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CommVault – CVLT – Double-digit revenue and non-GAAP operating income growth

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CommVault (NASDAQ: CVLT) announced its financial results for the second quarter ended September 30, 2012.

  • Record Revenue of $118.2 million, up 21% Year-Over-Year
  • Record GAAP EBIT of $22.4 million; GAAP EPS of $0.29
  • Record Non-GAAP EBIT of $28.8 million; Record Non-GAAP EPS of $0.38

N. Robert Hammer, CommVault’s chairman, president and CEO stated, “Our second quarter results continued our trend of delivering consistent, double-digit revenue and non-GAAP operating income growth. Our second quarter results were highlighted by year-over-year software revenue growth of 24% and Non-GAAP operating income growth of 63%. Our financial and operational performance for the second quarter demonstrates the strong value we provide our customers and the sizeable market opportunity for our data and information management software platform and related services. The momentum we carried through the first half of fiscal 2013 should provide a strong foundation for continued revenue and earnings growth as we move into the second half of the fiscal year.”

Total revenues for the second quarter of fiscal 2013 were $118.2 million, an increase of 21% over the second quarter of fiscal 2012 and an increase of 6% over the prior quarter. Software revenue in the second quarter of fiscal 2013 was $59.2 million, an increase of 24% year-over-year and an increase of 9% sequentially. Services revenue in the second quarter of fiscal 2013 was $58.9 million, an increase of 19% year-over-year and 3% sequentially.

Income from operations (EBIT) was $22.4 million for the second quarter, a 71% increase from $13.1 million in the same period of the prior year. On a sequential basis, income from operations (EBIT) increased 36% in the second quarter of fiscal 2013. Non-GAAP income from operations (EBIT) increased 63% to $28.8 million in the second quarter of fiscal 2013 compared to $17.7 million in the second quarter of the prior year. On a sequential basis, Non-GAAP income from operations (EBIT) increased 27% in the second quarter of fiscal 2013.

For the second quarter of fiscal 2013, CommVault reported net income of $13.9 million, an increase of $6.0 million compared to the same period of the prior year. Non-GAAP net income for the quarter increased 61% to $18.3 million, or $0.38 per diluted share, from $11.4 million, or $0.24 per diluted share, in the same period of the prior year.

Operating cash flow totaled $24.4 million for the second quarter of fiscal 2013 compared to $11.1 million in the second quarter of fiscal 2012. Total cash and short-term investments were $353.9 million as of September 30, 2012 compared to $300.2 million as of March 31, 2012. There were no share repurchases during the second quarter of fiscal 2013.

About CommVault – CVLT

A singular vision – a belief in a better way to address current and future data management needs – guides CVLT in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CVLT’s exclusive single-platform architecture gives companies unprecedented control over data growth, costs and risk. CVLT’s Simpana® software suite of products was designed to work together seamlessly from the ground up, sharing a single code and common function set, to deliver superlative Data Protection, Archive, Replication, Search and Resource Management capabilities. More companies every day join those who have discovered the unparalleled efficiency, performance, reliability, and control only CommVault can offer. Information about CommVault is available at www.commvault.com. CommVault’s corporate headquarters is located in Oceanport, New Jersey in the United States.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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