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C9560-515 IBM SmartCloud Application Performance Management V7.7 Fundamentals

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C9560-515 exam Dumps Source : IBM SmartCloud Application Performance Management V7.7 Fundamentals

Test Code : C9560-515
Test name : IBM SmartCloud Application Performance Management V7.7 Fundamentals
Vendor name : IBM
: 50 true Questions

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IBM IBM SmartCloud Application Performance

IBM PowerVM: Product Overview and insight | killexams.com true Questions and Pass4sure dumps

See the entire checklist of most profitable server virtualization software.

bottom line:

IBM PowerVM can virtualize AIX, IBM Linux, and IBM i purchasers running on its energy server platform. indeed, it is likely one of the most plenary featured virtulization classes in the marketplace – no shock, given IBM's deep legacy within the facts core.

however may too not be the simplest platform to implement. it will require experts to install it. as a result, mid-sized and broad corporations should achieve nice, however SMBs can be most suitable to avoid it until they could find the money for backyard support. IBM PowerVM is geared specifically for state-of-the-art advanced information facilities with worrying application workloads.

Product Description:

IBM PowerVM can consolidate dissimilar workloads onto fewer programs, expanding server utilization and cutting back can charge. PowerVM gives a comfy and scalable server virtualization environment for AIX, IBM i and Linux functions developed upon the RAS aspects of the power techniques platform. briefly, its hypervisor is quite flexible. it may possibly assist deliver functions in the cloud quicker by way of automating deployment of VMs and storage. it could actually additionally aid purge downtime by means of live mobility between servers.

PowerVM 2.2.6 offers commercial enterprise-grade virtualization, offering the basis for cloud computing on IBM power systems. it might probably successfully partake substances amongst applications, consolidate multiple workloads, and provide the software mobility in a multi-cloud infrastructure. It is said to extend resource utilization, reduce working prices, and supply a greater agile atmosphere for IBM AIX, IBM i, and IBM Linux applications running on power programs.

within the most recent unlock, IBM has extra tightly integrated PowerVM with the dash platform. every POWER9 server comes with POWERVM commercial enterprise version. there is too a touchstone edition as well as an IBM PowerVM, Linux edition. PowerVM incurious edition comprises here accessories:

  • Micro-Partitioning know-how
  • N-Port identification Virtualization (NPIV)
  • Partition droop and resume is supported on POWER8 processor-primarily based servers when the firmware is at degree eight.4.0, or later.
  • PowerVM NovaLink
  • Shared processor swimming pools
  • Shared storage swimming pools
  • Single Root I/O Virtualization (SR-IOV)
  • skinny provisioning
  • digital I/O Server (VIOS)
  • virtual network Interface Controller adapters
  • “It has been very official with dinky to no downtime. we've been able to stretch their IT dollars since the refresh cost on IBM vigour can rush for years. additionally, they believe been able to add many greater VMs to actual machines than other structures can run,” spoke of a scholarship hub supervisor in manufacturing.

    Servers/operating programs:

    AIX, Linux and IBM i valued clientele

    “Our industry utilizes VMware and PowerVM. VMware is user friendly and makes supporting home windows OS less difficult. PowerVM is affecting in that direction. PowerVM is greater in that you should prioritize workloads across distinctive VMs and be granular on your reservation of cores and virtual CPUs. PowerVM means that you can modify VM traits whereas the VM is up and running,” stated a gadget Admin in oil & fuel.

    Implementation:

    PowerVM is a application download.

    Scalability:

    up to 1000 VMs on a unique server.

    Overhead:

    10% to 15%

    administration:

    administration tools corresponding to Hardware management Console (HMC), integrated Virtualization manager (IVM), and PowerVC support to admixture and control resources by using a consolidated analytic view. you could preempt processors to partitions in increments of 0.01, which allows numerous partitions to partake the processing energy of the system. When the firmware is at degree 7.6, or later, micropartitions can be defined as miniature as 0.05 of a processor and might be changed in increments as miniature as 0.01 of a processor. A optimum of 20 micropartitions may too be created per core.

    A operating AIX, Linux, or IBM i analytic partition may too be suspended along with its operating system and applications. which you can partake reminiscence among partitions in a shared reminiscence pool, through the exercise of PowerVM energetic reminiscence Sharing. vigour Virtualization performance (PowerVP) is a efficiency monitoring solution that provides minute and precise-time tips about virtualized workloads which are running on dash methods. which you can exercise PowerVP to believe in irony how virtual workloads exercise elements, to investigate efficiency bottlenecks, and to do informed decisions about resource allocation and virtualized desktop placement.

    Patching/Backup:

    offered through different IBM dash equipment.

    Migration:

    which you can migrate an energetic or dormant AIX, Linux, or IBM i analytic partition from one gadget to a further through the exercise of live Partition Mobility.

    protection:

    vigor programs provide a secured server platform. POWER9 hardware and firmware do it much more comfy for cloud deployment with key aspects for PowerVM servers. Implementation includes:

  • A cozy IPL procedure or comfy Boot which handiest permits platform manufacturer signed Hostboot and dash Hypervisor (PHYP) related firmware up via and together with Partition Firmware (PFW) to rush on the system.
  • A framework to aid faraway Attestation of the apparatus firmware stack via a hardware relied on Platform Module (TPM).
  • Key Markets:

    Virtualization for AIX, Linux and IBM i shoppers working IBM power platforms.

    “It can be over engineered for smaller functions. despite the fact, if the infrastructure is in region that you would be able to utilize it to rush Linux VMs as well,” referred to a system Admin in Oil & gasoline

    can charge:

    starting at $590 per core, free with another IBM items.

    Product

    IBM PowerVM

    platforms

    AIX, Linux and IBM i shoppers

    Scalability

    1000 VMs on a unique server

    Overhead %

    10 to fifteen

    Markets

    Virtualization for AIX, Linux and IBM i purchasers operating IBM power structures

    charge

    $590 per core

    Migration

    movement lively or dormant VMs

    Key Differentiator

    fabulous for IBM environments

    IBM (IBM) Up three.9% considering the fact that final earnings record: Can It continue? | killexams.com true Questions and Pass4sure dumps

    A month has gone by because the remaining earnings report for IBM (IBM). Shares believe introduced about 3.9% in that time frame, underperforming the S&P 500.

    Will the recent advantageous mode proceed main as much as its next salary unencumber, or is IBM due for a pullback? before they dive into how traders and analysts believe reacted as of late, let's purchase a brief look at the most recent profits record as a way to earn a higher address on the vital drivers.

    IBM this autumn profits Beat Estimates, Revenues Decline Y/Y

    foreign company Machines Corp delivered fourth-quarter 2018 non-GAAP revenue of $four.87 per share, which beat the Zacks Consensus rate of $4.eighty one per share. despite the fact, profits per partake (EPS) decreased 5.9% from the year-ago quarter. The 12 months-over-yr decline in EPS will too be attributed to larger tax rate.

    Revenues of $21.seventy six billion had been essentially according to the Zacks Consensus rate of $21.74 billion and declined 3.5% on a 12 months-over-yr basis. At regular currency (cc), revenues dipped 1%. The year-over-year decline can essentially be attributed to exotic money fluctuation and headwinds from IBM Z product cycle.

    specially, IBM pointed out that signings surged 21% on cc foundation to $15.8 billion. functions backlog declined 1% yr over 12 months and came in at $116 billion.

    Geographic profits details

    Revenues from Americas were down 4%, reflecting the headwind from the IBM Z product cycle. however, persevered extend in Latin the us became a favorable.

    Europe, core-East and Africa extended 2% from the year-ago quarter certainly due to boom in Spain, Germany, Italy and the U.k.

    Asia-Pacific revenues declined 1% on a yr-over-12 months groundwork with modest extend in Japan.

    Strategic Imperatives extend Continues

    Strategic Imperatives (cloud, analytics, mobility and protection) grew 5% at cc from the year-ago quarter to $11.5 billion. excluding IBM Z product cycle strike Strategic Imperatives grew 11% yr over 12 months.

    safety revenues surged 17% (except for IBM Z product cycle influence) and declined 3% on cc foundation. On a trailing 12-month groundwork, Strategic Imperatives revenues had been $forty billion, up 9%.

    Cloud revenues surged 6% from the year-in the past quarter to $5.7 billion and 19% (aside from IBM Z product cycle believe an impact on). The annual rush cost for cloud as-a-service revenues multiplied 21% at cc on a year-over-yr groundwork to $12.2 billion.

    Cloud revenues of $19.2 billion on a trailing 12-month basis multiplied 12% yr over 12 months.

    Cognitive Revenues Surge

    Cognitive options’ revenues-exterior extended 2% yr over year (on cc foundation) to $5.5 billion. Revenues from Cognitive solutions (together with options application and transaction processing) increased basically due to extend in solutions software, including analytics and synthetic intelligence (AI).

    Segmental revenues relating Strategic Imperatives and Cloud expanded 9% and 5%, respectively. Cloud as-a-carrier profits annual rush rate changed into $2 billion.

    solutions software includes offerings in strategic verticals relish fitness, area-selected capabilities relish analytics and safety, and IBM’s rising technologies of AI and blockchain. The segment too comprises choices that tackle horizontal domains relish collaboration, commerce and talent. within the suggested quarter, options application revenues multiplied 3% 12 months over year.

    IBM pointed out that the combination of AI into offerings relish customer event analytics in commerce domain helped SaaS signings to develop in double digit in the said quarter.

    Transaction Processing software comprises software that runs mission-vital workloads, leveraging IBM’s hardware platforms. Revenues had been up 1% on a yr-over-yr groundwork.

    IBM witnessed growth in trade verticals relish health, key areas of analytics and security in the quarter. Watson fitness witnessed vast-based growth in Payer, issuer, Imaging and lifestyles Sciences domains.

    throughout the fourth quarter, IBM improved partnership with Vodafone group. Per the deal, IBM’s superior hybrid cloud platform, AI, internet of things (“IoT”) capabilities will assist Vodafone company with digital transformation initiatives.

    IBM stated that analytics performed well within the quarter, pushed by using data science offerings and IBM Cloud private for statistics providing.

    protection growth changed into pushed with the aid of choices in orchestration, records protection and endpoint management.

    Story continues

    In blockchain, IBM announced addition of a few unusual shoppers right through the quarter, which includes “work with sensible Dubai on the core East’s first executive-counseled blockchain platform.” The industry additionally unveiled an on-prem providing entire through the suggested quarter, the IBM Blockchain Platform for IBM Cloud private. a couple of unusual deal wins is too assisting IBM to do stronger its foothold in blockchain expertise.

    international industry capabilities Revenues enhance

    Revenues from global industry services-exterior angle believe been $4.three billion, up four% from the 12 months-ago quarter (up 6% at cc). The year-over-12 months boost become essentially due to extend throughout entire three company areas specifically consulting, application administration and global procedure services.

    Segmental revenues referring to Strategic Imperatives grew 14%. Cloud practice surged 34%. Cloud as-a-carrier profits annual rush expense become $2.1 billion.

    utility management revenues improved four% from the yr-in the past quarter. world system services revenues climbed 5%. additionally, Consulting revenues elevated 10% 12 months over yr, driven via mighty performance from IBM’s digital business.

    technology capabilities & Cloud platforms: Revenues Dip

    Revenues from know-how features & Cloud systems-external reduced three% from the yr-in the past quarter (flat at cc) to $eight.9 billion. Segmental revenues referring to Strategic Imperatives advanced 13%, driven by hybrid cloud features. Cloud surged 22% from the year-ago quarter. Cloud as-a-service revenue annual rush rate was $8 billion.

    Integration software improved 4% from the yr-in the past quarter. during the pronounced quarter, greater than 100 organizations entire over chosen IBM Cloud deepest offering. Infrastructure services revenues believe been flat on a year-over-12 months groundwork.

    Technical aid capabilities revenues lowered three% from the yr-ago quarter.

    vigor & z14 drive methods Revenues

    methods revenues reduced 21% on a year-over-yr foundation (down 20% at cc) to $2.6 billion, basically due to impact of the IBM Z product cycle. Segmental revenues referring to Strategic Imperatives plunged 22%, while Cloud revenues declined 31%.

    IBM Z revenues reduced 44% 12 months over 12 months. besides the fact that children, MIPS skill has extended round 20%, driven by broad-based adoption of the z14 mainframe.

    vigor revenues expanded 10% from the 12 months-ago quarter. The upside turned into specifically as a result of Linux and tough adoption across the latest POWER9-based mostly structure.

    all through the fourth quarter, IBM accomplished the launch of its subsequent era POWER9 processors for midrange and high-conclusion systems that are designed for dealing with superior analytics, cloud environments and facts-intensive workloads in AI, HANA, and UNIX markets.

    IBM additionally introduced unusual choices optimizing each hardware and software for AI. management believes that items relish PowerAI imaginative and prescient and PowerAI industry will support power unusual customer adoption.

    besides the fact that children, storage hardware revenues declined owing to vulnerable efficiency within the mid-latitude end, in allotment offset by means of tough growth in entire glance Arrays. IBM cited that pricing compel in the immensely competitive storage market is hurting revenues. The enterprise announced its unusual FlashSystems with next era NVMe know-how right through the said quarter.

    working techniques software revenues declined three%, while programs Hardware slumped 23% from the year-in the past quarter.

    ultimately, international Financing (comprises financing and used apparatus revenue) revenues reduced eleven% year over yr and 9% at cc to $402 million.

    operating particulars

    Non-GAAP indelicate margin remained unchanged from the 12 months-ago quarter at 49.5%. The indelicate margin benefited essentially by way of one hundred ninety groundwork features (bps) enlargement in capabilities margin. although, adverse combine in IBM Z product cycle fully offset this growth.

    working rate declined 5.3% year over 12 months, as a result of recognition of acquisition synergies and enhancing operational efficiencies. IBM continues to invest in swiftly becoming fields relish hybrid cloud, synthetic intelligence (AI), safety and blockchain.

    Pre-tax margin from carrying on with operations extended 50 bps on a yr-over-12 months foundation to 23.1%.

    Cognitive options and world company features segment pre-tax margins multiplied 290 bps and 520 bps, respectively, on a year-over-12 months basis. youngsters, technology features & Cloud systems angle pre-tax margin contracted 20 bps.

    Non-GAAP operating margins from continuing operations shrunk 90 bps and got here in at 20.3%.

    balance Sheet & money circulation particulars

    IBM ended fourth-quarter 2018 with $11.ninety nine billion in total cash and marketable securities compared with $14.70 billion at the quit of third-quarter 2018. total debt (together with present component) was $forty five.8 billion, down from $46.9 million from the outdated quarter.

    IBM reported money current from operations (except global Financing receivables) of $7.3 billion and generated free cash circulation of $6.5 billion in the quarter under review.

    within the mentioned quarter, the industry lower back $three.5 billion to shareholders via dividends and partake repurchases. The industry again more than $10 billion to shareholders through dividends and partake repurchases for the plenary fiscal year.

    on the quit of the 12 months, the company had $3.3 billion closing beneath latest buyback authorization.

    Fiscal 2018 Highlights

    IBM stated fiscal 2018 non-GAAP profits of $13.81 per share, the condition as revenues got here in at $seventy nine.6 billion, up 1% each and every 12 months over year.

    Revenues from Cognitive options, international industry features, know-how services & Cloud systems, programs and international Financing got here in at $18.48 billion, $sixteen.eighty two billion, $34.46 billion, $eight.03 billion and $1.fifty nine billion, respectively.

    suggestions

    IBM expects non-GAAP EPS forecast for 2019 to be at least $13.ninety.

    IBM nonetheless anticipates 2019 free cash circulate of $12 billion.

    How believe Estimates Been relocating when you account that Then?

    It turns out, antiseptic estimates flatlined during the past month.

    VGM ratings

    at this time, IBM has a subpar growth ranking of D, although its Momentum ranking is doing a lot more advantageous with a B. Charting a Somewhat similar course, the stock became allotted a grade of A on the expense side, inserting it in the precise quintile for this investment strategy.

    ordinary, the inventory has an admixture VGM score of B. in case you don't look to be concentrated on one strategy, this score is the one you should definitely be attracted to.

    Outlook

    IBM has a Zacks Rank #3 (grasp). They prognosticate an in-line recrudesce from the stock within the next few months.

    want the latest recommendations from Zacks investment research? nowadays, that you would be able to download 7 greatest stocks for the next 30 Days. click to earn this free record foreign company Machines service provider (IBM) : Free stock analysis file To examine this text on Zacks.com click on right here. Zacks funding research


    IBM rolls out asset efficiency administration apparatus to more suitable target industrial IoT | killexams.com true Questions and Pass4sure dumps

    IBM mentioned it's rolling out a sequence of analytics and information superhighway of issues apparatus to better goal asset weighty industries corresponding to producers, oil and gas and utilities.

    The purposes, which drop below the IBM Maximo Asset efficiency administration (APM) banner, are aimed to do IBM more aggressive with the likes of GE's industrial IoT efforts in addition to upstarts corresponding to Uptake and C3.

    massive Blue's Maximo is a company usually associated with industry asset management. Maximo is a leading suite in that area. IBM's guess is that it might add APM as an extension to music belongings equivalent to motors, machine, turbine and elevators.

    the industrial IoT space has horizontal vendors relish IBM, however too has players relish Honeywell and United technologies. Industrial companies are the exercise of analytics and IoT to better maintain device and proactively tackle considerations. The challenge for many carriers are that industrial IoT systems are mixing collectively. 

    for instance, a developer survey by means of the Eclipse basis discovered that IoT builders are flocking to AWS and Microsoft Azure as their favored structures. 

    also: what's the IoT? everything you deserve to recognize in regards to the cyber web of things at the moment| what's laptop learning? every dinky thing you deserve to comprehend  

    in particular, IBM is rolling out right here:

  • Asset fitness Insights, application that makes assessments in keeping with real-time sensor data, facts and exterior records.
  • Predictive preservation Insights, an software that models failure dates, degradation curves and anomalies.
  • device administration Assistant, which uses synthetic intelligence to support technicians do repairs.
  • IBM said it'll personalize its APM suite for industries starting with power and utilities. big Blue stated The Metropolitan Atlanta speedy Transit Authority (MARTA) as a client of its APM suite.

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    Commvault Systems, Inc. (CVLT) Q2 2018 Earnings Conference summon Transcript | killexams.com true questions and Pass4sure dumps

    Image source: The Motley Fool.

    Commvault Systems, Inc.  (NASDAQ: CVLT)Q2 2018 Earnings Conference CallOct. 30, 2018, 8:30 a.m. ET

    Good day, ladies and gentlemen, and welcome to the Second Quarter 2019 Commvault Earnings Conference. (Operator Instructions) As a reminder, this conference summon is being recorded.

    I would now relish to interject your host for today's conference, Mr. Michael Picariello, Director for Investor Relations. Sir, you may begin.

    Good morning. Thanks for dialing in today for their fiscal second quarter 2019 earnings call. With me on the summon are Bob Hammer, Chairman, President and Chief Executive Officer, Al Bunte, Chief Operating Officer and Brian Carolan, Chief pecuniary Officer.

    Before they begin, I'd relish to remind everyone that statements made during this call, including in the question-and-answer session at the quit of the call, may involve forward-looking statements, including statements regarding pecuniary projections and future performance. entire these statements that relate to their beliefs, plans, expectations or intentions regarding the future are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on their current expectations. Actual results may vary materially due to a number of risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services and general economic conditions. For a discussion of these and other risks and uncertainties affecting their business, gladden note the risk factors contained in their Annual Report in shape 10-K and their most recent quarterly report in shape 10-Q and their other SEC filings and in the cautionary statement contained in their press release and on their website. The company undertakes no responsibility to update the information in this conference summon under any circumstance. In addition, the progress and timing of any product release as well as features or functionality remain at their sole discretion.

    Our earnings press release was issued over the wire services earlier today and it too has been furnished to the SEC as an 8-K filing. The press release is too available on their Investor Relations website.

    On this conference call, they will provide non-GAAP pecuniary results. The reconciliation between the non-GAAP and GAAP measures can be organize in Table 4 accompanying the press release and posted on their website.

    Commvault adopted the unusual revenue touchstone ASC606 on April 1, 2017. Their adoption was done on a retrospective basis, entire prior periods in their pecuniary statements believe been adjusted to comply with the unusual rules.

    As a result, the results and growth percentage they will dispute today are on a comparable basis using the unusual rules. entire references to software revenue are inclusive dollar amounts are a percentage for both software and products revenue as disclosed in their P&L.

    Today's live webcast will too involve a slither presentation as allotment of Commvault prepared remarks to facilitate updates on their Commvault promote initiatives. These initiatives involve an update on their transition to subscription revenue models, as well as their recent operational review. The slides too cover their announcement of unusual multi-year revenue and operating margin targets. If you've not done so already, I would imply logging into the webcast now to view or download a copy of the slides.

    Please too note that in order to best note the slides, they imply enabling plenary screen slither mode within the webcast. In addition, the slides can too be downloaded from the Commvault website under the Investor Relations page.

    This conference summon is being recorded for replay and is being webcast and an archive of today's webcast will be available on their website following the call.

    I will now rotate the summon over to Bob.

    Thank you Mike, and proper morning, everyone and thank you for joining their fiscal second quarter FY '19 earnings call. On today's summon they will dispute their fiscal 2019 second quarter results, their multi-year industry model transformation to deliver shareholder value called Commvault Advance, including an update on the progress they believe made to accelerate their transition to subscription revenue models, the results of their recent operational review, which includes the announcement of unusual multi-year revenue and operating margin targets, and an update on their partake repurchase program. Let me briefly summarize their Q2 pecuniary results.

    Software and products revenues were down 3% year-over-year. Total revenues were up 1% year-over-year, EBIT margin was 14.8%, up 550 basis points year-over-year, EPS was $0.40 per partake versus $0.21 in the prior fiscal year.

    Our EBIT margin improvement was driven by cost efficiencies, implemented as allotment of their Commvault promote initiatives. Later in the presentation, they will talk about their unusual revenue metrics that will provide greater clarity to investors on their subscription model transition, which has been accelerating over the terminal several quarters.

    In Q2, their subscription revenue represented the highest symmetry of software revenue in their history and subscription annual constrict value or ACV, which they will define later in the call, accelerated its year-over-year growth to over 90%.

    As a reminder, terminal quarter they were implementing a major corporatewide transformation called Commvault Advance. gladden purchase note that Commvault issued a press release this morning, outlining the significant progress they believe made since announcing Commvault promote in May.

    The goals of Commvault promote are to establish a tough foundation to improve revenue, while at the very time achieving much improved operating margin leverage. The implementation was a culmin turning to their equilibrium sheet and cash flows in the first quarter cash and short-term investments were partially 1.1 billion ation of a couple of years of effort across products, pricing, a reorganization of their sales and distribution functions and the establishment of a much stronger, more efficient routes to market.

    We believe that their second quarter software and products revenue reflected the temporary disruption from the significant Commvault promote related changes they made during the quarter, including reorganization of their sales and distribution organizations, which in allotment shifted a significant percentage of province resources to support their channel and alliance partners and major simplification of both products pricing to do their solutions easier to both sell and buy.

    We acted swiftly to implement these changes and while there was a higher plane of disruption than they had anticipated, the most significant changes are now largely completed and they are focused on go-forward execution throughout the leisure of FY 2019.

    Based on the early results of these changes, they are already seeing improved momentum and believe seen a keen extend in funnel growth, tough order current in October and solid forecast from the field. However, given the early stage of their transformation, they device to remain conservative with their near-term outlook until they can validate the positive churn of the industry with solid quarter-on-quarter revenue growth.

    We believe the implementation of Commvault Advance, although challenging in the near term, puts us in a much stronger position to purchase odds of the major shift in the market and significantly improves their aptitude to execute their strategy and drive revenue and earnings growth.

    Commvault promote leverages their force and shores up their weaknesses. Specifically, they believe Commvault has a leading technology to enable big enterprises to consolidate data management to deal with the censorious issues related to cost, cyber compliance in the cloud, which I summon the 4Cs.

    As data scale increases, they are too well on their path to their exit by scale in their platform. They now believe simplified software solutions, pricing, packaging and appliances to deal with the shift to simplification in both the enterprise and the midmarket, particularly with their converged appliances and Commvault complete data management.

    While they are the transparent technology leader and migrating and managing data in the cloud with IBM's $35 billion acquisition of Redhat this weekend, there will be additional focus on cloud and Commvault is well positioned to purchase odds of that with the leading data management platform in the industry.

    We are leading the industry in data analytics with their know your data solutions with Commvault Activate. As allotment of Advance, they are laser focused on improving their aptitude to accelerate revenues through a much stronger sales and distribution. These efforts believe been further bolstered with the recent hiring of several sales leaders with tough distribution focus.

    Commvault has been focused on making fundamental changes to their products and their businesses that they believe will deliver sustained revenue growth and profitability over both the near term and the long-term.

    These industry model optimization changes that will deliver shareholder value involve an enhanced and expanded and simplified product portfolio, improved distribution leverage, a transition to subscription pricing and aligning their cost structure with their revenue growth.

    So let me talk about their product portfolio. As I just mentioned, a key element of Commvault promote is to create and enhance expanded and simplified product portfolio, which includes product innovations that do it easier for customers to install and exercise their products and changes to packaging and pricing structures to do a dramatically easier for their sales teams and partners to sell and customers to buy their products.

    Commvault now has four distinct, simply powerful offerings. One is Commvault complete backup recovery, which is the consolidation of what was previously 20 SKUs. Commvault HyperScale Software and Appliances, just converged data management protection, combined with scale-out secondary storage.

    Thirdly, Commvault orchestrate, which is fully automated cataclysm recovery, data test and data migration, particularly in the cloud and fourth, Commvault Activate, which is designed to assist customers know their data and then learn and extract unusual industry insights from data under management whether that data is on-premise or in the cloud.

    All these products believe built upon a common software and technology platform they summon the Commvault Data Platform.

    Another key strategy is to drive significantly improved distribution leverage through a combination of products, better aligned to routes to market, which involve their appliances in Commvault Complete, reallocation of sales resources from direct selling to supporting their partners and the expansion of their alliance relationships.

    During the first half of fiscal '19 they shifted a material portion of their sales and marketing resources from direct sales to supporting their channel and strategic partners and in strengthening their strategic relationship with key partners, including HPE, net Cisco, Microsoft and AWS.

    We expanded their partnership with HP. Commvault backup recovery software will now be fully integrated with the HPE store once appliances. The integration will allow backup data to be moved natively to the cloud or back to on premise. They expect this integration to be available in November.

    In addition, they launched sales programs for Commvault Complete and HyperScale, which are now included HPE's global price, which continue to align their province organizations and set structure around their drawing pipeline build.

    We recently announced an expanded partnership with whereby NetApp is now a plenary reseller partner. NetApp and NetApp channel partners can now sell the Commvault backup recovery software directly to its customers.

    We've continued to develop their strategic relationship with Hitachi, Bentara, Huawei and Fujitsu. They expect to note significant funnel build and revenue progress with both HP and NetApp during Q3. They remain excited about the industry chance represented by their alliances with entire of these leading technology vendors and believe that these relationships will drive significant chance for Commvault going forward.

    Let me talk about their transition to subscription pricing. climb in fiscal 2018, they began transitioning a significant portion of their unusual customer revenue to subscription pricing models. This transition has benefits to both their customers and Commvault.

    Our success with subscription models has been better than they anticipated and their repeatable revenue streams had been significantly outgrowing their legacy pricing models. This transition has created some headwind through near-term topline revenue growth as a like-for-like subscription transaction initially generates less revenue than perpetual sale, but they believe that it's the right long-term model in order to drive, improve and sustainable revenue growth for the future. Brian will highlight some of these key metrics, which prove their progress on this transition.

    Now let me talk about cost efficiencies. During fiscal '19, they made excellent progress in adjusting their cost structure so that they can deliver meaningful improvements to operating margins over the next couple of years. With the assistance of third party consultants, they identified areas of operational efficiencies both in the near and long term, which positively impacted the first half of FY '19 and they anticipate will drive higher operating margins for the equilibrium of FY '19 and beyond.

    Our progress is evidenced by the 61% year-over-year growth in Q2 in non-GAAP operating income. Brian will address their multi-year operating margin targets later in the call.

    While they are making changes to simplify and improve their business, one thing they will not change is their commitment to innovation and delivering world-class solutions and support to their customers. As they identified economies in their cost structure, they believe not decreased their investment in R&D or customer support since their objective is to maintain their technological leadership position in the industry.

    Our commitment to lead the industry in innovation is highlighted by the announcements they made recently at their third Annual Customer and partner Conference Commvault GO. At the conference, they announced more powerful, yet simplified oversight of backup and data management operations by using sophisticated machine learning and synthetic intelligence to automatically adjust backup schedules, dynamically auto optimize operations to improve IT resource utilization, purchase immediate actions to mitigate damage from a cyber assault and provide true time alerts on censorious issues.

    We too continued to maintain their leadership position in the cloud. Commvault Solutions seamlessly labor with more than 40 cloud offerings and they continue to be one of the leading data protection offerings to delivering workloads to the cloud in particular AWS, Azure and Google Cloud.

    Our aptitude to enable customers to rapidly plug workloads to, from and between clouds, while protecting the data is a significant competitive odds and remains a key driver of the Commvault business.

    Now that the foundation of Commvault promote is in place, they believe they will note increased topline momentum, as their channel strategy, go-to-market initiatives and alliance partnerships has started to prove positive traction with funnel growth acceleration.

    We anticipate sequential revenue improvement during the second half of fiscal '19 based on the following. One, the success of Commvault HyperScale Appliance and HyperScale Software Solutions, cloud migration and management, success for the Commvault Data Platform to gain partake in big enterprises with the journey to the cloud and solutions to assist customers mitigate and regain from a cyber assault with highly automated, machine learning and synthetic intelligence aided data protection, cataclysm recovery and intrusion detection and mediation.

    Third, becoming a leading foundation for governance, data analytics and as an optimized data source from industry analytics and finally, dramatically improving their growth in the mid-market by offering much more support to their channel and strategic partners, combined with the introduction of unusual innovative product offerings and pricing.

    In summary, the implementation of the Commvault promote initiatives in Q2 resulted in disruption that did not allow us to achieve their top line objective. However, they believe the pieces are now in condition for the company to execute and deliver improved pecuniary performance.

    I will now rotate the summon over to Brian. Brian?

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Thank you, Bob and proper morning everyone. In addition to covering the traditional pecuniary highlights for the second quarter of fiscal 2019, I will too disburse time updating you on the progress they believe made to accelerate their transition to subscription revenue models, including metrics, which demonstrate their continued progress toward more repeatable software and products revenue streams.

    I will too update you on the results of their recent operational review, which includes the announcement of unusual multiyear revenue and operating margin targets. And lastly, I will provide you an update on their partake repurchase program.

    In addition to their earnings release issued earlier this morning, they too believe made available a presentation on the Investor Relations section of their website and too included this presentation in their 8-K filing. If you are on the webcast you can ensue along with these slides during my remarks.

    Q2 total revenues were $169.1 million representing an extend of 1% over the prior year period. On a sequential constant currency basis, total revenue would believe been approximately $1.9 million higher, using prior quarter FX rates.

    We reported Q1 software and products revenue of $69.5 million, which was down 3% year-over-year. Revenue from enterprise deals, which they define as deals over $100,000 in software and product revenue in a given quarter, represented 66% of such revenue.

    Revenue from these transactions was up 8% year-over-year. The number of enterprise revenue transactions increased 10% year-over-year. Their incurious enterprise deal size was approximately $284,000 during the quarter.

    Gross margins were 84.6% for the quarter. The cost of third-party royalties related to their HyperScale software solutions and the cost of hardware related to their HyperScale Appliances is included in the cost of software and products revenue. Total non-GAAP operating expenses were approximately $115.2 million for the quarter, down approximately 10% year-over-year and 7% sequentially.

    We completed angle 1 of Commvault promote and organize significant efficiencies in their cost structure, which included reducing their overall headcount by approximately 7% since the climb of the fiscal year. They ended the September quarter with 2,644 employees.

    In addition, as they Go through angle II of Commvault Advance, they remain focused on maintaining their technological leadership position in the industry. They achieve not expect these operational initiatives to believe an adverse impact their product progress strategy.

    Operating margins were 14.8% for the quarter, resulting in operating income or EBIT of approximately $25.1 million. As Bob mentioned, EBIT was up 61% year-over-year.

    Net income for the quarter was $19.1 million and EPS was $0.40 based on a diluted weighted incurious partake signify of approximately 47.8 million shares. As a reminder, during FY '19, they lowered their pro forma income tax rate from 37% to 27%. They believe that as a result of US tax reform, 27% will align to their long-term GAAP and cash tax rates.

    We anticipate that their diluted weighted incurious partake signify for plenary year FY '19 will be approximately 48 million shares.

    Let's now change gears and disburse some time on their subscription pricing models and their continued shift to more repeatable revenue. Their subscription pricing models are continuing to resonate with customers. They believe their transition to subscription-based pricing models over the terminal six quarters has been very successful.

    For the sake of clarity and transparency, they are introducing two revenue metrics to assist investors track the growth and progress of their subscription revenue transition. As you will see, subscription revenue is becoming a larger portion of the industry and they intend on accelerating the pace of this transition over the next several years.

    When you combine their subscription-based license sales with their other repeatable services revenue streams, such as maintenance, managed services and SaaS, it represents what they summon their repeatable revenue. They are on track to achieve their goal of having 70% plus repeatable revenue in FY '19.

    Let me start out by defining the nature of their current revenue streams. slither 9 in their presentation includes a chart that summarizes revenue based on how it is recognized and if it is potentially repeatable, nearly entire of Commvault software and product revenue is related to solutions that are rush in the customers on-prem environment for cloud infrastructure.

    We currently achieve not believe any significant revenue streams related to hosted or SaaS solutions. As a result, as required under ASC606, the vast majority of Commvault software and product revenue is recognized at a point in time, when it is delivered to the customer and not over the course of a contractual period. This is honest for both perpetual licenses and their software subscription software licenses.

    As a reminder, their subscription software license agreements generally require a minimum, non-cancelable spending commitment and term, which is typically three years.

    We believe intentionally used the word repeatable and not recurring to report this revenue, because it is recognized at a point in time and not ratably over the length of the contract. Each time a customer renews a subscription arrangement, Commvault will recognize the entire value of the software that was sold in the period of sale.

    The only exception to this point in time recognition principle for their software products is sales of their pay as you Go utility arrangements. These utility arrangements are generally structured with no guaranteed minimums, which means they are recognized over time based on product usage.

    We measure total repeatable revenue as subscription software and product revenue, utility software revenue and the revenue related to their maintenance and support services. Note that unlike software, their maintenance and support services on both perpetual and subscription software arrangements are recognized ratably over the constrict term.

    Slide 10 includes a summary of the benefits of subscription models. They believe heard from many of their enterprise customers that consumption-based pricing such as subscription arrangements is very towering on their list of prerequisites for a data management solution.

    Customers often prefer a subscription model, because it simplifies their procurement process, lowers their upfront commitment and aligns with their plug to consumption-based pricing models associated with cloud storage.

    Ultimately a subscription license provides the customer with much more flexibility to conform the changes in their industry and technology. If subscription arrangements do it easier for prospects to become Commvault customers, they are confident that the lifetime value of their customer relationships will increase. And from a Commvault perspective, they believe these models will drive a more predictable and repeatable revenue stream over time.

    Let's now sight at a simple representative instance of a perpetual license transaction and how it compares with a subscription license arrangement over both a three and six-year period.

    In this example, on slither 11, they believe compared a like-for-like perpetual license and subscription license arrangement. As you can see, the subscription solution requires less upfront investment by the customer and results in lower initial revenue to Commvault.

    In this example, the customer could purchase a perpetual license for their software for $245,000 plus annual customer support and maintenance. Each year that this customer renews their support maintenance, Commvault receives $45,000 of revenue. The total cost over a three-year period is $380,000 and increases to $515,000 over six years.

    To purchase the equivalent amount of software under a three-year subscription model, the customer would pay $300,000 either upfront or over the three-year life of the agreement. This expense is inclusive of both software and maintenance and support. Over time typically, after the first read entire (ph) the cumulative revenue from a subscription model exceeds the perpetual model and related maintenance.

    We believe this is a win-win scenario by making it easier to initially transitioned to CommVault, their customers will too realize other pecuniary benefits over time versus a competitor's solution, such as more cost efficient storage, reduced downtime and less administrative cost.

    In recognition of their transition to subscription models, they believe it is now censorious to highlight two key operating metrics, which demonstrate their continued progress toward more repeatable software and products revenue streams, which we've been discussing for several quarters now. They believe these metrics prove the potential value of the transition to CommVault shareholders.

    The first is repeatable revenue and the second is a unusual metric not previously discussed, but widely used in the industry and that is annual constrict value or ACV. I will walk you through each of these in the next few slides.

    I will start with repeatable revenue, which is shown on slither 13, as renowned earlier, their primary repeatable revenue streams are subscription, software and maintenance services. The amounts included on the subscription and utility software row are inclusive of both software and maintenance and support revenue on these arrangements.

    The amounts included on the recurring support and services row is primarily maintenance and support revenue related to existing perpetual software arrangements. They would account approximately 71% of their Q2 total revenue to be repeatable in nature.

    As you can see, their repeatable revenue has been consistently growing in excess of their legacy pricing models and were up 22% year-over-year in Q2. The recent growth of their repeatable revenue streams has been driven by subscription software and products revenue, which is shown on slither 14. Subscription-based pricing represented a record 43% of software and products revenue in Q2, which compares to 17% in Q2 of terminal year.

    Software and products revenue from such subscription-based models are up 136% year-over-year, a significant acceleration from terminal quarter. This consists of both committed and often multiyear subscription sales as well as pay as you Go utility kind arrangements.

    The second metric, I would relish to dispute is the subscription and utility annual constrict value or ACV, which is shown on slither 16. As they transition to a mostly subscription or repeatable revenue model, this will provide greater visibility into the increased subscription contracts they sell. ACV is defined as one, the total active subscription contracts value, inclusive of revenue that was recognized as either software or support services, annualized for a 12-month equivalent value plus two, the annualized value of active utility or pay as you Go usage billings.

    We believe this ACV metric normalizes the variations in contractual length among their subscription and utility transactions and will assist investors and analysts track CommVault's transition to more potentially repeatable revenue streams.

    This metric will be a valuable data point to demonstrate the growth of their subscription and utility-based pricing models that they expect to drive unusual customer acquisition, land and expand growth as well as up-sell opportunities. As of Q2, ACV has grown to $76 million after only a short period of selling subscription licenses. Importantly, ACV is accelerating and achieved approximately 90% year-over-year growth this quarter.

    As allotment of their Commvault promote initiatives, their go-to-market model is highly focused on primarily selling these subscription licenses and they expect subscription ACV to grow significantly over the next several years.

    I would now relish to disburse the next few minutes addressing both their near-term pecuniary outlook and their longer-term operating targets. As outlined in today's press release, they believe been making proper progress within their Commvault promote framework across entire aspects of the company by strengthening their competitive technology position, broadening their product line, expanding distribution relationships, reorganizing sales and marketing and driving cost reductions and efficiencies.

    We are on a path to improving the sustainable pecuniary performance of the company, while they expect that the changes they believe made to products, pricing, distribution and partnerships will drive future revenues and operating leverage, they too took actions to align their cost structure with a reasonable revenue growth target.

    As Bob discussed earlier, the implementation of the Commvault promote initiatives resulted in near-term disruption that did not allow us to achieve their Q2 and near-term topline objectives. They are too conservatively planning for modest revenue growth in Q3 and Q4. They expect third quarter total revenue to be approximately $181 million and fourth quarter revenue of approximately $189 million, resulting in total FY '19 revenues of approximately $715 million.

    These expectations are based on Q3 and Q4 software revenue of approximately $82 million and $86.5 million respectively. If they achieve their revenue outlook, they will continue to note margin expansion and tough year-over-year earnings growth based on the cost-cutting initiatives they began in early fiscal 2019.

    We now expect the Q3 EBIT margin percentage to be approximately 15% and the plenary year FY '19 EBIT margin percentage to be approximately 14.7%, which is a 380 basis point improvement over the prior year.

    While their strategic fundamentals are tough and their aptitude to execute has improved, they noiseless face censorious challenges. It is censorious to note that Commvault promote is a major transformation and restructuring effort. They are making fundamental changes to the business, which carries risk, tide to disruption and execution. While they believe that the majority of the elements of Commvault promote are in place, there is a inevitable element of transformational risk associated with the execution of such initiatives, particularly in the near term.

    Despite these risks, they are already seeing improvements across numerous KPIs and October order volume is tracking well. Secondly, as they believe discussed for many quarters, they are currently reliant upon a steady inflow of big six and seven-figure deals, which near with additional risks due to their complexity and timing.

    While they too need to improve their near rates on these deals, big deal closure rates will likely remain lumpy, particularly in the near term. And lastly, while they are tickled with the progress they are making with subscription pricing models, the transition drives a headwind to near-term license revenue growth.

    This transition will continue to believe a dampening upshot on revenue, but they believe will ultimately result in a higher lifetime value. As previously stated, fiscal '19 will be impacted by the near-term disruption of the changes they implemented that as allotment of their Commvault promote initiatives.

    As they enter fiscal '20, their goal is to capitalize on these changes and start to realize leverage from their distribution model as well as the operational efficiencies they identified and implemented in fiscal 2019.

    Turning to the next slide, you can note the detail of their multi-year revenue and operating margin targets. Their fiscal '20 objective is to grow revenue by at least 9% while achieving 20% plus operating margins. Their fiscal '21 target is to continue driving operating leverage and obtain 25%-plus operating margins.

    Our continued transition to more repeatable revenue will too be a key component of their improved pecuniary performance. As you can note on slither 21, their target is to achieve 80% repeatable revenue in fiscal '21.

    Given their transition to subscription software licensing began in fiscal '18, fiscal '21 represents the first chance for Commvault to significantly benefit from renewals of existing subscription customers. As they continue driving repeatable revenue, they will focus on maximizing the value of subscription and utility annual constrict value.

    As previously discussed, their current ACV is approximately $76 million. Their goal is to achieve approximately $240 million of subscription and utility annual constrict value by the quit of fiscal '21. The $240 million goal is approximately eight times the ACV they stated with when they began their plug to subscription based pricing.

    In fiscal 2019, we've been focused on targeting areas of cost savings, such as reducing headcount by approximately 7% since the start of the year and setting the foundation for Commvault Advance.

    One of the core principles of promote is to drive distribution levers through a focus on their alliances and partnerships. If they are successful, this will accelerate operating margin expansion and reduce their sales and marketing expense as a percentage of revenue.

    As you can note on this slide, their goal is to reduce sales and marketing expense from 53% of revenue in fiscal 2018 to 40% in fiscal '21.

    Let me now shift gears to their equilibrium sheet and cash flows. As of September 30, their cash and short-term investments equilibrium was approximately $484 million. During the quarter, they repatriated $67 million of international cash back to the US and reduced the amount of cash held in exotic locations from $197 million as of June 30 to $130 million as of September 30.

    Our remaining international cash equilibrium is spread across over 35 countries, while their goal is to continue to recrudesce as much cash as practicable back to the U.S., they may not be able to achieve so in an economically efficient manner or may be limited by exotic laws and regulations.

    However, they achieve believe that steps they are taking will result in the vast majority of future net cash current to be concentrated in the US.

    Free cash flow, which they define as cash current from operations less capital expenditures was approximately $17.3 million, which was up 2X, over the prior year period. As of September 30, 2018, their deferred revenue equilibrium was approximately $316 million, which is an extend of 7% over the prior year period. Nearly entire of their deferred revenue is services revenue that has been invoiced to customers.

    Lastly, let me update you on their partake repurchases. During fiscal 2019, which includes transactions through yesterday, they believe repurchased approximately $47 million or approximately 707,000 shares of their common stock at an incurious cost of $66.33 per share.

    As disclosed in their earnings release issued earlier this morning, their Board of Directors has recently increased the total amount available for partake repurchases to $200 million and extended the program for another year through March 2020.

    That concludes my prepared remarks and I will now rotate the summon back over to Bob. Bob?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Thank you, Brian. I would relish to disburse a few minutes talking about Commvault Go and the unusual products they announced during the show. They hosted their Annual Commvault Go User Conference earlier this month in Nashville. Registration exceeded terminal year's total with approximately 2,200 customers, prospects and partners in attendance.

    We announced a number of unusual products and services including an exciting unusual way for customers to interface with their software called Commvault Command Center, unusual backup and recovery as a service offerings and further expanded their portfolio of appliance offerings.

    We raised the industry benchmark for software interaction and data management with the announcement of the Commvault Command Center, which provides customers with a unique console for managing Commvault's complete portfolio of products across an entire enterprise on premise, cloud and quit point infrastructures.

    The Command hub is enhanced with the power of synthetic intelligence and machine learning to provide easier to understand dynamic dashboard views of their customers' environments, much more comprehensive real-time reporting and unique learning capabilities, including the aptitude to purchase corrective actions.

    Broad-based security enables IT, Admin and quit users to believe their own easily customizable dashboards. The Command hub can be deployed on premise or in the cloud and is available now.

    We announced a unusual backup and recovery as a service offering to deliver Commvault's powerful simplicity for customers wishing to consume backup and recovery need as a service. They too announced two other backup services for virtual machines on AWS and Azure, and a backup service for indigenous cloud application such as Microsoft Office 365 and sales force.

    These solutions will be available within cloud marketplaces for ease of acquisition and deployment. Customers can purchase the services as a Pay As You Go license or as a fixed term subscription. They too expanded the company's family of appliances with addition of two unusual appliances. The unusual appliances expand their offerings into a family of small, medium and big appliances that enable their customers to cost effectively scale from 10 terabytes to more than a petabyte or 10s of petabytes.

    The unusual larger appliance is targeted at managed service providers and big enterprises featuring stellar technology with their Commvault Hyperscale software. The miniature offering takes a plenary power of Commvault complete backup recovery into an appliance offering impeccable for remote office and offshoot offices.

    All of their appliances can be used to seamlessly backup data on-premise or plug it directly to the cloud. Commvault user cloud resources natively, which has cost, performance advantages versus competitive offerings, which require the customer to install an instance of their appliance in the cloud.

    During the prove Al and I too delivered a keynote presentation that outlined unusual and exciting products and fresh ideas that meet today's unique data management challenges and opportunities for three main messages.

    One Commvault complete backup and recovery continues to set the unusual industry benchmark for what it means to be complete and backup and recovery solutions. Advances in machine learning and AI will create a sales driving relish undergo that redefines how customers engage with their software. This is made practicable through the capabilities of the unusual Commvault Command Center.

    Secondly, the simple SmartCloud highlighting Commvault's aptitude to deliver a covenant of the cloud faster to automated and orchestrated research management and control, we're now helping customers deliver on a multi-cloud environment as a honest extension of a modern on-premise data center.

    And lastly, they continue to improve customers' scholarship of their data with a holistic enterprise wide view and they are delivering applications that allow them to act upon that knowledge. This comes to life through Commvault Activate.

    Innovation remains the hallmark behind Commvault's product vision and leadership. Commvault is applying leading edge AI and machine learning to deliver outcomes that customers value most. Commvault challenges the industry to expect more as they deliver truly complete backup and recovery.

    Before they wrap up, let me briefly update you on the search process for a unusual CEO. As stated previously, the CEO Search Committee of their Board remains -- retained a leading search from May and has been identifying and actively interviewing candidates. The search process is well under way and the search committee is making proper progress.

    In closing, under Commvault promote they made significant progress in the quarter, establishing a stronger foundation to better enable us to achieve more improved and predictable pecuniary performance both in the short and long-term. While they are not satisfied with their Q2 revenue performance, they are seeing tough early momentum from their Commvault promote initiatives and are excited about their accelerating subscription revenue.

    We believe made comprehensive operational changes over the terminal several months and these changes are now behind us. They are now focused on ongoing forward execution. The actions they took to align their cost structure at the climb of the year were evidenced in the 61% year-over-year EBIT improvement. Now that the foundation of Commvault promote is in place, they believe they will note increased momentum as their channel strategy, go-to-market initiatives and alliance partnerships start to prove positive traction.

    As I mentioned earlier, they are entering the second half of the year with a much stronger funnel. We'll be focusing their efforts on executing the key elements of Commvault promote where they already believe a solid already -- where they already believe solid proof points of success.

    Our objective is to do certain they achieve their near-term pecuniary objectives while solidifying their Commvault promote Foundation for FY '20. Their immediate focus is to achieve their Q3 revenue and earnings forecasts.

    Now let me rotate the summon back to Mike. Mike?

    Michael Picariello -- MD of Americas Research

    Operator, can you gladden open the line for questions?

    Questions and Answers:

    Operator

    (Operator Instructions) Their first question comes from the line of Joel Fishbein of BTIG. Your line is now open.

    Joel Fishbein -- BTIG, LLC -- Analyst

    Good morning. I believe one for Bob and one for Brian. I'll start with Brian. Hey Brian, thanks for the detail on the plug to the subscription model. What I'm just trying to understand is with a lot of these companies, you start this -- you note deferred revenue grow right as you symptom these deals, particularly larger ones and I'm just trying to understand why we're not seeing an uptick in deferred revenue with some of these subscription deals? And then I'll wait -- just examine Bob the next question.

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Sure. proper Morning, Joel. So, as I described in the call, we're a bit unique when it comes to the application of ASC 606. When they sell their subscription software and license arrangements, they actually recognize that revenue upfront in the period of sale on the software portion.

    The only thing that goes into deferred revenue potentially would be the maintenance that's attached to that, just relish a incurious arrangement under perpetual model. It's the very kind of carve out for maintenance and support that gets deferred over the contractual term.

    So you don't note it prove up in deferred. It actually shows up in period revenue that's been recognized. That's why we're going to try to point to other metrics such as ACV and repeatable revenue and try to give you proper visibility into the traction that we're making on more repeatable revenue models.

    Joel Fishbein -- BTIG, LLC -- Analyst

    Would you believe a backlog number then, relish in terms of total constrict backlog or is that not a metric that might be meaningful?

    Brian Carolan -- Vice President and Chief pecuniary Officer

    That's really what, it's almost really, if you sight at the ACV is a proxy for what backlog would be essentially.

    Joel Fishbein -- BTIG, LLC -- Analyst

    Okay. Great. And then Bob just for you, what gives you confidence that you can grow 9% next year? Obviously you're making a lot of changes right now and I'm just -- what's giving you the confidence? Is it something that you're seeing out there specifically that you can point to?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Yes Joel, clearly we're seeing a substantial, I value substantial uptick in funnel current in the enterprise just started to change. They saw it in the spring and it really accelerated through the summer in spite of disruption and continued as they entered Q3 in very big deals into the funnel and those deals were tied a trend in the industry for big enterprises to consolidate entire their data management functions to deal with cost, cyber compliance and the cloud.

    And I believe their data management platform and the market is recognizing this, is in a class by itself in terms of delivering those capabilities. So that significant extend in big deal and current too gives us optimism for this current quarter and it's continued.

    And secondly, as I discussed in my remarks, they now believe a much stronger distribution position and although that's going to purchase a dinky time to impact their earnings, we're starting to note that as well, so fortunately they got a massive significant upturn in their I'll summon it core enterprise industry and too that is too being driven by a much stronger partner and alliance relationships in the enterprise.

    And from the midmarket standpoint, they are seeing proper traction with their appliances in Commvault Complete and unusual pricing. So the all foundation at Commvault Complete was not try to do changes here. That's why it goes back a couple years to do fundamental changes in their products pricing, routes to market, alignment with those routes to market and a much more efficient cost structure.

    So internally, there's a lot of optimism underneath and I really account we've done this the right way although it had some attended risks as they made these massive changes terminal quarter.

    Joel Fishbein -- BTIG, LLC -- Analyst

    Great, thank you.

    Operator

    Thank you. Their next question comes from the line of Aaron Rakers Wells Fargo. Your line is now open.

    Aaron Rakers, -- Wells Fargo -- Analyst

    Yeah, thanks for taking the questions as well. So I want to Go back to that terminal question and just understand the variables at play to underpin what looks to be a 17%-plus sequential extend in your implied software license revenue this quarter.

    I account with that in mind, it would be helpful to understand exactly what degree of funnel pipeline growth that you've been seeing and what assumptions are you making in terms of converting those funnel opportunities into recognized revenue? I'm just trying to understand the basis for that extend conservatism sane or what you note to drive that plane of sequential growth?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    So the funnel growth Aaron is material and significant. I value it's -- we're talking about a very major extend in the growth of funnel, particularly in big enterprises and particularly in the Americas and the assumptions we're making on funnel near what I summon reasonable and Brian can answer that question.

    So we're not putting broad near rates on these areas of the funnel and then the other thing that goes along with this is their we've had predictive models here that are quite sophisticated and they've been quite accurate and their predictive analytics too sight really proper relative to the guidance they just provided.

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Yeah, I account just to ensue on with Bob's point, we're using fairly typical and incurious near rates applying that to the current quarter funnel. Again, they note a sound uptick in their enterprise deal funnel heading into this quarter, which we're pleased with. Although I did declare that could be lumpy at times, we're still, we're pleased with that number in available funnel.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    I think, Aaron, you saw a lot of this and this benign of validates what you saw it Go since you were there and what you heard on the floor.

    Aaron Rakers, -- Wells Fargo -- Analyst

    Yeah, and just a quick follow-up, I'm just curious, I account terminal quarter Bob, in response to your question, you said that basically 98% I account was the number that the total sales compel realignment efforts believe been completed.

    As they sight at the leverage that you're presenting to us going forward, I'm nosy of what else is there in terms of sales realignment or for that matter, sales headcount reduction efforts that should be anticipated in front of us if there are any?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    I would declare the bulk of this is behind us, but as they Go forward and bring the leadership in, which we've done, I account over time they will continue to refine that model. So I account there are additional benefits to be gained on efficiency, but those are incremental relative to what they just went through.

    Aaron Rakers, -- Wells Fargo -- Analyst

    Okay, thank you.

    Operator

    Thank you. Their next question comes from the line of Jason Ader of William Blair. Your line is now open.

    Jason Ader -- William Blair -- Analyst

    Thanks. Bob, thank you for the CEO search update. I guess my question on that is, five months into when you announced it and they haven't seen any announcements yet. So I guess why is it taking so long? Is there anything you can give us some more color on that?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    I'll just do the comment that the search committee is making very proper progress on the CEO search.

    Jason Ader -- William Blair -- Analyst

    Okay. honest enough. And then over the terminal few years, we've seen a progression of restructuring and pricing and packaging changes. I know that you guys are optimistic on the things that you're implementing right now, but why should investors believe that this time is going to be different?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Well, the only validation is for us to hit the numbers. That's the only true validation. entire I can declare is the funnel growth and the types of deals we're seeing now are in a different category than we've seen in their history. So a lot of the deals -- there is a lot of deals that are in the multiples of millions of dollars and it's both mainly in the Americas and AMEA, primary in multiple million this is summon it $3 million, $4 million, $5 million, $6 million benign of deals and they're accelerating.

    So we've got that, that's true and these deals are well scrubbed and they're affecting through the funnel well. In addition, we've never had the force of their product line for the bid market, where their appliances are complete and really getting their prices in line and we've eased that up with a lot more resources and focus.

    So I account fundamentally, they didn't try to achieve a quick fix here. They try to really understand the market dynamics and address it.

    In addition, let me be transparent about this, if you sight at their platform for the cloud, a true cloud platform to manage data and migrate it to the cloud and manage it in as a scale out platform and with Linux functionality, I account there is a stronger platform in the industry than what they believe here at Commvault.

    And we've been able to purchase the next step and enhancing that platform for let's summon it multiple exabytes scale, which they anticipate will be in the market sometime early next fiscal year. It's not that far away. So I account technically we're in a really proper position.

    I account we're seeing the true traction from the consolidation taking condition in the enterprise across the Board for data management functions. I account cyber is a broad driver of that and we've had really proper success in taking major customers and they when they regain from major cyber attacks, they had most present at their Go Conference as a proper instance of that.

    Clearly, things relish GDPR compliance are playing a role of that and the cloud is becoming increasing censorious and I don't account there is any platform on the planet that allows customers to natively exercise the cloud and entire its aspects relish they have.

    So in spite of the changes the things they made, I account the company is fundamentally in a extremely tough strategic position to accelerate growth and they believe established a much more efficient cost structure to drive the bottom line.

    Jason Ader -- William Blair -- Analyst

    Thanks.

    Operator

    Thank you. Their next question comes from the line of Andrew Nowinski of Piper Jaffray. Your line is now open.

    Andrew Nowinski -- Piper Jaffray -- Analyst

    Okay. Thank you very much. proper morning. So looking at slither 21, your assumptions for repeatable revenue growth imply growth of just 17% in fiscal '19. I account that decelerates to about 16% by fiscal '21, despite the merge continuing to increase.

    Is that factoring in expense declines or why should they expect repeatable growth to basically top out at the fiscal '19 plane for just at the start of the transition and they haven't seen an impact from renewals yet?

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Well, again we're trying to be a dinky bit conservative with their guidance out there Andy. So I account that we'll note an acceleration. By FY '21, will be the first meaningful year, where they note renewals start to happen, but they want to be reasonable with their expectations and so they actually note that happen.

    Andrew Nowinski -- Piper Jaffray -- Analyst

    Okay. honest enough. And then in Europe, if I looked at the software revenue, it actually did decline about 17% this quarter despite the GDPR tailwinds. I guess, can you just give us an update on what's going on in Europe and other competitors, such as (inaudible) any pressure on your aptitude to grow revenue in Europe there?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    No. The EMEA team is consistently -- met their number or beat it and terminal quarter they basically took the province out for about six weeks as we're going through this all transition. So in some sense, the quarter really didn't start till the 1st of August.

    As far as they know their expectations for Q3 are for us very, very significant quarter-on-quarter growth. So I account what we've stated is accurate, that you can't draw any long-term conclusion from what happened terminal quarter, they really believe that the majority of that was disruption.

    Andrew Nowinski -- Piper Jaffray -- Analyst

    Okay, thanks, Bob.

    Operator

    Thank you. Their next question comes from the line of John DiFucci of Jefferies. Your line is now open.

    John DiFucci -- Jefferies -- Analyst

    Thank you. I believe a question for Brian and then maybe a follow-up for Bob. So Brian thanks again for entire that information on the transition of this subscription model, that's entire really helpful. But when they sight at that -- the utility revenue, I account that's one piece that's going to cause some questions and I just want to do certain they understand that.

    Can you bid us about what the size or the percentage or the revenue of that revenue is relish on an annual basis and if you can, what the annual retention of that utility revenue is even if it's on a customer basis that they can sort of ascertain how repeatable that is?

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Sure. So the utility portion of the subscription revenue or repeatable revenue is actually -- it's relatively miniature in the august scheme of the total. I would declare that their retention rate is extremely towering on that.

    This is often a pay-as-you-go model based on usage. It's a quite sticky revenue stream that repeats typically every quarter and what we're trying to achieve with the ACV metric is trying to annualize that as well, because it is on a rush rate that is Somewhat predictable for us. And it's not -- the majority of the revenue is not even near to that. They didn't declare what's the number is, but it is the smaller portion of that total.

    John DiFucci -- Jefferies -- Analyst

    Okay. Well that's a start. So thanks, it's small, but it does believe a pretty towering retention rates. So that's proper to hear. Okay. And Bob listen, so just to Go along some of the questioning here, Commvault always had tough vision and products, sometimes getting to market has been a challenge, getting the products to market, but both -- both of those points, it's always been tough vision in compelling and quit product, but go-to-market execution seems to believe been spotty over history.

    And you said this in this quarter, the disruption was greater than you expected and so we've heard relish in the province of relish higher than incurious intentional sales personnel attrition and it's -- so that seems relish the disruption is going to be -- it's going to persist here and I guess how achieve you regain from that?

    I know you're trying to shift more to partners, but that too increases some risk to any benign of shift those right. So I guess to some of those questions around relish how achieve you feel confident about 9% growth next year, is it the fact that you just don't need sales as much as you did before with the shift to more of a product or partner-driven go-to-market strategy, because even in that case I don't know, it just look to be pretty censorious here.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Now, let's be clear. Sales is noiseless really censorious and the surprise if you want to summon it a surprise is we've always been tough in the enterprise and it drove a lot of their growth in their early years.

    And the enterprise for a couple of years shifted to buying point products, the next shiny box or whatever and that began shifting probably about six months ago, maybe a dinky longer so a consolidated holistic play in the enterprise and that's really accelerated and those -- that all progression of, stand if I just went through on consolidation, cost, cyber compliance and I'll just mention offline here that we've automated so much of the processes within data management now.

    So we've taken a lead in automation both on premise and the cloud. So you've got this massive shift in the enterprise that is more holistic enterprisewide solutions that requires a really tough enterprise sales compel and I mentioned earlier, when they started Advance, but they wanted more leverage with distribution partners in the enterprise and now we've got the combination of those two.

    And then the mid-market, even though they shifted more resources to partners that's a process that is not going to happen in a day. It is happening as they speak, we're seeing in, but that engine will gain momentum quarter-on-quarter. So the answer is sales for their industry is noiseless extremely censorious and yes, there's no doubt when you do major changes relish this and these are fundamental. They didn't try to troop aid it and they did it quickly.

    You're going to note some disruption because it's not only structure that they changed. Its comp and a lot of other things and pricing. So I believe the pluses well outweigh the risks on the bottom, but I don't want to minimize that they won't note some attrition, disruption as they manage their way through that. But I account it will be manageable, because they got so many strengths now for their salespeople to hit their quotas and do a lot of money.

    John DiFucci -- Jefferies -- Analyst

    So it sounds relish sales or intentional sales attrition from what we're hearing in the field, it sounds relish it's accurate, but there's so many things going on here that you account you'd be able to offset that?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Yes, and sight some of that goes on when you do major change.

    John DiFucci -- Jefferies -- Analyst

    Yeah, OK. Well thank you guys.

    Operator

    Thank you. Their next question comes from the line of Alex Kurtz of KeyBanc Capital Markets.Your line is now open.

    Alex Kurtz -- KeyBanc Capital Markets -- Analyst

    Yeah, thanks guys. proper morning. I just want to ensue up on that terminal question, Bob, are you taking any specific actions with your top reps to incentivize them, specifically to wait on for the next couple of quarters as you Go through this transition, is there any specific actions you're taking? I know there is a lot of organizational changes here. I was wondering if there was a program around the sales compel around retention.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    The answer is just in general they are taking specific action in specific cases and trying to do it easier for their sales teams to earn their quotas. There is not a general corporatewide action. There are specific actions in the field.

    Alex Kurtz -- KeyBanc Capital Markets -- Analyst

    Okay. And Bob just competitively in the US, especially I know there's been a lot of discussion terminal couple of earnings calls around a couple of emerging platforms that are competing in the channel, just any benign of update in what you're seeing quarter-to-date, year-to-date, any changes sequentially?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Well, in the enterprise, we're seeing a significant resurgence against entire the competitors, legacy and the unusual competitors in the midmarket and certain, I'll summon lower scale deployment enterprise. They clearly note the unusual converged guys in the market and they believe a lot of momentum, but now you've got a Commvault with a plenary product line and much stronger distribution, to deal with that I can say.

    When they earn into head-to-head competition now when they are there, they believe a really towering win rate, because it's just the breadth and depth of what we're doing in terms of -- and having products that are not only competitive, what they have, but Go way beyond their capability, particularly in their aptitude to plug data into the cloud to manage it in the cloud and manage it back for a data protection that entire the automated and orchestration capabilities they believe for debt test DRs and a class by itself now.

    So I account we're in a really solid position technically and I account we've done a lot to fundamentally change their -- and strengthen their go-to-market. So I account internally they feel really proper about entire those although it was painful in the near term.

    Alex Kurtz -- KeyBanc Capital Markets -- Analyst

    Understood. And Brian, just terminal question for me, I account historically you've called out the subscription headwind, but the dollars, I account you've benign of projected what the delta would believe been. Sorry if I missed it this earnings call, but believe you called that out yet?

    Brian Carolan -- Vice President and Chief pecuniary Officer

    No, they didn't set a number on that. I'd declare it's fairly consistent with what they did in prior quarters. It's probably in that $3 million to $4 million range, the headwind.

    Alex Kurtz -- KeyBanc Capital Markets -- Analyst

    Great. Okay. entire right, thanks guys.

    Operator

    Thank you. Their next question comes from the line of Eric Martinuzzi of Lake Street. Your line is now open.

    Eric Martinuzzi -- Lake Street -- Analyst

    Yeah, my question has to achieve with couple of your key channel partners, just wondering sometimes I've grown num to the HPE, the annual HPE announcement or the annual NetApp announcement. Obviously given the shift to channel dependency here and away from the direct side, what believe they done differently this year versus past years?

    I feel relish you've always had products that play well with them, but what are the one or two significant changes with those two key partners?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    I'll purchase HP and I'll let Al purchase the NerApp. The dissimilarity is that they believe what I summon fully integrated online plays with HP. So when they Go to market, they Go to market with a solution that includes Commvault as far as solution and that's brand new.

    That agreement was completely unusual agreement that was executed this summer and basically went into market over the terminal couple of months. They believe significant deals in the funnel with them that are true that will most likely near this quarter.

    In addition to that, for example, HB had 30 people at their partner conference this year and they've had of storage that's working with us silhouette globally, entire their major accounts with Commvault, so that's really proper on the ground integration with HP. So they set the resources, they believe the aligned plays. We've got pricing. So they got I'd declare extremely proper alignment with them and they're putting a lot of resource behind their partnership.

    So I'm really confident about benign of where they are with them and we're too seeing it in their funnel growth. So it's radically different from anything we've had in the past with HP and its brand unusual and I'll let Al purchase the NerApp.

    Al Bunte -- COO

    Yeah, and I account NetApp is similar to what Bob just said on HPE. Lots of programs, lots of campaigns, lots of sales initiatives, but I account overall, one that Bob didn't talk about, it's applicable across entire of their major particularly storage or infrastructure partners is their aptitude to deal with software-defined secondary storage.

    Notably came out with their HyperScale both Appliance and reference architecture programs and I think, Eric and you would know this, we're seeing a major, major battleground developing for secondary storage. It's entire predicted that there's going to be a huge amount of movement in this direction.

    We too account in the current market that there is lot of vulnerability, to older technologies, expensive technologies and again the modern scale-out HyperScale environment is extremely compelling. So they note a number of again what I'd summon historic storage suppliers wanting to participate in this benign of trend.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Yean and Al just made a really proper point and HyperScale in HP's case, they drive that on their Apollo, whether Apollo servers. So it's not just appliances, it's on their own server infrastructure for secondary storage and concurrent with that, there is no doubt that their platform and its aptitude to seamlessly manage data on premise and in the cloud across an enterprise is a major strategic odds versus anybody out there.

    Eric Martinuzzi -- Lake Street -- Analyst

    Okay. Because that's -- they don't want for people looking out your competitors too believe programs with them. So I'm joyous to hear there is higher plane of executive commitment for you guys.

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Higher plane of integration.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    And to be transparent in HPE case and they achieve believe a competitor, in the enterprise they're focused with Commvault and the enterprise. The HPE play is mainly a big enterprise -- global big enterprise play.

    Eric Martinuzzi -- Lake Street -- Analyst

    Okay. Thank you.

    Operator

    Thank you. And I'm showing no further questions at this time. Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may entire disconnect. Everyone believe a Great day.

    Duration: 74 minutes

    Call participants:

    Michael Picariello -- MD of Americas Research

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Joel Fishbein -- BTIG, LLC -- Analyst

    Aaron Rakers, -- Wells Fargo -- Analyst

    Jason Ader -- William Blair -- Analyst

    Andrew Nowinski -- Piper Jaffray -- Analyst

    John DiFucci -- Jefferies -- Analyst

    Alex Kurtz -- KeyBanc Capital Markets -- Analyst

    Eric Martinuzzi -- Lake Street -- Analyst

    Al Bunte -- COO

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    References :


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