Commvault (NASDAQ:CVLT) saw its shares, well, vault, Tuesday on release of today its financial results for the fourth quarter and fiscal year ended March 31, 2024.
The Tinton Falls, New Jersey-based company reported fourth-quarter revenues of $223.3 million, up 10% year over year. Subscription revenue was $119.9 million, up 27% year over year. Income from operations (EBIT) was $18.2 million, an operating margin of 8.1%. Non-GAAP EBIT was $45.2 million, an operating margin of 20.2%. Operating cash flow was $80.0 million, with free cash flow of $79.1 million.
Total annual revenues were $839.2 million, up 7% year over year. Total ARR grew to $770 million, up 15% year over year.
Subscription revenue was $429.2 million, up 23% year over year. Income from operations (EBIT) was $75.4 million, an operating margin of 9.0%
Non-GAAP EBIT1 was $177.5 million, an operating margin of 21.1%
Said CEO Sanjay Mirchandani. "We had an outstanding quarter and a breakout year, highlighted by 10% total revenue growth and 15% total ARR growth in the fourth quarter. Our Commvault Cloud platform is resonating with customers, who entrust us with their data and resilience in this era of unrelenting cyber threats."
In the first quarter of fiscal 2025, Total revenues are expected to be between $213 million and $216 million. Subscription revenue is expected to be between $116 million and $119 million. Non-GAAP operating margin1 is expected to be between 18% to 19%.
CVLT shares leaped $3.62, or 3.6%, to $103.05.
