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Commvault Announces Fiscal 2021 Third Quarter as Company's Best Quarter Ever

Today, Commvault announced financial results for Q3 FY21 - the company's best quarter ever.  

Commvault, like many data protection companies, have been shifting its positioning towards cloud services and recurring revenues.  That shift has taken some time, but things have greatly accelerated under new leadership over the past two years.

"The strategic moves we made over the past two years are delivering results," said Sanjay Mirchandani, President and CEO, Commvault. "We have simplified how we do business, dramatically improved our execution, and are innovating faster than ever."  

Mirchandani became CEO of Commvault back in February of 2019.  Since then, the company has launched Metallic, a brand new SaaS subsidiary, and it completed the company's first ever acquisition of the software-defined storage vendor, Hedvig.

Quarterly financial highlights include: 

  • Third quarter Software and Products Revenue was $88.6 million, an increase of 16% year-over-year, and an all-time record. 
  • Reported Total Revenue was $188M, an increase of 7% year-over-year, also an all-time record
  • GAAP EBIT was $2.7 million, and non-GAAP EBIT1 increased 29% year-over-year to $37.3 million.
  • Annual Recurring Revenue grew 11% to $507 million. 

Mirchandani went on to spotlight the growth of their latest solution, Metallic.  "I'm also pleased to report that our Metallic software-as-a-service offering has become an integral component of our land and expand strategy.  In Q3, nearly 40% of Metallic customers were net new to Commvault.  We also saw increased adoption among our existing installed base, more deals involving a multi-product purchase, and increased contributions from our partners."

As recently as this week, the company expanded its Metallic offering to support Salesforce, Microsoft Teams, Oracle and Active Directory workloads.  To provide additional flexibility, they also announced Commvault HyperScale X for Metallic, which allows customers to use Metallic to protect data in any hybrid environment, from cloud to cloud, on-premises to cloud, or cloud to appliance.

Mirchandani said he believes Commvault is poised to increase their share in this large and growing shifting market, adding "our go-to-market engine is executing confidently and we believe we have an early-mover advantage, particularly with our Metallic and HyperScale X offerings."

Published Wednesday, January 27, 2021 10:56 AM by David Marshall
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