Commvault Systems, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Commvault Q2FY 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker 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 you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, 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 second quarter 2021 earnings results. Before we begin, I'd like to remind everyone that the statements made during this call, including 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 risk 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 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 recent 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 circumstances. 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 SEC as an 8-K filing. The press release is also available on our investor relations website. On this conference call, we 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 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. Sanjay?

Thank you, Mike. Good morning, and thank you for joining us today. I'm pleased to share that we delivered another quarter of balanced top-line growth and improved profitability. Key elements of our vision are coming together. In Q2, we saw continued adoption of our portfolio driving total revenue growth. Metallic, our SaaS platform, crossed into multi-million dollar ARR. The net dollar retention rate for our subscription business exceeded 100% for the second quarter in a row. With our focus on go-to-market execution, just as we had in Q1, we landed multiple seven-figure deals in the Americas. Additionally, Europe had a solid quarter with year-on-year and quarter-on-quarter growth. Adding to this, our focus on operating efficiency drove healthy margin and profit growth. Our strategy, as evidenced by these results, is working. When I talk to customers, two things continue to be on top of mind. Navigating their journey to the cloud and securing their data in face of threats like ransomware. Our goal is to provide solutions that make it easier for customers to address these challenges. Regarding cloud, our newly introduced solutions and partnerships are helping customers move to the cloud faster. Each quarter, we're seeing double-digit sequential growth in the amount of customer data moving to the public cloud. Our metallic SaaS offerings are also off to a strong start. Metallics now protects tens of thousands of Office 365 mailboxes and endpoints, and more than five petabytes of data for paying customers, with 80% of those customers being net new to Commvault in Q2. And we're excited by the many accolades and awards it has received, most recently a coveted Best of VMworld award. Between Metallics' rich innovation roadmap, strategic partnership with Microsoft, and the upcoming expansion into new markets and geographies, We look forward to sharing more updates in the quarters to come. Regarding security, security-conscious customers dealing with the scourge of ransomware are trusting Commvault to ensure they can recover their data and get their businesses back up and running. Ransomware incidents appear to be at an all-time high. The FBI estimates a 400% increase in ransomware attacks over pre-pandemic levels, and we think this too across our customer base. In September alone, Our customer success team performed more than 1,000 business-critical restores worldwide for our customers following ransomware and malware attacks. We are proud to be the trusted partner our customers turn to when ransomware strikes. The rise in ransomware is one of the reasons we launched a security dashboard in Q2 to help customers identify and resolve security risks. Additionally, with ransomware top of mind, we introduced Coinball Disaster Recovery, a standalone product that simplifies the customer experience. We believe these trends in cloud and security represent a tailwind for us because we have the innovative solutions to help customers address both these critical needs. While innovation is our lifeblood, I also understand how raw innovation can sometimes act in complexity and undermine value. I saw this when I was a CIO. This is why we know that innovation with simplicity is the key combination. In July, we launched a new flagship product, the next generation Commvault Hyperscale X. It encapsulates the power of all things Commvault. World-class data protection, Hedwig distributed storage, and seamless connection to the cloud via Metallic, delivered as an integrated, scale-out appliance. All managed under a single, simple, and elegant pane of glass. This is the vision we laid out a year ago and delivered on it in Q2. In addition, with HyperscaleX, we introduced DevOps-oriented multi-cloud container data management and expanded data protection capabilities with Kubernetes workloads. While our competitors are struggling to pull together their container strategy and making pre-announcements, our customers are already confidently using Commvault storage and data protection for containers in production. Further bringing together the priorities around cloud and ransomware, Metallic Cloud Storage Service is the next exciting new offering in our rapidly expanding SaaS business. This new service makes access to secure cloud storage as simple as a click of a button within the Commvault Command Center, our single pane of glass. It is built with layered, air-gapped cloud security, and we believe it is the ultimate cloud-based solution for ransomware recovery. We believe this cloud-first strategy is driving our return to growth. Our industry-leading technology paired with newly packaged products and modern licensing options is making it easier for customers to accelerate their cloud journeys, embrace new workloads, reduce mass data fragmentation, and manage security threats. Commvault has once again become the leading force in our industry, Whether it is the most urgent topics of the day such as cloud or security, critical emerging areas such as containers, or formidable partnerships like that of Commvault and Microsoft that add value for customers, our approach is not only best in class, it's becoming the industry playbook. Bottom line, we have the right vision. Customers and prospects are seeing the value of our portfolio and we are executing. With that, let me turn it over to Brian to provide some financial highlights and our Q321 outlook. Over to you, Brian.