Benzinga | Jul 27, 2021 11:13AM EDT

CommVault Systems Beats On Q1 Earnings

* CommVault Systems Inc (NASDAQ:CVLT) reported first-quarter FY22 revenue growth of 6% year-on-year to $183.4 million, beating the analyst consensus of $181.5 million.

* Annualized recurring revenue (ARR) rose 13% Y/Y to $532.8 million as of June 30, 2021.

* Software and products revenue rose 7% Y/Y to $82.2 million, driven by a 23% increase in revenue from portfolio deals. Larger deal revenue transactions rose 34% Y/Y.

* Services revenue increased 5% Y/Y to $101.3 million.

* The gross margin expanded 40 basis points to 86.2%.

* The operating margin expanded by around 460 basis points to 8.4%.

* The non-GAAP EPS of $0.62 beat the analyst consensus of $0.52.

* It generated $37.2 million in operating cash flow.

* The company held $359.1 million in cash and equivalents.

* It repurchased stock worth $90 million.

* The company remains confident that its transformation has put it in a position to thrive in a post-pandemic world and achieve the financial targets laid out in January.

* Price action: CVLT shares are trading lower by 3.10% at $80.11 on Tuesday.