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Commvault Announces Strong Fiscal Growth In Q3 Of 2023

Commvault [Nasdaq: CVLT] has announced its financial results for the fiscal third quarter ended December 31, 2023.

“This was one of the strongest quarters in our history with double digit ARR and revenue growth, and robust free cash flow generation,” said Sanjay Mirchandani, President and CEO. “As enterprises face non-stop cyberattacks and threats, the introduction of our new Commvault Cloud platform gives our customers ground-breaking strategies to stay resilient and also positions us for accelerated growth in fiscal year 2025.”

Notes are contained on the last page of this Press Release

Fiscal 2024 Third Quarter Highlights -

  • Total revenues were $216.8 million, up 11% year over year
  • Total ARR1 grew to $752 million, up 17% year over year
  • Subscription revenue was $114.2 million, up 31% year over year
  • Subscription ARR1 grew to $571 million, up 29% year over year
  • Income from operations (EBIT) was $21.1 million, an operating margin of 9.7%
  • Non-GAAP EBIT2 was $46.7 million, an operating margin of 21.5%
  • Operating cash flow was $44.4 million, with free cash flow2 of $42.6 million
  • Third quarter share repurchases were $51.3 million, or approximately 711,000 shares of common stock

Financial Outlook for Fourth Quarter and Full Year Fiscal 2024 -

We are providing the following guidance for the fourth quarter of fiscal year 2024:

  • Total revenues are expected to be between $210 million and $214 million
  • Subscription revenue is expected to be between $111 million and $115 million
  • Non-GAAP operating margin2 is expected to be between 20% to 21%
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We are providing the following updated guidance for the full fiscal year 2024:

  • Total revenues are expected to be between $826 million and $830 million
  • Total ARR1 is expected to grow 15% year over year
  • Subscription revenue is expected to be between $420 million and $424 million
  • Subscription ARR1 is expected to grow 25% year over year
  • Non-GAAP operating margin2 is expected to grow between 50 to 100 basis points year over year
  • Free cash flow2 is expected to be approximately $170 million

The above statements are based on the incorporation of actual third 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.

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