simply try those modern-day dumps and achievement is yours.

HP2-K19 braindumps | HP2-K19 prep questions | HP2-K19 VCE | HP2-K19 study questions | HP2-K19 practice exam - bigdiscountsales.com



HP2-K19 - Selling HP Business Class Storage(R) Solutions - Dump Information

Vendor : HP
Exam Code : HP2-K19
Exam Name : Selling HP Business Class Storage(R) Solutions
Questions and Answers : 61 Q & A
Updated On : November 16, 2018
PDF Download Mirror : HP2-K19 Brain Dump
Get Full Version : Pass4sure HP2-K19 Full Version


Updated and actual question bank of HP2-K19.

I could advocate this question financial institution as a should must every person whos making ready for the HP2-K19 exam. It became very helpful in getting an idea as to what form of questions were coming and which areas to cognizance. The practice test provided became additionally awesome in getting a feeling of what to anticipate on examination day. As for the answers keys provided, it became of brilliant assist in recollecting what I had learnt and the explanations provided were smooth to understand and definately delivered cost to my idea at the problem.

Can I get latest dumps with real Q & A of HP2-K19 exam?

I passed the HP2-K19 exam last week and fully relied on this dump from bigdiscountsales for my preparation. This is a great way to get certified as somehow the questions come from the real pool of exam questions used by vendor. This way, almost all questions I got on the exam looked familiar, and I knew answers to them. This is very reliable and trustworthy, especially given their money back guarantee (I have a friend who somehow failed an Architect level exam and got his money back, so this is for real).

much less effort, tremendous information, guaranteed achievement.

I passed. Proper, the exam changed into tough, so I surely had been given beyond it because of bigdiscountsales Q&A and exam Simulator. Im upbeat to document that I passed the HP2-K19 exam and feature as of overdue received my declaration. The framework inquiries have been the aspect i used to be most compelled over, so I invested hours honing at the bigdiscountsales exam simulator. It past any doubt helped, as consolidated with one-of-a-kind segments.

Do a quick and smart pass, prepare those HP2-K19 Questions and answers.

Via enrolling me for bigdiscountsales is an opportunity to get myself cleared in HP2-K19 exam. Its a threat to get myself thru the difficult questions of HP2-K19 examination. If I could not have the chance to enroll in this internet site i might have no longer been capable of clean HP2-K19 examination. It became a glancing opportunity for me that I have been given achievement in it so with out problem and made myself so comfortable joining this internet site. After failing in this examination i was shattered and then i found this net website that made my manner very smooth.

Surprised to see HP2-K19 real exam questions!

Are you able to smell the sweet perfume of victory I recognize im able to and it is absolutely a totally lovely odor. You can smell it too in case you go browsing to this bigdiscountsales in case you need to put together to your HP2-K19 check. I did the same element right earlier than my test and turned into very happy with the provider furnished to me. The centers right here are impeccable and once you are in it you wouldnt be involved about failing the least bit. I didnt fail and did pretty well and so are you capable of. Try it!

Is there HP2-K19 examination new sayllabus to be had?

Passing the HP2-K19 exam became long due as my career progress was related to it. however continually were given scared of the subject which regarded absolutely tough to me. i used to be approximately to bypass the test until i discovered the question and answer via bigdiscountsales and it made me so comfy! Going through the substances changed into no issue at all because the process of providing the topics are cool. the fast and precise answers helped me cram the quantitieswhich seemed hard. exceeded properly and were given my advertising. thanks, bigdiscountsales.

No waste of time on internet! Found exact source of HP2-K19 questions.

I nearly misplaced consider in me within the wake of falling flat the HP2-K19 exam.I scored 87% and cleared this exam. a good deal obliged bigdiscountsales for convalescing my certainty. subjects in HP2-K19 have been virtually troublesome for me to get it. I nearly surrendered the plan to take this exam once more. anyway due to my accomplice who prescribed me to apply bigdiscountsales Questions & answers. internal a compass of easy four weeks i used to be absolutely prepared for this examination.

It is great to have HP2-K19 dumps.

The satisfactory IT exam prep ive ever come upon. sincerely my HP2-K19 examination is in a few days, but I sense so prepared and reassured, especially now that Ive read all of the effective critiques right here. The testing engine appears to be very beneficial, its clean to dont forget questions and answers, plus, in case you maintain going via them time after time, you begin seeing a larger picture and apprehend the ideas higher. to this point, Ive had fantastic revel in with bigdiscountsales!

these HP2-K19 questions and answers provide proper expertise of subjects.

I must appreciate that your answers and explanations to the questions are very good. These helped me understand the basics and thereby helped me attempt the questions which were not direct. I could have passed without your question bank, but your question bank and last day revision set were truly helpful. I had expected a score of 90+, but nevertheless scored 83.50%. Thank you.

what number of questions are requested in HP2-K19 exam?

It is about new HP2-K19 exam. I purchased this HP2-K19 braindump before I heard of update so I thought I had spent money on something I would not be able to use. I contacted bigdiscountsales support staff to double check, and they told me the HP2-K19 exam had been updated recently. As I checked it against the latest HP2-K19 exam objectives it really looks updated. A lot of questions have been added compared to older braindumps and all areas covered. Im impressed with their efficiency and customer service. Looking forward to taking my HP2-K19 exam in 2 weeks.

See more HP dumps

HP0-785 | HP0-D17 | HP2-B99 | HP0-760 | HP0-S40 | HP2-B102 | HP0-M26 | HP0-J28 | HPE2-T27 | HP2-E25 | HP0-727 | HP0-M22 | HP0-W03 | HP0-M20 | HP2-H38 | HP2-B120 | HPE0-J76 | HP0-266 | HP0-606 | HPE0-S37 | HP2-E17 | HP2-H09 | HP0-505 | HP2-E18 | HP2-N51 | HP2-B86 | HP0-920 | HP5-H03D | HP2-E13 | HP2-B129 | HP0-M28 | HP0-J33 | HP2-N36 | HP0-M18 | HP0-J21 | HP0-380 | HP0-J11 | HP2-Z09 | HP0-045 | HP0-M58 | HP0-M38 | HP0-D09 | HP3-024 | HP2-E19 | HP0-766 | HP2-K32 | HP0-Y43 | HP0-797 | HP3-C11 | HP2-Q01 |

Latest Exams added on bigdiscountsales

1Z0-628 | 1Z0-934 | 1Z0-974 | 1Z0-986 | 202-450 | 500-325 | 70-537 | 70-703 | 98-383 | 9A0-411 | AZ-100 | C2010-530 | C2210-422 | C5050-380 | C9550-413 | C9560-517 | CV0-002 | DES-1721 | MB2-719 | PT0-001 | CPA-REG | CPA-AUD | AACN-CMC | AAMA-CMA | ABEM-EMC | ACF-CCP | ACNP | ACSM-GEI | AEMT | AHIMA-CCS | ANCC-CVNC | ANCC-MSN | ANP-BC | APMLE | AXELOS-MSP | BCNS-CNS | BMAT | CCI | CCN | CCP | CDCA-ADEX | CDM | CFSW | CGRN | CNSC | COMLEX-USA | CPCE | CPM | CRNE | CVPM | DAT | DHORT | CBCP | DSST-HRM | DTR | ESPA-EST | FNS | FSMC | GPTS | IBCLC | IFSEA-CFM | LCAC | LCDC | MHAP | MSNCB | NAPLEX | NBCC-NCC | NBDE-I | NBDE-II | NCCT-ICS | NCCT-TSC | NCEES-FE | NCEES-PE | NCIDQ-CID | NCMA-CMA | NCPT | NE-BC | NNAAP-NA | NRA-FPM | NREMT-NRP | NREMT-PTE | NSCA-CPT | OCS | PACE | PANRE | PCCE | PCCN | PET | RDN | TEAS-N | VACC | WHNP | WPT-R | 156-215-80 | 1D0-621 | 1Y0-402 | 1Z0-545 | 1Z0-581 | 1Z0-853 | 250-430 | 2V0-761 | 700-551 | 700-901 | 7765X | A2040-910 | A2040-921 | C2010-825 | C2070-582 | C5050-384 | CDCS-001 | CFR-210 | NBSTSA-CST | E20-575 | HCE-5420 | HP2-H62 | HPE6-A42 | HQT-4210 | IAHCSMM-CRCST | LEED-GA | MB2-877 | MBLEX | NCIDQ | VCS-316 | 156-915-80 | 1Z0-414 | 1Z0-439 | 1Z0-447 | 1Z0-968 | 300-100 | 3V0-624 | 500-301 | 500-551 | 70-745 | 70-779 | 700-020 | 700-265 | 810-440 | 98-381 | 98-382 | 9A0-410 | CAS-003 | E20-585 | HCE-5710 | HPE2-K42 | HPE2-K43 | HPE2-K44 | HPE2-T34 | MB6-896 | VCS-256 | 1V0-701 | 1Z0-932 | 201-450 | 2VB-602 | 500-651 | 500-701 | 70-705 | 7391X | 7491X | BCB-Analyst | C2090-320 | C2150-609 | IIAP-CAP | CAT-340 | CCC | CPAT | CPFA | APA-CPP | CPT | CSWIP | Firefighter | FTCE | HPE0-J78 | HPE0-S52 | HPE2-E55 | HPE2-E69 | ITEC-Massage | JN0-210 | MB6-897 | N10-007 | PCNSE | VCS-274 | VCS-275 | VCS-413 |

See more dumps on bigdiscountsales

000-332 | 500-265 | E20-598 | HP2-H17 | TB0-105 | 000-851 | ICDL-IT | 000-931 | 3X0-204 | HP0-841 | HP0-055 | HP0-J48 | JN0-1100 | 000-553 | 000-278 | E20-357 | 000-798 | CEMAP-1 | C2150-197 | HP0-058 | HP0-Y51 | HP2-E15 | 70-741 | 1Z0-070 | 000-M63 | 000-N02 | P2060-001 | DSDPS-200 | TB0-119 | 000-562 | C2010-502 | 000-M13 | EC0-350 | HP0-J33 | ISEBSWTINT-001 | 132-S-900.7 | JN0-343 | LOT-985 | 70-541-VB | 1Z0-548 | ZF-100-500 | 77-881 | 050-719 | HP0-719 | 1Z0-265 | FM0-305 | HP2-K10 | 7491X | 310-100 | 310-615 |

HP2-K19 Questions and Answers

Pass4sure HP2-K19 dumps | Killexams.com HP2-K19 real questions | [HOSTED-SITE]

HP2-K19 Selling HP Business Class Storage(R) Solutions

Study Guide Prepared by Killexams.com HP Dumps Experts


Killexams.com HP2-K19 Dumps and Real Questions

100% Real Questions - Exam Pass Guarantee with High Marks - Just Memorize the Answers



HP2-K19 exam Dumps Source : Selling HP Business Class Storage(R) Solutions

Test Code : HP2-K19
Test Name : Selling HP Business Class Storage(R) Solutions
Vendor Name : HP
Q&A : 61 Real Questions

Belive me or no longer! This resource of HP2-K19 questions is actual.
I went loopy while my test changed into in every week and that i out of place my HP2-K19 syllabus. I were given blank and wasnt able to discern out the way to cope up with the scenario. Manifestly, we all are privy to the importance the syllabus at some point of the practise period. Its miles the excellent paper which directs the manner. At the same time as i used to be almost mad, I were given to recognize about killexams. Cant thank my buddy for making me privy to the sort of blessing. Practise changed into a whole lot less difficult with the help of HP2-K19 syllabus which I got via the web site.


Where should I register for HP2-K19 exam?
Tried a lot to clear my HP2-K19 exam taking help from the books. But the elaborate explanations and tough example made things worse and I skipped the test twice. Finally, my best friend suggested me the question & answer by killexams.com. And believe me, it worked so well! The quality contents were great to go through and understand the topics. I could easily cram it too and answered the questions in barely 180 mins time. Felt elated to pass well. Thanks, killexams.com dumps. Thanks to my lovely friend too.


Found an accurate source for real HP2-K19 actual test questions.
I effectively comprehended the troublesome subject matters like Delivery Competence and Content Expertise effects from killexams. I successfully rating 90% marks. All credit to killexams.Com. I became looking for a reference guide which helped me in making plans for the HP2-K19 exam. My occupied calendar just approved me to more time of hours with the aid of one manner or any other. By booking and procuring the killexams.Com Questions/Answers and exam simulaotr, I were given it at my entryway project interior one week and started planning.


Just try these Latest dumps and success is yours.
I wound up the exam with a satisfying eighty four% marks in stipulated time. thank you very a great deal killexams. by means of and via, it became tough to do pinnacle to bottom examine proceeding with a complete-time work. At that factor, I grew to become to the Q&A of killexams. Its concise solutions helped me to look a few intricate subjects. I selected to sit down for the examination HP2-K19 to gain further advancement in my profession.


notable supply modern exquisite actual exam questions, correct answers.
I become trapped in the complicated subjects simplest 12 prior days the exam HP2-K19. Whats extra it become extraordinarily beneficial, as the fast answers can be resultseasily remembered inside 10 days. I scored 91%, endeavoring all inquiries in due time. To store my planning, I was energetically looking down a few speedy reference. It aided me a terrific deal. Never thought it could be so compelling! At that factor, through one way or another I got here to reflect onconsideration on killexams.Com Dumps.


What is needed to pass HP2-K19 exam?
It clarified the subjects in a rearranged manner. In the true exam, I scored a 81% without much hardship, finishing the HP2-K19 exam in 75 minutes I additionally read a great deal of fascinating books and it served to pass well. My achievement in the exam was the commitment of the killexams.com dumps. I could without much of a stretch finish its decently arranged substance inside 2 week time. Much obliged to you.


high-quality supply modern exquisite real test questions, accurate solutions.
I bypass in my HP2-K19 exam and that turned into now not a simple pass but a notable one that I should tell anybody with proud steam crammed in my lungs as I had were given 89% marks in my HP2-K19 exam from analyzing from killexams.Com.


I sense very assured with the aid of making ready HP2-K19 real exam questions.
Word of mouth is a totally robust manner of advertising for a product. I say, while some thing is so desirable, why no longerdo a few excessive nice exposure for it I would really like to spread the phrase approximately this one of a type and absolutely notable killexams.Com which helped me in acting outstandingly well in my HP2-K19 exam and exceeding all expectations. I might say that this killexams.Com is one of the most admirable online coaching ventures ive ever come upon and it deserves quite some popularity.


exam questions are modified, where am i able to locate new questions and answers?
I had taken the HP2-K19 association from the killexams.Com as that changed into a mean stage for the readiness which had sooner or later given the quality degree of the planning to urge the ninety two% ratings in the HP2-K19 check exams. I truly extremely joyful in the system I were given troubles the matters emptied the interesting approach and thru the help of the equal; I had at lengthy remaining were given the factor out and about. It had made my arrangement a ton of less complicated and with the help of the killexams.Com I had been prepared to develop nicely in the life.


can i find real exam Q & A cutting-edge HP2-K19 examination?
Great stuff for HP2-K19 exam which has really helped me pass. Ive been dreaming about the HP2-K19 career for a while, but could never make time to study and actually get certified. As much as I was bored with books and guides, I could not make time and just study. These HP2-K19 Q&A made exam preparation totally realistic. I even managed to study in my car while driving to work. The convenient format, and yes, the testing engine is as good as the website claims it is and the accurate HP2-K19 questions have helped me get my dream certification.


HP Selling HP Business Class

HP launches EliteBook x360 1040 G5, takes aim at Lenovo's ThinkPad Carbon X1 | killexams.com Real Questions and Pass4sure dumps

elitebook-360.png

HP launched its next-era EliteBook--a 2-in-1 business computing device called the HP EliteBook x360 1040 G5--and is aiming directly at Lenovo's ThinkPad X1 Carbon and its client base.

The latest EliteBook is part of a refresh of HP's top rate hardware portfolio.

HP's focus on wooing Lenovo's ThinkPad base comes as IDC lately put Lenovo on the correct of the market share heap. Alex Thatcher, director of industrial PCs at HP, spoke of the business one thousand sequence is "the place we make investments to steer." Lenovo launched the ThinkPad intense X1 in August.

perhaps the largest takeaway with the HP EliteBook x360 1040 G5 is that the business built a 14-inch display in a 13-inch chassis.

top-quality 2-in-1 laptops, convertibles, and hybrid laptops for business 2018 | CNET: most appropriate laptops for 2018

The HP EliteBook x360 1040 G5 also has an out of doors viewable reveal and as much as 17 hour battery existence. The equipment should be purchasable in October starting at $1,499. On Amazon, the old version of the EliteBook changed into marked down a week ago.

hp-elitebook-360-vs-lenovo-carbon-fiber.png

hp-elitebook-360-vs-lenovo-carbon-fiber.png

Key specs for the HP EliteBook x360 1040 G5 consist of:

  • eighth gen Intel Core i5 or i7 processors.
  • as much as 2TB of storage.
  • as much as 32GB reminiscence.
  • Gigabit category 4G LTE.
  • IT tools for manageability, hardware as a carrier and lower back-up photos.
  • HP's massive promote is that the HP EliteBook x360 1040 G5 has a smaller footprint than its predecessor, which is marked down on HP's shop.

    hp-elitebook-360g5.png

    hp-elitebook-360g5.png

    The HP EliteBook x360 1040 G5 is part of a broader top rate machine rollout under HP's one existence strategy that aims to target patrons, business users and artistic professionals. right here's how the instruments--together with EliteDisplay E243D, USB fingerprint Readers Mouse and Spectre 13 and Spectre 15 x360.

    hp-pc-portfolio-premium.png

    hp-pc-portfolio-premium.png

    Full requisites:

    working device

  • windows 10 seasoned sixty four - HP recommends windows 10 professional.
  • home windows 10 seasoned sixty four (national academic handiest)
  • home windows 10 domestic sixty four
  • windows 10 home Single Language 64
  • Processor

  • 8th generation Intel® Core i7 processor (i7-8650U); eighth era Intel® Core i7 processor (i7-8550U); eighth generation Intel® Core i5 processor (i5-8350U); 8th technology Intel® Core i5 processor (i5-8250U)
  • maximum memory

  • 32 GB DDR4-2666 SDRAM 7
  • (memory soldered down. supports twin channel reminiscence.)
  • inside Storage

  • 256 GB up to 2 TB PCIe® NVMe™ M.2 SSD 8
  • 512 GB M.2 SATA FIPS a hundred and forty-2 SSD 8
  • 512 GB PCIe® NVMe™ M.2 SED SSD 8
  • 256 GB M.2 SATA SED SSD 8
  • 128 GB M.2 SATA SSD 8
  • 118 GB Intel® Optane PCIe® NVMe™ M.2 SSD
  • screen

  • 14" diagonal 4K IPS eDP + PSR BrightView WLED-backlit touch reveal direct bonded with Corning® Gorilla® Glass 5, 500 cd/m², 100% sRGB (3840x 2160); HP certain View built-in privateness reveal 14" diagonal FHD IPS eDP + PSR anti-glare LED-backlit touch display direct bonded with Corning Gorilla Glass 5, seven-hundred cd/m², one hundred% sRGB (1920 x 1080); HP certain View built-in privacy screen 14" diagonal FHD IPS eDP + PSR LED-backlit touch monitor direct bonded with Corning® Gorilla® Glass 5, seven-hundred cd/m², 100% sRGB (1920 x 1080); 14" diagonal FHD IPS eDP + PSR anti-glare LED-backlit touch display direct bonded with Corning® Gorilla® Glass 5, four hundred cd/m², a hundred% sRGB (1920 x 1080); 14" diagonal FHD IPS eDP + PSR BrightView WLED-backlit touch reveal direct bonded with Corning® Gorilla® Glass 5, 400 cd/m², 100% sRGB (1920 x 1080)
  • graphics

  • built-in: Intel® UHD pictures 620
  • instant

  • Intel twin Band instant-AC 8265 802.11a/b/g/n/ac (2x2) Wi-Fi® and Bluetooth® four.2 Combo, non-vPro™; Intel® twin Band instant-AC 8265 802.11a/b/g/n/ac (2x2) Wi-Fi® and Bluetooth® 4.2 Combo, vPro™; Intel® XMM™ 7360 LTE-superior Cat 9; HP lt4132 LTE/HSPA+ 4G mobile
  • Broadband Module Cat 4; Intel® XMM™ 7560 LTE-advanced seasoned Cat 16 9,10,11,12,42
  • (appropriate with Miracast-licensed devices.)
  • Ports and Connectors

  • 2 USB three.1 category-C™ with Thunderbolt™ guide; 2 USB 3.1 Gen 1 (1 charging); 1 headphone-out; 1 HDMI 1.four; 1 exterior Nano SIM slot for WWAN (Cables are not covered.)
  • Audio

  • Bang & Olufsen, 4 premium stereo speakers, multi array world-facing microphone
  • Sensors

  • Accelerometer; Magnetometer; Gyroscope; Ambient easy sensor; hall sensor
  • digital camera

  • 1080p FHD digital camera; IR digicam

  • HP Spectre x360 13 and 15 inch laptops now obtainable from $1,150 | killexams.com Real Questions and Pass4sure dumps

    HP Spectre x360

    increasing the line of HP Spectre x360 computer techniques additional, Hewlett-Packard has today announced the launch of the brand new HP Spectre x360 13 and HP Spectre x360 15 convertible notebooks after previously asserting the launch of the HP Spectre Folio.

    The HP Spectre x360 13 is expected to be purchasable in November 2018 priced from $1,one hundred fifty, while the HP Spectre x360 15 may be priced from $1,390 and additionally accessible during November. both techniques will also be available from top-quality buy throughout December 2018. features and highlights of the new additions include

    – HP Spectre x360 lineup points astonishing new design – including a bold new poseidon blue color – and includes HP’s first notebooks with privateness digital camera kill swap.– HP Spectre x360 13 offers the area’s longest battery lifestyles in a quad-core convertible1 and gigabit-type 4G LTE.– HP Spectre x360 15 is world’s most powerful Spectre convertible computer.– HP EliteBook x360 1040 G5 is world’s smallest and lightest 14-inch enterprise convertible2 and world’s first enterprise convertible with gigabit-class 4G LTE.– HP EliteDisplay E243d Docking computer screen is world’s first docking screen with a privacy webcam4, and makes use of a single USB-C connection for video, records and power.– HP USB Fingerprint Mouse allows for short and comfortable equipment login with one touch that integrates with home windows hi there.

    HP Spectre x360 13

    Hewlett-Packard explains greater idea at the back of the new additions to the HP Spectre x360 range. “there's a growing desire for private computing devices that enable new experiences and are built for busy, on-the-go lifestyles. this is very true for valued clientele trying to purchase a top class device, as 45 percent spend a significant period of time the usage of their computing device outdoor of the home and laptops stay a vital conventional tool for 82 percent of millennials.”

    For greater information on both of the brand new HP Spectre x360 hop over to the reliable HP website with the aid of following the link below

    source: HP

    Filed under: Laptops, exact NewsLatest Geeky devices offers

    HP Launches ultra-thin HP Spectre 13 x360: Quad-Core i7, Gigabit LTE, 22.5 Hr Battery life | killexams.com Real Questions and Pass4sure dumps

    in the beginning launched as stylish excessive-performance ultra-portables, HP’s Spectre-series laptops have instantly won recognition amongst numerous consumer segments. because of this, HP’s Spectre laptops and convertibles additionally begun to benefit aspects constantly present in company laptops to profit additional popularity, but didn't lose their flashy looks. To tha have a tendency, this week HP brought its new Spectre 13 x360 hybrid workstation that points a combination of vogue, efficiency, all the time-on connectivity, security, and an surest battery life of up to 22.5 hours when equipped with HP’s 1W Full HD monitor.

    The 2018 HP Spectre 13 x360 comes in a brand new aluminum chassis with a blue sandblasted finish, and lines a bit narrower display bezels inner similar footprint as its predecessor. the key dissimilar peculiarities of the new chassis are a new speaker grill, diamond-shape edges, and an angled USB class-C connector located within the faceted part on the right. the new chassis now not handiest elements a new visual design, but also a brand new thermal design that allows for the hardware to run at bigger clocks for an extended time with the intention to make certain greater performance and responsiveness. The more suitable thermals additionally enable an extended battery life. the new Spectre 13 x360 convertible is 14.5 mm (0.fifty seven inches) thick and weighs 1.31 kilograns (2.9 lbs), that’s 0.9 mm thicker and 22 grams heavier (exact weight depends on the genuine config) when compared to the 2017 mannequin.

    relocating on to interior hardware. The Spectre 13 x360 is in keeping with Intel’s Kaby Lake Refresh platform, with the Core i7-8565U being its exact-of-the-range choice. The CPU is accompanied through up to 16 GB of DDR4-2400 reminiscence, and an up to 512 GB M.2 NVMe SSD, which is based on a few other extremely-portables. As for connectivity, the device is outfitted with Intel’s instant-AC 9560 802.11ac Wi-Fi + Bluetooth 5 wireless solution helping as much as 1.seventy three Gbps throughput over 160 MHz channels, an not obligatory Gigabit 4G/LTE modem, two Thunderbolt 3 ports, one USB 3.1 Gen 2 class-A connector, a microSD card reader, and a TRRS audio jack.

    HP intends to present multiple 13.3-inch touch-enabled display options with its Spectre 13 x360. The highest-end models will come with a 4K ultra HD IPS panel featuring micro-aspect WLED backlighting. more balanced SKUs will be equipped with a Full-HD IPS panel that includes the same backlighting, and most exceptionally of all, an influence consumption of 1 W, in an effort to enable HP to hit upwards of a 22.5 hour battery runtime. for people that care about their privateness HP will additionally present a Full-HD IPS panel aiding its SureView privateness screen technology that stops these round from seeing what is on the monitor.

    speakme about privateness, it is value noting simply how significantly HP is taking this. apart from the not obligatory SureView display, the Spectre 13 x360 comes with a pre-put in TPM module, a fingerprint reader, and a Full HD webcam with IR sensors for windows hello that has a mechanical kill change that disables it electronically.

    relocating on to battery existence, it be essential to be aware that HP best guarantees a ~22.5 hours battery existence on programs outfitted with its 1W Full HD reveal panel. All different models will work for ~13 ~ 14.5 hours on one cost, which is not bad in any respect, but which is not somewhat 22.5 hours. As for battery potential, the entire models function a 61 Wh Li-ion battery, and come with a sixty five W power brick.

    HP will delivery selling its 2018 Spectre 13 x360 convertible computer at HP.com in the coming weeks for a beginning fee of $1,149.ninety nine. retailers will get the brand new techniques every now and then in December. All SKUs will include an HP Digital Pen. The PCs should be backed with the aid of a one-yr confined hardware warranty.

    usual requirements of the HP Spectre 13 x360   typical necessities, actual products will offer distinctive configs lcd Diagonal 13.3" decision | Brightness | features 3840×21601920×10801920×1080 with SureView colour Gamut a hundred% sRGB (?) touch helpYes defensive Glass Corning Gorilla Glass NBT CPU as much as Core i7-8650U (4C/8T, 8MB, 1.9/4.2 GHz) portraits UHD images 620 (24 EUs) RAM eight GB or 16 GB DDR4-2400 (onboard) garage256 GB or 512 GB NVMe SSD wireless: Wi-Fi, Bluetooth, LTE, NFC, and GPS options Intel twin Band instant-AC 9560 802.11ac (2x2) Wi-Fi + Bluetooth 5 Combo

    Gigabit 4G/LTE modem on opt for SKUs

    USB type-A 1 × USB 3.1 Gen 2 classification-C 2 × TB3/USB 3.1 Gen 2 Thunderbolt 2 × TB 3 (for records, DP shows, energy) Card Reader microSD Cameras front HP vast imaginative and prescient FHD IR Webcam with built-in dual array digital microphones, and an electrical kill swap Fingerprint Sensor convincedother I/O Microphone, 4 stereo audio system, audio jack other Sensors Accelerometer, gyroscope, magnetometer, corridor impact sensor, ambient gentle sensor Battery sixty one Wh Dimensions Width 30.88 cm | 12.16 inches   intensity21.seventy nine cm | eight.58 inches   Thickness 1.45 cm | 0.fifty seven inches Weight 1.31 kilograms | 2.9 kilos Launch costStarting at $1,149

    related reading:


    HP2-K19 Selling HP Business Class Storage(R) Solutions

    Study Guide Prepared by Killexams.com HP Dumps Experts


    Killexams.com HP2-K19 Dumps and Real Questions

    100% Real Questions - Exam Pass Guarantee with High Marks - Just Memorize the Answers



    HP2-K19 exam Dumps Source : Selling HP Business Class Storage(R) Solutions

    Test Code : HP2-K19
    Test Name : Selling HP Business Class Storage(R) Solutions
    Vendor Name : HP
    Q&A : 61 Real Questions

    Belive me or no longer! This resource of HP2-K19 questions is actual.
    I went loopy while my test changed into in every week and that i out of place my HP2-K19 syllabus. I were given blank and wasnt able to discern out the way to cope up with the scenario. Manifestly, we all are privy to the importance the syllabus at some point of the practise period. Its miles the excellent paper which directs the manner. At the same time as i used to be almost mad, I were given to recognize about killexams. Cant thank my buddy for making me privy to the sort of blessing. Practise changed into a whole lot less difficult with the help of HP2-K19 syllabus which I got via the web site.


    Where should I register for HP2-K19 exam?
    Tried a lot to clear my HP2-K19 exam taking help from the books. But the elaborate explanations and tough example made things worse and I skipped the test twice. Finally, my best friend suggested me the question & answer by killexams.com. And believe me, it worked so well! The quality contents were great to go through and understand the topics. I could easily cram it too and answered the questions in barely 180 mins time. Felt elated to pass well. Thanks, killexams.com dumps. Thanks to my lovely friend too.


    Found an accurate source for real HP2-K19 actual test questions.
    I effectively comprehended the troublesome subject matters like Delivery Competence and Content Expertise effects from killexams. I successfully rating 90% marks. All credit to killexams.Com. I became looking for a reference guide which helped me in making plans for the HP2-K19 exam. My occupied calendar just approved me to more time of hours with the aid of one manner or any other. By booking and procuring the killexams.Com Questions/Answers and exam simulaotr, I were given it at my entryway project interior one week and started planning.


    Just try these Latest dumps and success is yours.
    I wound up the exam with a satisfying eighty four% marks in stipulated time. thank you very a great deal killexams. by means of and via, it became tough to do pinnacle to bottom examine proceeding with a complete-time work. At that factor, I grew to become to the Q&A of killexams. Its concise solutions helped me to look a few intricate subjects. I selected to sit down for the examination HP2-K19 to gain further advancement in my profession.


    notable supply modern exquisite actual exam questions, correct answers.
    I become trapped in the complicated subjects simplest 12 prior days the exam HP2-K19. Whats extra it become extraordinarily beneficial, as the fast answers can be resultseasily remembered inside 10 days. I scored 91%, endeavoring all inquiries in due time. To store my planning, I was energetically looking down a few speedy reference. It aided me a terrific deal. Never thought it could be so compelling! At that factor, through one way or another I got here to reflect onconsideration on killexams.Com Dumps.


    What is needed to pass HP2-K19 exam?
    It clarified the subjects in a rearranged manner. In the true exam, I scored a 81% without much hardship, finishing the HP2-K19 exam in 75 minutes I additionally read a great deal of fascinating books and it served to pass well. My achievement in the exam was the commitment of the killexams.com dumps. I could without much of a stretch finish its decently arranged substance inside 2 week time. Much obliged to you.


    high-quality supply modern exquisite real test questions, accurate solutions.
    I bypass in my HP2-K19 exam and that turned into now not a simple pass but a notable one that I should tell anybody with proud steam crammed in my lungs as I had were given 89% marks in my HP2-K19 exam from analyzing from killexams.Com.


    I sense very assured with the aid of making ready HP2-K19 real exam questions.
    Word of mouth is a totally robust manner of advertising for a product. I say, while some thing is so desirable, why no longerdo a few excessive nice exposure for it I would really like to spread the phrase approximately this one of a type and absolutely notable killexams.Com which helped me in acting outstandingly well in my HP2-K19 exam and exceeding all expectations. I might say that this killexams.Com is one of the most admirable online coaching ventures ive ever come upon and it deserves quite some popularity.


    exam questions are modified, where am i able to locate new questions and answers?
    I had taken the HP2-K19 association from the killexams.Com as that changed into a mean stage for the readiness which had sooner or later given the quality degree of the planning to urge the ninety two% ratings in the HP2-K19 check exams. I truly extremely joyful in the system I were given troubles the matters emptied the interesting approach and thru the help of the equal; I had at lengthy remaining were given the factor out and about. It had made my arrangement a ton of less complicated and with the help of the killexams.Com I had been prepared to develop nicely in the life.


    can i find real exam Q & A cutting-edge HP2-K19 examination?
    Great stuff for HP2-K19 exam which has really helped me pass. Ive been dreaming about the HP2-K19 career for a while, but could never make time to study and actually get certified. As much as I was bored with books and guides, I could not make time and just study. These HP2-K19 Q&A made exam preparation totally realistic. I even managed to study in my car while driving to work. The convenient format, and yes, the testing engine is as good as the website claims it is and the accurate HP2-K19 questions have helped me get my dream certification.


    While it is very hard task to choose reliable certification questions / answers resources with respect to review, reputation and validity because people get ripoff due to choosing wrong service. Killexams.com make it sure to serve its clients best to its resources with respect to exam dumps update and validity. Most of other's ripoff report complaint clients come to us for the brain dumps and pass their exams happily and easily. We never compromise on our review, reputation and quality because killexams review, killexams reputation and killexams client confidence is important to us. Specially we take care of killexams.com review, killexams.com reputation, killexams.com ripoff report complaint, killexams.com trust, killexams.com validity, killexams.com report and killexams.com scam. If you see any false report posted by our competitors with the name killexams ripoff report complaint internet, killexams.com ripoff report, killexams.com scam, killexams.com complaint or something like this, just keep in mind that there are always bad people damaging reputation of good services due to their benefits. There are thousands of satisfied customers that pass their exams using killexams.com brain dumps, killexams PDF questions, killexams practice questions, killexams exam simulator. Visit Killexams.com, our sample questions and sample brain dumps, our exam simulator and you will definitely know that killexams.com is the best brain dumps site.

    [OPTIONAL-CONTENTS-2]


    P2170-016 test prep | HP0-D13 practice test | M2065-741 Practice test | MOS-W2E questions answers | SSCP mock exam | JN0-303 study guide | C2180-529 test prep | C9030-634 braindumps | HPE2-T27 free pdf | 1T6-520 real questions | 3309 brain dumps | CLEP Practice Test | 133-S-713.4 questions and answers | 650-378 examcollection | C2150-197 pdf download | 00M-645 braindumps | NS0-151 practice exam | HP0-054 practice questions | 000-676 dumps | 090-078 real questions |


    [OPTIONAL-CONTENTS-3]

    Once you memorize these HP2-K19 Q&A, you will get 100% marks.
    killexams.com suggest you to ought to attempt its free demo, you may see the natural UI and furthermore you will suppose that its easy to regulate the prep mode. In any case, make sure that, the real HP2-K19 object has a bigger range of questions than the trial shape. killexams.com gives you 3 months free updates of HP2-K19 Selling HP Business Class Storage(R) Solutions exam questions. Our certification team is continuously reachable at back end who updates the material as and when required.

    killexams.com top price HP2-K19 exam simulator may be very facilitating for our customers for the exam guidance. All critical functions, subjects and definitions are highlighted in brain dumps pdf. Gathering the records in one region is a real time saver and facilitates you prepare for the IT certification exam inside a short time span. The HP2-K19 exam gives key points. The killexams.com pass4sure dumps allows to memorize the essential functions or ideas of the HP2-K19 exam

    At killexams.com, we provide thoroughly reviewed HP HP2-K19 training assets which are the satisfactory for Passing HP2-K19 exam, and to get licensed with the help of HP2-K19 braindumps. It is a Great choice to accelerate your career as a expert inside the Information Technology enterprise. We are proud of our popularity of supporting humans pass the HP2-K19 test of their first actual attempts. Our success fees within the past two years were surely stunning, thanks to our happy clients who now able to boost their career within the fast lane. killexams.com is the primary preference among IT specialists, in particular the ones who are looking to climb up the hierarchy qualifications quicker in their respective businesses. HP is the enterprise leader in information generation, and getting licensed by means of them is a assured way to succeed with IT careers. We assist you do exactly that with our excessive best HP HP2-K19 training materials.

    HP HP2-K19 is omnipresent all around the international, and the business and software program answers provided by using them are being embraced with the aid of nearly all the organizations. They have helped in riding heaps of groups at the sure-shot path of achievement. Comprehensive know-how of HP merchandise are taken into prepation a completely crucial qualification, and the experts certified through them are quite valued in all businesses.

    killexams.com Huge Discount Coupons and Promo Codes are as below;
    WC2017 : 60% Discount Coupon for all assessments on internet site
    PROF17 : 10% Discount Coupon for Orders extra than $69
    DEAL17 : 15% Discount Coupon for Orders more than $99
    OCTSPECIAL : 10% Special Discount Coupon for All Orders

    On the off chance that you are searching for HP2-K19 Practice Test containing Real Test Questions, you are at correct place. We have accumulated database of questions from Actual Exams with a specific end goal to enable you to plan and pass your exam on the first attempt. All preparation materials on the site are Up To Date and confirmed by our specialists.

    killexams.com give most recent and updated Practice Test with Actual Exam Questions and Answers for new syllabus of HP HP2-K19 Exam. Practice our Real Questions and Answers to Improve your knowledge and pass your exam with High Marks. We guarantee your success in the Test Center, covering every one of the points of exam and construct your Knowledge of the HP2-K19 exam. Pass beyond any doubt with our actual questions.

    Our HP2-K19 Exam PDF contains Complete Pool of Questions and Answers and Brain dumps checked and confirmed including references and explanations (where relevant). Our objective to gather the Questions and Answers isnt just to pass the exam at first attempt however Really Improve Your Knowledge about the HP2-K19 exam points.

    HP2-K19 exam Questions and Answers are Printable in High Quality Study Guide that you can download in your Computer or some other gadget and begin setting up your HP2-K19 exam. Print Complete HP2-K19 Study Guide, convey with you when you are at Vacations or Traveling and Enjoy your Exam Prep. You can get to updated HP2-K19 Exam Q&A from your online record whenever.

    killexams.com Huge Discount Coupons and Promo Codes are as under;
    WC2017 : 60% Discount Coupon for all exams on website
    PROF17 : 10% Discount Coupon for Orders greater than $69
    DEAL17 : 15% Discount Coupon for Orders greater than $99
    OCTSPECIAL : 10% Special Discount Coupon for All Orders


    Download your Selling HP Business Class Storage(R) Solutions Study Guide instantly subsequent to purchasing and Start Preparing Your Exam Prep Right Now!

    [OPTIONAL-CONTENTS-4]


    Killexams C2010-569 pdf download | Killexams 000-993 test prep | Killexams HH0-200 Practice Test | Killexams C2020-011 free pdf | Killexams 1Z0-132 test prep | Killexams CFSA real questions | Killexams OMG-OCUP-200 free pdf | Killexams TU0-001 dumps | Killexams HP2-H37 examcollection | Killexams H12-211 bootcamp | Killexams 000-674 dumps questions | Killexams ESPA-EST braindumps | Killexams LOT-412 questions answers | Killexams 4A0-110 practice test | Killexams ST0-096 practice questions | Killexams C8 practice exam | Killexams ACMP-6 exam prep | Killexams 050-SEPROSIEM-01 mock exam | Killexams 201-01 free pdf download | Killexams HP0-821 test prep |


    [OPTIONAL-CONTENTS-5]

    View Complete list of Killexams.com Brain dumps


    Killexams ICYB practice questions | Killexams 300-209 braindumps | Killexams 000-M646 real questions | Killexams C2090-422 mock exam | Killexams HP3-L04 brain dumps | Killexams 000-N27 free pdf | Killexams 1Z0-821 VCE | Killexams 9A0-088 sample test | Killexams 1Y0-A11 exam prep | Killexams PW0-205 practice test | Killexams 922-072 dump | Killexams 000-M237 test questions | Killexams 0B0-410 dumps questions | Killexams 000-933 free pdf | Killexams JK0-022 practice exam | Killexams 9A0-029 exam prep | Killexams HP2-B100 study guide | Killexams HP0-S23 bootcamp | Killexams C2010-568 cheat sheets | Killexams IIA-CIA-Part2 braindumps |


    Selling HP Business Class Storage(R) Solutions

    Pass 4 sure HP2-K19 dumps | Killexams.com HP2-K19 real questions | [HOSTED-SITE]

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

    Logo of jester cap with thought bubble.© The Motley Fool Logo of jester cap with thought bubble.

    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 call is being recorded.

    I would now like to introduce 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 our fiscal second quarter 2019 earnings call. With me on the call are Bob Hammer, Chairman, President and Chief Executive Officer, Al Bunte, Chief Operating Officer and Brian Carolan, Chief Financial Officer.

    Before we begin, I'd like to remind everyone that statements made during this call, including in the question-and-answer session at the end of the call, may include forward-looking statements, including statements regarding financial projections and future performance. All these statements that relate to our 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 our current expectations. Actual results may differ 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 our business, please see the risk factors contained in our Annual Report in Form 10-K and our most recent quarterly report in Form 10-Q and our other SEC filings and in the cautionary statement contained in our press release and on our website. The company undertakes no responsibility to update the information in this conference call under any circumstance. In addition, the development and timing of any product release as well as features or functionality remain at our sole discretion.

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

    On this conference call, we will provide non-GAAP financial results. The reconciliation between the non-GAAP and GAAP measures can be found in Table 4 accompanying the press release and posted on our website.

    Commvault adopted the new revenue standard ASC606 on April 1, 2017. Our adoption was done on a retrospective basis, all prior periods in our financial statements have been adjusted to comply with the new rules.

    As a result, the results and growth percentage we will discuss today are on a comparable basis using the new rules. All references to software revenue are inclusive dollar amounts are a percentage for both software and products revenue as disclosed in our P&L.

    Today's live webcast will also include a slide presentation as part of Commvault prepared remarks to facilitate updates on our Commvault Advance initiatives. These initiatives include an update on our transition to subscription revenue models, as well as our recent operational review. The slides also cover our announcement of new multi-year revenue and operating margin targets. If you've not done so already, I would suggest logging into the webcast now to view or download a copy of the slides.

    Please also note that in order to best see the slides, we suggest enabling full screen slide mode within the webcast. In addition, the slides can also be downloaded from the Commvault website under the Investor Relations page.

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

    I will now turn the call over to Bob.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Thank you Mike, and good morning, everyone and thank you for joining our fiscal second quarter FY '19 earnings call. On today's call we will discuss our fiscal 2019 second quarter results, our multi-year business model transformation to deliver shareholder value called Commvault Advance, including an update on the progress we have made to accelerate our transition to subscription revenue models, the results of our recent operational review, which includes the announcement of new multi-year revenue and operating margin targets, and an update on our share repurchase program. Let me briefly summarize our Q2 financial 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 share versus $0.21 in the prior fiscal year.

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

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

    As a reminder, last quarter we were implementing a major corporatewide transformation called Commvault Advance. Please take note that Commvault issued a press release this morning, outlining the significant progress we have made since announcing Commvault Advance in May.

    The goals of Commvault Advance are to establish a strong foundation to improve revenue, while at the same time achieving much improved operating margin leverage. The implementation was a culmin turning to our balance 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 our sales and distribution functions and the establishment of a much stronger, more efficient routes to market.

    We believe that our second quarter software and products revenue reflected the temporary disruption from the significant Commvault Advance related changes we made during the quarter, including reorganization of our sales and distribution organizations, which in part shifted a significant percentage of field resources to support our channel and alliance partners and major simplification of both products pricing to make our solutions easier to both sell and buy.

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

    Based on the early results of these changes, we are already seeing improved momentum and have seen a sharp increase in funnel growth, strong order flow in October and solid forecast from the field. However, given the early stage of our transformation, we plan to remain conservative with our near-term outlook until we can validate the positive churn of the business 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 take advantage of the major shift in the market and significantly improves our ability to execute our strategy and drive revenue and earnings growth.

    Commvault Advance leverages our strength and shores up our weaknesses. Specifically, we believe Commvault has a leading technology to enable large enterprises to consolidate data management to deal with the critical issues related to cost, cyber compliance in the cloud, which I call the 4Cs.

    As data scale increases, we are also well on our path to our exit by scale in our platform. We now have simplified software solutions, pricing, packaging and appliances to deal with the shift to simplification in both the enterprise and the midmarket, particularly with our converged appliances and Commvault complete data management.

    While we are the clear 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 take advantage of that with the leading data management platform in the industry.

    We are leading the industry in data analytics with our know your data solutions with Commvault Activate. As part of Advance, we are laser focused on improving our ability to accelerate revenues through a much stronger sales and distribution. These efforts have been further bolstered with the recent hiring of several sales leaders with strong distribution focus.

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

    These business 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 our cost structure with our revenue growth.

    So let me talk about our product portfolio. As I just mentioned, a key element of Commvault Advance is to create and enhance expanded and simplified product portfolio, which includes product innovations that make it easier for customers to install and use our products and changes to packaging and pricing structures to make a dramatically easier for our sales teams and partners to sell and customers to buy our 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 disaster recovery, data test and data migration, particularly in the cloud and fourth, Commvault Activate, which is designed to help customers know their data and then discover and extract new business insights from data under management whether that data is on-premise or in the cloud.

    All these products have built upon a common software and technology platform we call 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 our appliances in Commvault Complete, reallocation of sales resources from direct selling to supporting our partners and the expansion of our alliance relationships.

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

    We expanded our 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. We expect this integration to be available in November.

    In addition, we launched sales programs for Commvault Complete and HyperScale, which are now included HPE's global price, which continue to align our field organizations and put structure around our drawing pipeline build.

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

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

    Let me talk about our transition to subscription pricing. Beginning in fiscal 2018, we began transitioning a significant portion of our new customer revenue to subscription pricing models. This transition has benefits to both our customers and Commvault.

    Our success with subscription models has been better than we anticipated and our repeatable revenue streams had been significantly outgrowing our 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 we 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 show our progress on this transition.

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

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

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

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

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

    Now that the foundation of Commvault Advance is in place, we believe we will see increased topline momentum, as our channel strategy, go-to-market initiatives and alliance partnerships has started to show 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 share in large enterprises with the journey to the cloud and solutions to help customers mitigate and recover from a cyber attack with highly automated, machine learning and artificial intelligence aided data protection, disaster recovery and intrusion detection and mediation.

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

    In summary, the implementation of the Commvault Advance initiatives in Q2 resulted in disruption that did not allow us to achieve our top line objective. However, we believe the pieces are now in place for the company to execute and deliver improved financial performance.

    I will now turn the call over to Brian. Brian?

    Brian Carolan -- Vice President and Chief Financial Officer

    Thank you, Bob and good morning everyone. In addition to covering the traditional financial highlights for the second quarter of fiscal 2019, I will also spend time updating you on the progress we have made to accelerate our transition to subscription revenue models, including metrics, which demonstrate our continued progress toward more repeatable software and products revenue streams.

    I will also update you on the results of our recent operational review, which includes the announcement of new multiyear revenue and operating margin targets. And lastly, I will provide you an update on our share repurchase program.

    In addition to our earnings release issued earlier this morning, we also have made available a presentation on the Investor Relations section of our website and also included this presentation in our 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 increase of 1% over the prior year period. On a sequential constant currency basis, total revenue would have 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 we 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. Our average 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 our HyperScale software solutions and the cost of hardware related to our 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 Advance and found significant efficiencies in our cost structure, which included reducing our overall headcount by approximately 7% since the beginning of the fiscal year. We ended the September quarter with 2,644 employees.

    In addition, as we go through Phase II of Commvault Advance, we remain focused on maintaining our technological leadership position in the industry. We do not expect these operational initiatives to have an adverse impact our 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 average share count of approximately 47.8 million shares. As a reminder, during FY '19, we lowered our pro forma income tax rate from 37% to 27%. We believe that as a result of US tax reform, 27% will align to our long-term GAAP and cash tax rates.

    We anticipate that our diluted weighted average share count for full year FY '19 will be approximately 48 million shares.

    Let's now change gears and spend some time on our subscription pricing models and our continued shift to more repeatable revenue. Our subscription pricing models are continuing to resonate with customers. We believe our transition to subscription-based pricing models over the last six quarters has been very successful.

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

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

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

    We currently do not have 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 true for both perpetual licenses and our software subscription software licenses.

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

    We have intentionally used the word repeatable and not recurring to describe 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 our software products is sales of our 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 our maintenance and support services. Note that unlike software, our maintenance and support 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. We have heard from many of our 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 move to consumption-based pricing models associated with cloud storage.

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

    Let's now look at a simple representative example 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, we have 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 our 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 price is inclusive of both software and maintenance and support. Over time typically, after the first read all (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, our customers will also realize other financial benefits over time versus a competitor's solution, such as more cost efficient storage, reduced downtime and less administrative cost.

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

    The first is repeatable revenue and the second is a new 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, our 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. We would consider approximately 71% of our Q2 total revenue to be repeatable in nature.

    As you can see, our repeatable revenue has been consistently growing in excess of our legacy pricing models and were up 22% year-over-year in Q2. The recent growth of our 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 go utility type arrangements.

    The second metric, I would like to discuss is the subscription and utility annual contract value or ACV, which is shown on Slide 16. As we transition to a mostly subscription or repeatable revenue model, this will provide greater visibility into the increased subscription contracts we 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 our subscription and utility transactions and will help 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 our subscription and utility-based pricing models that we expect to drive new 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 part of our Commvault Advance initiatives, our go-to-market model is highly focused on primarily selling these subscription licenses and we expect subscription ACV to grow significantly over the next several years.

    I would now like to spend the next few minutes addressing both our near-term financial outlook and our longer-term operating targets. As outlined in today's press release, we have been making good progress within our Commvault Advance framework across all aspects of the company by strengthening our competitive technology position, broadening our product line, expanding distribution relationships, reorganizing sales and marketing and driving cost reductions and efficiencies.

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

    As Bob discussed earlier, the implementation of the Commvault Advance initiatives resulted in near-term disruption that did not allow us to achieve our Q2 and near-term topline objectives. We are also conservatively planning for modest revenue growth in Q3 and Q4. We 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 we achieve our revenue outlook, we will continue to see margin expansion and strong year-over-year earnings growth based on the cost-cutting initiatives we began in early fiscal 2019.

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

    While our strategic fundamentals are strong and our ability to execute has improved, we still face critical challenges. It is important to note that Commvault Advance is a major transformation and restructuring effort. We are making fundamental changes to the business, which carries risk, tide to disruption and execution. While we believe that the majority of the elements of Commvault Advance are in place, there is a certain element of transformational risk associated with the execution of such initiatives, particularly in the near term.

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

    While we also need to improve our close rates on these deals, large deal closure rates will likely remain lumpy, particularly in the near term. And lastly, while we are happy with the progress we are making with subscription pricing models, the transition drives a headwind to near-term license revenue growth.

    This transition will continue to have a dampening effect on revenue, but we 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 we implemented that as part of our Commvault Advance initiatives.

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

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

    Our continued transition to more repeatable revenue will also be a key component of our improved financial performance. As you can see on Slide 21, our target is to achieve 80% repeatable revenue in fiscal '21.

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

    As previously discussed, our current ACV is approximately $76 million. Our goal is to achieve approximately $240 million of subscription and utility annual contract value by the end of fiscal '21. The $240 million goal is approximately eight times the ACV we stated with when we began our move 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 Advance is to drive distribution levers through a focus on our alliances and partnerships. If we are successful, this will accelerate operating margin expansion and reduce our sales and marketing expense as a percentage of revenue.

    As you can see on this slide, our 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 our balance sheet and cash flows. As of September 30, our cash and short-term investments balance was approximately $484 million. During the quarter, we repatriated $67 million of international cash back to the US and reduced the amount of cash held in foreign locations from $197 million as of June 30 to $130 million as of September 30.

    Our remaining international cash balance is spread across over 35 countries, while our goal is to continue to return as much cash as possible back to the U.S., we may not be able to do so in an economically efficient manner or may be limited by foreign laws and regulations.

    However, we do believe that steps we are taking will result in the vast majority of future net cash flow to be concentrated in the US.

    Free cash flow, which we 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, our deferred revenue balance was approximately $316 million, which is an increase of 7% over the prior year period. Nearly all of our deferred revenue is services revenue that has been invoiced to customers.

    Lastly, let me update you on our share repurchases. During fiscal 2019, which includes transactions through yesterday, we have repurchased approximately $47 million or approximately 707,000 shares of our common stock at an average cost of $66.33 per share.

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

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

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Thank you, Brian. I would like to spend a few minutes talking about Commvault GO and the new products we announced during the show. We hosted our Annual Commvault GO 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 new products and services including an exciting new way for customers to interface with our software called Commvault Command Center, new backup and recovery as a service offerings and further expanded our 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 single console for managing Commvault's complete portfolio of products across an entire enterprise on premise, cloud and end point infrastructures.

    The Command Center is enhanced with the power of artificial intelligence and machine learning to provide easier to understand dynamic dashboard views of our customers' environments, much more comprehensive real-time reporting and unique learning capabilities, including the ability to take corrective actions.

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

    We announced a new 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. We also announced two other backup services for virtual machines on AWS and Azure, and a backup service for native 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. We also expanded the company's family of appliances with addition of two new appliances. The new appliances expand our offerings into a family of small, medium and large appliances that enable our customers to cost effectively scale from 10 terabytes to more than a petabyte or 10s of petabytes.

    The new larger appliance is targeted at managed service providers and large enterprises featuring stellar technology with our Commvault Hyperscale software. The small offering takes a full power of Commvault complete backup recovery into an appliance offering perfect for remote office and branch offices.

    All of our appliances can be used to seamlessly backup data on-premise or move 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 show Al and I also delivered a keynote presentation that outlined new 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 new 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 like experience that redefines how customers engage with their software. This is made possible through the capabilities of the new Commvault Command Center.

    Secondly, the simple SmartCloud highlighting Commvault's ability 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 true extension of a modern on-premise data center.

    And lastly, we continue to improve customers' knowledge of their data with a holistic enterprise wide view and we 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 we deliver truly complete backup and recovery.

    Before we wrap up, let me briefly update you on the search process for a new CEO. As stated previously, the CEO Search Committee of our 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 good progress.

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

    We have made comprehensive operational changes over the last several months and these changes are now behind us. We are now focused on ongoing forward execution. The actions we took to align our cost structure at the beginning of the year were evidenced in the 61% year-over-year EBIT improvement. Now that the foundation of Commvault Advance is in place, we believe we will see increased momentum as our channel strategy, go-to-market initiatives and alliance partnerships start to show positive traction.

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

    Our objective is to make sure we achieve our near-term financial objectives while solidifying our Commvault Advance Foundation for FY '20. Our immediate focus is to achieve our Q3 revenue and earnings forecasts.

    Now let me turn the call back to Mike. Mike?

    Michael Picariello -- MD of Americas Research

    Operator, can you please open the line for questions?

    Questions and Answers:

    Operator

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

    Joel Fishbein -- BTIG, LLC -- Analyst

    Good morning. I have one for Bob and one for Brian. I'll start with Brian. Hey Brian, thanks for the detail on the move to the subscription model. What I'm just trying to understand is with a lot of these companies, you start this -- you see deferred revenue grow right as you sign 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 ask Bob the next question.

    Brian Carolan -- Vice President and Chief Financial Officer

    Sure. Good Morning, Joel. So, as I described in the call, we're a bit unique when it comes to the application of ASC 606. When we sell our subscription software and license arrangements, we 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 like a normal arrangement under perpetual model. It's the same type of carve out for maintenance and support that gets deferred over the contractual term.

    So you don't see it show 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 good visibility into the traction that we're making on more repeatable revenue models.

    Joel Fishbein -- BTIG, LLC -- Analyst

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

    Brian Carolan -- Vice President and Chief Financial Officer

    That's really what, it's almost really, if you look 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 mean substantial uptick in funnel flow in the enterprise just started to change. We saw it in the spring and it really accelerated through the summer in spite of disruption and continued as we entered Q3 in very large deals into the funnel and those deals were tied a trend in the industry for large enterprises to consolidate all their data management functions to deal with cost, cyber compliance and the cloud.

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

    And secondly, as I discussed in my remarks, we now have a much stronger distribution position and although that's going to take a little time to impact our earnings, we're starting to see that as well, so fortunately we got a massive significant upturn in our I'll call it core enterprise business and also that is also being driven by a much stronger partner and alliance relationships in the enterprise.

    And from the midmarket standpoint, we are seeing good traction with our appliances in Commvault Complete and new pricing. So the whole foundation at Commvault Complete was not try to make changes here. That's why it goes back a couple years to make fundamental changes in our 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 think we've done this the right way although it had some attended risks as we made these massive changes last quarter.

    Joel Fishbein -- BTIG, LLC -- Analyst

    Great, thank you.

    Operator

    Thank you. Our 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 last question and just understand the variables at play to underpin what looks to be a 17%-plus sequential increase in your implied software license revenue this quarter.

    I think 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 increase conservatism wise or what you see to drive that level of sequential growth?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    So the funnel growth Aaron is material and significant. I mean it's -- we're talking about a very major increase in the growth of funnel, particularly in large enterprises and particularly in the Americas and the assumptions we're making on funnel close what I call reasonable and Brian can answer that question.

    So we're not putting big close rates on these areas of the funnel and then the other thing that goes along with this is our we've had predictive models here that are quite sophisticated and they've been quite accurate and our predictive analytics also look really good relative to the guidance we just provided.

    Brian Carolan -- Vice President and Chief Financial Officer

    Yeah, I think just to follow on with Bob's point, we're using fairly typical and average close rates applying that to the current quarter funnel. Again, we see a healthy uptick in our enterprise deal funnel heading into this quarter, which we're pleased with. Although I did say 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 kind 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 think last quarter Bob, in response to your question, you said that basically 98% I think was the number that the total sales force realignment efforts have been completed.

    As we look at the leverage that you're presenting to us going forward, I'm curious 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 say the bulk of this is behind us, but as we go forward and bring the leadership in, which we've done, I think over time we will continue to refine that model. So I think there are additional benefits to be gained on efficiency, but those are incremental relative to what we just went through.

    Aaron Rakers, -- Wells Fargo -- Analyst

    Okay, thank you.

    Operator

    Thank you. Our 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 we 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 make the comment that the search committee is making very good progress on the CEO search.

    Jason Ader -- William Blair -- Analyst

    Okay. Fair enough. And then over the last few years, we've seen a series 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 real validation. All I can say is the funnel growth and the types of deals we're seeing now are in a different category than we've seen in our 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 call it $3 million, $4 million, $5 million, $6 million kind of deals and they're accelerating.

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

    So I think fundamentally, we didn't try to do a quick fix here. We try to really understand the market dynamics and address it.

    In addition, let me be clear about this, if you look at our 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 think there is a stronger platform in the industry than what we have here at Commvault.

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

    I think we're seeing the real traction from the consolidation taking place in the enterprise across the Board for data management functions. I think cyber is a big driver of that and we've had really good success in taking major customers and they when they recover from major cyber attacks, we had most present at our Go Conference as a good example of that.

    Clearly, things like GDPR compliance are playing a role of that and the cloud is becoming increasing important and I don't think there is any platform on the planet that allows customers to natively use the cloud and all its aspects like we have.

    So in spite of the changes the things we made, I think the company is fundamentally in a extremely strong strategic position to accelerate growth and we have established a much more efficient cost structure to drive the bottom line.

    Jason Ader -- William Blair -- Analyst

    Thanks.

    Operator

    Thank you. Our 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. Good morning. So looking at Slide 21, your assumptions for repeatable revenue growth suggest growth of just 17% in fiscal '19. I think that decelerates to about 16% by fiscal '21, despite the mix continuing to increase.

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

    Brian Carolan -- Vice President and Chief Financial Officer

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

    Andrew Nowinski -- Piper Jaffray -- Analyst

    Okay. Fair 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 ability 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 we basically took the field out for about six weeks as we're going through this whole transition. So in some sense, the quarter really didn't start till the 1st of August.

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

    Andrew Nowinski -- Piper Jaffray -- Analyst

    Okay, thanks, Bob.

    Operator

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

    John DiFucci -- Jefferies -- Analyst

    Thank you. I have a question for Brian and then maybe a follow-up for Bob. So Brian thanks again for all that information on the transition of this subscription model, that's all really helpful. But when we look at that -- the utility revenue, I think that's one piece that's going to cause some questions and I just want to make sure we understand that.

    Can you tell 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 we can sort of ascertain how repeatable that is?

    Brian Carolan -- Vice President and Chief Financial Officer

    Sure. So the utility portion of the subscription revenue or repeatable revenue is actually -- it's relatively small in the grand scheme of the total. I would say that our 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 do with the ACV metric is trying to annualize that as well, because it is on a run rate that is somewhat predictable for us. And it's not -- the majority of the revenue is not even close to that. We didn't say 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 have a pretty high retention rates. So that's good to hear. Okay. And Bob listen, so just to go along some of the questioning here, Commvault always had strong 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 strong vision in compelling and end product, but go-to-market execution seems to have 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 field of like higher than normal voluntary sales personnel attrition and it's -- so that seems like the disruption is going to be -- it's going to persist here and I guess how do you recover from that?

    I know you're trying to shift more to partners, but that also increases some risk to any kind of shift those right. So I guess to some of those questions around like how do 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 seem to be pretty important here.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Now, let's be clear. Sales is still really critical and the surprise if you want to call it a surprise is we've always been strong in the enterprise and it drove a lot of our growth in our 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 little longer so a consolidated holistic play in the enterprise and that's really accelerated and those -- that whole series of, bear 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 strong enterprise sales force and I mentioned earlier, when we started Advance, but we 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 we shifted more resources to partners that's a process that is not going to happen in a day. It is happening as we speak, we're seeing in, but that engine will gain momentum quarter-on-quarter. So the answer is sales for our business is still extremely important and yes, there's no doubt when you make major changes like this and these are fundamental. We didn't try to band aid it and we did it quickly.

    You're going to see some disruption because it's not only structure that we 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 we won't see some attrition, disruption as we manage our way through that. But I think it will be manageable, because we got so many strengths now for our salespeople to hit their quotas and make a lot of money.

    John DiFucci -- Jefferies -- Analyst

    So it sounds like sales or voluntary 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 think you'd be able to offset that?

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Yes, and look some of that goes on when you make major change.

    John DiFucci -- Jefferies -- Analyst

    Yeah, OK. Well thank you guys.

    Operator

    Thank you. Our 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. Good 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 stay 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 force around retention.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    The answer is just in general we are taking specific action in specific cases and trying to make it easier for our 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 last couple of earnings calls around a couple of emerging platforms that are competing in the channel, just any kind 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 all the competitors, legacy and the new competitors in the midmarket and certain, I'll call lower scale deployment enterprise. We clearly see the new converged guys in the market and they have a lot of momentum, but now you've got a Commvault with a full product line and much stronger distribution, to deal with that I can say.

    When we get into head-to-head competition now when we are there, we have 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 go way beyond their capability, particularly in our ability to move data into the cloud to manage it in the cloud and manage it back for a data protection that all the automated and orchestration capabilities we have for debt test DRs and a class by itself now.

    So I think we're in a really solid position technically and I think we've done a lot to fundamentally change our -- and strengthen our go-to-market. So I think internally we feel really good about all those although it was painful in the near term.

    Alex Kurtz -- KeyBanc Capital Markets -- Analyst

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

    Brian Carolan -- Vice President and Chief Financial Officer

    No, we didn't put a number on that. I'd say it's fairly consistent with what we 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. All right, thanks guys.

    Operator

    Thank you. Our 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 do 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 have we 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 take HP and I'll let Al take the NerApp. The difference is that we have what I call 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 new agreement that was executed this summer and basically went into market over the last couple of months. We have 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 our partner conference this year and they've had of storage that's working with us outline globally, all their major accounts with Commvault, so that's really good on the ground integration with HP. So they put the resources, we have the aligned plays. We've got pricing. So we got I'd say extremely good alignment with them and they're putting a lot of resource behind our partnership.

    So I'm really confident about kind of where we are with them and we're also seeing it in our funnel growth. So it's radically different from anything we've had in the past with HP and its brand new and I'll let Al take the NerApp.

    Al Bunte -- COO

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

    Notably came out with our 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 all predicted that there's going to be a huge amount of movement in this direction.

    We also think 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 we see a number of again what I'd call historic storage suppliers wanting to participate in this kind of trend.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    Yean and Al just made a really good 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 our platform and its ability to seamlessly manage data on premise and in the cloud across an enterprise is a major strategic advantage versus anybody out there.

    Eric Martinuzzi -- Lake Street -- Analyst

    Okay. Because that's -- they don't lack for people looking out your competitors also have programs with them. So I'm glad to hear there is higher level of executive commitment for you guys.

    Brian Carolan -- Vice President and Chief Financial Officer

    Higher level of integration.

    Robert Hammer -- Chairman, President and Chief Executive Officer

    And to be clear in HPE case and they do have a competitor, in the enterprise they're focused with Commvault and the enterprise. The HPE play is mainly a large enterprise -- global large 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 all disconnect. Everyone have 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 Financial 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 call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

    SPONSORED: 10 stocks we like better than CommVault Systems

    When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor , has quadrupled the market.*

    David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and CommVault Systems wasn't one of them! That's right -- they think these 10 stocks are even better buys.

    Click here to learn about these picks!

    *Stock Advisor returns as of August 6, 2018

    Motley Fool Transcribers has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


    Hewlett-Packard Enterprise Has Upside Amid Upcoming Split | killexams.com real questions and Pass4sure dumps

    No result found, try new keyword!The new Hewlett-Packard Enterprise Company will be financed by selling ... Server and Storage business. Assuring future stable growth, HP Enterprise has entered into a strategic partnership with SanDi...

    Semiconductor Stock Could Pop 186% | killexams.com real questions and Pass4sure dumps

    This article first appeared on SumZero, the world’s largest research community of buyside investment professionals. In some cases Barron’s edits the research for brevity; professional investors can access the full version of this thesis and tens of thousands of others at SumZero.com.

    Disclaimer: The author’s fund had a position in this security at the time of posting and may trade in and out of this position without informing the SumZero community.

    Recent price: $151.51

    Timeframe: 2-5 years

    Lam Research (LRCX) develops and supplies innovative wafer fabrication equipment (WFE) for the semiconductor industry. Among its customers are Micron Technology , Samsung, SK Hynix , Taiwan Semiconductor Manufacturing Co mpany, Toshiba , and Intel.

    Elevator pitch

    I believe that Lam Research can return a 34.4% IRR over a 4-year holding period for a total upside of 210%+. The target price at the end of the FY 2022 is ~$434 per share.

    My thesis has two elements. First, the secular tailwinds of growing demand for memory will benefit Lam Research as it is a technology leader in the processes critical for memory chip fabrication. Second, these benefits will be magnified due to a recently announced massive capital return program. Lam Research will be returning at least 50% of its growing FCF via share repurchases and increased dividends.

    Why does this opportunity exist?

    Let’s first address the secular tailwinds. The demand for memory will be increasing because of several trends. (1) Artificial intelligence and big data technologies allow to derive insights from large data sets and, therefore, create an incentive to collect, store, and process a large volume of data. (2) Development of IoT leads to many more devices generating data. (3) As the speed of mobile communication increases in 3G, 4G, and soon 5G, users generate more content such as photos and videos of better than ever quality, resolution, and thus bigger size. (4) Self-driving cars, drones, security cameras generate a lot of data that will be stored and processed. All these trends create secular growing demand for memory, especially long-term storage.

    Memory manufacturers will be adding wafer fabrication equipment (WFE) extensively. (1) The technologies came to a physical barrier to decreasing the size of a transistor. (2) Memory chips now have a 3D structure with multiple layers. (3) Most memory chip manufacturing processes either need to be performed for each layer or multiple layers but the latter substantially increases difficulty, requires more time, and reduces precision. (4) The cycle time for manufacturing a chip with increases with the capacity of the chip. (5) To increase the total storage capacity of produced memory, a manufacturer needs to either produce more chips or produce chips of higher capacity. In either case, the manufacturer needs more equipment.

    Lam is a de-facto leader in high aspect-ratio etching, atomic layer etching and other technologies that are critical for fabrication of 3D structures with leading-edge node sizes. I believe Lam Research will continue taking market share of WFE market.

    Let’s address the recently announced capital return program. Lam Research’s management announced in March 2018 that they are going to distribute at least 50% of the FCF to shareholders through dividends and share buybacks.

    On top of that, Lam is increasing its current buyback program from $2B to $4B that would be completed by using cash on its balance sheet. As of the end of fiscal Q4 2018 (June quarter), they’ve completed the 60% of this repurchase program. Based on my numbers, Lam Research will return ~$12B+ (~44% of the current market cap!) to the shareholders over the next five years. This will also lead to a ~11.5% decline in the share count assuming the repurchased shares are valued at a historical average multiple.

    Investing in shares of Lam Research also provides a margin of safety. (1) The stock currently trades at ~48% discount to its DCF-calculated intrinsic value. (2) Share repurchases will provide downside support. (3) The stock price is at the level it was at the beginning of 2018 and ~38% below its peak values in March 2018. (4) Low valuation: LTM Adjusted P/E = 8.1x and ex-cash=6.6x. The adjusted earnings is a better metric than GAAP earnings because the only significant difference between Adjusted and GAAP earnings is the $0.7B one-time tax loss due to tax reform. (5) In the previous trough of the memory cycle in 2015 memory manufacturers did not significantly decrease CapEx, and Lam Research continued growing both its revenue and its operating profit. Therefore, a potential new trough of the memory cycle is less of a concern for Lam Research.

    Lam Research is a better bet on memory market than, say, Micron Technologies for the following reasons. (1) Lam is better protected from the changes in supply/demand of memory. (2) You do not have to pick a winner of the memory market. Lam possesses a critical technology for the manufacturing process, so it will benefit regardless of whether Micron, Samsung or Intel wins the market.

    What people might be missing

    1. Memory manufacturers will be adding new equipment extensively.

    The cycle time of memory chip fabrication is increasing and therefore the capital intensity of memory chip fabrication. As a result, memory manufacturers need to add equipment extensively to continue bit supply growth.

    2. The reduction in share count is likely not fully priced in.

    I believe that some analysts do not properly account for the decrease in share count because in the last five years the number of shares increased despite massive share repurchases.

    Let’s look at the driver of this increase in the share count. Lam Research had two issues of convertible note that initially could be converted into 28.5M shares. In 2013 the average basic number of shares outstanding was 168.9M shares while the average number of fully diluted number shares was 173.4M, the impact of the dilution was only 4.5M shares. Lam Research spent around ~$5B on share repurchases in the last five years. As the share price increased the dilution offset all the share count declines due to share repurchases, and the number of fully diluted shares outstanding rose to ~185M at its peak.

    Now the maximum additional dilution we can get from these shares is 1.9M shares or 1.1% of the number of fully diluted shares outstanding.

    3. Trailing P/E looks high because tax reform resulted in a tax loss.

    The GAAP earnings were affected by the one-time effect of the tax reform (“The Company recorded a provisional amount for the one-time transition tax of $991.3million, which was offset by the release of the associated previously accrued deferred taxes of $287.8million. The net increase in tax expense was $703.5million.”, Lam Research Q2 2018 10Q). The tax loss is the only significant difference between the GAAP and Adjusted earnings measure. The LTM P/E is 11.1x, a reasonable multiple in light of the recent record earnings, while the Adjusted LTM P/E is 8.1x (and 6.6x ex-cash) which is a much more attractive multiple.

    Shareholder-friendly management

    I believe that the management is very shareholder-friendly. The announced program to return cash through dividends and buybacks speaks to itself.

    The incentives of the management are aligned with the interests of shareholders. Around 2/3 of each of the five top-managers’ compensation comes in the form of restricted stock units. The five top-managers own stock worth ~$100M. To put it in perspective, their total compensation in 2017 amounted to $28.5M. The CEO holds stock worth ~$25M while his annual compensation is $11.2M. It appears to me that the management has enough skin in the game relative to their compensation.

    The management tends to be relatively conservative in their guidance. In the last three years, quarterly revenue was above the guidance six times and only once below guidance. The only time Lam Research missed the guidance on EPS was in fiscal Q2 2018 when the company recognized the tax loss due to tax reform. In that quarter Lam delivered Adjusted EPS 15% above the top boundary of the guidance. The only metric the management was too optimistic about is shipments. Lam Research reported shipments below guidance four times by (2.9%), (5.1%), (2.2%), and (5.0%), while above guidance only twice by 5.9% and 1.2%.

    I think we can be reasonably assured that this management is competent and acts in the best interest of the Lam Research shareholders.

    An Elephant in the room: Memory market cyclicality

    It isn’t a secret that the memory market is cyclical. To make projections for Lam Research’s earnings we need to understand (1) the cycles in different types of memory, (2) any secular changes in the cycles, (3) current competitive dynamics and the balance between supply and demand, and (4) trends and cyclical forces.

    1. The cycles: DRAM and NAND cycles are different.

    DRAM and NAND are two distinct types of memory and the cycles in the two memory types are far from perfectly correlated.

    Memory manufacturers had record earnings recently primarily because of the high DRAM prices. Over the last year, DRAM prices peaked due to supply shortage. For example, Micron to had 71% adjusted gross margin in its fiscal Q4 2018 in the DRAM segment. The economics of NAND remained more stable.

    The fabs are optimized for either DRAM or NAND and memory manufacturers can not easily reallocate capacity to one or another. Therefore, the change in economics of DRAM manufacturing would not directly affect the economics of NAND.

    2. Secular growth in demand for memory reduces cyclicality of the market.

    The memory market became less cyclical. (1) Big-data, artificial intelligence, and cloud services proliferated. (2) These technologies require computing power and data storage, thus creating more demand for memory from data centers. (3) In 2016-2018 3D NAND memory became cheap enough per terabyte to be installed in data centers. (4) As a result, the demand on memory now depends less on consumer devices and PC cycle than it did in previous cycles.

    3. Memory market is consolidated, so oversupply is less likely.

    The memory market is more consolidated now than during any previous troughs of the cycle. There are only 3 largest manufacturers of DRAM (Samsung, SK Hynix, and Micron) and 5 major manufacturers of NAND (Samsung, SK Hynix, Micron, Toshiba, and Intel) compared to 8 major DRAM manufacturers at the time of previous trough in 2012.

    I believe that the manufacturers would not allow a serious oversupply this time. Let’s look at the market from a game theory perspective. All key market participants have enough resources to live through a trough and seems to be long-term players in the market. Imagine if one that the manufacturers decides to increase volume and decrease prices to achieve higher short-term profits. This would trigger a similar response from other manufacturers resulting in a potentially prolonged period of oversupply and low prices. During previous troughs it could make sense if one believes that some of the market participants can go out of business, fail to catch up with latest technology due to limited resources, or be acquired by another memory manufacturer at a lower valuation.

    Now, all the players have enough resources, positive net cash balances, or diversified operations. Regulators are unlikely to allow any further consolidation. Therefore, equilibrium strategies for memory manufacturers would be to prevent oversupply by increasing the capacity inline with the growth of memory demand.

    The memory manufacturers can still have wrong demand projections. But I believe that this time oversupply is less likely and would be less pronounces if it occurs.

    4. Mobile device memory demand is likely to increase in 2019.

    The demand for memory from mobile device segment is driven by (1) the number of new phones sold and (2) the average volume of memory in a phone.

    The base model iPhone XS has 64 GB, the same amount that iPhone X had a year ago. The base model of Samsung Galaxy S9 has 64 GB of memory too, the same as S8 had. It means that the industry standard amount of memory in a phone has not changed in 2018. Additionally, most of customers choose the base models.

    It is likely that the next generation would have more memory in the base models, say 128 or 256 GB.

    This change would boost the demand for memory from the smartphone segment that represents ~37% of the memory demand in 2018.

    The thesis explored in greater detail

    The thesis is based on the following five arguments:

    • There are secular tailwinds of growing demand for memory and several market trends that all benefit Lam Research.

    • Memory manufacturers will be extensively adding new equipment for memory fabrication.

    • Lam Research will benefit massively from the industry trend because it supplies critical equipment for memory fabrication.

    • Lam Research can return $12B+ to shareholders via dividends and buybacks in the next five years and significantly reduce the share count.

    • Investing in Lam Research provides a margin of safety.

    Let’s explore each of the arguments.

    1.Secular tailwinds and trends that benefit Lam Research.

    a) Secular tailwinds of growing demand for memory

    Collecting, storing, and processing data becomes ever more important in the today’s world. It allows companies to become more efficient and create new products and services. Some of the technologies that are drive growth in demand for memory are shown in the table below.

    Trend

    Effect on memory demand

    Technologies such as artificial intelligence (AI) and big data

    Technologies such as artificial intelligence (AI) and big data require collecting large datasets. The AI and big data applications use the datasets to make decisions.

    Faster mobile communications: 4G, soon 5G

    Introduction of faster mobile communications allows people to create and share more high-resolution video content. 5G communication standards will only accelerate the growth in mobile traffic and the generation of content.

    IoT and self-driving cars

    Every IoT device generates data that is processed and stored. Self-driving vehicles are equipped with sensors and video cameras. The data from all the sensors must be processed quickly and stored

    b) 3D NAND flash memory is taking share

    Lam Research supplies equipment to the manufacturers of 3D NAND flash memory. That is the memory technology that is used in solid-state drives (SSDs).

    Historically, hard disks (HDDs) were used for data storage, but in recent years NAND flash memory including solid state drives (SSDs) started to gain share.

    SSDs allow faster access to data but are still somewhat more expensive per TB of data storage capacity than HDDs. The increased performance and lower physical size are especially important for consumer devices, so SSD’s penetrated this market first. Data centers continue using HDDs for archive storage applications that do not require high-speed access to data. However, in the last two years, SSDs became cheap enough per TB, so data centers began increasingly install SSDs. This trend benefits Lam Research.

    c) Migrating to the cloud makes the demand for memory depend less on consumer gadgets and PC cycles

    People and companies increasingly use cloud services. (1) A user or a company uses a service. (2) The provider of the service rents storage and processing power from a cloud service such as Amazon Web Services (AWS), Microsoft Azure, or another operator. (3) The operator, in turn, builds data centers, i.e., “cloud” itself to store process this data for the services. Migration to the cloud stimulates the demand for memory from the datacenters and makes it less depended on consumer gadgets and PC cycles.

    d) Potential revolution in the memory technologies can also benefit Lam Research

    Lam research is well positioned to benefit from 3D Xpoint, a new memory technology.

    A JV of Intel and Micron Technologies has developed a new memory technology called 3D XPoint (3D CrossPoint). The main advantage of this type of memory is that it is almost as fast as DRAM, but it is non-volatile. (Non-volatile memory is the one that can store data long-term without a supply of power.)

    The speed of data access allows storing data in 3D XPoint memory instead of DRAM. At the same time, it can store data long-term similar to SSDs based on 3D NAND flash technology or HDDs. 3D XPoint technology provides for even more powerful AI applications that, in turn, can fuel the demand for this type of memory.

    3D XPoint manufacturing process face similar challenges to those Lam Research solves for 3D NAND flash fabrication process so that Lam will be ahead of the curve from the beginning.

    2. Memory manufacturers will be adding new equipment extensively.

    The benefits of growing memory demand for Lam Research are magnified by the increased capital intensity of memory fabrication. The memory manufacturers would need to add new equipment extensively to cater the demand. Here is why:

    • The semiconductor technologies reached such state that it is no longer possible to significantly increase the capacity of memory chips by merely decreasing the size of a node. The size of a node in a leading-edge technology is currently 5nm. It means that the all the different parts of a node must be less than 50 atoms wide on the plane. It’s tough to go any smaller in electronics.

    • The manufacturers found a way to increase the capacity of NAND flash memory chips stacking up nodes in multiple layers. This technology is known as 3D NAND. Leading-edge memory chips now have 64-layers.

    • The manufacturing process consists of multiple cycles of deposition of thin films, etching, selective removal of the films, etc. These steps are necessary to create the desired 3D structure and connectivity within the chip.

    • The more layers one desires to have on a chip the more cycles of thin films deposition, etching, and selective removal would be necessary.

    • Although the increase may be less than 1-for-1, a manufacturer cannot produce a larger capacity chip on the same equipment without increasing the cycle time.

    Therefore, memory manufacturers need more equipment regardless of whether they want to increase the number of memory chips produced or the capacity of each chip. We can see that memory manufacturers are already affected by this trend and that they recognize that the capital intensity of the fabrication process had increased in recent years.

    3.Lam Research supplies critical equipment for 3D-NAND memory fabrication.

    Lam Research is a leading WFE manufacturer for mission-critical fabrication processes such as high aspect etching, atomic layer deposition, and atomic layer etching.

    Lam’s equipment is used in the processes that are either repeated for each layer or require more time or precision as the complexity of the chip increases. The production of 3D NAND memory chips and the number of layers increased, so manufacturers began extensively adding new equipment. As a result, the share of Lam’s equipment in the total NAND semiconductor fab investment grew from 17% in 2015 to 35% in 2018. In other words, Lam Research captured 52.5% of the total memory semiconductor fab investment increase.

    As the number of layers and complexity of 3D NAND chips continues to increase, we can expect Lam Research to benefit from it disproportionally.

    Fabrication of memory chips with multiple layers requires creasing precise atomic structures and involves repeating some of the processes for each layer. Lam’s technologies and equipment provide best in class precision and throughput. Not surprisingly, Lam Research takes market share in memory fabrication equipment segment from its main competitors such as Applied Materials .

    Lam Research has a strong moat. While it currently has ~25% of the overall WFE market, it is a leader with a 50% share in the specific niche and has a monopoly in proprietary technologies.

    One would need to spend an equivalent amount on R&D only to match Lam Research technology. Thus, I believe that Lam Research’s advantage is likely to persist.

    3D XPoint provides additional upside. The technology uses on a precise 3D atomic structure. It must face similar manufacturing challenges as 3D NAND. Lam Research is best positioned to take advantage of this opportunity.

    4.Lam Research can return $12B+ (44% of market cap) to shareholders in the next five years and significantly reduce share count.

    Lam Research announced a massive capital return program. It is going to return at least 50% of growing FCF to the shareholders via dividends and share repurchases in the next five years. The dividends will be ~$700M per year for a total of $3.5B. The management also announced in March 2018 that they are extending a current share repurchase program by $2B to $4B. The cash for the program comes from the balance sheet. As of the end of fiscal Q4 2018, they’ve completed the 60% the program. This adds ~$1.6B to the amount to be returned.

    According to my model, this can result in returning $12B+ to shareholders and up to $8B+ of it in the form of share repurchases. For comparison, the current market cap is $26.4B. Lam Research can return 45%+ of its current market cap to investors in the next five years.

    If Lam Research were buying back shares at current prices, it could buy up to 29%+ of its number fully diluted shares outstanding. If they buy back shares based at a current EV/LTM EBITDA multiple of 9.0x valuations the fully diluted share count will be reduced by ~12.0%.

    There will not be much additional dilution to offset the decline in share count. Lam research had two issues of convertible notes:

    • Fixed-rate 1.25% Convertible Notes Due May 15, 2018 (“2018 Notes”) with the conversion ratio of 16.7023, i.e., the conversion price of $59.87.

    • Fixed-rate 2.625% Convertible Notes Due May 15, 2041 (“2041 Notes”) with the conversion ratio of 29.9741, i.e., the conversion price of $33.36.

    As the share price grew, these notes became more dilutive offsetting the effect of share repurchases. That’s why the share count did not decline significantly despite Lam Research spending ~$5B on buybacks in the last five years.

    Now the 2018 Notes are gone. The remainder of 2041 notes can be converted to 9.8 M shares. Of these shares, 7.9 M are already counted in the fully diluted shares outstanding calculation. Therefore, additional possible dilution from these convertibles is only 1.9 M shares, which is only 1.1% of the current 175M of fully diluted shares outstanding.

    The dilution from employee stock options and restricted stock grants is insignificant. Only 0.5M options are outstanding for less than 0.3% of the fully diluted share count. Less than 0.4M options were granted over the last three years. I expect the restricted share grants to total ~3M shares over the next five years or only ~1.7% of the current fully diluted share count.

    Therefore, the buybacks will actually decrease the share count.

    5. Margin of safety.

    Investing in Lam Research provides a margin of safety for the following three reasons.

    First, the stock is not expensive. It trades at ~48% discount to its DCF intrinsic value. The share price is at the level it started 2018 and ~38% below its peak in March. The Adjusted P/E Ratio is 8.0x and 6.5x excluding cash.

    Second, share-count reductions and dividend yield support the stock. If the stock does not appreciate for some reason, you get the dividends and the reduction of share count by ~29% over the five-year period. Even in the negative scenario, the lower share price would allow Lam Research to reduce share count by ~9.5-12.5% despite lower FCF.

    Third, as I discussed above Lam Research is much better protected from the cyclicality of the memory market than its customers. During the last two troughs of the memory cycle, the memory manufacturers did not significantly decrease Capex. Instead, they increased CapEx in many cases. (Based on the reported data for the following manufacturers: Samsung - Device Solutions - Semiconductor segment, Toshiba - Storage & Device Solution segment, WD/SanDisk, Micron, SK Hynix).

    Why is Lam Research a better bet on the memory than Micron Technologies or Applied Materials?

    1. Micron Technologies

    First, Micron Technologies earnings directly depend on the supply/demand equilibrium on the memory market. The current margins are not going to persist even in the optimistic scenario. Micron’s stock can go down to $25-$30 per share before any further growth if memory revenue experience a trough like the one in 2015.

    Second, there is no guarantee that Micron Technologies would be the winner in the market.

    Third, the increased capital intensity of memory manufacturing can further harm the margins.

    2. Applied Materials

    First, Applied Materials is not as cheap as Lam Research. It also has already completed a massive share repurchase program recently.

    Second, Applied Materials is #2 player in the equipment for 3D NAND flash memory market after Lam Research.

    Third, only ~25% of Applied Materials LTM revenue comes from 3D NAND flash memory equipment sales compared to 55% at Lam Research. Another 13% of Applied Materials’ revenue comes from Display and Adjacent Markets segment. Although it provides some diversification potential, it is an entirely different bet.

    3. Why is Lam research better?

    First, Lam is better protected from the changes in supply/demand of memory than Micron Technologies. Second, you do not have to pick a winner of the memory market. Lam possesses a critical technology for the manufacturing process, so it will benefit regardless of whether Micron, Samsung or Intel wins the market.

    The model and Valuation

    1. The Market and Revenue

    I project the WFE market grows to ~$52.5B by 2022 in my base case scenario. For the “bull” case I assume the recent growth continues in the next three years as the SSDs based on 3D NAND flash technology continues to gain a share of storage market from HDDs. For the “bear” case I assume that well see some tempering of CapEx by semiconductor manufacturers in the next two years and slow growth after that. I expect Lam’s market share to correlate with the market growth because (1) I believe that the growth of the WFE market will be driven by 3D NAND flash memory equipment segment and (2) Lam is the leader this segment.

    2. Operating leverage

    Nothing exciting happens with gross profit margins. However, as the revenue grows, Lam Research R&D as % of revenue falls even though the absolute amount of R&D expense increases. After Lam Research has already become a leader in the 3D NAND WFE, now it needs to spend on R&D to protect their leadership. Lam does not have to spend the same amount on R&D for a marginal $1 of revenue. Incremental R&D represent only 5% of incremental revenue in the last two years, and I expect this rate to persist. Thus, I expect R&D as % of revenue will be ~8.4% in FY 2023 compared to 10.80% in FY 2018. SG&A has scale effects, so I expect it to be ~6.0% of revenue by FY 2023 compared to 7.1% in FY 2018.

    3. Massive capital return program: dividends and share repurchases

    Lam Research will return at least 50% of its growing FCF to shareholders via dividends and share repurchases in the next five years. The management also announced on the Analyst Day that they have extended the current share repurchase program by $2B to $4B. As of the end of fiscal Q4 2018, the program was completed by 60%. Therefore, we can expect $1.6B to be spent on share repurchases in the following months. The quarterly dividend was raised to $1.10 per share. For the model I assume that is will increase by 10% once a year.

    In the base case scenario the share count will be reduced by ~11.5% in five years.

    4. Shareholders’ total return

    The resulting IRR over a 4-year holding period is 34.0% in the base case scenario assuming reinvestment of the dividends.

    If the stock does not appreciate over time, and the company will be buying back shares at about the current price, then the share count will be reduced by ~29%. It would result in a fair price increasing to $510.7 after FY 2022 in an IRR of 39.7%.

    In a “bear” case scenario the stock is going to decline. However, the lower share price would allow Lam Research to reduce share count by ~12% despite lower FCF. This would provide support to the stock price.

    Risks

    The main risks are the following:

    • Slow development of the AI and bid data pushing the demand to the future.

    • Competition can come up with similar technologies.

    • Shortage of clean space pushing CapEx to the future.

    • The trade war can interfere with the company’s ability to sell to some of the customers.

    Additionally, many investors sell-off semiconductor stocks in a fear of the cyclical trough. Therefore, the stock can decline in the short term. If it happens, I will see it as an opportunity to add to the position at a more favorable price, unless new information disproves the long-term thesis.

    Catalysts

    The two major catalysts for share appreciation are:

    • Share count reduction due to buy-backs.

    • Increase in EBITDA and FCF.

    • Increases in dividends.

    For valuation discussion, charts and other information, see the full report at SumZero.



    Direct Download of over 5500 Certification Exams

    3COM [8 Certification Exam(s) ]
    AccessData [1 Certification Exam(s) ]
    ACFE [1 Certification Exam(s) ]
    ACI [3 Certification Exam(s) ]
    Acme-Packet [1 Certification Exam(s) ]
    ACSM [4 Certification Exam(s) ]
    ACT [1 Certification Exam(s) ]
    Admission-Tests [13 Certification Exam(s) ]
    ADOBE [93 Certification Exam(s) ]
    AFP [1 Certification Exam(s) ]
    AICPA [2 Certification Exam(s) ]
    AIIM [1 Certification Exam(s) ]
    Alcatel-Lucent [13 Certification Exam(s) ]
    Alfresco [1 Certification Exam(s) ]
    Altiris [3 Certification Exam(s) ]
    Amazon [2 Certification Exam(s) ]
    American-College [2 Certification Exam(s) ]
    Android [4 Certification Exam(s) ]
    APA [1 Certification Exam(s) ]
    APC [2 Certification Exam(s) ]
    APICS [2 Certification Exam(s) ]
    Apple [69 Certification Exam(s) ]
    AppSense [1 Certification Exam(s) ]
    APTUSC [1 Certification Exam(s) ]
    Arizona-Education [1 Certification Exam(s) ]
    ARM [1 Certification Exam(s) ]
    Aruba [6 Certification Exam(s) ]
    ASIS [2 Certification Exam(s) ]
    ASQ [3 Certification Exam(s) ]
    ASTQB [8 Certification Exam(s) ]
    Autodesk [2 Certification Exam(s) ]
    Avaya [96 Certification Exam(s) ]
    AXELOS [1 Certification Exam(s) ]
    Axis [1 Certification Exam(s) ]
    Banking [1 Certification Exam(s) ]
    BEA [5 Certification Exam(s) ]
    BICSI [2 Certification Exam(s) ]
    BlackBerry [17 Certification Exam(s) ]
    BlueCoat [2 Certification Exam(s) ]
    Brocade [4 Certification Exam(s) ]
    Business-Objects [11 Certification Exam(s) ]
    Business-Tests [4 Certification Exam(s) ]
    CA-Technologies [21 Certification Exam(s) ]
    Certification-Board [10 Certification Exam(s) ]
    Certiport [3 Certification Exam(s) ]
    CheckPoint [41 Certification Exam(s) ]
    CIDQ [1 Certification Exam(s) ]
    CIPS [4 Certification Exam(s) ]
    Cisco [318 Certification Exam(s) ]
    Citrix [47 Certification Exam(s) ]
    CIW [18 Certification Exam(s) ]
    Cloudera [10 Certification Exam(s) ]
    Cognos [19 Certification Exam(s) ]
    College-Board [2 Certification Exam(s) ]
    CompTIA [76 Certification Exam(s) ]
    ComputerAssociates [6 Certification Exam(s) ]
    Consultant [2 Certification Exam(s) ]
    Counselor [4 Certification Exam(s) ]
    CPP-Institue [2 Certification Exam(s) ]
    CPP-Institute [1 Certification Exam(s) ]
    CSP [1 Certification Exam(s) ]
    CWNA [1 Certification Exam(s) ]
    CWNP [13 Certification Exam(s) ]
    Dassault [2 Certification Exam(s) ]
    DELL [9 Certification Exam(s) ]
    DMI [1 Certification Exam(s) ]
    DRI [1 Certification Exam(s) ]
    ECCouncil [21 Certification Exam(s) ]
    ECDL [1 Certification Exam(s) ]
    EMC [129 Certification Exam(s) ]
    Enterasys [13 Certification Exam(s) ]
    Ericsson [5 Certification Exam(s) ]
    ESPA [1 Certification Exam(s) ]
    Esri [2 Certification Exam(s) ]
    ExamExpress [15 Certification Exam(s) ]
    Exin [40 Certification Exam(s) ]
    ExtremeNetworks [3 Certification Exam(s) ]
    F5-Networks [20 Certification Exam(s) ]
    FCTC [2 Certification Exam(s) ]
    Filemaker [9 Certification Exam(s) ]
    Financial [36 Certification Exam(s) ]
    Food [4 Certification Exam(s) ]
    Fortinet [12 Certification Exam(s) ]
    Foundry [6 Certification Exam(s) ]
    FSMTB [1 Certification Exam(s) ]
    Fujitsu [2 Certification Exam(s) ]
    GAQM [9 Certification Exam(s) ]
    Genesys [4 Certification Exam(s) ]
    GIAC [15 Certification Exam(s) ]
    Google [4 Certification Exam(s) ]
    GuidanceSoftware [2 Certification Exam(s) ]
    H3C [1 Certification Exam(s) ]
    HDI [9 Certification Exam(s) ]
    Healthcare [3 Certification Exam(s) ]
    HIPAA [2 Certification Exam(s) ]
    Hitachi [30 Certification Exam(s) ]
    Hortonworks [4 Certification Exam(s) ]
    Hospitality [2 Certification Exam(s) ]
    HP [746 Certification Exam(s) ]
    HR [4 Certification Exam(s) ]
    HRCI [1 Certification Exam(s) ]
    Huawei [21 Certification Exam(s) ]
    Hyperion [10 Certification Exam(s) ]
    IAAP [1 Certification Exam(s) ]
    IAHCSMM [1 Certification Exam(s) ]
    IBM [1530 Certification Exam(s) ]
    IBQH [1 Certification Exam(s) ]
    ICAI [1 Certification Exam(s) ]
    ICDL [6 Certification Exam(s) ]
    IEEE [1 Certification Exam(s) ]
    IELTS [1 Certification Exam(s) ]
    IFPUG [1 Certification Exam(s) ]
    IIA [3 Certification Exam(s) ]
    IIBA [2 Certification Exam(s) ]
    IISFA [1 Certification Exam(s) ]
    Intel [2 Certification Exam(s) ]
    IQN [1 Certification Exam(s) ]
    IRS [1 Certification Exam(s) ]
    ISA [1 Certification Exam(s) ]
    ISACA [4 Certification Exam(s) ]
    ISC2 [6 Certification Exam(s) ]
    ISEB [24 Certification Exam(s) ]
    Isilon [4 Certification Exam(s) ]
    ISM [6 Certification Exam(s) ]
    iSQI [7 Certification Exam(s) ]
    ITEC [1 Certification Exam(s) ]
    Juniper [63 Certification Exam(s) ]
    LEED [1 Certification Exam(s) ]
    Legato [5 Certification Exam(s) ]
    Liferay [1 Certification Exam(s) ]
    Logical-Operations [1 Certification Exam(s) ]
    Lotus [66 Certification Exam(s) ]
    LPI [24 Certification Exam(s) ]
    LSI [3 Certification Exam(s) ]
    Magento [3 Certification Exam(s) ]
    Maintenance [2 Certification Exam(s) ]
    McAfee [8 Certification Exam(s) ]
    McData [3 Certification Exam(s) ]
    Medical [69 Certification Exam(s) ]
    Microsoft [368 Certification Exam(s) ]
    Mile2 [2 Certification Exam(s) ]
    Military [1 Certification Exam(s) ]
    Misc [1 Certification Exam(s) ]
    Motorola [7 Certification Exam(s) ]
    mySQL [4 Certification Exam(s) ]
    NBSTSA [1 Certification Exam(s) ]
    NCEES [2 Certification Exam(s) ]
    NCIDQ [1 Certification Exam(s) ]
    NCLEX [2 Certification Exam(s) ]
    Network-General [12 Certification Exam(s) ]
    NetworkAppliance [36 Certification Exam(s) ]
    NI [1 Certification Exam(s) ]
    NIELIT [1 Certification Exam(s) ]
    Nokia [6 Certification Exam(s) ]
    Nortel [130 Certification Exam(s) ]
    Novell [37 Certification Exam(s) ]
    OMG [10 Certification Exam(s) ]
    Oracle [269 Certification Exam(s) ]
    P&C [2 Certification Exam(s) ]
    Palo-Alto [4 Certification Exam(s) ]
    PARCC [1 Certification Exam(s) ]
    PayPal [1 Certification Exam(s) ]
    Pegasystems [11 Certification Exam(s) ]
    PEOPLECERT [4 Certification Exam(s) ]
    PMI [15 Certification Exam(s) ]
    Polycom [2 Certification Exam(s) ]
    PostgreSQL-CE [1 Certification Exam(s) ]
    Prince2 [6 Certification Exam(s) ]
    PRMIA [1 Certification Exam(s) ]
    PsychCorp [1 Certification Exam(s) ]
    PTCB [2 Certification Exam(s) ]
    QAI [1 Certification Exam(s) ]
    QlikView [1 Certification Exam(s) ]
    Quality-Assurance [7 Certification Exam(s) ]
    RACC [1 Certification Exam(s) ]
    Real-Estate [1 Certification Exam(s) ]
    RedHat [8 Certification Exam(s) ]
    RES [5 Certification Exam(s) ]
    Riverbed [8 Certification Exam(s) ]
    RSA [15 Certification Exam(s) ]
    Sair [8 Certification Exam(s) ]
    Salesforce [5 Certification Exam(s) ]
    SANS [1 Certification Exam(s) ]
    SAP [98 Certification Exam(s) ]
    SASInstitute [15 Certification Exam(s) ]
    SAT [1 Certification Exam(s) ]
    SCO [10 Certification Exam(s) ]
    SCP [6 Certification Exam(s) ]
    SDI [3 Certification Exam(s) ]
    See-Beyond [1 Certification Exam(s) ]
    Siemens [1 Certification Exam(s) ]
    Snia [7 Certification Exam(s) ]
    SOA [15 Certification Exam(s) ]
    Social-Work-Board [4 Certification Exam(s) ]
    SpringSource [1 Certification Exam(s) ]
    SUN [63 Certification Exam(s) ]
    SUSE [1 Certification Exam(s) ]
    Sybase [17 Certification Exam(s) ]
    Symantec [134 Certification Exam(s) ]
    Teacher-Certification [4 Certification Exam(s) ]
    The-Open-Group [8 Certification Exam(s) ]
    TIA [3 Certification Exam(s) ]
    Tibco [18 Certification Exam(s) ]
    Trainers [3 Certification Exam(s) ]
    Trend [1 Certification Exam(s) ]
    TruSecure [1 Certification Exam(s) ]
    USMLE [1 Certification Exam(s) ]
    VCE [6 Certification Exam(s) ]
    Veeam [2 Certification Exam(s) ]
    Veritas [33 Certification Exam(s) ]
    Vmware [58 Certification Exam(s) ]
    Wonderlic [2 Certification Exam(s) ]
    Worldatwork [2 Certification Exam(s) ]
    XML-Master [3 Certification Exam(s) ]
    Zend [6 Certification Exam(s) ]





    References :


    Dropmark : http://killexams.dropmark.com/367904/11710010
    Wordpress : http://wp.me/p7SJ6L-1fi
    Issu : https://issuu.com/trutrainers/docs/hp2-k19
    Dropmark-Text : http://killexams.dropmark.com/367904/12210384
    Blogspot : http://killexamsbraindump.blogspot.com/2017/11/look-at-these-hp2-k19-real-question-and.html
    RSS Feed : http://feeds.feedburner.com/Pass4sureHp2-k19DumpsAndPracticeTestsWithRealQuestions
    Box.net : https://app.box.com/s/1bht89va7pcde4m6ozalkfg3bn26bdj5
    publitas.com : https://view.publitas.com/trutrainers-inc/pass4sure-hp2-k19-dumps-and-practice-tests-with-real-questions
    zoho.com : https://docs.zoho.com/file/5wmnzb392ccad3fd74ee7848bd11b6c8c24a1






    Back to Main Page

    HP HP2-K19 Exam (Selling HP Business Class Storage(R) Solutions) Detailed Information



    References:


    Pass4sure Certification Exam Questions and Answers - www.founco.com
    Killexams Exam Study Notes | study guides - www.founco.com
    Pass4sure Certification Exam Questions and Answers - st.edu.ge
    Killexams Exam Study Notes | study guides - st.edu.ge
    Pass4sure Certification Exam Questions and Answers - www.jabbat.com
    Killexams Exam Study Notes | study guides - www.jabbat.com
    Pass4sure Certification Exam Questions and Answers - www.jorgefrazao.esy.es
    Killexams Exam Study Notes | study guides - www.jorgefrazao.esy.es
    Pass4sure Certification Exam Questions and Answers and Study Notes - www.makkesoft.com
    Killexams Exam Study Notes | study guides | QA - www.makkesoft.com
    Pass4sure Exam Study Notes - maipu.gob.ar
    Pass4sure Certification Exam Study Notes - idprod.esy.es
    Download Hottest Pass4sure Certification Exams - cscpk.org
    Killexams Study Guides and Exam Simulator - www.simepe.com.br
    Comprehensive Questions and Answers for Certification Exams - www.ynb.no
    Exam Questions and Answers | Brain Dumps - www.4seasonrentacar.com
    Certification Training Questions and Answers - www.interactiveforum.com.mx
    Pass4sure Training Questions and Answers - www.menchinidesign.com
    Real exam Questions and Answers with Exam Simulators - www.pastoriaborgofuro.it
    Real Questions and accurate answers for exam - playmagem.com.br
    Certification Questions and Answers | Exam Simulator | Study Guides - www.rafflesdesignltd.com
    Kill exams certification Training Exams - www.sitespin.co.za
    Latest Certification Exams with Exam Simulator - www.philreeve.com
    Latest and Updated Certification Exams with Exam Simulator - www.tmicon.com.au
    Pass you exam at first attempt with Pass4sure Questions and Answers - tractaricurteadearges.ro
    Latest Certification Exams with Exam Simulator - addscrave.net
    Pass you exam at first attempt with Pass4sure Questions and Answers - alessaconsulting.com
    Get Great Success with Pass4sure Exam Questions/Answers - alchemiawellness.com
    Best Exam Simulator and brain dumps for the exam - andracarmina.com
    Real exam Questions and Answers with Exam Simulators - empoweredbeliefs.com
    Real Questions and accurate answers for exam - www.alexanndre.com
    Certification Questions and Answers | Exam Simulator | Study Guides - allsoulsholidayclub.co.uk