Slide 1: Commvault Fiscal Q4'25 Earnings Presentation
Commvault Fiscal Q4’25 Earnings Presentation APRIL 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 | 1,100+ Active Patents | 13 Years as a including Data Replication & Protection, Prolific Data Growth | Ransomware & Leader in Gartner
Slide 4: Commvault Business Highlights
Commvault Business Highlights +45% +31% +68% Subscription Revenue Subscription ARR SaaS ARR Subscription Revenue +45% YoY to $173M Subscription ARR +31% YoY to $780M SaaS ARR +68% YoY to $281M +127% 21.5% 12,200 SaaS NRR Non-GAAP EBIT Margin Large Subscription Customer Base +31% Growth YoY All data
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 +12% $38B Addressable $24B Market Cyber Resiliency market potential larger due to emerging opportunity in Data & Cloud Security… 2024E 2028E Core Data Protection Data Security Cloud Security Source: Commvault estimates
Slide 7: Prevention isn't enough, and recovery is too limited
TODAY’S TOOLS FALL SHORT Prevention isn’t enough, and recovery is too limited. Dwell Encryption Identify. Forensic Rebuild of Hybrid Data Time Event Invoke Incident Analysis Apps & Infrastructure Recovery Response. 24 days 199 Days 15+ Hours 2+ Days 14+ Days 7+ Days average time to recover 7
Slide 8: Only Commvault goes beyond data for the cleanest, fastest recovery
Only Commvault goes beyond data, for the cleanest, fastest, most complete recovery. Dwell Encryption Identify. Forensic Rebuild of Hybrid Data Time Event Invoke Incident Analysis Apps & Infrastructure Recovery Response. Accelerating recovery by 2.7x on average 199 Days 15+ Hours 2+ Days 3+ Days 3+ D
Slide 9: Leading Enterprise Cyber Resilience
Leading Enterprise Cyber Resilience COMMVAULT CLOUD CYBER RESILIENCE PLATFORM DATA SECURITY CLEANROOM TESTING CYBER RECOVERY Discovery | Classification | Remediation Provisioning | Testing & Forensics Recovery Cleanpoint Validation | Cloud-Scale Recovery DATA, INFRASTRUCTURE AND APPLICATION RECOVERY
Slide 10: Why We Win
Why We Win. Beyond Data with Rebuild Cloud Resource Discovery Rapid Recovery of Automation & Mapping AI Workloads Only Commvault offers cloud app and Only Commvault offers cloud resource Only Commvault offers protection of emerging infrastructure rebuild to fully restore cloud discovery to lower res
Slide 11: Q4'25 KPIs and Additional Detail
Q4’25 KPIs and Additional Detail © Commvault 2025 11
Slide 12: KPIs
KPIs Annual Recurring Revenue (ARR) Subscription ARR Total Revenue Subscription Revenue Non-GAAP EBIT Margin Free Cash Flow 12
Slide 13: Total ARR
Total ARR ($ in M’s) $930 On pace to exceed $1 billion ARR target ahead of schedule +21% $890 YoY $853 $803 $770 $752 $711 $686 $9.4B $9.6B Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ARR is a non-GAAP measure and should be considered as a supplement to, and not as a substitute f
Slide 14: Subscription ARR
Subscription ARR ($ in M’s) Includes software portion of term- based licenses and SaaS revenue $780 We believe subscription ARR is the best measure of our growth +31% YoY $734 $687 $636 $597 $571 $530 $500 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Refer to slide 28 for key defi
Slide 15: Total Revenue
Total Revenue (unaudited, $ in M’s) $275 We are firmly positioned as a growth company +23% $263 YoY $233 $225 $223 $217 $201 $198 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Refer to slide 28 for key definitions. 15
Slide 16: Subscription Revenue
Subscription Revenue $173 (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue +45% Accelerating growth of our subscription revenue base YoY $158 $134 $124 $120 $114 $98 $97 $9.4B $9.6B Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Refer to slide
Slide 17: Non-GAAP EBIT and Margin %
Non-GAAP EBIT and Margin % (unaudited, $ in M’s) Expense discipline driving consistent 20%+ non-GAAP $59 EBIT margin even as SaaS scales Non-GAAP $55 EBIT $ $48 $48 $47 $45 $44 $42 22% 22% 22% 22% Non-GAAP 21% 21% 21% 20% EBIT Margin % $9.6B Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4
Slide 18: Free Cash Flow
Free Cash Flow (unaudited, $ in M’s except per share data) $4.51 per share $4.43 per share $200 $204 $3.65 per share $167 $9.4B FY 2023 FY 2024 FY 2025 Refer to slide 28 for key definitions. FCF is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial
Slide 19: SaaS ARR
SaaS ARR ($ in M’s) $281 Hyper-growth SaaS business drives total ARR growth +68% YoY $259 $215 $188 $168 $152 $131 $113 $9.4B $9.6B Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Refer to slide 28 for key definitions. SaaS ARR is a Non-GAAP measure and should be considered as a supp
Slide 20: SaaS Net Dollar Retention Rate (NRR)
SaaS Net Dollar Retention Rate (NRR) SaaS drives meaningful customer expansion 130% 127% 127% 127% 127% 125% 123% 118% $9.6B Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Refer to slide 28 for key definitions. SaaS NRR is a Non-GAAP measure and should be considered as a supplement
Slide 21: Subscription Customer Growth
Subscription Customer Growth 12,200 11,500 Customers are embracing our Commvault Cloud platform 10,500 9,900 9,300 8,800 8,300 7,800 $9.6B Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Subscription customer count includes unique, term-based and usage-based software and SaaS custome
Slide 22: Financial Results and Guidance
Financial Results and Guidance Copyright © 2025 Commvault | All 22 Rights Reserved
Slide 23: Q4 FY'25 Financial Summary
Q4 FY’25 Financial Summary (unaudited, $ in M’s) Q4’25 GUIDANCE Q4’25 ACTUAL YoY CHANGE Total Revenue $260 - $264 $275 +23% (+18% YoY at midpoint) (+25% YoY constant currency) Subscription Revenue $160 - $164 $173 +45% (+35% YoY at midpoint) (+46% YoY constant currency) Non-GAAP Gross Margin 81% - 8
Slide 24: FY'25 Financial Summary
FY’25 Financial Summary (unaudited, $ in M’s) FY’24 ACTUAL FY’25 ACTUAL YoY CHANGE Total ARR $770 $930 +21% Subscription ARR $597 $780 +31% (77% Total ARR) (84% Total ARR) Total Revenue $839 $996 +19% Subscription Revenue $429 $590 +37% (51% Total Revenue) (59% Total Revenue) (+38% constant currency
Slide 25: Q1 and FY'26 Guidance
Q1 and FY’26 Guidance (unaudited, $ in M’s) Q1’26 GUIDANCE FY’26 GUIDANCE Total ARR 16% - 17% YoY Subscription ARR 22% - 23% YoY Total Revenue $266 - $270 $1,130 - $1,140 (+19% YoY at midpoint) (+14% YoY at midpoint) Subscription Revenue $166 - $170 $727 - $732 (+35% YoY at midpoint) (+24% YoY at mi
Slide 26: Appendix
Appendix Copyright © 2025 Commvault | All 26 Rights Reserved
Slide 27: Constant Currency ARR Reconciliation
Constant Currency ARR Reconciliation (unaudited, $ in thousands) FX Measurement Period As of June 30, 2024 As of Sept. 30, 2024 As of Dec. 31, 2024 As of March 31, 2025 Total ARR As Reported $802,709 $853,265 $889,628 $930,051 Adjusted as of December 31, 2023(1) $813,007 $849,566 $911,427 $942,607 A
Slide 28: 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 29: Revenue Growth on a Constant Currency Basis
Revenue Growth on a Constant Currency Basis (unaudited, $ in thousands) Subscription Perpetual license Customer support Other services Total Q4’24 Revenue as Reported (GAAP) $119,873 $15,196 $77,025 $11,198 $223,292 Q4’25 Revenue as Reported (GAAP) $173,228 $14,962 $76,509 $10,340 $275,039 % Change
Slide 30: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (unaudited, $ in thousands) Q1’24 Q2’24 Q3’24 Q4’24 FY’24 Q1’25 Q2’25 Q3’25 Q4’25 FY’25 Non-GAAP financial measures and reconciliation: GAAP income from operations $18,480 $17,634 $21,051 $18,190 $75,355 $18,428 $14,968 $13,615 $26,727 $73,738 Noncash stock-based com
Slide 31: Thank You
© Commvault Thank You ics) Commvault