IBM 2009 Annual Report Download - page 11

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and transformational opportunity. Everywhere
around the world, people are eager for change.
And every day, more and more forward-thinking
leaders are creating tangible outcomes and benets,
making their parts of our planet smarter. Like
IBMers, they recognize that we cannot wait, cannot
let this moment pass. They know the time to act
is now. And the way to act is together.
Let me close by expressing my pride in the
400,000 women and men of the global IBM team
who have brought us to this point. And let me
express my gratitude to you, our shareholders, for
your unwavering support. I hope that you are
pleased with how your company is performing and
evolving. And I trust that you share our excitement
about the role we can play in what promises to
be a new epoch for our industry, for business and
for our planet.
Samuel J. Palmisano
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
constituents together? How do I make the case for
budget? How do I coalesce support with citizens?
Where should I start?
In 2010, we are focusing our efforts on helping
clients answer those questions in nine high-growth
industries: healthcare; oil and gas; energy and
utilities; transportation; telecommunications; retail;
banking; government; and electronics.
At the same time, we are continuing to push
the scientic frontiers at the core of smarter
technologies. Today, more than 25 percent of IBM
Research’s work is on smarter planet projects, and
we are in the process of doubling that to more than
50 percent, in areas such as mobile Web, nanotech-
nology, stream computing, analytics and cloud.
Seizing
the Opportunity
Before Us
The opportunity to make our planet smarter
is both real and inspiring. It has excited forward-
thinking leaders in industry, government and
across civil society in both mature and growth
markets. Encouragingly, but not surprisingly, it has
also energized IBMers. Over nearly a century,
IBM’s greatest achievements have arisen from our
distinctive culture and values.
This is why, despite the current economic
climate, I am optimistic about IBM’s prospects
to lead the era we are now entering. Underneath
the surface turmoil, this moment presents a rich
The selected references in this letter to the company’s nancial results related to (i) free cash ow excluding Global Financing receivables and (ii) revenue at constant currency
are, in each case, non-GAAP nancial measures. These references are made to facilitate a comparative view of the company’s ongoing operational performance. Information
about these references is provided in the company’s Form 8-K submitted to the SEC on January 19, 2010 (Attachment II
—
Non-GAAP Supplementary Materials).
9
A LETTER FROM THE CHAIRMAN