Slide 1: Commvault Fiscal Q3'25 Earnings Presentation
Commvault Fiscal Q3’25 Earnings Presentation JANUARY 2025 © 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: IT and security leaders grappling with multiple issues
IT and security 1. Working across multiple clouds Leaders 2. Long recovery times from a cyber grappling with attack 3. New compliance regulations multiple issues. © Commvault 2024 4
Slide 5: Current tools are inadequate
Current tools are inadequate BCG reports that over 70% of all new data will be stored in the Cloud1 COMPETITORS PROTECT …CREATING MORE SILOS …INCREASING RECOVERY DATA, NOT CLOUDS… AND COMPLEXITY… TIME AND COSTS. 1 https://www.bcg.com/publications/2023/new-data-architectures-can-help-manage-data-cost
Slide 6: It's time to transform cyber resilience
It’s time to transform cyber resilience for the cloud-first world. Siloed tools One unified platform for cloud-first resilience Data backups Securing cloud apps + AI stacks, end-to-end Taken by surprise Total readiness with on-demand cloud testing Recovering data Rebuilding clouds in near-real-time
Slide 7: Continuous Business
We are positioned to lead the cloud-first future. Business continuity is no longer enough. It’s time for Continuous Business. Continuous Security Continuous Rebalance Continuous Readiness Continuous Recovery End-to-end data security Seamless portability Dependable recovery plans, Industry-first rebu
Slide 8: Next Gen Cloud-First Innovations & Partnerships
Next Gen Cloud-First Innovations & Partnerships Commvault Commvault extends Commvault continues Commvault delivers accelerates cloud- cyber resilience to to broaden multi-cloud another industry first: native resilience on more clouds, with support bringing even enabling the rewind of AWS with acquis
Slide 9: Commvault Investment Thesis
Commvault Investment Thesis $4.9M 6 EB CLOUD DATA PROTECTED2 +18% Global Average Cost Modern Innovation Durable of Data Breach Leader Growth $4.88M in 20241 | +10% YoY 1,000+ Active Patents | Gartner MQ Leader 13 Consecutive Total ARR +18% YoY (+21% constant currency)3 Years | Safeguard 5.95 EB of C
Slide 10: Q3'25 Financial Summary
Q3’25 Financial Summary © Commvault 2024 10
Slide 11: Q3 FY'25 Financial Summary
Q3 FY’25 Financial Summary (unaudited, $ in M’s) Q3’25 GUIDANCE Q3’25 ACTUAL YoY Change Total Revenue $243 - $247 $263 +21% (+13% YoY at midpoint) Subscription Revenue $143 - $147 $158 +39% (+27% YoY at midpoint) Non-GAAP Gross Margin 81% - 82% 82.0% (90) bps Non-GAAP EBIT Margin 20% - 21% 20.8% (70
Slide 12: Nine Months YTD FY'25 Financial Summary
Nine Months YTD FY’25 Financial Summary (unaudited, $ in M’s) NINE MONTHS FY’24 NINE MONTHS FY’25 ACTUAL ACTUAL YoY Change Total ARR $753 $890 +18% Subscription ARR $571 $734 +29% (76% Total ARR) (83% Total ARR) Total Revenue $616 $721 +17% Subscription Revenue $309 $416 +35% (50% Total Revenue) (58
Slide 13: 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 $158 +39% YoY $134 $124 $120 $114 $97 $98 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Refer to slide 28 for key definitions. © Commvault 202
Slide 14: Total ARR
Total ARR ($ in M’s) ON PACE TO EXCEED ORIGINAL $1 BILLION ARR TARGET $890 +18% $853 YoY (+21% CC1) $803 $770 $752 $711 $686 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1 21% YoY growth in constant currency. Refer to slide 28 for constant currency bridge Refer to slide 28 for key definitions. ARR is a
Slide 15: Subscription ARR
Subscription ARR ($ in M’s) INCLUDES TERM-BASED SUBSCRIPTION LICENSES AND SAAS $734 +29% $687 YoY $636 $597 $571 $530 $500 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Refer to slide 28 for key definitions. Subscription ARR is a non-GAAP measure and should be considered as a supplement to, and not as a
Slide 16: SaaS ARR
SaaS ARR ($ in M’s) HYPER-GROWTH SAAS BUSINESS DRIVES TOTAL ARR GROWTH $259 +71% YoY $215 $188 $168 $152 $131 $113 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 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 for,
Slide 17: SaaS Net Dollar Retention Rate (NRR)
SaaS Net Dollar Retention Rate (NRR) SAAS DRIVES MEANINGFUL CUSTOMER EXPANSION 130% 125% 127% 127% 127% 123% 118% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Refer to slide 28 for key definitions. SaaS NRR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute for,
Slide 18: Subscription Customer Growth
Subscription Customer Growth CUSTOMERS ARE EMBRACING OUR COMMVAULT CLOUD PLATFORM 11,500 10,500 9,900 9,300 8,800 8,300 7,800 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Subscription customer count includes unique, term-based and usage-based software and SaaS customers. © Commvault 2024 18 SaaS custom
Slide 19: Earnings & Cash Flow Metrics
Earnings & Cash Flow Metrics © Commvault
Slide 20: 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 $60.00 $55 Non-GAAP $55.00 EBIT $ $50.00 $48 $48 $47 $45 $45.00 $44 $42 $40.00 22% 22% 22% Non-GAAP 21% 21% 21% 20% EBIT Margin % $35.00 $30.00 Q1'24 Q2'24 Q3'24 Q4'24
Slide 21: Consistent Capital Return
Consistent Capital Return (unaudited, $ in M’s) $150 Year-to-Date Share Repurchases $140 $130 • Repurchased $32M of stock in Q3’25 $120 representing 107% of Free Cash Flow (FCF) $110 • Year-to-date repurchased $135M of stock $100 representing 106% of Free Cash Flow $90 $134 $135 • $121M remaining on
Slide 22: Primary KPIs
Primary KPIs . Copyright © 2024 © Commvault Commvatit PAI Rights, 22 Reserved
Slide 23: KPIs
KPIs • Annual Recurring Revenue (ARR) • Subscription ARR • Total Revenue • Subscription Revenue • Non-GAAP EBIT Margin • Free Cash Flow © Commvault 2024 23
Slide 24: Q4 & Full Year FY'25 Guidance
O4 & Full Year FY’25 Guidance © Commvault
Slide 25: Q4 and FY'25 Guidance
Q4 and FY’25 Guidance (unaudited, $ in M’s) Q4’25 GUIDANCE FY’25 GUIDANCE PRIOR FY’25 GUIDANCE AS OF 1/28/25 AS OF 1/28/25 AS OF 10/29/24 Total ARR 19% - 20% YoY 18% YoY Subscription ARR 28% - 30% YoY 26% - 28% YoY Total Revenue $260 - $264 $980 - $985 $952 - $957 (+18% YoY at midpoint) (+17% YoY at
Slide 26: Our Aspiration for FY'26
Our Aspiration for FY’26 $1B+ $330M+ ARR SaaS ARR 15%+ CAGR* 40%+ CAGR* ~90% Subscription 33% of Total ARR as % of Total ARR *Compound Annual Growth Rate from FY’24 Actual Results © Commvault 2024 26
Slide 27: Appendix
Appendix ; Copyright © 2024 © Commvault Commvault | All ar Rights Reserved
Slide 28: Key Definitions
Key Definitions Item Definition Subscription Revenue Software portion of term-based licenses and software as-a-service offerings (SaaS). The software component of term-based licenses is typically recognized when the software is delivered or made available for download. For SaaS offerings, revenue is
Slide 29: ARR Growth on a Constant Currency Basis
ARR Growth on a Constant Currency Basis ($ in M’s) CONTINUED STRENGTH IN ORGANIC ARR $911 +21% $24 YoY (+18% organic) Clumio ARR $38 $850 Q3 Organic Net $37 New ARR $813 $779 $34 $890 Reported $752 $27 Q3'24A Q4'24 Constant Currency Q1'25 Constant Currency Q2'25 Constant Currency Q3'25 Chart reflect
Slide 30: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations As of June 30 As of September 30 (unaudited, $ in thousands) As of December 31 Total ARR Constant Currency FY’24 Total Annualized Recurring Revenue $686,028 $711,462 $752,480 FY’25 Total Annualized Recurring Revenue $802,709 $853,265 $889,628 % Change YoY 17% 20% 18%
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Q1’24 Q2’24 Q3’24 (unaudited, $ in thousands) Q4’24 Q1’25 Q2’25 Q3’25 Non-GAAP financial measures and reconciliation: GAAP income from operations $18,480 $17,634 $21,051 $18,190 $18,428 $14,968 $13,615 Noncash stock-based compensation 23,724 23,615 24,602 21,093 22,3
Slide 32: Thank You
Thank You © Commvault 2024