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    Thomas Lehi

    Research Analyst at Cantor Fitzgerald

    Thomas Lehi is an Equity Analyst at Cantor Fitzgerald specializing in technology sector coverage with a recent focus on software and enterprise IT companies. Notably, he has engaged directly with management at firms such as Commvault Systems Inc., providing research and insights to institutional clients, though comprehensive performance metrics like success rates and returns are not widely published. Lehi began his analyst career prior to 2025 and currently contributes to Cantor Fitzgerald's technology research team, having asked earnings questions as recently as January 2025. Details on his professional credentials, securities licenses, and prior firms are limited in public sources.

    Thomas Lehi's questions to COMMVAULT SYSTEMS (CVLT) leadership

    Thomas Lehi's questions to COMMVAULT SYSTEMS (CVLT) leadership • Q3 2025

    Question

    Thomas Lehi inquired about the term license business, specifically regarding renewal conversations, the impact of cyber offerings on expansion, and the outlook for net retention rates. He also asked about the margin headwind from the Clumio acquisition and the company's strategy for balancing growth and operating leverage in fiscal '26.

    Answer

    CFO Jennifer DiRico confirmed that Q3 was a strong term license renewal quarter and that the 105-110% NRR range remains appropriate, while pointing to the higher 127% SaaS NRR as the key expansion opportunity. She quantified the Clumio margin dilution at 1-2 points for a few quarters. CEO Sanjay Mirchandani added that the company will remain balanced but will continue investing to capture market share, highlighting the consistent achievement of the 'Rule of 40'.

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