Commault Systems, Inc. - CVLT STOCK NEWS

Commvault has announced that Alan Atkinson, its first Chief Partner Officer, has been recognized on the 2023 CRN Channel Chiefs list. This annual recognition honors IT channel executives who have significantly advanced channel partner programs and strategies. Atkinson is tasked with enhancing Commvault's relationships with resellers and cloud partners while further developing the Commvault Partner Advantage Program. The announcement underscores Atkinson's influence in navigating complex industry dynamics, essential for thriving channel partnerships. The recognition is documented in the February 2023 issue of CRN Magazine.

Commvault, a leader in enterprise data protection, has appointed Anna Griffin as its new Chief Marketing Officer as of February 1, 2023. With extensive experience at high-growth SaaS companies and global brands, Griffin aims to elevate awareness of Commvault's innovative data protection technologies. Commvault's President and CEO, Sanjay Mirchandani, emphasizes Griffin's capability in building strong brands and communicating the company's value in safeguarding data. Commvault continues to enhance its position in the cloud data protection market, serving over 100,000 organizations globally.

Commvault reported its financial results for the third quarter ended December 31, 2022, revealing total revenues of $195.1 million, a 4% decline year over year. The company recorded a diluted loss per share of $(0.01) under GAAP, but non-GAAP results showed a diluted EPS of $0.62. Total recurring revenue increased by 2%, reflecting strength in its Metallic service. Operating cash flow rose 13% to $30.2 million. Commvault also initiated a corporate headquarters sale for $40 million, aiming for a fiscal 2024 completion. Despite challenges such as a 9% drop in software and products revenue, ARR grew by 14%.

Commvault has been recognized as a 'Leader' and 'Outperformer' in GigaOm's Radar for Kubernetes Data Protection for the third consecutive year. The evaluation, which included 15 vendors, assessed Commvault's execution, innovation, and ability to manage hybrid and complex applications effectively. Analysts praised Commvault's comprehensive solutions for SaaS applications, on-premises environments, and Kubernetes data protection. The company has recently enhanced its technology for Kubernetes workloads, offering robust security controls and extensive support for various data services across platforms.

Commvault reported preliminary financial results for Q3 FY2023, with revenues of $195.1 million, a 4% decrease year-over-year. The company's EBIT margin was 2.6%, with a diluted loss per share of $(0.01). Non-GAAP EBIT stood at $38.5 million, down from $43.1 million a year earlier. Annualized recurring revenue (ARR) increased 14% to approximately $641 million. The results indicated a slowdown in orders, particularly in the Americas software business, prompting a reduction in operational costs. Commvault plans to discuss these results further in a conference call on January 31, 2023.

Commvault, a leader in data protection, has been recognized by Forrester as a Leader in the Data Resilience Solutions Suites for Q4 2022. The company achieved top scores in Current Offering, Product Vision, and Delivery Model criteria. Key highlights include strong backup functionality, innovative product integration with Metallic, and robust ransomware defense capabilities. Forrester emphasizes Commvault's comprehensive support for diverse backup sources and customer needs in both traditional and newer technologies. This ranking reflects Commvault's commitment to enhancing data protection strategies.

Commvault has appointed Shane Sanders, a former Verizon executive, to its Board of Directors. With over 30 years of experience in driving business initiatives and enhancing shareholder value, Sanders will also serve on the Audit Committee. His recent role at Verizon involved completing a major business transformation ahead of schedule. Commvault's Chairman, Nicholas Adamo, emphasized that Sanders' financial expertise will support the company's ongoing growth and profitability efforts.

Commvault, a leader in data management, has launched the Metallic File & Object Archive, a new Data Management as a Service (DMaaS) solution aimed at reducing storage costs and enhancing Governance, Risk, and Compliance (GRC) capabilities. This service offers organizations a cost-effective approach to managing unstructured data with features like air-gapped protection and compliance-ready operations. The solution is designed to help mitigate the risks of data vulnerabilities while addressing staffing shortages and budget constraints. Metallic File & Object Archive is set to be available next quarter.