Commvault Announces Fiscal 2020 First Quarter Financial Results

About this update from Commvault Systems, Inc.

[{"type":"text","content":"TINTON FALLS, N.J., July 30, 2019 /PRNewswire/ -- \n\n \nFirst Quarter Highlights Include:\nCommvault (NASDAQ: CVLT) today announced its financial results for the first quarter ended June 30, 2019.\n\"During the quarter we made substantial progress in our efforts to simplify and improve execution,\" said Sanjay Mirchandani, Commvault's President and CEO. \"Our foundation is solid and we now have the senior leadership team in place. I'm excited about the recent appointments of Riccardo, Sandra, and Ranga who will strengthen our revenue, customer success, and product agendas. The recent launch of our partner advantage program is a stellar example of how our focus on simplicity and execution will benefit partners and customers. I am confident that the journey we are on, and the changes we are making, will lead the company back to growth.\"\nTotal revenues for the first quarter of fiscal 2020 were $162.2 million, a decrease of 8% year over year and 11% sequentially. Total repeatable revenue (see Table IV) was $114.1 million, a decrease of 2% year over year. Subscription and utility annual contract value (ACV) grew 66% year over year to approximately $106 million. See Table IV for an explanation of ACV.\nSoftware and products revenue was $63.7 million, a decrease of 15% year over year, and 21% sequentially.\nServices revenue in the quarter was $98.5 million, a decrease of 3% year over year and 2% sequentially.\nOn a GAAP basis, loss from operations was $6.7 million for the first quarter compared to $6.8 million in the prior year. The first quarter GAAP results in fiscal 2020 and 2019 included $7.4 million and $11.4 million, respectively, of expenses related to a non-routine shareholder matter and restructuring. These expenses have been excluded from our non-GAAP results and are further discussed in Table IV. Non-GAAP EBIT was $15.5 million in the quarter compared to $22.8 million in the prior year.\nFor the first quarter of fiscal 2020, Commvault reported GAAP net loss of $6.8 million, or $0.15 per diluted share. Non-GAAP net income for the quarter was $12.7 million, or $0.27 per diluted share.\nOperating cash flow totaled $31.1 million for the first quarter of fiscal 2020 compared to $24.8 million in the prior year quarter. Total cash and short-term investments were $451.1 million as of June 30, 2019 compared to $458.3 million as of...

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