Slide 1: Commvault Fiscal Q1'26 Earnings Presentation
Commvault Fiscal Q1’26 Earnings Presentation JULY 2025 © Commvault 2025
Slide 2: Forward-Looking Statements and GAAP to Non-GAAP Presentation
Forward-Looking GAAP to Non-GAAP Statements Presentation This presentation contains forward-looking statements regarding future In addition to financial information prepared in accordance with U.S. GAAP, this presentation events or the expected financial performance of our company, including also co
Slide 3: Investment Highlights
Investment Highlights Large and Secular Recognized Innovation Growing Market Demand Trends Leader $24B Total Addressable Market (TAM) Hybrid and Multi Cloud | Gen AI | 1,500+ Lifetime Patents | 14 Years as a Leader including Data Replication & Protection, Prolific Data Growth | Ransomware & in Gartn
Slide 4: Commvault Business Highlights
Commvault Business Highlights +46% +33% +63% Subscription Revenue Subscription ARR SaaS ARR Subscription Revenue +46% YoY to $182M Subscription ARR +33% YoY to $844M; SaaS ARR +63% YoY to $307M; Represents 85% of Total ARR Represents 31% of Total ARR 125% 20.7% 12,900 SaaS NRR Non-GAAP EBIT Margin L
Slide 5: Ransomware is now a $57B global crisis
Ransomware is now a $57B global crisis.* This is only compounded by the challenges of: Multi-cloud complexity Emerging cloud and AI stacks New compliance mandates *According to Cybersecurity Ventures costs will reach $57 billion in 2025 and $275 billion by 2031 5
Slide 6: Large & Growing Total Addressable Market
Large & Growing Total Addressable +12% $38B Market $24B Cyber Resiliency market potential larger due to emerging opportunity in Data & Cloud Security… 2024E 2028E Core Data Protection Data Security Cloud Security Source: Commvault estimates 6
Slide 7: Prevention isn't enough, and recovery is too limited
TODAY’S TOOLS FALL SHORT Prevention isn’t enough, and recovery is too limited. Dwell Encryption Identify. Forensic Rebuild of Hybrid Data 24 Time Event Invoke Incident Analysis Apps & Infrastructure Recovery Response. days 199 Days 15+ Hours 2+ Days 14+ Days 7+ Days average time to recover 7
Slide 8: Only Commvault goes beyond data, for the cleanest, fastest, most complete recovery
Only Commvault goes beyond data, for the cleanest, fastest, most complete recovery. Dwell Encryption Identify. Forensic Rebuild of Hybrid Data Time Event Invoke Incident Analysis Apps & Infrastructure Recovery Response. Accelerating recovery by 2.7x on average 199 Days 15+ Hours 2+ Days 3+ Days 3+ D
Slide 9: Leading Enterprise Cyber Resilience
Leading Enterprise Cyber Resilience COMMVAULT CLOUD CYBER RESILIENCE PLATFORM DATA SECURITY CLEANROOM TESTING CYBER RECOVERY Discovery | Classification | Remediation Provisioning | Testing & Forensics Recovery Cleanpoint Validation | Cloud-Scale Recovery DATA, INFRASTRUCTURE AND APPLICATION RECOVERY
Slide 10: Why We Win
Why We Win. Beyond Data with Rebuild Cloud Resource Discovery Rapid Recovery of Automation & Mapping AI Workloads Only Commvault offers cloud app and Only Commvault offers cloud resource Only Commvault offers protection of emerging infrastructure rebuild to fully restore cloud discovery to lower res
Slide 11: Q1'26 KPIs and Additional Detail
Q1’26 KPIs and Additional Detail © Commvault 2025 11
Slide 12: KPIs
KPIs Annualized Recurring Revenue (ARR) Subscription ARR Total Revenue Subscription Revenue Non-GAAP EBIT Margin Free Cash Flow 12
Slide 13: Total ARR
Total ARR (unaudited, $ in M’s) On pace to exceed $1 billion ARR target ahead of schedule +24% YoY (+21% CC) $996 $930 $890 $853 $803 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 ARR is a 13 1 3
Slide 14: Subscription ARR
14 Subscription ARR (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue We believe subscription ARR is the best measure of our growth +33% YoY (+30% CC) $844 $780 $734 $687 $636 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Refer to slide 28 for key definitions. Subscription ARR
Slide 15: Total Revenue
15 Total Revenue (unaudited, $ in M’s) +26% YoY We are firmly positioned as a growth company (+23% CC) $282 $275 $263 $233 $225 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Refer to slide 28 for key definitions. 15
Slide 16: Subscription Revenue
16 Subscription Revenue (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue +46% YoY (+44% CC) Accelerating growth of our subscription revenue base $182 $173 $158 $134 $124 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Refer to slide 28 for key definitions. 16
Slide 17: Non-GAAP EBIT and Margin %
17 Non-GAAP EBIT and Margin % (unaudited, $ in M’s) Expense discipline driving consistent 20%+ non-GAAP EBIT margin even as SaaS scales $65 0.29 $59 $60 $58 0.27 $55 $55 0.25 $50 $48 $48 0.23 $45 0.21 22% 22% 21% 21% 21% $40 0.19 Non-GAAP EBIT and non-GAAP EBIT margin % are non-GAAP measures and $35
Slide 18: Free Cash Flow
18 Free Cash Flow (unaudited, $ in M’s) $206 $190 TTM Q1'25 TTM Q1'26 Refer to slide 28 for key definitions. FCF is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review
Slide 19: SaaS ARR
19 SaaS ARR (unaudited, $ in M’s) Hyper-growth SaaS business drives total ARR growth +63% YoY (+60% CC) $307 $281 $259 $215 $188 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Refer to slide 28 for key definitions. SaaS ARR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute fo
Slide 20: SaaS Net Dollar Retention Rate
20 SaaS Net Dollar Retention Rate (NRR) SaaS drives meaningful customer expansion 127% 127% 127% 127% 125% Q1'25 Refer to slide 28 for key definitions. Q2'25 Q3'25 Q4'25 Q1'26 SaaS NRR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial informati
Slide 21: Subscription Customer Growth
21 Subscription Customer Growth Customers are embracing our Commvault Cloud platform 12,900 12,200 11,500 10,500 9,900 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Subscription customer count includes unique, term-based and usage-based software and SaaS customers. SaaS customer count includes end users transacted
Slide 22: Financial Results and Guidance
Financial Results and Guidance Copyright © 2025 Commvault | All Rights Reserved 22
Slide 23: Q1 FY'26 Financial Summary
Q1 FY’26 Financial Summary (unaudited, $ in M’s) Q1’26 GUIDANCE Q1’26 ACTUAL YoY CHANGE Total Revenue $266 - $270 $282 +26% (+19% YoY at midpoint) (+23% YoY constant currency) Subscription Revenue $166 - $170 $182 +46% (+35% YoY at midpoint) (+44% YoY constant currency) Non-GAAP Gross Margin 81% - 8
Slide 24: Q2 and FY'26 Guidance
Q2 and FY’26 Guidance (unaudited, $ in M’s) FY’26 GUIDANCE FY’26 GUIDANCE Q2’26 GUIDANCE As of July 29, 2025 As of April 29, 2025 Total ARR (Constant Currency) 18% YoY 16% - 17% YoY Subscription ARR (Constant Currency) 24% YoY 22% - 23% YoY Total Revenue $272 - $274 $1,161 - $1,165 $1,130 - $1,140 (
Slide 25: Appendix
Appendix Copyright © 2025 Commvault | All 25 Rights Reserved
Slide 26: Constant Currency ARR
Constant Currency ARR (unaudited, $ in thousands) As of June 30, 2024 As of September 30, 2024 As of December 31, 2024 As of March 31, 2025 As of June 30, 2025 Total ARR As Reported $802,709 $853,265 $889,628 $930,051 $996,202 Using March 31, 2025 rates $801,978 $838,074 $899,365 $930,051 $969,693 S
Slide 27: Key Definitions
Key Definitions ITEM DEFINITION Software portion of term-based licenses and software as-a-service offerings (SaaS). The software component of term-based licenses is typically recognized when the software is Subscription Revenue delivered or made available for download. For SaaS offerings, revenue is
Slide 28: Revenue Growth on a Constant Currency Basis
Revenue Growth on a Constant Currency Basis (unaudited, $ in thousands) Q1’25 Q1’26 Constant Currency % Change Y/Y % Change Y/Y Revenue as Reported Revenue as Reported Impact (GAAP) Constant Currency (GAAP) (GAAP) Subscription: Term-based license $80,405 $109,282 ($2,157) 36% 33% SaaS 43,675 72,445
Slide 29: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (unaudited, $ in thousands) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Non-GAAP financial measures and reconciliation: GAAP income from operations $18,428 $14,968 $13,615 $26,727 $25,091 Noncash stock-based compensation 22,396 26,223 31,156 28,840 30,105 FICA and payroll tax expe
Slide 30: Thank You
Thank You © Commvault 2025