{"id":12777,"date":"2019-10-29T11:39:46","date_gmt":"2019-10-29T11:39:46","guid":{"rendered":""},"modified":"2023-11-30T14:53:46","modified_gmt":"2023-11-30T19:53:46","slug":"commvault-announces-fiscal-2020-second-quarter-financial-results","status":"publish","type":"news","link":"https:\/\/www.commvault.com\/news\/commvault-announces-fiscal-2020-second-quarter-financial-results","title":{"rendered":"Commvault Announces Fiscal 2020 Second Quarter Financial Results"},"content":{"rendered":"\n
Investor Relations Contact:<\/strong> <\/td><\/tr>
Michael J. Melnyk, CFA<\/td><\/tr>
732-870-4581<\/td><\/tr>
mmelnyk@commvault.com<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Second Quarter Highlights Include: <\/p>\n\n\n\n

GAAP Results:<\/strong><\/td>Second Quarter<\/strong><\/td><\/tr>
Revenues<\/td>167.6 million<\/td><\/tr>
Loss from Operations<\/td>$(8.2) million<\/td><\/tr>
Operating Margin<\/td>(4.9)%<\/td><\/tr>
Diluted Loss Per Share<\/td>$(0.16)<\/td><\/tr>
<\/td><\/td><\/tr>
Non-GAAP Results:<\/strong><\/td><\/td><\/tr>
Income from Operations (EBIT)<\/td>$24.8 million<\/td><\/tr>
EBIT Margin<\/td>14.8%<\/td><\/tr>
Diluted Earnings Per Share<\/td>$0.42<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n
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(Download Financial Tables)<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n

Tinton Falls, N.J. \u2013 October 29, 2019 <\/strong>\u2013\nCommvault [NASDAQ: CVLT] today announced its financial results for the second\nquarter ended September 30, 2019.<\/p>\n\n\n\n

\u201cWhile we still have more to do, I\u2019m pleased\nwith the ongoing progress we\u2019ve made over the last quarter,\u201d said Sanjay\nMirchandani, Commvault’s President and CEO. \u201cWe are improving our execution,\nclosed our first major acquisition, and successfully launched a new\nenterprise-grade software-as-a-service offering. Additionally, earlier this\nmonth we hosted nearly 2,000 attendees at another successful Commvault GO\nconference. We look forward to carrying this momentum into the second half of our\nfiscal year.”<\/p>\n\n\n\n

Total\nrevenues for the second quarter of fiscal 2020 were $167.6 million, a decrease\nof 1% year over year and an increase of 3% sequentially.  Total repeatable revenue was $121.8 million,\nan increase of 1% year over year and 7% sequentially.  Subscription and utility annual contract\nvalue (ACV) grew 59% year over year to approximately $121 million.<\/p>\n\n\n\n

Software\nand products revenue was $68.6 million, a decrease of 1% year over year, and an\nincrease of 8% sequentially.<\/p>\n\n\n\n

Services revenue in the quarter was $99.0\nmillion, a decrease of 1% year over year and flat sequentially.<\/p>\n\n\n\n

On a GAAP basis, loss from operations was $8.2\nmillion for the second quarter compared to income of $1.0 million in the prior\nyear.  The second quarter GAAP results in\nfiscal 2020 included $18.5 million of expenses related to a non-routine\nshareholder matter, restructuring and costs related to the acquisition of\nHedvig, Inc. These expenses have been excluded from our non-GAAP results and\nare further discussed in Table IV. \nNon-GAAP EBIT was $24.8 million in the quarter compared to $25.1 million\nin the prior year.<\/p>\n\n\n\n

For the second quarter of fiscal 2020, Commvault\nreported GAAP net loss of $7.1 million, or $0.16 per diluted share. Non-GAAP\nnet income for the quarter was $19.2 million, or $0.42 per diluted share.<\/p>\n\n\n\n

Operating cash flow totaled $24.0 million for\nthe second quarter of fiscal 2020 compared to $17.8 million in the prior year\nquarter.  Total cash and short-term\ninvestments were $475.2 million as of September 30, 2019 compared to\n$458.3 million as of March 31, 2019.<\/p>\n\n\n\n

A reconciliation of GAAP to non-GAAP results has\nbeen provided in Financial Statement Table IV included in this press\nrelease. \n

(Download Financial Tables)<\/a><\/p><\/div>\n

An explanation of these\nmeasures is also included below under the heading \u201cUse of Non-GAAP Financial\nMeasures.\u201d<\/p>\n\n\n\n

Use of Non-GAAP Financial Measures<\/h2>\n\n\n\n

Commvault has provided in this press release the\nfollowing non-GAAP financial measures: non-GAAP income from operations,\nnon-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted\nearnings per share and subscription and utility annual contract value\n(ACV).  This selected financial\ninformation has not been prepared in accordance with GAAP.  Commvault uses these non-GAAP financial\nmeasures internally to understand, manage and evaluate its business and make\noperating decisions.  In addition,\nCommvault believes that these non-GAAP operating measures are useful to\ninvestors, when used as a supplement to GAAP financial measures, in evaluating\nCommvault\u2019s ongoing operational performance. \nCommvault believes that the use of these non-GAAP financial measures\nprovides an additional tool for investors to use in evaluating ongoing\noperating results and trends, and in comparing its financial results with other\ncompanies in Commvault\u2019s industry, many of which present similar non-GAAP\nfinancial measures to the investment community. \nCommvault has also provided software and products, services and total\nrevenues on a constant currency basis. Commvault analyzes revenue growth on a\nconstant currency basis in order to provide a comparable framework for\nassessing how the business performed excluding the effect of foreign currency\nfluctuations.<\/p>\n\n\n\n

All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release.

(Download Financial Tables).<\/a><\/p>\n\n\n\n

Non-GAAP income from operations and non-GAAP income from operations\nmargin.<\/strong>  These non-GAAP financial\nmeasures exclude noncash stock-based compensation charges and additional FICA\nand related payroll tax expense incurred by Commvault when employees exercise\nin the money stock options or vest in restricted stock awards.  In fiscal 2019 and 2020, Commvault also\nexcluded restructuring and costs related to a non-routine shareholder matter\nfrom its non-GAAP results.  In the second\nquarter of fiscal 2020, Commvault also excluded costs related to the\nacquisition of Hedvig, Inc. These expenses are further discussed in Table\nIV.  Commvault believes that these\nnon-GAAP financial measures are useful metrics for management and investors\nbecause they compare Commvault\u2019s core operating results over multiple\nperiods.  When evaluating the performance\nof Commvault\u2019s operating results and developing short- and long-term plans,\nCommvault does not consider such expenses. \nAlthough noncash stock-based compensation and the additional FICA and\nrelated payroll tax expenses are necessary to attract and retain employees,\nCommvault places its primary emphasis on stockholder dilution as compared to\nthe accounting charges related to such equity compensation plans.  Commvault believes that providing non-GAAP\nfinancial measures that exclude noncash stock-based compensation expense and\nthe additional FICA and related payroll tax expenses incurred on stock option\nexercises and vesting of restricted stock awards allow investors to make\nmeaningful comparisons between Commvault\u2019s operating results and those of other\ncompanies.<\/p>\n\n\n\n

There are a number of limitations related to the\nuse of non-GAAP income from operations and non-GAAP income from operations margin.  The most significant limitation is that these\nnon-GAAP financial measures exclude certain operating costs, primarily related\nto noncash stock-based compensation, which is of a recurring nature.  Noncash stock-based compensation has been,\nand will continue to be for the foreseeable future, a significant recurring\nexpense in Commvault\u2019s operating results. \nIn addition, noncash stock-based compensation is an important part of\nCommvault\u2019s employees\u2019 compensation and can have a significant impact on their\nperformance.  Lastly, the components that\nCommvault excludes in its non-GAAP financial measures may differ from the\ncomponents that its peer companies exclude when they report their non-GAAP\nfinancial measures.<\/p>\n\n\n\n

Commvault\u2019s management generally compensates for the limitations described above related to the use of non-GAAP financial measures by providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.<\/p>\n\n\n\n

Non-GAAP net income and non-GAAP diluted\nearnings per share (EPS).<\/strong>  Non-GAAP\nnet income excludes noncash stock-based compensation, and the additional FICA\nand related payroll tax expenses incurred by Commvault when employees exercise\nin the money stock options or vest in restricted stock awards.  In fiscal 2019 and 2020 Commvault also\nexcluded restructuring and costs related to a non-routine shareholder matter\nfrom its non-GAAP results.  Also excluded\nfrom non-GAAP results are the costs related to the acquisition of Hedvig,\nInc.  These expenses are further discussed\nin Table IV.  In addition, non-GAAP net\nincome and non-GAAP diluted EPS incorporate a non-GAAP effective tax rate of\n27%.<\/p>\n\n\n\n

Commvault anticipates that in any given period\nits non-GAAP tax rate may be either higher or lower than the GAAP tax rate as\nevidenced by historical fluctuations. The GAAP tax rates in recent fiscal years\nwere not meaningful percentages due to the dollar amount of GAAP pre-tax\nincome.  For the same reason as the GAAP\ntax rates, the estimated cash tax rates in recent fiscal years are not\nmeaningful percentages. Commvault defines its cash tax rate as the total amount\nof cash income taxes payable for the fiscal year divided by consolidated GAAP\npre-tax income. Over time, Commvault believes its GAAP and cash tax rates will\nalign.<\/p>\n\n\n\n

Commvault considers non-GAAP net income and\nnon-GAAP diluted EPS useful metrics for Commvault management and its investors\nfor the same basic reasons that Commvault uses non-GAAP income from operations\nand non-GAAP income from operations margin. In addition, the same limitations\nas well as management actions to compensate for such limitations described\nabove also apply to Commvault\u2019s use of non-GAAP net income and non-GAAP EPS.<\/p>\n\n\n\n

Conference Call Information<\/h2>\n\n\n\n

Commvault will host a conference call today, October 29, 2019, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss its financial results.  To access this call, dial 844-742-4247 (domestic) or 661-378-9470 (international).  The live webcast can be accessed under the “Events” section of Commvault’s website. An archived webcast of this conference call will also be available following the call.<\/p>\n\n\n\n

About Commvault<\/h2>\n\n\n\n

Commvault is the recognized leader in data\nbackup and recovery. Commvault\u2019s converged data management solution redefines\nwhat backup means for the progressive enterprise through solutions that\nprotect, manage and use their most critical asset \u2014 their data. Commvault\nsoftware, solutions and services are available from the company and through a\nglobal ecosystem of trusted partners. Commvault employs more than 2,300\nhighly-skilled individuals across markets worldwide, is publicly traded on\nNASDAQ (CVLT), and is headquartered in Tinton Falls, New Jersey in the United\nStates. To learn more about Commvault visit www.commvault.com<\/p>\n\n\n\n

Safe Harbor Statement<\/h2>\n\n\n\n

This press release may contain forward-looking\nstatements, including statements regarding financial projections, which are\nsubject to risks and uncertainties, such as competitive factors, difficulties\nand delays inherent in the development, manufacturing, marketing and sale of\nsoftware products and related services, general economic conditions, outcome of\nlitigation and others. For a discussion of these and other risks and\nuncertainties affecting Commvault’s business, see “Item IA. Risk\nFactors” in our annual report in Form 10-K and “Item 1A. Risk\nFactors” in our most recent quarter report in Form 10-Q. Statements\nregarding Commvault\u2019s beliefs, plans, expectations or intentions regarding the\nfuture are forward-looking statements, within the meaning of Section 27A of the\nSecurities Act of 1933, as amended and Section 21E of the Securities Exchange\nAct of 1934, as amended. All such forward-looking statements are made pursuant\nto the safe harbor provisions of the Private Securities Litigation Reform Act\nof 1995. Actual results may differ materially from anticipated results. Commvault\ndoes not undertake to update its forward-looking statements. The development\nand timing of any product release as well as any of its features or\nfunctionality remain at our sole discretion.<\/p>\n\n\n\n

\u00a91999-2019 Commvault Systems, Inc. All rights reserved. Commvault, Commvault and logo, the “C hexagon\u201d logo, Commvault Systems, Commvault HyperScale, ScaleProtect, Commvault OnePass, Unified Data Management, Quick Recovery, QR, CommNet, GridStor, Vault Tracker, InnerVault, Quick Snap, QSnap, IntelliSnap, Recovery Director, CommServe, CommCell, APSS, Commvault Edge, Commvault GO, Commvault Advantage, Commvault Complete, Commvault Activate, Commvault Orchestrate, Commvault Command Center, Hedvig, Universal Data Plane, the \u201cCube\u201d logo, Metallic, the \u201cM Wave\u201d logo, and CommValue are trademarks or registered trademarks of Commvault Systems, Inc. All other third party brands, products, service names, trademarks, or registered service marks are the property of and used to identify the products or services of their respective owners. All specifications are subject to change without notice.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Commvault [NASDAQ: CVLT] today announced its financial results for the second quarter ended September 30, 2019.<\/p>\n","protected":false},"author":24,"featured_media":494367,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_custom_css":"","_custom_js_footer":"","_page_background_color":"","_remove_from_search":false,"_dark_mode":false,"_light_footer_mode":false,"_sidebar_form":{"id":"","name":"","cta":"","redirect":""},"_alert_notification_bar":{"show":true,"bg_color":"","content":"","call_to_action_label":"","call_to_action_link":""},"_footer_cta":{"show":false,"title":"","subtitle":"","cta_text":"","cta_link":"","background":{"id":0,"url":""}},"_cmv_customer_logo":{"id":0,"url":""},"_use_boilerplate":""},"class_list":{"0":"post-12777","1":"news","2":"type-news","3":"status-publish","4":"has-post-thumbnail","6":"entry"},"yoast_head":"\nCommvault Announces Fiscal 2020 Second Quarter Financial Results<\/title>\n<meta name=\"description\" content=\"Tinton Falls, N.J. \u2013 October 29, 2019 \u2013 Commvault today announced its financial results for the second quarter ended September 30, 2019.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commvault.com\/news\/commvault-announces-fiscal-2020-second-quarter-financial-results\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commvault Announces Fiscal 2020 Second Quarter Financial Results\" \/>\n<meta property=\"og:description\" content=\"Tinton Falls, N.J. \u2013 October 29, 2019 \u2013 Commvault today announced its financial results for the second quarter ended September 30, 2019.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commvault.com\/news\/commvault-announces-fiscal-2020-second-quarter-financial-results\" \/>\n<meta property=\"og:site_name\" content=\"Commvault - 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