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:

http://protraderdaily.com/register/

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:

http://protraderdaily.com/optin/?symbol=CVLT

http://protraderdaily.com/optin/?symbol=PCTY

Earnings Reviewed

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.

Segment Results

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.

Cash Matters

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.

Outlook

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.

Stock Performance

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.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily