Commvault Systems Inc. · Q1 2024 earnings

Briefing

Commvault's financial performance for Q1 2024 was reported, demonstrating subscription revenue growth and operating efficiency.

Commvault reported flat total revenues year-over-year at $198.2 million, but showed strength in its subscription business with subscription ARR growing 32% to $500 million. The company maintains its full year guidance, indicating confidence in future performance.

• Total revenues remained flat year over year at $198.2 million.
• Total ARR increased by 15% year over year, reaching $686 million.
• Subscription revenue grew by 11% year over year, amounting to $97.3 million.
• Subscription ARR increased significantly by 32% year over year, reaching $500 million.

Headline financials

Revenue & EPS history

Commvault provides guidance for Q2 2024 and reaffirms full year fiscal 2024 guidance. Q2 total revenues are expected to be between $193M and $197M, with subscription revenues between $95M and $99M and a non-GAAP operating margin of approximately 20.0%. For the full year, they expect total ARR to grow 13% year over year, total revenues between $805M and $815M, subscription revenues between $420M and $430M, non-GAAP operating margin growth between 50 to 100 basis points year over year, and free cash flow of approximately $170M.