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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,LARGELYINSOFTWAREANDSERVICESWEAMASSEDS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