Commvault Sys Inc - CVLT STOCK NEWS

Commvault (NASDAQ: CVLT) announced today the resignation of Chief Financial Officer Brian Carolan, effective July 1, 2022. He will be succeeded by Gary Merrill, who has held various senior roles within the company, including Chief of Business Operations. The transition is aimed at ensuring continuity as Commvault seeks to leverage growth opportunities in subscription and SaaS markets. Carolan's long tenure since 2001 has contributed to the company's public offering and global expansion.

Commvault reported strong financial results for the fourth quarter and fiscal year ending March 31, 2022, with total revenues reaching $205.9 million in Q4, up 8% year over year. Annual revenues totaled $769.6 million, a 6% increase. Key highlights include a 19% rise in recurring revenue and a 12% increase in software and products revenue. Non-GAAP diluted EPS for Q4 was $0.75, while the full-year figure was $2.51. Commvault also repurchased approximately 4.3 million shares during the fiscal year and announced a new $250 million share repurchase program.

Commvault (NASDAQ: CVLT) will host a webcast to discuss its fourth quarter and fiscal year 2022 earnings results on May 3, 2022, at 8:30 a.m. ET. Investors can join via telephone at (844) 742-4247 (domestic) or (661) 378-9470 (international), with a replay available for seven days post-call. Commvault offers an Intelligent Data Services Platform, supporting over 100,000 organizations with data storage, protection, and optimization. The company has modernized its service offerings with the introduction of SaaS through its Metallic product line, enhancing customer adoption.

Commvault (NASDAQ: CVLT) has announced the launch of its Metallic® Data Management as a Service (DMaaS) solutions in Qatar, expanding its cloud-based portfolio to safeguard various workloads including SaaS applications, VMs, and databases. This initiative aims to address critical business concerns regarding cost, scalability, and security in hybrid cloud environments. Metallic solutions also support compliance with GDPR and data sovereignty regulations, providing firms with the necessary tools to monitor data storage and ensure compliance. The move follows a positive regional reception for the offerings.

Commvault (NASDAQ: CVLT) announced the General Availability of Feature Release 11.26, enhancing its Intelligent Data Services to improve security and recoverability. Key features include hardware-based security tokens, secure cloud authentication methods with AWS KMS and Azure Key Vault, and extended Disaster Recovery orchestration for larger datasets. These updates underscore Commvault's commitment to combating cyber threats, especially ransomware, across various infrastructures, including on-premises and multi-cloud environments. For detailed features, visit the official documentation.

Commvault (NASDAQ: CVLT) has launched its Metallic Data Management as a Service (DMaaS) portfolio in Japan, expanding its availability to over 30 countries. Since its inception in October 2019, Metallic has been adopted by over 1000 customers, providing data protection and recovery for various workloads, including SaaS applications like Microsoft 365. The service is hosted on Microsoft Azure, featuring advanced security measures and flexible pricing. Customers benefit from reduced TCO and simplified management processes.

Veristor Systems has joined the Commvault Partner Advantage Program as a Metallic Managed Service Provider, enhancing their data management solutions. This partnership enables customers to benefit from secure, scalable protection against data loss. Metallic's SaaS offerings, designed for comprehensive coverage, complement Veristor's managed services, including backup-as-a-service (BaaS) and disaster recovery-as-a-service (DRaaS). Together, they aim to drive cloud transformation and safeguard diverse workloads. Veristor emphasizes the importance of data protection for business growth, leveraging industry-leading technology for improved service delivery.

Commvault (NASDAQ: CVLT) reported Q3 2022 financial results with revenues of $202.4 million, an 8% year-over-year increase. Non-GAAP EBIT was $43.1 million, with a margin of 21.3%, leading to diluted EPS of $0.67. Total recurring revenue reached $164.4 million, accounting for 81% of total revenues, and annualized recurring revenue (ARR) rose to $561.2 million, up 11% year-over-year. Operating cash flow improved to $26.8 million.

The company repurchased 1.3 million shares for $85.3 million.

Commvault (NASDAQ: CVLT) has appointed Danielle Sheer as its new Chief Legal and Compliance Officer, responsible for leading global legal and compliance initiatives. Sheer brings extensive experience in managing data privacy and governance, having worked with public technology firms and advised on IPOs and governance matters. Commvault's CEO, Sanjay Mirchandani, emphasized the increasing importance of data protection amidst rising threats like ransomware. The appointment aims to enhance the company’s role as a trusted leader in intelligent data services.