TINTON FALLS, N.J., April 30, 2024 /PRNewswire/ -- Commvault (NASDAQ:CVLT) today announced its financial results for the fourth quarter and fiscal year ended March 31, 2024.  "We had an outstanding quarter and a breakout year, highlighted by 10% total revenue growth and 15% total ARR growth in the fourth quarter," said Sanjay Mirchandani, President and CEO. "Our Commvault Cloud platform is resonating with customers, who entrust us with their data and resilience in this era of unrelenting cyber threats." Notes are contained on the last page of this Press Release Fiscal 2024 Fourth Quarter Highlights - Total revenues were $223.3 million, up 10% year over year Subscription revenue was $119.9 million, up 27% year over year Income from operations (EBIT) was $18.2 million, an operating margin of 8.1% Non-GAAP EBIT1 was $45.2 million, an operating margin of 20.2% Operating cash flow was $80.0 million, with free cash flow1 of $79.1 million Fourth quarter share repurchases were $50.4 million, or approximately 547,000 shares of common stock Fiscal 2024 Full Year Highlights - Total revenues were $839.2 million, up 7% year over year Total ARR2 grew to $770 million, up 15% year over year Subscription revenue was $429.2 million, up 23% year over year Subscription ARR2 grew to $597 million, up 25% year over year Income from operations (EBIT) was $75.4 million, an operating margin of 9.0% Non-GAAP EBIT1 was $177.5 million, an operating margin of 21.1% Operating cash flow was $203.8 million, with free cash flow1 of $200 million Full year share repurchases were $184.0 million, or approximately 2,479,000 shares of common stock Financial Outlook for First Quarter and Full Year Fiscal 20253- We are providing the following guidance for the first quarter of fiscal year 2025: Total revenues are expected to be between $213 million and $216 million Subscription revenue is expected to be between $116 million and $119 million Non-GAAP operating margin1 is expected to be between 18% to 19% We are providing the following guidance for the full fiscal year 2025: Total revenues are expected to be between $904 million and $914 million Total ARR2 is expected to grow 14% year over year Subscription revenue is expected to be between $514 million and $518 million Subscription ARR2 is expected to grow between 21% to 23% year over year Non-GAAP operating margin1 is expected to be between 20% to 21% Free cash flow1 is expected to be at least $200 million The above statements are based on current targets using exchange rates as of April 29, 2024. These statements are forward-looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results. Conference Call InformationCommvault will host a conference call today, April 30, 2024 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. The live webcast and call dial-in numbers can be accessed by registering under the "Events" section of Commvault's website. An archived webcast of this conference call will also be available following the call. About CommvaultCommvault (NASDAQ:CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO. Safe Harbor StatementThis press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault's business, see "Item 1A. Risk Factors" in our annual report on Form 10-K and "Item 1A. Risk Factors" in our most recent quarterly report on Form 10-Q. Statements regarding Commvault's beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements. Revenue Overview($ in thousands) Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Revenue Summary: Subscription $          94,537 $          97,290 $          97,757 $        114,247 $        119,873 Perpetual license 17,561 13,155 14,388 14,874 15,196 Customer support 77,335 76,915 77,019 76,812 77,025 Other services 14,045 10,790 11,833 10,875 11,198 Total revenues $        203,478 $        198,150 $        200,997 $        216,808 $        223,292 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Y/Y Growth: Subscription 9 % 11 % 25 % 31 % 27 % Perpetual license (25) % (26) % (27) % (25) % (13) % Customer support (9) % (5) % (1) % (1) % — % Other services 28 % (4) % (1) % 6 % (20) % Total revenues (1) % — % 7 % 11 % 10 %   FY'23 Y/Y Growth FY'24 Y/Y Growth Revenue Summary: Subscription $              347,784 30 % $              429,167 23 % Perpetual license 74,918 (33) % 57,613 (23) % Customer support 314,313 (9) % 307,771 (2) % Other services 47,575 13 % 44,696 (6) % Total revenues $              784,590 2 % $              839,247 7 %   Constant Currency($ in thousands) The constant currency impact is calculated using the average foreign exchange rates from the prior year period and applying these rates to foreign-denominated revenues in the current corresponding period. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations. The non-GAAP financial measures presented in this press release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.       Subscription Perpetual license Customer support Other services Total Q4'23 Revenue as Reported (GAAP) $         94,537 $         17,561 $         77,335 $         14,045 $       203,478 Q4'24 Revenue as Reported (GAAP) $       119,873 $         15,196 $         77,025 $         11,198 $       223,292 % Change Y/Y (GAAP) 27 % (13) % — % (20) % 10 % Constant Currency Impact $                 20 $              (99) $           (140) $              (59) $           (278) % Change Y/Y Constant Currency 27 % (14) % (1) % (21) % 10 % Subscription Perpetual license Customer support Other services Total FY'23 Revenue as Reported (GAAP) $       347,784 $         74,918 $       314,313 $         47,575 $       784,590 FY'24 Revenue as Reported (GAAP) $       429,167 $         57,613 $       307,771 $         44,696 $       839,247 % Change Y/Y (GAAP) 23 % (23) % (2) % (6) % 7 % Constant Currency Impact $        (1,456) $           (480) $        (1,973) $           (195) $        (4,104) % Change Y/Y Constant Currency 23 % (24) % (3) % (6) % 6 %   Revenues by Geography($ in thousands) Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, Middle East, Africa, Australia, India, Southeast Asia, and China. Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Revenue Y/YGrowth Revenue Y/YGrowth Revenue Y/YGrowth Revenue Y/YGrowth Revenue Y/YGrowth Americas $  122,337 (1) % $  122,124 — % $  120,300 4 % $  125,052 16 % $  131,069 7 % International 81,141 (1) % 76,026 1 % 80,697 12 % 91,756 6 % 92,223 14 % Total revenues $  203,478 (1) % $  198,150 — % $  200,997 7 % $  216,808 11 % $  223,292 10 %   FY'23 FY'24 Revenue Y/Y Growth Revenue Y/Y Growth Americas $             469,244 2 % $             498,545 6 % International 315,346 1 % 340,702 8 % Total revenues $             784,590 2 % $             839,247 7 %   Total ARR and Subscription ARR2($ in thousands) Q4'23 Q1'24