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C2010-653 Fundamentals of IBM TRIRIGA Application Platform V3.2.1 Application Develop

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C2010-653 exam Dumps Source : Fundamentals of IBM TRIRIGA Application Platform V3.2.1 Application Develop

Test Code : C2010-653
Test name : Fundamentals of IBM TRIRIGA Application Platform V3.2.1 Application Develop
Vendor name : IBM
: 47 true Questions

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IBM Fundamentals of IBM TRIRIGA

relocating VMware Workloads to the Cloud | true Questions and Pass4sure dumps

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facts sovereignty, provider flush guarantees and tiers of latency every lone inform cloud choices

Why, despite the inherent merits of cloud, achieve eighty % of mission-crucial workloads and exquisite data continue to exist on premise? This query loomed colossal at a notably-convened CBR dining club adventure, in affiliation with IBM, which took locality in early February.

The theme of the evening, ‘relocating VMware workloads to the cloud’, traded on the complementary advantages of virtualisation and cloud computing – particularly, combining the efficiency and effectiveness of the digital laptop with the agility and elasticity of cloud.

For a style of the evening of what become discussed on the evening, tickle watch their video interview with Lucas Wager , UKI Cloud Platform VMware chief , IBM .

Opening the dialogue, Lucas Wager, Cloud revenue supervisor at IBM, advised the 20 percent of workloads currently on cloud had been there as a result of migration became exceptionally easy. In some situations, these had been “born-on-the-cloud workloads”, he talked about.

The ultimate eighty per cent had been greater advanced, often for functions that believe been out of aid or where the locality of information was restrained via law. efficiency is an extra enviornment of challenge. “Some organizations are announcing, ‘i will’t gain up with the money for a 2nd of outage.” Lucas, featured in the video interview above, talked about IBM’s mission became to tackle these greater complicated, frequently VMware-based, workloads that remain on premise through demonstrating to organizations what was possible. They deserve to raise the worry out of the process, he spoke of.

Bharat Bhushan, CTO for Banking and economic Markets at IBM UK, took a step again by pass of grounding infrastructure choices within the fundamentals of industry objectives. Bhushan stated organisations wish to achieve four things: develop profits, retain valued clientele, appeal to modern consumers and operate effectively (a 30-forty % charge-to-earnings ratio when it came to economic functions).

These drivers suggest they are searching for quicker, frictionless and extra productive straight-through processing. This often leads them to the cloud. increasingly IBM is assisting organizations realise these efficiencies, Bhushan talked about, by pass of splitting out better functions and remodeling them into microservices that might sojourn comfortably and correctly on the cloud.

among the many components delegates noted counseled their cloud choice making believe been records sovereignty, service flush ensures and stages of latency.

VMware options for IBM Cloud is presently obtainable at over 60 facts centres every lone over.

‘moving VMware workloads to the cloud’, a CBR dining club event in association with IBM, took region on 7 February 2019 on the Dorchester hotel, London.

For extra information on IBM’s workload solutions , just click here.

IBM to create synthetic intelligence lab in Albany | true Questions and Pass4sure dumps

ALBANY — IBM will expend greater than $2 billion to expand its activities statewide, including introduction of a modern middle at SUNY-Polytechnic Institute’s Albany campus to research synthetic intelligence.

The enterprise and condition officials introduced the draw Thursday, and hailed it as a step so that you can hold manhattan — chiefly Tech Valley — a hub of analysis into cutting edge expertise. 

The AI Hardware center could exist committed to synthetic intelligence-concentrated desktop chip analysis, construction, prototyping, testing and simulation. IBM is recruiting company collaborators for the assignment on Fuller road in Albany; tech industry giants utilized materials, Samsung and Tokyo Electron restrained believe already got signed on. 

Rensselaer Polytechnic Institute and its supercomputer lab additionally could exist a portion of the hassle.

“manhattan has every lone the time been at the forefront of rising industries, and this inner most sector investment to create a hub for synthetic intelligence analysis will attract world-classification minds and drive financial boom within the place,” Gov. Andrew Cuomo mentioned in a news release.

The condition observed Thursday that IBM will provide as a minimum $30 million value of cash and in-type contributions for AI research throughout the SUNY system, matched by $25 million from SUNY. Empire condition building, the state’s economic construction agency, will supply $300 million over 5 years to the analysis foundation for SUNY to purchase and installation outfit to back the AI Hardware middle.

meanwhile, IBM will expand its partnership with SUNY Poly at the center for Semiconductor analysis in Albany, and lengthen its expiration from 2021 to at least 2023.

The AI Hardware core is expected to entice modern businesses and federal research tasks to the condition while creating lots of of recent jobs.

In an organization blog post Thursday, Mukesh Khare, IBM’s vice president of semiconductor and AI hardware, observed AI holds wonderful expertise and demands superb computing power — more than latest technology can deliver. development will require “massive adjustments in the fundamentals of methods and computing design,” he wrote.

“The IBM analysis AI Hardware core may exist the nucleus of a brand modern ecosystem of analysis and industrial partners taking portion with IBM researchers to additional accelerate the development of AI-optimized hardware improvements,” he brought.

Cuomo’s information unencumber painted Thursday’s announcement because the next step within the 20-year industry-executive-academic partnership that led to evolution of what's referred to as Tech Valley. That moniker changed into in the genesis an optimistic or even fanciful branding of the vaguely described location up and down the Mohawk and Hudson valleys from Albany, nonetheless it has proved accurate, with introduction of hundreds of jobs and billions of bucks value of economic recreation in the nanotechnology and semiconductor sectors.

Khare wrote that IBM might exist participating with RPI at RPI’s core for Computational innovations in North Greenbush: “Working through the center, IBM and its partners will strengthen a gain of applied sciences from chip degree gadgets, substances, and structure, to the software aiding AI workloads.”

John Kolb, RPI’s vp for assistance services and technology, spoke of in a information unencumber: “Our partnership with spacious apple condition builds on the deep competencies Rensselaer has in synthetic intelligence, statistics analytics and computation. The labor they achieve collectively will maintain ny in the forefront of next technology computing.”

IBM Buys actual estate And amenities administration software company Tririga | true Questions and Pass4sure dumps

IBM is making its first purchase of 2011 nowadays with acquisition of true property management application developer Tririga. economic terms of the deal, which is expected to shut in the 2d quarter of 2011, believe been no longer disclosed.

Tririga’s application helps purchasers win strategic planning selections involving locality usage, reckon option actual estate initiatives, generate bigger returns from capital tasks, and examine environmental believe an repercussion on investments. IBM says that property and actual estate customarily represents the 2d-biggest expense on a company’s earnings commentary, after worker compensation. Tririga’s application helps agencies streamlines and reduce these expenses.

Tririga’s utility is used through more than 200 consumers, including over one-third of Fortune one hundred firms as well as seven of the 15 federal government departments of the U.S. executive.Tririga may exist built-in into IBM Tivoli application and IBM world enterprise services.

In 2010, IBM spent roughly $6 billion to purchase 17 corporations, so it will exist entertaining to discern what acquisition’s are up massive Blue’s sleeve in 2011.

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

No result found, try modern keyword!And it’s why Bradesco Bank made a software, hardware and services multi-year commitment to the IBM Z platform, to raise them to the ... performance in cloud migration factory and cloud application deve...

IBM (IBM) Q4 2018 Earnings Conference muster Transcript | true 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 believe any objections, you may disconnect at this time. Now I will whirl 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 love 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 exist available within a yoke of hours and a replay of the webcast will exist posted by this time tomorrow.I'll remind you that inescapable comments made in this presentation may exist characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could cause actual results to vary materially.

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

You'll find reconciliation charts at the finish of the presentation and in the profile 8-K submitted to the SEC.So with that, I'll whirl the muster over to Jim.

Thanks, Patricia, and thanks to every lone 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 uncouth and pre-tax margin in the fourth quarter. They continued to invest and raise actions to shift their industry toward higher-value areas love hybrid cloud and AI, including the announcement of their acquisition of Red Hat.

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

We had strong performance in software and in services, they had revenue growth and uncouth margin expansion. This was offset by the expected repercussion of their IBM Z product cycle dynamics. Their total software revenue was up 2%. They entered the quarter with a profitable pipeline of software opportunities and they executed well, driven by hybrid cloud adoption and strong demand for analytics and AI offerings.

Total services revenue was up 2%. They had even improvement in Global industry Services throughout the year, with 6% growth in the fourth quarter and revenue growth and gross-margin expansion across every lone three of their GBS industry lines. Global Technology Services had a modest revenue decline, with solid uncouth margin expansion. They had a considerable 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 exist 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 assuage elope their clients' most essential processes, which puts us in a unique position to assuage them transform their businesses.

As they exit 2018, we're continuing to discern a few themes across their engagements. First, their clients continue to explore to whirl data into competitive odds by applying analytics and AI with an industry lens. Second, clients are increasingly looking to cloud to drive industry 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 poise shifting over time. We're recently seeing increasing interest in productivity, as clients explore forward to the next yoke of years. And so their results this quarter reflect their capacity to deliver innovation and productivity.

You discern this in their strong results in analytics and AI, in their as-a-service cloud revenue and in strong signings in their services industry that deliver technology solutions and economic value, every lone through their integrated value proposition. That's why companies such as Vodafone and BNP Paribas are leveraging the IBM Cloud, where they capitalize from their hybrid multi-cloud capabilities and access to the most advanced technologies. And it's why Bradesco Bank made a software, hardware and services multiyear commitment to the IBM Z platform to raise them to the next flush in AI and hybrid IT, with more predictability in their operating cost. Across their segments, their strategic imperatives revenue for the year was up 9% to about $40 billion.

Within that, their cloud revenue is over $19 billion, and they exited the year with an annual elope rate for cloud delivered as a service of over $12 billion, which is up 21% over eventual year. This is a solid groundwork of cloud and cognitive capabilities, and we're continuing to deliver innovation in these high-value areas.  For example, in the fourth quarter, they introduced AI OpenScale, a platform to manage the life cycle of every lone forms of AI models and Multicloud Manager, a service to deploy and manage complete applications in any cloud environment. We're adding innovative services love the world's first commercial quantum computer available on the IBM Cloud. You may believe seen that ExxonMobil is already using it to assuage address its most knotty industry challenges such as energy exploration and chemicals manufacturing.

The number of modern clients using IBM Cloud Private accelerated in the fourth quarter, and adoption is growing for their IBM Cloud Private for Data platform, which was named a leader in the first quarter 2019 Forrester Wave report on enterprise insight platforms. every lone of this is a validation of their hybrid open approach to cloud, and they believe a strong foundation from which to drive synergies across the industry with the addition of Red Hat. Let me intermission here to remind you of the value they discern from the combination of IBM and Red Hat, which is every lone 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 labor to really shifting their industry applications to the cloud. They are concerned about the secure portability of data and workloads across cloud environments, about consistency in management and security protocols across clouds and in avoiding vendor lock-in. They understand how the combination of IBM and Red Hat will assuage them address these issues. They discern 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 industry itself, they discern an occasion to raise every lone 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 win more industry value from the cloud, they need more services help, from the digital design to app modernization to aboriginal app development to management of hybrid cloud environments. You saw eventual week the results of Red Hat's shareholder vote, with very lofty participation and over 99% voting in support. They are poignant through the regulatory process and continue to expect to nearby 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 Move 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 torment 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 uncouth and pre-tax operating margins. Their uncouth margin was up 10 basis points, with strong performance in the services businesses, together, up 190 basis points. This was mitigated by the expected amalgamate headwind from the IBM Z cycle dynamics.

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

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

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

And so turning back to their operating results. Operating earnings per participate of $4.87 was driven by solid operating leverage, offset by expected headwind from tax. Looking at their cash metrics. They generate $6.5 billion of free cash flux 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 lofty flush 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 lofty 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 believe adopted the platform. And that's since launching just over six months ago. modern clients involve the Korea Internet & Security Agency, which is developing an app on ICP for Data that leverages a variety of data sources and machine-learning models to find and thwart modern cyber threats.

In addition, we're scaling their newest Watson services running on IBM Cloud Private for Data love AI OpenScale.In security, they continue to believe solid demand for their integrated security and services solutions, including strong growth in their security intelligence and orchestration offerings, QRadar and Resilient. Within their industry verticals, Watson Health had growth across payer, provider, imaging and government. And IoT once again had strong growth in their core offerings, Maximo and TRIRIGA, where they lead the market in asset management and facilities management. In the emerging blockchain area, they announced several modern clients this quarter, including their labor with Smart Dubai on Middle East's first government-endorsed blockchain platform.

We introduced an on-prem offering in November, the IBM Blockchain Platform for IBM Cloud Private and signed several modern deals this first month. They discern a strong pipeline as clients are interested in the benefits of blockchain behind their firewall. Now over the eventual few quarters, I called out offerings within their solutions software, which address horizontal domains, where they physiognomy secular shifts in the market, specifically collaboration, commerce and talent. We've been taking actions and eventual month, they announced the divestiture of their collaboration and on-prem marketing and commerce products to HCL.

After closing, which is currently expected to exist 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 poignant 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 uncouth margin expanded 190 basis points.

Looking at their signings. On their eventual 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 eventual quarter's performance. Customers are increasingly looking to leverage digital for growth and innovation, while at the very time, increasing efficiencies and reducing costs within their businesses. IBM services can deliver this value by leveraging its breadth across GBS and GTS. A recent sample is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital experience solutions to back 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 industry Services. They again delivered solid performance, edifice on the momentum throughout the year. The GBS team has done a really nice job repositioning this industry and you could discern it in the results. Revenue grew 6%, with growth across every lone industry lines and uncouth 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 assuage 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 love 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 nearby in the first quarter and will result in improving revenue and margin profile, normalizing for the divested content. So this action, love the divestiture of select software assets, is about portfolio optimization.

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

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

And finally, integration software growth accelerated to 4%. This performance was driven by continued strong adoption of IBM Cloud Private, where they added 200 modern clients. That brings their total number of clients using this innovative platform to 600 in just over a year as they continue to modernize traditional workloads. They also now believe over 100 IBM Software offerings integrated with IBM Cloud Private, including blockchain, Watson, IoT and analytics.

We are continuing to deliver innovation in this space with modern offerings to enable clients in an open, hybrid, multi-cloud world love IBM Multicloud Manager, which I mentioned earlier. Turning to profit for the segment. Gross-margin improvement is driven by the raise 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 industry processes, reskill their expert workforce and leverage their global scale. PTI margin was flat, reflecting continued investments to expand their go-to-market capabilities and develop modern offerings to capture the hybrid-market opportunity. So to wrap up services, at the genesis of 2018, they said they expected an improving trajectory in their services revenue and profit, and they delivered on that throughout the year with the 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 eventual year, where they grew 28%. Systems pre-tax margin was down six and a half points, reflecting the amalgamate headwind from the IBM Z product cycle. I'll walk through the different dynamics across the hardware portfolio. In IBM Z, they are six quarters into the z14 cycle.

Z revenue declined 44%, while margins expanded modestly, in line with where they are in the cycle. The program continues to track ahead of the prior program, with broad client adoption across industries and countries. They continued to add modern clients and modern workloads to the platform. Since launching the z14 program, their amalgamate capacity has increased nearly 20% with modern workload MIPS growing twice the rate of their standard MIPS.

So we're taking odds of the secular shifts in the market and now over 55% of their installed MIPS inventory is in emerging workload areas. And while there's volatility in the hardware due to product cycles, as they continue to grow their installed groundwork up roughly three and a half times over the eventual decade, this provides stability in their related software, services and financing industry across IBM. Power revenue was up 10%, driven by Linux and continued strong adoption across their modern POWER9-based architecture. In the fourth quarter, they completed the release of their next-generation POWER9 processors in the lofty finish 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 believe extended HANA certification to their POWER9 lofty end. In the fourth quarter, they had strong initial traction with their modern offerings that optimize both hardware and software for AI such as PowerAI Vision, which they introduced in the second half of 2018. And we've essentially completed the deployment of their supercomputers at the U.S.

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

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

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

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

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

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

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

At the finish 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 profitable 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 labor they had done to reposition their business, to assuage Move their clients to the future, shifting their portfolio, changing their operating model and the pass they labor and reallocating their capital. And in their earnings muster eventual January, they talked about how that drove their expectations for 2018 in revenue, in margin and in earnings per share. First, they said they expected to grow revenue at then current spot rates. They did, in fact, grow revenue for the year, and that's despite the U.S.

dollar appreciation since early 2018, reducing their revenue growth by about two points or $1.7 billion. Second, they said we'd stabilize uncouth margins. While they fell a bit short for the full year, they stabilized uncouth margin in the third quarter and expanded both uncouth 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 exist a headwind for the year and it was a headwind to us for the year and in the fourth quarter. They continue to recur value to shareholders, with participate repurchases contributing to earnings-per-share growth. And finally, they said they expected operating earnings per participate of at least $13.80 and free cash flux of about $12 billion, and they achieved both of these. So looking back on 2018.

We grew revenue, operating profit and operating earnings per participate for the year with strong free cash flux realization. They had profitable momentum in GBS, with particular might in consulting, led by their digital and cloud-application offerings. They executed well in software in the fourth quarter, finishing the year strong, led by analytics and AI and their hybrid cloud software. As they execute their strategy to assuage 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 elope 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 expand their focus and investments in the high-value segments of IT in areas love hybrid cloud, AI and blockchain. every lone of this provides a solid industry and financial foundation for the addition of Red Hat, and it gives us confidence in their expectation for full-year 2019 operating earnings per participate of at least $13.90. Before they Move to mp;A, I want to exist lucid about what is and is not included in their expectations. As I mentioned earlier, Red Hat is expected to nearby in the second half; and given the financial implications to 2019 are heavily relative on the timing of the closing, Red Hat is not included in their expectations.

We'll update their view of the year at the time of closing. In the eventual 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 reckon the combination of the foregone profit, the gain on the sale of software assets, the actions to address structure and stranded costs and the resulting benefits from these actions, they expect there to exist minimal repercussion to their profit and earnings per participate for the year. And unlike the Red Hat acquisition, the timing of the closing does not believe a significant repercussion on the financial implications for the year, though it may strike the quarterly SKU.

As a result, their guidance assumes these divestitures. Said another way, because the divestitures are essentially neutral to their profit for 2019, they don't repercussion operating EPS guidance for the year, though they achieve believe a capitalize 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 flux 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 flux into the investing section of their cash flux statement.Finally, while they haven't included Red Hat, they believe taken into account an assess of the pre-closing financing costs associated with the acquisition. So when you withhold it every lone together, they discern free cash flux 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 whirl it back to Patricia for the mp;A.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they originate the mp;A, I'd love to mention a yoke of items. First, they believe supplemental charts at the finish of the coast 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 tickle open it up for questions. 

Questions and Answers:


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

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

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

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

Jim Kavanaugh -- Chief financial Officer

OK, Wamsi. Thank you very much for the question, and it's probably a profitable region 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 elope 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 raise into account their own operational indices in front of us and their industry plans and strategies. And when they withhold every lone 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 every lone these mp;As with admiration to any forward-looking guidance.

But they enter -- from my perspective, they entered 2019 with a much improved industry profile in terms of, one, driving operating leverage, and you discern how every lone that played out in the second half, and it's birthright through the core of your question. And two, their strategic imperatives birthright now, the high-value emerging segments of the IT industry are now consistently over 50% of IBM's business. So while they don't give guidance on revenue, let me give you a miniature color behind that. And then I'll Move to operating leverage and uncouth and pre-tax margin and tax as they Move forward.

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

We exited the year with an annualized exit elope rate of $12.2 billion, and that's up 21% year over year. You combine that with the might within their services business. They accelerated throughout the year and they exited the year with a very 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 industry and really instantiates their value around hybrid cloud and how we're winning.

And then you yoke that with solid execution on software. They talked 90 days ago about where they were at in the third quarter around software, and they made some forward-looking projections and they turned their software industry around to growth growing 2% in the fourth quarter. And they believe a strong portfolio lineup, so they would expect that to continue. And then hardware, yes, we're in the back finish 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 modern innovation to market to deliver value for their clients in their POWER9 architecture, which is resonating well in the marketplace and they got considerable acceptance, grew 10% in the fourth quarter. They expect that will continue to play out in 2019. So we've got a profitable engage of industry here and some tailwinds at us.

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

dollar continued to appreciate. And birthright now you saw in the supplemental charts, they provide you with transparency. They 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 exist about a one-point headwind. So when you withhold it every lone together, we've got some pluses and minuses at the top line, but really, this year in 2019, it's going to exist predicated on operating leverage. They made profitable progress through '18, and it positions us very well in -- to expand margins in 2019. So among every lone of their scenarios, their guidance model and their expectations witness that they will expand uncouth and pre-tax operating margin in 2019 as they continue to deliver value.

And that's going to gain out of scale efficiencies. That's going to gain out their services momentum and the amalgamate shift in productivity, which will offset -- more than offset the product cycle amalgamate they still believe in the divested content. And one eventual thing that I would muster 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 believe 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 exist recorded when they occur in 2019. But you withhold every lone 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 flux of about $12 billion.

Patricia Murphy -- Vice President of Investor Relations

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


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

Toni Sacconaghi -- Bernstein -- Analyst

Yes, thank you. And thank you for the clarification on the previous question. I just wanted to know if you could clarify what the size of the expected gain is on the sale of assets to Red Hat -- excuse me, to HCL and then whether you expect directionally Red Hat to exist accretive or dilutive to free cash flux and EPS this year. And then on software, could you comment on the might that you saw? Was it a pushout? achieve you feel love you captured great 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 profitable questions. Let me try to raise each of these piece by piece.

First of all, as you saw from their eventual earnings, they continue to raise 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 inescapable assets within their Cognitive and GBS business. Red Hat, as they talked about, expected was -- we're working through regulatory birthright now. They expect to nearby that in the second half. But with regards to your specific question on divestitures, they included in their guidance the sale of their collaboration and on-prem marketing and commerce industry and the sale of their Seterus mortgaging business.

Both of these will drive headwinds, as you can imagine, in revenue for the year. They expect the mortgage industry to nearby later in the first quarter. That will exist 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 miniature bit over $1 billion of revenue over the eventual 12 months. They said they expected to nearby that by midyear. The transaction price was $1.8 billion, but the expected gain, I will Tell you, will exist a lot less than that $1.8 billion as we're working through the acquisition accounting birthright now with regards to goodwill and how much goodwill will exist 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 raise 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 win recur on that. every lone of that withhold together is minimal repercussion to their profit.

So they included that in their guidance. It has minimal repercussion to their profit and EPS, but it does believe an repercussion to free cash flow. Just given what I said a miniature while ago in the prepared remarks on the gain on the asset sale will finish up in the investing section of free cash flow. So we've overcome that and still guided a free cash flux 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 open 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 arrogant 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 industry is mission critical, lofty 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 profitable about the competitiveness and value of their portfolio.

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

Patricia Murphy -- Vice President of Investor Relations

Thanks, Toni. And can they tickle Move to the next question?


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

Katy Huberty -- Morgan Stanley -- Analyst

Thank you. profitable 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 mediate 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 raise a explore at it, it's very profitable question. Why don't I just address it by trying to win some visibility into first quarter. It's birthright in front of us birthright now. If you raise a explore at first quarter, again, they guided full-year EPS of at least $13.90.

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

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

We achieve not discern anywhere near the flush of discretes in the first quarter. And I would project somewhere around the 11%, 10%, there might exist 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 amalgamate differential of their revenue groundwork between annuity and transactional, when they Move from fourth quarter to first quarter, that seasonality, the transactional businesses believe a more muted effect on 1Q versus 4Q.

And as the amalgamate 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 achieve discern an improvement, just given the amalgamate shift in the might of their annuity content as they Move forward. The eventual thing that I'll bring up about first quarter is I talked a miniature bit about currency for the year.

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

Patricia Murphy -- Vice President of Investor Relations

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


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

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

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

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

So snoopy 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 snoopy is that still going to exist a metric that's going to exist 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 industry and how we've continued to reposition their portfolio both in GBS but also in their GTS groundwork of industry as they moved throughout 2018. But when you explore 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 spacious improvement from where they started a year ago. If you recollect 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 achieve discern across their total services industry in '19 sustained revenue growth and margin profile.

But let me raise the pieces and just give you a miniature bit of perspective. GBS, couldn't exist more arrogant 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 win these numbers pretty close: strategic imperatives growing mid-teens, cloud growing 30 plus percent and their as-a-service-based industry exiting with over a $2 billion number, I mediate up 64% overall.

And we've got pervasive growth across every lone three lines of business, led by digital. They did condition 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 believe 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 discern profitable growth.

It's just not going to exist at the flush that you saw here in the fourth quarter. With every lone that said, their margin and operating leverage, they feel comfortable. They grew GBS operating uncouth margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they still discern strong operating leverage led by their amalgamate shift to higher value and the offerings, how we're capturing that price realization and how we're delivering true value and character 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 finish of the year. And we're exiting with an $8 billion as-a-service annualized exit elope rate, which provides a strong annuity groundwork content and resiliency in their model.

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

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

Patricia Murphy -- Vice President of Investor Relations

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


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 eventual six weeks. I think, you mentioned in your prepared remarks exiting some GTS industry that was perhaps lower margins, lower growth. Obviously, without getting too specific, what else can you Tell us about the other efforts that are under pass to streamline the legacy core that may positively repercussion the agility of the organization as well as positively repercussion your growth rate?

Jim Kavanaugh -- Chief financial Officer

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

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

And whether you Move over what they just did the eventual 90, 120 days or you Move over the eventual three to five years, they believe constantly focused on one, where is the market poignant in terms of growth, high-value offerings, client value and most importantly, profit pools. And you're seeing us continue to achieve 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 inescapable 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 exist leveraged and delivered to their clients through a different partner, who will win the investment prioritization as they Move -- Move forward. I could Tell you, we're always looking at portfolio optimization and how they prioritize their investment and capital allocation. And you discern that with the announcement of Red Hat, and you discern that play out in what they just did with Cognitive and GBS. But as they Move 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 lofty value and it's built around leveraging the investment theses and narrative of IBM: Innovative technology, deep industry expertise and dependence and security every lone delivered through an integrated model of hardware-software services. And then finally, I would Tell you, they believe a strong poise sheet. They believe considerable cash flux and they believe enough financial flexibility to continue invest in their industry and returning value to their shareholders over the long term.

So they feel pretty good.

Patricia Murphy -- Vice President of Investor Relations

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


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

John Roy -- UBS -- Analyst

Great. Thank you so much. So obviously, cloud is a trend that everybody is getting on more and more here on the enterprise space and yet you had relatively of a flat quarter. I was snoopy as to when you win cloud deals as to why and how achieve you discern 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 withhold 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 elope 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 explore at cloud in the quarter, the cloud number as printed really reflects the very fundamental headwind on the wrap of the product cycle of mainframe that they had to overcome. Now that isn't new.

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

And this is, as I said before, the most successful mainframe product cycle in quite some time, which, by the way, generates and captures modern emerging workloads around pervasive encryption but also is capturing modern 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 discern 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 discern cloud still resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they discern this movement of how they can deliver value in leading the second phase, Ginni calls this Chapter 2, the second side around where clients are poignant 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 exist 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 import to the IBM company and their clients.

Patricia Murphy -- Vice President of Investor Relations

Thanks, John. Anne, can they tickle raise the next question?


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

Jim Schneider -- Goldman Sachs -- Analyst

Good evening. Thanks for taking my question. Jim, it's profitable to discern the improvement in software and cognitive relative to eventual quarter. And I guess, the question is, on a go-forward basis, you believe 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 repercussion of any of the transactional industry you may believe seen this quarter that might strike that? And just kindly 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 mediate it's really an instantiation that demonstrates their capacity to deliver innovative solutions embedded with AI that drives industry value to their clients really through an industry lens that plays across the integrated value of IBM with their services groundwork of industry and stacked on top of their hardware-based platforms.

But when you explore at fourth quarter, they exited 2% growth. They had profitable pervasive growth across the portfolio, as I said before, good, strong transactional growth, profitable SaaS signings, lofty renewal rates. And remember, this Cognitive Solutions segment is lofty value, lofty operating margins, and they continued to expand operating margins here in the fourth quarter and for the full year. Now when you raise 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 miniature over $1 billion. So it would exist about a four, five-point headwind in '19, and that's pre-Red Hat acquisition, because Red Hat's not in '19 yet. But we're going to have, birthright off the bat, a four to five-point headwind. But the underlying fundamentals in their long-term sustainability around that, yes, their long-term model has not changed.

We still discern the might of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a considerable 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 profitable lineup. It's going to exist on us to execute here in 2019. They fully expect to achieve that.

Patricia Murphy -- Vice President of Investor Relations

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


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

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Hi. It sounded love in your remarks earlier that you thought you could deliver sustainable organic constant-currency growth in 2019. If so, does that involve 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 exist for '19. Thanks.

Jim Kavanaugh -- Chief financial Officer

Sure, Joe. Thank you very much for the call. First of all, they don't usher on revenue for the year, so I don't recollect 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 achieve believe the divestitures in here. Divestitures are going to exist about a point headwind as they Move forward. And as I stated, currency is going to exist a one to two-point headwind at actual rates. But they achieve feel confident in the engage of industry they believe around their services and around their software as they Move forward.

But the underlying dynamics, as I talked about, they believe many different scenarios we're running here. every lone point to giving us confidence in their expectation of at least $13.90 as they Move forward. That is going to exist a composite of the amalgamate of their portfolio, the revenue of their portfolio, the operating leverage of their portfolio, the tax structure, IP. There are many different variables that Move into that $13.90 overall.

We achieve discern strong operating leverage continuing in 2019, both uncouth and pre-tax margin, leveraging their scale efficiencies, leveraging their amalgamate shift to higher value, leveraging their productivity initiatives. And when you explore at it, we've got considerable momentum exiting second half, in particular, around their services groundwork of business. Second half services grew operating uncouth margins by 200 basis points. And I mediate you would expect a similar first half trend around that.

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

Patricia Murphy -- Vice President of Investor Relations

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


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

Jim Suva -- Citi -- Analyst

Thank you very much. In your prepared slides, coast #10, it was very informative to assuage us bridge the two different years on their earnings. The question I believe is, as they explore forward to next year, I know you believe a lot of variables. Are there any bridge items that you want to particularly muster us out for as most likely to betide to hit your $13.90? And how gain cash flux wouldn't exist growing if you believe 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 labor very arduous to provide the birthright flush of transparency so their investors can understand the operating dynamics of their business.

And Chart 10 brings out that full year. You discern how 2018 played out, strong operating leverage, tax headwind, revenue growth at actuals. When you explore at it and you Move back to genesis of January eventual year, they stated what they saw for the year. They grew revenue.

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

But what believe they talked about already on this call? One, they discern continued operating leverage coming out of uncouth and pre-tax margin in 2019. Two, they achieve discern tax being a headwind to us in 2019. And again, they tried to provide enhanced transparency, where we're giving you an all-in rate of at least 11% to 12%, but even with that, that's a three to four-point headwind. We'll continue to buy back shares as they talked about.

I think, that's, one, the flush of confidence that they believe in the long-term value of IBM, but it's also a flush of confidence that they believe in the power of the IBM and Red Hat acquisition. So I think, you could discern that continuing to play out. And then, I guess, last, they talked about currency on revenue, currency on revenue, the repercussion of one to two points and the divestitures. So they will continue showing the transparency of this EPS bridge, helps their investors understand the operating dynamics as they 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 believe a headwind from the divested businesses, because they believe the foregone -- we'll believe foregone profit and we'll believe a gain, but the gain doesn't Move into free cash flow. They also will believe some items that hit their free cash flux relative to some pre-closing costs for Red Hat. So that's the understanding that the free cash flux is flat despite the fact that they believe a yoke of headwinds within them. So operator, why don't they raise one eventual question?


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

Keith Bachman -- BMO Capital Markets -- Analyst

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

In the slides, it indicates the repercussion is $1.5 billion. I think, you said $1 billion was coming out of Cognitive. And I just wanted to discern 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 win your perspective.

As you explore at 2019, this industry continues to trail a miniature bit relative to GBS in terms of revenue performance. Would you expect or anticipate this industry to grow in CY '19? And therefore, would you expect operating leverage to also exist 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 repercussion of divestitures. They actually did provide a supplemental chart that hopefully each of you and their investors will prize on the transparency and the implications both on '19 and then directionally on 2019.

I think, I said a miniature over $1 billion. If you explore 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 miniature over $1 billion. When you raise a explore 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 industry 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 industry 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 discern that play out in the second half of '18, and they expect that to continue. So every lone right, with that said, apologize for going a miniature bit long here. They wanted to win 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 considerable position to assuage their clients, whether they're looking for innovation or productivity or both. We've got a solid groundwork of business. You discern 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 participate for the year. Their hand will only win 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 explore 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 whirl it back to you to wrap up the call.


[Operator sign-off]

Duration: 83 minutes

Call Participants:

Patricia Murphy -- Vice President of Investor Relations

Jim Kavanaugh -- Chief 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

More IBM analysis

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

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