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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 announced the launch of Metallic ThreatWise, a new cyber deception service designed to detect and contain ransomware threats. This innovative early warning system proactively identifies unknown and zero-day threats, helping to minimize data compromise. According to a survey, only 12% of IT directors feel confident in their data protection tools. ThreatWise utilizes decoys to lure attackers, enhancing security and incorporating machine learning capabilities. With over 100,000 customers, Commvault continues to solidify its position in data management.
Commvault has appointed Alan Atkinson as its new Chief Partner Officer, reporting to Riccardo Di Blasio, the Chief Revenue Officer. Atkinson brings extensive experience in cloud and data protection, having previously led companies such as WysDM Software and held a role at Dell. His addition is expected to enhance Commvault's partner ecosystem and strengthen strategic alliances with cloud partners. The company aims to leverage Atkinson's expertise to drive growth in its Metallic SaaS offerings and further develop its innovative data management platform.
Commvault, a leader in cloud data management, has been recognized by Gartner with the highest product scores in its 2022 Critical Capabilities report across all three evaluated use cases: Data Center (4.23/5), cloud (4.18/5), and edge environments (4.22/5). This achievement underscores Commvault's innovative solutions for data protection in complex environments. Additionally, Commvault was named a Leader in the 2022 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions, reflecting its strong execution and vision in the market.
Commvault has been recognized as a Leader in the 2022 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions. This marks the 11th consecutive year for this distinction. The evaluation highlights Commvault's strength in providing integrated solutions for ransomware protection and its recent partnership with Oracle to enhance its Metallic Data Management as a Service. The company focuses on assisting enterprises with hybrid cloud data management needs, thereby addressing increasing security threats and data challenges.
Commvault reported strong financial growth for the first quarter of fiscal 2023, with total revenue reaching $198.0 million, an 8% year-over-year increase. On a constant currency basis, revenue grew by 13%. Total recurring revenue surged 20% year-over-year, hitting $170.8 million, with annualized recurring revenue (ARR) increasing 12% to $594.5 million. The company reported diluted earnings per share of $0.08 under GAAP and $0.64 on a non-GAAP basis, with an operating cash flow of $22.4 million.
Commvault has been recognized as a "Frontrunner" and "Outperformer" in GigaOm's latest reports on hybrid cloud data protection for both large enterprises and SMBs. The platform scored top ratings in cyber resiliency, data management, and Kubernetes support. Commvault's Metallic SaaS portfolio was praised for its innovation and ability to meet the needs of diverse workloads, addressing threats like ransomware and complex regulatory requirements. This accolade underscores Commvault's commitment to delivering comprehensive and effective data solutions across various platforms.
Commvault (NASDAQ: CVLT) will host a webcast to discuss its first quarter fiscal 2023 earnings results on July 26, 2022, at 8:30 a.m. ET. Interested participants can access the call via phone or through a webcast available on Commvault's investor relations page. The company emphasizes its Intelligent Data Services Platform, which supports businesses in data management, showcasing its significance in modern data environments.
Commvault has expanded its partnership with Oracle to offer Metallic Data Management as a Service (DMaaS) on Oracle Cloud Infrastructure (OCI). This collaboration aims to enhance data protection for enterprise customers against threats while ensuring compliance with local data residency laws. Metallic DMaaS delivers improved security and simplified recovery options, facilitating seamless integration between on-premises and cloud environments. The service aims to combat ransomware and unauthorized data access across various sectors, leveraging OCI's advanced security features and storage capabilities.
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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.