Major security ecosystem expansion with Acante, Dasera, Google Cloud, Splunk, and Wiz Commvault to discuss security integrations and cyber resilience innovations at Black Hat Conference TINTON FALLS, N.J., Aug. 5, 2024 /PRNewswire/ -- Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced an expansion of its cyber and data security ecosystem through strategic integrations with an array of security partners: Acante, Dasera, Google Cloud, Splunk, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: June 30, 2024 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-33026 Commvault Systems, Inc. (Exact name of registrant as specified in its charter) Delaware 22-3447504 (State or other jurisdiction of incorporation or organization)(I.R.S. Em ...

Financial Data and Key Metrics Changes - Total revenue increased 13% to $225 million in Q1 [4][33] - Total ARR rose 17% to $803 million, with subscription ARR accelerating 27% to $636 million [4][37] - SaaS ARR jumped 66% to $188 million, contributing significantly to overall growth [5][37] - Q1 gross margins were 83%, and non-GAAP EBIT margins were 21.5% [40][41] - Free cash flow grew 16% year-over-year to $44 million [42] Business Line Data and Key Metrics Changes - Subscription revenue growth accelerated 28%, now exceeding 55% of total revenue [33] - Perpetual license revenue was $14 million in Q1, with customer support revenue down 1% year-over-year [13][36] - Revenue from term software transactions over $100,000 increased by 13% [34] Market Data and Key Metrics Changes - Both the Americas and International regions achieved double-digit term software and total revenue growth [13] - Approximately 600 new subscription customers were added, bringing the total to 9,900 [38] Company Strategy and Development Direction - The company is focusing on enhancing its cyber resilience offerings and integrating them into its cloud platform [5][101] - Investments are being made in government verticals and the Asia Pacific region to capture growth opportunities [72][90] - The goal is to reach $1 billion in total ARR by fiscal 2026, with subscription ARR representing 90% of total ARR [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current macroeconomic environment and the strong pipeline of opportunities [47][51] - The recent CrowdStrike outage has heightened discussions around resilience, benefiting the company's positioning [52] - The company raised its guidance for fiscal year '25, expecting total revenue growth to accelerate [17][101] Other Important Information - The company repurchased $51 million of stock, representing 117% of free cash flow [14] - A new CFO, Jen DiRico, will join the company on August 12 [11] Q&A Session Summary Question: Current macro environment and deal activity - Management noted a good pipeline and strong conversations with CISOs and CIOs regarding resilience [47][51] Question: Impact of CrowdStrike outage on customer engagement - The outage has increased discussions around resilience, positively impacting customer engagement [52] Question: Investments in government vertical and Asia Pacific region - Management highlighted the importance of FedRAMP High certification and ongoing investments in these areas [72][90] Question: Subscription and SaaS growth - Management indicated balanced contributions from software renewals and land-expand opportunities [76] Question: Cyber resilience product contributions - Cyber resilience offerings made a material contribution to the quarter, with integrated services driving customer interest [84][101]

This quarterly report represents an earnings surprise of 13.33%. A quarter ago, it was expected that this datamanagement software company would post earnings of $0.73 per share when it actually produced earnings of $0.79, delivering a surprise of 8.22%. Commvault shares have added about 54.3% since the beginning of the year versus the S&P 500's gain of 14.5%. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not o ...

3. Commvault does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See "Use of Non-GAAP Financial Measures" for additional explanation. 7 Commvault Systems, Inc. | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|---------------------------|----------|---------| | | | Three Months Ended \n2024 | June 30, ...

Core Insights - Commvault reported a total revenue of $224.7 million for the fiscal first quarter ended June 30, 2024, representing a 13% year-over-year growth [25][70] - The annualized recurring revenue (ARR) grew to $803 million, up 17% year-over-year, with subscription revenue increasing by 28% to $124.1 million [25][16] - Non-GAAP net income was reported at $38.4 million, translating to a non-GAAP diluted earnings per share of $0.85, compared to $32.5 million and $0.72 in the previous year [53][69] Financial Performance - Income from operations (EBIT) was $18.4 million, with a GAAP operating margin of 8.2%, while non-GAAP EBIT was $48.3 million, reflecting a margin of 21.5% [23][25] - Operating cash flow for the quarter was $44.7 million, with free cash flow amounting to $43.8 million [25][66] - Commvault repurchased approximately $51.4 million worth of common stock, totaling around 471,000 shares at an average price of $109.06 per share [66] Guidance and Projections - For the second quarter of fiscal 2025, total revenues are expected to be between $915 million and $925 million, with total ARR projected to grow by 15% year-over-year [17] - Subscription revenue is anticipated to be between $522 million and $527 million, with subscription ARR growth expected between 23% and 25% year-over-year [17] - Non-GAAP operating margin is forecasted to be between 20% and 21%, with free cash flow expected to be at least $200 million [17] Tax and Non-GAAP Measures - Commvault adjusted its estimated non-GAAP effective tax rate from 27% to 24% for fiscal 2025, aligning it more closely with expected effective tax rates in the coming years [1][69] - The company emphasizes the importance of non-GAAP financial measures, such as non-GAAP net income and free cash flow, for evaluating its operational performance [3][4][59]

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For the quarter, the consensus mark for earnings has remained steady at 75 cents per share in the past 30 days. The figure indicates 4.17% growth from the year-ago quarter's reported figure. CommVault's fiscal first-quarter performance is expected to have benefited from steady demand for the company's cyber resilience and data protection solutions by hybrid cloud organizations. The company also announced that its SaaS-delivered data protection offerings have achieved the Federal Risk and Authorization Manag ...

The latest trading session saw Commvault Systems (CVLT) ending at $122.24, denoting a +0.4% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.51%. Meanwhile, the Dow experienced a rise of 0.2%, and the technology-dominated Nasdaq saw a decrease of 0.93%. Investors will be eagerly watching for the performance of Commvault Systems in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 30, 2024. The company's earnings ...

Ahlawat will spearhead ongoing product and AI innovation to help customers securely and responsibly navigate the ever-evolving threat landscape TINTON FALLS, N.J., July 23, 2024 /PRNewswire/ -- Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced Pranay Ahlawat as its first Chief Technology and AI Officer (CTAIO). Reporting to Rajiv Kottomtharayil, Chief Product Officer, Ahlawat will oversee Commvault's product vision and development lifecycle ...