Commvault Announces Fiscal 2025 First Quarter Financial Results

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]