Business
Commvault Announces Fiscal 2021 First Quarter Financial Results
--- Record first quarter software and products revenue, up 20% year over year --- --- Recurring revenue up 24% year over year --- TINTON FALLS, N.J., July 28,
About this update from Commvault Systems, Inc.
[{"type":"text","content":"--- Record first quarter software and products revenue, up 20% year over year ---\n --- Recurring revenue up 24% year over year ---\n\n\nTINTON FALLS, N.J., July 28, 2020 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nFirst quarter highlights include:\nFirst quarter\nGAAP Results:\nRevenues\n$173.0 million\nIncome from Operations (EBIT)\n$6.7 million\nEBIT Margin\n3.9%\nDiluted Earnings Per Share\n$0.05\nNon-GAAP Results:\nIncome from Operations (EBIT)\n$32.5 million\nEBIT Margin\n18.8%\nDiluted Earnings Per Share\n$0.51\nCommvault (NASDAQ: CVLT) today announced its financial results for the first quarter ended June 30, 2020. \n\"I could not be prouder of the team. Our first quarter results are validation that our streamlined operations and reinvigorated go-to-market engine are starting to execute well,\" said Sanjay Mirchandani, President and CEO, Commvault. \"Together with our new product portfolio and robust partner program, our customers are starting to embrace our intelligent data management vision.\" \nTotal revenues for the first quarter of fiscal 2021 were $173.0 million, an increase of 7% year over year and 5% sequentially. Total recurring revenue was $141.1 million, an increase of 24% year over year. \nAnnualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $471.6 million as of June 30, 2020, up 9% from June 30, 2019.\nSoftware and products revenue was $76.6 million, an increase of 20% year over year and 15% sequentially. The year over year increase in software and products revenue was driven by a 41% increase in larger deals (deals greater than $0.1 million in software and products revenue). The volume of these transactions was up 5% and the average dollar amount of these transactions increased 35% to $403,000. \nServices revenue in the quarter was $96.4 million, a decrease of 2% both year over year and sequentially. \nOn a GAAP basis, income from operations was $6.7 million for the first quarter compared to loss of $6.7 million in the prior year. Non-GAAP EBIT was $32.5 million in the quarter compared to $15.5 million in the prior year.\nFor the first quarter of fiscal 2021, Commvault reported GAAP net income of $2.3 million, or $0.05 per diluted share. Non-GAAP net income for the quarter was $23.9 million, or $0.51 per di...