Commvault(CVLT) - 2024 Q4 - Annual Results

Revenue Growth - Total revenues were $223.3 million, up 10% year over year[1] - Total revenues were $839.2 million, up 7% year over year[23] - Total revenues for Q4'24 reached $223.3 million, a 10% year-over-year growth[25] - Americas revenue for FY'24 was $498.5 million, a 6% increase year-over-year[27] - Total revenues for Q1 2024 increased to $223.292 million, up 9.7% from $203.478 million in Q1 2023[92] - Total revenues for FY 2024 reached $839.247 million, up 7.0% from $784.590 million in FY 2023[92] - Total revenues for FY 2024 are projected to be between $904 million and $914 million[95] Subscription Revenue - Subscription ARR grew to $597 million, up 25% year over year[1] - Subscription revenue is expected to be between $116 million and $119 million[2] - Subscription revenue is expected to be between $514 million and $518 million[2] - Subscription revenue in Q4'24 was $119.9 million, up 27% year-over-year[25] - Subscription revenue was $429.2 million, up 23% year over year[88] - Subscription revenue was $119.9 million, up 27% year over year[71] - Subscription revenues grew to $119.873 million in Q1 2024, a 26.8% increase from $94.537 million in Q1 2023[92] - Subscription ARR is expected to grow between 21% to 23% year over year[73] Net Income - GAAP net income was $126.1 million, or $2.81 per diluted share[7] - Non-GAAP net income was $134.4 million, or $2.98 per diluted share[7] - Non-GAAP net income for Q4'24 was $35.3 million, or $0.79 per diluted share[48] - GAAP net income was $168.9 million, or $3.75 per diluted share[91] - Net income for Q1 2024 was $126.120 million, compared to a net loss of $43.493 million in Q1 2023[92] - Net income per diluted share for Q1 2024 was $2.81, compared to a net loss per diluted share of $0.98 in Q1 2023[92] Operating Margin and EBIT - Non-GAAP EBIT was $177.5 million, an operating margin of 21.1%[23] - Non-GAAP EBIT for FY'24 was $177.5 million, with an operating margin of 21.1%[46] - Non-GAAP EBIT was $45.2 million, an operating margin of 20.2%[69] - Non-GAAP operating margin is expected to be between 20% to 21% for fiscal year 2025[24] - Non-GAAP operating margin is expected to be between 18% to 19%[73] Cash Flow and Cash Equivalents - Cash and cash equivalents at end of period were $312.754 million[10] - Cash flow from operations for FY'24 was $203.8 million[55] - Ending cash and cash equivalents as of March 31, 2024, was $312.8 million[55] - Operating cash flow was $203.8 million, with free cash flow of $200 million[69] - GAAP cash provided by operating activities was $79,985 for the three months ended March 31, 2024[62] - Free cash flow is expected to be at least $200 million for FY 2024[95] ARR (Annual Recurring Revenue) - ARR is emphasized as a key metric for understanding recurring revenue streams[34] - Total ARR grew to $770 million, up 15% year over year[69] Share Repurchases - Full year share repurchases were $184.0 million, or approximately 2,479,000 shares of common stock[72] Tax and Valuation Allowance - The company reversed its valuation allowance, resulting in an $85 million tax benefit for FY'24[43] - The non-GAAP effective tax rate will be lowered from 27% to 24% starting in FY'25[43] Expenses - Research and development expenses for Q1 2024 were $35.244 million, up 9.5% from $32.176 million in Q1 2023[92] - Sales and marketing expenses for Q1 2024 increased to $94.458 million, up 8.3% from $87.222 million in Q1 2023[92] Gross Margin - Gross margin for Q1 2024 was $184.146 million, up 9.2% from $168.673 million in Q1 2023[92]