Commvault Q2 2024 Earnings Report
Key Takeaways
Commvault announced its Q2 2024 financial results, with total revenues of $201.0 million, up 7% year over year. The company's total ARR grew to $711 million, up 18% year over year, and subscription ARR grew to $530 million, up 32% year over year. Income from operations was $17.6 million, and non-GAAP EBIT was $42.0 million. The company is set to unveil its cyber resilience platform at Commvault SHIFT.
Total revenues were $201.0 million, up 7% year over year.
Total ARR grew to $711 million, up 18% year over year.
Subscription revenue was $97.8 million, up 25% year over year.
Subscription ARR grew to $530 million, up 32% year over year.
Commvault
Commvault
Commvault Revenue by Geographic Location
Forward Guidance
The company provided revenue and non-GAAP operating margin guidance for Q3 2024 and updated revenue, total ARR, subscription revenue, non-GAAP operating margin, and free cash flow guidance for the full fiscal year 2024.
Positive Outlook
- Total revenues are expected to be between $206 million and $210 million for Q3 2024.
- Subscription revenue is expected to be between $106 million and $110 million for Q3 2024.
- Non-GAAP operating margin is expected to be approximately 21% for Q3 2024.
- Total revenues are expected to be between $812 million and $822 million for the full fiscal year 2024.
- Total ARR is expected to grow 14% year over year for the full fiscal year 2024.
Challenges Ahead
- Subscription revenue is expected to be between $408 million and $418 million for the full fiscal year 2024.
- Non-GAAP operating margin is expected to grow between 50 to 100 basis points year over year for the full fiscal year 2024.
- Free cash flow is expected to be approximately $170 million for the full fiscal year 2024.
- The forward-looking statements are subject to risks and uncertainties.
- Actual results may differ materially from anticipated results.