CVLT - Commvault Systems Inc. (CVLT) Q3 2024 Earnings Call Transcript
2024-01-30 12:50:22 ET
Commvault Systems, Inc. (CVLT)
Q4 2023 Earnings Conference Call
January 30, 2024, 08:30 AM ET
Company Participants
Michael Melnyk - Head, Investor Relations
Sanjay Mirchandani - Chief Executive Officer
Gary Merrill - Chief Financial Officer
Conference Call Participants
Aaron Rakers - Wells Fargo
Howard Ma - Guggenheim Securities
James Fish - Piper Sandler
Rudy Kessinger - D.A. Davidson
Eric Martinuzzi - Lake Street
Jason Ader - William Blair
Thomas Blakey - KeyBanc Capital Markets
Presentation
Michael Melnyk
Good morning. And welcome to our earnings conference call. I’m, Michael Melnyk, Head of Investor Relations and I’m joined by Sanjay Mirchandani, Commvault CEO and Gary Merrill, Commvault CFO.
An earnings presentation with key financial and operating metrics is posted on the investor relations website for reference. Statements made on today’s call will include forward-looking statements that are of Commvault. Future expectations plans and prospects. All such forward-looking statements are subject to risks, uncertainties and assumptions. Please refer to the cautionary language in today’s earnings release and Commvault’s most recent periodic reports filed with the SEC for a discussion of the risks and uncertainties that could cause the company's actual results to be materially different from those contemplated in these forward-looking statements. Commvault does not assume any obligation to update these statements.
During this call, Commvault's financial results are presented on a non-GAAP basis. A reconciliation between non-GAAP and GAAP measures can be found on our website.
Thank you again for joining us. Now I'll turn it over to Sanjay for his opening remarks. Sanjay?
Sanjay Mirchandani
Thank you, Mike. Good morning and thanks for joining us today. I am pleased to report our Q3 results exceeded expectations including double-digit year-over-year growth across our most important KPIs. By our own metrics, this was an exceptional quarter. We also set the stage for the future by introducing market-leading innovation. With Commvault Cloud, our revolutionary platform for cyber resilience. Some financial highlights include total revenue increased 11% year-over-year to $217 million. This was driven by a 31% increase in subscription revenue, which now represents more than half of our total revenue....
Commvault Systems, Inc. (CVLT) Q3 2024 Earnings Call Transcript