IBM 2014 Annual Report Download - page 21

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($ in millions except per share amounts)
For the year ended December 31: 2014 2013
Revenue $ 92,793 $ 98,367
Net income $ 12,022 $ 16,483
Income from continuing operations $ 15,751 $ 16,881
Operating (non-GAAP) earnings* $ 16,702 $ 18,356
Earnings per share of common stock (continuing operations)
Assuming dilution $ 15.59 $ 15.30
Basic $ 15.68 $ 15.42
Diluted operating (non-GAAP)* $ 16.53 $ 16.64
Net cash provided by operating activities $ 16,868 $ 17,485
Capital expenditures, net 3,779 3,768
Share repurchases 13,679 13,859
Cash dividends paid on common stock 4,265 4,058
Per share of common stock 4.25 3.70
At December 31: 2014 2013
Cash, cash equivalents and marketable securities $ 8,476 $ 11,066
Total assets 117,532 126,223
Working capital 9,822 11,196
Total debt 40,804 39,718
Total equity 12,014 22,929
Common shares outstanding (in millions) 991 1,054
Market capitalization $158,920 $197,772
Stock price per common share $ 160.44 $ 187.57
* See pages 45 and 46 for a reconciliation of net income to operating earnings.
20 Financial Highlights
International Business Machines Corporation and Subsidiary Companies