Non-GAAP\nincome from operations and non-GAAP income from operations margin.<\/strong> These non-GAAP financial measures exclude\nnoncash stock-based compensation charges and additional FICA and related\npayroll tax expense incurred by Commvault when employees exercise in the money\nstock options or vest in restricted stock awards as well as restructuring\ncosts. In fiscal 2020, Commvault also\nexcluded costs related to a non-routine shareholder matter. Commvault has also\nexcluded the noncash amortization of intangible assets and certain costs\nrelated to key employees of Hedvig from its non-GAAP results. These expenses\nare further discussed in Table IV. \nCommvault believes that these non-GAAP financial measures are useful\nmetrics for management and investors because they compare Commvault\u2019s core\noperating results over multiple periods. \nWhen evaluating the performance of Commvault\u2019s operating results and\ndeveloping short- and long-term plans, Commvault does not consider such\nexpenses. <\/p>\n\n\n\nAlthough noncash stock-based compensation and\nthe additional FICA and related payroll tax expenses are necessary to attract\nand retain employees, Commvault places its primary emphasis on stockholder\ndilution as compared to the accounting charges related to such equity\ncompensation plans. Commvault believes\nthat providing 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 is a noncash\nitem. Commvault believes the exclusion\nof this amortization expense provides for a useful comparison of operating\nresults to prior periods 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 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\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, Commvault\nmanagement uses non-GAAP financial measures only in addition to, and in\nconjunction with, results presented in accordance with GAAP. <\/p>\n\n\n\n
Non-GAAP net income and non-GAAP diluted earnings per share (EPS). <\/strong>In addition to the adjustments discussed in non-GAAP\nincome from operations, non-GAAP net income and non-GAAP diluted EPS\nincorporate a non-GAAP effective tax rate of 27%. <\/p>\n\n\n\nCommvault 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\nCall Information<\/strong><\/p>\n\n\n\nCommvault will host a\nconference call today, July 28, 2020, at 8:30 a.m. Eastern Time (5:30 a.m.\nPacific Time) to discuss its financial results. To access this call, dial 844-742-4247\n(domestic) or 661-378-9470 (international). \nThe live webcast can be accessed under the “Events” section of\nCommvault’s website. An archived webcast of this conference call will also be\navailable following the call. <\/p>\n\n\n\n
About Commvault <\/strong><\/p>\n\n\n\nCommvault is a worldwide leader in delivering data readiness, enabling customers to intelligently manage data with solutions that store, protect, optimize and use data. Commvault software automates mind-numbing IT tasks and makes data work harder for customers\u2014 so they can gain invaluable insights for their businesses. Commvault solutions work across cloud and on-premises environments, leveraging the digital tools and procedures already in use. Commvault software, solutions and services are available from the company and through a global ecosystem of trusted partners. Commvault employs more than 2,300 highly-skilled individuals across markets worldwide, is publicly traded on NASDAQ (CVLT), and is headquartered in Tinton Falls, New Jersey in the United States. Visit Commvault.com or follow us at @Commvault<\/p>\n\n\n\n
Safe Harbor\nStatement<\/strong><\/p>\n\n\n\nThis 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 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
\u00a91999-2020 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 [NASDAQ: CVLT] today announced its financial results for the first quarter ended June 30, 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-25339","1":"news","2":"type-news","3":"status-publish","4":"has-post-thumbnail","6":"entry"},"yoast_head":"\n
Commvault Announces Fiscal 2021 First Quarter Financial Results<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\t\n","yoast_head_json":{"title":"Commvault Announces Fiscal 2021 First Quarter Financial Results","description":"Tinton Falls, N.J. \u2013 July\u00a028, 2020 \u2013 Commvault today announced its financial results for the first quarter ended June 30, 2020.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commvault.com\/news\/commvault-announces-fiscal-2021-first-quarter-financial-results","og_locale":"en_US","og_type":"article","og_title":"Commvault Announces Fiscal 2021 First Quarter Financial Results","og_description":"Tinton Falls, N.J. \u2013 July\u00a028, 2020 \u2013 Commvault today announced its financial results for the first quarter ended June 30, 2020.","og_url":"https:\/\/www.commvault.com\/news\/commvault-announces-fiscal-2021-first-quarter-financial-results","og_site_name":"Commvault - 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