Business
Commvault Announces Fiscal 2023 First Quarter Financial Results
--- First quarter software and product revenue up 13% year over year; 17% constant currency --- --- Total recurring revenue up 20% year over year; 25%
About this update from Commvault Systems, Inc.
[{"type":"text","content":"--- First quarter software and product revenue up 13% year over year; 17% constant currency ---\n--- Total recurring revenue up 20% year over year; 25% constant currency ---\n--- Annualized recurring revenue (ARR) up 12% year over year; 16% constant currency ---\nTINTON FALLS, N.J., July 26, 2022 /PRNewswire/ -- First quarter highlights include:\n \nFirst quarter\nGAAP Results:\nRevenues\n$198.0 million\nIncome from Operations (EBIT)\n$7.4 million\nEBIT Margin\n3.8 %\nDiluted Earnings Per Share\n$0.08\nNon-GAAP Results:\nIncome from Operations (EBIT)\n$40.6 million\nEBIT Margin\n20.5 %\nDiluted Earnings Per Share\n$0.64\n \nCommvault (NASDAQ: CVLT) today announced its financial results for the first quarter ended June 30, 2022. \n\"We delivered another quarter of solid results, highlighted by double digit constant currency revenue growth,\" said Sanjay Mirchandani, President and CEO. \"We believe customers will continue to prioritize our best in class data protection and management solutions as they embrace the cloud and hybrid IT. We are confident in our strategy.\"\nTotal revenues for the first quarter of fiscal 2023 were $198.0 million, an increase of 8% year over year. On a year over year constant currency basis, total revenue growth would have been 13%. Total recurring revenue was $170.8 million, an increase of 20% year over year. On a year over year constant currency basis, total recurring revenue growth would have been 25%. Recurring revenue represented a record 86% 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 $594.5 million as of June 30, 2022, up 12% from June 30, 2021. On a year over year constant currency basis, ARR growth would have been 16%.\nSoftware and products revenue was $92.4 million, an increase of 13% year over year. The year over year increase in software and products revenue was driven by a 24% increase in larger deals (deals with greater than $0.1 million in software and products revenue). On a year over year constant currency basis, software and products revenue growth would have been 17%.Larger deal revenue represented 75% of our software and products revenue in the three months ended June 30, 2022. The number of larger deal revenue transactions was 184 deals for the three m...