Commvault Swaps Perpetual Support for SaaS, and the $900M Convert Is Fully Covered by Cash
SaaS ARR grew 38% to $424.3M while perpetual support shrank 18.97%. GAAP EBITDA is thin because stock pay and sales spending absorb the gross profit, so the cash flow line, not EBITDA, is the honest read on what Commvault earns.
