Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Commvault's fiscal first quarter of 2025 signaled a robust beginning to the year, reflecting significant growth across various metrics.</li><li>The company reported a 13% increase in total revenue, reaching $225 million, complemented by a 17% rise in total Annual Recurring Revenue (ARR) to $803 million.</li><li>Noteworthy was the Subscription ARR, which saw a 27% acceleration to $636 million, and the SaaS ARR, which surged by 66% to $188 million.</li></ul>

Commvault's fiscal first quarter of 2025 signaled a robust beginning to the year, reflecting significant growth across various metrics.The company reported a 13% increase in total revenue, reaching $225 million, complemented by a 17% rise in total Annual Recurring Revenue (ARR) to $803 million.Noteworthy was the Subscription ARR, which saw a 27% acceleration to $636 million, and the SaaS ARR, which surged by 66% to $188 million.

Commvault Systems: Acquisition Of Clumio & Expanded SaaS Portfolio For the Expansion of Cloud Data Protection Capabilities! - Major Drivers

<ul><li>Commvault recently wrapped up an impressive Fiscal Year 2024, demonstrating robust financial health and strategic progress.</li><li>Their fourth-quarter earnings highlighted a 10% increase in total revenue, reaching $223 million.</li><li>This growth was significantly propelled by a 27% rise in subscription revenue, which now constitutes over half of the total revenue stream.</li></ul>

Commvault recently wrapped up an impressive Fiscal Year 2024, demonstrating robust financial health and strategic progress.Their fourth-quarter earnings highlighted a 10% increase in total revenue, reaching $223 million.This growth was significantly propelled by a 27% rise in subscription revenue, which now constitutes over half of the total revenue stream.

Commvault Systems Inc.: What Will Be The Overall Revenue Impact Of The Enhancement of Cyber Resilience Solutions? - Major Drivers

<ul><li>This is our first report on Commvault, a major player in data protection.</li><li>Besides, momentum grew in Software as a Service (SaaS) with Metallic ARR increasing by 77% year on year to $131 million.</li><li>Commvault’s leadership position in data protection was also acknowledged with its 12th consecutive naming as a leader in the 2023 Gartner Magic Quadrant.</li></ul>

This is our first report on Commvault, a major player in data protection.Besides, momentum grew in Software as a Service (SaaS) with Metallic ARR increasing by 77% year on year to $131 million.Commvault’s leadership position in data protection was also acknowledged with its 12th consecutive naming as a leader in the 2023 Gartner Magic Quadrant.

Commvault Systems Inc: Initiation of Coverage - Navigating the Cloud Journey - How Their Strategic Shifts Are Reshaping the Tech Industry! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Rubrik, cybersecurity company and leader in the segment of enterprise backup and recovery software solutions, delivered a high quality beat and raise in 3QFY25.</li>
<li>Stock indicated up 20%+ during regular trading session on heavy volume. Rubrik raised guidance for FY25 total revenue to $861M at the midpoint, implying ~37% growth.</li>
<li>Moreover, the company generated positive FCF, achieved strong growth at scale and surpassed $1B+ in subscription ARR, a big milestone.</li>
</ul>


Rubrik, cybersecurity company and leader in the segment of enterprise backup and recovery software solutions, delivered a high quality beat and raise in 3QFY25.
Stock indicated up 20%+ during regular trading session on heavy volume. Rubrik raised guidance for FY25 total revenue to $861M at the midpoint, implying ~37% growth.
Moreover, the company generated positive FCF, achieved strong growth at scale and surpassed $1B+ in subscription ARR, a big milestone.


Rubrik 3QFY25 Wrap: Solid Outlook, Improving FCF and $1B+ In Subscription ARR

<ul>
<li>Rubrik, a data security company and leader in cyber-recovery, completed its IPO and sold 23.5M Class A shares to the public at $32.00/share in May.</li>
<li>The technology company reported a mixed quarter pushing shares down over 8% during regular trading session. Q1 FY25 net loss was ~$732M due to massive stock-based comp.</li>
<li>However, subscription ARR increased 46% y/y and cloud ARR jumped 104% y/y indicating continued strength in the company’s Rubrik Security Cloud offering.</li>
</ul>


Rubrik, a data security company and leader in cyber-recovery, completed its IPO and sold 23.5M Class A shares to the public at $32.00/share in May.
The technology company reported a mixed quarter pushing shares down over 8% during regular trading session. Q1 FY25 net loss was ~$732M due to massive stock-based comp.
However, subscription ARR increased 46% y/y and cloud ARR jumped 104% y/y indicating continued strength in the company’s Rubrik Security Cloud offering.


Rubrik: Long Path To Profitability, Massive Stock-Based Comp in Q1 FY25, PT Reduced To $46.00

United States

CommVault Systems, Inc. provides data management software applications and related services. The Company develops, markets, and sells a suite of data management software applications designed to protect and manage data throughout its lifecycle.

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Commvault Systems (CVLT US)

Commvault Systems: Acquisition Of Clumio & Expanded SaaS Portfolio For the Expansion of Cloud Data Protection Capabilities! - Major Drivers

Commvault's fiscal first quarter of 2025 signaled a robust beginning to the year, reflecting significant growth across various metrics. The...

Baptista Research

Commvault Systems Inc.: What Will Be The Overall Revenue Impact Of The Enhancement of Cyber Resilience Solutions? - Major Drivers

Commvault recently wrapped up an impressive Fiscal Year 2024, demonstrating robust financial health and strategic progress. Their fourth-quarter...

Baptista Research

Commvault Systems Inc: Initiation of Coverage - Navigating the Cloud Journey - How Their Strategic Shifts Are Reshaping the Tech Industry! - Major Drivers

This is our first report on Commvault, a major player in data protection. Besides, momentum grew in Software as a Service (SaaS) with Metallic ARR...

Baptista Research

Rubrik 3QFY25 Wrap: Solid Outlook, Improving FCF and $1B+ In Subscription ARR

Rubrik shares outperformed in 2024 with shares up ~102% vs. IPO offer price of $32/share. In my insight, I set a new PT for Rubrik and discuss...

Andrei Zakharov

Rubrik: Long Path To Profitability, Massive Stock-Based Comp in Q1 FY25, PT Reduced To $46.00

Rubrik stock currently trades below IPO price of $32.00/share. Data security company completed its IPO in May and raised ~$750M. With a recent sell...

Andrei Zakharov

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