{"id":22047,"date":"2020-05-12T11:39:56","date_gmt":"2020-05-12T11:39:56","guid":{"rendered":"https:\/\/www.commvault.com\/?post_type=news&p=22047"},"modified":"2023-11-30T14:41:16","modified_gmt":"2023-11-30T19:41:16","slug":"commvault-announces-fiscal-2020-fourth-quarter-financial-results","status":"publish","type":"news","link":"https:\/\/www.commvault.com\/news\/commvault-announces-fiscal-2020-fourth-quarter-financial-results","title":{"rendered":"Commvault Announces Fiscal 2020 Fourth Quarter Financial Results"},"content":{"rendered":"\n
Investor Relations Contact:<\/strong> <\/th><\/tr><\/thead>
Michael J. Melnyk, CFA <\/td><\/tr>
732-870-4581 <\/td><\/tr>
mmelnyk@commvault.com <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Fourth Quarter and Fiscal 2020 Highlights Include:<\/p>\n\n\n\n

GAAP Results:<\/strong> <\/th>Fourth Quarter<\/strong> <\/th>Fiscal 2020<\/th><\/tr><\/thead>
Revenues <\/td> $164.7 million <\/td>$670.9 million<\/td><\/tr>
Loss from Operations <\/td> $(2.2) million <\/td>$(17.5) million<\/td><\/tr>
EBIT Margin <\/td> (1.3)% <\/td>(2.6)%<\/td><\/tr>
Diluted Income (Loss) Per Share <\/td> $0.19<\/td>($0.12)<\/td><\/tr>
<\/td><\/td><\/td><\/tr>
Non-GAAP Results:<\/strong><\/td><\/td><\/td><\/tr>
Income from Operations (EBIT)<\/td>$18.3 million<\/td>$87.5 million<\/td><\/tr>
EBIT Margin<\/td>11.1%<\/td>13.0%<\/td><\/tr>
Diluted Earnings Per Share<\/td>$0.30<\/td>$1.45<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\n\n\n\n

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

Tinton Falls, N.J. \u2013 May 12, 2020<\/strong> \u2013 Commvault [NASDAQ: CVLT] today announced its financial results for the fourth quarter and fiscal year ended March 31, 2020.<\/p>\n\n\n\n

“We remain focused on keeping our employees safe while supporting customers during these challenging times,\u201d said Commvault President and CEO Sanjay Mirchandani. \u201cLike most, our quarterly results were impacted by the pandemic. However, we are confident in the long-term opportunities for the company, our strategy and our return to profitable growth. Our products are mission critical; our large enterprise customer base remains strong; and our employees are resilient.  All of this, when combined with our financial stability, will enable us to weather these challenges and continue to deliver industry-leading solutions to our customers.”<\/p>\n\n\n\n

Total\nrevenues for the fourth quarter of fiscal 2020 were $164.7 million, a decrease\nof 9% year-over-year and 7% sequentially. \nSoftware and products revenue in the fourth quarter of fiscal 2020 was\n$66.4 million, a decrease of 18% year-over-year and 13% sequentially. Software\nand products revenue excludes approximately $10.0 million of completed\nsubscription renewals that will be recognized in the first quarter of fiscal\n2021, when the current subscriptions are due to expire. Services revenue in the\nfourth quarter of fiscal 2020 was $98.3 million, a decrease of 2%\nyear-over-year and 1% sequentially.<\/p>\n\n\n\n

For the full fiscal year, total revenues were\n$670.9 million, a decrease of 6% from fiscal 2019. Software and products\nrevenue for the full fiscal year was $275.3 million, a decrease of 11% from\nfiscal 2019. Services revenue for the full fiscal year was $395.6 million, a\ndecrease of 1% from fiscal 2019.<\/p>\n\n\n\n

On a GAAP\nbasis, loss from operations (EBIT) was $2.2 million for the fourth quarter\ncompared to income of $0.3 million in the same period of the prior year.\nNon-GAAP income from operations (EBIT) was $18.3 million in the fourth quarter\nof fiscal 2020 compared to $30.9 million in the fourth quarter of the prior\nyear.<\/p>\n\n\n\n

On a GAAP basis, loss from operations (EBIT) for\nthe full fiscal year was $17.5 million. Non-GAAP income from operations (EBIT)\nwas $87.5 million in fiscal 2020 compared to $111.9 million in fiscal 2019.<\/p>\n\n\n\n

For the fourth quarter of fiscal 2020, Commvault\nreported net income of $8.9 million, which includes the recognition of\napproximately $10.0 million of tax benefits related to net operating losses\nCommvault can carry back as a result of the CARES Act. Non-GAAP net income for\nthe quarter was $13.8 million, or $0.30 per diluted share.<\/p>\n\n\n\n

For the full fiscal\nyear, Commvault reported a net loss of $5.6 million. Non-GAAP\nnet income for the full fiscal year was $67.5 million, or $1.45 per\ndiluted share.<\/p>\n\n\n\n

Operating cash flow totaled $32.5 million for\nthe fourth quarter of fiscal 2020 compared to $36.6 million in the fourth\nquarter of fiscal 2019. For the full fiscal year, operating cash flow\nwas $88.5 million, compared to $110.2 million for fiscal 2019.\nTotal cash, restricted cash and short-term investments were $339.7 million as\nof March 31, 2020.<\/p>\n\n\n\n

During the fiscal fourth quarter, Commvault\nrepurchased $37.2 million of common stock (872 thousand shares), bringing the\nfiscal 2020 total repurchases to $77.2 million (1.7 million shares).<\/p>\n\n\n\n

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

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

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

Use of\nNon-GAAP Financial Measures<\/strong><\/p>\n\n\n\n

Commvault has provided in this press release the following non-GAAP\nfinancial measures:  non-GAAP income from\noperations, non-GAAP income from operations margin, non-GAAP net income,\nnon-GAAP diluted earnings per share and subscription and utility annual\ncontract value (“ACV”).  This\nselected financial information 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, Commvault believes these non-GAAP operating\nmeasures are useful to investors, when used as a supplement to GAAP financial\nmeasures, in evaluating Commvault\u2019s ongoing operational performance. Commvault\nbelieves that the use of these non-GAAP financial measures provides an\nadditional tool for investors to use in evaluating ongoing operating results\nand trends, and in comparing its financial results with other companies in\nCommvault\u2019s industry, many of which present similar non-GAAP financial measures\nto the investment community. Commvault has also provided software and products,\nservices and total revenues on a constant currency basis. Commvault analyzes\nrevenue growth on a constant currency basis in order to provide a comparable\nframework for assessing how the business performed excluding the effect of\nforeign currency fluctuations.<\/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\nincome from operations and non-GAAP income from operations margin.<\/em><\/strong>  <\/em>These\nnon-GAAP financial measures exclude noncash stock-based compensation charges\nand additional FICA and related payroll tax expense incurred by Commvault when\nemployees exercise in the money stock options or vest in restricted stock\nawards, as well as restructuring costs and costs related to a non-routine\nshareholder matter. In fiscal 2020, Commvault also excluded transaction costs\nrelated to the acquisition of Hedvig Inc. (Hedvig), the noncash amortization of\nintangible assets, certain costs related to key employees of Hedvig and the net\nchange in fair value of the contingent consideration associated with the\npurchase of Hedvig from its non-GAAP results. These net expenses are further\ndiscussed in Table IV. Commvault believes that these non-GAAP financial\nmeasures are useful metrics for management and investors because they compare\nCommvault\u2019s core operating results over multiple periods. When evaluating the\nperformance of Commvault\u2019s operating results and developing short- and\nlong-term plans, Commvault does not consider such expenses.<\/p>\n\n\n\n

Although\nnoncash stock-based compensation and the additional FICA and related payroll\ntax expenses are necessary to attract and retain employees, Commvault places\nits primary emphasis on stockholder dilution as compared to the accounting\ncharges related to such equity compensation plans. Commvault believes that\nproviding non-GAAP financial measures that exclude noncash stock-based\ncompensation expense and the additional FICA and related payroll tax expenses\nincurred on stock option exercises and vesting of restricted stock awards allow\ninvestors to make meaningful comparisons between Commvault\u2019s operating results\nand those of other companies.<\/p>\n\n\n\n

Amortization of intangible assets and\ntransaction costs related to business combinations result from mergers and\nacquisitions. Expense for the amortization of intangible assets is a noncash\nitem.  Similarly, any changes in fair\nvalue of contingent consideration associated with the purchase price of\nbusiness combinations is a noncash item. \nCommvault believes the exclusion of the amortization expense and net\nchange in contingent consideration provides for a useful comparison of\noperating results to prior periods and to other companies. Business\ncombinations result in non-routine operating expenses which would not otherwise\nhave been incurred in the normal course of business operations. The exclusion\nof acquisition related expenses and fair value remeasurements allows for\nfinancial results that are more indicative of continuing operations and\nprovides for a useful comparison of Commvault’s operating results to prior\nperiods and to other companies.<\/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\nmargin.  The most significant limitation\nis that these non-GAAP financial measures exclude certain operating costs,\nprimarily related to noncash stock-based compensation, which is of a recurring\nnature.  Noncash stock-based compensation\nhas been, and will continue to be for the foreseeable future, a significant\nrecurring expense in Commvault\u2019s operating results.  In addition, noncash stock-based compensation\nis an important part of Commvault\u2019s employees\u2019 compensation and can have a\nsignificant impact on their performance. \nLastly, the components that Commvault excludes in its non-GAAP financial\nmeasures may differ from the components that its peer companies exclude when\nthey report their non-GAAP financial measures.<\/p>\n\n\n\n

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

Non-GAAP net income and non-GAAP diluted EPS.<\/em><\/strong>  <\/em>In\naddition to the adjustments discussed in non-GAAP income from operations,\nnon-GAAP net income and non-GAAP diluted EPS incorporate a non-GAAP effective\ntax rate of 27%.<\/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

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

Conference Call Information<\/strong><\/p>\n\n\n\n

Commvault will host a conference call today,\nMay 12, 2020, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to\ndiscuss its financial results.  To access\nthis call, dial 844-742-4247 (domestic) or 661-378-9470 (international).  The live webcast can be accessed under the\n“Events” section of Commvault’s website. An archived webcast of this\nconference call will also be available following the call.<\/p>\n\n\n\n

About\nCommvault<\/strong><\/p>\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 2,500\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\nStatement<\/strong><\/p>\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.\nCommvault does not undertake to update its forward-looking statements. The\ndevelopment and timing of any product release as well as any of its features or\nfunctionality remain at our sole discretion.<\/p>\n\n\n\n

\u00a91999-2020 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, Be Ready 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 today announced its financial results for the fourth quarter and fiscal year ended March 31, 2020.<\/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-22047","1":"news","2":"type-news","3":"status-publish","4":"has-post-thumbnail","6":"entry"},"yoast_head":"\nCommvault Announces Fiscal 2020 Fourth Quarter Financial Results<\/title>\n<meta name=\"description\" content=\"Tinton Falls, N.J. \u2013 May 12, 2020 \u2013 Commvault announced its financial results for the fourth quarter and fiscal year ended March 31, 2020.\" \/>\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-fourth-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 Fourth Quarter Financial Results\" \/>\n<meta property=\"og:description\" content=\"Tinton Falls, N.J. \u2013 May 12, 2020 \u2013 Commvault announced its financial results for the fourth quarter and fiscal year ended March 31, 2020.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commvault.com\/news\/commvault-announces-fiscal-2020-fourth-quarter-financial-results\" \/>\n<meta property=\"og:site_name\" content=\"Commvault - 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