Commvault Systems (CVLT) Misses Q3 EPS by 1c

Commvault Systems (NASDAQ: CVLT) reported Q3 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $180.4 million versus the consensus estimate of $182.01 million.

N. Robert Hammer, Commvault's Chairman, President and CEO stated, "We achieved record quarterly revenue of $180.4 million highlighted by sequential software and products revenue growth of 13% driven by an increase in EMEA enterprise revenue transactions, a 19% year over year increase in deferred revenue and a 17% year over year increase in operating cash flows. We continue to make excellent progress with our subscription based pricing models, which represents approximately 20% of our year to date software revenue, more than double our historical run rate. We also successfully launched our Commvault HyerScale™ Appliance and Commvault HyperScale™ Software, which we believe are resonating with customers and partners and will begin to meaningfully impact our results in fiscal 2019. We are focused on executing a solid fiscal fourth quarter to build a stronger foundation for revenue and earnings growth in fiscal 2019. Finally, we remained opportunistic during the third fiscal quarter, repurchasing $80 million of our common stock."

During the third quarter of fiscal 2018, Commvault repurchased approximately 1.5 million shares of its common stock totaling $80.1 million. On January 17, 2018, the Board of Directors extended the expiration date of the share repurchase program to March 31, 2019 and authorized a $100.0 million increase to the existing share repurchase program so that $133.7 million is now available. There have been no borrowings against the line of credit during fiscal 2018.

For earnings history and earnings-related data on Commvault Systems (CVLT) click here.

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