Commvault Sys Inc - CVLT STOCK NEWS

Commvault reported its financial results for Q3 FY2021, ending December 31, 2020, with total revenues of $188.0 million, marking a 7% year-over-year increase. Notably, recurring revenue reached $140.0 million, up 13% year-over-year. Non-GAAP income from operations stood at $37.3 million, yielding an EBIT margin of 19.8%. The diluted EPS was $0.57. Cash flow from operations improved significantly to $17.0 million. Commvault's annualized recurring revenue (ARR) increased to $507.2 million, up 11% from the previous year.

Commvault (NASDAQ: CVLT) announced significant enhancements to its Metallic Backup-as-a-Service (BaaS) offerings, expanding its portfolio with new data protection solutions including Salesforce Backup and enhancements for Microsoft Teams. The company is now providing support in 23 countries, adding nine new EMEA countries. Metallic's hybrid cloud capabilities are enhanced with the introduction of HyperScale X. These innovations aim to meet rising demand for cloud-based data protection solutions amid increased remote work and data risks.

Commvault (NASDAQ: CVLT) appointed John Tavares as Vice President, Global Channel and Alliances, effective January 6, 2021. With over 25 years at Dell EMC, Tavares is tasked with expanding Commvault's Global Partner Organization and enhancing partner relationships globally. His experience in driving revenue growth and building sales teams is expected to boost Commvault's reputation in data management solutions. Tavares succeeds Mercer Rowe, who will now focus on strengthening Commvault's SaaS division, Metallic, in Japan and Asia Pacific.

Commvault (NASDAQ: CVLT) will announce its financial results for the fiscal third quarter ending December 31, 2020, on January 27, 2021. A detailed earnings letter will be available on their investor relations site. Following the results release, the FutureReady Investor Event is scheduled for 11:00 a.m. ET to discuss quarterly performance and long-term strategy. Investors can register for the live webcast and access archived material post-event. The company emphasizes its leadership in data management solutions and its commitment to providing value to its investors.

Commvault (NASDAQ: CVLT) has enhanced its Commvault Disaster Recovery solution to support automated recovery for VMware workloads, integrating with Microsoft Azure and Amazon Web Services. This upgrade features continuous data replication and automated failover with sub-minute Recovery Point Objectives (RPOs) and near-zero Recovery Time Objectives (RTOs). The platform aims to meet evolving disaster recovery needs, addressing challenges like ransomware and site disasters, while providing customers with robust cross-cloud migration capabilities.

On November 19, 2020, Commvault (NASDAQ: CVLT) was recognized as an 'outperformer' by GigaOm in its report on Kubernetes data protection. This accolade reflects Commvault's effectiveness in simplifying data protection for Kubernetes and hybrid cloud environments through its Hedvig Distributed Storage Platform and Complete Data Protection solutions. Additionally, Commvault launched the Metallic VM and Kubernetes Backup, enhancing its offerings in the market and catering to growing enterprise needs for container management.

Commvault (NASDAQ: CVLT) announced new offerings for enterprise-grade data protection for Kubernetes, including the Metallic VM & Kubernetes Backup solution. This solution enhances Commvault's Hedvig Distributed Storage and Complete Data Protection. Customers purchasing 10 or more VMs by May 18, 2021, will get Kubernetes Backup free for the subscription's lifetime. The new offerings simplify data protection across hybrid and multi-cloud environments.

Commvault (NASDAQ: CVLT) announced the expansion of its award-winning Metallic™ Backup-as-a-Service (BaaS) solutions across the EMEA region, including the UK, Belgium, and Sweden. This move addresses rising business concerns regarding cost, scalability, and security for data protection. Metallic's offerings are designed for GDPR compliance, integrating with Microsoft Azure for enhanced data security. As cloud adoption increases, particularly in early adopter markets, Commvault aims to support organizations in navigating stringent privacy laws. The solutions are available via the Microsoft Azure Marketplace.