Commvault [NASDAQ: CVLT] announced its financial results for the first quarter ended June 30, 2022.
“We delivered another quarter of solid results, highlighted by double digit constant currency revenue growth,” said Sanjay Mirchandani, President and CEO. “We believe customers will continue to prioritize our best in class data protection and management solutions as they embrace the cloud and hybrid IT. We are confident in our strategy.”
Total revenues for the first quarter of fiscal 2023 were $198.0 million, an increase of 8% year over year. On a year over year constant currency basis, total revenue growth would have been 13%. Total recurring revenue was $170.8 million, an increase of 20% year over year. On a year over year constant currency basis, total recurring revenue growth would have been 25%. Recurring revenue represented a record 86% of total revenue.
Annualized recurring revenue (ARR), which is the annualized value of all active Commvault recurring revenue streams at the end of the reporting period, was $594.5 million as of June 30, 2022, up 12% from June 30, 2021. On a year over year constant currency basis, ARR growth would have been 16%.
Software and products revenue was $92.4 million, an increase of 13% year over year. The year over year increase in software and products revenue was driven by a 24% increase in larger deals (deals with greater than $0.1 million in software and products revenue). On a year over year constant currency basis, software and products revenue growth would have been 17%.
Larger deal revenue represented 75% of our software and products revenue in the three months ended June 30, 2022. The number of larger deal revenue transactions was 184 deals for the three months ended June 30, 2022, compared to 185 deals for the three months ended June 30, 2021. The average dollar amount of larger deal revenue transactions was approximately $379,000, representing a 24% increase from the prior year.
Services revenue in the quarter was $105.5 million, an increase of 4% year over year. Services revenue continues to grow primarily due to the increase in Metallic software-as-a-service revenue.
On a GAAP basis, income from operations (EBIT) was $7.4 million for the first quarter compared to $15.5 million in the prior year. Non-GAAP EBIT was $40.6 million in the quarter compared to $41.0 million in the prior year.
Operating cash flow totaled $22.4 million for the first quarter of fiscal 2023 compared to $37.2 million in the prior year quarter. Total cash was $258.7 million as of June 30, 2022 compared to $267.5 million as of March 31, 2022.
During the first quarter of fiscal 2023, Commvault repurchased approximately 310,000 shares of its common stock totaling $18.9 million at an average price of approximately $61.10 per share.