Research Desk Line-up: Paylocity Holding Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 9, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Commvault Systems, Inc. (NASDAQ: CVLT), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CVLT, following the Company's disclosure of its second quarter fiscal 2018 operating results on October 24, 2017. The data-management software Company missed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Application Software industry. Pro-TD has currently selected Paylocity Holding Corporation (NASDAQ: PCTY) for due-diligence and potential coverage as the Company announced on November 02, 2017, its financial results for Q1 FY18 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Paylocity Holding when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CVLT; also brushing on PCTY. With the links below you can directly download the report of your stock of interest free of charge at:
For the second quarter ended September 30, 2017, Commvault reported total revenues of $168.14 million, reflecting an increase of 5% compared to revenues of $159.44 million in Q2 FY17. The Company's revenue number fell short of analysts' estimates of $169.7 million.
During Q2 FY18, on a GAAP basis, Commvault's loss from operations (EBIT) was $4.7 million compared to a loss of $0.1 million in Q2 FY17. The Company's non-GAAP EBIT for the reported quarter was $15.6 million versus $18.9 million in the prior year's same quarter.
For Q2 FY18, Commvault reported a GAAP net loss of $1.01 million, or $0.02 loss per diluted share, compared to net loss of $0.54 million, or $0.00 per share, in Q2 FY17. The Company's non-GAAP net income for the reported quarter totaled $10.02 million, or $0.21 per diluted share, against net income of $11.92 million, or $0.26 per share, in the year ago same period. Commvault's earnings missed Wall Street's estimates of $0.25 per share.
For Q2 FY18, Commvault's software revenue was $72.02 million, up 2% compared to revenue of $70.1 million in Q2 FY17. The Company's revenue from enterprise deals, defined as deals over $100,000 in software revenue in a given quarter, represented 59% of software revenue and grew 3% on a y-o-y basis. The Company's average enterprise deal size increased 10% y-o-y to approximately $287,000 during the reported quarter. During Q3 2017, approximately 69% of Commvault's software license revenue was sold on a traditional per terabyte capacity basis, down from 72% in Q2 FY17.
The Company's Services revenue in the reported quarter totaled $96.12 million, reflecting an increase of 8% compared to revenue of $89.03 million in Q2 FY17.The growth in total services revenue was primarily attributed to a 9% increase y-o-y in maintenance revenue, driven by strong renewal rates.
For Q2 FY18, Commvault's operating cash flow totaled $9.7 million compared to $20.2 million in Q2 FY17. The Company's total cash and short-term investments were $494.6 million as of September 30, 2017, compared to $450.2 million as of March 31, 2017.
During Q2 FY18, Commvault repurchased 192,000 shares of its common stock totaling $11.3 million. As of October 24, 2017, the Company had approximately $114 million available under the share repurchase program that currently expires on March 31, 2018. There have been no borrowings against the line of credit during fiscal 2018.
Commvault's free cash flow was approximately $8.5 million in Q2 FY18, which was down 56% on a y-o-y basis. The Company is estimating FY18 free cash flow to exceed non-GAAP EBIT, as it has in the prior 3 fiscal years. As of September 30, 2017, Commvault's deferred revenue balance was approximately $296 million, which is an increase of 16% over the prior year's corresponding period.
For Q3 2017, Commvault's days sales outstanding (DSO) was 72 days, which is up from 66 days from the prior year. At September 30, 2017, the Company's receivables balance included approximately $6.3 million of unbilled receivables.
For FY18, Commvault is forecasting revenues to be approximately $708 million, or up 10% on a y-o-y basis. The Company is expecting to deliver y-o-y software growth in the high single digits in Q3 FY18 and mid-teens in Q4 FY18. Commvault is estimating Q3 FY18 EBIT margin to be approximately 13% and Q4 FY18 EBIT margin to be approximately 15%, resulting in full year margin expansion of approximately 25 to 50 basis points.
On Wednesday, November 08, 2017, the stock closed the trading session at $54.50, rising 1.40% from its previous closing price of $53.75. A total volume of 447.92 thousand shares have exchanged hands, which was higher than the 3-month average volume of 403.34 thousand shares. Commvault Systems' stock price advanced 4.21% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 6.03%. The stock is trading at a PE ratio of 1758.06. At Wednesday's closing price, the stock's net capitalization stands at $2.46 billion.
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