We took our dividend up 16% in April, and through June we paid out $2.1 billion this year. This is the 19th consecutive year that we raised our dividend and the 11th year in a row of double-digit increases. With our cash flow performance in the first half, we are on track to generate $16 billion of free cash flow for the year.
Turning to the balance sheet. We ended the quarter with a cash balance of $9.7 billion. Total debt was $46.5 billion, which includes over $29 billion to support our financing business. The leverage in our financing business remains at 7 to 1. Our non-financing debt was $17.1 billion and our non-financing debt-to-cap was 56%.
As I mentioned last quarter, given the skew of free cash flow, we expect our debt-to-cap to be in the 50s through the third quarter, and roughly flat year-to-year at the end of the year. We continue to have the financial flexibility to support our business over the long term, as we transition to the new areas of enterprise IT.
So now let me wrap up the discussion of the first half results, and put it in the context of what we discussed at our Investor Day in May. We have set of offerings that address the strategic areas of data, cloud and the way our clients are engaging. We said that the model was to deliver double-digit revenue growth for these areas, with high software content.
Our first half results were consistent with that part of the model. Our business analytics revenue was up 7% on a large base and cloud revenue was up over 50%, with our as-a-service business doubling once again. Our security revenue was up over 20% and we more than doubled our revenue in mobile. Together, the revenue in our strategic imperatives was up double-digits and about half of the content was in software.
At the same time in May, we discussed our core franchises, where we continue to innovate. These include our longer-term services business, our recurring software business and mainframe business with our large capacity clients. The model is a stable revenue base and we are on track here too.
Finally, we have transactional businesses that are shifting to higher value. We’re continuing to evolve the portfolio, investing in capabilities in some areas, while divesting businesses that don’t support our shift to high value.
In the first half, we completed the sale of our customer care business and announced the sale of our industry-standard server business to Lenovo. These impact our topline performance, but are clearly the right moves for us for the long term.
We continue to drive these shifts. Let me summarize what we’ve gotten done in the first half of this year. We took Bluemix live, we’re adding new SoftLayer cloud hubs and we’re ramping our investment to commercialize Watson.
We’ve introduced POWER8 for big data and cloud at the entry-level and are expanding our OpenPOWER consortium. And we’ve committed $3 billion to drive chip innovation, while launching an important new partnership with Apple to extend IBM’s position in the enterprise mobile space.
When you pull all of this together, for the half, revenue was relatively flat at constant currency, adjusting for the divestiture, pre-tax margin expanded by 70 basis points and net margin by 50 basis points and operating earnings per share were up 9.5%.
As we look to the full year of 2014, we expect to deliver at least $18 of operating earnings per share. And we still expect to deliver at least $20 of operating earnings per share in 2015. These are points along the way to delivering performance and shareholder value over the long term.
Now, Patricia and I will take your questions.
Patricia Murphy – Vice President, Investor Relations
Before we begin the Q&A, I’d like to mention a couple of items. First, we have supplemental charts at the end of the slide deck that provide additional information. And second, as always I’d ask you to refrain from multi-part questions. Christine, please open it up for questions.