Commvault -2.4% on Q1 misses, new CEO search

May 01, 2018 8:10 AM ETCommvault Systems, Inc. (CVLT)By: Brandy Betz, SA News Editor
  • Commvault (NASDAQ:CVLTdrops 2.4% premarket on Q1 results that missed EPS and revenue estimates. 
  • Key metrics: Software and products revenue, $83.5M (+7% Y/Y); Services revenue, $101.4M (+15%); operating cash flow, $23.3M; cash and equivalents, $462.4M; share repurchase, $21M.
  • Strategic plan: Company announces governance initiatives in support of its transformation plan, Commvault Advance. The plan follows talks and a cooperation agreement with activist investor Elliott Management.
  • Staffing change: As part of the strategic plan, CEO N. Robert Hammer and the board have decided to find a new CEO. The company will hire an executive search firm, and Hammer will remain on until his replacement is found. Hammer plans to remain as board chairman after the new CEO steps in. 
  • Earnings call is scheduled for 8:30 AM Eastern with a webcast available here
  • Press release 
  • Previously: CommVault Systems misses by $0.02, misses on revenue (May 1)

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