CVLT - Commvault shares slides 4% after sees Q3 non-GAAP EPS of $0.62 below estimates

January, 11 2023 04:43 AM Commvault Systems Inc.

Commvault ( NASDAQ: CVLT ) is down 4.2% after-hours after the firm sees total revenues for the Q3 of $195.1M vs. consensus of $203.80M, a decrease of 4% Y/Y. On a Y/Y constant currency basis, total revenue growth would have been 1%.
It expects non-GAAP EPS of $0.62 vs. consensus of $0.72.
Annualized recurring revenue (ARR) was ~$641M as of December 31, 2022, up 14% Y/Y. On a Y/Y constant currency basis, ARR growth would have been 18%, driven by continued strength in Metallic.
GAAP Income from operations (EBIT) was $5.0M for the third quarter compared to $12.4M in the prior year. Non-GAAP EBIT was $38.5M in the quarter compared to $43.1M in the prior year.
Operating cash flow increased 13% to $30.2M for the third quarter of fiscal 2023 compared to $26.8M of operating cash flow in the prior year quarter. The increase was driven by deferred revenue growth.
Total cash was $273.5M as of December 31, 2022.
"As customers and prospects continue to grapple with an uncertain outlook, we experienced slower than expected buying patterns and close rate execution. As a result, we saw a pullback in orders in December, particularly in our Americas software business," said Sanjay Mirchandani, President and CEO.

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