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