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Commvault Announces Fiscal 2023 Second Quarter Financial Results

Sanjay Mirchandani, President and CEO, Commvault

Commvault  today announced its financial results for the second quarter ended September 30, 2022.

“Our fiscal Q2 record results and double-digit constant currency growth reinforce that customers see the value of Commvault’s software and SaaS solutions,” said Sanjay Mirchandani, President and CEO. “We believe our comprehensive data protection portfolio has never been more important in today’s increasingly difficult world.”

Total revenues for the second quarter of fiscal 2023 were $188.1 million, an increase of 6% year over year. On a year over year constant currency basis, total revenue growth would have been 12%. Total recurring revenue was $158.2 million, an increase of 12% year over year. On a year over year constant currency basis, total recurring revenue growth would have been 19%. Recurring revenue represented 84% of total revenue.

Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $604.4 million as of September 30, 2022, up 11% from September 30, 2021. On a year over year constant currency basis, ARR growth would have been 18%.

Software and products revenue was $82.8 million, an increase of 10% year over year.  The year over year increase in software and products revenue was driven by an 18% increase in larger deals (deals with greater than $0.1 million in software and products revenue). On a year over year constant currency basis, software and products revenue growth would have been 16%.

Larger deal revenue represented 72% of our software and products revenue in the three months ended September 30, 2022.  The number of larger deal revenue transactions was 173 for the three months ended September 30, 2022, compared to 163 for the three months ended September 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $346,000, representing an 11% increase from the prior year.

Services revenue in the quarter was $105.2 million, an increase of 3% year over year.  Services revenue continues to grow primarily due to the increase in Metallic.

On a GAAP basis, income from operations (EBIT) was $9.3 million for the second quarter compared to $2.3 million in the prior year.  Non-GAAP EBIT was $35.4 million in the quarter compared to $31.0 million in the prior year.

Operating cash flow totaled $49.8 million for the second quarter of fiscal 2023 compared to $26.1 million in the prior year quarter.  Total cash was $262.5 million as of September 30, 2022 compared to $267.5 million as of March 31, 2022.

During the second quarter of fiscal 2023, Commvault repurchased approximately 703,000 shares of its common stock totaling $39.9 million at an average price of approximately $56.74 per share.

A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. (Download Financial Tables)

An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

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