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000-595 IBM Maximo Asset Management V7.5 Fundamentals

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

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IBM IBM Maximo Asset Management

Ontracks Consulting Takes excellent IBM Maximo Reseller Title….again | actual Questions and Pass4sure dumps

Edmonton, Canada, February 05, 2019 --( Ontracks Consulting has solidified its region as a premier IBM associate, as soon as again being named the #1 Reseller of IBM Maximo EAM utility in North the united states. here's the fourth time over the past five years that Ontracks has been so honoured.

a number one Maximo implementer and an IBM Platinum stage company associate, Ontracks Consulting has been featuring asset management implementation capabilities for over a decade. This corporate achievement has its roots within the typical corporate lifestyle. It highlights the added value that Ontracks continues to bring to its purchasers as well as the success of the corporation's customer-concentrated philosophy.

“We’re very cheerful to live once again live diagnosed for because the main reseller of IBM Maximo,” says Craig Mackenzie, fundamental at Ontracks Consulting. “This fulfillment confirms their dedication to preserving the maximum even of competency with IBM Maximo and the challenging toil and dedication of their entire crew.”

On the accomplishment, IBM’s Industrial Channel leader Matt Simons remarks, "As they account their associate ecosystem you recognize immediately which companions possess the DNA to live a success: exceptional of individuals, commerce competencies, view leader, skill to collaborate, and many others. it's evident that Ontracks possesses these traits by using as soon as once more being their birthright Maximo reseller in North america for the fourth time in five years. What an accomplishment!"

About Ontracks Consulting

Ontracks Consulting is a leading implementer of IBM’s enterprise Asset management product Maximo and operational evolution firm, working with consumers around the world to extend their operational efficiency. Ontracks focuses on providing commerce implementations and helping their clients recognise tangible and sustainable operational advancements.

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

foreign enterprise Machines commerce enterprise IBM these days acquired Oniqua Holdings Pty Ltd. for an undisclosed quantity. Oniqua provides information superhighway of issues (“IoT”) based mostly upkeep, restoration and operations (“MRO”) inventory optimization solutions. This buyout will bolster IBM’s Asset Optimization observe.

IBM’s asset optimization solutions portfolio already comprises Tririga as smartly because the commerce leading Maximo. in the meantime, Oniqua caters to manufacturing, mining, transportation, oil & gasoline, utilities and other such asset-intensive industries. The transaction will enable IBM to more suitable serve its current consumers and optimize its operations for better productivity.

Focal elements of the Acquisition

Per the press release, IBM plans to merge its asset optimization options with that of Oniqua’s. peculiarly, Oniqua’s flagship provider — MRO respond — when mixed with IBM’s asset optimization solution Maximo will assist IBM to provide a “solutions-as-a-carrier” primarily based solution.

IBM services will furthermore profit “a group of gurus” from Oniqua. The MRO and different prescriptive and predictive analytical capabilities of the group will provide IBM a competitive edge in utility capabilities market.

With a mixed solution platform, IBM looks forward to proffer a unique statistics source encompassing enterprise property to enable a “24/7 operational efficiency.”

lessen Asset Downtime: Key Catalyst

The simple headwind for the asset intensive organizations is annual unscheduled asset downtime. This really stems from the inability of inventories and spare materials. The insights acquired by means of scrutinizing and inspecting the commerce information can diminish unscheduled operational downtime via guaranteeing the ultimate cloth and spare components required to meet the demand.

IBM remains concentrated to deliver the clientele with an respond primarily aimed at reducing unscheduled asset downtime, which allows for these clientsto know their enterprise desires sooner. With Oniqua’s IoT competencies within the asset management area, IBM is probably going to fortify its asset optimization capabilities an outstanding deal.

due to this fact, corporations will improvement from the smooth relate with the facts in true-time. it will permit the clientele to prophesy machine screw ups, consequently shrinking unplanned downtime.

What the buyers deserve to understand

IBM’s stock has lost 2.1% of its cost over the past year, narrower than the industry’s rally of 2.6%.

The company’s becoming clout in the commerce Asset administration (EAM) software market is obvious from market analysis company Gartner’s November 2017 “Magic Quadrant for commerce Asset administration utility” document the region it set aside IBM within the “Leaders” quadrant for its Maximo providing. With Oniqua buyout, IBM is probably going to toughen the paramount position it enjoys in the market.

furthermore, per analysis firm MarketsandMarkets, the EAM market dimension is anticipated to grow from $3.forty four billion in 2017 to $6.05 billion via 2022 at a CAGR of eleven.9%. They account IBM is neatly poised to capitalize on this lucrative haphazard with the further IoT-primarily based capabilities Oniqua brings on board.

Strengthening IoT Capabilities Bodes well

Per IBM’s estimates, there can live around 30 billion linked contraptions by using 2020, accordingly increasing the want for IoT structures. due to this fact, the business’s investment in the know-how seems to live quite smartly deliberate. They believe the upcoming recent combined respond holds promise.

due to the fact the advantages, they can assume regular extend of the company pushed by IoT and simulated intelligence (“AI”) technologies in an pains to finally aid it to compete towards peers.

Zacks Rank & Key Picks

IBM at the second contains a Zacks Rank #3 (hang).

improved-ranked shares within the broader technology sector are Western Digital WDC, Mellanox MLNX and Micron MU, each wearing a Zacks Rank #1 (mighty buy). which you can descry the comprehensive checklist of these days’s Zacks #1 Rank shares here.

The projected long-term profits growth fee for Western Digital, Mellanox and Micron are 19%, 15% and 10%, respectively.

modern-day stocks from Zacks' preferred concepts

it's complicated to believe, even for us at Zacks. however whereas the market won +21.9% in 2017, their desirable inventory-deciding on monitors possess lower back +one hundred fifteen.0%, +109.3%, +104.9%, +ninety eight.6%, and +67.1%.

And this outperformance has not simply been a recent phenomenon. over the years it has been remarkably consistent. From 2000 - 2017, the composite each year typical profit for these suggestions has overwhelmed the market more than 19X over. might live even more fabulous is the indisputable fact that we're willing to participate their latest stocks with you with out cost or obligation.

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IBM Maximo carrier Request | actual Questions and Pass4sure dumps

IBM Maximo provider Request (carrier Request) app provides a platform for coming into carrier requests into IBM Maximo Asset management. service Request is compatible with IBM Maximo anywhere 7.6.2.x.

clients can talk or sort an silhouette of the request, and enter a region and an asset for the request. they could additionally view the requests that they created that are presently unresolved with a view to comply with up on those requests. Contact your IBM Maximo any region administrator before the usage of this utility.

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IBM Maximo Asset Management V7.5 Fundamentals

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

No result found, try recent keyword!International commerce Machines Corporation (NYSE:IBM) Q4 2018 Earnings ... growth in their core offerings, Maximo and Tririga, where they lead the market in asset management and facilities management.

AT&T blockchain pains includes IBM, Microsoft | actual questions and Pass4sure dumps

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

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

The workable utilize cases for the multivendor services include asset management and data sharing within a supply chain. For the latter, blockchain would supersede traditional SSL/TLS certificate-based cryptography models, which possess several vulnerabilities.

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

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

AT&T blockchain with IBM

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

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

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

 AT&T blockchain with Microsoft

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

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

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

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

International commerce Machines Corporation (IBM) Q2 2018 Earnings Conference call Transcript | actual questions and Pass4sure dumps

Image source: The Motley Fool.

International commerce Machines Corporation (NYSE: IBM)Q2 2018 Earnings Conference CallJuly 18, 2018, 5:00 p.m. ET

Welcome, and thank you for standing by. At this time, outright participants are in a listen-only mode. Today's conference is being recorded. If you possess any objections, you may disconnect at this time. Now I will revolve 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 enjoy to welcome you to their second quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's Senior Vice President and Chief pecuniary Officer.

Our prepared remarks will live available within a couple of hours, and a replay of the webcast will live posted by this time tomorrow.

I'll furthermore remind you that positive 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 reason actual results to differ materially. Additional information concerning these factors is contained in the company's filings with the SEC. Copies are available from the SEC, from the IBM web site, or from us in Investor Relations.

Our presentation furthermore includes positive non-GAAP pecuniary measures, in an pains to provide additional information to investors. outright non-GAAP measures possess been reconciled to their related GAAP measures in accordance with SEC rules. You will find reconciliation charts at the finish of the presentation, and in the configuration 8-K submitted to the SEC.

So, with that, I'll revolve the call over to Jim.

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Thanks Patricia, and thanks to outright of you for joining us.

In the second quarter, they delivered $20 billion of revenue, $3.4 billion of operating pre-tax income, and $3.08 of operating earnings per share. Overall, it was a well-behaved quarter. They grew revenue, operating crude profit, pre-tax income, and earnings per share, with sturdy pre-tax margin performance. Their revenue was up 4% as reported, with growth in outright four of their major segments, and their constant currency revenue growth was 2%. This is their best constant currency growth in 7 years. And their pre-tax income was up 11%, reflecting well-behaved operating leverage on net revenue growth.

Looking at their performance at constant currency, the revenue trajectory improved in both services segments, and both returned to modest growth. This is vital to their overall revenue growth profile, as services represents about 60% of their revenue on an annual basis.

In Cognitive, they had well-behaved performance in analytics, and in their industry verticals driven by pecuniary services and IoT. Growth was mitigated by the identical three areas I told you about on their ultimate call, as they continue to focus on repositioning these offerings. And they had sturdy performance and gained participate in their Systems business, which was up over 20% with growth across outright three hardware platforms.

Across their segments, they had continued momentum in their strategic imperatives revenue. Over the ultimate twelve months, their strategic imperatives revenue has grown to $39 billion, which represents 48% of IBM's revenue. And within that, cloud is now $18.5 billion.

Our strategic imperatives revenue in the quarter was up 15%, and accelerated to 13% at constant currency. Revenue performance this quarter was led by Security and Cloud. Security was up about 80% this quarter, driven by sturdy require for the pervasive encryption of IBM Z and growth in their integrated software and services business.

Cloud revenue was up 20%, or 18% at constant currency, driven by their as-a-service offerings. We're exiting the second quarter with an as-a-service annual Run rate of over $11 billion, which is up about 25%. This reflects their success in helping enterprise clients with their journey to the cloud and we're becoming the destination for mission-critical workloads in hybrid environments. We're capturing this high-value growth with their unique differentiation of innovative technology combined with profound industry expertise, underpinned with trust and security outright through their integrated model.

You saw that this quarter in a long-term partnership with the Australian government valued at about $740 million to automate and digitize government services, leveraging IBM's systems, software and cloud-based solutions. They expanded their toil at Crédit Mutuel, who is using the IBM Cloud, security, IBM Z, and Watson to drive its next wave of transformation across its commerce lines. They delivered the world's most powerful supercomputer to the U.S. Department of Energy. They had competitive cloud wins at leading companies enjoy ExxonMobil, Amtrak, and Telefónica de España.

We signed a deal with Anthem, where we'll succor them drive their digital transformation to deliver an enhanced digital experience for millions of health procedure consumers. And in total, they signed 13 services deals over $100 million this quarter. These are just a few of the recent client engagements that will play out over the coming quarters and years, and putting this together with their first half performance, they continue to anticipate to deliver at least $13.80 of operating earnings per participate for the year.

Before getting into the circumstantial pecuniary metrics, I want to provide a perspective on the drivers of their operating earnings-per-share growth for the quarter. What it shows is they delivered 5% growth, despite a significant tax headwind. So, let me atomize it down.

Our 4% revenue growth contributed $0.10 of earnings-per-share growth at constant margin. They realized well-behaved pre-tax operating leverage on that revenue growth, with 11% growth in pre-tax income, and they expanded their pre-tax margin by 110 basis points. About two-thirds of that pre-tax income growth came from crude profit dollars, which were up 2%, driven by profit growth in Global commerce Services and Systems.

Gross margin was down 60 basis points year-to-year. About half was due to mingle and half from the continued investments we've been making to build out their IBM Cloud. Productivity was fairly neutral to the year-to-year crude margin dynamics in the quarter, and as they discussed ultimate quarter, the profit from actions they took earlier in the year will ramp up in the second half. The remaining third of the pre-tax income growth came from efficiencies we've been driving in their expense structure. And then, as I said, tax was a significant headwind, driven primarily by a discrete tax profit ultimate year.

Finally, a lower participate count contributed to growth. Putting it outright together, they delivered the 5% growth, with well-behaved contribution from revenue, pre-tax margin expansion, and to a lesser extent, participate repurchases.

Looking at their key pecuniary metrics, as I said, revenue is up 4%. Currency contributed 2 points, which is about half the contribution based on the spot rates at the time of their first quarter earnings call. And I'll remind you, the significant volatility in currencies has implications across the income statement, not just revenue.

Constant currency revenue was up 2%, which is essentially outright organic. I'll talk to revenue on a constant currency basis going forward. Their revenue growth was broad based across geographies and sectors. They had growth in more than 60 countries, representing over 80% of IBM's revenue. EMEA growth accelerated to 4$, led by Germany, the U.K., France and Spain, with pervasive growth across commerce areas.

Looking at their operating pre-tax income growth of 11%, I said that about one-third of that was from operating expense, which was better by 2%. This includes a 2-point impact from currency, which is significantly less than the first quarter impact due to the dollar strengthening. And so their base expense was better by 4%.

As they continue to invest to build their innovation pipeline in areas enjoy AI, and security and blockchain, we're furthermore realizing acquisition synergies and driving operational efficiencies by streamlining their management system, scaling Agile, and implementing recent ways of working. I talked about some of these in their webcast back in March, and we're seeing the profit not only in improved hasten and responsiveness, but furthermore in a more efficient structure.

Within expense, they furthermore absorbed a lower even of IP income which was down $115 million year-to-year in the quarter, and about $240 million in the first half. Their operating tax rate of 16% was up nearly 7 points, with just over a point from the underlying rate, and the equilibrium from ultimate year's discrete tax benefits of $170 million.

Looking at the cash metrics, they generated $1.9 billion of free cash flood in the quarter, and $3.2 billion in the first half, which is down $400 million year-to-year. Their solid working capital performance was more than offset by a cash tax headwind and growth in capital investment, consistent with what they discussed earlier in the year. Remember, there's a lot of seasonality in their cash generation, and over the ultimate 12 months we've generated $12.6 billion, that's 111% of GAAP net income.

Now, turning to their segments. Cognitive Solutions had $4.6 billion of revenue, which was down 1% at constant currency. They had continued growth in their as-a-service revenue, exiting the quarter with an annualized Run rate of $2 billion. Within Solution software, we're scaling recent platforms and solutions, with growth in several key areas. I'll title a few.

Growth in their underlying analytics platform was led by the DB2 portfolio, their data science offerings, and their recent IBM Cloud Private for Data offering, which makes data ready for AI across outright clouds.

In their Watson platform, the AI platform for business, growth reflects sturdy require for their recent virtual assistant offering with triple-digit growth in their conversation service usage. Clients using Watson assistant include Bradesco, Orange Bank, Autodesk, Royal Bank of Scotland, Vodafone, and LivePerson, to title a few. Watson is both a platform on its own and a driver of growth and differentiation in several of their industry verticals.

Our industry verticals continue to scale, led by IoT and Watson for pecuniary Services. IoT growth was driven by Maximo, which is the No. 1 asset management solution, and Tririga, the No. 1 facilities management solution. pecuniary Services reflects sturdy performance in their Risk and Regulatory commerce and pecuniary Crimes portfolio, leveraging their Promontory skills and AI technologies. In Watson Health, they had well-behaved performance in areas enjoy Payer and Life Sciences. And in emerging areas enjoy blockchain, we've now seeded the market with over 60 energetic blockchain networks.

This quarter they launched with 9 large banks, including Deutsche Bank, HSBC, KBC and Natixis. This is the first live blockchain-based, bank-to-bank trading platform. Growth in these areas is offset by a transition in some areas I talked about in April, specifically talent, collaboration and commerce, which today are a combination of on-prem and SaaS offerings. They are modernizing their offerings and making investments to address the secular shifts in the market. keep in mind, the time to value of these investments is longer in SaaS.

Our Transaction Processing Software was down 2%, driven by declines in storage software. Within TPS, they had growth in IBM Z middleware and Power middleware. Looking at profit this quarter, they grew pre-tax income 9% and expanded pre-tax margin by over 2 points year-to-year, driven by operational efficiencies and acquisition synergies, while continuing to invest at tall levels in key strategic areas such as AI, Security and blockchain.

Before getting into Global commerce Services, let me give you a perspective on their total services business, across the two segments. They continue to accomplish well-behaved progress. Their services signings grew, the year-to-year services backlog trajectory improved from ultimate quarter, services revenue returned to growth, and they had a modest improvement in the year-to-year services crude margin trajectory.

Our signings were up 6%, and within that, they had 13 deals over $100 million. So, we're clearly winning in a competitive environment. We're addressing the fundamental shifts in the industry, enjoy helping clients implement hybrid cloud, and managed security services. This is driving a shift in their backlog content, with nearly 30% of their outsourcing backlog now in Cloud. And then looking at the services crude margin, it was down just 25 basis points year-to-year. I'll remind you again that they possess most of the benefits from the first quarter productivity actions still ahead of us.

So now let's accumulate into the two segments. Global commerce Services returned to modest revenue growth, increased crude profit dollars, and expanded crude margin. We're realizing the improved revenue trajectory from the run-out of their opening backlog for the year. Their Strategic Imperatives revenue grew 6% with sturdy performance in the as-a-service offerings, which were up 25%.

We possess talked about how they possess realigned their exercise model around three growth platforms -- Digital Transformation, Cloud Application and Cognitive Processes. While outright are progressing, they possess particular might in Digital, which again grew sturdy double digits. This was driven by Digital commerce Strategy and by their mobile offerings.

Across these platforms, Consulting revenue growth accelerated to 4% year-to-year, led by their offerings in Digital and Cloud. Their GBS Consulting exercise brings commerce expertise together with technology expertise to unlock value for their clients. For example, this quarter, IBM Digital and Mediaocean launched a blockchain consortium comprised of leading advertisers and publishers, including Kellogg, Unilever, Kimberly Clark, and Pfizer, to set the recent industry benchmark for the digital ad-buying ecosystem.

We're continuing to invest, recently announcing the acquisition of Oniqua Holdings, which adds technology and professional expertise in asset optimization. This strengthens their integrated IoT platform across Cognitive Solutions and GBS.

Application Management Services revenue was down 3%, reflecting continued declines in traditional Enterprise Application managed services. We're growing in strategic offerings enjoy Cloud Migration Factory and Cloud Application Development. The increased require in these areas has led to two consecutive quarters of double-digit signings growth in Application Management.

Turning to crude profit, GBS' crude margin grew 130 basis points year to year. They possess done a lot of toil to transform their portfolio and reposition their offerings to capture improved cost for value, and they are furthermore starting to descry early contributions from their productivity actions around labor models and structure.

In summary, GBS delivered a solid quarter and they are starting to descry the realization of their initiatives in their results.

In Technology Services and Cloud Platforms, revenue returned to growth. Similar to GBS, this performance was driven primarily by their improved opening backlog run-out dynamics. The strategic imperatives revenue in the segment grew 24%. This was led by Cloud, which grew 27% and their as-a-service revenue grew 30%, which is up about 6 points sequentially and is now at an annualized Run rate of $7.6 billion.

Infrastructure Services revenue growth improved to 1% this quarter, as they continue to succor clients on their journey to cloud. The IBM Cloud enables clients to migrate, modernize and build recent cloud apps, is AI-ready, and secure to the core. This quarter they completed the migration of Westpac's core banking applications to the IBM Cloud. It's just one illustration of how we're becoming the go-to destination for mission-critical workloads on the cloud.

We're continuing to build capabilities, recently announcing an expansion to 18 availability zones for the IBM Cloud across the world. The expanded global footprint is vital as clients view to maintain control of their data as they implement hybrid, especially given the increased data regulations.

In Technical champion Services, revenue was down 4%. As is always the case with a Z launch, we're seeing a short-term impact in their maintenance stream, as IBM Z sales scurry clients from maintenance to warranty for the first year. The impact to maintenance is becoming more pronounced now, with the higher adoption rates by existing clients in the sturdy current Z cycle. This impact was moderated by continued growth in their multi-vendor champion offerings.

Integration Software grew 1%. They had well-behaved performance in offerings that modernize applications and enable cloud adoption. This includes offerings enjoy IBM Cloud Private, which helps clients to develop cloud autochthonous applications behind their firewall. We've added 100 recent clients in the second quarter, and now possess over 300 clients since the product was announced at the finish of ultimate year.

Turning to crude profit, margin for the segment was down a point from ultimate year. The majority of this decline was driven by the revenue mingle away from higher margin TSS in the quarter, with the remains driven by the continued scale out of their Cloud. They did possess some productivity benefits, but as I said earlier, the actions they took in the first quarter will relent predominantly in the back half of the year.

In Systems, they grew revenue again, as they continue to deliver innovative technologies that address today's most simultaneous workloads. outright three brands, IBM Z, Power, and Storage grew, and they gained participate overall. In the second quarter, IBM Z grew revenues by 112% year-to-year on nearly 200% MIPs growth, again driven by recent workload MIPs. The Z14 adoption remained broad-based, and after four quarters, continues to track ahead of the prior program. The value prop benefits existing IBM Z clients who are growing and expanding workloads on Z14 this quarter, whether it's eCommerce sales, mobile banking volumes, machine learning, or emerging blockchain services. And we're adding recent clients from outright corners of the globe, from a managed care provider in the U.S., to a university in Canada, to an electronics distributor in Italy, to a bank in Africa. They furthermore had well-behaved acceptance of their recent single-frame Z14 designed specifically for cloud environments, which launched earlier in the quarter.

Power revenue was up 4% driven by adoption of their recent POWER9 entry even portfolio, and continued growth in Linux. These cloud-ready systems provide leadership capabilities in advanced analytics, cloud environments and data intensive workloads in AI, HANA, and UNIX markets. They continued to roll-out their supercomputers at the U.S. Department of Energy labs. As a fragment of their deployment, the U.S. government recently unveiled POWER9-based Summit, the world's most powerful supercomputer, which is ranked No. 1 in the TOP 500 list of commercially available computers. This is the first time in over 5 years that a U.S. company topped the list.

Storage hardware returned to growth this quarter, after facing some sales execution challenges in a competitive market ultimate quarter. This growth was broad-based geographically, and led by sturdy growth in outright glint Arrays. glint grew double digits across the portfolio, and took share. They are coming out with recent offerings, including a recent mid-range FlashSystem announced ultimate week, with industry-leading performance technology.

Turning to profit, Systems pre-tax income was up about $275 million year to year, and pre-tax margin was up over 10 points, so solid performance.

Moving on to cash flood and the equilibrium sheet, in the second quarter they generated $2.9 billion of cash from operations excluding their financing receivables, and $1.9 billion of free cash flow. And, so, in the first half, they generated $3.2 billion of free cash flow, which is down $400 million from ultimate year. This reflects solid working capital performance, offset by a $300 million extend in capex as they build out global cloud data centers, and $700 million more of cash tax payments. We've now got the entire cash tax headwind that they anticipate for the year behind us.

Looking at uses of cash for the half, we've returned $4.6 billion to their shareholders. In April, they again raised their dividend, and with that we've now tripled their dividend per participate over the ultimate decade. In the first half, they bought back nearly 12 million shares, ending June with 913 million shares outstanding and $2 billion remaining in their buyback authorization.

Looking at the equilibrium sheet highlights, their cash and total debt levels are pretty consistent with ultimate June. About two-thirds of their debt supports their financing business, which is leveraged at 9 to 1, and the majority of their financing receivables, 54%, are at investment grade, which is 2 points better than this time ultimate year. So, their equilibrium sheet remains strong, with plenty of flexibility to champion their investments and shareholder returns over the longer term.

In summary, their performance this quarter underscores the extent to which they possess repositioned their commerce over the ultimate several years. As I said, nearly half of their revenue is aligned to the strategic imperatives, which depict the emerging, high-value, high-growth segments in their industry. This furthermore reflects a major portfolio shift for IBM, driven, as they discussed at their investor webcast in March, by major shifts in their capital allocation and investment strategy.

Those shifts reflect their vision of what clients would value in a rapidly reordering IT industry, driven by Cloud, Data, and AI. And that is innovative technology in key emerging areas, the expertise to apply that technology in industry-specific processes and workflows, and a commitment that their enterprise data would live handled responsibly. This is IBM's differentiation, and we're seeing it arrive through in their revenue and profit performance.

This quarter, they delivered 2% constant currency revenue growth, 11% operating pre-tax income growth, and 5% earnings-per-share growth, capping off a first half where they furthermore grew revenue, operating profit, and earnings per share.

As always, they possess some tailwinds and headwinds as they scurry into the second half, but with this performance, and their continued focus on driving consistent operational execution, they continue to anticipate to deliver at least $13.80 of operating earnings per share, and free cash flood in the ambit of $12 billion.

And with that, let me revolve it back to Patricia for mp;A.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they commence the mp;A, I'd enjoy to mention a couple of items. First, they possess supplemental charts at the finish of the slide deck that provide additional information on the quarter. And second, as always, I'd examine you to forbear from multi-part questions.

So, operator, let's tickle open it up for questions.

Questions and Answers:


Thank you. They will now commence the question-and-answer session of today's conference. If you would enjoy to examine a question, tickle press * followed by the number 1. Their first question comes from Wamsi Mohan from Bank of America Merrill Lynch. tickle depart ahead.

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

Yes, thank you. Jim, you saw some constant currency deceleration in Cognitive revenues but PTI margins improved nicely. You alluded to a few factors in there. I was wondering if you could provide some more granularity on the drivers of that PTI margin expansion between the operational efficiencies, the acquisition synergies that you alluded to [inaudible] investments, and second, your base expanse decline was quite significant in the quarter. Can you talk about the trajectory of that in the second half, especially given some of the cost actions that you said are yet to live reflected? The cost actions that you took in 1Q that possess yet to live reflected in the back half. Thank you.

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Sure, Wamsi. Thank you very much for the question. Let me address the Cognitive Solutions segment first and talk about constant currency and then accumulate to the operating leverage component. Then I'll address your expense question next. Cognitive Solutions, first of all, as you outright know, their pecuniary model for the Cognitive Solutions segment is to deliver growth and furthermore deliver operating leverage consistent with that growth. What we've been seeing over the ultimate couple quarters as we've been driving the acquisition integration synergies across their business, we've been seeing that operating leverage well in advance of their actual revenue growth within that segment.

We've furthermore been driving operational efficiencies and synergies around redefining how they Do work, redefining evolution optimization, applying Agile methodologies, and getting better speed, responsiveness, cycle time, and throughput and output within their organization. So, we're getting more value for dollar of spend overall. You descry that play out in operating leverage in that segment in the first quarter and you've seen it play out in the second quarter, with sturdy profit growth of 9% on that constant currency revenue growth. So, they continue to anticipate that they scurry forward and we'll continue to leverage and accumulate value out of that commerce overall.

In terms of expense dynamics, you heard in the prepared remarks their operating expense was better by 2%. But there are many different components within that operating expense 2% better. First and foremost, currency had impacted their operating expense by 2 points. I will show you that was about half of the impact or even a limited bit less than half the impact than they expected 90 days ago, just given the volatility of what's been happening in the FX markets, in particular around the U.S. dollar appreciation.

So, the ultimate couple quarters, currency is impacted by expense by 4 to 5 points. Now, it was only a 2-point impact. So, their base productivity was about 4% better. That is being driven, as they continue to drive the operating leverage through their enterprise productivity initiatives around reinventing IBM and how they actually Do work. Changing their management system, addressing their structure, attacking cost and complexity, aligning conclusion rights, and driving accountability.

So, that 4% is a base even of productivity that we're driving and they anticipate that going forward. Then I'll just add one other point. That is on IP income. You descry through the second quarter their IP income was down by over $100 million, $115 million, I account to live exact. Through the first half, it's down nearly $250 million overall. So, they continue to leverage and monetize the value of their research and evolution spending, and they continue to invest in those areas and we'll opportunistically optimize that through many monetization models, but IP birthright now is down $115 million. When you bring outright that together, it's delivering substantial operating leverage to their business, as you descry here in the second quarter.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Wamsi. Can they depart to the next question, please, Anne?


Thank you. The next question comes from Steve Milunovich of UBS. Your line is now open.

Steven Milunovich -- UBS Securities -- Analyst

Thank you very much. A unprejudiced amount of your growth in revenue and even pre-tax profit came from the hardware area. What are you expecting in second half mainframe compares? Are they going to live down year-over-year in the third and then down pretty severely in the fourth? And then just to ensue up on your currency comments, I assume you're losing about $2 billion of revenue in the second half relative to what you expected back in April. possess you taken actions to compensate for that to accumulate to your $13.80, to accumulate to your $12 billion of free cash flow?

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Thank you, Steve. Many questions there. Let me steal each one individually. First of all, yes, they had a very sturdy systems quarter overall. Both on revenue and on operating leverage, where they grew pre-tax income over 10 points year-over-year. But let's set aside the quarter in perspective. They delivered 4% revenue overall, 2% at constant currency. It was their strongest constant currency revenue growth rate in over 7 years. It was led by their continued acceleration and their strategic imperatives, which were up 15% at actual, 13% at constant currency. That was an acceleration from the first quarter and within that, their cloud business, $18.5 billion, up 23%.

Our adds to service annualized Run rate now over $11 billion. That's up 24%. Their services businesses returned back to growth at constant currency. Both GBS, which had a worthy quarter, and TS and CP. But even if you steal their systems commerce into your question around mainframe, and if they steal mainframe out, you would descry those identical dynamics in the quarter-to-quarter acceleration of their strategic imperative commerce and as you outright know, in their adds to service acceleration of over $11 billion, growing 24%, that doesn't possess any systems commerce within it.

The ultimate point I'll bring up around top line and then I'll accumulate to your other questions, they had broad-based geographic and sector growth across their business. Probably the best breadth and growth across the number of countries that we've had in quite a epoch of time. 60+ countries grew at constant currency and that represented over 80% of IBM's revenue.

If you extract out the mainframe cycle, they still had over 60 countries that actually grew. Those are large countries enjoy Japan, enjoy U.K., enjoy Germany, France, Spain, Australia. Many which are not mainframe dominant. So, they descry continued momentum. Now, with regards to mainframe. I'm not going to apologize. This is the most enduring platform that you've seen out there and they continue to capitalize on gaining new, emerging workloads onto that platform.

We delivered substantial growth in the second quarter, over 100% growth. They tripled their installed MIPs inventory that they ship. We're capturing over 60% of that MIP ship is in specialty workloads. So, through the first four quarters -- now is the pertinent time to possess the discussion -- through the first four quarters, they are well in advance of what the prior cycle was.

With regards to your question about second half, I would anticipate that to continue in the second half as they scurry forward. They know in the fourth quarter that we've got a tremendous compare and I talked about that 90 days ago. They will possess an impact, but we've got momentum in their services businesses returning the growth and, as you know, that's 60% of their commerce overall.

Now, with regards to currency. I'm cheerful you brought that up. We've seen stagy volatility over the ultimate 90 days since their ultimate earnings call. To set aside it in perspective, they had stated here 90 days ago that they expected about a 4-point tailwind in the second quarter coming off of a 5-patient tailwind in the first quarter and you descry that only ended up being a limited bit over 2 points of a tailwind in the second quarter, as the U.S. dollar appreciated significantly against most currencies.

Now, when they view at the second half, they descry about a 1 to 2-point headwind. Currency will flip. That's about somewhere in the neighborhood of $1.5 billion, including second quarter's $400 million that I talked about. Now, with that said, currency, you understand the top line dynamic of revenue. But currency furthermore impacts margins, and they impact expense. From a margin perspective, if you view at, we've got two different businesses. We've got product-based businesses and we've got services-based businesses. On product-based businesses, you don't possess a direct alignment of your sources of revenue and your sources of cost. So, that translation revenue impact that you descry in their product-based businesses, the hardware, software, and services, you will descry a crude margin impact on that at the GP line.

Services where you possess a much more alignment of source of revenue and cost, you possess basically a natural hedge. You won't descry a crude profit impact on that revenue translation. But as you outright know, they drive a hedging program to mitigate the foreign exchange volatility at a profit level. Why? Because it gives us time to adjust their pricing terms, their structure, and their sourcing strategies. So, at a PTI level, you descry a very de minimis impact in period. Hedging doesn't eliminate, it only defers it. But at a profit level, it's a very de minimis impact, but it impacts the P&L differently as they scurry forward.

Patricia Murphy -- Vice President of Investor Relations

Okay, Steve. Let's depart to the next question, please.


The next question comes from Katy Huberty of Morgan Stanley. Your line is now open.

Katy Huberty -- Morgan Stanley -- Managing Director of Research

Thank you. well-behaved afternoon. Jim, as was mentioned in an earlier question, investors are certainly worried about the tougher comps in the back half of this year and the 2% growth was a nice astonish this quarter, but you're not quite at consistent and meaningful growth across the businesses. And so my question is whether you and the ease of the management team would account stepping up either M&A or divestitures to more meaningfully remix revenue and set the company on a path and a narrative around much more meaningful and sustainable growth?

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Katy, thanks for the question overall. As you stated, they delivered a very solid quarter at 2% constant currency. I would show you it's their third straight quarter of growth overall with an acceleration in terms of breadth and depth across geographies, across sectors, and across countries around the world.

But let's steal a view at their portfolio. First and foremost, they are very confident in the portfolio lineup that they possess here today around each of their segments. They talked about, at their investor day, the value differentiation of IBM. That value differentiation is built around innovative technology, around profound industry expertise, and around trust and security. outright delivered through an integrated model.

If you steal a view at it, they talked about the key value differentiators as they scurry forward. The value of bringing that together, I account you're seeing substantiated now here in the second quarter, with very sturdy growth overall in their systems platform, in the consequence they play to their infrastructure, in their integrated model. You descry their services base of businesses continue that trajectory improvement that they talked about starting in January of this year. They improved in the first quarter and now we've got both businesses back to growth and they delivered double-digit signings at actual rates in the first half, which positions us well as they scurry forward.

But you know their motto overall, we've done a lot of toil around remixing their capital and investments to build out the portfolio that they possess today. We're very disciplined in their capital allocation strategy. They said 70% to 80% of that capital and investment is going to depart back to their shareholders in the configuration of participate buy-back and dividend and you saw us raise their dividend here in April this year. Their 23rd straight year. But the remains is for us to utilize internally to build out their differentiated capability around investments in R&D and capital to drive leadership in AI, leadership in blockchain, leadership in security, and leadership now in quantum as they scurry forward.

But acquisitions are an integral part. We're going to continue to evaluate their portfolio and how they capitalize the value of those acquisitions in light of the integrated, differentiated strategy of the IBM company going forward.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Katy. Let's depart to the next question, please.


Our next question is from Toni Sacconaghi of Bernstein. Your line is now open.

Toni Sacconaghi -- Bernstein -- Analyst

Yes, thank you. I'm wondering if you could remark a limited bit more about the dynamics affecting Cognitive Solutions' revenue growth. It was down at constant currency versus a pretty smooth comparison. It's the commerce that has the highest percentage of strategic initiatives in it, so it's obviously very vital for you. Can you maybe remark specifically on what's happening with Watson Health? There were lots of press reports about the significant retrenchment in that business.

And I know you said the acquisitions steal time, but you've had them outright for at least a year. And so maybe you can remark on why you account they haven't seen better revenue progress or what specifically happened this quarter.

Then very quickly, if you could just confirm, you talked about flattish crude margins for the year. You're down in each of the first two quarters year-over-year, so should they live expecting crude margins to live up about 50 basis points year-over-year in the second half to hit that bogey of flattish?

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

All right, Toni. There's a lot to live compacted in a multiple-part question. But let me try to address each piece. We'll start with Cognitive. In terms of their Cognitive Solutions, they possess a sturdy portfolio in the key strategic areas around analytics, around industry verticals, around security and around IoT and they continue to descry well-behaved performance overall. But I'll remind you, this portfolio is a tall annuity content. Over 80% of the commerce is annuity, with sturdy renewal rates. They continue to drive but that SaaS has a longer time to value, a longer time to realization.

But let me unpack the segment because you've got to understand the piece parts, because they each felicitous different purposes within the overarching IBM strategy in purpose. One is around TPS. TPS declined 2% overall and it's about what they would anticipate in this area. You've even commented on this the ultimate couple quarters. We've been riding the wave of the mainframe product cycle over the ultimate three quarters and saw pretty well-behaved growth that was unusual. Now, we're back to down 2%. This is high-value, high-profit, strategically vital to their clients overall, but it's in stable to declining businesses and it wasn't unexpected.

When you view at their software solution portfolio, we've got growth in analytics as they revamp that portfolio coming off of a pretty disappointing fourth quarter. They grew in first quarter, they worthy again in second, and they got good, double-digit growth in their industry verticals enjoy pecuniary services and IoT and we're seeing well-behaved growth in Watson Health. We've got growth in Life Sciences segment, Imaging, Payer, and we're seeing well-behaved SaaS signings in their Government segments within that business.

Yes, they are driving acquisition synergies and you're seeing that play out. It's well in advance of a year. And you're seeing net operating leverage play out well in advance of their pecuniary model around Cognitive Solutions. So, transaction processing software pretty much as expected, high-value based markets, software solutions, the key strategic areas that they possess are growing. The focus that we've got, and they talked about this 90 days ago, are in three key segments around talent, around collaboration, and around commerce, where they are investing to modernize their portfolio to address the secular shifts that are happening in both client value and in consumption models.

As you know, this commerce today in these three segments are both a admixture of on-prem and SaaS. They are investing aggressively to revitalize this portfolio into a SaaS world around driving user interface improvements to accomplish their offerings more digitally consumable, and furthermore about shifting and investing to embed AI to deliver differentiated value for their clients overall. So, that's Cognitive Solutions.

Now, you asked about crude profit margins. So, let me steal a step back and give you my perspective. Now that I've been on the job six months as CFO of IBM and I've spent a lot of time with their investors and furthermore with many of you, the sell-side analysts, listening and furthermore getting a perspective of their company, the sentiment, and the strategic positioning and what you would enjoy to see. In each of those inevitably, the discussion around margin comes up. Why? Because yes, they are a value-based stock. Their investment thesis is around value. Value driving profit growth at the finish of the day that gives us the free cash flood flexibility to continue to revert value to their shareholders and invest in their business.

But the discussion around crude profit margins always inevitably accumulate at Services. Is Services deflationary and can you grow Services margins? I would show you I account that's at the heart of your question around crude profit. I'll respond it in a couple ways. One, talking about their pecuniary model, and two, talking about how they manage the business. But before I accumulate into that, first and foremost, the net respond is as I stated 90 days ago, they anticipate their Services crude margin to expand in the second half and they still feel confident coming off of the trajectory improvement of what they saw in the second quarter really led by sturdy margin expansion in their GBS commerce and the productivity actions they possess in front of us.

But when you view at this from an overall IBM perspective, their pecuniary model, as they talked about, is low single-digit revenue growth, mid single-digit profit growth, and tall single-digit EPS growth. In 2Q, you saw the instantiation of delivering that model. They grew revenue. They had PTI margin expansion of 110 basis points; the strongest we've had in years. And they drove operating leverage to deliver 11% profit growth, well in excess of their model.

So, for a full-year perspective, their view at an operating even in terms of profit growth has not changed. We're going to grow profit, we're going to grow PTI margins, and that supports their full-year guidance.

Now, let's talk about how they manage the business. Because I account it's vital for their investors and it's vital for each of you as analysts to understand this. No. 1, they got two distinct, different commerce models in their company. They got a product-based commerce model and they got a services-based commerce model. In a product-based commerce model, hardware, software and solutions, value is instantiated in delivering returns at a PTI level. Why? Because outright the investment they accomplish in a product-based commerce ends up below the crude profit margin line. And you descry in their product-based commerce systems and Cognitive Solutions, we're growing substantial operating leverage and we're growing substantial revert on investment.

Now, in services, as I said 90 days ago, in a human capital-based business, value is instantiated in crude profit margins. They manage their services commerce to accumulate a revert on their human capital at the crude profit level. As I said, as a crude profit even in services, they still anticipate to expand margins in the second half. The only thing that has changed in the ultimate 90 days has been the extreme volatility in the FX world around the U.S. dollar appreciation. As I stated earlier, they possess a hedging policy that mitigates the volatility of currency inter-IME at a profit level, but it does impact crude margins, in particular at a product even in their product-based businesses. It does not impact profit in the near-term. It allows you time to then depart adjust your pricing terms, your cost structure, and your sourcing strategies as they scurry forward.

So, that's the only thing that's changed in the ultimate 90 days. They feel confident we're going to grow revenue for the year at current spot rates, even in light of currency flipping to a headwind in the second half. They feel confident we're going to expand pre-tax margins similar to what they did in the second half. Within that, they feel confident we're actually going to deliver services crude profit margin expansion in the second half of the year.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Toni. Ann, can they tickle steal the next question?


The next question comes from the line of Tien Tsin Huang of J.P. Morgan. Your line is now open.

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

Thanks so much. Yeah, so consulting accelerated, which is encouraging. I'm curious, is that starting to draw in some other services revenue around it or behind it? I saw or you mentioned the [inaudible] were well-behaved again. So again, was it enough to drive positive effects mutual revenue growth in services for the second half? I'm just trying to piece outright of those things together and account about [inaudible] revenue growth for services overall in the second half.

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Yeah, if you steal a view at GBS in second quarter, first of all, we're very pleased with their performance. The toil that note and the team possess done tirelessly to transform their structure, their commerce models, their growth platforms, the set of initiatives around productivity, we're very pleased. You saw that play out in continued trajectory improvement throughout the first half, returning to modest revenue growth and significant operating leverage and margin expansion, which they anticipate will live a stout contributor in their second half services margin expansion that they talked about in the ultimate question.

Now, with that said, if you view at that acceleration and what's been happening in the trajectory of their services business, first, as you outright understand the dynamics of that business, you possess to accumulate signings that possess to relent into backlog, which has to relent into revenue as they scurry forward. We're seeing tremendous momentum in their consulting base of business. They delivered 4% revenue growth as you stated in the second quarter, and that's leveraging momentum around how they redesign their growth platforms and how they resign their service lines and offerings and practices. We're capturing higher value. Value around digital transformation offerings that enable clients to scurry their journey to the cloud as they scurry forward. We're doing worthy in their CRM practice, their workday practice, and we're furthermore capturing recent emerging areas enjoy blockchain, where we're seeing well-behaved growth in their services base of business.

As you know and they talked about extensively at their investor webcast in the dawn of the year, GBS has a very integral fragment in an integrated model strategy in the IBM company. They possess the mission of bringing commerce and technology transformation together. So, the long respond to your question around is consulting in GBS a key leading indicator of dragging the ease of IBM? The respond is definitely yes.

Patricia Murphy -- Vice President of Investor Relations

Thanks, Tien Tsin. Can they tickle steal the next question?


The next question comes from Jim Schneider of Goldman Sachs. Your line is now open.

Jim Schneider -- Goldman Sachs -- Analyst

Good afternoon. Thanks for taking my question. I was wondering if you could maybe ensue up on that prior question and talk about the skill of the tech services and cloud platform segment to start to revert a growth in the back half. Clearly, we're starting to accumulate a limited bit better signings performance, but I'm wondering if that's a realistic expectation for that segment and whether you can achieve it at the identical time as you're expanding margins there?

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Sure, Jim. well-behaved to talk to you again. Thanks for the question. Yes, on TS and CP, similar to their discussion around GBS, we're pleased with the trajectory improvement and the progress that we've been making within this commerce on the top line throughout the first half. They made sequential progress quarter-to-quarter. They possess now returned to growth, delivering $8.6 billion of revenue.

Let's talk about a couple of the key components. First, they are capitalizing on tremendous momentum around enterprise hybrid cloud strategy. They are becoming the destination of stirring and enabling their clients' journey to the cloud. Their GBS commerce is an instrumental fragment of that strategy as they scurry forward. So, we've got a lot of momentum in their enterprise hybrid cloud. That, as you see, is delivering an as-a-service annualized Run rate of $7.6 billion. That's up 30% year-to-year. That has tremendous value as they scurry forward to continue getting scale efficiencies and the like.

But let's talk about then the core GBS commerce overall. If infrastructure services revert to growth, 1% in the growth, and it's really been built off of a very sturdy first half where they delivered double-digit signings growth at the GBS and TS and CP segment even and now, you saw their backlog continues to improve. Their backlog now in total is $116 billion. Within that, 30% of that backlog now is cloud, as they continue to capitalize on the secular shift and deliver more and more value overall.

Our integration software commerce has grown 1% and continues to grow through the first half. What we've got to toil on, and this is fragment of having an integrated portfolio and fragment of having success in other areas, their TSS commerce is down 4%, but that's a office of us significantly overachieving against their ultimate program, their mainframe product cycles. They descry a deceleration in TSS, but we're seeing the offset in their systems base of commerce going forward.

So, when you view at that trajectory improvement, they returned their backlog back to flat in the second quarter in TS and CP. And again, a lot of toil ahead of us. We've got to fuel second half signings. We've got a well-behaved opening pipeline, but I descry continued trajectory improvement and then their focus on margins as they scurry forward in the second half to deliver second half services crude profit margin expansion are going to live captious to their guidance.

Patricia Murphy -- Vice President of Investor Relations

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


The next question comes from David Grossman of Stifel Financial. Your line is now open.

David Grossman -- Stifel pecuniary Corp. -- Analyst

Thank you. Hi, Jim. This year, you're guiding to free cash flood roughly equal to net income, which is above your longer-term target. I know it's way too early to providing 2019 insight; however, are there are factors that are driving the '18 free cash flood that may not reoccur next year or even potentially invert that they should live factoring into their thinking for next year?

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Yes, David. Thank you very much and well-behaved to hear from you again. Before I accumulate to the long-term view, I involve I account you kindhearted of nailed it. Let's talk about their free cash flood guidance here through the second quarter and more importantly, through the first half. First of all, they talked about entering the year that they expected $12 billion of free cash flow. That was down about $1 billion. If you remember, at that point in time, they talked about they were going to continue to invest in their commerce in terms of capital, to build out their IBM cloud architecture, and oh, by the way, in the second quarter, I account you possess seen the announcement where they expanded 18 recent availability zones around the world, so they are committed to winning in the cloud space and we're investing to depart Do that. But they furthermore said they were going to possess a significant cash tax headwind here in 2018. Then their GAAP profit, as they start turning this commerce and deliver on their at least $13.80, was going to pretty much offset their sturdy working capital efficiency that they exited ultimate year with their mainframe cycle.

So, through the first half, they delivered $3.2 billion of free cash flow. That's down $400 million. It's vital to understand the underpinnings behind that. Within that, we've invested $300 million year-to-year, up 20% on capital already through the first half. We've had sturdy operational after-tax profit performance that delivered a positive contribution of $600 million to champion that investment in capital as they scurry forward. So, when you Do the net then, their entire year-to-year reduction through the first half is outright driven by cash tax headwind. That cash tax headwind is $700 million through the first half and it's outright behind us now.

So, their second half free cash flow, to your point, we've always said as a rule of thumb, free cash flood should ensue their profit levels. When you view at their realization, you descry it playing out in their realization. We're well in excess of 100%. Their trailing 12 months is at $12.6 billion and their attainment supports that $12 billion free cash flood even as they scurry forward.

So, it's too early to view at '19. We'll deliver that in January. But at least hopefully the respond gives you some of the dynamics of what's playing out in free cash flow.

Patricia Murphy -- Vice President of Investor Relations

Thanks, David. Ann, can they tickle steal the next question?


The next question comes from Keith Beckman of Bank of Montreal. Your line is now open.

Keith Beckman -- Bank of Montreal -- Analyst

Thank you very much. Jim, I wanted to descry if you could talk a limited bit about the durability of services. You've talked about GBS and technology and cloud outsourcing growing constant currency in the second half of the year, yet backlog, total services backlog is down 1% in constant currency. So, once you recheck growth, are you still calling for durable growth in those businesses, even with backlog down? Then my follow-up -- well, let me examine my follow-up question after that.

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

No, why don't you examine your follow-up question now.

Keith Beckman -- Bank of Montreal -- Analyst

Well, just within GBS. Something I wanted to arrive back to, application management is still under pressure, as it is for most of the providers. Is that going to continue within the context of GBS or you actually descry application management within the confines of GBS improving?

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Okay, Keith. So, thank you very much for just getting it outright and giving me a better perspective of the entirety of your multiple-part questions so they can set aside this in perspective. So, let's talk about, I'll drive you back to 180 days ago, when they were sitting here in January. They talked about the position where they were at. They talked about what's going on with the dynamics of their backlog overall, and they talked about the backlog realization and runout that they saw over the 2018 period.

We said entering 2018, that they had much stronger backlog realization or runout, I should say, they that were starting with than they did entering 2017. You're seeing that play out as they depart through the first half, where they made sequential year-to-year improvement over the first quarter and now they revolve both of their services businesses back to growth.

Now, within that, as they stated earlier, in a human capital-based services business, you've got to continue fueling those signings that delivers backlog. And more importantly, you've got to drive the birthright composition of backlog that drives your backlog realization in yield, and furthermore drives duration. Obviously, what you're seeing over time is you're seeing, I think, a secular shift with admiration to what's happening to duration and long-term contracts. You're not seeing that anymore.

So, we're getting higher yielding revenue. We're also, the composition of their backlog with consulting, which accelerated to 4%, that composition is much more shorter term and higher value as they scurry forward. So, over the long run, you're right. You've got to continue to fuel signings to fuel that backlog, but I would show you, outer years of 6, 7, 8, 9, 10, in today's world are much less pertinent than an in epoch your first year, your second year, your third year in the composition.

So, they Do feel confident with that trajectory improvement. They came off the first half delivering well-behaved growth, double-digits and signings in the first half, and the composition of those signings, as I said, they already possess 30% of their backlog that's sitting in cloud. By the way, over 40% of their backlog is now in key, strategic, imperative workloads overall. So, that's kindhearted of your first question.

Your second question, AMS. They talked about AMS. Obviously, that's going through a secular shift in the industry. You're seeing that play out against outright the competitors that are in the space today. But I would show you what differentiates IBM with regards to AMS? One, it's their value of incumbency. The integrated play, the integrated model of IBM, the value of incumbency and the reason we're in the AMS commerce is they understand their clients' operating models, their client's workloads, and their clients' commerce processes. They said entering this year that they were seeing success in us leveraging that value of incumbency to live the destination to succor their clients with the journey to the cloud and scurry to the cloud.

We're seeing that play out in the first half. We're not only in the first quarter, but furthermore in the second quarter they had double-digit signings growth in their AMS commerce over time. Again, backlog yes is still down overall. Their revenue is down 3%, but they descry this inflection point as they scurry forward and they continue to leverage and deliver that value for their clients as they scurry on their journey overall.

Patricia Murphy -- Vice President of Investor Relations

Let's depart to the next question, please.


The next question comes from Jim Suba of Citibank. Your line is now open.

Jim Suba -- Citibank -- Analyst

Thanks very much. Jim, I just possess one question for you. As you sit there in the CFO seat and you're calling now for margins to accelerate or improve or expand year-over-year in the second half of the year, what are the milestones that are hitting that kindhearted of accomplish you call that out? The happiness behind it, the confidence. What's the milestones that they can view back and whine that made a lot of sense and it has long-term durability to it? Thank you.

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Jim, thank you very much for the question. It's a well-behaved question overall. If you steal a view at it, I've said from January, they obviously possess multiple scenarios. How Do they accomplish at least $13.80? What I looked at and the team, and the entire management team looks at is the trajectory of their business, the operational indices, and the drivers as they descry going forward of headwinds and tailwinds on that guidance for their shareholders of at least $13.80.

But when you steal a view at revenue growth, I said they would possess revenue growth at current spot rates for the replete year, and that they would possess pre-tax operating margin expansion and operating leverage in their business. So, to your question, what Do they view at and what are the trends that are driving that? So, let's unpack it. I've talked about this the ultimate couple calls. The way I view at margin expansion really centers around three or four major areas.

No. 1, margin expansion is going to live delivered through us continuing to leverage the momentum in their enterprise cloud and their as-a-service-based business. Why? Because it's going to generate scale efficiencies for us to deliver on what they said at their investor day, which is margin accretion as they scurry through to the cloud. So, scale efficiencies, they are seeing that improvement in the first quarter. We're seeing improvement in the second quarter, and it's outright being built off of the momentum around their cloud and their as-a-service-based business.

Second, they talk about mix. mingle being another lever. So, you view at the mingle of one within each of their segments and how we're shifting to higher value, which we're making well-behaved progress. The best instantiation of that is GBS, where they're getting better cost realization and better value around remixing their offerings to sell better value. But furthermore across segments, they possess a stout mingle headwind as they talked about 90 days ago, with admiration to the mainframe cycle. So, they steal that into account.

The third bucket is around productivity. This is around how you transform the way you work. It's predominantly led by their services-base of business. But it's furthermore about how they reinvent and how they Run their company around their infrastructure and enterprise productivity. Both are giving us operating leverage as they scurry forward. We're seeing the latter play out in their expense efficiency structure here in the second quarter and in their services-base of business, they talked about the toil we're doing around their workforce optimization, the significant actions they took in the first quarter. I said it's predominantly the relent on that is in the second half. That should accelerate significantly.

But we're furthermore transforming the way they actually deliver service. Redesigning it, applying Agile methodologies, infusing AI and automation, and driving a differentiated value to their clients to improve the attribute in addition to the efficiently and margin.

Finally, the ultimate point, which given services is 60% of their business, human capital based business, you possess to generate revenue to generate operating leverage. It's tough generating operating leverage when revenue is down. We're seeing, as that revenue trajectory improves and we're seeing as they play out here in the second quarter returning services back to growth, that we're going to accumulate the operating leverage as they scurry forward. That's what makes us confident in delivering at least $13.80.

Patricia Murphy -- Vice President of Investor Relations

Great, thanks. Ann, let's steal one ultimate question, please.


The ultimate question comes from Amit Daryanani of RBC Capital Markets. Your line is now open.

Amit Daryanani -- RBC Capital Markets -- Analyst

Thanks. cheerful I made it under the line there. Maybe to start, cognitive revenue is down in constant currency in the quarter and really there's some amount of transactional commerce there, but just succor me understand what tempered the growth there and then Do you account cognitive will actually grow in the back half of the year because your compares start to accumulate fairly difficult in that commerce I account in the back half of the year.

And then, Jim, just on crude margins, what's leading you to start talking about [inaudible] aggregate total IBM crude margins will live flat to stable and now it sounds enjoy it's on the in-services, so what's the degradation in cognitive or systems that's changing that statement on crude margins from a corporate even to only services now?

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Okay, so on each of them, Amit, first of all, thanks for getting into the queue. It's well-behaved to hear from you again. But on each of these, I account I answered them already. But let me just give the synopsis. On cognitive, they talked about the different dynamics within their portfolio around TPS, which had been growing, leverage the mainframe cycle. Now, it's more in line with what their expectations are. In solutions software, we've got might in key strategic areas of their portfolio, analytics industry verticals, both FSS, in health, in security, in IoT, but we've got toil to Do on modernizing those key three segment areas of talent, collaboration, commerce. And that, as those secular shifts scurry much more aggressively to SaaS, that time to value gets realized over a longer epoch of time.

So, they Do they might in positive components. We're making investments in others to transform, as I talked about, and modernize those offerings. That will play out over time. But with that said, we've done outright the toil and we're driving the acquisition integration synergies, the operational efficiency savings. They feel confident even at this even of revenue they can drive operating leverage within that business.

Then finally, back to your question on margins. As I talked, first, I account the way they manage this business, value is instantiated in the services-base commerce in crude profit margin. Value is instantiated in the product-based commerce in pre-tax income because you've got to recoup the revert on investment of your go-to-market and your development. So, I would not whine I'm changing. I would whine their operating view of the year of their pecuniary model of revenue growth, of profit growth, of earnings per share, is exactly the same. The only thing that's different within that is the FX change in the ultimate 90 days, with the significant U.S. dollar appreciation.

Now, they hedge. They hedge that mitigates that profit variability. But when you view at currency around the constituent of the I&E, you descry how it plays out differently. That transparency and credibility is what I feel is vital for you and investors to understand, but it has no impact on their bottom line profit contribution and their delivery of their free cash flood and their at least $13.80 for the year. So, thank you, Amit.

With that said, let me wrap up the call where I started by epigram this was a well-behaved quarter. We're pleased. They had solid revenue growth and profit performance. This reflects the toil we've been doing to reposition their commerce in terms of their offerings, their people, the way they work, and reinventing IBM. Now, as always, there's more toil to do. I view forward to continuing the dialog over the course of the year. Thank you outright for joining us on the call here this evening.

Patricia Murphy -- Vice President of Investor Relations

Ann, I'm going to revolve it back to you to proximate up the call.


Thank you for participating on today's call. The conference is now ended. You may disconnect at this time.

Duration: 80 minutes

Call participants:

James J. Kavanaugh -- Senior Vice President and Chief pecuniary Officer

Patricia Murphy -- Vice President of Investor Relations

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

Steven Milunovich -- UBS Securities -- Analyst

Katy Huberty -- Morgan Stanley -- Managing Director of Research

Toni Sacconaghi -- Bernstein -- Analyst

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

Jim Schneider -- Goldman Sachs -- Analyst

David Grossman -- Stifel pecuniary Corp. -- Analyst

Keith Beckman -- Bank of Montreal -- Analyst

Jim Suba -- Citibank -- Analyst

Amit Daryanani -- RBC Capital Markets -- Analyst

More IBM analysis

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

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