Commvault Systems, Inc.

call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one again. Finally, a reminder that this conference is being recorded. I would now like to turn the conference over to Mike Milnick, Head of Investor Relations. Please go ahead.

Good morning, and welcome to our earnings conference call. I'm Michael Melnick, head of investor relations, and I'm joined by Sanjay Mirchandani, Commvault's CEO, and Gary Merrill, Commvault's CFO. An earnings presentation with key financial and operating metrics is posted on the investor relations website for reference. Statements made on today's call will include forward-looking statements about Commvault, future expectations, plans, and prospects. All such forward-looking statements are subject to risk, uncertainties, and assumptions. Please refer to the cautionary language in today's earnings release and Commvault's most recent periodic reports filed with the SEC for discussion of the risks and uncertainties that could cause the company's actual results to be materially different from those contemplated in the forward-looking statements. Commvault does not assume any obligation to update these statements. During this call, Commvault's financial results are presented on a non-GAAP basis. The reconciliation between the non-GAAP and GAAP measures can be found on our website. Thank you again for joining us. Now I'll turn it over to Sanjay for his opening remarks. Sanjay? Thank you, Mike.

Good morning, and thanks for joining us today. Q4 was an outstanding quarter, capping a breakout year for Commvault and setting the stage for Fiscal Year 25 and beyond. We ended our fiscal year with continued strong momentum across all primary KPIs, Highlights from Q4 include total revenue increased 10% to $223 million. Total ARR rose 15% to $770 million. Subscription ARR increased 25% to nearly $600 million. SaaS ARR jumped 65% to $168 million, and we closed the year with over 5,000 SaaS customers, and we did this profitably. Our Q4 and fiscal year results shine a bright light on the critical role Commvault plays in a world dominated by ransomware attacks and cyber threats. Organizations need to know that when they're hit, they can recover. This is what we empower our customers to do, be resilient and recover. Our financial results speak to the multi-year journey we started five years ago. When I joined Commvault, I said the company had great bones with a strong financial foundation and best-in-class technology. And we had a tremendous opportunity to unlock a new level of growth within the company. With that goal in mind, we reinvigorated our brand and go-to-market motion, strengthened our partner ecosystem, and expanded our routes to market. And we doubled down on Commvault's core strength, innovation. To that point, we launched a hyper-growth SaaS offering that is one of the fastest growing of its kind in the industry today. And we transformed our business model from legacy perpetual to modern subscription and SaaS. We did all of this while focusing the company to sustainable and profitable growth with some notable results. Over the past three years, since fiscal year 22, total ARR increased at a 15% TAGR. Subscription ARR grew at a 31% TAGR. and ARR from our hyper-growth SaaS offering more than tripled. We consistently delivered profit margins of 20% or better. We generated over $500 million of free cash and returned over $600 million of cash to shareholders through stock repurchases. I'm extremely proud of what we've accomplished and would like to thank our customers, partners, and employees for their trust and commitment to Commvault. Our journey is only getting more exciting. In November, we shifted our company and everything it represents to cyber resilience. As I alluded to previously, the biggest challenge organizations face today is the unrelenting breadth and scale of cyber attacks. We're talking automated, intelligent, and state-sponsored attacks. These attacks put immense pressure on CISOs, the C-suite, and the board to rapidly recover and be resilient. This is exactly what we enable with our Commvault Cloud cyber resilience platform. Through Commvault Cloud, we offer autonomous recovery so that customers can recover their environments at scale. Customers can proactively perform health checks and detect anomalies and threats. They can utilize our AI technology to enhance the recovery process, and they can secure and recover their data across any workload, any infrastructure, and from any location to any location, all at the lowest possible TCO. One of our marquee clients this quarter is Albertsons Companies, a Fortune 100 grocer that migrated all their apps and infrastructure into the cloud. The retailer wanted to strengthen their cyber resiliency and implemented Commvault's unique and differentiated platform to provide additional security, recovery, workload protection, and cloud integration. Last year was a particularly difficult year for hospital systems, as cyber and ransomware attacks nearly doubled. With the risk of an attack top of mind, a large network of hospitals in Latin America was concerned about their ability to recover from a cyber attack. With Commvault, they have peace of mind that they can easily and quickly recover a hit. With one platform, they can manage their on-prem remote and cloud data, and we protect an immutable copy of the data, which is critical for recovery. These are just two examples of why we're winning in the market and are frequently chosen over competitive offerings. But we're not stopping there. We're taking recovery even further with Commvault Clean Room Recovery. Yesterday, we announced how this new and unique offering empowers organizations to be ready to recover by providing a clean, isolated, and on-demand recovery location in the cloud. They can spin up as many workloads as they need. Clean room recovery also enables users to proactively test their response plans so they can quickly recover when bad actors strike. Building on these unrivaled capabilities, two weeks ago, we closed on the acquisition of a Pranix. With this technology, customers will be able to rapidly discover, rebuild, and get their critical cloud applications and production infrastructure fully operational after an outage or cyber attack. With Apranix and Commvault Cloud, this rebuild will take minutes or hours rather than days or weeks. After all, in the unfortunate event of an attack, time is money. By marrying Commvault's extensive risk readiness and recovery capabilities with Apranix's cloud-native rebuild capabilities, we help customers shorten recovery times after an attack. This takes cyber resilience to a whole new level. In closing, I believe We are the best company with the best people and by far the best platform for cyber resilience in the industry. With ComboCloud, we believe that we can offer the most comprehensive AI-enabled platform for CISOs and CIOs to work together. It was engineered with a hybrid enterprise in mind to enable customers to manage their resilience across any workload, environment, or location. It's available as software, SaaS, or both. That way, if our customers suffer an attack, we help them to confidently and quickly recover their business and stay resilient. We believe fiscal year 25 will be the year for Commvault to continue accelerating our growth. With that, I'll turn it over to Gary to discuss the numbers and provide more insights on our forward outlook. Gary?