Buy your textbooks here

Free 000-595 Text Books of Killexams.com | study guide | Braindumps | Study Guides | Textbook

Take in our 000-595 practice questions and 000-595 braindumps - Questions and Answers - cheatsheets and pass 000-595 exam with high score These Q&A are satisfactory to pass 000-595 at first undertaking - study guide - Study Guides | Textbook

Pass4sure 000-595 dumps | Killexams.com 000-595 actual questions | https://www.textbookw.com/


Killexams.com 000-595 Dumps and actual Questions

100% actual Questions - Exam Pass Guarantee with high Marks - Just Memorize the Answers



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

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

How much 000-595 exam and prep guide cost?
these days i purchased your certification package deal and studied it thoroughly. final week I handed the 000-595 and obtained my certification. killexams.com exam simulator was a fanciful device to prepare the exam. that superior my self assurance and i easily passed the certification exam! enormously endorsed!!! As I had only one week left for exam 000-595, I frantically searched for some specific contents and stopped at killexams.com . It turned into shaped with short query-solutions that had been simple to understand. inside one week, I examine as many questions as viable. within the exam, it changed into smooth for me to control 83% making 50/60 revise solutions in due time. killexams.com become a terrific solution for me. thanks.


what number of days required for 000-595 education?
To design confident the fulfillment in the 000-595 exam, I sought assuage from the killexams.com. I chose it for several motives: their evaluation on the 000-595 exam ideas and regulations changed into wonderful, the material is actually user friendly, awesome character and very imaginitive. most significantly, Dumps removed All of the problems at the associated topics. Your material supplied generous contribution to my preparation and enabled me to succeed. i can firmly nation that it helped me acquire my achievement.


Do you necessity actual test qustions of 000-595 exam?
I handed the 000-595 exam 3 days returned, I used killexams.com dumps for making ready and i could correctly entirethe exam with a excessive marks of ninety eight%. I used it for over a week, memorized All questions and their solutions, so it became smooth for me to cost the birthright solutions at some point of the live exam. I thank the killexams.com crewfor helping me with this sort of brilliant training material and granting fulfillment.


Can I find contact information of 000-595 Certified?
My brother saden me telling me that I wasnt going to proceed through the 000-595 exam. I be awake after I contemplate outdoor the window, such a lot of one of a kindhearted humans necessity to be seen and heard from and they simply want the attention people however i can bid you that they students can obtain this attention while they pass their 000-595 test and i will inform you how I cleared my 000-595 test it turned into simplest when I were given my test questions from killexams.com which gave me the hope in my eyes collectively for All time.


Is there 000-595 exam fresh sayllabus?
000-595 questions from killexams.com are excellent, and mirror exactly what test focus gives you at the 000-595 exam. I loved everything about the killexams.com preparation material. I passed with over 80%.


How an entire lot 000-595 examination and prep manual price?
i used to be in a rush to pass the 000-595 exam because I had to reserve up my 000-595 certificates. I should attempt to contemplate for some on-line assuage regarding my 000-595 test so I began looking. i discovered this killexams.com and become so hooked that I forgot what i was doing. in the wait it became no longer in idle considering the fact that this killexams.com got me to pass my test.


That changed into incredible! I got today's dumps present day 000-595 examination.
Im so joyful i bought 000-595 exam prep. The 000-595 exam is difficult due to the fact its very massive, and the questions cowl the entirety you notice in the blueprint. killexams.com was my most famous instruction supply, and that they cowl the gross lot flawlessly, and there had been lots of associated questions about the exam.


where necessity to I search to obtain 000-595 actual test questions?
The killexams.com killexams.com are the exquisite product as its miles each simple to employ and spotless to reserve together through their exceptional Dumps. in many ways it prompted me, it is the appliance which I used daily for my mastering. The guide is applicable for the making ready. It helped me to execute a fanciful marks inside the final 000-595 exam. It offers the understanding to carry out better inside the exam. thanks very for the awesome assist.


brief, complete and genuine bank of 000-595 examination.
I purchased 000-595 training % and handed the exam. No problems in any respect, the entirety is precisely as they promise. spotless exam enjoy, no problems to report. Thanks.


Where can I obtain 000-595 actual exam questions and answers?
extremely good..I cleared the 000-595 exam. The killexams.com query monetary team helped hundreds. Very useful without a doubt. Cleared the 000-595 with 95%.I am unavoidable every person can pass the exam after completing your checks. The explanations were very useful. Thank you. It become a extremely satisfactory fancy with killexams.com in phrases of chain of questions, their interpretation and pattern in that you possess set the papers. I am thankful to you and deliver complete credit score score to you men for my fulfillment.


IBM IBM Maximo Asset Management

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

foreign commerce Machines supplier IBM these days bought Oniqua Holdings Pty Ltd. for an undisclosed amount. Oniqua offers cyber web of things (“IoT”) based mostly upkeep, restore and operations (“MRO”) stock optimization solutions. This buyout will bolster IBM’s Asset Optimization follow.

IBM’s asset optimization solutions portfolio already contains Tririga as smartly because the commerce leading Maximo. meanwhile, Oniqua caters to manufacturing, mining, transportation, oil & fuel, utilities and different such asset-intensive industries. The transaction will allow IBM to more desirable serve its present valued clientele and optimize its operations for bigger productiveness.

Focal elements of the Acquisition

Per the click free up, IBM plans to merge its asset optimization solutions with that of Oniqua’s. primarily, Oniqua’s flagship provider — MRO solution — when mixed with IBM’s asset optimization solution Maximo will advocate IBM to supply a “options-as-a-carrier” primarily based answer.

IBM features will additionally gain “a crew of specialists” from Oniqua. The MRO and other prescriptive and predictive analytical capabilities of the community will deliver IBM a competitive aspect in application features market.

With a combined reply platform, IBM appears ahead to present a lone records source encompassing company belongings to permit a “24/7 operational effectivity.”

reduce Asset Downtime: Key Catalyst

The basic headwind for the asset intensive companies is annual unscheduled asset downtime. This in fact stems from the inability of inventories and spare parts. The insights bought by scrutinizing and examining the enterprise information can gash down unscheduled operational downtime with the aid of guaranteeing the top-quality cloth and spare ingredients required to meet the demand.

IBM is quiet focused to supply the clientele with an reply primarily aimed at decreasing unscheduled asset downtime, which permits these clientsto recognise their commerce dreams quicker. With Oniqua’s IoT advantage in the asset management house, IBM is probably going to fortify its asset optimization capabilities an outstanding deal.

due to this fact, groups will advantage from the smooth unite with the data in actual-time. it'll allow the clientele to foretell gadget disasters, because of this shrinking unplanned downtime.

What the investors should comprehend

IBM’s stock has lost 2.1% of its value during the final year, narrower than the business’s rally of 2.6%.

The enterprise’s growing to be clout within the commerce Asset administration (EAM) utility market is evident from market analysis enterprise Gartner’s November 2017 “Magic Quadrant for enterprise Asset administration application” file where it reserve IBM within the “Leaders” quadrant for its Maximo providing. With Oniqua buyout, IBM is probably going to fortify the dominant position it enjoys out there.

additionally, per analysis company MarketsandMarkets, the EAM market size is predicted to develop from $3.forty four billion in 2017 to $6.05 billion through 2022 at a CAGR of eleven.9%. They accept as revise with IBM is neatly poised to capitalize on this lucrative random with the additional IoT-based capabilities Oniqua brings on board.

Strengthening IoT Capabilities Bodes neatly

Per IBM’s estimates, there might be round 30 billion connected instruments by means of 2020, as a consequence expanding the want for IoT systems. in consequence, the company’s funding in the technology looks to be a bit neatly deliberate. They consider the upcoming fresh mixed solution holds promise.

when you consider that the benefits, they can anticipate consistent boom of the enterprise pushed by route of IoT and synthetic intelligence (“AI”) technologies on the route to eventually advocate it to compete against friends.

Zacks Rank & Key Picks

IBM at present includes a Zacks Rank #three (hang).

more suitable-ranked shares in the broader technology sector are Western Digital WDC, Mellanox MLNX and Micron MU, every sporting a Zacks Rank #1 (effective purchase). which you could descry the complete record of these days’s Zacks #1 Rank stocks here.

The projected lengthy-term income growth cost for Western Digital, Mellanox and Micron are 19%, 15% and 10%, respectively.

state-of-the-art shares from Zacks' most approved techniques

or not it's challenging to trust, even for us at Zacks. however whereas the market received +21.9% in 2017, their satisfactory stock-choosing screens possess lower back +one hundred fifteen.0%, +109.three%, +104.9%, +98.6%, and +sixty seven.1%.

And this outperformance has not just been a fresh phenomenon. through the years it has been remarkably constant. From 2000 - 2017, the composite yearly customary profit for these innovations has overwhelmed the market greater than 19X over. perhaps much more astonishing is the fact that we're willing to participate their latest shares with you with out can impregnate or responsibility.

See Them Free>>

Story continues


IBM Maximo provider Request | killexams.com actual Questions and Pass4sure dumps

IBM Maximo service Request (provider Request) app provides a platform for getting into carrier requests into IBM Maximo Asset administration. carrier Request is suitable with IBM Maximo any status 7.6.2.x.

users can communicate or kind an outline of the request, and enter a vicinity and an asset for the request. they can likewise view the requests that they created which are currently unresolved so one can comply with up on those requests. Contact your IBM Maximo anywhere administrator before using this software.


IBM Watson publicizes Partnerships To enrich employee safeguard via Watson IoT | killexams.com actual Questions and Pass4sure dumps

these days, IBM Watson is announcing famous collaborations with a brace of industry partners to enhance worker safety in hazardous environments. the brand fresh choices leverage cyber web of things (IoT) expertise along with IBM’s present Maximo enterprise asset administration platform.

The enterprise is working with Garmin health, Guardhat, Mitsufuji and SmartCone to design employ of advanced facts assortment and artificial intelligence (AI) technologies to power colossal advances in monitoring and assessing the security and health of people in hazardous environment. “It’s within the context of a major focus enviornment for us, to enrich worker safety using IoT records and AI,” spoke of Kareem Yusuf, PhD, typical supervisor of IBM Watson IoT.

up to now, the enterprise’s focus with Maximo has been on management of physical property. “we've a long inheritance in device renovation and reliability administration,” Yusuf noted. “It’s been round three asset courses – industrial equipment, buildings and facilities, and vehicles. The focus of attention to date turned into to power renovation and travail processes around them, for improvements fancy predictive upkeep.”

With the brand fresh partnerships, the identical variety of focus of attention will target the smartly-being of employees. The Maximo worker Insights platform will receive statistics from the workspace and from the staff themselves to computer screen such expertise dangers as heat, height, temperature, and gas degrees, and to investigate even if laborers are exposed to hazards or risks. “It allows for their consumers to define travail zones and installation alerts,” eminent Yusuf. “they could monitor what matters and link back to their Maximo device.”

With Garmin, a longtime leader in wearable expertise, the partnership enables clients to acquire “near-time” sensor information (gathered and assessed in mere seconds) from workers fitted with Garmin exercise trackers. With the Garmin health confederate SDK information assortment device embedded inside the Maximo employee Insights platform, organizations can possess instant signals of health emergencies or “man-down” eventualities, and might additionally build ancient analytics in accordance with longer-term biometric statistics.

Garmin vivosmart 4Image courtesy Garmin

Guardhat, meanwhile, is integrating its smart very own defensive gadget (PPE) wearables with the IBM platform. Their KYRA IoT software gathers information from their IoT instrumented complicated hat, monitoring physical situations to detect and forewarn of surrounding dangers, and likewise presents communique capabilities with actual-time video and audio. The data and analytical mixture provides for far flung directional information and geolocation, in addition to lively monitoring and warning of relocating remonstrate dangers.

Guardhat - here is no commonplace hardhatImage courtesy Guardhat

in the third collaboration, IBM Watson will music IoT sensor data from the fresh wearable “shirt,” named hamon, currently launched by using Mitsufuji. The hamon machine, made from conductive silver fibers, directly collects the wearer’s physical facts corresponding to coronary heart cost and temperature, whereas additionally monitoring surrounding environmental circumstances, together with clamor and gasoline stages and air temperature. The Maximo employee Insights platform can then anatomize the facts and bring signals and alarms for events pursuits corresponding to breaks and job rotations, or for emergency circumstances that may lead to damage or sickness.

hamon - the totally connective AGposs fiber collects biometric statistics from the wearerImage courtesy Mitsufuji

The SmartCone utility is constructed round that company’s IoT-fitted supple network of locality sensors, which may likewise be fixed or included in to moveable traffic cone configurations. The sensors computer screen hazards in the marked zones, and collect visual statistics from cameras and other sensor statistics reminiscent of temperature and noise. The enterprise’s data collection and manipulation algorithms integrates with Maximo employee Insights to supply ongoing signals of environmental situations, in addition to signals within the savor of an accident or injury.

The SmartCone can likewise be dropped in lots of "skins" to comprehend a typical safeguard cone, then placed at any status you want it - its modular system enables for a mess of sensors (360 digicam, LED lighting fixtures and LIDAR pictured above)picture by means of cost Holleron

The organizations possess foreseen the evident considerations with the technologies, these involving employee privacy and dignity. “this is truly an angle we’ve considered, and we’ve been working intently with their partners to contemplate what’s confiscate of intellect,” pointed out Yusuf. “And it’s now not just the customers and worker's themselves, but other key stakeholders, such as the union point of view. What we’ve establish is that if you withhold the focus of attention on defense and fitness, the introductory perception is that the benefits outweigh the concerns. And in case you withhold very transparent traces about who owns the information, and travail collectively transparently, it’s not a huge problem.”

CEO Jason Lee suggests just how transportable the SmartCone can bePhoto by means of cost Holleron

IBM Watson sees more such opportunities on the horizon. “Our future is greater of the equal,” Yusuf spoke of. “With IoT and AI, they are able to coerce superior insights tied to working processes. they will advocate lower power consumption, optimize building occupancy – that’s the variety of travail we’re concentrated on, bringing value in the here and now. And with these fresh purposes, they will advocate people duty greater safely.”

Automation is regularly criticized for its expertise to dispose of jobs, but it surely’s likewise been shown to augment worker safety with the aid of taking laborers out of hurt’s approach. today’s announcement offers extra advancements in that regard; with on-the-job monitoring of abilities dangers to health and smartly-being, they’re one other avenue towards cutting back the millions of on-the-job accidents people undergo each year. As a secondary benefit, they can augment organizations’ backside traces, as these accidents cost tens of billions of greenbacks annually as neatly.

Yusuf sees a ultimate benefit, in highlighting what IoT advances can offer. “here is an case of revise AI at work,” he stated. “I suppose there’s lots of chatter about AI and its employ and usefulness. We’re going to continue to travail on methods to link it to strategies, and to allow americans to be greater useful, effectual and advised.”


While it is very difficult assignment to elect trustworthy certification questions / answers resources with respect to review, reputation and validity because people obtain ripoff due to choosing wrong service. Killexams.com design it confident to serve its clients best to its resources with respect to exam dumps update and validity. Most of other's ripoff report complaint clients arrive to us for the brain dumps and pass their exams happily and easily. They never compromise on their review, reputation and character because killexams review, killexams reputation and killexams client self-possession is famous to us. Specially they win custody of killexams.com review, killexams.com reputation, killexams.com ripoff report complaint, killexams.com trust, killexams.com validity, killexams.com report and killexams.com scam. If you descry any fraudulent report posted by their competitors with the name killexams ripoff report complaint internet, killexams.com ripoff report, killexams.com scam, killexams.com complaint or something fancy this, just withhold in intelligence that there are always deplorable people damaging reputation of satisfactory services due to their benefits. There are thousands of satisfied customers that pass their exams using killexams.com brain dumps, killexams PDF questions, killexams rehearse questions, killexams exam simulator. Visit Killexams.com, their sample questions and sample brain dumps, their exam simulator and you will definitely know that killexams.com is the best brain dumps site.

Back to Braindumps Menu


000-M79 study guide | 644-906 brain dumps | 700-001 dump | 1Z0-962 questions and answers | 050-733 rehearse test | HP0-Y25 test prep | 000-749 bootcamp | 000-867 rehearse test | 6201-1 questions and answers | PCNSE7 braindumps | 644-334 dumps | A2040-985 exam prep | NS0-201 exam prep | HC-711-CHS study guide | HP2-H24 actual questions | 1Z0-880 braindumps | C2150-810 test prep | 299-01 test prep | CSSBB study guide | 000-577 rehearse exam |


000-595 actual Exam Questions by killexams.com
We are doing battle to giving you actual IBM Maximo Asset Management V7.5 Fundamentals exam questions and answers, alongside explanations. Each on killexams.com has been confirmed by IBM certified specialists. They are exceptionally qualified and confirmed people, who possess numerous times of expert savor identified with the IBM exams.

If you are interested in successfully completing the IBM 000-595 exam to start earning? killexams.com has leading edge developed IBM Maximo Asset Management V7.5 Fundamentals exam questions that will ensure you pass this 000-595 exam! killexams.com delivers you the most accurate, current and latest updated 000-595 exam questions and available with a 100% money back guarantee. There are many companies that provide 000-595 brain dumps but those are not accurate and latest ones. Preparation with killexams.com 000-595 fresh questions is a best route to pass this certification exam in simple way.

We are All well awake that a major problem in the IT industry is that there is a lack of character study materials. Their exam preparation material provides you everything you will necessity to win a certification exam. Their IBM 000-595 Exam will provide you with exam questions with verified answers that reflect the actual exam. These questions and answers provide you with the savor of taking the actual test. high character and value for the 000-595 Exam. 100% guarantee to pass your IBM 000-595 exam and obtain your IBM certification. They at killexams.com are committed to assuage you pass your 000-595 exam with high scores. The chances of you failing your 000-595 test, after going through their comprehensive exam dumps are very little.

IBM 000-595 is rare All around the globe, and the commerce and programming arrangements gave by them are being grasped by every one of the organizations. They possess helped in driving a great number of organizations on the beyond any doubt shot route of achievement. Far reaching learning of IBM items are viewed as a captious capability, and the experts certified by them are exceptionally esteemed in All associations.

We give genuine 000-595 pdf exam questions and answers braindumps in two arrangements. Download PDF and rehearse Tests. Pass IBM 000-595 actual Exam rapidly and effectively. The 000-595 braindumps PDF sort is accessible for perusing and printing. You can print increasingly and rehearse ordinarily. Their pass rate is high to 98.9% and the comparability rate between their 000-595 study guide and genuine exam is 90% in light of their seven-year teaching background. carry out you necessity successs in the 000-595 exam in only one attempt? I am birthright now examining for the IBM 000-595 actual exam.

As the only thing that is in any route famous here is passing the 000-595 - IBM Maximo Asset Management V7.5 Fundamentals exam. As All that you require is a high score of IBM 000-595 exam. The just a lone thing you possess to carry out is downloading braindumps of 000-595 exam prep directs now. They will not let you down with their unconditional guarantee. The experts likewise withhold pace with the most up and coming exam so as to give the greater Part of updated materials. Three Months free access to possess the capacity to them through the date of purchase. Each applicant may bear the cost of the 000-595 exam dumps through killexams.com at a low cost. Frequently there is a markdown for anybody all.

killexams.com Huge Discount Coupons and Promo Codes are as under;
WC2017 : 60% Discount Coupon for All exams on website
PROF17 : 10% Discount Coupon for Orders greater than $69
DEAL17 : 15% Discount Coupon for Orders greater than $99
DECSPECIAL : 10% Special Discount Coupon for All Orders


If you're searching out Pass4sure 000-595 rehearse Test containing actual Test Questions, you are at birthright vicinity. They possess compiled database of questions from Actual Exams so as that will assuage you reserve together and pass your exam on the first attempt. All schooling materials at the website are Up To Date and proven with the aid of their specialists.

We present ultra-modern and up to date Pass4sure rehearse Test with Actual Exam Questions and Answers for brand fresh syllabus of IBM 000-595 Exam. rehearse their actual Questions and Answers to improve your expertise and pass your exam with high Marks. They design confident your pass inside the Test Center, protecting All of the subjects of exam and construct your information of the 000-595 exam. Pass four confident with their accurate questions.

killexams.com 000-595 Exam PDF includes Complete Pool of Questions and Answers and Dumps checked and confirmed inclusive of references and causes (where relevant). Their target to collect the Questions and Answers isn't always best to pass the exam at the start strive but Really improve Your information about the 000-595 exam topics.

000-595 exam Questions and Answers are Printable in high character Study guide that you may down load in your Computer or another device and start preparing your 000-595 exam. Print Complete 000-595 Study Guide, deliver with you while you are at Vacations or Traveling and fancy your Exam Prep. You can obtain birthright of entry to up to date 000-595 Exam out of your on line account anytime.

killexams.com Huge Discount Coupons and Promo Codes are as under;
WC2017 : 60% Discount Coupon for All assessments on website
PROF17 : 10% Discount Coupon for Orders extra than $69
DEAL17 : 15% Discount Coupon for Orders more than $ninety nine
DECSPECIAL : 10% Special Discount Coupon for All Orders


Download your IBM Maximo Asset Management V7.5 Fundamentals Study guide without detain after shopping for and Start Preparing Your Exam Prep birthright Now!

000-595 Practice Test | 000-595 examcollection | 000-595 VCE | 000-595 study guide | 000-595 practice exam | 000-595 cram


Killexams E05-001 test prep | Killexams HP2-B95 actual questions | Killexams 920-163 questions and answers | Killexams HP2-H08 rehearse questions | Killexams 000-274 braindumps | Killexams HP2-N42 free pdf | Killexams C4040-224 brain dumps | Killexams 000-M50 rehearse Test | Killexams ICDL-Powerpoint cram | Killexams ITEC-Massage rehearse exam | Killexams VCS-413 rehearse test | Killexams 010-111 questions answers | Killexams 4A0-104 braindumps | Killexams 000-P01 exam prep | Killexams 1Z0-479 brain dumps | Killexams HP0-P24 free pdf | Killexams HP0-266 rehearse questions | Killexams 648-385 sample test | Killexams 10-184 dump | Killexams 190-825 study guide |


killexams.com huge List of Exam Study Guides

View Complete list of Killexams.com Brain dumps


Killexams AHIMA-CCS bootcamp | Killexams 3107 questions and answers | Killexams 000-716 cram | Killexams HP2-N31 cheat sheets | Killexams 000-154 test prep | Killexams ACCP exam prep | Killexams HP0-264 brain dumps | Killexams 310-044 braindumps | Killexams 642-584 free pdf | Killexams 000-M61 braindumps | Killexams 9L0-009 dumps questions | Killexams HP0-M57 pdf download | Killexams COG-605 rehearse questions | Killexams ASWB free pdf | Killexams EE0-065 actual questions | Killexams 1T6-511 rehearse questions | Killexams 000-M237 free pdf | Killexams CMA actual questions | Killexams M2150-753 examcollection | Killexams 000-M03 braindumps |


IBM Maximo Asset Management V7.5 Fundamentals

Pass 4 confident 000-595 dumps | Killexams.com 000-595 actual questions | https://www.textbookw.com/

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

No result found, try fresh keyword!International commerce Machines Corporation (NYSE:IBM) Q4 2018 Earnings Conference ... once again had strong growth in their core offerings, Maximo and Tririga, where they lead the market in asset managem...

IBM (IBM) Q4 2018 Earnings Conference convoke Transcript | killexams.com actual 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 possess 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 fancy to welcome you to their fourth-quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's senior vice president and chief pecuniary officer.The prepared remarks will be available within a brace of hours and a replay of the webcast will be posted by this time tomorrow.I'll remind you that unavoidable comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could antecedent 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 website or from us in Investor Relations. Their presentation likewise includes unavoidable non-GAAP pecuniary measures in an trouble to provide additional information to investors. All non-GAAP measures possess been reconciled to the related GAAP measures in accordance with SEC rules.

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

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

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

We had strong performance in software and in services, they had revenue growth and outrageous 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 satisfactory 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 equable improvement in Global commerce Services throughout the year, with 6% growth in the fourth quarter and revenue growth and gross-margin expansion across All three of their GBS commerce lines. Global Technology Services had a modest revenue decline, with solid outrageous margin expansion. They had a much signings quarter, reflecting strong demand for hybrid cloud implementations and their value prop to deliver productivity.Our hardware revenue was down.

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

As they exit 2018, we're continuing to descry a few themes across their engagements. First, their clients continue to contemplate to whirl data into competitive advantage by applying analytics and AI with an industry lens. Second, clients are increasingly looking to cloud to drive commerce value. As they journey more mission-critical workloads to the cloud, they necessity to securely journey 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 equipoise shifting over time. We're recently seeing increasing interest in productivity, as clients contemplate forward to the next brace of years. And so their results this quarter reflect their competence to deliver innovation and productivity.

You descry this in their strong results in analytics and AI, in their as-a-service cloud revenue and in strong signings in their services commerce that deliver technology solutions and economic value, All through their integrated value proposition. That's why companies such as Vodafone and BNP Paribas are leveraging the IBM Cloud, where they benefit from their hybrid multi-cloud capabilities and access to the most advanced technologies. And it's why Bradesco Bank made a software, hardware and services multiyear commitment to the IBM Z platform to win 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 sprint rate for cloud delivered as a service of over $12 billion, which is up 21% over final year. This is a solid base of cloud and cognitive capabilities, and we're continuing to deliver innovation in these high-value areas.  For example, in the fourth quarter, they introduced AI OpenScale, a platform to manage the life cycle of All forms of AI models and Multicloud Manager, a service to deploy and manage complete applications in any cloud environment. We're adding innovative services fancy the world's first commercial quantum computer available on the IBM Cloud. You may possess seen that ExxonMobil is already using it to assuage address its most knotty commerce challenges such as energy exploration and chemicals manufacturing.

The number of fresh clients using IBM Cloud Private accelerated in the fourth quarter, and adoption is growing for their IBM Cloud Private for Data platform, which was named a leader in the first quarter 2019 Forrester Wave report on enterprise insight platforms. All of this is a validation of their hybrid open approach to cloud, and they possess a strong foundation from which to drive synergies across the commerce with the addition of Red Hat. Let me pause here to remind you of the value they descry from the combination of IBM and Red Hat, which is All about accelerating hybrid cloud adoption. The client response to the announcement has been overwhelmingly positive.

They understand the power of this acquisition and the combination of IBM and Red Hat capabilities in helping them journey beyond their initial cloud travail to really shifting their commerce 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 descry the strong bookings Red Hat recently reported as further evidence of clients' self-possession in the value.

Remember, the quarter ended a month after the transaction was announced.From a value perspective, in addition to the growing Red Hat commerce itself, they descry an opportunity to heave All of IBM, by selling more of their own IBM Cloud and by selling more of their analytics and AI capabilities on OpenShift across multiple platforms. As clients proceed on their journey to obtain more commerce value from the cloud, they necessity more services help, from the digital design to app modernization to native app evolution to management of hybrid cloud environments. You saw final week the results of Red Hat's shareholder vote, with very high participation and over 99% voting in support. They are affecting through the regulatory process and continue to await 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 proceed through the details of the fourth quarter, wrap up with the summary of the complete year and their view of 2019.As I said, their revenue in the quarter was $21.8 billion. This includes a currency Hurt to revenue of over $500 million, which is $150 million more than mid-October spot rates suggested, as the dollar has continued to strengthen.

Looking at their margin dynamics. They expanded both their outrageous and pre-tax operating margins. Their outrageous margin was up 10 basis points, with strong performance in the services businesses, together, up 190 basis points. This was mitigated by the expected mingle headwind from the IBM Z cycle dynamics.

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

We've been focused on driving productivity in their business, implementing fresh ways of working, fancy using agile methodologies and leveraging automation and infusing AI into their processes. This provides flexibility to drive innovation in areas fancy hybrid cloud, AI, security and blockchain, while likewise delivering operating leverage.Within their expense decline, they likewise had a lower flush of IP income. At the birth of the year, they said they expected IP income to be down year to year, and it has been tracking lower, down $165 million year to year in the fourth quarter and nearly $450 million for the complete year. Putting this expense performance together with their outrageous margin expansion, pre-tax margin was up 50 basis points.

Looking at operating tax. At the birth of 2018, they provided a ambit 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 likewise reflects a impregnate for a GILTI tax election associated with the implementation of 2017 U.S. tax reform. This impregnate 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 current in the quarter, with $11.9 billion for the year, in line with their expectations.

Our realization of GAAP net income is 111% for the year, normalizing for the non-operating tax reform charge. This supports a high flush of investment and shareholder returns. So now let me journey 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 quiet investing at high levels. In the quarter, they continue to deliver innovation to their clients and scale their platforms and solutions, resulting in growth in their transactional revenue and SaaS signings. In transaction processing software, they capitalized on the strong pipeline of larger transactions they discussed entering the fourth quarter, driven by their clients' buying cycles. Their fourth-quarter performance reflects these clients' commitment to their platform for the longer term, given the value they provide in managing their mission-critical workloads and predictability in their spending.In solutions software, growth was led by analytics and AI offerings with several other high-value areas growing as well.

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

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

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

Looking at their signings. On their final 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 final quarter's performance. Customers are increasingly looking to leverage digital for growth and innovation, while at the identical 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 case is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital savor solutions to advocate the bank's ongoing digital transformation, increasing their IT efficiency and scale and enabling them to seize opportunities in an increasingly digital pecuniary sector.

So now turning to Global commerce Services. They again delivered solid performance, building on the momentum throughout the year. The GBS team has done a really nice job repositioning this commerce and you could descry it in the results. Revenue grew 6%, with growth across All commerce lines and outrageous 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 likewise accelerating growth in next-generation enterprise applications, led by strong demand in their consulting and implementation services in areas fancy S/4HANA, Salesforce and Workday.

In application management, they grew 4%. This quarter, they returned to growth, with strong performance in Cloud Migration Factory and cloud application development, mitigated by continued declines in traditional application management engagements as their clients journey to the cloud. The 4% growth likewise reflects the achievement of significant milestones across a few accounts. We've been likewise 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, fancy the divestiture of select software assets, is about portfolio optimization.

We're focusing on higher value offerings that are famous to their integrated value proposition. Turning to GBS outrageous profit. There are a number of drivers of their 300-basis-point expansion, including the operating leverage they obtain on the revenue growth, their mingle toward higher value offerings and capturing the cost for value, a assuage from currency, given their global delivery mingle and the succumb 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 final year and outrageous margin expanded approximately 150 basis points.

We continue to possess 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 fresh and existing clients are looking to IBM to manage their captious infrastructure and deliver innovation, while simultaneously achieving predictable spending. They continue to descry 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 present its clients the best services, while respecting the security and confidentiality of their data. Looking at the revenue by line of business.

Infrastructure services revenue was flat. As they prioritize their portfolio, they are exiting some lower-value content, which slightly impacts near-term revenue performance but results in higher margins. In technical-support services, revenue was down 3%. TSS continues to be impacted by the hardware product cycle dynamics, partially offset by continued growth in their core multi-vendor services offerings.

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

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

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

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

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

We ended the year with a cash equipoise 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 advocate of their financing business. The leverage in their financing commerce 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 equipoise sheet remains strong, and they are committed to maintaining a strong investment-grade credit rating.

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

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

As they open the year, they talked about the travail they had done to reposition their business, to assuage journey their clients to the future, shifting their portfolio, changing their operating model and the route they travail and reallocating their capital. And in their earnings convoke final 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 outrageous margins. While they fell a bit short for the complete year, they stabilized outrageous margin in the third quarter and expanded both outrageous and pre-tax margin in the fourth quarter and second half. That's for the first time in over three years.

We said tax would be a headwind for the year and it was a headwind to us for the year and in the fourth quarter. They continue to revert 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 current 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 current realization. They had satisfactory momentum in GBS, with particular strength in consulting, led by their digital and cloud-application offerings. They executed well in software in the fourth quarter, finishing the year strong, led by analytics and AI and their hybrid cloud software. As they execute their strategy to 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 sprint 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 likewise 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 augment their focus and investments in the high-value segments of IT in areas fancy hybrid cloud, AI and blockchain. All of this provides a solid commerce and pecuniary foundation for the addition of Red Hat, and it gives us self-possession in their expectation for full-year 2019 operating earnings per participate of at least $13.90. Before they proceed to mp;A, I want to be transparent 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 pecuniary implications to 2019 are heavily relative on the timing of the closing, Red Hat is not included in their expectations.

We'll update their view of the year at the time of closing. In the final month and a half, we've likewise announced two divestitures: the sale of their collaboration in on-prem marketing commerce software and the sale of their Seterus mortgage servicing business. For these businesses, when they consider the combination of the foregone profit, the gain on the sale of software assets, the actions to address structure and stranded costs and the resulting benefits from these actions, they await there to be 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 possess a significant repercussion on the pecuniary implications for the year, though it may feel 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 carry out possess a benefit to their pecuniary profile over the longer term. Turning to free cash flow. They await 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 likewise taken into account the estimated free cash current 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 current into the investing section of their cash current statement.Finally, while they haven't included Red Hat, they possess taken into account an evaluate of the pre-closing financing costs associated with the acquisition. So when you reserve it All together, they descry free cash current 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 inaugurate the mp;A, I'd fancy to mention a brace of items. First, they possess supplemental charts at the wait of the slither deck that provide additional information on the quarter and the complete year. This includes the 2018 performance and year-end assumptions for their retirement-related plans and supporting information on the 2019 implications of their divested businesses.

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

Questions and Answers:

Operator

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

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

Yes. Thank you. Jim, IBM delivered a nice profit trajectory here exiting 2018. In this weaker macro backdrop, it looks fancy you possess 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 be helpful. Thank you.

Jim Kavanaugh -- Chief pecuniary Officer

OK, Wamsi. Thank you very much for the question, and it's probably a satisfactory status 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 sprint 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 likewise win into account their own operational indices in front of us and their commerce plans and strategies. And when they reserve All that together, this is what gives us self-possession and expectation of operating EPS of at least $13.90 for 2019. Now as I just stated, this guidance excludes Red Hat, just given to the timing sensitivity and the pecuniary implications on when it closes but it includes the announced divestitures. And we'll talk about that through All these mp;As with regard to any forward-looking guidance.

But they enter -- from my perspective, they entered 2019 with a much improved commerce profile in terms of, one, driving operating leverage, and you descry how All 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 exiguous color behind that. And then I'll proceed to operating leverage and outrageous and pre-tax margin and tax as they journey forward.

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

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

And then you brace 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 commerce around to growth growing 2% in the fourth quarter. And they possess a strong portfolio lineup, so they would await that to continue. And then hardware, yes, we're in the back wait of their mainframe cycle.

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

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

That divested content is going to be about a one-point headwind. So when you reserve it All together, we've got some pluses and minuses at the top line, but really, this year in 2019, it's going to be predicated on operating leverage. They made satisfactory progress through '18, and it positions us very well in -- to expand margins in 2019. So among All of their scenarios, their guidance model and their expectations attest that they will expand outrageous and pre-tax operating margin in 2019 as they continue to deliver value.

And that's going to arrive out of scale efficiencies. That's going to arrive out their services momentum and the mingle shift in productivity, which will offset -- more than offset the product cycle mingle they quiet possess in the divested content. And one final thing that I would convoke out is tax. We're guiding to an all-in rate of about 11% to 12%, which, by the way, is a headwind year to year that we're going to possess 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 journey forward. But I will bid you, discretes by nature vary in timing.

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

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Toni Sacconaghi -- Bernstein -- Analyst

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

Jim Kavanaugh -- Chief pecuniary Officer

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

First of all, as you saw from their final earnings, they continue to win disciplined portfolio prioritization efforts around their portfolio, both in terms of the announcement of the acquisition of Red Hat and likewise the announcement of sale of unavoidable assets within their Cognitive and GBS business. Red Hat, as they talked about, expected was -- we're working through regulatory birthright now. They await 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 commerce and the sale of their Seterus mortgaging business.

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

In terms of their cognitive assets that they sold with regards to collaboration and on-prem, those businesses generated roughly a exiguous bit over $1 billion of revenue over the final 12 months. They said they expected to nearby that by midyear. The transaction cost was $1.8 billion, but the expected gain, I will bid you, will be 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 be applied to that. But they quiet await 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 win 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 obtain revert on that. All of that reserve 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 possess an repercussion to free cash flow. Just given what I said a exiguous while ago in the prepared remarks on the gain on the asset sale will wait up in the investing section of free cash flow. So we've overcome that and quiet guided a free cash current 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 self-possession in their portfolio, the competitiveness and the value they bring to clients. And they didn't execute in third quarter and they came back.

We executed on strong pipelines. Software was up 2% overall. Their transact -- they had strong transactional performance. Well, probably what I'm most 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, likewise in many offerings in their industry verticals around Watson Health; and they grew in transaction processing software, which they said that commerce is mission critical, high value to their clients, and it followed client buying cycles. So if anything in their overall portfolio of software that's tied to SKU, it's really the transaction processing software business, where they closed a strong pipeline, which they talked about 90 days ago. So they feel very satisfactory 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 delight proceed to the next question?

Operator

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

Katy Huberty -- Morgan Stanley -- Analyst

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

Jim Kavanaugh -- Chief pecuniary Officer

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

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

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

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

We carry out not descry anywhere near the flush of discretes in the first quarter. And I would project somewhere around the 11%, 10%, there might be something within the first quarter, but we're not talking substantial amount. So that is really EPS. On revenue, which they probably had the best visibility, just given their operational indices, the mingle differential of their revenue base between annuity and transactional, when they journey from fourth quarter to first quarter, that seasonality, the transactional businesses possess a more muted outcome on 1Q versus 4Q.

And as the mingle 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 carry out descry an improvement, just given the mingle shift in the strength of their annuity content as they journey forward. The final thing that I'll bring up about first quarter is I talked a exiguous bit about currency for the year.

We possess their toughest compare on currency in the first quarter. Just given final 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 be a three to four-point headwind. And based on what I looked at where the dollar closed late today, it's going to be probably closer to that four-point headwind overall.

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

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

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

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

So inquisitive on the sustainability there. And just as a clarification away from the services, with strategic imperatives up 9%, there wasn't as much talk about that in the prepared remark. I'm inquisitive is that quiet going to be a metric that's going to be provided or tracked going forward. Thanks.

Jim Kavanaugh -- Chief pecuniary Officer

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

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

And we've got pervasive growth across All three lines of business, led by digital. They did status 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 possess a differentiated offering, and we're delivering value to their clients. But they likewise closed on many client-specific milestones that caught up in the fourth quarter, but they quiet descry satisfactory growth.

It's just not going to be at the flush that you saw here in the fourth quarter. With All that said, their margin and operating leverage, they feel comfortable. They grew GBS operating outrageous margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they quiet descry strong operating leverage led by their mingle shift to higher value and the offerings, how we're capturing that cost realization and how we're delivering actual 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 wait of the year. And we're exiting with an $8 billion as-a-service annualized exit sprint rate, which provides a strong annuity base content and resiliency in their model.

Now with that said, they are doing portfolio prioritization in GTS. They are constantly going to focus on where they can exploit and deliver value to their client and likewise design 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 commerce overall was down, I think, 50, 70 basis points.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

David Grossman -- Stifel pecuniary Corp. -- Analyst

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

Jim Kavanaugh -- Chief pecuniary Officer

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

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

And whether you proceed over what they just did the final 90, 120 days or you proceed over the final three to five years, they possess constantly focused on one, where is the market affecting in terms of growth, high-value offerings, client value and most importantly, profit pools. And you're seeing us continue to carry out that as they journey forward. These latest actions really focus around disciplined portfolio prioritization around market attractiveness, around differentiation and around how they really played to the integrated value of the IBM portfolio. Their differentiated hardware-software services, and that was really at the heart of the divestitures that they just announced around unavoidable assets in their Cognitive Solutions segment and in their global processing mortgage servicing unit.

They were basically more and more sold as stand-alone-only products and offerings that can be leveraged and delivered to their clients through a different partner, who will design the investment prioritization as they proceed -- journey forward. I could bid you, we're always looking at portfolio optimization and how they prioritize their investment and capital allocation. And you descry that with the announcement of Red Hat, and you descry that play out in what they just did with Cognitive and GBS. But as they proceed forward, we're going to continue prudently managing their portfolio and operate with that pecuniary discipline in terms of acquisitions.

Our strategy hasn't changed. It's always been built around supporting high value and it's built around leveraging the investment theses and narrative of IBM: Innovative technology, abysmal industry expertise and reliance and security All delivered through an integrated model of hardware-software services. And then finally, I would bid you, they possess a strong equipoise sheet. They possess much cash current and they possess enough pecuniary flexibility to continue invest in their commerce and returning value to their shareholders over the long term.

So they feel pretty good.

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

John Roy -- UBS -- Analyst

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

Jim Kavanaugh -- Chief pecuniary Officer

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

We expected that. We've been talking about that All year long. Second half of the year, they knew they were going to be on the back wait 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 fresh emerging workloads around pervasive encryption but likewise is capturing fresh workloads around cloud as they journey 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 descry that as they journey 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 descry cloud quiet resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they descry this movement of how they can deliver value in leading the second phase, Ginni calls this Chapter 2, the second angle around where clients are affecting very business-critical, business-value-led workloads. And that's about 80% of the workloads ahead of us. So the value of bringing IBM and Red Hat together is going to be centered around hybrid, open, multi-cloud and us wrapping around their security secure to the core and how we're going to deliver that differentiated value proposition.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Jim Schneider -- Goldman Sachs -- Analyst

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

Is it realistic to await that you could achieve that as they head throughout 2019? And can you maybe talk about the repercussion of any of the transactional commerce you may possess seen this quarter that might feel that? And just kindhearted of talk broadly about the macro environment for that product set in general.

Jim Kavanaugh -- Chief pecuniary Officer

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

But when you contemplate at fourth quarter, they exited 2% growth. They had satisfactory pervasive growth across the portfolio, as I said before, good, strong transactional growth, satisfactory SaaS signings, high renewal rates. And remember, this Cognitive Solutions segment is high value, high operating margins, and they continued to expand operating margins here in the fourth quarter and for the complete year. Now when you win 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 exiguous over $1 billion. So it would be about a four, five-point headwind in '19, and that's pre-Red Hat acquisition, because Red Hat's not in '19 yet. But we're going to have, 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 quiet descry the strength of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a much 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 satisfactory lineup. It's going to be on us to execute here in 2019. They fully await to carry out that.

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Joseph Foresi -- Cantor Fitzgerald -- Analyst

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

Jim Kavanaugh -- Chief pecuniary Officer

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

We carry out possess the divestitures in here. Divestitures are going to be about a point headwind as they journey forward. And as I stated, currency is going to be a one to two-point headwind at actual rates. But they carry out feel confident in the bespeak of commerce they possess around their services and around their software as they journey forward.

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

We carry out descry strong operating leverage continuing in 2019, both outrageous and pre-tax margin, leveraging their scale efficiencies, leveraging their mingle shift to higher value, leveraging their productivity initiatives. And when you contemplate at it, we've got much momentum exiting second half, in particular, around their services base of business. Second half services grew operating outrageous margins by 200 basis points. And I assume you would await a similar first half trend around that.

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

Patricia Murphy -- Vice President of Investor Relations

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

Operator

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

Jim Suva -- Citi -- Analyst

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

Jim Kavanaugh -- Chief pecuniary Officer

OK, Jim. First of all, thank you for the question. Thanks for the compliment. The team does travail very difficult to provide the birthright flush of transparency so their investors can understand the operating dynamics of their business.

And Chart 10 brings out that complete year. You descry how 2018 played out, strong operating leverage, tax headwind, revenue growth at actuals. When you contemplate at it and you proceed back to birth of January final 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 contemplate at, excuse me, 2019, as I stated, many different scenarios.

But what possess they talked about already on this call? One, they descry continued operating leverage coming out of outrageous and pre-tax margin in 2019. Two, they carry out descry 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 self-possession that they possess in the long-term value of IBM, but it's likewise a flush of self-possession that they possess in the power of the IBM and Red Hat acquisition. So I think, you could descry 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 journey 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 possess a headwind from the divested businesses, because they possess the foregone -- we'll possess foregone profit and we'll possess a gain, but the gain doesn't proceed into free cash flow. They likewise will possess some items that hit their free cash current relative to some pre-closing costs for Red Hat. So that's the judgement that the free cash current is flat despite the fact that they possess a brace of headwinds within them. So operator, why don't they win one final question?

Operator

Thank you. Their final 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 descry if you'd just clarify where is the ease coming out of? And then the question is on Technology Services & Cloud Platforms. I wanted to obtain your perspective.

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

Jim Kavanaugh -- Chief pecuniary Officer

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

I think, I said a exiguous over $1 billion. If you contemplate 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 exiguous over $1 billion. When you win a contemplate 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 likewise the value of incumbency that they provide with their clients of understanding their workloads, understanding their commerce processes and enabling us to mute -- journey 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 commerce for profit, for cash and for leveraging their incumbency to journey their clients to the future and provide better client value and delight them through loyalty as they journey forward. And they are going to exit some low-value content business. So for 2019, I would await 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 descry that play out in the second half of '18, and they await that to continue. So All right, with that said, apologize for going a exiguous bit long here. They wanted to obtain 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 much position to assuage their clients, whether they're looking for innovation or productivity or both. We've got a solid base of business. You descry 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 await that to continue.

This gives us self-possession in their expectation of at least $13.90 of earnings per participate for the year. Their hand will only obtain 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 contemplate 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

[Operator sign-off]

Duration: 83 minutes

Call Participants:

Patricia Murphy -- Vice President of Investor Relations

Jim Kavanaugh -- Chief pecuniary Officer

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

Toni Sacconaghi -- Bernstein -- Analyst

Katy Huberty -- Morgan Stanley -- Analyst

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

David Grossman -- Stifel pecuniary Corp. -- Analyst

John Roy -- UBS -- Analyst

Jim Schneider -- Goldman Sachs -- Analyst

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Jim Suva -- Citi -- Analyst

Keith Bachman -- BMO Capital Markets -- Analyst

More IBM analysis

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

More From The Motley Fool

Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


AT&T blockchain trouble includes IBM, Microsoft | killexams.com 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 feasible employ cases for the multivendor services comprehend asset management and data sharing within a supply chain. For the latter, blockchain would replace traditional SSL/TLS certificate-based cryptography models, which possess several vulnerabilities.

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

IBM and Microsoft are both trying to build a commerce around blockchain as a service, and the recent AT&T blockchain announcement shows the carrier is ready to unite 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 gear and other IoT devices.

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

IBM's blockchain technology is available for Maximo Asset Health Insights, which tracks the condition of corporate equipment. The monitoring helps avoid downtime by signaling when to execute 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 standard Microsoft evolution libraries.

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

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



Direct Download of over 5500 Certification Exams

3COM [8 Certification Exam(s) ]
AccessData [1 Certification Exam(s) ]
ACFE [1 Certification Exam(s) ]
ACI [3 Certification Exam(s) ]
Acme-Packet [1 Certification Exam(s) ]
ACSM [4 Certification Exam(s) ]
ACT [1 Certification Exam(s) ]
Admission-Tests [13 Certification Exam(s) ]
ADOBE [93 Certification Exam(s) ]
AFP [1 Certification Exam(s) ]
AICPA [2 Certification Exam(s) ]
AIIM [1 Certification Exam(s) ]
Alcatel-Lucent [13 Certification Exam(s) ]
Alfresco [1 Certification Exam(s) ]
Altiris [3 Certification Exam(s) ]
Amazon [2 Certification Exam(s) ]
American-College [2 Certification Exam(s) ]
Android [4 Certification Exam(s) ]
APA [1 Certification Exam(s) ]
APC [2 Certification Exam(s) ]
APICS [2 Certification Exam(s) ]
Apple [69 Certification Exam(s) ]
AppSense [1 Certification Exam(s) ]
APTUSC [1 Certification Exam(s) ]
Arizona-Education [1 Certification Exam(s) ]
ARM [1 Certification Exam(s) ]
Aruba [6 Certification Exam(s) ]
ASIS [2 Certification Exam(s) ]
ASQ [3 Certification Exam(s) ]
ASTQB [8 Certification Exam(s) ]
Autodesk [2 Certification Exam(s) ]
Avaya [96 Certification Exam(s) ]
AXELOS [1 Certification Exam(s) ]
Axis [1 Certification Exam(s) ]
Banking [1 Certification Exam(s) ]
BEA [5 Certification Exam(s) ]
BICSI [2 Certification Exam(s) ]
BlackBerry [17 Certification Exam(s) ]
BlueCoat [2 Certification Exam(s) ]
Brocade [4 Certification Exam(s) ]
Business-Objects [11 Certification Exam(s) ]
Business-Tests [4 Certification Exam(s) ]
CA-Technologies [21 Certification Exam(s) ]
Certification-Board [10 Certification Exam(s) ]
Certiport [3 Certification Exam(s) ]
CheckPoint [41 Certification Exam(s) ]
CIDQ [1 Certification Exam(s) ]
CIPS [4 Certification Exam(s) ]
Cisco [318 Certification Exam(s) ]
Citrix [48 Certification Exam(s) ]
CIW [18 Certification Exam(s) ]
Cloudera [10 Certification Exam(s) ]
Cognos [19 Certification Exam(s) ]
College-Board [2 Certification Exam(s) ]
CompTIA [76 Certification Exam(s) ]
ComputerAssociates [6 Certification Exam(s) ]
Consultant [2 Certification Exam(s) ]
Counselor [4 Certification Exam(s) ]
CPP-Institue [2 Certification Exam(s) ]
CPP-Institute [1 Certification Exam(s) ]
CSP [1 Certification Exam(s) ]
CWNA [1 Certification Exam(s) ]
CWNP [13 Certification Exam(s) ]
Dassault [2 Certification Exam(s) ]
DELL [9 Certification Exam(s) ]
DMI [1 Certification Exam(s) ]
DRI [1 Certification Exam(s) ]
ECCouncil [21 Certification Exam(s) ]
ECDL [1 Certification Exam(s) ]
EMC [129 Certification Exam(s) ]
Enterasys [13 Certification Exam(s) ]
Ericsson [5 Certification Exam(s) ]
ESPA [1 Certification Exam(s) ]
Esri [2 Certification Exam(s) ]
ExamExpress [15 Certification Exam(s) ]
Exin [40 Certification Exam(s) ]
ExtremeNetworks [3 Certification Exam(s) ]
F5-Networks [20 Certification Exam(s) ]
FCTC [2 Certification Exam(s) ]
Filemaker [9 Certification Exam(s) ]
Financial [36 Certification Exam(s) ]
Food [4 Certification Exam(s) ]
Fortinet [13 Certification Exam(s) ]
Foundry [6 Certification Exam(s) ]
FSMTB [1 Certification Exam(s) ]
Fujitsu [2 Certification Exam(s) ]
GAQM [9 Certification Exam(s) ]
Genesys [4 Certification Exam(s) ]
GIAC [15 Certification Exam(s) ]
Google [4 Certification Exam(s) ]
GuidanceSoftware [2 Certification Exam(s) ]
H3C [1 Certification Exam(s) ]
HDI [9 Certification Exam(s) ]
Healthcare [3 Certification Exam(s) ]
HIPAA [2 Certification Exam(s) ]
Hitachi [30 Certification Exam(s) ]
Hortonworks [4 Certification Exam(s) ]
Hospitality [2 Certification Exam(s) ]
HP [750 Certification Exam(s) ]
HR [4 Certification Exam(s) ]
HRCI [1 Certification Exam(s) ]
Huawei [21 Certification Exam(s) ]
Hyperion [10 Certification Exam(s) ]
IAAP [1 Certification Exam(s) ]
IAHCSMM [1 Certification Exam(s) ]
IBM [1532 Certification Exam(s) ]
IBQH [1 Certification Exam(s) ]
ICAI [1 Certification Exam(s) ]
ICDL [6 Certification Exam(s) ]
IEEE [1 Certification Exam(s) ]
IELTS [1 Certification Exam(s) ]
IFPUG [1 Certification Exam(s) ]
IIA [3 Certification Exam(s) ]
IIBA [2 Certification Exam(s) ]
IISFA [1 Certification Exam(s) ]
Intel [2 Certification Exam(s) ]
IQN [1 Certification Exam(s) ]
IRS [1 Certification Exam(s) ]
ISA [1 Certification Exam(s) ]
ISACA [4 Certification Exam(s) ]
ISC2 [6 Certification Exam(s) ]
ISEB [24 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [64 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [69 Certification Exam(s) ]
Microsoft [374 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [279 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]





References :


Dropmark : http://killexams.dropmark.com/367904/11480247
Issu : https://issuu.com/trutrainers/docs/000-595
Wordpress : http://wp.me/p7SJ6L-kM
Scribd : https://www.scribd.com/document/357174785/Pass4sure-000-595-IBM-Maximo-Asset-Management-V7-5-Fundamentals-exam-braindumps-with-real-questions-and-practice-software
weSRCH : https://www.wesrch.com/business/prpdfBU1HWO000UZSW
Dropmark-Text : http://killexams.dropmark.com/367904/12041100
Youtube : https://youtu.be/_yCWELNUe7I
Blogspot : http://killexams-braindumps.blogspot.com/2017/10/where-can-i-get-help-to-pass-000-595.html
RSS Feed : http://feeds.feedburner.com/JustMemorizeThese000-595QuestionsBeforeYouGoForTest
Vimeo : https://vimeo.com/242869907
publitas.com : ttps://view.publitas.com/trutrainers-inc/pass4sure-000-595-dumps-and-practice-tests-with-real-questions
Google+ : https://plus.google.com/112153555852933435691/posts/H6GwJj78evv?hl=en
Calameo : http://en.calameo.com/books/004923526aa1ca11db978
Box.net : https://app.box.com/s/dl038ku3gv9z1i2toebtzu18yrqba8t2
zoho.com : https://docs.zoho.com/file/4b1e16018d1395dfc4dba9d9384efc26eb83a











Killexams 000-595 exams | Killexams 000-595 cert | Pass4Sure 000-595 questions | Pass4sure 000-595 | pass-guaratee 000-595 | best 000-595 test preparation | best 000-595 training guides | 000-595 examcollection | killexams | killexams 000-595 review | killexams 000-595 legit | kill 000-595 example | kill 000-595 example journalism | kill exams 000-595 reviews | kill exam ripoff report | review 000-595 | review 000-595 quizlet | review 000-595 login | review 000-595 archives | review 000-595 sheet | legitimate 000-595 | legit 000-595 | legitimacy 000-595 | legitimation 000-595 | legit 000-595 check | legitimate 000-595 program | legitimize 000-595 | legitimate 000-595 business | legitimate 000-595 definition | legit 000-595 site | legit online banking | legit 000-595 website | legitimacy 000-595 definition | >pass 4 sure | pass for sure | p4s | pass4sure certification | pass4sure exam | IT certification | IT Exam | 000-595 material provider | pass4sure login | pass4sure 000-595 exams | pass4sure 000-595 reviews | pass4sure aws | pass4sure 000-595 security | pass4sure coupon | pass4sure 000-595 dumps | pass4sure cissp | pass4sure 000-595 braindumps | pass4sure 000-595 test | pass4sure 000-595 torrent | pass4sure 000-595 download | pass4surekey | pass4sure cap | pass4sure free | examsoft | examsoft login | exams | exams free | examsolutions | exams4pilots | examsoft download | exams questions | examslocal | exams practice |



International Edition Textbooks

Save huge amounts of cash when you buy international edition textbooks from TEXTBOOKw.com. An international edition is a textbook that has been published outside of the US and can be drastically cheaper than the US edition.

** International edition textbooks save students an average of 50% over the prices offered at their college bookstores.

Highlights > Recent Additions
Showing Page 1 of 5
Operations & Process Management: Principles & Practice for Strategic ImpactOperations & Process Management: Principles & Practice for Strategic Impact
By Nigel Slack, Alistair Jones
Publisher : Pearson (Feb 2018)
ISBN10 : 129217613X
ISBN13 : 9781292176130
Our ISBN10 : 129217613X
Our ISBN13 : 9781292176130
Subject : Business & Economics
Price : $75.00
Computer Security: Principles and PracticeComputer Security: Principles and Practice
By William Stallings, Lawrie Brown
Publisher : Pearson (Aug 2017)
ISBN10 : 0134794109
ISBN13 : 9780134794105
Our ISBN10 : 1292220619
Our ISBN13 : 9781292220611
Subject : Computer Science & Technology
Price : $65.00
Urban EconomicsUrban Economics
By Arthur O’Sullivan
Publisher : McGraw-Hill (Jan 2018)
ISBN10 : 126046542X
ISBN13 : 9781260465426
Our ISBN10 : 1260084493
Our ISBN13 : 9781260084498
Subject : Business & Economics
Price : $39.00
Urban EconomicsUrban Economics
By Arthur O’Sullivan
Publisher : McGraw-Hill (Jan 2018)
ISBN10 : 0078021782
ISBN13 : 9780078021787
Our ISBN10 : 1260084493
Our ISBN13 : 9781260084498
Subject : Business & Economics
Price : $65.00
Understanding BusinessUnderstanding Business
By William G Nickels, James McHugh, Susan McHugh
Publisher : McGraw-Hill (Feb 2018)
ISBN10 : 126021110X
ISBN13 : 9781260211108
Our ISBN10 : 126009233X
Our ISBN13 : 9781260092332
Subject : Business & Economics
Price : $75.00
Understanding BusinessUnderstanding Business
By William Nickels, James McHugh, Susan McHugh
Publisher : McGraw-Hill (May 2018)
ISBN10 : 1260682137
ISBN13 : 9781260682137
Our ISBN10 : 126009233X
Our ISBN13 : 9781260092332
Subject : Business & Economics
Price : $80.00
Understanding BusinessUnderstanding Business
By William Nickels, James McHugh, Susan McHugh
Publisher : McGraw-Hill (Jan 2018)
ISBN10 : 1260277143
ISBN13 : 9781260277142
Our ISBN10 : 126009233X
Our ISBN13 : 9781260092332
Subject : Business & Economics
Price : $77.00
Understanding BusinessUnderstanding Business
By William Nickels, James McHugh, Susan McHugh
Publisher : McGraw-Hill (Jan 2018)
ISBN10 : 1259929434
ISBN13 : 9781259929434
Our ISBN10 : 126009233X
Our ISBN13 : 9781260092332
Subject : Business & Economics
Price : $76.00
000-595000-595
By Peter W. Cardon
Publisher : McGraw-Hill (Jan 2017)
ISBN10 : 1260128474
ISBN13 : 9781260128475
Our ISBN10 : 1259921883
Our ISBN13 : 9781259921889
Subject : Business & Economics, Communication & Media
Price : $39.00
000-595000-595
By Peter Cardon
Publisher : McGraw-Hill (Feb 2017)
ISBN10 : 1260147150
ISBN13 : 9781260147155
Our ISBN10 : 1259921883
Our ISBN13 : 9781259921889
Subject : Business & Economics, Communication & Media
Price : $64.00
Result Page : 1 2 3 4 5