“This was one of the strongest quarters in our history with double digit ARR and revenue growth, and robust free cash flow generation,” said Commvault president and CEO Sanjay Mirchandani. “As enterprises face non-stop cyberattacks and threats, the introduction of our new Commvault Cloud platform gives our customers ground-breaking strategies to stay resilient and also positions us for accelerated growth in fiscal year 2025.”
Fiscal 2024 third quarter highlights:
Total revenues were US$216.8 million, up 11% year over year
Total ARR grew to US$752 million, up 17% year over year
Subscription revenue was US$114.2 million, up 31% year over year
Subscription ARR grew to US$571 million, up 29% year over year
Income from operations (EBIT) was US$21.1 million, an operating margin of 9.7%
Non-GAAP EBIT was US$46.7 million, an operating margin of 21.5%
Operating cash flow was US$44.4 million, with free cash flow of US$42.6 million
Third quarter share repurchases were US$51.3 million, or approximately 711,000 shares of common stock
We are providing the following guidance for the fourth quarter of fiscal year 2024:
Total revenues are expected to be between US$210 million and US$214 million
Subscription revenue is expected to be between US$111 million and US$115 million
Non-GAAP operating margin is expected to be between 20% to 21%
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We are providing the following updated guidance for the full fiscal year 2024:
Total revenues are expected to be between US$826 million and US$830 million
Total ARR is expected to grow 15% year over year
Subscription revenue is expected to be between US$420 million and US$424 million
Subscription ARR is expected to grow 25% year over year
Non-GAAP operating margin is expected to grow between 50 to 100 basis points year over year
Free cash flow is expected to be approximately US$170 million
The above statements are based on the incorporation of actual third quarter results and current targets. These statements are forward looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results.
