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Test Code : HP2-E57
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: 40 real Questions

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HP IT to industry Alignment

a artery to Align Cartridges in the Deskjet D4160 | killexams.com real Questions and Pass4sure dumps

Use a cotton swab and alcohol to  cleanly your print cartridge.

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Jupiterimages/pictures.com/Getty photographs

The HP Deskjet D4160 lets you print color documents and photographs out of your computer. The printer makes exhaust of a collection of ink cartridges to transfer ink to the web page. if you chance to exchange the cartridges or in case you stream the printer, the cartridges might promote out of alignment, which means your document or picture will now not print accurately. you can fix this by artery of having the printer align the cartridges. The printer will print a verify web page because it aligns the cartridges.


record: SDG alignment generated $233bn in company profits final 12 months | killexams.com real Questions and Pass4sure dumps

by relocating to embed the aims of the UN's 17 Sustainable development desires (SDGs) into their sustainability strategies, 13 of the realm's biggest corporates hold at the selfsame time generated $233bn of revenue.

Aside from raw revenue, Trucost claims that SDG alignment can boost a company's  companionable value and   animate it to prioritise risks and opportunities

other than uncooked profits, Trucost claims that SDG alignment can boost a company's companionable cost and uphold it to prioritise dangers and alternatives

it truly is the key discovering of a brand original record from pecuniary assessment enterprise Trucost, which analysed the merits that the 13 groups had reaped from taking SDG-aligned movements across their value chains, from uncooked cloth sourcing to product and packaging disposal.

protecting businesses akin to know-how tremendous HP, fitness and marvel chain Walgreens Boots Alliance and energy companies Iberdrola and Ørsted, Trucost’s analysis exhibits that the 13 corporations jointly generated round $233bn of 'SDG-aligned' enterprise revenues in 2017.

due to the fact the businesses jointly checklist annual revenues of $266bn, this pattern accounts for as a suitable deal as 87% of each enterprise’s individual earnings.

The analysis changed into performed with the assist of Trucost’s newly-developed SDG comparison tool, which goals to assess whether a company has accomplished “holistic” alignment with the SDGs, in accordance with its sector and placement.

The device takes under consideration the extent to which an enterprise is uncovered to SDG-connected hazards; the movements it has taken to mitigate defective affects on society and the environment; the efficient contributions it has made to the SDGs and even if its mode is balanced.

Developed with information from the likes of the London college of Economics, the UN world Compact and the locality company Council for Sustainable development, the device was trialled on 34 corporations earlier than being launched on Monday (5 November).

aside from generating raw salary, TruCost’s managing director and global head of corporate company Libby Bernick explained that the device was designed to aid groups determine SDG-aligned company cost, prioritise dangers and alternatives and update their sustainable boom strategies.

"Working with a diverse latitude of businesses and market consultants has enabled us to augment a sturdy framework to examine SDG-aligned industry cost in order that it is comparable across company activities and regions," Bernick referred to.

"we are grateful for the collaboration of their application participants in helping to tackle transforming into demand for holistic SDG metrics to satisfy the decision-making wants of buyers, enterprise boards, and other market participants."

The 13 organizations to hold been analysed within the document are Walgreens Boots Alliance, Tarkett, Spectrum brands Holdings, S&P international, Rockwool group, Ingersoll Rand, HP, CLP Holdings, Arm, AMD, Aguas Andinas, Iberdrola and Ørsted

SDG stumbling blocks

due to the fact that the revealing of the framework in 2015, 193 nations, 9000 organizations and investors with more than $4 trillion in assets hold pledged their steer to the SDGs.

but as further and further groups flow to align with totality or some of the global dreams, fresh analysis by artery of KPMG create that groups are soundless struggling to achieve boardroom buy-in for motion on the SDGs because of a lack of available metrics for tracking development in opposition t their goals.

In different words, despite fresh experiences suggesting that as a lot as $12trn and 380 million jobs may subsist generated via 2030 if the SDGs are positioned on the coronary heart of international pecuniary strategies, case stories proving the certain advantages of adopting every and totality the goals at a enterprise stage is unusual.

in a similar fashion, PwC has create that two-fifths of businesses are nevertheless failing to interact meaningfully with the SDGs, whereas the UN global Compact has concluded that the private sector is failing to follow via on commitments.

These findings, compounded through the uk Stakeholders for Sustainable development’s (UKSSD) claims that the nation is only performing neatly on 24% of pursuits regarded crucial to the home birth of the dreams, spurred the united kingdom government to launch its first evaluation into industry performance towards the SDGs previous this yr.

Sarah George


HP: Switching From IT to company technology | killexams.com real Questions and Pass4sure dumps

No outcomes discovered, are trying original key phrase!"expertise is entering into a original context–IT as they know it is over," talked about Deborah Nelson, HP’s Senior ... [IT] to company expertise is a bit of of mild of hand, since the industry has been preach...

HP2-E57 IT to industry Alignment - HP Always On(R) uphold Services

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HP2-E57 exam Dumps Source : IT to industry Alignment - HP Always On(R) uphold Services

Test Code : HP2-E57
Test title : IT to industry Alignment - HP Always On(R) uphold Services
Vendor title : HP
: 40 real Questions

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A hardy lifestyle is the best prescription for healing | killexams.com real questions and Pass4sure dumps

On December 13, HP and Vator are hosting their next quarterly salon at HP headquarters in Palo Alto. This time, we're focused on vitality, which is defined as "energy, zest, verve and exuberance."

Why vitality? They wanted a word that encapsulated their aptitude to buy control of their life through their conduct and suitable habits. 

We're calling their event -- Vitality: Lifestyle as a drug.

It's a play on software as a drug (meaning digital therapeutics as an alternative to drugs).

It's a reminder that hardy lifestyles can subsist more efficient than drugs because the benefits of such lifestyles, as the word implies, are habitual, routine behaviors. These recurring activities circle out to subsist associated with positive long-term benefits. Compare this to drugs, which are considered short-term, addictive fixes, with potentially insidious consequences. They may create positive feedback loops because they alleviate the symptoms. But drinking more alcohol to alleviate a hangover creates a positive feedback loop too.  

So they should scrutinize to their behaviors first. There's nothing more confident-boosting and adrenaline-lifting than sentiment hardy and energized naturally vs via medications.

To subsist sure, in some acute cases, it's imperative. Additionally, lifestyle changes require a uphold group - family, friends, caregivers - who are not just present, but hold the understanding and resources to give such care to animate that conduct change.  

Fortunately, there is a growing awareness that such information is needed. 

This has to achieve with a confluence of factors, including a growing backlash against medications (possibly due to the opioid epidemic, partly fueled by pharmaceutical companies push for wide-scale adoption),  studies showing that something as innocuous as aspirin can lead to bleeding or higher chances of heart attacks, and a growing awareness that a lot of their clinical health problems (mind and body) hold to achieve with stress and impoverished behavioral habits.

It's no marvel that the prescription inclusive in totality treatments is to accomplish behavioral changes around dropping defective habits and adopting better ones, such as eating a hardy diet, exercising and getting enough sleep.

For example, in the case of solicitude and depression, people hold been able to drop below clinical levels "merely because they started to sleep on a predictable schedule and consume breakfast," writes Jordan Peterson, author and clinical psychologist. In the case of people at risk for character 2 diabetes, many studies showed that lifestyle interventions -- suitable exercise, diet, sleep - showed a reduce in the risk for diabetes from the halt of intervention up to 10 yrs after. In some cases, people are off medications in 70 days as the diabetes is reversed. 

All this is suitable news. This is why they want to focus on lifestyle interventions and other non-invasive ways they can animate their bodies heal or sojourn healthy. 

As always, I'll try to find some Interesting articles across the web that converse to this topic and august digital health advice in general, ahead of their Dec. 13 event. Want to join us? They hold limited tickets available as this is mostly curated. But if interested, gladden join us here. 

Google hires Feinberg

Google just hired David Feinberg, former Geisinger CEO. His job will subsist to organize Google's disparate AI and healthcare units, such as Verily, Google Brain, Nest and Google Home, according to reports.

What does this hold to achieve with lifestyle as a prescription for health? A ton.

It clearly shows that Google knows the current $3 trillion healthcare ecosystem is broken. And it's going to pattern out how to tremble things up. Don't subsist surprised if they pick up into businesses that promote lifestyle medicine, wellness and behavioral-modification programs.

Read more.

Which is better?

It's unclear which of the three - sleep, nutrition, exercise - is the most important, but sleep appears to subsist pretty significant. For instance, you can survive by eating cheeseburgers and fries and not exercising, but you can't pick up through life without sleep.  

So let's touch on sleep.  

Here's why it's important, according to The National Heart Blood and Lung Institute. "Sleep plays an principal role in your physical health. For example, sleep is involved in healing and repair of your heart and blood vessels. Ongoing sleep deficiency is linked to an increased risk of heart disease, kidney disease, high blood pressure, diabetes, and stroke.  Sleep deficiency too increases the risk of obesity.

There's too lost productivity. One study showed that "sleep disturbances understanding fatigue-related productivity losses estimated at $1,967 per employee, per annum."

It's too a august business, expected to subsist nearly $77 billion in 2019 -- though nearly half of that amount goes toward mattresses and pillows, and sleep-apnea devices are about $23 billion of the market. 

One of the biggest sleep companies is Casper, which makes mattresses. It started in 2014 and has raised $239 billion from VCs such as Norwest Venture Partners, NEA and IVP.

And there's a bunch of apps - but clearly based on the numbers above, the jury is soundless out whether these apps and programs work. Apple bought a sleep app called Beddit in the spring of 2017, though it's been reported that Beddit may hold been shut down. And Hello, which made a sleep sensing ball, launched in 2014, raised $40 million but flamed out quickly, shutting down last year. 

Still the fact that Apple made an acquisition in this space suggests Apple sees value in this market. VCs are soundless pouring money into these companies and some will pick up it right. Thrive Global and august Health, maker of Sleepio, are chugging along.

I just took a sleep test on Sleepio. It showed I had a "poor" sleep score of 2.5 out of 10! Yikes. I was given some tips (as you can remark in the image), and they definitely were helpful.  

But how they measure that improvement is one question I'll subsist focused on. It's up in the air, particularly for sleep trackers. In one study, written up in Medical advice Today, doctors followed 50 people around for two weeks. The study showed shrimp relationship between how the person thought they slept vs what trackers said. "Your sleep tracker might expose you that it measured a suitable night's sleep, but you could soundless wake up sentiment groggy. Whether they can exhaust the tracker's data to convince ourselves that their sleep was better than they thought is a question that their team would like to remark answered in the future," according to the post. 

Social determinants

Another august factor in sustaining suitable habit is companionable determinants -- the positive and Amazing privileges many have, but buy for granted. 

What exactly does this mean? Here's a suitable description: "Health starts in their homes, schools, workplaces, neighborhoods, and communities. They know that taking care of ourselves by eating well and staying active, not smoking, getting the recommended immunizations and screening tests, and seeing a doctor when they are sick totality influence their health. Their health is too determined in fragment by access to companionable and economic opportunities; the resources and supports available in their homes, neighborhoods, and communities; the quality of their schooling; the safety of their workplaces; the cleanliness of their water, food, and air; and the nature of their companionable interactions and relationships. The conditions in which they live interpret in fragment why some Americans are healthier than others and why Americans more generally are not as hardy as they could be."

Examples of companionable determinants include: 

Safe housing; Access to education and quality of education; Access to health services; Socioeconomic conditions; Exposure to crime, violence; companionable norms, attitudes and culture.

Read more.

Esther Dyson's Welville Project

This list above is solid. But it doesn't include family infrastructure - parenting and upbringing, which is, I believe a significant driver in the conduct and well-being in children. 

It's a lot easier to sojourn hardy in the Bay Area, where many people pride themselves on the number of triathlons or races they've accomplished. But in other less affluent areas, where cleanly water and hardy food aren't so prevalent, and where parents hold shrimp free time for themselves, much less labor out -- it's not so easy. 

Esther Dyson is on a mission to animate five cities become healthier. But it's become less about providing flu shots, medications, etc. and more about changing culture - in other words - behavior. And it's become more about changing the environment. It's about helping families and communities embrace the privilege long-term mindset. It’s about helping kids learn about long-suffering and the covet to remark a future and to labor toward it.

“Long-term covet is purpose,” said Esther. “Short-term covet is addiction.” In other words, short-term programs are just a quick fix. Welville isn’t about that. It’s about achieving long-term results with a long-term purpose. “It’s about committing and achieving to an outcome that’s uncertain and not immediate.” 

Amen. 

Read more.

(Image source: moneycrashers, cnbc)


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

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Commvault Systems, Inc.  (NASDAQ: CVLT)

Q2 2018 Earnings Conference Call

Oct. 30, 2018, 8:30 a.m. ET

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

    Operator

    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 like to interpose your host for today's conference, Mr. Michael Picariello, Director for Investor Relations. Sir, you may begin.

    Michael Picariello -- MD of Americas Research

    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 like to remind everyone that statements made during this call, including in the question-and-answer session at the halt of the call, may include forward-looking statements, including statements regarding pecuniary projections and future performance. totality 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 universal economic conditions. For a discussion of these and other risks and uncertainties affecting their business, gladden remark the risk factors contained in their Annual Report in profile 10-K and their most recent quarterly report in profile 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 development 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 subsist create in Table 4 accompanying the press release and posted on their website.

    Commvault adopted the original revenue benchmark ASC606 on April 1, 2017. Their adoption was done on a retrospective basis, totality prior periods in their pecuniary statements hold been adjusted to comply with the original rules.

    As a result, the results and growth percentage they will debate today are on a comparable basis using the original rules. totality 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 include a slide presentation as fragment of Commvault prepared remarks to facilitate updates on their Commvault promote initiatives. These initiatives include an update on their transition to subscription revenue models, as well as their recent operational review. The slides too cover their announcement of original multi-year revenue and operating margin targets. If you've not done so already, I would insinuate logging into the webcast now to view or download a copy of the slides.

    Please too note that in order to best remark the slides, they insinuate enabling plenary screen slide mode within the webcast. In addition, the slides can too subsist 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 subsist available on their website following the call.

    I will now circle the summon over to Bob.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Thank you Mike, and suitable morning, everyone and thank you for joining their fiscal second quarter FY '19 earnings call. On today's summon they will debate 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 hold made to accelerate their transition to subscription revenue models, the results of their recent operational review, which includes the announcement of original multi-year revenue and operating margin targets, and an update on their participate 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 participate versus $0.21 in the prior fiscal year.

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

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

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

    The goals of Commvault promote are to establish a sturdy foundation to ameliorate revenue, while at the selfsame time achieving much improved operating margin leverage. The implementation was a culmin turning to their poise sheet and cash flows in the first quarter cash and short-term investments were partially 1.1 billion ation of a yoke of years of application 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 fragment shifted a significant percentage of territory resources to uphold their channel and alliance partners and major simplification of both products pricing to accomplish their solutions easier to both sell and buy.

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

    Based on the early results of these changes, they are already seeing improved momentum and hold seen a keen augment in funnel growth, sturdy order flow in October and solid forecast from the field. However, given the early stage of their transformation, they procedure 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 buy 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 strength 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 faultfinding 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 hold 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 pellucid technology leader and migrating and managing data in the cloud with IBM's $35 billion acquisition of Redhat this weekend, there will subsist additional focus on cloud and Commvault is well positioned to buy 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 fragment of Advance, they are laser focused on improving their aptitude to accelerate revenues through a much stronger sales and distribution. These efforts hold been further bolstered with the recent hiring of several sales leaders with sturdy 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 include 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 component of Commvault promote is to create and enhance expanded and simplified product portfolio, which includes product innovations that accomplish it easier for customers to install and exhaust their products and changes to packaging and pricing structures to accomplish 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 animate customers know their data and then ascertain and extract original industry insights from data under management whether that data is on-premise or in the cloud.

    All these products hold 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 include 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 subsist fully integrated with the HPE store once appliances. The integration will allow backup data to subsist moved natively to the cloud or back to on premise. They anticipate this integration to subsist 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 territory organizations and upshot 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 anticipate to remark 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 totality 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. surge in fiscal 2018, they began transitioning a significant portion of their original 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 privilege long-term model in order to drive, ameliorate and sustainable revenue growth for the future. Brian will highlight some of these key metrics, which expose 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 yoke 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 poise 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 ameliorate their business, one thing they will not change is their commitment to innovation and delivering world-class solutions and uphold to their customers. As they identified economies in their cost structure, they hold not decreased their investment in R&D or customer uphold 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 confederate 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 ameliorate IT resource utilization, buy immediate actions to mitigate damage from a cyber bombard and provide real time alerts on faultfinding 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 subsist 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 scurry 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 remark increased topline momentum, as their channel strategy, go-to-market initiatives and alliance partnerships has started to expose 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 participate in big enterprises with the journey to the cloud and solutions to animate customers mitigate and recoup from a cyber bombard 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 uphold to their channel and strategic partners, combined with the introduction of original 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 dwelling for the company to execute and deliver improved pecuniary performance.

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

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Thank you, Bob and suitable 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 hold 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 original multiyear revenue and operating margin targets. And lastly, I will provide you an update on their participate repurchase program.

    In addition to their earnings release issued earlier this morning, they too hold 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 follow along with these slides during my remarks.

    Q2 total revenues were $169.1 million representing an augment of 1% over the prior year period. On a sequential constant currency basis, total revenue would hold 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 tolerable 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 phase 1 of Commvault promote and create significant efficiencies in their cost structure, which included reducing their overall headcount by approximately 7% since the surge of the fiscal year. They ended the September quarter with 2,644 employees.

    In addition, as they scurry through phase II of Commvault Advance, they remain focused on maintaining their technological leadership position in the industry. They achieve not anticipate these operational initiatives to hold an adverse repercussion their product development 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 tolerable participate import 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 tolerable participate import for plenary year FY '19 will subsist 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 last six quarters has been very successful.

    For the sake of clarity and transparency, they are introducing two revenue metrics to animate 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. slide 9 in their presentation includes a chart that summarizes revenue based on how it is recognized and if it is potentially repeatable, nearly totality of Commvault software and product revenue is related to solutions that are race in the customers on-prem environment for cloud infrastructure.

    We currently achieve not hold 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 accurate 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 hold intentionally used the word repeatable and not recurring to relate 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 term of sale.

    The only exception to this point in time recognition principle for their software products is sales of their pay as you scurry 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 uphold services. Note that unlike software, their maintenance and uphold services on both perpetual and subscription software arrangements are recognized ratably over the contract term.

    Slide 10 includes a summary of the benefits of subscription models. They hold heard from many of their enterprise customers that consumption-based pricing such as subscription arrangements is very high 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 scurry to consumption-based pricing models associated with cloud storage.

    Ultimately a subscription license provides the customer with much more flexibility to adjust the changes in their industry and technology. If subscription arrangements accomplish 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 scrutinize at a simple representative sample 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 slide 11, they hold 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 uphold and maintenance. Each year that this customer renews their uphold maintenance, Commvault receives $45,000 of revenue. The total cost over a three-year term 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 totality (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 principal 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 expose the potential value of the transition to CommVault shareholders.

    The first is repeatable revenue and the second is a original metric not previously discussed, but widely used in the industry and that is annual contract 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 slide 13, as noted 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 uphold revenue on these arrangements.

    The amounts included on the recurring uphold and services row is primarily maintenance and uphold revenue related to existing perpetual software arrangements. They would admiration approximately 71% of their Q2 total revenue to subsist 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 slide 14. Subscription-based pricing represented a record 43% of software and products revenue in Q2, which compares to 17% in Q2 of last year.

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

    The second metric, I would like to debate is the subscription and utility annual contract value or ACV, which is shown on slide 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 lively subscription contracts value, inclusive of revenue that was recognized as either software or uphold services, annualized for a 12-month equivalent value plus two, the annualized value of lively utility or pay as you scurry usage billings.

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

    This metric will subsist a valuable data point to demonstrate the growth of their subscription and utility-based pricing models that they anticipate to drive original 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 term of selling subscription licenses. Importantly, ACV is accelerating and achieved approximately 90% year-over-year growth this quarter.

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

    I would now like 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 hold been making suitable progress within their Commvault promote framework across totality 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 anticipate that the changes they hold 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 anticipate third quarter total revenue to subsist 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 remark margin expansion and sturdy year-over-year earnings growth based on the cost-cutting initiatives they began in early fiscal 2019.

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

    While their strategic fundamentals are sturdy and their aptitude to execute has improved, they soundless face faultfinding challenges. It is principal 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 certain component 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 hold discussed for many quarters, they are currently reliant upon a steady inflow of big six and seven-figure deals, which promote with additional risks due to their complexity and timing.

    While they too exigency to ameliorate their close rates on these deals, big deal closure rates will likely remain lumpy, particularly in the near term. And lastly, while they are blissful 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 hold a dampening upshot on revenue, but they believe will ultimately result in a higher lifetime value. As previously stated, fiscal '19 will subsist impacted by the near-term disruption of the changes they implemented that as fragment 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 remark 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 subsist a key component of their improved pecuniary performance. As you can remark on slide 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 capitalize from renewals of existing subscription customers. As they continue driving repeatable revenue, they will focus on maximizing the value of subscription and utility annual contract value.

    As previously discussed, their current ACV is approximately $76 million. Their goal is to achieve approximately $240 million of subscription and utility annual contract value by the halt of fiscal '21. The $240 million goal is approximately eight times the ACV they stated with when they began their scurry 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 remark 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 poise sheet and cash flows. As of September 30, their cash and short-term investments poise 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 odd locations from $197 million as of June 30 to $130 million as of September 30.

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

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

    Free cash flow, which they define as cash flow 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 poise was approximately $316 million, which is an augment of 7% over the prior year period. Nearly totality of their deferred revenue is services revenue that has been invoiced to customers.

    Lastly, let me update you on their participate repurchases. During fiscal 2019, which includes transactions through yesterday, they hold repurchased approximately $47 million or approximately 707,000 shares of their common stock at an tolerable 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 participate repurchases to $200 million and extended the program for another year through March 2020.

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

    Robert Hammer -- Chairman, President and Chief Executive Officer

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

    We announced a number of original products and services including an exciting original artery for customers to interface with their software called Commvault Command Center, original 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 separate console for managing Commvault's complete portfolio of products across an entire enterprise on premise, cloud and halt 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 buy corrective actions.

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

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

    These solutions will subsist available within cloud marketplaces for ease of acquisition and deployment. Customers can purchase the services as a Pay As You scurry license or as a fixed term subscription. They too expanded the company's family of appliances with addition of two original appliances. The original 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 original larger appliance is targeted at managed service providers and big enterprises featuring stellar technology with their Commvault Hyperscale software. The diminutive offering takes a plenary power of Commvault complete backup recovery into an appliance offering impeccable for remote office and fork offices.

    All of their appliances can subsist used to seamlessly backup data on-premise or scurry 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 expose Al and I too delivered a keynote presentation that outlined original 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 original industry benchmark for what it means to subsist complete and backup and recovery solutions. Advances in machine learning and AI will create a sales driving like sustain that redefines how customers engage with their software. This is made possible through the capabilities of the original Commvault Command Center.

    Secondly, the simple SmartCloud highlighting Commvault's aptitude to deliver a promise 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 accurate extension of a modern on-premise data center.

    And lastly, they continue to ameliorate customers' information 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 anticipate more as they deliver truly complete backup and recovery.

    Before they wrap up, let me briefly update you on the search process for a original 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 artery and the search committee is making suitable 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 sturdy early momentum from their Commvault promote initiatives and are excited about their accelerating subscription revenue.

    We hold made comprehensive operational changes over the last 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 surge 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 remark increased momentum as their channel strategy, go-to-market initiatives and alliance partnerships start to expose positive traction.

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

    Our objective is to accomplish 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 circle 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 hold one for Bob and one for Brian. I'll start with Brian. Hey Brian, thanks for the detail on the scurry to the subscription model. What I'm just trying to understand is with a lot of these companies, you start this -- you remark deferred revenue grow privilege as you note 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 inquire Bob the next question.

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Sure. suitable 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 term of sale on the software portion.

    The only thing that goes into deferred revenue potentially would subsist the maintenance that's attached to that, just like a ordinary arrangement under perpetual model. It's the selfsame character of carve out for maintenance and uphold that gets deferred over the contractual term.

    So you don't remark it expose up in deferred. It actually shows up in term 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 suitable visibility into the traction that we're making on more repeatable revenue models.

    Joel Fishbein -- BTIG, LLC -- Analyst

    Would you hold a backlog number then, like in terms of total contract backlog or is that not a metric that might subsist meaningful?

    Brian Carolan -- Vice President and Chief pecuniary Officer

    That's really what, it's almost really, if you scrutinize at the ACV is a proxy for what backlog would subsist 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 privilege 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 stand for substantial uptick in funnel flow 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 totality 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 augment in big deal and flow too gives us optimism for this current quarter and it's continued.

    And secondly, as I discussed in my remarks, they now hold a much stronger distribution position and although that's going to buy a shrimp time to repercussion their earnings, we're starting to remark 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 confederate and alliance relationships in the enterprise.

    And from the midmarket standpoint, they are seeing suitable traction with their appliances in Commvault Complete and original pricing. So the all foundation at Commvault Complete was not try to accomplish changes here. That's why it goes back a yoke years to accomplish 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 deem we've done this the privilege artery although it had some attended risks as they made these massive changes last 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 scurry back to that last question and just understand the variables at play to underpin what looks to subsist a 17%-plus sequential augment in your implied software license revenue this quarter.

    I deem with that in mind, it would subsist 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 augment conservatism wise or what you remark to drive that flat of sequential growth?

    Robert Hammer -- Chairman, President and Chief Executive Officer

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

    So we're not putting august close 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 scrutinize really suitable relative to the guidance they just provided.

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Yeah, I deem just to follow on with Bob's point, we're using fairly typical and tolerable close rates applying that to the current quarter funnel. Again, they remark a hardy uptick in their enterprise deal funnel heading into this quarter, which we're pleased with. Although I did yelp that could subsist 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 kindhearted of validates what you saw it scurry 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 deem last quarter Bob, in response to your question, you said that basically 98% I deem was the number that the total sales favor realignment efforts hold been completed.

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

    Robert Hammer -- Chairman, President and Chief Executive Officer

    I would yelp the bulk of this is behind us, but as they scurry forward and bring the leadership in, which we've done, I deem over time they will continue to refine that model. So I deem there are additional benefits to subsist 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 accomplish the comment that the search committee is making very suitable progress on the CEO search.

    Jason Ader -- William Blair -- Analyst

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

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Well, the only validation is for us to hit the numbers. That's the only real validation. totality I can yelp 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 kindhearted of deals and they're accelerating.

    So we've got that, that's real and these deals are well scrubbed and they're poignant through the funnel well. In addition, we've never had the strength 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 deem 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 subsist pellucid about this, if you scrutinize at their platform for the cloud, a real 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 deem there is a stronger platform in the industry than what they hold here at Commvault.

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

    I deem we're seeing the real traction from the consolidation taking dwelling in the enterprise across the Board for data management functions. I deem cyber is a august driver of that and we've had really suitable success in taking major customers and they when they recoup from major cyber attacks, they had most present at their scurry Conference as a suitable sample of that.

    Clearly, things like GDPR compliance are playing a role of that and the cloud is becoming increasing principal and I don't deem there is any platform on the planet that allows customers to natively exhaust the cloud and totality its aspects like they have.

    So in spite of the changes the things they made, I deem the company is fundamentally in a extremely sturdy strategic position to accelerate growth and they hold 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. suitable morning. So looking at slide 21, your assumptions for repeatable revenue growth insinuate growth of just 17% in fiscal '19. I deem that decelerates to about 16% by fiscal '21, despite the amalgamate continuing to increase.

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

    Brian Carolan -- Vice President and Chief pecuniary Officer

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

    Andrew Nowinski -- Piper Jaffray -- Analyst

    Okay. just 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 last quarter they basically took the territory 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 deem what we've stated is accurate, that you can't draw any long-term conclusion from what happened last 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 hold a question for Brian and then maybe a follow-up for Bob. So Brian thanks again for totality that information on the transition of this subscription model, that's totality really helpful. But when they scrutinize at that -- the utility revenue, I deem that's one piece that's going to understanding some questions and I just want to accomplish certain they understand that.

    Can you uncover us about what the size or the percentage or the revenue of that revenue is like 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 diminutive in the august scheme of the total. I would yelp that their retention rate is extremely high 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 race rate that is a bit predictable for us. And it's not -- the majority of the revenue is not even close to that. They didn't yelp 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 hold a pretty high retention rates. So that's suitable to hear. Okay. And Bob listen, so just to scurry along some of the questioning here, Commvault always had sturdy 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 sturdy vision in compelling and halt product, but go-to-market execution seems to hold been spotty over history.

    And you said this in this quarter, the disruption was greater than you expected and so we've heard like in the territory of like higher than ordinary willing sales personnel attrition and it's -- so that seems like the disruption is going to subsist -- it's going to persist here and I guess how achieve you recoup from that?

    I know you're trying to shift more to partners, but that too increases some risk to any kindhearted of shift those right. So I guess to some of those questions around like how achieve you feel confident about 9% growth next year, is it the fact that you just don't exigency 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 seem to subsist pretty principal here.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Now, let's subsist clear. Sales is soundless really faultfinding and the amaze if you want to summon it a amaze is we've always been sturdy in the enterprise and it drove a lot of their growth in their early years.

    And the enterprise for a yoke of years shifted to buying point products, the next shiny box or whatever and that began shifting probably about six months ago, maybe a shrimp longer so a consolidated holistic play in the enterprise and that's really accelerated and those -- that all sequence of, endure 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 sturdy enterprise sales favor 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 chance in a day. It is happening as they speak, we're seeing in, but that engine will gain momentum quarter-on-quarter. So the reply is sales for their industry is soundless extremely principal and yes, there's no doubt when you accomplish major changes like this and these are fundamental. They didn't try to corps aid it and they did it quickly.

    You're going to remark 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 remark some attrition, disruption as they manage their artery through that. But I deem it will subsist manageable, because they got so many strengths now for their salespeople to hit their quotas and accomplish a lot of money.

    John DiFucci -- Jefferies -- Analyst

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

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Yes, and scrutinize some of that goes on when you accomplish 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. suitable morning. I just want to follow up on that last question, Bob, are you taking any specific actions with your top reps to incentivize them, specifically to sojourn on for the next yoke of quarters as you scurry 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 favor around retention.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    The reply is just in universal they are taking specific action in specific cases and trying to accomplish it easier for their sales teams to merit their quotas. There is not a universal 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 last yoke of earnings calls around a yoke of emerging platforms that are competing in the channel, just any kindhearted 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 totality the competitors, legacy and the original competitors in the midmarket and certain, I'll summon lower scale deployment enterprise. They clearly remark the original converged guys in the market and they hold 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 pick up into head-to-head competition now when they are there, they hold a really high 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 scurry artery beyond their capability, particularly in their aptitude to scurry data into the cloud to manage it in the cloud and manage it back for a data protection that totality the automated and orchestration capabilities they hold for debt test DRs and a class by itself now.

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

    Alex Kurtz -- KeyBanc Capital Markets -- Analyst

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

    Brian Carolan -- Vice President and Chief pecuniary Officer

    No, they didn't upshot a number on that. I'd yelp 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. totality 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 yoke 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 hold they done differently this year versus past years?

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

    That agreement was completely original agreement that was executed this summer and basically went into market over the last yoke of months. They hold significant deals in the funnel with them that are real that will most likely close this quarter.

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

    So I'm really confident about kindhearted 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 original and I'll let Al buy the NerApp.

    Al Bunte -- COO

    Yeah, and I deem NetApp is similar to what Bob just said on HPE. Lots of programs, lots of campaigns, lots of sales initiatives, but I deem overall, one that Bob didn't talk about, it's applicable across totality 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 totality predicted that there's going to subsist a huge amount of movement in this direction.

    We too deem 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 remark a number of again what I'd summon historic storage suppliers wanting to participate in this kindhearted of trend.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Yean and Al just made a really suitable 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 lack for people looking out your competitors too hold programs with them. So I'm lighthearted to hear there is higher flat of executive commitment for you guys.

    Brian Carolan -- Vice President and Chief pecuniary Officer

    Higher flat of integration.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    And to subsist pellucid in HPE case and they achieve hold 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 totality disconnect. Everyone hold a much 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

    More CVLT analysis

    Transcript powered by AlphaStreet

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

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