CommVault: Fiscal 4Q11 Financial Results

CommVault Systems, Inc. announced its financial results for the fourth quarter and fiscal year ended March 31, 2011.

N. Robert Hammer, CommVault’s chairman, president and CEO, stated: “Our excellent results in the fourth quarter were highlighted by record revenues, non-GAAP EBIT and non-GAAP earnings per share.  Our 22% growth in total revenues in the fourth quarter compared to the prior year was driven by another quarter of record enterprise software deals (transactions greater than $100,000) and solid results from our services organization.  We finished fiscal 2011 by delivering double digit revenue and non-GAAP EBIT growth for the full fiscal year.  Our strong finish to fiscal 2011 demonstrates the underlying strength of our business and we believe that we are entering fiscal 2012 with excellent momentum.  We are well positioned for continued market share gains.”

Total revenues for the fourth quarter of fiscal 2011 were $89.6 million, an increase of 22% over the fourth quarter of fiscal 2010 and an increase of 7% over the prior quarter.  Software revenue in the fourth quarter of fiscal 2011 was $44.0 million, an increase of 20% year-over-year and up 5% sequentially.  Services revenue in the fourth quarter of fiscal 2011 was $45.6 million, up 24% year-over-year and 9% sequentially.

Total revenues for the full fiscal year were $314.8 million, an increase of 16% over fiscal 2010.  Software revenue for the full fiscal year was $149.8 million, an increase of 11% over fiscal 2010.  Services revenue for the full fiscal year was $165.0 million, an increase of 21% over fiscal 2010.

Income from operations (EBIT) was $12.4 million for the fourth quarter, a 22% increase from $10.1 million in the same period of the prior year.  Non-GAAP income from operations (EBIT) increased 25% to $17.4 million in the fourth quarter of fiscal 2011 compared to $13.9 million in the fourth quarter of the prior year.  On a sequential basis, Non-GAAP income from operations (EBIT) increased 15% in the fourth quarter of fiscal 2011.

Income from operations (EBIT) for the full fiscal year was $35.8 million, an increase of 12% over fiscal 2010.  Non-GAAP income from operations (EBIT) increased 12% to $52.9 million in fiscal 2011 compared to $47.3 million in fiscal 2010.

For the fourth quarter of fiscal 2011, CommVault reported net income of $4.8 million, a decrease of $1.0 million compared to the same period of the prior year.  Non-GAAP net income for the quarter increased 22% to $11.6 million, or $0.25 per diluted share, from $9.5 million, or $0.21 per diluted share, in the same period of the prior year. 

For the full fiscal year, CommVault reported net income of $21.0 million, an increase of $2.6 million compared to fiscal 2010.  Non-GAAP net income for the full fiscal year increased 9% to $35.3 million, or $0.76 per diluted share, from $32.3 million, or $0.72 per diluted share, in fiscal 2010.

Operating cash flow totaled $19.0 million for the fourth quarter of fiscal 2011 compared to $22.2 million in the fourth quarter of fiscal 2010.  Operating cash flow totaled $52.4 million for the full fiscal year compared to $57.2 million in fiscal 2010.  Total cash and short-term investments were $218.3 million as of March 31, 2011 compared to $174.6 million as of March 31, 2010.

Recent Business Highlights:

• CommVault recently entered into an OEM agreement with Fujitsu that will extend the deep integration between CommVault’s Simpana software and Fujitsu’s optimized backup and archiving targets, ETERNUS CS High End and ETERNUS CS800, plus Fujitsu ETERNUS DX series disk storage systems.
• On April 18, 2011, CommVault announced that it has been listed as a ”Champion’ in Info-Tech Research Group’s Select Enterprise Backup Software Vendor Landscape, which was published March 11, 2011.