2024-01-24 21:43:03 ET
International Business Machines Corporation (IBM)
Q4 2023 Earnings Conference Call
January 24, 2024 17:00 ET
Corporate Participants
Olympia McNerney - Global Head of Investor Relations
Arvind Krishna - Chairman and Chief Executive Officer
Jim Kavanaugh - Senior Vice President and Chief Financial Officer
Conference Call Participants
Wamsi Mohan - Bank of America
Amit Daryanani - Evercore
Toni Sacconaghi - Bernstein
Ben Reitzes - Melius Research
Brent Thill - Jefferies
Erik Woodring - Morgan Stanley
Matt Swanson - RBC Capital Markets
Brian Essex - JPMorgan
Presentation
Operator
Welcome and thank you for standing by. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.
Olympia McNerney
Thank you. I'd like to welcome you to IBM's Fourth Quarter 2023 Earnings Presentation. I'm Olympia McNerney, and I'm here today with Arvind Krishna, IBM's Chairman and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer. We'll post today's prepared remarks on the IBM investor website within a couple of hours, and a replay will be available by this time tomorrow.
To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website.
Finally, some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's SEC filings.
So with that, I'll turn the call over to Arvind.
Arvind Krishna
Thank you for joining us.
We had a solid close to 2023 with growth across our businesses and strong cash generation. Our fourth quarter and full year results demonstrate the strength of our portfolio and sustainability of our revenue growth. We are pleased with the progress we made in 2023, delivering revenue growth of 3% and over $11 billion of free cash flow, two-thirds of the way through our midterm model, I am proud of our achievements.
Since 2021, we delivered average revenue growth for IBM and for each segment at or above our model. The overall trends we are seeing reinforce our views of the future. We are confident in achieving our midterm revenue model, and the strength of our diversified business model allows us to make progress each quarter....
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International Business Machines Corporation (IBM) Q4 2023 Earnings Call Transcript