Business
Commvault Announces Fiscal 2022 Second Quarter Financial Results
--- Annualized recurring revenue (ARR) up 12% year over year --- --- Second quarter software and products revenue up 4% year over year --- --- $90 million of
About this update from Commvault Systems, Inc.
[{"type":"text","content":"--- Annualized recurring revenue (ARR) up 12% year over year ---\n --- Second quarter software and products revenue up 4% year over year ---\n --- $90 million of share repurchases ---\n\n\n TINTON FALLS, N.J., Oct. 26, 2021 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nSecond quarter highlights include:\nSecond quarter\nGAAP Results:\nRevenues\n$177.8 million\nIncome from Operations (EBIT)\n$2.3 million\nEBIT Margin\n1.3%\nDiluted Earnings Per Share\n$0.04\nNon-GAAP Results:\nIncome from Operations (EBIT)\n$31.0 million\nEBIT Margin\n17.4%\nDiluted Earnings Per Share\n$0.48\nCommvault [NASDAQ: CVLT] today announced its financial results for the second quarter ended September 30, 2021. \n\"During the quarter we saw a significant increase in new customer revenue,\" said Sanjay Mirchandani, President and CEO. \"Winning new customers and taking market share is foundational to meeting our longer-term financial objectives. At the same time, we did not meet our expectations for the quarter. We believe the impact was principally isolated to delayed software opportunities that are part of larger IT Transformation projects. In addition, we believe industry-wide supply chain issues are impacting our customers sourcing of hardware components and associated software orders.\"\nTotal revenues for the second quarter of fiscal 2022 were $177.8 million, an increase of 4% year over year. Total recurring revenue was $140.7 million, representing 79% of total revenue. \nAnnualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $542.6 million as of September 30, 2021, up 12% from September 30, 2020.\nSoftware and products revenue was $75.3 million, an increase of 4% year over year. Excluding pass through hardware revenue, software revenue was up 9% year over year. The year over year increase in software and products revenue was driven by a 6% increase in larger deals (deals greater 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 67% of our software and products revenue in the three months ended September 30, 2021. The number of larger deal revenue transactions increased 9% year over year to 163 deals for the three months ended September 30, 2021. Th...