Commvault Systems, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Commvault Quarter 1 Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If at any time during the conference you need to reach an operator, please press star 0. I would now like to welcome one of your speakers for today, Mr. Michael Melnyk, Director of Investor Relations. Please go ahead, sir.

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. Thank you very much. For 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. Transcription by CastingWords With me on the call this morning are Sanjay Mirchandani, President and Chief Executive Officer of Commvault, and Brian Carolyn, Chief Financial Officer of Commvault. Sanjay and Brian will each share opening remarks and commentary before we open the call for Q&A. Now, I'll turn the call over to Sanjay. 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, an eight-figure subscription deal. We hit an all-time high in average enterprise deal size. We posted a record dollar contribution from seven-figure deals, and we signed a multi-year agreement with Microsoft. I'm proud to say that companies are increasingly using our technology to help them move into the cloud. This was further validated last week when Gartner named us as a leader in the 2020 Magic Quadrant for Backup and Recovery Solutions, and Commvault was the first vendor to ever score highest in all three categories of their accompanying critical capabilities report, the public cloud, virtual, and physical environments. As we previously discussed, enterprises are grappling with more infrastructure applications and complexity than ever before, especially when compounded with nonstop security threats and rapid change we've all experienced, especially over the past few months. To tackle the complexity head-on, we unveiled our intelligent data management vision at our Future Ready event last week, which is composed of three critical elements. First, our portfolio. Second, our partnerships. and third, our Executional Excellence Initiatives. Let's discuss each one by one, starting with our portfolio. We never stop innovating. It is core to who we are and it gives us a critical edge in a very competitive industry. At FutureReady, we unveiled our newly expanded and revitalized portfolio to empower organizations to reduce this complexity, rein in the data fragmentation, and accelerate their cloud journeys. It includes a new standalone Commvault backup and recovery product, and a new Commvault disaster recovery product. Or both can be bundled together as a complete data protection offering. We also introduced Commvault Hyperscale X, the next generation of our Hyperscale product, which brings together the best of Commvault data protection with Hedvig Storage Management. This is a significant achievement. And Hedvig now has enhanced support for containerized workloads and is integrated for Kubernetes deployments to help DevOps professionals accelerate their application journey. We believe these capabilities are unmatched in the industry and they enable our customers to accelerate their digital transformations in today's remote world using tools that are low touch, light touch, use AI and machine learning to automate workflows, and are available with flexible cloud-based pricing. But products alone aren't enough. Our partners are critical in bringing value to our customers. In Q1 of 21, we signed a strategic multi-year partnership with Microsoft focused on offering Our metallic SaaS with Azure will be working closely on go-to-market, engineering, and sales activities to unlock more joint opportunities. We also have strong contributions and interest from our partner ecosystem. To further the momentum, we recently launched a simplified and well-received partner program, which brings me to the third initiative, Executional Excellence. Our go-to-market teams are gaining momentum and leaving no stone unturned. Our ability to deliver complex solutions, mostly remotely, is now mainstream for us. Looking ahead, we believe our enhanced portfolio and ability to upsell and cross-sell our solutions will enable us to land new customers and maximize customer lifetime value. While we have work to do, we're optimistic about our return to predictable and sustainable growth. With that, let me turn it over to Brian to provide some financial highlights and our Q2 21 outlook. Brian?