TINTON FALLS, New Jersey – September 14, 2022 – Commvault, a global enterprise leader in data management across on-premises, cloud, and SaaS environments, today announced that data protection industry veteran Alan Atkinson has joined the company as Chief Partner Officer. Atkinson will report to Riccardo Di Blasio, Commvault’s Chief Revenue Officer.
“Our continuous innovation has earned us our rightful place as the leader in our industry with the trust of thousands of customers globally,” said Di Blasio. “And that enables us to continually attract the best and brightest leaders to join Commvault. With Alan’s leadership, we will increase the velocity, scale, and growth of our robust and enviable partner ecosystem.”
Atkinson brings a wealth of cloud and data protection experience to Commvault – from building the industry’s first, pre-eminent cloud service provider to leading WysDM Software until it was acquired to driving technology strategy and commercial sales at Dell. Under his leadership, Commvault will further strengthen the company’s strategic alliances with cloud partners and continue to galvanize and grow its partner program.
“As an advisor, I’ve had a front row seat to Commvault’s evolution with the unrivaled momentum of its Metallic SaaS offerings and the company’s surge back to growth,” said Atkinson. “I am excited to join the team and look forward to working closely with our partners to meet customers wherever they are within their cloud data management strategies.”
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.
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A first among data protection vendors, the new cyber deception service detects and contains ransomware threats
TINTON FALLS, New Jersey – September 21, 2022 – Commvault, a global enterprise leader in data management across on-premises, cloud, and SaaS environments, today announced the general availability of Metallic® ThreatWise™ an early warning system that proactively surfaces unknown and zero-day threats to minimize compromised data and business impact.
According to Enterprise Strategy Group, only 12% of the IT directors surveyed indicated confidence in having the proper tools and necessary location agnostic protection to secure data equally across on-premises and cloud.1
With ThreatWise, Commvault is further defining data security with an early warning that no other vendor in this space provides. It uses decoys to proactively bait bad actors into engaging fake resources, spot threats in production environments, and arm businesses with tools to keep data safe. Simultaneously, Commvault is also extending its machine learning and critical threat detection and security capabilities to its broader platform, which is available today.
“In surveying enterprise IT directors with direct knowledge and influence on their company’s data security strategies, the results we found were eye opening. It is very clear that many IT teams do not have adequate tools in place to detect ransomware attacks on production environments early enough in the attack chain to neutralize stealthy cyber-attacks before they cause harm,” said Jon Oltsik, Senior Principal Analyst and Fellow, Enterprise Strategy Group. “Ransomware has revolved around encryption for a long time, but newer extortion techniques like exfiltration go beyond rapidly spreading malware, and data recovery alone cannot help if sensitive business data is leaked to the Dark Web.”
“Data recovery is important, but alone it’s not enough. Just a few hours with an undetected bad actor in your systems can be catastrophic,” said Ranga Rajagopalan, Senior Vice President, Products, Commvault. “By integrating ThreatWise into the Metallic SaaS portfolio, we provide customers with a proactive, early warning system that bolsters their zero-loss strategy by intercepting a threat before it impacts your business.”
Availability and to Learn More
Metallic ThreatWise, along with Commvault’s latest platform update features are available now. To learn more, join us at Commvault Connections, to take part in live demos and engage in industry sessions. To get started today on your new data protection journey, register here.
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.
References
1. ESG custom research conducted on behalf of Commvault, Data security and ransomware preparedness survey, September 2022
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TINTON FALLS, New Jersey – October 13, 2022 – Commvault, a global enterprise leader in data management across on-premises, cloud, and SaaS environments, today announced the dates for Commvault Connections 2022, a best-in-class cloud data management experience that will provide customers and partners with insights and best practices they need to Innovate with Confidence. A global event, Connections will feature multiple regional broadcasts starting on November 2nd in the Americas and November 3rd in EMEA and APJ.
An event for data-minded IT decision-makers, Commvault Connections offers a uniquely interactive experience, featuring virtual exhibit booths, a live DemoZone, and a customer panel where attendees will gain real-world cloud transformation advice from companies like American Pacific Mortgage. The event’s packed agenda includes solution tracks centered around the key aspects of business transformation – Fending Off Ransomware, Modernizing Data Management, and Investing Wisely. Plus, new for 2022 is Commvault’s inaugural Customer Innovation Awards and sponsored partner solutions sessions with Microsoft, Oracle, and more to be announced:
Microsoft: Protect Your Critical IT Assets with Azure, featuring Saurabh Sensharma, Sr. Product Manager, Azure Storage, Microsoft and David Ngo, CTO, Metallic, Commvault
Oracle: Protecting Against Ransomware in a Multi-Cloud World, featuring Joe Corvaia, GVP, NACT ISV, MGS and MSP Sales, Oracle and Alan Atkinson, Chief Partner Officer, Commvault
Bill Mew, Chair of Cyber Working group for IARCC and CEO of Crisis Team said, “Connections 2022 is not only coming at exactly the right time, but its focus is spot on. An intelligent, integrated approach to data management and security from proactive cyber deception strategies to effective recovery strategies, as Commvault is doing to help clients reduce the impact of ransomware attacks, is now essential.”
Keith Townsend, CTO Advisor said “I enjoyed Virtual Connections 2021, and I can safely say that 2022 is elevating the customer experience with exhibition halls and technical tracks and demos. With sponsors like Microsoft and Oracle, Connections 22 can quite rightly say that it is the cloud data management experience that customers cannot afford to miss.”
Event attendees will walk away with the tools to transform their business amid today’s IT, security, and resource complexities. To attend Connections 2022, register here.
Solution Tracks Commvault Connections will feature three solution tracks with three sessions each:
ModernizingData Management: When your business dreams it, you need to deliver. Take charge by embracing a modern data management strategy that intelligently scales fast, supports new workloads, and enables you to use your data in creative ways.
Fending OffRansomware Attacks: While they may be inevitable, breaches, leaks, and losses don’t have to be disasters. Get on the offense with our proactive and responsive data protection capabilities that keep your data safe and your company out of the headlines.
Investing Wisely: Innovation may be priceless, but budgets aren’t endless. We can help you find the right balance gaining value from your data while managing your costs to protect it on your journey to the cloud.
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.
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15 Commvault executives honored for their contributions to the company’s channel business
TINTON FALLS, N.J. – May 12, 2022 – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in intelligent data services across on-premises, cloud, and software as a service (SaaS) environments, today announced that CRN®, a brand of The Channel Company, has named 15 of its leaders to the Women of the Channel list for 2022. This esteemed list honors the incredible accomplishments of female leaders in the IT channel. Those named on this annual list come from all corners of the IT channel — including vendors, distributors, and solution providers whose vision, expertise, and contributions make an impact on the industry every day.
By bringing innovative concepts, strategic business planning and comprehensive channel initiatives to life, these extraordinary women support partners and customers with exceptional leadership. CRN celebrates these women, who are so deserving of recognition, for their constant dedication to channel excellence.
Commvault’s 2022 honorees are diverse, representing a range of functions across the company, including marketing, sales, and business operations – all with a shared goal of delivering industry-leading enterprise data protection solutions to our partners and their customers. The honorees are:
Angela Barragan, Senior Manager, Global Partner Campaigns
Shauntel Carter, Worldwide Engagement Manager
Lisa Critchlow, Director, Worldwide Partner Marketing Programs
Shauna Kief, Senior Business Systems Analyst – Channel
Na-Kyung Lee, Marketing Manager, Korea
Mayra Luis-Castillo, Vice President, Global Cloud Partners and Diamond SPs
Aritrisha Mitra, Partner Communication Manager, Worldwide
Shirley Scarborough, Director, Partner Program Experience
Natalie Troia, Global Partner Strategy and Program Manager
Cissy Yang, Head of Marketing, China
“Every day I continue to be amazed at the high caliber of talent that makes up our Worldwide Partner Organization; it’s one of the reasons I joined Commvault and why we have such long-standing relationships with many of our channel partners,” said John Tavares, Vice President, Worldwide Channels & Alliances, Commvault. “My colleagues on this year’s list represent everything we want in a channel leader. They are smart, tenacious, creative, and bring the necessary expertise to nurture and grow our partner ecosystem, and I am proud and lucky to work with them on a daily basis.”
“We are proud to once again recognize the remarkable leaders on this year’s Women of the Channel list. Their influence, confidence, and diligence continue to accelerate channel success significantly,” said Blaine Raddon, CEO of The Channel Company. “Their accomplishments will inspire others, and we look forward to witnessing their future contributions to the channel.”
CRN’s 2022 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/WOTC.
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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
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Michael J. Melnyk, CFA 732-870-4581 mmelnyk@commvault.com
Megan Lane 732-539-2767 mlane@commvault.com
Enhanced cloud integration supports new security capabilities
Tinton Falls, N.J. – February 15, 2022 – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in intelligent data services across on-premises, cloud, and software as a service (SaaS) environments, today announced General Availability for Feature Release 11.26. These enhancements to our best-in-class Intelligent Data Services help to harden infrastructure against attack and improve recoverability, continuing Commvault’s commitment to mitigating cyber threats—including ransomware—in any infrastructure: on-premises, in the cloud, and even across multiple clouds.
The new enhancements include:
Utilizing hardware-based security tokens, along with common access card support, helps to strengthen customers’ security posture
Leveraging highly secure cloud authentication methods, including the AWS Key Management System (KMS) and Azure Key Vault
Extended Disaster Recovery orchestration now includes Object Storage and Big Data File Systems, to accommodate larger datasets.
“Today’s enhancements are focused on rock-solid cybersecurity principles and architected for the cloud, while continuing to protect on-premises data. Our commitment to constant innovation and industry-leading Intelligent Data Services means that our customers are always able to combat the latest threats, no matter where their data lives. And new integrations with public cloud providers offer cloud-native support for today’s most critical workloads,” said Ranga Rajagopalan, Vice President of Products, Commvault.
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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
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Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com
Michael J. Melnyk, CFA Commvault 732-870-4581 mmelnyk@commvault.com
Commvault highlighted among the 20 Coolest Cloud Storage Companies, supporting the industry’s broadest coverage of storage solutions
TINTON FALLS, N.J. – February 10, 2021 – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in intelligent data services across on-premises, cloud, and software as a service (SaaS) environments, todayannounced CRN®, a brand of The Channel Company, has named Commvault to its annual Cloud 100 list. This list honors the 100 Coolest Cloud Companies for 2022 across five key categories: infrastructure, monitoring and management, storage, software, and security.
Highlighted for its data storage capabilities, Commvault’s portfolio of Intelligent Data Services provides customers with the industry’s broadest coverage of primary storage, secondary storage, and a wide breadth of workloads, including SaaS applications, devices, databases, VMs, and containers – delivered how they want to receive it, as software on-prem, bundled as an integrated appliance, as a managed service, or as a SaaS subscription.
CRN’s Cloud 100 list spotlights technology suppliers for their commitment to channel partners as well as their demonstrated innovation in cloud-based technology development. This list is a trusted resource for solution providers looking for technology vendors best positioned to support their cloud product and services needs.
Commvault uniquely connects edge with cloud through its storage offerings, including its HyperScale™ X integrated appliance that protects hybrid cloud workloads and works with both Commvault software and Metallic SaaS offerings, Commvault Distributed Storage, its cloud-native, software-defined, scale-out storage solution that helps accelerate modern containerized applications, and Metallic™ Cloud Storage Service, delivering secure and scalable cloud storage for customers’ backup needs.
“In today’s remote-facing enterprise environment, cloud services have become the critical component needed to build comprehensive and secure IT solutions,” said Blaine Raddon, CEO, The Channel Company. “The companies selected for this year’s Cloud 100 list have shown time and again that they support partners in the ever-evolving cloud computing business with state-of-the-art products and services. Our team commends those on this year’s list and looks forward to watching them drive positive change in the cloud domain throughout the year.”
“We are honored to once again be named one of the Coolest Cloud Storage Companies by CRN, celebrating our industry-leading portfolio of Intelligent Data Services,” said John Tavares, Vice President, Worldwide Channels and Alliances. “More than ever before, organizations are seeking cloud data storage solutions that are cost-effective, scalable, secure, and flexible, with the ability to seamlessly manage and migrate data across a range of platforms. Our future-proof solutions address these challenges head-on, and with the help of our partner ecosystem, we enable customers to execute their digital transformation strategy and accelerate business growth.”
Commvault customers agree with these sentiments, noting:
“I knew after 10 minutes of reading that Commvault Distributed Storage was a serious contender for our storage layer, said Tim Pearson, Assistant Director, Infrastructure & Security, Pittsburgh State University. “They offered such an elegant, robust, scalable, and flexible distributed storage model. It really put them in a class different from most of the other vendors out there.”
“Commvault’s interoperability with both public cloud and on-premises environments means we can make IT investment decisions that boost our competitive advantage without having to worry about backup,” said Mohammed Azam, Senior Network Administrator, Emirates Steel Industries.
“By leveraging the rich features of Commvault, we have reduced the pressure on storage resources, improved operational efficiency, and saved significant costs via automation,” said Nitin Mishra, Senior Executive Vice President and Chief Product Officer, Netmagic IT Services (MSP) – India.
CRN’s Cloud 100 list will be featured in the February 2022 issue of CRN magazine and online at www.crn.com/cloud100.
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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
About The Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequalled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
Safe Harbor Statement
Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Tinton Falls, N.J. – January 25, 2022 – Commvault [NASDAQ: CVLT] today
“The team executed well across the board, delivering another record quarter,” said Sanjay Mirchandani, President and CEO. “Increasingly, customers are turning to us because we provide one platform for software and SaaS offerings to address a multitude of data management needs. This is fueling our growth and accelerating our journey to a cloud-first recurring revenue model.”
Total revenues for the third quarter of fiscal 2022 were $202.4 million, an increase of 8% year over year. Total recurring revenue was $164.4 million, representing 81% 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 $561.2 million as of December 31, 2021, up 11% from December 31, 2020.
Software and products revenue was $98.6 million, an increase of 11% year over year. The year over year increase in software and products revenue was driven by a 24% increase in larger deals (deals greater than $0.1 million in software and products revenue).
Larger deal revenue (deals with greater than $0.1 million and software and products revenue) represented 76% of our software and products revenue in the three months ended December 31, 2021. The number of larger deal revenue transactions increased 20% year over year to 225 deals for the three months ended December 31, 2021. The average dollar amount of larger deal revenue transactions was approximately $332,000.
Services revenue in the quarter was $103.8 million, an increase of 4% year over year. The increase in services revenue was driven primarily by the increase in Metallic software as a service revenue.
On a GAAP basis, income from operations (EBIT) was $12.4 million for the third quarter compared to $2.7 million in the prior year. Non-GAAP EBIT was $43.1 million in the quarter compared to $37.3 million in the prior year.
Operating cash flow totaled $26.8 million for the third quarter of fiscal 2022 compared to $17.0 million in the prior year quarter. Total cash and short-term investments were $233.7 million as of December 31, 2021 compared to $397.2 million as of March 31, 2021.
During the third quarter of fiscal 2022, Commvault repurchased approximately 1.3 million shares of its common stock totaling $85.3 million at an average price of approximately $65.72 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 as well as restructuring costs. Commvault has also excluded certain costs related to key employees of Hedvig, the gain on the sale of its equity method investment in Laitek, Inc. and, for fiscal year 2021, the noncash amortization of intangible assets and the impairment of the intangible assets 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, January 25, 2022 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. To access this call, dial 844-742-4247 (domestic) or 661-378-9470 (international). The live webcast can be accessed 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 (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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @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, the 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Megan Lane Commvault 732-539-2767 mlane@commvault.com
Michael J. Melnyk, CFA Commvault 732-870-4581 mmelnyk@commvault.com
Sheer’s data privacy expertise and experience at high-growth SaaS companies strengthens the delivery of Commvault’s best-in-class intelligent data services
TINTON FALLS, N.J. – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in intelligent data services across on-premises, cloud, and software as a service (SaaS) environments, today announced Danielle Sheer as Chief Legal and Compliance Officer. She will lead the company’s global legal and compliance teams and its governance, commercial, intellectual property, and privacy programs.
“Data management, protection, and governance has never been more complex or more critical,” said Sanjay Mirchandani, President and CEO, Commvault. “Danielle’s proven strategic leadership and deep experience managing complex global data privacy directives and cultures will enable us to set new standards and widen our lead as a trusted partner in this industry.”
Sheer has repeatedly scaled data privacy and other global legal operations for public technology companies, led IPOs and transformative strategic transactions and integrations, and advised management and boards on governance and shareholder matters for SaaS and software technology firms.
“Enterprises globally understand that data drives business and appreciate that threats to their data – like ransomware – are significant and growing. The need for secure, intelligent data services is greater than ever. I am honored to join Sanjay and the Commvault leadership team in helping customers succeed in a data-driven world,” added Sheer.
Sheer previously served as General Counsel at financial technology services company Bottomline (NASDAQ: EPAY) and at cloud-backup SaaS solutions provider Carbonite (NASDAQ: CARB sold to NASDAQ: OTEX). She currently serves on the Board of Directors of LinkSquares; the Leadership Board at Beth Israel Deaconess Medical Center; and on the Steering Committee for TechGC.
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, every quarter, Metallic is doubling the number of customers who leverage it 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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
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Miranda Foster Commvault 646-370-9785 mfoster@commvault.com
Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com
Tinton Falls, N.J. – January 6, 2022 – Commvault (NASDAQ: CVLT) – Commvault will webcast a discussion of its third quarter earnings results on January 25, 2022 beginning at 8:30 a.m. ET at http://ir.commvault.com. The webcast will also be available for replay.
Investors may also access the call by dialing (844) 742-4247 (domestic) or (661) 378-9470 (international). A telephone replay will be available for seven days following the call. To access the telephone replay, dial (855) 859-2056 (domestic) or (404) 537-3406 (international) using the conference ID 8492534.
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, every quarter, Metallic is doubling the number of customers who leverage it 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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
Miranda Foster Commvault 646-370-9785 mfoster@commvault.com
Michael J. Melnyk, CFA Commvault 732-865-0458 mmelnyk@commvault.com
Tinton Falls, N.J. – November 24, 2021 – Commvault (NASDAQ: CVLT) – Commvault announced today that its President and Chief Executive Officer, Sanjay Mirchandani, and Chief Financial Officer, Brian Carolan, will participate in the following virtual investor conferences:
Conference: KeyBanc Capital Markets Enterprise Tech Leadership Series
Date: Monday, November 29 at 2:00 p.m. Eastern Time
Conference: Wells Fargo Virtual TMT Summit
Date: Thursday, December 2 at 8:00 a.m. Eastern Time
The live webcast and replay for each event will be available under the Investor Events section of Commvault’s Investor Relations website.
Commvault is the recognized leader in data backup and recovery. Commvault’s converged data management solution redefines what backup means for the progressive enterprise through solutions that protect, manage and use their most critical asset — their data. Commvault software, solutions and services are available from the company and through a global ecosystem of trusted partners. Commvault employs more than 2,600 highly-skilled individuals across markets worldwide, is publicly traded on NASDAQ (CVLT), and is headquartered in Tinton Falls, New Jersey in the United States.
Safe Harbor Statement: Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Tinton Falls, N.J. – October 26, 2021 – Commvault [NASDAQ: CVLT] today announced its financial results for the second quarter ended September 30, 2021.
“During the quarter we saw a significant increase in new customer revenue,” said Sanjay Mirchandani, President and CEO. “Winning new customers and taking market share is foundational to meeting our longer-term financial objectives. At the same time, we did not meet our expectations for the quarter. We believe the impact was principally isolated to delayed software opportunities that are part of larger IT Transformation projects. In addition, we believe industry-wide supply chain issues are impacting our customers sourcing of hardware components and associated software orders.”
Total revenues for the second quarter of fiscal 2022 were $177.8 million, an increase of 4% year over year. Total recurring revenue was $140.7 million, representing 79% 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 $542.6 million as of September 30, 2021, up 12% from September 30, 2020.
Software and products revenue was $75.3 million, an increase of 4% year over year. Excluding pass through hardware revenue, software revenue was up 9% year over year. The year over year increase in software and products revenue was driven by a 6% increase in larger deals (deals greater than $0.1 million in software and products revenue).
Larger deal revenue (deals with greater than $0.1 million and software and products revenue) represented 67% of our software and products revenue in the three months ended September 30, 2021. The number of larger deal revenue transactions increased 9% year over year to 163 deals for the three months ended September 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $311,000.
Services revenue in the quarter was $102.6 million, an increase of 4% year over year. The increase in services revenue was driven primarily by the increase in Metallic software as a service revenue.
On a GAAP basis, income from operations (EBIT) was $2.3 million for the second quarter compared to loss of $42.0 million in the prior year. Non-GAAP EBIT was $31.0 million in the quarter compared to $28.9 million in the prior year.
Operating cash flow totaled $26.1 million for the second quarter of fiscal 2022 compared to $27.0 million in the prior year quarter. Total cash and short-term investments were $295.8 million as of September 30, 2021 compared to $397.2 million as of March 31, 2021.
During the second quarter of fiscal 2022, Commvault repurchased approximately 1,159,000 shares of its common stock totaling $90.0 million at an average price of approximately $77.70 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 selected 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 or superior to, 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 FICA and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards as well as restructuring costs. Commvault has also excluded certain costs related to key employees of Hedvig and, for fiscal year 2021, the noncash amortization of intangible assets and the impairment of the intangible assets 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.
Commvault’s management generally compensates for the limitations described above related to the use of non-GAAP financial measures by providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault 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, October 26, 2021 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. To access this call, dial 844-742-4247 (domestic) or 661-378-9470 (international). The live webcast can be accessed 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 the recognized leader in data backup and recovery. Commvault’s converged data management solution redefines what backup means for the progressive enterprise through solutions that protect, manage and use their most critical asset — their data. Commvault software, solutions and services are available from the company and through a global ecosystem of trusted partners. Commvault employs more than 2,600 highly-skilled individuals across markets worldwide, is publicly traded on NASDAQ (CVLT), and is headquartered in Tinton Falls, New Jersey in the United States. To learn more about Commvault visit www.commvault.com
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 in Form 10-K and “Item 1A. Risk Factors” in our most recent quarter report in 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Michael J. Melnyk, CFA Commvault 732-870-4581 mmelnyk@commvault.com
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com
AWS Marketplace GM, Stephen Orban, to talk customer cloud journey during Commvault Connections21 – a best-in-class data services event
TINTON FALLS, N.J. – October 22, 2021 – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in intelligent data services across on-premises, cloud, and software as a service (SaaS) environments, today announced the availability of Commvault Backup & Recovery and Commvault Professional Services inAWS Marketplace, an online store that makes it easy for customers to find, test, buy, and deploy software that runs on AWS. Commvault continues to innovate in delivering industry-leading technology to customers to help them face digital transformation head-on with solutions that protect data anywhere, whether in the cloud, on-premises, or in a hybrid model.
Stephen Orban, GM for AWS Marketplace & Control Services, will address this topic further during his keynote session at Commvault Connections21, Commvault’s best-in-class global event centered around empowering data-minded information technology (IT) professionals to modernize their data protection environment, manage their data more efficiently, and mitigate risk, on October 28.
Expanding the reach of Commvault’s industry-leading backup and recovery solutions, AWS Marketplace availability of Commvault Backup & Recovery, with optional add-ons of Commvault Disaster Recovery and Commvault Professional Services, provides AWS customers with simple, scalable, and secure enterprise-grade data protection at infinite scale and rapid recovery of any workload. Commvault and AWS already share dozens of joint customers together. Through AWS Marketplace, customers have additional flexibility and choice to efficiently manage critical data, both in the cloud and on-premises, protect and recover from threats like ransomware, and use intelligent automation to optimize efficiency and reduce costs.
“Using Commvault backup and recovery solutions with AWS has been a winning combination for us,” said Benjamin Roper, Enterprise Back-up and Recovery Specialist at Parsons Corporation. “We feel secure knowing that our data is protected by two industry-leading companies, coupled with the cost-savings and scalability that we require to grow our business.”
“It’s critical to provide enterprise customers with the speed, scalability, and security needed to back up, protect, and recover data to and from the cloud,” said John Tavares, Vice President, Worldwide Channels & Alliances at Commvault. “By launching our Backup & Recovery, Disaster Recovery, and Professional Services solutions in AWS Marketplace, we are able to provide AWS customers with trusted data management solutions that natively support AWS services – making protecting and storing data as easy as possible.”
“As organizations continue to move along their digital transformation and cloud journeys, ensuring scalability and workload protection as early as possible is critical,” said Stephen Orban, General Manager, AWS Marketplace and Control Tower Services at AWS. “We’re happy to welcome Commvault Backup & Recovery to AWS Marketplace and are excited to see how customers will benefit from Commvault’s data protection solutions.”
To learn more about Commvault solutions in AWS Marketplace, visit our Seller Profile.
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, every quarter, Metallic is doubling the number of customers who leverage it 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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
Safe Harbor Statement: Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Michael J. Melnyk, CFA 732-870-4581 mmelnyk@commvault.com
Megan Lane 732-539-2767 mlane@commvault.com
Tinton Falls, N.J. – September 27, 2021 – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in Intelligent Data Services across on-premises, cloud, and SaaS environments, will host Commvault Connections21, a hybrid industry-leading data services event, for customers, partners, and industry experts across the globe on October 28, 2021.
Who: Commvault
What: Commvault Connections21
When: October 28, 2021 for global event; November 11, 2021 for Asia Pacific Japan
Where: Register at commvaultconnections21.com or commvaultconnectionsapj.com
Why: IT professionals are contending with multigenerational data sprawl, massive fragmentation, new security threats, and economic inefficiencies — all exacerbated by exponential data growth. This creates a business integrity gap between where they are today and where they need to be. Commvault is helping organizations close this gap by simplifying the environment, managing the complexity, and leveraging insights from data to enable business growth.
Commvault CEO Sanjay Mirchandani, alongside other experts, customers, and partners, will explore the heart of the matter during Connections21: how to help IT professionals accelerate their cloud journeys and digital transformations while navigating today’s evolving data challenges and relentless security threats.
Special guests and speakers include Dave Martin, Global Chief Security Officer of ADP, Stephen Orban, General Manager of AWS Marketplace & Control Service at AWS, and Chris Rein, Chief Technology Officer of the State of New Jersey. Laura Schwartz, professional speaker and author of Eat, Drink & Succeed, will emcee the event.
Connections21 will feature a variety of programming, including keynotes, technical sessions, demos, and networking events for attendees across the globe to connect with Commvault leaders, customers, partners, and industry pundits.
Get registered by visiting commvaultconnections21.com or commvaultconnectionsapj.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, every quarter, Metallic is doubling the number of customers who leverage it 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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
Safe Harbor Statement: Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Michael J. Melnyk, CFA 732-870-4581 mmelnyk@commvault.com
Megan Lane 732-539-2767 mlane@commvault.com
Commvault extends its market leading ransomware solutions with new services designed to plan for, protect, and recover from ransomware attacks
Tinton Falls, N.J. – September 8, 2021 – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in Intelligent Data Services across on-premises, cloud and SaaS environments, today announced new ransomware services designed to help businesses prepare for, protect against, and respond to today’s growing cyber threats.
Ransomware attacks continue to rise, and they are expensive—on average, it costs 10 times the cost of the ransom payment to restore the data1. 70% of ransomware attacks include a threat to leak exfiltrated data, and firms who have been attacked experience about 21 days of downtime afterwards2. The hard costs of ransomware are astronomical; most companies are not prepared to respond to an attack, and even less are planning ahead of time.
Commvault is a trusted partner to its global customers in data protection and recovery, for all types of risk vectors. Ransomware is the latest persistent threat facing our customers and the new ransomware protection and recovery services are based on Commvault’s expertise and knowledge of data management design, planning, and recovery.
The new offering, Commvault Ransomware Protection and Response Services, provides the resources and expertise needed to harden customers’ Commvault solutions from an attack, review the state of their data protection solution over time, and help them recover critical data when an attack does occur.
The Ransomware Protection Design and Plan service assists customers in validating their preparedness for ongoing threats and attacks. The offering will help organizations understand potential threats and risks impacting their ability to be ready. It offers tangible outcomes such as a readiness scorecard, key findings, and recommendations and a prioritized action plan.
The Commvault Ransomware Response Service provides the expertise and resources to help recover from an attack. As part of the service, Commvault provides a Ransomware Recovery Incident Manager backed by the Commvault Recovery Operations team. The service works with customers to identify and recover critical data and expedite a return to normal business operations.
These services complement Commvault Ransomware Protect and Recover solutions that deliver the critical capabilities for ransomware data protection. Utilizing this new service offering along with Commvault software and cloud offerings allows an enterprise to detect, protect, and recover from ransomware attacks and other data breaches as a core component of the Commvault Intelligent Data Services. Commvault Data Management and Protection products and Compliance and Governance solutions work hand in hand with this data security solution.
“Ransomware is growing exponentially as both a worldwide problem and an addressable threat,” said Ram Menashe, Vice President of Global Services at Commvault. “While we cannot guarantee our customers won’t be the target of an attack, we believe that by offering strategic protection plans, we can support customers at any stage of a ransomware attack—and do our best to help prevent it altogether with Commvault Protection Review. These services represent our commitment to keeping our customers’ data safe and recoverable while continuing to provide innovative, industry-leading products.”
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, every quarter, Metallic is doubling the number of customers who leverage it 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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
Safe Harbor Statement: Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Megan Lane Commvault 732.539.2767 mlane@commvault.com
Michael Melnyk, CFA Commvault 732-870-4581 ir@commvault.com
The Company was recognized among 12 vendors in the 2021 report
Tinton Falls, NJ – August 4, 2021 – Today Commvault (NASDAQ: CVLT), a recognized global enterprise leader in Intelligent Data Services across on-premises, cloud and SaaS environments, announced that Gartner, Inc., which delivers actionable, objective insight to executives and their teams, has given it the highest Product Scores across all three use cases in the 2021 Critical Capabilities report: datacenter environments (4.13/5), cloud environments (4.02/5), and edge environments (4.01/5).[1]This is the second year in a row that Commvault has achieved the highest scores in all three Critical Capabilities use cases as identified by the Gartner report. Commvault was also recently named a Leader in the 2021 Gartner Magic Quadrant™ for Enterprise Backup and Recovery Software Solutions.
“In our opinion, Critical Capabilities dives deep into the technical facts behind the technologies evaluated,” said Ranga Rajagopalan, VP of Products, Commvault. “We’re thrilled to be the only vendor with the highest scores across the use cases of data center, cloud and edge environments, for the second year in a row, after having been named a Leader in the Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions for the 10th time. I believe that this is a great validation of what our customers love – breadth of Intelligent Data Services, flexibility to deploy as software, appliance or Metallic SaaS, and the continuous innovation we drive into our portfolio.”
Commvault’s proven technology doesn’t just protect the data —it also helps increase visibility, reduce data sprawl, and accelerate transformation in datacenter, cloud and edge environments. Engineered from the ground up to protect data in data center, cloud, and edge environments, Commvault’s backup and recovery solutions, along with its Metallic SaaS solutions, ensure data is protected and recoverable wherever it lives.
[1]Gartner, “Critical Capabilities for Enterprise Backup and Recovery Software Solutions,” Jerry Rozeman, Santhosh Rao, Nik Simpson and Michael Hoeck, 2 August 2021
Gartner, Magic Quadrant for Enterprise Backup and Recovery Software Solutions, Santhosh Rao, Nik Simpson, Michael Hoeck, Jerry Rozeman, 19 July 2021
Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved
Gartner Disclaimer:
Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Commvault
Commvault is the recognized leader in data backup and recovery. Commvault’s converged data management solution redefines what backup means for the progressive enterprise through solutions that protect, manage and use their most critical asset — their data. Commvault software, solutions and services are available from the company and through a global ecosystem of trusted partners. Commvault employs more than 2,600 highly-skilled individuals across markets worldwide, is publicly traded on NASDAQ (CVLT), and is headquartered in Tinton Falls, New Jersey in the United States.
About Metallic™
Metallic™, a Commvault venture, was established to bring next-generation SaaS data protection to market, delivering Commvault’s powerful core technology simply through the cloud. Together with its partners, Metallic offers a growing portfolio of SaaS backup and recovery solutions to help today’s companies keep their data protected, compliant, and safe from deletion, corruption, and attack. Metallic operates as a division of Commvault and can be found at http://www.metallic.io.
Safe Harbor Statement: Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Michael J. Melnyk, CFA 732-870-4581 mmelnyk@commvault.com
Miranda Foster 732-728-5378 mfoster@commvault.com
— First quarter software and products revenue up 7% year over year — — Annualized recurring revenue (ARR) up 13% year over year — — $90 million of share repurchases —
Tinton Falls, N.J. – July 27, 2021 – Commvault [NASDAQ: CVLT] today announced its financial results for the first quarter ended June 30, 2021.
“We are pleased that the momentum from the prior fiscal year continued into our first quarter,” said Sanjay Mirchandani, President and CEO. “We remain confident that our transformation has put us in position to thrive in a post-pandemic world and achieve the financial targets laid out in January.”
Total revenues for the first quarter of fiscal 2022 were $183.4 million, an increase of 6% year over year. Total recurring revenue was $142.2 million, representing 78% 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 $532.8 million as of June 30, 2021, up 13% from June 30, 2020.
Software and products revenue was $82.2 million, an increase of 7% year over year. The year over year increase in software and products revenue was driven by a 23% increase in revenue from portfolio deals (deals less than $0.1 million in software and products revenue).
Larger deal revenue (deals with greater than $0.1 million and software and products revenue) represented 69% of our software and products revenue in the three months ended June 30, 2021. The number of larger deal revenue transactions increased 34% year over year to 185 deals for the three months ended June 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $305,000.
Services revenue in the quarter was $101.3 million, an increase of 5% year over year.
On a GAAP basis, income from operations (EBIT) was $15.5 million for the first quarter compared to $6.7 million in the prior year. Non-GAAP EBIT was $41.0 million in the quarter compared to $32.5 million in the prior year.
Operating cash flow totaled $37.2 million for the first quarter of fiscal 2022 compared to $15.3 million in the prior year quarter. Total cash and short-term investments were $359.1 million as of June 30, 2021 compared to $397.2 million as of March 31, 2021.
During the first quarter of fiscal 2022, Commvault repurchased 1,249,200 shares of its common stock totaling $90.0 million at an average price of approximately $72.08 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 selected 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 or superior to, 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 FICA and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards as well as restructuring costs. Commvault has also excluded certain costs related to key employees of Hedvig and, for fiscal year 2021, the noncash amortization of intangible assets 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.
Commvault’s management generally compensates for the limitations described above related to the use of non-GAAP financial measures by providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault 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, July 27, 2021 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. To access this call, dial 844-742-4247 (domestic) or 661-378-9470 (international). The live webcast can be accessed 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 the recognized leader in data backup and recovery. Commvault’s converged data management solution redefines what backup means for the progressive enterprise through solutions that protect, manage and use their most critical asset — their data. Commvault software, solutions and services are available from the company and through a global ecosystem of trusted partners. Commvault employs more than 2,600 highly-skilled individuals across markets worldwide, is publicly traded on NASDAQ (CVLT), and is headquartered in Tinton Falls, New Jersey in the United States. To learn more about Commvault visit www.commvault.com
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 in Form 10-K and “Item 1A. Risk Factors” in our most recent quarter report in 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Michael Melnyk, CFA Commvault 732-870-4581 ir@commvault.com
Megan Lane Commvault 732-539-2767 mlane@commvault.com
Tinton Falls, NJ – July 21, 2021 – Today Commvault (NASDAQ: CVLT), a recognized global enterprise leader in Intelligent Data Services across on-premises, cloud, and SaaS environments, announced that Gartner has named the company as a “Leader” in its most recent report: “2021 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions.”
The 2021 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions recognizes the dynamic backup and recovery market, focusing on a large range of workloads and capabilities from vendors in the space.
“Backup and recovery are absolutely critical in this age of growing threats to data and ever-broadening attack surfaces,” said Ranga Rajagopalan, VP of Product Management at Commvault. “We believe Commvault is uniquely positioned to address the critical uses cases customers encounter on their transformation journeys, such as ransomware protection and data protection across cloud, hybrid, and on-premises environments, as well as Backup-as-a-Service. Our flexible delivery models and SaaS leadership provide customers with leading technology, however they choose to consume it.”
Gartner, 2021 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions, Jerry Rozeman, Santhosh Rao, Nik Simpson and Michael Hoeck, July 19, 2021.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
The Gartner Magic Quadrant report was titled “Magic Quadrant for Data Center Backup and Recovery Solutions” from 2016-2020.
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, every quarter, Metallic is doubling the number of customers who leverage it 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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
About Metallic™
Metallic™, a Commvault venture, was established to bring next-generation SaaS data protection to market, delivering Commvault’s powerful core technology simply through the cloud. Together with its partners, Metallic offers a growing portfolio of SaaS backup and recovery solutions to help today’s companies keep their data protected, compliant, and safe from deletion, corruption, and attack. Metallic operates as a division of Commvault and can be found at http://www.metallic.io.
Safe Harbor Statement: Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
Kevin Komiega Commvault 978-834-6898 kkomiega@commvault.com
Michael J. Melnyk, CFA Commvault 732-870-4581 mmelnyk@commvault.com
Tinton Falls, N.J. – July 20, 2021 – Commvault (NASDAQ: CVLT), a recognized global enterprise leader in Intelligent Data Services across on-premises, cloud and SaaS environments, today announced support for the AWS for Health initiative from Amazon Web Services (AWS) as a vehicle for delivering secure, scalable, and compliant data management and protection solutions for organizations in the healthcare space.
AWS for Health is an initiative featuring services and solutions from AWS and AWS Partners built specifically for healthcare, biopharma, and genomics customers. The initiative makes it easier for health customers to select the right tools and partners for their highest-priority workloads across the health community. For customers looking to accelerate deployments with solution-specific support, AWS for Health also identifies dedicated AWS health industry specialists, AWS Professional Services teams, and leading AWS Partners in each solution area.
With the continued rise in data breaches and ransomware, it has never been more necessary for healthcare organizations to have solutions in place that can protect and recover critical data such as patient health records and medical information. Commvault’s portfolio of Intelligent Data Services offers flexibility for healthcare organizations with native support for AWS services, protection for AWS workloads such as AWS Outposts, AWS Storage Gateway, and Amazon Aurora, as well as backup to Amazon Simple Storage Service (Amazon S3) as a storage target.
Commvault and AWS provide an enterprise-class data management platform that allows healthcare organizations to store, protect, optimize, and use data across on-premises and AWS environments – all from a single easy to use interface. And, with AWS for Health, healthcare providers can access this interface easier than ever when they need it most.
“Commvault’s broad native support for AWS services and integration into leading EHR systems allow customers to efficiently manage their healthcare data and protect it from looming threats like ransomware,” said Rahul Pawar, Global Field Chief Technology Officer and Partner Strategy, Commvault. “Combined with the security and high availability that AWS provides, customers can rest assured that their sensitive data is safe and accessible at all times.”
Commvault’s portfolio of solutions are available in AWS Marketplace, a digital catalog with thousands of software listings from independent software vendors that make it easy to find, test, buy, and deploy software that runs on AWS. To learn more, visit the Commvault AWS Marketplace listing.
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, every quarter, Metallic is doubling the number of customers who leverage it 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 2,700 highly-skilled individuals around the world. Visit Commvault.com or follow us at @Commvault.
Safe Harbor Statement: Customers’ results may differ materially from those stated herein; Commvault does not guarantee that all customers can achieve benefits similar to those stated above. 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 and others. 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. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.
