Benzinga | Jan 25, 2022 09:55AM EST

CommVault Systems Tops Q3 Consensus

* CommVault Systems Inc (NASDAQ:CVLT) reported third-quarter FY22 revenue growth of 8% year-on-year to $202.4 million, beating the consensus of $195 million.

* Annualized recurring revenue (ARR) rose 11% Y/Y to $561.2 million as of December 31, 2021.

* Software and products revenue rose 11% Y/Y to $98.6 million, driven by a 24% increase in larger deals. The number of larger deal revenue transactions increased 20% Y/Y. Services revenue increased 4% Y/Y to $103.8 million.

* The gross margin remained flat at around 85%. The non-GAAP EPS of $0.67 beat the consensus of $0.65.

* The company generated $26.8 million in operating cash flow during the quarter. The company held $233.7 million in cash and equivalents.

* Price action: CVLT shares traded lower by 3.93% at $64.85 on the last check Tuesday.