Commvault Announces Fiscal 2024 First Quarter Financial Results
Commvault News, Tuesday, August 1,2023
Commvault announced its financial results for the fiscal first quarter ended June 30, 2023.
"We're off to a solid start to our fiscal year, highlighted by accelerated subscription revenue momentum and continued operating discipline," said Sanjay Mirchandani, President and CEO. "We're excited about the opportunity ahead and remain committed to helping our customers manage the shifting demands of an ever-changing data protection market."
Fiscal 2024 First Quarter Highlights -
- Total revenues were $198.2 million, flat year over year
- Total ARR1 grew to $686 million, up 15% year over year
- Subscription revenue was $97.3 million, up 11% year over year
- Subscription ARR1 grew to $500 million, up 32% year over year
- Income from operations (EBIT) was $18.5 million, an operating margin of 9.3%
- Non-GAAP EBIT2 was $43.5 million, an operating margin of 22.0%
- Operating cash flow increased 74% year over year to $39.0 million, with free cash flow2 of $37.9 million
- First quarter share repurchases were $51 million, or approximately 779,000 shares of common stock
Financial Outlook for Second Quarter and Full Year Fiscal 2024
We are providing the following guidance for the second quarter of fiscal year 2024...