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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 Name : Fundamentals of Applying Maximo Enterprise Asset Management Solutions V2
Vendor Name : IBM
: 123 Real Questions

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IBM Fundamentals of Applying Maximo

IBM Watson declares Partnerships To improve worker safety via Watson IoT | killexams.com Real Questions and Pass4sure dumps

nowadays, IBM Watson is announcing essential collaborations with a few business partners to improve worker defense in hazardous environments. the brand new offerings leverage information superhighway of things (IoT) technology at the side of IBM’s present Maximo business 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 important center of attention enviornment for us, to increase worker safety using IoT facts and AI,” pointed out Kareem Yusuf, PhD, general supervisor of IBM Watson IoT.

prior to now, the enterprise’s center 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 work methods round them, for improvements like predictive maintenance.”

With the new partnerships, the same 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 display such potential dangers as warmth, peak, temperature, and gasoline degrees, and to verify whether laborers are uncovered to risks or risks. “It makes it possible for their shoppers to define work 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 possible 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 tool embedded inside the Maximo worker Insights platform, agencies can have instant indicators of health emergencies or “man-down” eventualities, and might additionally build old 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 aware of and warn of surrounding dangers, and also 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 object risks.

Guardhat - this is no normal hardhatImage courtesy Guardhat

within the third collaboration, IBM Watson will music IoT sensor statistics from the new wearable “shirt,” named hamon, these days launched by way 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 also monitoring surrounding environmental situations, together with noise and fuel degrees and air temperature. The Maximo employee Insights platform can then analyze 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 flexible network of vicinity sensors, which can be 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 also be dropped in lots of "skins" to include a common defense cone, then positioned at any place you need it - its modular gadget enables for a mess of sensors (360 camera, LED lighting fixtures and LIDAR pictured above)picture by way of Mark Holleron

The groups have 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 see what’s appropriate 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 found is that in the event you hold the focus on safeguard and fitness, the preliminary insight is that the merits outweigh the considerations. And should you maintain very clear traces about who owns the data, and work collectively transparently, it’s now not a large problem.”

CEO Jason Lee shows simply how portable the SmartCone can bePhoto with the aid of Mark 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 support reduce energy consumption, optimize building occupancy – that’s the kind of work we’re focused on, bringing price in the here and now. And with these new purposes, they can assist americans function extra safely.”

Automation is commonly criticized for its talents to dispose of jobs, nevertheless it’s also been shown to improve worker protection by way 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 use and usability. We’re going to continue to work on ways to link it to tactics, and to allow people to be more advantageous, efficient and suggested.”


IBM steps up efforts to assist miners improve health and security records | killexams.com Real Questions and Pass4sure dumps

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

IBM steps up efforts to help miners improve 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 way of Wikipedia.)

an awful 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 couple 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 part in — or expected to play— within the health and safeguard area of mining businesses.

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

facts may also be gathered in close actual time from wearables, wise gadgets, and environmental sensors to support enterprises respond to problems or react to changing environmental circumstances.

The problem is that many corporations wouldn't have an automatic safeguard system in region, Fawcett says. frequently, they're paper-based or depend on systems the place 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 share insights on records that may had been overlooked. furthermore, historic statistics can also be consumed to fashion historically over time,” Fawcett notes.

IBM believes that within the “very close” future, AI will deliver a full 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 full analysis on working conditions earlier than an employee even takes a work order. this will include a complete summary on the place the project is going to be carried out spatially, forecasted climate statistics and significant safety notices for the worker in that specific vicinity.

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

“the usage of this facts, they can steer clear of lots of falls that might have in any other case took place 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 be able on a platform scale in the 2nd half of the year.

Wearable defense

IBM is additionally working on extending the reach 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 perform superior by replacing counsel with different connected gadgets without requiring human-to-human or human-to-desktop interaction.

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

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

picture: Shutterstock.

The business has recently joined wearable know-how developer Garmin to offer groups who set up IBM’s Maximo worker Insights platform to get 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 display 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 use of wise PPE wearables.

Mitsufuji, in flip, has launched a brand new wearable “shirt” made from silver conductive fibres that tracks information from workers' biometrics to aid make sure security in severe environments.

SmartCone, a issuer of wise, IoT-primarily based safeguard and monitoring options for securing susceptible and dangerous zones, may be 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 like the contemporary deadly dam catastrophe within the Brazilian town of Brumadinho occurs, all 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. All those individuals, at every stage, deserve to speak, share 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 share the advice they need, once they need it.

IBM is already supporting Lightship, a company that offers an clever fields operations device to assist businesses navigate their records to find the vital suggestions to help them make greater, safer choices. It pulls collectively all 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 | killexams.com Real Questions and Pass4sure dumps

DETROIT, Feb. 13, 2019 /PRNewswire/ -- Detroit-based mostly Guardhat, an industrial safety technology business really good in developing wearables, infrastructure and utility systems to deliver a safer and more productive work 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).

(PRNewsfoto/Bedrock)

extra

"The implementation of sensible protective device permits us to more suitable analyze place of work statistics and supply critical defense insights in close precise-time," observed Saikat Dey, Guardhat Co-Founder and CEO. "by participating with IBM, they are able to leverage Maximo worker Insights to carry wise 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 place of work.

The IBM Watson IoT platform is designed to assist consumers improve 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 close precise-time from wearables and different related instruments to support employers establish advantage risks within the place of work.

Guardhat's proprietary utility actively monitors a user's place, pulse, body temperature and work atmosphere. This provides a holistic view of each person's work 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 indispensable information which they can use to enhance protection management and in the reduction of place of work injuries by using up to 20 p.c.

For extra counsel, talk over with: www.guardhat.com

About Guardhat

Detroit-primarily based Guardhat is a number one industrial IoT expertise business really good in constructing wearables, infrastructure and application systems to deliver a safer and extra productive work atmosphere for frontline industrial worker's in heavy manufacturing industries. founded in October 2014 through business 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 work 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, true Time location systems and Wearable solutions. For more suggestions, consult with: www.guardhat.com.

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

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

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

Image source: The Motley Fool.

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

 Welcome, and thank you for standing by. [Operator instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time. Now I will turn 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 like to welcome you to their fourth-quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's senior vice president and chief financial officer.The prepared remarks will be available within a couple of hours and a replay of the webcast will be posted by this time tomorrow.I'll remind you that certain comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could cause actual results to differ materially.

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

You'll find reconciliation charts at the end of the presentation and in the Form 8-K submitted to the SEC.So with that, I'll turn the call over to Jim.

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

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

We had strong performance in software and in services, they had revenue growth and gross margin expansion. This was offset by the expected impact of their IBM Z product cycle dynamics. Their total software revenue was up 2%. They entered the quarter with a good 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 steady improvement in Global Business Services throughout the year, with 6% growth in the fourth quarter and revenue growth and gross-margin expansion across all three of their GBS business lines. Global Technology Services had a modest revenue decline, with solid gross margin expansion. They had a great 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 be 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 help run their clients' most important processes, which puts us in a unique position to help them transform their businesses.

As they exit 2018, we're continuing to see a few themes across their engagements. First, their clients continue to look to turn data into competitive advantage by applying analytics and AI with an industry lens. Second, clients are increasingly looking to cloud to drive business value. As they move more mission-critical workloads to the cloud, they need to securely move 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 balance shifting over time. We're recently seeing increasing interest in productivity, as clients look forward to the next couple of years. And so their results this quarter reflect their ability to deliver innovation and productivity.

You see this in their strong results in analytics and AI, in their as-a-service cloud revenue and in strong signings in their services business that deliver technology solutions and economic value, all through their integrated value proposition. That's why companies such as Vodafone and BNP Paribas are leveraging the IBM Cloud, where they benefit 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 take them to the next level 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 run rate for cloud delivered as a service of over $12 billion, which is up 21% over last year. This is a solid base 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 all forms of AI models and Multicloud Manager, a service to deploy and manage complete applications in any cloud environment. We're adding innovative services like the world's first commercial quantum computer available on the IBM Cloud. You may have seen that ExxonMobil is already using it to help address its most complex business challenges such as energy exploration and chemicals manufacturing.

The number of new 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. All of this is a validation of their hybrid open approach to cloud, and they have a strong foundation from which to drive synergies across the business with the addition of Red Hat. Let me pause here to remind you of the value they see from the combination of IBM and Red Hat, which is all 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 move beyond their initial cloud work to really shifting their business applications to the cloud. They are concerned about the secure portability of data and workloads across cloud environments, about consistency in management and security protocols across clouds and in avoiding vendor lock-in. They understand how the combination of IBM and Red Hat will help them address these issues. They see the strong bookings Red Hat recently reported as further evidence of clients' confidence in the value.

Remember, the quarter ended a month after the transaction was announced.From a value perspective, in addition to the growing Red Hat business itself, they see an opportunity to lift all 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 get more business value from the cloud, they need more services help, from the digital design to app modernization to native app development to management of hybrid cloud environments. You saw last week the results of Red Hat's shareholder vote, with very high participation and over 99% voting in support. They are moving through the regulatory process and continue to expect to close in the second half of 2019.

We've had a decade-long partnership with Red Hat and extended it nearly a year ago around hybrid and multi-cloud. And now after the announcement in late October, they begun the internal enablement planning, so they can hit the ground running post-closing. So now, I'll go through the details of the fourth quarter, wrap up with the summary of the full 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 gross and pre-tax operating margins. Their gross margin was up 10 basis points, with strong performance in the services businesses, together, up 190 basis points. This was mitigated by the expected 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 benefit 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 new ways of working, like using agile methodologies and leveraging automation and infusing AI into their processes. This provides flexibility to drive innovation in areas like hybrid cloud, AI, security and blockchain, while also delivering operating leverage.Within their expense decline, they also had a lower level of IP income. At the beginning of the year, they said they expected IP income to be down year to year, and it has been tracking lower, down $165 million year to year in the fourth quarter and nearly $450 million for the full year. Putting this expense performance together with their gross margin expansion, pre-tax margin was up 50 basis points.

Looking at operating tax. At the beginning 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 also 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 share of $4.87 was driven by solid operating leverage, offset by expected headwind from tax. Looking at their cash metrics. They generate $6.5 billion of free cash flow in the quarter, with $11.9 billion for the year, in line with their expectations.

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

We expanded pre-tax margin by nearly three points, delivering operating leverage on this revenue growth from both operational efficiencies and mix, while still investing at high levels. In the quarter, they continue to deliver innovation to their clients and scale their platforms and solutions, resulting in growth in their transactional revenue and SaaS signings. In transaction processing software, they capitalized on the 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 have adopted the platform. And that's since launching just over six months ago. New clients include 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 new cyber threats.

In addition, we're scaling their newest Watson services running on IBM Cloud Private for Data like AI OpenScale.In security, they continue to have 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 new clients this quarter, including their work 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 new deals this first month. They see a strong pipeline as clients are interested in the benefits of blockchain behind their firewall. Now over the last few quarters, I called out offerings within their solutions software, which address horizontal domains, where they face secular shifts in the market, specifically collaboration, commerce and talent. We've been taking actions and last month, they announced the divestiture of their collaboration and on-prem marketing and commerce products to HCL.

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

Looking at their signings. On their last 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 last quarter's performance. Customers are increasingly looking to leverage digital for growth and innovation, while at the same time, increasing efficiencies and reducing costs within their businesses. IBM services can deliver this value by leveraging its breadth across GBS and GTS. A recent example is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital experience solutions to support the bank's ongoing digital transformation, increasing their IT efficiency and scale and enabling them to seize opportunities in an increasingly digital financial sector.

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

Consulting revenue growth accelerated to 10%. This is validation of their success in bringing together technology and industry expertise to help their clients on their digital journey. They had continued strong growth in Digital Strategy, fueled by their digital commerce and CRM offerings. They are also accelerating growth in next-generation enterprise applications, led by strong demand in their consulting and implementation services in areas like 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 move to the cloud. The 4% growth also reflects the achievement of significant milestones across a few accounts. We've been also improving their revenue profile in global process services.

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

We're focusing on higher value offerings that are important to their integrated value proposition. Turning to GBS gross profit. There are a number of drivers of their 300-basis-point expansion, including the operating leverage they get on the revenue growth, their mix toward higher value offerings and capturing the price for value, a help from currency, given their global delivery mix and the yield 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 last year and gross margin expanded approximately 150 basis points.

We continue to have 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 new and existing clients are looking to IBM to manage their critical infrastructure and deliver innovation, while simultaneously achieving predictable spending. They continue to see 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 be impacted by the hardware product cycle dynamics, partially offset by continued growth in their core multi-vendor services offerings.

And finally, integration software growth accelerated to 4%. This performance was driven by continued strong adoption of IBM Cloud Private, where they added 200 new clients. That brings their total number of clients using this innovative platform to 600 in just over a year as they continue to modernize traditional workloads. They also now have 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 new offerings to enable clients in an open, hybrid, multi-cloud world like IBM Multicloud Manager, which I mentioned earlier. Turning to profit for the segment. Gross-margin improvement is driven by the lift of their productivity initiatives. This includes infusing AI and automation in their delivery processes such as by leveraging IBM services delivery platform with Watson and embedding agile thinking into their service-delivery processes.

We're also leveraging productivity and talent-optimization efforts, where they continue to optimize business processes, reskill their expert workforce and leverage their global scale. PTI margin was flat, reflecting continued investments to expand their go-to-market capabilities and develop new offerings to capture the hybrid-market opportunity. So to wrap up services, at the beginning of 2018, they said they expected an improving trajectory in their services revenue and profit, and they delivered on that throughout the year with the 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 last 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 new clients and new workloads to the platform. Since launching the z14 program, their mix capacity has increased nearly 20% with new workload MIPS growing twice the rate of their standard MIPS.

So we're taking advantage of the secular shifts in the market and now over 55% of their installed MIPS inventory is in emerging workload areas. And while there's volatility in the hardware due to product cycles, as they continue to grow their installed base up roughly three and a half times over the last decade, this provides stability in their related software, services and financing business across IBM. Power revenue was up 10%, driven by Linux and continued strong adoption across their new POWER9-based architecture. In the fourth quarter, they completed the release of their next-generation POWER9 processors in the high end 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 have extended HANA certification to their POWER9 high end. In the fourth quarter, they had strong initial traction with their new 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 new 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 flow in the fourth quarter. This capped off a year with $15.6 billion of cash from operations, also excluding financing. They invested $3.7 billion in CAPEX this year, mainly in their services and cloud-based businesses and that's up $400 million from last year. And so they generated free cash flow of $11.9 billion for the year.

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

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

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

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

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

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

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

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

We grew revenue, operating profit and operating earnings per share for the year with strong free cash flow realization. They had good momentum in GBS, with particular strength 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 help 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 run rate, which is up 21%. They continued their very successful IBM Z program and strong performance in Power with their POWER9 architecture rollout. They repositioned their operating model and drove productivity, which improved their margin profile. They also continue to prioritize their investments and took actions to optimize their portfolio.

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

We'll update their view of the year at the time of closing. In the last month and a half, we've also announced two divestitures: the sale of their collaboration in on-prem marketing commerce software and the sale of their Seterus mortgage servicing business. For these businesses, when they consider the combination of the foregone profit, the gain on the sale of software assets, the actions to address structure and stranded costs and the resulting benefits from these actions, they expect there to be minimal impact to their profit and earnings per share for the year. And unlike the Red Hat acquisition, the timing of the closing does not have a significant impact on the financial 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 impact operating EPS guidance for the year, though they do have a benefit to their financial profile over the longer term. Turning to free cash flow. They expect about $12 billion in 2019, with a realization rate of about 100%.

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

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they begin the mp;A, I'd like to mention a couple of items. First, they have supplemental charts at the end of the slide deck that provide additional information on the quarter and the full year. This includes the 2018 performance and year-end assumptions for their retirement-related plans and supporting information on the 2019 implications of their divested businesses.

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

Questions and Answers:

Operator

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

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

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

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

Jim Kavanaugh -- Chief Financial Officer

OK, Wamsi. Thank you very much for the question, and it's probably a good place 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 run multiple scenarios here across their business. And we're looking at the trajectory of their business, the macroeconomic environment, what their enterprise clients are telling us.

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

But they enter -- from my perspective, they entered 2019 with a much improved business profile in terms of, one, driving operating leverage, and you see how all 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 little color behind that. And then I'll go to operating leverage and gross and pre-tax margin and tax as they move forward.

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

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

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

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

And from a headwind perspective, you talked about macro. Well, the first thing I would call out is currency. The U.S. dollar continues to strengthen throughout 2018, especially even since their last earnings call 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 expect about a one to two-point headwind on currency. And then finally, they are taking very disciplined portfolio actions across their business, where they don't align to their integrated value play and where they can reprioritize and focus their investment to drive the value around the IBM company.

That divested content is going to be about a one-point headwind. So when you put it all together, we've got some pluses and minuses at the top line, but really, this year in 2019, it's going to be predicated on operating leverage. They made good progress through '18, and it positions us very well in -- to expand margins in 2019. So among all of their scenarios, their guidance model and their expectations indicate that they will expand gross 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 still have in the divested content. And one last thing that I would call 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 have 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 move forward. But I will tell you, discretes by nature vary in timing.

They vary in amounts and will be recorded when they occur in 2019. But you put all 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 confidence in their full year EPS of at least $13.90 and a free cash flow of about $12 billion.

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Toni Sacconaghi -- Bernstein -- Analyst

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

Jim Kavanaugh -- Chief Financial Officer

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

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

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

In terms of their cognitive assets that they sold with regards to collaboration and on-prem, those businesses generated roughly a little bit over $1 billion of revenue over the last 12 months. They said they expected to close that by midyear. The transaction price was $1.8 billion, but the expected gain, I will tell you, will be 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 be applied to that. But they still expect a sizable gain, nowhere near $1.8 billion but a sizable gain.

And as they said, we've got to overcome, one, the foregone profits of these businesses, the stranded cost of these businesses. And they will take 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 get return on that. All of that put together is minimal impact to their profit.

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

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

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

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

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Katy Huberty -- Morgan Stanley -- Analyst

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

Jim Kavanaugh -- Chief Financial Officer

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

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

If you look at first quarter, first of all, on an EPS perspective, they would expect the operating EPS skew to be around 16% of the full year at $13.90. So when you take a look at that, it gets us off to a good start. It does acknowledge that they are on the back end of a mainframe product cycle, but they got acceleration in their services and their software base of business. And they feel confident in at least that 16% starting out the year.

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

We do not see anywhere near the level of discretes in the first quarter. And I would project somewhere around the 11%, 10%, there might be something within the first quarter, but we're not talking substantial amount. So that is really EPS. On revenue, which they probably had the best visibility, just given their operational indices, the mix differential of their revenue base between annuity and transactional, when they move from fourth quarter to first quarter, that seasonality, the transactional businesses have a more muted effect 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 do see an improvement, just given the mix shift in the strength of their annuity content as they move forward. The last thing that I'll bring up about first quarter is I talked a little bit about currency for the year.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

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

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

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

So curious 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 curious is that still going to be a metric that's going to be provided or tracked going forward. Thanks.

Jim Kavanaugh -- Chief Financial Officer

OK, Tsien-Tsin. Thank you very much for the question. They obviously are very pleased with their services business and how we've continued to reposition their portfolio both in GBS but also in their GTS base of business as they moved throughout 2018. But when you look 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 big improvement from where they started a year ago. If you remember their discussions here a year ago, they had a lot of discussion about your overall backlogs down 3% at constant currency, and they talked a lot about what they saw play out in 2018, and the team's just done an excellent job. We're in a much better position. And they do see across their total services business in '19 sustained revenue growth and margin profile.

But let me take the pieces and just give you a little bit of perspective. GBS, couldn't be more proud 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 get these numbers pretty close: strategic imperatives growing mid-teens, cloud growing 30 plus percent and their as-a-service-based business exiting with over a $2 billion number, I think up 64% overall.

And we've got pervasive growth across all three lines of business, led by digital. They did state 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 have a differentiated offering, and we're delivering value to their clients. But they also closed on many client-specific milestones that caught up in the fourth quarter, but they still see good growth.

It's just not going to be at the level that you saw here in the fourth quarter. With all that said, their margin and operating leverage, they feel comfortable. They grew GBS operating gross margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they still see 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 quality 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 end of the year. And we're exiting with an $8 billion as-a-service annualized exit run rate, which provides a strong annuity base content and resiliency in their model.

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

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

David Grossman -- Stifel Financial Corp. -- Analyst

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

Jim Kavanaugh -- Chief Financial Officer

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

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

And whether you go over what they just did the last 90, 120 days or you go over the last three to five years, they have constantly focused on one, where is the market moving in terms of growth, high-value offerings, client value and most importantly, profit pools. And you're seeing us continue to do that as they move forward. These latest actions really center 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 be leveraged and delivered to their clients through a different partner, who will make the investment prioritization as they go -- move forward. I could tell you, we're always looking at portfolio optimization and how they prioritize their investment and capital allocation. And you see that with the announcement of Red Hat, and you see that play out in what they just did with Cognitive and GBS. But as they go forward, we're going to continue prudently managing their portfolio and operate with that financial discipline in terms of acquisitions.

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

So they feel pretty good.

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

John Roy -- UBS -- Analyst

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

Jim Kavanaugh -- Chief Financial Officer

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

That was up 12%. And within that, as they always talk about, the high-value merging areas of as a service finished with an annualized exit run 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 look at cloud in the quarter, the cloud number as printed really reflects the same fundamental headwind on the wrap of the product cycle of mainframe that they had to overcome. Now that isn't new.

We expected that. We've been talking about that all year long. Second half of the year, they knew they were going to be on the back end 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 new emerging workloads around pervasive encryption but also is capturing new workloads around cloud as they move 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 see that as they move 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 see cloud still resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they see 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 moving very business-critical, business-value-led workloads. And that's about 80% of the workloads ahead of us. So the value of bringing IBM and Red Hat together is going to be centered around hybrid, open, multi-cloud and us wrapping around their security secure to the core and how we're going to deliver that differentiated value proposition.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Jim Schneider -- Goldman Sachs -- Analyst

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

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

Jim Kavanaugh -- Chief Financial Officer

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

But when you look at fourth quarter, they exited 2% growth. They had good pervasive growth across the portfolio, as I said before, good, strong transactional growth, good SaaS signings, high renewal rates. And remember, this Cognitive Solutions segment is high value, high operating margins, and they continued to expand operating margins here in the fourth quarter and for the full year. Now when you take 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 little over $1 billion. So it would be about a four, five-point headwind in '19, and that's pre-Red Hat acquisition, because Red Hat's not in '19 yet. But we're going to have, 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 still see the strength of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a great quarter, data AI, their industry-based verticals. Their Watson Health had growth across many of its offerings as I talked about earlier.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Joseph Foresi -- Cantor Fitzgerald -- Analyst

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

Jim Kavanaugh -- Chief Financial Officer

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

We do have the divestitures in here. Divestitures are going to be about a point headwind as they move forward. And as I stated, currency is going to be a one to two-point headwind at actual rates. But they do feel confident in the book of business they have around their services and around their software as they move forward.

But the underlying dynamics, as I talked about, they have many different scenarios we're running here. All point to giving us confidence in their expectation of at least $13.90 as they move forward. That is going to be a mixture 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 go into that $13.90 overall.

We do see strong operating leverage continuing in 2019, both gross and pre-tax margin, leveraging their scale efficiencies, leveraging their mix shift to higher value, leveraging their productivity initiatives. And when you look at it, we've got great momentum exiting second half, in particular, around their services base of business. Second half services grew operating gross margins by 200 basis points. And I think you would expect a similar first half trend around that.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Jim Suva -- Citi -- Analyst

Thank you very much. In your prepared slides, Slide #10, it was very informative to help us bridge the two different years on their earnings. The question I have is, as they look forward to next year, I know you have a lot of variables. Are there any bridge items that you want to particularly call us out for as most likely to happen to hit your $13.90? And how come cash flow wouldn't be growing if you have earnings growing? Thank you.

Jim Kavanaugh -- Chief Financial Officer

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

And Chart 10 brings out that full year. You see how 2018 played out, strong operating leverage, tax headwind, revenue growth at actuals. When you look at it and you go back to beginning of January last 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 look at, excuse me, 2019, as I stated, many different scenarios.

But what have they talked about already on this call? One, they see continued operating leverage coming out of gross and pre-tax margin in 2019. Two, they do see 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 level of confidence that they have in the long-term value of IBM, but it's also a level of confidence that they have in the power of the IBM and Red Hat acquisition. So I think, you could see that continuing to play out. And then, I guess, last, they talked about currency on revenue, currency on revenue, the impact of one to two points and the divestitures. So they will continue showing the transparency of this EPS bridge, helps their investors understand the operating dynamics as they move 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 have a headwind from the divested businesses, because they have the foregone -- we'll have foregone profit and we'll have a gain, but the gain doesn't go into free cash flow. They also will have some items that hit their free cash flow relative to some pre-closing costs for Red Hat. So that's the reason that the free cash flow is flat despite the fact that they have a couple of headwinds within them. So operator, why don't they take one last question?

Operator

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

Keith Bachman -- BMO Capital Markets -- Analyst

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

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

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

Jim Kavanaugh -- Chief Financial Officer

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

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

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

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

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

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

This gives us confidence in their expectation of at least $13.90 of earnings per share for the year. Their hand will only get 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 look 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 turn it back to you to wrap up the call.

Operator

[Operator sign-off]

Duration: 83 minutes

Call Participants:

Patricia Murphy -- Vice President of Investor Relations

Jim Kavanaugh -- Chief Financial Officer

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

Toni Sacconaghi -- Bernstein -- Analyst

Katy Huberty -- Morgan Stanley -- Analyst

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

David Grossman -- Stifel Financial Corp. -- Analyst

John Roy -- UBS -- Analyst

Jim Schneider -- Goldman Sachs -- Analyst

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Jim Suva -- Citi -- Analyst

Keith Bachman -- BMO Capital Markets -- Analyst

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Pacific tech on the rise with Pacific Business Trust | killexams.com real questions and Pass4sure dumps

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

Pacific tech on the rise with Pacific Business Trust

Young Pacific entrepreneurs are on the rise, with a growing number making their mark in tech innovation and providing solutions, having being developed by the Pacific Business Trust 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 New 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 speak their language with confidence, using it regularly in a seamless way.

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

“This project is still in the discovery stage, but we’re planning to begin the development stage before the end of the year, followed by the design then production of the app.”

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

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

“…The crucial thing for today’s young ones is to understand how money works so you can make it work for you instead of the other way round. Starting it the younger the better is the best way to create good habits,” she says.

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

“Establishing trust is the key. As their lives become increasingly digitalized, your online reputation will be your most valuable digital asset. I’m looking at using social 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 important given the prediction that 40% of manual jobs will disappear over the next decade.”Pacific Business Trust Chief Executive, Kim Tuaine is leading the Trust’s work within the sector to develop strategic partnerships, connect Pacific businesses and identify opportunities to innovate.

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

“The Pacific Business Trust is focused on supporting these businesses, whether it’s connecting them to new investment, helping them to commercialise and reach new markets or develop their product.”ENDS

© Scoop Media

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