Thanks everyone. Thanks, us Chris, joining hello, and today. for
you Hopefully, joining Financial hope the today's Commvault's fiscal was of that up Officer. $XXX exciting I'm morning. those you had for third results company's million, in numerous chance are review event. that quarterly I this the released past quarter Commvault. who For this a you're quarter, And a Carolan I'm this history. pleased to revenues know records our quarter Chief set don't We me, times the we were These are some to say of largest revenue and year-over-year, highlights. Brian Total record. here X%
$XX our Large up stat million, year-over-year, average X revenue, results year-over-year that's year-over-year, deals weren't was important the us by XX% XX% X to revenue deals. products driven XX% a $XXX,XXX with approximately or which also and of for our deal and Software $XXX,XXX record. mega because software deal up an size greater quarterly than grew
$XX year-over-year a million. points On year-over-year. revenue $XXX now X%. basis, million. Recurring XX%, to was recurring In regions. Non-GAAP year-over-year revenue XX%, currency were to year XX% of XX% our was represented with and We deals Subscription number a share from all represented solid with of quarter is X per Non-GAAP grew contributions over ago. recent up this share. rate approximately XX% geographic XX% year-over-year XX% of run meaningfully of from and revenue Commvault, progress. our basis total quarter, the during grew increased X-figure fact, year $XXX revenue Annual and and revenue million compared ago. the summarize, $XX are approximately increased above was was constant ARR EBITDA record over software had XX%, repurchases for XXX million up a almost EPS a $X.XX record pleased a To we and margins products
the As gratifying consistency the company reposition a and X-years is also you've credibility. What's focus on to with that the and the seen sustainable has we're past over organization growth. throughout our fact responsible rallied together building day,
to So committed a X-key margin what's long-term creating the go allocation driving to into value shareholder frequently to from on being business recurring our model. journey been earnings our calls, that revenue; something a We're something. and and moving increasing and on speaks On attractive a that: recurring key Well, we've takeaway? capital own there transition are from on to Sanjay policy. focused model levers expansion; our our a customers always perpetual journey, revenue
at years today let's in we and where what are we've So where take look been, the a expect ahead. we
represents revenue rate tailwind as cycle a expect revenue XX% accounted now that about for for subscription perpetual you products made year software than our revenue. I'm Recurring and XX% 'XX, accounts FY that contracts maintenance, licenses. report of renewal the dollar in of in and revenue, Beginning less first to our revenue to At Some subscription net total may serve XXX%. happy we includes and total pricing. for revenue FY recall since FY about software and represented of significant revenue. of 'XX comfortably significant subscription progress XX% almost today, prior software forward about to subscription marked to and of exceeds which sold exclusively more a software of subscription years business multiyear ahead. flexible utility introduced 'XX, revenue. that the our our Fast that time, revenue XX% we retention recurring subscription-based then. We've we
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earlier, the the as recurring approach perpetual XX% revenue currently about total ARR on largest of a understand we Xx can the contracts has that subscription revenue represents component compared like-for-like subscription to basis. been more believe revenue the about recurring ARR we contribute Historically, sell to near to over SaaS solution shown of important and It's term. As of when mix XX% offerings products amount XX% maintenance. perpetual
last in 'XX represent FY cycled of increasingly successfully particularly ARR. the renewal as years, have we first Over portion several to an our subscription grown meaningful through offerings year,
offerings addressable contributor the we couple term, Over SME; are: and reasons from addressable subscription that total the see we to to this to expect all And large motion projected and opportunity let the a segments ARR. our perpetual few of go-to-market expansion. from of both ARR. believe a give for you growing this. XX% years, a subscription enterprise more next optimized potential The factors to of become acceleration represent with a addresses maintenance ARR growth. market; portfolio me over And down aligned offerings growing is the to for pricing an we renewal driving why largest that and that, cross the Long majority we solution annual One, and with expect subscription opportunities or market perspective; market, a
of both The been expansion. first TAM and So large external, market primary management market, with driver Innovation, let me has data the growing. is internal or our TAM. addressable and start total the
our external This has internal and and over our on from offerings, core sell-side by projections. is expanded to innovation data addition In IDC protection billion that to believe data our based opportunity XXXX. we TAM $XX
market, to into growth and a including higher through at CAGR market market More projects the most software-defined teens high grow appliance expanded protection importantly, integrated service the storage which adjacencies, IDC recently as XXXX. data we've
makes and customers easier products. and simple it portfolio potential pricing subscription-based our to product buy unbundled try for new Our
whether comprehensive or in can unique solutions factor, as data consumed solutions form intelligence. it's integrated software, Our And be any needs, including data has these storage data for or a portfolio an customers' data appliance service. protection, downloadable
large offerings is only an aligned across portfolio Not also to also effort portfolio to up motion all enterprises and our market. We've new addressable to mid-market, enhanced our our and segments increase can in the Our SMB. large down to a go-to-market SME market. scale scale of share
opportunities market. data market. $X a these our So legacy the billion players. by of is a estimated dominated land let's and we discuss addressable replication large in protection at expand Historically, competed approximately This and market, handful in
we shared the the innovators points Commvault. XXX market several have donors IDC such years, as time about by share to the increased become that Over past share leaders legacy frame. basis estimate market same Based on data, over that our
subscription approximately FY new XX% fact, have 'XX, CAGR, since our grown that's In at logos XX%.
growth Looking enhanced market new further logo share drive in market. gains will fragmented addressable motion forward, believe go-to-market our and large this we and portfolio additional and
these expect are expansion with approximately is IT of transformation we relationships our we're enterprises expand landing cross-sell incumbency cloud to we new well-capitalized whom primarily some reshape addition green In recent and we was in toward have an but Historically, dollar asset, long-standing capacity driven, quarters, motion, shoots as digital our to majority with customers, to X put, years. existing especially base. Simply the starting customers believe that our spending see customer from SaaS. initiatives priorities large,
For expect happening Commvault's faster example, our over using a in earlier, In direct more and earlier the are customers is There subscription as And front. emerging we this correlation. us. at cycle. a selling effort customers This is pace motion But another is continue that of for progress reps selling Metallic to successfully cross-sell on and QX, software. XX% also customer expansion new with life solution. are are positive Metallic Sandy mentioned a also
and The QX. in growing FY to opportunity. approximately renewal XX% 'XX renewal software 'XX. that FY was subscription years a creating opportunity million. is shareholder Keep in success $XX growth renewal ahead. exciting in opportunities million of have the than With learned nearly long-term 'XX subscription these a only in effort one the this element FY in We've remaining of capitalize also lot revenue larger customer value on our More our $XX initial 'XX We to this want from approximately success is in mind value. team. Sustainable increases fiscal our inaugural FY launch to is year
And gross HyperScale XX% pivot were I'll to our appliance late range. in fiscal in let's to margins. margins. margins begin with year first-gen introducing the consistently XX% Prior gross and to FY Now 'XX our
model to associated margins. to third-party to field at return taken These our contributed and successful including costs FY our XX% launch, our gross capabilities. software-only gross the strategic pass-through margins, recently and hardware impacted operations Hedvig, the the IP We've global appliance cost optimizing year-to-date to delivery decision out Following have a and improve the bottomed gross just all 'XX. of of that margins which improvement with integration below in some in actions
we peak the historical term, near levels. Over believe can approach we
cloud a something from we gross overall the incremental Metallic growth new impact to due expand costs, storage that how could into have the especially geographies. expected dampening However, comes as margins to is fast
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As taken increasing actions you from past go-to-market aggressively while expense the and marketing heard reduce to over our X leaders, productivity. sales years, we've
expect basis Our to with we points progress of to-date approximately of This XX% revenue. and has improvement 'XX. end since 'XX an been FY over X,XXX marketing significant is FY representing expense, sales
sustainable our EBIT to non-GAAP return increase growth, nearly to with Our XX%, costs, year-over-year. of points should of basis around us XXX discipline over an FY revenue 'XX deliver margins allow combined relentless
Now about capital another our talk priorities. driver, let's allocation value important
opportunistic repurchases. of use Historically, flow cash been approach. have primary share Our is free with we our
on model to our free there's and additional better visibility to balance to end years cash visibility, wait, and focus QX our us QX, generation our our by our ahead. act approach But shift adopt FY capital $XX are of meaningful revenue, the gives repurchased a and execution we us cash of confidence affords on we that an beginning to of sheet and flow. predictability However, recurring debt-free free flow improved our The our relentless revenue deployment margins more stock 'XX. We In more. million approximately fiscal 'XX. intend to $XXX in repurchase committing the our Today, of in stock. committed million
cash addition fixed return annually In FY beginning we of to at intend commitment, that XX% least in also dollar 'XX. flow to free
I than We compensation. expect these given repurchases to a know exciting to planned dilution offset today, lot you from more we've share of topics a absorb. lot and metrics
us customers. how leader The positioned let's expand base. business and to how team us expansion So to continue across I've new go-to-market and discussed large innovation all our services as growing portfolio share industry. discussed should Sanjay dollar a drive gap executional and and land how of Commvault's profitable diverse take integrity and team intelligent our talked acquisition through has the subscription-led And motion, the moment about The sustainable to the across our customer data refined positioning recap. in help products a return growth. installed increase pursuit excellence market to our functions explain
So heard you've our about transformation journey.
together, You've lay our near-term us out seen and consistency the longer-term gives it financial put when all that targets. results confidence and recent of to now you
targets. discuss and 'XX our So let's near outlook QX term
on older generation year-over-year. growth QX. Keep third-party will royalties, software OpEx, would some reminder sales fiscal be approximately quarter. Total XX% million. expect products $XXX approximately XX% just we $XX million, 'XX, and about this of our QX mind, remaining QX calendar be away to carry of growth there And transitioning which is lower-margin solutions revenue in be still are that is revenue to from Looking of hardware and we a
there's FICA of million. this, flat roughly total EBIT approaching in we reset non-GAAP seasonal approximately sequentially, XX%. expenses a So margins $X Despite to be expect resulting
to up range discuss revenue the the 'XX. our to XX%. We to I'll achieved near Subscription be from XX% FY will as software XX% to X% of mix XX% see for of XX% are to to expect can which term, approach growth revenue from recurring dampening in revenue. will of annual and in on of CAGR FY FY services a revenue of models models. on customers targets, we be near over effect end approximately Please by Also, we're striving mind potential transition XX%, XX% The And pricing are we up subscription our should 'XX. products a Now range SaaS our will likely that approximately have strategically ARR term or X%. in of XX% believe growth software the of be more. perpetual X% the And percentage and in many the subscription 'XX. that revenue total converting in legacy revenue we approximately keep
XXXX. We represents set EBITDA objective improvement an fiscal XX% off of approximately of XX.X%. EBIT in non-GAAP point That 'XX. margins into translate by XX% of and non-GAAP achieving a the XXX base FY end would the have basis of This nearly margins projected
you To EPS Finally, FY I'll 'XX expect help the non-GAAP line drivers of double-digit CAGR to some per we increase projected tie base to improvement. item expense of highlight off share. a share $X margin out, all a guidance at this approximately
over we of near margins earlier, approach term. As levels I noted to XX% approximately peak expect the gross
and revenue near We FY term. And and their sales which We and achieve can as growth Rule we over current that the a expenses change as aspirations Commvault this of things a and solutions. sustainable G&A as recurring that tech be value summary, and envision presents 'XX with the on expect algorithm discuss believe Keep We model as percentage approximately material The of we define to a In XX% for better or and G&A. believe come. are responsibly growth, towards policy. and the cash we and levels. years cloud should approximate a We recurring the of of term, XX. accomplish decline ingredients revenue the have the this marketing well investment free in we believe Both we from EBITDA we come return characterized to shift intend balanced beyond, revenue to to the a focused shareholder improved majority sales, expenses SaaS-based will R&D margin attractive an profitability, marketing new leverage rapidly. market positioned that flow longer the capital create to the mind opportunity. strong we of highlights today to continuing company, percentage have revenue to in plan compelling by
earlier hand I commitment our YY to speak share to X to thoughts actually Commvault. of means Sanjay, about back you this members, Before our asked it and ESG. Bejar their Lee and Board heard Martha to what him We've
