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Commvault Systems Inc. (CVLT-7.17%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports an increase in total revenues to $262.6 million for the quarter, up 21% from $216.8 million in the same quarter the previous year. This growth was primarily driven by a 39% increase in subscription revenue, which accounted for 60% of total revenues.
Perpetual license revenue increased by 10% to $16.4 million, while customer support revenue remained flat at $77.1 million. Other services revenue decreased slightly to $10.8 million.
Total cost of revenues increased to $48.6 million, representing 19% of total revenues, compared to 18% in the previous year. The increase was mainly due to higher costs associated with subscription services.
Operating expenses rose to $200.4 million, up from $156.7 million in the previous year. This increase was attributed to higher sales and marketing expenses, research and development costs, and general and administrative expenses.
The company reported a net income of $11.0 million for the quarter, down from $17.1 million in the previous year. Basic earnings per share were $0.25, compared to $0.39 in the previous year.
Cash provided by operating activities was $130.4 million for the nine months ended December 31, 2024. Cash used in investing activities was $69.7 million, primarily due to acquisitions, while cash used in financing activities was $124.1 million.
Commvault completed the acquisition of Appranix, Inc. and Clumio, Inc. during the fiscal year, with the latter contributing $6.4 million in revenue for the quarter.
The company continues to focus on expanding its subscription revenue and enhancing its product offerings in the cyber resiliency market.
Commvault's cash and cash equivalents were $243.6 million as of December 31, 2024, with $179.4 million held outside the United States.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Commvault Systems Inc. quarterly 10-Q report dated January 29, 2025. To report an error, please email earnings@qz.com.