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000-595 IBM Maximo Asset Management V7.5 Fundamentals

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

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

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IBM IBM Maximo Asset Management

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

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

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

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

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

About Ontracks Consulting

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

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

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

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

Focal elements of the Acquisition

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

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

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

lessen Asset Downtime: Key Catalyst

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

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

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

What the buyers deserve to understand

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

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

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

Strengthening IoT Capabilities Bodes well

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

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

Zacks Rank & Key Picks

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

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

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

modern-day stocks from Zacks' preferred concepts

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

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

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IBM Maximo carrier Request | actual Questions and Pass4sure dumps

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

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

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IBM Maximo Asset Management V7.5 Fundamentals

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

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

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

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

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

The practicable employ cases for the multivendor services comprehend asset management and data sharing within a supply chain. For the latter, blockchain would supplant traditional SSL/TLS certificate-based cryptography models, which maintain several vulnerabilities.

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

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

AT&T blockchain with IBM

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

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

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

 AT&T blockchain with Microsoft

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

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

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

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

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

Image source: The Motley Fool.

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

Welcome, and thank you for standing by. At this time, totality participants are in a listen-only mode. Today's conference is being recorded. If you maintain any objections, you may disconnect at this time. Now I will swirl the meeting over to Ms. Patricia Murphy with IBM. Ma'am, you may begin.

Thank you. This is Patricia Murphy, Vice President of Investor Relations for IBM, and I'd fancy to welcome you to their second quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's Senior Vice President and Chief fiscal Officer.

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

I'll furthermore remind you that inescapable comments made in this presentation may subsist characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could understanding actual results to disagree materially. Additional information concerning these factors is contained in the company's filings with the SEC. Copies are available from the SEC, from the IBM web site, or from us in Investor Relations.

Our presentation furthermore includes inescapable non-GAAP fiscal measures, in an application to provide additional information to investors. totality non-GAAP measures maintain been reconciled to their related GAAP measures in accordance with SEC rules. You will find reconciliation charts at the finish of the presentation, and in the profile 8-K submitted to the SEC.

So, with that, I'll swirl the muster over to Jim.

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

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

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

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

In Cognitive, they had suited performance in analytics, and in their industry verticals driven by fiscal services and IoT. Growth was mitigated by the same three areas I told you about on their ultimate call, as they continue to focus on repositioning these offerings. And they had stalwart performance and gained share in their Systems business, which was up over 20% with growth across totality three hardware platforms.

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

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

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

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

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

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

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

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

Finally, a lower share weigh contributed to growth. Putting it totality together, they delivered the 5% growth, with suited contribution from revenue, pre-tax margin expansion, and to a lesser extent, share repurchases.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

We maintain talked about how they maintain realigned their rehearse model around three growth platforms -- Digital Transformation, Cloud Application and Cognitive Processes. While totality are progressing, they maintain particular energy in Digital, which again grew stalwart double digits. This was driven by Digital trade Strategy and by their mobile offerings.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they inaugurate the mp;A, I'd fancy to mention a pair of items. First, they maintain supplemental charts at the finish of the slither deck that provide additional information on the quarter. And second, as always, I'd inquire you to refrain from multi-part questions.

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

Questions and Answers:


Thank you. They will now inaugurate the question-and-answer session of today's conference. If you would fancy to inquire a question, delight press * followed by the number 1. Their first question comes from Wamsi Mohan from Bank of America Merrill Lynch. delight Go ahead.

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

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

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

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

We've furthermore been driving operational efficiencies and synergies around redefining how they accomplish work, redefining progress optimization, applying Agile methodologies, and getting better speed, responsiveness, cycle time, and throughput and output within their organization. So, we're getting more value for dollar of disburse overall. You contemplate that play out in operating leverage in that segment in the first quarter and you've seen it play out in the second quarter, with stalwart profit growth of 9% on that constant currency revenue growth. So, they continue to await that they trot forward and we'll continue to leverage and win value out of that trade overall.

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

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

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

Patricia Murphy -- Vice President of Investor Relations

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


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

Steven Milunovich -- UBS Securities -- Analyst

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

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

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

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

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

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

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

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

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

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

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

Patricia Murphy -- Vice President of Investor Relations

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


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

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

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

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

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

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

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

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

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

Patricia Murphy -- Vice President of Investor Relations

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


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

Toni Sacconaghi -- Bernstein -- Analyst

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

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

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

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

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

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

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

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

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

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

But the discussion around Gross profit margins always inevitably win at Services. Is Services deflationary and can you grow Services margins? I would disclose you I deem that's at the heart of your question around Gross profit. I'll reply it in a pair ways. One, talking about their fiscal model, and two, talking about how they manage the business. But before I win into that, first and foremost, the net reply is as I stated 90 days ago, they await their Services Gross margin to expand in the second half and they silent feel confident coming off of the trajectory improvement of what they saw in the second quarter really led by stalwart margin expansion in their GBS trade and the productivity actions they maintain in front of us.

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

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

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

Now, in services, as I said 90 days ago, in a human capital-based business, value is instantiated in Gross profit margins. They manage their services trade to win a return on their human capital at the Gross profit level. As I said, as a Gross profit plane in services, they silent await to expand margins in the second half. The only thing that has changed in the ultimate 90 days has been the extreme volatility in the FX world around the U.S. dollar appreciation. As I stated earlier, they maintain a hedging policy that mitigates the volatility of currency inter-IME at a profit level, but it does repercussion Gross margins, in particular at a product plane in their product-based businesses. It does not repercussion profit in the near-term. It allows you time to then Go adjust your pricing terms, your cost structure, and your sourcing strategies as they trot forward.

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

Patricia Murphy -- Vice President of Investor Relations

Thanks, Toni. Ann, can they delight seize the next question?


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

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

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

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

Yeah, if you seize a leer at GBS in second quarter, first of all, we're very pleased with their performance. The labor that brand and the team maintain done tirelessly to transform their structure, their trade models, their growth platforms, the set of initiatives around productivity, we're very pleased. You saw that play out in continued trajectory improvement throughout the first half, returning to modest revenue growth and significant operating leverage and margin expansion, which they await will subsist a mountainous contributor in their second half services margin expansion that they talked about in the ultimate question.

Now, with that said, if you leer at that acceleration and what's been happening in the trajectory of their services business, first, as you totality understand the dynamics of that business, you maintain to win signings that maintain to capitulate into backlog, which has to capitulate into revenue as they trot forward. We're seeing tremendous momentum in their consulting foundation of business. They delivered 4% revenue growth as you stated in the second quarter, and that's leveraging momentum around how they redesign their growth platforms and how they resign their service lines and offerings and practices. We're capturing higher value. Value around digital transformation offerings that enable clients to trot their journey to the cloud as they trot forward. We're doing distinguished in their CRM practice, their workday practice, and we're furthermore capturing recent emerging areas fancy blockchain, where we're seeing suited growth in their services foundation of business.

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

Patricia Murphy -- Vice President of Investor Relations

Thanks, Tien Tsin. Can they delight seize the next question?


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

Jim Schneider -- Goldman Sachs -- Analyst

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

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

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

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

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

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

So, when you leer at that trajectory improvement, they returned their backlog back to flat in the second quarter in TS and CP. And again, a lot of labor ahead of us. We've got to fuel second half signings. We've got a suited chance pipeline, but I contemplate continued trajectory improvement and then their focus on margins as they trot forward in the second half to deliver second half services Gross profit margin expansion are going to subsist faultfinding to their guidance.

Patricia Murphy -- Vice President of Investor Relations

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


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

David Grossman -- Stifel fiscal Corp. -- Analyst

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

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

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

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

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

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

Patricia Murphy -- Vice President of Investor Relations

Thanks, David. Ann, can they delight seize the next question?


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

Keith Beckman -- Bank of Montreal -- Analyst

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

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

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

Keith Beckman -- Bank of Montreal -- Analyst

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

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

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

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

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

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

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

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

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

Patricia Murphy -- Vice President of Investor Relations

Let's Go to the next question, please.


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

Jim Suba -- Citibank -- Analyst

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

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

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

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

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

Second, they talk about mix. fuse being another lever. So, you leer at the fuse of one within each of their segments and how we're shifting to higher value, which we're making suited progress. The best instantiation of that is GBS, where they're getting better expense realization and better value around remixing their offerings to sell better value. But furthermore across segments, they maintain a mountainous fuse headwind as they talked about 90 days ago, with admiration to the mainframe cycle. So, they seize that into account.

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

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

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

Patricia Murphy -- Vice President of Investor Relations

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


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

Amit Daryanani -- RBC Capital Markets -- Analyst

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

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

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

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

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

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

Now, they hedge. They hedge that mitigates that profit variability. But when you leer at currency around the ingredient of the I&E, you contemplate how it plays out differently. That transparency and credibility is what I feel is well-known for you and investors to understand, but it has no repercussion on their bottom line profit contribution and their delivery of their free cash stream and their at least $13.80 for the year. So, thank you, Amit.

With that said, let me wrap up the muster where I started by aphorism this was a suited quarter. We're pleased. They had solid revenue growth and profit performance. This reflects the labor we've been doing to reposition their trade in terms of their offerings, their people, the route they work, and reinventing IBM. Now, as always, there's more labor to do. I leer forward to continuing the dialog over the course of the year. Thank you totality for joining us on the muster here this evening.

Patricia Murphy -- Vice President of Investor Relations

Ann, I'm going to swirl it back to you to near up the call.


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

Duration: 80 minutes

Call participants:

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

Patricia Murphy -- Vice President of Investor Relations

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

Steven Milunovich -- UBS Securities -- Analyst

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

Toni Sacconaghi -- Bernstein -- Analyst

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

Jim Schneider -- Goldman Sachs -- Analyst

David Grossman -- Stifel fiscal Corp. -- Analyst

Keith Beckman -- Bank of Montreal -- Analyst

Jim Suba -- Citibank -- Analyst

Amit Daryanani -- RBC Capital Markets -- Analyst

More IBM analysis

This article is a transcript of this conference muster produced for The Motley Fool. While they strive for their foolish Best, there may subsist errors, omissions, or inaccuracies in this transcript. As with totality their articles, The Motley Fool does not assume any responsibility for your employ of this content, and they strongly encourage you to accomplish your own research, including listening to the muster yourself and reading the company's SEC filings. delight contemplate their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

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