Business
Commvault Announces Fiscal 2023 Third Quarter Financial Results
TINTON FALLS, N.J., Jan. 31, 2023 /PRNewswire/ -- Third quarter highlights include: Third quarter GAAP Results: Revenues $195.1 million Income from Operations
About this update from Commvault Systems, Inc.
[{"type":"text","content":"TINTON FALLS, N.J., Jan. 31, 2023 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nThird quarter highlights include:\nThird quarter\nGAAP Results:\nRevenues\n$195.1 million\nIncome from Operations (EBIT)\n$5.0 million\nEBIT Margin\n2.6 %\nDiluted Loss Per Share\n$(0.01)\nNon-GAAP Results:\nIncome from Operations (EBIT)\n$38.5 million\nEBIT Margin\n19.7 %\nDiluted Earnings Per Share\n$0.62\nCommvault [NASDAQ: CVLT] today announced its financial results for the third quarter ended December 31, 2022. \n\"We remain confident that customers will continue to recognize Commvault's products and services as a critical component to keep their data safe and simplify their journey to the cloud,\" said Sanjay Mirchandani, President and CEO. \"As we navigate through current macro conditions, we are committed to our philosophy of responsible growth.\" \nTotal revenues for the third quarter of fiscal 2023 were $195.1 million, a decrease of 4% year over year. On a year over year constant currency basis, total revenue growth would have been 1%. Total recurring revenue was $167.1 million, an increase of 2% year over year. On a year over year constant currency basis, total recurring revenue growth would have been 7%. Recurring revenue represented 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 $640.7 million as of December 31, 2022, up 14% year over year. On a year over year constant currency basis, ARR growth would have been 18%, driven by continued strength in Metallic. Combined Subscription and Metallic ARR now represents approximately 70% of total ARR.\nSoftware and products revenue was $89.6 million, a decrease of 9% year over year due to a weaker than forecasted enterprise market and execution on close rates, with a 14% decrease 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 would have declined 5%. Americas software and products revenue declined 20%. Our International software and products revenues increased 6% year over year, which would have been 17% on a constant currency basis.\nLarger deal revenue represented 72% of our software and products revenue in the three months ended December 31, 2022. The nu...