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LOT-403 IBM Forms 8.0 - contour Design and Development

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LOT-403 exam Dumps Source : IBM Forms 8.0 - contour Design and Development

Test Code : LOT-403
Test designation : IBM Forms 8.0 - contour Design and Development
Vendor designation : IBM
: 103 actual Questions

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IBM IBM Forms 8.0 -

IBM Liberty: Modular and solid as a rock | killexams.com actual Questions and Pass4sure dumps

Some stars rear a bit longer to shine. if you would maintain come to the IBM conference in ICC in Berlin, which took region in October 2011 and furthermore you desired to attend probably the most two shows titled “Lean WebSphere environment for building”, you most likely wouldn’t had been able to find a seat, and you would maintain witnessed cheers and extended applause. What took place? It was an audience that, other than the indisputable strengths of the IBM WebSphere application Server (become), had surely got used to its a bit of dismal attributes: advanced configuration, extravagant resource consumption and long start instances for the server or utility. In a global ideal, Ian Robinson (was Chief Architect) and his colleague Tim deBoer presented an application server of a very different variety: a delivery time of 2 s (seconds!) the expend of an dilapidated style laptop and a 60 MB ZIP file for the installation of the complete application server – no greater DVD stacks.

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IBM is intimate with

An unequivocal and lucid statement turned into met with even more enthusiasm: They are not blind to what ails the builders, in selected. yes, it has taken a while. As of today, youngsters, everything is distinctive. The presentation introduced the “Liberty Profile”, a completely unique edition of the IBM WebSphere utility Server.

And what’s up with that megastar, five years later? lower back then it become a pre-unencumber version of an software server. today, IBM WebSphere Liberty – some may additionally should overcome their antipathy to the identify and analyze things in viewpoint – is a advantageous server, certified for Java EE 7 full Profile, that is still slim, totally revise for creation and supported by the company. As turned into the case earlier than, the transition to the application server is awfully basic: after a download of only 50-100 MB, counting on the version, an simple unzip is entire that’s obligatory and Liberty is installed. a further command and the server may furthermore exist started.

The configuration is just as elementary: in case you like, a single XML file is entire you need. Whoever makes expend of Tomcat could exist time-honored with it. anyone used to the IBM configuration has been unfamiliar with this variety of magnificence and simplicity, in the past.however Liberty is way less favorite than Tomcat or JBoss/WildFly, some myths die hard. They want to explicitly remedy a few of them.

delusion #1 about the configuration: “There’s no graphical configuration tool”. yes, there's. in case you exigency one, that you could expend the practical IBM WebSphere Liberty Server configuration tool [1], a browser-primarily based administration and configuration tool. there is furthermore the alternative to originate expend of the graphical editors from the Eclipse-based WebSphere Developer tools (WDT) to edit the XML configuration info. WDT may furthermore exist downloaded by means of the Eclipse market, and accordingly fantasy #2 is uncovered: „You want high priced Rationals outfit to work with WebSphere“.

The configuration by the expend of XML file or UI serves yet another aim, although, that you received’t recognize from different Java EE software servers, particularly the definition of the points to exist prepared by means of the utility server. This partly explains the puzzle of how IBM has been so a hit in making this kind of slim server. it is completely modular. The developer or administrator tailors their server precisely using the choice of modules in the configuration.

Liberty consists of modules

IBM developed the liberty Profile as a modular server with noteworthy granularity from the backside up. Standardized and confirmed OSGi know-how is used for modularization, which is favorite to properly depict the concepts of versioning and dependencies between accessories.

A kernel of the server hundreds the precise Liberty modules at startup. It masses extra modules immediately when they're essential. IBM begun using inner modularization by means of OSGi in the basic WebSphere application Server V6.1 again in 2006. if that's the case, besides the fact that children, you might ban the portlet container or JCA container that isn't getting used from the primary reminiscence. The granularity of the modularization of Liberty is an destitute lot finer and, in their view, unique to Java EE servers. with a view to solve an obvious misunderstanding: notwithstanding OSGi is hidden from the ordinary Java EE consumer, which you can additionally expend it for the software code comprehensively in Liberty, of direction – as is the case for many software servers. The listing of facets and their modules is just too comprehensive for this text, so we’ve protected a link [2]. They believe an illustration may exist advantageous here:

think about the Java EE software you employ requires JSF. The JSF feature is loaded in Liberty throughout the corresponding configuration. Liberty instantly obtains the servlet and JSP aspects and their modules, thanks to OSGi. If the application doesn't expend any JSF or JSP-based mostly UI, however rather simply servlet calls, only the servlet characteristic loads. due to this fact, no CPU cycle or primary reminiscence is used for the JSP or JSF performance.

SEE additionally: IBM utility engineers: “We essential to exist extra agile”

Liberty is absolutely Java EE 7 licensed

delusion #three about specification: “Liberty best supports the constrained JEE internet Profile.” From the developer’s viewpoint it is superb that, for the above-named office thought, Liberty has been a completely certified Java EE 7 utility server since edition eight.5.5.6 [3].This makes it a noteworthy deal greater than the classic turned into so far as this current programming mannequin is worried. It additionally supports the expend of Java SE 1.6, 7.0 and 8.0, and never handiest in the in-apartment implementation of IBM, but additionally Oracle, as an instance. IBM offers comprehensive, production-equipped befriend for Liberty by the expend of the unconcerned agreements. This is relative upon what edition of Liberty you have. The choice ranges from a simple edition certified handiest for Java EE 7 net Profile to a clusterable version that presents tons greater than best Java EE 7.

Zero migration with Liberty

The above-described modularity makes it practicable for IBM to spoil unique ground with Liberty in order to originate the expend of Java EE expertise as efficacious and agile as feasible. A migration of the runtime ambiance to a stronger version eliminates the big efforts concerned in testing and, if critical, adapting the latest functions for the unique edition. Given the backward compatibility of many standards, the extent of adjustment for a single utility is often minor. youngsters, it might’t exist prevented. in addition, there are often 100 or more functions that can furthermore exist affected specifically in bigger environments. And the migration manner isn't comprehensive until the closing application has been adapted. The effect: unpredictable mission intervals that can commonly depart on for many months.

because of its modular constitution, Liberty presents a shockingly stylish reply for this. The migration of Liberty capability that an ancient present feature would should originate manner for a unique edition; the unique version doesn't easily exchange the dilapidated one. as an alternative, the unique edition is added, which ability that both can exist found.

An instance: Liberty at the second has the features “servlet-three.0” and “servlet-three.1”. If applications best require “servlet-three.0”, the server can furthermore exist configured in order that simplest this characteristic is loaded. in this manner, the servlet runtime environment doesn’t exchange (from the software perspective). If this is applicable to entire aspects required by means of the utility, the application migration is not any longer required privilege here.

furthermore, the OSGi-based structure ensures that incompatibilities between aspects or inescapable models of features are pronounced at server startup and not simplest at the runtime. as an instance, the simultaneous expend of “servlet-3.0” and “websocket-1.1” is blocked from the delivery.

SEE additionally: IBM technology evangelist: Outsourcers are “like pizza containers”

continual delivery of unique points

IBM is breaking the mould when it involves the evolution of and aid for Liberty. The usual means of including features through unique releases and refresh packs can sluggish growth in lots of projects. Too infrequently are there updates.

right here, IBM has two approaches to the answer, marketed below the slogan “continuous birth mannequin”. it's now standard that unique functionality is made purchasable during the quarterly repair packs. anything that turned into only accessible in a constrained format, notably in the kind of extra residences for quality configuration of particular person add-ons of the application server. Now, completely unique facets are rolled out as follows:ejb-3.2, batch-1.0, jacc-1.5 and countless others were delivered in fix pack 8.5.5.6, in order that the Java EE 7 certification changed into practicable at this stage and above.The precise innovation, youngsters, is the freedom Repository. here, IBM is featuring unique features for Liberty at entire times, with out mounted schedules and prolonged bulletins. This could contain unique APIs, aspects, or equipment, in addition to scripts or “snippets” for the configuration of the server. any one trying to find open source add-ons affection Struts, RichFaces, Hibernate or others with Liberty will locate every thing they want there.

The Repository is accessed from the IBM setting up supervisor, without slow by means of the website [4], or from the developer outfit attainable for Eclipse environments (these in turn must exist Put in by the expend of the Eclipse market). Search and filter functions befriend you learn proper downloads from the neatly over one hundred fifty entries that are already there. For present Liberty installations, it is additionally practicable to access the Repository by way of the command line. during this case, the dependencies of points are taken into account instantly.

candy spots in synchronous architectures

despite entire of the euphoria, you maintain to appear to exist on the reality of the information centers, of path, so as to learn the finest application scenarios for Liberty. regularly, a Java EE software Server already exists, with recorded and possibly automatic techniques for server installations, deployment and testing of applications, etc. including a unique product privilege here would exigency to exist carefully regarded. on account that there isn't any “wsadmin” scripting language from the common WebSphere software Server (was) for Liberty, such methods can not exist transferred from a turned into to Liberty with out some effort.

fantasy #four in regards to the target community: “Liberty is supposed simplest for developers”.

It must exist mentioned that Liberty can exist utilized in production environments without restrict. There are cluster mechanisms that enable reliability and load balancing. better environments will furthermore exist administered centrally by way of an interface (keyword: “collectives”). The scaling talents here is even stronger than in a basic become.

therefore, the usage of Liberty is much less about replacing an existing infrastructure in a single fell swoop. as a substitute, it makes greater feel to select the projects that most useful rear capabilities of Liberty’s strengths. These are, as an example, dynamic and modern runtime architectures affection Docker or Cloud. here, IBM has already created the most efficacious necessities for Liberty with the platform as a service solution Bluemix. Liberty is likewise suggested for totally scalable server environments with probably lots of specialized servers, for the reason that the slim and module structure of Liberty works mainly smartly in that context. application architectures based on microservices could exist a perfect scenario for that.

in spite of the fact that you don’t rear present Java EE landscapes into consideration, there are still a variety of arguments in favor of Liberty: an authorized programming model with Java EE 7, creation capability through scalability and reliability mechanisms and the undoubted pilot from IBM.

And on revise of that, the IBM contingents in agencies at ultimate maintain a extremely frigid product to sing their own praises once more.

links & literature

[1] http://serverconfig.mybluemix.web/

[2] www.ars.de/web/supplies/Liberty.pdf

[3] http://www.oracle.com/technetwork/java/javaee/overview/compatibility-jsp-136984.html

[4] Liberty Repository: https://developer.ibm.com/wasdev/downloads/


IBM experiences 2011 Fourth-Quarter and entire-yr effects | killexams.com actual Questions and Pass4sure dumps

ARMONK, N.Y.--(company WIRE)--IBM (NYSE: IBM)

Fourth-Quarter 2011:

  • Diluted EPS:
  • GAAP: $four.62, up eleven %;
  • working (non-GAAP): $4.seventy one, up eleven p.c;
  • internet income:
  • GAAP: $5.5 billion, up 4 p.c;
  • working (non-GAAP): $5.6 billion, up 5 p.c;
  • Gross profit margin:
  • GAAP: 49.9 p.c, up 0.9 features;
  • operating (non-GAAP): 50.2 p.c, up 1.1 points;
  • profits of $29.5 billion, up 2 percent as stated, 1 p.c adjusting for currency;
  • application revenue up 9 %;
  • world technology services earnings up 3 percent;
  • world company services salary up three percent, 2 percent adjusting for exotic money;
  • features backlog of $141 billion, up $4 billion as pronounced, up $5 billion adjusting for currency, quarter to quarter;
  • methods and technology income down 8 p.c.
  • Full-year 2011:

  • Diluted EPS, up double-digits for 9th consecutive 12 months;
  • GAAP: $13.06, up 13 p.c;
  • operating (non-GAAP): $13.44, up 15 p.c;
  • net income:
  • GAAP: $15.9 billion, up 7 %;
  • working (non-GAAP): $sixteen.3 billion, up 9 p.c;
  • income of $106.9 billion, up 7 percent, up three % adjusting for forex;
  • Free money circulation of $16.6 billion, up $300 million;
  • boom markets revenue up 16 percent, up eleven p.c adjusting for exotic money;
  • business analytics earnings up sixteen percent;
  • Smarter Planet earnings up 47 p.c;
  • Cloud earnings greater than tripled 2010 earnings.
  • Full-12 months 2012 Expectation:

  • GAAP EPS of as a minimum $14.16 and working (non-GAAP) EPS of as a minimum $14.85.
  • IBM (NYSE: IBM) today introduced fourth-quarter 2011 diluted earnings of $4.sixty two per share, in comparison with diluted earnings of $four.18 per share within the fourth quarter of 2010, an expand of 11 p.c. working (non-GAAP) diluted salary had been $4.71 per share, compared with operating diluted income of $4.25 per share within the fourth quarter of 2010, a soar of 11 percent.

    Fourth-quarter net salary changed into $5.5 billion compared with $5.3 billion in the fourth quarter of 2010, a soar of four %. working (non-GAAP) web profits turned into $5.6 billion compared with $5.four billion in the fourth quarter of 2010, a soar of 5 percent.

    total revenues for the fourth quarter of 2011 of $29.5 billion improved 2 p.c (1 p.c, adjusting for currency) from the fourth quarter of 2010. while currency supplied a improvement to income growth of about 25 basis aspects within the quarter, forex actions for the reason that the commerce announced its third-quarter earnings in October impacted fourth-quarter income through approximately one aspect of increase, or $300 million.

    "We had a strong fourth-quarter efficiency, capping a yr of record revenue per share, revenue, profit and free money move," notable Ginni Rometty, IBM president and chief executive officer. "We delivered incredible outcomes in entire four of their strategic initiatives for the quarter and the 12 months, as they endured to understand the profit of their long-term investments in growth markets, company analytics, Smarter Planet solutions and cloud. they are neatly on course towards their long-time term roadmap for working earnings per share of as a minimum $20 in 2015.”

    Fourth-Quarter GAAP - operating (non-GAAP) Reconciliation

    Fourth-quarter operating (non-GAAP) diluted revenue exclude $0.09 per share of net expenses: $0.10 per share for the amortization of bought intangible assets and other acquisition-linked expenses, offset by way of ($0.01) per share for retirement-connected objects driven by means of alterations to plot belongings and liabilities basically involving market performance.

    Full-year 2012 Expectation

    IBM talked about that it expects to deliver full-year 2012 GAAP income per share of at the least $14.16; and working (non-GAAP) salary per share of as a minimum $14.eighty five. The 2012 operating (non-GAAP) salary exclude $0.69 per share of charges for amortization of bought intangible property, different acquisition-linked prices, and retirement-related gadgets driven by using adjustments to plot property and liabilities basically involving market efficiency.

    Geographic regions

    The Americas’ fourth-quarter revenues maintain been $12.5 billion, a soar of 3 percent (three %, adjusting for currency) from the 2010 duration. Revenues from Europe/middle East/Africa were $9.6 billion, up 1 % (1 %, adjusting for exotic money). Asia-Pacific revenues expanded 2 p.c (down 1 p.c, adjusting for forex) to $6.7 billion. OEM revenues had been $714 million, down 9 percent compared with the 2010 fourth quarter.

    boom Markets

    Revenues from the business’s growth markets expanded 7 p.c (eight percent, adjusting for currency). Revenues within the BRIC countries — Brazil, Russia, India and China — elevated 10 p.c (11 %, adjusting for currency).

    functions

    global technology functions section revenues expanded 3 percent (three %, adjusting for currency) to $10.5 billion. global company features segment revenues had been up 3 p.c (2 percent, adjusting for forex) at $4.9 billion.

    Pre-tax earnings from world expertise services expanded 18 percent; pre-tax margin elevated to 18.0 p.c. world enterprise functions pre-tax income extended 14 p.c; pre-tax margin extended to sixteen.6 percent.

    The estimated functions backlog at December 31 became $141 billion, up $4 billion as suggested ($5 billion, adjusting for exotic money), quarter to quarter, and down $2 billion as said (flat, adjusting for currency), year over year. functions backlog on the finish of 1 / 4 measures the latest cost of work beneath compress expected to exist diagnosed as salary in future quarters.

    application

    Revenues from the software phase maintain been $7.6 billion, an expand of 9 % (9 percent, adjusting for forex). software pre-tax revenue of $three.7 billion accelerated 12 % year over 12 months.

    Revenues from IBM’s key middleware items, which encompass WebSphere, suggestions management, Tivoli, Lotus and Rational products, had been $5.2 billion, a soar of 11 % (11 percent, adjusting for exotic money) versus the fourth quarter of 2010. working systems revenues of $710 million extended three % (3 %, adjusting for exotic money) in comparison with the prior-12 months quarter.

    Revenues from the WebSphere family unit of software products increased 21 percent 12 months over 12 months. assistance management application revenues improved 9 percent. Revenues from Tivoli software expanded 14 percent. Revenues from Lotus utility decreased 2 p.c, and Rational application multiplied 4 %.

    Hardware

    Revenues from the systems and expertise section totaled $5.eight billion for the quarter, down 8 percent (eight percent, adjusting for forex) from the fourth quarter of 2010. systems and technology pre-tax earnings become $790 million, a lessen of 33 %.

    total programs revenues lowered 7 percent (7 percent, adjusting for exotic money). Revenues from energy techniques improved 6 percent compared with the 2010 duration. Revenues from gadget z mainframe server items decreased 31 p.c in comparison with the year-ago term which changed into the first full quarter after a unique product introduction. complete start of system z computing vigor, as measured in MIPS (thousands and thousands of guidance per 2nd), decreased four p.c. Revenues from device x decreased 2 p.c. Revenues from gadget Storage lowered 1 %, and revenues from Retail shop solutions multiplied 9 percent yr over year. Revenues from Microelectronics OEM decreased eleven %.

    Financing

    international Financing section revenues decreased 13 % (13 p.c, adjusting for currency) in the fourth quarter to $548 million. Pre-tax profits for the section reduced 9 p.c to $514 million.

    ***

    The company’s complete indecent income margin become 49.9 percent within the 2011 fourth quarter compared with forty nine.0 percent in the 2010 fourth-quarter period. complete operating (non-GAAP) indecent earnings margin turned into 50.2 percent within the 2011 fourth quarter in comparison with 49.1 percent in the 2010 fourth-quarter length, with raises in functions and utility.

    complete expense and different revenue multiplied 2 p.c to $7.four billion compared with the prior-12 months length. S,G&A fee of $6.1 billion expanded 2 p.c year over 12 months compared with prior-12 months expense. R,D&E expense of $1.6 billion lowered 1 % compared with the 12 months-ago length. intellectual property and customized construction earnings diminished to $253 million in comparison with $318 million a yr ago. different (revenue) and fee become income of $44 million compared with prior-year income of $forty two million. interest expense expanded to $113 million compared with $102 million in the prior 12 months.

    total working (non-GAAP) expense and other salary accelerated 2 percent to $7.4 billion compared with the prior-12 months duration. working (non-GAAP) S,G&A rate of $6.0 billion accelerated 2 percent 12 months over year compared with prior-yr expense. working (non-GAAP) R,D&E cost of $1.6 billion diminished 2 p.c compared with the 12 months-in the past period.

    Pre-tax profits increased 5 percent to $7.three billion; total working (non-GAAP) pre-tax salary multiplied 6 p.c to $7.four billion. Pre-tax margin turned into 24.7 %, up 0.7 features; total working (non-GAAP) pre-tax margin turned into 25.1 percent, up 0.9 elements.

    IBM’s tax rate become 24.5 %, up 0.1 facets yr over 12 months; total operating (non-GAAP) tax rate become 24.four p.c, up 0.7 features.

    internet earnings margin multiplied 0.5 points to 18.6 %; complete working (non-GAAP) internet revenue margin was 19.0 percent, a soar of 0.5 elements.

    The weighted-ordinary number of diluted regular shares extraordinary within the fourth-quarter 2011 become 1.19 billion compared with 1.26 billion shares within the identical length of 2010.

    within the quarter, IBM generated free cash circulate of $9.0 billion except for international Financing receivables, up approximately $300 million yr over yr.

    Full-year 2011 outcomes

    internet profits for the 12 months ended December 31, 2011 became $15.9 billion in comparison with $14.8 billion in the 12 months-ago length, a soar of seven p.c. working (non-GAAP) net income turned into $16.three billion compared with $15.0 billion in 2010, an expand of 9 percent.

    Diluted income maintain been $13.06 per share in comparison with $11.52 per diluted share in 2010, a soar of 13 %. working (non-GAAP) diluted revenue had been $13.forty four per share, compared with working diluted earnings of $11.sixty seven per share in 2010, an expand of 15 %. This became the business’s ninth consecutive yr of double-digit EPS growth.

    Revenues for 2011 totaled $106.9 billion, an expand of seven percent (3 p.c, adjusting for exotic money), in comparison with $99.9 billion in 2010.

    GAAP - working (non-GAAP) Reconciliation

    operating (non-GAAP) diluted income for the yr exclude $0.38 per share of web costs: $0.forty one per share for the amortization of purchased intangible belongings and different acquisition-linked charges, offset through ($0.03) per share for retirement-connected gadgets pushed by using changes to arrangement assets and liabilities primarily involving market performance.

    Geographic areas

    From a geographic standpoint, the Americas’ full-yr revenues had been $44.9 billion, an expand of 7 % (6 p.c, adjusting for currency) from the 2010 period. Revenues from Europe/core East/Africa had been $34.0 billion, a soar of seven percent (2 %, adjusting for forex). Asia-Pacific revenues expanded 9 percent (2 p.c, adjusting for currency) to $25.3 billion. OEM revenues were $2.7 billion, down 2 % (three percent, adjusting for forex) compared with 2010.

    growth Markets

    Revenues from the enterprise’s boom markets expanded 16 percent (eleven percent, adjusting for forex), and represents 22 % of IBM’s total geographic income. Revenues within the BRIC international locations — Brazil, Russia, India and China — improved 19 % (16 percent, adjusting for forex).

    Segments

    complete international functions revenues improved 7 % (2 percent, adjusting for currency). Revenues from the international expertise capabilities phase totaled $40.9 billion, an expand of seven % (3 %, adjusting for currency) compared with 2010. Revenues from the global commerce services phase had been $19.three billion, up 6 p.c (1 %, adjusting for exotic money). utility phase revenues in 2011 totaled $24.9 billion, a soar of eleven p.c (eight p.c, adjusting for forex). programs and expertise segment revenues had been $19.0 billion, a soar of 6 percent (three p.c, adjusting for exotic money). world Financing segment revenues totaled $2.1 billion, a reduce of 6 percent (9 %, adjusting for currency).

    ***

    The enterprise’s complete indecent income margin was forty six.9 p.c in 2011 compared with 46.1 % in 2010. usual indecent earnings margins more advantageous year over 12 months for the eighth consecutive yr. total operating (non-GAAP) indecent income margin become 47.2 percent within the 2011 term in comparison with 46.1 % within the 2010 period, with increases in capabilities, utility, and programs and technology.

    The weighted-normal number of diluted standard shares spectacular in 2011 become 1.21 billion in comparison with 1.29 billion shares in 2010. As of December 31, 2011, there maintain been 1.16 billion primary standard shares amazing.

    Debt, including world Financing, totaled $31.3 billion, in comparison with $28.6 billion at yr-end 2010. From a administration phase view, international Financing debt totaled $23.3 billion versus $22.8 billion at yr-conclusion 2010, leading to a debt-to-equity ratio of 7.2 to 1. Non-international financing debt totaled $8.0 billion, a soar of $2.2 billion when you consider that 12 months-conclusion 2010, leading to a debt-to-capitalization ratio of 32.0 p.c from 22.6 %.

    IBM ended 2011 with $11.9 billion of cash reachable and generated free money gallop of $sixteen.6 billion aside from world Financing receivables, up approximately $300 million 12 months over year. The commerce again $18.5 billion to shareholders through $three.5 billion in dividends and $15.0 billion of share repurchases. The equilibrium sheet is still robust, and the enterprise is neatly positioned to pilot the company over the long run.

    ahead-searching and Cautionary Statements

    other than the historic guidance and discussions contained herein, statements contained in this unlock may furthermore constitute forward-searching statements within the which means of the private Securities Litigation Reform Act of 1995. ahead-searching statements are in accordance with the business’s existing assumptions regarding future enterprise and monetary efficiency. These statements involve a number of hazards, uncertainties and different elements that could trigger exact outcomes to vary materially, including privilege here: a downturn in economic environment and company IT spending budgets; the company’s failure to meet growth and productivity pursuits, a failure of the enterprise’s innovation initiatives; risks from investing in expand alternatives; failure of the company’s intellectual property portfolio to steer lucid of aggressive choices and the failure of the company to gleam essential licenses; breaches of records security; fluctuations in fiscal consequences and purchases, repercussion of autochthonous prison, economic, political and health conditions; adversarial results from environmental concerns, tax concerns and the company’s pension plans; ineffective internal controls; the company’s expend of accounting estimates; the business’s capability to attract and continue key personnel and its reliance on essential expertise; influences of relationships with faultfinding suppliers and commerce with govt shoppers; currency fluctuations and customer financing hazards; maintain an repercussion on of alterations in market liquidity conditions and consumer credit score desultory on receivables; reliance on third celebration distribution channels; the company’s capacity to successfully manage acquisitions and alliances; possibility components related to IBM securities; and different dangers, uncertainties and factors discussed in the business’s kind 10-Q, kind 10-ok and within the business’s different filings with the U.S. Securities and alternate commission (SEC) or in substances included therein via reference. Any forward-searching remark in this release speaks handiest as of the date on which it's made. The company assumes no duty to replace or revise any ahead-looking statements.

    Presentation of assistance during this Press free up

    with the intention to deliver buyers with more information regarding the business’s effects as decided by using frequently permitted accounting principles (GAAP), the commerce has additionally disclosed in this press free up here non-GAAP tips which administration believes gives advantageous counsel to buyers:

    IBM effects and expectations –

  • featuring working (non-GAAP) salary per share amounts and related income remark items;
  • presenting non-global financing debt-to-capitalization ratio;
  • adjusting at no cost cash movement;
  • adjusting for forex (i.e., at constant currency).
  • The reason for management’s expend of non-GAAP measures is included as portion of the supplementary materials offered inside the fourth-quarter income substances. These materials can exist found on the IBM investor family members net web page at www.ibm.com/investor and are being covered in Attachment II (“Non-GAAP Supplementary materials”) to the form 8-okay that contains this press free up and is being submitted today to the SEC.

    convention convene and Webcast

    IBM’s common quarterly earnings conference designation is scheduled to start at four:30 p.m. EST, today. investors might furthermore rear portion by means of viewing the Webcast at www.ibm.com/investor/4q11. Presentation charts might exist obtainable on the net web site shortly before the Webcast.

    economic results under (certain quantities may not add because of expend of rounded numbers; percentages introduced are calculated from the underlying complete-greenback amounts).

    international enterprise MACHINES companyCOMPARATIVE fiscal consequences (greenbacks in tens of millions except per share quantities)     Three Months Ended     Twelve Months Ended December 31, December 31,     %     % 2011 2010* alternate 2011 2010* changeREVENUE   world technology features $ 10,452 $ 10,165 2.8 % $ 40,879 $ 38,201 7.0 % Gross margin 36.6 % 34.5 % 35.0 % 34.5 %   world business functions four,877 4,758 2.5 % 19,284 18,223 5.8 % Gross margin 29.three % 28.0 % 28.8 % 28.0 %   utility 7,648 7,039 8.7 % 24,944 22,485 10.9 % Gross margin 89.8 % 89.6 % 88.5 % 87.9 %   systems and expertise 5,803 6,277 -7.6 % 18,985 17,973 5.6 % Gross margin 40.5 % 43.6 % 39.eight % 38.1 %   international Financing 548 628 -12.9 % 2,102 2,238 -6.1 % Gross margin 49.7 % fifty one.eight % forty nine.eight % fifty one.3 %   different 159 151 four.7 % 722 750 -3.8 % Gross margin -11.0 % 10.3 % -fifty four.5 % -eight.6 %   total income 29,486 29,019 1.6 % 106,916 99,870 7.1 %     GROSS income 14,722 14,227 3.5 % 50,138 46,014 9.0 % Gross margin 49.9 % forty nine.0 % 46.9 % 46.1 %     cost AND other income   S,G&A 6,076 5,951 2.1 % 23,594 21,837 eight.0 % % of earnings 20.6 % 20.5 % 22.1 % 21.9 %   R,D&E 1,555 1,578 -1.5 % 6,258 6,026 3.eight % % of income 5.three % 5.4 % 5.9 % 6.0 %   highbrow property and customized construction profits (253 ) (318 ) -20.four % (1,108 ) (1,154 ) -4.0 % other (income) and expense (forty four ) (42 ) 4.9 % (20 ) (787 ) -ninety seven.four % activity fee 113 102 eleven.6 % 411 368 11.6 %   complete cost AND other profits 7,448 7,271 2.four % 29,one hundred thirty five 26,291 10.8 % % of earnings 25.3 % 25.1 % 27.3 % 26.3 %   earnings before revenue TAXES 7,274 6,956 four.6 % 21,003 19,723 6.5 % Pre-tax margin 24.7 % 24.0 % 19.6 % 19.7 %   Provision for revenue taxes 1,784 1,698 5.1 % 5,148 four,890 5.three % advantageous tax cost 24.5 % 24.four % 24.5 % 24.eight %     internet revenue $ 5,490   $ 5,257   4.4 % $ 15,855   $ 14,833   6.9 % internet margin 18.6 % 18.1 % 14.8 % 14.9 %     salary PER SHARE OF standard stock: ASSUMING DILUTION $ 4.sixty two $ 4.18 10.5 % $ 13.06 $ eleven.52 13.four % simple $ 4.sixty eight $ four.24 10.4 % $ 13.25 $ eleven.sixty nine 13.three %   WEIGHTED-general number OF usual SHARES OUT- STANDING (M's): ASSUMING DILUTION 1,188.7 1,258.4 1,213.8 1,287.4 basic 1,172.2 1,240.1 1,197.0 1,268.8   * segment indecent income margins in 2010 reclassified to conform with 2011 presentation.   foreign commerce MACHINES firmCONSOLIDATED commentary OF monetary place     At     At (dollars in thousands and thousands) December 31, December 31, 2011 2010 assets   present belongings: cash and money equivalents $ eleven,922 $ 10,661 Marketable securities -- 990 Notes and money owed receivable - trade (internet of allowances of $256 in 2011 and $324 in 2010) eleven,179 10,834 brief-time term financing receivables (internet of allowances of $311 in 2011 and $342 in 2010) sixteen,901 sixteen,257 other money owed receivable (internet of allowances of $eleven in 2011 and $10 in 2010) 1,481 1,134 Inventories, at lessen of simple can freight or market: finished items 589 432 Work in manner and raw substances   2,007     2,018   total inventories 2,595 2,450 Deferred taxes 1,601 1,564 pay as you depart charges and other existing belongings   5,249     four,226   total latest property 50,928 forty eight,116   Property, plant and device 40,124 40,289 much less: gathered depreciation   26,241     26,193   Property, plant and gadget - internet 13,883 14,096 long-time term financing receivables (internet of allowances of $38 in 2011 and $58 in 2010) 10,776 10,548 prepaid pension assets 2,843 three,068 Deferred taxes 3,503 three,220 Goodwill 26,213 25,136 Intangible belongings - net three,392 three,488 Investments and sundry assets   four,895     5,778   total assets $ 116,433   $ 113,452     LIABILITIES AND equity   current Liabilities: Taxes $ 3,313 $ four,216 brief-term debt eight,463 6,778 bills payable eight,517 7,804 Compensation and advantages 5,099 5,028 Deferred income 12,197 eleven,580 different accumulated prices and liabilities   four,535     5,156   complete existing Liabilities 42,123 40,562   lengthy-time term debt 22,857 21,846 Retirement and nonpension postretirement advantage tasks 18,374 15,978 Deferred revenue three,847 three,666 different liabilities   8,996     eight,226   complete Liabilities ninety six,197 90,279   Contingencies and commitments   fairness IBM Stockholders' equity: average inventory forty eight,129 forty five,418 Retained income 104,857 92,532 Treasury stock -- at cost (110,963 ) (ninety six,161 ) collected other comprehensive profits/(loss)   (21,885 )   (18,743 ) complete IBM stockholders' equity 20,138 23,046   Noncontrolling hobbies   97     126   complete equity   20,236     23,172   complete Liabilities and fairness $ 116,433   $ 113,452     overseas company MACHINES corporationmoney movement analysis     Three Months     Twelve Months Ended Ended (bucks in thousands and thousands) December 31, December 31, 2011   2010 2011   2010   web money from working activities per GAAP: $ 7,097 $ 6,795 $ 19,846 $ 19,549   much less: the trade in international Financing (GF) Receivables   (2,927 )   (2,991 )   (817 )   (734 ) internet money from operating actions (excluding GF Receivables) 10,024 9,786 20,663 20,283   Capital fees, web (1,059 ) (1,103 ) (four,059 ) (3,984 )   Free money flow (with the exception of GF Receivables) 8,965 eight,683 sixteen,604 16,299   Acquisitions (1,588 ) (2,928 ) (1,811 ) (5,922 ) Divestitures 10 fifty five 14 fifty five Dividends (880 ) (808 ) (three,473 ) (3,177 ) Share Repurchase (3,581 ) (three,601 ) (15,046 ) (15,375 ) Non-GF Debt 599 745 1,692 2,279 different (contains GF Receivables, and GF Debt) (2,906 ) (1,582 ) 2,291 three,518   change in cash, money Equivalents and brief-time term Marketable Securities $ 619   $ 564   $ 271     ($2,322 )   foreign enterprise MACHINES organizationSEGMENT information     FOURTH-QUARTER 2011 (bucks in thousands and thousands) income   Pre-tax   Pre-tax external   interior   complete profits Margin SEGMENTS   world technology capabilities $ 10,452 $ 299 $ 10,751 $ 1,930 18.0 % Y-T-Y trade 2.8 % 0.2 % 2.7 % 18.0 %   world company services four,877 193 5,069 841 sixteen.6 % Y-T-Y change 2.5 % -3.four % 2.3 % 14.4 %   utility 7,648 851 eight,499 three,710 43.7 % Y-T-Y change 8.7 % 9.9 % eight.8 % 12.5 %   techniques and expertise 5,803 186 5,989 790 13.2 % Y-T-Y change -7.6 % -19.8 % -eight.0 % -32.6 %   world Financing 548 569 1,116 514 forty six.1 % Y-T-Y trade -12.9 % -1.1 % -7.2 % -9.1 %   total REPORTABLE SEGMENTS $ 29,328 $ 2,098 $ 31,425 $ 7,786 24.8 % Y-T-Y exchange 1.6 % 0.9 % 1.5 % 5.1 %   Eliminations / other 159 (2,098 ) (1,939 ) (512 )   complete IBM CONSOLIDATED $ 29,486 $ 0 $ 29,486 $ 7,274 24.7 % Y-T-Y exchange 1.6 % 1.6 % 4.6 %     FOURTH-QUARTER 2010 (bucks in millions) revenue Pre-tax Pre-tax exterior inner total earnings* Margin* SEGMENTS   global technology capabilities $ 10,one hundred sixty five $ 299 $ 10,464 $ 1,635 15.6 %   international commerce features four,758 199 four,957 735 14.eight %   application 7,039 774 7,813 three,299 forty two.2 %   systems and know-how 6,277 232 6,509 1,173 18.0 %   global Financing 628 575 1,203 566 forty seven.0 %   total REPORTABLE SEGMENTS $ 28,867 $ 2,079 $ 30,947 $ 7,408 23.9 %   Eliminations / different 151 (2,079 ) (1,928 ) (452 )   complete IBM CONSOLIDATED $ 29,019 $ 0 $ 29,019 $ 6,956 24.0 %   * Reclassified to conform with 2011 presentation.   overseas commerce MACHINES corporationSEGMENT data     TWELVE-MONTHS 2011 (greenbacks in millions) salary   Pre-tax   Pre-tax exterior   internal   complete income Margin SEGMENTS   international know-how functions $ forty,879 $ 1,242 $ forty two,121 $ 6,284 14.9 % Y-T-Y change 7.0 % -5.3 % 6.6 % 14.three %   world enterprise features 19,284 797 20,081 3,006 15.0 % Y-T-Y change 5.8 % -0.2 % 5.6 % 18.1 %   application 24,944 three,276 28,219 9,970 35.three % Y-T-Y alternate 10.9 % eleven.0 % 10.9 % 5.three %   methods and expertise 18,985 838 19,823 1,633 8.2 % Y-T-Y trade 5.6 % four.3 % 5.6 % 12.2 %   global Financing 2,102 2,092 4,195 2,011 forty seven.9 % Y-T-Y exchange -6.1 % 13.6 % 2.eight % 2.8 %   total REPORTABLE SEGMENTS $ 106,194 $ 8,246 $ 114,440 $ 22,904 20.0 % Y-T-Y trade 7.1 % 7.0 % 7.1 % 9.5 %   Eliminations / other 722 (8,246 ) (7,524 ) (1,901 )   complete IBM CONSOLIDATED $ 106,916 $ 0 $ 106,916 $ 21,003 19.6 % Y-T-Y exchange 7.1 % 7.1 % 6.5 %     TWELVE-MONTHS 2010 (dollars in tens of millions) profits Pre-tax Pre-tax exterior internal complete revenue* Margin* SEGMENTS   international know-how services $ 38,201 $ 1,313 $ 39,514 $ 5,499 13.9 %   international commerce features 18,223 798 19,021 2,546 13.four %   utility 22,485 2,950 25,436 9,466 37.2 %   techniques and know-how 17,973 804 18,777 1,456 7.8 %   global Financing 2,238 1,842 four,080 1,956 forty eight.0 %   total REPORTABLE SEGMENTS $ ninety nine,a hundred and twenty $ 7,707 $ 106,827 $ 20,923 19.6 %   Eliminations / other 750 (7,707 ) (6,956 ) (1,200 )   total IBM CONSOLIDATED $ ninety nine,870 $ 0 $ 99,870 $ 19,723 19.7 %   * Reclassified to comply with 2011 presentation.   foreign company MACHINES firmU.S. GAAP TO working consequences RECONCILIATION (bucks in millions except per share quantities)     FOURTH-QUARTER 2011   Acquisition-   Retirement-   connected related operating GAAP alterations* changes** (Non-GAAP) Gross earnings $ 14,722 $ 81 ($10 ) $ 14,793   Gross earnings Margin forty nine.9 % 0.3Pts -0.0Pts 50.2 %   S,G&A 6,076 (82 ) 2 5,996   R,D&E 1,555 0 23 1,578   other (revenue) & rate (forty four ) (2 ) 0 (46 )   complete expense & other (profits) 7,448 (85 ) 25 7,388   Pre-Tax salary 7,274 166 (35 ) 7,405   Pre-Tax earnings Margin 24.7 % 0.6Pts -0.1Pts 25.1 %   Provision for earnings Taxes*** 1,784 47 (24 ) 1,808   advantageous Tax rate 24.5 % 0.1Pts -0.2Pts 24.four %   net salary 5,490 119 (12 ) 5,597   net profits Margin 18.6 % 0.4Pts -0.0Pts 19.0 %   Diluted income Per Share $ 4.62 $ 0.10 ($0.01 ) $ four.seventy one     FOURTH-QUARTER 2010 Acquisition- Retirement- connected connected working GAAP changes* alterations** (Non-GAAP) Gross income $ 14,227 $ 82 ($60 ) $ 14,249   Gross income Margin forty nine.0 % 0.3Pts -0.2Pts forty nine.1 %   S,G&A 5,951 (95 ) 28 5,884   R,D&E 1,578 0 33 1,611   other (revenue) & expense (forty two ) (2 ) 0 (forty four )   complete expense & other (salary) 7,271 (98 ) 61 7,235   Pre-Tax earnings 6,956 one hundred eighty (121 ) 7,015   Pre-Tax earnings Margin 24.0 % 0.6Pts -0.4Pts 24.2 %   Provision for profits Taxes*** 1,698 10 (forty seven ) 1,661   useful Tax rate 24.4 % -0.5Pts -0.3Pts 23.7 %   net salary 5,257 170 (74 ) 5,354   internet salary Margin 18.1 % 0.6Pts -0.3Pts 18.5 %   Diluted income Per Share $ four.18 $ 0.14 ($0.06 ) $ four.25 * includes amortization of obtained intangible belongings and other acquisition-connected costs. ** contains retirement-connected items driven with the aid of alterations to plot property and liabilities basically related to market performance. *** Tax maintain an result on on working (non-GAAP) pre-tax profits is calculated beneath the equal accounting principles utilized to the GAAP pre-tax income which employs an annual useful tax rate system to the outcomes.   international company MACHINES companyU.S. GAAP TO working outcomes RECONCILIATION (bucks in millions apart from per share amounts)     TWELVE-MONTHS 2011   Acquisition-   Retirement-   connected connected working GAAP changes* alterations** (Non-GAAP) Gross earnings $ 50,138 $ 341 $ 2 $ 50,481   Gross income Margin 46.9 % 0.3Pts 0.0Pts forty seven.2 %   S,G&A 23,594 (309 ) (13 ) 23,272   R,D&E 6,258 0 88 6,345   other (profits) & cost (20 ) (25 ) 0 (forty five )   complete cost & other (income) 29,135 (334 ) 74 28,875   Pre-Tax revenue 21,003 675 (72 ) 21,605   Pre-Tax income Margin 19.6 % 0.6Pts -0.1Pts 20.2 %   Provision for profits Taxes*** 5,148 179 (forty ) 5,287   effective Tax fee 24.5 % 0.1Pts -0.1Pts 24.5 %   internet salary 15,855 495 (32 ) sixteen,318   web earnings Margin 14.eight % 0.5Pts -0.0Pts 15.three %   Diluted income Per Share $ 13.06 $ 0.41 ($0.03 ) $ 13.forty four     TWELVE-MONTHS 2010 Acquisition- Retirement- linked related operating GAAP changes* changes** (Non-GAAP) Gross income $ 46,014 $ 260 ($204 ) $ 46,070   Gross income Margin 46.1 % 0.3Pts -0.2Pts 46.1 %   S,G&A 21,837 (294 ) eighty four 21,628   R,D&E 6,026 0 126 6,152   different (revenue) & cost (787 ) (four ) 0 (791 )   total cost & other (income) 26,291 (298 ) 210 26,202   Pre-Tax income 19,723 558 (414 ) 19,867   Pre-Tax revenue Margin 19.7 % 0.6Pts -0.4Pts 19.9 %   Provision for revenue Taxes*** four,890 116 (162 ) 4,844   advantageous Tax fee 24.8 % -0.1Pts -0.3Pts 24.4 %   web income 14,833 443 (253 ) 15,023   internet earnings Margin 14.9 % 0.4Pts -0.3Pts 15.0 %   Diluted revenue Per Share $ eleven.52 $ 0.34 ($0.20 ) $ 11.67 * comprises amortization of obtained intangible belongings and other acquisition-related charges. ** contains retirement-connected gadgets pushed with the aid of adjustments to arrangement assets and liabilities basically regarding market performance. *** Tax influence on operating (non-GAAP) pre-tax revenue is calculated beneath the equal accounting concepts utilized to the GAAP pre-tax revenue which employs an annual advantageous tax expense manner to the effects.

    IBM reviews 2018 Third-Quarter outcomes | killexams.com actual Questions and Pass4sure dumps

    ARMONK, N.Y.--(enterprise WIRE)--

    IBM (IBM)

    top-quality yr-to-12 months indecent Margin performance in 3 Years, Reflecting larger value company

    Highlights

  • GAAP EPS from carrying on with operations of $2.ninety four; working (non-GAAP) EPS of $3.forty two
  • earnings of $18.8 billion, down 2 % (flat adjusting for exotic money)
  • Strategic imperatives profits of $39.5 billion over closing 365 days, up 13 p.c (up eleven p.c adjusting for forex)
  • Cloud profits of $19.0 billion over closing 365 days, up 20 % (up 18 % adjusting for currency)
  • As-a-carrier annual exit flee rate for cloud earnings of $11.four billion within the quarter, up 21 percent yr to yr (up 24 p.c adjusting for currency)
  • potent capabilities indecent profit margin expansion year to yr
  • continues full-yr working (non-GAAP) EPS and free money movement expectations
  • IBM (IBM) nowadays introduced third-quarter effects.

    "IBM's progress and momentum this year in the emerging, excessive-price segments of the IT trade are driven via their innovative technology, profound trade competencies and dedication to maintain self-confidence and protection," mentioned Ginni Rometty, IBM chairman, president and chief executive officer. "Our management within the know-how and features that convey hybrid cloud, AI, blockchain, analytics and safety has helped power their common efficiency, and is helping their shoppers unleash the whole enterprise expense of those improvements."

      THIRD QUARTER 2018             Pre-tax     Gross Diluted net Pre-tax profits income EPS     profits     salary     Margin     Margin   GAAP from carrying on with Operations $2.94 $2.7B $3.0B sixteen.0% 46.9% 12 months/year   1%     -1%     -2%     0.0Pts     0.0Pts   working (Non-GAAP) $3.forty two $3.1B $three.6B 19.2% 47.four% year/12 months   5%     3%     1%     0.5Pts     0.0Pts  

    "in the quarter, they again increased their common working pre-tax income margin 12 months to 12 months, and produced their strongest year-to-year indecent margin performance in three years," notable James Kavanaugh, IBM senior vice president and chief fiscal officer. "at the same time, with their extraordinary cash technology, they extended their capital funding within the enterprise in the course of the first three quarters and persevered to approach capital to shareholders."

    Strategic Imperatives revenue

    Strategic imperatives earnings over the closing 365 days changed into $39.5 billion, up 13 percent (up eleven percent adjusting for exotic money). complete cloud profits over the ultimate one year become $19.0 billion, up 20 percent (up 18 % adjusting for currency), with $eight.1 billion from hardware, software and features to allow IBM customers to implement hybrid cloud options across public, deepest and multi-cloud environments, and $10.9 billion delivered as a carrier. The annual exit flee expense for as-a-carrier profits extended in the quarter to $eleven.four billion, up 21 % (up 24 p.c adjusting for currency).

    money stream and stability Sheet

    in the third quarter, the commerce generated web cash from operating activities of $4.2 billion, or $three.1 billion, apart from international Financing receivables. IBM’s free money stream was $2.2 billion. IBM returned $2.1 billion to shareholders through $1.four billion in dividends and $0.6 billion in indecent share repurchases. at the conclusion of September 2018, IBM had $1.four billion final in the latest share repurchase authorization.

    IBM ended the third quarter with $14.7 billion of cash available. Debt totaled $forty six.9 billion, including global Financing debt of $30.4 billion. The equilibrium sheet continues to exist extraordinary and is well placed for the future.

    segment outcomes for Third Quarter

  • Cognitive options (includes options utility and transaction processing utility) -- revenues of $four.1 billion, down 6 p.c (down 5 % adjusting for forex), with boom in Watson fitness, safety solutions, and key strategic areas in analytics.
  • global commerce functions (comprises consulting, utility administration and world system capabilities) -- revenues of $4.1 billion, up 1 % (up 3 percent adjusting for exotic money), led through consulting. indecent income margin multiplied 270 groundwork elements.
  • know-how capabilities & Cloud systems (contains infrastructure services, technical aid capabilities and integration utility) -- revenues of $8.3 billion, down 2 p.c (flat yr to year adjusting for currency), with expand in cloud income. indecent income margin elevated 120 groundwork elements.
  • methods (contains techniques hardware and working systems utility) -- revenues of $1.7 billion, up 1 percent (up 2 p.c adjusting for forex), pushed via expand in vigour and IBM Z.
  • world Financing (comprises financing and used gadget sales) -- revenues of $388 million, down 9 % (down 7 p.c adjusting for forex).
  • Full-year 2018 Expectations

    The commerce expects working (non-GAAP) diluted earnings per share of as a minimum $13.eighty, and GAAP diluted earnings per share of at the least $11.60. working (non-GAAP) diluted earnings per share exclude $2.20 per share of fees for amortization of purchased intangible belongings, other acquisition-connected costs, retirement-connected charges and any one-time impacts from the enactment of U.S. Tax Reform. GAAP expectations exclude any fourth-quarter one-time impacts from the enactment of U.S. Tax Reform.

    IBM expects free money movement of approximately $12 billion, with a awareness expense more advantageous than 100%.

    yr-To-Date 2018 results

    Consolidated diluted profits per share from carrying on with operations changed into $7.36 in comparison to $7.24, up 2 p.c 12 months to year. Consolidated internet salary was $6.eight billion, flat year to 12 months. Revenues for the nine-month duration totaled $fifty seven.8 billion, a soar of two p.c 12 months to yr (flat 12 months to year adjusting for currency), in comparison with $56.6 billion for the first nine months of 2017.

    operating (non-GAAP) diluted earnings per share from continuing operations turned into $8.96 compared with $eight.54 per diluted share for the 2017 period, an expand of 5 p.c. working (non-GAAP) net earnings for the 9 months ended September 30, 2018 was $8.2 billion in comparison with $eight.0 billion in the 12 months-ago length, an expand of 3 p.c.

    ahead-searching and Cautionary Statements

    except for the ancient tips and discussions contained herein, statements contained during this release may additionally picture ahead-looking statements inside the which means of the deepest Securities Litigation Reform Act of 1995. forward-looking statements are in response to the business’s latest assumptions regarding future commerce and fiscal performance. These statements involve a couple of risks, uncertainties and different factors that might trigger specific effects to vary materially, including the following: a downturn in economic ambiance and customer spending budgets; the enterprise’s failure to meet growth and productivity aims; a failure of the enterprise’s innovation initiatives; damage to the company’s recognition; dangers from investing in expand alternatives; failure of the business’s intellectual property portfolio to forestall competitive choices and the failure of the company to achieve quintessential licenses; cybersecurity and statistics privacy concerns; fluctuations in monetary consequences, maintain an result on of local prison, financial, political and health situations; hostile effects from environmental concerns, tax matters and the enterprise’s pension plans; ineffective inside controls; the business’s expend of accounting estimates; the business’s means to attract and maintain key personnel and its reliance on vital advantage; influences of relationships with faultfinding suppliers; product noteworthy concerns; affects of enterprise with government consumers; exotic money fluctuations and client financing hazards; maintain an repercussion on of changes in market liquidity conditions and consumer credit score possibility on receivables; reliance on third party distribution channels and ecosystems; the business’s skill to correctly manage acquisitions, alliances and tendencies; risks from prison complaints; risk elements concerning IBM securities; and different dangers, uncertainties and factors mentioned within the company’s kind 10-Qs, kind 10-k and within the business’s different filings with the U.S. Securities and change fee (SEC) or in materials incorporated therein by way of reference. Any forward-looking statement during this unencumber speaks best as of the date on which it is made. The commerce assumes no duty to update or revise any ahead-searching statements.

    Story Continues

    Presentation of suggestions in this Press liberate

    with a purpose to deliver traders with additional info concerning the company’s results as determined by way of frequently authorized accounting principles (GAAP), the commerce has additionally disclosed during this press free up privilege here non-GAAP information which administration believes offers helpful suggestions to buyers:

    IBM effects --

  • presenting operating (non-GAAP) earnings per share amounts and linked earnings remark gadgets;
  • adjusting for gratis money stream;
  • adjusting for forex (i.e., at regular forex).
  • Free money circulation assistance is derived using an assess of earnings, working capital and operational cash outflows. The enterprise views world Financing receivables as a profit-generating investment, which it seeks to maximize and hence it is not regarded when formulating counsel for gratis cash move. as a result, the enterprise doesn't assess a GAAP net money from Operations expectation metric.

    The reason for administration’s expend of these non-GAAP measures is covered in parade 99.2 within the kind 8-okay that contains this press unencumber and is being submitted these days to the SEC.

    convention designation and Webcast

    IBM’s commonplace quarterly income conference designation is scheduled to originate at 5:00 p.m. EDT, today. The Webcast could exist accessed via a hyperlink at http://www.ibm.com/investor/activities/earnings/3q18.html. Presentation charts could exist accessible almost immediately before the Webcast.

    fiscal outcomes beneath (certain amounts may furthermore no longer add due to expend of rounded numbers; percentages presented are calculated from the underlying entire-dollar amounts).

    foreign commerce MACHINES service provider COMPARATIVE fiscal consequences (Unaudited; dollars in hundreds of thousands except per share quantities)     Three Months Ended   nine Months Ended September 30, September 30, 2018   2017 2018   2017   revenue Cognitive options $   4,148 $   4,four hundred $   13,027 $   13,021 world company capabilities four,a hundred thirty four,093 12,495 12,196 know-how features & Cloud structures eight,292 eight,457 25,533 25,079 systems 1,736 1,721 5,412 4,863 international Financing 388 427 1,188 1,246 other     sixty two       56       176       192   complete profits 18,756 19,153 fifty seven,830 fifty six,597   GROSS income eight,803 eight,981 * 26,249 25,894 *   GROSS earnings MARGIN Cognitive options 76.0 % seventy eight.7 % * 76.7 % 78.3 % * global company features 29.eight % 27.1 % * 26.3 % 25.1 % * expertise capabilities & Cloud platforms forty two.1 % forty.9 % * 39.9 % forty.1 % * techniques 52.7 % 53.6 % * forty nine.3 % fifty one.5 % * world Financing 26.three % 25.2 % * 29.1 % 29.2 % *   complete indecent earnings MARGIN 46.9 % 46.9 % * forty five.four % 45.eight % *     expense AND different earnings S,G&A four,363 4,606 * 14,665 14,666 * R,D&E 1,252 1,291 * 4,021 4,212 * intellectual property and customized edifice profits (275 ) (308 ) (842 ) (1,118 ) other (revenue) and expense 275 159 * 968 751 * activity fee     191       168       530       451   complete expense AND other salary 5,807 5,917 * 19,341 18,962 *   revenue FROM continuing OPERATIONS earlier than earnings TAXES 2,996 three,065 6,908 6,931 Pre-tax margin sixteen.0 % 16.0 % eleven.9 % 12.2 % Provision for revenue taxes 304 339 138 120 positive tax cost 10.2 % 11.0 % 2.0 % 1.7 %   earnings FROM carrying on with OPERATIONS $ 2,692 $ 2,726 $ 6,770 $ 6,811 DISCONTINUED OPERATIONS revenue/(Loss) from discontinued operations, web of taxes     2       0       7       (three )   net profits $   2,694   $   2,726   $   6,777   $   6,807     profits PER SHARE OF unconcerned stock: Assuming Dilution carrying on with Operations $ 2.94 $ 2.ninety two $ 7.36 $ 7.24 Discontinued Operations $   0.00   $   0.00   $   0.01   $   0.00   total $   2.ninety four   $   2.ninety two   $   7.37   $   7.24     simple continuing Operations $ 2.ninety five $ 2.93 $ 7.39 $ 7.28 Discontinued Operations $   0.00   $   0.00   $   0.01   $   0.00   complete $   2.ninety five   $   2.ninety three   $   7.forty   $   7.28     WEIGHTED-usual variety of simple SHARES brilliant (M's): Assuming Dilution 915.2 933.2 920.0 940.2 fundamental 911.2 929.4 915.6 935.6   * Recast to replicate adoption of the FASB counsel on presentation of web postretirement profit cost.   foreign commerce MACHINES agency CONDENSED CONSOLIDATED steadiness SHEET (Unaudited)   At   At (greenbacks in hundreds of thousands) September 30, December 31, 2018 2017 assets:   latest property: money and money equivalents $   eleven,563 $   eleven,972 confined cash 168 262 * Marketable securities 2,932 608 Notes and debts receivable - trade, net 7,071 8,928 brief-term financing receivables, internet 19,249 21,721 other accounts receivable, internet 767 981 stock 1,893 1,583 Deferred charges 2,227 1,820 ** pay as you depart prices and different current belongings     2,388       1,860   * ** total existing assets forty eight,257 forty nine,735   Property, plant and equipment, web 10,949 eleven,116 lengthy-time term financing receivables, internet eight,179 9,550 prepaid pension property 5,655 four,643 Deferred charges 2,581 2,136 ** Deferred taxes four,436 4,862 Goodwill and intangibles, net 39,660 40,531 Investments and sundry belongings     2,272       2,783   ** complete assets $   121,990   $   one hundred twenty five,356     LIABILITIES:   current Liabilities: Taxes $ 2,502 $ 4,219 brief-term debt 10,932 6,987 bills payable 5,384 6,451 Deferred earnings 10,704 11,552 different liabilities     7,300       8,153   total current Liabilities 36,822 37,363   lengthy-term debt 35,989 39,837 Retirement linked duties 15,774 sixteen,720 Deferred income three,507 3,746 other liabilities     9,979       9,965   complete Liabilities 102,071 107,631   equity:   IBM Stockholders' fairness: common inventory 54,987 fifty four,566 Retained earnings 158,612 153,126 Treasury stock -- at can charge (a hundred sixty five,995 ) (163,507 ) gathered other comprehensive profits/(loss)     (27,820 )     (26,592 ) total IBM Stockholders' fairness 19,784 17,594   Noncontrolling hobbies     134       131   complete fairness     19,918       17,725   total Liabilities and equity $   121,990   $   one hundred twenty five,356     * Recast to reflect adoption of the FASB recommendation on constrained cash. ** Recast to comply to latest term presentation.   overseas commerce MACHINES supplier money stream evaluation (Unaudited)     Three Months Ended   9 Months Ended (greenbacks in millions) September 30, September 30, 2018   2017 2018   2017   net money offered by working actions per GAAP: $   four,232 $   three,570 $   eleven,128 $   10,991   much less: exchange in international Financing (GF) Receivables 1,096 258 2,874 2,468 Capital charges, net (942 ) (780 ) (2,839 ) (2,347 )   Free cash flow 2,194 2,532 5,415 6,176   Acquisitions (1 ) (274 ) (123 ) (442 ) Divestitures - 6 - 35 Dividends (1,431 ) (1,396 ) (4,250 ) (4,119 ) Share Repurchase (627 ) (949 ) (2,393 ) (three,674 ) Non-GF Debt 2,218 (467 ) 1,607 1,896 different (comprises GF internet Receivables and GF Debt) 382 (216 ) * 1,564 3,124 *   exchange in cash, cash Equivalents, restrained cash and short-time term Marketable Securities $   2,736       ($763 ) * $   1,820   $   2,995   *   * Recast to reflect adoption of the FASB tips on limited money.   overseas commerce MACHINES companycash circulate (Unaudited)   Three Months Ended   nine Months Ended (dollars in thousands and thousands) September 30, September 30, 2018   2017 2018   2017   net revenue from Operations $   2,694 $   2,726 $   6,777 $   6,807 Depreciation/Amortization of Intangibles 1,138 1,one hundred seventy five three,368 3,392 inventory-based mostly Compensation 129 123 371 388 Working Capital / different (825 ) (713 ) (2,261 ) (2,064 ) global Financing A/R 1,096 258 2,874 2,468 internet money offered by way of working actions $ four,232 $ 3,570 $ 11,128 $ 10,991 Capital bills, web of payments & proceeds (942 ) (780 ) (2,839 ) (2,347 ) Divestitures, internet of money transferred - 6 - 35 Acquisitions, web of cash bought (1 ) (274 ) (123 ) (442 ) Marketable Securities / different Investments, web (2,026 ) (858 ) * (2,406 ) (517 ) * net money utilized in Investing actions ($2,969 ) ($1,906 ) * ($5,368 ) ($3,271 ) * Debt, net of funds & proceeds 1,595 (446 ) 845 2,310 Dividends (1,431 ) (1,396 ) (four,250 ) (four,119 ) commonplace stock Repurchases (627 ) (949 ) (2,393 ) (three,674 ) typical inventory Transactions - different 26 35 (sixty six ) (15 ) internet money used in Financing actions ($437 ) ($2,756 ) ($5,864 ) ($5,499 ) impact of trade cost changes on money (fifty five ) 328 (399 ) 875 internet alternate in money, cash Equivalents and constrained cash $ 771 ($764 ) * ($503 ) $ 3,096 *   * Recast to mirror adoption of the FASB tips on restrained cash.   international enterprise MACHINES firmSEGMENT information (Unaudited)  

    THIRD - QUARTER 2018

        technology     world functions & (bucks in millions) Cognitive enterprise Cloud global solutions   functions   structures   programs   Financing salary external $   4,148 $   4,one hundred thirty $   8,292 $   1,736 $   388 internal     639         77         240         181         338   complete segment profits $ four,787 $ four,207 $ eight,533 $ 1,917 $ 726   Pre-tax income from carrying on with Operations 1,629 579 1,075 209 308   Pre-tax margin 34.0 % 13.8 % 12.6 % 10.9 % 42.5 %     exchange YTY income - exterior (5.7 )% 0.9 % (1.9 )% 0.9 % (9.0 )% change YTY earnings - exterior @steady forex (4.6 )% 2.5 % 0.2 % 1.eight % (7.1 )%    

    THIRD - QUARTER 2017

    technology international services & (dollars in hundreds of thousands) Cognitive enterprise Cloud global solutions   capabilities   platforms   techniques   Financing profits exterior $ four,four hundred $ four,093 $ 8,457 $ 1,721 $ 427 inner     629         92         164         227         272   complete segment revenue $ 5,030 $ four,185 $ eight,621 $ 1,948 $ 698   Pre-tax profits from carrying on with Operations * 1,643 442 1,177 337 243   Pre-tax margin * 32.7 % 10.6 % 13.7 % 17.3 % 34.8 %   * Recast to reflect adoption of the FASB information on presentation of web postretirement improvement cost.   overseas commerce MACHINES companySEGMENT facts (Unaudited)   9 - MONTHS 2018     know-how     international features & (dollars in hundreds of thousands) Cognitive enterprise Cloud global options   capabilities   systems   systems   Financing income external $   13,027 $   12,495 $   25,533 $   5,412 $   1,188 inner     2,122         249         550         576         1,240   total section earnings $ 15,149 $ 12,744 $ 26,083 $ 5,989 $ 2,428   Pre-tax profits from carrying on with Operations four,718 1,109 2,395 352 1,042   Pre-tax margin 31.1 % 8.7 % 9.2 % 5.9 % 42.9 %     exchange YTY revenue - external 0.0 % 2.4 % 1.eight % 11.three % (four.7 )% change YTY salary - external @consistent currency (1.4 )% 0.5 % (0.1 )% 9.9 % (5.8 )%     9 - MONTHS 2017 know-how international features & (dollars in tens of millions) Cognitive company Cloud global solutions   capabilities   structures   methods   Financing revenue external $ 13,021 $ 12,196 $ 25,079 $ four,863 $ 1,246 inside     2,001         271         497         571         925   total segment salary $ 15,022 $ 12,467 $ 25,576 $ 5,434 $ 2,171   Pre-tax income from carrying on with Operations * 4,522 1,035 2,845 222 835   Pre-tax margin * 30.1 % 8.three % eleven.1 % four.1 % 38.5 %   * Recast to reflect adoption of the FASB counsel on presentation of internet postretirement profit cost.   foreign enterprise MACHINES firmU.S. GAAP TO operating (Non-GAAP) outcomes RECONCILIATION (Unaudited; greenbacks in tens of millions except per share amounts)   THIRD - QUARTER 2018 continuing OPERATIONS   Acquisition-   Retirement-   Tax Reform   related linked One-Time operating GAAP changes* adjustments** affect (Non-GAAP)   Gross earnings $   eight,803 $   ninety six   -   - $   8,899   Gross profit Margin 46.9 % 0.5Pts - - forty seven.four %   S,G&A four,363 (112 ) - - 4,251   R,D&E 1,252 - - - 1,252   different (profits) & rate 275 (1 ) (389 ) - (a hundred and fifteen )   total rate & different (revenue) 5,807 (113 ) (389 ) - 5,304   Pre-tax income from continuing Operations 2,996 209 389 - 3,594   Pre-tax salary Margin from continuing Operations sixteen.0 % 1.1Pts 2.1Pts - 19.2 %   Provision for earnings Taxes*** 304 fifty six one hundred - 460   helpful Tax fee 10.2 % 1.0Pts 1.7Pts - 12.8 %   revenue from continuing Operations 2,692 153 289 - 3,134   income Margin from carrying on with Operations 14.4 % 0.8Pts 1.5Pts - 16.7 %   Diluted salary Per Share: continuing Operations $ 2.94 $ 0.17 $ 0.31 - $ 3.forty two     THIRD - QUARTER 2017 carrying on with OPERATIONS Acquisition- Retirement- linked related working GAAP adjustments* changes** (Non-GAAP)   Gross income $ 8,981 $ 114 - $ 9,095   Gross income Margin 46.9 % 0.6Pts - forty seven.5 %   S,G&A four,606 (a hundred twenty five ) - four,482   R,D&E 1,291 - - 1,291   different (salary) & cost 159 - (273 ) (114 )   total rate & different (profits) 5,917 (one hundred twenty five ) (273 ) 5,519   Pre-tax salary from continuing Operations 3,065 238 273 three,576   Pre-tax profits Margin from continuing Operations 16.0 % 1.2Pts 1.4Pts 18.7 %   Provision for income Taxes*** 339 79 113 531   constructive Tax rate 11.0 % 1.5Pts 2.3Pts 14.8 %   revenue from continuing Operations 2,726 159 one hundred sixty 3,045   earnings Margin from continuing Operations 14.2 % 0.8Pts 0.8Pts 15.9 %   Diluted salary Per Share: carrying on with Operations $ 2.92 $ 0.17 $ 0.17 $ 3.26

    * contains amortization of purchased intangible assets, in process R&D, severance freight for got personnel, vacant region for received corporations, deal fees and acquisition integration tax prices.

    ** comprises retirement-connected activity charge, anticipated revert on arrangement assets, identified actuarial losses or estimable points, amortization of transition assets, different settlements, curtailments, amortization of prior carrier cost and insolvency coverage. 2017 changes had been recast to reflect the adoption of the FASB tips on web postretirement handicap charge.

    *** Tax influence on operating (non-GAAP) pre-tax profits from carrying on with operations is calculated beneath the equal accounting principles applied to the As stated pre-tax revenue under ASC 740, which employs an annual valuable tax rate formula to the effects.

      foreign commerce MACHINES companyU.S. GAAP TO operating (Non-GAAP) outcomes RECONCILIATION (Unaudited; greenbacks in tens of millions except per share amounts)   nine - MONTHS 2018 continuing OPERATIONS   Acquisition-   Retirement-   Tax Reform   linked related One-Time working GAAP adjustments* alterations** impact (Non-GAAP)   Gross profit $   26,249 $   283   -   - $   26,531   Gross income Margin 45.4 % 0.5Pts - - 45.9 %   S,G&A 14,665 (332 ) - - 14,333   R,D&E 4,021 - - - 4,021   other (earnings) & fee 968 (1 ) (1,185 ) - (219 )   complete fee & other (salary) 19,341 (333 ) (1,185 ) - 17,822   Pre-tax profits from continuing Operations 6,908 616 1,185 - 8,709   Pre-tax profits Margin from carrying on with Operations eleven.9 % 1.1Pts 2.0Pts - 15.1 %   Provision for salary Taxes*** 138 138 285 (ninety three ) 468   beneficial Tax fee 2.0 % 1.4Pts three.0Pts (1.1)Pts 5.4 %   revenue from carrying on with Operations 6,770 478 900 93 eight,241   profits Margin from continuing Operations 11.7 % 0.8Pts 1.6Pts 0.2Pts 14.2 %   Diluted revenue Per Share: continuing Operations $ 7.36 $ 0.52 $ 0.ninety eight $ 0.10 $ 8.96     nine - MONTHS 2017 carrying on with OPERATIONS Acquisition- Retirement- connected related working GAAP adjustments* alterations** (Non-GAAP)   Gross earnings $ 25,894 $ 349 - $ 26,243   Gross earnings Margin 45.8 % 0.6Pts - forty six.four %   S,G&A 14,666 (393 ) - 14,273   R,D&E four,212 - - four,212   different (income) & fee 751 (7 ) (969 ) (225 )   total expense & other (revenue) 18,962 (401 ) (969 ) 17,593   Pre-Tax income from continuing Operations 6,931 750 969 8,650   Pre-tax revenue Margin from continuing Operations 12.2 % 1.3Pts 1.7Pts 15.3 %   Provision for income Taxes*** one hundred twenty 212 288 621   constructive Tax price 1.7 % 2.3Pts three.1Pts 7.2 %   income from continuing Operations 6,811 537 681 eight,030   earnings Margin from carrying on with Operations 12.0 % 0.9Pts 1.2Pts 14.2 %   Diluted earnings Per Share: carrying on with Operations $ 7.24 $ 0.fifty seven $ 0.seventy three $ eight.54

    * contains amortization of purchased intangible property, in manner R&D, severance can freight for received employees, vacant space for bought corporations, deal charges and acquisition integration tax fees.

    ** comprises retirement-related pastime cost, anticipated revert on arrangement belongings, identified actuarial losses or gains, amortization of transition assets, other settlements, curtailments, amortization of prior provider freight and insolvency coverage. 2017 changes had been recast to replicate the adoption of the FASB counsel on internet postretirement profit charge.

    *** Tax maintain an repercussion on on operating (non-GAAP) pre-tax profits from continuing operations is calculated under the same accounting concepts utilized to the As pronounced pre-tax revenue below ASC 740, which employs an annual positive tax expense formulation to the results.

      foreign commerce MACHINES organizationRECONCILIATION OF working salary PER SHARE (Unaudited)       2018

    EPS information

    expectationsGAAP Diluted EPS at least $11.60 operating EPS (non-GAAP) as a minimum $13.80     alterations   Acquisition-linked prices * $0.78   Non-operating Retirement-related items $1.32   yr-to-Date Tax Reform One-time cost $0.10   * comprises acquisitions as of September 30, 2018

    View source edition on businesswire.com: https://www.businesswire.com/information/domestic/20181016006038/en/


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    Test designation : IBM Forms 8.0 - contour Design and Development
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    Introducing Fabric for profound Learning (FfDL) | killexams.com actual questions and Pass4sure dumps

    This post is co-authored by Animesh Singh and Scott Boag, and is an updated version of a post on IBM Developer Works by the same authors

    According to Gartner, the aptitude to expend AI to enhance conclusion making, reinvent commerce models and ecosystems, and remake the customer experience will pay off for digital initiatives through 2025. Companies are collecting huge amounts of data, they want to expend the data to train and create profound learning algorithms and models, and they want these profound learning capabilities to exist offered as a service in an easily consumable way.

    Training profound neural network models requires a highly tuned system with the privilege combination of software, drivers, compute, memory, network, and storage resources. To address the challenges around obtaining and managing these resources, they are contented to advertise the launch of Fabric for profound Learning (FfDL).

    FfDL offers a stack that abstracts away these concerns so data scientists can execute training jobs with their choice of profound learning framework at scale in the cloud. It has been built to offer resilience, scalability, multi-tenancy, and security without modifying the profound learning frameworks, and with no or minimal changes to model code.

    Jim Zemlin, Executive Director of The Linux Foundation, echoes these sentiments succinctly:

    “Just as The Linux Foundation worked with IBM, Google, Red Hat and others to establish the open governance community for Kubernetes with the Cloud autochthonous Computing Foundation, they discern IBM’s release of Fabric for profound Learning, or FfDL, as an chance to work with the open source community to align related open source projects, taking one more step toward making profound learning accessible. They reflect its origin as an IBM product will appeal to open source developers and enterprise finish users.”

    FfDL architecture

    The FfDL platform uses a microservices architecture, with a focus on scalability, resiliency, and weakness tolerance. According to one IDC survey, by 2021 enterprise apps will shift toward hyper-agile architectures, with 80% of application evolution on cloud platforms using microservices and functions, and over 95% of unique microservices deployed in containers. And what better cloud autochthonous platform to build on than Kubernetes? The FfDL control plane microservices are deployed as pods, and they rely on Kubernetes to manage this cluster of GPU- and CPU-enabled machines effectively, to restart microservices when they crash, and to report the health of microservices.

    REST API

    The ease API microservice handles REST-level HTTP requests and acts as proxy to the lower-level gRPC Trainer service. The service furthermore load-balances requests and is responsible for authentication. Load balancing is implemented by registering the ease API service instances dynamically in a service registry. The interface is specified through a Swagger definition file.

    Trainer

    The Trainer service admits training job requests, persisting metadata and model input configuration in a database (MongoDB). It initiates job deployment, halting, and (user-requested) job termination by calling the appropriate gRPC methods on the Lifecycle Manager microservice. The Trainer furthermore assigns a unique identifier to each job, which is used by entire other components to track the job.

    Lifecycle Manager and learner pods

    The Lifecycle Manager (LCM) deploys training jobs arriving from the Trainer, halting (pausing) and terminating training jobs. LCM uses the Kubernetes cluster manager to deploy containerized training jobs. A training job is a set of interconnected Kubernetes pods, each containing one or more Docker containers.

    The LCM determines the learner pods, parameter servers, and interconnections among them based on the job configuration, and calls on Kubernetes for deployment. For example, if a user creates a Caffe2 training job with four learners and two CPUs/GPUs per learner, the LCM creates five pods: one for each learner (called the learner pod), and one monitoring pod called the job monitor.

    Training Data Service

    The Training Data Service (TDS) provides short-lived storage and retrieval for logs and evaluation data from a profound Learning training job. As the training job progresses, information is needed for evaluation of the ongoing success or failure of the learning progress. These metrics normally approach in the contour of scalar values, and are termed evaluation metrics (or sometimes the term emetrics might exist used). Debugging information can furthermore exist output through log lines.

    While the learning job is running, a process runs as a sidecar to extract the training data from the learner, and then pushes that data into the TDS, which pushes the data into ElasticSearch. The sidecars used for collecting training data are termed log-collectors. Depending on the framework and desired extraction method, different types of log-collectors can exist used. Log-collectors are reasonably misnamed, since their responsibilities embrace at least both log line collection, and evaluation metrics extraction.

    FfDL forms the core of Watson Studio profound Learning Service

    FfDL, developed in close collaboration with IBM Research and Watson product evolution teams, forms the core of their newly announced profound Learning as a Service within Watson Studio. Watson Studio provides tools for supporting the end-to-end AI workflow in a public cloud hosted environment, with best of the breed support for GPU resources on a Kubernetes environment.

    Watson Studio architecture enables springy machine learning and introduces a new, scalable paradigm for profound learning (both for small teams and enterprises) Join the revolution and democratize AI

    Get started with FfDL today. Deploy it, expend it, and extend it with capabilities that you find helpful. We’re waiting for your feedback and tow requests — let’s start the revolution and democratize AI!

    Related Links

    Veritone (VERI) CEO Chad Steelberg on Q3 2018 Results - Earnings convene Transcript | killexams.com actual questions and Pass4sure dumps

    No result found, try unique keyword!Certain of these risks and assumptions are discussed in Veritone's SEC filings, including its Annual Report on contour 10 ... user interface design to AI model training and evolution is untenable.

    Travelport Worldwide (TVPT) Q3 2018 Earnings Conference convene Transcript | killexams.com actual questions and Pass4sure dumps

    Logo of jester cap with thought bubble with words 'Fool Transcripts' below it© The Motley Fool Logo of jester cap with thought bubble with words 'Fool Transcripts' below it

    Travelport Worldwide(NYSE: TVPT)

    Q3 2018 Earnings Conference Call

    Nov. 1, 2018 8:30 a.m. ET

    Contents:
  • Prepared Remarks
  • Questions and Answers
  • Call Participants
  • Prepared Remarks:

    Operator

    Hello, and welcome to the Travelport third-quarter 2018 earnings conference call. [Operator instructions] delight note, this conference is being recorded. Now I would affection to turn the conference over to Mr. Majid Nazir, head of investor relations for Travelport.

    Majid Nazir -- Head of Investor Relations

    Thank you, Kelly, and estimable morning, everyone. Many thanks for joining us on their third-quarter 2018 earnings call. Earlier this morning, they issued an earnings press release, which together with a slide presentation accompanying today's prepared remarks, are available on their website at ir.travelport.com. Following the completion of today's call, a replay will furthermore exist available on their website, where it will remain for a term of one year.

    Participating today's call, Gordon Wilson, their president and chief executive officer, and Bernard Bot, their chief fiscal officer. Before they begin, I'd affection to highlight that throughout today's call, we'll dispute inescapable non-GAAP fiscal measures. In their earnings press release, slides accompanying this webcast, and their filings with the SEC, you'll find additional disclosures regarding these non-GAAP fiscal measures, including reconciliations of these measures with comparable GAAP measures as required by the SEC. I would furthermore affection to remind participants that the following discussion and responses to your questions reflects management's views only as of today and will embrace forward-looking statements.

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    These statements involve risks and uncertainties that may antecedent actual results to vary materially from the statements made on today's conference call. Additional information about factors that could potentially repercussion their fiscal results are included in today's press release and their filings with the SEC. So with my introduction now concluded, let me turn the convene over to Gordon.

    Gordon Wilson -- President and Chief Executive Officer

    Thank you, Maj. Hello everyone and let me add my welcome to you entire this morning. Bernard's going to rear you through the detail on their fiscal results for the quarter, but first I want to sight at how they -- what we've delivered in Q3, and the way in which we've driven their strategy. At the finish of their prepared remarks, as they said, we'll rear your questions as usual.

    Now for those of you following the slide presentation, I'm on Slide 4. For Quarter 3, I'm pleased to report that their year-over-year adjusted EBITDA was up 2%, while their net revenue was furthermore up 2% in the quarter. On a year-to-date September basis, their net revenue was up 5%, while their adjusted EBITDA is essentially flat. These results, as you'll recall, absorb the repercussion of one account loss they suffered in the Pacific in 2017.

    Travelport has had to originate up $85 million of revenue and $45 million of adjusted EBITDA headwinds for the full year 2018, due to this account. And in the quarter and year to date, this has had a negative repercussion of 4 percentage points on revenue and 9 percentage points on adjusted EBITDA. Quarter 3, therefore, is a steady performance, not only because we've overcome the account loss by winning and implementing unique business, but furthermore because we've done it against a backdrop of a challenging require environment in some big travel markets outside of the United States. As they spoke about in their ultimate earnings call, as anticipated, they saw softer leisure require in the third quarter, because of the long and untypical heat wave in Northern Europe, a region where we've outperformed in recent times.

    Furthermore, they are seeing the ripple result coming to -- into their results of some other specific customer events, such as the conclusion that they took to terminate their contracts with the European online travel agency due to what they believe is a trespass of its contractual terms with us. This was unfortunate given that we've grown particularly well with them in the first half of this year. At the same time, there are some extremely exciting developments in terms of recently announced deals of content and client wins that they believe will position us very well into 2020, especially as they originate to ramp up to 2019. As we'll picture shortly, Travelport's announced this quarter a whole string of unique offerings to the market.

    From a state-of-the-art data and analytics product developed with IBM, using synthetic intelligence to befriend corporations better manage and arrangement corporate travel spend, to becoming the first global GDS platform to implement an airline using IATA's NDC API to facilitate actual customer bookings through this different mechanism. We've furthermore signed some landmark deals delivering us an even stronger proposition for the second largest GDS market in the world, which is India, and that will originate to ramp up in 2019. We've furthermore had some noteworthy tidings on unique airline deals for their U.S. customers.

    We continue to lead in airline merchandising, in mobile travel apps, and in the expend of synthetic intelligence and machine learning in their search and speedy response. Mitigating some of the headwinds we're experiencing with some specific customers [Inaudible] unique customer wins and share of wallet expansions in Travelport's favor in both the online and corporate travel sectors. So to recap the fiscal results for the quarter, net revenue is up 2% to $623 million, with adjusted EBITDA growth of 2% to $139 million. Their adjusted EBITDA margin was up -- was stable year over year at 22.4%.

    Adjusted net income was up 77% in the quarter to $40 million as expected, and largely due to lower tax and interest charges year over year. Their diluted adjusted earnings per share were therefore $0.31 for the quarter, up 74% year over year. Splitting down their revenue, air declined 3% year over year, and clearly, we've lost share in Australia and unique Zealand. And the online travel agency customer whose compress was terminated was European-based, and so those bookings maintain ceased in Quarter 3.

    These two events maintain reasonably masked that Travelport gained air market share in both Asia and Latin America in the quarter, as well as in several key European markets, including Spain, Germany, Sweden, and the Netherlands. They actually grew their share of the top 200 online travel agencies across the world by 60 basis points. And further to this, we're winning unique commerce in corporate travel, which they await to continue as some exciting unique positive developments maintain rolled out. More about this shortly.

    Beyond Air continues to achieve well. And this quarter, they save 30% of their travel commerce platform revenues. Revenues in the quarter were up 14%, driven by another standout performance from their payments business, eNett. This commerce grew its revenue by 58%, which is essentially the result of continued market growth in eNett's travel agency customers as well as eNett's own share of wallet penetration within those customers, especially some of the larger OTAs in Europe and Asia.

    So for the forward look, their performance this quarter means that they remain on track to tumble within the fiscal guidance ambit they gave you at the start of the year. The market and specific customer headwinds I referenced earlier exist faultfinding they await that we'll exist more likely at the lower finish of their ranges for revenue, adjusted EBITDA, and free cash flow. They believe that eNett will continue to achieve strongly, but against harder comparables as they depart forward. And therefore, they remain snug with the revised full-year growth that they gave at the finish of ultimate quarter, which will exist over 50% in revenue terms.

    So let me now turn to Slide 5 and give you a itsy-bitsy more detail on the elements of their strategy that they delivered in this quarter. Their commerce investments and their orientation are to ensure that they fill it through and profit from the changes happening in the travel industry in three specific areas. First, we're delivering the broadest and richest travel content on an integrated basis for their customers. Second, we're leveraging data and their various technology-led innovations to drive travel agency and corporate travel productivity and efficiency.

    And finally, they are focusing on next-generation technologies to drive the unique world of how travel is being searched, booked, and managed, and the channels through which this is occurring. And we've got strong momentum in entire of these areas. So I'll add on the progress on each -- on this each quarter -- of this quarter, I should say, starting with their expanded content and merchandising leadership. In Quarter 3, they signed unique long-term deals with several of their key partners, including United Airlines, Southwest Airlines, and Etihad.

    The deal with United means that entire of their major U.S. airline contracts maintain been renewed and advanced to 2019. Their unique deal with Southwest, one of the world's top 10 airlines is measured by passengers boarded, is a actual boost for their travel agency customers, especially those involved in corporate and U.S. government business, who exigency and rely on this content.

    The Etihad deal really underscores the purpose of Travelport's strategic direction, since the unique agreement includes continued expend of their airline merchandising tools, including affluent content and branding; the expend of ancillaries such as paid bags and indeed sponsored flights by Etihad; as well as their expend of their cloud-based, commerce intelligence solutions for airlines. In addition, Etihad has renewed and extended its compress with Travelport Digital to continue delivery innovated mobile services to its passengers. The Etihad app, which Travelport designed, built, and runs for Etihad in the AWS cloud is 5-star rated by its customers. In India and beyond, we've added to their unique position as the only GDS platform in which IndiGo distributes its content by signing up an exclusive deal with Air India, which will kick in during 2019.

    This is the result of winning a tender to become their sole GDS supplier. And regarded to this, a unique long-term deal including full content and merchandising capabilities with Jet Airways, which will commence in April 2019. In the first nine months of this year, their commerce in India grew by 26%, in a market which itself grew at 18%. Indicating the share gains we're seeing from the likes of Yatra, PayTM, and MakeMyTrip.

    Having further differentiated their content capability to this vibrant market, they believe that they will continue to expand their leadership both in India and in the countries with big Indian investments and people inflows and outflows. In terms of enabling their airline customers to divide the products in the way they desire, this quarter, they delivered further on their aptitude to consume content for airlines in which to deliver some of it via the API standards of IATA's unique distribution capability or NDC. As the first major platform to gain certification of the highest smooth as an aggregator by IATA, we're now furthermore the first to deliver a live product, enabling their agencies to search and bespeak content delivered on to their platform from the NDC API in actual time. Now we're not at the finish of the journey here in terms of the changing manner in which airline content is delivered and processed by their platform, Travelport is now gaining the first actual insights as to what works with professional travel agencies at scale.

    As I leave the updates on content leadership, it's worthwhile again pointing out that over 270 airlines are fully implemented in Travelport, with the aptitude to argue and merchandise their full ambit of products and ancillaries with affluent content and branding. This continues to exist considerably more than their nearest competitor and this sort of content delivered to their hybrid cloud solution is one of the reasons they are gaining share with unique customers, and expanding their share of wallet with many existing customers. I referenced earlier the exigency to expend their technology and data to drive efficiency and productivity. This quarter, the results of some of their investments into data analytics and synthetic intelligence arrived in the contour of tangible products for their customers.

    The standout for the corporate travel market is travel manager, which they maintain developed in partnership with IBM. This is they believe an industry-first synthetic intelligence platform designed to befriend businesses manage their corporate travel spend, using IBM's coveted engine capabilities to track, manage, predict, and analyze travel costs in one place, while being populated with real-time pricing data for benchmarking and spend information from Travelport. The tool has received exceptional initial feedback and interest, and we're excited about the chance this gives us in the marketplace as they build further out their proposition for corporate travel. In hotels, their latest iteration of how travel agencies can easily bespeak and discern the complete ambit of products that hoteliers offer took another step forward with their hotel retail app, which is nested within their travel agency point of sale, known as Smartpoint.

    This app enables travel agencies using Travelport to discern public rates, loyalty member rates, corporate negotiated rates, prepaid and postpay rates, and, indeed, Travelport exclusive rates, entire in one easy-to-navigate user experience. It integrates maps, pictures of the hotels, and even reviews. The proposition is that making entire this content available in one state and making it simple to book, will drive greater hotel attachments, while giving better service to the customer and driving better revenue for the travel agency. They added another dimension here to the proposition by adding to their Trip Assist mobile app the prompting for a traveler to bespeak a hotel if his or her itinerary includes an overnight stay, with a curated selection of hotels available at their destination.

    Travelport believes that the adoption of eNett by their customers is driving significant productivity, efficiency, and fiscal benefits to them. Indeed a survey published ultimate month by Cowen of 200 travel agencies across a select number of the markets, stated and I quote, "that Travelport's eNett payments commerce is now a top five payment method." eNett has grown its revenue by 72% year over year in the ultimate nine months. By the finish of this year, it should surpass $300 million in annual revenue, which is nearly 5 times the revenue it had in 2014. The third constituent of their strategic focus is how we're edifice unique capabilities and differentiating their platform in the market by leveraging next-generation technologies.

    I've spoken in earlier calls about how Travelport, certainly among their peers, has been an early adopter of cloud capabilities. Their data analytics services and their entire mobile platform is running the AWS cloud while we've implemented a hybrid cloud with Microsoft in their Azure product to reduce latency, enhance speed, and enable us to ramp up faster for their travel commerce platform customers. Their expend of synthetic intelligence and machine learning has contributed to a more than 30% improvement year to date in their global unconcerned search response time. With many of their dual or indeed tri-automated customers telling us that they are now leading in this aspect of the delivery of their platform.

    It's certainly one of the reasons, alongside the differentiate content they have, that they are winning share of wallet in unique business, especially with OTAs. And to continue to enhance our offering, they are busy rolling out their next generation of APIs, which here at Travelport we're calling trip services. These are lighter-weight APIs, through which they convey their content to third parties using next-generation capabilities. They are easier to code to and faster.

    And their strategy is that once entire the functionality they deliver is covered, [Inaudible] the same set as trip service APIs that drive their own mobile platform and travel agency point-of-sale desktop as they originate available to online travel agencies and third-party corporate bookings tool providers. Trip services are indeed live and in production today with one of their largest online travel agency customers and they'll further expand in 2019 and onwards as they complete their development, which is being done using the scaled agile framework methodology. And finally, with digital, as I mentioned earlier, their progress this quarter includes the addition of hotel bookings into Trip Assist, which is the white-label mobile app they provide to their travel agency customers. They signed 13 additional unique agency clients to this capability in Quarter 3 alone.

    And we've expanded their relationship with easyJet, wherein they design, build, and flee their mobile offering, which this quarter included an innovative unique interface that allows users of Instagram who affection the sight of a destination in a picture to auto-launch the easyJet app to advise of possible flights to that destination. This is a noteworthy illustration of where mobile is heading to and where, again, Travelport is leading. Their mobile apps maintain been downloaded nearly 47 million times and counting. entire these achievements are taking Travelport to progressive underlying improvement in their business.

    In booking terms, we've grown at approximately 2 times the rate of the online travel agency market, both this quarter and indeed year to date. And this is despite the fact they carry out not maintain air bookings with the largest air booking OTA of them, all in the contour of Expedia in the U.S.A. or to in the course of this year in Europe. It demonstrates that the growth we're getting from faster-growing OTAs across the globe is significant, and over the course of 2019, it should gain further momentum, as a result of their efforts in India, but furthermore with online travel agencies across Europe, Latin America, and Asia-Pacific.

    Now it's not entire smooth sailing, of course. As you may maintain seen, one of the travel management companies, Carlson Wagonlit, has announced unique GDS fields with each of their largest competitors. Travelport has, however, an existing compress with this customer, which runs through the finish of 2020. They carry out anticipate, nonetheless, the tra -- Carlson Wagonlit will progressively gallop a number of their corporate travelers -- corporate customers from us, which will maintain a negative repercussion in Q4 and into 2019.

    But what is entertaining is as a result of this arrangement change by Carlson Wagonlit, several of the corporations that maintain them today had issued requests for proposals from other TMCs, and Travelport is, of course, supporting them. As a counter against this, there are series of wins and growth that they secured with other major travel management companies and some key regional players. This includes in markets such as Scandinavia and Austria, where hitherto they had itsy-bitsy corporate share at all. Given their enhanced content offerings, their travel manager AI capabilities in partnership with IBM, their mobile apps, and other their diverse travel content, they believe there are net-net incremental conversion opportunities available to Travelport.

    And to give you just a couple of examples in two countries. They signed a multiyear renewal agreement with Encore Travel, which is Canada's largest Canadian-owned and operated TMC and one of the strongest users of their point-of-sale in terms of both car and hotel attachments. Moreover, they signed another long-term deal with Maritime Travel, Canada's largest independent travel agency. And Travelport was selected in both due to their technology and content, again, against significant competitive pressure.

    In the U.K. they signed a multiyear agreement with Amber Road, which is one of the largest corporate travel managers in the market and was formerly known as CTI. Amber Road went live with Travelport ultimate month and is another significant conversion from a competitor GDS. Looking geographically, in Asia, they are growing at 2 times the GDS market rate in air booking terms.

    Part of it is indeed India, but we've furthermore shown significant share gains in Indonesia, Thailand, and Malaysia. We're furthermore seeing estimable gains across several European countries and Latin America, as Bernard will picture later. So on that note, let me now hand you over to Bernard for more details on the financials, and I'll revert with a summary and their guidance for the full-year 2018.

    Bernard Bot -- Chief fiscal Officer

    Thank you, Gordon. Hello, everyone. Let me depart as usually through the drivers of their trading performance in the third quarter, before poignant to the analysis of the summarized financials. Starting with Slide 7.

    Our travel commerce platform delivered revenue growth of 2% in the third quarter, helped by the continued excellent performance of eNett within Beyond Air. Their revenue overcame a 4-percentage-point repercussion from the Pacific account loss in 2017, as well as the repercussion from their termination of a compress with the European OTA in second quarter of this year. The headwinds masked strong performances in Asia, Europe, and Latin America, including gains in the global OTA channel. This is despite require weakness in some key regional markets as they had anticipated.

    Reported segments, which embrace air, hotel, car, and rental bookings were down 4%, including a 4-percentage-point repercussion from the Pacific account loss. Splitting out their revenue growth by channel starting with air. Air revenue was down 3%, with strong growth in revenue from Asia and Latin America, offset by declines in the Pacific and Europe. To harmony of their revenue from higher yielding away bookings was 67%, up 0.5 percentage points.

    Beyond Air revenue was up 14%, driven by eNett revenue growth of 58%. The commerce continues to profit from a broadening of its adjustable market due to more travel being booked on a prepaid basis, which plays to eNett sweet spot. In addition to strong growth by eNett's global OTA customers and their increasing share of wallet with them. This performance was against tougher comparables than early in the year, as well as a currency headwind of around 3 percentage points.

    Hotel scope nights were down 4% and car rental days down 2%, against strong increases in the prior year. However, their hospitality attachment rate was stable, which is a positive result, given their continued growth with several air-only OTAs. Their Technology Services commerce increased 1% in the quarter, as it lapped the disposal of IGTS in 2017. Looking at the different regions, starting with their international or non-U.S.

    business that makes up three quarters of their platform revenue. International revenue grew by 3% and international segments were down 5% in the quarter, with 7 percentage points of repercussion from the Pacific account loss. Their strong underlying performance reflects Air market share gains at several major accounts within Asia, Europe, and Latin America, in particular. Taking the regions in turn, Asia-Pacific segments were down 6%, entirely due to the loss of the Pacific account.

    In Asia alone, that is excluding the Pacific, their revenue and segment growth were both 23%, which was nearly twice the market rate of growth. As Gordon mentioned earlier, their commerce in key markets, such as India and Indonesia continues to ramp and indeed in the quarter, they grew their air share in countries, which collectively picture two-thirds of the Asian GDS market. A progress in Asia is therefore widespread and not centered around one specific country. Europe grew revenue by 9% overall, despite a 7% decline in segments.

    As alluded to earlier, European market decline year over year as a result of the heat wave they experienced in Northern Europe this summer, together with the soccer world cup. On top of this, they were impacted by their conclusion in June this year to terminate the compress of the European OTA. These factors masked what was otherwise a very satisfactory performance in Europe with Air share gains in several countries, including Sweden, France, Germany, Spain, and the Netherlands. In fact, they maintained their Air share -- market share in Europe year over year, if they embrace the terminated European OTA customer.

    In the Middle East and Africa, despite a flat market, their revenue grew 2%, with strong contribution from their Beyond Air activities in the region. Finally, in Latin America and Canada, they grew both their revenue in segments by 2%, expanding their Air share yet again in nearly every major economy in Latin America. poignant to the U.S., revenue declined by 1% from a 4% decline of reported segments. This includes some of the final rolloff of the Orbitz commerce in the U.S., which since being acquired by Expedia in 2015 has migrated off their platform.

    Despite their unique win rate in U.S. picking up, particularly, in the corporate space, were negatively impacted in U.S. by customer footprint, which is less weighted to the relatively faster growing online channel. Turning to Slide 8, where they have, again, laid out the main drivers of the year-over-year movement of net revenue minus commissions.

    As a reminder commissions in this analysis includes the amortization impairment of customer loyalty payment both of which are removed from adjusted EBITDA. The bridge starts from Q3 2017. They maintain shown a $30 million repercussion of the Pacific agency loss, and a $3 million impairment of a customer loyalty payment relating to U.K. travel agency who had its license to issue airline tickets suspended in the quarter.

    Although they maintain picked up some of the lost commerce from this competitor -- agencies that they furthermore served, the upfront payment to this agency is no longer deemed as receivable. Excluding these two factors, their net revenue less commission grew by a itsy-bitsy over 2% in the quarter in line with their top-line growth. As you can discern from the bridge, they saw estimable contribution from their payments commerce and was furthermore pleased that their core distribution commerce generated positive pricing year over year, which exceeded the repercussion of the decline in segment volume. Moreover, their commission rates in the distribution commerce were flat.

    Moving to the next bar, the net exotic exchange repercussion contour the retranslation of revenue commissions was a small profit year over year. tolerate in wit that the results from their realized FX hedging contracts, which were a slight negative in the quarter, are recorded in SG&A. Finally, the bar marked as other includes variable -- various nontransactional elements of their business, which were down year over year, largely due to lower digital revenue. Turning to Slide 9 and the top half of their summarized income statement.

    I've already described the underlying movement from net revenue and commissions. To summarize the 7% commission growth, eNett strong performance was a principal driver of the expand in the quarter, offset by a decline in GDS commissions. Technology costs were down 10%, with the positive repercussion from their ongoing focus on the efficiency of their expenditure. In addition, they benefited from a higher capitalization rate, leading to a net reduction in the amount of evolution spend recognized in opex.

    This lower opex amount is mirrored by a higher amount of capital investment within PP&E. SG&A costs were stable year over year, with estimable labor cost control, offset by a modest headwind from exotic exchange, due to realized losses on hedges. Taken together, SG&A and technology costs were down 4% in the quarter. Adjusted EBITDA increased 2% to $139 million, this was inclusive of the 9 percentage points, or $13 million, negative repercussion from the Pacific agency loss.

    The adjusted EBITDA margin percentage was 22.4%, was stable year over year in line with their expectation. In fact, their margin expand without eNett, which is as they previously explained an intrinsically lower-margin commerce than their core distribution activities, but furthermore being a much higher growth business. poignant further down the income statement, the depreciation freight and the amortization of customer loyalty payments were stable year over year, sense that adjusted operating income came in 4% higher at $79 million for the quarter, with an operating margin of 12.7%, up 20 basis points. U.S.

    GAAP operating income was down 28% to $44 million. Adjustment to GAAP operating income, therefore, totaled $35 million. These adjustments were higher than the prior year mainly due to higher corporate and restructuring cost of $15 million and a $10 million unfavorable swing in the result to market of unrealized FX hedging contracts. Continuing onto Slide 10, you will discern the second half of their summarized income statement.

    In the quarter, their interest expense decreased by $4 million, or 12%. Higher LIBOR rates applied to the term loan and a higher rate on the bond were more than offset by the profit of their interest rates swaps, the lower debt balance, lower term loan margin and lower nonrecurring fees related to their repricing in August 2017. entire in all, they anticipate their full-year 2018 interest expense to exist around $110 million, which reflects the substantial improvements that they maintain made, as they maintain refinanced and restructured their debt. poignant now to tax.

    Provision for income tax decreased from $23 million to $12 million in the quarter, this was as expected given that among other factors, ultimate year's numbers were impacted by adverse changes in their geographical profit mix, owing to higher international profits. Their efficacious tax rate was 24% for the quarter. Year to date, their total provision for income taxes is $2 million higher year over year at $43 million, with an efficacious tax rate of 22%, which is similar to the prior year. And they continue to await their full-year taxes to exist approximately $55 million, with an efficacious tax rate in the low to mid-20s.

    Overall, adjusted net income was up 77% to $40 million. Adjustment to U.S. GAAP, net income totaled $34 million, higher than the prior year by $16 million, this was largely due to the same factors affecting GAAP operating income. poignant on to Slide 11, and you'll find the summary of their cash current for the third quarter, along with their net debt position.

    Looking at the constituents portion of free cash flow. Net cash from operations decreased by $13 million to $83 million, largely due to higher interest and tax payments in the quarter and less propitious movement in working capital balances. Cash interest was up due to the timing of interest payments on the bond, which they issued earlier this year, which carry semiannual payments in March and September. Cash taxes were up $2 million, largely due to the phasing of payments year over year.

    Capital expenditure in property and outfit was up $3 million. As I touched on in Slide 9, and indeed in previous earnings call, their capital investments related evolution work in key areas of their commerce that are driving their win rate, including areas such as nontraditional air content, enhance search and shopping and next generation APIs. Given their better efficiency in product design and development, we're realizing relatively higher capitalization rates and this is resulting in slightly higher capex this year. However, the converse benefits the technology opex line, as mentioned earlier.

    In line with their guidance, they anticipate capital expenditure in 2018 to total approximately $140 million. Their overall multiyear investment program remains unchanged. In summary, free cash current decreased by $15 million to $48 million. Finally, their net debt reduced by $28 million since the prior quarter-end, representing net leverage of 3.5 times ultimate 12 months adjusted EBITDA.

    Overall, await their net leverage ratio to remain at this smooth by the finish of 2018. Let me now hand back to Gordon for some concluding remarks.

    Gordon Wilson -- President and Chief Executive Officer

    Thank you, Bernard. And I'm on Slide 13. So to summarize, we've had a steady third quarter achieving net revenue adjusted EBITDA growth of 2%, and adjusted net income growth of 77%. Looking at the year to date, they are delivering against their strategic objectives and achieving commercial wins according to their plans.

    In revenue terms, they overcame the loss of the big Pacific account in 2017. Indeed, excluding the repercussion of this one customer, their underlying net revenue and adjusted EBITDA growth were each 9% in the nine months September 30. Over the ultimate quarter, Travelport's strong commerce momentum has been tempered reasonably by some specific customer headwinds explained today. And furthermore because of their relative exposure to inescapable markets where travel require has softened in recent months, certainly compared to United States.

    Our underlying volume growth in Q3 has nonetheless remained robust, it's obviously slower than it was in Q2 and Q1 for these reasons. In terms of what this means for their full-year results, their year-to-date performance means that they currently remain on track to tumble within the full-year fiscal guidance ranges they gave you at the start of this year. As I previously stated, at this juncture, they carry out anticipate revenue adjusted EBITDA and free cash current to approach at the low finish of these ranges, while adjusted net income and adjusted income per share should deliver more toward the middle of their respective ranges. Now naturally as a well-managed commerce and recognizing that the headwind that I discussed above will roll into the number next year, I'm giving some of the changes to where their commerce is coming from now and into the next couple of years.

    We are in the process of redesigning their enterprise operating model, seeking to rationalize and streamline the handoffs between departments, more fully implement scaled agile as their primary product and evolution methodology, and address the spans and layers in their business so they remain customer-responsive. The Travelport commerce is continuing to grow in Asia and Latin America, and it's holding its own while growing revenue in Europe. eNett remains a significant growth contributor. Their commerce net of their customer footprint in the United States has stabilized and has some entertaining opportunities ahead.

    We are laying foundations for some further growth opportunities to exist realized over the next few years, with Asia again a particular focus and source of strength. They continue to invest in and build both unique products to enhance their proposition to maintain customer groups, such as corporate travel and online travel agencies, and to rear full handicap of the newer technology now available across cloud, synthetic intelligence, machine learning, mobile, and next-generation conveyance of their content. They believe that taken together, these initiatives over the medium term will enable us to mitigate the repercussion of both some require softness in inescapable travel regions and the specific customer items I called out in my remarks this morning. So thank you for your attention, that concludes their prepared remarks, and I'll now affection to open up the convene to mp;A.

    Questions and Answers:

    Operator

    [Operator instructions] The first question is from John King with Bank of America. delight depart ahead.

    John King -- Bank of America Merrill Lynch -- Analyst

    Yeah. estimable morning. estimable afternoon. Thanks for taking the questions.

    I've got two, please. Firstly on eNett. Obviously another estimable growth quarter. I reflect the growth was [Inaudible] in dollars year on year.

    But If I sight at Slide 8, it seems to imply I guess the net revenue less commission expand of, I don't know, somewhere in the kind of 5% to 10% range. So can you comment on what kind of incremental indecent margin you're seeing on that growth at the moment? And how you await that to trend going forward? And the second thing, was just the clarification probably for Bernard on the restructuring, it obviously looks to exist almost $20 million of restructuring this year. Can you give us some insights as to what that relates to? Thank you.

    Bernard Bot -- Chief fiscal Officer

    Sure. Hi, John. To start with eNett. I think, as you rightly [Inaudible], the increase in commissions in the quarter is maybe entire due to eNett.

    Actually the expand in agency incentives was slightly down and, obviously, that's off a very strong, again, eNett growth. I would say, if you sight at what eNett is contributing to the bottom line, we've always said, it's around double-digit and if I sight at its performance quarter over quarter in terms of the EBITDA margin it's delivering, it's improving, it's --has an upward trajectory. So I think, they can exist very pleased with, one, continued very strong growth, and second, continued estimable margin and actually some improving margin on that portion of the business. if I then depart to the other point in terms of the restructuring.

    As Gordon alluded to, we're looking at several initiatives in the commerce to originate sure that they -- what they deliver and how they deliver it to customers has improved. Introducing frameworks such as Scaled Agile, but furthermore looking at some of their spans and layers. Now that has two benefits, one is that we're being much more efficacious in what they do, but there's' furthermore a productivity and efficiency saving from that and will exist -- what we've taken this quarter as a restructuring freight of around $15 million, that is portion of that initiative with related efficiency savings to approach in next year from customer initiatives.

    John King -- Bank of America Merrill Lynch -- Analyst

    OK. And so what kind of layers of the organization? Is that sales? Is that services? Maybe, I'm just wondering kind of which region are you making changes in?

    Gordon Wilson -- President and Chief Executive Officer

    It's not -- John, it's Gordon here, it's not restricted to any one region, it's not restricted to the commercial office either. We're taking a long hard sight at their commerce across the board, and making sure we've got the privilege kind of spans of control. They don't maintain too many layers of management that we're looking to their go-to-market strategy in terms of where they are hubbed around the world in terms of where their commerce is coming from. When they maintain growth opportunities as they discern them in Asia and elsewhere, they maintain to originate sure we've got the privilege people in the privilege state to sort of deliver on those.

    But it goes across the board, we're putting in things affection robotics into their finance organization to sort of streamline some their process in operations there, the SAFe Agile Framework, which is the investment, should actually result in better current through of their evolution work, you can carry out more faster, actually you should exist able to carry out it lower cost. That'll befriend us furthermore expend some better -- better expend their outsourced providers in a scaled agile framework when we've got peaks of activity going on to enmesh particular products out. So it's across the board and if it's an enterprise operating model review that we've been engaged in now for some months and we're making provisions for changes that emerge as a result of that.

    John King -- Bank of America Merrill Lynch -- Analyst

    Understood. Thank you.

    You're welcome.

    Operator

    The next question is from the line of Adam Hackel with Imperial. delight depart ahead.

    Adam Hackel -- Imperial Capital -- Analyst

    Hi, guys. Thanks for taking the time this morning/afternoon. Just a couple of quick ones from me. I was curious on the Southwest renewal.

    Can you just remind us what the extent of that partnership is? And the extent you enmesh access to their content for your channel and sort of where that maybe could lead longer term with those guys?

    Gordon Wilson -- President and Chief Executive Officer

    Yes, it'll exist a pleasure. The deal they maintain with Southwest, the change -- vast change has happened, it's now available in their -- or it's going to exist available fully in their Worldspan -- to their Worldspan users as well as their Apollo users in United States. We've got entire of their corporate negotiated rates and government rates in there. Southwest carry out not allow distribution to online travel agencies.

    So it's really kind of a office of growing in the corporate market and government market, first and foremost, which is an exciting region for us. As I mentioned in their call, we're growing quite nicely in the corporate space and having this content in their system furthermore means they can pack it up into corporate booking tools, which they obviously confederate with around the world, but particularly in the United States in this particularly -- in this particular instance. And so it's -- we've always had that content, they now expanded it into their full-user base in the United States, and they can pipe it up into the corporate booking tools you work with. And as you may maintain heard from Southwest own earnings, corporate travel and corporate growth for them is a key office of what they're doing, so that fits quite nicely.

    Adam Hackel -- Imperial Capital -- Analyst

    That's great, I esteem that color. And I guess, just curious just more on the higher level, you guys talked about data analytics and entire that. I mean, just curious, where you guys reflect sort of the travel industry is in terms of embracing digital transformation? And I guess, I'm thinking maybe more on the customer side and the agency side, but certainly both side. Just curious, how sort of NDC can play into that certainly with the airlines here.

    Gordon Wilson -- President and Chief Executive Officer

    Yeah, I mean, well, there's a couple of questions in that. First of all, I reflect it's a droll thing when people talk about digitalization because we've been in digitalization and travel since they were incepted, way back in the day. And I reflect what we're obviously seeing, is a huge shift to mobile, which is why we're quite pleased with them, with the access that we've got and how we're using those access to build out more kind of capabilities, because users want to exist self-enabled 24/7 and in the devices that they carry around with them. So that's a vast change.

    We're seeing a progressive gallop from browser and into mobile capabilities. And so putting in things affection being able to add your hotel booking into your itinerary on Trip Assist on the mobile application is, I think, going to exist a source of growth for us going forward. The other thing putting into mobile, the aptitude to originate a change of a booking yourself. Because at the finish of the day, if you want to change your reservation, there are three questions you're asked.

    Can I? Yes or no, depending on the ticket I've bought. How much would it cost? And you needed that to exist full -- if it's too expensive or you don't. And then is there a seat on the flight that I want to depart on, entire of that lends itself very well to that mobile engagement. In AI, in data, more generally, I reflect that's an region where historically the travel industry it sits on massive pools of data, really haven't exploited that data as much as they could or should do.

    Hence, what we're doing with IBM in the travel management space, providing them the aptitude through entire the data that they maintain to sort of carry out what if kind of analysis. So the case I was giving, if a corporate travel manager could enmesh his or her internal travelers to bespeak two more days in advance than they normally do, how much money would that save, because the way the airline prices are changed. What they can now carry out entire about. How can they originate sure we've got data so you can avoid peak times.

    You don't depart to Singapore, for example, when the grandiose Prix is on, because hotel prices are 3x the simple expense and flights are expensive. entire of that as well as managing disruptions to travel, AI and vast data is enabling. And I reflect in that region the travel Industry has been a bit slow, frankly, to sort of really harness what's out there, but we're soar to change that, and that's entire pretty exciting for us.

    Adam Hackel -- Imperial Capital -- Analyst

    Great. I really esteem that color. Thanks a lot, guys.

    Gordon Wilson -- President and Chief Executive Officer

    You're very welcome.

    Operator

    The next question is from the line of Brian Essex with Morgan Stanley. delight depart ahead.

    Brian Essex -- Morgan Stanley -- Analyst

    Hi, estimable morning, and thank you for taking the question. I guess, Bernard, I was wondering if you could talk about capital allocation priorities, if that's changed both on, I guess, debt repayment as well as share repurchases particularly with kind of the pullback in the shares. I reflect previously you've stated that you maintain a focus on debt repayment, but it seems relatively flat. Just wondering, if your view has changed there.

    Bernard Bot -- Chief fiscal Officer

    Hi, Brian, to some extent, it hasn't. I mean, the -- we've previously laid out that the board will sight again at their capital allocation policy at the finish of the year. Obviously, you're going to sight at what does the future cash current sight like, what are the risks in the business, what are the opportunities. I reflect the longer-term target in terms of that event still remains 2 1/2 to 3 times, but obviously, we'll review the trajectory to that.

    And then once they maintain entire the component pieces including the opportunities in the business, because I reflect the first priority is to invest in the commerce as we've been doing in this year. We'll then discern a itsy-bitsy bit what the capacity is then to change the capital allocation to sight at a different allocation to debt or shareholder returns. But I reflect you -- as they said at the soar of the year, that's an exercise we're working through and give us a itsy-bitsy bit of time until the unique year and the review that we're doing with the board.

    Brian Essex -- Morgan Stanley -- Analyst

    OK. And maybe a follow-up just on eNett, what that pipeline looks like? Had a bit of a sequential bump, but I know that commerce can exist relatively volatile. Where carry out you -- is your view kind of changed at all, given the past three quarters of performance in terms of where you anticipate to shake out for the year?

    Gordon Wilson -- President and Chief Executive Officer

    Go ahead.

    Bernard Bot -- Chief fiscal Officer

    Yes, I mean, I reflect the -- they stated more than 50%, which is up from the more than 30% at the soar of the year. You're privilege to note that. The Q3 was a itsy-bitsy bit softer, but you got to depart back at what happened in 2017. While, for example, Q1 and Q2, were in the 15% to 20% ambit growth.

    At Q3, they carry out 30% and in Q4, 46%. So you're a itsy-bitsy bit challenged in the compares and I reflect that -- the overall result is excellent. So I'm -- as Gordon said, we're going to exist above the $300 million. But again, the longer-term rates that we've always been looking at is more around the 25%.

    And I would say, we're very confident about that.

    Gordon Wilson -- President and Chief Executive Officer

    And I'd furthermore say, Brian, this is Gordon here. There's still a massive ramp for eNett ahead of it. We're working with eight of the 10 top OTAs at the moment. But the share of wallet chance available with them is still absolutely enormous.

    And if you reflect about some of the dynamics that are going on, this progressive gallop to sort of prepaid and postpaid options that you discern for hotels, for example, well, the prepaid that entire fits the sweet spot of eNett exceptionally well. And we're even now working with some airlines enable them to expend eNett to some of the payments that they make. And so there is no kind of restrict to the growth of this business, but obviously, it's getting bigger, and therefore, year over year, growing at 50% every year is quite hard, but they are pretty snug we'll maintain a 25% growth rate for this service commerce for the foreseeable future.

    Brian Essex -- Morgan Stanley -- Analyst

    Well, if you reflect if you just maintain it flat sequentially in 4Q you'd exist kind of in a affection 69% growth, is there anything about that commerce that would originate it tip down? I mean, it seems to operate at reasonably of a consistent flee rate once it steps up.

    Gordon Wilson -- President and Chief Executive Officer

    No, that it's caused it to tip down unless there's a particular customer for some reasons determine that they -- they're able to expend eNett for some purpose. When we've had lumpiness in the past, they had, as an example, a vast OTA turns us on -- thought there was an issue in their conversion rate as result of it, which was based on fraudulent positive, which they spent a lot of time proving to them it was not the result of using eNett and then they turn this back on again. So we've had some lumpiness when that happened, but that's just simple kind of course of business.

    Bernard Bot -- Chief fiscal Officer

    Let's say, Brian, we're very confident -- very confident in the more than 50%.

    Brian Essex -- Morgan Stanley -- Analyst

    Got it. Helpful. Thank you.

    Gordon Wilson -- President and Chief Executive Officer

    You're welcome.

    Operator

    Your next question is from the line of Neil Steer, with Redburn Partners LLP. delight depart ahead.

    Neil Steer -- Redburn Partners -- Analyst

    Hi, thanks for taking the questions. I've got a couple, if I may. Firstly, given entire of the improvements you're making to the front-end functionality, speed of response, and so forth, and obviously, with the content, what was behind Carlson Wagonlit's conclusion to gallop away from you to your two peers?

    Gordon Wilson -- President and Chief Executive Officer

    Well, I mean, again, as I've said in my comments, they carry out maintain a compress with them which goes to the finish of 2020. And I don't know when their contracts with them Amadeus and Sabre came up, maybe they came up before ours did. That said, I reflect some of what's happening at Carlson Wagonlit is that they maintain a very challenging internal IT environment with multiple different forms of desktop [Inaudible] which they've built themselves or added to themselves, etc., which makes their cost to serve quite high relative to other TMCs. They maintain a huge bespeak of commerce with them, government travel in the United States, which is principally entire processed for them on Sabre and is entire tied in to a particular voucher system that the government use, which means it's a very entrenched position with Sabre there.

    And I reflect most recently, they made some decisions to close -- as they restructure their commerce to close one particular convene center, which happened to exist on Travelport and they've moved that commerce into other convene centers which aren't on Travelport. So I reflect that's some of what's going on there. I'm pretty confident that their conclusion to carry out entire that had nothing to carry out with Travelport's product content or service.

    Neil Steer -- Redburn Partners -- Analyst

    OK. And just following on from that, the capital market event, so you obviously expressed an interest to regain or win market share, booking market share out to 2020 or 2021. Given the way the market evolved over the ultimate couple of quarters, are you still on track to carry out that with that sort of ambition?

    Gordon Wilson -- President and Chief Executive Officer

    Yeah, I reflect -- so I mean, obviously, they had the European OTA, which is not something they forecast, to exist quite honest with you, but they've managed to flee up debts of $66 million or something with IATA, which made things a bit of a challenge. If you sight at what we're doing in India solitary as a market. They -- which is growing affection billy o. Their position in India in the next year few years is pretty unique, in fact, in terms of what we've got, in terms of the content of IndiGo, Air India and indeed Jet Airways, which are the three biggest airlines accounting for 70% of the domestic traffic in India for sure, let solitary than the international airlines that hover in and out of India.

    And then you sight at markets affection Indonesia, which is growing, perhaps Thailand, etc., as well as opportunities further in Europe net of the opportunities they maintain with the European OTA. And I reflect they can discern a path to growing their share, which has always been their air share, which has always been their objective, but not any guide. We're furthermore about making profit for their owners and increasingly, making sure we're attaching things affection hotels and cars and mobile apps, etc., to their proposition as well as payment.

    Bernard Bot -- Chief fiscal Officer

    Yes, just to add another point, Neil, is the geographic dimension, I reflect there is furthermore a channel dimension. If you sight at the OTA channel and if they sight at the top 200 OTAs, we're growing at double the rate that the market is growing. The market is growing at around 4.5%, 5% and we're in the 9% ambit of growth. But I reflect that the geographic process is furthermore a estimable channel, greater penetration that we're realizing.

    Neil Steer -- Redburn Partners -- Analyst

    OK. And so just one final clarification. The streamlining and the spend of money this year. Can you quantify what is the cost saving that will allow you to achieve annualized, as you depart into 2019? And furthermore related to that, is the spends this year the final tranche, or will there exist further spending as you depart into 2019?

    Gordon Wilson -- President and Chief Executive Officer

    Well, the reply to that is there may exist more in 2019, we're still working through that. The first question, Neil, is really trying to sight to guidance for 2019. As you know, their ordinary course of commerce as they give their guidance in February, I'm not being awkward, but they are still working through a number of the puts and takes in their commerce for getting their budget in 2019 finalized and to rear to their board. And so we're not really giving guidance outside the simple course, which they said they will.

    Neil Steer -- Redburn Partners -- Analyst

    OK. Thank you.

    Gordon Wilson -- President and Chief Executive Officer

    You're welcome.

    Operator

    The next question is from the line of David Togut with Evercore ISI. delight depart ahead.

    David Togut -- Evercore ISI -- Analyst

    Thank you. estimable afternoon. Two questions, please. First, could you quantify the annual revenue and earnings repercussion of the transition of Carlson Wagonlit over the next couple of years?

    Gordon Wilson -- President and Chief Executive Officer

    No, David, I can't, because I don't know exactly what that's going to be, first of all. Because we've got a number of the corporate accounts issues with Carlson Wagonlit today who are going to exist poignant to other TMC, technically I don't actually know definitively what Carlson is going to gallop up and when. Again, they maintain a compress with them and furthermore I'm not giving guidance for 2019 at this point in time.

    David Togut -- Evercore ISI -- Analyst

    Got it. And then there was a 17% expand in European RevPas year over year in Q3, can you comment on the drivers behind that and to what extent is that growth in RevPas sustainable over the next year or so?

    Bernard Bot -- Chief fiscal Officer

    Yes. Hi, David. The growth in RevPas has a number of components, the principal one in Europe is eNett, but if I sight at the overall RevPas, we're furthermore seeing estimable air pricing, but that's a smaller portion of the rev macro, so the biggest repercussion is the growth of their payments business. And yes, depending on what the eNett commerce grows affection that's going to exist a contributor to the growth of RevPas in Europe furthermore going forward.

    David Togut -- Evercore ISI -- Analyst

    So there wasn't a vast driver from so-called private channel agreement with IAG, Lufthansa and so on?

    Bernard Bot -- Chief fiscal Officer

    There was a -- I mean, it's -- the overall repercussion of their usual negotiation on annual increases, basically that's the main portion of that expand as it relates to air and the RevPas.

    David Togut -- Evercore ISI -- Analyst

    Understood. Final question, yes sorry. Sorry

    Gordon Wilson -- President and Chief Executive Officer

    David, just a clarity for everybody. They maintain an agreement with Transkela and one of their competitors commerce so they're getting the profit of rack rate pricing with them, that's not in their numbers. We've got the deal with them with that airline, as indeed they maintain with them, IAG and the Lufthansa as well. And to reply your questions in RevPas.

    Overall the 7% growth in RevPas, about one point of that is due to Air, the ease is due to Beyond Air and within Beyond Air it's largely eNett.

    David Togut -- Evercore ISI -- Analyst

    Thank you. I esteem the clarification. If I could weave in one final question. The 24% decline in free cash current year over year in the quarter, Bernard, any callouts in that that might exist one-time in nature? In other words, is that more of an unusual free cash current quarter that they just saw? Or were there some items in there that might exist ongoing?

    Bernard Bot -- Chief fiscal Officer

    Yes, I think, there were indeed some number of unusual, one which I furthermore called out in the prepared remarks. They had higher interest payments, about $10 million, and that's really related to the bond, which has a semiannual instead of a quarterly installment. And then you enmesh movements in working capital, which can exist either plus or negative in any quarter. So that was another $13 million, so that was unusual, I would say.

    If you sight at year to date, we're about 10% down on free cash current and then -- if I then sight forward for the full year as we've guided, they await free cash current to exist at the lower finish of the $210 million to $230 million range, which still exist up about 5% on prior year. So it's really a itsy-bitsy bit of a timing blip in this specific quarter.

    David Togut -- Evercore ISI -- Analyst

    Understood. Thank you very much.

    Bernard Bot -- Chief fiscal Officer

    You're welcome.

    Operator

    The next question is from the line of Ashish Sabadra with Deutsche Bank. delight depart ahead.

    Ashish Sabadra -- Deutsche Bank -- Analyst

    Thanks for taking my question. Maybe one basic question around Beyond Air if I exclude eNett, the growth there was pretty declined, and I reflect you called out lower digital revenues, when carry out they discern those headwinds moderating? And then can that commerce start to turn around?

    Gordon Wilson -- President and Chief Executive Officer

    Well, I reflect Ashish in terms of that commerce growing a bit better. Similar things I mentioned in terms of the unique hotel booking product they Put out there, the hotel retail app within Smartpoint, which gives in one state analytics capability of entire the rate types that hotels have, negotiated, loyalty members rates, prepaid rates, etc. Their anticipation is that will befriend us to drive further hotel bookings. And I reflect the other thing is what we're doing in digital, which is pivoting much more to more white label products for their travel agency customers and to a degree airlines, which are more transaction-based revenues and sort of how you drive bookings as opposed to being paid through the mobile app itself, per se.

    And again, I reflect what we've done in Trip Assist, which is their white label mobile app for agencies putting in hotel booking capabilities should furthermore befriend us to attach more hotels. And for the first time, we'll actually discern what consumers are doing as opposed to being one step removed, which is where we've always traditionally been. So I reflect those are the kind of things that will kind of befriend drive that commerce going forward. And they -- as Bernard said in his remarks, we're quite pleased their attachment rates are 48/100 airline tickets, especially, given the fact that we've proportionally Put on more air-only OTAs into their business.

    So it's not where they want it to exist at this point in time, to exist fair. But they are -- with the unique product investments that we've Put in they reflect that will befriend us to gain traction in this space, and we're coming from a high base. They reflect their attachments rates are the highest in the industry already.

    Ashish Sabadra -- Deutsche Bank -- Analyst

    OK, now that's helpful. And maybe a tough question, but just at a very high level, right. Look, there are some challenges in the business, decisions by some of your clients to gallop away or some of your geographic footprint, but the performance has been challenging, and the stock performance, obviously, has been challenging. The stock has still under the IPO expense back in 2014 and it hasn't really recovered.

    Given entire of this background, would the board consider any kind of strategic alternatives? Or anything to befriend unlock shareholder value?

    Gordon Wilson -- President and Chief Executive Officer

    Such a fishing question, if ever there was one, Ashish. And, of course, I'm not going to reply that.

    Ashish Sabadra -- Deutsche Bank -- Analyst

    OK.

    Operator

    [Operator instructions] The next question is from the line of Dan Wasiolek with Morningstar. delight depart ahead.

    Dan Wasiolek -- Morningstar -- Analyst

    Hey, estimable morning, guys. Thanks for taking the question. Just wondering, looking at the segment internationally in the U.S. Could you maybe give some color on the timing of when you lapped the Flight Centre winter migration? And furthermore Orbitz, you said that's fully rolled off, what was the headwind to that for U.S.

    segment this past quarter? Thank you.

    Gordon Wilson -- President and Chief Executive Officer

    Yes, it's a objective question. Let's just give you some context and the international segments to the market as a whole and grew 1.1% in GDS terms in the ultimate quarter, whereas United States grew 6.7%. And so quite unusual strong -- unusually strong U.S. growth.

    The overall GDS market grew by 3.7%. So in the U.S., they don't maintain a huge footprint in the U.S., they don't maintain any footprint in U.S. for air really now with Expedia and Expedia is a big component of the U.S. marketplace.

    And generally speaking, Expedia and a couple of other vast OTAs are growing faster than the ease of the marketplace. So that means that their share moves when they haven't won or lost anything, but we've kind of some customers are good, some agencies in the market are growing faster than others. So they didn't enmesh the full profit of the U.S. growth rate in entire honesty, and furthermore they are not the biggest player in United States.

    We're neck and neck in the No. 2 position. So one of their competitors disproportionate gains and gained share because they're vast in a market, which grew at 6.7% during that term of time. And the Expedia/Orbitz commerce has now virtually entire rolled off and there's a dribble left, I think, but it's not very much.

    Although I would stress they did carry out car and hotel bookings in America and elsewhere with Expedia that carry out air. And then internationally, to complete the picture, the European GDS market contracted by 4% year over year, and some markets affection Germany were down 5%, Holland was down 3%, U.K. was down 2%, Russia was down 9%. In fact, the only major market in Europe that's up was Spain and that was up 1%.

    Now some of that, I think, was the heat wave that we've called out in Northern Europe and in furthermore to a degree the world cup football, because you can quite clearly discern that when the football was on, bookings declined quite sharply, because people stayed at home fairly enough but then that was compounded with the heat wave. So that may approach back a bit, but it was a kind of an unforeseen drop in the European marketplace. The Asian marketplace was growing and very nicely. The market in Asia grew 13%.

    We, Travelport, grew by 24%. And when I scream Asia, I'm not including Australasia, where obviously they contracted the regions, so everybody knows. So you're in a world whereby the Asian market was $44 million bookings -- air bookings in Quarter 3 growing at 13%. The U.S.

    market is $98 million air bookings at the moment, growing at 6.7%. So U.S. markets is twice as big. So if you're bigger in the U.S.

    your share will grow. If you're bigger in Asia, even though you're growing even past the market base, your share doesn't grow on an overall basis. But that's going to change, as Asia continues to grow that kind of rate going forward. I hope that was helpful.

    Dan Wasiolek -- Morningstar -- Analyst

    Yes, that was helpful. I exist faultfinding in regards to Flight Centre, just as a reminder, when does that fully lap for you guys, that headwind?

    Bernard Bot -- Chief fiscal Officer

    In 2019, so we'll still discern a bit of a dribble in the ultimate quarter, but we've had the biggest portion of it. And then in '19, it will exist entirely done.

    Dan Wasiolek -- Morningstar -- Analyst

    OK. Great. Thank you so much.

    Bernard Bot -- Chief fiscal Officer

    You're very welcome.

    Operator

    This concludes their question-and-answer session. I would affection to turn the conference back over to Mr. Wilson for any closing remarks.

    Gordon Wilson -- President and Chief Executive Officer

    And entire I'd affection to scream is, just pay tribute to entire the Travelport people, who are working so hard around the world to deliver these kind of results and the forward momentum in their business. Going forward particularly through 2020, which is really what we're aiming at and we'll sight forward to coming back in February to advise you how they did for the full year and most important, to give you guidance for 2019. So thank you very much for your time and attention today.

    Operator

    [Operator signoff]

    Duration: 64 minutes

    Call Participants:

    Majid Nazir -- Head of Investor Relations

    Gordon Wilson -- President and Chief Executive Officer

    Bernard Bot -- Chief fiscal Officer

    John King -- Bank of America Merrill Lynch -- Analyst

    Adam Hackel -- Imperial Capital -- Analyst

    Brian Essex -- Morgan Stanley -- Analyst

    Neil Steer -- Redburn Partners -- Analyst

    David Togut -- Evercore ISI -- Analyst

    Ashish Sabadra -- Deutsche Bank -- Analyst

    Dan Wasiolek -- Morningstar -- Analyst

    More TVPT analysis

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

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