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CommVault Systems Management Discusses Q1 2013 Results - Earnings Call Transcript

Stocks in this article: CVLT

Let me briefly summarize our financial results. For the quarter, total revenues were $111.3 million, up 22% year-over-year and down 2% sequentially. Software revenue was $52.2 million and grew 24% year-over-year and was down 8% sequentially.

License revenue growth in Q1 was driven primarily by our continued success in penetrating large enterprise accounts globally. We also had excellent results from our services and support organizations. Services revenue was $57 million and grew 19% year-over-year and 3% sequentially. For the quarter, non-GAAP operating income, or EBIT, was a record $22.6 million, up 49% year-over-year. Non-GAAP EBIT margins were 20.3%. Non-GAAP diluted earnings per share for the quarter were $0.30.

Please note that given the economic uncertainty, we prudently controlled our plan spending during the quarter, which contributed to our overachieving our forecast at EBIT margin goal. However, we will continue to make the proper investments in order to achieve our future revenue and earnings growth objectives.

Let me spend a minute speaking about the macro environment. At the present time, we continue to see good underlying demand for our products across all geographies, vertical market segments and distribution channels. We are not naive about the current economic climate and are well aware of the uncertainty of future demand. However, with the exception of a few minor issues, we have not yet seen any material slowdown in the demand of buying patterns for our solutions. Please note, our quarter started well and ended well. We continue to significantly outpace the growth of the market and pick up market share.

Our overall funnel and big deal pipeline growth indicate healthy demand for our products across most geographies. The competitive strength of our technology services and support in combination with our sales force and key distribution partners have thus far enabled us to navigate well through the current economic slowdown.

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