You must also understand the impact of supply chain changes on total cost or cash flow and optimize supply chain effectiveness for better corporate results.

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He also noted that that the deal will be EBITDA margin dilutive in 2011, but that total EBITDA and free cash flow dollars will increase.

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Less obvious, but historically better for shareholders in terms of higher stock prices, companies can reward existing shareholders by using free cash flow to reduce the total number of shares outstanding.

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IBM, as a global participant, with operating software and consulting services, and is able to, in our judgment, show improving operating margins, a rise in cash flow, and on a total return basis we think it can sustain a very healthy growth rate for the investor.

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