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

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

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

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IBM Fundamentals of IBM TRIRIGA

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

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facts sovereignty, provider level guarantees and tiers of latency complete inform cloud choices

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

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

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

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

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

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

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

among the many components delegates celebrated counseled their cloud option making fill been records sovereignty, service level ensures and stages of latency.

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

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

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

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

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

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

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

Rensselaer Polytechnic Institute and its supercomputer lab additionally could subsist a allotment of the hassle.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Fundamentals of IBM TRIRIGA Application Platform V3.2.1 Application Develop

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

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

IBM (IBM) Q4 2018 Earnings Conference call Transcript | true questions and Pass4sure dumps

Image source: The Motley Fool.

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

 Welcome, and thank you for standing by. [Operator instructions] Today's conference is being recorded. If you fill any objections, you may disconnect at this time. Now I will swirl the meeting over to Ms.

Patricia Murphy with IBM. Ma'am, you may begin.

Thank you. This is Patricia Murphy, vice president of investor relations for IBM, and I'd dote to welcome you to their fourth-quarter earnings presentation. I'm here today with Jim Kavanaugh, IBM's senior vice president and chief financial officer.The prepared remarks will subsist available within a yoke of hours and a replay of the webcast will subsist posted by this time tomorrow.I'll remind you that certain comments made in this presentation may subsist characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could intuition actual results to vary materially.

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

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

Thanks, Patricia, and thanks to complete 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 grievous and pre-tax margin in the fourth quarter. They continued to invest and steal actions to shift their commerce toward higher-value areas dote hybrid cloud and AI, including the announcement of their acquisition of Red Hat.

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

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

Total services revenue was up 2%. They had steady improvement in Global commerce Services throughout the year, with 6% growth in the fourth quarter and revenue growth and gross-margin expansion across complete three of their GBS commerce lines. Global Technology Services had a modest revenue decline, with solid grievous margin expansion. They had a grand signings quarter, reflecting stout require 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 subsist a very successful Z program and remains ahead of their prior cycle. Once again, they had stout growth in Power, with POWER9 now introduced throughout their portfolio. As you know, they provide technology and industry expertise to back race their clients' most notable processes, which puts us in a unique position to back them transform their businesses.

As they exit 2018, we're continuing to notice a few themes across their engagements. First, their clients continue to notice to swirl data into competitive odds 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 balance shifting over time. We're recently seeing increasing interest in productivity, as clients notice forward to the next yoke of years. And so their results this quarter reflect their faculty to deliver innovation and productivity.

You notice this in their stout results in analytics and AI, in their as-a-service cloud revenue and in stout signings in their services commerce that deliver technology solutions and economic value, complete through their integrated value proposition. That's why companies such as Vodafone and BNP Paribas are leveraging the IBM Cloud, where they profit 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 steal them to the next level in AI and hybrid IT, with more predictability in their operating cost. Across their segments, their strategic imperatives revenue for the year was up 9% to about $40 billion.

Within that, their cloud revenue is over $19 billion, and they exited the year with an annual race rate for cloud delivered as a service of over $12 billion, which is up 21% over ultimate year. This is a solid foundation 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 complete forms of AI models and Multicloud Manager, a service to deploy and manage complete applications in any cloud environment. We're adding innovative services dote the world's first commercial quantum computer available on the IBM Cloud. You may fill seen that ExxonMobil is already using it to back address its most complicated commerce challenges such as energy exploration and chemicals manufacturing.

The number of unique 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. complete of this is a validation of their hybrid open approach to cloud, and they fill a stout 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 notice from the combination of IBM and Red Hat, which is complete 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 labor 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 back them address these issues. They notice the stout bookings Red Hat recently reported as further evidence of clients' aplomb 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 notice an opportunity to boost complete 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 bag more commerce value from the cloud, they necessity more services help, from the digital design to app modernization to indigenous app evolution to management of hybrid cloud environments. You saw ultimate week the results of Red Hat's shareholder vote, with very lofty participation and over 99% voting in support. They are moving through the regulatory process and continue to anticipate to near in the second half of 2019.

We've had a decade-long partnership with Red Hat and extended it nearly a year ago around hybrid and multi-cloud. And now after the announcement in late October, they begun the internal enablement planning, so they can hit the ground running post-closing. So now, I'll Go through the details of the fourth quarter, wrap up with the summary of the replete year and their view of 2019.As I said, their revenue in the quarter was $21.8 billion. This includes a currency damage 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 grievous and pre-tax operating margins. Their grievous margin was up 10 basis points, with stout performance in the services businesses, together, up 190 basis points. This was mitigated by the expected blend 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 profit 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 unique ways of working, dote using agile methodologies and leveraging automation and infusing AI into their processes. This provides flexibility to drive innovation in areas dote hybrid cloud, AI, security and blockchain, while too delivering operating leverage.Within their expense decline, they too had a lower level of IP income. At the beginning of the year, they said they expected IP income to subsist 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 replete year. Putting this expense performance together with their grievous margin expansion, pre-tax margin was up 50 basis points.

Looking at operating tax. At the beginning 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 too reflects a charge for a GILTI tax election associated with the implementation of 2017 U.S. tax reform. This charge impacts GAAP net income and GAAP earnings per share.

And so turning back to their operating results. Operating earnings per share of $4.87 was driven by solid operating leverage, offset by expected headwind from tax. Looking at their cash metrics. They generate $6.5 billion of free cash flux in the quarter, with $11.9 billion for the year, in line with their expectations.

Our realization of GAAP net income is 111% for the year, normalizing for the non-operating tax reform charge. This supports a lofty level 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 silent investing at lofty levels. In the quarter, they continue to deliver innovation to their clients and scale their platforms and solutions, resulting in growth in their transactional revenue and SaaS signings. In transaction processing software, they capitalized on the stout 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. require for their IBM Cloud Private for Data offering accelerated and now over 100 clients fill adopted the platform. And that's since launching just over six months ago. unique 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 unique cyber threats.

In addition, we're scaling their newest Watson services running on IBM Cloud Private for Data dote AI OpenScale.In security, they continue to fill solid require for their integrated security and services solutions, including stout 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 stout 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 unique clients this quarter, including their labor with Smart Dubai on Middle East's first government-endorsed blockchain platform.

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

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

Looking at their signings. On their ultimate earnings call, they talked about the stout 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 ultimate quarter's performance. Customers are increasingly looking to leverage digital for growth and innovation, while at the selfsame 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 instance is at the Bank of the Philippine Islands, where we'll provide IT infrastructure services as well as digital experience 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 financial sector.

So now turning to Global commerce Services. They again delivered solid performance, structure on the momentum throughout the year. The GBS team has done a really nice job repositioning this commerce and you could notice it in the results. Revenue grew 6%, with growth across complete commerce lines and grievous 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 back their clients on their digital journey. They had continued stout growth in Digital Strategy, fueled by their digital commerce and CRM offerings. They are too accelerating growth in next-generation enterprise applications, led by stout require in their consulting and implementation services in areas dote S/4HANA, Salesforce and Workday.

In application management, they grew 4%. This quarter, they returned to growth, with stout 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 too reflects the achievement of significant milestones across a few accounts. We've been too 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 near in the first quarter and will result in improving revenue and margin profile, normalizing for the divested content. So this action, dote the divestiture of select software assets, is about portfolio optimization.

We're focusing on higher value offerings that are notable to their integrated value proposition. Turning to GBS grievous profit. There are a number of drivers of their 300-basis-point expansion, including the operating leverage they bag on the revenue growth, their blend toward higher value offerings and capturing the expense for value, a back from currency, given their global delivery blend and the bow 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 ultimate year and grievous margin expanded approximately 150 basis points.

We continue to fill stout growth in cloud revenue in the segment, this quarter up 22% year to year. They had a stout signings quarter, with 16 transactions over $100 million each. Both unique and existing clients are looking to IBM to manage their censorious infrastructure and deliver innovation, while simultaneously achieving predictable spending. They continue to notice 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 proffer 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 subsist 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 stout adoption of IBM Cloud Private, where they added 200 unique 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 too now fill 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 unique offerings to enable clients in an open, hybrid, multi-cloud world dote IBM Multicloud Manager, which I mentioned earlier. Turning to profit for the segment. Gross-margin improvement is driven by the boost 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 too 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 unique offerings to capture the hybrid-market opportunity. So to wrap up services, at the beginning of 2018, they said they expected an improving trajectory in their services revenue and profit, and they delivered on that throughout the year with the stout fourth quarter. In Systems, revenue was down 20% this quarter.

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

So we're taking odds of the secular shifts in the market and now over 55% of their installed MIPS inventory is in emerging workload areas. And while there's volatility in the hardware due to product cycles, as they continue to grow their installed foundation up roughly three and a half times over the ultimate decade, this provides stability in their related software, services and financing commerce across IBM. Power revenue was up 10%, driven by Linux and continued stout adoption across their unique POWER9-based architecture. In the fourth quarter, they completed the release of their next-generation POWER9 processors in the lofty quit and they had stout 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 fill extended HANA certification to their POWER9 lofty end. In the fourth quarter, they had stout initial traction with their unique 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 stout growth in all-flash arrays. The storage market remains very competitive with ongoing pricing pressures. We're continuing to insert unique innovations and functionality.

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

With nearly $900 million in capital expenditures, they generated $6.5 billion of free cash flux in the fourth quarter. This capped off a year with $15.6 billion of cash from operations, too 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 ultimate year. And so they generated free cash flux of $11.9 billion for the year.

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

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

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

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

At the quit 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 well-behaved 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 labor they had done to reposition their business, to back journey their clients to the future, shifting their portfolio, changing their operating model and the artery they labor and reallocating their capital. And in their earnings call ultimate 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 grievous margins. While they fell a bit short for the replete year, they stabilized grievous margin in the third quarter and expanded both grievous 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 subsist a headwind for the year and it was a headwind to us for the year and in the fourth quarter. They continue to return value to shareholders, with share repurchases contributing to earnings-per-share growth. And finally, they said they expected operating earnings per share of at least $13.80 and free cash flux of about $12 billion, and they achieved both of these. So looking back on 2018.

We grew revenue, operating profit and operating earnings per share for the year with stout free cash flux realization. They had well-behaved momentum in GBS, with particular force 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 back 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 race rate, which is up 21%. They continued their very successful IBM Z program and stout performance in Power with their POWER9 architecture rollout. They repositioned their operating model and drove productivity, which improved their margin profile. They too 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 ameliorate their go-forward revenue profile but allow us to augment their focus and investments in the high-value segments of IT in areas dote hybrid cloud, AI and blockchain. complete of this provides a solid commerce and financial foundation for the addition of Red Hat, and it gives us aplomb in their expectation for full-year 2019 operating earnings per share of at least $13.90. Before they Go to exam questions mp;A, I want to subsist lucid about what is and is not included in their expectations. As I mentioned earlier, Red Hat is expected to near in the second half; and given the financial implications to 2019 are heavily contingent 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 ultimate month and a half, we've too 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 admiration 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 anticipate there to subsist minimal impact to their profit and earnings per share for the year. And unlike the Red Hat acquisition, the timing of the closing does not fill a significant impact on the financial implications for the year, though it may affect the quarterly SKU.

As a result, their guidance assumes these divestitures. Said another way, because the divestitures are essentially neutral to their profit for 2019, they don't impact operating EPS guidance for the year, though they carryout fill a profit to their financial profile over the longer term. Turning to free cash flow. They anticipate 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 too taken into account the estimated free cash flux impacts of the software and services divestitures. Note that while these are relatively neutral to earnings, they are a headwind to their free cash flow, because the gained proceeds flux into the investing section of their cash flux statement.Finally, while they haven't included Red Hat, they fill taken into account an appraise of the pre-closing financing costs associated with the acquisition. So when you build it complete together, they notice free cash flux of about $12 billion, which is roughly flat year to year even after absorbing the headwind from the portfolio actions.And with that, let me swirl it back to Patricia for the exam questions mp;A.

Patricia Murphy -- Vice President of Investor Relations

Thank you, Jim. Before they open the exam questions mp;A, I'd dote to mention a yoke of items. First, they fill supplemental charts at the quit of the slither deck that provide additional information on the quarter and the replete 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:


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 dote you fill pretty robust 2019 guidance and I was hoping that you can back talk to what the profit trajectory looks like.

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

Jim Kavanaugh -- Chief financial Officer

OK, Wamsi. Thank you very much for the question, and it's probably a well-behaved spot 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 race 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 too steal into account their own operational indices in front of us and their commerce plans and strategies. And when they build complete that together, this is what gives us aplomb and expectation of operating EPS of at least $13.90 for 2019. Now as I just stated, this guidance excludes Red Hat, just given to the timing sensitivity and the financial implications on when it closes but it includes the announced divestitures. And we'll talk about that through complete these exam questions mp;As with admiration 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 notice how complete 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 puny color behind that. And then I'll Go to operating leverage and grievous and pre-tax margin and tax as they journey forward.

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

We exited the year with an annualized exit race rate of $12.2 billion, and that's up 21% year over year. You combine that with the force within their services business. They accelerated throughout the year and they exited the year with a very stout 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 too 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 yoke that with solid execution on software. They talked 90 days ago about where they were at in the third quarter around software, and they made some forward-looking projections and they turned their software commerce around to growth growing 2% in the fourth quarter. And they fill a stout portfolio lineup, so they would anticipate that to continue. And then hardware, yes, we're in the back quit of their mainframe cycle.

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

And from a headwind perspective, you talked about macro. Well, the first thing I would call out is currency. The U.S. dollar continues to strengthen throughout 2018, especially even since their ultimate earnings call 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 anticipate 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 subsist about a one-point headwind. So when you build it complete together, we've got some pluses and minuses at the top line, but really, this year in 2019, it's going to subsist predicated on operating leverage. They made well-behaved progress through '18, and it positions us very well in -- to expand margins in 2019. So among complete of their scenarios, their guidance model and their expectations witness that they will expand grievous and pre-tax operating margin in 2019 as they continue to deliver value.

And that's going to reach out of scale efficiencies. That's going to reach out their services momentum and the blend shift in productivity, which will offset -- more than offset the product cycle blend they silent fill in the divested content. And one ultimate thing that I would call out is tax. We're guiding to an all-in rate of about 11% to 12%, which, by the way, is a headwind year to year that we're going to fill 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 advise you, discretes by nature vary in timing.

They vary in amounts and will subsist recorded when they occur in 2019. But you build complete that together. We've got headwinds and tailwinds on revenue, stout 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 aplomb in their replete year EPS of at least $13.90 and a free cash flux of about $12 billion.

Patricia Murphy -- Vice President of Investor Relations

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


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

Toni Sacconaghi -- Bernstein -- Analyst

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

Jim Kavanaugh -- Chief financial Officer

OK, Toni. Thank you very much. Very well-behaved questions. Let me try to steal each of these piece by piece.

First of all, as you saw from their ultimate earnings, they continue to steal disciplined portfolio prioritization efforts around their portfolio, both in terms of the announcement of the acquisition of Red Hat and too the announcement of sale of certain assets within their Cognitive and GBS business. Red Hat, as they talked about, expected was -- we're working through regulatory birthright now. They anticipate to near 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 anticipate the mortgage commerce to near later in the first quarter. That will subsist 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 puny bit over $1 billion of revenue over the ultimate 12 months. They said they expected to near that by midyear. The transaction expense was $1.8 billion, but the expected gain, I will advise you, will subsist 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 subsist applied to that. But they silent anticipate 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 steal 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 bag return on that. complete of that build together is minimal impact to their profit.

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

Now your second question was on Cognitive. They obviously executed well. You dial back 90 days ago and they had some pretty open discussions about their portfolio, how they had aplomb 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 stout pipelines. Software was up 2% overall. Their transact -- they had stout 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, too 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, lofty value to their clients, and it followed client buying cycles. So if anything in their overall portfolio of software that's tied to SKU, it's really the transaction processing software business, where they closed a stout pipeline, which they talked about 90 days ago. So they feel very well-behaved about the competitiveness and value of their portfolio.

We're going to feel even better when they near 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 Go to the next question?


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

Katy Huberty -- Morgan Stanley -- Analyst

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

Jim Kavanaugh -- Chief financial Officer

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

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

If you notice at first quarter, first of all, on an EPS perspective, they would anticipate the operating EPS skew to subsist around 16% of the replete year at $13.90. So when you steal a notice at that, it gets us off to a well-behaved start. It does concede that they are on the back quit of a mainframe product cycle, but they got acceleration in their services and their software foundation of business. And they feel confident in at least that 16% starting out the year.

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

We carryout not notice anywhere near the level of discretes in the first quarter. And I would project somewhere around the 11%, 10%, there might subsist 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 blend differential of their revenue foundation between annuity and transactional, when they journey from fourth quarter to first quarter, that seasonality, the transactional businesses fill a more muted effect on 1Q versus 4Q.

And as the blend 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 carryout notice an improvement, just given the blend shift in the force of their annuity content as they journey forward. The ultimate thing that I'll bring up about first quarter is I talked a puny bit about currency for the year.

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

Patricia Murphy -- Vice President of Investor Relations

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


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 anticipate on services.

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

So 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 silent going to subsist a metric that's going to subsist provided or tracked going forward. Thanks.

Jim Kavanaugh -- Chief financial Officer

OK, Tsien-Tsin. Thank you very much for the question. They obviously are very pleased with their services commerce and how we've continued to reposition their portfolio both in GBS but too in their GTS foundation of commerce as they moved throughout 2018. But when you notice 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 vast improvement from where they started a year ago. If you recall 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 carryout notice across their total services commerce in '19 sustained revenue growth and margin profile.

But let me steal the pieces and just give you a puny bit of perspective. GBS, couldn't subsist 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 bag 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 deem up 64% overall.

And we've got pervasive growth across complete three lines of business, led by digital. They did condition in application management, where they finally returned back to growth in the fourth quarter, they are executing and delivering value and driving cloud migration services and cloud application development. They fill a differentiated offering, and we're delivering value to their clients. But they too closed on many client-specific milestones that caught up in the fourth quarter, but they silent notice well-behaved growth.

It's just not going to subsist at the level that you saw here in the fourth quarter. With complete that said, their margin and operating leverage, they feel comfortable. They grew GBS operating grievous margins 300 basis points in the fourth quarter. That will dissipate throughout 2019, but they silent notice stout operating leverage led by their blend shift to higher value and the offerings, how we're capturing that expense realization and how we're delivering true value and attribute to their clients.

Now in GTS, they are obviously winning with their hybrid cloud momentum. They had a stout 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 quit of the year. And we're exiting with an $8 billion as-a-service annualized exit race rate, which provides a stout annuity foundation 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 too develop 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 notice that absolute backlog improve, they are going to continue prioritizing lofty value, because they want to bag prioritization of cash, profit and margin out of that commerce and leverage that commerce in the value of incumbency and moving their clients to the future and capitalizing on hybrid cloud. So we'll notice continued margin expansion in GTS as they journey forward, and that's going to reach out of very similar scale efficiencies, productivity. And remember, in both, we're silent going to bag the second half of their productivity from their 2018 actions. So they feel pretty cozy and confident in their services foundation of commerce as they walk into '19.

Patricia Murphy -- Vice President of Investor Relations

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


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

David Grossman -- Stifel financial Corp. -- Analyst

Thank you. So Jim, you've announced two divestitures in the ultimate 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 advise us about the other efforts that are under artery to streamline the legacy core that may positively impact the agility of the organization as well as positively impact your growth rate?

Jim Kavanaugh -- Chief financial Officer

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

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

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

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

Our strategy hasn't changed. It's always been built around supporting lofty value and it's built around leveraging the investment theses and narrative of IBM: Innovative technology, profound industry expertise and trust and security complete delivered through an integrated model of hardware-software services. And then finally, I would advise you, they fill a stout balance sheet. They fill grand cash flux and they fill enough financial 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 Go to the next question, please?


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

John Roy -- UBS -- Analyst

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

Jim Kavanaugh -- Chief financial Officer

OK, John. Thank you very much for the question. Let me try to build 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 race 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 notice at cloud in the quarter, the cloud number as printed really reflects the selfsame 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 complete year long. Second half of the year, they knew they were going to subsist on the back quit 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 unique emerging workloads around pervasive encryption but too is capturing unique 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 notice 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 notice cloud silent resonating with their clients. And to your heart of your question about Red Hat, Red Hat and IBM together, they notice 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 moving very business-critical, business-value-led workloads. And that's about 80% of the workloads ahead of us. So the value of bringing IBM and Red Hat together is going to subsist 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 addupto to the IBM company and their clients.

Patricia Murphy -- Vice President of Investor Relations

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


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

Jim Schneider -- Goldman Sachs -- Analyst

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

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

Jim Kavanaugh -- Chief financial Officer

Yes, Jim. Thanks very much for the question, overall. They are pleased with their software performance exiting the year. As I talked about, I deem it's really an instantiation that demonstrates their faculty 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 foundation of commerce and stacked on top of their hardware-based platforms.

But when you notice at fourth quarter, they exited 2% growth. They had well-behaved pervasive growth across the portfolio, as I said before, good, stout transactional growth, well-behaved SaaS signings, lofty renewal rates. And remember, this Cognitive Solutions segment is lofty value, lofty operating margins, and they continued to expand operating margins here in the fourth quarter and for the replete year. Now when you steal 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 puny over $1 billion. So it would subsist 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 silent notice the force of their offering portfolio. One, even getting better around their hybrid integration software. Two, around their analytics portfolio, which just had a grand 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 well-behaved lineup. It's going to subsist on us to execute here in 2019. They fully anticipate to carryout that.

Patricia Murphy -- Vice President of Investor Relations

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


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

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Hi. It sounded dote 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 subsist for '19. Thanks.

Jim Kavanaugh -- Chief financial Officer

Sure, Joe. Thank you very much for the call. First of all, they don't steer on revenue for the year, so I don't recall 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 carryout fill the divestitures in here. Divestitures are going to subsist about a point headwind as they journey forward. And as I stated, currency is going to subsist a one to two-point headwind at actual rates. But they carryout feel confident in the bespeak of commerce they fill around their services and around their software as they journey forward.

But the underlying dynamics, as I talked about, they fill many different scenarios we're running here. complete point to giving us aplomb in their expectation of at least $13.90 as they journey forward. That is going to subsist a compund of the blend of their portfolio, the revenue of their portfolio, the operating leverage of their portfolio, the tax structure, IP. There are many different variables that Go into that $13.90 overall.

We carryout notice stout operating leverage continuing in 2019, both grievous and pre-tax margin, leveraging their scale efficiencies, leveraging their blend shift to higher value, leveraging their productivity initiatives. And when you notice at it, we've got grand momentum exiting second half, in particular, around their services foundation of business. Second half services grew operating grievous margins by 200 basis points. And I deem you would anticipate a similar first half trend around that.

And then second half, we'll start wrapping on a puny tougher compares, but for the first -- or excuse me, for the replete year, they would anticipate well-behaved operating leverage, and that's what we're guiding to.

Patricia Murphy -- Vice President of Investor Relations

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


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 back us bridge the two different years on their earnings. The question I fill is, as they notice forward to next year, I know you fill a lot of variables. Are there any bridge items that you want to particularly call us out for as most likely to betide to hit your $13.90? And how reach cash flux wouldn't subsist growing if you fill earnings growing? Thank you.

Jim Kavanaugh -- Chief financial Officer

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

And Chart 10 brings out that replete year. You notice how 2018 played out, stout operating leverage, tax headwind, revenue growth at actuals. When you notice at it and you Go back to beginning of January ultimate 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 notice at, excuse me, 2019, as I stated, many different scenarios.

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

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


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

Keith Bachman -- BMO Capital Markets -- Analyst

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

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

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

Jim Kavanaugh -- Chief financial Officer

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

I think, I said a puny over $1 billion. If you notice 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 puny over $1 billion. When you steal a notice 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 stout signings growth, which really instantiates their hybrid cloud value proposition and too 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 anticipate 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 notice that play out in the second half of '18, and they anticipate that to continue. So complete right, with that said, apologize for going a puny bit long here. They wanted to bag 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 grand position to back their clients, whether they're looking for innovation or productivity or both. We've got a solid foundation of business. You notice 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 anticipate that to continue.

This gives us aplomb in their expectation of at least $13.90 of earnings per share for the year. Their hand will only bag 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 notice 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 swirl it back to you to wrap up the call.


[Operator sign-off]

Duration: 83 minutes

Call Participants:

Patricia Murphy -- Vice President of Investor Relations

Jim Kavanaugh -- Chief financial Officer

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

Toni Sacconaghi -- Bernstein -- Analyst

Katy Huberty -- Morgan Stanley -- Analyst

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

David Grossman -- Stifel financial Corp. -- Analyst

John Roy -- UBS -- Analyst

Jim Schneider -- Goldman Sachs -- Analyst

Joseph Foresi -- Cantor Fitzgerald -- Analyst

Jim Suva -- Citi -- Analyst

Keith Bachman -- BMO Capital Markets -- Analyst

More IBM analysis

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

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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.

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