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Commvault Systems, Inc. (NASDAQ: CVLT) is a leading provider of data protection and information management solutions, serving over 100,000 organizations worldwide. The company offers a comprehensive suite of software applications and services designed to help businesses protect, access, and use their data as a strategic asset. Commvault's software solutions include Commvault Complete Backup and Recovery, HyperScale, Hedvig, and Metallic, catering to large enterprises, small- and midsize businesses, as well as government agencies.
Headquartered in Tinton Falls, New Jersey, Commvault operates globally, with a significant presence in the United States and extensive export operations. The company's core products and services enable organizations to achieve cyber resilience by securing, protecting, and rapidly recovering data across various workloads and infrastructures.
Recent key developments include the expansion of Commvault's leadership team in the Asia Pacific (APAC) region with the appointments of Michel Borst and Joanne Dean as Area Vice Presidents. This strategic move aims to enhance the company's cyber resilience capabilities and strengthen its partner ecosystem in the region.
Additionally, Commvault's newly formed Cyber Resilience Council, chaired by cybersecurity expert Melissa Hathaway, focuses on addressing emerging security trends and threats. The council's insights play a crucial role in shaping product development and guiding business strategies, further solidifying Commvault's position as a leader in cyber resilience.
Financially, Commvault has demonstrated robust performance, with significant revenue and annualized recurring revenue (ARR) growth in recent quarters. The company's latest financial results highlight its strong market position and ongoing commitment to innovation and customer success.
Commvault's flagship product, the Commvault Cloud platform powered by Metallic AI, offers advanced data security and rapid recovery capabilities, ensuring businesses can maintain operations and recover swiftly from cyber-attacks. The platform's AI-driven automation and low total cost of ownership (TCO) provide a competitive edge in today's digital landscape.
For more information and the latest updates on Commvault's performance, events, and developments, visit their investor relations page at http://ir.commvault.com.
Commvault reported its second quarter financial results for the period ending September 30, 2020, with total revenues of $171.1 million, a year-over-year increase of 2%.
The company incurred a GAAP loss from operations of $(42.0) million, primarily due to $40.7 million in non-cash impairment charges related to the acquisition of Hedvig, Inc. In contrast, non-GAAP income from operations reached $28.9 million, marking a rise from $24.8 million the previous year.
Recurring revenue grew by 6% year-over-year, totaling $129.1 million.
Commvault (NASDAQ: CVLT) will announce its financial results for the fiscal second quarter ended September 30, 2020, on October 27, 2020. A live webcast and conference call will take place at 8:30 a.m. Eastern Time. Investors can access the call by dialing domestic (844) 742-4247 or international (661) 378-9470. Additionally, a telephone replay will be available for seven days post-call. Commvault is recognized as a leader in data backup and recovery, employing over 2,500 individuals globally.
Commvault (NASDAQ: CVLT) has launched the Metallic Cloud Storage Service, integrating cloud storage for backup and recovery via Microsoft Azure. This service allows customers to easily adopt cloud storage while enhancing ransomware readiness by providing an air-gapped cloud copy. It features a single management interface, promoting data security and resiliency against cyber threats, which have surged by 400% amid the pandemic. The service is now available in North America, EMEA, and APAC, simplifying cloud management for businesses.
Commvault (NASDAQ: CVLT) is hosting a webinar on September 21, 2020, focusing on the environmental impact of data management, featuring industry experts from Forrester, Microsoft, and WeTransfer. The event aims to discuss how to manage data sustainably during Climate Week and coincides with the United Nations General Assembly. Commvault is part of the Business Avengers coalition, supporting the 17 Sustainable Development Goals, specifically SDG 12: Responsible Consumption and Production. The company emphasizes the importance of reducing the IT carbon footprint as part of its commitment to sustainability.
On September 16, 2020, Commvault (CVLT) announced a collaboration with Pure Storage to create a new reference design aimed at enhancing data management and protection. This integration combines Commvault's Complete Data Protection with Pure's FlashBlade platform, delivering a high-performance solution for rapid data recovery. The partnership responds to increasing remote work-related data challenges, facilitating compliance and cost-effective data accessibility. The technology simplifies backup and management across diverse environments, leveraging machine learning for improved analytics and risk reduction.
Commvault (NASDAQ: CVLT) has attained the AWS Outposts Ready designation, recognizing its Commvault Complete™ Data Protection as fully integrated with AWS Outposts. This designation supports businesses in implementing a hybrid cloud experience, streamlining disaster recovery strategies. Commvault’s offerings enhance data protection across various platforms, including Amazon EC2 and Amazon RDS, promoting operational efficiency and ROI through automated migration tools.
Commvault (NASDAQ: CVLT) announced on September 9, 2020, the general availability of its enhanced Intelligent Data Management portfolio, including Commvault Disaster Recovery, Backup & Recovery, and Complete Data Protection. These solutions are designed to optimize data management in cloud and on-prem environments, ensuring business continuity and data recoverability. Key features include support for major cloud platforms like Microsoft Azure and AWS. This update aims to mitigate risks associated with data loss and is aligned with increasing demands for stringent disaster recovery SLAs.
Commvault (NASDAQ: CVLT) announced new enhancements to its SaaS data protection portfolio, Metallic™, on Sept. 9, 2020. These upgrades include expanded support for Microsoft applications, advanced eDiscovery capabilities, and compliance with GDPR. The company is leveraging a strategic partnership with Microsoft to enhance performance and scalability using Azure services. Additionally, Metallic is now available in Australia and New Zealand and plans for expansion into European markets. This positions Commvault to address growing data protection demands and compliance needs for businesses worldwide.
Commvault (NASDAQ: CVLT) announced the availability of its Metallic SaaS data protection portfolio in the Microsoft Azure Marketplace, enhancing access to its data protection solutions. This offering allows customers to efficiently protect data in hybrid cloud environments with scalable and secure services. The introduction of Metallic Endpoint Backup and Recovery expands its portfolio, supporting remote work needs by offering flexible restore capabilities and unlimited cloud storage. The partnership with Microsoft aims to simplify customers' digital transformation journeys.
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