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000-595 IBM Maximo Asset Management V7.5 Fundamentals

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000-595 exam Dumps Source : IBM Maximo Asset Management V7.5 Fundamentals

Test Code : 000-595
Test cognomen : IBM Maximo Asset Management V7.5 Fundamentals
Vendor cognomen : IBM
braindumps : 92 real Questions

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IBM IBM Maximo Asset Management

IBM provides Asset Optimization Capabilities With Oniqua Buyout | killexams.com real Questions and Pass4sure dumps

foreign business Machines supplier IBM these days bought Oniqua Holdings Pty Ltd. for an undisclosed amount. Oniqua offers cyber web of things (“IoT”) based mostly upkeep, restore and operations (“MRO”) stock optimization solutions. This buyout will bolster IBM’s Asset Optimization follow.

IBM’s asset optimization solutions portfolio already contains Tririga as smartly because the business leading Maximo. meanwhile, Oniqua caters to manufacturing, mining, transportation, oil & fuel, utilities and different such asset-intensive industries. The transaction will allow IBM to more desirable serve its present valued clientele and optimize its operations for bigger productiveness.

Focal elements of the Acquisition

Per the click free up, IBM plans to merge its asset optimization solutions with that of Oniqua’s. primarily, Oniqua’s flagship provider — MRO solution — when mixed with IBM’s asset optimization solution Maximo will support IBM to supply a “options-as-a-carrier” primarily based answer.

IBM features will additionally gain “a crew of specialists” from Oniqua. The MRO and other prescriptive and predictive analytical capabilities of the community will deliver IBM a competitive aspect in application features market.

With a combined respond platform, IBM appears ahead to present a single records source encompassing company belongings to permit a “24/7 operational effectivity.”

reduce Asset Downtime: Key Catalyst

The basic headwind for the asset intensive companies is annual unscheduled asset downtime. This in fact stems from the inability of inventories and spare parts. The insights bought by scrutinizing and examining the enterprise information can gash down unscheduled operational downtime with the aid of guaranteeing the top-quality cloth and spare ingredients required to fullfil the demand.

IBM is quiet focused to supply the clientele with an respond primarily aimed at decreasing unscheduled asset downtime, which permits these clientsto recognise their business dreams quicker. With Oniqua’s IoT advantage in the asset management house, IBM is probably going to fortify its asset optimization capabilities an outstanding deal.

due to this fact, groups will advantage from the smooth unite with the data in actual-time. it'll allow the clientele to vaticinate gadget disasters, because of this shrinking unplanned downtime.

What the investors should comprehend

IBM’s stock has lost 2.1% of its value during the eventual year, narrower than the business’s rally of 2.6%.

The enterprise’s growing to breathe clout within the business Asset administration (EAM) utility market is evident from market analysis enterprise Gartner’s November 2017 “Magic Quadrant for enterprise Asset administration application” file where it achieve IBM within the “Leaders” quadrant for its Maximo providing. With Oniqua buyout, IBM is probably going to fortify the dominant position it enjoys out there.

additionally, per analysis company MarketsandMarkets, the EAM market size is predicted to develop from $3.forty four billion in 2017 to $6.05 billion through 2022 at a CAGR of eleven.9%. They accept as proper with IBM is neatly poised to capitalize on this lucrative haphazard with the additional IoT-based capabilities Oniqua brings on board.

Strengthening IoT Capabilities Bodes neatly

Per IBM’s estimates, there might breathe round 30 billion connected instruments by means of 2020, as a consequence expanding the want for IoT systems. in consequence, the company’s funding in the technology looks to breathe partially neatly deliberate. They account the upcoming unique mixed solution holds promise.

when you account that the benefits, they can anticipate consistent boom of the enterprise pushed by artery of IoT and synthetic intelligence (“AI”) technologies on the artery to eventually support it to compete against friends.

Zacks Rank & Key Picks

IBM at present includes a Zacks Rank #three (hang).

more suitable-ranked shares in the broader technology sector are Western Digital WDC, Mellanox MLNX and Micron MU, every sporting a Zacks Rank #1 (effective purchase). which you could observe the complete record of these days’s Zacks #1 Rank stocks here.

The projected lengthy-term income growth cost for Western Digital, Mellanox and Micron are 19%, 15% and 10%, respectively.

state-of-the-art shares from Zacks' most approved techniques

or not it's challenging to trust, even for us at Zacks. however whereas the market received +21.9% in 2017, their suitable stock-choosing screens accommodate lower back +one hundred fifteen.0%, +109.three%, +104.9%, +98.6%, and +sixty seven.1%.

And this outperformance has not just been a fresh phenomenon. through the years it has been remarkably constant. From 2000 - 2017, the composite yearly accustomed profit for these innovations has overwhelmed the market greater than 19X over. perhaps much more improbable is the fact that we're willing to share their latest shares with you with out can saturate or responsibility.

See Them Free>>

Story continues


IBM Maximo provider Request | killexams.com real Questions and Pass4sure dumps

IBM Maximo service Request (provider Request) app provides a platform for getting into carrier requests into IBM Maximo Asset administration. carrier Request is suitable with IBM Maximo any spot 7.6.2.x.

users can communicate or type an profile of the request, and enter a vicinity and an asset for the request. they can besides view the requests that they created which are currently unresolved so one can comply with up on those requests. Contact your IBM Maximo anywhere administrator before using this software.


IBM Watson publicizes Partnerships To enrich employee safeguard via Watson IoT | killexams.com real Questions and Pass4sure dumps

these days, IBM Watson is announcing considerable collaborations with a pair of industry partners to enhance worker safety in hazardous environments. the brand unique choices leverage cyber web of things (IoT) expertise along with IBM’s present Maximo enterprise asset administration platform.

The enterprise is working with Garmin health, Guardhat, Mitsufuji and SmartCone to compose exhaust of advanced facts assortment and artificial intelligence (AI) technologies to power colossal advances in monitoring and assessing the security and health of people in hazardous environment. “It’s within the context of a major focus enviornment for us, to enrich worker safety using IoT records and AI,” spoke of Kareem Yusuf, PhD, typical supervisor of IBM Watson IoT.

up to now, the enterprise’s focus with Maximo has been on management of physical property. “we've a long tradition in device renovation and reliability administration,” Yusuf noted. “It’s been round three asset courses – industrial equipment, buildings and facilities, and vehicles. The hub of attention to date turned into to power renovation and labor processes around them, for improvements relish predictive upkeep.”

With the brand unique partnerships, the identical variety of hub of attention will target the smartly-being of employees. The Maximo worker Insights platform will receive statistics from the workspace and from the staff themselves to computer screen such expertise dangers as heat, height, temperature, and gas degrees, and to investigate even if laborers are exposed to hazards or risks. “It allows for their consumers to define labor zones and installation alerts,” celebrated Yusuf. “they could monitor what matters and link back to their Maximo device.”

With Garmin, a longtime leader in wearable expertise, the partnership enables clients to acquire “near-time” sensor information (gathered and assessed in mere seconds) from workers fitted with Garmin exercise trackers. With the Garmin health partner SDK information assortment device embedded inside the Maximo employee Insights platform, organizations can accommodate instant signals of health emergencies or “man-down” eventualities, and might additionally build ancient analytics in accordance with longer-term biometric statistics.

Garmin vivosmart 4Image courtesy Garmin

Guardhat, meanwhile, is integrating its smart very own defensive gadget (PPE) wearables with the IBM platform. Their KYRA IoT software gathers information from their IoT instrumented complicated hat, monitoring physical situations to detect and caution of surrounding dangers, and besides presents communique capabilities with actual-time video and audio. The data and analytical composite provides for far flung directional information and geolocation, in addition to lively monitoring and warning of relocating kick dangers.

Guardhat - here is no commonplace hardhatImage courtesy Guardhat

in the third collaboration, IBM Watson will music IoT sensor data from the unique wearable “shirt,” named hamon, currently launched by using Mitsufuji. The hamon machine, made from conductive silver fibers, directly collects the wearer’s physical facts corresponding to coronary heart expense and temperature, whereas additionally monitoring surrounding environmental circumstances, together with uproar and gasoline stages and air temperature. The Maximo employee Insights platform can then resolve the facts and bring signals and alarms for events pursuits corresponding to breaks and job rotations, or for emergency circumstances that may lead to damage or sickness.

hamon - the totally connective AGposs fiber collects biometric statistics from the wearerImage courtesy Mitsufuji

The SmartCone utility is constructed round that company’s IoT-fitted supple network of locality sensors, which may besides breathe fixed or included in to moveable traffic cone configurations. The sensors computer screen hazards in the marked zones, and collect visual statistics from cameras and other sensor statistics reminiscent of temperature and noise. The enterprise’s data collection and manipulation algorithms integrates with Maximo employee Insights to supply ongoing signals of environmental situations, in addition to signals within the experience of an accident or injury.

The SmartCone can besides breathe dropped in lots of "skins" to involve a typical safeguard cone, then placed at any spot you want it - its modular system enables for a mess of sensors (360 digicam, LED lighting fixtures and LIDAR pictured above)picture by means of label Holleron

The organizations accommodate foreseen the evident considerations with the technologies, these involving employee privacy and dignity. “this is truly an angle we’ve considered, and we’ve been working intently with their partners to glance what’s arrogate of intellect,” pointed out Yusuf. “And it’s now not just the customers and worker's themselves, but other key stakeholders, such as the union point of view. What we’ve organize is that if you retain the hub of attention on defense and fitness, the preparatory perception is that the benefits outweigh the concerns. And in case you retain very transparent traces about who owns the information, and labor collectively transparently, it’s not a huge problem.”

CEO Jason Lee suggests just how transportable the SmartCone can bePhoto by means of label Holleron

IBM Watson sees more such opportunities on the horizon. “Our future is greater of the equal,” Yusuf spoke of. “With IoT and AI, they are able to coerce superior insights tied to working processes. they will support lower power consumption, optimize pile occupancy – that’s the variety of labor we’re concentrated on, bringing value in the here and now. And with these unique purposes, they will support people role greater safely.”

Automation is regularly criticized for its expertise to dispose of jobs, but it surely’s besides been shown to augment worker safety with the aid of taking laborers out of hurt’s approach. today’s announcement offers extra advancements in that regard; with on-the-job monitoring of abilities dangers to health and smartly-being, they’re one other avenue towards cutting back the millions of on-the-job accidents people undergo each year. As a secondary benefit, they can augment organizations’ backside traces, as these accidents cost tens of billions of greenbacks annually as neatly.

Yusuf sees a ultimate benefit, in highlighting what IoT advances can offer. “here is an instance of proper AI at work,” he stated. “I suppose there’s lots of chatter about AI and its exhaust and usefulness. We’re going to continue to labor on methods to link it to strategies, and to allow americans to breathe greater useful, efficacious and advised.”


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International business Machines' (IBM) Management on Q4 2018 Results - Earnings muster Transcript | killexams.com real questions and Pass4sure dumps

No result found, try unique keyword!International business Machines Corporation (NYSE:IBM) Q4 2018 Earnings Conference ... once again had stalwart growth in their core offerings, Maximo and Tririga, where they lead the market in asset managem...

IBM (IBM) Q4 2018 Earnings Conference muster Transcript | killexams.com real questions and Pass4sure dumps

Image source: The Motley Fool.

IBM (NYSE: IBM)Q4 2018 Earnings Conference CallJan. 22, 2019 5:00 p.m. ET

 Welcome, and thank you for standing by. [Operator instructions] Today's conference is being recorded. If you accommodate any objections, you may disconnect at this time. Now I will circle the meeting over to Ms.

Patricia Murphy with IBM. Ma'am, you may begin.

Thank you. This is Patricia Murphy, vice president of investor relations for IBM, and I'd relish to welcome you to their fourth-quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's senior vice president and chief financial officer.The prepared remarks will breathe available within a pair of hours and a replay of the webcast will breathe posted by this time tomorrow.I'll remind you that inevitable comments made in this presentation may breathe characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could intuition actual results to differ materially.

Additional information concerning these factors is contained in the company's filings with the SEC. Copies are available from the SEC, from the IBM website or from us in Investor Relations. Their presentation besides includes inevitable non-GAAP financial measures in an exertion to provide additional information to investors. total non-GAAP measures accommodate been reconciled to the related GAAP measures in accordance with SEC rules.

You'll find reconciliation charts at the cease of the presentation and in the figure 8-K submitted to the SEC.So with that, I'll circle the muster over to Jim.

Thanks, Patricia, and thanks to total of you for joining us. The fourth quarter capped off a year, where they grew revenue, operating pre-tax income and operating earnings per share. They stabilized their margin as they moved through the year and they expanded vulgar and pre-tax margin in the fourth quarter. They continued to invest and enmesh actions to shift their business toward higher-value areas relish hybrid cloud and AI, including the announcement of their acquisition of Red Hat.

And they again generated solid free cash flow, which enables this continued investment and shareholder returns. In the fourth quarter, they delivered $21.8 billion of revenue, which was down 1% at constant currency, though down 3% with the impact of currency translation. As always, I'll focus on constant-currency results. Their operating pre-tax income was $5 billion and they had $4.87 of operating earnings per share.

We had stalwart performance in software and in services, they had revenue growth and vulgar margin expansion. This was offset by the expected impact of their IBM Z product cycle dynamics. Their total software revenue was up 2%. They entered the quarter with a suitable pipeline of software opportunities and they executed well, driven by hybrid cloud adoption and stalwart demand for analytics and AI offerings.

Total services revenue was up 2%. They had even improvement in Global business Services throughout the year, with 6% growth in the fourth quarter and revenue growth and gross-margin expansion across total three of their GBS business lines. Global Technology Services had a modest revenue decline, with solid vulgar margin expansion. They had a Great signings quarter, reflecting stalwart demand for hybrid cloud implementations and their value prop to deliver productivity.Our hardware revenue was down.

You'll recall in 2017, they had a terrific fourth quarter in IBM Z and so their decline reflects a wrap on that performance. This continues to breathe a very successful Z program and remains ahead of their prior cycle. Once again, they had stalwart growth in Power, with POWER9 now introduced throughout their portfolio. As you know, they provide technology and industry expertise to back race their clients' most considerable processes, which puts us in a unique position to back them transform their businesses.

As they exit 2018, we're continuing to observe a few themes across their engagements. First, their clients continue to glance to circle data into competitive advantage by applying analytics and AI with an industry lens. Second, clients are increasingly looking to cloud to drive business value. As they trip more mission-critical workloads to the cloud, they exigency to securely trip data and workloads across multiple cloud environments, and that requires a hybrid and open-cloud strategy.

And third, clients are focused on productivity and predictability on their spend. Now IT has always been about driving both technology innovation and productivity, with the equipoise shifting over time. We're recently seeing increasing interest in productivity, as clients glance forward to the next pair of years. And so their results this quarter reflect their ability to deliver innovation and productivity.

You observe this in their stalwart results in analytics and AI, in their as-a-service cloud revenue and in stalwart signings in their services business that deliver technology solutions and economic value, total through their integrated value proposition. That's why companies such as Vodafone and BNP Paribas are leveraging the IBM Cloud, where they profit from their hybrid multi-cloud capabilities and access to the most advanced technologies. And it's why Bradesco Bank made a software, hardware and services multiyear commitment to the IBM Z platform to enmesh them to the next even in AI and hybrid IT, with more predictability in their operating cost. Across their segments, their strategic imperatives revenue for the year was up 9% to about $40 billion.

Within that, their cloud revenue is over $19 billion, and they exited the year with an annual race rate for cloud delivered as a service of over $12 billion, which is up 21% over eventual year. This is a solid foundation of cloud and cognitive capabilities, and we're continuing to deliver innovation in these high-value areas.  For example, in the fourth quarter, they introduced AI OpenScale, a platform to manage the life cycle of total forms of AI models and Multicloud Manager, a service to deploy and manage complete applications in any cloud environment. We're adding innovative services relish the world's first commercial quantum computer available on the IBM Cloud. You may accommodate seen that ExxonMobil is already using it to back address its most involved business challenges such as energy exploration and chemicals manufacturing.

The number of unique clients using IBM Cloud Private accelerated in the fourth quarter, and adoption is growing for their IBM Cloud Private for Data platform, which was named a leader in the first quarter 2019 Forrester Wave report on enterprise insight platforms. total of this is a validation of their hybrid open approach to cloud, and they accommodate a stalwart foundation from which to drive synergies across the business with the addition of Red Hat. Let me pause here to remind you of the value they observe from the combination of IBM and Red Hat, which is total about accelerating hybrid cloud adoption. The client response to the announcement has been overwhelmingly positive.

They understand the power of this acquisition and the combination of IBM and Red Hat capabilities in helping them trip beyond their initial cloud labor to really shifting their business applications to the cloud. They are concerned about the secure portability of data and workloads across cloud environments, about consistency in management and security protocols across clouds and in avoiding vendor lock-in. They understand how the combination of IBM and Red Hat will back them address these issues. They observe the stalwart bookings Red Hat recently reported as further evidence of clients' aplomb in the value.

Remember, the quarter ended a month after the transaction was announced.From a value perspective, in addition to the growing Red Hat business itself, they observe an opportunity to boost total of IBM, by selling more of their own IBM Cloud and by selling more of their analytics and AI capabilities on OpenShift across multiple platforms. As clients proceed on their journey to accumulate more business value from the cloud, they exigency more services help, from the digital design to app modernization to autochthonous app progress to management of hybrid cloud environments. You saw eventual week the results of Red Hat's shareholder vote, with very high participation and over 99% voting in support. They are stirring through the regulatory process and continue to expect to close in the second half of 2019.

We've had a decade-long partnership with Red Hat and extended it nearly a year ago around hybrid and multi-cloud. And now after the announcement in late October, they begun the internal enablement planning, so they can hit the ground running post-closing. So now, I'll trip through the details of the fourth quarter, wrap up with the summary of the replete year and their view of 2019.As I said, their revenue in the quarter was $21.8 billion. This includes a currency Hurt to revenue of over $500 million, which is $150 million more than mid-October spot rates suggested, as the dollar has continued to strengthen.

Looking at their margin dynamics. They expanded both their vulgar and pre-tax operating margins. Their vulgar margin was up 10 basis points, with stalwart performance in the services businesses, together, up 190 basis points. This was mitigated by the expected merge headwind from the IBM Z cycle dynamics.

Our operating expense was better 5%. When currency impacts the top line, it generally helps expense due to both translation and the profit of hedging contracts. And so with the strengthening of the dollar, currency helped their expense by nearly five points. Remember, the majority of their hedges are reflected in expense and these hedging gains mitigate the currency impacts throughout the P&L.

We've been focused on driving productivity in their business, implementing unique ways of working, relish using agile methodologies and leveraging automation and infusing AI into their processes. This provides flexibility to drive innovation in areas relish hybrid cloud, AI, security and blockchain, while besides delivering operating leverage.Within their expense decline, they besides had a lower even of IP income. At the beginning of the year, they said they expected IP income to breathe down year to year, and it has been tracking lower, down $165 million year to year in the fourth quarter and nearly $450 million for the replete year. Putting this expense performance together with their vulgar margin expansion, pre-tax margin was up 50 basis points.

Looking at operating tax. At the beginning of 2018, they provided a compass for their full-year tax rate of 16%, plus or minus two points and that was without discrete items. With their final geographic and product mix, the full-year rate, without discretes was about 15%, within the expected range. Including the discrete items in the first and third quarters, their full-year operating tax rate was 8%, which is a headwind year to year.

The resulting tax rate in the fourth quarter was 12%, which is up about six points year to year. Regarding their GAAP tax rate, you saw in their press release that their fourth-quarter rate besides reflects a saturate for a GILTI tax election associated with the implementation of 2017 U.S. tax reform. This saturate impacts GAAP net income and GAAP earnings per share.

And so turning back to their operating results. Operating earnings per share of $4.87 was driven by solid operating leverage, offset by expected headwind from tax. Looking at their cash metrics. They generate $6.5 billion of free cash flow in the quarter, with $11.9 billion for the year, in line with their expectations.

Our realization of GAAP net income is 111% for the year, normalizing for the non-operating tax reform charge. This supports a high even of investment and shareholder returns. So now let me trip on to the segments. Cognitive Solutions revenue was up 2% with 3% growth in solutions software and 1% growth in transaction processing software.

We expanded pre-tax margin by nearly three points, delivering operating leverage on this revenue growth from both operational efficiencies and mix, while quiet investing at high levels. In the quarter, they continue to deliver innovation to their clients and scale their platforms and solutions, resulting in growth in their transactional revenue and SaaS signings. In transaction processing software, they capitalized on the stalwart pipeline of larger transactions they discussed entering the fourth quarter, driven by their clients' buying cycles. Their fourth-quarter performance reflects these clients' commitment to their platform for the longer term, given the value they provide in managing their mission-critical workloads and predictability in their spending.In solutions software, growth was led by analytics and AI offerings with several other high-value areas growing as well.

In their underlying analytics platform, they had broad-based growth across their Db2 portfolio, including analytics appliances and data science offerings. demand for their IBM Cloud Private for Data offering accelerated and now over 100 clients accommodate adopted the platform. And that's since launching just over six months ago. unique clients involve the Korea Internet & Security Agency, which is developing an app on ICP for Data that leverages a variety of data sources and machine-learning models to find and thwart unique cyber threats.

In addition, we're scaling their newest Watson services running on IBM Cloud Private for Data relish AI OpenScale.In security, they continue to accommodate solid demand for their integrated security and services solutions, including stalwart growth in their security intelligence and orchestration offerings, QRadar and Resilient. Within their industry verticals, Watson Health had growth across payer, provider, imaging and government. And IoT once again had stalwart growth in their core offerings, Maximo and TRIRIGA, where they lead the market in asset management and facilities management. In the emerging blockchain area, they announced several unique clients this quarter, including their labor with Smart Dubai on Middle East's first government-endorsed blockchain platform.

We introduced an on-prem offering in November, the IBM Blockchain Platform for IBM Cloud Private and signed several unique deals this first month. They observe a stalwart pipeline as clients are interested in the benefits of blockchain behind their firewall. Now over the eventual few quarters, I called out offerings within their solutions software, which address horizontal domains, where they kisser secular shifts in the market, specifically collaboration, commerce and talent. We've been taking actions and eventual month, they announced the divestiture of their collaboration and on-prem marketing and commerce products to HCL.

After closing, which is currently expected to breathe midyear, this action will improve their Cognitive Solutions' revenue performance, normalizing for the divested content and reflects their commitment to disciplined portfolio management. So now stirring on to services. Before getting into the two segments, I want to provide a view of the total services business. As I said earlier, revenue was up 2% and vulgar margin expanded 190 basis points.

Looking at their signings. On their eventual earnings call, they talked about the stalwart pipeline of deals they had going into the fourth quarter and they executed well, delivering signings of $15.8 billion, which is up 21% at constant currency. This results in a backlog, which is now $116 billion. Since it's measured at year-end spot rates, currency is obviously impacting the backlog.

But at constant currency, the backlog is down 60 basis points year to year, which is about a two-point improvement versus eventual quarter's performance. Customers are increasingly looking to leverage digital for growth and innovation, while at the same time, increasing efficiencies and reducing costs within their businesses. IBM services can deliver this value by leveraging its breadth across GBS and GTS. A recent instance is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital experience solutions to support the bank's ongoing digital transformation, increasing their IT efficiency and scale and enabling them to seize opportunities in an increasingly digital financial sector.

So now turning to Global business Services. They again delivered solid performance, pile on the momentum throughout the year. The GBS team has done a really nice job repositioning this business and you could observe it in the results. Revenue grew 6%, with growth across total business lines and vulgar margin expanded 300 basis points.

Consulting revenue growth accelerated to 10%. This is validation of their success in bringing together technology and industry expertise to back their clients on their digital journey. They had continued stalwart growth in Digital Strategy, fueled by their digital commerce and CRM offerings. They are besides accelerating growth in next-generation enterprise applications, led by stalwart demand in their consulting and implementation services in areas relish S/4HANA, Salesforce and Workday.

In application management, they grew 4%. This quarter, they returned to growth, with stalwart performance in Cloud Migration Factory and cloud application development, mitigated by continued declines in traditional application management engagements as their clients trip to the cloud. The 4% growth besides reflects the achievement of significant milestones across a few accounts. We've been besides improving their revenue profile in global process services.

Revenue grew 5% as they reinvent industry workflows by leveraging automation and infusing AI. And earlier this month, they announced the sale of their Seterus mortgage servicing business. The transaction is expected to close in the first quarter and will result in improving revenue and margin profile, normalizing for the divested content. So this action, relish the divestiture of select software assets, is about portfolio optimization.

We're focusing on higher value offerings that are considerable to their integrated value proposition. Turning to GBS vulgar profit. There are a number of drivers of their 300-basis-point expansion, including the operating leverage they accumulate on the revenue growth, their merge toward higher value offerings and capturing the expense for value, a back from currency, given their global delivery merge and the defer on their productivity and utilization initiatives, including their realignment of their skills pyramids to key growth areas. In Technology Services & Cloud Platforms, they delivered $8.9 billion of revenue, which is flat versus eventual year and vulgar margin expanded approximately 150 basis points.

We continue to accommodate stalwart growth in cloud revenue in the segment, this quarter up 22% year to year. They had a stalwart signings quarter, with 16 transactions over $100 million each. Both unique and existing clients are looking to IBM to manage their censorious infrastructure and deliver innovation, while simultaneously achieving predictable spending. They continue to observe momentum in their open, hybrid multi-cloud approach.

I've mentioned BNP Paribas earlier. BNP Paribas has selected IBM to strengthen its cloud environment, with a hybrid multi-cloud approach, bringing together the IBM Cloud, private clouds along with existing infrastructure. Leveraging IBM's technical and industry expertise, BNP Paribas will accelerate its digitization to present its clients the best services, while respecting the security and confidentiality of their data. Looking at the revenue by line of business.

Infrastructure services revenue was flat. As they prioritize their portfolio, they are exiting some lower-value content, which slightly impacts near-term revenue performance but results in higher margins. In technical-support services, revenue was down 3%. TSS continues to breathe impacted by the hardware product cycle dynamics, partially offset by continued growth in their core multi-vendor services offerings.

And finally, integration software growth accelerated to 4%. This performance was driven by continued stalwart adoption of IBM Cloud Private, where they added 200 unique clients. That brings their total number of clients using this innovative platform to 600 in just over a year as they continue to modernize traditional workloads. They besides now accommodate over 100 IBM Software offerings integrated with IBM Cloud Private, including blockchain, Watson, IoT and analytics.

We are continuing to deliver innovation in this space with unique offerings to enable clients in an open, hybrid, multi-cloud world relish IBM Multicloud Manager, which I mentioned earlier. Turning to profit for the segment. Gross-margin improvement is driven by the boost of their productivity initiatives. This includes infusing AI and automation in their delivery processes such as by leveraging IBM services delivery platform with Watson and embedding agile thinking into their service-delivery processes.

We're besides leveraging productivity and talent-optimization efforts, where they continue to optimize business processes, reskill their expert workforce and leverage their global scale. PTI margin was flat, reflecting continued investments to expand their go-to-market capabilities and develop unique offerings to capture the hybrid-market opportunity. So to wrap up services, at the beginning of 2018, they said they expected an improving trajectory in their services revenue and profit, and they delivered on that throughout the year with the stalwart fourth quarter. In Systems, revenue was down 20% this quarter.

I'll remind you that this is compared to a very stalwart performance in the fourth quarter eventual year, where they grew 28%. Systems pre-tax margin was down six and a half points, reflecting the merge headwind from the IBM Z product cycle. I'll walk through the different dynamics across the hardware portfolio. In IBM Z, they are six quarters into the z14 cycle.

Z revenue declined 44%, while margins expanded modestly, in line with where they are in the cycle. The program continues to track ahead of the prior program, with broad client adoption across industries and countries. They continued to add unique clients and unique workloads to the platform. Since launching the z14 program, their merge capacity has increased nearly 20% with unique workload MIPS growing twice the rate of their benchmark MIPS.

So we're taking advantage of the secular shifts in the market and now over 55% of their installed MIPS inventory is in emerging workload areas. And while there's volatility in the hardware due to product cycles, as they continue to grow their installed foundation up roughly three and a half times over the eventual decade, this provides stability in their related software, services and financing business across IBM. Power revenue was up 10%, driven by Linux and continued stalwart adoption across their unique POWER9-based architecture. In the fourth quarter, they completed the release of their next-generation POWER9 processors in the high cease and they had stalwart adoption in both the low and high-end systems.

Our POWER9 systems are designed for handling advanced analytics, cloud environments and data-intensive workloads in AI, HANA and UNIX markets. And they now accommodate extended HANA certification to their POWER9 high end. In the fourth quarter, they had stalwart initial traction with their unique offerings that optimize both hardware and software for AI such as PowerAI Vision, which they introduced in the second half of 2018. And we've essentially completed the deployment of their supercomputers at the U.S.

Department of Energy labs in the quarter. Storage hardware was down with declines in midrange mitigated by continued stalwart growth in all-flash arrays. The storage market remains very competitive with ongoing pricing pressures. We're continuing to interpose unique innovations and functionality.

For example, in December, they extended their next-generation MVME technology into the midrange, with stalwart initial client adoption. They will continue to roll out MVME across the storage portfolio in the first half of 2019. So now turning to cash. They generated $7.3 billion of cash from operations in the quarter, excluding their financing receivables.

With nearly $900 million in capital expenditures, they generated $6.5 billion of free cash flow in the fourth quarter. This capped off a year with $15.6 billion of cash from operations, besides excluding financing. They invested $3.7 billion in CAPEX this year, mainly in their services and cloud-based businesses and that's up $400 million from eventual year. And so they generated free cash flow of $11.9 billion for the year.

And as I mentioned, their normalized free cash flow realization was 111%. You'll recall that they expected their free cash flow to breathe about $12 billion for 2018. The year-to-year decline reflects the headwinds they anticipated from CAPEX, working capital and cash taxes. They returned over $10 billion to shareholders in the year, including dividends of $5.7 billion.

We've now increased their dividend per share for 23 consecutive years and they remain committed to continued dividend increases. They besides bought back just under 33 million shares, reducing their tolerable share matter by over 2%. At the cease of the year, they had $3.3 billion remaining in their buyback authorization. Now looking at the equipoise sheet.

We ended the year with a cash equipoise of $12.2 billion, which, without the impact to currency, is consistent with the year ago. Total debt was $45.8 billion, down $1 billion year to year, with 68% in support of their financing business. The leverage in their financing business is in line with the target of nine to one and the credit property in their financing receivables remains stalwart at 55% investment grade, a point better than a year ago. And so their equipoise sheet remains strong, and they are committed to maintaining a stalwart investment-grade credit rating.

As they typically accomplish at the cease of the year, I want to provide a quick update on their retirement-related plans. Their U.S. diagram has been frozen for over a decade. And over the eventual several years, they moved their asset foundation to a lower-risk, lower-return profile.

At the cease of 2018, in aggregate, their worldwide tax qualified plans are nearly fully funded, with the U.S. at 104%, consistent with a year ago. So despite the volatility in the markets, their plans are in really suitable shape. So let me start to wrap up with some thoughts on 2018 and then I'll trip on to expectations for 2019.

As they open the year, they talked about the labor they had done to reposition their business, to back trip their clients to the future, shifting their portfolio, changing their operating model and the artery they labor and reallocating their capital. And in their earnings muster eventual January, they talked about how that drove their expectations for 2018 in revenue, in margin and in earnings per share. First, they said they expected to grow revenue at then current spot rates. They did, in fact, grow revenue for the year, and that's despite the U.S.

dollar appreciation since early 2018, reducing their revenue growth by about two points or $1.7 billion. Second, they said we'd stabilize vulgar margins. While they fell a bit short for the replete year, they stabilized vulgar margin in the third quarter and expanded both vulgar and pre-tax margin in the fourth quarter and second half. That's for the first time in over three years.

We said tax would breathe a headwind for the year and it was a headwind to us for the year and in the fourth quarter. They continue to recrudesce value to shareholders, with share repurchases contributing to earnings-per-share growth. And finally, they said they expected operating earnings per share of at least $13.80 and free cash flow of about $12 billion, and they achieved both of these. So looking back on 2018.

We grew revenue, operating profit and operating earnings per share for the year with stalwart free cash flow realization. They had suitable momentum in GBS, with particular force in consulting, led by their digital and cloud-application offerings. They executed well in software in the fourth quarter, finishing the year strong, led by analytics and AI and their hybrid cloud software. As they execute their strategy to back their clients implement hybrid cloud, their total cloud revenue grew to over $19 billion.Across software and services, they continued to build their as-a-service revenue.

We exited the year with a $12 billion annual race rate, which is up 21%. They continued their very successful IBM Z program and stalwart performance in Power with their POWER9 architecture rollout. They repositioned their operating model and drove productivity, which improved their margin profile. They besides continue to prioritize their investments and took actions to optimize their portfolio.

We announced the sale of select software and services businesses, actions that not only improve their go-forward revenue profile but allow us to augment their focus and investments in the high-value segments of IT in areas relish hybrid cloud, AI and blockchain. total of this provides a solid business and financial foundation for the addition of Red Hat, and it gives us aplomb in their expectation for full-year 2019 operating earnings per share of at least $13.90. Before they trip to braindumpsmp;A, I want to breathe transparent about what is and is not included in their expectations. As I mentioned earlier, Red Hat is expected to close in the second half; and given the financial implications to 2019 are heavily relative on the timing of the closing, Red Hat is not included in their expectations.

We'll update their view of the year at the time of closing. In the eventual month and a half, we've besides announced two divestitures: the sale of their collaboration in on-prem marketing commerce software and the sale of their Seterus mortgage servicing business. For these businesses, when they account the combination of the foregone profit, the gain on the sale of software assets, the actions to address structure and stranded costs and the resulting benefits from these actions, they expect there to breathe minimal impact to their profit and earnings per share for the year. And unlike the Red Hat acquisition, the timing of the closing does not accommodate a significant impact on the financial implications for the year, though it may move the quarterly SKU.

As a result, their guidance assumes these divestitures. Said another way, because the divestitures are essentially neutral to their profit for 2019, they don't impact operating EPS guidance for the year, though they accomplish accommodate a profit to their financial profile over the longer term. Turning to free cash flow. They expect about $12 billion in 2019, with a realization rate of about 100%.

This reflects their expected operational profit performance and continued working capital efficiency, partially offset with a cash tax headwind. We've besides taken into account the estimated free cash flow impacts of the software and services divestitures. Note that while these are relatively neutral to earnings, they are a headwind to their free cash flow, because the gained proceeds flow into the investing section of their cash flow statement.Finally, while they haven't included Red Hat, they accommodate taken into account an rate of the pre-closing financing costs associated with the acquisition. So when you achieve it total together, they observe free cash flow of about $12 billion, which is roughly flat year to year even after absorbing the headwind from the portfolio actions.And with that, let me circle it back to Patricia for the braindumpsmp;A.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they originate the braindumpsmp;A, I'd relish to mention a pair of items. First, they accommodate supplemental charts at the cease of the coast deck that provide additional information on the quarter and the replete year. This includes the 2018 performance and year-end assumptions for their retirement-related plans and supporting information on the 2019 implications of their divested businesses.

[Operator instructions] So operator, let's please open it up for questions. 

Questions and Answers:

Operator

Thank you. They will now start the question-and-answer session of today's conference. [Operator instructions] Their first question is coming Wamsi Mohan of Bank of America Merrill Lynch. Your line is open.

Wamsi Mohan -- Bank of America Merrill Lynch -- Analyst

Yes. Thank you. Jim, IBM delivered a nice profit trajectory here exiting 2018. In this weaker macro backdrop, it looks relish you accommodate pretty robust 2019 guidance and I was hoping that you can back talk to what the profit trajectory looks like.

It grows in PTI even in 2019. And some color on the broader puts and takes embedded in your 2019 guide, including the IP income and taxes, that would breathe helpful. Thank you.

Jim Kavanaugh -- Chief financial Officer

OK, Wamsi. Thank you very much for the question, and it's probably a suitable spot to start, given they just concluded the prepared remarks and they talked about some of the dynamics of what's in their guidance. But as always, you would expect, they race multiple scenarios here across their business. And we're looking at the trajectory of their business, the macroeconomic environment, what their enterprise clients are telling us.

And they besides enmesh into account their own operational indices in front of us and their business plans and strategies. And when they achieve total that together, this is what gives us aplomb and expectation of operating EPS of at least $13.90 for 2019. Now as I just stated, this guidance excludes Red Hat, just given to the timing sensitivity and the financial implications on when it closes but it includes the announced divestitures. And we'll talk about that through total these braindumpsmp;As with admiration to any forward-looking guidance.

But they enter -- from my perspective, they entered 2019 with a much improved business profile in terms of, one, driving operating leverage, and you observe how total that played out in the second half, and it's birthright through the core of your question. And two, their strategic imperatives birthright now, the high-value emerging segments of the IT industry are now consistently over 50% of IBM's business. So while they don't give guidance on revenue, let me give you a exiguous color behind that. And then I'll trip to operating leverage and vulgar and pre-tax margin and tax as they trip forward.

But first, I'll start with the tailwind. They accommodate a solid annuity foundation in their business. And today, it's about 60% of IBM, and that builds resiliency into their model. And they got suitable momentum in their as a service, as you heard.

We exited the year with an annualized exit race rate of $12.2 billion, and that's up 21% year over year. You combine that with the force within their services business. They accelerated throughout the year and they exited the year with a very stalwart performance by a GBS team, who is just doing excellent, with regards to continuing to win in front of the marketplace and deliver value to their clients. And they besides captured significant signings in the fourth quarter that positions their GTS business and really instantiates their value around hybrid cloud and how we're winning.

And then you pair that with solid execution on software. They talked 90 days ago about where they were at in the third quarter around software, and they made some forward-looking projections and they turned their software business around to growth growing 2% in the fourth quarter. And they accommodate a stalwart portfolio lineup, so they would expect that to continue. And then hardware, yes, we're in the back cease of their mainframe cycle.

And I would recount you, it's the most successful mainframe we've had in quite a bit of time. But they continue to bring unique innovation to market to deliver value for their clients in their POWER9 architecture, which is resonating well in the marketplace and they got Great acceptance, grew 10% in the fourth quarter. They expect that will continue to play out in 2019. So we've got a suitable engage of business here and some tailwinds at us.

And from a headwind perspective, you talked about macro. Well, the first thing I would muster out is currency. The U.S. dollar continues to strengthen throughout 2018, especially even since their eventual earnings muster 90 days ago, the U.S.

dollar continued to appreciate. And birthright now you saw in the supplemental charts, they provide you with transparency. They expect about a one to two-point headwind on currency. And then finally, they are taking very disciplined portfolio actions across their business, where they don't align to their integrated value play and where they can reprioritize and focus their investment to drive the value around the IBM company.

That divested content is going to breathe about a one-point headwind. So when you achieve it total together, we've got some pluses and minuses at the top line, but really, this year in 2019, it's going to breathe predicated on operating leverage. They made suitable progress through '18, and it positions us very well in -- to expand margins in 2019. So among total of their scenarios, their guidance model and their expectations betoken that they will expand vulgar and pre-tax operating margin in 2019 as they continue to deliver value.

And that's going to promote out of scale efficiencies. That's going to promote out their services momentum and the merge shift in productivity, which will offset -- more than offset the product cycle merge they quiet accommodate in the divested content. And one eventual thing that I would muster out is tax. We're guiding to an all-in rate of about 11% to 12%, which, by the way, is a headwind year to year that we're going to accommodate to overcome, finishing with a printed rate of about 8% in 2018.

Now this rate assumes estimated potential discretes. This is a change. We're doing this to provide enhanced transparency into their guidance as they trip forward. But I will recount you, discretes by nature vary in timing.

They vary in amounts and will breathe recorded when they occur in 2019. But you achieve total that together. We've got headwinds and tailwinds on revenue, stalwart portfolio lineup in their high-value services and software. They got expanding operating leverage that they expect, the tax rate all-in of about 11% or 12%.

This gives us aplomb in their replete year EPS of at least $13.90 and a free cash flow of about $12 billion.

Patricia Murphy -- Vice President of Investor Relations

Great. Thanks, Wamsi. Can they trip to the next question, please?

Operator

Sure. Their next question is coming from Toni Sacconaghi of Bernstein. Your line is open.

Toni Sacconaghi -- Bernstein -- Analyst

Yes, thank you. And thank you for the clarification on the previous question. I just wanted to know if you could clarify what the size of the expected gain is on the sale of assets to Red Hat -- excuse me, to HCL and then whether you expect directionally Red Hat to breathe accretive or dilutive to free cash flow and EPS this year. And then on software, could you observation on the force that you saw? Was it a pushout? accomplish you feel relish you captured great enterprise license agreements? Or is this sort of a more normalized book? And should they expect Cognitive to grow in Q1 and Q2 at a similar pace to what they saw in Q4? Thank you.

Jim Kavanaugh -- Chief financial Officer

OK, Toni. Thank you very much. Very suitable questions. Let me try to enmesh each of these piece by piece.

First of all, as you saw from their eventual earnings, they continue to enmesh disciplined portfolio prioritization efforts around their portfolio, both in terms of the announcement of the acquisition of Red Hat and besides the announcement of sale of inevitable assets within their Cognitive and GBS business. Red Hat, as they talked about, expected was -- we're working through regulatory birthright now. They expect to close that in the second half. But with regards to your specific question on divestitures, they included in their guidance the sale of their collaboration and on-prem marketing and commerce business and the sale of their Seterus mortgaging business.

Both of these will drive headwinds, as you can imagine, in revenue for the year. They expect the mortgage business to close later in the first quarter. That will breathe a headwind this year to GBS revenue. But on a sustainable basis, this improves both their revenue profile in GBS and their margin profile, as they continue to shift to higher value as they trip forward.

In terms of their cognitive assets that they sold with regards to collaboration and on-prem, those businesses generated roughly a exiguous bit over $1 billion of revenue over the eventual 12 months. They said they expected to close that by midyear. The transaction expense was $1.8 billion, but the expected gain, I will recount you, will breathe a lot less than that $1.8 billion as we're working through the acquisition accounting birthright now with regards to goodwill and how much goodwill will breathe applied to that. But they quiet expect a sizable gain, nowhere near $1.8 billion but a sizable gain.

And as they said, we've got to overcome, one, the foregone profits of these businesses, the stranded cost of these businesses. And they will enmesh that gain. And as you would expect, we're going to utilize a portion of that gain to address that stranded cost and structure, and we'll accumulate recrudesce on that. total of that achieve together is minimal impact to their profit.

So they included that in their guidance. It has minimal impact to their profit and EPS, but it does accommodate an impact to free cash flow. Just given what I said a exiguous while ago in the prepared remarks on the gain on the asset sale will cease up in the investing section of free cash flow. So we've overcome that and quiet guided a free cash flow that's roughly flat at about $12 billion.

Now your second question was on Cognitive. They obviously executed well. You dial back 90 days ago and they had some pretty candid discussions about their portfolio, how they had aplomb in their portfolio, the competitiveness and the value they bring to clients. And they didn't execute in third quarter and they came back.

We executed on stalwart pipelines. Software was up 2% overall. Their transact -- they had stalwart transactional performance. Well, probably what I'm most haughty about is it was pervasive.

We grew in hybrid-cloud integration software 4%. They grew in solutions software 3% across many of their offerings led by data and AI and analytics, besides in many offerings in their industry verticals around Watson Health; and they grew in transaction processing software, which they said that business is mission critical, high value to their clients, and it followed client buying cycles. So if anything in their overall portfolio of software that's tied to SKU, it's really the transaction processing software business, where they closed a stalwart pipeline, which they talked about 90 days ago. So they feel very suitable about the competitiveness and value of their portfolio.

We're going to feel even better when they close the Red Hat acquisition, on what that does to provide us an acceleration and a leadership position on hybrid multi-cloud, and we're excited and looking forward to that.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Toni. And can they please trip to the next question?

Operator

Thank you. Next question is coming from Katy Huberty of Morgan Stanley. Your line is open.

Katy Huberty -- Morgan Stanley -- Analyst

Thank you. suitable afternoon. Congrats on the nice numbers in the fourth quarter. Question around linearity in 2019.

There's a lot going on with tax discretes, divestitures. I know the Red Hat numbers aren't in the guidance yet. But how should they assume about linearity, given that the timing of some of these discrete items may change the walk-through in the year?

Jim Kavanaugh -- Chief financial Officer

OK. Thank you, Katy. And thanks on behalf of the entire IBM team. They really just delivered a solid fourth quarter here.

But if you enmesh a glance at it, it's very suitable question. Why don't I just address it by trying to accumulate some visibility into first quarter. It's birthright in front of us birthright now. If you enmesh a glance at first quarter, again, they guided full-year EPS of at least $13.90.

If you glance at first quarter, first of all, on an EPS perspective, they would expect the operating EPS skew to breathe around 16% of the replete year at $13.90. So when you enmesh a glance at that, it gets us off to a suitable start. It does confess that they are on the back cease of a mainframe product cycle, but they got acceleration in their services and their software foundation of business. And they feel confident in at least that 16% starting out the year.

Now if you glance at that compared to the eventual three years, it will betoken that it's a exiguous bit less attainment, but to your -- heart of your question, the eventual few years, they had substantial discrete tax items in the first quarter. If you trip back to '16, they closed on the Japan audit. If you trip back to eventual year, they closed on the U.S. audit settlement.

We accomplish not observe anywhere near the even of discretes in the first quarter. And I would project somewhere around the 11%, 10%, there might breathe something within the first quarter, but we're not talking substantial amount. So that is really EPS. On revenue, which they probably had the best visibility, just given their operational indices, the merge differential of their revenue foundation between annuity and transactional, when they trip from fourth quarter to first quarter, that seasonality, the transactional businesses accommodate a more muted result on 1Q versus 4Q.

And as the merge of more annuity content, which plays out in the first quarter, this should contribute about a one to two-point sequential improvement in their growth at constant currency. And they just came off a fourth quarter with many different dynamics that produced the down one at constant currency. So they accomplish observe an improvement, just given the merge shift in the force of their annuity content as they trip forward. The eventual thing that I'll bring up about first quarter is I talked a exiguous bit about currency for the year.

We accommodate their toughest compare on currency in the first quarter. Just given eventual year, the dollar weakened throughout the first quarter and then dramatically accelerated or strengthened as they moved through 2Q through 4Q. So as you saw on the supplemental charts, their currency impact is going to breathe a three to four-point headwind. And based on what I looked at where the dollar closed late today, it's going to breathe probably closer to that four-point headwind overall.

Patricia Murphy -- Vice President of Investor Relations

OK. Thanks, Katy. Can they trip to the next question, please?

Operator

Thank you. Next question is coming from Tien-Tsin Huang of JPMorgan. Your line is open.

Tien-Tsin Huang -- J.P. Morgan -- Analyst

Thanks. Hi, Jim. Hi, Patricia. I wanted to inquire on services.

It improved relish you said it would in 2018. I'm inquisitive what you're allocating for 2019 within services, because there are some stirring parts. GBS is performing well. Application management's up into a nice place.

So inquisitive on the sustainability there. And just as a clarification away from the services, with strategic imperatives up 9%, there wasn't as much talk about that in the prepared remark. I'm inquisitive is that quiet going to breathe a metric that's going to breathe provided or tracked going forward. Thanks.

Jim Kavanaugh -- Chief financial Officer

OK, Tsien-Tsin. Thank you very much for the question. They obviously are very pleased with their services business and how we've continued to reposition their portfolio both in GBS but besides in their GTS foundation of business as they moved throughout 2018. But when you glance at the trajectory of their business, they ended the year with an overall or absolute backlog of $116 billion.

That's down 60 basis points at constant currency and it's a vast improvement from where they started a year ago. If you recall their discussions here a year ago, they had a lot of discussion about your overall backlogs down 3% at constant currency, and they talked a lot about what they saw play out in 2018, and the team's just done an excellent job. We're in a much better position. And they accomplish observe across their total services business in '19 sustained revenue growth and margin profile.

But let me enmesh the pieces and just give you a exiguous bit of perspective. GBS, couldn't breathe more haughty of the team about what they've done to reposition their portfolio and their offerings in capturing and delivering growth to their clients in digital, in cognitive and cloud. You saw on the fourth quarter, they exited GBS. I'll accumulate these numbers pretty close: strategic imperatives growing mid-teens, cloud growing 30 plus percent and their as-a-service-based business exiting with over a $2 billion number, I assume up 64% overall.

And we've got pervasive growth across total three lines of business, led by digital. They did condition in application management, where they finally returned back to growth in the fourth quarter, they are executing and delivering value and driving cloud migration services and cloud application development. They accommodate a differentiated offering, and we're delivering value to their clients. But they besides closed on many client-specific milestones that caught up in the fourth quarter, but they quiet observe suitable growth.

It's just not going to breathe at the even that you saw here in the fourth quarter. With total that said, their margin and operating leverage, they feel comfortable. They grew GBS operating vulgar margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they quiet observe stalwart operating leverage led by their merge shift to higher value and the offerings, how we're capturing that expense realization and how we're delivering real value and property to their clients.

Now in GTS, they are obviously winning with their hybrid cloud momentum. They had a stalwart signings quarter, really led by GTS overall and the hybrid cloud value prop, delivered $15.8 billion of signings, up 21%. That's what improved that backlog position here at the cease of the year. And we're exiting with an $8 billion as-a-service annualized exit race rate, which provides a stalwart annuity foundation content and resiliency in their model.

Now with that said, they are doing portfolio prioritization in GTS. They are constantly going to focus on where they can exploit and deliver value to their client and besides compose high-value returns for the IBM shareholder. They are walking away from low value-based content in GTS. You saw that in the fourth quarter, where their GTS business overall was down, I think, 50, 70 basis points.

And while you observe that absolute backlog improve, they are going to continue prioritizing high value, because they want to accumulate prioritization of cash, profit and margin out of that business and leverage that business in the value of incumbency and stirring their clients to the future and capitalizing on hybrid cloud. So we'll observe continued margin expansion in GTS as they trip forward, and that's going to promote out of very similar scale efficiencies, productivity. And remember, in both, we're quiet going to accumulate the second half of their productivity from their 2018 actions. So they feel pretty restful and confident in their services foundation of business as they walk into '19.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Tien-Tsin. Can they trip to the next question, please?

Operator

Thank you. Next question is coming from David Grossman of Stifel. Your line is open.

David Grossman -- Stifel financial Corp. -- Analyst

Thank you. So Jim, you've announced two divestitures in the eventual six weeks. I think, you mentioned in your prepared remarks exiting some GTS business that was perhaps lower margins, lower growth. Obviously, without getting too specific, what else can you recount us about the other efforts that are under artery to streamline the legacy core that may positively impact the agility of the organization as well as positively impact your growth rate?

Jim Kavanaugh -- Chief financial Officer

OK, David. Thanks very much for the question. Let me enmesh a vast step back. Obviously, I've been thinking about this as Ginni and everyone else.

And from my perspective, they constantly bellow IBM is a high-value-based company. We're high value to their clients. We're high value to their shareholders. And the artery they remain high value is through disciplined portfolio optimization.

And whether you trip over what they just did the eventual 90, 120 days or you trip over the eventual three to five years, they accommodate constantly focused on one, where is the market stirring in terms of growth, high-value offerings, client value and most importantly, profit pools. And you're seeing us continue to accomplish that as they trip forward. These latest actions really hub around disciplined portfolio prioritization around market attractiveness, around differentiation and around how they really played to the integrated value of the IBM portfolio. Their differentiated hardware-software services, and that was really at the heart of the divestitures that they just announced around inevitable assets in their Cognitive Solutions segment and in their global processing mortgage servicing unit.

They were basically more and more sold as stand-alone-only products and offerings that can breathe leveraged and delivered to their clients through a different partner, who will compose the investment prioritization as they trip -- trip forward. I could recount you, we're always looking at portfolio optimization and how they prioritize their investment and capital allocation. And you observe that with the announcement of Red Hat, and you observe that play out in what they just did with Cognitive and GBS. But as they trip forward, we're going to continue prudently managing their portfolio and operate with that financial discipline in terms of acquisitions.

Our strategy hasn't changed. It's always been built around supporting high value and it's built around leveraging the investment theses and narrative of IBM: Innovative technology, abysmal industry expertise and faith and security total delivered through an integrated model of hardware-software services. And then finally, I would recount you, they accommodate a stalwart equipoise sheet. They accommodate Great cash flow and they accommodate enough financial flexibility to continue invest in their business and returning value to their shareholders over the long term.

So they feel pretty good.

Patricia Murphy -- Vice President of Investor Relations

Thanks, David. Can they trip to the next question, please?

Operator

Thank you. Next question is coming from John Roy of UBS. Your line is open.

John Roy -- UBS -- Analyst

Great. Thank you so much. So obviously, cloud is a trend that everybody is getting on more and more here on the enterprise space and yet you had partially of a flat quarter. I was inquisitive as to when you win cloud deals as to why and how accomplish you observe the Red Hat acquisition as changing, the color around why you win and how much you win.

Jim Kavanaugh -- Chief financial Officer

OK, John. Thank you very much for the question. Let me try to achieve this in perspective around cloud. First of all, their cloud overall for the year was $19.2 billion.

That was up 12%. And within that, as they always talk about, the high-value merging areas of as a service finished with an annualized exit race rate of $12.2 billion, up 21%, which really clearly underlines their consistent execution and us capturing the high-value secular shifts around cloud in that as a service. No when you glance at cloud in the quarter, the cloud number as printed really reflects the same fundamental headwind on the wrap of the product cycle of mainframe that they had to overcome. Now that isn't new.

We expected that. We've been talking about that total year long. Second half of the year, they knew they were going to breathe on the back cease of their mainframe product cycle. Remember, they came off of mainframe that grew 71% in the fourth quarter of 2017.

And this is, as I said before, the most successful mainframe product cycle in quite some time, which, by the way, generates and captures unique emerging workloads around pervasive encryption but besides is capturing unique workloads around cloud as they trip forward. So that cloud business, without mainframe was actually up 19%. That's an acceleration underlying their software acceleration from 3Q to 4Q, underlining their services acceleration from 3Q to 4Q. And they observe that as they trip forward because, remember, although they had a deal with the largest transactional quarter on mainframe, albeit in 2019, that starts to dissipate, because we're through that biggest volume-based quarter.

So they observe cloud quiet resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they observe this movement of how they can deliver value in leading the second phase, Ginni calls this Chapter 2, the second aspect around where clients are stirring very business-critical, business-value-led workloads. And that's about 80% of the workloads ahead of us. So the value of bringing IBM and Red Hat together is going to breathe centered around hybrid, open, multi-cloud and us wrapping around their security secure to the core and how we're going to deliver that differentiated value proposition.

And we're just excited about what Red Hat is going to stand for to the IBM company and their clients.

Patricia Murphy -- Vice President of Investor Relations

Thanks, John. Anne, can they please enmesh the next question?

Operator

Thank you. Next question is coming from Jim Schneider of Goldman Sachs. Your line is open.

Jim Schneider -- Goldman Sachs -- Analyst

Good evening. Thanks for taking my question. Jim, it's suitable to observe the improvement in software and cognitive relative to eventual quarter. And I guess, the question is, on a go-forward basis, you accommodate a target of mid-single-digit growth long term in cognitive.

Is it realistic to expect that you could achieve that as they head throughout 2019? And can you maybe talk about the impact of any of the transactional business you may accommodate seen this quarter that might move that? And just kindly of talk broadly about the macro environment for that product set in general.

Jim Kavanaugh -- Chief financial Officer

Yes, Jim. Thanks very much for the question, overall. They are pleased with their software performance exiting the year. As I talked about, I assume it's really an instantiation that demonstrates their ability to deliver innovative solutions embedded with AI that drives business value to their clients really through an industry lens that plays across the integrated value of IBM with their services foundation of business and stacked on top of their hardware-based platforms.

But when you glance at fourth quarter, they exited 2% growth. They had suitable pervasive growth across the portfolio, as I said before, good, stalwart transactional growth, suitable SaaS signings, high renewal rates. And remember, this Cognitive Solutions segment is high value, high operating margins, and they continued to expand operating margins here in the fourth quarter and for the replete year. Now when you enmesh a step back, you asked long term, well, obviously, in 2019, we're going to deal with the headwind I talked about with the divested content.

That will to Cognitive Solutions probably be, on a trailing 12 months, they did a -- of a exiguous over $1 billion. So it would breathe about a four, five-point headwind in '19, and that's pre-Red Hat acquisition, because Red Hat's not in '19 yet. But we're going to have, birthright off the bat, a four to five-point headwind. But the underlying fundamentals in their long-term sustainability around that, yes, their long-term model has not changed.

We quiet observe the force of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a Great quarter, data AI, their industry-based verticals. Their Watson Health had growth across many of its offerings as I talked about earlier.

And even in IoT, they had growth around their core franchises of facilities management and asset management, Maximo and TRIRIGA. So they got a suitable lineup. It's going to breathe on us to execute here in 2019. They fully expect to accomplish that.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Jim. Can they trip to the next question, please?

Operator

Thank you. Next question is coming from Joseph Foresi of Cantor Fitzgerald. Your line is open.

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Hi. It sounded relish in your remarks earlier that you thought you could deliver sustainable organic constant-currency growth in 2019. If so, does that involve or exclude Red Hat? And then just as importantly, maybe you can give us some color around first half margins versus second half margins and maybe what the margin exit rate will breathe for '19. Thanks.

Jim Kavanaugh -- Chief financial Officer

Sure, Joe. Thank you very much for the call. First of all, they don't lead on revenue for the year, so I don't recall stating that they are going to grow the year at constant currency organically, etc. Red Hat's not in any of the guidance as they talked about upfront.

We accomplish accommodate the divestitures in here. Divestitures are going to breathe about a point headwind as they trip forward. And as I stated, currency is going to breathe a one to two-point headwind at actual rates. But they accomplish feel confident in the engage of business they accommodate around their services and around their software as they trip forward.

But the underlying dynamics, as I talked about, they accommodate many different scenarios we're running here. total point to giving us aplomb in their expectation of at least $13.90 as they trip forward. That is going to breathe a composite of the merge of their portfolio, the revenue of their portfolio, the operating leverage of their portfolio, the tax structure, IP. There are many different variables that trip into that $13.90 overall.

We accomplish observe stalwart operating leverage continuing in 2019, both vulgar and pre-tax margin, leveraging their scale efficiencies, leveraging their merge shift to higher value, leveraging their productivity initiatives. And when you glance at it, we've got Great momentum exiting second half, in particular, around their services foundation of business. Second half services grew operating vulgar margins by 200 basis points. And I assume you would expect a similar first half trend around that.

And then second half, we'll start wrapping on a exiguous tougher compares, but for the first -- or excuse me, for the replete year, they would expect suitable operating leverage, and that's what we're guiding to.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Joe. Let's trip to the next question, please.

Operator

Thank you. Their next question is coming from Jim Suva of Citi. Your line is open.

Jim Suva -- Citi -- Analyst

Thank you very much. In your prepared slides, coast #10, it was very informative to back us bridge the two different years on their earnings. The question I accommodate is, as they glance forward to next year, I know you accommodate a lot of variables. Are there any bridge items that you want to particularly muster us out for as most likely to occur to hit your $13.90? And how promote cash flow wouldn't breathe growing if you accommodate earnings growing? Thank you.

Jim Kavanaugh -- Chief financial Officer

OK, Jim. First of all, thank you for the question. Thanks for the compliment. The team does labor very arduous to provide the birthright even of transparency so their investors can understand the operating dynamics of their business.

And Chart 10 brings out that replete year. You observe how 2018 played out, stalwart operating leverage, tax headwind, revenue growth at actuals. When you glance at it and you trip back to beginning of January eventual year, they stated what they saw for the year. They grew revenue.

We grew operating leverage. They grew operating pre-tax income. They grew earnings per share, and that played out well. If you glance at, excuse me, 2019, as I stated, many different scenarios.

But what accommodate they talked about already on this call? One, they observe continued operating leverage coming out of vulgar and pre-tax margin in 2019. Two, they accomplish observe tax being a headwind to us in 2019. And again, they tried to provide enhanced transparency, where we're giving you an all-in rate of at least 11% to 12%, but even with that, that's a three to four-point headwind. We'll continue to buy back shares as they talked about.

I think, that's, one, the even of aplomb that they accommodate in the long-term value of IBM, but it's besides a even of aplomb that they accommodate in the power of the IBM and Red Hat acquisition. So I think, you could observe that continuing to play out. And then, I guess, last, they talked about currency on revenue, currency on revenue, the impact of one to two points and the divestitures. So they will continue showing the transparency of this EPS bridge, helps their investors understand the operating dynamics as they trip forward.

Patricia Murphy -- Vice President of Investor Relations

And then, Jim, on your question on cash, as Jim said in the prepared remarks, they obviously accommodate a headwind from the divested businesses, because they accommodate the foregone -- we'll accommodate foregone profit and we'll accommodate a gain, but the gain doesn't trip into free cash flow. They besides will accommodate some items that hit their free cash flow relative to some pre-closing costs for Red Hat. So that's the intuition that the free cash flow is flat despite the fact that they accommodate a pair of headwinds within them. So operator, why don't they enmesh one eventual question?

Operator

Thank you. Their eventual question in queue is coming from Keith Bachman of BMO. Your line is open.

Keith Bachman -- BMO Capital Markets -- Analyst

Hi. Thank you. Jim, just a clarification first and a question. On the clarification, you mentioned the impact of the divestitures.

In the slides, it indicates the impact is $1.5 billion. I think, you said $1 billion was coming out of Cognitive. And I just wanted to observe if you'd just clarify where is the repose coming out of? And then the question is on Technology Services & Cloud Platforms. I wanted to accumulate your perspective.

As you glance at 2019, this business continues to trail a exiguous bit relative to GBS in terms of revenue performance. Would you expect or anticipate this business to grow in CY '19? And therefore, would you expect operating leverage to besides breathe demonstrated in this business? Thank you.

Jim Kavanaugh -- Chief financial Officer

Yes. Thanks, Keith for the question, overall. First of all, on your clarification, the impact of divestitures. They actually did provide a supplemental chart that hopefully each of you and their investors will treasure on the transparency and the implications both on '19 and then directionally on 2019.

I think, I said a exiguous over $1 billion. If you glance at chart, what is it, 15, in the supplementals, the Cognitive software assets of divesting collaboration and their on-prem marketing and commerce was about -- was $1.3 billion. So that's what I meant about a exiguous over $1 billion. When you enmesh a glance at the GBS mortgage servicing divestiture, that's about $200 million.

So on a full-year basis, annualized, it's about $1.5 billion between the two of them. So hopefully, that answers the clarification. And then on your second question, TS&CP. They finished the year with stalwart signings growth, which really instantiates their hybrid cloud value proposition and besides the value of incumbency that they provide with their clients of understanding their workloads, understanding their business processes and enabling us to mute -- trip them to the future and capturing that cloud backlog.

That cloud backlog is up over five points year to year as a percent of their total outsourcing backlog. But as I said earlier, GTS business, they are going to manage this business for profit, for cash and for leveraging their incumbency to trip their clients to the future and provide better client value and delight them through loyalty as they trip forward. And they are going to exit some low-value content business. So for 2019, I would expect pretty similar performance in GTS overall on a top line, but in margin, they are going to expand margin that's in their expectations.

And you observe that play out in the second half of '18, and they expect that to continue. So total right, with that said, apologize for going a exiguous bit long here. They wanted to accumulate a lot in here, one, about the quarter. But two, about wrapping up the year and what it means for '19.

So a few comments to wrap up. We're entering 2019 in a Great position to back their clients, whether they're looking for innovation or productivity or both. We've got a solid foundation of business. You observe this in their software and services results, with strategic imperatives now consistently at about half of their revenue and in operating leverage we're driving, and they expect that to continue.

This gives us aplomb in their expectation of at least $13.90 of earnings per share for the year. Their hand will only accumulate stronger with the addition of Red Hat, which positions us as the leader in hybrid, multi-cloud world.So thanks for joining us today. They glance forward to continuing the dialogue over the course of the year. Thank you very much.

Patricia Murphy -- Vice President of Investor Relations

OK. Anne, let me circle it back to you to wrap up the call.

Operator

[Operator sign-off]

Duration: 83 minutes

Call Participants:

Patricia Murphy -- Vice President of Investor Relations

Jim Kavanaugh -- Chief financial Officer

Wamsi Mohan -- Bank of America Merrill Lynch -- Analyst

Toni Sacconaghi -- Bernstein -- Analyst

Katy Huberty -- Morgan Stanley -- Analyst

Tien-Tsin Huang -- J.P. Morgan -- Analyst

David Grossman -- Stifel financial Corp. -- Analyst

John Roy -- UBS -- Analyst

Jim Schneider -- Goldman Sachs -- Analyst

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Jim Suva -- Citi -- Analyst

Keith Bachman -- BMO Capital Markets -- Analyst

More IBM analysis

This article is a transcript of this conference muster produced for The Motley Fool. While they strive for their ludicrous Best, there may breathe errors, omissions, or inaccuracies in this transcript. As with total their articles, The Motley Fool does not assume any responsibility for your exhaust of this content, and they strongly encourage you to accomplish your own research, including listening to the muster yourself and reading the company's SEC filings. please observe their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

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AT&T blockchain exertion includes IBM, Microsoft | killexams.com real questions and Pass4sure dumps

AT&T has introduced consulting and internet of things services for retailers, manufacturers and healthcare organizations...

using IBM's and Microsoft's cloud-based blockchain technology.

The possible exhaust cases for the multivendor services involve asset management and data sharing within a supply chain. For the latter, blockchain would replace traditional SSL/TLS certificate-based cryptography models, which accommodate several vulnerabilities.

Proponents claim blockchain is a securer alternative because it records information through a distributed database ledger held by total participants in a transaction. No party can compose changes to the ledger without the lore or approval by the other parties.

IBM and Microsoft are both trying to build a business around blockchain as a service, and the recent AT&T blockchain announcement shows the carrier is ready to unite their effort.

AT&T blockchain with IBM

AT&T has integrated its Asset Management Operations hub with IBM's Maximo Network on Blockchain and Maximo Asset Health Insights. Asset Management Operations hub is an online centralized console for tracking and monitoring outfit and other IoT devices.

The IBM blockchain service lets businesses securely share data with people or groups through a digital ledger. The ledger's creator determines who can access it and the types of transactions each participant can perform.

IBM's blockchain technology is available for Maximo Asset Health Insights, which tracks the condition of corporate equipment. The monitoring helps avoid downtime by signaling when to fulfill maintenance before a breakdown.

 AT&T blockchain with Microsoft

With Microsoft, AT&T is integrating its IoT platform with Microsoft's Azure-based blockchain technology. Available services for IoT devices involve monitoring, management and network connectivity.

Microsoft provides tools for technology and security teams that want to try blockchain in the cloud. The tools let developers build supply chain-related blockchain applications using benchmark Microsoft progress libraries.

IBM and Microsoft are just two of a growing number of vendors -- unique and established -- pile blockchain applications and tools. For example, startup Guardtime provides secure supply chain connectivity through blockchain and longtime business application vendor SAP offers the technology as a service in its SaaS cloud.

Worldwide spending on blockchain technology will augment at an annual rate of 73%, reaching $11.7 billion in 2022 from $1.5 billion this year, according to IDC. The analyst firm expects the financial industry to spend the most this year, followed by the retail and professional services industries and manufacturing.



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Calameo : http://en.calameo.com/books/004923526aa1ca11db978
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zoho.com : https://docs.zoho.com/file/4b1e16018d1395dfc4dba9d9384efc26eb83a






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