Investor Relations Contact:
Michael J. Melnyk, CFA 732-870-4581 mmelnyk@commvault.com

Fourth quarter and fiscal 2023 highlights include:

GAAP Results:	Fourth quarter:	Fiscal 2023:
Revenues	$203.5 million	$784.6 million
Loss from Operations (EBIT)	$(37.7) million	$(15.9) million
EBIT Margin	(18.5)%	(2.0)%
Diluted Loss Per Share	$(0.98)	$(0.80)

Non-GAAP Results:	Fourth quarter:	Fiscal 2023:
Income from Operations (EBIT)	$45.4 million	$159.9 million
EBIT Margin	22.3%	20.4%
Diluted Earnings Per Share	$0.73	$2.56

(Download Financial Tables)

Tinton Falls, N.J. – May 2, 2023 – Commvault [Nasdaq: CVLT] today announced its financial results for the fourth quarter and fiscal year ended March 31, 2023. 

“Commvault closed out the year strong, highlighted by Metallic eclipsing the $100 million ARR mark, 15% year over year total ARR growth, and strong cash flow,” said Sanjay Mirchandani, President and CEO. “We enter the new fiscal year with momentum and confidence that Commvault customers are future proofed for the road ahead.” 

Total revenues for the fourth quarter of fiscal 2023 were $203.5 million, a decrease of 1% year over year. On a year over year constant currency basis, total revenue growth would have been 2%. Total recurring revenue was $173.9 million, flat year over year. On a year over year constant currency basis, total recurring revenue growth would have been 3%. Recurring revenue represented 85% of total revenue. 

For the full fiscal year, total revenues were $784.6 million, an increase of 2% from fiscal year 2022. On a year over year constant currency basis, total revenue growth would have been 6%.

Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $668.4 million as of March 31, 2023, up 15% year over year. On a year over year constant currency basis, ARR growth would have been 17%, driven by continued strength in Metallic as-a-service offerings.

Software and products revenue in the fourth quarter was $90.2 million, a decrease of 10% year over year, with a 12% decrease in larger deals (deals with greater than $0.1 million in software and products revenue). On a year over year constant currency basis, software and products revenue would have declined 8%.

Larger deal transaction revenue represented 72% of our software and products revenue in the three months ended March 31, 2023. There were 187 larger deal transactions in the three months ended March 31, 2023, compared to 226 for the three months ended March 31, 2022. The average dollar amount of larger deal revenue transactions was approximately $347,000 in the fourth quarter of fiscal 2023, representing a 6% increase from the prior year quarter.

Software and products revenue for the full fiscal year was $355.1 million, flat from fiscal 2022. On a year over year constant currency basis, software and products revenue growth would have been 4%.

Services revenue in the fourth quarter was $113.2 million, an increase of 7% year over year.  For the full fiscal year, services revenue was $429.5 million, an increase of 4% from fiscal 2022. The year over year increases were driven by revenue from Metallic as-a-service offerings. On a year over year constant currency basis, services revenue would have increased 11% for the fourth quarter and 9% for the full fiscal year.  

On a GAAP basis, loss from operations (EBIT) was $37.7 million for the fourth quarter compared to income of $11.4 million in the prior year quarter. The year over year decline in GAAP EBIT was primarily attributable to a $53.5 million noncash impairment charge related to the pending sale of Commvault’s corporate headquarters. Non-GAAP EBIT was $45.4 million in the quarter compared to $46.6 million in the prior year quarter.

On a GAAP basis, loss from operations (EBIT) for the full fiscal year was $15.9 million compared to income of $41.6 million in the prior year. Non-GAAP EBIT was $159.9 million in fiscal 2023 compared to $161.7 million in the prior year. 

Operating cash flow was $67.8 million for the fourth quarter of fiscal 2023 compared to $87.1 million of operating cash flow in the prior year quarter. For the full fiscal year, operating cash flow was $170.3 million, compared to $177.2 million for fiscal year 2022. Deferred revenue growth related to Metallic as-a-service offerings continues to be a driver of cash flow.

During the fourth quarter of fiscal 2023, Commvault repurchased approximately 1.0 million shares of its common stock totaling $60.8 million at an average price of approximately $60.76 per share. During the full fiscal year, Commvault repurchased approximately 2.5 million shares of its common stock totaling $150.9 million at an average price of approximately $59.90 per share. Total cash was $287.8 million as of March 31, 2023 compared to $267.5 million as of March 31, 2022. There were no borrowings against the revolving credit facility.   

On April 20, 2023, the Board of Directors approved an increase of the share repurchase program so that $250.0 million was available. The Board’s authorization permits Commvault to make purchases of its common stock from time to time in the open market or through privately negotiated transactions, subject to market and other conditions. The Board’s authorization has no expiration date.

A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. (Download Financial Tables)

An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

Use of Non-GAAP Financial Measures
Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share and annualized recurring revenue (ARR).  This financial information has not been prepared in accordance with GAAP.  Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions.  In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault’s ongoing operational performance.  Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault’s industry, many of which present similar non-GAAP financial measures to the investment community.  Commvault has also provided software and products, services and total revenues on a constant currency basis. 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.

All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release. (Download Financial Tables)

Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. Commvault has also excluded restructuring costs, noncash amortization of intangible assets, and noncash impairment charges from its non-GAAP results. These expenses are further discussed in Table IV.  Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault’s core operating results over multiple periods.  When evaluating the performance of Commvault’s operating results and developing short- and long-term plans, Commvault does not consider such expenses. 

Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans.  Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault’s operating results and those of other companies.

There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin.  The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature.  Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault’s operating results.  In addition, noncash stock-based compensation is an important part of Commvault’s employees’ compensation and can have a significant impact on their performance. Lastly, the components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures.  

Due to the limitations related to the use of non-GAAP measures, Commvault’s management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault’s management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.

Non-GAAP net income and non-GAAP diluted earnings per share (EPS).  In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%. 

Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income.  For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.

Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP net income and non-GAAP EPS.

Conference Call Information
Commvault will host a conference call today, May 2, 2023 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 Commvault
Commvault is a global leader in data management. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Management Platform that spans all your data – regardless of where it lives (on-premises, hybrid, or multi-cloud) or how it’s structured (legacy applications, databases, VMs, or containers). Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service (SaaS) via our Metallic portfolio. Visit www.Commvault.com or follow us @Commvault.

Safe Harbor Statement
This 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 IA. 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.

Media Contact	Investor Relations Contact
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

– Collaboration Pushes Past One Exabyte of Customer Data Secured and Protected in Microsoft Azure, While Reducing Risk and Dollars Spent –

TINTON FALLS, NJ – April 11, 2023 – Commvault, an enterprise data protection leader for the complex and mission critical hybrid environments of today’s global businesses, announced with Microsoft the results of an independent study from Enterprise Strategy Group (ESG) showing real world cost savings driven by Commvault and Microsoft’s joint solutions for securing and protecting over one million terabytes – or One Exabyte – of customer data.

Through their long-standing collaboration, the companies deliver breadth of coverage, flexibility, cost efficiency, and reduced risk to customers. The ESG study, titled “Analyzing the Economic Benefits of Data Protection with Commvault on Microsoft Azure,” found that customers reported 30% cost savings, 38% reduction in data footprint, and thousands of hours of staff time recovered along with improved data security.

“The financial and business impacts that our customers have reported in this study are nothing short of compelling – in fact, these benefits are why customers have entrusted Commvault to protect over one exabyte of data, and growing, on Microsoft Azure,” said Ranga Rajagopalan, Senior Vice President, Products, Commvault. “Together with Microsoft, we offer data protection that is cost efficient, agile, and secure – serving as the true catalyst for enterprises looking to streamline data operations and improve their data security posture while accelerating their digital transformation.”

Joint Commvault and Microsoft customers like NDOT, have experienced the effects of shifting to a cloud-first strategy using Commvault’s Metallic SaaS technology built on the Azure cloud platform. Since implementation, NDOT has eliminated all of its physical backup infrastructure, removing management headaches and resulting in an ongoing savings of 25% in infrastructure costs, while also strengthening its ransomware protection with insights that help spot risks and reduce threats.

“Commvault lets us consolidate our backups to a single solution…this gives us flexibility and scalability – and we aren’t locked into one specific restore location,” said Sherri McGee, Chief of the Information Technology Division, Nevada Department of Transportation (NDOT). “As we continue migrating our systems and applications to Microsoft Azure, we know our backups are secure. And if weever find a vulnerability on-premises or in our virtual machines on Azure, we know that if we restore from Metallic, we will be cleanof those vulnerabilities.”

“At a time when businesses face unprecedented challenges to secure their data from ransomware, reduce costs and optimize their data environments, Commvault’s collaboration with Microsoft is delivering strong results for our joint customers,” said Katy Brown, Microsoft Corporate Vice President of Enterprise Sales, Software and Digital Platforms. “Through our long-term collaboration, we have consistently enabled an accelerated, secure path to cloud transformation on Microsoft Azure for customers across segments and industries.”

According to Nathan McAfee, Senior Analyst at ESG and lead analyst on this study, “It’s clear that the results achieved with Commvault’s software on Microsoft Azure show strong consistency across most industries, customer profiles, and organization size. The variety of workloads that the combined solution protects is impressive and a significant factor that helps organizations reduce vendors, and thereby reduce technical debt, complexity, and risk.” 

More than 100,000 organizations have chosen Commvault to protect their business critical data. To learn more about why and read the full ESG study, “Analyzing the Economic Benefits of Data Protection with Commvault on Microsoft Azure,” please visit: commvault.com/gc/the-economic-benefits-of-cyber-resilience-with-commvault-on-azure

Commvault and Microsoft will be hosting an Executive Roundtable and Panel Discussion featuring McAfee and other industry experts in Calgary on April 20^th. For more details on this exclusive event, please contact microsoft@commvault.com.  

About Commvault

Commvault (NASDAQ: CVLT) liberates business and IT professionals to do amazing things with their data by ensuring the fundamental integrity of their business. Its industry-leading Intelligent Data Services Platform empowers these professionals to store, protect, optimize, and use their data, wherever it lives. Delivering the ultimate in simplicity and flexibility to customers, its Intelligent Data Services Platform is available as software subscription, an integrated appliance, partner-managed, and software as a service—a critical differentiator in the market. For 25 years, more than 100,000 organizations have relied on Commvault, and today, Metallic is accelerating customer adoption to modernize their environments as they look to SaaS for the future. Driven by its values—Connect, Inspire, Care, and Deliver—Commvault employs more than 2,800 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.

Investor Relations Contact
Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

Tinton Falls, N.J. – April 5, 2023 – Commvault (NASDAQ: CVLT) – Commvault will webcast a discussion of its fourth quarter and fiscal year 2023 earnings results on May 2, 2023 beginning at 8:30 a.m. EST at http://ir.commvault.com.

To access the call by phone, please click on the Registration Link and you will be provided with dial in details and a unique PIN. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available at http://ir.commvault.com.

About Commvault

Commvault (NASDAQ: CVLT) is a global leader in cloud data protection. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Protection Platform that spans all your data – regardless of whether your legacy or modern workloads live on-premises, in the cloud, or spread across a hybrid environment. Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service via our Metallic portfolio. For over 25 years, more than 100,000 organizations have relied on Commvault to keep their data secure and ready to drive business growth. Learn more at www.Commvault.com or follow us @Commvault.

Media Contact	Investor Relations Contact
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

– Latest accomplishment marks a decade of partner success achieved through Commvault’s Partner
Advantage Program –

TINTON FALLS, NJ – March 27, 2023 – Commvault, an enterprise data protection leader for the complex and mission critical hybrid environments of today’s global businesses today announced its prestigious 5-star rating for the Commvault Partner Advantage program in the 2023 Partner Program Guide from CRN^®, a brand of The Channel Company.

According to CRN, Commvault earned the 5-star rating for going “above and beyond” in its “commitment to nurturing strong, profitable, successful channel partnerships.” Knowing which partners you can trust is critical for the channel community, especially when assessing which IT manufacturers, service providers, and distributors to do business with. Partnering with vendors like Commvault brings with it world-class technology solutions with unmatched breadth and depth, strong financial incentives, sales and marketing assistance, training and certification, technical support, and more – all important elements that can set a vendor apart and play a key role in boosting partners’ long-term growth.

In the 2023 CRN Partner Program Guide, vendors were evaluated based on program requirements and offerings such as partner training and education, pre-and post-sales support, marketing programs and resources, technical support, and communication.

Commvault’s Partner Advantage program has received a 5-star rating in the CRN Partner Program Guide for the last 10 years. Key tenants of the program center around Commvault’s dedication to helping its partners simplify their offerings, solve high-value customer problems to stay competitive, and evolve their business for exponential growth. Through the Commvault Partner Advantage program, partners can leverage Commvault’s world-class technology, in-depth tools, and tactical support needed to level up every one of their customer engagements and achieve next-level success—on-prem, in the cloud, at the edge, and everywhere in between.

“I am thrilled to be leading Commvault’s Global Partner Organization as we celebrate a decade of 5-star ratings in the CRN Partner Program Guide,” said Alan Atkinson, Chief Partner Officer, Commvault. “Our partners are a critical component of our ecosystem, and their feedback is a big part of what drives Commvault forward. We value the caliber of their insight and continue to work side by side with our partners to refine and grow a mutually exclusive world-class partner program.”

“In today’s world, the need for innovation is greater than ever,” said Blaine Raddon, CEO of The Channel Company. “Solution providers seek vendors that can keep pace with their developing business and evolving client needs. CRN’s 2023 Partner Program Guide delivers deep insight into the strengths of each program, spotlighting the vendors dedicated to supporting their partner community and pushing positive change throughout the IT channel.”

The 2023 Partner Program Guide will be featured in the April 2023 issue of CRN and online at www.CRN.com/PPG.

About Commvault

Commvault (NASDAQ: CVLT) liberates business and IT professionals to do amazing things with their data by ensuring the fundamental integrity of their business. Its industry-leading Intelligent Data Services Platform empowers these professionals to store, protect, optimize, and use their data, wherever it lives. Delivering the ultimate in simplicity and flexibility to customers, its Intelligent Data Services Platform is available as software subscription, an integrated appliance, partner-managed, and software as a service—a critical differentiator in the market. For 25 years, more than 100,000 organizations have relied on Commvault, and today, Metallic is accelerating customer adoption to modernize their environments as they look to SaaS for the future. Driven by its values—Connect, Inspire, Care, and Deliver—Commvault employs more than 2,800 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.

Media Contact	Investor Relations Contact
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

A data industry veteran, Atkinson is Commvault’s first Chief Partner Officer

TINTON FALLS, NJ – February 6, 2023 – Commvault, an enterprise data protection leader for the complex and mission critical hybrid environments of today’s global businesses, today announced that CRN^®, a brand of The Channel Company, has recognized Alan Atkinson, Chief Partner Officer, on its 2023 Channel Chiefs list. Every year, this list honors the IT channel executives who work tirelessly to advance the channel agenda and deliver successful channel partner programs and strategies.

Atkinson, Commvault’s first Chief Partner Officer, oversees the company’s relationships with resellers, distributors, managed service providers (MSPs), hyperscalers, and diamond partners. In his role, Atkinson is laser focused on further strengthening Commvault’s strategic alliances with cloud partners and continuing to galvanize and grow the Commvault Partner Advantage Program.

The 2023 Channel Chiefs have helped their solution provider partners and customers navigate an increasingly complex landscape of interconnected challenges and shifting industry dynamics. With the innovative strategies, programs, and partnerships of these Channel Chiefs in place, the solution provider community has continued to thrive.

The 2023 CRN Channel Chiefs were selected by the editorial staff based on their record of business innovation and dedication to the partner community. This year’s list represents the top IT executives responsible for building a robust channel ecosystem.

“Once again, this year’s list gives well-deserved recognition to the IT Channel Chiefs who are dedicated to driving the channel agenda and advocating for the development of strong channel partnerships,” said Blaine Raddon, CEO of The Channel Company. “Under their exceptional leadership, influence, and innovation, the IT channel vendor community continues to deliver solutions and services that meet the rapidly evolving needs of their solution provider partners and their customers.”

The 2023 CRN Channel Chiefs list will be featured in the February 2023 issue of CRN Magazine and online at www.CRN.com/ChannelChiefs.

About Commvault

Commvault (NASDAQ: CVLT) liberates business and IT professionals to do amazing things with their data by ensuring the fundamental integrity of their business. Its industry-leading Intelligent Data Services Platform empowers these professionals to store, protect, optimize, and use their data, wherever it lives. Delivering the ultimate in simplicity and flexibility to customers, its Intelligent Data Services Platform is available as software subscription, an integrated appliance, partner-managed, and software as a service—a critical differentiator in the market. For 25 years, more than 100,000 organizations have relied on Commvault, and today, Metallic is accelerating customer adoption to modernize their environments as they look to SaaS for the future. Driven by its values—Connect, Inspire, Care, and Deliver—Commvault employs more than 2,800 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.

Media Contact	Investor Relations Contact
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

TINTON FALLS, New Jersey — February 1, 2023 – Commvault, an enterprise data protection leader for the complex and mission critical hybrid environments of today’s global businesses, is excited to announce Anna Griffin as its new Chief Marketing Officer.

“Commvault is an industry pioneer, and I believe we are unmatched in the category by every measure,” said Griffin. “Our technology continues to set the pace for innovation in data protection across any environment or application. I see it as my mandate to make sure the world knows it.”

“Anna’s experience building powerful brands and category leaders will help ensure that organizations fully understand the value Commvault brings to customers by protecting their most important asset—their data,” said Sanjay Mirchandani, Commvault President and CEO.

Griffin comes to Commvault as both an award-winning brand builder and results-driven marketer who has driven visionary campaigns for high-growth SaaS companies like Smartsheet; emerging brands, like Intercom; and global brands that include Saturn, Apple, Sony, Juniper Networks, and CA Technologies (now Broadcom). She’s earned a slew of marketing awards for campaigns—including the Golden Effies for effectiveness in marketing and the Edgar R. Murrow award for excellence in social media.

About Commvault

Commvault (NASDAQ: CVLT) is a global leader in cloud data protection. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Protection Platform that spans all your data – regardless of whether your legacy or modern workloads live on-premises, in the cloud, or spread across a hybrid environment. Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service via our Metallic portfolio. For over 25 years, more than 100,000 organizations have relied on Commvault to keep their data secure and ready to drive business growth. Learn more at www.Commvault.com or follow us @Commvault.

Investor Relations Contact:
Michael J. Melnyk, CFA 732-870-4581 mmelnyk@commvault.com

Third quarter highlights include:

GAAP Results:	Third quarter:
Revenues	$195.1 million
Income from Operations (EBIT)	$5.0 million
EBIT Margin	2.6%
Diluted Loss Per Share	($0.01)

Non-GAAP Results:	Third quarter:
Income from Operations (EBIT)	$38.5 million
EBIT Margin	19.7%
Diluted Earnings Per Share	$0.62

(Download Financial Tables)

Tinton Falls, N.J. – January 31, 2023 – Commvault [NASDAQ: CVLT] today announced its financial results for the third quarter ended December 31, 2022. 

“We remain confident that customers will continue to recognize Commvault’s products and services as a critical component to keep their data safe and simplify their journey to the cloud,” said Sanjay Mirchandani, President and CEO. “As we navigate through current macro conditions, we are committed to our philosophy of responsible growth.” 

Total revenues for the third quarter of fiscal 2023 were $195.1 million, a decrease of 4% year over year. On a year over year constant currency basis, total revenue growth would have been 1%. Total recurring revenue was $167.1 million, an increase of 2% year over year. On a year over year constant currency basis, total recurring revenue growth would have been 7%. Recurring revenue represented 86% of total revenue. 

Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $640.7 million as of December 31, 2022, up 14% year over year. On a year over year constant currency basis, ARR growth would have been 18%, driven by continued strength in Metallic. Combined Subscription and Metallic ARR now represents approximately 70% of total ARR.

Software and products revenue was $89.6 million, a decrease of 9% year over year due to a weaker than forecasted enterprise market and execution on close rates, with a 14% decrease in larger deals (deals with greater than $0.1 million in software and products revenue). On a year over year constant currency basis, software and products revenue would have declined 5%. Americas software and products revenue declined 20%. Our International software and products revenues increased 6% year over year, which would have been 17% on a constant currency basis.

Larger deal revenue represented 72% of our software and products revenue in the three months ended December 31, 2022.  The number of larger deal revenue transactions was 206 for the three months ended December 31, 2022, compared to 225 for the three months ended December 31, 2021. The average dollar amount of larger deal revenue transactions was approximately $312,000, representing a 6% decrease from the prior year.

Services revenue in the quarter was $105.5 million, an increase of 2% year over year.  The year over year increase in revenue was driven by Metallic. On a year over year constant currency basis, services revenue would have increased 7%.  

On a GAAP basis, income from operations (EBIT) was $5.0 million for the third quarter compared to $12.4 million in the prior year.  During the third quarter, we incurred $9.2 million of restructuring charges related to headcount reductions. Non-GAAP EBIT was $38.5 million in the quarter compared to $43.1 million in the prior year. The year over year decline in non-GAAP EBIT was primarily attributable to the decline in software and products revenue.

Operating cash flow increased 13% to $30.2 million for the third quarter of fiscal 2023 compared to $26.8 million of operating cash flow in the prior year quarter. The increase was driven by deferred revenue growth.

During the third quarter of fiscal 2023, Commvault repurchased approximately 507,000 shares of its common stock totaling $31.3 million at an average price of approximately $61.87 per share. Total cash was $273.5 million as of December 31, 2022 compared to $267.5 million as of March 31, 2022.

On January 19, 2023, the Board of Directors approved a plan to sell Commvault’s owned corporate headquarters in Tinton Falls, New Jersey. Subsequently, Commvault entered into an agreement to sell the property for $40.0 million. The agreement includes a due diligence period for the buyer, is contingent on receiving approvals from certain government agencies, and includes other customary closing conditions. The sale will likely close in the first half of fiscal 2024. Upon closing of the transaction, Commvault plans to enter into a lease for a portion of the premises. 

A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. (Download Financial Tables)

An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

Use of Non-GAAP Financial Measures

Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share and annualized recurring revenue (ARR).  This financial information has not been prepared in accordance with GAAP.  Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions.  In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault’s ongoing operational performance.  Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault’s industry, many of which present similar non-GAAP financial measures to the investment community.  Commvault has also provided software and products, services and total revenues on a constant currency basis. 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.

All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release. (Download Financial Tables)

Non-GAAP income from operations and non-GAAP income from operations margin.  These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards, restructuring costs, and the noncash amortization of intangible assets. These expenses are further discussed in Table IV.  Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault’s core operating results over multiple periods.  When evaluating the performance of Commvault’s operating results and developing short- and long-term plans, Commvault does not consider such expenses. 

Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans.  Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault’s operating results and those of other companies.

There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin.  The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature.  Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault’s operating results.  In addition, noncash stock-based compensation is an important part of Commvault’s employees’ compensation and can have a significant impact on their performance. Lastly, the components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures.  

Due to the limitations related to the use of non-GAAP measures, Commvault’s management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault’s management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.

Non-GAAP net income and non-GAAP diluted earnings per share (EPS).  In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%. 

Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income.  For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.

Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP net income and non-GAAP EPS.

Conference Call Information

Commvault will host a conference call today, January 31, 2023 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 Commvault

Commvault is a global leader in data management. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Management Platform that spans all your data – regardless of where it lives (on-premises, hybrid, or multi-cloud) or how it’s structured (legacy applications, databases, VMs, or containers). Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service (SaaS) via our Metallic portfolio. Visit www.Commvault.com or follow us @Commvault.

Safe Harbor Statement

This 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 IA. 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.

Media Contact:	Investor Relations Contact:
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

GigaOm Names Commvault ‘Leader’ and ‘Outperformer’ in latest Kubernetes Research

TINTON FALLS, NJ – January 26, 2023 – Commvault, a global enterprise leader in intelligent data services across on-premises, cloud, and SaaS environments, today announced that leading industry research firm GigaOm has named Commvault a “Leader” and  “Outperformer” in the new GigaOm Radar for Kubernetes Data Protection for the third year running.

Commvault was evaluated along with 14 other vendors based on execution, roadmap and ability to innovate. According to GigaOm, Commvault is “doing very well by combining solutions for SaaS applications, on-premises (VM-based) infrastructure, containers, and databases efficiently.” Commvault provides Kubernetes data protection through its Commvault Complete™ Data Protection software and Metallic Data Management as a Service (DMaaS) solutions, giving customers the flexibility to choose their preferred storage vendor through their extensive ecosystem.

“In general, the market is very dynamic, and vendors are striving to build a consistent experience across multiple clouds while providing advanced application and data mobility,” said Joep Piscaer, GigaOm Analyst. “Commvault’s broad support for VMs, containers and (cloud) data services and databases in a single platform make it a great choice for hybrid and complex applications. Its security and ransomware controls are very extensive, making it suitable for larger enterprises.”

Kubernetes and containers have not (yet) replaced all cloud and traditional applications – they have integrated into the application landscape and need to be protected accordingly. Over the last year, Commvault has significantly advanced its protection for Kubernetes workloads by integrating, fully automated management, replication, migration, and security enhancements across its portfolio of Intelligent Data Services. According to the GigaOm Radar for Kubernetes Data Protection, Commvault provides effective protection for “hybrid applications that run across Kubernetes, VMs, and cloud services, consolidating backup operations on a single platform.”

“We are thrilled to receive recognition as a Leader and Outperformer in the GigaOm Radar for Kubernetes Data Protection for the third year in a row, and just as proud of the investments and rapid progress we’ve made in expanding our leading data protection technology to support the widest range of workloads in the industry,” said Ranga Rajagopalan, Vice President of Products, Commvault. “By natively integrating with Kubernetes, Commvault fully protects customers’ modern application environments across full clusters and at the namespace level, giving complete and scalable protection, no matter where the application is running.”  

To learn more about how Commvault and our Metallic SaaS portfolio ranked in the GigaOm Radar for Kubernetes Data Protection, view the report here.

About Commvault

Commvault (NASDAQ: CVLT) liberates business and IT professionals to do amazing things with their data by ensuring the fundamental integrity of their business. Its industry-leading Intelligent Data Services Platform empowers these professionals to store, protect, optimize, and use their data, wherever it lives. Delivering the ultimate in simplicity and flexibility to customers, its Intelligent Data Services Platform is available as software subscription, an integrated appliance, partner-managed, and software as a service—a critical differentiator in the market. For 25 years, more than 100,000 organizations have relied on Commvault, and today, Metallic is accelerating customer adoption to modernize their environments as they look to SaaS for the future. Driven by its values—Connect, Inspire, Care, and Deliver—Commvault employs more than 2,800 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.

Will Host Third Quarter Earnings Call on January 31, 2023

Tinton Falls, N.J. – January 10, 2023 – Commvault [NASDAQ: CVLT] today announced preliminary unaudited financial results for the fiscal third quarter ended December 31, 2022. 

“As customers and prospects continue to grapple with an uncertain outlook, we experienced slower than expected buying patterns and close rate execution,” said Sanjay Mirchandani, President and CEO. “As a result, we saw a pullback in orders in December, particularly in our Americas software business. We are well equipped to navigate through economic uncertainty and adjust our cost structure to changes in demand. While this performance is below expectations, we are confident in our strategy and will continue to help customers keep their data secure, accessible, and actionable.”

Preliminary Fiscal Third Quarter Results (unaudited)

GAAP Results	Third Quarter
Revenues	$195.1 million
Income from Operations (EBIT)	$5.0 million
EBIT Margin	2.6%
Diluted Loss Per Share	$(0.01)

Non-GAAP Results	Third Quarter
Income from Operations (EBIT)	$38.5 million
EBIT Margin	19.7%
Diluted Earnings Per Share	$0.62

Total revenues for the third quarter of fiscal 2023 were $195.1 million, a decrease of 4% year over year. On a year over year constant currency basis, total revenue growth would have been 1%.

Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was approximately $641 million as of December 31, 2022, up 14% year over year. On a year over year constant currency basis, ARR growth would have been 18%, driven by continued strength in Metallic. Combined Subscription and Metallic ARR now represents approximately 70% of total ARR.

Software and products revenue was $89.6 million, a decrease of 9% year over year due to a weaker than forecasted enterprise market and execution on close rates. On a year over year constant currency basis, software and products revenue would have declined 5%. Americas software and products revenue declined 20%. Our International software and products revenues increased 6% year over year, which would have been 17% on a constant currency basis.

Services revenue in the quarter was $105.5 million, an increase of 2% year over year.  The year over year increase in revenue was driven by Metallic. On a year over year constant currency basis, services revenue would have increased 7%.

On a GAAP basis, income from operations (EBIT) was $5.0 million for the third quarter compared to $12.4 million in the prior year.  During the third quarter, we incurred $9.2 million of restructuring charges related to headcount reductions. Non-GAAP EBIT was $38.5 million in the quarter compared to $43.1 million in the prior year. The year over year decline in non-GAAP EBIT was primarily attributable to the decline in software and products revenue.

Operating cash flow increased 13% to $30.2 million for the third quarter of fiscal 2023 compared to $26.8 million of operating cash flow in the prior year quarter.  The increase was driven by deferred revenue growth.

During the third quarter of fiscal 2023, Commvault repurchased $31.3 million of common stock. Total cash was $273.5 million as of December 31, 2022.

A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table I included in this press release. An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

The preliminary results for the fiscal third quarter ended December 31, 2022, are an estimate, based on information available to management as of the date of this release, and are subject to further changes upon completion of the company’s standard quarter closing procedures. This update does not present all necessary information for an understanding of Commvault’s financial condition as of the date of this release, or its results of operations for the fiscal third quarter. As we complete our quarter-end financial close process and finalize our financial statements for the quarter it is possible that we may identify items that require adjustments to the preliminary financial information set forth above, and those changes could be material. We do not intend to update such financial information prior to the release of final fiscal third quarter financial results, which is currently scheduled for January 31, 2023.  Commvault will host a conference call on Tuesday, January 31, 2023, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results and its outlook for the fiscal fourth quarter. 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.

Use of Non-GAAP Financial Measures

Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share and annualized recurring revenue (ARR). ARR is defined as the annualized recurring value of all active contracts at the end of a reporting period. It includes the following contract types: subscription agreements (including utility), maintenance contracts related to perpetual licenses, other extended maintenance contracts (enterprise support), managed services, and Metallic. It excludes any element of the arrangement that is not expected to recur, primarily perpetual licenses and most professional services. Contracts are annualized by dividing the total contract value by the number of days in the contract term, then multiplying by 365. ARR should be viewed independently of GAAP revenue, deferred revenue and unbilled revenue, and is not intended to be combined with or to replace those items. ARR is not a forecast of future revenue. Management believes that reviewing this metric, in addition to GAAP results, helps investors and financial analysts understand the value of Commvault’s recurring revenue streams versus prior periods.

This financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault’s ongoing operational performance. Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault’s industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided software and products, services and total revenues on a constant currency basis. Commvault analyzes revenue growth on a constant currency basis to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.

All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table I included in this press release.

Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards, restructuring costs, and the noncash amortization of intangible assets. These expenses are further discussed in Table I. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault’s core operating results over multiple periods. When evaluating the performance of Commvault’s operating results and developing short- and long-term plans, Commvault does not consider such expenses.

Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault’s operating results and those of other companies.

There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault’s operating results. In addition, noncash stock-based compensation is an important part of Commvault’s employees’ compensation and can have a significant impact on their performance. Lastly, the components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures.

Due to the limitations related to the use of non-GAAP measures, Commvault’s management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault’s management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.

Non-GAAP net income and non-GAAP diluted earnings per share (EPS). In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%.

Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income. For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.

Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP net income and non-GAAP EPS.

Click Here for the Reconciliation of GAAP to Non-GAAP Financial Measures and Other Financial Information

Conference Call Information

Commvault will host a conference call on Tuesday, January 31, 2023 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results and outlook for the fiscal fourth quarter. 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 Commvault

Commvault is a global leader in data management. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Management Platform that spans all your data – regardless of where it lives (on-premises, hybrid, or multi-cloud) or how it’s structured (legacy applications, databases, VMs, or containers). Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service (SaaS) via our Metallic portfolio. Visit www.Commvault.com or follow us @Commvault.

Safe Harbor Statement

This 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.

Media Contact:	Investor Relations Contact:
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

Commvault received highest scores in the Current Offering category and highest scores possible in Product Vision, Planned Enhancements, and Delivery Model criteria within the strategy category

TINTON FALLS, New Jersey – December 8, 2022 – Commvault, a global enterprise leader in data protection across on-premises, cloud, and SaaS environments, today announced Forrester has positioned the company as a Leader in The Forrester Wave™: Data Resilience Solutions Suites, Q4 2022.

Commvault has been top ranked in the Current Offering category, achieving the highest scores in the Backup-and-Restore Functionality and Automation and Orchestration criteria, and one of the highest scores in the Business Awareness/LOB Functionality criterion. In addition, Commvault received the highest scores possible in the Product Vision, Planned Enhancements, and Delivery Model criteria within the strategy category.

Key factors that contributed to Commvault’s ranking include its breadth of backup support and attention to enterprise needs, product integration of Metallic rounding out its Intelligent Data Services, and comprehensive ransomware defense capabilities through Metallic^® ThreatWise™.

Commvault differentiated itself with its compelling vision in eight of the 13 different backup-and-restore criteria. Forrester specifically states, “Large enterprises that want to protect traditional infrastructure as well as provide advanced data resilience capabilities for newer technologies should look at Commvault.”

“In today’s hybrid cloud world, data has never been more valuable or more vulnerable, and customers need a proactive data protection strategy to stay safe from bad actors,” said Ranga Rajagopalan, Senior Vice President, Products, Commvault. “We believe our position as a Leader in the Forrester Wave for Data Resilience Solutions Suite validates the completeness of our current offerings and our vision in future-proofing the data protection strategy for our customers.”

The Forrester Wave™: Data Resilience Solutions Suite, Q4 2022 evaluated data resiliency solution vendors against 40 criteria, grouped into three high-level categories: Current Offering, Strategy, and Market Presence. The report shows how each provider measures up in its ability to offer comprehensive support for diverse backup sources and restore targets, secure customers’ backups and the backup infrastructure from cyberthreat, and address evolving data protection needs, especially in SaaS and container environments.

Learn more about what the industry’s leading experts are saying about Commvault and read the full report on our website.

About Commvault

Commvault (NASDAQ: CVLT) is a global leader in cloud data protection. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Protection Platform that spans all your data – regardless of whether your legacy or modern workloads live on-premises, in the cloud, or spread across a hybrid environment. Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service via our Metallic portfolio. For over 25 years, more than 100,000 organizations have relied on Commvault to keep their data secure and ready to drive business growth. Learn more at www.Commvault.com or follow us @Commvault.

Media Contact:	Investor Relations Contact:
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

TINTON FALLS, New Jersey – December 5, 2022 – Commvault, a global enterprise leader in data management across on-premises, cloud, and SaaS environments, today announced it has appointed Verizon veteran Shane Sanders to its Board of Directors. Sanders will also serve on the Audit Committee.

For more than 30 years, Sanders has driven transformative business initiatives and counseled executives and directors on matters including shareholder value creation, target setting, capital allocation, and enterprise risk management and compliance. Most recently as Verizon’s Senior Vice President, Business Excellence, Sanders completed a multi-year business transformation a year ahead of schedule. He earned his Master of Business Administration from Rockhurst University and Bachelor’s in Business Administration in Accounting from Oklahoma City University.

“Shane’s financial prowess and trusted counsel will enable us to extend the significant progress we’ve made over the past few years to continue our path to responsible growth and profitability,” said Nicholas Adamo, Chairman of the Board.

About Commvault

Commvault (NASDAQ: CVLT) is a global leader in cloud data protection. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Protection Platform that spans all your data – regardless of whether your legacy or modern workloads live on-premises, in the cloud, or spread across a hybrid environment. Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service via our Metallic portfolio. For over 25 years, more than 100,000 organizations have relied on Commvault to keep their data secure and ready to drive business growth. Learn more at www.Commvault.com or follow us @Commvault.

Media Contact:	Investor Relations Contact:
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

Commvault announces winners of inaugural Customer Innovation Awards:
Penn State Health, RWTH Aachen University, Tata Consultancy Services

TINTON FALLS, New Jersey – November 3, 2022 – Today, Commvault, a global enterprise leader in data management across on-premises, cloud, and SaaS environments, celebrated the winners of its inaugural Commvault Customer Innovation Awards during the company’s flagship global event – Connections: ‘Innovate with Confidence.’

“Whatever challenge arises, IT professionals are ready to innovate and keep pace as their business pursues new opportunities,” said Sanjay Mirchandani, Commvault’s President and CEO. “They have never been more critical than they are today, which is why I’m pleased to recognize our inaugural Customer Innovation Award winners, who deliver value for their organizations every single day.”

In recognition of this and the incredible learnings Commvault has taken from these organizations, the winners were selected for their outstanding innovation in the implementation of Commvault data solutions across three categories:

• Digital Transformation – Penn State Health
• Automation of Data – RWTH Aachen University
• Governance & Compliance – Tata Consultancy Services

Outside of the awards, Commvault also welcomed leaders from American Pacific Mortgage, Oral Roberts University, CHS Inc. and Swinerton Inc. who participated in panel sessions and shared perspectives at the show.

Michele Buschman, Chief Information Officer at American Pacific Mortgage, discussed the critical value of Metallic within Commvault’s Intelligent Data Services provision, across all infrastructure within her organization, stating:   

“At American Pacific Mortgage, our mission is to deliver the dream of home ownership. Since our industry is so cyclical, we need technology that gives us confidence that our vast stores of data are safe and easily accessible. We migrated to Metallic so our data management can move as fast as our business. We went from taking two days to restore data files to less than five minutes. Metallic has met the moment allowing us to make critical decisions to help our homeowners achieve their goals.”

Innovation Awards Winners Celebrated:

Penn State Health is a 17,500-employee hospital network utilizing Commvault not only to ensure life-saving operations continue, but also to maintain compliance, records management, patient confidentiality and data privacy that support the healthcare provider’s business operations.

“The whole team was incredible over the entire course of the project. Solution, technology and professional support during implementation really made this the fantastic success it was,” said Cory Heikel – SE Lead, Penn State Health.

RWTH Aachen University IT center manages all IT operations for the university and a wider group of Commvault user academic institutions across the local area in Germany. With significant investments being made in cutting-edge technology for the benefit of the students and researchers, this increases the necessity to ensure robust data protection and recovery for critical research projects.

“With Commvault, we found a product that matches all of our requirements, and we found a company that understands the specific needs of our environment and how to fulfill these,” said Thomas Eifert, CTO, RWTH Aachen University.

With operations in 55 countries and more than 50 subsidiaries around the world, Tata Consultancy Services is critically involved in the IT and business transformation of its customers. Legislation around the management and usage of personal data is constantly evolving and becoming more critical than ever. Innovation is intrinsic to Tata to ensure the delivery of strategic business continuance for its customers.   

“Commvault’s deep and broad offerings truly enable us to help our global customers in their digital transformation, from massive and seamless migration of legacy data centers to the modern multi-cloud environment, to critical daily end-user points protections and mail archival operations,” said Deepak Pawar, Head – Data Center and Cloud Platform Services, Infrastructure Services, Internal IT, Tata Consultancy Services.

These three winners were selected after reviewing nominations of our customers from across the world. We’d like to congratulate our other six finalists – each representing a different country – who have all embraced cutting-edge approaches to cloud data management to modernize their businesses with Commvault.  

Penn State Health (United States of America)

Diagnostyka S.A (Poland)

Arvest Bank (United States of America)

University of Melbourne (Australia)

Baptist Medical Center (United States of America)

Yoox-Net-a-Porter Group (Italy)

RWTH Aachen University (Germany)

Bank Islam Malaysia Berhad (Malaysia)

Tata Consultancy Services Ltd (India)

About Commvault
Commvault (NASDAQ: CVLT) is a global leader in data management. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Management Platform that spans all your data – regardless of where it lives (on-premises, hybrid, or multi-cloud) from legacy to modern workloads. Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software-as-a-Service via our Metallic portfolio. For over 25 years, more than 100,000 organizations have relied on Commvault to keep their data secure, assessable, and ready to drive business growth. Learn more at www.Commvault.com or follow us @Commvault. 

Media Contact:	Investor Relations Contact:
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

Company’s foray into Archive as a Service market offers trusted, cost-effective, scalable, and immutable data protection 

TINTON FALLS, New Jersey – November 2, 2022 – Commvault, a global enterprise leader in data management across on-premises, cloud, and SaaS environments, today announced a new approach to data protection with the launch of Metallic^® File & Object Archive, a Data Management as a Service (DMaaS) solution designed to lower storage costs, while cost-effectively transforming how organizations navigate the world of Governance, Risk, and Compliance (GRC). 

Global and industry GRC-related regulations are constantly changing, creating gaps in an organization’s ability to manage data across live and backup sources, resulting in a lack of visibility and insights, data sprawl, and greater opportunities for data vulnerabilities. Coupled with major shortages in IT staff and strict budget constraints, organizations are struggling, using multiple solutions to meet compliance guidelines and keep their data protected. 

“When you look at the sheer numbers and cost models for data compliance and protection over the long term, it’s clear that throwing more high-performance storage at the problem won’t make it go away,” said Johnny Yu, research manager at IDC. “Archiving needs to be considered not just for the inherent time and cost savings over the long term, but also as an air-gapped solution in an enterprise’s overall data resilience strategy.”  

Announced at Commvault Connections 2022 and available next quarter, Metallic File & Object Archive directly addresses the need for deep insights into critical data with archive modeling delivered as SaaS with air gapped protection. It is a comprehensive solution for cost-effective data placement leveraging data insights, access controls, tagging, metadata search, audit trails, and reports to help manage compliance needs over a large amount of unstructured data. The result is a lower cost solution that helps reduce the risk of non-compliance.  

“It’s widely important that our data is safe, and it’s safe through Metallic,” said Russell Gough, Senior Project Manager, Calyx, an innovative clinical trial, and regulatory solutions company that helps the bio-pharmaceutical industry bring much-needed treatments to patients faster. “The fact that we can tag the data enables us to get to our data quickly and to satisfy auditors quickly.”

With predictable cost modeling, actionable data insights, flexible bring your own storage options, and compliance-ready operations, Metallic File & Object Archive enables organizations to lower costs, meet compliance needs, and reduce management overhead with the simplicity of SaaS. 

Metallic File & Object Archive will be discussed in more detail during the Connections session, “More Data, More Risk? Introducing Our Latest SaaS-Delivered Data Service.” Register here to listen in and attend the interactive experience. 

To learn more about Metallic File & Object Archive and how it can help lower costs, reduce risks, and support an organization’s GRC strategy, please visit metallic.io/file-object-archive. 

About Commvault 
Commvault (NASDAQ: CVLT) is a global leader in data management. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Management Platform that spans all your data – regardless of where it lives (on-premises, hybrid, or multi-cloud) from legacy to modern workloads. Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software-as-a-Service via our Metallic portfolio. For over 25 years, more than 100,000 organizations have relied on Commvault to keep their data secure, assessable, and ready to drive business growth. Learn more at www.Commvault.com or follow us @Commvault.  

Investor Relations Contact:
Michael J. Melnyk, CFA 732-870-4581 mmelnyk@commvault.com

— Software and products revenue up 10% year over year; 16% constant currency —

— Total revenue up 6% year over year; 12% constant currency —

— Annualized recurring revenue (ARR) up 11% year over year; 18% constant currency  —

Second quarter highlights include:

GAAP Results:	Second quarter:
Revenues	$188.1 million
Income from Operations (EBIT)	$9.3 million
EBIT Margin	5.0%
Diluted Earnings Per Share	$0.10

Non-GAAP Results:	Second quarter:
Income from Operations (EBIT)	$35.4 million
EBIT Margin	18.8%
Diluted Earnings Per Share	$0.57

(Download Financial Tables)

Tinton Falls, N.J. – November 1, 2022 – Commvault [NASDAQ: CVLT] today announced its financial results for the second quarter ended September 30, 2022. 

“Our fiscal Q2 record results and double-digit constant currency growth reinforce that customers see the value of Commvault’s software and SaaS solutions,” said Sanjay Mirchandani, President and CEO. “We believe our comprehensive data protection portfolio has never been more important in today’s increasingly difficult world.”

Total revenues for the second quarter of fiscal 2023 were $188.1 million, an increase of 6% year over year. On a year over year constant currency basis, total revenue growth would have been 12%. Total recurring revenue was $158.2 million, an increase of 12% year over year. On a year over year constant currency basis, total recurring revenue growth would have been 19%. Recurring revenue represented 84% of total revenue. 

Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $604.4 million as of September 30, 2022, up 11% from September 30, 2021. On a year over year constant currency basis, ARR growth would have been 18%.

Software and products revenue was $82.8 million, an increase of 10% year over year.  The year over year increase in software and products revenue was driven by an 18% increase in larger deals (deals with greater than $0.1 million in software and products revenue). On a year over year constant currency basis, software and products revenue growth would have been 16%.

Larger deal revenue represented 72% of our software and products revenue in the three months ended September 30, 2022.  The number of larger deal revenue transactions was 173 for the three months ended September 30, 2022, compared to 163 for the three months ended September 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $346,000, representing an 11% increase from the prior year.

Services revenue in the quarter was $105.2 million, an increase of 3% year over year.  Services revenue continues to grow primarily due to the increase in Metallic.

On a GAAP basis, income from operations (EBIT) was $9.3 million for the second quarter compared to $2.3 million in the prior year.  Non-GAAP EBIT was $35.4 million in the quarter compared to $31.0 million in the prior year.

Operating cash flow totaled $49.8 million for the second quarter of fiscal 2023 compared to $26.1 million in the prior year quarter.  Total cash was $262.5 million as of September 30, 2022 compared to $267.5 million as of March 31, 2022.

During the second quarter of fiscal 2023, Commvault repurchased approximately 703,000 shares of its common stock totaling $39.9 million at an average price of approximately $56.74 per share.

A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. (Download Financial Tables)

An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

Use of Non-GAAP Financial Measures
Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share and annualized recurring revenue (ARR).  This financial information has not been prepared in accordance with GAAP.  Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions.  In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault’s ongoing operational performance.  Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault’s industry, many of which present similar non-GAAP financial measures to the investment community.  Commvault has also provided software and products, services and total revenues on a constant currency basis. 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.

All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release. (Download Financial Tables)

Non-GAAP income from operations and non-GAAP income from operations margin.  These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards, restructuring costs, the noncash amortization of intangible assets and, for fiscal year 2022, certain costs related to key employees of Hedvig. These expenses are further discussed in Table IV.  Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault’s core operating results over multiple periods.  When evaluating the performance of Commvault’s operating results and developing short- and long-term plans, Commvault does not consider such expenses. 

Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans.  Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault’s operating results and those of other companies.

There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin.  The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature.  Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault’s operating results.  In addition, noncash stock-based compensation is an important part of Commvault’s employees’ compensation and can have a significant impact on their performance. Lastly, the components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures.  

Due to the limitations related to the use of non-GAAP measures, Commvault’s management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault’s management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.

Non-GAAP net income and non-GAAP diluted earnings per share (EPS).  In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%. 

Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income.  For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.

Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP net income and non-GAAP EPS.

Conference Call Information
Commvault will host a conference call today, November 1, 2022 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 Commvault
Commvault is a global leader in data management. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Management Platform that spans all your data – regardless of where it lives (on-premises, hybrid, or multi-cloud) or how it’s structured (legacy applications, databases, VMs, or containers). Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software as a Service (SaaS) via our Metallic portfolio. Visit www.Commvault.com or follow us @Commvault.

Safe Harbor Statement
This 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 IA. 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.

Media Contact:	Investor Relations Contact:
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com	Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com

TINTON FALLS, New Jersey – October 25, 2022 – Commvault, a global enterprise leader in data management across on-premises, cloud, and SaaS environments, today announced expanded protection for Kubernetes workloads, including fully automated management, replication, migration, and security enhancements, across its entire portfolio. The new features, delivered through Commvault Complete™ Data Protection and Metallic® offerings, provide customers with simple management and enterprise-grade protection for hybrid, multi-cloud environments.

Organizations are increasingly adopting Kubernetes to modernize their environments and accelerate the migration of applications to the cloud. According to Gartner, by 2025, 85% of global enterprises will be running containerized applications in production¹.

By integrating Kubernetes protection into its portfolio, Commvault is enabling enterprises to innovate. The latest Kubernetes data protection enhancements include:

• Complete, cloud-native protection and recoverability for the entire Kubernetes ecosystem, including full clusters, namespaces, and ETCD and SSL certification protection
• Faster, simpler development testing and lifecycle events with seamless migrations of Kubernetes applications between clusters, distributions, versions, and storage
• Cost-effective disaster recovery by replacing business-critical applications offsite for on-demand application recovery – with no long-running infrastructure

“Using Commvault’s single platform, we are able to proactively monitor and assess risks, mitigate cyber threats to the business, and protect all workloads, including Kubernetes, in multi-clouds – reducing our OPEX by up to 40% compared to the previous solutions,” said Bruno Bianchini, Head of Infrastructure & Technological Services – Global Digital Solutions, ENEL. “Commvault proved to be the most effective solution to support our growth strategy and continue our digital transformation journey, without impacting productivity and customer service.”

Named a leader and outperformer in GigaOm’s 2022 Radar report for Kubernetes Data Protection, Commvault’s Metallic portfolio is the only Data Management as a Service (DMaaS) solution to meet FedRAMP High In Process – In PMO Review status, addressing a critical gap in the market. Partnering with NetApp, Commvault delivers Metallic Government Cloud, providing much needed Kubernetes data protection to federal and government agencies.

“I’m genuinely excited that Commvault’s announcements are bringing world-class data management solutions to Kubernetes,” said Nigel Poulton, Kubernetes author, trainer and evangelist. “Having spent a lot of time in this space, it’s exciting to see long-term industry leaders taking it seriously – something that’s essential for industries like banking and healthcare where the full spectrum of protection must be in place before they can deploy any new workloads into the enterprise.”

To learn more about Commvault’s Kubernetes offerings, register now for Commvault Connections, where Poulton will be leading a session – “Is Kubernetes Cloud-Native Data Protection the Next Frontier?”

About Commvault
Commvault (NASDAQ: CVLT) is a global leader in data management. Our Intelligent Data Services help your organization do amazing things with your data by transforming how you protect, store, and use it. We provide a simple and unified Data Management Platform that spans all your data – regardless of where it lives (on-premises, hybrid, or multi-cloud) from legacy to modern workloads. Commvault solutions are available through any combination of software subscriptions, integrated appliances, partner-managed, or Software-as-a-Service via our Metallic portfolio. Over 25 years, more than 100,000 organizations have relied on Commvault to keep their data secure, assessable, and ready to drive business growth. Learn more at www.Commvault.com or follow us @Commvault. 

Reference

1. Best Practices for Running Containers and Kubernetes in Production – 4 Aug 2020 – Gartner ID G00730344