Commvault today announced its financial results for the first quarter ended June 30, 2021.
“We are pleased that the momentum from the prior fiscal year continued into our first quarter,” said Sanjay Mirchandani, President and CEO. “We remain confident that our transformation has put us in position to thrive in a post-pandemic world and achieve the financial targets laid out in January.”
Total revenues for the first quarter of fiscal 2022 were $183.4 million, an increase of 6% year over year. Total recurring revenue was $142.2 million, representing 78% 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 $532.8 million as of June 30, 2021, up 13% from June 30, 2020.
Software and products revenue was $82.2 million, an increase of 7% year over year. The year over year increase in software and products revenue was driven by a 23% increase in revenue from portfolio deals (deals less 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 69% of our software and products revenue in the three months ended June 30, 2021. The number of larger deal revenue transactions increased 34% year over year to 185 deals for the three months ended June 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $305,000.
Services revenue in the quarter was $101.3 million, an increase of 5% year over year.
On a GAAP basis, income from operations (EBIT) was $15.5 million for the first quarter compared to $6.7 million in the prior year. Non-GAAP EBIT was $41.0 million in the quarter compared to $32.5 million in the prior year.
Operating cash flow totalled $37.2 million for the first quarter of fiscal 2022 compared to $15.3 million in the prior year quarter. Total cash and short-term investments were $359.1 million as of June 30, 2021 compared to $397.2 million as of March 31, 2021.
During the first quarter of fiscal 2022, Commvault repurchased 1,249,200 shares of its common stock totalling $90.0 million at an average price of approximately $72.08 per share.
