CVLT - Earnings call transcript Q4 2021

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Commvault Q4 FY2021 Earnings Conference Call. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Investor of Director Melnyk, Relations. Michael Thank you. ahead, go Please sir.

Michael Melnyk

in morning, fiscal discuss to thanks year dialing and for this our earnings morning results. Good XXXX fourth quarter and

intentions made remind Before the performance. session question-and-answer All the and pursuant relate including end regarding may that the software with such to that uncertainties, are like statements begin, call, Private Litigation the call, manufacturing, development, to to the the plans, and Reform materially forward-looking expectations. safe products our Actual differ we the in sale statements I'd and services at related inherent and expectations on statements are our future risks include as conditions. during of the regarding and marketing this and including projections XXXX or everyone competitive general future Securities beliefs, due harbor statements, financial provisions to economic may results factors, of Act difficulties of based current delays of and

of our our responsibility the filings release discussion SEC our under risks circumstance. information call on contained any factors update in our website. please annual these other a XX-Q on and in other report most For Form cautionary affecting the recent report statement and risk The in to company and no in and in press undertakes this our conference our quarterly see contained Form and business, XX-K the uncertainties on and

and functionality development the any release or discretion. remain addition, In sole features of well our product as timing at as

measures an me and Relations call, measures. call be to refer over this today's On also conference is press can related Wire release issued has the website. the non-GAAP Chief GAAP for are today's Mirchandani, replay X-K available found the between services we this been on is website will being be financial before President of release Financial our Q&A. and will of The the commentary webcast. non-GAAP the morning our Brian available Commvault. opening to on on webcast and we This and conference and Carolan, is press Chief Investor With of website. our and morning Brian for A reconciliation An to also this Our recorded, filing. available will a furnished open the Executive each on SEC call. as call Sanjay remarks call was Officer earlier Officer archive share the announcement and Sanjay following Commvault;

call turn Sanjay? over Now Sanjay. I'll to the

Sanjay Mirchandani

they I'm to Good results. year solutions earnings this Thank a QX pleased By you, adopt And of and year cloud. quarterly their as record pandemic where finished core everyone. all the Mike. full nearly accomplished a We Commvault report accelerate that IP with for focused year in that the strategy to would remain part morning, their high we've and today. to us fiscal migration accounts, sales joining a thanks on customers a note, well. performed XXXX

Our our aligned portfolio roadmap customers’ priorities. and highest are with

our in our and is in execution. results. our QX vision is was team focused evident Our This on resonating marketplace the continued

saw cloud doubled ARR revenue. of quarter-on-quarter and We and revenue We again. of offerings our of revenue have year-over-year. QX recurring year-over-year. revenue, revenue adoption XX% accelerated recurring growth recurring total XX% Metallic software represented revenue by XX% software revenue continued subscription total growth and of XX% represented of our increased transition as revenue total our annual We XX% We ARR

partners the share $X.XX. place a better-than-expected strong a gained software accomplished growth work regions will I've never and results have not growth employees leader, EPS them. appreciation could We all as and our of of environment. worldwide. each our We excited the well I'd been customers industry dedication macro And non-GAAP and Our front of in of the my by to and unprecedented and us. record rate, the margin with our to leverage led revenue. like without hard extend non-GAAP loyal with EBIT prouder market operating the weathering posting drove achievements market opportunities of Americas of this largest outpaced about our record solidified more our XX.X% or

discuss let's Now why.

we exponential gap, magnified do This a and only actually inefficiencies, accelerate it. data their gap are needs investor coming cloud on we imperatives, new deliver strategy. our nice business this gap, is security to built the saw their longer which company’s with between the a are data January, close threats, and business As are massive the grappling call digital said organizational and point, have, economic and sprawl, platform data and integrity discussed markets failure the to our We tipping at management ability faced what we and integrity creates multi-generational event believe data no data to the robust in are future-proof they a at IT help customers and to growth. by CIOs professionals simply, transformation it journeys fragmentation, transform unknown points our with protection

estimate and to manufacturer Industries, offerings. Office cryogenic the expect helped to acceleration support but continue. critical only this of leading recently expanding added move Manager built a flexibility that Chart Coolest and services, partner we newer customers us hyper-cloud Top named Cloud said, mistake, business.” and one taken SaaS the the value growing Companies. workloads. of over that “Commvault has We're of solutions also Infrastructure are the cloud, the Commvault bulletproof reliability CRN recently data environments that Hauenstein, including a as data by customers with Not scale, trusted see customers Metallic exabytes of industry are together environments. have no we've our our modernized solutions, XX mean for independent intelligent and the existing and their to notice. we Metallic and cloud In our global Long-time Make fact, Storage we will the rapidly seeing two Chart’s now Salesforce.com data Commvault Global XXX to the Nathaniel our customer, Metallic equipment, is

As has Commvault. a know, been innovation you hallmark always of

Over priorities. customer we pricing better offering, align two built years, with the our and past to core licensing

for with opportunities services today data or with conveniently the ability service HyperScale easily as that and services in Recovery embodies of intelligent cloud-native our the gradual us as believe partners in built customers these what software leverage as essentially for platform the to HyperScale like all tomorrow. flexibility. Metallic. embrace saw seamlessly by and on-premise And and deployments meeting incredible Software-as-a-Service. ultimate customer want solution air can in and a be increased where customers HyperScale are through to gap provide simultaneously protection to and new other on-premises, managed and and QX, future-proofed they We is a provide matter Metallic them It our X creates which Commvault, to where wins. of to X a Storage this Our choice taking momentum as giving multi-product calling we or solutions Cloud the In deployed customers We're X we're cloud things ransomware cloud, power for like hours AND, integrates extensions. they is Disaster seeing and go. shift the

and storage is modern also in their sustainability, distributed Commvault company and Hedvig recently offering storage traction as HyperScale known software-defined driving leader in gaining to stand-alone customers. worldwide Spain, formerly protect chose environmental a X container-based our environments. Suez the Additionally,

the industry. protection management noted, As Spain of came scale, “I absolute our overstate Commvault in Daniel simplicity, options, assessed top we criticality of data and out resiliency. due can’t Pastrana flexibility, security When on and to Suez our

a last new half ARR more year and Metallic. And Metallic also thrilled Enterprise of in but to company customers certainly and over have significant We’re space Commvault. more which HyperScale than Metallic, component XXXX logos, with of protecting tremendous our now and and with a is our for of service net than By least, in Commvault’s were was fiscal our customers choice.” management standard up a new available doubled accounts, X the inaugural of customers as and XX are noticed. doubled the Partner-sourced our We've doubled of sequential the now gold Metallic ARR company year quarter. number total one-third data with not Metallic Metallic growth. countries and all make bookings

helping SAP and more have and transformation, motion. key multi-cloud on more cloud land in expand Commvault innovation Our retention spend is the accelerate pace our customers Metallic core emerge a of sell driver also a of rate Metallic, across Metallic as our Metallic buy and and high hybrid to customers average.

to Looking unique throughout AND, in this go-to-market add makes seen forward, year, we and capabilities and interface. execution. the power on-premise development SaaS gears, of cycles leverage of plan Changing accelerate our single significant progress with user What to ability is platform. we've exciting the a past us

customers with finding Our across sizes. regions and verticals their are success hitting stride all of industry

regions. cycle net increases. install success selling that's should intelligent also productivity quarter momentum business from was our value, by a increasingly the XXX%. the Complementing strong force year. base, velocity that And dual of had dollar all a renewal expansion year services across retention any over data Commvault our is We team with drive to fueled higher are significant success. was our growth the and of year finished our record customer world-class and large lifetime ultimately quarter three full efforts. a first a good Across and the a we retention sales measure, By our posted Our in critical we suite

similar results at work year We and diligently will to deliver fiscal continue beyond. to XXXX

turn to to over discuss it Brian like to numbers. Now, I'd the

Brian Carolan

discuss X% Fourth another in FY for these Fourth quarter, software $XXX outlook, good the XXXX Sanjay year to Thanks, a Commvault. $XXX XX% our past of XX% the million quarterly figure total our revenue quarter up to again software to backs, closed quarter deals XXXX by a and released the Americas. you results had million. The XX% million, revenue, XX% year volume the for chance million. record, the revenue deal records quarterly We XX% XXXX software to and deals Revenue review $XXX,XXX year-over-year, was represented set this fourth products breakout the with Hopefully software rose increased and XX% We before once over full numerous approximately the year a results full in increased year-over-year for everyone. transactions the and record entering to the I year year year-over-year, seven Large ago. fiscal at from was full this represented $XXX transactions multiple XX% year. compared full year-over-year total we’re led $XX.X for morning, increased revenue QX but and year, and quarter revenue $XX quarter quarter We're a morning. record, I'll of increased to a approximately size products $XXX,XXX. review average million. early wind quarter our

Fiscal regions. fourth continued XX% $XXX,XXX. services $XXX approximately year-over-year deals saw to improvement increases also professional was revenue all by in increased under quarter grew year-over-year growth We in and transactions million, these driven with services three X% primarily from improvements across Metallic. Revenue

revenue $XXX of subscription For to efforts the was associated transition maintenance our approximately long-term the full benefit customers an was drive We arrangements. because services believe conversions of higher million, lifetime over this result the active customer. certain these at year, to value perpetual to flat us strategically opportunity licensing the with

model. discuss me our accelerated a based now to Let transition recurring revenue

XXXX reminder As significant FY year our transition. inflection the point positive a a renewal our which of was cycle, subscription in represented first

the XXX for We quarter software expect of subscription year-over-year revenue. doubled software over subscription subscription the in continue tailwind We added than revenue to a XX% Fourth more years. customers total next will represented several and revenue quarter. renewals be

subscription the revenue. support quarter full of recurring The approximately year. services XXX% year-over-year SaaS total XX% Total XX% subscription $XXX and increased million rate QX revenue XX% revenue, and of and revenue For year-over-year, exceeded in the total dollar represented software, software the for the retention net represented and XX% full includes subscription also year to quarter. maintenance which both increased

$XXX year, than contributed XX% increase full meaningfully recurring the and Metallic revenue. to doubled consolidated or represented to For ARR. XX% sequential ARR and during million approximately $XXX total revenue of the Annual million sequentially more XX% revenue in recurring year-over-year ARR increased to quarter, grew the

QX, In XX%. we I'll gross margins discuss of Now reported profitability. and expenses

XXXX the cost happy increased I'm X% report, FY XX.X%. inventory QX hardware expenses year, including to For software $XXX in total sales services basis sold we as FY to model. margins remaining approximately points enter full and expenses and both gross a year-over-year XXXX, XXX QX of XXXX operating million. improved and through only to our we

quarter Fourth $XX the X% to total doubled increased EBIT a year, million, million. For margin full than year-over-year representing $XXX expenses XX.X%. of to more approximately

year-over-year For improvement. a to the EBIT full year points XX% $XXX was Full year, EBIT grew million. basis XX%, XXX margins representing

the Now flows discuss balance I'll and cash sheet.

with cash timing free payroll of by our act. million of with our and bi-weekly $XX approximately balance the in late was $XXX favorably equivalents QX We generated flow. refunds of the ended we cash continue cash have the and free associated tax on quarter, IRS the For the million December no U.S. quarter QX flow impacted receipt and debt the sheet. record CARES in cash performance, to

As free FY the to we investor through through the cash event XXXX, repurchased mentioned our annual during we're we quarter, our million event, equal end January to repurchasing XXX,XXX for shares investor stock of plus million. From of XX% $XXX flow. approximately $XX committed

for Now discuss outlook QX I'll our XXXX. financial FY

FY $XXX we of revenue million. products expect million of XXXX, approximately For and $XX approximately revenue the first software and quarter of total

deal in XXXX, in company reminder, history. QX a As of fiscal closed largest its Commvault single

to shift let's expenses. Now

Please resulting margins from lower QX healthcare XX%. a remember including and the on creates in We one-time numerous temporary expect expense XXXX expense approximately depths challenging benefited reductions XXXX total to of during be temporary the lockdown, QX that This year-over-year, lower to approximately the costs. side. more FY salary reductions, X% XX% of EBIT expenses comparison year-over-year T&E up

share projected count approximately QX XX for is million Our shares.

and QX the January against outlook, on outlined current confident near-term targets XXXX that to our we record that we QX XXXX deliver our the we're Given remain during event. investor track results

Our by belief following. the is underpinned

customers First, taking market. in new subscription and we're landing the share

is tailwind, year $XX estimate FY FY million, of representing The XX% the be back subscription approximately $XX with million. in half subscription we renewal approximately million QX about compares approximately towards to renewals opportunity XXXX. are XXXX this the Second, $XX software the to weighted opportunity

Third, expansion motion and our retention works.

exceeds Our dollar subscription of more rate we're currently customers services retention adopt data intelligent and seeing at a XXX% net pace. existing our faster

power called resonating and SaaS Finally, On-premise customers. the Metallic the is arrived, it's effect has events. with

expect ARR contributor to We to quarter. growth Metallic be each a incremental meaningful

pleased we that have in want are done be as are variability made with may remind be significant global progress our we progress, while and targets. you uncertainty. there we of a still we results remains towards these to there today, during we of we in period a While where are quarterly to And transformation work period

turn I’ll Sanjay to over remarks. for the Sanjay? Now call closing some back

Sanjay Mirchandani

XXXX a more updated record year I'll for Brian year the approaching company how But share Thanks, virtual year noted, ahead. to we have fiscal as few themes that we're do. ago, Brian. Fiscal our I XXXX year ahead. the kickoff briefly year. was the on weeks our discussed a At employees key we

around Cloud Hybrid SaaS We services. and will especially relentlessly innovate, data

to vigorously the customer and will take our one a leadership build We with the partners. on to as position We'll experience of rest share widen our end-to-end the continue with working market. improve organization gap

open maintain will of we now build achieved questions. to and on focus this past near-term the for in like we time I'd up it that we laser look targets against your deliver January. event the lines to execution thank the all we a this excellence, up performance will We to today, outlined investor that, you on at With year. for And as

Operator

[Operator question from comes William with Blair. Jason first Instructions] Ader Your

Jason Ader

question that Brian, low services know growth in given in X% the on just have a near-term revenue in to growth, assume reasonable are had kind XXXX? that the low-single Is you like and momentum services digit still QX where quick just implies services. you and outlined to total and Metallic. for growth to I Thank you that X% X% software pretty for Yes. of you. XX%

Brian Carolan

morning, to it think of is, I good here. first great Jason, all you have

we've them bit the subscription converting in has to that laid be offerings it modern of of targets in headwind perpetual could low-single we appropriate. converting many that workloads feel growth is to event. customers is to and but general, a period longer-term, I could of that Metallic a be we're part transformation a during we'll growth near-term be our very a through our Again, strategically services older for services about new probably think a investor maintenance more XXXX FY reasonable rate going going of of SaaS, been and out a digits growth. key confident

Jason Ader

goes term, be of elements services just correct? a support the And to into term clear, line, the the license

Brian Carolan

Correct.

Jason Ader

customers out kind Can hearing lot sales data have ransomware being from data question guess look what on seems from a I new interested just folks new, with data but through ticked market up a customers security you to that? like viewed I hearing I'd my if then and through like totally you Okay. more are the scourge at the is about, there. of And Sanjay, does talk just protection data you're to it don't your starting seem lens, which any is but All right. know the anecdotes, around for lens. be somewhat not protection it's protection in

Sanjay Mirchandani

Fair we protecting back is of protection part that a is it you at is bad management, question. say while security would data actors look how play. of play This against we about think and – data the data this way that's construct protection the and a

little Now tools, our that morphs – it's newer it it's we sure protected. we're more, ways, make to sort And morphing. is newer which of newer stay do stay by what angles customers – giving on bit a

No, need innovating – a layer give so and care additional more that I'll of but technology Yes. XXX% we we the sort you it's to do example, and they for seamless? don't don't for HyperScale want X, extension They it. MCSS Metallic using get storage gapped, customers automatic our easy the cloud into button. get air if should copy need it you that and have Are protection. they They I an always? account, constantly data to they be So just them cloud of give their of it, the into are take service, putting call experts, of cloud automatic protected,

Jason Ader

Great. Thank you.

Operator

with Your from Aaron next Rakers question Fargo. Wells comes

Aaron Rakers

congratulations should to strong I I ask out did Commvault penetrating is were et and of what the and that of kind Metallic of the metrics the you quarter-over-quarter, Metallic, kind results quite really how existing taking about it, customers, ARR era momentum but threw up question know of I and color first base cetera? guess for quarter how or think deemed Metallic kind you be on Xx say just wanted we ARR sort of the Any if of Thanks you I the the of on installed as on new for the don't full just impressive. of Yes. year. now? missed customers, several another much additional of Metallic kind as

Sanjay Mirchandani

Aaron. Sure,

So, was In the a a remotely. offerings, progress the really excited year at that to is of from gone countries, non-customers you apps, this away product multi-cloud XXX, the to roughly the Metallic. giving a because ago. – really of year it some working we've on-premise, of offerings about hybrid if containerized XX endpoint real about Kubernetes And VMs, we progress, made year were including a to fact, start everyone making countries to try our to products – and two cloud Edge. we're a came Database, good ago market we've pandemic customers Office a The three from gone recall,

back So it HyperScale like we have was don't so to get of get AND the tied I customers that to both, we’ve power X, saying. also – they they choose,

sure and product been customers So that focused the are really workloads capabilities are on want. we've what seamless making the

minus another And also they a Metallic did time. number has our doubled software of solution customers that, We've because Now more about are we and enterprise. customers. in play. little inception, customers, coming knocked every about numbers the customers a of believe have me see to doubled scaled, okay, AND it’s we'd the and power quarter third XX% the need love we since of plus we've ARR to, outcomes the the but of of our

the and we're slow capabilities of really excited we're product about both of And down. breadth built. on the the that to not going the depth we've appeal the So

time, standby, right will we now pleased. So, but share very we’re more over

Aaron Rakers

numbers enough, the like it's that really that, reported this one the here that at of in is prior free changing cash last well that flow, the that quite was Fair Brian, structurally the peak. your impressive Is out revenue we I it over quarters. about is of quite for trajectory other look is that think stands than a quick I or kind results, has because grown know company, I think there XX% quarter? two cash last free free the question higher the when flow this cash deferred that anything flow

Brian Carolan

question. Hey, Aaron, thanks for the

a you'll that. longer-term, think I of normalization see

items strong IRS flow did and I free think refund. in I had up QX driven form also performance one-time it we as in QX there to tax of said, payroll and by, a showed and go we to that time very a was the cash record some have some

we can't quarter. every on So, repeating count those

So our is longer-term, our basically would our I non-GAAP there just follows over flow keep – performance, and EBIT cash correlation say time. mimicking there EBIT free a

Aaron Rakers

you. Thank Okay.

Operator

Piper next Your Sandler. James question from comes with Fish

James Fish

to able you upside of the the momentum factor order there? market give order Good on morning. versus really being any the workload us think to to kind the to there are I really the just any about more good form Hey you that curious maybe bit in a go-to over the overall could in businesses. rank last efforts change of led lot Is in give the going management the color federated that if was could as year quarter. portfolio on. against really or the and guys. product any how demand Congrats address things for data rank A little

Sanjay Mirchandani

Sanjay. it’s hi James,

wherever So are guess is, as were transform. cover you Customers this are at looking to. data part the you to today, imperatives. their management, you core need parts whoever a of question, year at hopefully you me if I'll thing look of as first what ago, strategy your IT I data protection the they now are But

that, about cloud, transform digitally the help their with cloud then okay. not and helping data moving we’re saying, it's our it's about move into the So to customer okay, just stuff them

– is – one. one job that there that's So so

a it's your And them about a ability. there it to and sort some gap, data the is, really trying, is we're not desire as and on-prem the The where get what digitally that's certain for transform lack to your as we which everyone get business to being it's we integrity of offer is second transform done. that's and as able to And are wants between a and chasm level in much to what essentially addressing come That there of is move or mission do has of critical our as cloud, platform through a either data unified to helping services work with customers is or differentiator. out through us both, the so the increased. consumed intelligent giving customers they for allowing scope work SaaS

Now, that curated offerings consume our we for customers also have product so it. it's to easier

want last got would. Let's we've say, they saw capability we as for if consumed quarter, DR the in seen a for – customers example, DR you service, We've a – by being as in managed of good case that through pane off of that our or specialized Salesforce, uptick do In XXX so Metallic glass. of that. Office one workloads, like we all it's screen the

take our sure that second So but help if of customers sort we're is happy top through a taking approach question the question I data if to I'm have didn't not issues. that to it, I cover if everything. directly, answered your I'm you

James Fish

can talk it offline. about We

giving question Metallic. the mentioned just good overall. pandemic were good way Sanjay, had to on Metallic, you follow-up to – and vendor to a of kind customers Just during Aaron's you being giving on that support try

paid about offering? the how as Just year from should I strategy curious guess, we that maybe next over free kind Brian, the think for to you of of monetization it's shift

Brian Carolan

question. that take I'll

was endpoints. our So offering the free to

Okay.

endpoint working started them give capability. remotely, customers As we the

forward. converted, customers through it's it, do September. endpoint feedback. paid program, move service some on, mean, that from for all us think it's Customers we awhile was I we can the point appreciated give basic but piece would I really and great the and And – think I trial

James Fish

Got it. Thanks guys.

Operator

with Jack Your Needham. next from comes question Andrews

Jack Andrews

for what's Thanks driving Brian, there I made maybe more to large deal Sanjay on Commvault with question morning. thought, sort strength? of happening results. very back a Or of that strong, customers? Any driving sort and bit about you've is that organically on Is changes a the additional more to details wondering deal your drill large been some motion was this down really taking consume packaging pricing easier just that of if you does performance. and and on, Good the congratulations this. could undertaken make get any thoughts you've drive this sales subconscious the changes what was to to

Sanjay Mirchandani

that Hey, as of year, the our of breadth And are is, So the a market focused a we gives you? we think on compounding been us Jack, segment and up last go-to-market customers we've it's match it's we very the aligned activities, couple this portfolio we've X that. of the Sanjay, how way shared with things. in can One our the and really of to Metallic, and with get help HyperScale now customers that into want. workloads the course

with view, digital are not appealing from appealing. of and a Now data is the the we point the the that just transformation data to their but cloud taking data to cloud, using it's

Analyst we having Jan bigger the about our and customers strategic. with the journey completely you of more would shared in when data, and data it. the deals, is lot the around with workloads are aligned our to it. issues. our the our portfolio aligning of are using lot And Day, That It's a portfolio it's did if cloud that all optimizing So hard both then the we

get on So for cloud I you think any on the I that today geek but single – appeal could a service, to glass of workload, I to customers. what's not of it is managed to pane CIO in on-prem you, what's much originated And appliance, single me have very our if out glass. a whether appealing pane would was really

is very are when that premium. appealing So skills

are and Because things in have head. macro Okay. changed especially the where world working people we today in remotely on the and live their

and a with in that. easier remotely do optimizing on paramount. we've professionals making And that really of to are things organization We are single focused on pane glass, becomes the IT

Jack Andrews

color thanks. No, Appreciate around the that.

you've the which cycle, real been alluded a has just question, Just larger, Commvault. entering, year as for new a a first completed you Brian renewal motion think do subscription a to What of quick on opportunity? improve was as follow-up the you when of where about I just subscription think the in renewal opportunity are you in has still can what new here terms think well, year, you the gone lessons this? executing from do and wondering fiscal learned

Brian Carolan

It's Good here. morning, Brian Jack.

tailwind he attention of FYXXXX yes, was for couple but there build ahead this kind in Sanjay that got said pleased so going And cycle, just for a came us. and renew this customers. success customer we adopt, whole dedicated starting year, that's really only see need is with that that compound years the I stride. aligned out function, had we're it have, portfolio we paying When expand the the And is also think to inaugural in us So, that's And starting really And us. to ago, land, of we're year that this. of of that for become a a to from for formula of that of and expansion we well group results was more first a have to really our hit in meaningful capability. nice terms we is subscription our to to

that or portfolio How have us their may that Sanjay another help conversation on It's to Metallic go a it's have and talk something and conversations. in our with SaaS in hone that cloud mentioned with not of footprint can to renewal, environment. to I about to about AND, what’s the gives do just those else we see broaden it or these is mean, really what nice them on XX% what the power about can journey, solution, customers. also And wherever our is Commvault hybrid that, we'd the be and customers and with them? during type So reminder, about to of a as we

Jack Andrews

for questions. taking Thanks my Great.

Operator

Lake Stephan Capital. Street Jacob from comes question with next Your

Jacob Stephan

good Hi, my for Thanks question. morning. taking

So two quarters, focus a prominent pipeline of over pretty deal kind quo? that or status last is of anomaly success been a the has or the large a was more new that

Sanjay Mirchandani

to be go-to-market to kind I of our just has execution would we its Jacob, sales XXXK success seeing We're of geographic we success the across are sub deal, in around. the hitting We've execution a again, seeing with stride. got that velocity, all a say force large that's just happening pipeline, category, in But regions. that think also do would three mid-enterprise. That's all that's credit board, we're channel I excellence and seeing the executional that success in also relationships, restructured seeing There's infrastructure. so there yes, our are the sales, better across which area.

kind So also the formula probably of we have balanced as well, we stability with transactions enterprise categories. we of and which enterprise liked but where across Metallic large selling complementing into need that spans XX% those all can this the quarter us, of for also drive

Jacob Stephan

Great.

force sales you do where might moving forward do that do think just How trend you more so about see think your currently? that? that, think XXXX going And or invest keep the in you indeed of into you're you at here, level to do it you

Sanjay Mirchandani

we point By I of I focused and segmentation in we we're a we're view, or of And what view in the saw areas parts by we continue large, people like and – place to way. invest. want our we on structural I kicked the on from the year, off got from large, in productivity a are there good some think a last quarter. think segment segments But we've think point of world of where and

we're good think I pretty Jacob. place, in So a

Jacob Stephan

on Great. the Thank quarter. and congrats you

Sanjay Mirchandani

you. Thank

Operator

no questions participating. today's call. time. showing gentlemen, this Thank I'm you and this further concludes Ladies conference for at

You may disconnect. now

Commvault Systems (CVLT) 4 May 212021 Q4 Earnings call transcript