Business
Commvault Announces Fiscal 2020 Third Quarter Financial Results
TINTON FALLS, N.J., Jan. 29, 2020 /PRNewswire/ -- Third quarter highlights include: Third quarter GAAP Results: Revenues $176.4 million Loss from Operations
About this update from Commvault Systems, Inc.
[{"type":"text","content":"TINTON FALLS, N.J., Jan. 29, 2020 /PRNewswire/ --\n\n \n \n\n \nThird quarter highlights include:\nThird quarter\nGAAP Results:\nRevenues\n$176.4 million\nLoss from Operations\n$(0.5) million\nOperating Margin\n(0.3)%\nDiluted Loss Per Share\n$(0.01)\nNon-GAAP Results:\nIncome from Operations (EBIT)\n$28.9 million\nEBIT Margin\n16.4%\nDiluted Earnings Per Share\n$0.47\nCommvault [NASDAQ: CVLT] today announced its financial results for the third quarter ended December 31, 2019.\n\"I am pleased to report that we again delivered results above expectations and that we did it while refreshing our data management portfolio, launching our new SaaS offering, Metallic, and integrating Hedvig, our first major acquisition,\" said Sanjay Mirchandani, Commvault's President and CEO. \"Our ability to achieve these results is a direct reflection of the progress we are making on the simplification, innovation and execution priorities we established at the start of the fiscal year. These priorities will be the foundation for our return to growth.\"\nTotal revenues for the third quarter of fiscal 2020 were $176.4 million, a decrease of 4% year over year and an increase of 5% sequentially. Total repeatable revenue was $123.4 million, an increase of 2% year over year and 1% sequentially. Subscription and utility annual contract value (ACV) grew 56% year over year to approximately $140.0 million.\nSoftware and products revenue was $76.6 million, a decrease of 9% year over year, and an increase of 12% sequentially.\nServices revenue in the quarter was $99.7 million, flat year over year and an increase of 1% sequentially.\nOn a GAAP basis, loss from operations was $0.5 million for the third quarter compared to income of $10.4 million in the prior year. The third quarter GAAP results in fiscal 2020 included $4.4 million of transactions expenses associated with the acquisition of Hedvig, Inc. (\"Hedvig\"), $2.8 million of amortization related to the intangible assets recognized in the acquisition of Hedvig and a portion of the additional compensation expenses related to the retained employees of Hedvig. These expenses have been excluded from our non-GAAP results and are further discussed in Table IV. Non-GAAP EBIT was $28.9 million in the quarter compared to $33.1 million in the prior year.\nFor the third quarter of fiscal 2020, Commvault reported GAAP n...