IBM 2012 Annual Report Download - page 12

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Our 2015 Road Map continues the drive to higher value—
with the expectation of at least $20 operating (non-GAAP)
EPS in 2015.
5. This delivers long-term value and
performance for all key IBM stakeholders —
investors, clients, employees and society.
* Excludes acquisition-related and nonoperating
retirement-related charges.
** 2000 and 2001 exclude Enterprise Investments
and not restated for stock-based compensation.
Sum of external segment pre-tax income not
equal to IBM pre-tax income.
• Software becomes about
half of segment profit
• Growth markets
approach 30 percent
of geographic revenue
• Generate $8 billion
in productivity through
enterprise transformation
• Return $70 billion
to shareholders
• Invest $20 billion
in acquisitions
2000 2002 2010 2011 2012 2015
$13.44
$15.25
$11.67
$3.32
$1.81
Services
Software
Hardware / Financing
Operating (non-GAAP) EPS*
Segment Pre-tax Income*, **
$
20
At Least
Operating EPS*
Revenue Growth
A combination of base
revenue growth, a shift
to faster growing businesses
and strategic acquisitions.
Share Repurchase
Leveraging our strong cash
generation to return value
to shareholders by reducing
shares outstanding.
Operating Leverage
A shift to higher-margin
businesses and enterprise
productivity derived
from global integration
and process efficiencies.
Key Drivers for 2015 Road MapKey 2015 Road Map Objectives:
11
Generating Higher Value at IBM