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 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.
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.