Commvault Q2 Net Income Rises; Total Revenues Up 7%

(RTTNews) - Commvault (CVLT) reported that its second quarter net income increased to $13.0 million from $4.5 million, last year. Earnings per share was $0.29 compared to $0.10. Non-GAAP earnings per share was $0.70 compared to $0.57. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.64, for the quarter. Analysts' estimates typically exclude special items.

Second quarter total revenues were $201.0 million, up 7% year over year. Total ARR was $711 million, up 18% year over year. Subscription revenue was $97.8 million, up 25% year over year. Subscription ARR was $530 million, up 32% year over year. Analysts on average had estimated $195.16 million in revenue.

"Our Q2 total revenue growth accelerated, driven by our hyper-growth SaaS platform, and we delivered robust operating margin leverage," said Sanjay Mirchandani, CEO.

For the third quarter, the company expects: total revenues to be between $206 million and $210 million; and subscription revenue to be between $106 million and $110 million.

The company issued updated guidance for fiscal 2024. Total revenues are expected to be between $812 million and $822 million; and total ARR is expected to grow 14% year over year. Subscription revenue is expected to be between $408 million and $418 million.

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