Cookie Consent by Privacy Policies Generator website Commvault Announces Fiscal 2022 First Quarter Financial Results : GoDubai.com

GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

    Share

DUBAI, U.A.E – July 28, 2021:   Commvault [NASDAQ: CVLT] today announced its financial results for the first quarter ended June 30, 2021. 

 
“We are pleased that the momentum from the prior fiscal year continued into our first quarter,” said Sanjay Mirchandani, President and CEO. “We remain confident that our transformation has put us in position to thrive in a post-pandemic world and achieve the financial targets laid out in January.”
  
Total revenues for the first quarter of fiscal 2022 were $183.4 million, an increase of 6% year over year.  Total recurring revenue was $142.2 million, representing 78% of total revenue. 
 
Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $532.8 million as of June 30, 2021, up 13% from June 30, 2020.
 
Software and products revenue was $82.2 million, an increase of 7% year over year.  The year over year increase in software and products revenue was driven by a 23% increase in revenue from portfolio deals (deals less than $0.1 million in software and products revenue).

Larger deal revenue (deals with greater than $0.1 million and software and products revenue) represented 69% of our software and products revenue in the three months ended June 30, 2021.  The number of larger deal revenue transactions increased 34% year over year to 185 deals for the three months ended June 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $305,000.
 
Services revenue in the quarter was $101.3 million, an increase of 5% year over year.
 
On a GAAP basis, income from operations (EBIT) was $15.5 million for the first quarter compared to $6.7 million in the prior year. Non-GAAP EBIT was $41.0 million in the quarter compared to $32.5 million in the prior year.
 
Operating cash flow totaled $37.2 million for the first quarter of fiscal 2022 compared to $15.3 million in the prior year quarter.  Total cash and short-term investments were $359.1 million as of June 30, 2021 compared to $397.2 million as of March 31, 2021.
 
During the first quarter of fiscal 2022, Commvault repurchased 1,249,200 shares of its common stock totaling $90.0 million at an average price of approximately $72.08 per share.  
 
A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release.  An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”
 
Use of Non-GAAP Financial Measures
 
Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share and annualized recurring revenue (ARR).  This selected 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.  In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault's ongoing operational performance.  Commvault believes that the use of these non-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 software and products, services and total revenues on a constant currency basis. 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.
 
All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to, 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 provided in Table IV 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 FICA and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards as well as restructuring costs.  Commvault has also excluded certain costs related to key employees of Hedvig and, for fiscal year 2021, the noncash amortization of intangible assets from its non-GAAP results. These expenses are further discussed in Table IV.  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 stock option exercises and 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.  Lastly, 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.  
 
Commvault's management generally compensates for the limitations described above related to the use of non-GAAP financial measures by providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault 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 27%. 
 
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 EPS.



Posted by : GoDubai Editorial Team
Viewed 4301 times
Posted on : Wednesday, July 28, 2021  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : DAFZA Marks a Significant Growth in Sales Revenue and the Number of Registered Companies in the Firs...
Next Story : Ecocoast Sees Robust Growth In 2021 As First Half Posts 34 Percent Increase In Revenue
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Records to Bounce, Flip and Soar for Guinness World Records Day 2021
New Ninjamas Nighttime Bedwetting Underwear Helps Kids To Conquer The Night
The Perfect Autumn Look by essence
LG Honored With 24 Awards for Innovation Ahead of CES 2022
Foreo Festive Gifts for the Well-Groomed Gentleman
Festive FOREO Gifts for Skincare Gurus this Holiday
SolarWinds Expands International Leadership Team in EMEA Market
Line-up for 2022 Emirates Airline Festival of Literature Dazzles With the Creato...
Go Green this Black Friday Cathay Pacific Offers Complimentary Carbon Offset
4 FOREO Products That Will Completely Transform Your Skincare Routine
Rado Winter Season-Feel The Moment
Air Tanzania Announces Order for Boeing Freighter and Passenger Jets
ASTRONEF is a New mechanical Masterpiece Presented by Ateliers Louis Moinet
Symbolism and Style Defines Tanishq's Exclusive Year of the Fiftieth Collection
UD Trucks Launches the new Euro 5 Range in the Region and Upgrades its Existing ...
The Kia Concept EV9 Kia's All-Electric SUV Concept takes Center Stage at AutoM...
QNET Reinforces its Commitment to Sustainability with Global Reforestation Initiative
Liverpool FC Retail Partner Seventy-8 Arranges for UAE Fans to Meet Jose Enrique...
Comlux Launches New Hangar Project at Mohammed bin Rashid Aerospace Hub
du Showcases 5G Controlled Robot Over Private 5G SA Network Leveraging AWS and A...
CS Events to help Disrupt the $1.13 Trillion Events Industry by Deploying Techno...
Celebrate UAE National Day with FreshToHome's Special Bouquets
Celebrate the UAE This Year of the 50th With Mister Baker
Channelling Power of the Mind and Body is the Key to Success, say Mindvalley Exp...
Pandora and World-Renowned Author, Nadia Owusu, Release a Collection of Festive ...
ICC thanks Dubai Police for their Contribution to a Successful Men's T20 World C...
Sky One FZE Purchases Three 777-300s from Boeing Capital Corporation
Cisco Simplifies Software and Services Buying Program at Partner Summit 2021
AU Academics Win Rashid Bin Humaid Award for Culture and Sciences
Akasa Air Orders 72 Fuel-Efficient 737 MAX Airplanes to Launch Service in Fast-G...
Sharjah Entrepreneurship Festival 2021 poised to unlock the Entrepreneur of Tomorrow
Down To Earth, Dubai's Annual Festival Celebrating all things Eco-Friendly and G...
Emirates First Group Launches the Region's first PRO Awards to Recognize the uns...
Cartoon Network Middle East Collaborates with UNICEF Middle East & North Africa ...
Curate your Stress-Free Skincare Regime for Less with Herbal Essentials
Hitachi Energy Launches IdentiQTM Digital Twin for Sustainable, Flexible and Sec...
SEHA and Abu Dhabi Energy Services begin First Phase of its Energy Savings Frame...
Swiss Pavilion Celebrates Tolerance and Inclusivity Week at Expo 2020
Middle Eastern Brands Commit to Increased Investment in Digital CX, Reveals Cust...
LG Brings Ultimate Gaming Sound to UAE With Ultragear Speaker
Compass Coworking Centre in Ras Al Khaimah Brings a New Working Experience to th...
Brazil Celebrates National Day at Expo 2020 with Visiting President, Jair Bolsonaro
Dubai Sports Council Launches Open Youth Basketball Championship
Airbus forecasts 3,020 New Aircraft Deliveries to Airlines in the Middle East by 2040
DFM Launches Incentives for Private Businesses' IPOs Across Key Growth Sectors
World's Fastest Man of 2021 to Participate at the ADNOC Abu Dhabi Marathon
Whiteshield Partners involves younger generation in public policy making focusin...
O.Rentals LLC Signs Strategic Partnership with Bauer Maschinen GmbH
GEMS Education Launches New Membership Lifestyle Platform GEMS Rewards Plus Po...
Danube Home Mad Red Sale announces the 2nd edition of its biggest annual shopp...