1、2021 Annual ReportLets createDear IBM Investor:Todays IBM has defined a clear strategy to lead in the era of hybrid cloud and AI. In 2021, we took a series of dramatic steps to execute against that strategy, strengthening our portfolio, expanding our partner ecosystem, and returning your company to
2、growth. As a result, we enter 2022 more strategically focused and more technologically capable. We are integrating technology and expertisefrom IBM, our partners, and even our competitors to meet the urgent needs of our clients, who see hybrid cloud and AI as crucial sources of competitive advantage
3、. And we are ready to be the catalyst of progress for our clients as they pursue the digital transformation of the worlds mission-critical businesses. As you will see in this report, our strategy is resonating with clients and partners, our technology and business expertise are in high demand, and o
4、ur company is more nimble, focused, and positioned for sustainable growth.2021 performanceFor the year, IBM generated $57.4 billion in revenue and $12.8 billion in cash from operations. Revenue growth accelerated at constant currency throughout 2021, and we exited the year with 8.6% growth in the fo
5、urth quarter, including approximately 3.5 points from incremental external sales to Kyndryl. Hybrid cloud revenue grew 19% at constant currency in 2021 and now makes up 35% of IBM revenue. Today, over 70% of our annual revenue is in software and consulting, both delivering healthy, sustainable growt
6、h. Our performance was driven by our unique ability to combine IBMs technology and expertise to create value for our clients and partners. We integrate IBM Software, IBM Consulting, and IBM Infrastructure to deliver this value. IBM Software allows clients to leverage the full power of hybrid cloud a
7、nd AI. Software revenues were up 4% at constant currency. Red Hat continues to gain momentum, growing nearly 21% at constant currency in the fourth quarter, benefiting from its integration with IBMs portfolio and reflecting strong demand for open source innovation. IBM Consulting revenues were up 8%
8、 at constant currency, driven by clients that rely on IBM as their trusted partner for digital transformation. IBM Infrastructure revenues declined 3% at constant currency, reflecting product cycle dynamics. Clients continue to leverage our Power servers, storage, and IBM Z systems as foundational e
9、lements of their hybrid cloud infrastructure. In fact, we have shipped more MIPs in the z15 than any program in our history. With this revenue and cash generation, we returned $6 billion to stockholders through dividends in 2021. We reduced debt by $10 billion in 2021 and by $21 billion since acquir
10、ing Red Hat in 2019. We did all of this while we continued to invest in skills, innovation, and our ecosystem, including $3 billion on acquisitions in the year. IBM now has a higher-growth, higher-value business, with strong and growing free cash flow, lower capital intensity, and attractive shareho
11、lder returns.Strategy and executionWe entered 2021 with a series of clear but ambitious goals: to strengthen our portfolio, simplify our operations, and broaden our ecosystem. Our financial performance is a direct reflection of our ability to execute against these goals. Throughout the year, we cont
12、inued to align our offerings with the two most transformational technologies of our time: hybrid cloud and AI. Our platform-centric approach starts with Red Hat, which allows our clients to develop and deploy their applications on private and public clouds, achieve consistent security across their c
13、omputing infrastructure, and consume innovation from anywhere. Our portfolio is positioned to capture the $1 trillion hybrid cloud opportunity, enabling our clients to access and deploy our AI capabilities on IBMs cloud or those of other major providers. Our software has been enhanced and bundled to
14、 help clients become more data-driven, and to automate, secure, and modernize their business and IT operations. IBM Consulting has transformed itself by deepening its technical expertise and embracing a co-creation model with clients. To complement our organic investments, we made 15 strategic acqui
15、sitions to strengthen and extend our hybrid cloud and AI offerings. For example, Waeg, Bluetab, and Taos reinforce our cloud consulting expertise. Turbonomic integrates with Instana and Watson AIOps to create an industry-leading suite of automation software. The recent acquisition of Envizi builds o
16、n our existing asset management and supply chain solutions to help organizations develop more resilient and sustainable operations. And ReaQta expands our AI-based threat detection and response capabilities in IBM Security. To improve how we deliver the value of these offerings to our clients, we ha
17、ve updated our client engagement model to emphasize experiential selling and co-creation. We have also greatly expanded our partner ecosystem. This network of systems integrators, independent software vendors, service providers, channel partners, and developers has been carefully selected to deliver
18、 value to our clients, our partners, and IBM. In 2021, we strengthened existing relationships with companies like Adobe, Oracle, and EY. We created new consulting services in collaboration with SAP and co-created an AI-enabled analytics solution with Deloitte. We announced new strategic partnerships
19、 with Cisco, Palo Alto Networks, and Telus, all focused on 5G, Edge, and network automation. And we saw our partnership revenue with AWS, Azure, and Salesforce grow more than 50%.A client-centric culture Our efforts have been designed to accelerate the delivery of value to our clients and partners,
20、part of a larger cultural shift at IBM toward total client-centricity. We believe that IBM has a unique ability to solve our clients most pressing business problems, bringing together all the necessary hardware, software, and consulting, regardless of whether those solutions come from IBM or our eco
21、system partners. We are seeing high demand for our capabilities in many areas. Clients want to automate as many business tasks as possible given the current workforce dynamics. They are increasingly using AI and predictive capabilities to improve their supply chains. Security remains a major focus a
22、rea, as the cost of cybercrime continues to rise. As clients deal with these challenges and opportunities, they are looking for a trusted partner with a proven track record of delivering strategic transformation. For example, we are helping Spains Telefnica to modernize its network platform, combini
23、ng the potential of 5G with the customization and intelligence of hybrid cloud. National Grid, a leading US electric and gas utility, is working with IBM and Boston Dynamics to analyze data at the edge in real time to improve equipment uptime and prevent power outages. The Australian federal governm
24、ent is working with IBM on the technology platform that powers the countrys COVID-19 vaccination program. And IBM Consulting and PNC Bank partnered on a next-generation solution that allows customers to make banking decisions based on real-time dataa massive change for the banking industry. This cli
25、ent-first, problem-solving approach is the reason why our client renewal rates are increasing and our recurring revenue base is growing. It is the reason why longtime clients like CVS, Verizon, and Anthem continue to put their trust in our people and our technology. And it is the reason why we now h
26、ave more than 3,800 hybrid cloud platform clients and nearly 3,000 clients co-creating in IBM Garages.2 Arvind Krishna Chairman and Chief Executive OfficerOur commitment to science and innovationWhile we are focused on meeting the needs of clients today, we continue to shape the technologies of tomo
27、rrow. That is why IBM Research continues to advance the fundamental science of computing, driving innovation and pioneering a new era of accelerated discovery. IBM continues to lead the development of quantum computing. This year, we delivered operational quantum computers to Japan and Germany, depl
28、oyed the worlds first 127-qubit processor, and are now on our way to a 1,000-qubit processor by the end of 2023. We also forged a series of long-term partnerships with universities, governments, and hospitals to develop quantum applications that will accelerate the discovery of everything from medic
29、ine to materials. In 2021, we unveiled not one, but two, major breakthroughs in semiconductor design. First, the worlds first 2-nanometer chip technology, which will allow 50 billion transistors to fit on a chip the size of a fingernail. The chips are expected to achieve 45% higher performance than
30、todays 7-nanometer chips. Second, in collaboration with our Albany Research Alliance partner Samsung, IBM Research introduced a completely new approach to semiconductor design called Vertical-Transport Nanosheet Field Effect Transistor, or VTFET, which could help keep Moores law alive for years to c
31、ome.Responsible stewardship for the digital ageAt IBM, we have always understood that our responsibilities extend far beyond the bottom line. That is why we embrace our leadership role in defining good tech in the digital age. Among the most pressing challenges facing our society today is closing th
32、e STEM skills gap, which holds back both technological and socioeconomic progress. To address this issue, IBM regularly engages at the highest levels of government to improve access to the education and skills needed for modern, rewarding jobs. In addition, IBM has committed to providing 30 million
33、people of all ages with critical skills by 2030, by fostering more than 50 new partnerships for the IBM SkillsBuild program. We also continue to make progress on diversity and inclusion, which we believe is imperative for the health of our business and our society. In 2021, we added a diversity modi
34、fier to our executive compensation program to reinforce the importance of a diverse workplace. The Human Rights Campaign Foundation designated IBM as a “Best Place to Work for LGBTQ+ Equality” with a 100% rating. These effortsand otherswere recently recognized by JUST Capital, which named IBM the mo
35、st just company in our industry. 3 In 2021, we furthered our tradition of leadership in sustainability, announcing a goal of net-zero greenhouse gas emissions by 2030 across all the countries in which we operate. Our commitment to the environment is also evident in our products, including the new IB
36、M Environmental Intelligence Suite, which combines weather, climate, and operational data to measure and manage environmental performance. And in May, IBM launched the 2021 Call for Code Global Challenge, which invited the worlds software developers to combat climate change with technology powered b
37、y open source software. The top prize this year went to Saaf Water, an accessible water quality sensor and analytics platform for people living in rural localities.The catalyst that makes the world work betterOn the cover of this report is a simple phrase: “Lets create.” This is a signal to the worl
38、d that IBM has changed. We are more open to partnership, more open to ideas, and more open to innovation than ever before. “Lets create” is an invitation to all of our stakeholders to join us in solving the most complex problems facing business and society today. As the nature of those problems chan
39、ges over time, so too will IBM, reinventing itself to overcome whatever obstacles stand in the way of progress. And while many things about our company change, there are some things that will always stay the same. We will always be dedicated to our clients success, pursue innovation that matters, an
40、d set the standard for trust and responsibility. Why do we hold ourselves to such high standards? Because IBMs clients own and operate the planets mission-critical systems: electrical grids, airlines, telecommunications networks, banks, government services, and many others. These systems are more th
41、an just engines of economic growth. They are the systems that support modern society. In making them faster, more productive, and more secure, we dont just make business work better; we make the world work better. We dont just create business value; we create progress. I believe IBM is now positione
42、d to be the catalyst of that progress for decades to come.Arvind Krishna Chairman and Chief Executive OfficerIn an effort to provide additional and useful information regarding the companys financial results and other financial information, as determined by generally accepted accounting principles (
43、GAAP), these materials contain non-GAAP financial measures on a continuing operations basis, including revenue growth rates adjusted for constant currency. The rationale for managements use of this non-GAAP information is included on page 6 of the companys 2021 Annual Report, which is Exhibit 13 to
44、the Form 10-K submitted with the SEC on February 22, 2022. For reconciliation of these non-GAAP financial measures to GAAP and other information, please refer to pages 9, 17, and 32 of the companys 2021 Annual Report. Cash from operations is presented on a consolidated basis, which includes activity
45、 from discontinued operations related to the separation of Kyndryl.4 Report of Financials International Business Machines Corporation and Subsidiary Companies 5 MANAGEMENT DISCUSSIONOverview6Forward-Looking and Cautionary Statements 7Management Discussion Snapshot8Description of Business11Year in Re
46、view17Prior Year in Review37Other Information46Looking Forward46Liquidity and Capital Resources47Critical Accounting Estimates50Currency Rate Fluctuations 53Market Risk53Cybersecurity 54Financing 55Report of Management58Report of Independent Registered Public Accounting Firm 59CONSOLIDATED FINANCIAL
47、 STATEMENTS Income Statement 62Comprehensive Income63Balance Sheet64Cash Flows 65Equity 66NOTES TO CONSOLIDATED FINANCIAL STATEMENTSBasis & Policies A Significant Accounting Policies 68B Accounting Changes 81C Separation of Kyndryl 83Performance & Operations D Revenue Recognition 85E Segments 87F Ac
48、quisitions & Divestitures 91G Research, Development & Engineering 96H Taxes 96I Earnings Per Share 100Balance Sheet & Liquidity J Financial Assets & Liabilities 101K Inventory 102L Financing Receivables 102M Property, Plant & Equipment 105N Leases 105O Intangible Assets Including Goodwill 107P Inves
49、tments & Sundry Assets 109Q Borrowings 109R Other Liabilities 112S Commitments & Contingencies 113T Equity Activity 115Risk Management, Compensation/Benefits & Other U Derivative Financial Instruments 118V Stock-Based Compensation 121W Retirement-Related Benefits 124X Subsequent Events 135Performanc
50、e Graph136Selected Quarterly Data 137Stockholder Information139140 Board of Directors and Senior Leadership 6 Management Discussion International Business Machines Corporation and Subsidiary Companies OVERVIEW The financial section of the International Business Machines Corporation (IBM or the compa
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