1、Lets Create2022 Annual ReportArvind KrishnaChairman and Chief Executive OfficerDear IBM Investor:In 2022 we took decisive steps to build a stronger IBM,executing against a sound strategy with speed,focus,and consistency.Our growth is accelerating,our confidence is growing,and our company is gaining

2、momentum.The reasons for this are clear.Our clients and partners are facing a series of specific business challenges:inflation,supply chain disruption,tight labor markets,sustainability requirements,and an ever-evolving cybersecurity threat landscape.They recognize technology as a source of competit

3、ive advantage,capable of addressing these immediate issues and future-proofing their businesses by increasing productivity,reducing costs,driving innovation,and fueling growth.To that end,we have sharpened our focus on IBMs unique ability to integrate technology and business expertise for our client

4、s and our partners.Our portfolio is built around hybrid cloud and artificial intelligence(AI),the two most transformational technologies of our time.And our go-to-market approach brings together the necessary software,consulting,and infrastructure our clients require,from across our expanding ecosys

5、tem of partners.This is todays IBM.2022 PerformanceFor the year,IBM generated$60.5 billion in revenue and$9.3 billion of free cash flow.Our focus on delivering client value fueled revenue growth of 12%at constant currency in 2022,including about four points from incremental external sales to Kyndryl

6、.Our solid and growing recurring revenue base now represents more than 50%of IBMs total revenue.And today,more than 70%of our annual revenue is in Software and Consulting.IBM 2022 Annual Report1IBM Software revenues were up 12%at constant currency,including about 6 points from incremental sales to K