Commvault Systems, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $233.3 million for the three months ended September 30, 2024, marking a 16% increase from $201.0 million in the same period of 2023. For the six months ended September 30, 2024, total revenues reached $458.0 million, up 15% from $399.1 million year-over-year.
A notable driver of this revenue growth was the subscription revenue, which surged to $134.0 million for the quarter, a 37% increase from $97.8 million in the prior year. This growth was attributed to a 75% rise in Software as a Service (SaaS) revenue and a 22% increase in term-based license revenue, reflecting larger transactions and higher average selling prices. However, perpetual license revenue declined by 27% to $10.5 million, accounting for only 5% of total revenues.
Commvault's profitability also improved, with net income for the three months ended September 30, 2024, reported at $15.6 million, compared to $13.0 million in the same period of 2023. For the six-month period, net income increased to $34.1 million from $25.6 million year-over-year. The company’s net income per share rose to $0.36 for the quarter, up from $0.30 in the previous year.
On the operational side, total costs of revenues for the quarter increased to $42.9 million, a 13.2% rise from $37.9 million in 2023. Operating expenses also grew, with sales and marketing expenses increasing by 20% due to higher employee compensation and commissions. General and administrative expenses rose by 22%, driven by legal and accounting costs related to recent acquisitions.
Commvault completed the acquisition of Appranix, Inc. on April 15, 2024, for $26.3 million, aimed at enhancing its cyber resiliency offerings. The acquisition contributed $499,000 in revenue for the quarter and incurred a net loss of $286,000. Additionally, the company announced plans to acquire certain assets of Clumio, Inc. for approximately $47 million, further expanding its product portfolio.
As of September 30, 2024, Commvault's total assets increased to $958.5 million, while current assets decreased to $563.0 million. The company reported a worsening accumulated deficit of $(1.1 billion) and maintained a strong cash position of $303.1 million. The restructuring plan initiated in Q4 of fiscal 2024 is expected to enhance operational efficiency and customer satisfaction, with completion anticipated in the second half of fiscal 2025.
About COMMVAULT SYSTEMS INC
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