Market Overview - U.S. stocks showed mixed performance with the Nasdaq Composite gaining over 200 points, while the Dow fell by 1% to 48,919.57 and the S&P 500 rose by 0.39% to 6,977.34 [1] - Information technology shares increased by 1.3%, while health care stocks declined by 1% [1] Boeing Company Performance - Boeing's stock fell by 3% after reporting fourth-quarter revenue of $23.948 billion, a 57% increase from $15.242 billion, driven by a sharp rise in commercial deliveries [2] - The fourth-quarter revenue exceeded analyst estimates of $22.470 billion, but the company reported an adjusted loss of $1.91 per share, missing Wall Street expectations for a loss of $0.39 per share [3] Commodity Market - Oil prices increased by 2.2% to $62.00, while gold prices decreased by 0.4% to $5,061.20 [6] - Silver prices fell by 8% to $106.30, and copper prices dropped by 3% to $5.8380 [6] Notable Stock Movements - Redwire Corp shares surged by 135% to $0.63 after securing a contract worth up to $151 billion for the Missile Defense Agency [9] - HCA Healthcare Inc shares rose by 9% to $514.82 following better-than-expected fourth-quarter adjusted EPS results and an upward revision of FY25 guidance [9] - Corning Inc shares increased by 15% to $109.16 after announcing a $6 billion agreement with Meta for U.S. data center infrastructure [9] - CommVault Systems, Inc. shares dropped by 35% to $84.72 after third-quarter results [9] - Twin Hospitality Group Inc shares fell by 43% to $0.30 after filing for voluntary Chapter 11 [9] - FAT Brands Inc shares decreased by 43% to $0.23 after commencing Chapter 11 to strengthen its financial foundation [9] Asian Market Performance - Asian markets closed higher, with Japan's Nikkei gaining 0.85%, Hong Kong's Hang Seng Index rising by 1.35%, China's Shanghai Composite increasing by 0.18%, and India's BSE Sensex gaining 0.39% [10]

Core Viewpoint - Commvault Systems, Inc. is experiencing a gradual decline in consensus price targets, indicating a shift in analyst expectations due to market conditions or company performance [1] Group 1: Price Target Changes - The consensus price target for Commvault has decreased from $191.35 last year to $175.29 last month, reflecting analysts' adjustments [1] - Analyst Dan Bergstrom from RBC Capital has set a specific price target of $63 for Commvault, based on factors like institutional ownership, profitability, and valuation [5] Group 2: Earnings Reports - Commvault's upcoming third quarter fiscal year 2026 earnings results, scheduled for January 27, 2026, are expected to significantly influence analysts' views on the company [2] - Strong earnings could lead to upward revisions of price targets, while weaker results might have the opposite effect [2] Group 3: Product Developments - Commvault's focus on data protection and cloud storage solutions means that new product launches or updates could impact its growth potential [3] - Analysts may adjust price targets based on how these developments position Commvault against competitors like Synopsys and Wetouch Technology [3] Group 4: Market Trends - Increased demand for cloud solutions in the data protection industry can affect price targets, making Commvault's adaptability crucial [4] - Strategic partnerships with other tech companies could enhance Commvault's prospects and lead to more favorable analyst recommendations [4]

Core Viewpoint - Commvault Systems (CVLT) reported quarterly earnings of $1.17 per share, exceeding the Zacks Consensus Estimate of $0.98 per share, and showing an increase from $0.94 per share a year ago, indicating a positive earnings surprise of +19.39% [1] Financial Performance - The company achieved revenues of $313.83 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.96%, and up from $262.63 million in the same quarter last year [2] - Over the last four quarters, Commvault has exceeded consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - Commvault shares have increased approximately 3.2% since the beginning of the year, outperforming the S&P 500's gain of 1.5% [3] Future Outlook - The company's earnings outlook will be crucial for determining the sustainability of its stock price movement, with current consensus EPS estimates at $1.00 for the coming quarter and $3.91 for the current fiscal year [4][7] - The estimate revisions trend for Commvault was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Computer - Software industry, to which Commvault belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8]

Financial Data and Key Metrics Changes - Subscription revenue grew 30% to $206 million, driven by a record addition of 700 new subscription customers [4][13] - Total revenue increased 19% to $314 million, with a 22% growth in term software revenue to $119 million [13][14] - Subscription ARR rose 28% to $941 million, with SaaS ARR increasing 40% to $364 million [15][20] - Gross margins improved 100 basis points sequentially to 81.5% [16] - Non-GAAP EBIT was $61 million, reflecting a margin of 19.6% [16] Business Line Data and Key Metrics Changes - SaaS revenue saw a robust 44% increase, contributing significantly to overall subscription revenue growth [13] - Term software transactions over $100,000 grew 25%, indicating strong performance in large enterprise accounts [14] - ARR from identity resilience offerings doubled year over year, highlighting strong customer adoption [9] Market Data and Key Metrics Changes - Commvault achieved AWS resilience competency in the recovery category and was named the 2025 AWS Global Storage Partner of the Year [10] - The company reported strong growth across all geographies and customer sizes, particularly from large enterprises [14] Company Strategy and Development Direction - Commvault is focusing on innovation through the Commvault Cloud Unity Platform, which integrates data security, identity resilience, and cyber recovery [6][10] - The company aims to capitalize on the growing demand for cyber resilience in an AI-driven, hybrid, and multi-cloud environment [4][11] - Commvault is also addressing data sovereignty requirements by supporting regional sovereign clouds, including a partnership with AWS for the European Sovereign Cloud [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, citing record customer engagement and adoption [12] - The company anticipates finishing the year with solid results, reflecting its leadership in the market and customer trust [12] - Management noted that the business is in a good place, with strong performance in both software and SaaS customer acquisitions [29] Other Important Information - The company initiated a cost optimization program to align its cost structure with evolving business needs [17] - Commvault repurchased $41 million of stock during the quarter, with a total of $187 million year-to-date [17][21] Q&A Session Summary Question: Free cash flow and accounts receivable increase - Management explained that Q3 typically sees pressure on free cash flow due to sales cycles, with over 60% of deals closing in the last weeks of the quarter [25] Question: Long-term growth narrative and TAM expectations - Management refrained from providing guidance beyond the current fiscal year but indicated confidence in outpacing market growth [28][29] Question: Currency impact on revenue and ARR - Management confirmed that currency was in line with expectations for reported revenue, while ARR guidance is provided on a constant currency basis [36] Question: SaaS net retention rate drop - Management attributed the drop to a larger customer base and strong new customer acquisition, which does not immediately reflect in the NRR [55] Question: Term duration elongation and its impact - Management noted that the increase in term duration was influenced by large new customer deals, which may have affected term ARR [66][110]

Financial Data and Key Metrics Changes - Subscription revenue grew 30% to $206 million, driven by a record addition of 700 new subscription customers [4][13] - Total revenue increased 19% to $314 million, with subscription revenue leading the growth [13] - Subscription ARR rose 28% to $941 million, while total ARR increased by 22% to $1.085 billion [15][20] - Gross margins improved 100 basis points sequentially to 81.5% [16] - Non-GAAP EBIT was $61 million, reflecting a margin of 19.6% [16] Business Line Data and Key Metrics Changes - SaaS ARR increased 40% to $364 million, representing a significant portion of the subscription growth [4][15] - Term software revenue grew 22% to $119 million, indicating strong demand for traditional software offerings [13] - Revenue from term software transactions over $100,000 grew 25%, highlighting strength in large enterprise accounts [14] Market Data and Key Metrics Changes - Strong growth was observed across all geographies and customer sizes, particularly from large enterprises [14] - The company added approximately 700 new subscription customers, ending the quarter with over 14,000 subscription customers [14] Company Strategy and Development Direction - Commvault is focusing on innovation through the Commvault Cloud Unity Platform, which integrates data security, identity resilience, and cyber recovery [6][12] - The company aims to capitalize on the growing need for cyber resilience in an AI-driven, hybrid, and multi-cloud environment [4][11] - Commvault is also addressing data sovereignty requirements by supporting regional sovereign clouds, including a partnership with AWS for the European Sovereign Cloud [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, citing strong customer engagement and adoption of new platforms [12][20] - The company anticipates finishing the year with solid results, reflecting leadership in the market and customer trust [12] - Management acknowledged the evolving competitive landscape and the importance of maintaining a balance between growth and profitability [16][20] Other Important Information - The company initiated a cost optimization program to align its cost structure with business needs [17] - Commvault repurchased $41 million of stock during the quarter, with a year-to-date total of $187 million [17][21] - The board approved a share repurchase authorization of up to $250 million [21] Q&A Session Summary Question: Free cash flow and accounts receivable increase - Management explained that Q3 typically sees pressure on free cash flow due to sales cycles, with over 60% of deals closing in the last weeks of the quarter [24][25] Question: Long-term growth narrative and TAM expectations - Management refrained from providing guidance beyond the current fiscal year but indicated confidence in outpacing market growth [27][29] Question: Currency impact on revenue and ARR - Currency was in line with expectations for reported revenue, while ARR guidance is provided on a constant currency basis [33][36] Question: SaaS net retention rate drop - Management attributed the drop to a larger customer base and strong new customer acquisition, which does not immediately reflect in NRR [55][56] Question: Impact of Unity on term to SaaS shift - Unity is expected to enhance customer management capabilities, but its impact is still early to quantify [53][91] Question: Term duration elongation - Management noted that large deals influenced term duration, leading to variability in ARR [66][110]

Financial Data and Key Metrics Changes - Subscription revenue grew 30% to $206 million, driven by a record addition of 700 new subscription customers [3][12] - Total revenue increased 19% to $314 million, with a 22% growth in term software revenue to $119 million [12][13] - Subscription ARR rose 28% to $941 million, with SaaS ARR increasing 40% to $364 million [12][14] - Gross margins improved 100 basis points sequentially to 81.5% [15] - Non-GAAP EBIT was $61 million, reflecting a margin of 19.6% [15] Business Line Data and Key Metrics Changes - SaaS revenue saw a robust 44% increase, contributing significantly to overall subscription revenue growth [12] - Term software transactions over $100,000 grew 25%, indicating strong demand from large enterprise accounts [13] - ARR from identity resilience offerings doubled year over year, highlighting growth in this segment [8] Market Data and Key Metrics Changes - Commvault achieved AWS resilience competency in the recovery category and was named the 2025 AWS Global Storage Partner of the Year [9] - The company is a launch partner for the AWS European Sovereign Cloud, addressing regional data sovereignty needs [10][11] Company Strategy and Development Direction - Commvault is focusing on innovation through the Commvault Cloud Unity Platform, which integrates data security, identity resilience, and cyber recovery [4][10] - The company aims to capitalize on the growing demand for cyber resilience in an AI-driven, hybrid, and multi-cloud environment [3][10] - A cost optimization program was initiated to align the cost structure with evolving business needs [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, citing strong customer engagement and adoption [11] - The company anticipates solid results for the year, reflecting leadership in the market and customer trust [11] - Management noted that the business is in a good place, with expectations to outpace market growth [27] Other Important Information - The company repurchased $41 million of stock during the quarter, with a year-to-date total of $187 million [16][19] - Free cash flow for Q3 was impacted by the timing of collections and an additional payroll cycle, but is expected to normalize in Q4 [16][24] Q&A Session Summary Question: Free cash flow and accounts receivable increase - Management explained that Q3 typically sees pressure on free cash flow due to sales cycles, with over 60% of deals closing in the last weeks of the quarter [22][24] Question: Long-term growth narrative and TAM expectations - Management refrained from discussing guidance beyond the fiscal year but acknowledged the total addressable market (TAM) growth expectations [25][26] Question: Currency impact on revenue and ARR - Currency was in line with expectations for revenue, while ARR guidance is provided on a constant currency basis [32][34] Question: SaaS NRR and customer acquisition - Management noted that the increase in new SaaS customers does not immediately reflect in NRR, as those dollars do not show up yet [53][54] Question: Unity platform impact on SaaS growth - The Unity platform is expected to enhance customer capabilities and facilitate cross-selling, although it is still early in its adoption [91][92] Question: Term duration and ARR expectations - Management indicated that longer duration deals impacted term ARR, but emphasized the importance of looking at annualized performance [108][109]

Commvault Fiscal Q3'26 Earnings Presentation JANUARY 2026 © Commvault 2026 2 Key Financial Highlights Forward-Looking Statements This presentation contains forward-looking statements regarding future events or the expected financial performance of our company, including statements about our outlook for future periods and related guidance. 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 avail ...

Revenue Growth - Total revenue increased by 19% year over year to a record $314 million[5] - Annualized recurring revenue (ARR) reached $1,085 million, up 22% year over year[5] - Subscription revenue grew to $206 million, a 30% increase year over year, with SaaS revenue up 44% year over year to $87 million[5] - Total revenues for the three months ended December 31, 2025, were $313.8 million, a 19.5% increase from $262.6 million in the same period of 2024[22] - Subscription revenues reached $206.3 million for the three months ended December 31, 2025, up 30.3% from $158.3 million in the same period of 2024[22] Financial Performance - Non-GAAP EBIT was $61 million, representing an operating margin of 19.6%[5] - GAAP net income for the three months ended December 31, 2025, was $18 million, or $0.40 per diluted share, compared to $11 million, or $0.24 per diluted share in the same period of 2024[20] - GAAP income from operations for Q3 2025 was $19,770 million, up from $13,615 million in Q3 2024, representing a 45.5% increase[30] - Non-GAAP income from operations for Q3 2025 was $61,455 million, compared to $54,581 million in Q3 2024, reflecting a 12.9% growth[30] - GAAP net income for the nine months ended December 31, 2025, reached $56,008 million, an increase of 24.2% from $45,113 million in the same period of 2024[30] - Non-GAAP net income for the nine months ended December 31, 2025, was $138,904 million, up from $118,591 million in 2024, indicating a 17.1% rise[30] - GAAP diluted earnings per share for Q3 2025 was $0.40, compared to $0.24 in Q3 2024, marking a 66.7% increase[30] - Non-GAAP diluted earnings per share for Q3 2025 was $1.17, up from $0.94 in Q3 2024, representing a 24.4% growth[30] Cash Flow and Liquidity - Operating cash flow was $4 million, with free cash flow of $2 million, affected by the timing of certain working capital items[5] - Cash and cash equivalents totaled $1,026 million as of December 31, 2025, significantly up from $302 million as of March 31, 2025[24] - Free cash flow for the full fiscal year 2026 is expected to be between $215 million and $220 million[9] - Non-GAAP free cash flow for Q3 2025 was $1,926 million, compared to $29,884 million in Q3 2024, showing a significant decrease[32] Cost Management - Operating expenses for the three months ended December 31, 2025, were $234.8 million, an increase from $200.4 million in the same period of 2024[22] - The company initiated a cost optimization program at the end of the third quarter to align its cost structure with evolving business needs[20] - Restructuring plans initiated during fiscal 2026 aim to optimize cost structure and enhance organizational agility, with expected completion during fiscal 2027[50] - The company reported a restructuring cost of $11,885 million in Q3 2025, compared to $3,969 million in Q3 2024, indicating a substantial increase in restructuring efforts[30] Strategic Initiatives - Commvault launched the Commvault Cloud Unity Platform, enhancing data security and cyber recovery capabilities[5] - A new partnership with Delinea was announced to expand unified data security and identity resilience offerings[5] - Commvault's Board of Directors approved a share repurchase program with $250 million available as of January 14, 2026[20] - The company repurchased approximately 327,000 shares of common stock for $41 million during the three months ended December 31, 2025[20] Tax and Legal Matters - The estimated non-GAAP effective tax rate is adjusted to 24% for income tax provisions[51] - A settlement agreement resulted in a payment of approximately $1.5 million to resolve certain legal matters, with $0.7 million recorded in general and administrative expenses for the three months ended June 30, 2024[50] - A $1.3 million loss was recorded from the sale of corporate headquarters, with a net charge of $0.5 million in general and administrative expenses[50] - Noncash impairment charges related to corporate headquarters have been recognized[50] Other Financial Metrics - SaaS net dollar retention rate (NRR) was 121% as of December 31, 2025, indicating strong customer retention and expansion[20] - Annualized recurring revenue (ARR) includes all active contracts and is calculated by dividing the total contract value by the number of days in the contract term, multiplied by 365[48] - SaaS net dollar retention rate (NRR) reflects the percentage of SaaS ARR retained from existing customers, accounting for expansion revenue, churn, and downgrades, and is presented on a constant currency basis[48] - Charges related to acquisition and business development activities are excluded from non-GAAP results to provide clearer insights into operating performance[50] - Noncash stock-based compensation charges are associated with restricted stock units and the Employee Stock Purchase Plan, excluding restructuring-related expenses[48]

Core Insights - Commvault reported an annualized recurring revenue (ARR) of $1,085 million, reflecting a year-over-year increase of 22% [1][5] - The company achieved record customer engagement and adoption, driven by its AI-enabled platform that addresses evolving identity and emerging threats [2][5] - Commvault's total revenues for the fiscal third quarter reached $314 million, up 19% year over year [5][23] Financial Performance - Subscription revenue was $206 million, marking a 30% increase year over year, with term-based license revenue at $119 million (up 22%) and SaaS revenue at $87 million (up 44%) [5][23] - Non-GAAP EBIT was reported at $61 million, with an operating margin of 19.6% [5][23] - GAAP net income for the quarter was $18 million, or $0.40 per diluted share [23] Business Developments - Commvault launched the Commvault Cloud Unity Platform, enhancing data security and cyber recovery across various environments [5][8] - A new partnership with Delinea was announced to expand Commvault's offerings in unified data security and identity resilience [5][8] - Commvault received the 2025 Geography and Global AWS Partner Award, being named the Global Storage Partner of the Year [5][8] Guidance and Outlook - For the fourth quarter of fiscal year 2026, total revenues are expected to be between $305 million and $308 million, with subscription revenue projected between $203 million and $207 million [5][11] - The full fiscal year 2026 guidance anticipates total revenues between $1,177 million and $1,180 million, with subscription revenue expected to be between $764 million and $768 million [11][6] - Non-GAAP gross margin is expected to be approximately 81%, with non-GAAP EBIT margin projected at around 19% to 20% [11][6]

企业数据备份和恢复软件是一种为企业提供数据保护、备份、恢复与灾难恢复解决方案的软件系统。它 通过定期或实时备份企业重要的文件、数据库、虚拟机、应用数据等，确保在数据丢失、硬件故障、网 络攻击或自然灾害等突发事件后，能够迅速恢复业务的连续性与数据完整性。企业级备份系统支持多种 存储方式，如本地、远程、云端和混合云模式，并集成了自动化恢复功能，以最小化系统停机时间。此 类软件还提供高级别的安全功能，包括加密、防勒索软件保护、自动合规检查等，帮助企业满足法规和 行业标准要求。2025年全球企业数据备份和恢复软件毛利率约60%-80%。 Veeam，Veritas Technologies，Commvault，Acronis，Kaseya（Unitrends），Datto，Netapp，Code42等 是全球数据备份和恢复软件市场的主要开发商。 前10名在2025年占据了全球市场的55％。美国是最大 的地区，占全球市场的约43％，而欧洲和中国分别约为25.7％，6.7％。在当前数字化转型浪潮下，数据 已成为企业最核心的资产之一，数据备份和恢复软件的重要性持续提升。随着企业业务系统、云应用与 边缘计算环境的快速扩展，数 ...