Commvault : Q4'24 Earnings Presentation

Commvault Fiscal Q4'24

Earnings Results

APRIL 2024

© Commvault 2024

Forward Looking Statements

This presentation contains forward-looking statements regarding future events or the expected financial performance of our company, including statements about our outlook for future periods and related guidance. 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.

These statements reflect management's current expectations, estimates and assumptions based on the information currently available to us. These forward-looking statements are not guarantees of future performance and involve significant risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation. ​

A discussion of factors that may affect future results is contained in our most recent SEC Form 10-Q and 10-K filings available at www.sec.gov, including descriptions of the risk factors that may impact us and the forward-looking statements made in this presentation. We disclaim any obligation to update or revise any forward-looking statement based on new information, future events or otherwise, except as required by applicable law.​

© Commvault 2024

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GAAP to Non-GAAP Presentation

In addition to financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted financial measures are non-GAAP and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. ​

Further information relevant to the interpretation of adjusted financial measures, and reconciliations of these adjusted financial

measures for historical data to the most comparable GAAP measures, may be found on Commvault's website at www.Commvault.com in the "Investor Relations" section. For additional information, please see the appendix of this presentation. ​

This presentation includes market data and other statistical information from third party sources, including independent industry publications and other published independent sources. Although we believe that these third-party sources are reliable as of their respective dates, we have not independently verified the accuracy or completeness of this information.​

© Commvault 2024

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The world has changed.

Cyber threats are here to stay - it's not IF, it's WHEN.

Ransomware everywhere -	Exponential hybrid	The AI paradigm shift:
including the backup.	chaos.	New opportunity, new threats.
99% of ransomware tampers	Over 90% of organizations	85% of security
with security and backup	report cyber resiliency is	professionals cite AI as
infrastructure.	impacted by fractured tools.	driving force of increased
		cyber attacks.

Sources: Futurum. Deep Instinct. Microsoft.

Commvault Cloud is the new standard for cyber resilience.

The best security

Unify security across all your hybrid data in one powerful cloud.

The fastest recovery

Accelerate rapid, clean recovery at enterprise scale.

The most	The lowest
intelligence	TCO
Deploy advanced AI capabilities to	Dramatically reduce costs by consolidating
strengthen and speed resilience.	and capturing massive efficiency.

AI-DRIVEN RESILIENCE

© Commvault 2024

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Commvault Investment Thesis

+78%

Cyber Resilience Spending

3,205 Breaches in 20231 | +78% YoY

+65%

Rocketship

SaaS

$168M SaaS ARR | +65% YoY2

4.5+ E B CLOUD DATA2 PROTECTED

Modern Innovation

Leader

1,000+ Active Patents | Gartner MQ Leader 12 Years

Running | Safeguard 4.5+ EB of Cloud Data | FedRAMP High Certification

20% N o n - G A A P

Consistent

Profitability

20% Non-GAAP EBIT Margin2

+15%

Durable

Growth

Total ARR +15% YoY2

9,300

Large Subscription Customer Base

+26% Growth YoY2

1	According to the Identity Theft Resource Center 2023 Annual Data Breach Report, January 25, 2024	© Commvault 2024	6
2	As of Fiscal Q4'24 ended March 31, 2024

Q4 & FY'24

Financial Summary

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Q4 FY'24 Financial Summary (unaudited, $ in M's)

	Q4'24 GUIDANCE
Total Revenue	$210	- $214
Subscription Revenue	$111	- $115
Non-GAAP Gross Margin	81%	- 82%
Non-GAAP EBIT Margin	20%	- 21%
Free Cash Flow (FCF)	n/a
Share Repurchases	n/a

Q4'24 ACTUAL

$223

$120

83.2%

20.2%

$79

$50

YoY Change

+10%

+27%

1. bps
   (210) bps
   +18%
   n/a

Non-GAAP EBIT, non-GAAP Gross Margin and free cash flow 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 non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, on slide 28 in

this presentation.

© Commvault 2024

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FY'24 Financial Summary (unaudited, $ in M's)

	FY'23 ACTUAL
Total ARR	$668
Subscription ARR	$477
Total Revenue	$785
Subscription Revenue	$348
Non-GAAP Gross Margin	83.4%
Non-GAAP EBIT Margin	20.4%
Free Cash Flow (FCF)	$167
Share Repurchases	$151

FY'24 GUIDANCE

15% YoY

25% YoY

$826 - $830

$420 - $424

82% - 83%

+50 - 100 bps YoY

$170

• 75% of Free Cash Flows (FCF)

FY'24 ACTUAL

$770

$597

$839

$429

82.7%

21.1%

$200

$184

(92% of FCF)

YoY Change

+15%

+25%

+7%

+23%

1. bps
   +70 bps
   +20%
   n/a

Refer to slide 27 for definition of Annual Recurring Revenue ("ARR").
Non-GAAP EBIT, non-GAAP Gross Margin and free cash flow should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance	© Commvault 2024	9
with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available,

on slide 28 in this presentation.

Q4 FY'24

Key Financial Metrics

© Commvault 2024

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