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922-089 - Communication Server 1000 Rls.5.0 Upgrades for Engineers - Dump Information

Vendor : Nortel
Exam Code : 922-089
Exam Name : Communication Server 1000 Rls.5.0 Upgrades for Engineers
Questions and Answers : 30 Q & A
Updated On : December 17, 2018
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922-089 Communication Server 1000 Rls.5.0 Upgrades for Engineers

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922-089 exam Dumps Source : Communication Server 1000 Rls.5.0 Upgrades for Engineers

Test Code : 922-089
Test Name : Communication Server 1000 Rls.5.0 Upgrades for Engineers
Vendor Name : Nortel
Q&A : 30 Real Questions

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Nortel Nortel Communication Server 1000

Nortel Builds on its Unified Communications imaginative and prescient, options Portfolio | killexams.com Real Questions and Pass4sure dumps

Nortel

NYSE : NTTSX : NT

Nortel

March 05, 2007 09:02 ET

CEO Mike Zafirovski Outlines Nortel UC imaginative and prescient at VoiceCon 2007

ORLANDO, FLORIDA--(CCNMatthews - March 5, 2007) - At VoiceCon Spring 2007 this week, Nortel(1) (TSX:NT)(NYSE:NT) is outlining its imaginative and prescient for unified communications (UC) and unveiling new options designed to supply agencies with basic and legitimate how you can carry voice, video and data over IP and permit advanced unified communications.

Nortel President and CEO Mike Zafirovski should be a keynote speaker on Tuesday, and should discuss how unified communications solutions and converged purposes are poised to seriously change business communications.

"Unified communications essentially alterations the way organizations communicate, simplifying the deluge of communications with a single, seamless interface," talked about Zafirovski. "Nortel and our partners are working to create a UC event that makes people greater productive and responsive, with a rich communications event within the office or on the go."

Nortel's unified communications vision makes a speciality of proposing options that align to the company environment the business makes use of today. These solutions enable users to adventure streamlined communications within their business application whereas leveraging their existing IT investments - definitely UC your approach.

As a part of its increasing unified communications portfolio, Nortel is introducing a few new options that deliver a richer set of UC tools whereas making certain the resiliency of the communications community.

Nortel's cornerstone IP Telephony answer, the communique Server (CS) 1000 will carry new capabilities and enhancements to additional toughen this main VoIP platform. a brand new liberate of CS one thousand will provide more suitable reliability and redundancy, more desirable network and voice name safety and new E911 capabilities, all geared toward ensuring groups can count on their network for vital communications needs. through deliberate interoperability with Microsoft workplace Communications Server 2007, this new unlock will deliver unified communications capabilities as a part of the imaginitive Communications Alliance roadmap.

the new CS a thousand architecture will lengthen its aid for open standards, with aid for an open operating gadget and beginning on commercial off-the-shelf (COTS) hardware from IBM and different suppliers, to enhance deployment flexibility and manageability of the network. large simplification of the portfolio elements and pricing bundles will make it more straightforward for companions and resellers to cite and promote. This new free up is planned for availability in 2Q07.

moreover these days Nortel introduced the everyday availability of a brand new liberate of the award-winning Multimedia communique Server (MCS) 5100. This new unlock improves productivity by using providing users with tight integration of telephony and multimedia applications within IBM Lotus Notes. It additionally points a number of significant enhancements, together with enhanced and simplified collaboration capabilities that permit a full latitude of voice, video, conferencing, electronic mail, IM and presence capabilities at the click on of a mouse, along with superior mobility capabilities that deliver a prosperous communications experience for cellular people. the new MCS 5100 free up additionally introduces help for brand spanking new SIP-primarily based IP telephones improving usability and suppleness and improves the overall protection, reliability, manageability and scalability of the core platform, which now operates on IBM servers with a Linux operating gadget.

Nortel is additionally introducing Unified Messaging (UM) 2000, a feature-prosperous, provider-grade solution helping as much as 1000000 users that makes it possible for voicemail, fax and e mail to be accessed together via ordinary email applications and integrates with Microsoft's energetic listing®. UM 2000 is requirements-based mostly in order that it may operate in a multivendor voice community, and is centered to international organizations as well as carriers that offer their purchasers unified messaging solutions.

To support agencies set up UC-optimized networks, Nortel is also unveiling converged information networking enhancements to its North American advertising campaigns, which build on the successful IPT 1-2-three campaign launched last year. These crusade enhancements include accomplice tools, focused demand era actions, pre-engineered statistics programs, and not obligatory features that make it more straightforward and more low-budget for licensed channel partners to deploy a LAN that helps purchasers' VoIP and UC needs.

These statistics applications and functions may also be quoted starting in April 2007 and consist of options to enable the complete deployment of vigor over Ethernet, VoIP-Optimized comfy Routing for WAN entry, and WLAN for mobility and optional upkeep, installation and technical support services. Nortel's North American campaign additionally contains advertising and incentive programs available today via licensed Nortel channel companions for enterprises who are customizing their community for unified communications.

About Nortel

Nortel is a diagnosed leader in delivering communications capabilities that make the promise of business Made primary a fact for our consumers. Our subsequent-era applied sciences, for both carrier company and commercial enterprise networks, guide multimedia and enterprise-critical applications. Nortel's applied sciences are designed to aid eliminate brand new boundaries to efficiency, pace and performance via simplifying networks and connecting americans to the counsel they need, when they need it. Nortel does enterprise in more than one hundred fifty nations around the globe. For greater tips, discuss with Nortel on the net at www.nortel.com. For the newest Nortel information, discuss with www.nortel.com/information.

certain statements during this press free up may additionally contain words similar to "could", "expects", "may additionally", "anticipates", "believes", "intends", "estimates", "goals", "envisions", "seeks" and different an identical language and are regarded forward-looking statements or suggestions below relevant securities law. These statements are in accordance with Nortel's latest expectations, estimates, forecasts and projections about the operating ambiance, economies and markets in which Nortel operates. These statements are field to important assumptions, dangers and uncertainties, which might be intricate to foretell and the specific effect may well be materially diverse. further, genuine outcomes or events might range materially from those meditated in ahead-looking statements as a result of the following(i) hazards and uncertainties relating to Nortel's restatements and linked matters including: Nortel's most recent restatement and two previous restatements of its financial statements and related activities; the bad have an effect on on Nortel and NNL of their most contemporary restatement and delay in filing their fiscal statements and linked periodic studies; criminal judgments, fines, penalties or settlements, or any colossal regulatory fines or other penalties or sanctions, regarding the ongoing regulatory and criminal investigations of Nortel within the U.S. and Canada; any big pending civil litigation movements no longer encompassed by way of Nortel's proposed classification action settlement; any monstrous money price and/or significant dilution of Nortel's existing equity positions resulting from the approval of its proposed category action agreement; any unsuccessful remediation of Nortel's material weaknesses in internal control over financial reporting leading to an lack of ability to record Nortel's effects of operations and financial situation precisely and in a well timed manner; the time required to implement Nortel's remedial measures; Nortel's inability to access, in its current kind, its shelf registration filed with the united states Securities and alternate commission (SEC), and Nortel's under investment grade credit standing and any further hostile impact on its credit rating due to Nortel's restatements of its financial statements; any opposed have an effect on on Nortel's business and market price of its publicly traded securities coming up from carrying on with bad publicity regarding Nortel's restatements; Nortel's competencies lack of ability to entice or hold the personnel fundamental to obtain its business goals; any breach by using Nortel of the persevered listing necessities of the NYSE or TSX causing the NYSE and/or the TSX to start suspension or delisting methods;(ii) hazards and uncertainties regarding Nortel's company including: every year and quarterly fluctuations of Nortel's operating results; reduced demand and pricing pressures for its items as a result of world economic situations, big competitors, aggressive pricing practice, cautious capital spending via customers, improved business consolidation, abruptly changing applied sciences, evolving trade standards, time-honored new product introductions and short product existence cycles, and different tendencies and business traits affecting the telecommunications business; the sufficiency of these days introduced restructuring actions, together with the advantage for bigger exact prices to be incurred in reference to these restructuring movements compared to the estimated expenses of such moves and the means to achieve the targeted can charge discounts and mark downs of Nortel's unfunded pension legal responsibility deficit; any material and adversarial impacts on Nortel's efficiency if its expectations involving market demand for certain products show to be incorrect or as a result of certain barriers in its efforts to expand internationally; any discount in Nortel's working outcomes and any linked volatility out there expense of its publicly traded securities coming up from any decline in its gross margin, or fluctuations in foreign forex trade costs; any bad developments linked to Nortel's supply contract and contract manufacturing agreements together with because of using a sole organization for key optical networking solutions components, and any defects or mistakes in Nortel's present or planned items; any terrible affect to Nortel of its failure to achieve its company transformation goal; additional valuation allowances for all or a component of its deferred tax belongings; Nortel's failure to give protection to its intellectual property rights, or any opposed judgments or settlements bobbing up out of disputes regarding intellectual property; alterations in legislation of the information superhighway and/or other elements of the industry; Nortel's failure to correctly operate or integrate its strategic acquisitions, or failure to consummate or succeed with its strategic alliances; any terrible impact of Nortel's failure to conform competently its monetary and managerial control and reporting systems and tactics, manipulate and grow its enterprise, or create a very good risk administration strategy; and(iii) dangers and uncertainties concerning Nortel's liquidity, financing preparations and capital together with: the affect of Nortel's most contemporary restatement and two outdated restatements of its fiscal statements; any lack of ability of Nortel to manage cash circulation fluctuations to fund working capital necessities or obtain its enterprise pursuits in a timely manner or attain extra sources of funding; high levels of debt, boundaries on Nortel capitalizing on company alternatives as a result of assist facility covenants, or on acquiring further secured debt pursuant to the provisions of indentures governing definite of Nortel's public debt considerations and the provisions of its guide facility; any boost of limited cash requirements for Nortel if it is unable to comfy alternative aid for obligations arising from certain ordinary path business activities, or any inability of Nortel's subsidiaries to supply it with satisfactory funding; any bad impact to Nortel of the need to make better defined advantage plans contributions sooner or later or exposure to client credit score dangers or lack of ability of shoppers to meet price obligations below consumer financing arrangements; any bad have an impact on on Nortel's capacity to make future acquisitions, raise capital, situation debt and continue employees bobbing up from inventory cost volatility and extra declines available in the market rate of Nortel's publicly traded securities, or the percentage consolidation leading to a lessen total market capitalization or antagonistic effect on the liquidity of Nortel's typical shares. For additional info with respect to definite of these and different elements, see Nortel's Annual record on Form10-okay/A, Quarterly reviews on form 10-Q and other securities filings with the SEC. except in any other case required by relevant securities laws, Nortel disclaims any intention or obligation to update or revise any forward-searching statements, no matter if as a result of new suggestions, future events or otherwise.

(1)Nortel, the Nortel logo and the Globemark are emblems of Nortel Networks.


Microsoft utility to vigour Nortel Telecom Servers | killexams.com Real Questions and Pass4sure dumps

it might have been some of the longest skits ever to be delivered from the legendary studios of Saturday nighttime reside -- NBC Studio 8H at 30 Rockefeller Plaza -- earlier than truly coming to the punch line. however eventually Microsoft CEO Steve Ballmer, together with the president/CEO of telecom server company Nortel, Mike Zafirovski, announced the next phase of their collaboration, which begun officially in June of last year.

Their mission is to integrate windows, office, alternate, and visible Studio -- all 4 pillars of Microsoft -- into the subsequent round of Nortel server hardware on Intel platforms. The smaller Nortel Communications Server a thousand should be built-in with the brand new Unified Messaging edition of change Server, for beginning within the 2nd quarter of this yr; extra excessive-end models with multimedia conferencing capabilities on-board could be delivered in the fourth quarter.

however what does this imply? Microsoft's demo -- best a bit upgraded from final 12 months -- offers our ideal and deepest glimpse into the corporations' joint plans. briefly, Microsoft plans to deploy yet yet another instant messaging platform: office Communicator, whose initials Microsoft and Nortel are using to represent the notebook as a communications gadget in diagrams.

below the brand new scheme, a consumer can make the most of his OC to direct a message to any one who has an id in lively directory. So in case you've bought an email message from a person, you could reply the use of IM (the console of the OC) or the use of the mobilephone; and during this latter case, the mobilephone turns into a kind of Nortel peripheral equipment. using voice instructions given to the audio "interface" of Microsoft exchange, you could have the mobile device reply with a voice message, an IM message (converted to textual content and then despatched) or with an electronic mail.

in a similar fashion, the person's OC may also be used to redirect name-forwarding, in order that any one putting a conventional phone call can reach the requisite birthday party on his OC, or conceivably through his trade proxy, which can take a message and forward it to his e-mail. There it can also be replayed as an audio track, or conceivably translated to text.

It is not a particularly new idea, however what distinguishes this certain approach to the difficulty is that Microsoft's office application is so ubiquitous in business today that the integration of aspect-of-presence in purposes can be just tempting satisfactory to get organizations to consider Nortel.

As Zafirovski took the helm of Nortel remaining 12 months, its market share in voice-over-IP was declining by using a cost of 12% per 12 months, with the aid of Merrill Lynch estimates. It changed into third in market share in core routers at the back of Cisco and Juniper Networks, though it turned into first in fiberoptic networking switches and gateways. nonetheless, Zafirovski - employed faraway from Motorola - described the birth of his mission because the equivalent of standing at floor zero.

His method, as anticipated, become transformational: He wants to get Nortel out of markets where it would not compete, via introducing communications servers this 12 months with a purpose to integrate performance from traditional branch exchanges - the place the enterprise's market share is lagging - while retaining its floor in main-area technologies. His concept: sell companies on the concept of changing ancient PBXes with x86 structure servers.

Microsoft is helping Zafirovski to make that case. In so doing, it's leveraging its whole company portfolio, even if it capability floating some wild concepts, reminiscent of implying the presence of a latent market among builders to create customized toolbar purposes for PowerPoint and other workplace 2007 applications, that make the most of factor-of-presence signals from Microsoft change UM working on Nortel servers. Ballmer calls this a "line-of-enterprise" application, and a few have likened the theory to yet another variety of line, though with slightly of ingenuity -- coupled with a truckload of sorely missing practicality -- the concept simply might work.

"individuals have PBXes, people have audio-conferencing programs or options that they purchase, video-conferencing options, e mail - optimistically all Microsoft exchange - rapid messaging solutions, and these are all islands - the style you get provisioned, the manner you register, your username, your tackle, the manner you find someone," noted Ballmer all through his speech nowadays.

"how many messages will we leave, on typical, in quite a few areas for someone?...You could say or not it's a very livable world; all of us do live in it, in reality, every day. That doesn't make it the ultimate we will do - the top of the line for the conclusion-user, let alone for the IT branch or for the individuals who're establishing company purposes."

"you are going to be able to provide your clients an impressive, single event for instant messaging, presence, and naturally, conferencing," Zafirovski clarified.

Ballmer painted a extensive picture, the use of some fuzzy brushstrokes, of an evolved telecommunications infrastructure for all humanity, beginning this yr with a flow to an "integrated" communications structure. here, users study to operate smarter communications consumers, and Microsoft would power the utility for those valued clientele. This integration will tie everything collectively, including the cell, all the way through these years wherein it is rarely purposeful for places of work to trust eliminating the telephone altogether for the OC.

however by 2010, a new section would begin, pushed by means of user demand to enter what Ballmer describes as the "converted" section of communications, where one of the crucial diverse devices we use accepted delivery to fall out of sight through attrition, like a vestigial sixth toe. additionally all the way through this phase, the returned-ends and servers start to peer extra integration, applying a product Zafirovski outlined referred to as the Unified Communications integrated branch. think of this as an change-embedded PBX substitute, provided by using Nortel.

"for many, a long time, both companies have basically been within the business of communications. Nortel, fairly absolutely, has been generally in the 'telecom company,' because it's conventional," explained Ballmer, making little "quote-unquotes" within the air, "and Microsoft has been in the business of helping americans author, transmit, electronic mail, and different suggestions, and in a way, it turned into inevitable - people have observed it for years - that you'd beginning to see a convergence of communications."


Microsoft and Nortel existing Alliance Roadmap | killexams.com Real Questions and Pass4sure dumps

information

Microsoft and Nortel present Alliance Roadmap Six months after announcing a telecommunications alliance, Microsoft and Nortel this week offered some early effects of their efforts and outlined a roadmap for future tasks.

both groups first announced their collaboration remaining summer.

The highway map comprises three new joint solutions “to dramatically increase enterprise communications via breaking down the barriers between voice, email, quick messaging, multimedia conferencing and different types of communique,” in line with a statement via the two enterprises.

additionally covered within the announcement are 11 new implementation functions from Nortel and the opening of more than 20 joint demonstration facilities the place shoppers can experience the expertise, the observation persisted.

in addition, both organizations said they've signed agreements with dozens of valued clientele, and have developed a “pipeline of tons of of possibilities who wish to know the benefits of unified communications.”

From Microsoft's standpoint, it's all a part of the business's long-term play to merge every kind of communications and messaging into a single framework. A year ago, the business introduced that it turned into merging its change Server community with its true-Time Collaboration (RTC) group, and that it had begun to suppose of both applied sciences comprising a "platform."

the new community become named the Unified Communications community (UCG) and resides in Microsoft's enterprise Division. The theory for the brand new group emanated from a imaginative and prescient of including continuity to a myriad of communications gadgets, technologies and modes -- from e-mail and fast messaging to Voice over cyber web Protocol (VoIP), audio/video and web conferencing -- in a unified manner.

The three new joint options introduced by means of the alliance this week are named Unified Communications integrated department, Unified Messaging, and Conferencing.

When it is purchasable within the fourth quarter, UC integrated branch will contain Nortel and Microsoft technology on a single piece of hardware that gives you VoIP and unified communications in far off workplaces.

Coming a little prior in the 2d quarter, Unified Messaging will intention to simplify client deployments, native session initiation protocol (SIP) interoperability between the Nortel communique Server 1000 and Microsoft exchange Server 2007. The answer includes Nortel professional functions for design, deployment and guide.

also coming in the fourth quarter, Conferencing will lengthen Nortel Multimedia Conferencing to Microsoft workplace Communicator 2007. It goals to give a single client experience consistent across applications comparable to voice, quick messaging, presence, and audio- and videoconferencing.

This 12 months, the corporations also plan to prolong their current unified communications answer — a unified laptop and delicate mobile for VoIP, electronic mail, speedy messaging and presence — to the Nortel communique Server 2100, a service-grade business telephony product helping up to 200,000 clients on a single device, in accordance with business statements.

As for the highway map, the two companies have geared up greater than 20 joint demonstration facilities in North america, Europe and Asia, with more than 100 additional centers scheduled to open by midyear.

Nortel has additionally added 11 core integration services to assist consumers construct, set up and help joint unified communications options, including end-to-conclusion challenge administration. Nortel claims it has already expert greater than 2,200 VoIP specialists to carry these services and may add extra as deployment ramps up.

about the writer

Stuart J. Johnston has coated know-how, mainly Microsoft, considering February 1988 for InfoWorld, Computerworld, counsel Week, and pc World, in addition to for business Developer, XML & internet features, and .net magazines.


922-089 Communication Server 1000 Rls.5.0 Upgrades for Engineers

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Panasonic Upgrades AW-HE40 Full HD PTZ Cameras | killexams.com real questions and Pass4sure dumps

The AW-SFU01 upgrade adds production-quality HD MPEG-4 streaming, in-camera HD recording on a microSD card, and USB video/audio capabilities to the cameras' already impressive range of features

Panasonic has announced a powerful optional upgrade for its AW-HE40 integrated full HD PTZ cameras. The AW-SFU01 upgrade adds production-quality HD MPEG-4 streaming, in-camera HD recording on a microSD card, and USB video/audio capabilities to the cameras’ already impressive range of features. The AW-SFU01 feature upgrade will be available for purchase in July 2015 at a suggested list price of $350.00. A special promotional offer will provide this function upgrade in July at no charge for cameras purchased between March 24th and May 31st, 2015.

The AW-SFU01 feature upgrade will be available for purchase in July 2015 at a suggested list price of $350.00. A special promotional offer will provide this function upgrade in July at no charge for cameras purchased between March 24th and May 31st, 2015. 

This new major feature upgrade will allow direct-from-camera, production-quality audio/video streaming (RTP/RTSP/RTCP) up to 1080/60p 24Mbps at an unprecedented price point. The upgraded camera’s IP streaming—in combination with the HE40’s standard IP-control, built-in MIC/LINE input and PoE+ (power over LAN cable) capabilities—enables a revolutionary “single-cable” remote production application. Additionally, the upgrade makes it possible for the HE40 to function as a USB Super-Webcam for videoconferencing and collaboration--with a 30X zoom lens, preset functions, as well as simultaneous IP and USB streaming* and control.

The upgrade also enables production-quality in-camera HD MPEG-4 video and audio recording to a microSD card at up to 28mbps, which can be utilized for Web-controlled back-up and archiving, replayed and streamed, or sent as a file via FTP. Because it is USB video-enabled, the HE40 also offers a premium choice for professional-level videoconferencing via widely available USB-class applications.

The HE40’s audio functions are also extended by the upgrade: Auto Level Control adjusts audio input level automatically, and an Equalizer Setting can select three types of audio input control, [ON/OFF], [LOW CUT] and [Speech]. Embedded audio may also be used in conjunction with HD streaming and recording functions.

An upgraded HE40’s breadth of powerful functions facilitates the development of innovative applications in broadcasting, staging, sports, government, houses-of-worship, and education.

The HE40 is currently available in two versions, the AW-HE40H with HDMI output, and the AW-HE40S with HD-SDI output. Both versions are available in either white or black. The cameras are designed to produce great results in a variety of applications that require high-quality video and precise control—such as remote production, conference video, event capture, staging, distance learning, and HOW. Thanks to a precision 30X optical zoom lens, 1000 TV lines of horizontal resolution, smooth PTZ functions, and exceptional image quality, HE40 cameras are also ideal for demanding recording, streaming, and IMAG use. With IP-Preview transmission and control, and support for PoE+, the HE40 also offers the flexibility needed for cost-effective installation and easy management. 

The HE40 also features stereo MIC/LINE-level switchable audio input for embedding, an innovative 1.4X digital extender, minimum illumination of .35 lx, and 16-axis color matrix control for precise camera “painting” and matching.

The HE40 cameras incorporate a version of the versatile IP/Serial/Web control system and IP-Live Preview pioneered in Panasonic’s AW-HE60 series cameras. IP, RS-422, RS-232C in/out interfaces are also included, and a built-in Web-server enables both browser control and IP-live preview and setup from PCs, Macs and mobile devices including iPhone, iPad, and Android tablets and phones. RS-422 Serial or IP control is available using Panasonic’s AW-RP50N, AW-RP120G controllers, AK-HRP200G paintbox and the AW-HEA10 system, as well as appropriately programmed systems from Crestron, AMX, Winnov, and other manufacturers. 

For more information about the AW-HE40 cameras, AW-SFU01 feature upgrade and other Panasonic professional video products, visit www.panasonic.com/broadcast or contact Panasonic at 877-803-8492.

* IP streaming is limited to VGA/QVGA JPEG streaming only when outputting simultaneously with USB.

Panasonic Solutions for BusinessPanasonic delivers reliable business technology solutions that connect data with decision makers to drive better outcomes—for our customers and our customers’ customers. Panasonic engineers reliable products and solutions that help to create, capture and deliver data of all types, where, when and how it is needed. The complete suite of Panasonic professional solutions for government and commercial enterprises of all sizes addresses unified business communications, mobile computing, security and surveillance, retail point-of-sale, office productivity, visual communications (projectors, displays, digital signage) and HD video production. Panasonic solutions for business are delivered by Panasonic System Communications Company of North America, Division of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation.

All brand and company/product names are trademarks or registered trademarks of the respective companies. All specifications are subject to change without notice. Information on Panasonic solutions for business can be obtained by calling 877-803-8492 or at us.panasonic.com/business-solutions.

About Panasonic Corporation of North AmericaPanasonic Corporation of North America provides a broad line of digital and other electronics products and solutions for consumer, business and industrial use. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation and the hub of Panasonic’s U.S. branding, marketing, sales, service and R&D operations. In Interbrand’s 2014 annual “Best Global Green Brands” report, Panasonic ranked number five overall and the top electronics brand in the report. As part of continuing sustainability efforts, Panasonic Corporation of North America relocated its headquarters to a new facility, adjacent to Newark Penn Station in Newark, NJ. It is the first newly constructed office tower in Newark to earn both LEED Platinum and Gold certifications from the U.S. Green Building Council.


Marvell Technology Group Ltd. (MRVL) CEO Matt Murphy Hosts Investor Day Conference (Transcript) | killexams.com real questions and Pass4sure dumps

Marvell Technology Group Ltd. (NASDAQ:MRVL) Investor Day Conference October 16, 2018 9:00 AM ET

Executives

Ashish Saran - VP, IR

Matt Murphy - President and CEO

Dan Christman - EVP of Storage Group

Raghib Hussain - EVP and Chief Strategy Officer

Tom Lagatta - EVP of Worldwide Sales and Marketing

Jean Hu - CFO

Analysts

Ross Seymore - Deutsche Bank

Blayne Curtis - Barclays Capital

Karl Ackerman - Cowen & Company

John Pitzer - Credit Suisse

Vivek Arya - Bank of America Merrill Lynch

Quinn Bolton - Needham & Company

Ashish Saran

Good morning, folks, and welcome to Marvell's 2018 Investor Day. For those who don't know me, my name is Ashish Saran; I'm the Vice President of Investor Relations at Marvell. I've been in the semi industry for over 20 years, which should make you question my sanity, but putting that aside, as some of you know, I recently joined Marvell. I was attracted by the very significant growth opportunities I see in front of this company, especially with the addition of Cavium. I'm also very pleased to see a lot of familiar faces in the audience, so thank you everyone for taking time out of your busy schedules and spending today morning with the Marvell team.

As you can see, we have a very informative day in front of us, so Matt is going to kick things off with an update on our strategic shift to infrastructure. Dan and Raghib are going to walk you through the nuts and bolts of our storage and networking businesses. Tom will entertain you with an update on our go-to-market strategy to drive growth. And as anyone who knows Tom can attest, "Entertain" is the right word to use in describing Tom's style. Jean will deliver the money slides, followed by a Q&A session which will end the event.

Now, before we start, I do need to take you through our very exciting financial safety briefing. This presentation today will contain certain forward-looking statements which do have risks and uncertainties. We describe these in our filings with the SEC. We will also be mentioning certain non-GAAP financial measures, a reconciliation is at the end of this presentation, and this presentation will be available on our Web site after today's event.

Now that all of you have your seatbelts tightly fastened, we're going to kick things off with a short video, followed by Matt's presentation. Thank you.

[VIDEO STARTS]

The world today, it's more demanding than ever because it's more connected than ever. Manufacturers are more autonomous because they're more automated. Smart cities provide vital services thanks to tracking data and voice technology. A single car can learn how to drive safely, then share it with 10 million others. And soon, highly intelligent 5G base stations will connect to billions of users at breakneck speed. These emerging applications are powered by learning machines, where information is sent to the core for analysis, then back to the edge, flooding the global network with more traffic than rush hour in the rain.

To keep it flowing, the datacenter needs to keep morphing, so much so that you can't tell where the core ends and the edge begins. The solution rests in the foundational technology here today. We understand; we helped build it. With decades of experience, the combined portfolios of Marvell and Cavium have broadened our capabilities, made our core strengths even stronger, and transformed us into an infrastructure powerhouse. We've created seamless bandwidth connections between the core datacenter and the network edge, fit entire computing systems on to a single microchip, increased storage density so companies can meet tomorrow's demands, not be surprised by them, and discovered ways to keep data flowing swiftly and securely, through cables or through the air. The new Marvell has its sights on tomorrow, not just to unearth what's next, but to make it available today.

Marvell, we think ahead, so our customers can too.

[VIDEO ENDS]

Matt Murphy

Okay. Good morning, everybody. It's great to see all of you here. So I think, first of all, this video says a lot about what's going on today. The state of technology and it's mind-blowing how much data is being created on a daily basis in the world. If you think about it, most of this data today is being moved into the cloud, but more and more the data is actually being created at the edge where it needs to be processed and actioned. And Marvell is enabling the infrastructure that makes all of this possible. So today I'm going to talk about the kind of company that we're creating, how far we've come, where we're going, and how we're doing since we've combined with Cavium. And I'm going to tell you how we're going to grow, which I'm sure is on everybody's minds here today.

So first, let me show you how far we've come from our last investor day, which was just six quarters ago, here in this room. So let me take you back, this was in March, 2017. For those of you that were here at the time, it was snowing outside. And this was our first ever investor day for the company. I had been on the job for about eight months, and we were just beginning Marvell's turnaround. We'd assembled a new leadership team which we introduced everybody, and we told our story. And that story started with the market opportunity, which was really fueled by the explosion of data and the need for bandwidth. We said we were shifting from consumer and mobile to cloud and infrastructure, with the depth of our IP and core capabilities really played to our strengths, and where we felt we could create the most value.

We also shared our plans at that time how we were going to refocus the company to build a long-term sustainable business that could deliver healthy margins, cash flow; all the things that you expect from a top-tier semiconductor company. And I think at that time we caught some of you off guard with our transparency. I recall during the Q&A, I think it was Chris Roland, who I think is in the room here, who said, "I'm still trying to figure out what company this is. I see the logo behind you, it says Marvell, so I guess I will just go with that." So we did set some very high expectation for ourselves in that meeting. And I'm happy to report that the team has done a great job on delivering on our commitments.

So let's start with revenue growth, the chart -- every chart here starts with Q1 '18, which was the quarter after we had our analyst day. You can see that revenue since that time has been up into the right. We also said at that time that we would achieve gross margins exceeding 60% exiting our fiscal '20. Really pleased that subsequent to the analyst day we managed to increase our gross margins every quarter. In the last reported quarter we had in Q2, we reached 63.5%, which was an all-time record for Marvell. And finally, we had committed to deliver 30% operating margins existing fiscal '20. And again in Q2, the last one we reported as a standalone company, we also exceeded 30% OM, which was about six quarters ahead of schedule.

So these were great results. We're very proud of them. But they did not happen by accident. So let me talk now about how we run our business. So we've really established a very results-oriented culture inside the company. It's really based on data-driven decision-making and it reflects my core beliefs and values as a leader. We start by first aligning to the right markets. We are focused on fewer things, but we're focused on doing those fewer things very well. We actually hold a portfolio review of all of our businesses in the combined company. We've done three of these now since I've joined. The last one, more recently, was with Cavium. And so we've gone through now every business in the combined company.

We understand where every R&D dollar is being spent; we understand the competitive dynamics of those businesses, the IRRs, the gross margins, the growth potential, the competitive landscape. And we've now built P&Ls and three-year plans for each of those businesses. So we've actually integrated Cavium in quite quickly into our planning process. We're also not afraid to stop projects or redirect resources or reallocate our precious R&D dollars where we have to. We're very disciplined in this front. We also believe that time-to-market is a differentiator in our industry. So, our customers, they plan their schedules around their equipment around our schedules. They're all one and the same. And so we've completely retooled inside the company how we plan our projects, our engineering projects, how we execute them, how we track them, and how we bring them to production.

So we've installed world-class program management, and most importantly, a culture of accountability inside the company. And our customers are seeing the difference. We also believe in a very data-driven approach to business management. And we use data to run all aspects of our business, whether that's pricing, forecasting, demand planning, or measuring customer satisfaction. And we're making better decisions because of it, and we're already seeing the results. So this has been a very programmatic, thoughtful effort. And we see the benefit of this type of approach on the new Cavium team coming in.

Part of the turnaround also in the company though has been cultural. And over the past two years we've really brought the entire company along with us. Through frequent and transparent communications we've really strengthened the culture inside the company. And it starts with articulating our core behaviors and what we value and stand for. And these behaviors, by the way, they're not just coffee mug slogans and posters we stick on the wall; these are very personal to me. And it really reflects how we run the company. Integrity, respect, innovation, execution, supporting each other, these are all very powerful words that resonate very well with our employees and our customers, by the way.

And we've now received numerous supplier awards in the last two years. And recently we made the Forbes Best Employers list in 2018. So we believe culture is a competitive advantage. The employees see the big picture, they understand their role, they'll buy in and they'll fully commit when they buy into your culture. And so this photo, by the way, is a photo of the combined Marvell and Cavium management team. It was taken shortly before we closed the merger. We all took time to get offsite and get to know each other and align on our goals. And by the end of that offsite, you couldn't tell who was a Cavium leader and who was a Marvell leader; we've all become one team. And I would note that in this picture about 30% of the people, or almost one-third of the vice presidents in the company combined, are actually from Cavium.

So we truly merged the companies, versus just acquiring and taking the products. And I couldn't be more proud to move forward with such a talented team that we've assembled. And we set our mission to be the leading semiconductor company serving the infrastructure market. One that developed solutions that move, store, process, and secure the world's data faster and more reliably than anyone else. We believe it's important to have a mission that is easy to understand. Everyone can get behind it whether it's an employee, whether it's one of our customers, or everybody in the room.

So let's take a moment to talk about why we like infrastructure; why is this a good market to be in? I think it's an attractive long-term market where our IP can deliver real value, and so let me contrast market. So there's the consumer market, is exciting. Large TAM, you can talk about it with your friends at a party, it's easy to understand. But I'm telling you, as fast as success comes in this market as fast as it can go away. And this is not just an academic observation I'm making, I've lived this. I've been in this world. I've lived through the notebook cycle, the digital camera cycle, the smartphone cycle, the smart TV cycle. This is a brutal business to be in. And we are fortunate at Marvell to have the luxury to participate in the infrastructure market. This is one where we don't just have to re-win designs every year to breakeven and stay on the treadmill. The design cycles and infrastructure are typically three to five years. So there is a long cycle of development and partnership with your customers. You don't need to start over every year. And those wins that you get, you actually layer on top of each other. So they compound over time.

These platforms are typically in the field for 10 years or more. So, when customers look at who they are going to partner with and design in, there's really only a handful select group of players that really have all the capabilities that they are looking for. So infrastructure is a much more predictable stable market. And that benefits everybody. It benefits our customers, our shareholders, and our employees who can focus on the long term as we develop our products. Also the company's DNA is very well aligned to the infrastructure market. We have a strong combination of IP and engineering capabilities in the company. We have a 20-year track record in Ethernet, both in switches and in PHYs. We have deep experience with processor cores. And we have in-house IP development such as SerDes and others that we control our own destiny on.

Finally with Cavium, we bring in a very compelling software, full platform that we can leverage across multiple product lines and really add a lot more value and stickiness to our customers. And finally, we have managed to assemble on this combine company really what I can say is the world's most talented team of mix signal engineers and digital engineers designing SOCs. These chips are not easy to make. There's only a few companies that possess this type of capability. And we've been a top innovator in our field. We have been named for the last six years as one of the top innovators in the world by Thomson Reuters and now Clarivate. And today, the company has amassed over 10,000 patents, which is very formidable and is just another example of the kind of capability that we have. So on our last Investor Day we said we were pivoting the infrastructure and that it would be a journey. A few years back, we were about 25% of the company's revenue with an infrastructure of 75% was in things like consumer and mobile.

At the last Analyst Day, we were at about one-third of our revenue was levered infrastructure. And we said our goal was to get it to 50% in the near-term. And so, we were able to do that actually a little bit ahead of schedule through all the work that we put in. And so, classic Marvell as of today is about half-half, fifty percent infrastructure, 50% non-infrastructure. So that was progress. We were there probably a year or so ahead of where we thought. Cavium really represented the next step in our progress here. And so when you combine Cavium in, the combine company today is now about two-thirds of our revenue is levered to these types of end markets. And that's only going to increase. And we see over time that this number is probably going to be much higher and next goal is sort of three quarters, and to keep going from there.

And the combination, it really accelerates our progress in infrastructure. So from Cavium really what we got was a nibble start-up mentality. You are going to hear from one of the co-founders of the company, Raghib Hussain later today. He is going to talk about our networking business and the opportunities there. We got very valuable technologies from Cavium, leadership now in processors, leadership in security, leadership in accelerators. And so, they also brought a very strong presence in datacenter and carrier which we had been trying to build. When you combine that with Marvell strength and enterprise, our end-to-end product development capabilities and the operational excellence of the company, it creates a very unique value prop for our customers. They really are getting behind this combined company strategy. And in fact, I would say from the customer point of view, the level of engagement that we've seen since we closed the transaction has been significantly higher than before either company had ever experienced. I mean quite frankly spend a lot of time on the road. I have personally met with the chief decision makers and CEOs and CxOs of the top infrastructure companies in the world across all of our segments.

I have been busy and I'll just give you one example of a story. Three weeks ago, Raghib and I were - had the chance to present to the whole leadership team of one of the top leading infrastructure OEMs in the world. And the meeting was really to discuss a pretty significant multi-year agreement to do multiple chips for this particular company and this would be a relatively a new relationship or certainly an expanded one. And so after that meeting when we did the debrief, I asked the Cavium VP/GM who is now running that business for us, I said, Look, I just got to ask, you guys have gotten to this point on your own as a standalone company? And he said, "Well, do you want me to give you the politically correct answer, or the real answer?"

So just give me the real answer. And he said, "Absolutely not. There's just no way. We are viewed as being as too small, not having enough scale and not having all the capabilities." And so that opportunity now is one of many and you'll some more stories like this today of the power of this combination how that's really translating into significant new opportunities because we are seen in a much different light now by our customers. And why do they like? I mean what do they see when they look at the Marvell portfolio that's combined, what they see is a leader, a leader in key technologies, in storage, networking, security, processors, connectivity. These are all the key elemental building blocks of what infrastructure companies are looking for. And it's not even that we have a little piece part here or there or a piece of IP.

We actually have leadership positions from a technology perspective in each of these areas. And you are going to hear today from my team on not only where our leadership lies but what our strategy is to grow our position and continue to become a very compelling choice for our customers. The combination also with Cavium really creates a much more diverse company, which I think was one value that we saw in doing this combination. The first of which is from a customer point of view and I won't steal Tom's thunder, which you are going to hear more from him about the new customers that we have added and how actually while there is some overlap, there's a lot of incremental customers that we have that Cavium didn't have and vice versa. We also now are a much stronger and a broader array of end markets.

As I mentioned, we really get a much stronger presence from Cavium now in datacenter and in carrier. But the breath of the business has also increased too. And if I go back to when I joined the company, I mean probably the single biggest overhang that we've had and even continues to this day in some ways was the company's overall exposure to the HDD market. Classic Marvell if you go back two or three years highly levered to HDD. That really created a cloud over the company in some respects. It always was a source of concern for investors. So look, we've taken a lot of effort on our own, right, to diversify our business. And you'll hear Dan talk about this more. With the combination of Cavium plus our own efforts to diversify within our storage segment, we have now gotten our exposure today of HDD controllers that sell into notebooks which is really the heart of the concern.

The exposure now we've got down to about 7% of company total. That's as of today and we expect that that number is going to decrease as we head into the next year and the year after as we grow our business and continue our pivot from consumer computing to cloud and infrastructure. I don't think that this effort that we put in has been widely understood by investors. So I wanted to make sure I called this out because I think that represent tremendous progress from where we were from a diversification standpoint.

Okay, so now let me talk about the portfolio and what are the elements of it. So, what's interesting is our businesses are quite diverse now. So, first, we have established businesses in our company. This is really how we run our company and how we segment our businesses with inside our portfolio. So the first is we have established foundational businesses. These are businesses where we are the leader today. Two examples of these would be fiber channel adaptors which we got from Cavium as well as our HDD business. These businesses are strong. They are stable. They are profitable. We invest and manage them to maximize their leadership and their profitability.

So that's the base layer. Then we have a number of growth businesses where either we are the leader or we are a very strong challenger. And examples of these include embedded processors, switches and PHYs, flash-based storage, SSD, and high performance Wi-Fi. Now these products are all in growing markets where we have something that's differentiated and unique. We invest in these businesses significantly to grow them above the market and every one of them has a goal to be the market leader in their respective segment.

And then, finally, we also have several areas of strategic investment. These are new bets that we are making. And these include automotive -- you are not going to hear about these today, these include automotive Ethernet, these include security solutions for the cloud, which we call Liquid Security, which is a technology we got from Cavium, and also this includes our server processor investment based on ARM. So these businesses typically they leverage IP we have already got inside the company, but they leverage them into adjacent markets, so we get a lot of reuse and benefit from that point of view. Every one of these has a lead customer or customers; that's our teaching customer, that's our sponsor, that's pulling us through to make sure that we define the product correctly. We invest in these businesses carefully. We track them. We milestone them, and we make sure that they are resourced properly to win. And so, when you step back, and you look at the portfolio of businesses we have inside the company, it's quite broad and it's quite diversified from an investment profile, and we think the combination of all these will result in profitable long-term growth with potential upside on the new bets.

So, another important consideration for the combination was scale, and I think more and more today, you are not hearing this from Marvell, but you are hearing this from others that for digital semiconductor companies, scale today is incredibly important. It's no secret that the cost of developing these advanced node technologies is going up fairly dramatically as companies move to more and more advanced process nodes, and obviously you are doing it to increase performance, lower power, optimize dye sizes, all kinds of benefits of making these node jumps, but they are getting more and more daunting by the day. I think this is a reality facing pretty much every company if you going to be in advanced node where 16 nanometer, 12 nanometer, seven or below, it's a different world than before. And so, from our point of view, we think that you probably need to develop about half a dozen chips or so at a minimum in a key process technology, just to have spread the investment appropriately across all those devices. And so, if you don't have enough scale, if you don't have enough of a broad product line and you can't do a significant number of new products on a node, to get your money back is going to be very, very difficult. So, this is putting pressure on a lot of companies, putting pressure on companies to scale up, it's actually putting pressure on our customers as well. Let me talk about that.

So, traditionally, our customers have really had kind of two choices when they - big systems companies, right, big infrastructure companies, when they decide to -- that they need a key semiconductor component. One is they either want to buildup themselves, what we call the full ASIC model, or you go off the shelf and you buy merchant silicon, and typically this is where Marvell has been more in the merchant silicon side with limited on the build side. So build has made sense before, but it's getting to be increasingly challenging especially if you are a systems company, we are seeing now some of our customers having to staff teams literally in the thousands of people to make this work, and obviously it's difficult to do that many ICs if you are a single OEM. And so, that's a challenge for these companies today.

So we see a third business model actually gaining favor. This is a model that Marvell has had for sometime, but we see it applying not just in our storage business where it's traditionally set, but also across actually other end markets. And this partner model is -- let me explain a little bit more, is really the value proposition, look, everything in the gray that you see is IP that we are already developing today to spread across all the chips that we do, whether it's the CPU core, a memory controller, SerDes, all of these different blocks, we are developing these because we are going to use them primarily across all of our products. If you are a system OEM, you are just doing one ASIC, you have got to go either develop all this yourself or license it, it's very expensive and costly and it's time-consuming. And so, this model really allows us to do what's in the gray and then the customer to really focus on what differentiates them, which is the red. That's their block. And this model we put in place in our storage business both in the HDD side and in enterprise SSD, it's been a place for about 15 years, it's been highly successful, because the customers are able to leverage and benefit from all the work that we are doing, that's common across the entire company. And so, the benefit to the customer is obviously they get proven battle-tested IP that's been in the market, to get the benefit of our agreements with our suppliers, our cost structure with TSMC, the tools etcetera. So they can create their own unique thing, but they don't have to do the entire product. So it's really a win-win for both companies. And we see this is being a very compelling model especially as we have combined.

Okay, so let me move to the second part of my talk today. So, probably I'm saying, "Okay, this is great, looks nice, it looks like you are building a nice company here. Everything sounds exciting. How are you going to grow?" I think that's the question that's on everybody's mind today, "How are you going to grow?" So, Dan and Raghib are going to go into the details, but let me give you my perspective. So the first is that the market forces that are out there are creating opportunities for us. There is a strong end market tailwind. The first thing, we can go back to the last Analyst Day, is that there is an explosion of data that's being created and that also needs to be stored, and there are zettabytes of data being created every year. It's doubling about every two years. This creates huge demands on the storage and network infrastructure.

The second is that the data that's being created at the edge more and more needs to get processed, secured, and analyzed at the edge. And a lot of these applications now, they do benefit from real-time decision-making where the data is occurring. And so, more and more we see this pull of the compute actually being pulled towards where the data is created. And so, that's a benefit to us. And Raghib will talk about that more.

The third is that in this more distributed world, you can't just secure the endpoints; you actually have to have a holistic security strategy to secure the entire data chain. And again, this is one where I think we can provide significant expertise here to provide robust security all the way from the datacenter, all the way to the edge through every point in the network. And finally, all of this has a major impact on overall power efficiency. It's probably one of the biggest cause of operating infrastructure today is simply the power bill. And this really plays to our strengths. Marvell, one of the hallmarks of this company has been our engineering expertise in developing low power SoCs, leveraging advanced process nodes and unique architectures. And so, when you look at all of these combines, there are multiple tailwinds that are in our favor. And so, with that at our back, we think there are several very unique opportunities where we can make an impact given that these market changes are happening, that are very specific to Marvell.

The first is in storage. So, all this data, as I mentioned, it needs to be stored somewhere, whether it's on cold storage, in the cloud on hard disks, or it's hot storage on advanced flash memory technologies. And so, our customers are looking for ways that they could do this more economically and they could do it faster. And so, as the leader in storage technology, we are in the middle of all of these major storage disruptions happening, because we are the core, we are controller, we are the brains, if you will, of many of the storage systems, and so, we have unique insight and ability to actually influence and impact all of these tremendous disruptions that are going on in the storage industry.

The second is in networking. And we have started seeing this last year, but there is a significant multi-year upgrade cycle that's occurring in the enterprise. And we spend a lot of time at Marvell refreshing our own portfolio and optimizing it for enterprise over the last few years. We bring in Cavium strength, especially in embedded processors and enterprise, and we have a very, very formidable portfolio in the enterprise, and if you look just at our own results in our second quarter, our year-over-year growth just in Marvell networking was double-digits, it was like 16% year-over-year. So, we are already seeing the benefit of those new products kicking in and the upgrade cycle kicking in. And we think that with the new combined portfolio, we have continued room for growth in the enterprise.

The third one is in the carrier market. And this may surprise you, but Marvell is going to be one of the most important companies to participate and enable the 5G rollout. Many of you were saying, "Marvell in 5G?" So you are going to hear more from Raghib on this today, but we have very, very strong traction in this market, very unique solutions, and to be clear, we think that 5G is going to be one of the largest, if not the largest growth driver for the combined company over the next several years. We are very excited about this one.

And then finally, we have emerging opportunities. These are some of our new bets that we think provide strong potential for growth. The first one is in automotive. We've now gone to production with our automotive Ethernet products. You know, a year ago this wasn't even in our SAM, so we've made good progress there. And also in July, we introduced and took to production the first Xeon-class Intel-competitive ARM server CPU that's ever been introduced. There's been a lot of talk about this market for years, a lot of press releases; a lot of companies have tried. But there's actually no company that's been able to introduce and take to production a CPU with this level of performance. And you're going to hear more on this from Raghib today.

Also, in HyperScale, we've had several public announcements now for our Liquid Security. You'll hear more about that today. But that's going to be a growth driver for us as well that's emerging. And each of these products is off to a great start. And I think when you layer all these in, whether it's store, the enterprise trends 5G, and these emerging opportunities in datacenter and automotive, they're significant. So let's translate that into the dollar amount, what's the total market opportunity. So at the last investor day, this was for the standalone company, we said total market for Marvell was $8 billion. When we announced Cavium we said that the SAM for the combined company was going to double to about $16 billion.

And now, we've got the team under one roof, we've been integrating, we've been looking at our opportunities, we went through our whole portfolio review, and I'd say the evolution has been -- we think there's about another $2 billion of market that we're now participating in that primarily is driven, as we've sort of gotten our arms around everything. One is the incremental 5G opportunity we think is pretty big. It's going to increase our SAM today. And also we've now, because we've made such progress and we're in production, we've moved the automotive Ethernet SAM that was not there before into our SAM. And so that's a today number, that's $18 billion, which is pretty significant given the size of our company today.

So when you break the $18 billion down, $3.5 billion today is in storage. This is a business where we're the leader today; we have almost half of this market. This is a stable business. It's profitable, it's growing modestly. But we have strong share and a strong position, and opportunity to grow. After the combination with Cavium, networking now represents over $10 billion of SAM today. And this market is growing at 9% a year. We do have a strong position here as well, but we expect to gain share and grow faster than the market. Overall, these two markets combined, they're huge. This is $14 billion going to $17 billion just for the storage and the networking portion.

Now, as I mentioned, we're also investing in ARM server, and we decided to break this out to be super clear about where the drivers of our SAM are coming from. This is one where we see the addressable portion of the ARM server market today, at about $4 billion. That SAM we think is growing very fast, by about 14% a year. And so when you add that opportunity on top, which again is new and emerging, total company SAM goes from about $18 billion to close to $24 billion over the next few years. So there's a significant opportunity if you look at the evolution of where we were, say at last analyst day looking at an $8 billion opportunity, to now just a couple of years from now being able to address something like $24 billion of market. So you could see this market we're going after, it's healthy. It's large, it's growing, and we're very well positioned to capitalize on this opportunity.

So let me close. So in summary, the first point is we're planning to grow the company. We're planning to grow the company to be a leader in the infrastructure market. We have the scale, we have a diversified business model, and that's one that's positioned to deliver long-term success. We continue to innovate and invest in the future, and this is going to enable us to allow our customers to disrupt their markets. One example is 5G that you'll hear about. I'm also especially proud that our team has consistently delivered and established a strong track record of execution that's going to be very important as we head into our next phase of growth. And so look, in short, with the team we've got, markets that we are going after, strong customer pull; I strongly believe that Marvell is going to drive ourselves forward. Our goal is to create a great company with great technology to enable the infrastructure of the future.

Thank you very much. Dan?

Dan Christman

All right. Thank you, Matt. All right, so I'll introduce myself first. I am Dan Christman. I am the Executive Vice President in Marvell, In-charge of Storage. Today, I am going to talk to you about our storage business. And we will talk about market dynamics, the opportunity in front of us as well as innovation and how we are targeting our investments. And most, importantly, I think our pivot to datacenter, infrastructure and really as a solutions-based storage company.

So, Marvell is the leader in storage and we actually have significant share here. As Matt mentioned almost 50% of the market is a market share now for Marvell. We're investing in leadership which for our storage primarily means datacenter. We have thought leadership. We have a company that only has 20 years plus in storage can provide to the market that allows us to innovate, bring new architecture to the market, and solve our customer's toughest storage problems.

We are targeting growth segments which are helping us expand our SAM in the storage space and we are providing higher value solutions in the future. So let's talk a little bit about this. As you combine Marvell's classic storage business of HDDs and SSDs along with Cavium's now fiber channel business, you actually get the largest and broadest portfolio of storage solutions in the industry.

Fiber channel is over a $500 million in opportunity and Marvell is number one in fiber channel adapters. HDD solutions is $1.9 billion opportunity. Marvell is number one in HDD controllers. And we started shipping in high volume this year preamplifiers. Our flash solutions business, which includes our SSD controllers, is a $1.1 billion opportunity today and it's growing fast.

Marvell is number one in merchant SSD controllers. And now we are moving beyond controllers. We are providing innovative new architectures and solutions. And we will talk about those in these slides. So as Matt mentioned, the storage market for Marvell is a $3.5 billion market today. It's growing at about 3% a year to $3.9 billion. Now if you break down a little, you will see the PC space is shrinking at about 5%. We see this is an area that's harder to differentiate, is less innovation, is less need for new functions and features.

But the Edge in other market which includes automotive, industrial, video surveillance, home gateways, gaming, direct attached storage, this is actually a very highly resilient and stable market. Talking about 1% growth over the next three years, but really the opportunity is no surprise based on Matt's intro is datacenter. This market is growing at 9% a year. It's getting bigger.

We recognized this early and we focused our R&D dollars into this market. So, let's look at our revenue here. So if you look at the classic Marvell storage revenue, which again was HDD and SSD, you can see a couple years ago almost half our revenue was coming from PCs. And you fast-forward it today and you'll see a much more balanced portfolio in the storage business for Marvell. But a couple of years out looking just at classic Marvell, you see the PC drops below quarter of our revenue while the Edge and other remains very stable across all three of these snapshots in time. The datacenter becomes very meaningful for Marvell. It actually becomes our largest segment in just a couple of years. When roll in the fiber channel business from Cavium and you see that Marvell has become a true infrastructure storage powerhouse.

PC is now down to 18% of our storage revenue and in a smaller percentage of the Marvell company revenue. So when we talk about fiber channel, today again it's a $500+ million opportunity. Marvell is the market share leader with strong incumbency. We are the preferred supplier for leading OEMs and Fortune 1000 companies, and due to the critical and the sensitive nature of the data that gets moved in security onto fiber channel infrastructure, we see this is a very stable market with longevity. And the fact is that Marvell is still innovating here, right we're helping extend our leadership through areas such as in-line security and NVMe over fiber channel and this is what customers care about.

Now, there is no surprise, I think everyone here in this room understands that the HDD is going through a secular decline, right if you look at units this is about a 10% a year unit decline in the market but due to the favorable mix, the addition of preamps, the higher capacity drives going into datacenter, the SAM itself we projected decline about 7% a year.

Let's dig a little deeper, you see that really PC is the market that's most impacted really driven by the replacement cycle of SSDs in the PCs replacing HDDs. If you look in fact at both desktop and notebook both markets are declining in the mid-20s. But when your move PCs, you see the stable piece underneath which is actually relatively flat and if you dig in deeper, there you see really what Marvell's focused on which is a near line segment in hard disk drives, these are the cold storage drives in the datacenter where they manage Big Data, if you take a photo about a week later, it's probably on multiple cold storage HDD drives and in the datacenter.

In fact in calendar year 21 about 40% in the entire HDD market will be in the near line segment, this is where cost per gigabyte matters and without hard disk drives in a datacenter we would not be able to store our data. Why Marvell is focused here is number one it's a growing market, that's pretty obvious but number two we're very well situated to win this space, right, where we've been in this industry for over 20 years. We are in 21th generation now of read channel development, we're a technology leader in all the important aspects that make these drives work.

If you look at the aerial density increases that really drive the capacity, you look at new technologies, we talk about energy assist last time we hear, HAMR, MAMR, Dual Actuator, multi-actuator, these all take investment, they take a partner that understands how to do this and Marvell is number one in this space for a reason, we project that we're going to continue to grow in this space with the market and even beyond the market.

I also talked about in the beginning the fact we're going to be more of a solutions provider, so an HDD that means preamplifiers. This is meaningful revenue in the future it's meaningful SAM for sure, this is a subset of the SAM I showed you on the previous slide not incremental but because Marvell has a strong position in the HDD controller space, we're getting extremely strong pull from our customers to work with them in the preamplifier space. They want partners who are actively investing with them in the HDD space and if you look at the current wave, that's driving preamplifiers today, it's really about capacity increases due to adding platters in the drives.

So to expand capacity, they add more and more platters in these drives today and when you add a platter, every platter is two channels of preamplifier. So as you go from two to three to four to up to 10 platters per system, you go from one or two preamplifier channels to up to 20. So that actually becomes very meaningful where the content for a pre-amplifier in an near line drive can almost equal the content for an HDD controller.

Okay. So it's very, very meaningful. The next wave is really through technology innovation. Again as I talk about these acronyms HAMR and MAMR, these technologies that the customers are developing acquires Marvell that also develop new technologies, the controller in the preamplifier have to communicate together to control these new technologies, you have to control the energy elements within the system with the preamplifier.

So these are new opportunities for Marvell, they add more value and get more content in these new hard drives and what I'm proud to say is that today Marvell is shipping preamplifiers into the market, we've qualified with our customers, our customers are shipping drives in the market with Marvell preamps and we expect this to be meaningful, meaningful revenue next year for Marvell.

So the overall impact of the market dynamics I just described to you as well as strategic R&D investments really show here the fact is that the notebook exposure is decreasing meaningfully in the HDD space for us, it'll be less than 15% in a couple of years.

Our investment in datacenter is clearly paying off as you can see in this chart and we believe by diversifying our HDD revenue and by growing in preamps that we can partially offset this secular decline in the market and perform better than the overall market.

So let's move on to flash solutions. Now FMS which is a very famous show for the flash industry, it's Flash Memory Summit, it's held in Santa Clara every year, it was last held in August, it was really a coming out party for Marvell, this is our booth here in the show, we came out as a company, we said look we're more than an SSD controller company. Right, we are a flash solutions company, we're focused on effectively or more efficiently managing the flash based storage systems, this evolutions been driven by our ability to leverage the broader Marvell IP to enable new form factors for our customers, new business models and provide unique and innovative architectures at the platform level. This of course adds up for more content for Marvell and it grows our SAM.

So let's talk about now the evolution of flash storage, if you think about it really started off as an HDD replacement, in the PC space people basically took a two and a half inch hard drive out, they swapped in a two and a half inch SSD drive, same form factor, same interfaces, they went on to new form factors, they say look we don't know necessarily have to beholding to this HDD form factor, we can optimize for our PC. So they put new form factors in that were smaller and more space efficient, they did new interfaces like NVMe which took advantage of the actual flash and optimize the performance and after PCs went through this, the datacenters went through the exact same cycle of replacement.

But now they're looking for more, they're looking for new architectures, they're looking for new business models, they're looking for a platform based solutions. From a business model in an architectural standpoint, I want to talk about this do it yourself model, we did talk about it little bit last year but I want to talk more about it today, this is an opportunity that when you shake off the limits of a hard disk drive, the mechanical limits of the form factor limits and you say look I'm just focused on flash memory, you really can now optimize, you can optimize for space and power, you can optimize for workloads, you can place the controller directly on your board or build an OEM and new form factor. This is really enabled by the fact that the customers can buy a controller from a company like Marvell directly.

They can source their NAND from multiple high quality Tier 1 NAND vendors and they can build custom firmware. They really optimize this solution for their needs. Now Marvell's uniquely positioned here because we're a merchant supplier. We have strong and long lasting relationships with all of the Tier 1 NAND vendors. We all work together in strategic relationships as partners to develop these systems for our customers and then once we're on the board we can integrate additional functionality we see this is additional opportunity for Marvell, you can look at the architecture can be changed. And this is basically more content and more value opportunity for Marvel in this space that this started in a datacenter but we've seen it move beyond a datacenter now in Marvell's one designs already here you'll start to see revenue over the next couple years here it's already a next year because it's kind of a paradigm shift for Marvell in the industry.

So let's talk now about platforms and how Marvell helping disrupt them platforms let me decode this slide first for you, you see this gray box here is the SSD controllers. We ship those today; will continue to ship those in the future but this red box is new content for Marvell. I'm going to verse example here this is an aggregator. Now our customers are looking to add more and more capacity as they add more capacity and they go beyond PC centric form factors to datacenter centric form factors. The limitations start to become the SSD controller. The controllers can only handle so many NAND behind them and when you try to add more and more of these together you end up either with limited capacity or limited performance.

So Marvell's now introduce new aggregator, NVMe aggregator chips that basically even take in seamlessly stitched together multiple controllers or multiple SSD drives and present them as a single, high capacity, high performance drive enabling new form factors in a datacenter. In the second example you hear a lot about Microsoft Project anally, open channel it's really about more efficiently managing the flash storage at a level above the drives which means are putting management kind of at the host. I know when you look at doing that you say well do I want to put that on my CPU and waste those cycles I could be renting out and the answer is always No.

And I think a Rag will talk about accelerators later but here we have storage accelerators. And these accelerators basically will do functions like compression, redundancy, security, IO virtualization and multi tenant systems and offload the CPU to help more efficiently manage the flash storage, it allow that cloud datacenter customers to rent out those CPU cycles. The last example here is a revolutionary architecture that we actually announced to at flash memory summit is an ether net bunch of flash we call it the eve off.

And this is an end-to-end chipset for Marvell that includes our controllers, it includes our NVMe converters and also pulls in content from our networking group on the Ethernet switch side, if you look at traditional server based storage in a datacenter when you want to add more storage you have to add more compute they go together, right in the Eve off even essentially this aggregated these, are you able to scale up your flash storage independently creating a high performance rack of flash. Now this is connected over the Ethernet so it looks like its local, if you look at latency is in performance it appears to be local to the host.

So when you want to add more drives and more capacity is simply add more drives into the rack, its scales linearly now we announced as I mentioned this that FMS has been very well received by our customers as an awful lot of interest in this new architecture. So the opportunity in the flash market for Marvell is huge right if you look at our classic controller business this has a 17% CAGR. Our initial entry into here was in P.C. as I mentioned but we've pivoted towards a datacenter, in the datacenter customers value our performance their value reliability, they value advanced in new features and architectures. This new Sam on top here is actually growing faster than the overall controller business so we end up with a 19% total CAGER for a flash solutions business.

The gray box is incremental; it adds about 25% on top of our FI or calendar year 21 CAGR there or Sam. And we have some business here already it's relatively small but it's growing and going forward we talk about our SSD business will really start talking about our flash solutions business with SSD as part of that business so you can see here how this all comes together. We recognize the opportunity in datacenter early. We aligned our R&D resources towards the datacenter. As we continue to execute on this pivot to be a provider of optimized solutions for the datacenter, you can see how this dramatically shifts our revenue profile.

These segments are becoming more and more meaningful. We started about a third of our business. Now it's half of our business. A couple years from now it'll be three quarters of our business, so I'm going to summarize one more time for you. We're leading from a position of strength in all of our storage businesses. Our shift to datacenter is well underway. We're seeing the results you saw the results today in our revenue mix. We're working with our partners of to pioneer new and exciting innovative architectures to help them more efficiently store and manage their data.

We've expanded from being a product solutions company to a more complete solution provider. And finally we're positioned for steady growth. Thank you very much.

Raghib Hussain

Thanks, Dan. Guys, we're going to take about a 15 minute break, so let's be back here at 10.15 Eastern Time for folks on the webcast. Thanks.

Ashish Saran

Hey, folks. We're going to get started, so if everybody can take their seats. All right, so we're going to get the program going again. And it's my please to introduce Raghib Hussain, who will take you through our networking business. Raghib?

Raghib Hussain

Welcome everyone. It's good to see so many familiar faces and the new ones too. It has been a busy year, full of excitement and a lot of potentials. I'm very excited to be part of this new combined company. And I'm fully committed to take it to great success. Let me tell why I'm excited. The potential that this combined company holds far exceeds what we had at Cavium. Now, just to give you a background, I'm founder of Cavium. And at Marvell I am Chief Strategy Officer and running the networking business. The scale that we have in this combined company, the breadth of product portfolio, and the engineering knowhow, it is just incredible.

What excites me most is the team, the technology, but most importantly the innovative products that we are working on. And I'm going to share all those detail with you today. But to begin with, we are strong in enterprise, and growing. We are very well positioned to be the leading semiconductor supplier for 5G rollout. We are driving transformation in compute for datacenter, and we are enabling the next generation of edge computing. So before we look forward, let's start by taking a look what is going to drive the growth in infrastructure, the spending in the next generation in the global markets. Exponential increase in devices is generating a massive amount of data. This data needs to be processed to generate value.

Now, interesting characteristics about this data, that it is perishable, it means the sooner you extract the value higher the value is. In a traditional architecture this data was generally generated by devices and brought to some central datacenter for processing, call it a cloud. Now, because of the sheer volume of this data it is not feasible, and in many cases impractical to bring this data to some central devices -- central datacenter. And a large percentage of this data is used by the application which is critical in nature, for example, although the amount of data in 5G has increased, but the latency requirement remains the same, one millisecond.

The data generated by the sensor around the car has to be processed instantaneously for car to make critical decision, like it has to apply the breaks. Now imagine if all these data was supposed to go to some central cloud for processing, it would have been disastrous situation. So the network is morphing out of necessity and it is becoming more and more distributed. In other words, we will have datacenter not only in the cloud but also in the enterprise, in the carrier, and also at many of the edge devices. So if you really look at it data has got gravity. So instead of pulling data towards the compute, data is pulling compute towards itself. All these trends are massive opportunity for Marvell.

And not only compute has to move towards data, it has to be efficient and optimized for the real-time application. It means that we need high performance compute and efficient processing at every node of the network, from datacenter to carrier to edge. And at each node we have very specific requirements in terms of cost, power, and performance. It means one-size-fit-all is not applicable anymore. And with this distributed processing model the security has to be implemented at every node of the network. All these requirements are being addressed by purpose-built SoCs, application-specific hardware accelerators, and in some specific cases FPGAs and GPUs.

Now, both efficient compute and security play in Marvell's strength. The combined company has a comprehensive array of products, both for processors and networking. We have a complete portfolio of processors ranging from baseband processor, to security processor, to multi-core general purpose processor, as well as all the way to ARM-based server processors. We have complete Ethernet networking solution, from switches to PHYs, to NIC adaptors. And we have high-performance Wi-Fi connectivity solution for both access point as well as client. So in other words, the depth and breadth of the product portfolio that we got is second to none. And all these products are going to drive the growth for our company in the infrastructure market.

We are using the portfolio to disrupt infrastructure market end-to-end, really enabling our infrastructure customer to get the most out of this data economy. If you look at these infrastructure applications they have a lot in common. They all need high-performance compute, they all need security, they all need high bandwidth connectivity, and then all need low power efficiency. In many cases we are addressing the needs of these markets through a single piece of silicon, for example, the switches, the PHYs, and the multi-core processor. In some example we are actually building market-specific application-specific optimized solution using our common portfolio of IP. For example, baseband processor. In other words, these markets have common characteristics and we are leveraging our investments across our infrastructure markets.

Our product portfolio has a large growing addressable market. We have established here in a base $10.5 billion SAM, which is growing at a 9% CAGR. Processors and networking are growing faster than Wi-Fi. In addition, we have $4 billion SAM for ARM server processor, which is growing at a higher CAGR of about 14%. So, all in all, our SAM CAGR is 11%. Here is another view to look at our base $10.5 billion SAM mapped to our target ends market. As you can see, it is fairly distributed across all four market segments. As a company our IP, our R&D, and product portfolio are well aligned with the major market trends in the infrastructure.

So let's talk about enterprise. Both Cavium and Marvell has a strong position in enterprise. It is about $2 billion market, and we have about 30% share. Enterprise SAM growth for us is higher than the overall market growth, and it is because we're expanding our market share through new design wins. Last time, in 2017 investor day, we talk about upcoming enterprise upgrade cycle and how Marvell is positioned to support upgrade from a gigabit to a multi-gigabit driven by the bandwidth needs. As you can see from this chart, the IT upgrade cycle is here. IT budgets are expected to grow driven by the needs of either upgrading the outdated equipments or by the security concern. It is just getting started. And consistent with these cycles of the deployment of the infrastructure equipments, upgrade equipments, we expect it to continue.

While other companies have lost their focus on enterprise, Marvell has invested in innovation in enterprise, building targeted solution with feather that our customer wants. It is still a multibillion dollar market, and our OEM customer needs product to enable solutions for their end customers. They need the latest geometry node, they need the low power; they need the features needed for the evolving requirements on this industry. By serving the needs of our customers Marvell is already growing its share in enterprise. Last investor day we talk about 25 new product, at that time they were ramping in revenue. Today, the revenue generated by those products is about $200 million, and it is still growing.

With the combination of Cavium, now we have a complete product portfolio from access to aggregation to core. And that will continue to drive our share in enterprise. Our merger brought together a complementary strength that enable us to provide complete solution for our customers. Cavium was strong in aggregation and core, and really the processors, and Marvell is strong in access and switching networking. Together we are able to provide complete solutions, complete platform for our customer from access to aggregation to core. And that makes us the right strategic partner for our customers. Our complementary customer base is also a tremendous value for us. For example, Cavium had significant presence in some large-carrier OEM as well as large server OEMs, where Marvell did not have much presence.

Now, with the combination of the company and the combination of the product portfolio, now we are considered a strategic partner. As a result, we are getting networking -- switching design wins also in those end customers. So let's take an example of a typical security networking appliance out there. As you can see, that there are always a switch and a PHY setting on the motherboard along with the processor. Processor decision are generally made first. Before, neither company had the complete solution. Cavium had good established presence in the processor, Marvell had established presence in the switch and PHY. Now this picture is a coincidence that we both were in the same boat; however in many designs we had some third-party vendor serving the other side.

Now, with the combined portfolio we are able to provide the complete solution for our customer. And along with the processor, we can actually provide the switch and PHY solution as well so that our customer can make their decision upfront to bring the right solution. We have already started winning designs in this area, and there are plenty to go. This is another example, Marvell is strong in switch and PHY but they did not have many core processor to address the needs of aggregation and core. Now with the combined company, we have complete platform with a switch, and PHY and a processor and the platform solution serving the needs of our customer from access to all the way to core.

So you can see the combined IP and the product portfolio that Marvell and Cavium bring together uniquely position us for strong growth in enterprise. On top of that, we are in the upgrade cycle, it has just started. And we have the rich product portfolio with the latest feature to keep driving it -- to continue driving it. Due to our commitment with enterprise our customers are considering us a strategic partner. And that is a position of strength for us which will continue our growth in enterprise market.

Let's move on to datacenter. As new compute models are established we have multiple high-growth opportunities in datacenter. Cavium has had a strong presence in datacenter through security and networking services offload. It is about $2.5 billion market, and we have about 10% share. In addition, the ARM server processor in datacenter has about $4 billion SAM. We'll discuss more details about it in subsequent slides. We all know datacenter compute is changing driven by multiple trends. The first one is distributed security and network services. As the datacenter is evolving, driven by the needs of elasticity and virtualization, the network services are being implemented at every node.

The second trend is cloud-optimized ARM server processor. And then we all know there's a new trend, artificial intelligence, and we will discuss more about it. Marvell has been market leader in providing efficient compute security and network services offload for over a decade. If you look at any enterprise security or network appliance, and if you open it up, you will see that OCTEON and our NITROX processor are in it. When it comes to security and the data plane processing Cavium has been market leader for over a decade. In cloud, security and network processing requirements are changing and it is getting distributed as we talk about. And as a result, these are implemented in every node, but there also you need the similar type of acceleration. Marvell's Liquid Security product lines are designed and very well positioned for that market.

We are engaged with all the HyperScale datacenter providers, as well as several data platform companies. So two of the HyperScale have already announced their security services based on Liquid Security. And we are engaged with many more, so you expect to hear more about this. This business is in early stages right now, but it's already generating a good revenue, and has a significant growth potential.

Server for datacenter is a huge opportunity. It is about $16 billion TAM, and we expect that ARM servers can address about $4 billion TAM. Marvell Thunder 2X is the first Xeon-class processor. When I say Xeon-class processor, it is really the dual-socket ARM server processor which has the performance as well as memory bandwidth and speed and connectivity of a really Xeon class which can be used in a general purpose server application. We have wider software and hardware ecosystem. ThunderX2 platform has gone in production in July, and we are engaged with several HyperScale end customer at various stages at EVT, DVT, and qualification and application tuning.

We are working closely with several vendors in U.S. and Asia. If you take a look at these recent announcement by our customers, several customers have announced platform based on ThunderX2, and then there are several independent third-party analysts have published the benchmark comparing ThunderX2 with the Intel and AMD processors. One, of the -- one which is Astra, which is the first world petascale supercomputer, it is among the top 100 supercomputer in the world and it is based on ARM server processor ThunderX2. It has 145,000 processor cores, ARM cores, delevering about a 2.3 petaflops of performance.

Now, one of the reputed analysts is AnandTech and this is what he has to say about ThunderX2, "In short, ThunderX2 is the first SoC that is able to compete with Intel and AMD in the general purpose server CPU market. And that is a pleasant surprise. At last, an ARM server solution that delivers." We are seeing a good traction in this market, and we expect it to be long-term growth driver for Marvell.

Now, about artificial intelligence, we all know artificial intelligence is the next -- is the new gold rush out there. It works just like our brain. So for example, the fact that we know this is a bottle because our brain neural network has been trained over time that things that look like this is a bottle, by different types of bottle, the perfume bottle, the wine bottle, and so on and so forth. So that part of the neural network is called training and learning. And then when we see something that look like a bottle our brain predicts that it is probably a bottle, that part is called prediction or inference.

Now, training is generally done in cloud because it is a slow process, it's a batch process, it requires a lot of data and it does not need to be in the real-time. It can be, it can be done in a batch process way. However, inference, it's not only done in the application in the cloud but also in application enterprise carrier and the edge in the edge devices. Now inference has to be done in the real time and instantaneously because this is where you're predicting, you cannot take keep the consumers waiting or user waiting for the result, right. So as a result of that, it has to be done at every application. As we all know one vendor out there has made a fortune out of exploiting training. However inference today is generally done in the software because the number of applications that are using inference is in a growing stage at the moment.

We believe that inference is going to be much bigger market in the overall artificial intelligence and it has a long term growth potential. Inference requires a purpose built solution optimized for a scale and power and cost efficiency, all of these AI processing plays in the core strength of our company, we have a DNA of multi-core processing, hardware acceleration flowing out, engine scalable architecture. Gavin was working on AI for the last several years and we have developed some core IP and architecture.

Now what we are doing now, we are building a purpose-built inference processor. Size properly, for volume application, application of scales, so that it can plug in every server and every edge devices. That is a low-power that is a programmable solution to adapt the evolving neural networks needs. And it is also pluggable through the existing software ecosystem. We are actively engaged with several hyperscale customers out there and co-developing it with one lead partner. We have been working also closely with the ecosystem, you must have seen news related to glow compiler initiative driven by Facebook. It is an initiative to really standardize the inference usage. We see AI a multi-billion dollar market opportunity for us and a critical function in future Marvell products.

Well, we are very excited about the prospects of this. We are not adding it in our SAM at the moment. However, we'll keep you updated with the progress that we make. So let's take a look at Edge and other related areas, the Edge and other area for us is really the automotive, the industrial, the video surveillance, the home gateways, gaming et cetera. It is about $2 billion market and we have about 14% share. If you take a look at all these products, Marvell has been present in all these products for many years, a major result of the data economy is that the trend that compute is moving towards the edge, towards all devices.

As a result of that, many of these devices are becoming very sophisticated, in some cases really becoming a mini datacenter like for example in car. Marvell is actively engaged with all of these trends, the automotive market is going through a massive transformation, traditionally in car electronics was connected together with the low bandwidth interconnect. With the introduction of advanced driver assist and ultimately the autonomous cars, massive amount of data is being generated by the sensors around the car and it needs to be transported and moved around in the car at a fast pace. This requires standard base high bandwidth networking, Marvell is leading this trend, Marvel has long history in automotive industry, it is a high barrier to entry industry.

It requires a specific quality as well as supply chain requirement. Over time, we have established ourselves a credible automotive supplier. In 2017, we introduced the first secure networking sites and five product for automotive working. This enables the data by the sensors to be moved around in the car at a gigabit speed and car can make sense the wall around it and make a real time decision. We are one of the early leaders with design wins and many Tier 1 OEMs. This design takes time but they are a significant long-term growth potential for Marvell. And this year we have included this SAM in our overall SAM and we see it about half a billion dollar opportunity and this is growing at a fast pace.

Moving on to carrier, this is a great growth opportunity for Marvell and it is a market we are extremely excited about, 5G is here and it is happening and Marvell is well positioned to be the leading silicon supplier for 5G. Carrier is a massive SAM for us, it is about $3.5 billion SAM market and we have about 10% share which means we have a lot of room to grow. Our carrier SAM CAGR is higher than the market growth, this is mainly because in the 5G platform, we are increasing our content and hence increasing overall portion in the TAM. Building on a decade of innovation in 3G and 4G, now we are established to be a strong leader in 5G, here we are positioned to disrupt the market and grow our share, I'm really excited about 5G and I see 5G as the biggest growth driver for this company, the combined company has the broadest IP portfolio and capability is needed to enable to serve the requirements of the infrastructure market.

In fact, we are the leading market silicon supplier with end-to-end capabilities. From DSP, baseband processing for ARM multi-core processor, for control and data plan, for ARM SoCs, from security, Ethernet connectivity as well as software for the complete solution. We not only have all the critical building blocks but over time, we have established ourselves a credible supplier to deliver high performance platform for baseband applications. This makes us a very attractive silicon partner for the carrier OEM. While today we will talk a lot about wireless and the base station, it is important to note that the combined company has much broader presence in carrier. Our products are designed in multiple appliances for both wired and wireless side of the carrier network. Our position in base station has grown with every successive generation of wireless infrastructure deployment.

When we engage first time carrier OEM came to us, at that time we were security leaders, so they came to us to provide a solution to secure the link between base station and the core. However with our multi-core capabilities, we were able to provide a solution for protocol processing for transport in addition to security. So in 3G, we were solution for the transport. Working closely with a lead partner, we were able to develop baseband capabilities and 4G we were able to offer baseband processing in addition to transport processing.

I'm proud to state that today the base station built on our products for 4G are being deployed across the world. And specifically the LTE network of a region with over billion population is powered by our baseband processors, we have shipped over seven million base station processors as of today. And now with the combined company, if you look at the requirements of the 5G base station 5G deployment, it has a requirement of low latency, high performance compute and high performance capability of security, it all aligns with Marvell's core capability.

So as a result, we are able to provide the complete 5G platform, looking at it another way, this is the complete stacks of the base station, in 3G we were able to provide the protocol processing, in 4G we expanded our offering to cover the baseband processing and now with 5G, we are going to offer the complete digital portion of the baseband processing. In other words, we are taking the workload, which were traditionally done in FPGA. If you look at the 4G base station, in the main card we used to have Octeon processor and in the line card, we used to have three baseband processors.

Now in 5G with the key requirement, we have two Octeon processor in the base main card and typical configuration of 5G has two line card and each one have not only a three baseband processor but also Octeon processor. Now just like in enterprise playing through the combined portfolio, we also have a switch and PHYs in this base station application. Translating it into what we all care about in 3G, we had a content of couple of hundred dollar in the base station, in 4G we increased by three to four times and 5G we are going to increase it another 4X. It means that the base station shipped by our OEM partners is going to have the content which is quadruple in 5G compared to 4G. But there's more, if you look at the number of OEM providers in 3G timeframe, carrier had a choice to choose from a large number, typically carrier choose three OEM for a specific region.

In the 4G timeframe because of consolidation, it was reduced to seven, eight and now it is really reduced to only five OEM providers out there. And now because of geopolitical situation, several large countries of the world are limited to choice of only three OEM providers as we are engaged with all of them. So if you take a look at this chart, it show there is a lot of activity going on in 5G, there are many announcements related to 5G and it is really picking up. Initial deployment of 5G is going to happen in U.S., China, Korea, Japan and India and of course the rest of the countries will follow from here.

Carrier infrastructure deployment cycles are long, it's a long-term business, if you take a look at let's say for example 3G it expand over a decade, the carrier are still OEM are still shipping base station for 3G. 4G had a sharp RAM driven by the bandwidth needs of the applications and it has had a good run. We expect 5G to have similar RAM driven by the application needs of the various applications that are driving 5G deployment.

So base station based on the design wins and our attraction with the customers we expect 5G to be the leading growth driver for this company because we have proven track record and IP. We have position with increase content and we have broader traction with multiple OEMs, so if you want 5G in your portfolio guess what Marvell is your stock, so by now you must have figured out why are we, so excited about the potential of this combined company.

We are strong in enterprise and growing significantly. We are investing in the right products to drive the growth in datacenter and Edge. We are well positioned to take the leading position, leading silicon supplier for a 5G roll out and we are leading that disruptive trends which is on server processor datacenter security, automotive networking and artificial intelligence due to driven consolidation in the semiconductor industry there not too many companies that are investing in the long term innovation and the growth drivers.

Marvell is a unique company which is not only established today and growing but also committed to the long term growth. Thank you very much. I'd like to invite Tom now to give the how to drive the growth.

Tom Lagatta

Good morning, everybody. I guess mic is on now. It's good to see you all again, it's been a say six quarters since we were last together. As you can see this is a very different company. Today than even six quarters ago when you guys were last here Dan, Raghib, Matt talked about a broad portfolio, focus on the infrastructure market a lot of attention from customers and you're probably all sitting there going yes, expected you to say that today so what are the customers have to say about this and so that's why they asked me here today to kind of give you the perspective from the customer side of how this acquisition is being perceived and how this new company has being perceived.

Okay, so as you remember when I was here last time. It was March 2017 we were all in this room together it was snowing outside and I had been with the company for about three months and I told you all I said Look in order to get this thing on track we first order a business is to align the sales and marketing function with the strategy of the company at the time, okay and I said these are the things we've got to do and what we've got to do quickly, so what it would how we've done what we do here, so I talked about a coverage map in the first thing I had to do was build a team, so I rebuilt my entire staff and then we drove that all the way down to the bottom level probably about half the people on my staff have worked for me before they understand my system.

They understand what I want to do they understand what I value. The other half have not but having guys who work for me before on there have been a great value to the team in that they've helped him quite a bit. We talked about relationships, in an SOC semiconductor company today, it is more difficult than ever to make the sale there are more stakeholders involved in every transaction than ever before so we actually developed relationship major cities across all the major customers we executed those major cities and we've expanded our relationships across all the major customers. We had to clean up the channel. So we went down to a single global distributor we reduced all the distribution partners in the regions around the world.

We wanted to increase our scale with all these partners to get more share of mine, so we restructured the entire channel that was all done and we did that literally within the first three or four months of me being here. On the sales strategy side you know as I told you last time I'm very much metric space data driven, so we did a lot of work around analytics metrics tools and processes understanding the selling capacity of this organization, collecting all the data and analyzing the life cycles of opportunities how these opportunities converted to revenue all that stuff work started done started then we started collecting data we worked on the historical data we had and we put all that in place.

We did the entire tool flow. We focused on solution selling and we really kept the organization hybrid to extend our reach with the variable expand sales force of reps and distribution that we have. WE talked about account penetration. We have maintained all of our top accounts and as a matter of fact we've grown our top accounts from the Marvell side since we were last here. We grew some new accounts, we added a number of nice accounts into the top ten list and as we integrated Cavium in. We really only had one customer in common in our in our in our respective top ten lists, so we had a very complimentary top ten list we'll talk a little bit more about that later but we've got a very good account list going forward and we're continuing to work our relationship matrix and expand our relationships up and down we'll talk a little bit about some of these actual meetings and a little bit. On the marketing side I told you we had fix digital marketing, the first thing we did is we spent a lot of time perfecting our digital marketing techniques, a lot of very targeted account based marketing programs.

Targeting customers with specific messages in a very cost effective manner, driving into our website, cleaning up our website adding a lot more relevant content to it all of this stuff has resulted in a lot more activity and a lot more new customers coming to us. We basically looked at and examined our public relations and trade shows strategy making sure we got maximum return on money spent there and we instituted quarterly reviews with the business units to make sure that we had a marketing cadence for new product introductions and marketing activities every quarter so a lot of work on the marketing side.

I talked to you about business development and I told you that business development in my world was two things creating preference and awareness at the end customer for Marvell products and building relationships with people in our industry that needed to that were important to us but weren't necessarily going to buy from us and so what do we do, so the first thing we did was we built out our automotive BT BD function when I was up here last time you guys didn't even know we had an automotive business within three months of being up here last time, we had introduced the world's first gigabit secure gateway for the cars and my sales organization was overwhelmed with the activity coming in and all the design activity that was happening with that product line.

We now have complete coverage in all the car companies in the world with BD folks and so that's been built out. We've built out or are now processed to our part participating in building out our service provider organization and we're cultivating a lot of strategic partners in the industry that we need in order to continue to go forward, people like Nvidia with the automotive market, people like Intel we have strategic relationships with as we go forward, so we did all of this through 2017 as we're enter ending 2017. We decided our life was far too simple so we bought Cavium and we started it all over again and this is what we're actually doing now this is where we are with the Cavium integration. In November, we announced the transaction, in July we closed the transaction and in those eight months we spent massive amounts of time planning for the day one activities. We spent time coming through the organization making sure that we were going to assemble the best organization possible.

We spent time looking at all the tool flows to make sure that we were going to take tools the best tools from both organizations and use them to create a best in class tool flow for the company. And so on July whatever it was when the transaction actually close, we immediately instituted a program. Today we have the best of both worlds where the top talent for both companies 62% of the organization came from Marvell, 38% came from Cavium a very good mix of talent across the sales organization. Literally within weeks we brought everybody into Santa Clara from the Americas organization sales and FA's and we did product cross training to get these guys moving quickly on selling the new merged portfolio.

And we did a recording of all that so that EMEA and Asia at least until we can get out there doing things in person had training as well and they could actually participate online tools and systems are merging now, will be actually introducing the merged system within literally within a couple weeks and for those of you who know me in my world, in the world of SoC semiconductors I view value as design wins, design wins are the lifeblood of this company and so starting in the next fiscal year everybody goes on the same pay plan where we will compensate for value creation in value created is design wins are really focused on keeping the keeping the life blood flowing getting into production and then driving it over to Andy and the guys to make it on a regular basis.

And then after all this was done I heard I hauled Murphy all over the world and we talked to all of the customers about this company and what we were actually doing and so how did they react. Okay, so we basically told the story of our observation of the market what we saw what you saw in the video today what you've heard from Raghib, what you heard from Dan about market dynamics that were driving the strategy that we're deploying and we talked about the fact that we had a focused infrastructure powerhouse that we were building a pragmatic experience partner that's going to take our intellectual property portfolio and solve their problems with everything from IP based semi custom designs all the way to standard products and we're going to apply this IP, this IP to their next generation learning machines and every customer universally to a customer yes we agree with all of your observations in the market.

Yes, we got slides just like that yes they were also extremely surprised by the breadth of the intellectual property and every one of them to a customer acknowledged a desire for a deeper and broader relationship with the company and so we really told the, there are our customers and we are out there we're building a company that thinks ahead so you can too and you heard that in the video today very well received by the customers. Now you know I'm going to run the risk of offending the animal rights activists in the room again. I showed this to you guys last time and I basically said look if you want to catch big fish, you've got to fish where the big fish are in other words we've got to deploy our sales and marketing organization, align our resources with our largest customers. This is the best return of expended sales and marketing money that I can deliver to the company.

We have to win the largest customers in our chosen markets first, the rest are going to follow so we are aligning the sales organization we're deploying our resources next to the largest customers in every market. We're going to use the broad portfolio in a collaborative way; we're going to solve our customer's problems. We have actually built the company the customers like and want to do business with. So where are these big fish, who are they what are we doing so right now as we merge our customer list as we merge the companies eight of our top 10 customers are currently over $100 million, the next two are within spitting distance and we've got a number of customers today who are sort of mid Tier customers that you heard about from Raghib and Dan that are probably going to push their way into that top 10 over the next couple years.

All the top accounts are direct but we're still investing in the channel, things like putting deploying an FAE certification program this past year level one level two, so that FA's are tested literally given a written test basic knowledge level one, basic advanced knowledge to support products level two and level two actually has financial repercussions for the distributor, so they're motivated to continue to add support and add resources to our product line. So take a look at this list Enterprise carrier datacenter it's a who's who of blue chip customer list if you want to do business in these markets and these are not aspirational customers, we're doing business with every one of these guys today we are contacting connected with every one of these guys today.

On the edge side I specifically left automotive in there to talk about, primarily because the car is the ultimate edge computer, it's a learning machine that's creating massive amounts of data it's making latency sensitive real time decisions on that data. It's filtering that data it's sending it back to the core that current millions like it are doing that that data is being filtered at the core learning is taking place and it's going back to the edge the data gravity that that Raghib had actually explained to you. And so as we came into this thing with that gigabit gateway that we introduced last year, we started doing business with everybody on the planet who you want to do business with, who is an automobile manufacturer design wins at major car companies that will start to actually generate revenue next year and relationships with every Tier 1 on the planet that we really care about, so you can see a number of up there from if you Chrysler to Ford to G.M. to Bosh to B.M.W. We're working with every one of these companies right now.

So it's a very strong customer list okay, so we're really using this IP portfolio in this industry. To provide platform solutions using flexible business models to unparalleled support to be a valued partner to our customers. We're literally selling these technologies into these markets okay, so how is this playing at the customer's Let's take a look I will go through three examples of actual customer meetings on how this portfolio is creating tremendous amounts of opportunity from one side to the other okay. So this is a this is a datacenter platform if you think about a mega scale datacenter it's got a hardware layer, resource management layer, virtualization layer a services layer. We typically play in the hardware layer as you would expect.

Now, we recently had a meeting, Raghib and I with the CEO of a cloud -- public cloud provider, a hyper scale datacenter guy. And so, at that company before the merger, Marvell played in there in the storage and in the networking side. We had SSD design wins where we are working with them with our SSD controllers so that they can provide purpose bill hot storage for their storage arrays. We are working with them on some of the datacenter flash system solutions that Dan talked about, some of the aggregators and accelerators. We worked with them on switches and PHYs, and some of our two and four core Armada processors for data plane and control plane processor. So we had an established relationship with this company.

Cavium came in from the server side with server-based CPUs, network offload in the form of smart NICs for Ethernet and security offload with the Liquid Security platform. So we were having this high-level meeting, the CEO of this company and his lieutenants were sitting there, and we are discussing the portfolio. Now, I have to read some of the comments he made, because they were more amazing to me as a sales guy, but I literally wrote them down. During this meeting, as we were going through them, the CEO said to us, "It is in our interest to increase the business relationship with Marvell." Normal sales guy, CEO sits there and says, "It's in our interest to increase the business relationship with Marvell. This doesn't suck. This is a good thing." Okay? "It's much better than you guys think. You can't execute me -- web paper bag, don't call us, we will call you."

So I literally wrote that one down, and we continued to work with this guy, and we are talking about all of our products and how they map into his products, how we can do more business together. And he says, and I quote, "We need to have this level of fidelity around all things Marvell is doing." Again a quote that I kind of like as a sales guy. And so, we literally walked out of there. And the top lieutenants at this company are aware of the fact that this guy wants to basic have a broader relationship with this new expanded company, and we have actually had more opportunities open up there in the past several weeks since that meeting that you can possibly imagine. Okay? So that's example one.

So let's talk about carriers and in particular we will talk about cellular base station carriers, okay? So Raghib talked about this, talked about 4G, 5G; both companies had a history in this market from LTE and endpoints before. Marvell primarily selling switches and PHYs into this market and the two and four core processors for data plane, control plane mostly in backhaul applications. And Cavium was selling their baseband in all multi core integrated processors in there both of us had a history. So we were having a meeting again with the CEO of one of our customers who provides base stations into this market. And we were kind of -- he was kind of acknowledging, you know, we are sort of very critical to each other at this space as 5G market acknowledges. And he proposed that maybe we want to consider having a written agreement, a multi-year supplier agreement where we could keep focused on each other. Again, as a sales guy, we fight tooth and nails to get these multi-year supplier agreements, get customers commit for long-term. And we got a customer proposing that we sign this agreement so that we could stay focused on them. So, very, very strong relationship with these guys, this relationship is moving forward in a very good manner.

And finally, we will talk about enterprise. You look at enterprise, and in enterprise you got access, aggregation, and core. The accesses were the -- the humans interfaced to the network aggregations where they all aggregated cores where all the routing and processing takes place. And so, we were meeting with a lot of -- we met with the execs of almost every customer who has portfolios to sell into this market, people like Cisco, HP, Dell, Aristo, Juniper, Extreme, Lenovo, these are guys who sell into this enterprise market, broad portfolios of equipment. And again, we were meeting with the CEO and several of his high-level executives. One of these companies provides a broad spectrum of products in there.

Now, Marvell has done business in this market primarily through access going into aggregation with switches and PHYs, again those multi core processors for control plane and data plane, and with Wi-Fi for enterprise access point. And we pushed into aggregation. Cavium is coming from the other side doing business primarily in the core with ARM-based CPUs and security processors and coming this way, so that we kind of met in the middle. And during this meeting, the CEO is acknowledging the broad portfolio and how critical we are to their business going forward, and he asks Matt for a favor, "You know, I need you to get this one product moving a little bit. We got customer commitments. Can you help me?" "Yeah, yeah, we will help," Matt made the commitment and went away. And as we are getting ready to leave, we said, well, you know, since we are asking each other for favors, we said, "Hey, Mr. CEO, you got a switch design that we are fighting for in one-year business units. Could you let us know how we are doing there?" He said, "Well, I will check." And literally within two weeks we won that switch opportunity.

Now obviously, we are not going to win this opportunity, if we don't have everything it takes to do it technically and have the pricing and the requirements of the customer needs but getting a little phone call from the CEO saying hey how is Marvell doing in this switch opportunity socket, certainly doesn't hurt when we are actually competing in there and so these types of things keep happening, they keep happening over and over again.

In the past, we were the guy with the narrower portfolio that would struggle to compete with the broader portfolio. We are now the guy with the broader portfolio and the customers are valuing it and so you could see, this is a perfect example. These three examples that I've given you are perfect examples of how portfolio breath is helping us and these are just three examples. This is happening every day, we are seeing people coming and say this portfolio is very valuable to us. We want a broader relationship with you guys. Okay, so just to kind of wrap it all up, we've been on a journey, the first 11 months we took sales and marketing apart, we put Humpty back together again.

And then, we did it all over again after the Cavium acquisition to give you a more predictable analytical metric driven function, okay and so we are largely done on the integration this thing is done. We created this infrastructure powerhouse for you and customers are sitting up and taking notice. We've had high-level meetings with pretty much every customer we want to do business with and everyone is excited about what we had to offer and how we can grow together. So as far as I'm concerned, our future is so bright, you got to wear shades. I was going to bring in the custom sunglasses for every one of you guys, new 11 lens Marvell on the other, but Jean cut my budget again. I didn't have the money to do it. So best I can do now, say thank you for listening, and introduce Jean, who is our CFO.

Jean Hu

Thank you. Thank you, Tom, you know what, when you submit your revenue synergy plan, I'll wear sunglasses. So hurry up. So as you can see, it's a truly exciting time to be at Marvell. Our team talked about the tremendous opportunities we have ahead of us and that they also talked about how we build a complete infrastructure portfolio to address those opportunity. So well how do we spend the next minutes to tie together what you heard of this morning without financial model?

First as a team that we think about building shareholder value is to really be with the powerful business model to focus on infrastructure market to generate a top-line revenue growth earning expansion and also returns to shareholders. But we think about is as our team talk about opportunities and our unique position. Matt talked about the characteristic of infrastructure market which tend to have a very long product cycle, it requires a unique IP extraordinary engineering execution to work with the customers. So the barrier to entry is very high and Raghib actually gave you real-time example to talk about 3G, 4G and the 5G product cycle, they last 8 to 10 years.

And then, Dan talk about how we work with the customers, create innovative solutions in the storage market. So when you hear all those that's like music to CFO's ears and I'm pretty sure you are all love it too because what it means is only build our financial model, it's predictable revenue stream, high and the stable gross margin and the long -- and the consistent of free cash flow with a higher terminal value. So those are the characteristic of infrastructure market, and also means in our financial model, we actually don't have so many what if assumptions which are focused on shelter and parameters like NAND spot pricing next week. I can promise you that's the input in my model.

So I'll cover three topics. First, I'll do a quick recap of our financial performance. Secondly, I'll discuss our long-term financial model and underlying assumptions. Third; I'll talk about what do you care most is the capital return. Matt showed you this charter earlier about our financial performance since the last Investor Day. I'll provide you a little bit more details to show you as a company, how we have fundamentally changed the structure of our business model.

So just as a quick reminder, the whole management team, joined Marvell after Q1 fiscal '17 and that time Marvell was a company that served a broader role for consumer and the market. The gross margin was low 50s. It's actually quite consistent with the consumer semiconductor companies. The company also invest in large amount of R&D in all different kind for fancy consumer and the markets. The investment is large, the product cycle is very sharp, it's a year and some of them never generated the top-line revenue growth and earnings on the investment. So if you look at the operating margin back then, its barely single-digit.

So during the last two-and-a-half years, our team really pivoted the business into the infrastructure market. As you have heard from all the team members and that we increased the infrastructure revenue as total revenue percentage is significantly -- when you combine our change over the strategy and our team's strong execution, we expanded our gross margin from low 53s to 63.5, 1000 basis point increase, it feels really good to say that because you don't get many opportunities to say you increased your gross margin by 10 percentage point.

On operating expenses side, Matt talk about in detail how we approach results avocation. It's really detailed data driven, result driven focused on returns, so when you look at that and look at the how the leverage of our model, we have increased our operating margin from low single-digit to 30%. We are very proud about the model we have viewed. This model generates a lot of a cash flow too. So when you look at it, starting from Q2 fiscal '17 to Q2 fiscal '19 despite of our long pause over share repurchase associated with the Cavium transaction. We have returned a billion dollar cash back to shareholders, through share repurchase and the dividend. We are very committed to return cash to shareholders.

Let me switch gear to talk about our merger with the Cavium and our long-term financial model. As our team highlighted earlier, this merger really increased our market opportunity from $8 billion to $18 billion. The infrastructure revenue as a percentage of total revenue increased to two-third. And also, we increased our skill and the diversification with the 200 million synergies, when you add all of them together, it truly accelerates our top line revenue gross earning expansion and to generate higher intrinsic value for shareholders in the long-term.

So I'll take you through our revenue profile and assumptions under our long-term financial model. Matt talked about earlier, if you look at our core networking and storage market, we expect the market SAM without a server SoC to grow 7% going forward. We are very well-positioned to address the market opportunity to grow Marvell overall top line revenue by 6% to 8%.

We expect our storage business to grow low single-digit largely in line with the market and then within storage, Dan talk about our opportunities and that we actually hold a very cautious assumption by the HDD market, which we expect the overall market dollar SAM them to decline 7% but we expect we continue to expand into the datacenter near land market which is growing double-digit we also see our preamp revenue to continue to ramp. Those are our new product cycles for Marvell. They will create incremental revenue opportunities to offset the market decline, so we believe our HDD business is going to be flattish or decline single-digit going forward. Fiber channel market has been really stable and healthy, so we continue to expect our fiber Channel business to be flattish going forward.

Now on the flash solution business, it's very exciting for us. Dan talked about the continued expansion to cloud enterprise datacenter. This business design cycle actually it's very long, if you can recall Dan's charter to look at the percentage of revenue we are going to increase in non-PC segment, those are the design wins we already secured and our team are really working on execution of those design wins, so we do see revenue continue to grow driven by those opportunities. More importantly, we are very excited about the design wins our teams are working on to address large opportunities in both emerging embedded solutions and the flash solution market. So, overall, we continue to expect our flash solution business to grow inline or faster than market in the long-term.

Now let's switch into networking, the most exciting element of our growth story. We do expect our networking business to grow faster than market at the low teens going forward. Both Raghib and the Tom talked about the exciting opportunities we have ahead of us. At the highest level, if you look at both our processor product line and the internet product line, they are going to grow faster than market and our Wi-Fi product line largely is going to be in line with the market.

So from the end-market perspective, we see growth opportunity across all our end market, which are so exciting, and that there are so many different drivers. I'm going to only highlight a few key drivers. First is the enterprise, the upgrade cycle Raghib has talked about and if you recall Marvell's enterprise switch and the five businesses has been growing double-digit during the last few quarters and the Cavium side their enterprise business has been growing double-digit too. When you combine the both portfolios, the leverage we have and the design wins our team already won, we do think our enterprise business will continue to grow with a strong momentum.

Next on 5G, I'm pretty sure you guys all remember Raghib's 4X chart that's what I remember, that's how my brain functioned. So 5G is really largest growth opportunity for Marvell going forward and then our current model assumption actually is just our lead customer keep their existing market share and our team are working really hard to deliver on the schedule of the design wins.

Next is datacenter, we have a very unique set of very innovative product lines in datacenter ranging from a security to Ethernet offload to gearbox re-timer. So all of them when you look at the in the overall context of Marvell today, which you know, it's over $3.4 billion revenue, the revenue base is small but all of them actually are going to have a great opportunity going forward. The growth rate of all those product lines actually it's going to be higher than carrier space and enterprise space. So we do expect our datacenter revenue to grow most significantly and increase our presence in datacenter in the long-term.

Next our comment on the server processor business, we really only included very moderate revenue in our baseline model just based on current customer design wins and the customer engagement. I'll talk about later what we did not include. so other product line for modeling purpose, we continue to expect other product line to decline high-single-digit.

Now let me talk about what are the upsides we can see going forward. First, revenue synergy; Tom talked a lot about the portfolio, the engagement they have with the customers. We have not included any revenue synergy in our baseline model. So if we generate a revenue synergy that will be tremendous upside. Of course, our business has long cycle, so you should expect it for the future business. Secondly, 5G in our baseline model, we only included the current design wins our team are working very hard to deliver, we did not include any additional customer design win especially on the baseband side. If we win new designs there's going to be tremendous upside, I really need your sunglass in that time. That's very exciting. You don't get CFO excited most of the times.

And so, the next one is Hyperscale ARM server adoption, so in our baseline model, as I said, we only include the design wins with the OEMs, you know some of the testing chips, any major hyper secured datacenter adoption is not in our current model, so there will be upside the too. So as you can see, we have a lot of the exciting opportunities ahead of Marvell and our team is working really hard to execute because all of our businesses are very long cycle business, so everything I talk about here our team is executing forward.

Now let's switch gear to talk about synergy and also talk about our operating expense model. So we reached our synergy to $200 million during our last earnings call, then we got the questions about why it's so high, why it's so high. So you guys never had, so now let me explain to you why we achieved, we are going to achieve $200 million synergies.

So this is about 8% of the total company's spend which include both the cost of sales and operating expense, which is actually within the range of previous transactions but it certainly powers the high-end. The reasons we could achieve with these kinds of unique synergies because we do have unique opportunities. I will highlight it to you, first, it's on the R&D side. So both companies were investing in high-end the datacenter switch and embedded the server processor -- embedded the processor business and a lot of you know, those are very large investment. So our team worked extraordinarily hard to consolidate the roadmap. So in each business, we choose the most competitive roadmap going forward which we end up saving a lot of money and contributed significantly to the savings over $200 million synergy.

The second one is facility consolidation. It's relatively smaller, but it's also very significant for us. We have a lot of overlapping offices across different locations, we can consolidate, but the most unique one is we have our large Design Center and headquarter located close to each other and one of us happen to have actual space. So we actually we are going to be able to move the whole Cavium headquarter and the large design team to Marvell's campus without increase in any space that consolidation is very efficient. So we have been able to save more facility cost which is a fixed cost as you guys know to achieve synergy and contribute it to this $200 million revenue.

Now let's look at our synergy execution timeline. Our team actually is executing ahead of time. On gross margin side, we expected to achieve $50 million synergy which was started in Q1 fiscal '20 and over time to ramp up to achieve the total $50 million synergy. As we look at our gross margin, we guide our Q3 as combined the company gross margin to be around the 64.5%. So if we achieve our $50 million synergy target, we will be able to get it to around 66% gross margin.

On the operating expense side, our combined company's operating expenses run rate base is about $325 million and then we guided our operating expense for Q3 fiscal '19 to be in the range of $300 million and $305 million. So what had implied is we're going to achieve $90 million run rate of synergy out of the gate as a combined company. Then you are going to see some payroll tax and the merit increase in the first-half of fiscal '20, but once we migrated to second-half of fiscal '20, we are going to be able to complete one ERP program and achieve the remaining $60 million synergy for the overall $150 million synergy.

So when you think about how we manage our operating expense, Matt talked about extensively the discipline approach we have. On SG&A side, Marvell standalone already achieved below 8% SG&A as a percentage of revenue. We will continue to drive operational excellence to target SG&A as a percentage of revenue to be between 6% to 7%.

On the R&D investment side, we want to invest for the future, so we expect our R&D investment ranges around 24% to 25%. The way we approach it as Matt discussed is for the established business, we will manage R&D expense to be much lower than 24% to 25% to maximize long-term cash flow.

For gross business, we are going to invest higher than 24% to 25% to drive our business gross and the expansion. For strategic investments, those are the investments that we're creating future and to innovate, we're going to monitor those investments and focus on return on those investments.

Automotive is a great example, in the past last year we did not include automotive into our SAM but the investment has been paying off and we're very excited about our opportunities in the automotive Ethernet market.

So when you put all together to look at our long-term financial model, we expect to deliver top line revenue growth in our baseline model to be at 6% and 8%, we expect our gross margin to be greater than 66%. On the operating expense side, we will make sure we increase OpEx less than our revenue increases to get to the leverage model. So operating margin, we're expecting to be greater than 35%.

Our free cash flow, the company has a very high free cash flow conversion because our CapEx is only 2% to 3% of revenue and the depreciation it's probably 3% to 4%. So it's very efficient that cash flow conversion model, we expect our free cash flow to be approximately 100% of non-GAAP net income which is about 30%. So when you look at this model we're building which is focus on infrastructure market, that's why we can have this kind of a fundamental economics behind our model.

Now let me talk about the capital structure and the capital returns, so the way we think about the capital structure is to really have a strong financial flexibility, so we can invest for the longer term, that's how we structured a Cavium transaction.

So at end of Q2 fiscal 2019 after we closed the transaction, we have over $500 million cash and also we have $500 million undrawn credit facility, our leverage is very reasonable, our gross leverage ratio is about two times and the net leverage ratio is only 1.5 times.

As a company, it's very important for us to maintain our investment grade because we really want to invest for the future, so we want to have ample access to that market at very reasonable cost, invest through economic cycles and also take advantage for consolidation opportunities if they present themselves. We are going to start to pay down our debt, since we generate a lot of the cash flow, we think of between our debt reduction plan and our EBITDA expansion we will be able to achieve 1.5 times gross leverage ratio in the next 18 months in the next 12 months.

Now let's talk about capital returns. You have heard from our team, we have tremendous opportunities ahead of us. So our number one objective is to invest in our business organically and through acquisitions, then our long-term objective is return cash to shareholders is to return at least 50% of free cash flow to shareholders through both dividend and the share repurchase.

In the near-term, let me talk about our priorities, first our business is generating significant cash flow even right now, so we do think we can maintain our dividend level and started to pay down the debt, the level for debt reduction is going to be modified with our share repurchase plan.

As of you'll probably have seen is this money, our board of directors raised our share repurchase plan to $1 billion by authorizing 700 million share in repurchase, so when you look at our numbers some of you may track it closely not is we actually already started to buying our shares after Q2 earnings call, we already bought back about $50 million of our shares, we're really buying our share at this current level as great investment.

If you look at our long-term target model, if we can achieve our long-term target model, we will see huge upside. So in summary, when you think about the Marvell, we are very well positioned to address very large opportunities in the infrastructure market space and that we have a very powerful business model with underlying strong fundamental economics to drive long-term cash flow. And we also have a strong financial position and a strong financial flexibility, so we can both continue to invest for the long-term and then return cash to shareholders.

Before I invite our team to come up for Q&A, I just want to take this opportunity on behalf of our whole team to really thank everyone for your interest in Marvell and also thank our long-term shareholders for your strong support through our journey to build really great company. Our objective is to build the business for the longer term and that we want to create a shareholder value for the longer term.

Thank you and I will invite our team to come up for Q&A.

Question-and-Answer Session

A - Ashish Saran

All right, folks. We're going to go to the Q&A session. There are folks who have wow. It's going to be interesting. Can we start on here, please?

Matt Murphy

He has got the mic.

Ashish Saran

Okay, go ahead. Well, that was fast. Okay.

Unidentified Analyst

Right here.

Ashish Saran

Okay. Yes.

Unidentified Analyst

My apologies. Thanks for taking my question. I had a couple of questions about the -- some of the products of Cavium that were rationalized or decided to -- you started to stick with. So first with XPliant, what inside of XPliant from an IP perspective helps to preserve product line maybe in the core enterprise end market, and then as well moving into the datacenter end market? And with respect to ThunderX2, what was the thought process behind, or the considerations in deciding to maintain that? Was it because you basically had sunk all the R&D cost already, you decided to roll the dice, or is it indicative of the product having some good long-term growth prospects?

Raghib Hussain

Okay. So when it comes to XPliant product line, it is combining. We have combined a roadmap of the two product line that we were working at Marvell, Falcon product line as well as XPliant, they were both targeted for the same market. There are few areas -- blocks in XPliant, which is very interesting, for example, a flexible capability of flexible parcels [ph] and the whole aspects of visibility and programmability, so being able to really have the capability to view the packets through the network and so on. So we have taken those thing and we have merged the two architecture in the subsequent architecture. So that was the thought process behind XPliant.

Matt Murphy

I'll give a quick comment on Thunder. I mean I have never been a believer that you continue with the project, because of the sunk cost or looking at how much you've spent today to justify let's keep going forward I wasn't raised that way, trained that way, nor believe that. So we very much look at that opportunity as on the go-forward, and what's the market opportunity, how is the traction going, what's the customer adoption and all that's going very well as you heard from Raghib. So that one we're enthusiastic about.

Raghib Hussain

The overall traction is really excellent, and we're making great progress, and that's how we judge all of our businesses.

Ashish Saran

Next question?

Ross Seymore

Thanks. Right here, Ross Seymore from Deutsche Bank. Two questions; first one for Matt, during the last few months there was a lot of consternation about the Cavium revenue level. I know you went into great deal to detail in your last conference call about that, but any updates as to either the demand side or the channel rationalization side that we can look at going forward?

Matt Murphy

Sure. So yes, so we did our call maybe a month ago. I think we gave the outlook. We gave -- we leaned in a little bit more than we normally do, right, to give investors visibility. And so, when we announce our next earnings, obviously we'll give you guys a bit on the short-term. Today's goal was really to focus on, "Hey, what are the long-term prospects of the company? Where are we taking it? And where are we heading?" So, not going to comment about the short-term today.

Ross Seymore

I'll go with the long-term follow-up with Raghib…

Matt Murphy

Okay, great.

Ross Seymore

- the 5G side, obviously that's an area you're very excited about that 4X multiple as we go from 4G to 5G, talk a little bit about the mile markers and the timing of when we can start to see some of that evidence within your networking business?

Raghib Hussain

So, with our already design wins and the lead customer, we are expecting revenue started later part of the next year. And of course, it will ramp into calendar year '20. Now, in addition to that, as we mentioned earlier and Jean also pointed out, we are actually heavily engaged with the lot of other OEMs. So we are actually in a very good position to win additional design. So, our current base plan does not include any of the additional design, or does not include actually additional market share gain by our lead customers.

Blayne Curtis

Thanks, Blayne Curtis of Barclays. Two questions for Raghib or Matt, this is the first time you've mentioned that AI inference product, if you can give any idea on timing of that when you make sample, and then obviously as everybody knows there's many public and private companies chasing after this market, if you maybe just talk about the differentiation, you have been working on this, I think you said two years, why you decided as Mike commented, to go forward with the product? And then, just following up on Ross's question on 5G, if you did win on these next-gen 5G base stations, just may be some timing as to when that could contribute? Thanks.

Raghib Hussain

So, the product that we are going to sample, we are -- it's going to sample next year, right, in terms of timing of the product. Now, if you look at this whole market, as I mentioned earlier, there is a whole kind of goal, right, sort of -- I think everybody is trying to really chase the big guy out there, which is really focused on training. That is why everybody is trying to build the biggest and baddest sort of a thing, right?

Our approach is our working with the customer is that we really need a solution which is really designed for a scale, right, and that is why we -- when -- just like always that we did in Cavium as well, we found not only that we think that way, but other big customers also think that way, and that's how we started working with a close partner, and that's why we're developing the part.

Matt Murphy

Maybe I'll just add, I think we're well-positioned there as well, because in the end when all these chips are available and all the benchmarks are done, a huge consideration I think of any infrastructure company that's going to deploy AI processing into their hardware, into their systems, is going to want the same dynamics that we described today, you know, large supplier, viable, focused on the end market, track record of execution. And so, I think that's going to end up playing to our strengths, but as Raghib said, it's an active project, we're developing the chip, we're sampling it next year, we've done the evaluation of its prospects, right, relative to other investments we're making, we're very excited about it. And we think that although we're not including it in our SAM, because by the way the SAM at this point is actually -- these numbers are so large that it's hard to really -- you could get third-party reports, so we prefer to execute the project, kind of work with our customers, and as we make progress little bit like we did with automotive Ethernet, then include this at a later date in terms of the SAM and the opportunity…

Raghib Hussain

Blayne, and just to add a little bit more, actually in terms of all of the benchmarks, all of the metrics, and in terms of performance, power efficiency, cost efficiency, actually our solution what we know based on all the other available, is going to be the market-leading solution in the market.

Blayne Curtis

There was a follow-up question I think on additional baseband customers, and maybe you can just comment timing -- you know, it takes a couple of years.

Matt Murphy

Sure. Yes, I think that -- again, we're very focused on getting our lead customer production and enabling them to be successful. I think the partner model that we showed when we said full ASIC merchant partner, I think that's being very well-received especially in this 5G cycle, where there's a pretty large diversity of not only companies developing infrastructure for this, but the kinds of radios that they want to develop are also going to be quite disparate. And so, just to do a gigantic ASIC for each of these is going to be a huge lift, and I think the fact that the Cavium team actually has this proven track record on 4G and 5G IP, that partner model, but starts to look very attractive. So anything we were -- we would be able to win there would clearly be a new product development. We need to go often start that chip. So these are not ones that would ramp any time next year, they would be in the future, but this again is a very good long-term opportunity because as you can see from the 3G cycle, the 4G cycle, now the 5G cycle, these are multi-year. And if you talk to our customers, they think actually 5G is going to last even longer from a cycle point of view than 4G. So, these are longer term opportunities that would layer in.

Karl Ackerman

Hi, Karl Ackerman from Cowen. Two questions please, I think the shift from media to flash-based storage is clearly a tailwind for you, but I think one of the concerns from investors is how fast SSD controller ASPs approach those of your hard drive controller? So, how should we think about sustainability of the premium you receive on flash controllers versus hard drive controllers? Is it in a strictly linked to NAND ASPs per gigabyte?

And I guess as a follow-up, how we think about both the trajectory and potential competition between yourselves and the all flash array providers as your Ethernet bunch of flash seems like a great alternative for NVMe over fabric arrays? Thanks.

Matt Murphy

Okay, the first question was really ASP comparison between HDD and flash controllers, was that the question?

Karl Ackerman

How sustainable you think the premium of your NAND controllers will remain above hard drive controllers?

Dan Christman

I see. Okay. So I think it depends on the segment that you're in. So clearly, with our focus more towards a datacenter and enterprise we're able to provide new features, functions, and get a higher value out of those. Certainly in the notebook or PC space, you'll see transitions as you change interfaces or -- but that's more difficult in that space, and that's why we're focused more towards the other end.

And as far as the EBOF, right, for instance the all flash arrays, I would say that those types of customers make in the all flash arrays and the enterprise customers are customers that we're focusing on with those products. So I think that's actually very complementary that we hope to see them adopt those architectures.

Jean Hu

To add to what Dan said, right, remember in the flash controllers that we design typically takes three years to design into the customers, walkway the customers, strong IP in cloud datacenter. The ASP actually is a wider range, right, it's because you contribute IP to your customers. So overall, as I said earlier, when you look at the more commodity type of pricing, that has nothing to do with our controller pricing, which is very much embedded into the IPO provider for the customers.

John Pitzer

John Pitzer with Credit Suisse. Just Dan a follow-up on the storage side of the market, can you talk a little bit about the desire of NAND flash providers to actually get into the controller market, and how you see sort of the merchant controller market, market share developing over time? And then Matt, as a follow-on or second question, you haven't included Cavium synergy -- revenue synergies into the forecast, can you just talk about where we should see those synergies first? I know in the past, you've talked about, for example, Cavium using other people's PHYs and that sort of an easy switch, how do we think about the build of revenue synergies over time especially given the long duration design cycles that you're involved in?

Dan Christman

So I mean, obviously vertical integration with the NAND vendors is that we've always seen, we've always considered in our SAMs that you know, we model based on some assumptions there as well. We've traditionally had business with those customers. We continue to work with them on certain business models. So I think it's a natural part of the evolution of that market. Clearly on the Do It Yourself models and some of the stuff we're doing at datacenters, you've got to remember that they're going to focus a lot of their investments on some of the higher volume segments, but yet when you need some of the IPs and when you look at going from say 28 to 12 to seven nanometers doesn't that kind of show that graph of how much expenses that gets to be. Marvell leverages across many, many chips. So there are certainly segments that build do stuff themselves, there are segments where they will work, they will buy something directly from Marvell, or working some of these partner models and the business models that -- again that showed. So I think it's something that we consider when we look at our models, whether it be the SAM or the revenue.

Matt Murphy

Yes, just one quick comment on that, I think we have been operating in that environment since I joined. I mean we had -- I think the first month I was here, we had a management consulting company offered to do a free month of work for us, you know, to help us get integrated. And so, one of the studies they did was on our product lines, and they said, "Hey, you know, the SSDs product line, we recommend you shut it down because everybody is going vertical." And then we said, "Okay, well, let's really look at the data," and of course that would have been a horrible decision, because that became a hugely important business for the company. So I think we are going to co-exist and I think as Dan mentioned, it's going to be different business models.

On the revenue synergies, the big opportunity there really is the design wins. I mean there are -- there is not a lot of discretionary business we have in our portfolio, and I think that's actually a good thing by nature that we are typically highly proprietary sole source. So, going out and chasing a customer through distribution or something is typically tough especially if you are trying to sell an Octeon. I think that's a challenge, right, but I do think there are some tactical things that we are doing certainly in the short-term, but the overwhelming revenue synergy that we can achieve is actually from the examples that Tom gave, which is really going in as a combined company leveraging the combined IP of the two, and really selling a whole system solution versus just selling a chip. And the pull-through is very strong. When you have a processor, you know, a strong processor portfolio, it does enable you that sort of insight into the decision-making on the board at the earlier stages. So I think that's really where you should about it, and I think to the extent we are successful in doing that, then we will just push our revenue growth long-term at the higher end of our model.

Ashish Saran

Vivek?

Vivek Arya

Hi, Matt. Vivek Arya from Bank of America Merrill Lynch. Thanks for hosting the Analyst Day today. So first, near-term, I understand you don't want to talk about Marvell specifically, but there is a lot of worries about just the semi conductor cycle broadly, you know, China trade tension, CPU shortages, so to whatever extent you could, you know, help put our mind at ease about how are you seeing just the broader psychodynamics play out? But longer term, give us somewhat of a report card about the integration process, because Cavium was running a very different way, right, it's very entrepreneurial company, but the pricing dynamics, lead times, customer engagements were done in a very different way than what we were used to seeing in Marvell, especially when after you and Jean took over. So, give us some sense of report card that are you through that integration process is now being run as one smooth company, with one united front of customers, so that we can be assured that there is going to be the right execution behind some of the targets that you have laid out? Thank you.

Matt Murphy

Sure, great, great. Two questions, so, yes, the first one I think is pretty interesting, right, to host an Analyst Day in the middle of -- about as noisy an environment as we have seen in a longtime, and I think all those issues are very real and upon us in terms of the geopolitical issues and the global issues with respect to tariffs. It's unclear what ramifications and all that are going to be. We are still working our way through that. I think on the PC one, I think to the extent that there is -- we are downstream from that, right, so I think the best source of information would be go talk to the PC makers, or even the drive guys, right, and we are two levels removed. And so, we are going to just react, depending on what happens, but you certainly think any shortage there has to be short-term in nature just because at some point there will be enough PCs to supply the world, I think the world without enough PCs doesn't make sense to me. So I think we will work through that issue, okay? And we will deal with it.

I think on the integration, I will make a few comments and then maybe I will let Raghib comment too since he came from the Cavium management team, he help build the company, but we are very far long in integration. I think the fact that -- I mean I showed the picture for a reason, we were very purposeful and thoughtful about the fact that it was a different culture and a different kind of company, and I think we took steps early on to obviously give the Cavium leaders significant roles in the combined company, we took significant steps to enroll them in our culture and walk them through kind of how we run our business.

Our point of views has been very well-received. I think -- and we have really -- I think integrated them well into our system, I mean the fact that we did this portfolio review, which is really one of the most important processes we have in our company. We spend a whole week doing that, and we probably had -- I don't know, eight or 10 Vice Presidents -- technical by the way, most of them are either follows or engineering leaders from Cavium actually join and help us review the whole combined set of businesses. And then at the end we made decisions about how we are going to allocate our resources, you know, these guys are smart, right, they get that. "Okay, wait a minute. This business is really not making as much money as we thought," or this one looks like it doesn't have enough resources, or you know, and so when you actually take the strong technical acumen of Cavium and you combine it with the strong financial acumen on Marvell, we view that as a very intertwined capability in our company. I think it's been very well-received. And so, the last point in that would be Tom has brought in the sales organization, we are pivoting from kind of commission-based, design win based, right, from an operations point of view, Andy Micallef, who is our leader there, he has done a great job in driving Marvell's operational excellence, right, that whole team now reports with him. And I think people see the benefit to running it this way. So, maybe Raghib will give you a comment since you are…

Raghib Hussain

Yes. So I want to say overall integration is going on very well, and let me tell you although at outside it looks very different company, but when it comes to core engineering DNA, what company has similar DNA? They are hard working and engineers focused to create in a way to create value out there, right? So that is a good thing.

The other aspect which actually worked out really well in this situation, the way top-down the Marvell management actually provided the environment, right? So it was very inclusive and very open. It's not like, okay, it's my way, what's your way sort of a thing. It's just like, okay, let's get together, figure out what is the right thing to do, which one, as Matt mentioned, which are the -- when you are merging the businesses, which makes sense to keep, which makes sense to let go and things like that. So, all those decisions were very inclusive, and the team really feel like, "You know, I did part of the overall thing." So, not only at the top level, but also at various engineering level and so on. So, overall environment is very, very kind of cooperative. We see the value of overall objective-driven and goal-driven method in which actually, is really appreciated by a lot of folks in the Cavium side as well. They do realize that the scene are not done based on politics, but based on overall bigger company goals. So, those values actually are taken really well.

At the same time, it is not that -- you know, entrepreneurial thing is kind of crush or kill at all. I mean if you really look at type of products we talked about today, I mean, we are investing in a lot of great potential innovative products, right? So, I would say the overall thought-process of being innovation-driven and being leader in certain areas is also appreciated on overall management side. That is working out very well.

Matt Murphy

I mean, take one last question before we need to wrap up.

Quinn Bolton

Quinn Bolton with Needham. Just a follow-up on 5G, you have talked about the 4x increase as you go from 4G to 5G, so I think your content opportunity is probably approaching a $1,000 per base station, and you have talked about embedded processors or layer four to seven, you have got the baseband processors, you get your Ethernet switches and PHYs, where does the value come from? Is it fairly evenly spread across those different solutions? Does the baseband processor represent the largest percentage of the dollar opportunity for base station?

Raghib Hussain

Okay. Should I take that? So first of all, I thought you guys in finance can do a better math, but anyways, just to repeat, in 3G we worked up for a $100 content, in 4G we increased it three to four times, and it's going from 4G to 5G, we are increasing another 4x compared to 4G, right? So you can do the math.

Now, on the other -- on the side of where it is coming from, in reality it's a mix, it is more -- of course the processor side, the baseband processor as well as the Octeon [ph] processor is higher ASP, but then the additional -- you know, significant addition with the combination of switches and PHYs, because now this time the bandwidth which is moving data you know, handle data by the base station, bandwidth is much higher, and as a result of that, you need switches which is at a much higher bandwidth level compared to the before previously.

Matt Murphy

All right, well, thanks everyone for attending the session today. We really appreciate the time you spent with us, and for folks in the room, there is a lunch next door. You will have the chance to network a little bit more with the executive team there. So, thanks again.

SeekingAlpha

The Navy’s newest warship is powered by Linux | killexams.com real questions and Pass4sure dumps

The USS Zumwalt getting a coat of paint at Bath Iron Works. The ship is exotic in many ways, but it runs on off-the-shelf computing technology. It also costs nearly $4 billion.The USS Zumwalt getting a coat of paint at Bath Iron Works. The ship is exotic in many ways, but it runs on off-the-shelf computing technology. It also costs nearly $4 billion. General Dynamics Bath Iron Works reader comments with 129 posters participating, including story author Share this story
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  • When the USS Zumwalt (DDG 1000) puts to sea later this year, it will be different from any other ship in the Navy's fleet in many ways. The $3.5 billon ship is designed for stealth, survivability, and firepower, and it's packed with advanced technology. And at the heart of its operations is a virtual data center powered by off-the-shelf server hardware, various flavors of Linux, and over 6 million lines of software code.

    On October 10, I flew up to Rhode Island to visit Raytheon's Seapower Capability Center in Portsmouth, where engineers assembled and pre-tested the systems at the heart of the Zumwalt and are preparing to do the same for the next ship in line, the USS Michael Monsoor—already well into construction. There, Raytheon's DDG-1000 team gave me a tour of the centerpiece of the ship's systems—a mockup of the Zumwalt's operations center, where the ship's commanding officer and crew will control the ship's sensors, missile launchers, guns, and other systems.

    Over 20 years ago, I learned how to be a ship watch stander a few miles from the Raytheon facility at the Navy's Surface Warfare Officer School. But the operations center of the Zumwalt will have more in common with the fictional starship USS Enterprise's bridge than it does with the combat information centers of the ships I went to sea on. Every console on the Zumwalt will be equipped with touch screens and software capable of taking on the needs of any operator on duty, and big screens on the forward bulkhead will display tactical plots of sea, air, and land.

    Perhaps it's appropriate that the first commanding officer of the Zumwalt will be Captain James Kirk (yes, that's actually his name). But considering how heavily the ship leans on its computer networks, maybe they should look for a chief engineer named Vint Cerf.

    Off the shelf and on the ship Data center in a box: Electronic Modular Enclosures being configured at Raytheon's Portsmouth, Rhode Island, facility. Enlarge / Data center in a box: Electronic Modular Enclosures being configured at Raytheon's Portsmouth, Rhode Island, facility.

    In the past, you couldn't just put off-the-shelf computer systems aboard a ship for mission critical tasks—when I was aboard the USS Iowa, we had to shut down non-tactical systems before the guns were fired because the shock and vibration would crash systems hard. So typically, individual computer systems are ruggedized. But that adds heavily to the cost of the systems and makes it more difficult to maintain them.

    The design of the Zumwalt solves that problem by using off-the-shelf hardware—mostly IBM blade servers running Red Hat Linux—and putting it in a ruggedized server room. Those ruggedized server rooms are called Electronic Modular Enclosures (EMEs), sixteen self-contained, mini data centers built by Raytheon.

    Measuring 35 feet long, 8 feet high, and 12 feet wide, the 16 EMEs have more than 235 equipment cabinets (racks) in total. The EMEs were all configured and pre-tested before being shipped to Bath, Maine, to be installed aboard the Zumwalt. The EME approach lowered overall cost of the hardware itself, and allows Raytheon to pre-integrate systems before they're installed. "It costs a lot to do the work in the shipyard," said Raytheon's DDG-1000 deputy program manager Tom Moore, "and we get limited time of access."

    Each EME has its own shock and vibration damping, power protection, water cooling systems, and electromagnetic shielding to prevent interference from the ship's radar and other big radio frequency emitters.

    The EMEs tap into the Total Ship Computing Environment, the Zumwalt's shipboard Internet. Running multiple partitioned networks over a mix of fiber and copper, TSCE's redundantly switched network system connects all of the ship's systems—internal and external communications, weapons, engineering, sensors, etc.—over Internet protocols, including TCP and UDP. Almost all of the ship's internal communications are based on Voice Over IP (with the exception of a few old-school, sound-powered phones for emergency use).

    A diagram of the Zumwalt's control systems and their connections to the Total Ship Computing Environment. Enlarge / A diagram of the Zumwalt's control systems and their connections to the Total Ship Computing Environment.

    There's also some wireless networking capability aboard the Zumwalt, but Raytheon officials giving me the tour were not at liberty to discuss just what sort of wireless this is. Still, that capability is supposed to allow for roving crew members to connect to data from the network while performing maintenance and other tasks.

    Systems that weren't built to be wired into an IP network—other "programs of record" within the ship, which are installed across multiple classes of Navy ships—are wired in using adaptors based on single-board computers and the Lynx OS real-time Linux operating system. Called Distributed Adaptation Processors, or DAPs, these systems connect things like the ship's engineering systems, fire suppression systems, missile launchers, and radio and satellite communications gear into the network so they can be controlled by networked clients.

    It looks like you want to launch a missile The mock-up of the Zumwalt's operations center at Raytheon's Portsmouth facility, complete with haze-gray paint, has the exact dimensions of the space on the ship itself. The Zumwalt will include a second level to host the operations of units deployed with the ship. Enlarge / The mock-up of the Zumwalt's operations center at Raytheon's Portsmouth facility, complete with haze-gray paint, has the exact dimensions of the space on the ship itself. The Zumwalt will include a second level to host the operations of units deployed with the ship.

    Some of those networked clients were what I was looking at in the mocked-up Zumwalt operations center. The operations center isn't just where screens are watched and commands are shouted—the whole ship can be practically run from the space, from guns and missiles to engines. There's no "radio room" on the Zumwalt; all the communications are managed from the operations center. The ship's guns are fully automated and operated by an operations center watch stander instead of a gunner's mate in the mount. Theoretically, the ship could even be steered from the ops center—the ship is piloted by computer, not a helmsman. And all of these tasks are performed from the same type of console.

    The Mark 57 vertical launch system, developed by Raytheon, can carry a mix of anti-ship, anti-aircraft, and land attack cruise missiles. It communicates with the operations center over the ship's network.

    Enlarge / The Mark 57 vertical launch system, developed by Raytheon, can carry a mix of anti-ship, anti-aircraft, and land attack cruise missiles. It communicates with the operations center over the ship's network. Called the Common Display System, or CDS (pronounced as "keds" by those who work with it), the three-screen workstations in the operations center are powered by a collection of quad-processor Intel motherboards in an armored case, which gives new meaning to the nautical phrase "toe buster." Even the commanding officer's and executive officer's chairs on the bridge have CDS workstations built-in.

    Each CDS system can run multiple Linux virtual machines atop LynuxWorx's LynxSecure, a separation kernel tthat has been implemented in CDS as a hypervisor. This allows the workstation to connect to various networks partitioned by security level and purpose. "Every watch stander station runs out of the same box," Raytheon's DDG-1000 developer lead Robert Froncillo told me. "So they can sit at any CDS and bring up their station."

    This may not seem like a big deal to most people. But on past ships, workstations tended to be purpose-built for a specific weapons system or sensor. That meant every system had a different configuration and interface, and you couldn't have a watch stander handle multiple tasks without having to switch seats. The CDS workstation uses common USB interfaces for its peripheral devices (such as trackballs and specialized button panels) and is equipped with touchscreens, as well, so that watch standers have a choice between "classic" and touch interfaces.

    That doesn't mean there's necessarily a "Clippy" to help new operators master their systems. The Raytheon team has had sailors in to perform usability assessments from before code was even written, showing them screen shots of interfaces to get feedback from users. "We had a chief that said, 'We don't want any 'wizards,'" said Froncillo.

    A digital illustration of how the Zumwalt's operations center will look, complete with its second-level suite for hosting operations for air detachments and other units deployed aboard.A digital illustration of how the Zumwalt's operations center will look, complete with its second-level suite for hosting operations for air detachments and other units deployed aboard. Raytheon

    Putting all of the pieces together is a collection of middleware running on those IBM blade servers. Many of the shipboard systems use a commercial publish/subscribe middleware platform to send updates to operator consoles. But for other systems that need to be more tightly coupled (like, for example, missile launch commands), the Navy has specified the use of the Common Object Request Broker Architecture (CORBA)—the military's favorite mission-critical middleware model. (The software for the Joint Tactical Radio System's software-defined radios was also developed using CORBA.)

    The next release The Zumwalt bow-on at Bath Iron Works. DDG-1001, the USS Michael Monsoor, sits behind her, more than 60 percent complete. Enlarge / The Zumwalt bow-on at Bath Iron Works. DDG-1001, the USS Michael Monsoor, sits behind her, more than 60 percent complete.

    The Zumwalt may not have sailed yet, but its software has already shipped six times. When Release 5 was completed, Raytheon brought in more sailors to test the system, tethering it to the company's Total Ship System Simulator to run through a number of combat scenarios. "We did antisubmarine warfare, air, and land attack missions," Froncillo said. The lessons learned were incorporated into release 6, and 7 will be installed on the ship before the ship's "shakedown" cruise. Another upgrade will be installed post-delivery, and continual improvements will be made as the software is deployed to the other two ships in the class.

    But the life of the technology being deployed on the Zumwalt won't end there. CDS will be used as part of the Navy's Aegis Modernization Program to upgrade the systems of the fleet's guided missile cruisers and destroyers. "And there are a lot of things we're developing that will be reused," Moore said.

    Considering how much has been spent over the past decade trying to get the Zumwalt built, and the other technologies that were developed in the process, one can hope that more than just the software gets some reuse.



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    Nortel 922-089 Exam (Communication Server 1000 Rls.5.0 Upgrades for Engineers) Detailed Information



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