CommVault: Fiscal 1Q12 Financial Results

First Quarter Fiscal 2012 Highlights Include:   

GAAP Results:                    

• Revenues: $91.5 million     
• Income from Operations (EBIT): $10.0 million
• EBIT Margin: 10.9%
• Diluted Earnings Per Share: $0.15

Non-GAAP Results:                    

• Income from Operations (EBIT): $15.2 million
• EBIT Margin: 16.6%
• Diluted Earnings Per Share: $0.21

CommVault Systems, Inc. announced its financial results for the first quarter ended June 30, 2011.

N. Robert Hammer, CommVault’s chairman, president and CEO stated: "We began fiscal year 2012 with an excellent first quarter which was highlighted by revenue growth of 38%, non-GAAP EBIT growth of 100% and operating cash flow growth of 95% over the same period a year ago. Our 38% growth in total revenues was driven by another quarter of record enterprise software deals (transactions greater than $100,000) and improved results across all geographies. Our first quarter results continue to validate the strategic relevance of our Simpana 9 data and information management software platform and our ability to penetrate large enterprise accounts. We were also successful in making substantial investments to position the company for longer term growth while delivering solid year over year improved profitability."

Total revenues for the first quarter of fiscal 2012 were $91.5 million, an increase of 38% over the first quarter of fiscal 2011 and an increase of 2% over the prior quarter. Software revenue in the first quarter of fiscal 2012 was $43.8 million, an increase of 55% year-over-year and remained relatively flat sequentially. Services revenue in the first quarter of fiscal 2012 was $47.7 million, increases of 26% year-over-year and 5% sequentially.

Income from operations (EBIT) was $10.0 million for the first quarter, a 173% increase from $3.7 million in the same period of the prior year. Non-GAAP income from operations (EBIT) increased 100% to $15.2 million in the first quarter of fiscal 2012 compared to $7.6 million in the first quarter of the prior year. On a sequential basis, Non-GAAP income from operations (EBIT) decreased 12% in the first quarter of fiscal 2012.

For the first quarter of fiscal 2012, CommVault reported net income of $7.0 million, an increase of $3.5 million compared to the same period of the prior year. Non-GAAP net income for the quarter increased 94% to $9.8 million, or $0.21 per diluted share, from $5.1 million, or $0.11 per diluted share, in the same period of the prior year.

Operating cash flow totaled $31.1 million for the first quarter of fiscal 2012 compared to $15.9 million in the first quarter of fiscal 2011. Total cash and short-term investments were $254.2 million as of June 30, 2011 compared to $218.3 million as of March 31, 2011.

Recent Business Highlights:

• On July 5, 2011, CommVault announced it had won the 2011 Microsoft Server Platform Partner of the Year Award. CommVault was honored among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.
• On May 31, 2011, CommVault announced that it had entered into a global OEM agreement with NetApp under which NetApp will integrate elements of CommVault’s industry leading Simpana 9 software with NetApp SnapShot and replication technology, under the NetApp SnapProtect brand.
• On May 26, 2011, CommVault announced that it its Simpana 9 software had been named the winner of the Backup and Recovery category in the Best of TechEd 2011 awards program produced by Penton Media’s Windows IT Pro, SQL Server Magazine, DevPro Connections and SharePoint Pro.