Commvault Systems, Inc. (NASDAQ:CVLT) Q1 2021 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 08:30 am ET

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Commvault Systems, Inc. (NASDAQ:CVLT) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Commvault Quarter One Fiscal Year 2021 Earnings Conference Call. [Operator Instructions]

I would now like to welcome one of your speakers for today, Mr. Michael Melnyk, Director of Investor Relations. Please go ahead, sir.

Executive
Michael Melnyk

Good morning, and thanks for dialing in today for our call to discuss our fiscal first quarter 2021 earnings results. Before we begin, I'd like to remind everyone that the statements made during this call, including in the question-and-answer session at the end of the call, may include forward-looking statements, including statements regarding financial projections and future performance. All the statements that relate to our beliefs, plans, expectations or intentions regarding the future are pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations. Actual results may differ materially due to the risks and uncertainties, such as competitive factors, difficulties and delays inherent with development, manufacturing, marketing and sale of software products and related services and general economic conditions.

For a discussion of these and other risks and uncertainties affecting our business, please see the risk factors contained in our Annual Report on Form 10-K and our most recently Quarterly Report on Form 10-Q and in our other SEC filings and in the cautionary statement contained in our press release and on our website. The company undertakes no responsibility to update the information in this conference call under any circumstance. In addition, the development and timing of any product release as well as features or functionality remain at our sole discretion. Our press release related to today's announcement was issued over the wire services earlier this morning and has also been furnished to the SEC as an 8-K filing. The press release is also available on our Investor Relations website.

On this conference call, we will refer to non-GAAP financial measures. A reconciliation between the non-GAAP and GAAP measures can be found on our website. This conference call is being recorded and a replay is available for the webcast. An archive of today's webcast will be available on our website following the call. With me on the call this morning are Sanjay Mirchandani, President and Chief Executive Officer of Commvault; and Brian Carolan, Chief Financial Officer of Commvault. Sanjay and Brian will each share opening remarks and commentary before we open the call for QA.

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

Executive
Sanjay Mirchandani

Good morning, and thank you, Mike. Thank you all for joining us today to discuss our fiscal first quarter results. Over the past several quarters, we've spoken about the need to simplify everything we do, deliver our best-in-class portfolio and confidently and crisply execute our plans internally and through our partner ecosystem.

During Q1, we successfully started our first subscription renewal cycle. We received the largest PO in our history in eight-figure subscription deal. We hit an all-time high in average enterprise deal size. We posted a record dollar contribution