Seconds Quarter Highlights Include:
Download Financial Tables – http://bit.ly/2WlSIti Tinton Falls, N.J. – October 29, 2019 — /BackupReview.info/ — Commvault [NASDAQ: CVLT] today announced its financial results for the second quarter ended September 30, 2019. “While we still have more to do, I’m pleased with the ongoing progress we’ve made over the last quarter,” said Sanjay Mirchandani, Commvault’s President and CEO. “We are improving our execution, closed our first major acquisition, and successfully launched a new enterprise-grade software-as-a-service offering. Additionally, earlier this month we hosted nearly 2,000 attendees at another successful Commvault GO conference. We look forward to carrying this momentum into the second half of our fiscal year.” Total revenues for the second quarter of fiscal 2020 were $167.6 million, a decrease of 1% year over year and an increase of 3% sequentially. Total repeatable revenue was $121.8 million, an increase of 1% year over year and 7% sequentially. Subscription and utility annual contract value (ACV) grew 59% year over year to approximately $121 million. Software and products revenue was $68.6 million, a decrease of 1% year over year, and an increase of 8% sequentially. Services revenue in the quarter was $99.0 million, a decrease of 1% year over year and flat sequentially. On a GAAP basis, loss from operations was $8.2 million for the second quarter compared to income of $1.0 million in the prior year. The second quarter GAAP results in fiscal 2020 included $18.5 million of expenses related to a non-routine shareholder matter, restructuring and costs related to the acquisition of Hedvig, Inc. These expenses have been excluded from our non-GAAP results and are further discussed in Table IV. Non-GAAP EBIT was $24.8 million in the quarter compared to $25.1 million in the prior year. For the second quarter of fiscal 2020, Commvault reported GAAP net loss of $7.1 million, or $0.16 per diluted share. Non-GAAP net income for the quarter was $19.2 million, or $0.42 per diluted share. Operating cash flow totaled $24.0 million for the second quarter of fiscal 2020 compared to $17.8 million in the prior year quarter. Total cash and short-term investments were $475.2 million as of September 30, 2019 compared to $458.3 million as of March 31, 2019. A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. Download Financial Tables – http://bit.ly/2WlSIti An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.” Use of Non-GAAP Financial Measures All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release. Download Financial Tables – http://bit.ly/2WlSIti Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional FICA and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. In fiscal 2019 and 2020, Commvault also excluded restructuring and costs related to a non-routine shareholder matter from its non-GAAP results. In the second quarter of fiscal 2020, Commvault also excluded costs related to the acquisition of Hedvig, Inc. These expenses are further discussed in Table IV. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault’s core operating results over multiple periods. When evaluating the performance of Commvault’s operating results and developing short- and long-term plans, Commvault does not consider such expenses. Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault’s operating results and those of other companies. There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault’s operating results. In addition, noncash stock-based compensation is an important part of Commvault’s employees’ compensation and can have a significant impact on their performance. Lastly, the components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures. Commvault’s management generally compensates for the limitations described above related to the use of non-GAAP financial measures by providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP. Non-GAAP net income and non-GAAP diluted earnings per share (EPS). Non-GAAP net income excludes noncash stock-based compensation, and the additional FICA and related payroll tax expenses incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. In fiscal 2019 and 2020 Commvault also excluded restructuring and costs related to a non-routine shareholder matter from its non-GAAP results. Also excluded from non-GAAP results are the costs related to the acquisition of Hedvig, Inc. These expenses are further discussed in Table IV. In addition, non-GAAP net income and non-GAAP diluted EPS incorporate a non-GAAP effective tax rate of 27%. Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income. For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align. Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP net income and non-GAAP EPS. Conference Call Information About Commvault Safe Harbor Statement ©1999-2019 Commvault Systems, Inc. All rights reserved. Commvault, Commvault and logo, the “C hexagon” 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 “Cube” logo, Metallic, the “M Wave” logo, 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. Investor Relations Contact: Source: Commvault
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