IBM on Conference Call; stock trading at $181.98 in after hours
Have been impacted by the depreciation in the yen; expect to see continued headwinds in 2014... Services: were down 2% y/y in Q4; see a decline in sales into existing base accounts; Europe grew for the second consecutive quarter; GBS focused on front end digital service growth... generated Q4 cash flow of $8.1 bln... expects at least $18 in operating EPS in 2014... feel very good about the investments made in the software and its profit growth trajectory as enter 2014... From a geographic perspective, performance and growth market was mixed the disappointing overall.... Americas revenue was down 2% year-to-year.... Western Europe can perform in line with the market, and hereto had good software performance... Accounts Receivable provision was up nearly $60 million year-to-year; reserve coverage is up nearly 60 basis point the flat versus September.... M&A- do have capacity to integrate any number of those deals at a single time; not constrained; can do a series of small deals.