Commvault Systems, Inc. (NASDAQ:CVLT) Q1 2024 Earnings Call Transcript

Sanjay Mirchandani: Jason, it’s Sanjay again. I just wanted to add one more thing. One of the things we’re getting some lift from is vendor consolidation. As customers sort of look at spend and commitments and what they’ve got in the installed base, they’re looking to consolidate. And we’re a great consolidator in that space. Also, as data security spend and data protection spend come together with — in this environment, the TCO equation, we win. And so those are some of the trends we’re seeing that are assisting giving us lift as we take share. I mean just one data point with Metallic, we’ve exceeded 4,000 customers. That’s a customer acquisition machine. And so we are taking share. And if you think that 60% of those customers are new to Commvault and 40% of those customers very quickly have another Commvault product that is not SaaS, you see the stickiness of what we’ve got there.

Jason Ader : Got you. So 60% of the 4,000 or net new —

A –Sanjay Mirchandani: Roughly net new to —

Operator: I am showing no further questions at this time. I would now like to turn the conference back to Sanjay Mirchandani, President and CEO, for closing remarks.

Mike Melnyk : Thanks, Amber. This is Mike Melnyk, Investor Relations. Thanks for joining today. As a reminder, all our earnings materials are available on the Investor Relations website, and feel free to reach out to us for any follow-up. Thanks for joining, and we’ll speak to you again in the fall.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.