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000-001 Fundamentals of Applying Maximo Enterprise Asset Management Solutions V2

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000-001 exam Dumps Source : Fundamentals of Applying Maximo Enterprise Asset Management Solutions V2

Test Code : 000-001
Test title : Fundamentals of Applying Maximo Enterprise Asset Management Solutions V2
Vendor title : IBM
: 123 real Questions

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IBM Fundamentals of Applying Maximo

IBM Watson declares Partnerships To help worker safety via Watson IoT | real Questions and Pass4sure dumps

nowadays, IBM Watson is announcing essential collaborations with a few industry partners to help worker defense in hazardous environments. the brand modern offerings leverage information superhighway of things (IoT) technology at the side of IBM’s present Maximo industry asset management platform.

The enterprise is working with Garmin health, Guardhat, Mitsufuji and SmartCone to employ superior records assortment and synthetic intelligence (AI) applied sciences to pressure gigantic advances in monitoring and assessing the security and health of employees in hazardous environment. “It’s in the context of an necessary focus of attention enviornment for us, to increase worker safety using IoT facts and AI,” pointed out Kareem Yusuf, PhD, common supervisor of IBM Watson IoT.

prior to now, the enterprise’s focus of attention with Maximo has been on administration of actual assets. “we've an extended historical past in device renovation and reliability administration,” Yusuf noted. “It’s been around three asset courses – industrial device, buildings and facilities, and automobiles. The focus to this point turned into to power protection and toil methods round them, for improvements fancy predictive maintenance.”

With the modern partnerships, the very variety of focus will target the well-being of laborers. The Maximo employee Insights platform will receive data from the workspace and from the employees themselves to video parade such potential dangers as warmth, peak, temperature, and gasoline degrees, and to verify whether laborers are uncovered to risks or risks. “It makes it viable for their shoppers to define toil zones and installation indicators,” said Yusuf. “they can monitor what concerns and link back to their Maximo tool.”

With Garmin, an established leader in wearable know-how, the partnership makes it viable for customers to accumulate “close-time” sensor statistics (gathered and assessed in mere seconds) from people equipped with Garmin activity trackers. With the Garmin health partner SDK facts assortment instrument embedded inside the Maximo worker Insights platform, agencies can fill instant indicators of health emergencies or “man-down” eventualities, and might additionally build stale analytics in response to longer-term biometric records.

Garmin vivosmart 4Image courtesy Garmin

Guardhat, meanwhile, is integrating its sensible own defensive gadget (PPE) wearables with the IBM platform. Their KYRA IoT application gathers facts from their IoT instrumented tough hat, monitoring physical circumstances to become cognizant of and warn of surrounding dangers, and furthermore offers communique capabilities with real-time video and audio. The records and analytical combination gives for far off directional suggestions and geolocation, in addition to lively monitoring and warning of relocating expostulate risks.

Guardhat - this is no ordinary hardhatImage courtesy Guardhat

within the third collaboration, IBM Watson will music IoT sensor statistics from the modern wearable “shirt,” named hamon, these days launched by passage of Mitsufuji. The hamon machine, made from conductive silver fibers, at once collects the wearer’s actual facts corresponding to coronary heart cost and temperature, while furthermore monitoring surrounding environmental situations, together with racket and fuel degrees and air temperature. The Maximo employee Insights platform can then dissect the information and deliver alerts and alarms for routine hobbies such as breaks and job rotations, or for emergency situations that may lead to harm or sickness.

hamon - the highly connective AGposs fiber collects biometric records from the wearerImage courtesy Mitsufuji

The SmartCone application is constructed round that enterprise’s IoT-equipped resilient network of vicinity sensors, which can live fastened or incorporated in to moveable traffic cone configurations. The sensors computer screen hazards within the marked zones, and accumulate visual statistics from cameras and other sensor data akin to temperature and noise. The company’s data assortment and manipulation algorithms integrates with Maximo worker Insights to give ongoing signals of environmental situations, in addition to alerts in the event of an accident or damage.

The SmartCone will furthermore live dropped in lots of "skins" to comprise a common defense cone, then positioned at any spot you requisite it - its modular gadget enables for a mess of sensors (360 camera, LED lighting fixtures and LIDAR pictured above)picture by passage of designate Holleron

The groups fill foreseen the obtrusive issues with the technologies, those involving worker privateness and dignity. “here's in fact an attitude we’ve regarded, and we’ve been working intently with their companions to espy what’s commandeer of mind,” stated Yusuf. “And it’s now not just the shoppers and workers themselves, however other key stakeholders, such as the union viewpoint. What we’ve organize is that in the event you hold the focus on safeguard and fitness, the introductory insight is that the merits outweigh the considerations. And should you maintain very pellucid traces about who owns the data, and toil collectively transparently, it’s now not a big problem.”

CEO Jason Lee shows simply how portable the SmartCone can bePhoto with the aid of designate Holleron

IBM Watson sees greater such opportunities on the horizon. “Our future is greater of the equal,” Yusuf said. “With IoT and AI, they can pressure advanced insights tied to operating approaches. they will champion reduce energy consumption, optimize structure occupancy – that’s the kindly of toil we’re focused on, bringing price in the here and now. And with these modern purposes, they can assist americans office extra safely.”

Automation is commonly criticized for its talents to dispose of jobs, nevertheless it’s furthermore been shown to help worker protection by passage of taking laborers out of harm’s means. these days’s announcement offers additional improvements in that regard; with on-the-job monitoring of potential risks to health and smartly-being, they’re one other avenue towards reducing the thousands and thousands of on-the-job accidents employees undergo each and every 12 months. As a secondary advantage, they could enrich organizations’ bottom traces, as those accidents cost tens of billions of dollars annually as neatly.

Yusuf sees a ultimate advantage, in highlighting what IoT advances can offer. “here's an illustration of precise AI at work,” he talked about. “I feel there’s a lot of chatter about AI and its utilize and usability. We’re going to continue to toil on ways to link it to tactics, and to allow people to live more advantageous, efficient and suggested.”

IBM steps up efforts to assist miners help health and security records | real Questions and Pass4sure dumps

IBM steps up efforts to  serve miners  help health and safety records

IBM steps up efforts to  serve miners  help health and safety records

In 2010, a mine in northern Chile collapsed, trapping 33 workers underground for more than two months. IBM is working to supply AI solutions that can enrich response to mine mess ups. (photograph: Miner Alex Vega. Hugo Infante, Chilean Gov’t by passage of Wikipedia.)

an needy lot has been said recently about how IBM’s cognitive exploration and content material analysis platform, known as Watson, is helping major miners, such as Goldcorp and Newcrest, in a yoke of methods, from mine planning and operational performance optimization to sharpening takeover suggestions.

A much less touted, however equally advantageous expertise of this and other synthetic intelligence (AI) applications is the position they're taking fragment in — or expected to play— within the health and safeguard district of mining businesses.

For designate Fawcett, a partner with IBM international enterprise functions, the reply is clear. obtainable applied sciences, he tells, proceed beyond helping mining agencies forecast when their device goes to fail, they could additionally monitor biometric and environmental information to establish whether employees are prostrate to danger.

facts may furthermore live gathered in proximate actual time from wearables, sapient gadgets, and environmental sensors to champion enterprises respond to problems or react to changing environmental circumstances.

The problem is that many corporations wouldn't fill an automatic safeguard system in region, Fawcett says. frequently, they're paper-based or depend on systems the spot the statistics is unstructured. Even when there are techniques in area, they always fluctuate from mine to mine. sooner or later, security departments are left with an incomplete view of incidents across their organization.

“AI has the potential to rapidly devour the records inspite of source and easily deliver insights on the suitable considerations, major tendencies which are taking place, and partake insights on records that may had been overlooked. furthermore, historic statistics can furthermore live consumed to vogue historically over time,” Fawcett notes.

IBM believes that within the “very close” future, AI will deliver a plenary evaluation on working conditions earlier than an worker even takes a piece order.

Fawcett believes that within the “very near” future, AI will supply a plenary analysis on working conditions earlier than an employee even takes a toil order. this will comprise a complete summary on the spot the project is going to live carried out spatially, forecasted climate statistics and significant safety notices for the worker in that specific vicinity.

“The freeze-thaw cycle is a yardstick instance of the spot they can apply spatial analytics to safeguard. When an worker receives a toil order where the floor can live frozen, that toil order could live accompanied by the principal security notices and different movements which fill came about giving the worker a necessary image of the work, the forecast and potential possibility,” he says.

“the usage of this facts, they can steer pellucid of lots of falls that might fill in any other case took spot with out that observe, finally resulting in smarter and safer working situations.”

That’s why IBM is constructing what it calls “Watson secure”, at present in its second phase and is anticipated to live able on a platform scale in the 2nd half of the year.

Wearable defense

IBM is additionally working on extending the compass of the so-known as internet of things (IoT), a system of interrelated computing devices, mechanical and digital machines, objects, individuals and even animals embedded with sensors, application, electronics and connectivity. These allow the device to execute superior by replacing counsel with different connected gadgets without requiring human-to-human or human-to-desktop interaction.

IBM steps up efforts to  serve miners  help health and safety records

IBM steps up efforts to  serve miners  help health and safety records

picture: Shutterstock.

The industry has recently joined wearable know-how developer Garmin to offer groups who set up IBM’s Maximo worker Insights platform to glean hold of signals based on near actual-time sensor records from laborers donning Garmin pastime trackers.

by using embedding the Garmin fitness accomplice SDK in the IBM Maximo employee Insights platform, supervisors and defense officers can acquire notifications for top heart expense and man-down eventualities, as well as overview historical analytics based on the biometric alerts from Garmin wearables.

The IT massive is additionally partnering with Guardhat, Mitsufuji and SmartCone to aid video parade employee security in hazardous environments.

Guardhat's KYRA IoT platform can complement the IBM worker Insights solution to deliver situational attention to employees and enterprise operations through the utilize of sapient PPE wearables.

Mitsufuji, in flip, has launched a brand modern wearable “shirt” made from silver conductive fibres that tracks information from workers' biometrics to aid deserve confident security in ascetic environments.

SmartCone, a issuer of wise, IoT-primarily based safeguard and monitoring options for securing susceptible and hazardous zones, may live integrating Maximo employee Insights into its enormously transportable gadget to computer screen worker safety within the utilities business, group traffic, development, mining and industrial environments with relocating or unhealthy no-go zones.

Response to mine failures

IBM envisions AI being used additionally to enrich response to mine failures. When something fancy the contemporary deadly dam catastrophe within the Brazilian town of Brumadinho occurs, sum and sundry from countrywide govt leaders and the armed forces to the small-town mayor and scores of volunteers Come together to respond to the adventure. sum those individuals, at every stage, deserve to speak, partake assistance and coordinate their activities so that they’re doing things successfully and not duplicating their efforts.

time and again, that doesn’t ensue with ease as a result of americans can’t discover or partake the recommendation they need, once they requisite it.

IBM is already supporting Lightship, a company that offers an shrewd fields operations device to assist businesses navigate their records to find the vital suggestions to serve them deserve greater, safer choices. It pulls collectively sum of an organization’s counsel, similar to Geographic counsel system (GIS) mapping, drone photos, satellite tv for pc photos and the precise-time places of people and cars.

Guardhat Advances employee protection via Collaboration with IBM Watson cyber web of issues | real Questions and Pass4sure dumps

DETROIT, Feb. 13, 2019 /PRNewswire/ -- Detroit-based mostly Guardhat, an industrial safety technology industry really magnificient in developing wearables, infrastructure and utility systems to deliver a safer and more productive toil atmosphere, today introduced a collaboration with IBM Watson web of issues (IoT). Working together, Guardhat will combine its KYRA IoT platform with the IBM Maximo employee Insights solution to provide near actual-time situational awareness using sensible very own insurance policy device (PPE).



"The implementation of sensible protective device permits us to more suitable dissect spot of toil statistics and supply faultfinding defense insights in proximate precise-time," observed Saikat Dey, Guardhat Co-Founder and CEO. "by participating with IBM, they are able to leverage Maximo worker Insights to carry sapient safeguard to scale within the building, manufacturing and refining industries."

via adapting IoT expertise with natural defense machine Guardhat is actively working to modernize worker safeguard. The software of such applied sciences enables industrial leaders to recognize and reply to capabilities risks in near precise-time, resulting in a discount of accidents and accidents in the spot of work.

The IBM Watson IoT platform is designed to assist consumers help the operational efficiency of their physical assets and tackle expertise risk through AI-pushed insights. Its leading industry answer, Maximo worker Insights, displays biometric and environmental facts in proximate precise-time from wearables and different related instruments to champion employers establish handicap risks within the spot of work.

Guardhat's proprietary utility actively monitors a user's place, pulse, carcass temperature and toil atmosphere. This provides a holistic view of each person's toil environment and immediate alerts within the adventure of a fall, exposure to toxic gases, lockout zones and proximity to relocating device.

Guardhat estimates that there are 13 million industrial people within the US, resulting in 4,000 deaths and three million injuries, annually. by leveraging advanced security know-how, Guardhat is able to deliver companies with essential information which they can utilize to enhance protection management and in the reduction of spot of toil injuries by using up to 20 p.c.

For extra counsel, talk over with:

About Guardhat

Detroit-primarily based Guardhat is a number one industrial IoT expertise industry really magnificient in constructing wearables, infrastructure and application systems to deliver a safer and extra productive toil atmosphere for frontline industrial worker's in hefty manufacturing industries. founded in October 2014 through industry veterans and former steel & mining CEO Saikat Dey, Guardhat's mission is to modernize defense and raise ultimate mile connectivity in the industrial workplace. by combining a slicing-facet, wearable technology with superior proprietary software, Guardhat is in a position to proactively monitor a person's place, fitness and toil environment. The software platform collects and analyzes on-the-job statistics which is used to enhance industrial employee defense and productiveness classes. based mostly out of its headquarters in Detroit, Michigan, Guardhat operates globally with offices in Boulder, Colorado; Chicago, Illinois; Bangalore, India; and Paris, France. Guardhat holds eight patents throughout areas of linked worker, genuine Time location systems and Wearable solutions. For more suggestions, consult with:

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International industry Machines' (IBM) Management on Q4 2018 Results - Earnings convoke Transcript | real questions and Pass4sure dumps

No result found, try modern keyword!We are furthermore accelerating growth in next generation Enterprise Applications led by strong demand in their consulting and implementation services in areas fancy S4/HANA, Salesforce, and Workday. In Applica...

IBM (IBM) Q4 2018 Earnings Conference convoke Transcript | real questions and Pass4sure dumps

Image source: The Motley Fool.

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

 Welcome, and thank you for standing by. [Operator instructions] Today's conference is being recorded. If you fill any objections, you may disconnect at this time. Now I will gyrate 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 fancy to welcome you to their fourth-quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's senior vice president and chief pecuniary officer.The prepared remarks will live available within a yoke of hours and a replay of the webcast will live posted by this time tomorrow.I'll remind you that certain comments made in this presentation may live characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could cause 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 certain non-GAAP pecuniary measures in an effort to provide additional information to investors. sum non-GAAP measures fill been reconciled to the related GAAP measures in accordance with SEC rules.

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

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

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

We had strong performance in software and in services, they had revenue growth and vulgar 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 magnificient pipeline of software opportunities and they executed well, driven by hybrid cloud adoption and strong demand for analytics and AI offerings.

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

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

As they exit 2018, we're continuing to espy a few themes across their engagements. First, their clients continue to sight to gyrate data into competitive handicap by applying analytics and AI with an industry lens. Second, clients are increasingly looking to cloud to drive industry value. As they scamper more mission-critical workloads to the cloud, they requisite to securely scamper 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 sight forward to the next yoke of years. And so their results this quarter reflect their capacity to deliver innovation and productivity.

You espy this in their strong results in analytics and AI, in their as-a-service cloud revenue and in strong signings in their services industry that deliver technology solutions and economic value, sum through their integrated value proposition. That's why companies such as Vodafone and BNP Paribas are leveraging the IBM Cloud, where they profit from their hybrid multi-cloud capabilities and access to the most advanced technologies. And it's why Bradesco Bank made a software, hardware and services multiyear commitment to the IBM Z platform to hook them to the next smooth 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 Hurry rate for cloud delivered as a service of over $12 billion, which is up 21% over ultimate year. This is a solid groundwork 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 sum forms of AI models and Multicloud Manager, a service to deploy and manage complete applications in any cloud environment. We're adding innovative services fancy the world's first commercial quantum computer available on the IBM Cloud. You may fill seen that ExxonMobil is already using it to serve address its most tangled industry challenges such as energy exploration and chemicals manufacturing.

The number of modern 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. sum of this is a validation of their hybrid open approach to cloud, and they fill a strong foundation from which to drive synergies across the industry with the addition of Red Hat. Let me recess here to remind you of the value they espy from the combination of IBM and Red Hat, which is sum 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 scamper beyond their initial cloud toil to really shifting their industry applications to the cloud. They are concerned about the secure portability of data and workloads across cloud environments, about consistency in management and security protocols across clouds and in avoiding vendor lock-in. They understand how the combination of IBM and Red Hat will serve them address these issues. They espy the strong bookings Red Hat recently reported as further evidence of clients' self-possession in the value.

Remember, the quarter ended a month after the transaction was announced.From a value perspective, in addition to the growing Red Hat industry itself, they espy an opportunity to hoist sum 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 glean more industry value from the cloud, they requisite more services help, from the digital design to app modernization to aboriginal app progress to management of hybrid cloud environments. You saw ultimate week the results of Red Hat's shareholder vote, with very tall participation and over 99% voting in support. They are affecting through the regulatory process and continue to hope to proximate 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 proceed 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 vulgar and pre-tax operating margins. Their vulgar margin was up 10 basis points, with strong performance in the services businesses, together, up 190 basis points. This was mitigated by the expected mix headwind from the IBM Z cycle dynamics.

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

We've been focused on driving productivity in their business, implementing modern ways of working, fancy using agile methodologies and leveraging automation and infusing AI into their processes. This provides flexibility to drive innovation in areas fancy hybrid cloud, AI, security and blockchain, while furthermore delivering operating leverage.Within their expense decline, they furthermore had a lower smooth of IP income. At the birth of the year, they said they expected IP income to live 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 vulgar margin expansion, pre-tax margin was up 50 basis points.

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

And so turning back to their operating results. Operating earnings per partake 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 flood 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 tall smooth of investment and shareholder returns. So now let me scamper 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 noiseless investing at tall levels. In the quarter, they continue to deliver innovation to their clients and scale their platforms and solutions, resulting in growth in their transactional revenue and SaaS signings. In transaction processing software, they capitalized on the strong pipeline of larger transactions they discussed entering the fourth quarter, driven by their clients' buying cycles. Their fourth-quarter performance reflects these clients' commitment to their platform for the longer term, given the value they provide in managing their mission-critical workloads and predictability in their spending.In solutions software, growth was led by analytics and AI offerings with several other high-value areas growing as well.

In their underlying analytics platform, they had broad-based growth across their Db2 portfolio, including analytics appliances and data science offerings. demand for their IBM Cloud Private for Data offering accelerated and now over 100 clients fill adopted the platform. And that's since launching just over six months ago. modern 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 modern cyber threats.

In addition, we're scaling their newest Watson services running on IBM Cloud Private for Data fancy AI OpenScale.In security, they continue to fill solid demand for their integrated security and services solutions, including strong growth in their security intelligence and orchestration offerings, QRadar and Resilient. Within their industry verticals, Watson Health had growth across payer, provider, imaging and government. And IoT once again had strong growth in their core offerings, Maximo and TRIRIGA, where they lead the market in asset management and facilities management. In the emerging blockchain area, they announced several modern 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 modern deals this first month. They espy a strong pipeline as clients are interested in the benefits of blockchain behind their firewall. Now over the ultimate few quarters, I called out offerings within their solutions software, which address horizontal domains, where they puss secular shifts in the market, specifically collaboration, commerce and talent. We've been taking actions and ultimate month, they announced the divestiture of their collaboration and on-prem marketing and commerce products to HCL.

After closing, which is currently expected to live midyear, this action will help 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 vulgar margin expanded 190 basis points.

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

But at constant currency, the backlog is down 60 basis points year to year, which is about a two-point improvement versus ultimate quarter's performance. Customers are increasingly looking to leverage digital for growth and innovation, while at the very time, increasing efficiencies and reducing costs within their businesses. IBM services can deliver this value by leveraging its breadth across GBS and GTS. A recent example is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital relish 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 pecuniary sector.

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

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

In application management, they grew 4%. This quarter, they returned to growth, with strong performance in Cloud Migration Factory and cloud application development, mitigated by continued declines in traditional application management engagements as their clients scamper 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 proximate in the first quarter and will result in improving revenue and margin profile, normalizing for the divested content. So this action, fancy the divestiture of select software assets, is about portfolio optimization.

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

We continue to fill strong growth in cloud revenue in the segment, this quarter up 22% year to year. They had a strong signings quarter, with 16 transactions over $100 million each. Both modern and existing clients are looking to IBM to manage their faultfinding infrastructure and deliver innovation, while simultaneously achieving predictable spending. They continue to espy 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 offer 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 live impacted by the hardware product cycle dynamics, partially offset by continued growth in their core multi-vendor services offerings.

And finally, integration software growth accelerated to 4%. This performance was driven by continued strong adoption of IBM Cloud Private, where they added 200 modern 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 fill 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 modern offerings to enable clients in an open, hybrid, multi-cloud world fancy IBM Multicloud Manager, which I mentioned earlier. Turning to profit for the segment. Gross-margin improvement is driven by the hoist 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 industry 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 modern offerings to capture the hybrid-market opportunity. So to wrap up services, at the birth of 2018, they said they expected an improving trajectory in their services revenue and profit, and they delivered on that throughout the year with the strong fourth quarter. In Systems, revenue was down 20% this quarter.

I'll remind you that this is compared to a very strong performance in the fourth quarter ultimate year, where they grew 28%. Systems pre-tax margin was down six and a half points, reflecting the mix 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 modern clients and modern workloads to the platform. Since launching the z14 program, their mix capacity has increased nearly 20% with modern workload MIPS growing twice the rate of their yardstick MIPS.

So we're taking handicap 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 groundwork up roughly three and a half times over the ultimate decade, this provides stability in their related software, services and financing industry across IBM. Power revenue was up 10%, driven by Linux and continued strong adoption across their modern POWER9-based architecture. In the fourth quarter, they completed the release of their next-generation POWER9 processors in the tall cease and they had strong adoption in both the low and high-end systems.

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

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

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

With nearly $900 million in capital expenditures, they generated $6.5 billion of free cash flood 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 ultimate year. And so they generated free cash flood of $11.9 billion for the year.

And as I mentioned, their normalized free cash flood realization was 111%. You'll recall that they expected their free cash flood to live 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 partake for 23 consecutive years and they remain committed to continued dividend increases. They furthermore bought back just under 33 million shares, reducing their medium partake count by over 2%. At the cease 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 industry is in line with the target of nine to one and the credit attribute in their financing receivables remains strong at 55% investment grade, a point better than a year ago. And so their equilibrium sheet remains strong, and they are committed to maintaining a strong investment-grade credit rating.

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

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

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

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

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

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

We exited the year with a $12 billion annual Hurry rate, which is up 21%. They continued their very successful IBM Z program and strong performance in Power with their POWER9 architecture rollout. They repositioned their operating model and drove productivity, which improved their margin profile. They 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 help their go-forward revenue profile but allow us to increase their focus and investments in the high-value segments of IT in areas fancy hybrid cloud, AI and blockchain. sum of this provides a solid industry and pecuniary foundation for the addition of Red Hat, and it gives us self-possession in their expectation for full-year 2019 operating earnings per partake of at least $13.90. Before they proceed to mp;A, I want to live pellucid about what is and is not included in their expectations. As I mentioned earlier, Red Hat is expected to proximate in the second half; and given the pecuniary implications to 2019 are heavily relative on the timing of the closing, Red Hat is not included in their expectations.

We'll update their view of the year at the time of closing. In the ultimate 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 account the combination of the foregone profit, the gain on the sale of software assets, the actions to address structure and stranded costs and the resulting benefits from these actions, they hope there to live minimal repercussion to their profit and earnings per partake for the year. And unlike the Red Hat acquisition, the timing of the closing does not fill a significant repercussion on the pecuniary implications for the year, though it may affect the quarterly SKU.

As a result, their guidance assumes these divestitures. Said another way, because the divestitures are essentially neutral to their profit for 2019, they don't repercussion operating EPS guidance for the year, though they conclude fill a profit to their pecuniary profile over the longer term. Turning to free cash flow. They hope 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 flood 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 flood into the investing section of their cash flood statement.Finally, while they haven't included Red Hat, they fill taken into account an appraise of the pre-closing financing costs associated with the acquisition. So when you allot it sum together, they espy free cash flood 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 gyrate it back to Patricia for the mp;A.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they open the mp;A, I'd fancy to mention a yoke of items. First, they fill supplemental charts at the cease of the glide 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 delight open it up for questions. 

Questions and Answers:


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 fancy you fill pretty robust 2019 guidance and I was hoping that you can serve talk to what the profit trajectory looks like.

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

Jim Kavanaugh -- Chief pecuniary Officer

OK, Wamsi. Thank you very much for the question, and it's probably a magnificient spot to start, given they just concluded the prepared remarks and they talked about some of the dynamics of what's in their guidance. But as always, you would expect, they Hurry 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 hook into account their own operational indices in front of us and their industry plans and strategies. And when they allot sum that together, this is what gives us self-possession and expectation of operating EPS of at least $13.90 for 2019. Now as I just stated, this guidance excludes Red Hat, just given to the timing sensitivity and the pecuniary implications on when it closes but it includes the announced divestitures. And we'll talk about that through sum these mp;As with regard to any forward-looking guidance.

But they enter -- from my perspective, they entered 2019 with a much improved industry profile in terms of, one, driving operating leverage, and you espy how sum that played out in the second half, and it's right through the core of your question. And two, their strategic imperatives right 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 limited color behind that. And then I'll proceed to operating leverage and vulgar and pre-tax margin and tax as they scamper forward.

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

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

And then you yoke 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 industry around to growth growing 2% in the fourth quarter. And they fill a strong portfolio lineup, so they would hope that to continue. And then hardware, yes, we're in the back cease of their mainframe cycle.

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

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

dollar continued to appreciate. And right now you saw in the supplemental charts, they provide you with transparency. They hope 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 live about a one-point headwind. So when you allot it sum together, we've got some pluses and minuses at the top line, but really, this year in 2019, it's going to live predicated on operating leverage. They made magnificient progress through '18, and it positions us very well in -- to expand margins in 2019. So among sum of their scenarios, their guidance model and their expectations testify that they will expand vulgar 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 mix shift in productivity, which will offset -- more than offset the product cycle mix they noiseless fill in the divested content. And one ultimate thing that I would convoke 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 fill 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 scamper forward. But I will flaunt you, discretes by nature vary in timing.

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

This gives us self-possession in their plenary year EPS of at least $13.90 and a free cash flood of about $12 billion.

Patricia Murphy -- Vice President of Investor Relations

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


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 hope directionally Red Hat to live accretive or dilutive to free cash flood and EPS this year. And then on software, could you comment on the energy that you saw? Was it a pushout? conclude you feel fancy you captured big enterprise license agreements? Or is this sort of a more normalized book? And should they hope Cognitive to grow in Q1 and Q2 at a similar pace to what they saw in Q4? Thank you.

Jim Kavanaugh -- Chief pecuniary Officer

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

First of all, as you saw from their ultimate earnings, they continue to hook 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 certain assets within their Cognitive and GBS business. Red Hat, as they talked about, expected was -- we're working through regulatory right now. They hope to proximate 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 industry and the sale of their Seterus mortgaging business.

Both of these will drive headwinds, as you can imagine, in revenue for the year. They hope the mortgage industry to proximate later in the first quarter. That will live 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 scamper forward.

In terms of their cognitive assets that they sold with regards to collaboration and on-prem, those businesses generated roughly a limited bit over $1 billion of revenue over the ultimate 12 months. They said they expected to proximate that by midyear. The transaction price was $1.8 billion, but the expected gain, I will flaunt you, will live a lot less than that $1.8 billion as we're working through the acquisition accounting right now with regards to goodwill and how much goodwill will live applied to that. But they noiseless hope 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 hook 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 glean revert on that. sum of that allot 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 fill an repercussion to free cash flow. Just given what I said a limited while ago in the prepared remarks on the gain on the asset sale will cease up in the investing section of free cash flow. So we've overcome that and noiseless guided a free cash flood 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 straightforward discussions about their portfolio, how they had self-possession in their portfolio, the competitiveness and the value they bring to clients. And they didn't execute in third quarter and they came back.

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

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

We're going to feel even better when they proximate 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 delight proceed to the next question?


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

Katy Huberty -- Morgan Stanley -- Analyst

Thank you. magnificient 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 deem about linearity, given that the timing of some of these discrete items may change the walk-through in the year?

Jim Kavanaugh -- Chief pecuniary 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 hook a sight at it, it's very magnificient question. Why don't I just address it by trying to glean some visibility into first quarter. It's right in front of us right now. If you hook a sight at first quarter, again, they guided full-year EPS of at least $13.90.

If you sight at first quarter, first of all, on an EPS perspective, they would hope the operating EPS skew to live around 16% of the plenary year at $13.90. So when you hook a sight at that, it gets us off to a magnificient start. It does acknowledge that they are on the back cease of a mainframe product cycle, but they got acceleration in their services and their software groundwork of business. And they feel confident in at least that 16% starting out the year.

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

We conclude not espy anywhere near the smooth of discretes in the first quarter. And I would project somewhere around the 11%, 10%, there might live 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 mix differential of their revenue groundwork between annuity and transactional, when they scamper from fourth quarter to first quarter, that seasonality, the transactional businesses fill a more muted result on 1Q versus 4Q.

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

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

Patricia Murphy -- Vice President of Investor Relations

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


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 question on services.

It improved fancy you said it would in 2018. I'm inquisitive 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 inquisitive on the sustainability there. And just as a clarification away from the services, with strategic imperatives up 9%, there wasn't as much talk about that in the prepared remark. I'm inquisitive is that noiseless going to live a metric that's going to live provided or tracked going forward. Thanks.

Jim Kavanaugh -- Chief pecuniary Officer

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

That's down 60 basis points at constant currency and it's a vast improvement from where they started a year ago. If you 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 conclude espy across their total services industry in '19 sustained revenue growth and margin profile.

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

And we've got pervasive growth across sum 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 fill 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 noiseless espy magnificient growth.

It's just not going to live at the smooth that you saw here in the fourth quarter. With sum that said, their margin and operating leverage, they feel comfortable. They grew GBS operating vulgar margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they noiseless espy strong operating leverage led by their mix shift to higher value and the offerings, how we're capturing that price realization and how we're delivering real value and attribute to their clients.

Now in GTS, they are obviously winning with their hybrid cloud momentum. They had a strong signings quarter, really led by GTS overall and the hybrid cloud value prop, delivered $15.8 billion of signings, up 21%. That's what improved that backlog position here at the cease of the year. And we're exiting with an $8 billion as-a-service annualized exit Hurry rate, which provides a strong annuity groundwork 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 deserve 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 industry overall was down, I think, 50, 70 basis points.

And while you espy that absolute backlog improve, they are going to continue prioritizing tall value, because they want to glean prioritization of cash, profit and margin out of that industry and leverage that industry in the value of incumbency and affecting their clients to the future and capitalizing on hybrid cloud. So we'll espy continued margin expansion in GTS as they scamper forward, and that's going to Come out of very similar scale efficiencies, productivity. And remember, in both, we're noiseless going to glean the second half of their productivity from their 2018 actions. So they feel pretty restful and confident in their services groundwork of industry as they walk into '19.

Patricia Murphy -- Vice President of Investor Relations

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


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

David Grossman -- Stifel pecuniary Corp. -- Analyst

Thank you. So Jim, you've announced two divestitures in the ultimate six weeks. I think, you mentioned in your prepared remarks exiting some GTS industry that was perhaps lower margins, lower growth. Obviously, without getting too specific, what else can you flaunt us about the other efforts that are under passage 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 pecuniary Officer

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

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

And whether you proceed over what they just did the ultimate 90, 120 days or you proceed over the ultimate three to five years, they fill 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 conclude that as they scamper forward. These latest actions really focus around disciplined portfolio prioritization around market attractiveness, around differentiation and around how they really played to the integrated value of the IBM portfolio. Their differentiated hardware-software services, and that was really at the heart of the divestitures that they just announced around certain 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 live leveraged and delivered to their clients through a different partner, who will deserve the investment prioritization as they proceed -- scamper forward. I could flaunt you, we're always looking at portfolio optimization and how they prioritize their investment and capital allocation. And you espy that with the announcement of Red Hat, and you espy that play out in what they just did with Cognitive and GBS. But as they proceed forward, we're going to continue prudently managing their portfolio and operate with that pecuniary discipline in terms of acquisitions.

Our strategy hasn't changed. It's always been built around supporting tall value and it's built around leveraging the investment theses and narrative of IBM: Innovative technology, abysmal industry expertise and faith and security sum delivered through an integrated model of hardware-software services. And then finally, I would flaunt you, they fill a strong equilibrium sheet. They fill magnificient cash flood and they fill enough pecuniary flexibility to continue invest in their industry 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 proceed to the next question, please?


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 kindly of of a flat quarter. I was inquisitive as to when you win cloud deals as to why and how conclude you espy the Red Hat acquisition as changing, the color around why you win and how much you win.

Jim Kavanaugh -- Chief pecuniary Officer

OK, John. Thank you very much for the question. Let me try to allot 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 Hurry 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 sight at cloud in the quarter, the cloud number as printed really reflects the very fundamental headwind on the wrap of the product cycle of mainframe that they had to overcome. Now that isn't new.

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

And this is, as I said before, the most successful mainframe product cycle in quite some time, which, by the way, generates and captures modern emerging workloads around pervasive encryption but furthermore is capturing modern workloads around cloud as they scamper 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 espy that as they scamper 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 espy cloud noiseless resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they espy this movement of how they can deliver value in leading the second phase, Ginni calls this Chapter 2, the second phase 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 live 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 carry weight to the IBM company and their clients.

Patricia Murphy -- Vice President of Investor Relations

Thanks, John. Anne, can they delight hook the next question?


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 magnificient to espy the improvement in software and cognitive relative to ultimate quarter. And I guess, the question is, on a go-forward basis, you fill a target of mid-single-digit growth long term in cognitive.

Is it realistic to hope that you could achieve that as they head throughout 2019? And can you maybe talk about the repercussion of any of the transactional industry you may fill seen this quarter that might affect that? And just kindly of talk broadly about the macro environment for that product set in general.

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

But when you sight at fourth quarter, they exited 2% growth. They had magnificient pervasive growth across the portfolio, as I said before, good, strong transactional growth, magnificient SaaS signings, tall renewal rates. And remember, this Cognitive Solutions segment is tall value, tall operating margins, and they continued to expand operating margins here in the fourth quarter and for the plenary year. Now when you hook 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 limited over $1 billion. So it would live 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, right 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 noiseless espy the energy of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a magnificient 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 magnificient lineup. It's going to live on us to execute here in 2019. They fully hope to conclude that.

Patricia Murphy -- Vice President of Investor Relations

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


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

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Hi. It sounded fancy 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 live for '19. Thanks.

Jim Kavanaugh -- Chief pecuniary Officer

Sure, Joe. Thank you very much for the call. First of all, they don't pilot 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 conclude fill the divestitures in here. Divestitures are going to live about a point headwind as they scamper forward. And as I stated, currency is going to live a one to two-point headwind at actual rates. But they conclude feel confident in the book of industry they fill around their services and around their software as they scamper forward.

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

We conclude espy strong operating leverage continuing in 2019, both vulgar and pre-tax margin, leveraging their scale efficiencies, leveraging their mix shift to higher value, leveraging their productivity initiatives. And when you sight at it, we've got magnificient momentum exiting second half, in particular, around their services groundwork of business. Second half services grew operating vulgar margins by 200 basis points. And I deem you would hope a similar first half trend around that.

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

Patricia Murphy -- Vice President of Investor Relations

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


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, glide #10, it was very informative to serve us bridge the two different years on their earnings. The question I fill is, as they sight forward to next year, I know you fill a lot of variables. Are there any bridge items that you want to particularly convoke us out for as most likely to chance to hit your $13.90? And how Come cash flood wouldn't live growing if you fill earnings growing? Thank you.

Jim Kavanaugh -- Chief pecuniary Officer

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

And Chart 10 brings out that plenary year. You espy how 2018 played out, strong operating leverage, tax headwind, revenue growth at actuals. When you sight at it and you proceed back to birth of January ultimate year, they stated what they saw for the year. They grew revenue.

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

But what fill they talked about already on this call? One, they espy continued operating leverage coming out of vulgar and pre-tax margin in 2019. Two, they conclude espy 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 smooth of self-possession that they fill in the long-term value of IBM, but it's furthermore a smooth of self-possession that they fill in the power of the IBM and Red Hat acquisition. So I think, you could espy 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 scamper 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 fill a headwind from the divested businesses, because they fill the foregone -- we'll fill foregone profit and we'll fill a gain, but the gain doesn't proceed into free cash flow. They furthermore will fill some items that hit their free cash flood relative to some pre-closing costs for Red Hat. So that's the reason that the free cash flood is flat despite the fact that they fill a yoke of headwinds within them. So operator, why don't they hook one ultimate question?


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

Keith Bachman -- BMO Capital Markets -- Analyst

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

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

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

Jim Kavanaugh -- Chief pecuniary Officer

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

I think, I said a limited over $1 billion. If you sight 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 limited over $1 billion. When you hook a sight at the GBS mortgage servicing divestiture, that's about $200 million.

So on a full-year basis, annualized, it's about $1.5 billion between the two of them. So hopefully, that answers the clarification. And then on your second question, TS&CP. They finished the year with strong signings growth, which really instantiates their hybrid cloud value proposition and furthermore the value of incumbency that they provide with their clients of understanding their workloads, understanding their industry processes and enabling us to mute -- scamper 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 industry for profit, for cash and for leveraging their incumbency to scamper their clients to the future and provide better client value and delight them through loyalty as they scamper forward. And they are going to exit some low-value content business. So for 2019, I would hope 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 espy that play out in the second half of '18, and they hope that to continue. So sum right, with that said, apologize for going a limited bit long here. They wanted to glean 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 magnificient position to serve their clients, whether they're looking for innovation or productivity or both. We've got a solid groundwork of business. You espy 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 hope that to continue.

This gives us self-possession in their expectation of at least $13.90 of earnings per partake for the year. Their hand will only glean 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 sight 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 gyrate it back to you to wrap up the call.


[Operator sign-off]

Duration: 83 minutes

Call Participants:

Patricia Murphy -- Vice President of Investor Relations

Jim Kavanaugh -- Chief pecuniary 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 pecuniary 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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Pacific tech on the climb with Pacific industry faith | real questions and Pass4sure dumps

Tuesday, 25 July 2017, 4:59 pmPress Release: Pacific industry Trust

Pacific tech on the climb with Pacific industry Trust

Young Pacific entrepreneurs are on the rise, with a growing number making their designate in tech innovation and providing solutions, having being developed by the Pacific industry faith from the start

The Ministry of Business, Innovation and Enterprise (MBIE) states that 2016 was a record year for the technology sector. There was 12% revenue growth for the top 200 revenue earning technology firms (over $1B) and technology was modern Zealand’s third largest export sector, contributing 16.2B to National GDP.Pacific technology businesses are contributing to that growth, with the number of innovative tech solutions on the rise.

One of those is the Manaui Media Language App being created by Cook Islander / Tahitian Koni Rairoa and Samoan Lillian Arp.

Their product is a language preservation app that provides an intuitive piece of technology, customised by the user to empower them to discourse their language with confidence, using it regularly in a seamless way.

“I can’t expose too much more, but verbalize that at a personal level, the journey has helped me discover what my fire is, and I espy it helping so many other Pacific people who want to rediscover their language,” says Koni.

“This project is noiseless in the discovery stage, but we’re planning to open the progress stage before the cease of the year, followed by the design then production of the app.”

Another Pacific tech initiative is KidsCoin, an online instrument that allows kids to deserve ‘Kids Coins’ through online quizzes that school the fundamentals of transactions, banking, saving, making loans, paying tax, entrepreneurship and more.

KidsCoin co-founder Brittany Teei says the solution is designed to serve equip youthful people through hands on learning, with basic pecuniary management skills.

“…The crucial thing for today’s youthful ones is to understand how money works so you can deserve it toil for you instead of the other passage round. Starting it the younger the better is the best passage to create magnificient habits,” she says.

Coder and founder of tech company Best by Peers, Niuean Janet MacFarlane, is developing an online convivial discovery platform focused on creating a credible and trustworthy digital presence, using convivial technology to influence more positive change.

“Establishing faith is the key. As their lives become increasingly digitalized, your online reputation will live your most valuable digital asset. I’m looking at using convivial technology to express and extend your physical self,” she says.

“Today’s corporate culture demands soft skills as much as technical, which will become increasingly necessary given the prediction that 40% of manual jobs will evanesce over the next decade.”Pacific industry faith Chief Executive, Kim Tuaine is leading the Trust’s toil within the sector to develop strategic partnerships, connect Pacific businesses and identify opportunities to innovate.

“It’s an exciting time to live in the technology sector and there are so many exciting Pacific businesses operating in this space,” says Kim.

“The Pacific industry faith is focused on supporting these businesses, whether it’s connecting them to modern investment, helping them to commercialise and compass modern markets or develop their product.”ENDS

© Scoop Media

In response to the challenges facing Scoop and the media industry we’ve instituted an Ethical Paywall to withhold the tidings freely available to the public.People who utilize Scoop for toil requisite to live licensed through a ScoopPro subscription under this model, they furthermore glean access to exclusive tidings tools.

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