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Commvault Announces Fiscal 2024 First Quarter Financial Results
TINTON FALLS, N.J., Aug. 1, 2023 /PRNewswire/ -- Commvault [Nasdaq: CVLT] today announced its financial results for the fiscal first quarter ended June 30,
About this update from Commvault Systems, Inc.
[{"type":"text","content":"TINTON FALLS, N.J., Aug. 1, 2023 /PRNewswire/ -- Commvault [Nasdaq: CVLT] today announced its financial results for the fiscal first quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"We're off to a solid start to our fiscal year, highlighted by accelerated subscription revenue momentum and continued operating discipline,\" said Sanjay Mirchandani, President and CEO. \"We're excited about the opportunity ahead and remain committed to helping our customers manage the shifting demands of an ever-changing data protection market.\"\nFiscal 2024 First Quarter Highlights -\nTotal revenues were $198.2 million, flat year over yearTotal ARR1 grew to $686 million, up 15% year over yearSubscription revenue was $97.3 million, up 11% year over yearSubscription ARR1 grew to $500 million, up 32% year over yearIncome from operations (EBIT) was $18.5 million, an operating margin of 9.3%Non-GAAP EBIT2 was $43.5 million, an operating margin of 22.0%Operating cash flow increased 74% year over year to $39.0 million, with free cash flow2 of $37.9 millionFirst quarter share repurchases were $51 million, or approximately 779,000 shares of common stockFinancial Outlook for Second Quarter and Full Year Fiscal 2024 -\nWe are providing the following guidance for the second quarter of fiscal year 2024:\nTotal revenues are expected to be between $193 million and $197 millionSubscription revenues are expected to be between $95 million and $99 millionNon-GAAP operating margin2 is expected to be approximately 20.0%We are reconfirming the following guidance for the full fiscal year 2024:\nTotal ARR1 is expected to grow 13% year over yearTotal revenues are expected to be between $805 million and $815 millionSubscription revenues are expected to be between $420 million and $430 millionNon-GAAP operating margin2 is expected to grow between 50 to 100 basis points year over yearFree cash flow2 is expected to be approximately $170 millionThe 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.\nConference Call Information\nCommvault will host a conference call today...