Dear IBM Investor: I am very pleased to report to you on a superb year or your company — a year o record revenue, prot, cash fow and earn ings per share. It refects the hard work o some o the world’ s brightest and most innovative women and men — the IBMers I’ m proud to call my colleague s . It is also the result o important strategic choice s we made several years ago — choices that have put IBM in a strong position to continue to grow proitably , to strengthen our client relationships, and to seize the most attractive opportunities in a very dynamic global economy .
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 1/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 2/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 3/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 4/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 5/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 6/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 7/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 8/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 9/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 10/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 11/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 12/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 13/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 14/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 15/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 16/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 17/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 18/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 19/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 20/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 21/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 22/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 23/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 24/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 25/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 26/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 27/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 28/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 29/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 30/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 31/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 32/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 33/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 34/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 35/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 36/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 37/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 38/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 39/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 40/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 41/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 42/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 43/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 44/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 45/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 46/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 47/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 48/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 49/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 50/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 51/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 52/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 53/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 54/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 55/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 56/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 57/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 58/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 59/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 60/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 61/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 62/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 63/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 64/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 65/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 66/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 67/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 68/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 69/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 70/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 71/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 72/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 73/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 74/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 75/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 76/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 77/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 78/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 79/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 80/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 81/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 82/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 83/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 84/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 85/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 86/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 87/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 88/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 89/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 90/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 91/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 92/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 93/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 94/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 95/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 96/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 97/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 98/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 99/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 100/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 101/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 102/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 103/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 104/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 105/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 106/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 107/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 108/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 109/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 110/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 111/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 112/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 113/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 114/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 115/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 116/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 117/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 118/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 119/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 120/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 121/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 122/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 123/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 124/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 125/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 126/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 127/128
8/8/2019 2007 Ibm Annual
http://slidepdf.com/reader/full/2007-ibm-annual 128/128
Related Documents
