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LOT-403 - IBM Forms 8.0 - Form Design and Development - Dump Information

Vendor : IBM
Exam Code : LOT-403
Exam Name : IBM Forms 8.0 - Form Design and Development
Questions and Answers : 103 Q & A
Updated On : December 14, 2018
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LOT-403 Questions and Answers

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LOT-403 IBM Forms 8.0 - Form Design and Development

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

Test Code : LOT-403
Test Name : IBM Forms 8.0 - Form Design and Development
Vendor Name : IBM
Q&A : 103 Real Questions

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IBM IBM Forms 8.0 -

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

Some stars take a bit longer to shine. if you would have come to the IBM conference in ICC in Berlin, which took area in October 2011 and also 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 have 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 bad attributes: advanced configuration, excessive 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 use of an old 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 familiar with

An unequivocal and clear statement turned into met with even more enthusiasm: We 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 new 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 correct 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 easy unzip is all that’s obligatory and Liberty is installed. a further command and the server may also be started.

The configuration is just as elementary: in case you like, a single XML file is all you need. Whoever makes use of Tomcat could be 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 popular than Tomcat or JBoss/WildFly, some myths die hard. We 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 need one, that you could use the practical IBM WebSphere Liberty Server configuration tool [1], a browser-primarily based administration and configuration tool. there is also the alternative to make use of the graphical editors from the Eclipse-based WebSphere Developer tools (WDT) to edit the XML configuration info. WDT may also be downloaded by means of the Eclipse market, and accordingly fantasy #2 is uncovered: „You want high priced Rationals equipment to work with WebSphere“.

The configuration by the use 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 be 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 great granularity from the backside up. Standardized and confirmed OSGi know-how is used for modularization, which is popular 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 awful lot finer and, in our 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 use 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]. We believe an illustration may be 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 use 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 be 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 function thought, Liberty has been a completely certified Java EE 7 utility server since edition eight.5.5.6 [3].This makes it a great deal greater than the classic turned into so far as this current programming mannequin is worried. It additionally supports the use 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 help for Liberty by the use of the average agreements. This is dependent 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 possible for IBM to spoil new ground with Liberty in order to make the use of Java EE expertise as effective and agile as feasible. A migration of the runtime ambiance to a stronger version eliminates the large efforts concerned in testing and, if critical, adapting the latest functions for the new edition. Given the backward compatibility of many standards, the extent of adjustment for a single utility is often minor. youngsters, it might’t be prevented. in addition, there are often 100 or more functions that can also be affected specifically in bigger environments. And the migration method isn't comprehensive until the closing application has been adapted. The effect: unpredictable mission intervals that can commonly go on for many months.

because of its modular constitution, Liberty presents a shockingly stylish answer for this. The migration of Liberty capability that an ancient present feature would should make method for a new edition; the new version doesn't easily exchange the old one. as an alternative, the new edition is added, which ability that both can be found.

An instance: Liberty at the moment has the features “servlet-three.0” and “servlet-three.1”. If applications best require “servlet-three.0”, the server can also be 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 all aspects required by means of the utility, the application migration is not any longer required right here.

furthermore, the OSGi-based structure ensures that incompatibilities between aspects or certain models of features are pronounced at server startup and not simplest at the runtime. as an instance, the simultaneous use 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 new points

IBM is breaking the mould when it involves the development of and aid for Liberty. The usual means of including features through new 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 new 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 new 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 possible at this stage and above.The precise innovation, youngsters, is the freedom Repository. here, IBM is featuring new features for Liberty at all times, with out mounted schedules and prolonged bulletins. This could contain new 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 like 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 delay by means of the website [4], or from the developer equipment attainable for Eclipse environments (these in turn must be put in by the use of the Eclipse market). Search and filter functions help you discover proper downloads from the neatly over one hundred fifty entries that are already there. For present Liberty installations, it is additionally possible 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 contemporary architectures

despite all of the euphoria, you have to seem to be on the reality of the information centers, of path, so as to discover 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 new product right here would need to be 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 be 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 be mentioned that Liberty can be utilized in production environments without restrict. There are cluster mechanisms that enable reliability and load balancing. better environments will also be 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 take capabilities of Liberty’s strengths. These are, as an example, dynamic and modern runtime architectures like Docker or Cloud. here, IBM has already created the most effective 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 be a perfect scenario for that.

in spite of the fact that you don’t take 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 authentic guide from IBM.

And on correct of that, the IBM contingents in agencies at last have a extremely cool 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 Real 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 foreign 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 foreign 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 increase 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 rise of 11 percent.

    Fourth-quarter net salary changed into $5.5 billion compared with $5.3 billion in the fourth quarter of 2010, a rise of four %. working (non-GAAP) web profits turned into $5.6 billion compared with $5.four billion in the fourth quarter of 2010, a rise 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 business 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," noted Ginni Rometty, IBM president and chief executive officer. "We delivered incredible outcomes in all four of our strategic initiatives for the quarter and the 12 months, as we endured to understand the benefit of our long-term investments in growth markets, company analytics, Smarter Planet solutions and cloud. we are neatly on course towards our long-time period 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 have been $12.5 billion, a rise 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 foreign 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 foreign money), quarter to quarter, and down $2 billion as said (flat, adjusting for currency), year over year. functions backlog on the end of 1 / 4 measures the latest cost of work beneath contract expected to be diagnosed as salary in future quarters.

    application

    Revenues from the software phase have been $7.6 billion, an increase 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 rise of 11 % (11 percent, adjusting for foreign money) versus the fourth quarter of 2010. working systems revenues of $710 million extended three % (3 %, adjusting for foreign 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 foreign 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 period which changed into the first full quarter after a new 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 gross 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) gross 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 price 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 price 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 rise of 0.5 elements.

    The weighted-ordinary number of diluted regular shares amazing 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 rise of seven p.c. working (non-GAAP) net income turned into $16.three billion compared with $15.0 billion in 2010, an increase of 9 percent.

    Diluted income have been $13.06 per share in comparison with $11.52 per diluted share in 2010, a rise 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 increase of 15 %. This became the business’s ninth consecutive yr of double-digit EPS growth.

    Revenues for 2011 totaled $106.9 billion, an increase of seven percent (3 p.c, adjusting for foreign 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 plan assets and liabilities primarily involving market performance.

    Geographic areas

    From a geographic standpoint, the Americas’ full-yr revenues had been $44.9 billion, an increase of 7 % (6 p.c, adjusting for currency) from the 2010 period. Revenues from Europe/core East/Africa had been $34.0 billion, a rise 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 increase of seven % (3 %, adjusting for currency) compared with 2010. Revenues from the global business services phase had been $19.three billion, up 6 p.c (1 %, adjusting for foreign money). utility phase revenues in 2011 totaled $24.9 billion, a rise of eleven p.c (eight p.c, adjusting for forex). programs and expertise segment revenues had been $19.0 billion, a rise of 6 percent (three p.c, adjusting for foreign money). world Financing segment revenues totaled $2.1 billion, a reduce of 6 percent (9 %, adjusting for currency).

    ***

    The enterprise’s complete gross income margin was forty six.9 p.c in 2011 compared with 46.1 % in 2010. usual gross earnings margins more advantageous year over 12 months for the eighth consecutive yr. total operating (non-GAAP) gross income margin become 47.2 percent within the 2011 period 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 have 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 rise 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 move of $sixteen.6 billion aside from world Financing receivables, up approximately $300 million 12 months over year. The business again $18.5 billion to shareholders through $three.5 billion in dividends and $15.0 billion of share repurchases. The balance sheet is still robust, and the enterprise is neatly positioned to guide 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 also 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 right 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 increase alternatives; failure of the company’s intellectual property portfolio to steer clear of aggressive choices and the failure of the company to reap indispensable licenses; breaches of records security; fluctuations in fiscal consequences and purchases, impact of native 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 use of accounting estimates; the business’s capability to attract and continue key personnel and its reliance on essential expertise; influences of relationships with critical suppliers and business with govt shoppers; currency fluctuations and customer financing hazards; have an impact on of alterations in market liquidity conditions and consumer credit score chance 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 business has additionally disclosed in this press free up here non-GAAP tips which administration believes gives beneficial 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 use of non-GAAP measures is included as part of the supplementary materials offered inside the fourth-quarter income substances. These materials can be 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 call and Webcast

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

    economic results under (certain quantities may not add because of use 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 gross income margins in 2010 reclassified to conform with 2011 presentation.   foreign business 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 period 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 normal can charge 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 go 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 period 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 period 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 period 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 business 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 business 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 business 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 have an effect 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 plan 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 price method to the effects.

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

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

    IBM (IBM)

    top-quality yr-to-12 months Gross 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 foreign 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 run 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 gross 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 our innovative technology, deep trade competencies and dedication to have 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 our general efficiency, and is helping our shoppers unleash the whole enterprise price 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, we again increased our common working pre-tax income margin 12 months to 12 months, and produced our strongest year-to-year gross margin performance in three years," noted James Kavanaugh, IBM senior vice president and chief fiscal officer. "at the same time, with our amazing cash technology, we extended our capital funding within the enterprise in the course of the first three quarters and persevered to come 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 foreign money). complete cloud profits over the last 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 run price 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 business 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 gross 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 balance sheet continues to be amazing 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 business functions (comprises consulting, utility administration and world system capabilities) -- revenues of $4.1 billion, up 1 % (up 3 percent adjusting for foreign money), led through consulting. Gross 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 increase in cloud income. Gross 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 increase 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 business 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 price 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 rise 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 increase 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 increase 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 represent 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 business and financial 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 satisfy growth and productivity aims; a failure of the enterprise’s innovation initiatives; damage to the company’s recognition; dangers from investing in increase alternatives; failure of the business’s intellectual property portfolio to prevent competitive choices and the failure of the company to achieve quintessential licenses; cybersecurity and statistics privacy concerns; fluctuations in monetary consequences, have an effect 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 use of accounting estimates; the business’s means to attract and maintain key personnel and its reliance on vital advantage; influences of relationships with critical suppliers; product great concerns; affects of enterprise with government consumers; foreign money fluctuations and client financing hazards; have an impact 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 business 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 business has additionally disclosed during this press free up right 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 estimate 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 estimate a GAAP net money from Operations expectation metric.

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

    convention name and Webcast

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

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

    foreign business MACHINES service provider COMPARATIVE financial 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 GROSS 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 building profits (275 ) (308 ) (842 ) (1,118 ) other (revenue) and expense 275 159 * 968 751 * activity fee     191       168       530       451   complete price 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 average 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 normal 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 benefit cost.   foreign business 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 go 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 period 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 advice on constrained cash. ** Recast to comply to latest period presentation.   overseas business 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 period Marketable Securities $   2,736       ($763 ) * $   1,820   $   2,995   *   * Recast to reflect adoption of the FASB tips on limited money.   overseas business 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 business 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 benefit 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 charge for got personnel, vacant area for received corporations, deal fees and acquisition integration tax prices.

    ** comprises retirement-connected activity charge, anticipated return on plan assets, identified actuarial losses or good 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 advantage 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 business 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 price & 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 method R&D, severance can charge for received employees, vacant space for bought corporations, deal charges and acquisition integration tax fees.

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

    *** Tax have an impact 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 price formulation to the results.

      foreign business 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/


    LOT-403 IBM Forms 8.0 - Form Design and Development

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    Introducing Fabric for Deep Learning (FfDL) | killexams.com real 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 ability to use AI to enhance decision making, reinvent business 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 use the data to train and create deep learning algorithms and models, and they want these deep learning capabilities to be offered as a service in an easily consumable way.

    Training deep neural network models requires a highly tuned system with the right combination of software, drivers, compute, memory, network, and storage resources. To address the challenges around obtaining and managing these resources, we are happy to announce the launch of Fabric for Deep Learning (FfDL).

    FfDL offers a stack that abstracts away these concerns so data scientists can execute training jobs with their choice of deep learning framework at scale in the cloud. It has been built to offer resilience, scalability, multi-tenancy, and security without modifying the deep 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 Native Computing Foundation, we see IBM’s release of Fabric for Deep Learning, or FfDL, as an opportunity to work with the open source community to align related open source projects, taking one more step toward making deep learning accessible. We think its origin as an IBM product will appeal to open source developers and enterprise end users.”

    FfDL architecture

    The FfDL platform uses a microservices architecture, with a focus on scalability, resiliency, and fault tolerance. According to one IDC survey, by 2021 enterprise apps will shift toward hyper-agile architectures, with 80% of application development on cloud platforms using microservices and functions, and over 95% of new microservices deployed in containers. And what better cloud native platform to build on than Kubernetes? The FfDL control plane microservices are deployed as pods, and we 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 REST API microservice handles REST-level HTTP requests and acts as proxy to the lower-level gRPC Trainer service. The service also load-balances requests and is responsible for authentication. Load balancing is implemented by registering the REST API service instances dynamically in a service registry. The interface is specified through a Swagger definition file.

    Trainer

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    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.

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    The Training Data Service (TDS) provides short-lived storage and retrieval for logs and evaluation data from a Deep 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 come in the form of scalar values, and are termed evaluation metrics (or sometimes the term emetrics might be used). Debugging information can also be output through log lines.

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    FfDL forms the core of Watson Studio Deep Learning Service

    FfDL, developed in close collaboration with IBM Research and Watson product development teams, forms the core of our newly announced Deep 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.

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

    Related Links

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

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

    Travelport Worldwide (TVPT) Q3 2018 Earnings Conference Call Transcript | killexams.com real 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] Please note, this conference is being recorded. Now I would like 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 good morning, everyone. Many thanks for joining us on our third-quarter 2018 earnings call. Earlier this morning, we issued an earnings press release, which together with a slide presentation accompanying today's prepared remarks, are available on our website at ir.travelport.com. Following the completion of today's call, a replay will also be available on our website, where it will remain for a period of one year.

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

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

    Gordon Wilson -- President and Chief Executive Officer

    Thank you, Maj. Hello everyone and let me add my welcome to you all this morning. Bernard's going to take you through the detail on our financial results for the quarter, but first I want to look at how we -- what we've delivered in Q3, and the way in which we've driven our strategy. At the end of our prepared remarks, as we said, we'll take 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 our year-over-year adjusted EBITDA was up 2%, while our net revenue was also up 2% in the quarter. On a year-to-date September basis, our net revenue was up 5%, while our adjusted EBITDA is essentially flat. These results, as you'll recall, absorb the impact of one account loss we suffered in the Pacific in 2017.

    Travelport has had to make 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 impact 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 new business, but also because we've done it against a backdrop of a challenging demand environment in some large travel markets outside of the United States. As we spoke about in our last earnings call, as anticipated, we saw softer leisure demand 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, we are seeing the ripple effect coming to -- into our results of some other specific customer events, such as the decision that we took to terminate our contracts with the European online travel agency due to what we believe is a breach 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 we believe will position us very well into 2020, especially as we begin to ramp up to 2019. As we'll describe shortly, Travelport's announced this quarter a whole string of new offerings to the market.

    From a state-of-the-art data and analytics product developed with IBM, using artificial intelligence to help corporations better manage and plan corporate travel spend, to becoming the first global GDS platform to implement an airline using IATA's NDC API to facilitate real customer bookings through this different mechanism. We've also 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 begin to ramp up in 2019. We've also had some great news on new airline deals for our U.S. customers.

    We continue to lead in airline merchandising, in mobile travel apps, and in the use of artificial intelligence and machine learning in our search and speedy response. Mitigating some of the headwinds we're experiencing with some specific customers [Inaudible] new customer wins and share of wallet expansions in Travelport's favor in both the online and corporate travel sectors. So to recap the financial results for the quarter, net revenue is up 2% to $623 million, with adjusted EBITDA growth of 2% to $139 million. Our 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. Our diluted adjusted earnings per share were therefore $0.31 for the quarter, up 74% year over year. Splitting down our revenue, air declined 3% year over year, and clearly, we've lost share in Australia and New Zealand. And the online travel agency customer whose contract was terminated was European-based, and so those bookings have ceased in Quarter 3.

    These two events have somewhat 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. We actually grew our share of the top 200 online travel agencies across the world by 60 basis points. And further to this, we're winning new business in corporate travel, which we expect to continue as some exciting new positive developments have rolled out. More about this shortly.

    Beyond Air continues to perform well. And this quarter, we save 30% of our travel commerce platform revenues. Revenues in the quarter were up 14%, driven by another standout performance from our payments business, eNett. This business 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, our performance this quarter means that we remain on track to fall within the financial guidance range we gave you at the start of the year. The market and specific customer headwinds I referenced earlier mean we expect that we'll be more likely at the lower end of our ranges for revenue, adjusted EBITDA, and free cash flow. We believe that eNett will continue to perform strongly, but against harder comparables as we go forward. And therefore, we remain comfortable with the revised full-year growth that we gave at the end of last quarter, which will be over 50% in revenue terms.

    So let me now turn to Slide 5 and give you a little more detail on the elements of our strategy that we delivered in this quarter. Our business investments and our orientation are to ensure that we fill it through and benefit 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 our customers. Second, we're leveraging data and our various technology-led innovations to drive travel agency and corporate travel productivity and efficiency.

    And finally, we are focusing on next-generation technologies to drive the new 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 all of these areas. So I'll add on the progress on each -- on this each quarter -- of this quarter, I should say, starting with our expanded content and merchandising leadership. In Quarter 3, we signed new long-term deals with several of our key partners, including United Airlines, Southwest Airlines, and Etihad.

    The deal with United means that all of our major U.S. airline contracts have been renewed and advanced to 2019. Our new deal with Southwest, one of the world's top 10 airlines is measured by passengers boarded, is a real boost for our travel agency customers, especially those involved in corporate and U.S. government business, who need and rely on this content.

    The Etihad deal really underscores the purpose of Travelport's strategic direction, since the new agreement includes continued use of our airline merchandising tools, including rich content and branding; the use of ancillaries such as paid bags and indeed sponsored flights by Etihad; as well as their use of our cloud-based, business intelligence solutions for airlines. In addition, Etihad has renewed and extended its contract 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 our 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 new 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, our business 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 our content capability to this vibrant market, we believe that we will continue to expand our leadership both in India and in the countries with large Indian investments and people inflows and outflows. In terms of enabling our airline customers to distribute the products in the way they desire, this quarter, we delivered further on our ability to consume content for airlines in which to deliver some of it via the API standards of IATA's new distribution capability or NDC. As the first major platform to gain certification of the highest level as an aggregator by IATA, we're now also the first to deliver a live product, enabling our agencies to search and book content delivered on to our platform from the NDC API in real time. Now we're not at the end of the journey here in terms of the changing manner in which airline content is delivered and processed by our platform, Travelport is now gaining the first real 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 ability to show and merchandise their full range of products and ancillaries with rich content and branding. This continues to be considerably more than our nearest competitor and this sort of content delivered to our hybrid cloud solution is one of the reasons we are gaining share with new customers, and expanding our share of wallet with many existing customers. I referenced earlier the need to use our technology and data to drive efficiency and productivity. This quarter, the results of some of our investments into data analytics and artificial intelligence arrived in the form of tangible products for our customers.

    The standout for the corporate travel market is travel manager, which we have developed in partnership with IBM. This is we believe an industry-first artificial intelligence platform designed to help 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 opportunity this gives us in the marketplace as we build further out our proposition for corporate travel. In hotels, our latest iteration of how travel agencies can easily book and see the complete range of products that hoteliers offer took another step forward with our hotel retail app, which is nested within our travel agency point of sale, known as Smartpoint.

    This app enables travel agencies using Travelport to see public rates, loyalty member rates, corporate negotiated rates, prepaid and postpay rates, and, indeed, Travelport exclusive rates, all in one easy-to-navigate user experience. It integrates maps, pictures of the hotels, and even reviews. The proposition is that making all this content available in one place and making it easy to book, will drive greater hotel attachments, while giving better service to the customer and driving better revenue for the travel agency. We added another dimension here to the proposition by adding to our Trip Assist mobile app the prompting for a traveler to book 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 our customers is driving significant productivity, efficiency, and financial benefits to them. Indeed a survey published last month by Cowen of 200 travel agencies across a select number of the markets, stated and I quote, "that Travelport's eNett payments business is now a top five payment method." eNett has grown its revenue by 72% year over year in the last nine months. By the end of this year, it should surpass $300 million in annual revenue, which is nearly 5 times the revenue it had in 2014. The third element of our strategic focus is how we're building new capabilities and differentiating our platform in the market by leveraging next-generation technologies.

    I've spoken in earlier calls about how Travelport, certainly among our peers, has been an early adopter of cloud capabilities. Our data analytics services and our 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 our travel commerce platform customers. Our use of artificial intelligence and machine learning has contributed to a more than 30% improvement year to date in our global average search response time. With many of our dual or indeed tri-automated customers telling us that we are now leading in this aspect of the delivery of our platform.

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

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

    And we've expanded our relationship with easyJet, wherein we design, build, and run their mobile offering, which this quarter included an innovative new interface that allows users of Instagram who like the look of a destination in a picture to auto-launch the easyJet app to advise of possible flights to that destination. This is a great illustration of where mobile is heading to and where, again, Travelport is leading. Our mobile apps have been downloaded nearly 47 million times and counting. All these achievements are taking Travelport to progressive underlying improvement in our 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 we do not have air bookings with the largest air booking OTA of them, all in the form 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 our efforts in India, but also with online travel agencies across Europe, Latin America, and Asia-Pacific.

    Now it's not all smooth sailing, of course. As you may have seen, one of the travel management companies, Carlson Wagonlit, has announced new GDS fields with each of our largest competitors. Travelport has, however, an existing contract with this customer, which runs through the end of 2020. We do anticipate, nonetheless, the tra -- Carlson Wagonlit will progressively move a number of their corporate travelers -- corporate customers from us, which will have a negative impact in Q4 and into 2019.

    But what is interesting is as a result of this plan change by Carlson Wagonlit, several of the corporations that have 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 we secured with other major travel management companies and some key regional players. This includes in markets such as Scandinavia and Austria, where hitherto we had little corporate share at all. Given our enhanced content offerings, our travel manager AI capabilities in partnership with IBM, our mobile apps, and other our diverse travel content, we believe there are net-net incremental conversion opportunities available to Travelport.

    And to give you just a couple of examples in two countries. We 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 our point-of-sale in terms of both car and hotel attachments. Moreover, we signed another long-term deal with Maritime Travel, Canada's largest independent travel agency. And Travelport was selected in both due to our technology and content, again, against significant competitive pressure.

    In the U.K. we 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 last month and is another significant conversion from a competitor GDS. Looking geographically, in Asia, we are growing at 2 times the GDS market rate in air booking terms.

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

    Bernard Bot -- Chief Financial Officer

    Thank you, Gordon. Hello, everyone. Let me go as usually through the drivers of our trading performance in the third quarter, before moving 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. Our revenue overcame a 4-percentage-point impact from the Pacific account loss in 2017, as well as the impact from our termination of a contract 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 demand weakness in some key regional markets as we had anticipated.

    Reported segments, which include air, hotel, car, and rental bookings were down 4%, including a 4-percentage-point impact from the Pacific account loss. Splitting out our 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 proportion of our 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 business continues to benefit 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 our 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 room nights were down 4% and car rental days down 2%, against strong increases in the prior year. However, our hospitality attachment rate was stable, which is a positive result, given our continued growth with several air-only OTAs. Our Technology Services business increased 1% in the quarter, as it lapped the disposal of IGTS in 2017. Looking at the different regions, starting with our international or non-U.S.

    business that makes up three quarters of our platform revenue. International revenue grew by 3% and international segments were down 5% in the quarter, with 7 percentage points of impact from the Pacific account loss. Our 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, our revenue and segment growth were both 23%, which was nearly twice the market rate of growth. As Gordon mentioned earlier, our business in key markets, such as India and Indonesia continues to ramp and indeed in the quarter, we grew our air share in countries, which collectively represent 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 we experienced in Northern Europe this summer, together with the soccer world cup. On top of this, we were impacted by our decision in June this year to terminate the contract 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, we maintained our Air share -- market share in Europe year over year, if we include the terminated European OTA customer.

    In the Middle East and Africa, despite a flat market, our revenue grew 2%, with strong contribution from our Beyond Air activities in the region. Finally, in Latin America and Canada, we grew both our revenue in segments by 2%, expanding our Air share yet again in nearly every major economy in Latin America. Moving 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 business in the U.S., which since being acquired by Expedia in 2015 has migrated off our platform.

    Despite our new 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 we 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. We have shown a $30 million impact 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 we have picked up some of the lost business from this competitor -- agencies that we also served, the upfront payment to this agency is no longer deemed as receivable. Excluding these two factors, our net revenue less commission grew by a little over 2% in the quarter in line with our top-line growth. As you can see from the bridge, we saw good contribution from our payments business and was also pleased that our core distribution business generated positive pricing year over year, which exceeded the impact of the decline in segment volume. Moreover, our commission rates in the distribution business were flat.

    Moving to the next bar, the net foreign exchange impact form the retranslation of revenue commissions was a small benefit year over year. Bear in mind that the results from our 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 our business, which were down year over year, largely due to lower digital revenue. Turning to Slide 9 and the top half of our 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 increase in the quarter, offset by a decline in GDS commissions. Technology costs were down 10%, with the positive impact from our ongoing focus on the efficiency of our expenditure. In addition, we benefited from a higher capitalization rate, leading to a net reduction in the amount of development 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 good labor cost control, offset by a modest headwind from foreign 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 impact from the Pacific agency loss.

    The adjusted EBITDA margin percentage was 22.4%, was stable year over year in line with our expectation. In fact, our margin increase without eNett, which is as we previously explained an intrinsically lower-margin business than our core distribution activities, but also being a much higher growth business. Moving further down the income statement, the depreciation charge and the amortization of customer loyalty payments were stable year over year, meaning 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 mark to market of unrealized FX hedging contracts. Continuing onto Slide 10, you will see the second half of our summarized income statement.

    In the quarter, our 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 benefit of our interest rates swaps, the lower debt balance, lower term loan margin and lower nonrecurring fees related to our repricing in August 2017. All in all, we anticipate our full-year 2018 interest expense to be around $110 million, which reflects the substantial improvements that we have made, as we have refinanced and restructured our debt. Moving 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, last year's numbers were impacted by adverse changes in our geographical profit mix, owing to higher international profits. Our effective tax rate was 24% for the quarter. Year to date, our total provision for income taxes is $2 million higher year over year at $43 million, with an effective tax rate of 22%, which is similar to the prior year. And we continue to expect our full-year taxes to be approximately $55 million, with an effective 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. Moving on to Slide 11, and you'll find the summary of our cash flow for the third quarter, along with our net debt position.

    Looking at the constituents part 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 favorable movement in working capital balances. Cash interest was up due to the timing of interest payments on the bond, which we 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 equipment was up $3 million. As I touched on in Slide 9, and indeed in previous earnings call, our capital investments related development work in key areas of our business that are driving our win rate, including areas such as nontraditional air content, enhance search and shopping and next generation APIs. Given our 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 our guidance, we anticipate capital expenditure in 2018 to total approximately $140 million. Our overall multiyear investment program remains unchanged. In summary, free cash flow decreased by $15 million to $48 million. Finally, our net debt reduced by $28 million since the prior quarter-end, representing net leverage of 3.5 times last 12 months adjusted EBITDA.

    Overall, expect our net leverage ratio to remain at this level by the end 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, we are delivering against our strategic objectives and achieving commercial wins according to our plans.

    In revenue terms, we overcame the loss of the large Pacific account in 2017. Indeed, excluding the impact of this one customer, our underlying net revenue and adjusted EBITDA growth were each 9% in the nine months September 30. Over the last quarter, Travelport's strong business momentum has been tempered somewhat by some specific customer headwinds explained today. And also because of our relative exposure to certain markets where travel demand 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 our full-year results, our year-to-date performance means that we currently remain on track to fall within the full-year financial guidance ranges we gave you at the start of this year. As I previously stated, at this juncture, we do anticipate revenue adjusted EBITDA and free cash flow to come at the low end 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 business 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 our business is coming from now and into the next couple of years.

    We are in the process of redesigning our enterprise operating model, seeking to rationalize and streamline the handoffs between departments, more fully implement scaled agile as our primary product and development methodology, and address the spans and layers in our business so we remain customer-responsive. The Travelport business 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. Our business net of our customer footprint in the United States has stabilized and has some interesting opportunities ahead.

    We are laying foundations for some further growth opportunities to be realized over the next few years, with Asia again a particular focus and source of strength. We continue to invest in and build both new products to enhance our proposition to keep customer groups, such as corporate travel and online travel agencies, and to take full advantage of the newer technology now available across cloud, artificial intelligence, machine learning, mobile, and next-generation conveyance of our content. We believe that taken together, these initiatives over the medium term will enable us to mitigate the impact of both some demand softness in certain travel regions and the specific customer items I called out in my remarks this morning. So thank you for your attention, that concludes our prepared remarks, and I'll now like to open up the call to Q&A.

    Questions and Answers:

    Operator

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

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

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

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

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

    Bernard Bot -- Chief Financial Officer

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

    Actually the increase in agency incentives was slightly down and, obviously, that's off a very strong, again, eNett growth. I would say, if you look at what eNett is contributing to the bottom line, we've always said, it's around double-digit and if I look 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, we can be very pleased with, one, continued very strong growth, and second, continued good margin and actually some improving margin on that part of the business. if I then go to the other point in terms of the restructuring.

    As Gordon alluded to, we're looking at several initiatives in the business to make sure that we -- what we deliver and how we deliver it to customers has improved. Introducing frameworks such as Scaled Agile, but also looking at some of our spans and layers. Now that has two benefits, one is that we're being much more effective in what we do, but there's' also a productivity and efficiency saving from that and will be -- what we've taken this quarter as a restructuring charge of around $15 million, that is part of that initiative with related efficiency savings to come 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 function either. We're taking a long hard look at our business across the board, and making sure we've got the right kind of spans of control. We don't have too many layers of management that we're looking to our go-to-market strategy in terms of where we are hubbed around the world in terms of where our business is coming from. When we have growth opportunities as we see them in Asia and elsewhere, we have to make sure we've got the right people in the right place to sort of deliver on those.

    But it goes across the board, we're putting in things like robotics into our finance organization to sort of streamline some our process in operations there, the SAFe Agile Framework, which is the investment, should actually result in better flow through of their development work, you can do more faster, actually you should be able to do it lower cost. That'll help us also use some better -- better use our outsourced providers in a scaled agile framework when we've got peaks of activity going on to get 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. Please go 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 get 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 be a pleasure. The deal we have with Southwest, the change -- big change has happened, it's now available in our -- or it's going to be available fully in our Worldspan -- to our Worldspan users as well as our Apollo users in United States. We've got all of their corporate negotiated rates and government rates in there. Southwest do not allow distribution to online travel agencies.

    So it's really kind of a function of growing in the corporate market and government market, first and foremost, which is an exciting area for us. As I mentioned in our call, we're growing quite nicely in the corporate space and having this content in our system also means we can pack it up into corporate booking tools, which we obviously partner 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, we now expanded it into our full-user base in the United States, and we can pipe it up into the corporate booking tools you work with. And as you may have heard from Southwest own earnings, corporate travel and corporate growth for them is a key function of what they're doing, so that fits quite nicely.

    Adam Hackel -- Imperial Capital -- Analyst

    That's great, I appreciate that color. And I guess, just curious just more on the higher level, you guys talked about data analytics and all that. I mean, just curious, where you guys think 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 think it's a funny thing when people talk about digitalization because we've been in digitalization and travel since we were incepted, way back in the day. And I think 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 be self-enabled 24/7 and in the devices that they carry around with them. So that's a big change.

    We're seeing a progressive move from browser and into mobile capabilities. And so putting in things like being able to add your hotel booking into your itinerary on Trip Assist on the mobile application is, I think, going to be a source of growth for us going forward. The other thing putting into mobile, the ability to make a change of a booking yourself. Because at the end 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 be full -- if it's too expensive or you don't. And then is there a seat on the flight that I want to go on, all of that lends itself very well to that mobile engagement. In AI, in data, more generally, I think that's an area 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 ability through all the data that we have to sort of do what if kind of analysis. So the example I was giving, if a corporate travel manager could get his or her internal travelers to book two more days in advance than they normally do, how much money would that save, because the way the airline prices are changed. What we can now do all about. How can we make sure we've got data so you can avoid peak times.

    You don't go to Singapore, for example, when the Grand Prix is on, because hotel prices are 3x the normal price and flights are expensive. All of that as well as managing disruptions to travel, AI and big data is enabling. And I think in that area the travel Industry has been a bit slow, frankly, to sort of really harness what's out there, but we're beginning to change that, and that's all pretty exciting for us.

    Adam Hackel -- Imperial Capital -- Analyst

    Great. I really appreciate 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. Please go ahead.

    Brian Essex -- Morgan Stanley -- Analyst

    Hi, good 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 think previously you've stated that you have a focus on debt repayment, but it seems relatively flat. Just wondering, if your view has changed there.

    Bernard Bot -- Chief Financial Officer

    Hi, Brian, to some extent, it hasn't. I mean, the -- we've previously laid out that the board will look again at our capital allocation policy at the end of the year. Obviously, you're going to look at what does the future cash flow look like, what are the risks in the business, what are the opportunities. I think 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 we have all the component pieces including the opportunities in the business, because I think the first priority is to invest in the business as we've been doing in this year. We'll then see a little bit what the capacity is then to change the capital allocation to look at a different allocation to debt or shareholder returns. But I think you -- as we said at the beginning of the year, that's an exercise we're working through and give us a little bit of time until the new 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 business can be relatively volatile. Where do 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 Financial Officer

    Yes, I mean, I think the -- we stated more than 50%, which is up from the more than 30% at the beginning of the year. You're right to note that. The Q3 was a little bit softer, but you got to go back at what happened in 2017. While, for example, Q1 and Q2, were in the 15% to 20% range growth.

    At Q3, we do 30% and in Q4, 46%. So you're a little bit challenged in the compares and I think that -- the overall result is excellent. So I'm -- as Gordon said, we're going to be 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 also 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 opportunity available with them is still absolutely enormous.

    And if you think about some of the dynamics that are going on, this progressive move to sort of prepaid and postpaid options that you see for hotels, for example, well, the prepaid that all fits the sweet spot of eNett exceptionally well. And we're even now working with some airlines enable them to use eNett to some of the payments that they make. And so there is no kind of limit 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 we are pretty comfortable we'll maintain a 25% growth rate for this service business for the foreseeable future.

    Brian Essex -- Morgan Stanley -- Analyst

    Well, if you think if you just maintain it flat sequentially in 4Q you'd be kind of in a like 69% growth, is there anything about that business that would make it tip down? I mean, it seems to operate at somewhat of a consistent run 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 decide that they -- they're able to use eNett for some purpose. When we've had lumpiness in the past, we had, as an example, a big OTA turns us on -- thought there was an issue in their conversion rate as result of it, which was based on false positive, which we 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 normal kind of course of business.

    Bernard Bot -- Chief Financial 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. Please go ahead.

    Neil Steer -- Redburn Partners -- Analyst

    Hi, thanks for taking the questions. I've got a couple, if I may. Firstly, given all 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 decision to move 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, we do have a contract with them which goes to the end 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 think some of what's happening at Carlson Wagonlit is that they have 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 have a huge book of business with them, government travel in the United States, which is principally all processed for them on Sabre and is all tied in to a particular voucher system that the government use, which means it's a very entrenched position with Sabre there.

    And I think most recently, they made some decisions to close -- as they restructure their business to close one particular call center, which happened to be on Travelport and they've moved that business into other call centers which aren't on Travelport. So I think that's some of what's going on there. I'm pretty confident that their decision to do all that had nothing to do 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 last couple of quarters, are you still on track to do that with that sort of ambition?

    Gordon Wilson -- President and Chief Executive Officer

    Yeah, I think -- so I mean, obviously, we had the European OTA, which is not something we forecast, to be quite honest with you, but they've managed to run up debts of $66 million or something with IATA, which made things a bit of a challenge. If you look at what we're doing in India alone as a market. We -- which is growing like billy o. Our 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 alone than the international airlines that fly in and out of India.

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

    Bernard Bot -- Chief Financial Officer

    Yes, just to add another point, Neil, is the geographic dimension, I think there is also a channel dimension. If you look at the OTA channel and if we look 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% range of growth. But I think that the geographic process is also a good 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 go into 2019? And also related to that, is the spends this year the final tranche, or will there be further spending as you go into 2019?

    Gordon Wilson -- President and Chief Executive Officer

    Well, the answer to that is there may be more in 2019, we're still working through that. The first question, Neil, is really trying to look to guidance for 2019. As you know, our ordinary course of business as we give our guidance in February, I'm not being awkward, but we are still working through a number of the puts and takes in our business for getting our budget in 2019 finalized and to take to our board. And so we're not really giving guidance outside the normal course, which we said we 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. Please go ahead.

    David Togut -- Evercore ISI -- Analyst

    Thank you. Good afternoon. Two questions, please. First, could you quantify the annual revenue and earnings impact 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 be moving to other TMC, technically I don't actually know definitively what Carlson is going to move up and when. Again, we have a contract with them and also 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% increase 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 Financial Officer

    Yes. Hi, David. The growth in RevPas has a number of components, the principal one in Europe is eNett, but if I look at the overall RevPas, we're also seeing good air pricing, but that's a smaller part of the rev macro, so the biggest impact is the growth of our payments business. And yes, depending on what the eNett business grows like that's going to be a contributor to the growth of RevPas in Europe also going forward.

    David Togut -- Evercore ISI -- Analyst

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

    Bernard Bot -- Chief Financial Officer

    There was a -- I mean, it's -- the overall impact of our usual negotiation on annual increases, basically that's the main part of that increase 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. We have an agreement with Transkela and one of our competitors business so they're getting the benefit of rack rate pricing with them, that's not in our numbers. We've got the deal with them with that airline, as indeed we have with them, IAG and the Lufthansa as well. And to answer your questions in RevPas.

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

    David Togut -- Evercore ISI -- Analyst

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

    Bernard Bot -- Chief Financial Officer

    Yes, I think, there were indeed some number of unusual, one which I also called out in the prepared remarks. We 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 get movements in working capital, which can be either plus or negative in any quarter. So that was another $13 million, so that was unusual, I would say.

    If you look at year to date, we're about 10% down on free cash flow and then -- if I then look forward for the full year as we've guided, we expect free cash flow to be at the lower end of the $210 million to $230 million range, which still be up about 5% on prior year. So it's really a little bit of a timing blip in this specific quarter.

    David Togut -- Evercore ISI -- Analyst

    Understood. Thank you very much.

    Bernard Bot -- Chief Financial Officer

    You're welcome.

    Operator

    The next question is from the line of Ashish Sabadra with Deutsche Bank. Please go 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 think you called out lower digital revenues, when do we see those headwinds moderating? And then can that business start to turn around?

    Gordon Wilson -- President and Chief Executive Officer

    Well, I think Ashish in terms of that business growing a bit better. Similar things I mentioned in terms of the new hotel booking product we put out there, the hotel retail app within Smartpoint, which gives in one place analytics capability of all the rate types that hotels have, negotiated, loyalty members rates, prepaid rates, etc. Our anticipation is that will help us to drive further hotel bookings. And I think the other thing is what we're doing in digital, which is pivoting much more to more white label products for our 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 think what we've done in Trip Assist, which is our white label mobile app for agencies putting in hotel booking capabilities should also help us to attach more hotels. And for the first time, we'll actually see what consumers are doing as opposed to being one step removed, which is where we've always traditionally been. So I think those are the kind of things that will kind of help drive that business going forward. And we -- as Bernard said in his remarks, we're quite pleased our attachment rates are 48/100 airline tickets, especially, given the fact that we've proportionally put on more air-only OTAs into our business.

    So it's not where we want it to be at this point in time, to be fair. But we are -- with the new product investments that we've put in we think that will help us to gain traction in this space, and we're coming from a high base. We think our 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 move 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 price back in 2014 and it hasn't really recovered.

    Given all of this background, would the board consider any kind of strategic alternatives? Or anything to help 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 answer that.

    Ashish Sabadra -- Deutsche Bank -- Analyst

    OK.

    Operator

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

    Dan Wasiolek -- Morningstar -- Analyst

    Hey, good 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 also 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 fair 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 last 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., we don't have a huge footprint in the U.S., we don't have any footprint in U.S. for air really now with Expedia and Expedia is a large component of the U.S. marketplace.

    And generally speaking, Expedia and a couple of other big OTAs are growing faster than the rest of the marketplace. So that means that our share moves when we 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 we didn't get the full benefit of the U.S. growth rate in all honesty, and also we are not the biggest player in United States.

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

    Although I would stress we did do car and hotel bookings in America and elsewhere with Expedia that do air. And then internationally, to complete the picture, the European GDS market contracted by 4% year over year, and some markets like 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 also to a degree the world cup football, because you can quite clearly see 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 come 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 say Asia, I'm not including Australasia, where obviously we 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 mean in regards to Flight Centre, just as a reminder, when does that fully lap for you guys, that headwind?

    Bernard Bot -- Chief Financial Officer

    In 2019, so we'll still see a bit of a dribble in the last quarter, but we've had the biggest part of it. And then in '19, it will be entirely done.

    Dan Wasiolek -- Morningstar -- Analyst

    OK. Great. Thank you so much.

    Bernard Bot -- Chief Financial Officer

    You're very welcome.

    Operator

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

    Gordon Wilson -- President and Chief Executive Officer

    And all I'd like to say is, just pay tribute to all the Travelport people, who are working so hard around the world to deliver these kind of results and the forward momentum in our business. Going forward particularly through 2020, which is really what we're aiming at and we'll look forward to coming back in February to tell you how we 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 Financial 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 call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

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