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IBM公司2010年度财务报告(英文版).pdf

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IBM公司2010年度财务报告(英文版).pdf

ANNUALREPORT2010ONJUNE16,2011,IBMMARKSITSCENTENNIALASWEREFLECTONOURFIRSTCENTURY,ITHASSPARKEDNEWTHINKINGABOUTTHEPOSSIBILITIESFOROURSECONDJOINUSATIBM100COMDEARIBMINVESTORIAMPLEASEDTOREPORTTHATIBMHADANOTHERSTRONGYEARIN2010YOURCOMPANYCONTINUEDTOOUTPERFORMOURINDUSTRYANDTHEMARKETATLARGEWEONCEAGAINACHIEVEDRECORDPRENULLANULLEARNINGSNULLRECORDEARNINGSPERSHARENULLRECORDFREECASHNULLNULLANDIMPROVEDPRONULLMARGINSNULLNULLTHINCREASEDREVENUESATTHESAMETIMENULLNULLECONTINUEDTODELIVERSUPERIORRETURNSTOYOUNULLOURONULLERSMOSTIMPORTANTLYNULLNULLEARENULLELLPOSITIONEDTOGRONULLASTHEGLONULLLECONOMYRECOVERSNULLHESERESULTSNULLEREMADEPOSSINULLENULLDECISIONSANDACTIONSTHATNULLEUNDERTOOKADECADEAGONULLNULLSEDONNULLERENULLENULLLIEVEDTHENULLORLDNULLASSHIFTINGBUTEVENMORENULLTHEYAREARENULLECTIONOFTHEMINDSETNULLAMNULLTIONSANDVALUESTHATHAVEGUIDEDIBMSINCEITSINCEPTIONNULL100YEARSAGOASSUCHNULLOURPERFORMANCEIN2010MARKSANULLTINGCONCLUSIONTOOURNULLSTCENTURYASACORPORATIONNULLANDAPROMISINGSTARTTOOURSECONDINTHISLETTERNULLINULLLLENULLPLAINNULLYTHELONGNULLERMTHINKINGANDMANAGEMENTTHATIBMHASPRACTICEDOVERTHEPASTDECADEHAVEPOSITIONEDYOURCOMPANYADVANTAGEOUSLYFORTHENENULLNULLEYEARSANDNULLYONDALETTERFROMTHECHAIRMAN1IBMTODAYIBM’SPERFORMANCEIN2010ISINDICATIVEBOTHOFOURHIGHVALUEMARKETPOSITIONANDOFTHEDISCIPLINEWEAPPLYTOOURSTRATEGYANDOPERATIONSSINCE2002,WEHAVEADDED14BILLIONTOIBM’SPRETAXPROFITBASE,INCREASEDOURPRETAXINCOME34TIMES,OUREARNINGSPERSHARE47TIMESANDOURFREECASHFLOW28TIMESCUMULATIVELY,WEHAVEGENERATEDABOUT96BILLIONOFFREECASHFLOWOURSTRONG2010CONTINUEDTHISRECORDOFSUPERIORPERFORMANCEREVENUEANDINCOMEOURREVENUEWAS999BILLION,UP4PERCENTIN2010WEGREWPRETAXINCOMEBY9PERCENT,TO197BILLION,OURHIGHESTEVERMARGINSIBM’SGROSSPROFITMARGINROSEFORTHESEVENTHCONSECUTIVEYEARTO461PERCENT,UP94POINTSSINCE2002OURPRETAXINCOMEMARGINROSETO197PERCENTBOTHMARGINSAREATTHEIRHIGHESTINMORETHANADECADEWEACHIEVEDTHISBYDRIVINGPRODUCTIVITYANDCONTINUINGTOSHIFTOURBUSINESSMIXTOMOREPROFITABLESEGMENTSONCEAGAIN,MORETHAN90PERCENTOFOURSEGMENTPROFITIN2010WASFROMSOFTWARE,SERVICESANDFINANCINGEARNINGSPERSHAREWEHAVECONTINUEDTOACHIEVESTRONGEPSGROWTHLASTYEARWASANOTHERRECORD,WITHDILUTEDEARNINGSPERSHAREOF1152,UP15PERCENTTHISMARKEDEIGHTSTRAIGHTYEARSOFDOUBLEDIGITEPSGROWTHCASHFLOWIBMHASCONSISTENTLYGENERATEDSTRONGCASHFLOW,AKEYINDICATOROFREALBUSINESSPERFORMANCEIN2010OURFREECASHFLOW,EXCLUDINGTHEYEARTOYEARCHANGEINGLOBALFINANCINGRECEIVABLES,WAS163BILLION,ANINCREASEOF12BILLIONFROM2009IBMENDED2010WITH117BILLIONOFCASHANDMARKETABLESECURITIESINVESTMENTANDRETURNTOSHAREHOLDERSOURSUPERIORCASHFLOWHASENABLEDUSTOINVESTINTHEBUSINESSANDTOGENERATESUBSTANTIALRETURNSTOINVESTORSOUR2010CASHINVESTMENTWAS6BILLIONFOR17ACQUISITIONS13OFTHEMINKEYAREASOFSOFTWAREAFTERINVESTING6BILLIONINRDAND4BILLIONINNETCAPITALEXPENDITURES,WEWEREABLETORETURNMORETHAN18BILLIONTOYOU154BILLIONTHROUGHSHAREREPURCHASESAND32BILLIONTHROUGHDIVIDENDSLASTYEAR’SDIVIDENDINCREASEWAS18PERCENT,MARKINGTHE15THYEARINAROWINWHICHWEHAVERAISEDOURDIVIDENDOVERTHEPASTDECADE,WEHAVERETURNED107BILLIONTOYOUINTHEFORMOFDIVIDENDSANDSHAREREPURCHASES,WHILEINVESTING70BILLIONINCAPITALEXPENDITURESANDACQUISITIONS,ANDALMOST60BILLIONINRDLEADINGOURINDUSTRYANDTHEMARKETWEHAVEBEENABLETOACHIEVETHESERESULTSBECAUSEOFTHETRANSFORMATIONOFOURCOMPANYTHATWEBEGANSEVERALYEARSAGOATTHETIME,WESAWANUNDERCURRENTOFFUNDAMENTALCHANGE2SAMUELJPALMISANOCHAIRMAN,PRESIDENTANDCHIEFEXECUTIVEOFFICERALETTERFROMTHECHAIRMAN31CHANGESINTHEWORLDTHELOWERINGOFTRADEBARRIERS,THERISEOFTHEDEVELOPINGWORLDANDTHEEMERGENCEOFTHEWORLDWIDEWEBWEREUNLEASHINGTHEFLOWOFWORKONAGLOBALSCALEWEBELIEVEDTHESECHANGESWEREPOWERFULANDIRREVERSIBLE,ANDTHATTHEYWOULDLEADTONEWHIGHGROWTHMARKETOPPORTUNITIESANDANEWFORMOFTHECORPORATIONITSELFWHATWECAMETOCALLTHEGLOBALLYINTEGRATEDENTERPRISE2CHANGESINTECHNOLOGYATTHESAMETIME,ANEWMODELOFCOMPUTINGWASREPLACINGTHEPCBASED,CLIENT/SERVERAPPROACHCOMPUTATIONALCAPABILITYWASBEINGPUTINTOTHINGSNOONEWOULDRECOGNIZEASCOMPUTERSPHONES,CAMERAS,CARS,APPLIANCES,ROADWAYS,POWERLINES,CLOTHESANDEVENNATURALSYSTEMS,SUCHASAGRICULTUREANDRIVERSALLOFTHESEWEREBEINGCONNECTEDANDWEHADDEVELOPEDTHECOMPUTINGPOWERANDADVANCEDANALYTICSTOTURNMOUNTAINSOFDATAINTOINSIGHTASARESULT,THEECONOMIC,SOCIETALANDPHYSICALSYSTEMSOFTHEWORLDWEREBECOMINGINSTRUMENTED,INTERCONNECTEDANDINTELLIGENTOURPLANETWASBECOMINGSMARTER3CHANGESINCLIENTDEMANDDRIVENBYTHENEWOPPORTUNITIESANDCOMPETITIVEDEMANDSOFTHESEFIRSTTWOSHIFTS,ENTERPRISESANDINSTITUTIONSWERENOLONGERCONTENTWITHOFFTHESHELFTECHNOLOGYTHEYNOWSOUGHTTOINNOVATENOTJUSTINTHEIRPRODUCTSANDSERVICES,BUTALSOTHEIRBUSINESSPROCESSES,MANAGEMENTSYSTEMS,POLICIESANDCOREBUSINESSMODELSTOACCOMPLISHTHAT,THEYNEEDEDTOFOCUSONTHEBUSINESSOUTCOMESTHATRESULTEDFROMTECHNOLOGICALINNOVATIONNOWTHATWEHAVESHOWNWECANDELIVERRESULTSWITHCONSISTENCY,WEAREDOINGITAGAINTHROUGHTHEINTRODUCTIONLASTYEAROFOUR2015ROADMAPBECAUSEWEBELIEVEDTHATTHESESHIFTSWOULDCHANGEOURINDUSTRY,CREATINGWINNERSANDLOSERS,WETRANSFORMEDIBM’SMIXOFPRODUCTS,SERVICES,SKILLSANDTECHNOLOGIESEXITINGCOMMODITIZINGBUSINESSESLIKEPCSANDHARDDISKDRIVES,ANDMAKING116STRATEGICACQUISITIONSOVERTHECOURSEOFTHEDECADE,LARGELYINSOFTWAREANDSERVICESWEAMASSEDSUBSTANTIALCROSSINDUSTRYEXPERTISE,ANDREINVENTEDTHEWAYWEDEPLOYIT,SHIFTINGSKILLSANDDECISIONMAKINGCLOSERTOTHEMARKETPLACEANDTHECLIENTWEINVESTEDSIGNIFICANTLYMOREINOURTEAMSANDCAPABILITIESINTHEDEVELOPINGWORLD,ANDWEACCELERATEDTHEGLOBALINTEGRATIONOFIBM’SOPERATIONSWEALSOWORKEDTOREBALANCEOURINTERNALRDOFTHE5,896USPATENTSIBMRECEIVEDIN2010ONCEAGAINARECORDFORANYCOMPANY,ANDOUR18THSTRAIGHTYEAROFPATENTLEADERSHIP,MORETHAN70PERCENTWEREFORSOFTWAREANDSERVICES4AROADMAPTOTHEFUTUREIBMTODAYISAFUNDAMENTALLYDIFFERENTCOMPANYINORDERTOMAKETHATCLEARTOOURINVESTORSANDTOTHEFINANCIALMARKETS,WEDECIDEDFOURYEARSAGOTOINTRODUCEOUR2010ROADMAPWEWANTEDTOEXPLAINWHEREWEWEREGOINGANDTOPROVIDEBENCHMARKSFORYOUTOEVALUATEUSALONGTHEWAYWEBELIEVEDANDSTILLBELIEVETHATTHISLONGERTERMFRAMEWORKISTHEMOSTHELPFULWAYTOUNDERSTANDOURCOMPANYTOSOME,ITSEEMEDFOOLHARDYTOMYKNOWLEDGENOCOMPANYINOURINDUSTRYHADDONETHISBEFOREBUTWEFELTIBMSHOULDTAKEALONGTERMVIEW,INPUBLICASWELLASINPRIVATEANDWEFELTCONFIDENTABOUTTHEFUTURE,BECAUSEOFTHETRANSFORMATIONALSTEPSWEHADTAKENTOREPOSITIONTHECOMPANYCLEARLY,THISWORKEDASYOUKNOW,WESURPASSEDOUR2010GOALOF10TO11INEARNINGSPERSHAREANDNOWTHATWEHAVESHOWNWECANDELIVERRESULTSWITHCONSISTENCY,WEAREDOINGITAGAINTHROUGHTHEINTRODUCTIONLASTYEAROFOUR2015ROADMAPASBEFORE,OURNEWROADMAPISN’TJUSTALISTOFTARGETS;IT’SAMANAGEMENTMODEL,ORGANIZEDAROUNDTHEMAJORDRIVERSOFIBM’SEARNINGSPERSHAREPERFORMANCETHOSEAREOPERATINGLEVERAGE,SHAREREPURCHASEANDGROWTHSTRATEGIESOPERATINGLEVERAGEWILLCOMEFROMOURCONTINUINGSHIFTTOHIGHERMARGINBUSINESSESANDOURIMPROVINGENTERPRISEPRODUCTIVITYWEAREAIMINGFOR8BILLIONOFPRODUCTIVITYIMPROVEMENTOVERTHENEXTFIVEYEARSPARTOFTHATWILLGOTOOURBOTTOMLINE,ANDPARTWILLGOTOINVESTMENTSTHATIMPROVEOURCOMPETITIVENESSINTHEMARKETPLACESECONDLY,WEWILLCONTINUERETURNINGVALUETOYOUOURROADMAPCALLSFOR50BILLIONINANTICIPATEDSHAREREPURCHASESAND20BILLIONINDIVIDENDSWHENITCOMESTOTHETHIRDCOMPONENTOFOURROADMAP,WEWILLFOCUSONFOURGROWTHPRIORITIES1GROWTHMARKETSAHISTORICECONOMICEXPANSIONISUNDERWAYINTHEEMERGINGMARKETSOFTHEWORLDASTHEIRPOPULATIONSJOINTHEMIDDLECLASSANDTHEIRECONOMIESJOINTHEGLOBALMARKETPLACETHESEMARKETSAREEXPECTEDTOACHIEVEAVERAGEGDPGROWTHOF5PERCENTTHROUGH2015,MORETHANDOUBLETHEPROJECTEDGROWTHRATEOFTHEDEVELOPEDWORLDINTHELARGESTOFTHESEEMERGINGMARKETS,SUCHASCHINA,INDIAANDBRAZIL,IBMISBROADENINGITSWELLESTABLISHEDBASEOFSKILLSANDCAPABILITIES,NEARLYDOUBLINGOURNUMBEROFBRANCHLOCATIONSINLESSDEVELOPEDMARKETS,SUCHASAFRICA,WEARELEVERAGINGANCHORCLIENTSINSECTORSLIKECOMMUNICATIONSANDBANKINGOURRECENTPARTNERSHIPWITHBHARTIAIRTELTOPROVIDE21STCENTURYWIRELESSTELECOMMUNICATIONSACROSS16COUNTRIESOFSUBSAHARANAFRICAISONEEXAMPLEOURGROWTHMARKETSUNITACCOUNTEDFOR21PERCENTOFIBM’SGEOGRAPHICREVENUEIN2010WEAREAIMINGTOAPPROACH30PERCENTBY2015ALETTERFROMTHECHAIRMAN52BUSINESSANALYTICSANDOPTIMIZATIONTHERESEARCHFIRMIDCPREDICTSTHATGLOBALDATAVOLUMESWILLINCREASEBY29TIMESOVERTHENEXT10YEARSTO35ZETTABYTESAZETTABYTEISA1FOLLOWEDBY21ZEROSENTERPRISESNEEDAWAYTOMANAGEANDMINETHISDELUGEOFPOTENTIALLYVALUABLEINFORMATION,ANDTHEKEYISADVANCEDDATAANALYTICSIBMSPOTTEDTHISEMERGINGNEEDEARLY,BUILDINGTHEWORLD’SLEADINGANALYTICSPRACTICE,WITH7,800EXPERTCONSULTANTS,THEWORLD’SPREMIERNONACADEMICMATHEMATICSFUNCTION,LEADINGEDGESOFTWAREANDOFFERINGSINTEGRATEDBYINDUSTRYWEHAVERECEIVEDMORETHAN500ANALYTICSPATENTSANDHAVEMADEACQUISITIONSTODEEPENOURCAPABILITIESUNDEROUR2015ROADMAP,ANALYTICSISEXPECTEDTOGROWTO16BILLIONINREVENUEBY20153CLOUDANDSMARTERCOMPUTINGASTHEWORLDBECOMESMOREINSTRUMENTEDANDINTERCONNECTED,BUSINESSESANDINSTITUTIONSNEEDSMARTERITINFRASTRUCTURESTOHANDLEDRAMATICINCREASESINDATAVOLUMES,ANDTOIMPROVEDATACENTEREFFICIENCYWEARECREATINGNEWWAYSTODESIGNCOMPUTERSYSTEMSOPTIMIZEDFORSPECIFICWORKLOADSANDNEWWAYSTODELIVERITINFUSEDSERVICESIBMHASHELPEDTHOUSANDSOFCLIENTSADOPTASPECTSOFCLOUDDELIVERY,WHEREITRESOURCESAREVIRTUALIZED,HIGHLYAUTOMATEDANDACCESSEDBYSELFSERVICEWEAREASSISTINGCLIENTSINAREASASDIVERSEASBANKING,HEALTHCAREANDGOVERNMENTTOBUILDTHEIROWNCLOUDSORTOTAPSECURELYINTOIBMCLOUDBASEDBUSINESSANDINFRASTRUCTURESERVICESOURROADMAPCALLSFOR7BILLIONINREVENUEFROMCLOUDBY20154SMARTERPLANETPUTITALLTOGETHER,ANDYOUHAVEWHATWEMEANBY“BUILDINGASMARTERPLANET”IN2008AND2009,WEARTICULATEDAPOINTOFVIEWONWAYSTHEWORLDCANBECOMESMARTER,ANDIN2010,WEDEPLOYEDSIGNIFICANTRESOURCESTOCAPTURETHEOPPORTUNITYINKEY,HIGHGROWTHINDUSTRIESSUCHASHEALTHCARE,RETAIL,BANKINGANDTELECOMMUNICATIONSWHEREOUREXPERIENCEANDSOLUTIONDELIVERYISSTRONGESTWEALSOEXPANDEDOURSMARTERCITIESINITIATIVEOURROADMAPCALLSFORSMARTERPLANETSOLUTIONSTOGROWTO10BILLIONINREVENUEBY2015BYBECOMINGAVERYDIFFERENTCOMPANYFROMWHATWEWEREJUSTAFEWYEARSAGO,WEHAVEBECOMEMUCHMORELIKETHECOMPANYIBMHASBEENFORMOSTOFITSHISTORYINSUM,OURSUPERIORSTRATEGICPOSITIONING,STRONGBALANCESHEET,SOLIDRECURRINGREVENUE,ROBUSTPROFITSTREAMSANDUNMATCHEDGLOBALREACHGIVEUSCONFIDENCETHATWEWILLBEABLETOCONTINUEACHIEVINGTHESAMEKINDSOFRESULTSINTHENEXTFIVEYEARSTHATWEHAVEACHIEVEDDURINGTHEPASTDECADE6OVERTHELAST10YEARS,WEHAVENEARLYTRIPLEDOUREPS,ADDED109BILLIONINFREECASHFLOW,RETURNED107BILLIONTOYOU,TRIPLEDOURSOFTWAREPROFITSANDINCREASEDTHESHAREOFOURREVENUEFROMGROWTHMARKETSFROM11TO21PERCENT,EXCLUDINGDIVESTEDPCSANDPRINT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