Carlyle-Backed Veritas Sees Debt Plunge as Earnings Drop by Half

Veritas Technologies, a software company backed by Carlyle Group Inc., saw the value of its debt plunge after reporting a steep drop in quarterly earnings, according to people with knowledge of the matter.

Veritas reported adjusted earnings before interest, taxes, depreciation, and amortization, of $93 million in the most recent quarter, said the people, who asked not to be identified because the results are private. That was a roughly 52% drop from $194 million for the same period a year ago, the people added.

The company, which was acquired by Carlyle in 2016, also reported a 16% ...