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Last10K.com | 10-K Annual Report Fri May 06 2022
Investor Relations Contact:
Michael J. Melnyk, CFA
732-870-4581
mmelnyk@commvault.com
Media Relations Contact:
Miranda Foster
732-728-5378
mfoster@commvault.com
Commvault Announces Fiscal 2022 Fourth Quarter Financial Results
---Record quarterly and annual revenue ---
--- Fourth quarter software and products revenue up 12% year over year ---
--- Fourth quarter recurring revenue up 19% year over year ---
---Annualized recurring revenue (ARR) up 13% year over year ---
Fourth quarter and Fiscal 2022 highlights include:
| Fourth quarter | Fiscal 2022 | |||||||||||||
| GAAP Results: | ||||||||||||||
Revenues | $205.9 million | $769.6 million | ||||||||||||
| Income from Operations (EBIT) | $11.4 million | $41.6 million | ||||||||||||
| EBIT Margin | 5.6% | 5.4% | ||||||||||||
| Diluted Earnings Per Share | $0.17 | $0.71 | ||||||||||||
| Non-GAAP Results: | ||||||||||||||
| Income from Operations (EBIT) | $46.6 million | $161.7 million | ||||||||||||
| EBIT Margin | 22.6% | 21.0% | ||||||||||||
Diluted Earnings Per Share | $0.75 | $2.51 | ||||||||||||
Tinton Falls, N.J. – May 3, 2022 – Commvault [NASDAQ: CVLT] today announced its financial results for the fourth quarter and fiscal year ended March 31, 2022.
“We are pleased to have delivered another record quarter to cap off the best year in our history," said Sanjay Mirchandani, President and CEO. "Demand is strong for our differentiated portfolio, our team is executing, and we are taking market share. We are excited about our growth prospects in the new fiscal year."
Total revenues for the fourth quarter of fiscal 2022 were $205.9 million, an increase of 8% year over year. Total recurring revenue was $173.2 million, an increase of 19% year over year. For the full fiscal year, total revenues were $769.6 million, an increase of 6% from fiscal year 2021.
The following information was filed by Commvault Systems Inc (CVLT) on Tuesday, May 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Commvault Systems Inc's financial trajectory
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Commvault Systems Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Financial - Expense Highlight
- Depreciation and amortization expense: decreased $5.0 million, from $14.6 million in fiscal 2021 to $9.7 million in fiscal 2022, driven by the elimination of amortization of intangible assets related to Hedvig due to their impairment in the second quarter of fiscal 2021.
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Legal - Other Highlight
Increase in legal expenses for costs related to intellectual property matters partially offset by $7.9 million of settlement gains netted against related legal expenses.
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Other - Other Highlight
Because there are inherent uncertainties involved in these factors, significant differences between these estimates and actual results could result in future impairment charges and could materially impact our future financial results.
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Financial - Shares Highlight
The following chart summarizes the cash used to repurchase shares of our common stock: A summary of the cash used for the stock repurchase program consists of the following: Our summarized annual cash flow information is as follows (in thousands): - Net cash provided by operating activities was impacted by: Fiscal 2022: net income adjusted for the impact of non-cash charges, increases in deferred revenue and accrued expenses, partially offset by increases in accounts receivable and deferred commissions.
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Financial - Earnings Highlight
The increase in gross margin percentage of software and products is a result of reduced sales of hardware associated with our appliance as well as reduced software royalties associated with sales of HyperScale appliances and software.
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
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Commitments And Contingencies
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Commitments And Contingencies (Tables)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Additional Information (Details)
Goodwill And Intangible Assets, Net - Goodwill (Details)
Goodwill And Intangible Assets, Net - Intangible Assets, Net (Details)
Goodwill And Intangible Assets, Net - Schedule Of Estimated Future Amortization Expenses (Details)
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Income Taxes - Components Of Income Before Income Taxes (Details)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Reconciliation Of Amounts Of Unrecognized Tax Benefits (Details)
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Revenue - Disaggregation Of Revenue (Details)
Revenue - Opening And Closing Balances (Deferred Revenue) (Details)
Revenue - Opening And Closing Balances (Receivables) (Details)
Revenue - Performance Obligations (Details)
Revolving Credit Facility
Revolving Credit Facility (Details)
Segment Information
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Segment Information - Schedule Of Long-Lived Assets By Geographic Area (Details)
Segment Information - Schedule Of Revenue By Geographic Area (Details)
Stock Plans
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Stock Plans - Additional Information (Details)
Stock Plans - Awards With A Market Condition (Details)
Stock Plans - Employee Stock Purchase Plan (Details)
Stock Plans - Performance Based Awards (Details)
Stock Plans - Restricted Stock Unit Activity (Details)
Stock Plans - Stock-Based Compensation Expense (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Computation Of Basic And Diluted Net Income Per Common Share (Details)
Summary Of Significant Accounting Policies - Summary Of Potential Outstanding Common Stock Equivalents (Details)
Material Contracts, Statements, Certifications & more
Commvault Systems Inc provided additional information to their SEC Filing as exhibits
Exhibit 3.3: Articles Of Incorporation
Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures
Exhibit 10.3: Material Contract
Exhibit 21.1: Subsidaries Of The Registrant
Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: CVLT
CIK: 1169561
Form Type: 10-K Annual Report
Accession Number: 0001169561-22-000018
Submitted to the SEC: Fri May 06 2022 2:41:13 PM EST
Accepted by the SEC: Fri May 06 2022
Period: Thursday, March 31, 2022
Industry: Prepackaged Software
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