TINTON FALLS, N.J., July 30, 2024 /PRNewswire/ -- Commvault (NASDAQ:CVLT) today announced its financial results for the fiscal first quarter ended June 30, 2024.  "The need for resilience is paramount and we are leading the charge," said Sanjay Mirchandani, Commvault's President and CEO. "Our ability to empower customers globally, to regularly test their readiness and quickly recover their data and applications is not only a differentiator, but enabled Commvault to start the fiscal year strong, generating 13% total revenue growth and 17% annualized recurring revenue growth in fiscal Q1." Notes are contained at the end of this Press Release. Fiscal 2025 First Quarter Highlights - Total revenues were $224.7 million, up 13% year over year Total annualized recurring revenue ("ARR")1 grew to $803 million, up 17% year over year Subscription revenue was $124.1 million, up 28% year over year Subscription ARR1 grew to $636 million, up 27% year over year Income from operations (EBIT) was $18.4 million, an operating margin of 8.2% Non-GAAP EBIT2 was $48.3 million, an operating margin of 21.5% Operating cash flow was $44.7 million, with free cash flow2 of $43.8 million First quarter share repurchases were $51.4 million, or approximately 471,000 shares of common stock Financial Outlook for Second Quarter and Full Year Fiscal 20253 - We are providing the following guidance for the second quarter of fiscal year 2025: Total revenues are expected to be between $218 million and $222 million Subscription revenue is expected to be between $120 million and $124 million Non-GAAP operating margin2 is expected to be between 19% and 20% We are providing the following updated guidance for the full fiscal year 2025: Total revenues are expected to be between $915 million and $925 million Total ARR1 is expected to grow 15% year over year Subscription revenue is expected to be between $522 million and $527 million Subscription ARR1 is expected to grow between 23% and 25% year over year Non-GAAP operating margin2 is expected to be between 20% and 21% Free cash flow2 is expected to be at least $200 million The above statements are based on the incorporation of actual first quarter results and current targets. These statements are forward looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results. Conference Call Information Commvault will host a conference call today, July 30, 2024 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. The live webcast and call dial-in numbers can be accessed by registering under the "Events" section of Commvault's website. An archived webcast of this conference call will also be available following the call. About Commvault Commvault (NASDAQ:CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO. Safe Harbor Statement This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault's business, see "Item 1A. Risk Factors" in our annual report on Form 10-K and "Item 1A. Risk Factors" in our most recent quarterly report on Form 10-Q. Statements regarding Commvault's beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements. Revenue Overview($ in thousands) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenue Summary: Subscription $          97,290 $          97,757 $        114,247 $        119,873 $        124,080 Perpetual license 13,155 14,388 14,874 15,196 13,736 Customer support 76,915 77,019 76,812 77,025 76,288 Other services 10,790 11,833 10,875 11,198 10,568 Total revenues $        198,150 $        200,997 $        216,808 $        223,292 $        224,672   Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Y/Y Growth: Subscription 11 % 25 % 31 % 27 % 28 % Perpetual license (26) % (27) % (25) % (13) % 4 % Customer support (5) % (1) % (1) % — % (1) % Other services (4) % (1) % 6 % (20) % (2) % Total revenues — % 7 % 11 % 10 % 13 % Constant Currency($ in thousands) The constant currency impact is calculated using the average foreign exchange rates from the prior year period and applying these rates to foreign-denominated revenues in the current corresponding period. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations. The non-GAAP financial measures presented in this press release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. Subscription Perpetual license Customer support Other services Total Q1'24 Revenue As Reported (GAAP) $         97,290 $         13,155 $         76,915 $         10,790 $       198,150 Q1'25 Revenue As Reported (GAAP) $       124,080 $         13,736 $         76,288 $         10,568 $       224,672 % Change Y/Y (GAAP) 28 % 4 % (1) % (2) % 13 % Constant Currency Impact $               694 $                 25 $               478 $              (32) $           1,165 % Change Y/Y Constant Currency 28 % 5 % — % (2) % 14 % Revenues by Geography($ in thousands) Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, Middle East, Africa, Australia, India, Southeast Asia, and China. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenue Y/Y Growth Revenue Y/Y Growth Revenue Y/Y Growth Revenue Y/Y Growth Revenue Y/Y Growth Americas $  122,124 — % $  120,300 4 % $  125,052 16 % $  131,069 7 % $  138,725 14 % International 76,026 1 % 80,697 12 % 91,756 6 % 92,223 14 % 85,947 13 % Total revenues $  198,150 — % $  200,997 7 % $  216,808 11 % $  223,292 10 % $  224,672 13 % Total ARR and Subscription ARR1($ in thousands) Q1'24