CommVault: Fiscal 1Q13 Financial Results

CommVault Systems, Inc. announced its financial results for the first quarter ended June 30, 2012.

N. Robert Hammer, CommVault’s chairman, president and CEO stated: "We began fiscal year 2013 with a solid first quarter which was highlighted by year-over-year software revenue growth of 24% and Non-GAAP operating income growth of 49%. Our year-over-year software revenue growth of 24% was driven by continued demand for our Simpana 9 data and information management software platform across all geographies and strong year-over-year growth in enterprise software deals (transactions greater than $100,000). During the first quarter, we continued to make significant investments to position the company for longer term growth while delivering improved profitability."

Total revenues for the first quarter of fiscal 2013 were $111.3 million, an increase of 22% over the first quarter of fiscal 2012 and a decrease of 2% over the prior quarter. Software revenue in the first quarter of fiscal 2013 was $54.2 million, an increase of 24% year-over-year and a decrease of 8% sequentially. Services revenue in the first quarter of fiscal 2013 was $57.0 million, increases of 19% year-over-year and 3% sequentially.

Income from operations (EBIT) was $16.4 million for the first quarter, a 64% increase from $10.0 million in the same period of the prior year. Non-GAAP income from operations (EBIT) increased 49% to $22.6 million in the first quarter of fiscal 2013 compared to $15.2 million in the first quarter of the prior year. On a sequential basis, Non-GAAP income from operations (EBIT) increased 7% in the first quarter of fiscal 2013.

For the first quarter of fiscal 2013, CommVault reported net income of $10.1 million, an increase of $3.1 million compared to the same period of the prior year. Non-GAAP net income for the quarter increased 47% to $14.4 million, or $0.30 per diluted share, from $9.8 million, or $0.21 per diluted share, in the same period of the prior year.

Operating cash flow totaled $17.9 million for the first quarter of fiscal 2013 compared to $31.1 million in the first quarter of fiscal 2012. Total cash and short-term investments were $320.1 million as of June 30, 2012 compared to $300.2 million as of March 31, 2012. There were no share repurchases during the first quarter of fiscal 2013, which still leaves $52.8 million remaining in the existing repurchase plan available through March 31, 2013.

Recent Business Highlights:

• On June 14, 2012, the company announced that it has been positioned in the ‘Leaders’ quadrant of Gartner Inc.’s report, Magic Quadrant: Enterprise Backup/Recovery Software.
• On June 7, 2012, it announced that its Simpana 9 data and information management software platform is fully compatible with Microsoft Corp.’s newly released SQL Server 2012 Data platform with support for SQL Server’s advanced high availability and disaster recovery solutions across physical, virtual and cloud environments.
• On May 16, 2012, it announced that it is expanding the reach of its customer service operations delivering integrated, global technical support capabilities across AsiaPac and Latin America. This announcement reinforces CommVault’s commitment to service and support which incorporates a locally-delivered but globally-integrated, single call queue for handling all customer support incidents.