166 $ 5,795 $ 11,938 $ 10,933
Consulting 4,809 4,378 9,637 8,641
Infrastructure 4,235 3,560 7,453 6,853
Financing 146 209 300 417
Other 180 277 404 561
TOTAL REVENUE 15,535 14,218 29,732 27,405
GROSS PROFIT 8,290 7,852 15,625 14,879
GROSS PROFIT MARGIN
Software 79.2 % 79.7 % 79.0 % 78.8 %
Consulting 24.2 % 27.6 % 24.3 % 27.7 %
Infrastructure 53.8 % 57.1 % 52.4 % 56.7 %
Financing 35.3 % 29.9 % 36.5 % 32.7 %
TOTAL GROSS PROFIT MARGIN 53.4 % 55.2 % 52.6 % 54.3 %
EXPENSE AND OTHER INCOME
S,G&A 4,855 4,849 9,452 9,536
R,D&E 1,673 1,641 3,352 3,257
Intellectual property and custom development income (176) (133) (297) (278)
Other (income) and expense (81) 302 166 647
Interest expense 297 281 607 561
TOTAL EXPENSE AND OTHER INCOME 6,568 6,940 13,280 13,724
INCOME/(LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 1,722 912 2,345 1,155
Pre-tax margin 11.1 % 6.4 % 7.9 % 4.2 %
Provision for/(Benefit from) income taxes 257 101 218 (58)
Effective tax rate 14.9 % 11.1 % 9.3 % (5.0) %
INCOME FROM CONTINUING OPERATIONS $ 1,465 $ 810 $ 2,127 $ 1,213
DISCONTINUED OPERATIONS
Income/(Loss) from discontinued operations, net of taxes (73) 515 (2) 1,067
NET INCOME $ 1,392 $ 1,325 $ 2,125 $ 2,280
EARNINGS/(LOSS) PER SHARE OF COMMON STOCK
Assuming Dilution
Continuing Operations $ 1.61 $ 0.90 $ 2.34 $ 1.34
Discontinued Operations $ (0.08) $ 0.57 $ 0.00 $ 1.18
TOTAL $ 1.53 $ 1.47 $ 2.34 $ 2.52
Basic
Continuing Operations $ 1.62 $ 0.91 $ 2.36 $ 1.36
Discontinued Operations $ (0.08) $ 0.57 $ 0.00 $ 1.19
TOTAL $ 1.54 $ 1.48 $ 2.36 $ 2.55
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (M's)
Assuming Dilution 910.7 904.2 910.0 903.0
Basic 901.5 895.0 900.4 894.3
____________________
* Recast to conform with 2022 presentation.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
At At
June 30,  December 31, 
(Dollars in Millions) 2022 2021
ASSETS:
Current Assets:
Cash and cash equivalents $ 7,034 $ 6,650
Restricted cash 220 307
Marketable securities 524 600
Notes and accounts receivable - trade, net 5,867 6,754
Short-term financing receivables, net 7,233 8,014
Other accounts receivable, net 909 1,002
Inventories 1,684 1,649
Deferred costs 1,010 1,097
Prepaid expenses and other current assets 3,414 3,466
Total Current Assets 27,896 29,539
Property, plant and equipment, net 5,275 5,694
Operating right-of-use assets, net 2,848 3,222
Long-term financing receivables, net 5,316 5,425
Prepaid pension assets 9,930 9,850
Deferred costs 865 924
Deferred taxes 7,073 7,370
Goodwill 55,039 55,643
Intangibles, net 11,571 12,511
Investments and sundry assets 1,689 1,823
Total Assets $ 127,503 $ 132,001
LIABILITIES:
Current Liabilities:
Taxes $ 1,742 $ 2,289
Short-term debt 5,981 6,787
Accounts payable 3,707 3,955
Deferred income 12,522 12,518
Operating lease liabilities 884 974
Other liabilities 7,008 7,097
Total Current Liabilities 31,844 33,619
Long-term debt 44,328 44,917
Retirement related obligations 13,118 14,435
Deferred income 3,069 3,577
Operating lease liabilities 2,182 2,462
Other liabilities 13,486 13,996
Total Liabilities 108,026 113,005
EQUITY:
IBM Stockholders' Equity:
Common stock 57,802 57,319
Retained earnings 153,298 154,209
Treasury stock — at cost (169,522) (169,392)
Accumulated other comprehensive income/(loss) (22,169) (23,234)
Total IBM Stockholders' Equity 19,409 18,901
Noncontrolling interests 67 95
Total Equity 19,476 18,996
Total Liabilities and Equity $ 127,503 $ 132,001

 

INTERNATIONAL BUSINESS MACHINES CORPORATION CASH FLOW ANALYSIS (Unaudited)
Trailing Twelve
Three Months Ended Six Months Ended Months Ended
June 30,  June 30,  June 30, 
(Dollars in Millions) 2022 2021 2022 2021 2022
Consolidated Net Cash from Operations per GAAP $ 1,321 $ 2,625 $ 4,569 $ 7,539 $ 9,826
Less: change in IBM Financing receivables (1,264) 900 367 3,763 511
Capital Expenditures, net (494) (688) (871) (1,217) (2,035)
Consolidated Free Cash Flow 2,091 1,037 3,331 2,559 7,279
Acquisitions (260) (1,747) (958) (2,866) (1,385)
Divestitures 1,207 (10) 1,268 (25) 1,408
Dividends (1,488) (1,467) (2,963) (2,924) (5,907)
Non-Financing Debt (2,934) (586) 1,740 (2,331) 2,880
Other (includes IBM Financing net receivables and debt) (1,607) (335) (2,197) (522) (4,661)
Change in Cash, Cash Equivalents, Restricted Cash and Short-term
Marketable Securities*
$ (2,991) $ (3,108) $ 221 $ (6,110) $ (387)
____________________
* Cash flows are presented on a consolidated basis. 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION CASH FLOW (Unaudited)
Three Months Ended Six Months Ended
June 30,  June 30, 
(Dollars in Millions) 2022 2021 2022 2021
Net Income from Operations $ 1,392 $ 1,325 $ 2,125 $ 2,280
Depreciation/Amortization of Intangibles 1,245 1,680 2,501 3,352
Stock-based Compensation 254 243 488 457
Working Capital / Other (307) (1,524) (912) (2,313)
IBM Financing A/R (1,264) 900 367 3,763
Net Cash Provided by Operating Activities $ 1,321 $ 2,625 $ 4,569 $ 7,539
Capital Expenditures, net of payments & proceeds (494) (688) (871) (1,217)
Divestitures, net of cash transferred 1,207 (10) 1,268 (25)
Acquisitions, net of cash acquired (260) (1,747) (958) (2,866)
Marketable Securities / Other Investments, net (281) (227) (625) (562)
Net Cash Provided by/(Used in) Investing Activities $ 172 $ (2,671) $ (1,186) $ (4,671)
Debt, net of payments & proceeds (2,514) (1,500) 434 (5,799)
Dividends (1,488) (1,467) (2,963) (2,924)
Financing - Other (195) (163) (290) (190)
Net Cash Provided by/(Used in) Financing Activities $ (4,197) $ (3,131) $ (2,819) $ (8,914)
Effect of Exchange Rate changes on Cash (262) 69 (267) (65)
Net Change in Cash, Cash Equivalents and Restricted Cash* $ (2,965) $ (3,108) $ 297 $ (6,110)
____________________
* Cash flows are presented on a consolidated basis. 

 

INTERNATIONAL BUSINESS MACHINES CORPORATION SEGMENT DATA (Unaudited)
Three Months Ended June 30, 2022
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 6,166 $ 4,809 $ 4,235 $ 146
Pre-tax Income/(Loss) from Continuing Operations $ 1,375 $ 343 $ 757 $ 102
Pre-tax Margin 22.3 % 7.1 % 17.9 % 69.7 %
Change YTY Revenue 6.4 % 9.8 % 19.0 % (29.9) %
Change YTY Revenue - constant currency 11.6 % 17.8 % 25.4 % (26.6) %
Three Months Ended June 30, 2021*
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 5,795 $ 4,378 $ 3,560 $ 209
Pre-tax Income/(Loss) from Continuing Operations $ 1,059 $ 270 $ 489 $ 131
Pre-tax Margin 18.3 % 6.2 % 13.7 % 63.0 %
____________________
* Recast to conform with 2022 presentation. 
Six Months Ended June 30, 2022
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 11,938 $ 9,637 $ 7,453 $ 300
Pre-tax Income/(Loss) from Continuing Operations $ 2,509 $ 691 $ 956 $ 186
Pre-tax Margin 21.0 % 7.2 % 12.8 % 62.0 %
Change YTY Revenue 9.2 % 11.5 % 8.8 % (28.0) %
Change YTY Revenue - constant currency 13.4 % 17.6 % 13.4 % (25.5) %
Six Months Ended June 30, 2021*
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 10,933 $ 8,641 $ 6,853 $ 417
Pre-tax Income/(Loss) from Continuing Operations $ 1,717 $ 547 $ 780 $ 229
Pre-tax Margin 15.7 % 6.3 % 11.4 % 55.0 %
____________________
* Recast to conform with 2022 presentation.

 

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, 2022
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments Adjustments Impacts Impacts (Non-GAAP)
Gross Profit $ 8,290 $ 180 $ $ $ $ 8,470
Gross Profit Margin 53.4 % 1.2  pts.    pts.    pts.    pts.   54.5 %
S,G&A $ 4,855 $ (279) $ $ $ (0) $ 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 1,722 460 192 145 2,518
Pre-tax Income Margin from 11.1 % 3.0  pts.   1.2  pts.    pts.   0.9  pts.   16.2 %
Provision for/(Benefit from) Income $ 257 $ 115 $ 46 $ (4) $ $ 413
Effective Tax Rate 14.9 % 1.8  pts.   0.7  pts.   (0.2)  pts.   (0.9)  pts.   16.4 %
Income from Continuing Operations $ 1,465 $ 345 $ 146 $ 4 $ 145 $ 2,105
Income Margin from Continuing 9.4 % 2.2  pts.   0.9  pts.   0.0  pts.   0.9  pts.   13.5 %
Diluted Earnings/(Loss) Per Share: $ 1.61 $ 0.38 $ 0.16 $ 0.00 $ 0.16 $ 2.31
Three Months Ended June 30, 2021
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments Adjustments Impacts Impacts (Non-GAAP)
Gross Profit $ 7,852 $ 179 $ $ $ $ 8,031
Gross Profit Margin 55.2 % 1.3  pts.    pts.    pts.    pts.   56.5 %
S,G&A $ 4,849 $ (294) $ $ $ $ 4,555
Other (Income) & Expense 302 (1) (317) (16)
Total Expense & Other (Income) 6,940 (294) (317) 6,329
Pre-tax Income/(Loss) from Continuing 912 474 317 1,702
Pre-tax Income Margin from 6.4 % 3.3  pts.   2.2  pts.    pts.    pts.   12.0 %
Provision for/(Benefit from) Income $ 101 $ 105 $ 53 $ (14) $ $ 246
Effective Tax Rate 11.1 % 3.1  pts.   1.0  pts.   (0.8)  pts.    pts.   14.5 %
Income from Continuing Operations $ 810 $ 368 $ 264 $ 14 $ $ 1,456
Income Margin from Continuing 5.7 % 2.6  pts.   1.9  pts.   0.1  pts.    pts.   10.2 %
Diluted Earnings/(Loss) Per Share: $ 0.90 $ 0.41 $ 0.29 $ 0.01 $ $ 1.61
____________________
(1)  Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition
(2)  Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/
(3)  Primarily relates to the fair value changes in the retained Kyndryl common stock 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

 

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, 2022
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments Adjustments Impacts Impacts (Non-GAAP)
Gross Profit $ 15,625 $ 361 $ $ $ $ 15,986
Gross Profit Margin 52.6 % 1.2  pts.    pts.    pts.    pts.   53.8 %
S,G&A $ 9,452 $ (565) $ $ $ (0) $ 8,887
Other (Income) & Expense 166 (1) (394) (367) (596)
Total Expense & Other (Income) 13,280 (566) (394) (367) 11,953
Pre-tax Income from Continuing 2,345 928 394 367 4,033
Pre-tax Income Margin from 7.9 % 3.1  pts.   1.3  pts.    pts.   1.2  pts.   13.6 %
Provision for/(Benefit from) Income $ 218 $ 224 $ 104 $ 112 $ $ 657
Effective Tax Rate 9.3 % 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 7.2 % 2.4  pts.   1.0  pts.   (0.4)  pts.   1.2  pts.   11.4 %
Diluted Earnings/(Loss) Per Share: $ 2.34 $ 0.77 $ 0.32 $ (0.12) $ 0.40 $ 3.71
Six Months Ended June 30, 2021
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments Adjustments Impacts Impacts (Non-GAAP)
Gross Profit $ 14,879 $ 353 $ $ $ $ 15,232
Gross Profit Margin 54.3 % 1.3  pts.    pts.    pts.    pts.   55.6 %
S,G&A $ 9,536 $ (582) $ $ $ $ 8,954
Other (Income) & Expense 647 (1) (649) (3)
Total Expense & Other (Income) 13,724 (583) (649) 12,491
Pre-tax Income from Continuing 1,155 936 649 2,741
Pre-tax Income Margin from 4.2 % 3.4  pts.   2.4  pts.    pts.    pts.   10.0 %
Provision for/(Benefit from) Income $ (58) $ 238 $ 86 $ 6 $ $ 272
Effective Tax Rate (5.0) % 10.4  pts.   4.3  pts.   0.2  pts.    pts.   9.9 %
Income from Continuing Operations $ 1,213 $ 699 $ 563 $ (6) $ $ 2,469
Income Margin from Continuing 4.4 % 2.5  pts.   2.1  pts.   (0.0)  pts.    pts.   9.0 %
Diluted Earnings/(Loss) Per Share: $ 1.34 $ 0.77 $ 0.62 $ (0.01) $ $ 2.73
____________________
(1)  Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related
(2)  Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan
(3)  Primarily relates to the fair value changes in the retained Kyndryl common stock 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

 

 

Cision View original content to obtain multimedia:https://www.prnewswire.com/news-releases/ibm-releases-second-quarter-results-301588504.html

SOURCE IBM

Mon, 18 Jul 2022 08:10:00 -0500 en text/html https://markets.businessinsider.com/news/stocks/ibm-releases-second-quarter-results-1031594969
Killexams : Q2 Earnings Surprise in Cards for IBM: ETFs in Focus

International Business Machines IBM is scheduled to report second-quarter 2022 results on Jul 18 after market close. Being the world’s largest computer-services provider, it is worth taking a look at its fundamentals ahead of results.

IBM has gained 10.2% over the past three months outperforming the industry, which has declined 2.4%. The positive trend is expected to continue as IBM saw increasing earnings estimates for the yet-to-be-reported quarter right before the earnings announcement (see: all the Technology ETFs here).

Given this, ETFs having the highest allocation to this this tech giant will be in focus. These funds — First Trust NASDAQ Technology Dividend Index Fund TDIV, Invesco Dow Jones Industrial Average Dividend ETF DJD, WBI Power Factor High Dividend ETF WBIY, Amplify Transformational Data Sharing ETF BLOK, and SPDR NYSE Technology ETF XNTK — could be potential movers if IBM surprises the market.

Inside Our Methodology

IBM has a Zacks Rank #3 (Hold) and an Earnings ESP of +0.22%. According to our methodology, the combination of a positive Earnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

The stock has seen positive earnings estimate revision of a penny for the second quarter over the last seven days. Analysts increasing estimates right before earnings — with the most up-to-date information possible — is a good indicator for the stock. Its earnings track is also impressive, with the average four-quarter positive earnings surprise being 2.02%. However, the Zacks Consensus Estimate indicates a substantial earnings decline of 1.3% from the year-ago quarter and a revenue decline of 19.3%. The stock has a VGM Score of B and belongs to a bottom-ranked Zacks industry (bottom 24%).

The Zacks Consensus Estimate for the average target price is $148.30, with 50% of the analysts having a Strong Buy or a Buy rating ahead of earnings.

ETFs in Focus

First Trust NASDAQ Technology Dividend Index Fund (TDIV)

First Trust NASDAQ Technology Dividend Index Fund provides exposure to dividend payers within the technology sector by tracking the Nasdaq Technology Dividend Index. It charges 50 bps in annual fees and holds about 91 securities in its basket. Of these firms, IBM takes the top spot, making up 8.8% of the assets (read: Market-Beating Dividend ETFs of 1H).

First Trust NASDAQ Technology Dividend Index Fund has amassed $1.6 billion in its asset base while trading in a volume of around 160,000 shares per day.

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

Invesco Dow Jones Industrial Average Dividend ETF offers exposure to dividend-paying companies included in the Dow Jones Industrial Average by their 12-month dividend yield over the prior 12 months. It holds 28 stocks in its basket, with IBM occupying the top position accounting for 8.9%.

Invesco Dow Jones Industrial Average Dividend ETF has managed assets worth $222.9 million while trading in a volume of 58,000 shares a day on average. It charges 7 bps in annual fees and has a Zacks ETF Rank #3 (Hold).

WBI Power Factor High Dividend ETF (WBIY)

WBI Power Factor High Dividend ETF offers exposure to quality stocks that have the highest dividend yield with a deep value bias and multi-factor fundamental analysis. It follows the Solactive Power Factor High Dividend Index, holding 51 stocks in the basket. IBM takes the top position with a 6.4% share in the basket.

WBI Power Factor High Dividend ETF has amassed $62.4 million in its asset base and charges 70 bps in annual fees. It trades in a lower volume of 6,000 shares a day, on average.

Amplify Transformational Data Sharing ETF (BLOK)

Amplify Transformational Data Sharing ETF is actively managed, providing investors global exposure to a basket of the leading companies engaged in the development and utilization of blockchain technologies. It holds a basket of 49 stocks, with IBM taking the top spot at 5.5% of the portfolio. American firms dominate about 77% of the portfolio, followed by Asia Pacific (16.7%).

Amplify Transformational Data Sharing ETF has AUM of $521.8 million in its asset base and trades in an average daily volume of 367,000 shares. BLOK has an expense ratio of 0.71%.

SPDR NYSE Technology ETF (XNTK)

SPDR NYSE Technology ETF provides exposure to 35 leading U.S.-listed technology-related companies by tracking the NYSE Technology Index. IBM occupies the top spot with 5.1% of assets. Semiconductors take the largest share at 25.6%, while Internet & direct marketing retail, systems software and semiconductor equipment round off the next spots (read: Cathie Wood Sees a Fast Recovery in Tech ETFs: Is It Possible?).

SPDR NYSE Technology ETF has amassed $385.8 million and charges 35 bps in annual fees. It trades in an average daily volume of 16,000 shares and has a Zacks ETF Rank #2 (Buy).


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International Business Machines Corporation (IBM) : Free Stock Analysis Report
 
Invesco Dow Jones Industrial Average Dividend ETF (DJD): ETF Research Reports
 
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WBI Power Factor High Dividend ETF (WBIY): ETF Research Reports
 
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Amplify Transformational Data Sharing ETF (BLOK): ETF Research Reports
 
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Fri, 15 Jul 2022 05:12:00 -0500 en-US text/html https://finance.yahoo.com/news/q2-earnings-surprise-cards-ibm-151503283.html
Killexams : Texas Pacific and IBM have been highlighted as Zacks Bull and Bear of the Day No result found, try new keyword!International Business Machines is a Zacks Rank #5 (Strong Sell) provides advanced information technology ... like it might challenge 2022 lows. IBM is headquartered in Armonk, New York. Sun, 24 Jul 2022 23:17:00 -0500 text/html https://www.nasdaq.com/articles/texas-pacific-and-ibm-have-been-highlighted-as-zacks-bull-and-bear-of-the-day Killexams : Microsoft Is Reporting Earnings Soon, Here's What You Should Know
Microsoft France headquarters entrance in Issy les Moulineaux near Paris

Jean-Luc Ichard

Microsoft (NASDAQ:MSFT) is reporting its Q4 and FY22 earnings on July 26 after the market closes. The company is expected to experience growth in revenue and EPS on a quarterly and annual basis. Q4 revenue and earnings are expected to be $52.37 billion and $2.30 per share, respectively. As for the full fiscal year, revenue is expected to be $198.57 billion with EPS coming in at $9.36. This is due to the rising demand for Azure, despite falling PC shipments likely to cause Windows and device sales to struggle. The company also recently announced upcoming layoffs of about 1% of its workforce due to a possible recession coming soon. This may cause the stock to drop, but may be partially offset by large buybacks and a rising dividend. Despite a possible bleak future for some of the company's products, the stock appears to be slightly overvalued. Therefore, investors may want to wait before jumping into the stock.

Microsoft is Reporting Q4 and FY22 Earnings on July 26

Microsoft is reporting its fourth quarter and FY22 earnings on July 26 after the market closes and is expected to see growth in both revenue and earnings. In the fourth quarter of 2022, the company is expected to achieve revenues of $52.37 billion. This would represent a Q/Q growth rate of 6% and Y/Y growth rate of 13%. On top of this, the company is expected to report an EPS of $2.30, up 4% Q/Q and 6% Y/Y. As for the full fiscal year, revenues are expected to be $198.57 billion. This would be an 18% increase compared to FY21. FY22 EPS is expected to be $9.36, up 15% from FY21.

The reason for this growth is primarily due to incredible growth in the Intelligent Cloud segment caused by Azure. The segment is expected to see fourth quarter revenue of $21.1 billion, up 11% Q/Q and 21% Y/Y. Furthermore, its FY22 revenue is expected to be $75.44 billion, up 26% since last year.

MSFT Key Earnings Data

MSFT Key Earnings Data (Created by Author)

As for how Microsoft could perform compared to analysts' expectations, we can look at its past surprises. Over the past 12 quarters, the company has beat expectations for revenue and EPS every time. However, its surprise for both metrics have been on the decline for the past four quarters. In its 3Q22 report, it only beat revenue estimates by 0.64% and beat EPS estimates by 1.06%. This is its lowest surprise in any of its past 12 quarters. If this decline continues, it is possible Microsoft will miss estimates. This could be devastating to the stock and overall market.

MSFT Revenue Surprise Data

MSFT Revenue Surprise Data (Seeking Alpha)

MSFT EPS Surprise Data

MSFT EPS Surprise Data (Seeking Alpha)

During this calendar year, Microsoft stock is down nearly 23%. This is slightly above the Nasdaq yet below the S&P 500. Its selloff is mainly due to the general tech selloff, as well as lower demand for consumer electronics.

Chart
Data by YCharts

PC Shipments Are Down Heavily, Look for Azure to Grow

A key factor affecting Microsoft's upcoming earnings report is the lower shipments of PCs, which fell by 15.3% in the second quarter of 2022. This was due to issues with both supply and demand. During the second quarter, lockdowns in China and other macroeconomic headwinds caused the production and shipping of PCs worldwide to be disrupted. Even though China is ending its lockdowns, demand is becoming a huge issue. With a recession likely already here, consumer demand for PCs and other electronics is on the decline. This lower demand will directly hurt Microsoft's More Personal Computing segment. Lower PC demand and shipments means less sales of Surface, Xbox, etc., as well as less licensing of Windows.

With PC shipments likely continuing to decline, investors are looking to the Intelligent Cloud segment and Azure to protect Microsoft's top and bottom lines. As shown previously, this segment is expected to experience double-digit growth on a quarterly and annual basis. This is because of rising demand for cloud services, as well as its rising market share against AWS (AMZN).

To see how Azure could perform, we can look at how other cloud services have performed in this quarter. A good competitor that has recently reported earnings is IBM (IBM). In the past 12 months, IBM's hybrid cloud revenue has increased by 19% excluding currency changes. In its second quarter, hybrid cloud revenue was up 18% excluding currency changes. This could mean that Azure will also see great growth, protecting the company's top and bottom lines from lower PC sales.

Large Buyback Programs and Consistent Dividend Hikes Provide Value

In Microsoft's previous quarter, the company returned $12.4 billion to shareholders. This was up 25% Y/Y and was comprised of $7.8 billion in share repurchases and $4.6 billion in dividends. This is part of its $60 billion share buyback program announced in late 2021. So far in FY22, the company has bought back over $23 billion in stock. Investors should expect a similar quarterly buyback in its upcoming earnings report. In the long-run, Microsoft is expected to continue announcing share buyback programs. Since 2013, the company has announced a new program every three years.

At the same time of announcing its increased buyback program, Microsoft also raised its quarterly dividend by 11% to $0.62 per share, which has consecutively risen for over 18 years. This likely means that the trend will continue, meaning Microsoft may raise its dividend in the near future.

MSFT Dividend Data

MSFT Dividend Data (Seeking Alpha)

Like Other Tech Companies, Microsoft is Cutting Its Staff

Similar to competitors like Google (GOOG)(GOOGL), Apple (AAPL), and more, Microsoft is cutting its staff in anticipation of a recession. The company announced it would lay off about 18,000 employees over the next year, representing about 1% of its total workforce. About 12,500 of these employees are in sales, marketing, and engineering roles for realignment and streamlining purposes. On top of this, Microsoft has cut multiple open job listings for Azure and security software positions. Once again, this is in anticipation for an economic slowdown. Over the past 10 years, Microsoft has increased its headcount by nearly double. This is due to increasing demand for the company's services but has caused expenses to rise much higher than before. Therefore, the likelihood of lower demand in the upcoming future is causing it to cut jobs that are no longer required.

Chart
Data by YCharts

MSFT Stock Valuation

When valuing Microsoft stock, I created a DCF based off consensus analyst estimates for free cash flow, as well as a relative valuation. For a discount rate, I used 10% to supply a premium over current AAA corporate bonds, as well as a terminal growth rate of 2.5%. After applying this discount rate to the company's future free cash flows and adjusting for net debt, a fair value of $232.24 can be calculated. This means the stock could have an implied downside of about 10.14%.

MSFT DCF with 10% Discount Rate

MSFT DCF with 10% Discount Rate (Created by Author)

For the relative valuation, I used the average valuation multiples of Microsoft and its competitors and consensus analyst estimates for FY23. By multiplying the consensus analyst estimates for FY23 by the average valuation multiples for EV/Revenue, EV/EBITDA, P/E, and P/S of Microsoft and its competitors, a price target of $210.66 can be calculated after adjusting for net debt. This gives the stock an implied downside of 18.49%.

Average Valuation Multiples

Average Valuation Multiples (Created by Author)

Relative Valuation of MSFT

Relative Valuation of MSFT (Created by Author)

What Does This Mean for Investors?

Microsoft is announcing its Q4 and FY22 earnings on July 26 after the market closes. The company is expected to report fourth quarter revenues of $52.37 billion, growing by 6% Q/Q and 13% Y/Y. EPS is expected to come in at $2.30, up 4% Q/Q and 6% Y/Y. As for FY22, total revenue is expected to be $198.57 billion, up 18% since FY21. EPS is expected to be $9.36, up 15% since last year. The growth is mainly being caused by double-digit revenue increases in the Intelligent Cloud segment due to rising demand for Azure. Azure is expected to perform well, as seen by IBM's growth in its cloud services revenue. However, falling PC Shipments will likely cause the More Personal Computing segment to see little growth, if any. On top of this, the company is laying off about 1% of its workforce in anticipation of an economic downturn. However, a large buyback and dividend will help offset these issues. Due to all of these points, as well as its current share price, I will apply a Hold rating to Microsoft stock.

Mon, 25 Jul 2022 08:13:00 -0500 en text/html https://seekingalpha.com/article/4525614-microsoft-is-reporting-earnings-soon-heres-what-you-should-know
Killexams : International Business Machines Corp - Half-year Report

IBM RELEASES SECOND QUARTER RESULTS

Growth Across Key Segments Led by Hybrid Cloud Adoption; Solid Cash and Profit Generation

ARMONK, N.Y., July 19, 2022 /PRNewswire/ -- IBM (NYSE: IBM) today announced second-quarter 2022 earnings results.

"In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well," said Arvind Krishna, IBM chairman and chief executive officer. "With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model."

Second-Quarter Highlights

  • Revenue
    - Revenue of $15.5 billion, up 9 percent, up 16 percent at constant currency (about 5 points from sales to Kyndryl)
    - Software revenue up 6 percent, up 12 percent at constant currency (about 7 points from sales to Kyndryl)
    - Consulting revenue up 10 percent, up 18 percent at constant currency
    - Infrastructure revenue up 19 percent, up 25 percent at constant currency (about 7 points from sales to Kyndryl)
    - Hybrid cloud revenue, over the last 12 months, of $21.7 billion, up 16 percent, up 19 percent at constant currency
  • Cash Flow
    - On a consolidated basis, year to date, net cash from operating activities of $4.6 billion; free cash flow of $3.3 billion
SECOND QUARTER 2022 INCOME STATEMENT SUMMARY
Pre-tax
Gross Pre-tax Income Net Diluted
Revenue Profit Income Margin Income EPS
GAAP from
Continuing
Operations
$ 15.5B $ 8.3B $ 1.7B 11.1 % $ 1.5B $ 1.61
Year/Year 9 %* 6 % 89 % 4.7 Pts 81 % 79 %
Operating
(Non-GAAP)
$ 8.5B $ 2.5B 16.2 % $ 2.1B $ 2.31
Year/Year 5 % 48 % 4.2 Pts 45 % 43 %
*16% at constant currency

"We are a faster-growing, focused, disciplined company with sound business fundamentals," said James Kavanaugh, IBM senior vice president and chief financial officer. "Our recurring revenue stream and solid cash generation position us well to continue to invest in R&D, acquire new companies, and strengthen our talent in every part of the business, while also returning value to shareholders through our dividend."

Segment Results for Second Quarter

  • Software (includes Hybrid Platform & Solutions, Transaction Processing)- revenues of $6.2 billion, up 6.4 percent, up 11.6 percent at constant currency (about 7 points from sales to Kyndryl):
    - Hybrid Platform & Solutions up 4 percent, up 9 percent at constant currency (about 1.5 points from sales to Kyndryl):
    -- Red Hat up 12 percent, up 17 percent at constant currency
    -- Automation up 4 percent, up 8 percent at constant currency
    -- Data & AI flat, up 4 percent at constant currency
    -- Security flat, up 5 percent at constant currency
    - Transaction Processing up 12 percent, up 19 percent at constant currency (about 22 points from sales to Kyndryl)
    - Software segment hybrid cloud revenue up 14 percent, up 18 percent at constant currency
  • Consulting (includes Business Transformation, Technology Consulting and Application Operations)- revenues of $4.8 billion, up 9.8 percent, up 17.8 percent at constant currency:
    - Business Transformation up 9 percent, up 16 percent at constant currency
    - Technology Consulting up 14 percent, up 23 percent at constant currency
    - Application Operations up 9 percent, up 17 percent at constant currency
    - Consulting segment hybrid cloud revenue up 20 percent, up 29 percent at constant currency
  • Infrastructure (includes Hybrid Infrastructure, Infrastructure Support)- revenues of $4.2 billion, up 19.0 percent, up 25.4 percent at constant currency (about 7 points from sales to Kyndryl):
    - Hybrid Infrastructure up 34 percent, up 41 percent at constant currency (about 7 points from sales to Kyndryl)
    -- IBM z Systems up 69 percent, up 77 percent at constant currency
    -- Distributed Infrastructure up 11 percent, up 17 percent at constant currency
    - Infrastructure Support down 2 percent, up 5 percent at constant currency (about 8 points from sales to Kyndryl)
    - Infrastructure segment hybrid cloud revenue up 24 percent, up 30 percent at constant currency
  • Financing (includes client and commercial financing)- revenues of $0.1 billion, down 29.9 percent, down 26.6 percent at constant currency

Cash Flow and Balance Sheet
On a consolidated basis, in the second quarter, the company generated net cash from operating activities of $1.3 billion or $2.6 billion excluding IBM Financing receivables. IBM's free cash flow was $2.1 billion. The company returned $1.5 billion to shareholders in dividends in the second quarter.

On a consolidated basis, for the first six months of the year, the company generated net cash from operating activities of $4.6 billion or $4.2 billion excluding IBM Financing receivables. IBM's free cash flow was $3.3 billion, which includes cash impacts from the company's structural actions initiated at the end of 2020.

IBM ended the second quarter with $7.8 billion of cash on hand (which includes marketable securities), up $0.2 billion from year-end 2021. Debt, including IBM Financing debt of $12.3 billion, totaled $50.3 billion, down $1.4 billion since the end of 2021.

Full-Year 2022 Expectations

  • Revenue growth: The company continues to expect constant currency revenue growth at the high end of its mid-single digit model. The company also expects an additional 3.5 point contribution from incremental sales to Kyndryl. At mid-July 2022 foreign exchange rates, currency is expected to be about a six-point headwind.
  • Free Cash Flow: The company now expects about $10 billion in consolidated 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 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 real 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
On November 3, 2021, IBM completed the separation of Kyndryl. Unless otherwise specified, results are presented on a continuing operations basis. All references to revenue impacts from sales to Kyndryl are incremental sales post-separation.

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;
  • consolidated free cash flow;
  • consolidated 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-2q22. 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 Six Months Ended
June 30, June 30,
2022 2021* 2022 2021*
REVENUE
Software $ 6,166 $ 5,795 $ 11,938 $ 10,933
Consulting 4,809 4,378 9,637 8,641
Infrastructure 4,235 3,560 7,453 6,853
Financing 146 209 300 417
Other 180 277 404 561
TOTAL REVENUE 15,535 14,218 29,732 27,405
GROSS PROFIT 8,290 7,852 15,625 14,879
GROSS PROFIT MARGIN
Software 79.2 % 79.7 % 79.0 % 78.8 %
Consulting 24.2 % 27.6 % 24.3 % 27.7 %
Infrastructure 53.8 % 57.1 % 52.4 % 56.7 %
Financing 35.3 % 29.9 % 36.5 % 32.7 %
TOTAL GROSS PROFIT MARGIN 53.4 % 55.2 % 52.6 % 54.3 %
EXPENSE AND OTHER INCOME
S,G&A 4,855 4,849 9,452 9,536
R,D&E 1,673 1,641 3,352 3,257
Intellectual property and custom development income (176) (133) (297) (278)
Other (income) and expense (81) 302 166 647
Interest expense 297 281 607 561
TOTAL EXPENSE AND OTHER INCOME 6,568 6,940 13,280 13,724
INCOME/(LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 1,722 912 2,345 1,155
Pre-tax margin 11.1 % 6.4 % 7.9 % 4.2 %
Provision for/(Benefit from) income taxes 257 101 218 (58)
Effective tax rate 14.9 % 11.1 % 9.3 % (5.0) %
INCOME FROM CONTINUING OPERATIONS $ 1,465 $ 810 $ 2,127 $ 1,213
DISCONTINUED OPERATIONS
Income/(Loss) from discontinued operations, net of taxes (73) 515 (2) 1,067
NET INCOME $ 1,392 $ 1,325 $ 2,125 $ 2,280
EARNINGS/(LOSS) PER SHARE OF COMMON STOCK
Assuming Dilution
Continuing Operations $ 1.61 $ 0.90 $ 2.34 $ 1.34
Discontinued Operations $ (0.08) $ 0.57 $ 0.00 $ 1.18
TOTAL $ 1.53 $ 1.47 $ 2.34 $ 2.52
Basic
Continuing Operations $ 1.62 $ 0.91 $ 2.36 $ 1.36
Discontinued Operations $ (0.08) $ 0.57 $ 0.00 $ 1.19
TOTAL $ 1.54 $ 1.48 $ 2.36 $ 2.55
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (M's)
Assuming Dilution 910.7 904.2 910.0 903.0
Basic 901.5 895.0 900.4 894.3
____________________
* Recast to conform with 2022 presentation.
INTERNATIONAL BUSINESS MACHINES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
At At
June 30, December 31,
(Dollars in Millions) 2022 2021
ASSETS:
Current Assets:
Cash and cash equivalents $ 7,034 $ 6,650
Restricted cash 220 307
Marketable securities 524 600
Notes and accounts receivable - trade, net 5,867 6,754
Short-term financing receivables, net 7,233 8,014
Other accounts receivable, net 909 1,002
Inventories 1,684 1,649
Deferred costs 1,010 1,097
Prepaid expenses and other current assets 3,414 3,466
Total Current Assets 27,896 29,539
Property, plant and equipment, net 5,275 5,694
Operating right-of-use assets, net 2,848 3,222
Long-term financing receivables, net 5,316 5,425
Prepaid pension assets 9,930 9,850
Deferred costs 865 924
Deferred taxes 7,073 7,370
Goodwill 55,039 55,643
Intangibles, net 11,571 12,511
Investments and sundry assets 1,689 1,823
Total Assets $ 127,503 $ 132,001
LIABILITIES:
Current Liabilities:
Taxes $ 1,742 $ 2,289
Short-term debt 5,981 6,787
Accounts payable 3,707 3,955
Deferred income 12,522 12,518
Operating lease liabilities 884 974
Other liabilities 7,008 7,097
Total Current Liabilities 31,844 33,619
Long-term debt 44,328 44,917
Retirement related obligations 13,118 14,435
Deferred income 3,069 3,577
Operating lease liabilities 2,182 2,462
Other liabilities 13,486 13,996
Total Liabilities 108,026 113,005
EQUITY:
IBM Stockholders' Equity:
Common stock 57,802 57,319
Retained earnings 153,298 154,209
Treasury stock - at cost (169,522) (169,392)
Accumulated other comprehensive income/(loss) (22,169) (23,234)
Total IBM Stockholders' Equity 19,409 18,901
Noncontrolling interests 67 95
Total Equity 19,476 18,996
Total Liabilities and Equity $ 127,503 $ 132,001
INTERNATIONAL BUSINESS MACHINES CORPORATION
CASH FLOW ANALYSIS
(Unaudited)
Trailing Twelve
Three Months Ended Six Months Ended Months Ended
June 30, June 30, June 30,
(Dollars in Millions) 2022 2021 2022 2021 2022
Consolidated Net Cash from Operations per GAAP $ 1,321 $ 2,625 $ 4,569 $ 7,539 $ 9,826
Less: change in IBM Financing receivables (1,264) 900 367 3,763 511
Capital Expenditures, net (494) (688) (871) (1,217) (2,035)
Consolidated Free Cash Flow 2,091 1,037 3,331 2,559 7,279
Acquisitions (260) (1,747) (958) (2,866) (1,385)
Divestitures 1,207 (10) 1,268 (25) 1,408
Dividends (1,488) (1,467) (2,963) (2,924) (5,907)
Non-Financing Debt (2,934) (586) 1,740 (2,331) 2,880
Other (includes IBM Financing net receivables and debt) (1,607) (335) (2,197) (522) (4,661)
Change in Cash, Cash Equivalents, Restricted Cash and Short-term
Marketable Securities*
$ (2,991) $ (3,108) $ 221 $ (6,110) $ (387)
____________________
* Cash flows are presented on a consolidated basis.
INTERNATIONAL BUSINESS MACHINES CORPORATION
CASH FLOW
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in Millions) 2022 2021 2022 2021
Net Income from Operations $ 1,392 $ 1,325 $ 2,125 $ 2,280
Depreciation/Amortization of Intangibles 1,245 1,680 2,501 3,352
Stock-based Compensation 254 243 488 457
Working Capital / Other (307) (1,524) (912) (2,313)
IBM Financing A/R (1,264) 900 367 3,763
Net Cash Provided by Operating Activities $ 1,321 $ 2,625 $ 4,569 $ 7,539
Capital Expenditures, net of payments & proceeds (494) (688) (871) (1,217)
Divestitures, net of cash transferred 1,207 (10) 1,268 (25)
Acquisitions, net of cash acquired (260) (1,747) (958) (2,866)
Marketable Securities / Other Investments, net (281) (227) (625) (562)
Net Cash Provided by/(Used in) Investing Activities $ 172 $ (2,671) $ (1,186) $ (4,671)
Debt, net of payments & proceeds (2,514) (1,500) 434 (5,799)
Dividends (1,488) (1,467) (2,963) (2,924)
Financing - Other (195) (163) (290) (190)
Net Cash Provided by/(Used in) Financing Activities $ (4,197) $ (3,131) $ (2,819) $ (8,914)
Effect of Exchange Rate changes on Cash (262) 69 (267) (65)
Net Change in Cash, Cash Equivalents and Restricted Cash* $ (2,965) $ (3,108) $ 297 $ (6,110)
____________________
* Cash flows are presented on a consolidated basis.
INTERNATIONAL BUSINESS MACHINES CORPORATION
SEGMENT DATA
(Unaudited)
Three Months Ended June 30, 2022
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 6,166 $ 4,809 $ 4,235 $ 146
Pre-tax Income/(Loss) from Continuing Operations $ 1,375 $ 343 $ 757 $ 102
Pre-tax Margin 22.3 % 7.1 % 17.9 % 69.7 %
Change YTY Revenue 6.4 % 9.8 % 19.0 % (29.9) %
Change YTY Revenue - constant currency 11.6 % 17.8 % 25.4 % (26.6) %
Three Months Ended June 30, 2021*
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 5,795 $ 4,378 $ 3,560 $ 209
Pre-tax Income/(Loss) from Continuing Operations $ 1,059 $ 270 $ 489 $ 131
Pre-tax Margin 18.3 % 6.2 % 13.7 % 63.0 %
____________________
* Recast to conform with 2022 presentation.
Six Months Ended June 30, 2022
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 11,938 $ 9,637 $ 7,453 $ 300
Pre-tax Income/(Loss) from Continuing Operations $ 2,509 $ 691 $ 956 $ 186
Pre-tax Margin 21.0 % 7.2 % 12.8 % 62.0 %
Change YTY Revenue 9.2 % 11.5 % 8.8 % (28.0) %
Change YTY Revenue - constant currency 13.4 % 17.6 % 13.4 % (25.5) %
Six Months Ended June 30, 2021*
(Dollars in Millions) Software Consulting Infrastructure Financing
Revenue $ 10,933 $ 8,641 $ 6,853 $ 417
Pre-tax Income/(Loss) from Continuing Operations $ 1,717 $ 547 $ 780 $ 229
Pre-tax Margin 15.7 % 6.3 % 11.4 % 55.0 %
____________________
* Recast to conform with 2022 presentation.
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, 2022
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments (1) Adjustments (2) Impacts Impacts (3) (Non-GAAP)
Gross Profit $ 8,290 $ 180 $ - $ - $ - $ 8,470
Gross Profit Margin 53.4 % 1.2 pts. - pts. - pts. - pts. 54.5 %
S,G&A $ 4,855 $ (279) $ - $ - $ (0) $ 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
Operations
1,722 460 192 - 145 2,518
Pre-tax Income Margin from
Continuing Operations
11.1 % 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 Rate 14.9 % 1.8 pts. 0.7 pts. (0.2) pts. (0.9) pts. 16.4 %
Income from Continuing Operations $ 1,465 $ 345 $ 146 $ 4 $ 145 $ 2,105
Income Margin from Continuing
Operations
9.4 % 2.2 pts. 0.9 pts. 0.0 pts. 0.9 pts. 13.5 %
Diluted Earnings/(Loss) Per Share:
Continuing Operations
$ 1.61 $ 0.38 $ 0.16 $ 0.00 $ 0.16 $ 2.31
Three Months Ended June 30, 2021
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments (1) Adjustments (2) Impacts Impacts (3) (Non-GAAP)
Gross Profit $ 7,852 $ 179 $ - $ - $ - $ 8,031
Gross Profit Margin 55.2 % 1.3 pts. - pts. - pts. - pts. 56.5 %
S,G&A $ 4,849 $ (294) $ - $ - $ - $ 4,555
Other (Income) & Expense 302 (1) (317) - - (16)
Total Expense & Other (Income) 6,940 (294) (317) - - 6,329
Pre-tax Income/(Loss) from Continuing
Operations
912 474 317 - - 1,702
Pre-tax Income Margin from
Continuing Operations
6.4 % 3.3 pts. 2.2 pts. - pts. - pts. 12.0 %
Provision for/(Benefit from) Income
Taxes (4)
$ 101 $ 105 $ 53 $ (14) $ - $ 246
Effective Tax Rate 11.1 % 3.1 pts. 1.0 pts. (0.8) pts. - pts. 14.5 %
Income from Continuing Operations $ 810 $ 368 $ 264 $ 14 $ - $ 1,456
Income Margin from Continuing
Operations
5.7 % 2.6 pts. 1.9 pts. 0.1 pts. - pts. 10.2 %
Diluted Earnings/(Loss) Per Share:
Continuing Operations
$ 0.90 $ 0.41 $ 0.29 $ 0.01 $ - $ 1.61
____________________
(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 the fair value changes in the retained Kyndryl common stock 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, 2022
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments (1) Adjustments (2) Impacts Impacts (3) (Non-GAAP)
Gross Profit $ 15,625 $ 361 $ - $ - $ - $ 15,986
Gross Profit Margin 52.6 % 1.2 pts. - pts. - pts. - pts. 53.8 %
S,G&A $ 9,452 $ (565) $ - $ - $ (0) $ 8,887
Other (Income) & Expense 166 (1) (394) - (367) (596)
Total Expense & Other (Income) 13,280 (566) (394) - (367) 11,953
Pre-tax Income from Continuing
Operations
2,345 928 394 - 367 4,033
Pre-tax Income Margin from
Continuing Operations
7.9 % 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 Rate 9.3 % 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
Operations
7.2 % 2.4 pts. 1.0 pts. (0.4) pts. 1.2 pts. 11.4 %
Diluted Earnings/(Loss) Per Share:
Continuing Operations
$ 2.34 $ 0.77 $ 0.32 $ (0.12) $ 0.40 $ 3.71
Six Months Ended June 30, 2021
Continuing Operations
Acquisition- Retirement- Tax Kyndryl-
Related Related Reform Related Operating
GAAP Adjustments (1) Adjustments (2) Impacts Impacts (3) (Non-GAAP)
Gross Profit $ 14,879 $ 353 $ - $ - $ - $ 15,232
Gross Profit Margin 54.3 % 1.3 pts. - pts. - pts. - pts. 55.6 %
S,G&A $ 9,536 $ (582) $ - $ - $ - $ 8,954
Other (Income) & Expense 647 (1) (649) - - (3)
Total Expense & Other (Income) 13,724 (583) (649) - - 12,491
Pre-tax Income from Continuing
Operations
1,155 936 649 - - 2,741
Pre-tax Income Margin from
Continuing Operations
4.2 % 3.4 pts. 2.4 pts. - pts. - pts. 10.0 %
Provision for/(Benefit from) Income
Taxes (4)
$ (58) $ 238 $ 86 $ 6 $ - $ 272
Effective Tax Rate (5.0) % 10.4 pts. 4.3 pts. 0.2 pts. - pts. 9.9 %
Income from Continuing Operations $ 1,213 $ 699 $ 563 $ (6) $ - $ 2,469
Income Margin from Continuing
Operations
4.4 % 2.5 pts. 2.1 pts. (0.0) pts. - pts. 9.0 %
Diluted Earnings/(Loss) Per Share:
Continuing Operations
$ 1.34 $ 0.77 $ 0.62 $ (0.01) $ - $ 2.73
____________________
(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 the fair value changes in the retained Kyndryl common stock 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.
Mon, 18 Jul 2022 20:04:00 -0500 de text/html https://www.finanznachrichten.de/nachrichten-2022-07/56582451-international-business-machines-corp-half-year-report-008.htm
Killexams : Texas Pacific and IBM have been highlighted as Zacks Bull and Bear of the Day

For Immediate Release

Chicago, IL – July 25, 2022 – Zacks Equity Research shares Texas Pacific Land TPL as the Bull of the Day and International Business Machines IBM as the Bear of the Day. In addition, Zacks Equity Research provides analysis on The Boeing Company BA, L3Harris Technologies LHX and Spire Global, Inc. SPIR.

Here is a synopsis of all five stocks:

Bull of the Day:

Texas Pacific Land is a Zacks Rank #1 (Strong Buy) that is landowners principally in the State of Texas. The Company generates revenue from pipeline, power line and utility easements, commercial leases, material sales and seismic and temporary permits related to land uses including midstream infrastructure projects and hydrocarbon processing facilities.

The stock took off in late 2020 and into 2021, moving from $400 to $1770. From there, the stock saw a slow descent, back under the $1000 level earlier this year.

But investors have been buying the stock since those bottoms in Q1. The stock is back at all time highs and should be watched for buying opportunities.

More About TPL

The company describes itself as a "Pure play in the Permian Basin." Texas Pacific Land was founded in 1888 and is headquartered in Dallas, Texas. It employs about 100 people and has a market cap of $13.5 billion.

TPL engages in the land and resource management, and water services and operations businesses.

The company's Land and Resource Management segment manages approximately 880,000 acres of land in 19 counties in the western part of Texas. It rents this land out to oil and gas producers that pay fees for use of that land.

Texas Pacific also has a Water Services and Operations segment that provides full-service water offerings.

The stock has a Zacks Style Score of "B" in Momentum and "C" in Growth. However, it has a "F" in Value, due to the high Forward PE of 28. While the PE is high, investors value the free cash flow more, which has been high due to higher energy prices.

Q1 Earnings

On May 4th, TPL reported an 8% EPS miss for Q1. While the company missed the estimates, the year over year numbers came in almost double from last year.

For earnings, the company saw $12.64 v the $6.45 last year. And for revenues, $147.M vs the $84.2M last year.

The company raised their dividend 9.1% and boosted their special dividend to $20 a share.

Here are some comments from management on the special dividend and the quarter:

"With tailwinds of favorable commodity prices, strong production, and a debt-free balance sheet, we're pleased to announce a $20 per share special dividend as our shareholders reap the windfall of supportive underlying fundamentals."

The company added that the dividend is on top of their $100 million share repurchase program and they will continue to return capital back to shareholders.

Estimates Rising

Analysts are getting excited about the upcoming quarters and raising estimates across all time frames.

Over the last month, estimates for the current quarter have gone from $15.10 to $15.84, a move of 5%. For the current year, we have seen a move of 3.5% higher, with estimates moving from $60.73 to $62.91.

Next year's estimates are also moving higher. Over the last 60 days, estimates have gone from $67.26 to $70.60, or 5%.

Strength in a Weak Market

TPL has not only been a great place to hide, it has been very rewarding. The stock is up almost 50% so far in 2022 and over 120% since the beginning over 2020.

In addition to the appreciation, investors are being rewarded with a small annual dividend and of course, the large special dividend. Investors should expect more special dividends in the future, due to the free cash flow that is being generated from high energy prices.

The Technical Take

The stock is trading at all-time highs so instead of chasing it, investors might want to be patient and look for pullbacks.

The 21-day moving average is at $1600, while the 50-day is at $1550. The 200-day MA is all the way down at $1330 and not likely to hit anytime soon.

Looking at the Fibonacci levels, the pullback earlier this year came down into the 61.8% retracement at $930 and held. Investors looking for upside targets could target the -23.6% level at $2075.

In Summary

When markets are weak, investors should look for relative strength. Not only is TPL relatively strong, but the stock has taken off to all-time highs. This is a very positive sign for investors and when market sentiment improves, the stock could really get going.

Investors should watch energy prices when owning a name like this. A large drop in oil and natural gas could destroy the narrative.

Bear of the Day:

International Business Machines is a Zacks Rank #5 (Strong Sell) provides advanced information technology solutions, computer systems, quantum computing and super computing solutions, enterprise software, storage systems and microelectronics.

"Big Blue" has struggled over the last decade, so they have tried to adjust and pivot to the cloud. Their acquisition of Red Hat helped this idea, but a latest earnings report has disappointed investors.

The stock is now trending lower and looks like it might challenge 2022 lows.

About the Company

IBM is headquartered in Armonk, New York. The company was incorporated in 1911 and employs over 280,000 people.

The company operates through four business segments: Software, Consulting, Infrastructure, and Financing.

IBM is valued at $114 billion and has a Forward PE of 13. The stock holds a Zacks Style Score of "C" in Value, "B" in Growth and "B" in Momentum. The stock pays a dividend of 5%.

Q2 Earnings

The company reported EPS last week, seeing Q2 at $2.31 versus the $2.29 expected. Revenues came in at $15.5B versus $15.1B. IBM affirmed FY22 at the high end of its mid-single digit model, but narrowed the FY22 FCF to $10B from $10-10.5B.

Margins were down year over year, from 55.2% to 53.4%. While software, consulting and infrastructure revenues were all higher year over year.

Here are some comments from CEO Arvind Krishna:

"In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well."

Estimates

Analysts are already starting to drop estimates as a result of the earnings report.

After stabilizing over the last few months, estimates have fallen off a cliff over the last 7 days. For the current quarter, estimates have fallen from $2.57 to 2.07, or 20%.

Things look to Boost next quarter, but we see estimates tracking lower again for next year. Over the last 60 days, numbers have been lowered from $10.81 to $10.26, or 5%.

Technical Take

The stock was holding up well before earnings, as it was seeing support at the 50-day moving average. But IBM is now trading under all its moving averages after the earnings report, slicing right through the 200-day at $130.50.

The lows of the year are just under $120. These should be taken out if the momentum continues and the bears could possibly target the 2021 lows around $113.

Looking at Fibonacci levels, a 61.8% retracement drawn from May lows to June highs was holding at $133. However, this support was broken and bears should target the 161.8% extension at $113. This lines up with that 2021 low support.

In Summary

While big blue had some positive aspects to the quarter, investors were disappointed overall. The stock fell over 8% after earnings and looks like it could take out 2022 lows on any market weakness.

The stock pays a nice dividend, but with cash flow being taken down, investors might start to lose faith in that payout.

Additional content:

Will Abnormal Costs Hurt Boeing (BA) on Q2 Earnings?

Increased 737 delivery figures are expected to have boosted The Boeing Company's commercial business in the second quarter. However, second-quarter 2022 results, scheduled for release on Jul 27, are projected to reflect the impacts of abnormal costs related to the 777-9 program, on the bottom-line front.

Click here to know how the company's overall Q2 performance is expected to have been.

Solid 737 Max Deliveries to Boost Growth

Thanks to steadily recovering air traffic, improved delivery figures for Boeing's 737 jets, a trend we have been witnessing in the past couple of quarters, were observed in the second quarter of 2022 as well. Notably, the aerospace giant delivered 103 737 jets in the soon-to-be-reported quarter, reflecting quite a solid improvement of 106% from 50 units delivered in the year-ago quarter.

In fact, such significant delivery figures of 737 primarily drove a significant surge of 53.2% in the company's overall commercial deliveries. This, in turn, must have contributed to Boeing Commercial Airplane (BCA) business segment revenues in the soon-to-be-reported quarter.

The Boeing Company price-eps-surprise | The Boeing Company Quote

However, the aerospace giant was unable to deliver any of its 787 Dreamliner jets in the second quarter of 2022, owing to production quality issues related to the program. This might have partially impacted the top-line performance of the BCA segment.

Currently, the Zacks Consensus Estimate for Boeing's commercial business segment's revenues, pegged at $6,491 million, indicates a solid 7.9% improvement from the year-ago quarter's reported figure.

Earnings Expectation

On the cost front, delivery delays concerning the 787 performance issue are likely to have had an impact on BCA's operating profit, thereby hurting its quarterly earnings. Also, the production pause for the 777-9 program is projected to result in approximately $1.5 billion of abnormal costs beginning in the second quarter, which in turn must have weighed on this unit's bottom line.

However, improvements in commercial airplanes' financial performance due to increasing 737 MAX deliveries and consistent efforts by the BCA team to manage costs through business transformation activities must have contributed to this unit's bottom-line growth in the first quarter.

Further, we expect to witness a steady improvement in the company's expenses in relation to the storage of the 737 aircraft as jets stored so long in the inventory are gradually getting delivered.

So, the effect of the aforementioned factors on the overall second-quarter earnings performance of the BCA segment seems to have been mixed.

Currently, the Zacks Consensus Estimate for Boeing's commercial business segment's bottom line, pegged at a loss of $158 million, indicates an improvement from the year-ago quarter's reported figure of a loss of $472 million.

What the Zacks Model Unveils

Our proven model does not conclusively predict an earnings beat for Boeing this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here.

Boeing has an Earnings ESP of -62.40% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.

Stocks to Consider

Here are a couple defense companies you may want to consider as these have the right combination of elements to post an earnings beat this season:

L3Harris Technologies: It is scheduled to release its second-quarter results on Jul 28. LHX holds a Zacks Rank #3 and has an Earnings ESP of +1.01%. You can see the complete list of today's Zacks #1 Rank stocks here.

LHX delivered a four-quarter average earnings surprise of 2.32%. The Zacks Consensus Estimate for L3Harris' second-quarter earnings, pegged at $3.16, has moved up 0.3% over the past seven days.

Spire Global, Inc. has an Earnings ESP of +9.43% and a Zacks Rank #3.

Spire delivered an earnings surprise of 7.7% in the last reported quarter. The Zacks Consensus Estimate for Spire's second-quarter sales is pegged at $18.93 billion.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Why Haven't You Looked at Zacks' Top Stocks?

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Past performance is no ensure of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of real portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.


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The Boeing Company (BA) : Free Stock Analysis Report
 
International Business Machines Corporation (IBM) : Free Stock Analysis Report
 
Texas Pacific Land Corporation (TPL) : Free Stock Analysis Report
 
Spire Global, Inc. (SPIR) : Free Stock Analysis Report
 
L3Harris Technologies Inc (LHX) : Free Stock Analysis Report
 
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Mon, 25 Jul 2022 09:38:00 -0500 en-US text/html https://finance.yahoo.com/news/texas-pacific-ibm-highlighted-zacks-093709774.html
Killexams : Q2 Earnings Surprise in Cards for IBM: ETFs in Focus

International Business Machines IBM is scheduled to report second-quarter 2022 results on Jul 18 after market close. Being the world’s largest computer-services provider, it is worth taking a look at its fundamentals ahead of results.

IBM has gained 10.2% over the past three months outperforming the industry, which has declined 2.4%. The positive trend is expected to continue as IBM saw increasing earnings estimates for the yet-to-be-reported quarter right before the earnings announcement (see: all the Technology ETFs here).

Given this, ETFs having the highest allocation to this this tech giant will be in focus. These funds — First Trust NASDAQ Technology Dividend Index Fund TDIV, Invesco Dow Jones Industrial Average Dividend ETF DJD, WBI Power Factor High Dividend ETF WBIY, Amplify Transformational Data Sharing ETF BLOK, and SPDR NYSE Technology ETF XNTK — could be potential movers if IBM surprises the market.

Inside Our Methodology

IBM has a Zacks Rank #3 (Hold) and an Earnings ESP of +0.22%. According to our methodology, the combination of a positive Earnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

The stock has seen positive earnings estimate revision of a penny for the second quarter over the last seven days. Analysts increasing estimates right before earnings — with the most up-to-date information possible — is a good indicator for the stock. Its earnings track is also impressive, with the average four-quarter positive earnings surprise being 2.02%. However, the Zacks Consensus Estimate indicates a substantial earnings decline of 1.3% from the year-ago quarter and a revenue decline of 19.3%. The stock has a VGM Score of B and belongs to a bottom-ranked Zacks industry (bottom 24%).

The Zacks Consensus Estimate for the average target price is $148.30, with 50% of the analysts having a Strong Buy or a Buy rating ahead of earnings.

ETFs in Focus

First Trust NASDAQ Technology Dividend Index Fund (TDIV)

First Trust NASDAQ Technology Dividend Index Fund provides exposure to dividend payers within the technology sector by tracking the Nasdaq Technology Dividend Index. It charges 50 bps in annual fees and holds about 91 securities in its basket. Of these firms, IBM takes the top spot, making up 8.8% of the assets (read: Market-Beating Dividend ETFs of 1H).

First Trust NASDAQ Technology Dividend Index Fund has amassed $1.6 billion in its asset base while trading in a volume of around 160,000 shares per day.

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

Invesco Dow Jones Industrial Average Dividend ETF offers exposure to dividend-paying companies included in the Dow Jones Industrial Average by their 12-month dividend yield over the prior 12 months. It holds 28 stocks in its basket, with IBM occupying the top position accounting for 8.9%.

Invesco Dow Jones Industrial Average Dividend ETF has managed assets worth $222.9 million while trading in a volume of 58,000 shares a day on average. It charges 7 bps in annual fees and has a Zacks ETF Rank #3 (Hold).

WBI Power Factor High Dividend ETF (WBIY)

WBI Power Factor High Dividend ETF offers exposure to quality stocks that have the highest dividend yield with a deep value bias and multi-factor fundamental analysis. It follows the Solactive Power Factor High Dividend Index, holding 51 stocks in the basket. IBM takes the top position with a 6.4% share in the basket.

WBI Power Factor High Dividend ETF has amassed $62.4 million in its asset base and charges 70 bps in annual fees. It trades in a lower volume of 6,000 shares a day, on average.

Amplify Transformational Data Sharing ETF (BLOK)

Amplify Transformational Data Sharing ETF is actively managed, providing investors global exposure to a basket of the leading companies engaged in the development and utilization of blockchain technologies. It holds a basket of 49 stocks, with IBM taking the top spot at 5.5% of the portfolio. American firms dominate about 77% of the portfolio, followed by Asia Pacific (16.7%).

Amplify Transformational Data Sharing ETF has AUM of $521.8 million in its asset base and trades in an average daily volume of 367,000 shares. BLOK has an expense ratio of 0.71%.

SPDR NYSE Technology ETF (XNTK)

SPDR NYSE Technology ETF provides exposure to 35 leading U.S.-listed technology-related companies by tracking the NYSE Technology Index. IBM occupies the top spot with 5.1% of assets. Semiconductors take the largest share at 25.6%, while Internet & direct marketing retail, systems software and semiconductor equipment round off the next spots (read: Cathie Wood Sees a Fast Recovery in Tech ETFs: Is It Possible?).

SPDR NYSE Technology ETF has amassed $385.8 million and charges 35 bps in annual fees. It trades in an average daily volume of 16,000 shares and has a Zacks ETF Rank #2 (Buy).


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Fri, 15 Jul 2022 05:12:00 -0500 en-GB text/html https://uk.news.yahoo.com/q2-earnings-surprise-cards-ibm-151503283.html
Killexams : Texas Pacific and IBM have been highlighted as Zacks Bull and Bear of the Day

For Immediate Release

Chicago, IL – July 25, 2022 – Zacks Equity Research shares Texas Pacific Land TPL as the Bull of the Day and International Business Machines IBM as the Bear of the Day. In addition, Zacks Equity Research provides analysis on The Boeing Company BA, L3Harris Technologies LHX and Spire Global, Inc. SPIR.

Here is a synopsis of all five stocks:

Bull of the Day:

Texas Pacific Land is a Zacks Rank #1 (Strong Buy) that is landowners principally in the State of Texas. The Company generates revenue from pipeline, power line and utility easements, commercial leases, material sales and seismic and temporary permits related to land uses including midstream infrastructure projects and hydrocarbon processing facilities.

The stock took off in late 2020 and into 2021, moving from $400 to $1770. From there, the stock saw a slow descent, back under the $1000 level earlier this year.

But investors have been buying the stock since those bottoms in Q1. The stock is back at all time highs and should be watched for buying opportunities.

More About TPL

The company describes itself as a "Pure play in the Permian Basin." Texas Pacific Land was founded in 1888 and is headquartered in Dallas, Texas. It employs about 100 people and has a market cap of $13.5 billion.

TPL engages in the land and resource management, and water services and operations businesses.

The company's Land and Resource Management segment manages approximately 880,000 acres of land in 19 counties in the western part of Texas. It rents this land out to oil and gas producers that pay fees for use of that land.

Texas Pacific also has a Water Services and Operations segment that provides full-service water offerings.

The stock has a Zacks Style Score of "B" in Momentum and "C" in Growth. However, it has a "F" in Value, due to the high Forward PE of 28. While the PE is high, investors value the free cash flow more, which has been high due to higher energy prices.

Q1 Earnings

On May 4th, TPL reported an 8% EPS miss for Q1. While the company missed the estimates, the year over year numbers came in almost double from last year.

For earnings, the company saw $12.64 v the $6.45 last year. And for revenues, $147.M vs the $84.2M last year.

The company raised their dividend 9.1% and boosted their special dividend to $20 a share.

Here are some comments from management on the special dividend and the quarter:

"With tailwinds of favorable commodity prices, strong production, and a debt-free balance sheet, we're pleased to announce a $20 per share special dividend as our shareholders reap the windfall of supportive underlying fundamentals."

The company added that the dividend is on top of their $100 million share repurchase program and they will continue to return capital back to shareholders.

Estimates Rising

Analysts are getting excited about the upcoming quarters and raising estimates across all time frames.

Over the last month, estimates for the current quarter have gone from $15.10 to $15.84, a move of 5%. For the current year, we have seen a move of 3.5% higher, with estimates moving from $60.73 to $62.91.

Next year's estimates are also moving higher. Over the last 60 days, estimates have gone from $67.26 to $70.60, or 5%.

Strength in a Weak Market

TPL has not only been a great place to hide, it has been very rewarding. The stock is up almost 50% so far in 2022 and over 120% since the beginning over 2020.

In addition to the appreciation, investors are being rewarded with a small annual dividend and of course, the large special dividend. Investors should expect more special dividends in the future, due to the free cash flow that is being generated from high energy prices.

The Technical Take

The stock is trading at all-time highs so instead of chasing it, investors might want to be patient and look for pullbacks.

The 21-day moving average is at $1600, while the 50-day is at $1550. The 200-day MA is all the way down at $1330 and not likely to hit anytime soon.

Looking at the Fibonacci levels, the pullback earlier this year came down into the 61.8% retracement at $930 and held. Investors looking for upside targets could target the -23.6% level at $2075.

In Summary

When markets are weak, investors should look for relative strength. Not only is TPL relatively strong, but the stock has taken off to all-time highs. This is a very positive sign for investors and when market sentiment improves, the stock could really get going.

Investors should watch energy prices when owning a name like this. A large drop in oil and natural gas could destroy the narrative.

Bear of the Day:

International Business Machines is a Zacks Rank #5 (Strong Sell) provides advanced information technology solutions, computer systems, quantum computing and super computing solutions, enterprise software, storage systems and microelectronics.

"Big Blue" has struggled over the last decade, so they have tried to adjust and pivot to the cloud. Their acquisition of Red Hat helped this idea, but a latest earnings report has disappointed investors.

The stock is now trending lower and looks like it might challenge 2022 lows.

About the Company

IBM is headquartered in Armonk, New York. The company was incorporated in 1911 and employs over 280,000 people.

The company operates through four business segments: Software, Consulting, Infrastructure, and Financing.

IBM is valued at $114 billion and has a Forward PE of 13. The stock holds a Zacks Style Score of "C" in Value, "B" in Growth and "B" in Momentum. The stock pays a dividend of 5%.

Q2 Earnings

The company reported EPS last week, seeing Q2 at $2.31 versus the $2.29 expected. Revenues came in at $15.5B versus $15.1B. IBM affirmed FY22 at the high end of its mid-single digit model, but narrowed the FY22 FCF to $10B from $10-10.5B.

Margins were down year over year, from 55.2% to 53.4%. While software, consulting and infrastructure revenues were all higher year over year.

Here are some comments from CEO Arvind Krishna:

"In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well."

Estimates

Analysts are already starting to drop estimates as a result of the earnings report.

After stabilizing over the last few months, estimates have fallen off a cliff over the last 7 days. For the current quarter, estimates have fallen from $2.57 to 2.07, or 20%.

Things look to Boost next quarter, but we see estimates tracking lower again for next year. Over the last 60 days, numbers have been lowered from $10.81 to $10.26, or 5%.

Technical Take

The stock was holding up well before earnings, as it was seeing support at the 50-day moving average. But IBM is now trading under all its moving averages after the earnings report, slicing right through the 200-day at $130.50.

The lows of the year are just under $120. These should be taken out if the momentum continues and the bears could possibly target the 2021 lows around $113.

Looking at Fibonacci levels, a 61.8% retracement drawn from May lows to June highs was holding at $133. However, this support was broken and bears should target the 161.8% extension at $113. This lines up with that 2021 low support.

In Summary

While big blue had some positive aspects to the quarter, investors were disappointed overall. The stock fell over 8% after earnings and looks like it could take out 2022 lows on any market weakness.

The stock pays a nice dividend, but with cash flow being taken down, investors might start to lose faith in that payout.

Additional content:

Will Abnormal Costs Hurt Boeing (BA) on Q2 Earnings?

Increased 737 delivery figures are expected to have boosted The Boeing Company's commercial business in the second quarter. However, second-quarter 2022 results, scheduled for release on Jul 27, are projected to reflect the impacts of abnormal costs related to the 777-9 program, on the bottom-line front.

Click here to know how the company's overall Q2 performance is expected to have been.

Solid 737 Max Deliveries to Boost Growth

Thanks to steadily recovering air traffic, improved delivery figures for Boeing's 737 jets, a trend we have been witnessing in the past couple of quarters, were observed in the second quarter of 2022 as well. Notably, the aerospace giant delivered 103 737 jets in the soon-to-be-reported quarter, reflecting quite a solid improvement of 106% from 50 units delivered in the year-ago quarter.

In fact, such significant delivery figures of 737 primarily drove a significant surge of 53.2% in the company's overall commercial deliveries. This, in turn, must have contributed to Boeing Commercial Airplane (BCA) business segment revenues in the soon-to-be-reported quarter.

The Boeing Company price-eps-surprise | The Boeing Company Quote

However, the aerospace giant was unable to deliver any of its 787 Dreamliner jets in the second quarter of 2022, owing to production quality issues related to the program. This might have partially impacted the top-line performance of the BCA segment.

Currently, the Zacks Consensus Estimate for Boeing's commercial business segment's revenues, pegged at $6,491 million, indicates a solid 7.9% improvement from the year-ago quarter's reported figure.

Earnings Expectation

On the cost front, delivery delays concerning the 787 performance issue are likely to have had an impact on BCA's operating profit, thereby hurting its quarterly earnings. Also, the production pause for the 777-9 program is projected to result in approximately $1.5 billion of abnormal costs beginning in the second quarter, which in turn must have weighed on this unit's bottom line.

However, improvements in commercial airplanes' financial performance due to increasing 737 MAX deliveries and consistent efforts by the BCA team to manage costs through business transformation activities must have contributed to this unit's bottom-line growth in the first quarter.

Further, we expect to witness a steady improvement in the company's expenses in relation to the storage of the 737 aircraft as jets stored so long in the inventory are gradually getting delivered.

So, the effect of the aforementioned factors on the overall second-quarter earnings performance of the BCA segment seems to have been mixed.

Currently, the Zacks Consensus Estimate for Boeing's commercial business segment's bottom line, pegged at a loss of $158 million, indicates an improvement from the year-ago quarter's reported figure of a loss of $472 million.

What the Zacks Model Unveils

Our proven model does not conclusively predict an earnings beat for Boeing this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here.

Boeing has an Earnings ESP of -62.40% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.

Stocks to Consider

Here are a couple defense companies you may want to consider as these have the right combination of elements to post an earnings beat this season:

L3Harris Technologies: It is scheduled to release its second-quarter results on Jul 28. LHX holds a Zacks Rank #3 and has an Earnings ESP of +1.01%. You can see the complete list of today's Zacks #1 Rank stocks here.

LHX delivered a four-quarter average earnings surprise of 2.32%. The Zacks Consensus Estimate for L3Harris' second-quarter earnings, pegged at $3.16, has moved up 0.3% over the past seven days.

Spire Global, Inc. has an Earnings ESP of +9.43% and a Zacks Rank #3.

Spire delivered an earnings surprise of 7.7% in the last reported quarter. The Zacks Consensus Estimate for Spire's second-quarter sales is pegged at $18.93 billion.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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Past performance is no ensure of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of real portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.


Want the latest recommendations from Zacks Investment Research? Today, you can obtain 7 Best Stocks for the Next 30 Days. Click to get this free report
 
The Boeing Company (BA) : Free Stock Analysis Report
 
International Business Machines Corporation (IBM) : Free Stock Analysis Report
 
Texas Pacific Land Corporation (TPL) : Free Stock Analysis Report
 
Spire Global, Inc. (SPIR) : Free Stock Analysis Report
 
L3Harris Technologies Inc (LHX) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

Mon, 25 Jul 2022 02:38:00 -0500 en-SG text/html https://sg.news.yahoo.com/texas-pacific-ibm-highlighted-zacks-093709774.html
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