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Commvault Commvault Announces Fiscal 2022 First Quarter Financial Results July 27 , 2021 --- --- First quarter software and products revenue up 7 % year over year -- Annualized recurring revenue ( ARR ) up 13 % year over year --- $ 90 million of share repurchases --- TINTON FALLS , N.J. , July 27 , 2021 / PRNewswire / -- Commvault First quarter highlights include : GAAP Results : Revenues First quarter $ 183.4 million Income from Operations ( EBIT ) $ 15.5 million EBIT Margin Diluted Earnings Per Share 8.4 % $ 0.29 Non - GAAP Results : Income from Operations ( EBIT ) $ 41.0 million EBIT Margin Diluted Earnings Per Share 22.4 % $ 0.62 Commvault [ NASDAQ : CVLT ] today announced its financial results for the first quarter ended June 30 , 2021 . " We are pleased that the momentum from the prior fiscal year continued into our first quarter , " said Sanjay Mirchandani , President and CEO . " We remain confident that our transformation has put us in position to thrive in a post - pandemic world and achieve the financial targets laid out in January . " Total revenues for the first quarter of fiscal 2022 were $ 183.4 million , an increase of 6 % year over year . Total recurring revenue was $ 142.2 million , representing 78 % 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 $ 532.8 million as of June 30 , 2021 , up 13 % from June 30 , 2020 . Software and products revenue was $ 82.2 million , an increase of 7 % year over year . The year over year increase in software and products revenue was driven by a 23 % increase in revenue from portfolio deals ( deals less than $ 0.1 million in software and products revenue ) . Larger deal revenue ( deals with greater than $ 0.1 million and software and products revenue ) represented 69 % of our software and products revenue in the three months ended June 30 , 2021. The number of larger deal revenue transactions increased 34 % year over year to 185 deals for the three months ended June 30 , 2021. The average dollar amount of larger deal revenue transactions was approximately $ 305,000 . Services revenue in the quarter was $ 101.3 million , an increase of 5 % year over year . On a GAAP basis , income from operations ( EBIT ) was $ 15.5 million for the first quarter compared to $ 6.7 million in the prior year . Non - GAAP EBIT was $ 41.0 million in the quarter compared to $ 32.5 million in the prior year . Operating cash flow totaled $ 37.2 million for the first quarter of fiscal 2022 compared to $ 15.3 million in the prior year quarter . Total cash and short - term investments were $ 359.1 million as of June 30 , 2021 compared to $ 397.2 million as of March 31 , 2021 . During the first quarter of fiscal 2022 , Commvault repurchased 1,249,200 shares of its common stock totaling $ 90.0 million at an average price of approximately $ 72.08 per share . A reconciliation of GAAP to non - GAAP results has been provided in Financial Statement Table IV included in this press release . An explanation of these measures is also included below under the heading " Use of Non - GAAP Financial Measures . "