Commvault Systems (CVLT) 1 Nov 222023 Q2 Earnings call transcript

Good day and thank you for standing by. Welcome to the Commvault Q2 Fiscal Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please hand over Mike would now Head conference to like Relations. I Melnyk, the of Investor ahead. go Please

future All for such the update Thanks, An of language the welcome I'm uncertainties and Commvault's does assumptions. CEO; joined in Andrea. earnings subject a filed Merrill, Mirchandani, most Good call. Commvault's materially risks, Gary cautionary on conference CFO. Please Investor statements. of these risks expectations, be release statements earnings by to contemplated to Sanjay uncertainties reports to Mike cause for Commvault your site forward-looking and Commvault's from with forward-looking and and statements are today's metrics operating Web forward-looking statements. Relations, prospects. key results Investor obligation our Head recent these and include the is SEC and refer Statements could and infographic the plans Relations to different today's periodic any made to financial that about will actual Commvault's I'm posted those not on Melnyk, assume the in morning, call reference. and with discussion

non-GAAP call, found GAAP results presented this basis. site. joining. non-GAAP our are During Thanks the A Web measures on financial between on a reconciliation be Commvault's and can again for

his Sanjay? Sanjay remarks. turn I'll for over call Now to the

QX results, discuss morning. pleased we I'll I'm record to which Good Michael. fiscal constant that Thanks, currency. share in delivered

our Software transactions. success large and strength in driven by in the products increased continued Americas and was revenue XX%. Growth winning

ransomware is healthy subscription over enterprise share strategy XX% growth. remain XX% be continues the proof year-over-year in fuel and resonate shortly. to now ARR. three this growth Metallic strong that more Combined, ARR and These I'll our a working increasing class are ways. XX% of results total represents our and top protection grew SaaS continues best technology ARR in Our to data to in continues of year-over-year. mind. where

First, business the on the past transforming the responsible over been growth. we've returned focused have to and three years, company

driving model XXX on growth. now predictable focus over gives million us ARR future Our for

unified marquee Second, advantage a in minute. SaaS share land and because is us customers. is differentiator and our a examples need I'll software both. customers helping a some competitive and This want portfolio

addition a software and delivered hyper we In organically class model, to and to SaaS transitioning subscription world funded a growth platform.

both were have one-third have of Commvault. offering Metallic and need MXXX new in gaining multiple adoption that two our a reminder, as a see XXXX. phenomenal a quarter is of software another measure QX, commercially and Half today's Metallic to against software have that Metallic machine world X,XXX to Commvault customer achieved to launched October continue We customers Metallic which in part Microsoft to customers. complementary in this of ended SaaS. over business. As XX% other years, are additions offerings reserve Metallic growth. traction. recovery product marker is its success We ransomware as In reinforcing the we our and acquisition logo offerings, our those because Metallic and of with drive

our This that Our clear very surpass industry. one offerings we're two Metallic a approximately of than the benchmarks that of in less million outpacing growing future. this will It's offerings years. makes SaaS and XX in SaaS part in big be reinforces ARR fastest Metallic Metallic

in not talent our but is edge data and materially and third of go-to-market have smart improved excellence, cloud our a ranked investments The Through done. operational ecosystem and our combined growth, center, with point that number working work, and reinvigorated our leadership one efficiency our we're as environments, in reinforced execution. proof our position lot we partner the strategy is vendor

relying problems elegant edge solutions in new back exposed confident the from of an our us the on-prem on Data to day. hard remote, businesses. fluid, In their difficult data fragmented After because increasingly threats and in opportunity moving and every and our and the fact, modernize excited offer again, cloud of world. to I'm grow even we customers and front customers' to is all, more to data are it to is

unknown a uncompromised. in We we customers backup After is nonnegotiable, surfaces ability offerings. is which it protection the and ensure these our recovery early provider As before a in data Commvault available. is that data data with strategy future why warning today, provider, and believe an zero proof February. SaaS to trusted system to the and is proven the intelligent protection organization's data ensure that threats security that data begins always and is delivered, day compromised. offer This all, as proactively why recover as to protection, or attack the implicit help your backup, only a ThreatWise that proactive of Metallic a TrapX threat is is copy security built acquired we see quality on technology ThreatWise, good the we from is other value. and ransomware only capabilities responsive launched the customers which is is

Fortune to meeting recovery [ph], point products in and multiple Kings Commvault better the company's all objectives. its protect efficiencies. to a and recovery Commvault its time Metallic turned protection Woodwork multinational XXXX locations data and data now example, of data company all consolidate software handles while For increase to

choose was to and leveraging data Another a great to fully data centers customers example close software adopt -- global manufacturer. with and decided XXX sorry both company protection needs SaaS how recent win their strategy. its Fortune our global multi-cloud for its This are of a

all migrate demonstrate how software and elegant Commvault could a multiple platform. incumbent advantage. an business, zero solution loss grade including protection Both and examples environments all data a the While on distinct providing comprehensive and across vendors, the the value one strategy support enterprise for to is SaaS competitive workloads cloud workloads to only deliver

it over a Gary? Gary Now, of discussion financial results. turn for our I'll to

quarter rates $XXX million. on quarter a I was growth increased growth revenue start the Thanks, year-over-year good constant with recap Sanjay, Total stated. and to a will otherwise morning, quick basis, of basis, total X% a unless On everyone. revenues for currency XX%. with the

the currency in continued Our driven execution, headwinds. quarter the though be macro growth strong in even to was by

Continued strengthening of quarter $X revenue first by impacted QX since our U.S. the million. call approximately dollar adversely

Software the XX% a million was From year-over-year quarter currency XX% constant of increasing our strong geographical currency basis. $XX revenue on both and perspective, regions a and constant year-over-year growth. for and delivered products Americas international

The constant priorities is key which and transactions driver ability transactions. increase and growth X% and Data Specifically, products key year-over-year our workloads was strength drove increase by to organizations, for size $XXX,XXX basis, concerns revenue. volume XX%, consolidated the region a from our XX% environments mix a transactions. combined by basis, average see software of support in an was our international growth. $XXX,XXX. our for represented and both with larger XX% of a are across XX% to revenue. X% year-over-year large increased related increased reaching such a revenue Americas over region new transactions software large We deal software in customer also protection spending pleased of enterprise driven driven enterprise security currency in in were a On increase On

million of represented Subscription software total to the approach QX to software looking continues with in protection $XX and which of to a strategy. revenue compares of their XX% software year-over-year data to Our cloud total enable prior revenue hybrid customers only technology increased XX% year. revenue, XX% modernize enterprise resonate to

software predictability, given model. business resilience a to has progress Our more to subscription-led and business our

Moving now insight revenue, our recurring ARR some from to I revenue results, metrics. reported will annualized give or

ARR only constant our to combination Our currency. Metallic ARR. year-over-year XX% and of reported ARR total growth million, is and to growth Metallic and The of by total subscription and accelerated $XXX XX% growth is XX% subscription ARR $XXX increased thirds with in million now being driven two as of representing software.

crossed mentioned, since XX% of about recently Metallic $XX the higher which fiscal in As ARR, million the start year. Sanjay is

XX.X%, Gross X% will second discuss exchange and operating for quarter is prior with I margins prior foreign down flat the were profitability. sequentially. despite million, expenses the Total which consistent year expenses Now, versus the were pressure. the $XXX and quarter

EBIT on in were XX facilities of EBIT critical party cash by are was managing people, resulting investments million, We our XX%. focusing most quarter an the to third priorities. and our flows Non-GAAP expenses Free margin for $XX year, repurchased million of to the we Through common our we $XX million. returning of shareholders. million. stock, In shares stock shares common QX, half the repurchased of our million X first XXX,XXX $XX

States. free on first half repurchases XX% first no United cash ended The which outside We the the balance located is the debt of cash quarter with flows. of in XX% our half represented $XXX of million sheet, and

of cash balances to Investor like operating countries. against January our support across progress XX the update give over foreign a needs Day XXXX. the business brief from on I the objectives now would Our spread

the XXXX, am the pleased margin by which year. total that the months combination annual our compounded and I total As When X% a reminder, growth current those to measured to end and is revenue range of of six basis, in of objectives on these X% expected report revenue fiscal EBITDA ahead growth we've objectives constant achieved the timeline. fiscal of currency XX a included of

XX, ahead on XX%. calculation margin which a points And an of two of the quarters, increased currency EBITDA we of rule XX. is four Over revenues in basis, of original last a constant target our delivered of total resulting XX.X%,

term key the XX long against of a rule progress remain objective. the Continued over will

discuss outlook our financial for the third I will fiscal Now, quarter.

of July additional total call, With headwind million an revenues. dollar our since the stronger U.S. we expect on $X

QX be total be $XXX of constant fiscal currency would current a revenues million year-over-year. revenue of represents software On in in to exchange to guidance, At we $XX guidance foreign million. constant be the X% range the to revenue a to rates, QX X% currency of revenue $XXX this the we As now result, of midpoint growth. $XXX Considering our expect range million software basis, million. expect the up total midpoint

As winning displacements. net business, competitive I including are new mentioned we earlier,

monitor to ongoing changes our We other customer to spending business risks budget and due uncertainty. continue patterns, macroeconomic potential to priorities, in closely the

X% be revenue gross QX to of IT expenses these business up result, be QX a consolidated our take balancing a QX At close, profitability, million, revenue global longer aware midpoint uncertainty, will focused operating levels, the are managing guidance, down initiatives slightly sequential of XX.X%. to on to on parts may new as approximately this while At year-over-year. Metallic. margins expenses, maniacally margins to XX%. larger we approximately especially continue approximately EBIT be to In transformation are investing such of projects. we light basis growth we be $XXX in expected expect As

is as QX provisions XX.X part like One research shares. the million of development Our and out of million federal payments include free to point would $X incremental item cash tax projected of share I reform. for capitalization enacted count tax approximately approximately that will second half is XXXX related to flow

on focused execution. is team Our

through shareholders growth responsible philosophy, our our business. to least XX% and repurchases, Metallic free to while Sanjay now at call expect maintain continuing return all our will flow remarks. Sanjay? will to his cash I to turn for We operating accelerate the continue back of closing to

Gary. Thanks,

want our Before invite we join to to event. Connections turn upcoming you us questions, at I to

Over hope and announcements. portfolio, virtually next customers, days, we prospects including new highlight many the offerings tune as partners few hosting thousands be of we'll and our I you in.

open it let's questions. up Now, for

At this conduct you. session. a will we Instructions]. time, Thank [Operator question-and-answer

Fish comes first Jim Piper Please from Our Sandler. with question go ahead.

replacing on of constant looking just more vendor? the with for guys kind the multiple whitespace specifically quarter within that close what you new do guess ARR. consolidate onto longer to basis desire see are at install guys. the you mentioned Hi, bit environment, management solutions customers' including with Gary, Metallic? the a in you business. seeing it's customer your and guys I the to currency opportunity And what data base taking Nice one

Sanjay. Jim. Hi, It's

it. a Let me take at stab

out years both products examples of took We software. So and several every and it was Fortune had, one the the replaced that see the gave ours, day. using I with this over company one architecture, they Metallic that

customers XX% Metallic roughly Over technology. had Commvault also course quarter, last the of of our

day. it's is can put what dealing every unify, because to bring in you we single of seeing That's we way see be and and pane being into how with And our less more. of we're pulled you And safer glass a both. singular The We see with in, And less different a have our of technology you So customers. protection technologies it. win. have the layers of layer that premise you seeing. every that's is day. this We're this visibility ransomware, one technology, to

our And strong software consolidation. a strong on really to efforts focus those hear deals. on the really we new It's is in some quantifications. customer results building the the driven had couple A landing one a in side net From over the Good so of larger Americas customers. by land of Jim. pipeline in land Gary. that so We've of in from new perspective, Hi, land, you. six saw best quarters, on that

helps. so that's because larger getting The that across products. result, multiple a also we're Yes, and are deals as replatforming

side things just actually also the Was there beat. revenue, I confirming deferred with basis three three of years. environment? up I'm that are cash for given billings That's asking pressure sign the I FX guys. years guys. flow what to to just just Thanks, any any typical And a issues you was really you're term subscription a take helpful in the understand durations? deferred it the you here is on roughly down, off on duration a multiyear to duration customers' guys here, on two, that But though? billings if if statement seeing revenue, with change is the closer on really move because end macro the what seeing actually side willingness And desire primarily

Jim, perspective And consistent pretty with Gary. From bit a those. a range subscription, you of growth mentioned. still term both term the terms managing we're handle on and little metrics We're that the our we're steady. it's of seeing I'll through metrics pressure, it. the is term but holding

deferred second revenue. correct point was wrong, me Your on, I'm if

So constant deferred revenue currency. was actually up XX%

So deferred growth. basis constant will a constant strongly think sides. both was on at you driven revenue basis XX% on on look revenue, currency and generally currency align I ARR And Metallic them with of by both a if deferred

Thanks, guys.

question. One moment next our you. for Thank

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audio the Is Okay. better? any

better, thank you. Much

regarding gave question My kind macro of versus was initial the now you end slowdown June. that you the the Okay. that color of saw

four months got since You then.

the juxtapose if there's could no been you if change? wondering Just two, or

been chain Hi, and Sanjay. the start a we're Eric. earlier which execution. point I'll focused what learned And sure from have looking at on supply super lot doing, We've last really a everything view. It's we will Gary I'm we control, is of year.

those apply close at best how to pipeline, And we're so to practices that. things rates, looking like the

execution. that's we right between the taking a close. there's inspection of of say part So I deals you on saw will that lot as and longer probably to focused we're we that our to quarters, thought getting two

Okay.

it our Just predictability. focused across and more will came board, the a harder models particular I of the data scrutiny, the quarter. scrutiny the a strong of rates and a lot on the lot course over board. was science Europe across closed the quarter. harder had more we got were conversation, but course quarter, Americans say challenging over in got But execution some of through. again on The

common a say theme. to that Gary, was want I'll you that? So to add anything

we're strongest to But Fiscal continue. that's some into tied demand we on of expecting is look generally QX. those seasonal for even, of to timing. close as time fiscal outlook reflected factored QX our into on is we're macro And see timing. our somewhat Commvault, QX, for our year-end headwinds Eric, into And Yes. It's factoring really budget quarter, outlook. at that just we The there. some to

just the the Yes, It's is good. timing. pipeline

in anticipated expected better continue is you're And worse anticipating to in EMEA and is -- the continue? continued Yes. that U.S. is to

we're worse not EMEA. necessarily Eric, think, I in expecting

I seen, as stronger on in a the relatively U.S. think relative we've basis continued and what

opportunistic repurchase kind saw of on cash that point? I the to up the -- that or in tied the in better was Okay. Was the here simply just QX, program And flow price QX. stepped you then

half Eric, strong flow, flows during XX%. at at the mark, the on XX%, had cash cash double quarter. the commitment least the year, And approximately of digits, XX% flows cash And free half we to our highlight first Yes, back for free first and are very even return the at free of flows our shareholders. think to at cash we're I to our

QX So we sure our repurchases objectives. to stay aligned ahead of we've our make

margin. that? on margin. but question downtick final services comes they're flat slight for Okay. me the did on And notice sequentially, the then gross a relatively behind gross I What's

services when margin. margin, you gross that two about pieces gross Eric, think there's Yes, in

customer piece okay, revenue. driver is there the revenue, on headwind FX. first our customer And is The support biggest support the the actually

only If press support you our XX% down was customer revenue But down look at release, adjusted disclosed X%. we is and the FX it approximately year-over-year. about

and our services the support, being currency the offset includes the that's which on being biggest revenue. services, by really other Metallic So customer fully

we you'll to see and Metallic. where that's major start growth year-over-year as quarter-over-quarter accelerate So

questions. my taking for Thanks understand. Okay,

Thank question. you. moment One for next our

from comes ahead. go Please question next with Our Sandler. Piper Fish Jim

guys. the over what's quickly. quarters. for understand kind resist imply Metallic, guess, size X,XXX customers last a seeing causing would Couldn't versus With my uplift Metallic specifically? asking few Hi, another trying math deal actually in just we're now of I that to

Gary. Hi, I a wouldn't deal Jim. It's uplift. say

think depends a really good larger tailwind there'll some is some deals, building tied customers. the really but maybe right? velocity both focusing cycle real we're is strength on renewal on be getting segment. driving and going velocity landing seeing and new I business, a quarter-to-quarter Metallic on and our it the Where that of to So focus timing

and but focused we're retention. a little of net the we're driving in building overall, class kind ASP less on actually times, repeatable making at So best sure dollar expansion that

of proud Commvault. quarter of Metallic to units XX% the of things, new a the new this were alone Jim, One on most is we're customers basis,

show quarter really over growth. necessarily onboard and in we that drive time So the which show doesn't and as expand up this statements, up financial will

Thanks, Gary.

you. for question. moment One Thank our next

Please Fargo. ahead. Wells from go question Aaron with next Our comes Rakers

the what us I X,XXX that customers the I the exiting missed Yes, on but Congrats thanks you was just Metallic, execution. solid apologize on appreciate can maybe if help this, for taking the last fiscal to And who just you that? just think as do I'm see? about compete in Metallic with the in curious I of think the kind year, questions. market, addition, like trajectory of you

with talk mentioned, X,XXX. were Gary. competitive of give at start bit first It's the growing Yes, the point, you broad X,XXX. we strokes. benchmark can standpoint. well as from we To of the less question. kind than you well year, of side the a at And a about I'll Exiting fiscal we're kind over we're Sanjay, maybe clip, the this at kind

been win Sanjay. win, software it's SaaS with platform players, on at Coming big we SaaS not has now And allows customers It's bring small don't for common every time. players, allow extend They that's the the And Yes, -- extend leave a our when is us And look enterprise part. been bringing to workload. traditional we've make the this point do natural you or and SaaS a if to that's at together Aaron, architecture years, back you just two strategy our desired their unified the why much said. can't they right unnatural choices. to to platform, winning. software on going can't cloud, be to the do journey the customers. cloud, into to we've to they That's how two to for look into left their ability a that it's choices ransomware.

an incredibly with offering, generation in Metallic software So and itself, is it's unbeatable. powerful SaaS combined pretty architecture, of next

have And are them financial if implication, so also you about of today Commvault I about customers think Telus half software. think the

XX today and growth million growth. is building install visibility software on ARR this growing base, that securing through future that driving revenue our now So while

go most talk And should When go software? and make. CIOs, should well, I say, choice CEOs, when for go, I they we to the I we unnatural that's SaaS talk or you to to

you you you provider And need unnaturally you need makes where And of are in You isn't both. choose doing journey, much service. that depending any a both. your

allows with start our change go transparently. why and SaaS, that time. we their That's and architecture or workloads every forth, we do So back we software win and an change And and with can them our move to and customers SaaS software, win. forth, in that's why with start offering back minds,

about Commvault ultimately you helpful. think Yes, where drive that's of Commvault over do that stays it kind customers how you those think ultimately of an that Do that product, very customers time base? of of think think Metallic flywheel purchase curious other you Do monetization to to? that XX%? expanding Metallic can XX% having And that XX% products? you your customer you at Just

to whether because On time not I over both, journey. Honestly, -- when CIO. a being the I multiyear, on need it's or on you're or or a pandemic anything else. accelerated if was It's chain expect every supply journey okay. a super customer of you're journey a -- that's

optionality. is customers need that you're what we optionality. the on And give that If you journey, our

software So that believe there's don't customer the no base, both reason more both, and SaaS the okay. base base customer to traditional our be

were potential the company, new Now if customers for pull okay. a the to becomes of XX% of our software, quarter last every to them Metallic one

how our that's that's So playbook. we go to And market.

if a any question the the Yes, side, that Azure, about I'll that's of you're been curious updates, leave final and just it's helpful. on of partnership ecosystem. then or develops? excited if there's And the floor partner kind how changes Microsoft Any on is that

been it's focus huge area the past us for months. six over Aaron, a

strengthened overrun the Alan really So we probably to And with and starting on a relevant the would a partner in very into focused generation with And overrun, company. are a with, about next ecosystem seasoned focused doing leader, been our our partner say Oracle are our new on ecosystem. how all We've ever who building relationships we Atkinson, as we singularly folks he's I workloads, things. ecosystem, our with industry we team. the pandemic -- brought particular since with Oracle. the recently, their at providers, with strong Oracle show had ransomware today Oracle. and I more the person, you, our than to how OCI, more mean, booth showing. -- customer been was we're know it was in Microsoft work We one, wanted These at in events very I've first strong trade cloud very showing

very just continue to partners. one. to that's you example, And a Our me give and to success important is Metallic will one be largely with and with

during Connections shamelessly in we close community, the our partner that plugged from prepared sponsorship that event Our have my starts sponsorship. incredible incredible tomorrow I is comments okay,

of the testimony that's relationships. to the So strength

very committed. are never We today. are we partnerships been committed than more to We've

Yes, very good. Thanks, guys.

One for our moment you. next Thank question.

of Thomas Markets. comes ahead. question from next go Capital Our KeyBanc Blakey Please

believe, Hi, you gross the guys. headwinds I I the that Thanks mentioned few. Gary, Metallic be margin taking for questions. should have a abating.

ARR, after I margin. just from great can Solid couple numbers have here. that. was you ups comment updated an on just gross maybe of wondering perspective Metallic follow I if a

to from Hi, you. Tom. It's good hear

So we're making great progress every on Metallic gross margins. for I'm really pleased is Metallic that quarter-over-quarter. our gross improving margin quarter,

on our we track. to progress be So we're one to on making that need before, trajectory to just as path make SaaS out the to we another, from on and still we're need years stay we we're margins, at. We're but the probably said two testing

the standpoint. I consolidated I made continued give thought I I we for modest gross margin, QX, I'm Even that margin gross that from improvement well. the comments year QX through And to And quarter guidance I the fiscal low some expecting as consolidated margins. is consolidated So gross point were think a the hold. expect fiscal at the last on for for to on continue

Gary, clear, Metallic, not expectations Very if progress here. solid and of ahead on

subscription in Metallic kind like the accelerated maintenance It I'm looks ARR, negative a last ARR. to number. Metallic and doing levels, with like disclosures on might XX% negative exiting correctly math it the maybe if have my looks On teens it year of your like

maintenance a trend the of for helpful? kind on transition again subscription there can of Just talk updates about you bottom any kind would there, looking be

FX. Absolutely. It's all

give little quantify me you for you. let -- So it a

QX, just X%. down XX% If an FX you at we're On adjusted, earnings the look revenue release. year-over-year. actual for contained down which is tables maintenance we're fiscal our to in basis, our

So it is X% down.

been two also last quarters, roughly it's X%. the For

So is thinking of about single see revenue, new choices to if you're of converting of on the our modern a maintenance should we're expect into some strategic in reflective from that you making we're digits what customers offerings. our which subscription decline go-forward low perspective,

here. last be that capped you shared is that deals, actually taking there, deal you software. also And interesting question, for my large taking up say Very headwinds creeping as you being the the helpful kind macro thank all of Gary. maybe usual, questions, then understanding and are the and the continued clear, half Metallic? large might metrics on us customers with Commvault Metallic It's Is by success

But larger. understand question. it, deals. smaller characterization. actually in maybe guys. the That's Metallic large like are those deals I As my are final I'm Thanks, relatively the Maybe wrong that deals,

just you business the now for the Tom, workloads between complementary. work give they're right Metallic, me view very Let more of the actually point and way software it. on us

In Metallic from fact, is reserve, Metallic recovery ransomware part it protection, we call software. our of through but delivered our

you So it delivered can delivered through invoke it the through copy gets -- immutable gets that cloud Metallic. software, but the in

So capabilities. these tying complementary we're intrinsically as

delivery and XX% our most that will cases, into in Metallic so offering. And sometimes At on-premise protection. ransomware point, it plus more one of at kicks say, look customers an a than customers solution Metallic and then have we'd like the

with or protection something on may else. Office So XXX those start ransomware machines virtual then or add and

they it thus if works -- So it and far works that sense. makes complement tandem really each other, in

is the up. size helpful. Difficulty] No, driving deal it [Technical

we obviously not but future of more to things on both is most workload. important other, each more and software attach. naturally level complement me They does. that same motion see seeing the that's actually the It for customers depending the To attach

Thank Very Excellent. you. helpful, guys.

Thank you.

the hands not any I'm seeing queue. more in

call please. end can the think I we

Thank concludes your today's program. participation the in you for conference. This

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