Benzinga | May 4, 2021 03:57PM EDT

CommVault Systems Shares Are Trading Higher On Q4 Earnings Beat

* CommVault Systems Inc (NASDAQ: CVLT) reported fourth-quarter FY21 revenue growth of 16% year-on-year to $191.3 million, beating the analyst estimate of $182.34 million. Total recurring revenue rose 24% Y/Y to $145.6 million.

* Software and products revenue rose 355 to $89.4 million due to 39% revenue growth from larger deals. Services revenue rose 4% to $102 million.

* The number of larger deal revenue transactions rose 30% Y/Y to 198 deals. The average dollar amount of larger deal revenue transactions increased 7% Y/Y to $0.31 million.

* Non-GAAP EBIT rose 112% to $38.8 million.

* Non-GAAP EPS of $0.59 beat the analyst estimate of $0.48.

* The company generated $64.7 million in operating cash flow, and it held $397.2 million in cash and equivalents.

* CommVault repurchased shares worth $62.1 million in Q4.

* Price action: CVLT shares traded higher by 4.09% at $71.34 on the last check Tuesday.