Commvault Systems (CVLT) Q2 FY2024 earnings: revenue $201 million, up 6.9% on the year

Commvault Systems Inc. (CVLT) reported revenue of $201 million for Q2 FY2024, the quarter ended 30 September 2023, up 6.9% on the same quarter a year earlier. Net income was $13 million, up 188.1% on the year, and diluted earnings per share $0.29. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$201 millionup 6.9%

Net income$13 millionup 188.1%

Diluted EPS$0.29

QuarterQ2 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Revenue	201	n/a	n/a	n/a
Cost of revenue	37.9	n/a	n/a	n/a
Gross profit	163	n/a	n/a	n/a
Gross margin	81.2%	n/a	n/a
Research and development	31.3	n/a	n/a	n/a
Operating income	17.6	n/a	n/a	n/a
Operating margin	8.8%	n/a	n/a
Interest expense	0.1	n/a	n/a	n/a
Pre-tax income	18.7	n/a	n/a	n/a
Income tax	5.7	n/a	n/a	n/a
Effective tax rate	30.5%	n/a	n/a
Net income	13.0	n/a	n/a	n/a
Net margin	6.5%	n/a	n/a
Diluted EPS	$0.29	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	40.3	n/a	n/a	n/a
Capital expenditure	0.3	n/a	n/a	n/a
Free cash flow	40.1	n/a	n/a	n/a
Free cash flow margin	19.9%	n/a	n/a
Cash from investing	-0.5	n/a	n/a	n/a
Cash from financing	-26.2	n/a	n/a	n/a
Depreciation and amortisation	1.5	n/a	n/a	n/a
Share-based compensation	23.6	n/a	n/a	n/a
Buybacks	31.3	n/a	n/a	n/a
Diluted shares, weighted	45m	n/a	n/a	n/a
Shares outstanding at period end	44m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Shareholders' equity	182	n/a	n/a	n/a
Operating lease liabilities	9.2	n/a	n/a	n/a
Other liabilities	582	n/a	n/a	n/a
Total liabilities and equity	773	n/a	n/a	n/a
Fixed assets	7.5	n/a	n/a	n/a
Goodwill	128	n/a	n/a	n/a
Intangible assets	1.7	n/a	n/a	n/a
Cash and equivalents	283	n/a	n/a	n/a
Receivables	196	n/a	n/a	n/a
Other assets	156	n/a	n/a	n/a
Total assets	773	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026 †	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	201	217	223	225	233	263	275	282	276	314	312	314
Cost of revenue	37.9	39.1	39.1	39.8	42.9	48.6	47.8	50.8	55.0	59.3	58.0	57.6
Gross profit	163	178	184	185	190	214	227	231	221	255	254	257
Gross margin	81%	82%	82%	82%	82%	81%	83%	82%	80%	81%	81%	82%
R&D	31.3	34.4	35.2	33.1	33.8	40.0	39.3	40.1	39.9	42.2	40.1	39.5
Operating income	17.6	21.1	18.2	18.4	15.0	13.6	26.7	25.1	12.5	19.8	16.6	25.7
Operating margin	9%	10%	8%	8%	6%	5%	10%	9%	5%	6%	5%	8%
Interest expense	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.3	0.6	1.4	1.4	1.5
Pre-tax income	18.7	22.3	23.1	20.7	16.7	15.1	28.6	26.9	15.1	27.0	23.1	32.2
Tax rate	31%	23%	-447%	10%	7%	27%	-8%	13%	2%	34%	37%	34%
Net income	13.0	17.1	126	18.5	15.6	11.0	31.0	23.5	14.7	17.8	14.6	21.1
Net margin	6%	8%	56%	8%	7%	4%	11%	8%	5%	6%	5%	7%
Diluted EPS	$0.29	$0.38	$2.81	$0.41	$0.35	$0.24	$0.69	$0.52	$0.33	$0.40	$0.34	$0.50
Operating cash flow	40.3	44.4	80.0	44.7	55.6	30.1	77.0	31.7	76.8	4.0	132	51.7
Capital expenditure	0.3	1.8	0.9	0.9	1.8	0.3	0.8	1.9	3.2	2.1	0.3	0.6
Free cash flow	40.1	42.6	79.1	43.8	53.7	29.9	76.2	29.8	73.6	1.9	132	51.1
Buybacks	31.3	51.3	50.4	51.4	51.9	31.9	29.8	15.1	131	40.7	259	10.1
Shares outstanding	44m	44m	44m	44m	44m	44m	44m	45m	44m	44m	41m	41m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0001169561-23-000145: the filing on EDGAR. All of Commvault Systems Inc.'s filings: EDGAR company page.

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