Commvault Announces Third Quarter Fiscal 2026 Financial Results
Total Revenue climbs +19% year over year to a record $314 million
Annualized recurring revenue (ARR) 1 reaches $1,085 million, up +22% year over year
Sets high for new customers added in fiscal 2026
TINTON FALLS, N.J., Jan. 27, 2026 /PRNewswire/ -- Commvault (Nasdaq: CVLT) today announced its financial results for the fiscal third quarter ended December 31, 2025.
"Commvault delivered another quarter of healthy growth and profitability driven by record customer engagement and adoption," said Sanjay Mirchandani, President and CEO, Commvault. "Customers and partners are turning to Commvault because they require an AI-enabled platform that addresses rapidly evolving identity and emerging threats, supports compliance, and brings resilience to hybrid and multi-cloud environments."
Notes are contained at the end of this press release
Third Quarter Fiscal 2026 Highlights -
Recent Business Highlights -
Financial Outlook for Fourth Quarter and Full Year Fiscal 2026 3 -
We are providing the following guidance for the fourth quarter of fiscal year 2026, based on current macroeconomic conditions:
We are providing the following updated guidance for the full fiscal year 2026, based on current macroeconomic conditions:
The above statements are based on the incorporation of actual third quarter results and current targets. These statements are forward-looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results.
Conference Call Information
Commvault will host a conference call today, January 27, 2026 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. The live webcast and call dial-in numbers can be accessed by registering under the "News & Events" section of Commvault's website at ir.commvault.com under the "Investor Events" heading. An archived webcast of this conference call will also be available following the call.
About Commvault
Commvault (Nasdaq: CVLT) is a leader in unified resilience at enterprise scale. In a constantly evolving threat landscape, Commvault keeps customers ready by unifying data security, identity resilience, and cyber recovery, on one cloud-native, AI-enabled platform. Customers trust Commvault to conduct the fastest, most complete recoveries – not just their data, but their entire business. Purpose-built for the agentic enterprise, Commvault also enables organizations to safely embrace AI while protecting against AI-driven threats.
Safe Harbor Statement
This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as those related to our restructuring plans, competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault's business, see "Item 1A. Risk Factors" in our annual report on Form 10-K and "Item 1A. Risk Factors" in our most recent quarterly report on Form 10-Q. Statements regarding Commvault's beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements.
Overview
($ in thousands)
Q3'25
Q4'25
Q1'26
Q2'26
Q3'26
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Subscription:
Term-based license
$ 97,625
21 %
$ 107,954
33 %
$ 109,282
36 %
$ 92,647
10 %
$ 118,950
22 %
SaaS
60,696
82 %
65,274
69 %
72,445
66 %
80,018
61 %
87,379
44 %
Total subscription
158,321
39 %
173,228
45 %
181,727
46 %
172,665
29 %
206,329
30 %
Perpetual license
16,423
10 %
14,962
(2) %
7,335
(47) %
12,073
15 %
13,675
(17) %
Customer support
77,078
— %
76,509
(1) %
79,021
4 %
80,229
3 %
80,271
4 %
Other services
10,808
(1) %
10,340
(8) %
13,895
31 %
11,221
2 %
13,557
25 %
Total revenues
$ 262,630
21 %
$ 275,039
23 %
$ 281,978
26 %
$ 276,188
18 %
$ 313,832
19 %
Constant Currency - Revenue
($ in thousands)
The constant currency impact is calculated using the average foreign exchange rates from the prior year period and applying these rates to foreign-denominated revenues in the current corresponding period. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations. The non-GAAP financial measures presented in this press release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
Q3'25
Revenue as
Reported
(GAAP)
Q3'26
Revenue as
Reported
(GAAP)
Constant
Currency
Impact
% Change Y/Y
(GAAP)
% Change Y/Y
Constant
Currency
Subscription:
Term-based license
$ 97,625
$ 118,950
$ (4,483)
22 %
17 %
SaaS
60,696
87,379
(1,733)
44 %
41 %
Total subscription
158,321
206,329
(6,216)
30 %
26 %
Perpetual license
16,423
13,675
(497)
(17) %
(20) %
Customer support
77,078
80,271
(2,192)
4 %
1 %
Other services
10,808
13,557
(606)
25 %
20 %
Total
$ 262,630
$ 313,832
$ (9,511)
19 %
16 %
Disaggregation of Revenues
($ in thousands)
Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, Middle East, Africa, Australia, India, Southeast Asia, and China.
Q3'25
Q4'25
Q1'26
Q2'26
Q3'26
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Americas
$ 155,435
24 %
$ 169,384
29 %
$ 170,928
23 %
$ 168,125
16 %
$ 178,852
15 %
International
107,195
17 %
105,655
15 %
111,050
29 %
108,063
22 %
134,980
26 %
Total revenues
$ 262,630
21 %
$ 275,039
23 %
$ 281,978
26 %
$ 276,188
18 %
$ 313,832
19 %
Total ARR, Subscription ARR and SaaS ARR 1
($ in thousands)
Q3'25
Q4'25
Q1'26
Q2'26
Q3'26
Total ARR 1
$ 889,628
$ 930,051
$ 996,202
$ 1,043,295
$ 1,084,880
Subscription ARR 1
$ 734,212
$ 780,098
$ 843,873
$ 893,707
$ 940,859
SaaS ARR 1
$ 258,957
$ 281,045
$ 306,874
$ 335,669
$ 363,732
Constant Currency - ARR 1
($ in thousands)
The constant currency impact on ARR 1 is calculated using the foreign exchange spot rates from March 31, 2025 and applying these rates to foreign-denominated results in the periods presented.
Q3'25
Q4'25
Q1'26
Q2'26
Q3'26
Total ARR 1 as Reported
$ 889,628
$ 930,051
$ 996,202
$ 1,043,295
$ 1,084,880
As Reported NNARR
$ 36,363
$ 40,423
$ 66,151
$ 47,093
$ 41,585
Total ARR 1 using March 31, 2025 rates
$ 899,365
$ 930,051
$ 969,693
$ 1,016,697
$ 1,055,806
Constant currency NNARR
$ 61,291
$ 30,686
$ 39,642
$ 47,004
$ 39,109
Subscription ARR 1 as Reported
$ 734,212
$ 780,098
$ 843,873
$ 893,707
$ 940,859
As Reported NNARR
$ 47,162
$ 45,886
$ 63,775
$ 49,834
$ 47,152
Subscription ARR 1 using March 31, 2025 rates
$ 741,526
$ 780,098
$ 822,695
$ 872,065
$ 916,722
Constant currency NNARR
$ 66,196
$ 38,572
$ 42,597
$ 49,370
$ 44,657
SaaS ARR 1 as Reported
$ 258,957
$ 281,045
$ 306,874
$ 335,669
$ 363,732
As Reported NNARR
$ 44,125
$ 22,088
$ 25,829
$ 28,795
$ 28,063
SaaS ARR 1 using March 31, 2025 rates
$ 261,416
$ 281,045
$ 299,017
$ 327,781
$ 354,888
Constant currency NNARR
$ 50,831
$ 19,629
$ 17,972
$ 28,764
$ 27,107
Additional Financial Information
Commvault Systems, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Revenues:
Subscription:
Term-based license
$ 118,950
$ 97,625
$ 320,879
$ 262,457
Software-as-a-service
87,379
60,696
239,842
153,982
Total subscription
206,329
158,321
560,721
416,439
Perpetual license
13,675
16,423
33,083
40,681
Customer support
80,271
77,078
239,521
231,054
Other services
13,557
10,808
38,673
32,406
Total revenues
313,832
262,630
871,998
720,580
Cost of revenues:
Subscription:
Term-based license
2,999
2,653
7,655
6,802
Software-as-a-service
31,587
23,373
86,746
56,296
Total subscription
34,586
26,026
94,401
63,098
Perpetual license
60
410
499
1,188
Customer support
15,428
14,360
44,482
43,934
Other services
9,221
7,823
25,734
23,049
Total cost of revenues
59,295
48,619
165,116
131,269
Gross margin
254,537
214,011
706,882
589,311
Operating expenses:
Sales and marketing
139,314
116,068
384,033
313,965
Research and development
42,230
40,010
122,151
106,953
General and administrative
38,732
35,133
122,555
100,101
Depreciation and amortization
2,606
2,730
7,785
6,671
Restructuring
11,885
3,969
13,551
9,214
Change in contingent consideration
—
2,486
(545)
2,486
Impairment charges
—
—
—
2,910
Total operating expenses
234,767
200,396
649,530
542,300
Income from operations
19,770
13,615
57,352
47,011
Interest income
8,401
1,564
13,497
5,098
Interest expense
(1,449)
(104)
(2,364)
(313)
Other income, net
302
31
522
624
Income before income taxes
27,024
15,106
69,007
52,420
Income tax expense
9,242
4,085
12,999
7,307
Net income
$ 17,782
$ 11,021
$ 56,008
$ 45,113
Net income per common share:
Basic
$ 0.40
$ 0.25
$ 1.26
$ 1.03
Diluted
$ 0.40
$ 0.24
$ 1.24
$ 1.00
Weighted average common shares outstanding:
Basic
44,111
43,889
44,281
43,779
Diluted
44,613
45,184
45,063
45,177
Commvault Systems, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31,
March 31,
2025
2025
ASSETS
Current assets:
Cash and cash equivalents
$ 1,026,346
$ 302,103
Trade accounts receivable, net
361,846
251,995
Assets held for sale
—
34,770
Other current assets
56,869
46,189
Total current assets
1,445,061
635,057
Deferred tax assets, net
151,879
133,378
Property and equipment, net
11,140
8,294
Operating lease assets
37,770
10,124
Deferred commissions cost
94,933
79,309
Intangible assets, net
20,971
20,737
Goodwill
210,840
185,255
Other assets
65,540
46,112
Total assets
$ 2,038,134
$ 1,118,266
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 268
$ 373
Accrued liabilities
152,636
147,133
Current portion of operating lease liabilities
6,992
4,614
Deferred revenue
456,732
402,930
Total current liabilities
616,628
555,050
Convertible notes, net
879,827
—
Deferred revenue, less current portion
276,149
223,282
Deferred tax liabilities
1,528
1,384
Long-term operating lease liabilities
31,826
6,338
Other liabilities
15,445
7,090
Total stockholders' equity
216,731
325,122
Total liabilities and stockholders' equity
$ 2,038,134
$ 1,118,266
Commvault Systems, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Cash flows from operating activities
Net income
$ 17,782
$ 11,021
$ 56,008
$ 45,113
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,782
2,759
9,455
6,758
Noncash stock-based compensation
29,057
31,463
91,461
84,270
Noncash operating lease expense
2,740
1,378
6,150
4,326
Noncash change in fair value of equity securities
(207)
167
(406)
32
Noncash change in fair value of contingent consideration
—
2,486
(545)
2,486
Noncash adjustment on headquarters sale leaseback
—
—
495
—
Noncash impairment charges
—
—
—
2,910
Deferred income taxes
142
2,203
9,718
(6,280)
Amortization of deferred commissions cost
12,137
8,279
34,347
23,756
Changes in operating assets and liabilities:
Trade accounts receivable, net
(124,987)
(88,550)
(100,981)
(65,437)
Operating lease liabilities
(2,287)
(1,200)
(5,934)
(5,173)
Other current assets and Other assets
(12,240)
4,778
(18,143)
436
Deferred commissions cost
(21,747)
(12,112)
(50,531)
(29,532)
Accounts payable
(59)
(1,035)
(147)
(1,240)
Accrued liabilities
43,453
21,927
(1,777)
10,095
Deferred revenue
55,518
46,080
83,471
57,910
Other liabilities
961
502
(146)
(3)
Net cash provided by operating activities
4,045
30,146
112,495
130,427
Cash flows from investing activities
Purchase of property and equipment
(2,119)
(262)
(7,185)
(2,973)
Purchase of equity securities
(156)
(207)
(6,782)
(788)
Proceeds from sale of headquarters, net
—
—
34,849
—
Business combination, net of cash acquired
—
(44,909)
(26,015)
(65,909)
Net cash used in investing activities
(2,275)
(45,378)
(5,133)
(69,670)
Cash flows from financing activities
Repurchase of common stock
(40,740)
(31,899)
(186,813)
(135,194)
Proceeds from stock-based compensation plans
—
—
6,974
11,100
Proceeds from issuance of convertible notes
—
—
900,000
—
Purchase of capped calls
—
—
(99,630)
—
Payment of debt issuance costs
(1,158)
—
(23,400)
—
Other
(18)
—
(48)
—
Net cash provided by (used in) financing activities
(41,916)
(31,899)
597,083
(124,094)
Effects of exchange rate — changes in cash
2,937
(12,365)
19,798
(5,842)
Net increase (decrease) in cash and cash equivalents
(37,209)
(59,496)
724,243
(69,179)
Cash and cash equivalents at beginning of period
1,063,555
303,071
302,103
312,754
Cash and cash equivalents at end of period
$ 1,026,346
$ 243,575
$ 1,026,346
$ 243,575
Supplemental disclosures of noncash activities
Issuance of common stock for business combination
$ —
$ —
$ —
$ 4,900
Operating lease liabilities arising from obtaining right-of-use assets
$ 12,916
$ 220
$ 35,081
$ 4,687
Commvault Systems, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Non-GAAP financial measures and reconciliation:
GAAP income from operations
$ 19,770
$ 13,615
$ 57,352
$ 47,011
Noncash stock-based compensation 5
27,721
31,156
89,639
79,775
FICA and payroll tax expense related to stock-based compensation 6
812
1,557
3,449
3,692
Restructuring 7
11,885
3,969
13,551
9,214
Amortization of intangible assets 8
1,255
1,383
3,466
2,529
Litigation settlement 9
—
—
—
675
Business combination costs 10
12
415
1,902
2,340
Change in contingent consideration 11
—
2,486
(545)
2,486
Adjustment on headquarters sale leaseback 12
—
—
495
—
Noncash impairment charges 13
—
—
—
2,910
Other nonrecurring charges 14
—
—
1,805
—
Non-GAAP income from operations
$ 61,455
$ 54,581
$ 171,114
$ 150,632
GAAP net income
$ 17,782
$ 11,021
$ 56,008
$ 45,113
Noncash stock-based compensation 5
27,721
31,156
89,639
79,775
FICA and payroll tax expense related to stock-based compensation 6
812
1,557
3,449
3,692
Restructuring 7
11,885
3,969
13,551
9,214
Amortization of intangible assets 8
1,255
1,383
3,466
2,529
Litigation settlement 9
—
—
—
675
Business combination costs 10
12
415
1,902
2,340
Change in contingent consideration 11
—
2,486
(545)
2,486
Adjustment on headquarters sale leaseback 12
—
—
495
—
Noncash impairment charges 13
—
—
—
2,910
Other nonrecurring charges 14
—
—
1,805
—
Non-GAAP provision for income taxes adjustment 15
(7,249)
(9,373)
(30,866)
(30,143)
Non-GAAP net income
$ 52,218
$ 42,614
$ 138,904
$ 118,591
GAAP diluted earnings per share
$ 0.40
$ 0.24
$ 1.24
$ 1.00
Noncash stock-based compensation 5
0.62
0.69
1.99
1.77
FICA and payroll tax expense related to stock-based compensation 6
0.02
0.03
0.08
0.08
Restructuring 7
0.27
0.09
0.30
0.20
Amortization of intangible assets 8
0.03
0.03
0.08
0.06
Litigation settlement 9
—
—
—
0.01
Business combination costs 10
—
0.01
0.04
0.05
Change in contingent consideration 11
—
0.06
(0.01)
0.06
Adjustment on headquarters sale leaseback 12
—
—
0.01
—
Noncash impairment charges 13
—
—
—
0.06
Other nonrecurring charges 14
—
—
0.04
—
Non-GAAP provision for income taxes adjustment 15
(0.17)
(0.21)
(0.69)
(0.66)
Non-GAAP diluted earnings per share
$ 1.17
$ 0.94
$ 3.08
$ 2.63
GAAP diluted weighted average shares outstanding
44,613
45,184
45,063
45,177
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Non-GAAP gross margin reconciliation:
GAAP gross margin
81.1 %
81.5 %
81.1 %
81.8 %
Cost of revenues related to noncash stock-based compensation
0.4 %
0.5 %
0.4 %
0.6 %
Non-GAAP gross margin
81.5 %
82.0 %
81.5 %
82.4 %
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Non-GAAP free cash flow reconciliation:
GAAP cash provided by operating activities
$ 4,045
$ 30,146
$ 112,495
$ 130,427
Purchase of property and equipment
(2,119)
(262)
(7,185)
(2,973)
Non-GAAP free cash flow
$ 1,926
$ 29,884
$ 105,310
$ 127,454
Use of Non-GAAP Financial Measures
Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations (EBIT), non-GAAP income from operations margin, non-GAAP gross margin, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP free cash flow, annualized recurring revenue (ARR), subscription ARR, SaaS ARR and SaaS net dollar retention rate (NRR). This financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. Commvault believes that the use of these non-GAAP financial measures, when used as a supplement to GAAP financial measures, provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault's industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided its revenues, ARR, subscription ARR and SaaS ARR on a constant currency basis. Commvault analyzes revenue growth, ARR, subscription ARR and SaaS ARR on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
All of these non-GAAP financial measures 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 these non-GAAP measures to their most directly comparable GAAP financial measures, which are included in this press release.
Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees vest in restricted stock awards. Commvault has also excluded restructuring costs, noncash amortization of intangible assets, business combination costs, the change in the estimated fair value of contingent consideration, adjustments from the sale and leaseback of headquarters and other nonrecurring charges from its non-GAAP results. These adjustments are further discussed in the reconciliation of GAAP to non-GAAP financial measures. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault's core operating results over multiple periods. When evaluating the performance of Commvault's operating results and developing short- and long-term plans, Commvault does not consider such expenses.
Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault's operating results and those of other companies.
There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault's operating results. In addition, noncash stock-based compensation is an important part of Commvault's employees' compensation and can have a significant impact on their performance. The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development and general and administrative ($ in thousands):
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Cost of revenues
$ 1,323
$ 1,465
$ 3,895
$ 4,420
Sales and marketing
13,361
13,911
38,704
35,028
Research and development
6,739
7,084
21,561
17,803
General and administrative
6,298
8,696
25,479
22,524
Stock-based compensation expense
$ 27,721
$ 31,156
$ 89,639
$ 79,775
The table above excludes stock-based compensation expense related to the Company's restructuring activities described below in Note 7.
The components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures. Due to the limitations related to the use of non-GAAP measures, Commvault's management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Commvault's management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.
Non-GAAP net income and non-GAAP diluted earnings per share (EPS). In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 24%.
Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income. For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.
Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP net income and non-GAAP diluted EPS.
Non-GAAP gross margin. Commvault defines this non-GAAP financial measure as GAAP gross margin adjusted to exclude cost of revenues related to noncash stock-based compensation.
Non-GAAP free cash flow. Commvault defines this non-GAAP financial measure as net cash provided by operating activities less purchases of property and equipment. Commvault considers non-GAAP free cash flow a useful metric for Commvault management and its investors in evaluating Commvault's ability to generate cash from its business operations. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP free cash flow.
Forward-looking non-GAAP measures. In this press release, Commvault presents non-GAAP gross margin, non-GAAP EBIT margin and free cash flow on a forward-looking basis. The most directly comparable GAAP measures are not accessible on a forward-looking basis without unreasonable efforts, because certain items that impact these GAAP measures, cannot be reasonably predicted or quantified. The probable significance of these items may be material, and as a result, the corresponding GAAP measures and a quantitative reconciliation to those GAAP measures are not available on a forward-looking basis.
Notes
SOURCE COMMVAULT