CommVault: Fiscal 1Q14 Financial Results

CommVault Systems, Inc. announced its financial results for the first quarter ended June 30, 2013.

N. Robert Hammer, CommVault’s chairman, president and CEO stated: "We began fiscal year 2014 with a solid first quarter, which was highlighted by year-over-year revenue growth of 21% and Non-GAAP operating income growth of 38%. Our year-over-year revenue growth of 21% was driven by continued demand for our Simpana 10 data and information management software platform and excellent results from our services organization. Our first quarter revenue and earnings performance continues to validate our market leadership and technological innovation combined with our operating discipline."

Total revenues for the first quarter of fiscal 2014 were $134.4 million, an increase of 21% over the first quarter of fiscal 2013 and a decrease of 3% over the prior quarter. Software revenue in the first quarter of fiscal 2014 was $65.3 million, an increase of 20% year-over-year and a decrease of 9% sequentially. Services revenue in the first quarter of fiscal 2014 was $69.1 million, increases of 21% year-over-year and 5% sequentially.

Income from operations (EBIT) was $21.4 million for the first quarter, a 30% increase from $16.4 million in the same period of the prior year. Non-GAAP income from operations (EBIT) increased 38% to $31.3 million in the first quarter of fiscal 2014 compared to $22.6 million in the first quarter of the prior year. On a sequential basis, non-GAAP income from operations (EBIT) decreased 1% in the first quarter of fiscal 2014.

For the first quarter of fiscal 2014, CommVault reported net income of $13.5 million, an increase of $3.3 million compared to the same period of the prior year. Non-GAAP net income for the quarter increased 38% to $19.9 million, or $0.40 per diluted share, from $14.4 million, or $0.30 per diluted share, in the same period of the prior year.

Operating cash flow totaled $24.6 million for the first quarter of fiscal 2014 compared to $17.9 million in the first quarter of fiscal 2013. Total cash and short-term investments were $458.8 million as of June 30, 2013 compared to $435.9 million as of March 31, 2013. There were no share repurchases during the first quarter of fiscal 2014, which still leaves $102.8 million remaining in the existing repurchase plan available through March 31, 2014.

Recent Business Highlight:

• On July 1, 2013, announced Forrester Research, Inc. named CommVault a leader in The Forrester Wave: Enterprise Backup Software, Q2 2013, a methodology that evaluates vendors on current offering, strategy and market presence, against pre-defined evaluation criteria. CommVault is top ranked in the current offering category for Simpana 10 software, scoring 4.45 points out of a possible five.
• On June 11, 2013, announced that for the third consecutive year, it has been positioned in the leaders quadrant of Gartner Inc.’s report, Magic Quadrant: Enterprise Backup/Recovery Software. CommVault believes this designation reinforces its vision that the future of storage is moving toward unified data and information as enterprises adopt modern techniques to protect and recover their critical applications.
• On June 4, 2013, announced that Info-Tech Research Group has recognized CommVault as an industry Champion in Virtual Backup Software, Email Archiving, and Backup Software for Heterogeneous Environments in its latest Vendor Landscape Reports.

1Q14 earnings conference call (webcast)