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Commvault Systems, Inc. reports on cyber resilience software, data protection, identity resilience, and cloud recovery for enterprise environments. Company news centers on Commvault Cloud, Clumio, and Commvault Flex, including support for hyperscale cloud storage, Red Hat OpenShift Virtualization, immutable SaaS backups, air-gapped recovery, and AI-related data governance.
Recurring updates also cover subscription and SaaS revenue trends, annual recurring revenue, cash flow, partner ecosystem expansions, product demonstrations, and leadership appointments. The company sells software licenses and services to large enterprises, small and midsize businesses, and government agencies through direct sales and reseller partners.
Commvault has been recognized as a 'Leader' and 'Outperformer' in GigaOm's Radar for Kubernetes Data Protection for the third consecutive year. The evaluation, which included 15 vendors, assessed Commvault's execution, innovation, and ability to manage hybrid and complex applications effectively. Analysts praised Commvault's comprehensive solutions for SaaS applications, on-premises environments, and Kubernetes data protection. The company has recently enhanced its technology for Kubernetes workloads, offering robust security controls and extensive support for various data services across platforms.
Commvault reported preliminary financial results for Q3 FY2023, with revenues of $195.1 million, a 4% decrease year-over-year. The company's EBIT margin was 2.6%, with a diluted loss per share of $(0.01). Non-GAAP EBIT stood at $38.5 million, down from $43.1 million a year earlier. Annualized recurring revenue (ARR) increased 14% to approximately $641 million. The results indicated a slowdown in orders, particularly in the Americas software business, prompting a reduction in operational costs. Commvault plans to discuss these results further in a conference call on January 31, 2023.
Commvault, a leader in data protection, has been recognized by Forrester as a Leader in the Data Resilience Solutions Suites for Q4 2022. The company achieved top scores in Current Offering, Product Vision, and Delivery Model criteria. Key highlights include strong backup functionality, innovative product integration with Metallic, and robust ransomware defense capabilities. Forrester emphasizes Commvault's comprehensive support for diverse backup sources and customer needs in both traditional and newer technologies. This ranking reflects Commvault's commitment to enhancing data protection strategies.
Commvault has appointed Shane Sanders, a former Verizon executive, to its Board of Directors. With over 30 years of experience in driving business initiatives and enhancing shareholder value, Sanders will also serve on the Audit Committee. His recent role at Verizon involved completing a major business transformation ahead of schedule. Commvault's Chairman, Nicholas Adamo, emphasized that Sanders' financial expertise will support the company's ongoing growth and profitability efforts.
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Commvault, a leader in data management, has launched the Metallic File & Object Archive, a new Data Management as a Service (DMaaS) solution aimed at reducing storage costs and enhancing Governance, Risk, and Compliance (GRC) capabilities. This service offers organizations a cost-effective approach to managing unstructured data with features like air-gapped protection and compliance-ready operations. The solution is designed to help mitigate the risks of data vulnerabilities while addressing staffing shortages and budget constraints. Metallic File & Object Archive is set to be available next quarter.
Commvault reported strong financial results for Q2 fiscal 2023, with total revenues of $188.1 million, up 6% year-over-year. On a constant currency basis, growth was 12%. Annualized recurring revenue (ARR) increased 11% to $604.4 million, while software and products revenue rose 10%. The company achieved a non-GAAP EBIT of $35.4 million with a margin of 18.8%. Operating cash flow improved significantly to $49.8 million from $26.1 million a year prior. Commvault also repurchased shares totaling $39.9 million.
Commvault announced expanded protection for Kubernetes workloads, enhancing its data management offerings. The new features, part of Commvault Complete™ Data Protection and Metallic®, include automated management, replication, and security enhancements for hybrid cloud environments. With Gartner predicting that 85% of global enterprises will utilize containerized applications by 2025, these improvements aim to ease the transition to cloud applications. Commvault's solutions promise cost-effective disaster recovery and improved operational efficiency, reducing OPEX by up to 40% for users.
Commvault, a leader in data management, announced Commvault Connections 2022, scheduled for November 2 in the Americas and November 3 in EMEA and APJ. This global event will provide IT decision-makers with cloud transformation insights through various sessions focused on topics like Ransomware Protection and Data Management Modernization. The event features notable sponsors including Microsoft and Oracle, with a packed agenda that includes customer panels and innovation awards. Register for the event here.
Commvault (NASDAQ: CVLT) is scheduled to webcast its Q2 fiscal 2023 earnings results on November 1, 2022, starting at 8:30 a.m. EST. Investors can access the call via a Registration Link for dial-in details. A replay will be available on their investor relations website. Commvault specializes in data management solutions, serving over 100,000 customers globally.