Item 7.01. Regulation FD Disclosure.

Exhibit 99.1 of this Form 8-K contains the prepared remarks for IBM's Chief Financial Officer Jim Kavanaugh's fourth-quarter and full-year 2019 earnings presentation to investors on January 21, 2020.

Reconciliations of non-GAAP financial measures discussed in the earnings presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP are included as Exhibit 99.2 of this Form 8-K. The slides used in Mr. Kavanaugh's fourth-quarter and full-year 2019 earnings presentation are Exhibit 99.3 to the company's Form 8-K submitted to the SEC on January 21, 2020.

The information in this Item 7.01, including the corresponding Exhibits 99.1 and 99.2, is being furnished with the Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), with the exception of the following information from the question and answer period of the earnings presentation, which has been edited to provide additional context and clarity, and shall be deemed "filed" under the Exchange Act:

The company stated that external estimates of approximately 3% revenue growth

for full-year 2020 are reasonable. This includes about a 1 point impact from

? businesses divested in 2019, and current expectations for currency translation.

This also includes an assumption of an improving trend in Global Technology

Services, predominantly in the second half of 2020.

The company expects an improvement in revenue growth at constant currency of

approximately 0.5 points from the fourth quarter of 2019 to the first quarter

? of 2020, and a sequential impact from currency translation between 0.4 and 0.9

points. As a result, IBM's as reported revenue growth in the first quarter of

2020 is expected to be similar to fourth-quarter 2019.

For the first quarter of 2020, the company expects GAAP earnings per share from

continuing operations to be between 12% and 13% of the full-year expectation of

? at least $10.57 and operating (non-GAAP) earnings per share to be between 14%

and 15% of the full-year expectation of at least $13.35. This reflects typical

seasonality of IBM's operations, and the impact of the Red Hat deferred revenue

purchase accounting adjustment.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are being furnished as part of this report:




Exhibit No.                        Description of Exhibit
99.1            Prepared Remarks of Earnings Presentation on January 21, 2020
99.2            Non-GAAP Supplemental Materials

The following exhibit is being filed as part of this report:






Exhibit No.                           Description of Exhibit
104            Cover Page Interactive Data File - the cover page interactive data
               file does not appear in the Interactive Data File because its XBRL
               tags are embedded within the Inline XBRL document

IBM's web site (www.ibm.com) contains a significant amount of information about IBM, including financial and other information for investors (www.ibm.com/investor/). IBM encourages investors to visit its various web sites from time to time, as information is updated and new information is posted.



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