Commvault Q1 2024 Earnings Report
Key Takeaways
Commvault reported flat total revenues year-over-year at $198.2 million, but showed strength in its subscription business with subscription ARR growing 32% to $500 million. The company maintains its full year guidance, indicating confidence in future performance.
Total revenues remained flat year over year at $198.2 million.
Total ARR increased by 15% year over year, reaching $686 million.
Subscription revenue grew by 11% year over year, amounting to $97.3 million.
Subscription ARR increased significantly by 32% year over year, reaching $500 million.
Commvault
Commvault
Commvault Revenue by Geographic Location
Forward Guidance
Commvault provides guidance for Q2 2024 and reaffirms full year fiscal 2024 guidance. Q2 total revenues are expected to be between $193M and $197M, with subscription revenues between $95M and $99M and a non-GAAP operating margin of approximately 20.0%. For the full year, they expect total ARR to grow 13% year over year, total revenues between $805M and $815M, subscription revenues between $420M and $430M, non-GAAP operating margin growth between 50 to 100 basis points year over year, and free cash flow of approximately $170M.
Positive Outlook
- Total ARR is expected to grow 13% year over year.
- Total revenues are expected to be between $805 million and $815 million.
- Subscription revenues are expected to be between $420 million and $430 million.
- 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 $170 million.