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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 designation : IBM Maximo Asset Management V7.5 Fundamentals
Vendor designation : IBM
real questions : 92 existent Questions

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IBM IBM Maximo Asset Management

IBM provides Asset Optimization Capabilities With Oniqua Buyout | killexams.com existent 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 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 respond platform, IBM appears ahead to tender a lone 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 cleave down unscheduled operational downtime with the aid of guaranteeing the top-quality cloth and spare ingredients required to satisfy the demand.

IBM is still 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 odds in the asset management house, IBM is probably going to fortify its asset optimization capabilities an outstanding deal.

due to this fact, groups will odds from the smooth link with the data in actual-time. it'll allow the clientele to foretell 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 be 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 zone IBM within the “Leaders” quadrant for its Maximo providing. With Oniqua buyout, IBM is probably going to fortify the preeminent 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 ethical with IBM is neatly poised to capitalize on this lucrative random with the additional IoT-based capabilities Oniqua brings on board.

Strengthening IoT Capabilities Bodes neatly

Per IBM’s estimates, there might be 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 be moreorless neatly deliberate. They reckon the upcoming original mixed solution holds promise.

when you reckon that the benefits, they can anticipate consistent boom of the enterprise pushed by course of IoT and synthetic intelligence (“AI”) technologies on the course 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 contemplate 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 well-behaved stock-choosing screens contain 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 habitual profit for these innovations has overwhelmed the market greater than 19X over. perhaps much more Amazing is the fact that we're willing to participate their latest shares with you with out can imbue or responsibility.

See Them Free>>

Story continues


IBM Maximo provider Request | killexams.com existent 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 zone 7.6.2.x.

users can communicate or type an outline of the request, and enter a vicinity and an asset for the request. they can furthermore 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 existent Questions and Pass4sure dumps

these days, IBM Watson is announcing needful collaborations with a brace of industry partners to enhance worker safety in hazardous environments. the brand original 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 construct disburse of advanced facts assortment and artificial intelligence (AI) technologies to power mammoth 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 seat of attention to date turned into to power renovation and toil processes around them, for improvements relish predictive upkeep.”

With the brand original partnerships, the identical variety of seat 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 toil zones and installation alerts,” notable 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 contain 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 furthermore presents communique capabilities with actual-time video and audio. The data and analytical compund provides for far flung directional information and geolocation, in addition to lively monitoring and warning of relocating object dangers.

Guardhat - here is no commonplace hardhatImage courtesy Guardhat

in the third collaboration, IBM Watson will music IoT sensor data from the original 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 hullabaloo and gasoline stages and air temperature. The Maximo employee Insights platform can then analyze 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 zone sensors, which may furthermore be 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 sustain of an accident or injury.

The SmartCone can furthermore be dropped in lots of "skins" to comprise a typical safeguard cone, then placed at any zone 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 brand Holleron

The organizations contain 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 gape 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 create is that if you sustain the seat of attention on defense and fitness, the introductory perception is that the benefits outweigh the concerns. And in case you sustain very pellucid traces about who owns the information, and toil collectively transparently, it’s not a huge problem.”

CEO Jason Lee suggests just how transportable the SmartCone can bePhoto by means of brand 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 toil we’re concentrated on, bringing value in the here and now. And with these original purposes, they will champion people function greater safely.”

Automation is regularly criticized for its expertise to dispose of jobs, but it surely’s furthermore been shown to multiply 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 multiply 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 specimen of ethical AI at work,” he stated. “I suppose there’s lots of chatter about AI and its disburse and usefulness. We’re going to continue to toil on methods to link it to strategies, and to allow americans to be greater useful, effective and advised.”


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

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

IBM (IBM) Q4 2018 Earnings Conference convene Transcript | killexams.com existent 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 contain any objections, you may disconnect at this time. Now I will eddy 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 monetary officer.The prepared remarks will be available within a brace of hours and a replay of the webcast will be posted by this time tomorrow.I'll remind you that inevitable comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could antecedent actual results to vary 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 furthermore includes inevitable non-GAAP monetary measures in an exertion to provide additional information to investors. everything non-GAAP measures contain been reconciled to the related GAAP measures in accordance with SEC rules.

You'll find reconciliation charts at the terminate of the presentation and in the configuration 8-K submitted to the SEC.So with that, I'll eddy the convene over to Jim.

Thanks, Patricia, and thanks to everything 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 indigenous and pre-tax margin in the fourth quarter. They continued to invest and grasp 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 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 tough performance in software and in services, they had revenue growth and indigenous 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 well-behaved pipeline of software opportunities and they executed well, driven by hybrid cloud adoption and tough exact for analytics and AI offerings.

Total services revenue was up 2%. They had constant improvement in Global business Services throughout the year, with 6% growth in the fourth quarter and revenue growth and gross-margin expansion across everything three of their GBS business lines. Global Technology Services had a modest revenue decline, with solid indigenous margin expansion. They had a distinguished signings quarter, reflecting tough exact 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 be a very successful Z program and remains ahead of their prior cycle. Once again, they had tough growth in Power, with POWER9 now introduced throughout their portfolio. As you know, they provide technology and industry expertise to succor rush their clients' most needful processes, which puts us in a unique position to succor them transform their businesses.

As they exit 2018, we're continuing to contemplate a few themes across their engagements. First, their clients continue to gape to eddy data into competitive odds by applying analytics and AI with an industry lens. Second, clients are increasingly looking to cloud to drive business value. As they rend more mission-critical workloads to the cloud, they necessity to securely rend 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 gape forward to the next brace of years. And so their results this quarter reflect their ability to deliver innovation and productivity.

You contemplate this in their tough results in analytics and AI, in their as-a-service cloud revenue and in tough signings in their services business that deliver technology solutions and economic value, everything 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 grasp 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 rush rate for cloud delivered as a service of over $12 billion, which is up 21% over eventual year. This is a solid ground 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 everything 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 contain seen that ExxonMobil is already using it to succor address its most intricate business challenges such as energy exploration and chemicals manufacturing.

The number of original 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. everything of this is a validation of their hybrid open approach to cloud, and they contain a tough 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 contemplate from the combination of IBM and Red Hat, which is everything 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 rend beyond their initial cloud toil 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 succor them address these issues. They contemplate the tough bookings Red Hat recently reported as further evidence of clients' self-confidence 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 contemplate an chance to elevate everything 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 fetch more business value from the cloud, they necessity more services help, from the digital design to app modernization to indigenous app evolution 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 affecting 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 depart through the details of the fourth quarter, wrap up with the summary of the plenary 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 indigenous and pre-tax operating margins. Their indigenous margin was up 10 basis points, with tough 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 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 original 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 furthermore delivering operating leverage.Within their expense decline, they furthermore had a lower flush of IP income. At the genesis of the year, they said they expected IP income to be 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 plenary year. Putting this expense performance together with their indigenous margin expansion, pre-tax margin was up 50 basis points.

Looking at operating tax. At the genesis 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 furthermore reflects a imbue for a GILTI tax election associated with the implementation of 2017 U.S. tax reform. This imbue 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 stream 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 flush of investment and shareholder returns. So now let me rend 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 still 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 tough 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. exact for their IBM Cloud Private for Data offering accelerated and now over 100 clients contain adopted the platform. And that's since launching just over six months ago. original clients comprise 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 original 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 contain solid exact for their integrated security and services solutions, including tough 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 tough 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 original clients this quarter, including their toil 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 original deals this first month. They contemplate a tough 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 puss 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 be 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 affecting 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 indigenous margin expanded 190 basis points.

Looking at their signings. On their eventual earnings call, they talked about the tough 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 specimen is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital sustain 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 monetary sector.

So now turning to Global business Services. They again delivered solid performance, edifice on the momentum throughout the year. The GBS team has done a really nice job repositioning this business and you could contemplate it in the results. Revenue grew 6%, with growth across everything business lines and indigenous 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 succor their clients on their digital journey. They had continued tough growth in Digital Strategy, fueled by their digital commerce and CRM offerings. They are furthermore accelerating growth in next-generation enterprise applications, led by tough exact 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 tough performance in Cloud Migration Factory and cloud application development, mitigated by continued declines in traditional application management engagements as their clients rend to the cloud. The 4% growth furthermore reflects the achievement of significant milestones across a few accounts. We've been furthermore 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, relish the divestiture of select software assets, is about portfolio optimization.

We're focusing on higher value offerings that are needful to their integrated value proposition. Turning to GBS indigenous profit. There are a number of drivers of their 300-basis-point expansion, including the operating leverage they fetch on the revenue growth, their merge toward higher value offerings and capturing the cost for value, a succor from currency, given their global delivery merge and the succumb 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 indigenous margin expanded approximately 150 basis points.

We continue to contain tough growth in cloud revenue in the segment, this quarter up 22% year to year. They had a tough signings quarter, with 16 transactions over $100 million each. Both original and existing clients are looking to IBM to manage their critical infrastructure and deliver innovation, while simultaneously achieving predictable spending. They continue to contemplate 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 tender 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 be 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 tough adoption of IBM Cloud Private, where they added 200 original 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 furthermore now contain 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 original 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 elevate 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 furthermore 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 original 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 tough fourth quarter. In Systems, revenue was down 20% this quarter.

I'll remind you that this is compared to a very tough 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 original clients and original workloads to the platform. Since launching the z14 program, their merge capacity has increased nearly 20% with original workload MIPS growing twice the rate of their gauge MIPS.

So we're taking odds 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 ground 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 tough adoption across their original POWER9-based architecture. In the fourth quarter, they completed the release of their next-generation POWER9 processors in the high terminate and they had tough 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 contain extended HANA certification to their POWER9 high end. In the fourth quarter, they had tough initial traction with their original 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 tough growth in all-flash arrays. The storage market remains very competitive with ongoing pricing pressures. We're continuing to interlard original innovations and functionality.

For example, in December, they extended their next-generation MVME technology into the midrange, with tough 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 stream in the fourth quarter. This capped off a year with $15.6 billion of cash from operations, furthermore 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 stream of $11.9 billion for the year.

And as I mentioned, their normalized free cash stream realization was 111%. You'll recall that they expected their free cash stream to be 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 furthermore bought back just under 33 million shares, reducing their mediocre participate weigh by over 2%. At the terminate 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 business is in line with the target of nine to one and the credit property in their financing receivables remains tough 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 tough investment-grade credit rating.

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

At the terminate 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 well-behaved shape. So let me start to wrap up with some thoughts on 2018 and then I'll rend on to expectations for 2019.

As they open the year, they talked about the toil they had done to reposition their business, to succor rend their clients to the future, shifting their portfolio, changing their operating model and the course they toil and reallocating their capital. And in their earnings convene 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 indigenous margins. While they fell a bit short for the plenary year, they stabilized indigenous margin in the third quarter and expanded both indigenous 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 be a headwind for the year and it was a headwind to us for the year and in the fourth quarter. They continue to recur 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 stream 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 tough free cash stream realization. They had well-behaved 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 succor 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 rush rate, which is up 21%. They continued their very successful IBM Z program and tough performance in Power with their POWER9 architecture rollout. They repositioned their operating model and drove productivity, which improved their margin profile. They furthermore 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 multiply their focus and investments in the high-value segments of IT in areas relish hybrid cloud, AI and blockchain. everything of this provides a solid business and monetary foundation for the addition of Red Hat, and it gives us self-confidence in their expectation for full-year 2019 operating earnings per participate of at least $13.90. Before they depart to existent questions mp;A, I want to be pellucid 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 monetary implications to 2019 are heavily conditional 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 furthermore 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 be 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 contain a significant repercussion on the monetary implications for the year, though it may influence 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 finish contain a capitalize to their monetary 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 furthermore taken into account the estimated free cash stream 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 stream into the investing section of their cash stream statement.Finally, while they haven't included Red Hat, they contain taken into account an assess of the pre-closing financing costs associated with the acquisition. So when you zone it everything together, they contemplate free cash stream 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 eddy it back to Patricia for the existent questions mp;A.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they launch the existent questions mp;A, I'd relish to mention a brace of items. First, they contain supplemental charts at the terminate of the skid deck that provide additional information on the quarter and the plenary 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 relish you contain pretty robust 2019 guidance and I was hoping that you can succor 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 be helpful. Thank you.

Jim Kavanaugh -- Chief monetary Officer

OK, Wamsi. Thank you very much for the question, and it's probably a well-behaved zone 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 rush 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 furthermore grasp into account their own operational indices in front of us and their business plans and strategies. And when they zone everything that together, this is what gives us self-confidence 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 monetary implications on when it closes but it includes the announced divestitures. And we'll talk about that through everything these existent questions mp;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 contemplate how everything 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 microscopic color behind that. And then I'll depart to operating leverage and indigenous and pre-tax margin and tax as they rend forward.

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

We exited the year with an annualized exit rush 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 tough 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 furthermore 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 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 business around to growth growing 2% in the fourth quarter. And they contain a tough portfolio lineup, so they would await that to continue. And then hardware, yes, we're in the back terminate of their mainframe cycle.

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

And from a headwind perspective, you talked about macro. Well, the first thing I would convene out is currency. The U.S. dollar continues to strengthen throughout 2018, especially even since their eventual earnings convene 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 be about a one-point headwind. So when you zone it everything together, we've got some pluses and minuses at the top line, but really, this year in 2019, it's going to be predicated on operating leverage. They made well-behaved progress through '18, and it positions us very well in -- to expand margins in 2019. So among everything of their scenarios, their guidance model and their expectations indicate that they will expand indigenous and pre-tax operating margin in 2019 as they continue to deliver value.

And that's going to Come out of scale efficiencies. That's going to Come out their services momentum and the merge shift in productivity, which will offset -- more than offset the product cycle merge they still contain in the divested content. And one eventual thing that I would convene 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 contain 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 rend forward. But I will exhibit you, discretes by nature vary in timing.

They vary in amounts and will be recorded when they occur in 2019. But you zone everything that together. We've got headwinds and tailwinds on revenue, tough 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-confidence in their plenary year EPS of at least $13.90 and a free cash stream of about $12 billion.

Patricia Murphy -- Vice President of Investor Relations

Great. Thanks, Wamsi. Can they depart 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 be accretive or dilutive to free cash stream and EPS this year. And then on software, could you comment on the might that you saw? Was it a pushout? finish you feel relish 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 monetary Officer

OK, Toni. Thank you very much. Very well-behaved questions. Let me try to grasp each of these piece by piece.

First of all, as you saw from their eventual earnings, they continue to grasp disciplined portfolio prioritization efforts around their portfolio, both in terms of the announcement of the acquisition of Red Hat and furthermore 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 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 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 await the mortgage business to nigh later in the first quarter. That will be 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 rend forward.

In terms of their cognitive assets that they sold with regards to collaboration and on-prem, those businesses generated roughly a microscopic bit over $1 billion of revenue over the eventual 12 months. They said they expected to nigh that by midyear. The transaction cost was $1.8 billion, but the expected gain, I will exhibit you, will be 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 be applied to that. But they still 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 grasp 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 fetch recur on that. everything of that zone 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 contain an repercussion to free cash flow. Just given what I said a microscopic while ago in the prepared remarks on the gain on the asset sale will terminate up in the investing section of free cash flow. So we've overcome that and still guided a free cash stream 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 self-confidence 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 tough pipelines. Software was up 2% overall. Their transact -- they had tough transactional performance. Well, probably what I'm most supercilious 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, furthermore 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 tough pipeline, which they talked about 90 days ago. So they feel very well-behaved 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 depart 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. well-behaved 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 contemplate about linearity, given that the timing of some of these discrete items may change the walk-through in the year?

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

If you gape at first quarter, first of all, on an EPS perspective, they would await the operating EPS skew to be around 16% of the plenary year at $13.90. So when you grasp a gape at that, it gets us off to a well-behaved start. It does own that they are on the back terminate of a mainframe product cycle, but they got acceleration in their services and their software ground of business. And they feel confident in at least that 16% starting out the year.

Now if you gape at that compared to the eventual three years, it will divulge that it's a microscopic 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 depart back to '16, they closed on the Japan audit. If you depart back to eventual year, they closed on the U.S. audit settlement.

We finish not contemplate anywhere near the flush of discretes in the first quarter. And I would project somewhere around the 11%, 10%, there might be 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 ground between annuity and transactional, when they rend from fourth quarter to first quarter, that seasonality, the transactional businesses contain a more muted effect 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 finish contemplate an improvement, just given the merge shift in the might of their annuity content as they rend forward. The eventual thing that I'll bring up about first quarter is I talked a microscopic bit about currency for the year.

We contain 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 repercussion is going to be a three to four-point headwind. And based on what I looked at where the dollar closed late today, it's going to be probably closer to that four-point headwind overall.

Patricia Murphy -- Vice President of Investor Relations

OK. Thanks, Katy. Can they depart 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 exact on services.

It improved relish you said it would in 2018. I'm nosy what you're allocating for 2019 within services, because there are some affecting 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 still going to be a metric that's going to be provided or tracked going forward. Thanks.

Jim Kavanaugh -- Chief monetary 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 furthermore in their GTS ground of business as they moved throughout 2018. But when you gape 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 broad improvement from where they started a year ago. If you bethink 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 finish contemplate across their total services business in '19 sustained revenue growth and margin profile.

But let me grasp the pieces and just give you a microscopic bit of perspective. GBS, couldn't be more supercilious 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 fetch 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 contemplate up 64% overall.

And we've got pervasive growth across everything three lines of business, led by digital. They did situation 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 contain a differentiated offering, and we're delivering value to their clients. But they furthermore closed on many client-specific milestones that caught up in the fourth quarter, but they still contemplate well-behaved growth.

It's just not going to be at the flush that you saw here in the fourth quarter. With everything that said, their margin and operating leverage, they feel comfortable. They grew GBS operating indigenous margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they still contemplate tough operating leverage led by their merge shift to higher value and the offerings, how we're capturing that cost realization and how we're delivering existent value and property to their clients.

Now in GTS, they are obviously winning with their hybrid cloud momentum. They had a tough 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 terminate of the year. And we're exiting with an $8 billion as-a-service annualized exit rush rate, which provides a tough annuity ground 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 furthermore construct 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 contemplate that absolute backlog improve, they are going to continue prioritizing high value, because they want to fetch prioritization of cash, profit and margin out of that business and leverage that business in the value of incumbency and affecting their clients to the future and capitalizing on hybrid cloud. So we'll contemplate continued margin expansion in GTS as they rend forward, and that's going to Come out of very similar scale efficiencies, productivity. And remember, in both, we're still going to fetch the second half of their productivity from their 2018 actions. So they feel pretty restful and confident in their services ground of business as they walk into '19.

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

David Grossman -- Stifel monetary 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 exhibit us about the other efforts that are under course 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 monetary Officer

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

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

And whether you depart over what they just did the eventual 90, 120 days or you depart over the eventual three to five years, they contain constantly focused on one, where is the market affecting in terms of growth, high-value offerings, client value and most importantly, profit pools. And you're seeing us continue to finish that as they rend forward. These latest actions really seat 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 be leveraged and delivered to their clients through a different partner, who will construct the investment prioritization as they depart -- rend forward. I could exhibit you, we're always looking at portfolio optimization and how they prioritize their investment and capital allocation. And you contemplate that with the announcement of Red Hat, and you contemplate that play out in what they just did with Cognitive and GBS. But as they depart forward, we're going to continue prudently managing their portfolio and operate with that monetary 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, profound industry expertise and dependence and security everything delivered through an integrated model of hardware-software services. And then finally, I would exhibit you, they contain a tough equilibrium sheet. They contain distinguished cash stream and they contain enough monetary 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 depart 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 moreorless of a flat quarter. I was nosy as to when you win cloud deals as to why and how finish you contemplate the Red Hat acquisition as changing, the color around why you win and how much you win.

Jim Kavanaugh -- Chief monetary Officer

OK, John. Thank you very much for the question. Let me try to zone 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 rush 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 gape 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 everything year long. Second half of the year, they knew they were going to be on the back terminate 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 original emerging workloads around pervasive encryption but furthermore is capturing original workloads around cloud as they rend 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 contemplate that as they rend 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 contemplate cloud still resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they contemplate this movement of how they can deliver value in leading the second phase, Ginni calls this Chapter 2, the second angle around where clients are affecting 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 be 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 spell to the IBM company and their clients.

Patricia Murphy -- Vice President of Investor Relations

Thanks, John. Anne, can they tickle grasp 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 well-behaved to contemplate the improvement in software and cognitive relative to eventual quarter. And I guess, the question is, on a go-forward basis, you contain 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 business you may contain seen this quarter that might influence that? And just benevolent of talk broadly about the macro environment for that product set in general.

Jim Kavanaugh -- Chief monetary 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 contemplate 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 ground of business and stacked on top of their hardware-based platforms.

But when you gape at fourth quarter, they exited 2% growth. They had well-behaved pervasive growth across the portfolio, as I said before, good, tough transactional growth, well-behaved 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 plenary year. Now when you grasp 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 microscopic over $1 billion. So it would be 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 still contemplate the might of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a distinguished 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 well-behaved lineup. It's going to be on us to execute here in 2019. They fully await to finish that.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Jim. Can they depart 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 comprise 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 be for '19. Thanks.

Jim Kavanaugh -- Chief monetary Officer

Sure, Joe. Thank you very much for the call. First of all, they don't sheperd on revenue for the year, so I don't bethink 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 finish contain the divestitures in here. Divestitures are going to be about a point headwind as they rend forward. And as I stated, currency is going to be a one to two-point headwind at actual rates. But they finish feel confident in the book of business they contain around their services and around their software as they rend forward.

But the underlying dynamics, as I talked about, they contain many different scenarios we're running here. everything point to giving us self-confidence in their expectation of at least $13.90 as they rend forward. That is going to be a compund 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 depart into that $13.90 overall.

We finish contemplate tough operating leverage continuing in 2019, both indigenous and pre-tax margin, leveraging their scale efficiencies, leveraging their merge shift to higher value, leveraging their productivity initiatives. And when you gape at it, we've got distinguished momentum exiting second half, in particular, around their services ground of business. Second half services grew operating indigenous margins by 200 basis points. And I contemplate you would await a similar first half trend around that.

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

Patricia Murphy -- Vice President of Investor Relations

Thanks, Joe. Let's depart 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, skid #10, it was very informative to succor us bridge the two different years on their earnings. The question I contain is, as they gape forward to next year, I know you contain a lot of variables. Are there any bridge items that you want to particularly convene us out for as most likely to befall to hit your $13.90? And how Come cash stream wouldn't be growing if you contain earnings growing? Thank you.

Jim Kavanaugh -- Chief monetary Officer

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

And Chart 10 brings out that plenary year. You contemplate how 2018 played out, tough operating leverage, tax headwind, revenue growth at actuals. When you gape at it and you depart back to genesis 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 gape at, excuse me, 2019, as I stated, many different scenarios.

But what contain they talked about already on this call? One, they contemplate continued operating leverage coming out of indigenous and pre-tax margin in 2019. Two, they finish contemplate 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-confidence that they contain in the long-term value of IBM, but it's furthermore a flush of self-confidence that they contain in the power of the IBM and Red Hat acquisition. So I think, you could contemplate 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 rend 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 contain a headwind from the divested businesses, because they contain the foregone -- we'll contain foregone profit and we'll contain a gain, but the gain doesn't depart into free cash flow. They furthermore will contain some items that hit their free cash stream relative to some pre-closing costs for Red Hat. So that's the judgement that the free cash stream is flat despite the fact that they contain a brace of headwinds within them. So operator, why don't they grasp 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 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 contemplate if you'd just clarify where is the ease coming out of? And then the question is on Technology Services & Cloud Platforms. I wanted to fetch your perspective.

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

Jim Kavanaugh -- Chief monetary 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 appreciate on the transparency and the implications both on '19 and then directionally on 2019.

I think, I said a microscopic over $1 billion. If you gape 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 microscopic over $1 billion. When you grasp a gape 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 tough signings growth, which really instantiates their hybrid cloud value proposition and furthermore the value of incumbency that they provide with their clients of understanding their workloads, understanding their business processes and enabling us to mute -- rend 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 rend their clients to the future and provide better client value and delight them through loyalty as they rend 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 contemplate that play out in the second half of '18, and they await that to continue. So everything right, with that said, apologize for going a microscopic bit long here. They wanted to fetch 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 distinguished position to succor their clients, whether they're looking for innovation or productivity or both. We've got a solid ground of business. You contemplate 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-confidence in their expectation of at least $13.90 of earnings per participate for the year. Their hand will only fetch 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 gape 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 eddy 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 monetary 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 monetary 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 existent 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 disburse cases for the multivendor services comprise asset management and data sharing within a supply chain. For the latter, blockchain would supplant traditional SSL/TLS certificate-based cryptography models, which contain several vulnerabilities.

Proponents claim blockchain is a securer alternative because it records information through a distributed database ledger held by everything participants in a transaction. No party can construct changes to the ledger without the knowledge 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 link their effort.

AT&T blockchain with IBM

AT&T has integrated its Asset Management Operations seat with IBM's Maximo Network on Blockchain and Maximo Asset Health Insights. Asset Management Operations seat is an online centralized console for tracking and monitoring outfit 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 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 comprise 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 evolution libraries.

IBM and Microsoft are just two of a growing number of vendors -- original and established -- edifice 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 multiply at an annual rate of 73%, reaching $11.7 billion in 2022 from $1.5 billion this year, according to IDC. The analyst solid expects the monetary industry to disburse the most this year, followed by the retail and professional services industries and manufacturing.



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Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [64 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [69 Certification Exam(s) ]
Microsoft [374 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [279 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]





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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