Commvault Announces Fiscal 2025 Third Quarter Financial Results
TINTON FALLS, N.J., Jan. 28, 2025 /PRNewswire/ -- Commvault [Nasdaq: CVLT] today announced its financial results for the fiscal third quarter ended December 31, 2024.
"Once again, Commvault has delivered a record-breaking quarter with accelerating revenue growth," said Sanjay Mirchandani, President and CEO, Commvault. "Our innovative approach to cyber resilience continues to win large net-new accounts and fuel our expansion business. As we look to the future, we believe our unified platform which enables customers to anticipate, prepare for, and recover from inevitable attacks will be more critical than ever."
Notes are contained on the last page of this Press Release.
Fiscal 2025 Third Quarter Highlights -
-- Total revenues were $262.6 million, up 21% year over year
-- Total annualized recurring revenue (ARR)(1) grew to $890 million, up 18%
year over year, or 21% on a constant currency basis(2)
-- Subscription revenue was $158.3 million, up 39% year over year
-- Subscription ARR(1) grew to $734 million, up 29% year over year, or 32%
on a constant currency basis(2)
-- Income from operations (EBIT) was $13.6 million, an operating margin of
5.2%
-- Non-GAAP EBIT(3) was $54.6 million, an operating margin of 20.8%
-- Operating cash flow was $30.1 million, with free cash flow(3) of $29.9
million
-- Third quarter share repurchases were $31.9 million, or approximately
200,000 shares of common stock
Financial Outlook for Fourth Quarter and Full Year Fiscal 2025(4) -
We are providing the following guidance for the fourth quarter of fiscal year 2025:
-- Total revenues are expected to be between $260 million and $264 million
-- Subscription revenue is expected to be between $160 million and $164
million
-- Non-GAAP operating margin(3) is expected to be between 20% and 21%
We are providing the following updated guidance for the full fiscal year 2025:
-- Total revenues are expected to be between $980 million and $985 million
-- Total ARR(1) is expected to grow between 19% and 20% year over year
-- Subscription revenue is expected to be between $575 million and $580
million
-- Subscription ARR(1) is expected to grow between 28% and 30% year over
year
-- Non-GAAP operating margin(3) is expected to be between 20% and 21%
-- Free cash flow(3) is expected to be between $170 million and $200
million
The above statements are based on the incorporation of actual third quarter results and current targets. These statements are forward-looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results.
Conference Call Information
Commvault will host a conference call today, January 28, 2025 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. The live webcast and call dial-in numbers can be accessed by registering under the "News & Events" section of Commvault's website at ir.commvault.com under the "Investor Events" heading. An archived webcast of this conference call will also be available following the call.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere--at the lowest TCO.
Safe Harbor Statement
This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault's business, see "Item 1A. Risk Factors" in our annual report on Form 10-K and "Item 1A. Risk Factors" in our most recent quarterly report on Form 10-Q. Statements regarding Commvault's beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements.
Revenue Overview
($ in thousands)
Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Revenue Summary:
Subscription $114,247 $119,873 $124,080 $134,038 $158,321
Perpetual license 14,874 15,196 13,736 10,522 16,423
Customer support 76,812 77,025 76,288 77,688 77,078
Other services 10,875 11,198 10,568 11,030 10,808
Total revenues $216,808 $223,292 $224,672 $233,278 $262,630
Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Y/Y Growth:
Subscription 31 % 27 % 28 % 37 % 39 %
Perpetual license (25) % (13) % 4 % (27) % 10 %
Customer support (1) % - % (1) % 1 % - %
Other services 6 % (20) % (2) % (7) % (1) %
Total revenues 11 % 10 % 13 % 16 % 21 %
Constant Currency
($ in thousands)
The constant currency impact is calculated using the average foreign exchange rates from the prior year period and applying these rates to foreign-denominated revenues in the current corresponding period. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations. The non-GAAP financial measures presented in this press release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
Subscription Perpetual Customer Other Total
license support services
Q3'24 Revenue as Reported (GAAP) $114,247 $14,874 $76,812 $10,875 $216,808
Q3'25 Revenue as Reported (GAAP) $158,321 $16,423 $77,078 $10,808 $262,630
% Change Y/Y (GAAP) 39 % 10 % - % (1) % 21 %
Constant Currency Impact $954 $128 $85 $386 $1,553
% Change Y/Y Constant Currency 39 % 11 % - % 3 % 22 %
Revenues by Geography
($ in thousands)
Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, Middle East, Africa, Australia, India, Southeast Asia, and China.
Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Revenue Y/Y Revenue Y/Y Revenue Y/Y Revenue Y/Y Revenue Y/Y
Growth Growth Growth Growth Growth
Americas $125,052 16 % $131,069 7 % $138,725 14 % $144,408 20 % $155,435 24 %
International 91,756 6 % 92,223 14 % 85,947 13 % 88,870 10 % 107,195 17 %
Total revenues $216,808 11 % $223,292 10 % $224,672 13 % $233,278 16 % $262,630 21 %
Total ARR and Subscription ARR(1
)($ in thousands)
Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Total ARR(1) $752,480 $769,946 $802,709 $853,265 $889,628
Subscription ARR(1) $571,125 $596,667 $635,910 $687,050 $734,212
Income from Operations (EBIT)
-- Income from operations (EBIT) was $13.6 million, an operating margin of
5.2%
-- Non-GAAP EBIT(3) was $54.6 million, an operating margin of 20.8%
GAAP and Non-GAAP Net Income(3)
-- GAAP net income was $11.0 million, or $0.24 per diluted share
-- Non-GAAP net income(3) was $42.6 million, or $0.94 per diluted share
Cash Summary and Share Repurchases
-- Cash flow from operations was $30.1 million in the third quarter
-- As of December 31, 2024, ending cash and cash equivalents was
approximately $243.6 million
-- During the third quarter, Commvault repurchased $31.9 million, or
approximately 200,000 shares, of common stock at an average share price
of approximately $160.07 per share
Table I
Commvault Systems, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2024 2023 2024 2023
Revenues:
Subscription $158,321 $114,247 $416,439 $309,294
Perpetual license 16,423 14,874 40,681 42,417
Customer support 77,078 76,812 231,054 230,746
Other services 10,808 10,875 32,406 33,498
Total revenues 262,630 216,808 720,580 615,955
Cost of revenues:
Subscription 26,026 15,914 63,098 42,920
Perpetual license 410 798 1,188 1,852
Customer support 14,360 15,091 43,934 44,946
Other services 7,823 7,258 23,049 22,746
Total cost of revenues 48,619 39,061 131,269 112,464
Gross margin 214,011 177,747 589,311 503,491
Operating expenses:
Sales and marketing 116,068 91,697 313,965 260,536
Research and development 40,010 34,392 106,953 97,084
General and administrative 35,133 29,098 100,101 84,059
Restructuring 3,969 9,214
Change in contingent consideration 2,486 2,486
Depreciation and amortization 2,730 1,509 6,671 4,647
Impairment charges - 2,910
Total operating expenses 200,396 156,696 542,300 446,326
Income from operations 13,615 21,051 47,011 57,165
Interest income 1,564 1,381 5,098 3,530
Interest expense (104) (103) (313) (311)
Other income (expense), net 31 (13) 624 174
Income before income taxes 15,106 22,316 52,420 60,558
Income tax expense 4,085 5,176 7,307 17,772
Net income $11,021 $17,140 $45,113 $42,786
Net income per common share:
Basic $0.25 $0.39 $1.03 $0.97
Diluted $0.24 $0.38 $1.00 $0.95
Weighted average common shares outstanding:
Basic 43,889 43,862 43,779 43,956
Diluted 45,184 44,799 45,177 45,020
Table II
Commvault Systems, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31, March 31,
2024 2024
ASSETS
Current assets:
Cash and cash equivalents $243,575 $312,754
Trade accounts receivable, net 271,363 222,683
Assets held for sale 34,770 38,680
Other current assets 27,025 21,009
Total current assets 576,733 595,126
Deferred tax assets, net 117,575 111,181
Property and equipment, net 7,273 7,961
Operating lease assets 10,907 10,545
Deferred commissions cost 67,839 62,837
Intangible assets, net 21,912 1,042
Goodwill 186,406 127,780
Other assets 35,111 27,441
Total assets $1,023,756 $943,913
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $88 $299
Accrued liabilities 128,957 117,244
Current portion of operating lease liabilities 4,970 4,935
Deferred revenue 377,723 362,450
Total current liabilities 511,738 484,928
Deferred revenue, less current portion 210,530 168,472
Deferred tax liabilities 3,344 1,717
Long-term operating lease liabilities 6,631 7,155
Other liabilities 3,664 3,556
Total stockholders' equity 287,849 278,085
Total liabilities and stockholders' equity $1,023,756 $943,913
Table III
Commvault Systems, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2024 2023 2024 2023
Cash flows from operating activities
Net income $11,021 $17,140 $45,113 $42,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,759 1,538 6,758 4,734
Noncash stock-based compensation 31,463 24,602 84,270 71,941
Noncash change in fair value of equity securities 167 13 32 (174)
Noncash change in fair value of contingent consideration 2,486 2,486
Noncash impairment charges - 2,910
Noncash operating lease expense 1,378 1,655 4,326 4,246
Deferred income taxes 2,203 (6,280)
Amortization of deferred commissions cost 8,279 6,795 23,756 19,544
Changes in operating assets and liabilities:
Trade accounts receivable, net (88,550) (28,921) (65,437) (20,676)
Operating lease liabilities (1,200) (1,301) (5,173) (3,827)
Other current assets and Other assets 4,778 5,802 436 1,970
Deferred commissions cost (12,112) (7,980) (29,532) (20,541)
Accounts payable (1,035) 76 (1,240) 108
Accrued liabilities 21,927 4,815 10,095 852
Deferred revenue 46,080 20,697 57,910 22,443
Other liabilities 502 (492) (3) 407
Net cash provided by operating activities 30,146 44,439 130,427 123,813
Cash flows from investing activities
Purchase of property and equipment (262) (1,814) (2,973) (3,227)
Purchase of equity securities (207) (490) (788) (1,062)
Business combination, net of cash acquired (44,909) (65,909)
Net cash used in investing activities (45,378) (2,304) (69,670) (4,289)
Cash flows from financing activities
Repurchase of common stock (31,899) (51,298) (135,194) (133,655)
Proceeds from stock-based compensation plans - 1,385 11,100 7,753
Net cash used in financing activities (31,899) (49,913) (124,094) (125,902)
Effects of exchange rate - changes in cash (12,365) 8,801 (5,842) 2,910
Net increase (decrease) in cash and cash equivalents (59,496) 1,023 (69,179) (3,468)
Cash and cash equivalents at beginning of period 303,071 283,287 312,754 287,778
Cash and cash equivalents at end of period $243,575 $284,310 $243,575 $284,310
Supplemental disclosures of noncash activities
Issuance of common stock for business combination
$ -
$ - $4,900
$ -
Operating lease liabilities arising from obtaining right-of-use assets $220 $798 $4,687 $5,493
Table IV
Commvault Systems, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2024 2023 2024 2023
Non-GAAP financial measures and reconciliation:
GAAP income from operations $13,615 $21,051 $47,011 $57,165
Noncash stock-based compensation5 31,156 24,602 79,775 71,941
FICA and payroll tax expense related to stock-based compensation6 1,557 727 3,692 2,212
Restructuring7 3,969 9,214
Amortization of intangible assets8 1,383 312 2,529 938
Litigation settlement9 - 675
Business combination costs10 415 2,340
Noncash impairment charges11 - 2,910
Change in contingent consideration12 2,486 2,486
Non-GAAP income from operations $54,581 $46,692 $150,632 $132,256
GAAP net income $11,021 $17,140 $45,113 $42,786
Noncash stock-based compensation5 31,156 24,602 79,775 71,941
FICA and payroll tax expense related to stock-based compensation6 1,557 727 3,692 2,212
Restructuring7 3,969 9,214
Amortization of intangible assets8 1,383 312 2,529 938
Litigation settlement9 - 675
Business combination costs10 415 2,340
Noncash impairment charges11 - 2,910
Change in contingent consideration12 2,486 2,486
Non-GAAP provision for income taxes adjustment13 (9,373) (7,772) (30,143) (18,853)
Non-GAAP net income $42,614 $35,009 $118,591 $99,024
GAAP diluted earnings per share $0.24 $0.38 $1.00 $0.95
Noncash stock-based compensation5 0.69 0.55 1.77 1.60
FICA and payroll tax expense related to stock-based compensation6 0.03 0.02 0.08 0.05
Restructuring7 0.09 0.20
Amortization of intangible assets8 0.03 0.01 0.06 0.02
Litigation settlement9 - 0.01
Business combination costs10 0.01 0.05
Noncash impairment charges11 - 0.06
Change in contingent consideration12 0.06 0.06
Non-GAAP provision for income taxes adjustment13 (0.21) (0.18) (0.66) (0.42)
Non-GAAP diluted earnings per share $0.94 $0.78 $2.63 $2.20
GAAP diluted weighted average shares outstanding 45,184 44,799 45,177 45,020
Three Months Ended Nine Months Ended
December 31, December 31,
2024 2023 2024 2023
Non-GAAP free cash flow reconciliation:
GAAP cash provided by operating activities $30,146 $44,439 $130,427 $123,813
Purchase of property and equipment (262) (1,814) (2,973) (3,227)
Non-GAAP free cash flow $29,884 $42,625 $127,454 $120,586
Use of Non-GAAP Financial Measures
Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations (EBIT), non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP free cash flow, annualized recurring revenue (ARR) and subscription ARR. This financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. Commvault believes that the use of these non-GAAP financial measures, when used as a supplement to GAAP financial measures, provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault's industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided its revenues, ARR, and subscription ARR on a constant currency basis. Commvault analyzes revenue growth, ARR, and subscription ARR on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are included in this press release.
Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in-the-money stock options or vest in restricted stock awards. Commvault has also excluded restructuring costs, noncash amortization of intangible assets, litigation settlement, business combination costs, noncash impairment charges, and the change in the estimated fair value of contingent consideration from its non-GAAP results. These expenses are further discussed in Table IV. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault's core operating results over multiple periods. When evaluating the performance of Commvault's operating results and developing short- and long-term plans, Commvault does not consider such expenses.
Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault's operating results and those of other companies.
There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault's operating results. In addition, noncash stock-based compensation is an important part of Commvault's employees' compensation and can have a significant impact on their performance. The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development and general and administrative ($ in thousands):
Three Months Ended December 31, Nine Months Ended December 31,
2024 2023 2024 2023
Cost of revenues $1,465 $1,935 $4,420 $5,224
Sales and marketing 13,911 10,189 35,028 29,834
Research and development 7,084 5,451 17,803 16,183
General and administrative 8,696 7,027 22,524 20,700
Stock-based compensation expense $31,156 $24,602 $79,775 $71,941
The table above excludes stock-based compensation expense related to the Company's restructuring activities described below in Note 7.
The components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures. Due to the limitations related to the use of non-GAAP measures, Commvault's management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Commvault's management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.
Non-GAAP net income and non-GAAP diluted earnings per share (EPS). In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 24%. Beginning in fiscal 2025, Commvault lowered its estimated non-GAAP effective tax rate from 27% to 24%. Commvault believes that a 24% rate more closely aligns with its effective tax rate expectations over the next few years.
Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income. For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.
Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP net income and non-GAAP diluted EPS.
Non-GAAP free cash flow. Commvault defines this non-GAAP financial measure as net cash provided by operating activities less purchases of property and equipment. Commvault considers non-GAAP free cash flow a useful metric for Commvault management and its investors in evaluating Commvault's ability to generate cash from its business operations. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP free cash flow.
Forward-looking non-GAAP measures. In this press release, Commvault presents certain forward-looking non-GAAP metrics. Commvault cannot provide a reconciliation to the comparable GAAP metric without unreasonable efforts, as certain financial information, the probable significance of which may be material, is not available and cannot be reasonably estimated.
Notes
1. Annualized recurring revenue (ARR) is defined as the annualized recurring
value of all active contracts at the end of a reporting period. It
includes the following contract types: subscription (including term
license contracts, SaaS and utility software), maintenance contracts
related to perpetual licenses, other extended maintenance contracts
(enterprise support), and managed services. It excludes any element of
the arrangement that is not expected to recur, primarily perpetual
licenses and most professional services. Subscription ARR includes only
term license contracts, SaaS and utility software arrangements. Contracts
are annualized by dividing the total contract value by the number of days
in the contract term, then multiplying by 365.ARR should be viewed
independently of GAAP revenue, deferred revenue and unbilled revenue and
is not intended to be combined with or to replace those items. ARR is not
a forecast of future revenue. Management believes that reviewing this
metric, in addition to GAAP results, helps investors and financial
analysts understand the value of Commvault's recurring revenue streams
presented on an annualized basis.
2. Constant currency amounts for ARR and subscription ARR are calculated
using the foreign exchange spot rate from the prior year period and
applying this rate to foreign-denominated results in the current
corresponding period. Commvault analyzes ARR and subscription ARR on a
constant currency basis in order to provide a comparable framework for
assessing how the business performed excluding the effect of foreign
currency fluctuations. Investors are encouraged to review the
reconciliations of the reported ARR and subscription ARR amounts to their
respective constant currency amounts included in our "Q3'25 Earnings
Presentation", which can be accessed under the "Financial Information"
section of Commvault's website at ir.commvault.com.
3. A reconciliation of GAAP to non-GAAP results has been provided in
Financial Statement Table IV included in this press release. An
explanation of these measures is also included under the heading "Use of
Non-GAAP Financial Measures."
4. Commvault does not provide forward-looking guidance on a GAAP basis as
certain financial information, the probable significance of which cannot
be determined, is not available and cannot be reasonably estimated. See
"Use of Non-GAAP Financial Measures" for additional explanation.
5. Represents noncash stock-based compensation charges associated with
restricted stock units granted and our Employee Stock Purchase Plan,
exclusive of stock-based compensation expense related to Commvault's
restructuring activities described below in Note 7.
6. Represents additional FICA and related payroll tax expenses incurred by
Commvault when employees exercise in-the-money stock options or vest in
restricted stock awards.
7. These restructuring charges relate primarily to severance and related
costs associated with headcount reductions and stock-based compensation
related to modifications of existing unvested awards granted to certain
employees impacted by the restructuring plan.
8. Represents noncash amortization of intangible assets.
9. During the first quarter of fiscal 2025, we entered into a settlement
agreement resulting in a payment of approximately $1.5 million which
resolved certain legal matters. Approximately $0.7 million was recorded
in general and administrative expenses for the nine months ended December
31, 2024, and the remaining $0.8 million was incurred in a prior period
that is not presented in the consolidated statements of operations.
10. During fiscal 2025, Commvault incurred costs related to the acquisitions
of Appranix, Inc. and Clumio, Inc., including legal, accounting and
advisory services. Management believes, when used as a supplement to
GAAP results, that the exclusion of these costs will help investors and
financial analysts understand Commvault's operating results and
underlying operational trends as compared to other periods.
11. Represents noncash impairment charges of assets held for sale.
12. Represents the change in the estimated fair value of the contingent
consideration arrangement related to the acquisition of Appranix, Inc.
13. The provision for income taxes is adjusted to reflect Commvault's
estimated non-GAAP effective tax rate of 24% for fiscal 2025, and 27%
for fiscal 2024. Beginning in fiscal 2025, Commvault lowered its
estimated non-GAAP effective tax rate from 27% to 24%. Commvault
believes that a 24% rate more closely aligns with its effective tax rate
expectations over the next few years.
View original content to download multimedia:https://www.prnewswire.com/news-releases/commvault-announces-fiscal-2025-third-quarter-financial-results-302361132.html
SOURCE COMMVAULT
