PR Newswire | Oct 26, 2021 07:46AM EDT

10/26 06:45 CDT

Commvault Announces Fiscal 2022 Second Quarter Financial Results-- Annualized recurring revenue (ARR) up 12% year over year ---- Second quarter software and products revenue up 4% year over year ---- $90 million of share repurchases -- TINTON FALLS, N.J., Oct. 26, 2021

TINTON FALLS, N.J., Oct. 26, 2021 /PRNewswire/ --

Second quarter highlights include:

Second quarter

GAAP Results:

Revenues $177.8 million

Income from Operations (EBIT)$2.3 million

EBIT Margin 1.3%

Diluted Earnings Per Share $0.04



Non-GAAP Results:

Income from Operations (EBIT)$31.0 million

EBIT Margin 17.4%

Diluted Earnings Per Share $0.48

Commvault [NASDAQ: CVLT] today announced its financial results for the second quarter ended September 30, 2021.

"During the quarter we saw a significant increase in new customer revenue," said Sanjay Mirchandani, President and CEO. "Winning new customers and taking market share is foundational to meeting our longer-term financial objectives. At the same time, we did not meet our expectations for the quarter. We believe the impact was principally isolated to delayed software opportunities that are part of larger IT Transformation projects. In addition, we believe industry-wide supply chain issues are impacting our customers sourcing of hardware components and associated software orders."

Total revenues for the second quarter of fiscal 2022 were $177.8 million, an increase of 4% year over year. Total recurring revenue was $140.7 million, representing 79% of total revenue.

Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $542.6 million as of September 30, 2021, up 12% from September 30, 2020.

Software and products revenue was $75.3 million, an increase of 4% year over year. Excluding pass through hardware revenue, software revenue was up 9% year over year. The year over year increase in software and products revenue was driven by a 6% increase in larger deals (deals greater than $0.1 million in software and products revenue). Larger deal revenue (deals with greater than $0.1 million and software and products revenue) represented 67% of our software and products revenue in the three months ended September 30, 2021. The number of larger deal revenue transactions increased 9% year over year to 163 deals for the three months ended September 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $311,000.

Services revenue in the quarter was $102.6 million, an increase of 4% year over year. The increase in services revenue was driven primarily by the increase in Metallic software as a service revenue.

On a GAAP basis, income from operations (EBIT) was $2.3 million for the second quarter compared to loss of $42.0 million in the prior year. Non-GAAP EBIT was $31.0 million in the quarter compared to $28.9 million in the prior year.

Operating cash flow totaled $26.1 million for the second quarter of fiscal 2022 compared to $27.0 million in the prior year quarter. Total cash and short-term investments were $295.8 million as of September 30, 2021 compared to $397.2 million as of March 31, 2021.

During the second quarter of fiscal 2022, Commvault repurchased approximately 1,159,000 shares of its common stock totaling $90.0 million at an average price of approximately $77.70 per share.

A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. An explanation of these measures is also included below under the heading "Use of Non-GAAP Financial Measures."

Use of Non-GAAP Financial Measures

Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share and annualized recurring revenue (ARR). This selected financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault's ongoing operational performance. Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault's industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided software and products, services and total revenues on a constant currency basis. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.

All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release.

Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional FICA and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards as well as restructuring costs. Commvault has also excluded certain costs related to key employees of Hedvig and, for fiscal year 2021, the noncash amortization of intangible assets and the impairment of the intangible assets from its non-GAAP results. These expenses are further discussed in Table IV. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault's core operating results over multiple periods. When evaluating the performance of Commvault's operating results and developing short- and long-term plans, Commvault does not consider such expenses.

Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault's operating results and those of other companies.

There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault's operating results. In addition, noncash stock-based compensation is an important part of Commvault's employees' compensation and can have a significant impact on their performance. Lastly, the components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures.

Commvault's management generally compensates for the limitations described above related to the use of non-GAAP financial measures by providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, Commvault management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.

Non-GAAP net income and non-GAAP diluted earnings per share (EPS).In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%.

Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income. For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.

Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP net income and non-GAAP EPS.

Conference Call Information

Commvault will host a conference call today, October 26, 2021 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. To access this call, dial 844-742-4247 (domestic) or 661-378-9470 (international). The live webcast can be accessed under the "Events" section of Commvault's website. An archived webcast of this conference call will also be available following the call.

About CommvaultCommvault is the recognized leader in data backup and recovery. Commvault's converged data management solution redefines what backup means for the progressive enterprise through solutions that protect, manage and use their most critical asset - their data. Commvault software, solutions and services are available from the company and through a global ecosystem of trusted partners. Commvault employs more than 2,600 highly-skilled individuals across markets worldwide, is publicly traded on NASDAQ (CVLT), and is headquartered in Tinton Falls, New Jersey in the United States. To learn more about Commvault visit www.commvault.com

Safe Harbor StatementThis press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault's business, see "Item IA. Risk Factors" in our annual report in Form 10-K and "Item 1A. Risk Factors" in our most recent quarter report in Form 10-Q. Statements regarding Commvault's beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements. The development and timing of any product release as well as any of its features or functionality remain at our sole discretion.

(c)1999-2021 Commvault Systems, Inc. All rights reserved. Commvault, Commvault and logo, the "C hexagon" logo, Commvault Systems, Commvault HyperScale, ScaleProtect, Commvault OnePass, Unified Data Management, Quick Recovery, QR, CommNet, GridStor, Vault Tracker, InnerVault, Quick Snap, QSnap, IntelliSnap, Recovery Director, CommServe, CommCell, APSS, Commvault Edge, Commvault GO, Commvault Advantage, Commvault Complete, Commvault Activate, Commvault Orchestrate, Commvault Command Center, Hedvig, Universal Data Plane, the "Cube" logo, Metallic, the "M Wave" logo, Be Ready and CommValue are trademarks or registered trademarks of Commvault Systems, Inc. All other third party brands, products, service names, trademarks, or registered service marks are the property of and used to identify the products or services of their respective owners. All specifications are subject to change without notice.

Commvault Systems, Inc.



Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)



Three Months Ended Six Months Ended September 30, September 30,

2021 2020 2021 2020

Revenues:

Software and products $75,261$72,309 $157,423$148,863

Services 102,579 98,830 203,838 195,276

Total revenues 177,840 171,139 361,261 344,139

Cost of revenues:

Software and products 2,894 7,903 5,200 13,750

Services 23,680 18,896 46,649 37,600

Total cost of revenues 26,574 26,799 51,849 51,350

Gross margin 151,266 144,340 309,412 292,789

Operating expenses:

Sales and marketing 82,928 79,069 159,289 160,745

Research and development 37,726 30,955 73,861 62,097

General and administrative 25,358 24,748 51,787 46,307

Restructuring 636 5,767 2,082 8,091

Impairment of intangible assets - 40,700 - 40,700

Depreciation and amortization 2,352 5,053 4,633 10,118

Total operating expenses 149,000 186,292 291,652 328,058

Income (loss) from operations 2,266 (41,952) 17,760 (35,269)

Interest income 289 249 423 592

Income (loss) before income taxes 2,555 (41,703) 18,183 (34,677)

Income tax expense (benefit) 824 (532) 2,555 4,211

Net income (loss) $1,731 $(41,171)$15,628 $(38,888)

Net income (loss) per common share:

Basic $0.04 $(0.89) $0.34 $(0.84)

Diluted $0.04 $(0.89) $0.33 $(0.84)

Weighted average common shares outstanding:

Basic 45,743 46,516 45,960 46,354

Diluted 47,599 46,516 47,936 46,354

Commvault Systems, Inc.



Consolidated Balance Sheets (In thousands) (Unaudited)



September 30,March 31,

2021 2021

ASSETS

Current assets:

Cash and cash equivalents $295,807 $397,237

Trade accounts receivable, net 166,272 188,126

Other current assets 20,651 22,237

Total current assets 482,730 607,600



Property and equipment, net 109,557 112,779

Operating lease assets 17,925 20,778

Deferred commissions cost 42,351 38,444

Goodwill 112,435 112,435

Other assets 14,756 12,137

Total assets $779,754 $904,173



LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable $178 $374

Accrued liabilities 85,604 112,148

Current portion of operating lease liabilities6,455 7,469

Deferred revenue 247,578 253,211

Total current liabilities 339,815 373,202



Deferred revenue, less current portion 124,833 119,231

Deferred tax liabilities, net 762 761

Long-term operating lease liabilities 13,009 15,419

Other liabilities 1,557 1,526



Total stockholders' equity 299,778 394,034

Total liabilities and stockholders' equity $779,754 $904,173

Commvault Systems, Inc.



Consolidated Statements of Cash Flows (In thousands) (Unaudited)



Three Months Ended Six Months Ended September 30, September 30,

2021 2020 2021 2020

Cash flows from operating activities

Net income (loss) $1,731 $(41,171)$15,628 $(38,888)

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 2,665 5,365 5,258 10,743

Noncash stock-based compensation 26,449 20,584 48,260 39,535

Impairment of intangible assets - 40,700 - 40,700

Amortization of deferred commissions cost 4,484 4,959 8,650 9,526

Impairment of operating lease assets - 225 - 692

Changes in operating assets and liabilities:

Trade accounts receivable, net (6,535) 15,021 27,519 3,637

Operating lease assets and liabilities, net (391) (288) (544) (808)

Other current assets and Other assets 3,248 2,693 (4,346) 9,982

Deferred commissions cost (6,956) (4,319) (12,897) (9,965)

Accounts payable 48 92 (193) (67)

Accrued liabilities 115 (9,452) (25,952) (17,151)

Deferred revenue 1,162 (9,679) 1,831 (10,222)

Other liabilities 39 2,227 56 4,528

Net cash provided by operating activities 26,059 26,957 63,270 42,242

Cash flows from investing activities

Proceeds from maturity of short-term investments - - - 32,800

Purchases of investments (2,706) - (2,706) -

Purchase of property and equipment, net (551) (2,019) (1,993) (3,662)

Net cash (used in) provided by investing activities (3,257) (2,019) (4,699) 29,138

Cash flows from financing activities

Repurchase of common stock (90,044) - (180,092)-

Proceeds from stock-based compensation plans 7,826 5,040 23,261 5,271

Net cash (used in) provided by financing activities (82,218) 5,040 (156,831)5,271

Effects of exchange rate - changes in cash (3,926) 7,743 (3,170) 10,420

Net (decrease) increase in cash and cash equivalents (63,342) 37,721 (101,430)87,071

Cash and cash equivalents at beginning of period 359,149 345,432 397,237 296,082

Cash and cash equivalents at end of period $295,807$383,153 $295,807$383,153

Commvault Systems, Inc.



Reconciliation of GAAP to Non-GAAP Financial Measures and Other Financial Information (In thousands, except per share data) (Unaudited)



Three Months Ended Six Months Ended September 30, September 30,

2021 2020 2021 2020

Non-GAAP financial measures and reconciliation:

GAAP income (loss) from operations $2,266 $(41,952)$17,760$(35,269)

Noncash stock-based compensation (1) 26,199 19,937 47,888 38,831

FICA and payroll tax expense related to stock-based compensation (2)495 188 1,458 520

Restructuring (3) 636 5,767 2,082 8,091

Hedvig deferred payments (4) 1,405 1,406 2,811 2,812

Amortization of intangible assets (5) - 2,825 - 5,650

Impairment of intangible assets (6) - 40,700 - 40,700

Non-GAAP income from operations $31,001$28,871 $71,999$61,335



GAAP net income (loss) $1,731 $(41,171)$15,628$(38,888)

Noncash stock-based compensation (1) 26,199 19,937 47,888 38,831

FICA and payroll tax expense related to stock-based compensation (2)495 188 1,458 520

Restructuring (3) 636 5,767 2,082 8,091

Hedvig deferred payments (4) 1,405 1,406 2,811 2,812

Amortization of intangible assets (5) - 2,825 - 5,650

Impairment of intangible assets (6) - 40,700 - 40,700

Non-GAAP provision for income taxes adjustment (7) (7,624) (8,394) (16,999) (12,509)

Non-GAAP net income $22,842$21,258 $52,868$45,207



Diluted weighted average shares outstanding 47,599 47,106 47,936 46,821

Non-GAAP diluted earnings per share $0.48 $0.45 $1.10 $0.97

Three Months Ended Six Months Ended September 30, September 30,

2021 2020 2021 2020

Subscription software and products revenue $47,605$38,395$97,123 $89,589

Perpetual software and products revenue 27,656 33,914 60,300 59,274

Total software and products revenue $75,261$72,309$157,423$148,863

Subscription as a % of total software and products revenue63% 53% 62% 60%

Three Months Ended Six Months Ended September 30, September 30,

2021 2020 2021 2020

Subscription software and products revenue$47,605 $38,395 $97,123 $89,589

Recurring support and services revenue 93,109 90,694 185,759 180,591

Total recurring revenue $140,714$129,089$282,882$270,180

Percentage of total revenues 79% 75% 78% 79%



Perpetual software and products revenue $27,656 $33,914 $60,300 $59,274

Non-recurring services revenue 9,470 8,136 18,079 14,685

Total non-recurring revenue $37,126 $42,050 $78,379 $73,959

Percentage of total revenues 21% 25% 22% 21%



Total Revenue (8) $177,840$171,139$361,261$344,139

Measures at period ending ($000s)

September 30, March 31, September 30, 2020 2021 2021

Annualized Recurring $ 483,455 $517,948 $ 542,564 Revenue (9)



Three Months Ended September 30, 2021

Americas EMEA APJ Total

Software and Products Revenue$44,185 $22,280$8,796 $75,261

Customer Support Revenue 51,207 26,288 9,958 87,453

Other Services Revenue 9,393 4,114 1,619 15,126

Total Revenue $104,785$52,682$20,373$177,840

Three Months Ended September 30, 2020

Americas EMEA APJ Total

Software and Products Revenue$39,241$22,063$11,005$72,309

Customer Support Revenue 54,177 24,911 10,359 89,447

Other Services Revenue 4,794 3,084 1,505 9,383

Total Revenue $98,212$50,058$22,869$171,139

Six Months Ended September 30, 2021

Americas EMEA APJ Total

Software and Products Revenue$95,972 $43,621 $17,830$157,423

Customer Support Revenue 103,081 53,062 20,279 176,422

Other Services Revenue 16,703 7,542 3,171 27,416

Total Revenue $215,756$104,225$41,280$361,261



Six Months Ended September 30, 2020

Americas EMEA APJ Total

Software and Products Revenue$89,886 $40,858$18,119$148,863

Customer Support Revenue 109,415 48,221 20,454 178,090

Other Services Revenue 8,907 5,639 2,640 17,186

Total Revenue $208,208$94,718$41,213$344,139



Three Months Ended Six Months Ended September 30, September 30, 2021 2021

Sequential Year Over Year Over Year Year

Non-GAAP software and products revenue reconciliation

GAAP software and products revenue $75,261 $75,261 $ 157,423

Adjustment for currency impact 770 (836) (3,916)

Non-GAAP software and products revenue on a constant currency basis (10)$76,031 $74,425 $ 153,507



Three Months Ended Six Months Ended September 30, September 30, 2021 2021

Sequential Year Over Year Over Year Year

Non-GAAP services revenue reconciliation

GAAP services revenue $102,579 $102,579$ 203,838

Adjustment for currency impact 1,012 (1,241) (5,691)

Non-GAAP services revenue on a constant currency basis (10) $103,591 $101,338$ 198,147



Three Months Ended Six Months Ended September 30, September 30, 2021 2021

Sequential Year Over Year Over Year Year

Non-GAAP total revenue reconciliation

GAAP total revenues $177,840 $177,840$ 361,261

Adjustment for currency impact 1,782 (2,077) (9,607)

Non-GAAP total revenues on a constant currency basis (10) $179,622 $175,763$ 351,654

Footnotes - Adjustments



(1) Represents noncash stock-based compensation charges associated with restricted stock units granted and our Employee Stock Purchase Plan. Those amounts are represented as follows:



Three Months Ended Six Months Ended September 30, September 30,

2021 2020 2021 2020

Cost of services revenue $1,042 $740 $2,227 $1,406

Sales and marketing 9,974 8,988 17,282 16,192

Research and development 8,410 5,578 15,595 11,519

General and administrative 6,773 4,631 12,784 9,714

Stock-based compensation expense $26,199 $19,937 $47,888 $38,831



The table above excludes stock-based compensation expense related to the Company's restructuring activities described below in footnote three.



Represents additional FICA and related payroll tax expenses incurred by (2) Commvault when employees exercise in the money stock options or vest in restricted stock awards.



In recent fiscal years, Commvault initiated restructuring plans to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. These restructuring charges relate primarily to severance and related costs associated with headcount reductions, as well as the closure (3) of offices. Restructuring includes stock-based compensation related to modifications of awards granted to former employees. Management believes, when used as a supplement to GAAP results, that the exclusion of these charges will help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to prior periods.



In connection with the acquisition of Hedvig Inc., certain Hedvig shareholders will receive cash payments for the 30 months following the date of acquisition, subject to their continued employment with Commvault. While these payments are proportionate to these shareholders' ownership of Hedvig, under GAAP they are (4) accounted for as compensation expense within Research and development expenses over the course of the 30 month service period. Management believes, when used as a supplement to GAAP results, that the exclusion of these non-routine expenses will help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to prior periods.



(5) Represents noncash amortization of intangible assets.



In the second quarter of fiscal 2021, Commvault recorded impairment of its acquired intangible assets. These non-cash charges are not representative of ongoing costs to the business and (6) are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.



(7) The provision for income taxes is adjusted to reflect Commvault's estimated non-GAAP effective tax rate of 27%.



(8) This table includes the following financial metrics that are derived from Commvault's GAAP recognized revenue:



Subscription software and products revenue - The amounts included on this line include the software and product portion of a) non-cancellable term-based, or subscription, licenses that expire at the end of the contractual term; and b) "pay-as-you-go" utility arrangements based on product usage that are structured with no guaranteed minimums. These revenues are included in Software and Products Revenue on Commvault's Consolidated Statement of Operations.



Perpetual software and products revenue - The amounts included on this line are primarily associated with revenue from the sale of perpetual software licenses. These revenues are included in Software and Products Revenue on Commvault's Consolidated Statement of Operations.



Recurring support and services revenue - The amounts included on this line consist primarily of maintenance and support revenues associated with the sale of both subscription and perpetual software arrangements. This revenue is included in Services Revenue on Commvault's Consolidated Statement of Operations. This line also includes revenue from software-as-a-service arrangements.



Non-recurring services revenue - The amounts included on this line are primarily revenues associated with Commvault's installation and consultation services. These revenues are included in Services Revenue on Commvault's Consolidated Statement of Operations.



Management believes that reviewing these metrics, in addition to GAAP results, helps investors and financial analysts understand the recurring nature of certain revenue amounts and trends as compared to prior periods.



Note that nearly all of Commvault's software and product revenue is related to solutions that are run in the customer's environment. As a result, as required under ASC 606, substantially all of Commvault's software and product revenue is recognized at a point in time, when it is delivered to the customer, and not ratably over the course of a contractual period. This is the case for both perpetual software licenses and subscription software licenses. Metallic, Commvault's software-as-a-service offering is recognized over time as services revenue.



Annualized Recurring Revenue (ARR) is defined as the annualized recurring value of all active contracts at the end of a reporting period. It includes the following contract types: subscription agreements (including utility), maintenance contracts related to perpetual licenses, other extended maintenance contracts (9) (enterprise support), managed services, and Metallic. It excludes any element of the deal arrangement that is not expected to recur, primarily perpetual licenses and most professional services. Contracts will be annualized by dividing the total contract value by the number of days in the contract term, then multiplying by 365.



ARR should be viewed independently of GAAP revenue, deferred revenue and unbilled revenue and is not intended to be combined with or to replace those items. ARR is not a forecast of future revenue. Management believes that reviewing this metric, in addition to GAAP results, helps investors and financial analysts understand the value of Commvault's recurring revenue streams versus prior periods.



Revenues on a constant currency basis are calculated using the average foreign exchange rates from a previous period and applying these rates to foreign-denominated revenues in the (10)corresponding period of fiscal 2022. The difference between revenue calculated based on these foreign exchange rates and revenues calculated in accordance with GAAP is listed as Adjustment for currency impact in the table above.

View original content to download multimedia: https://www.prnewswire.com/news-releases/commvault-announces-fiscal-2022-second-quarter-financial-results-301407894.html

SOURCE Commvault