CommVault Systems Earnings Cheat Sheet: Beats Wall Street Expectations

CommVault Systems, Inc. (NASDAQ:CVLT) reported net income above Wall Street’s expectations for the first quarter. CommVault Systems, Inc. is a provider of data and information management software applications and related services. It develops, markets and sells a unified suite of data and information management software applications under the Simpana brand.

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CommVault Systems Earnings Cheat Sheet for the First Quarter

Results: Net income for CommVault Systems, Inc. rose to $7 million (15 cents per share) vs. $3.5 million (8 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 38% to $91.5 million from the year earlier quarter.

Actual vs. Wall St. Expectations: CVLT reported adjusted net income of 21 cents per share. By that measure, the company beat the mean estimate of 10 cents per share. It beat the average revenue estimate of $83.7 million.

Quoting Management: N. Robert Hammer, CommVault’s chairman, president and CEO stated, “We began fiscal year 2012 with an excellent first quarter which was highlighted by revenue growth of 38%, non-GAAP EBIT growth of 100% and operating cash flow growth of 95% over the same period a year ago. Our 38% growth in total revenues was driven by another quarter of record enterprise software deals (transactions greater than $100,000) and improved results across all geographies. Our first quarter results continue to validate the strategic relevance of our Simpana nine data and information management software platform and our ability to penetrate large enterprise accounts.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 20.3%, with the biggest boost coming in the most recent quarter when revenue rose 38% from the year earlier quarter.

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 10 cents versus a mean estimate of net income of 17 cents per share.

Margins rose in the fourth quarter of the last fiscal year after falling the quarter before. Gross margin rose 1.2 percentage points to 86.8% from the quarter earlier quarter. In the third quarter of the last fiscal year, the figure rose 0.6 percentage point to 86.8% from the year earlier quarter.

The increase in profit last quarter comes after net income fell in the previous quarter. In the fourth quarter of the last fiscal year, net income declined 16.8% to $4.8 million.

Competitors to Watch: FalconStor Software, Inc. (NASDAQ:FALC), Symantec Corporation (NASDAQ:SYMC), Oracle Corporation (NASDAQ:ORCL), CA, Inc. (NASDAQ:CA), Intl. Business Machines Corp. (NYSE:IBM), Pervasive Software Inc. (NASDAQ:PVSW), TigerLogic Corp. (NASDAQ:TIGR), Microsoft Corporation (NASDAQ:MSFT), EMC Corporation (NYSE:EMC), and Hewlett-Packard Company (NYSE:HPQ).

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(Source: Xignite Financials)

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