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@CommVault Announces Fiscal 2015 First Quarter Financial Results

CommVault today announced its financial results for the first quarter ended June 30, 2014.

“We began fiscal year 2015 with a solid first quarter, which was highlighted by year-over-year revenue growth of 14% and year-over-year operating cash flow growth of 44%. Our year-over-year revenue growth was driven by a record percentage of enterprise software revenue (software transactions greater than $100,000), a record average enterprise deal size and solid results from our services organization,” said N. Robert Hammer, CommVault’s chairman, president and CEO.

“Given the many opportunities ahead of us, we will continue to aggressively invest for growth throughout the remainder of fiscal 2015, particularly in our enterprise selling capabilities, cloud business, distribution strategies as well as our increased pace of innovation. Our objective is to continue to deliver solid double digit revenue growth for fiscal 2015 and position CommVault for increased growth in fiscal 2016. Notably, we repurchased $105 million of our stock during the first quarter and also closed on a $250 million revolving credit facility,” Hammer concluded.

Total revenues for the first quarter of fiscal 2015 were $152.6 million, an increase of 14% over the first quarter of fiscal 2014 and a decrease of 3% sequentially. Software revenue in the first quarter of fiscal 2015 was $72.1 million, an increase of 10% year-over-year and a decrease of 9% sequentially. Services revenue in the first quarter of fiscal 2015 was $80.6 million, an increase of 17% year-over-year and 4% sequentially.

On a GAAP basis, income from operations (EBIT) was $18.2 million for the first quarter, a 15% decrease from the $21.4 million in the same period of the prior year. Non-GAAP income from operations (EBIT) increased 5% to $33.0 million in the first quarter of fiscal 2015 compared to $31.3 million in the first quarter of the prior year. On a sequential basis, non-GAAP income from operations (EBIT) decreased 18% in the first quarter of fiscal 2015.

For the first quarter of fiscal 2015, CommVault reported net income of $12.7 million, a decrease of $0.7 million compared to the same period of the prior year. Non-GAAP net income for the quarter increased 5% to $20.9 million, or $0.44 per diluted share, from $19.9 million, or $0.40 per diluted share, in the same period of the prior year.

Operating cash flow totaled $35.4 million for the first quarter of fiscal 2015 which was an increase of $10.9 million, or 44%, compared to the first quarter of fiscal 2014. Total cash and short-term investments were $398.5 million as of June 30, 2014 compared to $482.7 million as of March 31, 2014.

During the first quarter of fiscal 2015, CommVault repurchased $105.1 million of common stock (2.1 million shares) under its share repurchase program. On July 24, 2014, the Company’s Board of Directors authorized a $105 million increase to the Company’s existing stock repurchase program and extended the expiration of the stock repurchase program to March 31, 2016. With the additional $105 million authorized by the Board of Directors, there is $150.0 million remaining in the repurchase program.

On June 30, 2014 CommVault closed on a $250 million domestic revolving credit facility. The facility can be used for future share repurchases or for other general corporate purposes. Through July 29, 2014, Commvault has not borrowed against this credit facility.

A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV.  (Download Financial Tables) An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

Recent Business Highlights:

  • On June 23, 2014, CommVault announced that for the fourth consecutive year it has been positioned in the “Leaders” quadrant of Gartner Inc.’s report, “Magic Quadrant: Enterprise Backup Software and Integrated Appliances.”
  • On June 16, 2014, CommVault announced it had won the 2014 Microsoft Server Platform Partner of the Year Award. CommVault was honored among a global field of top Microsoft Corp. partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.
  • On May 8, 2014, CommVault announced an extension of its 15-year relationship with Microsoft to provide new, highly scalable solutions for managing and protecting data in Hyper-V virtual environments, managing workloads in Microsoft Azure, and new integration for Exchange, Office 365, SharePoint, and SQL Server applications.
Published Tuesday, July 29, 2014 6:33 PM by David Marshall
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