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

Test Code : 000-595
Test appellation : IBM Maximo Asset Management V7.5 Fundamentals
Vendor appellation : IBM
: 92 actual Questions

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IBM IBM Maximo Asset Management

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

foreign commerce 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 commerce 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 champion 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 retort platform, IBM appears ahead to proffer a separate 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 carve down unscheduled operational downtime with the aid of guaranteeing the top-quality cloth and spare ingredients required to meet the demand.

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

due to this fact, groups will edge from the smooth relate with the data in actual-time. it'll allow the clientele to divine 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 ultimate year, narrower than the business’s rally of 2.6%.

The enterprise’s growing to breathe clout within the commerce 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 Put 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 exact 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 a little neatly deliberate. They reckon the upcoming unique mixed solution holds promise.

when you reckon that the benefits, they can anticipate consistent boom of the enterprise pushed by way of IoT and synthetic intelligence (“AI”) technologies on the way to eventually champion 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 remark 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 celebrated techniques

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

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Story continues


IBM Maximo provider Request | killexams.com actual 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 position 7.6.2.x.

users can communicate or ilk an silhouette of the request, and enter a vicinity and an asset for the request. they can also 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 actual Questions and Pass4sure dumps

these days, IBM Watson is announcing faultfinding collaborations with a brace 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 execute exhaust of advanced facts assortment and ersatz intelligence (AI) technologies to power vast 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 heritage in device renovation and reliability administration,” Yusuf noted. “It’s been round three asset courses – industrial equipment, buildings and facilities, and vehicles. The focus of attention to date turned into to power renovation and labor processes around them, for improvements dote predictive upkeep.”

With the brand unique partnerships, the identical variety of focus 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,” famed 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 confederate SDK information assortment device embedded inside the Maximo employee Insights platform, organizations can beget 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 also 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 expostulate 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 cost and temperature, whereas additionally monitoring surrounding environmental circumstances, together with babel and gasoline stages and air temperature. The Maximo employee Insights platform can then dissect 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 springy network of region sensors, which may also 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 undergo of an accident or injury.

The SmartCone can also breathe dropped in lots of "skins" to involve a typical safeguard cone, then placed at any position 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 consequence Holleron

The organizations beget 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 peep what’s commandeer 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 focus of attention on defense and fitness, the introductory perception is that the benefits outweigh the concerns. And in case you retain very lucid 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 consequence 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 force superior insights tied to working processes. they will champion lower power consumption, optimize edifice 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 champion people office greater safely.”

Automation is regularly criticized for its expertise to dispose of jobs, but it surely’s also 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 example of exact 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, effectual and advised.”


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

No result found, try unique keyword!International commerce Machines Corporation (NYSE:IBM) Q4 2018 Earnings Conference ... once again had strong 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 actual 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 beget any objections, you may disconnect at this time. Now I will whirl 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 dote to welcome you to their fourth-quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's senior vice president and chief fiscal officer.The prepared remarks will breathe available within a brace of hours and a replay of the webcast will breathe posted by this time tomorrow.I'll remind you that inescapable 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 understanding 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 also includes inescapable non-GAAP fiscal measures in an exertion to provide additional information to investors. outright non-GAAP measures beget been reconciled to the related GAAP measures in accordance with SEC rules.

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

Thanks, Patricia, and thanks to outright 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 gross and pre-tax margin in the fourth quarter. They continued to invest and prefer actions to shift their commerce toward higher-value areas dote 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 repercussion 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 strong performance in software and in services, they had revenue growth and gross margin expansion. This was offset by the expected repercussion of their IBM Z product cycle dynamics. Their total software revenue was up 2%. They entered the quarter with a superior pipeline of software opportunities and they executed well, driven by hybrid cloud adoption and strong demand for analytics and AI offerings.

Total services revenue was up 2%. They had even improvement in Global commerce Services throughout the year, with 6% growth in the fourth quarter and revenue growth and gross-margin expansion across outright three of their GBS commerce lines. Global Technology Services had a modest revenue decline, with solid gross margin expansion. They had a majestic signings quarter, reflecting strong 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 strong growth in Power, with POWER9 now introduced throughout their portfolio. As you know, they provide technology and industry expertise to serve dash their clients' most faultfinding processes, which puts us in a unique position to serve them transform their businesses.

As they exit 2018, we're continuing to remark a few themes across their engagements. First, their clients continue to peep to whirl data into competitive edge by applying analytics and AI with an industry lens. Second, clients are increasingly looking to cloud to drive commerce value. As they slouch more mission-critical workloads to the cloud, they need to securely slouch 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 equilibrium shifting over time. We're recently seeing increasing interest in productivity, as clients peep forward to the next brace of years. And so their results this quarter reflect their skill to deliver innovation and productivity.

You remark this in their strong results in analytics and AI, in their as-a-service cloud revenue and in strong signings in their services commerce that deliver technology solutions and economic value, outright through their integrated value proposition. That's why companies such as Vodafone and BNP Paribas are leveraging the IBM Cloud, where they capitalize 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 prefer them to the next flush 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 dash rate for cloud delivered as a service of over $12 billion, which is up 21% over ultimate year. This is a solid basis 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 outright forms of AI models and Multicloud Manager, a service to deploy and manage complete applications in any cloud environment. We're adding innovative services dote the world's first commercial quantum computer available on the IBM Cloud. You may beget seen that ExxonMobil is already using it to serve address its most knotty commerce 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. outright of this is a validation of their hybrid open approach to cloud, and they beget a strong foundation from which to drive synergies across the commerce with the addition of Red Hat. Let me recess here to remind you of the value they remark from the combination of IBM and Red Hat, which is outright 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 slouch beyond their initial cloud labor to really shifting their commerce 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 serve them address these issues. They remark the strong bookings Red Hat recently reported as further evidence of clients' self-possession 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 commerce itself, they remark an occasion to rear outright 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 net more commerce value from the cloud, they need more services help, from the digital design to app modernization to autochthonous app development to management of hybrid cloud environments. You saw ultimate week the results of Red Hat's shareholder vote, with very lofty participation and over 99% voting in support. They are stirring through the regulatory process and continue to await to nigh 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 slouch through the details of the fourth quarter, wrap up with the summary of the complete year and their view of 2019.As I said, their revenue in the quarter was $21.8 billion. This includes a currency distress 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 gross and pre-tax operating margins. Their gross margin was up 10 basis points, with strong performance in the services businesses, together, up 190 basis points. This was mitigated by the expected amalgamate 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 capitalize 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, dote using agile methodologies and leveraging automation and infusing AI into their processes. This provides flexibility to drive innovation in areas dote hybrid cloud, AI, security and blockchain, while also delivering operating leverage.Within their expense decline, they also had a lower flush of IP income. At the genesis 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 complete year. Putting this expense performance together with their gross margin expansion, pre-tax margin was up 50 basis points.

Looking at operating tax. At the genesis of 2018, they provided a purview 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 also reflects a permeate for a GILTI tax election associated with the implementation of 2017 U.S. tax reform. This permeate impacts GAAP net income and GAAP earnings per share.

And so turning back to their operating results. Operating earnings per participate 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 tide 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 lofty flush of investment and shareholder returns. So now let me slouch 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 lofty 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 strong 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 beget 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 dote AI OpenScale.In security, they continue to beget solid demand for their integrated security and services solutions, including strong 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 strong 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 remark a strong pipeline as clients are interested in the benefits of blockchain behind their firewall. Now over the ultimate few quarters, I called out offerings within their solutions software, which address horizontal domains, where they face secular shifts in the market, specifically collaboration, commerce and talent. We've been taking actions and ultimate 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 better 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 gross margin expanded 190 basis points.

Looking at their signings. On their ultimate earnings call, they talked about the strong 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 ultimate quarter's performance. Customers are increasingly looking to leverage digital for growth and innovation, while at the very 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 example is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital undergo solutions to champion the bank's ongoing digital transformation, increasing their IT efficiency and scale and enabling them to seize opportunities in an increasingly digital fiscal sector.

So now turning to Global commerce Services. They again delivered solid performance, edifice on the momentum throughout the year. The GBS team has done a really nice job repositioning this commerce and you could remark it in the results. Revenue grew 6%, with growth across outright commerce lines and gross 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 serve their clients on their digital journey. They had continued strong growth in Digital Strategy, fueled by their digital commerce and CRM offerings. They are also accelerating growth in next-generation enterprise applications, led by strong demand in their consulting and implementation services in areas dote S/4HANA, Salesforce and Workday.

In application management, they grew 4%. This quarter, they returned to growth, with strong performance in Cloud Migration Factory and cloud application development, mitigated by continued declines in traditional application management engagements as their clients slouch to the cloud. The 4% growth also reflects the achievement of significant milestones across a few accounts. We've been also 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 nigh in the first quarter and will result in improving revenue and margin profile, normalizing for the divested content. So this action, dote the divestiture of select software assets, is about portfolio optimization.

We're focusing on higher value offerings that are faultfinding to their integrated value proposition. Turning to GBS gross profit. There are a number of drivers of their 300-basis-point expansion, including the operating leverage they net on the revenue growth, their amalgamate toward higher value offerings and capturing the cost for value, a serve from currency, given their global delivery amalgamate and the relent 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 ultimate year and gross margin expanded approximately 150 basis points.

We continue to beget strong growth in cloud revenue in the segment, this quarter up 22% year to year. They had a strong signings quarter, with 16 transactions over $100 million each. Both unique and existing clients are looking to IBM to manage their faultfinding infrastructure and deliver innovation, while simultaneously achieving predictable spending. They continue to remark 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 proffer 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 strong 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 also now beget 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 dote IBM Multicloud Manager, which I mentioned earlier. Turning to profit for the segment. Gross-margin improvement is driven by the rear 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 also leveraging productivity and talent-optimization efforts, where they continue to optimize commerce 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 genesis 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 strong fourth quarter. In Systems, revenue was down 20% this quarter.

I'll remind you that this is compared to a very strong performance in the fourth quarter ultimate year, where they grew 28%. Systems pre-tax margin was down six and a half points, reflecting the amalgamate 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 amalgamate capacity has increased nearly 20% with unique workload MIPS growing twice the rate of their gauge MIPS.

So we're taking edge 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 basis up roughly three and a half times over the ultimate decade, this provides stability in their related software, services and financing commerce across IBM. Power revenue was up 10%, driven by Linux and continued strong adoption across their unique POWER9-based architecture. In the fourth quarter, they completed the release of their next-generation POWER9 processors in the lofty conclude and they had strong 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 beget extended HANA certification to their POWER9 lofty end. In the fourth quarter, they had strong 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 strong growth in all-flash arrays. The storage market remains very competitive with ongoing pricing pressures. We're continuing to interlard unique innovations and functionality.

For example, in December, they extended their next-generation MVME technology into the midrange, with strong 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 tide in the fourth quarter. This capped off a year with $15.6 billion of cash from operations, also 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 ultimate year. And so they generated free cash tide of $11.9 billion for the year.

And as I mentioned, their normalized free cash tide realization was 111%. You'll recall that they expected their free cash tide 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 participate for 23 consecutive years and they remain committed to continued dividend increases. They also bought back just under 33 million shares, reducing their tolerable participate weigh by over 2%. At the conclude of the year, they had $3.3 billion remaining in their buyback authorization. Now looking at the equilibrium sheet.

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

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

At the conclude 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 superior shape. So let me start to wrap up with some thoughts on 2018 and then I'll slouch on to expectations for 2019.

As they open the year, they talked about the labor they had done to reposition their business, to serve slouch their clients to the future, shifting their portfolio, changing their operating model and the way they labor and reallocating their capital. And in their earnings muster ultimate 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 gross margins. While they fell a bit short for the complete year, they stabilized gross margin in the third quarter and expanded both gross 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 participate repurchases contributing to earnings-per-share growth. And finally, they said they expected operating earnings per participate of at least $13.80 and free cash tide of about $12 billion, and they achieved both of these. So looking back on 2018.

We grew revenue, operating profit and operating earnings per participate for the year with strong free cash tide realization. They had superior momentum in GBS, with particular might 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 serve 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 dash rate, which is up 21%. They continued their very successful IBM Z program and strong performance in Power with their POWER9 architecture rollout. They repositioned their operating model and drove productivity, which improved their margin profile. They also 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 better their go-forward revenue profile but allow us to augment their focus and investments in the high-value segments of IT in areas dote hybrid cloud, AI and blockchain. outright of this provides a solid commerce and fiscal foundation for the addition of Red Hat, and it gives us self-possession in their expectation for full-year 2019 operating earnings per participate of at least $13.90. Before they slouch to mp;A, I want to breathe lucid about what is and is not included in their expectations. As I mentioned earlier, Red Hat is expected to nigh in the second half; and given the fiscal implications to 2019 are heavily dependent 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 ultimate month and a half, we've also 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 reckon 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 await there to breathe minimal repercussion to their profit and earnings per participate for the year. And unlike the Red Hat acquisition, the timing of the closing does not beget a significant repercussion on the fiscal implications for the year, though it may strike 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 repercussion operating EPS guidance for the year, though they conclude beget a capitalize to their fiscal profile over the longer term. Turning to free cash flow. They await 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 also taken into account the estimated free cash tide 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 tide into the investing section of their cash tide statement.Finally, while they haven't included Red Hat, they beget taken into account an evaluate of the pre-closing financing costs associated with the acquisition. So when you Put it outright together, they remark free cash tide 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 whirl it back to Patricia for the mp;A.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they commence the mp;A, I'd dote to mention a brace of items. First, they beget supplemental charts at the conclude of the coast deck that provide additional information on the quarter and the complete 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 tickle 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 dote you beget pretty robust 2019 guidance and I was hoping that you can serve talk to what the profit trajectory looks like.

It grows in PTI flush 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 fiscal Officer

OK, Wamsi. Thank you very much for the question, and it's probably a superior position 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 dash 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 also prefer into account their own operational indices in front of us and their commerce plans and strategies. And when they Put outright that together, this is what gives us self-possession 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 fiscal implications on when it closes but it includes the announced divestitures. And we'll talk about that through outright these mp;As with respect to any forward-looking guidance.

But they enter -- from my perspective, they entered 2019 with a much improved commerce profile in terms of, one, driving operating leverage, and you remark how outright 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 cramped color behind that. And then I'll slouch to operating leverage and gross and pre-tax margin and tax as they slouch forward.

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

We exited the year with an annualized exit dash rate of $12.2 billion, and that's up 21% year over year. You combine that with the might within their services business. They accelerated throughout the year and they exited the year with a very strong 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 also captured significant signings in the fourth quarter that positions their GTS commerce and really instantiates their value around hybrid cloud and how we're winning.

And then you brace 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 commerce around to growth growing 2% in the fourth quarter. And they beget a strong portfolio lineup, so they would await that to continue. And then hardware, yes, we're in the back conclude 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 majestic acceptance, grew 10% in the fourth quarter. They await that will continue to play out in 2019. So we've got a superior engage of commerce 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 ultimate 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 await 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 Put it outright 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 superior progress through '18, and it positions us very well in -- to expand margins in 2019. So among outright of their scenarios, their guidance model and their expectations attest that they will expand gross and pre-tax operating margin in 2019 as they continue to deliver value.

And that's going to approach out of scale efficiencies. That's going to approach out their services momentum and the amalgamate shift in productivity, which will offset -- more than offset the product cycle amalgamate they quiet beget in the divested content. And one ultimate 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 beget 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 slouch 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 Put outright that together. We've got headwinds and tailwinds on revenue, strong 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 self-possession in their complete year EPS of at least $13.90 and a free cash tide of about $12 billion.

Patricia Murphy -- Vice President of Investor Relations

Great. Thanks, Wamsi. Can they slouch 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 await directionally Red Hat to breathe accretive or dilutive to free cash tide and EPS this year. And then on software, could you observation on the might that you saw? Was it a pushout? conclude you feel dote you captured big enterprise license agreements? Or is this sort of a more normalized book? And should they await Cognitive to grow in Q1 and Q2 at a similar pace to what they saw in Q4? Thank you.

Jim Kavanaugh -- Chief fiscal Officer

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

First of all, as you saw from their ultimate earnings, they continue to prefer disciplined portfolio prioritization efforts around their portfolio, both in terms of the announcement of the acquisition of Red Hat and also the announcement of sale of inescapable assets within their Cognitive and GBS business. Red Hat, as they talked about, expected was -- we're working through regulatory birthright now. They await to nigh 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 commerce and the sale of their Seterus mortgaging business.

Both of these will drive headwinds, as you can imagine, in revenue for the year. They await the mortgage commerce to nigh 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 slouch forward.

In terms of their cognitive assets that they sold with regards to collaboration and on-prem, those businesses generated roughly a cramped bit over $1 billion of revenue over the ultimate 12 months. They said they expected to nigh that by midyear. The transaction cost 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 await 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 prefer 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 net recrudesce on that. outright of that Put together is minimal repercussion to their profit.

So they included that in their guidance. It has minimal repercussion to their profit and EPS, but it does beget an repercussion to free cash flow. Just given what I said a cramped while ago in the prepared remarks on the gain on the asset sale will conclude up in the investing section of free cash flow. So we've overcome that and quiet guided a free cash tide 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 open discussions about their portfolio, how they had self-possession 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 strong pipelines. Software was up 2% overall. Their transact -- they had strong 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, also in many offerings in their industry verticals around Watson Health; and they grew in transaction processing software, which they said that commerce is mission critical, lofty 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 strong pipeline, which they talked about 90 days ago. So they feel very superior about the competitiveness and value of their portfolio.

We're going to feel even better when they nigh 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 tickle slouch 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. superior 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 reason about linearity, given that the timing of some of these discrete items may change the walk-through in the year?

Jim Kavanaugh -- Chief fiscal 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 prefer a peep at it, it's very superior question. Why don't I just address it by trying to net some visibility into first quarter. It's birthright in front of us birthright now. If you prefer a peep at first quarter, again, they guided full-year EPS of at least $13.90.

If you peep at first quarter, first of all, on an EPS perspective, they would await the operating EPS skew to breathe around 16% of the complete year at $13.90. So when you prefer a peep at that, it gets us off to a superior start. It does concede that they are on the back conclude of a mainframe product cycle, but they got acceleration in their services and their software basis of business. And they feel confident in at least that 16% starting out the year.

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

We conclude not remark anywhere near the flush 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 amalgamate differential of their revenue basis between annuity and transactional, when they slouch from fourth quarter to first quarter, that seasonality, the transactional businesses beget a more muted consequence on 1Q versus 4Q.

And as the amalgamate 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 conclude remark an improvement, just given the amalgamate shift in the might of their annuity content as they slouch forward. The ultimate thing that I'll bring up about first quarter is I talked a cramped bit about currency for the year.

We beget their toughest compare on currency in the first quarter. Just given ultimate 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 repercussion 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 slouch 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 demand on services.

It improved dote you said it would in 2018. I'm nosy 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 nosy 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 nosy is that quiet going to breathe a metric that's going to breathe provided or tracked going forward. Thanks.

Jim Kavanaugh -- Chief fiscal Officer

OK, Tsien-Tsin. Thank you very much for the question. They obviously are very pleased with their services commerce and how we've continued to reposition their portfolio both in GBS but also in their GTS basis of commerce as they moved throughout 2018. But when you peep 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 sizable improvement from where they started a year ago. If you remember 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 conclude remark across their total services commerce in '19 sustained revenue growth and margin profile.

But let me prefer the pieces and just give you a cramped 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 net these numbers pretty close: strategic imperatives growing mid-teens, cloud growing 30 plus percent and their as-a-service-based commerce exiting with over a $2 billion number, I reason up 64% overall.

And we've got pervasive growth across outright 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 beget a differentiated offering, and we're delivering value to their clients. But they also closed on many client-specific milestones that caught up in the fourth quarter, but they quiet remark superior growth.

It's just not going to breathe at the flush that you saw here in the fourth quarter. With outright that said, their margin and operating leverage, they feel comfortable. They grew GBS operating gross margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they quiet remark strong operating leverage led by their amalgamate shift to higher value and the offerings, how we're capturing that cost realization and how we're delivering actual value and trait to their clients.

Now in GTS, they are obviously winning with their hybrid cloud momentum. They had a strong 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 conclude of the year. And we're exiting with an $8 billion as-a-service annualized exit dash rate, which provides a strong annuity basis 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 also execute 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 commerce overall was down, I think, 50, 70 basis points.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

David Grossman -- Stifel fiscal Corp. -- Analyst

Thank you. So Jim, you've announced two divestitures in the ultimate six weeks. I think, you mentioned in your prepared remarks exiting some GTS commerce 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 way to streamline the legacy core that may positively repercussion the agility of the organization as well as positively repercussion your growth rate?

Jim Kavanaugh -- Chief fiscal Officer

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

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

And whether you slouch over what they just did the ultimate 90, 120 days or you slouch over the ultimate three to five years, they beget 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 conclude that as they slouch forward. These latest actions really focus 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 inescapable 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 execute the investment prioritization as they slouch -- slouch forward. I could recount you, we're always looking at portfolio optimization and how they prioritize their investment and capital allocation. And you remark that with the announcement of Red Hat, and you remark that play out in what they just did with Cognitive and GBS. But as they slouch forward, we're going to continue prudently managing their portfolio and operate with that fiscal discipline in terms of acquisitions.

Our strategy hasn't changed. It's always been built around supporting lofty value and it's built around leveraging the investment theses and narrative of IBM: Innovative technology, deep industry expertise and faith and security outright delivered through an integrated model of hardware-software services. And then finally, I would recount you, they beget a strong equilibrium sheet. They beget majestic cash tide and they beget enough fiscal flexibility to continue invest in their commerce 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 slouch 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 a little of a flat quarter. I was nosy as to when you win cloud deals as to why and how conclude you remark the Red Hat acquisition as changing, the color around why you win and how much you win.

Jim Kavanaugh -- Chief fiscal Officer

OK, John. Thank you very much for the question. Let me try to Put 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 dash 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 peep at cloud in the quarter, the cloud number as printed really reflects the very 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 outright year long. Second half of the year, they knew they were going to breathe on the back conclude 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 also is capturing unique workloads around cloud as they slouch 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 remark that as they slouch 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 remark cloud quiet resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they remark 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 connote to the IBM company and their clients.

Patricia Murphy -- Vice President of Investor Relations

Thanks, John. Anne, can they tickle prefer 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 superior to remark the improvement in software and cognitive relative to ultimate quarter. And I guess, the question is, on a go-forward basis, you beget a target of mid-single-digit growth long term in cognitive.

Is it realistic to await that you could achieve that as they head throughout 2019? And can you maybe talk about the repercussion of any of the transactional commerce you may beget seen this quarter that might strike that? And just kindhearted of talk broadly about the macro environment for that product set in general.

Jim Kavanaugh -- Chief fiscal 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 reason it's really an instantiation that demonstrates their skill to deliver innovative solutions embedded with AI that drives commerce value to their clients really through an industry lens that plays across the integrated value of IBM with their services basis of commerce and stacked on top of their hardware-based platforms.

But when you peep at fourth quarter, they exited 2% growth. They had superior pervasive growth across the portfolio, as I said before, good, strong transactional growth, superior SaaS signings, lofty renewal rates. And remember, this Cognitive Solutions segment is lofty value, lofty operating margins, and they continued to expand operating margins here in the fourth quarter and for the complete year. Now when you prefer 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 cramped 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 remark the might of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a majestic 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 superior lineup. It's going to breathe on us to execute here in 2019. They fully await to conclude that.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Jim. Can they slouch 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 dote 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 fiscal 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 remember 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 conclude beget the divestitures in here. Divestitures are going to breathe about a point headwind as they slouch forward. And as I stated, currency is going to breathe a one to two-point headwind at actual rates. But they conclude feel confident in the engage of commerce they beget around their services and around their software as they slouch forward.

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

We conclude remark strong operating leverage continuing in 2019, both gross and pre-tax margin, leveraging their scale efficiencies, leveraging their amalgamate shift to higher value, leveraging their productivity initiatives. And when you peep at it, we've got majestic momentum exiting second half, in particular, around their services basis of business. Second half services grew operating gross margins by 200 basis points. And I reason you would await a similar first half trend around that.

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

Patricia Murphy -- Vice President of Investor Relations

Thanks, Joe. Let's slouch 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 serve us bridge the two different years on their earnings. The question I beget is, as they peep forward to next year, I know you beget a lot of variables. Are there any bridge items that you want to particularly muster us out for as most likely to befall to hit your $13.90? And how approach cash tide wouldn't breathe growing if you beget earnings growing? Thank you.

Jim Kavanaugh -- Chief fiscal Officer

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

And Chart 10 brings out that complete year. You remark how 2018 played out, strong operating leverage, tax headwind, revenue growth at actuals. When you peep at it and you slouch back to genesis of January ultimate 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 peep at, excuse me, 2019, as I stated, many different scenarios.

But what beget they talked about already on this call? One, they remark continued operating leverage coming out of gross and pre-tax margin in 2019. Two, they conclude remark 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 flush of self-possession that they beget in the long-term value of IBM, but it's also a flush of self-possession that they beget in the power of the IBM and Red Hat acquisition. So I think, you could remark that continuing to play out. And then, I guess, last, they talked about currency on revenue, currency on revenue, the repercussion 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 slouch 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 beget a headwind from the divested businesses, because they beget the foregone -- we'll beget foregone profit and we'll beget a gain, but the gain doesn't slouch into free cash flow. They also will beget some items that hit their free cash tide relative to some pre-closing costs for Red Hat. So that's the understanding that the free cash tide is flat despite the fact that they beget a brace of headwinds within them. So operator, why don't they prefer one ultimate question?

Operator

Thank you. Their ultimate 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 repercussion of the divestitures.

In the slides, it indicates the repercussion is $1.5 billion. I think, you said $1 billion was coming out of Cognitive. And I just wanted to remark 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 net your perspective.

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

Jim Kavanaugh -- Chief fiscal Officer

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

I think, I said a cramped over $1 billion. If you peep 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 cramped over $1 billion. When you prefer a peep 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 strong signings growth, which really instantiates their hybrid cloud value proposition and also the value of incumbency that they provide with their clients of understanding their workloads, understanding their commerce processes and enabling us to mute -- slouch 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 commerce for profit, for cash and for leveraging their incumbency to slouch their clients to the future and provide better client value and delight them through loyalty as they slouch forward. And they are going to exit some low-value content business. So for 2019, I would await 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 remark that play out in the second half of '18, and they await that to continue. So outright right, with that said, apologize for going a cramped bit long here. They wanted to net 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 majestic position to serve their clients, whether they're looking for innovation or productivity or both. We've got a solid basis of business. You remark 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 await that to continue.

This gives us self-possession in their expectation of at least $13.90 of earnings per participate for the year. Their hand will only net 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 peep 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 whirl 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 fiscal 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 fiscal 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

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AT&T blockchain exertion includes IBM, Microsoft | killexams.com actual 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 feasible 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 beget several vulnerabilities.

Proponents pretense blockchain is a securer alternative because it records information through a distributed database ledger held by outright participants in a transaction. No party can execute changes to the ledger without the erudition or approval by the other parties.

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

AT&T blockchain with IBM

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

The IBM blockchain service lets businesses securely participate 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 discharge 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 gauge Microsoft development libraries.

IBM and Microsoft are just two of a growing number of vendors -- unique and established -- edifice blockchain applications and tools. For example, startup Guardtime provides secure supply chain connectivity through blockchain and longtime commerce 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 hard expects the fiscal industry to disburse the most this year, followed by the retail and professional services industries and manufacturing.



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mySQL [4 Certification Exam(s) ]
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NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
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OMG [10 Certification Exam(s) ]
Oracle [279 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
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Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
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PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
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SASInstitute [15 Certification Exam(s) ]
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Vmware [58 Certification Exam(s) ]
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Worldatwork [2 Certification Exam(s) ]
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References :


Dropmark : http://killexams.dropmark.com/367904/11480247
Issu : https://issuu.com/trutrainers/docs/000-595
Wordpress : http://wp.me/p7SJ6L-kM
Scribd : https://www.scribd.com/document/357174785/Pass4sure-000-595-IBM-Maximo-Asset-Management-V7-5-Fundamentals-exam-braindumps-with-real-questions-and-practice-software
weSRCH : https://www.wesrch.com/business/prpdfBU1HWO000UZSW
Dropmark-Text : http://killexams.dropmark.com/367904/12041100
Youtube : https://youtu.be/_yCWELNUe7I
Blogspot : http://killexams-braindumps.blogspot.com/2017/10/where-can-i-get-help-to-pass-000-595.html
RSS Feed : http://feeds.feedburner.com/JustMemorizeThese000-595QuestionsBeforeYouGoForTest
Vimeo : https://vimeo.com/242869907
publitas.com : ttps://view.publitas.com/trutrainers-inc/pass4sure-000-595-dumps-and-practice-tests-with-real-questions
Google+ : https://plus.google.com/112153555852933435691/posts/H6GwJj78evv?hl=en
Calameo : http://en.calameo.com/books/004923526aa1ca11db978
Box.net : https://app.box.com/s/dl038ku3gv9z1i2toebtzu18yrqba8t2
zoho.com : https://docs.zoho.com/file/4b1e16018d1395dfc4dba9d9384efc26eb83a











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