(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Dated: | May 12, 2020 | /s/ Brian Carolan |
Brian Carolan Vice President and Chief Financial Officer |
Fourth Quarter | Fiscal 2020 | |||
GAAP Results: | ||||
Revenues | $164.7 million | $670.9 million | ||
Loss from Operations | $(2.2) million | $(17.5) million | ||
EBIT Margin | (1.3)% | (2.6)% | ||
Diluted Income (Loss) Per Share | $0.19 | ($0.12) | ||
Non-GAAP Results: | ||||
Income from Operations (EBIT) | $18.3 million | $87.5 million | ||
EBIT Margin | 11.1% | 13.0% | ||
Diluted Earnings Per Share | $0.30 | $1.45 |
Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues: | |||||||||||||||
Software and products | $ | 66,408 | $ | 80,830 | $ | 275,308 | $ | 309,899 | |||||||
Services | 98,341 | 100,597 | 395,577 | 401,058 | |||||||||||
Total revenues | 164,749 | 181,427 | 670,885 | 710,957 | |||||||||||
Cost of revenues: | |||||||||||||||
Software and products | 5,144 | 10,429 | 28,082 | 25,691 | |||||||||||
Services | 21,450 | 23,245 | 88,996 | 91,315 | |||||||||||
Total cost of revenues | 26,594 | 33,674 | 117,078 | 117,006 | |||||||||||
Gross margin | 138,155 | 147,753 | 553,807 | 593,951 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 82,877 | 88,586 | 335,785 | 370,088 | |||||||||||
Research and development | 32,710 | 20,430 | 110,020 | 92,647 | |||||||||||
General and administrative | 21,006 | 34,411 | 92,130 | 100,946 | |||||||||||
Net change in contingent consideration | (3,783 | ) | — | (3,783 | ) | — | |||||||||
Restructuring | 2,397 | 1,423 | 21,348 | 14,765 | |||||||||||
Depreciation and amortization | 5,134 | 2,636 | 15,815 | 10,597 | |||||||||||
Total operating expenses | 140,341 | 147,486 | 571,315 | 589,043 | |||||||||||
Income (loss) from operations | (2,186 | ) | 267 | (17,508 | ) | 4,908 | |||||||||
Interest income | 692 | 1,759 | 4,962 | 5,519 | |||||||||||
Income (loss) before income taxes | (1,494 | ) | 2,026 | (12,546 | ) | 10,427 | |||||||||
Income tax expense (benefit) | (10,429 | ) | 4,189 | (6,901 | ) | 6,866 | |||||||||
Net income (loss) | $ | 8,935 | $ | (2,163 | ) | $ | (5,645 | ) | $ | 3,561 | |||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | 0.19 | $ | (0.05 | ) | $ | (0.12 | ) | $ | 0.08 | |||||
Diluted | $ | 0.19 | $ | (0.05 | ) | $ | (0.12 | ) | $ | 0.07 | |||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 46,420 | 45,901 | 45,793 | 45,827 | |||||||||||
Diluted | 46,718 | 45,901 | 45,793 | 47,601 |
March 31, | March 31, | |||||||
2020 | 2019 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 288,082 | $ | 327,992 | ||||
Restricted cash | 8,000 | — | ||||||
Short-term investments | 43,645 | 130,338 | ||||||
Trade accounts receivable, net | 146,990 | 176,836 | ||||||
Prepaid expenses and other current assets | 26,969 | 19,836 | ||||||
Total current assets | 513,686 | 655,002 | ||||||
Property and equipment, net | 114,519 | 122,716 | ||||||
Operating lease assets | 15,009 | — | ||||||
Deferred commissions cost | 31,394 | 33,619 | ||||||
Intangible assets, net | 46,350 | — | ||||||
Goodwill | 112,435 | — | ||||||
Other assets | 11,683 | 11,116 | ||||||
Total assets | $ | 845,076 | $ | 822,453 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 307 | $ | 2,186 | ||||
Accrued liabilities | 87,051 | 85,721 | ||||||
Current portion of operating lease liabilities | 7,699 | — | ||||||
Deferred revenue | 233,497 | 238,439 | ||||||
Total current liabilities | 328,554 | 326,346 | ||||||
Deferred revenue, less current portion | 92,723 | 99,257 | ||||||
Deferred tax liabilities, net | 849 | 2,594 | ||||||
Long-term operating lease liabilities | 8,808 | — | ||||||
Other liabilities | 2,238 | 2,953 | ||||||
Total stockholders’ equity | 411,904 | 391,303 | ||||||
Total liabilities and stockholders’ equity | $ | 845,076 | $ | 822,453 |
Three Months Ended March 31, | Year Ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income (loss) | $ | 8,935 | $ | (2,163 | ) | $ | (5,645 | ) | $ | 3,561 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 5,447 | 2,948 | 17,065 | 12,060 | ||||||||||||
Noncash stock-based compensation | 17,307 | 28,901 | 65,888 | 80,487 | ||||||||||||
Noncash change in contingent consideration | (3,783 | ) | — | (3,783 | ) | — | ||||||||||
Deferred income taxes | (1,783 | ) | 314 | (1,783 | ) | 164 | ||||||||||
Amortization of deferred commissions cost | 4,567 | 4,342 | 17,717 | 17,348 | ||||||||||||
Impairment of operating assets | 566 | — | 2,761 | — | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Trade accounts receivable | 13,361 | (6,174 | ) | 26,096 | (24,092 | ) | ||||||||||
Operating lease assets and liabilities, net | (714 | ) | — | (1,226 | ) | — | ||||||||||
Other current assets and Other assets | (6,832 | ) | 975 | (1,246 | ) | 11,400 | ||||||||||
Deferred commissions cost | (4,711 | ) | (5,202 | ) | (16,063 | ) | (18,967 | ) | ||||||||
Accounts payable | (748 | ) | 848 | (2,474 | ) | 1,485 | ||||||||||
Accrued liabilities | 21 | (270 | ) | (1,997 | ) | 5,075 | ||||||||||
Deferred revenue | 32 | 12,351 | (6,230 | ) | 21,719 | |||||||||||
Other liabilities | 791 | (284 | ) | (616 | ) | (60 | ) | |||||||||
Net cash provided by operating activities | 32,456 | 36,586 | 88,464 | 110,180 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||
Purchase of short-term investments | (10,845 | ) | (32,188 | ) | (43,645 | ) | (130,338 | ) | ||||||||
Proceeds from maturity of short-term investments | 32,188 | 32,394 | 130,338 | 131,637 | ||||||||||||
Business combination, net of cash acquired | — | — | (157,495 | ) | — | |||||||||||
Purchase of property and equipment | (1,292 | ) | (1,456 | ) | (3,203 | ) | (6,560 | ) | ||||||||
Net cash provided by (used in) investing activities | 20,051 | (1,250 | ) | (74,005 | ) | (5,261 | ) | |||||||||
Cash flows from financing activities | ||||||||||||||||
Repurchase of common stock | (37,172 | ) | (40,014 | ) | (77,198 | ) | (132,697 | ) | ||||||||
Proceeds from stock-based compensation plans | 6,851 | 9,155 | 37,795 | 41,984 | ||||||||||||
Net cash used in financing activities | (30,321 | ) | (30,859 | ) | (39,403 | ) | (90,713 | ) | ||||||||
Effects of exchange rate — changes in cash | (6,129 | ) | (3,883 | ) | (6,966 | ) | (16,998 | ) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 16,057 | 594 | (31,910 | ) | (2,792 | ) | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 280,025 | 327,398 | 327,992 | 330,784 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 296,082 | $ | 327,992 | $ | 296,082 | $ | 327,992 |
Three Months Ended March 31, | Year Ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Non-GAAP financial measures and reconciliation: | ||||||||||||||||
GAAP income (loss) from operations | $ | (2,186 | ) | $ | 267 | $ | (17,508 | ) | $ | 4,908 | ||||||
Noncash stock-based compensation (1) | 17,236 | 27,751 | 64,135 | 77,855 | ||||||||||||
FICA and related payroll tax expense related to stock-based compensation (2) | 381 | 650 | 1,571 | 3,034 | ||||||||||||
Restructuring (3) | 2,397 | 1,423 | 21,348 | 14,765 | ||||||||||||
Non-routine shareholder matter (4) | — | 853 | 7,628 | 9,966 | ||||||||||||
Litigation settlement (5) | — | — | — | 1,400 | ||||||||||||
Acquisition costs (6) | — | — | 5,639 | — | ||||||||||||
Amortization of intangible assets (7) | 2,825 | — | 5,650 | — | ||||||||||||
Hedvig deferred payments (8) | 1,406 | — | 2,812 | — | ||||||||||||
Net change in contingent consideration (9) | (3,783 | ) | — | (3,783 | ) | — | ||||||||||
Non-GAAP income from operations | $ | 18,276 | $ | 30,944 | $ | 87,492 | $ | 111,928 | ||||||||
GAAP net income (loss) | $ | 8,935 | $ | (2,163 | ) | $ | (5,645 | ) | $ | 3,561 | ||||||
Noncash stock-based compensation (1) | 17,236 | 27,751 | 64,135 | 77,855 | ||||||||||||
FICA and related payroll tax expense related to stock-based compensation (2) | 381 | 650 | 1,571 | 3,034 | ||||||||||||
Restructuring (3) | 2,397 | 1,423 | 21,348 | 14,765 | ||||||||||||
Non-routine shareholder matter (4) | — | 853 | 7,628 | 9,966 | ||||||||||||
Litigation settlement (5) | — | — | — | 1,400 | ||||||||||||
Acquisition costs (6) | — | — | 5,639 | — | ||||||||||||
Amortization of intangible assets (7) | 2,825 | — | 5,650 | — | ||||||||||||
Hedvig deferred payments (8) | 1,406 | — | 2,812 | — | ||||||||||||
Net change in contingent consideration (9) | (3,783) | — | (3,783) | — | ||||||||||||
Non-GAAP provision for income taxes adjustment (10) | (15,550) | (4,639) | (31,863) | (24,843) | ||||||||||||
Non-GAAP net income | $ | 13,847 | $ | 23,875 | $ | 67,492 | $ | 85,738 | ||||||||
Diluted weighted average shares outstanding (11) | 46,718 | 47,239 | 46,440 | 47,601 | ||||||||||||
Non-GAAP diluted net income per share | $ | 0.30 | $ | 0.51 | $ | 1.45 | $ | 1.80 |
Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Subscription and utility software and related support services | $ | 38,424 | $ | 46,513 | $ | 153,920 | $ | 147,378 | |||||||
Recurring support and services | 79,180 | 81,976 | 323,038 | 339,037 | |||||||||||
Total recurring revenue | $ | 117,604 | $ | 128,489 | $ | 476,958 | $ | 486,415 | |||||||
Percentage of Total Revenues | 71 | % | 71 | % | 71 | % | 68 | % | |||||||
Perpetual software and product revenue | $ | 40,018 | $ | 43,235 | $ | 162,869 | $ | 185,833 | |||||||
Other professional services | 7,127 | 9,703 | 31,058 | 38,709 | |||||||||||
Total non-recurring revenue | $ | 47,145 | $ | 52,938 | $ | 193,927 | $ | 224,542 | |||||||
Percentage of Total Revenues | 29 | % | 29 | % | 29 | % | 32 | % | |||||||
Total Revenue (12) | $ | 164,749 | $ | 181,427 | $ | 670,885 | $ | 710,957 |
March 31, 2019 | December 31, 2019 | March 31, 2020 | |||||||
Subscription and Utility Annual Contract Value (13) | $ | 105,000 | $ | 140,000 | $ | 147,000 |
Three Months Ended March 31, 2020 | ||||||||||||
Americas | EMEA | APJ | Total | |||||||||
Software and Products Revenue | $ | 34,481 | $ | 23,434 | $ | 8,493 | $ | 66,408 | ||||
Customer Support Revenue | 56,776 | 23,155 | 10,183 | 90,114 | ||||||||
Professional Services | 4,599 | 2,424 | 1,204 | 8,227 | ||||||||
Total Revenue | $ | 95,856 | $ | 49,013 | $ | 19,880 | $ | 164,749 |
Three Months Ended March 31, 2019 | ||||||||||||
Americas | EMEA | APJ | Total | |||||||||
Software and Products Revenue | $ | 44,824 | $ | 25,289 | $ | 10,717 | $ | 80,830 | ||||
Customer Support Revenue | 58,514 | 21,496 | 9,883 | 89,893 | ||||||||
Professional Services | 5,609 | 3,435 | 1,660 | 10,704 | ||||||||
Total Revenue | $ | 108,947 | $ | 50,220 | $ | 22,260 | $ | 181,427 |
Year Ended March 31, 2020 | ||||||||||||
Americas | EMEA | APJ | Total | |||||||||
Software and Products Revenue | $ | 141,856 | $ | 95,356 | $ | 38,096 | $ | 275,308 | ||||
Customer Support Revenue | 230,226 | 88,965 | 40,939 | 360,130 | ||||||||
Professional Services | 18,778 | 10,459 | 6,210 | 35,447 | ||||||||
Total Revenue | $ | 390,860 | $ | 194,780 | $ | 85,245 | $ | 670,885 |
Year Ended March 31, 2019 | ||||||||||||
Americas | EMEA | APJ | Total | |||||||||
Software and Products Revenue | $ | 170,114 | $ | 95,913 | $ | 43,872 | $ | 309,899 | ||||
Customer Support Revenue | 237,190 | 82,895 | 38,662 | 358,747 | ||||||||
Professional Services | 23,076 | 12,380 | 6,855 | 42,311 | ||||||||
Total Revenue | $ | 430,380 | $ | 191,188 | $ | 89,389 | $ | 710,957 |
Three Months Ended March 31, 2020 | Year Ended March 31, 2020 | |||||||||||
Sequential | Year Over Year | Year Over Year | ||||||||||
Non-GAAP software and products revenue reconciliation | ||||||||||||
GAAP software and products revenue | $ | 66,408 | $ | 66,408 | $ | 275,308 | ||||||
Adjustment for currency impact | 671 | 1,228 | 4,624 | |||||||||
Non-GAAP software and products revenue on a constant currency basis (14) | $ | 67,079 | $ | 67,636 | $ | 279,932 | ||||||
Three Months Ended March 31, 2020 | Year Ended March 31, 2020 | |||||||||||
Sequential | Year Over Year | Year Over Year | ||||||||||
Non-GAAP services revenue reconciliation | ||||||||||||
GAAP services revenue | $ | 98,341 | $ | 98,341 | $ | 395,577 | ||||||
Adjustment for currency impact | 317 | 1,180 | 5,939 | |||||||||
Non-GAAP services revenue on a constant currency basis (14) | $ | 98,658 | $ | 99,521 | $ | 401,516 | ||||||
Three Months Ended March 31, 2020 | Year Ended March 31, 2020 | |||||||||||
Sequential | Year Over Year | Year Over Year | ||||||||||
Non-GAAP total revenue reconciliation | ||||||||||||
GAAP total revenues | 164,749 | 164,749 | $ | 670,885 | ||||||||
Adjustment for currency impact | 988 | 2,408 | 10,563 | |||||||||
Non-GAAP total revenues on a constant currency basis (14) | $ | 165,737 | $ | 167,157 | $ | 681,448 |
(1) | Represents noncash stock-based compensation charges associated with stock options, restricted stock units granted and our Employee Stock Purchase Plan. Those amounts are represented as follows: |
Three Months Ended March 31, | Year Ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cost of services revenue | $ | 581 | $ | 705 | $ | 2,604 | $ | 2,922 | ||||||||
Sales and marketing | 7,646 | 7,884 | 31,779 | 34,874 | ||||||||||||
Research and development | 5,368 | 2,054 | 14,594 | 8,601 | ||||||||||||
General and administrative | 3,641 | 17,108 | 15,158 | 31,458 | ||||||||||||
Stock-based compensation expense | $ | 17,236 | $ | 27,751 | $ | 64,135 | $ | 77,855 |
(2) | Represents additional FICA and related payroll tax expenses incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. |
(3) | In fiscal 2019, Commvault initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. These restructuring charges relate primarily to severance and related costs associated with headcount reductions, as well as the closure of offices. Restructuring includes stock-based compensation related to modifications of awards granted to former employees. Management believes, when used as a supplement to GAAP results, that the exclusion of these charges will better help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to prior periods. |
(4) | During fiscal 2019 and 2020, Commvault incurred costs related to a non-routine shareholder matter. The costs are for professional fees related to the settlement agreement with the shareholder and consulting fees incurred with the operational review which was agreed to as part of the settlement. Management believes, when used as a supplement to GAAP results, that the exclusion of these costs will better help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to prior periods. |
(5) | During the second quarter of fiscal 2019 Commvault incurred costs related to a litigation settlement. Management believes, when used as a supplement to GAAP results, that the exclusion of these costs will help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to prior periods. |
(6) | During the second and third quarters of fiscal 2020, Commvault incurred costs related to the acquisition of Hedvig, Inc. Management believes, when used as a supplement to GAAP results, that the exclusion of these costs will help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to prior periods. |
(7) | Represents noncash amortization of intangible assets. |
(8) | In connection with the acquisition of Hedvig Inc., certain Hedvig shareholders will receive cash payments for the 30 months following the date of acquisition, contingent on their continued employment with Commvault. While these payments are proportionate to these shareholders' ownership of Hedvig, under GAAP they are accounted for as compensation expense within Research and development expenses over the course of the 30 month service period. Management believes, when used as a supplement to GAAP results, that the exclusion of these non-routine expenses will help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to prior periods. |
(9) | Represents the change in fair value of the contingent consideration associated with the acquisition of Hedvig. |
(10) | The provision for income taxes is adjusted to reflect Commvault’s estimated non-GAAP effective tax rate of approximately 27% in fiscal years 2020 and 2019. |
(11) | For GAAP purposes the potentially dilutive impact of options and shares associated with our stock-based compensation programs were excluded from the calculation of GAAP loss per share in certain periods because they would have been anti-dilutive. For purposes of non-GAAP income per share the impact of dilutive options and shares has been included. |
(12) | This table includes the following financial metric derived from Commvault’s GAAP recognized revenue: |
(13) | This table includes the Subscription and Utility Annual Contract ("ACV") metric that is comprised of: |
a. | Subscription ACV - the annualized equivalent of the total contract value (both software and related support services) of all non-cancellable subscription agreements. Over the past eight quarters, the weighted average contract length of subscription agreements has been approximately three years. The total contract value includes all active contracts at the end of each fiscal quarter. |
b. | Utility ACV - "pay-as-you-go" utility arrangements based on product usage (inclusive of both software and related support services) that are structured with no guaranteed minimums. The amounts included in Utility ACV have been annualized based on the actual reported quarterly amount in the most recent fiscal quarter. |
(14) | Revenues on a constant currency basis are calculated using the average foreign exchange rates from a previous period and applying these rates to foreign-denominated revenues in the corresponding period of fiscal 2020. The difference between revenue calculated based on these foreign exchange rates and revenues calculated in accordance with GAAP is listed as Adjustment for currency impact in the table above. |
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