Slide 1: Commvault Fiscal Q1'25 Earnings Results
Commvault Fiscal Q1’25 Earnings Results JULY 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: Section Header Options
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% 5 EB CLOUD DATA PROTECTED2 +17% 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 +17% YoY3 Running | Safeguard 5 EB of Cloud Data | FedRAMP High Certifica
Slide 7: Q1'25 Financial Summary
Q1’25 Financial Summary © Commvault 2024 7
Slide 8: Q1 FY'25 Financial Summary
Q1 FY’25 Financial Summary (unaudited, $ in M’s) Q1’25 GUIDANCE Q1’25 ACTUAL YoY Change Total Revenue $213 - $216 $225 +13% (+8% YoY at midpoint) Subscription Revenue $116 - $119 $124 +28% (+21% YoY at midpoint) Non-GAAP Gross Margin 81% - 82% 83% +10 bps Non-GAAP EBIT Margin 18% - 19% 21.5% (50) bp
Slide 9: 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 $124 +28% $120 YoY $114 $97 $98 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Refer to slide 24 for key definitions. © Commvault 2024 9
Slide 10: Total ARR
Total ARR ($ in M’s) ARR IS A GOOD INDICATOR OF THE GROWTH OF OUR RECURRING REVENUE STREAMS $803 +17% YoY $770 $752 $711 $686 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Refer to slide 24 for key definitions. ARR is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, finan
Slide 11: Subscription ARR
Subscription ARR ($ in M’s) INCLUDES TERM-BASED SUBSCRIPTION LICENSES AND SAAS $636 +27% YoY $597 $571 $530 $500 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Refer to slide 24 for key definitions. Subscription ARR is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, finan
Slide 12: SaaS ARR
SaaS ARR ($ in M’s) EXPLOSIVE SAAS BUSINESS DRIVES TOTAL ARR GROWTH $188 +66% YoY $168 $152 $131 $113 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Refer to slide 24 for key definitions. SaaS ARR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial information pr
Slide 13: SaaS Net Dollar Retention Rate (NRR)
SaaS Net Dollar Retention Rate (NRR) SAAS DRIVES MEANINGFUL CUSTOMER EXPANSION 130% 125% 127% 123% 118% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Refer to slide 24 for key definitions. SaaS NRR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial information
Slide 14: Subscription Customer Growth
Subscription Customer Growth CUSTOMERS ARE EMBRACING SUBSCRIPTION OFFERINGS WHICH NOW REPRESENT 65% OF OUR BASE 9,900 9,300 8,800 8,300 7,800 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Subscription customer count includes unique, term-based and usage-based software and SaaS customers. © Commvault 2024 14 SaaS cu
Slide 15: Earnings & Cash Flow Metrics
Earnings & Cash Flow Metrics © Commvault
Slide 16: 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 22% 25% $48.00 22% $46.00 20% Non-GAAP EBIT20% Margin % $44.00 22% 21% $42.00 15% $40.00 $48 Non-GAAP $38.00 $47 $45 EBIT10% $ $44 $36.00 $42 $34.00 5% $32.00 $
Slide 17: Consistent Capital Return
Consistent Capital Return (unaudited, $ in M’s) $60 Share Repurchases $55 • Repurchased $51M of stock in Q1’25 $50 representing 117% of Free Cash Flow (FCF) $45 • $205M remaining on share repurchase authorization $40 • Plan to continue practice of >75% $35 $51 $51 of FY’25 FCF toward share repurchas
Slide 18: Primary KPIs
Primary KPIs : Copyright © 2024 © Commvault Commvault | AllRights 18 Reserved
Slide 19: KPIs
KPIs • Annual Recurring Revenue (ARR) • Subscription ARR • Total Revenue • Subscription Revenue • Non-GAAP EBIT Margin • Free Cash Flow © Commvault 2024 19
Slide 20: Q2 & Full Year FY'25 Guidance
O2 & Full Year FY’25 Guidance © Commvault
Slide 21: Q2 and FY'25 Guidance
Q2 and FY’25 Guidance (unaudited, $ in M’s) Q2’25 GUIDANCE FY’25 GUIDANCE PRIOR FY’25 GUIDANCE AS OF 7/30/24 AS OF 7/30/24 AS OF 4/30/24 Total ARR 15% YoY 14% YoY Subscription ARR 23% - 25% YoY 21% - 23% YoY Total Revenue $218 - $222 $915 - $925 $904 - $914 (+9.5% YoY at midpoint) (+9.5% YoY at midp
Slide 22: 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 22
Slide 23: Appendix
Appendix : Copyright © 2024 © Commvault Commvaut | All 23 Rights Reserved
Slide 24: 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 25: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (unaudited, $ in thousands) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Non-GAAP financial measures and reconciliation: GAAP income from operations $18,480 $17,634 $21,051 $18,190 $18,428 Noncash stock-based compensation 23,724 23,615 24,602 21,093 22,396 FICA and payroll tax expe
Slide 26: Thank You
Thank You © Commvault 2024