CommVault Systems Inc. (CVLT) filed Quarterly Report for the period ended 2009-09-30.
CommVault provides Unified Data Management solutions for high-performance data protection universal availability and simplified management of data on complex storage networks. The CommVault QiNetix platform based on CommVault's Common Technology Engine integrates Galaxy backup and recovery snapshot management and recovery remote replication active data migration and archiving e-mail compliance enterprise service level management and reporting and storage resource management software solutions. The QiNetix unified approach is designed to allow customers to add integrate QiNetix components at a fraction of the time effort and money required by separate point products. Commvault Systems Inc. has a market cap of $841.8 million; its shares were traded at around $20.15 with a P/E ratio of 74.6 and P/S ratio of 3.6.
Highlight of Business Operations:
Using the average foreign currency exchange rates from the corresponding period of our prior fiscal year, our total revenues, cost of revenues and operating expenses from non-U.S. operations for the three months ended September 30, 2009 would have been higher by approximately $1.9 million, $0.2 million and $1.9 million, respectively. For the six months ended September 30, 2009, our total revenues, cost of revenues and operating expenses from non-U.S. operations would have been higher by approximately $5.5 million, $0.7 million and $5.0 million, respectively.
In addition, we are exposed to risks of foreign currency fluctuation primarily from cash balances, accounts receivables and intercompany accounts denominated in foreign currencies and are subject to the resulting transaction gains and losses, which are recorded as a component of general and administrative expenses. In the three and six months ended September 30, 2009, we recognized net foreign currency transaction losses of $0.1 million and $0.6 million, respectively. In the three and six months ended September 30, 2008, we recognized net foreign currency transaction gains of $0.2 million and $0.1 million, respectively.
The weighted average fair value of stock options granted was $7.67 and $7.58 during the three and six months ended September 30, 2009, respectively, and $7.18 and $6.10 during the three and six months ended September 30, 2008, respectively. In addition, the weighted average fair value of restricted stock units awarded was $19.18 and $17.17 per share during the three and six months ended September 30, 2009, respectively, and $16.28 and $15.39 per share during the three and six months ended September 30, 2008, respectively.
We also account for uncertain tax positions in accordance with the provisions of ASC 740. As of September 30, 2009, we had unrecognized tax benefits of $5.1 million, all of which, if recognized, would favorably affect the effective tax rate. In addition, we have accrued interest and penalties of $1.4 million related to the unrecognized tax benefits. Interest and penalties, if any, related to unrecognized tax benefits are recorded in income tax expense. We do not anticipate any material changes in the amount of unrecognized tax benefits (exclusive of interest) within the next twelve months. Components of the reserve are classified as either current or long-term in the Consolidated Balance Sheet based on when we expect each of the items to be settled. Accordingly, our unrecognized tax benefits of $5.1 million and the related accrued interest and penalties of $1.4 million are included in Other Liabilities on the Consolidated Balance Sheet.
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