Value at IBM
Each year IBM describes how the company manages its business and serves its shareholders. A long-term perspective ensures IBM is well positioned to take advantage of major shifts occurring in technology, business and the global economy.
1. We continuously remix our business toward higher-value, more profitable markets and opportunities.
2. This generates significant profit and cash, which allows us to invest in future sources of growth and provide strong returns to shareholders.
3. We deliver long-term value and performance while achieving our 2015 operating EPS target along the way.
Generating Higher Value at IBM includes selected references to certain non-GAAP financial measures that are made to facilitate a comparative view of the company’s ongoing operational performance. For information about the company’s financial results related to (i) operating pre-tax margin and operating earnings per share and (ii) free cash flow, which are in each case non-GAAP measures, see the company’s Forms 8-K submitted to the SEC on January 21, 2014 and February 28, 2013 (Attachment II—Non-GAAP Supplementary Materials).