Slide 1: Commvault Fiscal Q4'24 Earnings Results
Commvault Fiscal Q4’24 Earnings Results APRIL 2024 © Commvault 2024
Slide 2: Forward Looking Statements
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
Slide 3: GAAP to Non-GAAP Presentation
GAAP to Non-GAAP Presentation In addition to financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facil
Slide 4: The world has changed: cyber threats are here to stay
THIS IS AN INSTRUCTIONAL SLIDE DO NOT USE The world has changed. Cyber threats are here to stay – it’s not IF, it’s WHEN. Section Header Ransomware everywhere — including the backup. Exponential hybrid chaos. The AI paradigm shift: New opportunity, new threats. 99% of ransomware tampers Over 90% of
Slide 5: Commvault Cloud is the new standard for cyber resilience
Commvault Cloud is the new standard for cyber resilience. The best The fastest security recovery Unify security across all your hybrid Accelerate rapid, clean recovery at data in one powerful cloud. enterprise scale. The most The lowest intelligence TCO Deploy advanced AI capabilities to Dramaticall
Slide 6: Commvault Investment Thesis
Commvault Investment Thesis +78% 4.5+ E B CLOUD DATA PROTECTED2 +15% Cyber Resilience Modern Innovation Durable Spending Leader Growth 3,205 Breaches in 20231 | +78% YoY 1,000+ Active Patents | Gartner MQ Leader 12 Years Total ARR +15% YoY2 Running | Safeguard 4.5+ EB of Cloud Data | FedRAMP High Ce
Slide 7: Q4 & FY'24 Financial Summary
Q4 & FY’24 Financial Summary © Commvault 2024 7
Slide 8: Q4 FY'24 Financial Summary
Q4 FY’24 Financial Summary (unaudited, $ in M’s) Q4’24 GUIDANCE Q4’24 ACTUAL YoY Change Total Revenue $210 - $214 $223 +10% Subscription Revenue $111 - $115 $120 +27% Non-GAAP Gross Margin 81% - 82% 83.2% (20) bps Non-GAAP EBIT Margin 20% - 21% 20.2% (210) bps Free Cash Flow (FCF) n/a $79 +18% Share
Slide 9: FY'24 Financial Summary
FY’24 Financial Summary (unaudited, $ in M’s) FY’23 ACTUAL FY’24 GUIDANCE FY’24 ACTUAL YoY Change Total ARR $668 15% YoY $770 +15% Subscription ARR $477 25% YoY $597 +25% Total Revenue $785 $826 - $830 $839 +7% Subscription Revenue $348 $420 - $424 $429 +23% Non-GAAP Gross Margin 83.4% 82% - 83% 82.
Slide 10: Q4 FY'24 Key Financial Metrics
Q4 FY’24 Key Financial Metrics © Commvault 2024 10
Slide 11: Subscription Revenue
Subscription Revenue (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue ACCELERATING GROWTH OF OUR SUBSCRIPTION REVENUE BASE $120 +27% YoY $114 $97 $98 $95 $88 $87 $78 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Refer to slide 27 for definitions of key metric
Slide 12: Total ARR
Total ARR ($ in M’s) ARR IS A GOOD INDICATOR OF THE GROWTH OF OUR RECURRING REVENUE STREAMS $770 +15% $752 YoY $711 $686 $668 $641 $604 $595 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Refer to slide 27 for definition of Annual Recurring Revenue ("ARR"). ARR is a non-GAAP measure and should be c
Slide 13: Subscription ARR
Subscription ARR ($ in M’s) INCLUDES TERM-BASED SUBSCRIPTION LICENSES AND SAAS $597 +25% $571 YoY $530 $500 $477 $443 $401 $378 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Refer to slide 27 for definition of Annual Recurring Revenue ("ARR"). Refer to Slide 14 for stand-alone SaaS ARR. Subscripti
Slide 14: SaaS ARR
SaaS ARR ($ in M’s) EXPLOSIVE SAAS BUSINESS DRIVES TOTAL ARR GROWTH $168 +65% YoY $152 $131 $113 $101 $86 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Refer to slide 27 for definition of Annual Recurring Revenue ("ARR"). SaaS ARR is a Non-GAAP measure and should be considered as a supplement to, and not as a
Slide 15: SaaS Net Dollar Retention Rate (NRR)
SaaS Net Dollar Retention Rate (NRR) SAAS DRIVES MEANINGFUL CUSTOMER EXPANSION 130% 128% 125% 125% 123% 118% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Refer to slide 27 for definition of Net Dollar Retention (“NRR”). SaaS NRR is a Non-GAAP measure and should be considered as a supplement to, and not as a
Slide 16: Subscription Customer Growth
Subscription Customer Growth CUSTOMERS ARE EMBRACING SUBSCRIPTION OFFERINGS WHICH NOW REPRESENT 60% OF OUR BASE 9,300 8,800 8,300 7,800 7,400 6,700 6,100 5,600 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Subscription customer count includes unique, term-based and usage-based software and SaaS cu
Slide 17: Earnings & Cash Flow Metrics
Earnings & Cash Flow Metrics ics] Commvault
Slide 18: Non-GAAP EBIT and Margin %
Non-GAAP EBIT and Margin % (unaudited, $ in M’s) EXPENSE DISCIPLINE DRIVING CONSISTENT 20%+ NON-GAAP EBIT MARGIN EVEN AS SAAS SCALES $50.00 25% 22% 22% Non-GAAP 22% 20% $45.00 21% EBIT Margin % 21% $40.00 20% 20% 19% $35.00 $30.00 15% $25.00 Non-GAAP $45 $47 $45 EBIT $ $44 $42 $20.00 $41 $39 10% $35
Slide 19: Consistent Capital Return
Consistent Capital Return (unaudited, $ in M’s) $220 110% Share Repurchases 100% $200 90% 92% 90% • Repurchased $50M of stock in Q4’24 and $184M of stock in FY’24 representing 92% of $180 80% Free Cash Flow (FCF) $160 70% • April 2024 – Board approved share repurchase authorization for up to $250M 6
Slide 20: Primary KPIs
Primary KPIs : Copyright © 2024 ics] Commvault Commvault | AllRights 20 Reserved
Slide 21: KPIs
KPIs • Annual Recurring Revenue (ARR) • Subscription ARR • Total Revenue • Subscription Revenue • Non-GAAP EBIT Margin • Free Cash Flow © Commvault 2024 21
Slide 22: Historical KPI Performance
Historical KPI Performance (unaudited, $ in M’s) FY’22 – FY’20A FY’21A FY’22A FY’23A FY’24A FY’24 CAGR Total ARR $452 $518 $583 $668 $770 Growth +15% +13% +15% +15% +15%* Subscription ARR Not disclosed Not disclosed $346 $477 $597 Growth +46% +38% +25% +31% SaaS ARR Not disclosed Not disclosed $51 $
Slide 23: Q1 & Full Year FY'25 Guidance
Q1 & Full Year FY’25 Guidance ics] Commvault
Slide 24: Q1 and FY'25 Guidance
Q1 and FY’25 Guidance (unaudited, $ in M’s) Q1’25 FY’25 GUIDANCE GUIDANCE Total ARR 14% YoY Subscription ARR 21% - 23% YoY Total Revenue $213 - $216 $904 - $914 (+8% YoY at midpoint) (+8% YoY at midpoint) Subscription Revenue $116 - $119 $514 - $518 (+21% YoY at midpoint) (+20% YoY at midpoint) Non-
Slide 25: Our Aspiration for FY'26
Our Aspiration for FY’26 next 2 fiscal years $1B $310-330M ARR SaaS ARR 14% CAGR ~40% CAGR ~90% Subscription 30%+ of Total ARR as % of Total ARR © Commvault 2024 25
Slide 26: Appendix
Appendix Copyright © 2024 ics] Commvault Commvaut | All 26 Rights Reserved
Slide 27: Key Definitions
Key Definitions Item Definition Subscription Revenue 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 delivered or made available for download. For SaaS offerings, revenue is
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (unaudited, $ in thousands) Q1’23 Q2’23 Q3’23 Q4’23 FY’23 Q1’24 Q2’24 Q3’24 Q4’24 FY’24 Non-GAAP financial measures and reconciliation: GAAP income (loss) from operations $7,449 $9,313 $5,018 $(37,665) $(15,885) $18,480 $17,634 $21,051 $18,190 $75,355 Noncash stock-b
Slide 29: Thank You
Thank You © Commvault 2024