Business
Commvault Announces Fiscal 2022 Third Quarter Financial Results
--- Record total revenue up 8% year over year --- --- Annualized recurring revenue (ARR) up 11% year over year --- --- $85 million of share repurchases ---
About this update from Commvault Systems, Inc.
[{"type":"text","content":"--- Record total revenue up 8% year over year ---\n --- Annualized recurring revenue (ARR) up 11% year over year ---\n --- $85 million of share repurchases ---\n\n\nTINTON FALLS, N.J., Jan. 25, 2022 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nThird quarter highlights include:\nThird quarter\nGAAP Results:\nRevenues\n$202.4 million\nIncome from Operations (EBIT)\n$12.4 million\nEBIT Margin\n6.1%\nDiluted Earnings Per Share\n$0.21\nNon-GAAP Results:\nIncome from Operations (EBIT)\n$43.1 million\nEBIT Margin\n21.3%\nDiluted Earnings Per Share\n$0.67\nCommvault (NASDAQ: CVLT) today announced its financial results for the third quarter ended December 31, 2021. \n\"The team executed well across the board, delivering another record quarter,\" said Sanjay Mirchandani, President and CEO. \"Increasingly, customers are turning to us because we provide one platform for software and SaaS offerings to address a multitude of data management needs. This is fueling our growth and accelerating our journey to a cloud-first recurring revenue model.\"\nTotal revenues for the third quarter of fiscal 2022 were $202.4 million, an increase of 8% year over year. Total recurring revenue was $164.4 million, representing 81% 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 $561.2 million as of December 31, 2021, up 11% from December 31, 2020.\nSoftware and products revenue was $98.6 million, an increase of 11% year over year. The year over year increase in software and products revenue was driven by a 24% increase in larger deals (deals greater than $0.1 million in software and products revenue). \nLarger deal revenue (deals with greater than $0.1 million and software and products revenue) represented 76% of our software and products revenue in the three months ended December 31, 2021. The number of larger deal revenue transactions increased 20% year over year to 225 deals for the three months ended December 31, 2021. The average dollar amount of larger deal revenue transactions was approximately $332,000. \nServices revenue in the quarter was $103.8 million, an increase of 4% year over year. The increase in services revenue was driven primarily by the increase in Metallic software as a service revenue. \nOn a GAAP basis, income from ...