IBM 1Q17 Earnings Call Notes

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Martin Schroeter – Senior Vice President and Chief Financial Officer

Not adjusting our guidance

“So, a couple of things Toni, one we’re not adjusting our guidance, we’ve reaffirmed that we see an at least $13.80 number for the year, and we also see free cash flow flat, roughly flat as we said. So same guidance as we talked about in January and quite frankly from my perspective the quarter played out you know pretty much as we expected, other than we thought we had a couple of more signings relationships in services that we could have gotten done, but by and large the quarter played out as we expected and we maintained our guidance.”

We’ve been making big investments

“And with that I’ll wrap up the call by saying, we have been making significant investments and now we’ve added, by the way, a ton of capabilities to the IBM company. We started new businesses, we made new markets, we’ve changed, as we always do, industries and professions and we’ll continue to do that. But now it’s with the business positioned very well for the long term, in terms of capabilities. Always opportunity to add a little bit here or there, but with the business positioned well for the long term, now it is time to focus on improving the returns on those investments. So thank you very much for joining the call today.”