0001169561-23-000107 | 10-Q | XBRL Viewer

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Revenue - Additional Information (Details) $ in Thousands	3 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription arrangement term	3 years
Revenue expected to be recognized from remaining performance obligations	$ 536,669
Revenue recognized in period, included in opening deferred revenue balance	$ 107,945
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription arrangement term	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription arrangement term	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	64.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Capitalization	3 Months Ended
Capitalization	Jun. 30, 2023
Equity [Abstract]
Capitalization	CapitalizationOur stock repurchase program has been funded by our existing cash and cash equivalent balances, as well as cash flows provided by our operations. On April 20, 2023, the Board of Directors (the "Board") approved an increase of the existing share repurchase program so that $250,000 was available. The Board's authorization has no expiration date. For the three months ended June 30, 2023, we repurchased $51,030 of our common stock, or approximately 779 shares. The remaining amount available under the current authorization as of June 30, 2023 is $204,936.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 12,629	$ 3,511
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,632	2,977
Noncash stock-based compensation	23,724	31,095
Noncash change in fair value of equity securities	(341)	389
Amortization of deferred commissions cost	6,319	5,314
Changes in operating assets and liabilities:
Trade accounts receivable	28,057	9,389
Operating lease assets and liabilities, net	72	(283)
Other current assets and Other assets	(1,393)	(2,710)
Deferred commissions cost	(5,600)	(6,652)
Accounts payable	178	482
Accrued liabilities	(19,530)	(31,366)
Deferred revenue	(7,213)	10,258
Other liabilities	503	29
Net cash provided by operating activities	39,037	22,433
Cash flows from investing activities
Purchase of property and equipment	(1,147)	(867)
Purchase of equity securities	(312)	(1,015)
Net cash used in investing activities	(1,459)	(1,882)
Cash flows from financing activities
Repurchase of common stock	(51,030)	(18,923)
Proceeds from stock-based compensation plans	1,201	687
Payment of debt issuance costs	0	(63)
Net cash used in financing activities	(49,829)	(18,299)
Effects of exchange rate — changes in cash	(938)	(11,046)
Net decrease in cash and cash equivalents	(13,189)	(8,794)
Cash and cash equivalents at beginning of period	287,778	267,507
Cash and cash equivalents at end of period	$ 274,589	$ 258,713

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 6,876,000	$ 3,705,000
Deferred tax assets, valuation allowance, net of impact of reversal of taxable temporary differences	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revenue - Opening and Closing Balances of Accounts Receivables, Unbilled Receivables, and Deferred Revenues (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Deferred Revenue (current)
Opening Balance	$ 307,562
Ending Balance	302,629
Deferred Revenue (long-term)
Opening Balance	174,393
Ending Balance	172,219
Unbilled Receivable (current)
Accounts Receivable
Opening Balance	188,736
Increase (decrease), net	(34,089)
Ending Balance	154,647
Unbilled Receivable (current)
Opening Balance	21,705
Increase (decrease), net	160
Ending Balance	21,865
Unbilled Receivable (long-term)
Unbilled Receivable (long-term)
Opening Balance	9,867
Increase (decrease), net	3,021
Ending Balance	12,888
Deferred Revenue (current)
Deferred Revenue (current)
Opening Balance	307,562
Increase (decrease), net	(4,933)
Ending Balance	302,629
Deferred Revenue (long-term)
Deferred Revenue (long-term)
Opening Balance	174,393
Increase (decrease), net	(2,174)
Ending Balance	$ 172,219

Stock Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 23,724	$ 31,095
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,690	1,243
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,704	11,393
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,347	9,241
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,983	7,931
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 0	$ 1,287

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome tax expense was $6,876 in the three months ended June 30, 2023, compared to expense of $3,705 in the three months ended June 30, 2022. The increase in income tax expense relative to the prior year relates primarily to current federal and state taxes driven by the increase of pre-tax income relative to the prior year quarter. We believe that it is more likely than not that we will not realize the benefits of our gross deferred tax assets and therefore continue to record a valuation allowance to reduce the carrying value of these gross deferred tax assets, net of the impact of the reversal of taxable temporary differences, to zero as of June 30, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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+ Details

Revenue (Tables)

3 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

Our typical performance obligations include the following:


Performance Obligation	When Performance Obligation is Typically Satisfied	When Payment is Typically Due	How Standalone Selling Price is Typically Estimated
Subscription
Term-based software licenses	Upon shipment or made available for download (point in time)	Within 90 days of shipment except for certain subscription licenses which are paid for over time	Residual approach
Software-as-a-service (SaaS)	Ratably over the course of the contract (over time)	Annually or at the beginning of the contract period	Observable in transactions without multiple performance obligations
Perpetual License
Perpetual software licenses	Upon shipment or made available for download (point in time)	Within 90 days of shipment	Residual approach
Customer Support
Software updates	Ratably over the course of the support contract (over time)	At the beginning of the contract period	Observable in renewal transactions
Customer support	Ratably over the course of the support contract (over time)	At the beginning of the contract period	Observable in renewal transactions
Other Services
Other professional services (except for education services)	As work is performed (over time)	Within 90 days of services being performed	Observable in transactions without multiple performance obligations
Education services	When the class is taught (point in time)	Within 90 days of services being performed	Observable in transactions without multiple performance obligations

Schedule of Disaggregation of Revenue


	Three Months Ended June 30,
	2023		2022
Americas	$	122,124	$	122,609
International	76,026		75,372
Total revenues	$	198,150	$	197,981

Schedule of Contract with Customer, Asset and Liability

The opening and closing balances of our accounts receivable, unbilled receivables, and deferred revenues are as follows:


	Accounts Receivable		Unbilled Receivable (current)		Unbilled Receivable (long-term)		Deferred Revenue (current)		Deferred Revenue (long-term)
Opening balance as of March 31, 2023	$	188,736	$	21,705	$	9,867	$	307,562	$	174,393
Increase (decrease), net	(34,089)		160		3,021		(4,933)		(2,174)
Ending balance as of June 30, 2023	$	154,647	$	21,865	$	12,888	$	302,629	$	172,219

Assets Held for Sale	3 Months Ended
Assets Held for Sale	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for SaleDuring the fourth quarter of fiscal 2023, we entered into an agreement to sell our owned corporate headquarters in Tinton Falls, New Jersey for $40,000 in cash consideration and determined the assets and land related to headquarters met the criteria for classification as assets held for sale in accordance with ASC 360, Impairment and Disposal of Long-Lived Assets. The property's estimated fair value, less estimated costs to sell, is $38,680. We believe the sale will likely close in the second quarter of fiscal 2024. Upon closing of the transaction, we will enter into a lease for a portion of the premises.

Revenue

3 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

We derive revenues from various sources, including subscriptions, perpetual software licenses, customer support contracts and other services.

Subscription

Subscription includes the revenues derived from time-based arrangements, including the software portion of term-based licenses and SaaS offerings. The software component of term-based licenses is typically recognized when the software is delivered or made available for download. The term of our subscription arrangements are typically one to three years, but can range between one and five years. For SaaS offerings, revenue is generally recognized ratably over the contract term beginning on the date that the service is made available to the customer.

Perpetual License

Perpetual license includes the revenue from the sale of perpetual software licenses. Perpetual software license revenue is typically recognized when the software is delivered or made available for download.

Customer Support

Customer support includes revenues associated with support contracts tied to our software products. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support, and other premium support offerings, for both subscription software and perpetual software license arrangements. We sell our customer support contracts as a percentage of net software purchases. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year on our perpetual licenses and over the term on our term-based licenses.

Other Services

Other services consist primarily of revenues related to professional service offerings, including consultation, assessment and design, installation services, and customer education. Revenues related to other professional services are typically recognized as the services are performed.

We do not customize our software licenses (both perpetual and term-based) and installation services are not required. Software licenses are delivered before related services are provided and are functional without professional services, updates and technical support. We have concluded that our software licenses (both perpetual and term-based) are functional intellectual property that is distinct, as the user can benefit from the software on its own. Revenue for both perpetual and term-based licenses is typically recognized when the software is delivered and/or made available for download as this is the point the user of the software can direct the use of, and obtain substantially all of the remaining benefits from the functional intellectual property. We do not recognize subscription revenue related to the renewal of that subscription earlier than the beginning of the new subscription period.

We also offer appliances that integrate our software with hardware and address a wide-range of business needs and use cases, ranging from support for remote or branch offices with limited IT staff up to large corporate data centers. Our appliances are almost exclusively sold via a software only model in which we sell software to a third party, which assembles an integrated appliance that is sold to end user customers. As a result, the revenue and costs associated with hardware are usually not included in our financial statements.

Our typical performance obligations include the following:


Performance Obligation	When Performance Obligation is Typically Satisfied	When Payment is Typically Due	How Standalone Selling Price is Typically Estimated
Subscription
Term-based software licenses	Upon shipment or made available for download (point in time)	Within 90 days of shipment except for certain subscription licenses which are paid for over time	Residual approach
Software-as-a-service (SaaS)	Ratably over the course of the contract (over time)	Annually or at the beginning of the contract period	Observable in transactions without multiple performance obligations
Perpetual License
Perpetual software licenses	Upon shipment or made available for download (point in time)	Within 90 days of shipment	Residual approach
Customer Support
Software updates	Ratably over the course of the support contract (over time)	At the beginning of the contract period	Observable in renewal transactions
Customer support	Ratably over the course of the support contract (over time)	At the beginning of the contract period	Observable in renewal transactions
Other Services
Other professional services (except for education services)	As work is performed (over time)	Within 90 days of services being performed	Observable in transactions without multiple performance obligations
Education services	When the class is taught (point in time)	Within 90 days of services being performed	Observable in transactions without multiple performance obligations

Judgments related to revenue recognition

Most of our contracts contain multiple performance obligations. For these contracts, we evaluate and account for individual performance obligations separately if they are determined to be distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software licenses (both perpetual and term-based) are typically estimated using the residual approach. Standalone selling prices for SaaS, customer support contracts, and other services are typically estimated based on observable transactions when these services are sold on a standalone basis. We recognize revenue net of sales tax.

Disaggregation of Revenue

We disaggregate revenue from contracts with customers into geographical regions. Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, Middle East, Africa, Australia, India, Southeast Asia, and China.


	Three Months Ended June 30,
	2023		2022
Americas	$	122,124	$	122,609
International	76,026		75,372
Total revenues	$	198,150	$	197,981

Remaining Performance Obligations

Remaining performance obligations represent expected future revenue from existing contracts where performance obligations are unsatisfied or partially unsatisfied at the end of the reporting period. As of June 30, 2023, our remaining performance obligations (inclusive of deferred revenues) were $536,669 of which approximately 64% is expected to be recognized as revenue over the next 12 months and the remainder recognized thereafter. The vast majority of this revenue consists of customer support, other services and SaaS arrangements. Other services consists primarily of professional services revenue which is contingent upon a number of factors, including customers' needs and scheduling.

The amount of revenue recognized in the period that was included in the opening deferred revenue balance was $107,945 for the three months ended June 30, 2023. The amount of revenue recognized from performance obligations satisfied in prior periods was not significant.

Information about Contract Balances

In some arrangements we allow customers to pay for term-based software licenses and products over the term of the software license. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables, which are anticipated to be invoiced in the next twelve months, are included in accounts receivable on the consolidated balance sheets. Long-term unbilled receivables are included in other assets. The opening and closing balances of our accounts receivable, unbilled receivables, and deferred revenues are as follows:


	Accounts Receivable		Unbilled Receivable (current)		Unbilled Receivable (long-term)		Deferred Revenue (current)		Deferred Revenue (long-term)
Opening balance as of March 31, 2023	$	188,736	$	21,705	$	9,867	$	307,562	$	174,393
Increase (decrease), net	(34,089)		160		3,021		(4,933)		(2,174)
Ending balance as of June 30, 2023	$	154,647	$	21,865	$	12,888	$	302,629	$	172,219

The net decrease in accounts receivable (inclusive of unbilled receivables) is a result of a decrease in revenue relative to the fourth quarter of the prior fiscal year. The decrease in deferred revenue is primarily the result of the decrease in customer support contract billings, partially offset by an increase in SaaS contracts which are billed upfront but recognized ratably over the contract period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Revenue - Performance Obligations (Details)	3 Months Ended
Revenue - Performance Obligations (Details)	Jun. 30, 2023
Term-based software licenses
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Perpetual software licenses
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Other professional services (except for education services)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Education services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days

Basis of Presentation	3 Months Ended
Basis of Presentation	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Commvault Systems, Inc. and its subsidiaries ("Commvault," "we," "us," or "our") provides its customers with a data protection platform that helps them secure, defend and recover their most precious asset, their data. We provide these products and services for their data across the following environments: on-premises, hybrid, or multi-cloud. Our data protection offerings are delivered via self-managed software, software-as-a-service (SaaS), integrated appliances, or managed by partners. Customers use our technology to protect themselves from threats like ransomware and recover their data efficiently. The consolidated financial statements of Commvault as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in our Annual Report on Form 10-K for fiscal 2023. The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The amounts of assets and liabilities reported in our balance sheets and the amounts of revenues and expenses reported for each of our periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, income taxes and related reserves, deferred commissions and goodwill. Actual results could differ from those estimates.

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid – In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 31, 2022		44,511
Beginning balance at Mar. 31, 2022	$ 255,829	$ 443	$ 1,165,948	$ (898,699)	$ (11,863)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	31,095		31,095
Share issuances related to stock-based compensation (in shares)		634
Share issuances related to stock-based compensation	687	$ 6	681
Repurchase of common stock (in shares)		(310)
Repurchase of common stock	(18,923)	$ (3)	(2,793)	(16,127)
Net income	3,511			3,511
Other comprehensive loss	(1,715)				(1,715)
Ending balance (in shares) at Jun. 30, 2022		44,835
Ending balance at Jun. 30, 2022	270,484	$ 446	1,194,931	(911,315)	(13,578)
Beginning balance (in shares) at Mar. 31, 2023		44,140
Beginning balance at Mar. 31, 2023	186,098	$ 440	1,264,608	(1,062,900)	(16,050)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	23,724		23,724
Share issuances related to stock-based compensation (in shares)		612
Share issuances related to stock-based compensation	$ 1,201	$ 6	1,195
Repurchase of common stock (in shares)	(779)	(779)
Repurchase of common stock	$ (51,274)	$ (8)	(7,201)	(44,065)
Net income	12,629			12,629
Other comprehensive loss	(362)				(362)
Ending balance (in shares) at Jun. 30, 2023		43,973
Ending balance at Jun. 30, 2023	$ 172,016	$ 438	$ 1,282,326	$ (1,094,336)	$ (16,412)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 12,629	$ 3,511

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stock Plans - Performance Based Awards (Details) - PSU shares in Thousands	3 Months Ended
	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	120
Compensation arrangements, vesting period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	200.00%
Awards potential to vest (in shares)	240

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Net Income per Common Share (Tables)

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income per Common Share

The following table sets forth the reconciliation of basic and diluted net income per common share:


	Three Months Ended June 30,
	2023		2022
Net income	$	12,629	$	3,511
Basic net income per common share:
Basic weighted average shares outstanding	44,057		44,743
Basic net income per common share	$	0.29	$	0.08
Diluted net income per common share:
Basic weighted average shares outstanding	44,057		44,743
Dilutive effect of stock options and restricted stock units	918		1,122
Diluted weighted average shares outstanding	44,975		45,865
Diluted net income per common share	$	0.28	$	0.08

Net Income per Common Share

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of common shares during the period. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the vesting of restricted stock units, shares to be purchased under the Employee Stock Purchase Plan ("ESPP"), and the exercise of stock options. The dilutive effect of such potential common shares is reflected in diluted earnings per share by application of the treasury stock method.

The following table sets forth the reconciliation of basic and diluted net income per common share:


	Three Months Ended June 30,
	2023		2022
Net income	$	12,629	$	3,511
Basic net income per common share:
Basic weighted average shares outstanding	44,057		44,743
Basic net income per common share	$	0.29	$	0.08
Diluted net income per common share:
Basic weighted average shares outstanding	44,057		44,743
Dilutive effect of stock options and restricted stock units	918		1,122
Diluted weighted average shares outstanding	44,975		45,865
Diluted net income per common share	$	0.28	$	0.08

The diluted weighted-average shares outstanding exclude restricted stock units, performance restricted stock units, shares to be purchased under the ESPP and outstanding stock options totaling 514 and 535 for the three months ended June 30, 2023 and 2022, respectively, because the effect would have been anti-dilutive.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 198,150	$ 197,981
Cost of revenues:
Total cost of revenues	35,550	33,757
Gross margin	162,600	164,224
Operating expenses:
Sales and marketing	84,127	84,919
Research and development	31,431	40,113
General and administrative	26,959	26,976
Restructuring	0	2,132
Depreciation and amortization	1,603	2,635
Total operating expenses	144,120	156,775
Income from operations	18,480	7,449
Interest income	780	261
Interest expense	(96)	(105)
Other income (expense), net	341	(389)
Income before income taxes	19,505	7,216
Income tax expense	6,876	3,705
Net income	$ 12,629	$ 3,511
Net income per common share:
Basic (in dollars per share)	$ 0.29	$ 0.08
Diluted (in dollars per share)	$ 0.28	$ 0.08
Weighted average common shares outstanding:
Basic (in shares)	44,057	44,743
Diluted (in shares)	44,975	45,865
Subscription
Revenues:
Total revenues	$ 97,290	$ 87,628
Cost of revenues:
Total cost of revenues	12,363	10,985
Perpetual license
Revenues:
Total revenues	13,155	17,798
Cost of revenues:
Total cost of revenues	412	626
Customer support
Revenues:
Total revenues	76,915	81,317
Cost of revenues:
Total cost of revenues	14,957	15,033
Other services
Revenues:
Total revenues	10,790	11,238
Cost of revenues:
Total cost of revenues	$ 7,818	$ 7,113

Stock Plans - Awards with a Market Condition (Details) - Market performance shares shares in Thousands	3 Months Ended
	Jun. 30, 2023 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	120
Service period	3 years
Number of annual tranches \| tranche	3
Weighted-average fair value, units awarded (in dollars per share) \| $ / shares	$ 87.90
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	200.00%
Awards potential to vest (in shares)	240

Stock Plans (Tables)

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development, general and administrative and restructuring expenses for the three months ended June 30, 2023 and 2022. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP.


	Three Months Ended June 30,
	2023		2022
Cost of revenues	$	1,690	$	1,243
Sales and marketing	9,704		11,393
Research and development	5,347		9,241
General and administrative	6,983		7,931
Restructuring	—		1,287
Stock-based compensation expense	$	23,724	$	31,095

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the three months ended June 30, 2023 was as follows:


Non-vested Restricted Stock Units	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested as of March 31, 2023	2,953	$	62.52
Awarded	556	67.34
Vested	(585)	57.05
Forfeited	(71)	65.83
Non-vested as of June 30, 2023	2,853	$	64.50

Stock Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 144,453
Weighted average period awards are expected to be recognized	1 year 10 months 6 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value, units awarded (in dollars per share)	$ 67.34	$ 62.60

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock Plans - Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares shares in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Awards
Non-vested beginning balance (in shares)	2,953
Awarded (in shares)	556
Vested (in shares)	(585)
Forfeited (in shares)	(71)
Non-vested ending balance (in shares)	2,853
Weighted- Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)	$ 62.52
Awarded (in dollars per share)	67.34	$ 62.60
Vested (in dollars per share)	57.05
Forfeited (in dollars per share)	65.83
Non-vested ending balance (in dollars per share)	$ 64.50

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 198,150	$ 197,981
Americas
Disaggregation of Revenue [Line Items]
Total revenues	122,124	122,609
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 76,026	$ 75,372

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies - Equity Securities Accounted for at Net Asset Value (Details) - Private Equity Funds $ in Thousands	Jun. 30, 2023 USD ($)
Concentration Risk [Line Items]
Equity securities	$ 6,554
Unfunded commitments	$ 3,773

Net Income per Common Share - Computation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income, basic	$ 12,629	$ 3,511
Net income, diluted	$ 12,629	$ 3,511
Basic net income per common share:
Basic weighted average shares outstanding (in shares)	44,057	44,743
Basic net income (loss) per common share (in dollars per share)	$ 0.29	$ 0.08
Diluted net income per common share:
Basic weighted average shares outstanding (in shares)	44,057	44,743
Dilutive effect of stock options and restricted stock units (in shares)	918	1,122
Diluted weighted average shares outstanding (in shares)	44,975	45,865
Diluted net income (loss) per common share (in dollars per share)	$ 0.28	$ 0.08

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 274,589	$ 287,778
Trade accounts receivable, net	176,512	210,441
Assets held for sale	38,680	38,680
Other current assets	18,654	14,015
Total current assets	508,435	550,914
Property and equipment, net	8,209	8,287
Operating lease assets	11,268	11,784
Deferred commissions cost	58,848	59,612
Intangible asset, net	1,979	2,292
Goodwill	127,780	127,780
Other assets	25,213	21,905
Total assets	741,732	782,574
Current liabilities:
Accounts payable	284	108
Accrued liabilities	78,089	97,888
Current portion of operating lease liabilities	4,763	4,518
Deferred revenue	302,629	307,562
Total current liabilities	385,765	410,076
Deferred revenue, less current portion	172,219	174,393
Deferred tax liabilities, net	519	134
Long-term operating lease liabilities	7,584	8,260
Other liabilities	3,629	3,613
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.01 par value: 50,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value: 250,000 shares authorized, 43,973 shares and 44,140 shares issued and outstanding at June 30, 2023 and March 31, 2023, respectively	438	440
Additional paid-in capital	1,282,326	1,264,608
Accumulated deficit	(1,094,336)	(1,062,900)
Accumulated other comprehensive loss	(16,412)	(16,050)
Total stockholders’ equity	172,016	186,098
Total liabilities and stockholders’ equity	$ 741,732	$ 782,574

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We do not believe that we are currently party to any pending legal action that could reasonably be expected to have a material adverse effect on our business or operating results.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements of Commvault as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in our Annual Report on Form 10-K for fiscal 2023. The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The amounts of assets and liabilities reported in our balance sheets and the amounts of revenues and expenses reported for each of our periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, income taxes and related reserves, deferred commissions and goodwill. Actual results could differ from those estimates.

Reclassification of Prior Year Balances

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications have no impact on the amount of total revenue or net income. Beginning in fiscal 2024, the software and services line items on the consolidated statements of operations, related to revenues and cost of revenues, will be presented in the following categories:

Subscription - The amounts on this line include the revenues and costs of recurring time-based arrangements, including the software portion of term-based licenses and SaaS offerings. The software component of term-based licenses is typically recognized when the software is delivered or made available for download. For SaaS offerings, revenue is generally recognized ratably over the contract term beginning on the date that the service is made available to the customer.

Perpetual license - The amounts on this line include the revenues and costs from the sale of perpetual software licenses. Perpetual software license revenue is typically recognized when the software is delivered or made available for download.

Customer support - The amounts on this line include customer support revenues and costs associated with our software products. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support, and other premium support offerings, for both subscription software and perpetual software license arrangements. Customer support revenue is typically recognized ratably over the term of the customer support agreement.

Other services - The amounts included on this line consist primarily of revenues and costs related to professional service offerings, including consultation, assessment and design, installation services, and customer education. Revenues related to other professional services are typically recognized as the services are performed.

Recently Adopted and Recently Issued Accounting Standards

There were no recently adopted accounting standards that had a material effect on our condensed consolidated financial statements and accompanying disclosures, and no recently issued accounting standards that are expected to have a material impact on our condensed consolidated financial statements and accompanying disclosures.

Concentration of Credit Risk

We grant credit to customers in a wide variety of industries worldwide and generally do not require collateral. Historically, credit losses relating to these customers have been minimal.

Fair Value of Financial Instruments

Fair Value of Financial InstrumentsThe carrying amounts of our cash, cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. Our cash equivalents balance consists primarily of U.S. Treasury Bills with maturities of one month or less.

Fair Value of Financial Instruments

We held equity interests in private equity funds of $6,554 as of June 30, 2023, which are accounted for under the net asset value practical expedient as permitted under ASC 820, Fair Value Measurement. These investments are included in other assets in the accompanying consolidated balance sheets. The net asset values of these investments are determined using quarterly capital statements from the funds, which are based on our contributions to the funds, allocation of profit and loss and changes in fair value of the underlying fund investments. Changes in fair value as reported on the capital statements are recorded through the consolidated statements of operations as non-operating income or expense. These private equity funds focus on making investments in key technology sectors, principally by investing in companies at expansion capital and growth equity stages.

Deferred Commissions Cost

Sales commissions, bonuses, and related payroll taxes earned by our employees are considered incremental and recoverable costs of obtaining a contract with a customer. Our typical contracts include performance obligations related to term-based software licenses, SaaS offerings, perpetual software licenses, software updates, and customer support. In these contracts, incremental costs of obtaining a contract are allocated to the performance obligations based on the relative estimated standalone selling prices and then recognized on a systematic basis that is consistent with the transfer of the goods or services to which the asset relates. We do not pay commissions on annual renewals of customer support contracts for perpetual licenses. The costs allocated to software and products are expensed at the time of sale, when revenue for the functional software license or appliance is recognized. The costs allocated to software updates and customer support for perpetual licenses are amortized ratably over a period of approximately five years, the expected period of benefit of the asset capitalized. We currently estimate a period of five years is appropriate based on consideration of historical average customer

life and the estimated useful life of the underlying software sold as part of the transaction. The commission paid on the renewal of subscription arrangements is not commensurate with the commission paid on the initial purchase. As a result, the cost of commissions allocated to as-a-service subscription offerings, software updates and customer support on the initial term-based software license transactions are amortized over a period of approximately five years, consistent with the accounting for these costs associated with perpetual licenses. The costs of commissions allocated to as-a-service offerings, software updates and support for the renewal of term-based software licenses is limited to the contractual period of the arrangement, as we pay a commensurate renewal commission upon the next renewal of the subscription software license and related updates and support.

Revenue

We derive revenues from various sources, including subscriptions, perpetual software licenses, customer support contracts and other services.

Subscription

Perpetual License

Customer Support

Other Services

Our typical performance obligations include the following:


Performance Obligation	When Performance Obligation is Typically Satisfied	When Payment is Typically Due	How Standalone Selling Price is Typically Estimated
Subscription
Term-based software licenses	Upon shipment or made available for download (point in time)	Within 90 days of shipment except for certain subscription licenses which are paid for over time	Residual approach
Software-as-a-service (SaaS)	Ratably over the course of the contract (over time)	Annually or at the beginning of the contract period	Observable in transactions without multiple performance obligations
Perpetual License
Perpetual software licenses	Upon shipment or made available for download (point in time)	Within 90 days of shipment	Residual approach
Customer Support
Software updates	Ratably over the course of the support contract (over time)	At the beginning of the contract period	Observable in renewal transactions
Customer support	Ratably over the course of the support contract (over time)	At the beginning of the contract period	Observable in renewal transactions
Other Services
Other professional services (except for education services)	As work is performed (over time)	Within 90 days of services being performed	Observable in transactions without multiple performance obligations
Education services	When the class is taught (point in time)	Within 90 days of services being performed	Observable in transactions without multiple performance obligations

Judgments related to revenue recognition

Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to customer support, SaaS arrangements, and other services.In some arrangements we allow customers to pay for term-based software licenses and products over the term of the software license. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables, which are anticipated to be invoiced in the next twelve months, are included in accounts receivable on the consolidated balance sheets. Long-term unbilled receivables are included in other assets.

Summary of Significant Accounting Policies - Deferred Commissions Cost (Details)	Jun. 30, 2023
Accounting Policies [Abstract]
Software updates and customer support costs amortization period	5 years

Revolving Credit Facility (Details) - Revolving credit facility - Senior Secured Revolving Credit Facility - USD ($)		3 Months Ended
	Dec. 13, 2021	Jun. 30, 2023	Jun. 30, 2022
Line of Credit Facility [Line Items]
Debt term	5 years
Borrowing capacity	$ 100,000,000
Annual interest charge on unused balance of the credit facility	0.25%
Borrowings under the credit facility		$ 0
Unamortized debt issuance costs		399,000
Amortization of debt issuance costs		$ 92,000	$ 92,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt, basis spread on variable rate	1.25%

Stock Plans

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Plans


	Three Months Ended June 30,
	2023		2022
Cost of revenues	$	1,690	$	1,243
Sales and marketing	9,704		11,393
Research and development	5,347		9,241
General and administrative	6,983		7,931
Restructuring	—		1,287
Stock-based compensation expense	$	23,724	$	31,095

As of June 30, 2023, there was $144,453 of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 1.85 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate.

Stock option activity was not significant for both the three months ended June 30, 2023 and 2022.

Restricted Stock Units

Restricted stock unit activity for the three months ended June 30, 2023 was as follows:


Non-vested Restricted Stock Units	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested as of March 31, 2023	2,953	$	62.52
Awarded	556	67.34
Vested	(585)	57.05
Forfeited	(71)	65.83
Non-vested as of June 30, 2023	2,853	$	64.50

The weighted-average fair value of restricted stock units awarded was $67.34 per unit during the three months ended June 30, 2023, and $62.60 per unit during the three months ended June 30, 2022. The weighted-average fair value of awards includes the awards with a market condition described below.

Performance Based Awards

In the three months ended June 30, 2023, we granted 120 performance restricted stock units ("PSUs") to certain executives. Vesting of these awards is contingent upon i) us meeting certain non-GAAP performance goals (performance-based) in fiscal 2024 and ii) our customary service periods. The awards vest over three years and have the potential to vest between 0% and 200% (240 shares) based on actual fiscal 2024 performance. The vesting quantity of these awards may vary based on actual fiscal 2024 performance. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. During the interim financial periods, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. The awards are included in the restricted stock unit table.

Awards with a Market Condition

In the three months ended June 30, 2023, we granted 120 market performance stock units to certain executives. The vesting of these awards is contingent upon us meeting certain total shareholder return ("TSR") levels as compared to the Russell 3000 market index over the next three years. The awards vest in three annual tranches and have the potential to vest between 0% and 200% (240 shares) based on TSR performance. The related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The fair value of the awards granted during the three months ended June 30, 2023 was $87.90 per unit. The awards are included in the restricted stock unit table.

Capitalization (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Apr. 20, 2023
Equity [Abstract]
Share repurchase program, amount approved		$ 250,000
Repurchase of common stock	$ 51,030
Number of shares repurchased (in shares)	779
Share repurchase program, remaining available amount	$ 204,936

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Reclassification of Prior Year Balances

Recently Adopted and Recently Issued Accounting Standards

Concentration of Credit Risk

We grant credit to customers in a wide variety of industries worldwide and generally do not require collateral. Historically, credit losses relating to these customers have been minimal.

Sales through our distribution agreement with Arrow Enterprise Computing Solutions, Inc. (“Arrow”) totaled 38% and 36% of total revenues for the three months ended June 30, 2023 and 2022, respectively. Arrow accounted for approximately 33% and 34% of total accounts receivable as of June 30, 2023 and March 31, 2023, respectively.

Fair Value of Financial Instruments

The carrying amounts of our cash, cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. Our cash equivalents balance consists primarily of U.S. Treasury Bills with maturities of one month or less.

The following table summarizes the composition of our financial assets measured at fair value at June 30, 2023:


	Level 1		Level 2	Level 3	Total
Assets:
Cash equivalents	$	24,890	—	—	$	24,890

There were no financial assets measured at fair value on a recurring basis as of June 30, 2022.

Equity Securities Accounted for at Net Asset Value

Deferred Commissions Cost

The incremental costs attributable to professional services are generally amortized over the period the related services are provided and revenue is recognized. Amortization expense related to these costs is included in sales and marketing expenses in the accompanying consolidated statements of operations.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Fair Value, by Balance Sheet Grouping

The following table summarizes the composition of our financial assets measured at fair value at June 30, 2023:


	Level 1		Level 2	Level 3	Total
Assets:
Cash equivalents	$	24,890	—	—	$	24,890

Net Income per Common Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation (in shares)	514	535

Insider Trading Arrangements shares in Thousands	3 Months Ended
Insider Trading Arrangements shares in Thousands	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
James Whalen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 23, 2023, James Whalen, Chief Accounting Officer, terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), originally adopted on March 2, 2023, for the sale of up to approximately 3,000 shares of the Company’s common stock until August 25, 2023.
Name	James Whalen
Title	Chief Accounting Officer
Adoption Date	March 2, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 23, 2023
Arrangement Duration	176 days
Aggregate Available	3

Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Assets:
Cash equivalents	$ 24,890,000
Financial assets at fair value		$ 0
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash equivalents	24,890,000
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents	$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 12,629	$ 3,511
Other comprehensive loss:
Foreign currency translation adjustment	(362)	(1,715)
Comprehensive income	$ 12,267	$ 1,796

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk - Arrow	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	38.00%	36.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	33.00%		34.00%

Cover - shares	3 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-33026
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3447504
Entity Address, Address Line One	1 Commvault Way
Entity Address, City or Town	Tinton Falls
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07724
City Area Code	732
Local Phone Number	870-4000
Title of 12(b) Security	Common Stock
Trading Symbol	CVLT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,874,713
Entity Registrant Name	COMMVAULT SYSTEMS INC
Entity Central Index Key	0001169561
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	43,973,000	44,140,000
Common stock, shares outstanding (in shares)	43,973,000	44,140,000

Assets Held for Sale (Details) - Corporate Headquarters in Tinton Falls, NJ - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of properties	$ 40,000
Amount written down to estimated fair value, less estimated costs to sell	$ 38,680

Revolving Credit Facility	3 Months Ended
Revolving Credit Facility	Jun. 30, 2023
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit FacilityOn December 13, 2021, we entered into a five-year $100,000 senior secured revolving credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A. The Credit Facility is available for share repurchases, general corporate purposes, and letters of credit. The Credit Facility contains financial maintenance covenants including a leverage ratio and interest coverage ratio. The Credit Facility also contains certain customary events of default which would permit the lender to, among other things, declare all loans then outstanding to be immediately due and payable if such default is not cured within applicable grace periods. The Credit Facility also limits our ability to incur certain additional indebtedness, create or permit liens on assets, make acquisitions, make investments, loans or advances, sell or transfer assets, pay dividends or distributions, and engage in certain transactions with foreign affiliates. Outstanding borrowings under the Credit Facility accrue interest at an annual rate equal to the Secured Overnight Financing Rate plus 1.25% subject to increases based on our actual leverage. The unused balance on the Credit Facility is also subject to a 0.25% annual interest charge subject to increases based on our actual leverage. As of June 30, 2023, there were no borrowings under the Credit Facility and we were in compliance with all covenants.We have deferred the expense related to debt issuance costs, which are classified as other assets, and will amortize the costs into interest expense over the term of the Credit Facility. Unamortized amounts at June 30, 2023 were $399. The amortization of debt issuance costs and interest expense incurred for both the three months ended June 30, 2023 and 2022 was $92.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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+ Details