0001169561-24-000039 | 10-K | XBRL Viewer

Leases (Tables)

12 Months Ended

Mar. 31, 2024

Schedule of Net Lease Cost Recognized on Condensed Consolidated Statement of Operations and Cash Flow Information

Net lease cost recognized in our consolidated statements of operations is summarized as follows:


	Year Ended March 31,
	2024		2023		2022
Operating lease cost	$	5,770	$	5,449	$	7,129
Short-term lease cost	272		631		123
Variable lease cost	1,333		1,360		1,608
Net lease cost	$	7,375	$	7,440	$	8,860

Cash flow information


	Year Ended March 31,
	2024		2023		2022
Cash paid for operating lease liabilities	$	5,033	$	5,421	$	8,277
Additions of operating lease assets (non-cash)	$	5,528	$	3,023	$	1,827

Schedule of Maturities of Lease Liabilities

As of March 31, 2024, the maturities of lease liabilities based on the total minimum lease commitment amount including options to extend lease terms that are reasonably certain of being exercised are as follows:


2025	$	4,624
2026	2,973
2027	1,740
2028	1,601
2029	932
Thereafter	683
Total minimum lease payments	12,553
Less: Imputed interest	463
Present value of operating lease liabilities	12,090
Less: Current portion of operating lease liabilities	4,935
Long-term operating lease liabilities	$	7,155

Schedule of Lease Term and Discount Rate


	Year Ended March 31,
	2024		2023
Weighted-average remaining term (in years)	3.60		3.72
Weighted-average discount rate	4	%	4	%

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5,165	$ 8,958	$ 10,708
Depreciation expense allocated to cost of goods sold	$ 0	$ 938	$ 1,250

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill balances are as follows:


	2024		2023
Opening balance	$	127,780	$	127,780
Additions/(Impairments)	—		—
Ending balance	$	127,780	$	127,780

Schedule of Purchased Intangible Assets, Net of Amortization

Intangible assets are recorded at cost and amortized over useful lives of three years.


	March 31, 2024						March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Developed technology	$	3,750	$	(2,708)	$	1,042	$	3,750	$	(1,458)	$	2,292

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Assets Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Corporate Headquarters in Tinton Falls, NJ $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration from sale of properties	$ 40
Property's previous carrying amount	92,161
Amount written down to estimated fair value, less estimated costs to sell	38,680
Impairment charge of properties to be disposed of	53,481
Non-refundable escrow amount	$ 1,670

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Computation of Basic and Diluted Net Income (loss) Per Common Share

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


	Year Ended March 31,
	2024		2023		2022
Net income (loss)	$	168,906	$	(35,774)	$	33,624
Basic net income (loss) per common share:
Basic weighted average shares outstanding	43,885		44,664		45,443
Basic net income (loss) per common share	$	3.85	$	(0.80)	$	0.74
Diluted net income (loss) per common share:
Basic weighted-average shares outstanding	43,885		44,664		45,443
Dilutive effect of stock options and restricted stock units (1)	1,215		—		1,777
Diluted weighted-average shares outstanding	45,100		44,664		47,220
Diluted net income (loss) per common share	3.75		(0.80)		0.71

(1) In fiscal 2023 dilutive shares have been excluded because we were in a net loss position.

Schedule of Composition of Financial Assets Measured at Fair value

The following table summarizes the composition of our financial assets measured at fair value at March 31, 2024:


	Level 1		Level 2	Level 3	Total
Cash equivalents	$	24,902	—	—	$	24,902

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 168,906	$ (35,774)	$ 33,624
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	6,530	10,323	10,950
Noncash stock-based compensation	94,551	105,746	105,163
Noncash change in fair value of equity securities	17	305	(301)
Noncash headquarters impairment	0	53,481	0
Deferred income taxes	(109,598)	(674)	49
Amortization of deferred commissions cost	26,531	22,626	18,339
Changes in operating assets and liabilities:
Trade accounts receivable, net	(21,725)	(11,596)	(20,371)
Operating lease assets and liabilities, net	550	(56)	(925)
Other current assets and Other assets	336	6,179	3,732
Deferred commissions cost	(29,952)	(30,529)	(33,512)
Accounts payable	195	(297)	60
Accrued liabilities	16,998	(24,213)	10,400
Deferred revenue	50,394	73,756	48,295
Other liabilities	65	1,011	1,677
Net cash provided by operating activities	203,798	170,288	177,180
Cash flows from investing activities
Purchase of property and equipment	(4,086)	(3,241)	(3,911)
Purchase of equity securities	(1,435)	(2,045)	(4,139)
Business combination, net of cash acquired	0	0	(16,894)
Other	0	0	500
Net cash used in investing activities	(5,521)	(5,286)	(24,444)
Cash flows from financing activities
Repurchase of common stock	(184,021)	(150,921)	(305,239)
Proceeds from stock-based compensation plans	13,440	15,405	29,760
Debt issuance costs	0	(63)	(609)
Net cash used in financing activities	(170,581)	(135,579)	(276,088)
Effects of exchange rate — changes in cash	(2,720)	(9,152)	(6,378)
Net increase (decrease) in cash and cash equivalents	24,976	20,271	(129,730)
Cash and cash equivalents at beginning of year	287,778	267,507	397,237
Cash and cash equivalents at end of year	312,754	287,778	267,507
Supplemental disclosures of cash flow information
Interest paid	253	253	13
Income taxes paid	$ 19,970	$ 15,175	$ (1,493)

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Advertising expenses	$ 8,514	$ 8,663	$ 9,572
Net foreign currency transaction losses	$ 2,388	$ 1,163	$ 0
Stock options, restricted stock units, and shares under the employee stock purchase plan (in shares)	271	3,939	505
Allowance for doubtful accounts	$ 173	$ 197
Equity securities	7,318
Unfunded commitments	$ 2,645
Software updates and customer support costs amortization period (in years)	5 years
Developed technology
Summary Of Significant Accounting Policies [Line Items]
Acquired finite-lived intangible assets, useful life (in years)	3 years
Minimum \| Computers, servers and other equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, depreciation period (in years)	18 months
Minimum \| Furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, depreciation period (in years)	3 years
Maximum \| Computers, servers and other equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, depreciation period (in years)	3 years
Maximum \| Furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, depreciation period (in years)	12 years
Customer concentration risk \| Arrow \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration percentage	36.00%	37.00%	37.00%
Customer concentration risk \| Arrow \| Accounts receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration percentage	29.00%	34.00%

Nature of Business	12 Months Ended
Nature of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Commvault Systems, Inc. and its subsidiaries ("Commvault," "we," "us," or "our") provides its customers with a scalable platform that enhances customers' cyber resiliency by protecting their data in a world of increasing threats. We provide these products and services across many types of environments, including on-premises, hybrid and multi-cloud. Our offerings are delivered via self-managed software, software-as-a-service ("SaaS"), integrated appliances, or managed by partners. Customers use our Commvault Cloud platform to protect themselves from threats like ransomware and recover their data efficiently.

Restructuring - Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Employee severance and related costs	$ 2,811	$ 12,845	$ 4,483
Lease exit costs	220	0	0
Stock-based compensation	1,517	2,607	1,709
Total restructuring charges	$ 4,548	$ 15,452	$ 6,192

Stock Plans - Awards with a Market Condition (Details) shares in Thousands	12 Months Ended
	Mar. 31, 2024 tranche $ / shares shares	Mar. 31, 2023 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Market performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	120
Awards vesting period	3 years	3 years
Number of annual vesting tranches \| tranche	3	3
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	$ 87.90	$ 76.48
Market performance shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	200.00%	200.00%
Awards potential to vest (in shares)	240	252

- 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.

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+ Details

Restructuring - Activity in Restructuring Accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3,211	$ 2,261
Employee severance and related costs	2,811	12,845	$ 4,483
Payments	(3,276)	(11,895)
Ending balance	2,746	3,211	$ 2,261
Restructuring Cost and Reserve [Line Items]
Payments	3,276	$ 11,895
2022 Restructuring Program
Restructuring Reserve [Roll Forward]
Payments	(3,149)
Restructuring Cost and Reserve [Line Items]
Payments	$ 3,149

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 168,906	$ (35,774)	$ 33,624

- 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

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	$ 1,042
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,750	$ 3,750
Accumulated Amortization	(2,708)	(1,458)
Net Carrying Value	$ 1,042	$ 2,292

Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Opening balance	$ 127,780	$ 127,780
Additions/(Impairments)	0	0
Ending balance	$ 127,780	$ 127,780

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 62,082	$ (35,288)	$ 25,905
Foreign	21,531	19,926	17,509
Income (loss) before income taxes	$ 83,613	$ (15,362)	$ 43,414

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Net operating losses	$ 6,533	$ 9,106
Equity investment/Capital losses	952	889
Stock-based compensation	5,338	11,912
Deferred revenue	29,748	24,025
Tax credits	28,020	42,986
Accrued expenses	1,775	1,816
Allowance for doubtful accounts and other reserves	928	572
R&D Capitalization under IRC § 174	58,867	32,091
Depreciation and amortization	9,305	9,449
Other, DTA	2,228	98
Less: valuation allowance	(18,140)	(122,921)
Total deferred tax assets	125,554	10,023
Deferred tax liabilities:
Withholding taxes	(1,091)	(393)
Deferred commissions	(12,573)	(9,764)
Other, DTL	(2,426)	0
Total deferred tax liabilities	(16,090)	(10,157)
Deferred tax asset	$ 109,464
Deferred tax liability		$ (134)

Assets Held for Sale	12 Months Ended
Assets Held for Sale	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale During the fourth quarter of fiscal 2023, we entered into an exclusive 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 ("ASC 360"). The property's previous carrying amount of $92,161 was written down to its estimated fair value, less estimated costs to sell, of $38,680, resulting in a non-cash impairment charge of $53,481 on our consolidated statements of operations for the period ended March 31, 2023. Upon closing of the transaction, we intend to enter into a lease for a portion of the premises. As of March 31, 2024, the sale has not yet been finalized and the exclusivity of the agreement has expired. As a result of the expiration of the exclusivity, we received a payment for $1,670 related to non-refundable escrow, which is recorded in other income (loss) on our consolidated statements of operations for the period ended March 31, 2024. The assets have been classified as held for sale for more than one year. In accordance with ASC 360, assets not sold by the end of the one-year period may still qualify as held for sale, if certain conditions are met. The Board of Directors reconfirmed their approval of the sale at the January 2024 meeting and we believe the sale will be completed in calendar year 2024. As of March 31, 2024, we concluded all of the held for sale criteria is still met, and the assets are properly classified on the consolidated balance sheets. In addition, we have assessed whether there are any indicators of impairment and have concluded that the current carrying amount represents the estimated fair value, less estimated costs to sell, and no additional remeasurement should be recorded.

Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Minimum operating lease commitment not yet commenced	$ 743

Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets at fair value		$ 0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 24,902,000
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	24,902,000
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0

Leases - Net Lease Costs Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 5,770	$ 5,449	$ 7,129
Short-term lease cost	272	631	123
Variable lease cost	1,333	1,360	1,608
Net lease cost	$ 7,375	$ 7,440	$ 8,860

Stock Plans - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 29, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period		3 years
Unrecognized stock-based compensation expense		$ 125,213
Awards expected to be recognized over a weighted average period (in years)		1 year 9 months 3 days
Total intrinsic value of options exercised		$ 1,378	$ 1,176	$ 12,704
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards vested		$ 118,047	$ 114,422	$ 122,259
2016 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock that may be delivered under plan (in shares)	14,250,000
Addition shares authorized (in shares)	3,200,000
Options available for future grant (in shares)		3,754,000

Stock Plans - Restricted Stock Unit Activity (Details) - Restricted stock units shares in Thousands	12 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Awards
Non-vested beginning balance (in shares) \| shares	2,953
Granted (in shares) \| shares	1,483
Vested (in shares) \| shares	(1,641)
Forfeited (in shares) \| shares	(378)
Non-vested ending balance (in shares) \| shares	2,417
Weighted- Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share) \| $ / shares	$ 62.52
Granted (in dollars per share) \| $ / shares	70.42
Vested (in dollars per share) \| $ / shares	60.08
Forfeited (in dollars per share) \| $ / shares	65.74
Non-vested ending balance (in dollars per share) \| $ / shares	$ 68.52

Stock Plans - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of Options
Outstanding beginning balance (in shares) \| shares	553
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	(58)
Options forfeited (in shares) \| shares	0
Options expired (in shares) \| shares	(371)
Outstanding ending balance (in shares) \| shares	124
Exercisable at current period end (in shares) \| shares	124
Weighted- Average Exercise Price
Weighted-Average Exercise Price, Outstanding beginning balance (in dollars per share) \| $ / shares	$ 73.58
Weighted-Average Exercise Price, Options granted (in dollars per share) \| $ / shares	0
Weighted-Average Exercise Price, Options exercised (in dollars per share) \| $ / shares	48.88
Weighted-Average Exercise Price, Options forfeited (in dollars per share) \| $ / shares	0
Weighted-Average Exercise Price, Options expired (in dollars per share) \| $ / shares	86.95
Weighted-Average Exercise Price, Outstanding ending balance (in dollars per share) \| $ / shares	45.25
Weighted-Average Exercise Price, Exercisable at current period-end (in dollars per share) \| $ / shares	$ 45.25
Weighted- Average Remaining Contractual Term (Years)
Weighted-Average Remaining Contractual Term, Outstanding at current period-end	7 months 17 days
Weighted-Average Remaining Contractual Term, Exercisable at current period-end	7 months 17 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding at current period-end \| $	$ 6,969
Aggregate Intrinsic Value, Exercisable at current period-end \| $	$ 6,969

Revenue - Performance Obligations (Details)	12 Months Ended
Revenue - Performance Obligations (Details)	Mar. 31, 2024
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

Property and Equipment (Tables)

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


	March 31,
	2024		2023


Computers, servers and other equipment	$	45,620	$	43,135
Furniture and fixtures	2,965		3,264
Leasehold improvements	8,180		8,433
Purchased software	2,586		1,862
Construction in process	189		111
	59,540		56,805
Less: Accumulated depreciation and amortization	(51,579)		(48,518)
	$	7,961	$	8,287

Revolving Credit Facility - Additional Information (Details) - Senior Secured Revolving Credit Facility - Revolving Credit Facility - USD ($)	Dec. 13, 2021	Mar. 31, 2024	Mar. 31, 2023
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		$ 313,000	$ 428,000
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt, basis spread on variable rate	1.25%

Property and Equipment

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	March 31,
	2024		2023


Computers, servers and other equipment	$	45,620	$	43,135
Furniture and fixtures	2,965		3,264
Leasehold improvements	8,180		8,433
Purchased software	2,586		1,862
Construction in process	189		111
	59,540		56,805
Less: Accumulated depreciation and amortization	(51,579)		(48,518)
	$	7,961	$	8,287

We recorded depreciation and amortization expense of $5,165, $8,958, and $10,708 for the years ended 2024, 2023 and 2022, respectively. Depreciation expense allocated to our cost of goods sold was approximately $938 for the year ended 2023, and $1,250 for the year ended 2022. There was no depreciation expense allocated to our cost of goods sold for the year ended 2024.

As discussed in Note 5 of the notes to the consolidated financial statements, assets related to the sale of the Tinton Falls, New Jersey headquarters were reclassified to assets held for sale in the fourth quarter of fiscal 2023, at which time depreciation ended.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 168,906	$ (35,774)	$ 33,624
Other comprehensive income (loss):
Foreign currency translation adjustment	108	(4,187)	(1,513)
Comprehensive income (loss)	$ 169,014	$ (39,961)	$ 32,111

- Definition

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

+ References

+ Details

Stock Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 94,551	$ 105,746	$ 105,163
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,832	4,787	4,474
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	36,630	43,081	37,431
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	21,585	28,540	33,870
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	27,987	26,731	27,679
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,517	$ 2,607	$ 1,709

Accrued Liabilities

12 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following:


	March 31,
	2024		2023
Compensation and related payroll taxes	$	70,961	$	58,112
Other	46,283		39,776
	$	117,244	$	97,888

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
2025	$ 4,624
2026	2,973
2027	1,740
2028	1,601
2029	932
Thereafter	683
Total minimum lease payments	12,553
Less: Imputed interest	463
Present value of operating lease liabilities	12,090
Less: Current portion of operating lease liabilities	4,935	$ 4,518
Long-term operating lease liabilities	$ 7,155	$ 8,260

Leases - Schedule of Lease Term and Discount Rate (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining term (in years)	3 years 7 months 6 days	3 years 8 months 19 days
Weighted-average discount rate	4.00%	4.00%

Stock Plans - Employee Stock Purchase Plan (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 94,551	$ 105,746	$ 105,163
Unrecognized stock-based compensation expense	$ 125,213
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price as a percentage of fair market value	85.00%
Length of offering period (in months)	6 months
Maximum employee payroll percent deduction of salary	10.00%
Maximum amount of stock purchasable by employees within a calendar year	$ 25
Number of shares purchased by employees (in shares)	188	213
Proceeds received	$ 10,578	$ 10,873
Compensation expense	3,146	$ 3,740	$ 3,341
Unrecognized stock-based compensation expense	$ 1,177

Stock Plans (Tables)

12 Months Ended

Mar. 31, 2024

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 years ended March 31, 2024, 2023 and 2022. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP.


	Year Ended March 31,
	2024		2023		2022
Cost of revenues	$	6,832	$	4,787	$	4,474
Sales and marketing	36,630		43,081		37,431
Research and development	21,585		28,540		33,870
General and administrative	27,987		26,731		27,679
Restructuring	1,517		2,607		1,709
Stock-based compensation expense	$	94,551	$	105,746	$	105,163

Schedule of Stock Option Activity

Stock option activity is as follows:


Options	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at March 31, 2023	553	$	73.58
Granted	—	—
Exercised	(58)	48.88
Forfeited	—	—
Expired	(371)	86.95
Outstanding at March 31, 2024	124	$	45.25	0.63	$	6,969

Exercisable at March 31, 2024	124	$	45.25	0.63	$	6,969

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity is 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
Granted	1,483	70.42
Vested	(1,641)	60.08
Forfeited	(378)	65.74
Non-vested as of March 31, 2024	2,417	$	68.52

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 revenues 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, are being 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.

Basis of Presentation

The consolidated financial statements include the accounts of Commvault. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles ("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 the 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, purchased intangible assets and goodwill. Actual results could differ from those estimates.

Revenue

We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). We record revenue net of sales tax. For a further discussion of our accounting policies related to revenue, see Note 3 of the notes to the consolidated financial statements.

Accounting for Stock-Based Compensation

Restricted stock units without a market condition are measured based on the fair market values of the underlying stock on the date of grant. We recognize stock-based compensation expense using the straight-line method for all stock awards that do not include a market or performance condition. Awards that include a market or performance condition are expensed using the accelerated method.

Software Development Costs

The costs for the development of new products and substantial enhancements to existing products are expensed as incurred until technological feasibility has been established, at which time any additional costs would be capitalized in accordance with the accounting guidance for software. Because our current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented.

Advertising Costs

We expense advertising costs as incurred. Advertising expenses were $8,514, $8,663, and $9,572 for the years ended March 31, 2024, 2023 and 2022, respectively.

Accounting for Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes ("ASC 740"). The provision for income taxes and effective tax rates are calculated by legal entity and jurisdiction and are based on a number of factors, including the level of pre-tax earnings, income tax planning strategies, differences between tax laws and accounting rules, statutory tax rates and credits, uncertain tax positions and valuation allowances. We provide for global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries in the year the tax is incurred and record an estimate of GILTI as a component of the tax provision. We use significant judgment and estimates in evaluating tax positions. The effective tax rate in a given financial statement period may be materially impacted by changes in the mix and level of earnings by taxing jurisdiction.

Under ASC 740, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts. Valuation allowances are established when, in our judgment, it is more likely than not that deferred tax assets will not be realized. In assessing the need for a valuation allowance, we weigh the available positive and negative evidence, including historical levels of pre-tax income, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies.

Foreign Currency Translation

The functional currencies of our foreign operations are deemed to be the local country’s currency. Assets and liabilities of our international subsidiaries are translated at their respective period-end exchange rates, and revenues and expenses are translated at average currency exchange rates for the period. The resulting balance sheet translation adjustments are included in other comprehensive income (loss) and are reflected as a separate component of stockholders’ equity.

Foreign currency transaction gains and losses are recorded in general and administrative expenses in the consolidated statements of operations. These gains and losses relate primarily to receivables and payables that are not denominated in the functional currency of the subsidiary they relate to. We recognized net foreign currency transaction losses of $2,388 and $1,163 in the years ended March 31, 2024, and 2023, respectively, and insignificant losses in the year ended March 31, 2022.

Net Income (Loss) per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares during the period. Diluted net income (loss) 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 (loss) per share by application of the treasury stock method.

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


	Year Ended March 31,
	2024		2023		2022
Net income (loss)	$	168,906	$	(35,774)	$	33,624
Basic net income (loss) per common share:
Basic weighted average shares outstanding	43,885		44,664		45,443
Basic net income (loss) per common share	$	3.85	$	(0.80)	$	0.74
Diluted net income (loss) per common share:
Basic weighted-average shares outstanding	43,885		44,664		45,443
Dilutive effect of stock options and restricted stock units (1)	1,215		—		1,777
Diluted weighted-average shares outstanding	45,100		44,664		47,220
Diluted net income (loss) per common share	3.75		(0.80)		0.71

(1) In fiscal 2023 dilutive shares have been excluded because we were in a net loss position.

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 271, 3,939 and 505 for the fiscal years ended March 31, 2024, 2023 and 2022, respectively, because the effect would have been anti-dilutive.

Cash and Cash Equivalents

We consider all highly liquid investments purchased with maturities of three months or less at the date of purchase to be cash equivalents.

Trade and Other Receivables

Trade and other receivables are primarily comprised of trade receivables that are recorded at the invoice amount, net of an allowance for doubtful accounts, which is not material. Unbilled receivables represent amounts for which revenue has been recognized but which have not yet been invoiced to the customer. The current portion of unbilled receivables is included in trade accounts receivable on the consolidated balance sheets. Long-term unbilled receivables are included in other assets. The allowance for doubtful accounts was $173 as of March 31, 2024 and $197 as of March 31, 2023. For the years ended March 31, 2024, 2023 and 2022, bad debt expense was immaterial.

Historically, we have not experienced material losses related to the inability to collect receivables from our customers. There is presently no indication that we will not collect material amounts of accounts receivable as of March 31, 2024. The inability to collect receivables could have a material impact on our results of operations.

Concentration of Credit Risk

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

Sales through our distribution agreement with Arrow Enterprise Computing Solutions, Inc. ("Arrow") totaled approximately 36% of total revenues for the year ended March 31, 2024, and 37% of total revenues for the years

ended March 31, 2023 and 2022. Arrow accounted for approximately 29% and 34% of total accounts receivable as of March 31, 2024 and 2023, respectively.

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for such asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, we use the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable:

Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2 — Inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 — Unobservable inputs that are supported by little or no market activity and that require the reporting entity to develop its own assumptions.

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 March 31, 2024:


	Level 1		Level 2	Level 3	Total
Cash equivalents	$	24,902	—	—	$	24,902

There were no financial assets or liabilities measured at fair value on a recurring basis for the year ended March 31, 2023.

Equity Securities Accounted for at Net Asset Value

We held equity interests in private equity funds of $7,318 as of March 31, 2024, 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. We have total unfunded commitments in private equity funds of $2,645 as of March 31, 2024.

Leases

We account for leases in accordance with ASC 842, Leases. For a further discussion of our accounting policies related to leases, see Note 15 of the notes to the consolidated financial statements.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Computer and related equipment is generally depreciated over eighteen months to three years and furniture and fixtures are generally depreciated over three to twelve years. Leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the related lease. Expenditures for routine maintenance and repairs are charged against operations. Major replacements, improvements and additions are capitalized.

In January 2023, the assets that previously comprised our owned corporate headquarters met the held for sale criteria in accordance with ASC 360, Property, Plant and Equipment ("ASC 360"), and were reclassified as such. These assets are no longer being depreciated. For further discussion on assets held for sale, see Note 5 of the notes to the consolidated financial statements.

Goodwill and Intangible Assets

Goodwill is recorded when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. The carrying value of goodwill is tested for impairment on an annual basis on January 1, or more often if an event occurs or circumstances change that would more likely than not reduce the fair value of its carrying amount. For the purpose of impairment testing, we have a single reporting unit. The impairment test consists of comparing the fair value of the reporting unit with its carrying amount that includes goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, an impairment loss would be recognized to reduce the carrying amount to its fair value.

Our finite lived purchased intangible asset, developed technology, was valued using the replacement cost method and is being amortized on a straight-line basis over its economic life of three years as we believed this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. Impairment losses are recognized if the carrying amount of an intangible asset is both not recoverable and exceeds its fair value.

Long-Lived Assets

We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine the recoverability of our long-lived assets, we evaluate the estimated future undiscounted cash flows that are directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the long-lived asset. If the estimated future undiscounted cash flows demonstrate that recoverability is not probable, an impairment loss would be recognized. An impairment loss would be calculated based on the excess carrying amount of the long-lived asset over the long-lived asset’s fair value. The fair value would be determined based on valuation techniques such as a comparison to fair values of similar assets.

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 SaaS 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 SaaS 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.

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.

Deferred Revenue

Deferred revenues represent amounts collected from, or invoiced to, customers in excess of revenues recognized. This results primarily from the billing of annual customer support agreements, the billing of SaaS subscription arrangements and billings for other services that have not yet been performed by us. The value of deferred revenues will increase or decrease based on the timing of invoices and recognition of revenue.

Share Repurchases

We consider all shares repurchased as canceled shares restored to the status of authorized but unissued shares on the trade date. The aggregate purchase price of the shares of our common stock repurchased is reflected as a reduction to stockholders’ equity. We account for shares repurchased as an adjustment to common stock (at par value) with the excess repurchase price allocated between additional paid-in capital and accumulated deficit.

Comprehensive Income

Comprehensive income is defined to include all changes in equity, except those resulting from investments by stockholders and distribution to stockholders.

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. The table below outlines recently issued accounting standards not yet adopted.


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
Accounting Standards Update ("ASU") No. 2023-07 (Topic 280): Segment Reporting	In November 2023, the Financial Accounting Standards Board ("FASB") issued a new standard to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements.	This standard will be effective for our fiscal year beginning April 1, 2024, and interim periods within our fiscal year beginning April 1, 2025.	We will adopt this standard using a retrospective approach on April 1, 2024. We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems.
ASU No. 2023-09 (Topic 740): Income Taxes	In December 2023, the FASB issued a new standard to improve income tax disclosures. The standard requires greater disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.	This standard will be effective for our fiscal year beginning April 1, 2025.	We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems.

Revolving Credit Facility (Tables)

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The amortization of debt issuance costs and interest expense incurred for the years ended March 31, 2024, 2023, and 2022 was as follows:


	Year Ended March 31,
	2024		2023		2022
Amortization of debt issuance costs	$	115	$	115	$	34
Interest expense	253		253		75
Total charges	$	368	$	368	$	109

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 839,247	$ 784,590	$ 769,591
Americas
Disaggregation of Revenue [Line Items]
Total revenues	498,545	469,244	457,895
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 340,702	$ 315,346	$ 311,696

- 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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Subsequent Event	12 Months Ended
Subsequent Event	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On April 15, 2024, we signed an agreement to acquire all of the shares of Appranix, Inc., a Boston based cloud cyber resilience company, for total consideration of approximately $26,000, subject to customary transaction adjustments. There is an additional potential earn out if certain financial metrics are met through the initial fourteen-month period after the closing date. The primary reason for the business combination is to extend our product offerings in our existing cyber resiliency market opportunity. As the transaction occurred subsequent to year-end, we are still evaluating the purchase price allocation of the transaction but expect the primary assets acquired to be intangible assets and goodwill. Acquired tangible assets and assumed liabilities are expected to be immaterial. The allocation is expected to be finalized during fiscal 2025.

Restructuring

12 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Beginning in the fourth quarter of fiscal 2024, we initiated a restructuring plan intended to enhance customer satisfaction through the reorganization and redesign of our customer success functions. The realignment of the customer success structure aims to optimize operational efficiency and improve continuity for our customers through the pre-sales and post-sales experience. These charges relate primarily to severance and related costs associated with headcount reductions, stock-based compensation related to modifications of existing awards granted to certain employees impacted by the plan and office termination and exit charges. We anticipate the restructuring plan will be completed in the second half of fiscal 2025. The total costs to be incurred related to the restructuring plan cannot be estimated at this time.

In the fourth quarter of fiscal 2022 we initiated a restructuring program which was completed in fiscal 2023. It was aimed to increase efficiency in our sales, marketing and distribution functions as well as reduce costs across all functional areas. The plan included a reorganization to combine our EMEA and APJ field organizations into our

International region. These restructuring charges related primarily to severance and related costs associated with headcount reductions and stock-based compensation related to modifications of existing awards granted to certain employees impacted by the plan.

For the years ended March 31, 2024, 2023 and 2022, restructuring charges were comprised of the following:


	Year Ended March 31,
	2024		2023		2022
Employee severance and related costs	$	2,811	$	12,845	$	4,483
Lease exit costs (1)	220		—		—
Stock-based compensation	1,517		2,607		1,709
Total restructuring charges	$	4,548	$	15,452	$	6,192

(1) Lease exit costs relate to one office for the year ended March 31, 2024. There were no lease exit charges for the years ended March 31, 2023 and 2022.

Restructuring accrual

The accrual activity related to our restructuring plans for the years ended March 31, 2024 and 2023 were as follows:


	Year Ended March 31,
	2024 (1)		2023
Beginning balance	$	3,211	$	2,261
Employee severance and related costs	2,811		12,845
Payments	(3,276)		(11,895)
Ending balance	$	2,746	$	3,211

(1) During fiscal 2024, there were no new charges incurred related to the completed restructuring plan. Payments made related to the completed plan were $3,149, resulting in an insignificant remaining accrual at March 31, 2024.

Commitments and Contingencies (Tables)

12 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Long-term Purchase Commitment

Total non-cancellable purchase commitments as of March 31, 2024 are as follows:


	Year Ended March 31,
	2025		2026		2027		2028 and beyond		Total
Purchase commitments	$	42,011	$	9,652	$	1,532	$	111,527	$	164,722

Schedule of Royalty Expense

Royalty expense, included in cost of subscription and perpetual license revenues, was as follows:


	Year Ended March 31,
	2024		2023		2022
Royalty expense	$	9,717	$	9,339	$	11,188

Goodwill and Intangible Assets, Net

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

Goodwill represents the residual purchase price paid in a business combination after the fair value of all identified assets and liabilities have been recorded. It includes the estimated value of potential expansion with new customers, the opportunity to further develop sales relationships with new customers and intangible assets that do not qualify for separate recognition. Goodwill is not amortized. None of the goodwill recorded is expected to be deductible for income tax purposes.

There were no impairments to the carrying amount of goodwill during the fiscal years ended March 31, 2024, 2023 or 2022.

Goodwill balances are as follows:


	2024		2023
Opening balance	$	127,780	$	127,780
Additions/(Impairments)	—		—
Ending balance	$	127,780	$	127,780

Intangible assets, net

Intangible assets are recorded at cost and amortized over useful lives of three years.


	March 31, 2024						March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Developed technology	$	3,750	$	(2,708)	$	1,042	$	3,750	$	(1,458)	$	2,292

Amortization expense from acquired intangible assets was $1,250 for the fiscal years ended March 31, 2024 and 2023 and $208 for fiscal year ended 2022.

As of March 31, 2024, the estimated future amortization expense of intangible assets with finite lives is $1,042, which will be fully recognized in fiscal year 2025.

Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 839,247	$ 784,590	$ 769,591
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	437,560	416,347	398,632
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 401,687	$ 368,243	$ 370,959

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Revenue - Additional Information (Details) $ in Thousands	12 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Mar. 31, 2024 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 (inclusive of deferred revenues)	$ 618,907
Revenue recognized in period, included in opening deferred revenue balance	$ 313,766
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	68.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	32.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period
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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	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)	43,548,000	44,140,000
Common stock, shares outstanding (in shares)	43,548,000	44,140,000

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Company contributions to defined contribution plan	$ 2,889	$ 2,525	$ 2,923

Stock Plans - Performance Based Awards (Details) - shares shares in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	120	126
Awards vesting period	3 years	3 years
Percentage of shares eligible to vest	108.00%	128.00%

- 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

Revolving Credit Facility

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Revolving Credit Facility

On 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 March 31, 2024, 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 March 31, 2024 and 2023 were $313 and $428, respectively. The amortization of debt issuance costs and interest expense incurred for the years ended March 31, 2024, 2023, and 2022 was as follows:


	Year Ended March 31,
	2024		2023		2022
Amortization of debt issuance costs	$	115	$	115	$	34
Interest expense	253		253		75
Total charges	$	368	$	368	$	109

- 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.

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+ Details

Segment Information

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

We operate in one segment. Our products and services are sold throughout the world, through direct and indirect sales channels. Our chief operating decision maker (the “CODM”) is the Chief Executive Officer. The CODM makes operating performance assessment and resource allocation decisions on a global basis. The CODM does not receive discrete financial information about asset allocation, expense allocation or profitability by product or geography.

Revenues by geography are based upon the billing address of the customer. All transfers between geographic regions have been eliminated from consolidated revenues. The following table sets forth revenue and long-lived assets by geographic area:


	Year Ended March 31,
	2024		2023		2022
Revenue:
United States	$	437,560	$	416,347	$	398,632
Other	401,687		368,243		370,959
	$	839,247	$	784,590	$	769,591

No individual country other than the United States accounts for 10% or more of revenues in the years ended March 31, 2024, 2023 and 2022. Revenue included in the “Other” caption above primarily relates to our operations in Europe, Australia, Canada and Asia.


	March 31,
	2024		2023
Long-lived assets:
United States	$	192,485	$	184,356
Other	45,121		47,304
	$	237,606	$	231,660

At March 31, 2024 and 2023 no individual country, other than the United States, accounts for 10% or more of long-lived assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Significant Accounting Policies - Computation of Basic and Diluted Net Income (loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Net income (loss) per common share:
Net income (loss)	$ 168,906	$ (35,774)	$ 33,624
Basic net income (loss) per common share:
Basic weighted average shares outstanding (in shares)	43,885	44,664	45,443
Basic net income (loss) per common share (in dollars per share)	$ 3.85	$ (0.80)	$ 0.74
Diluted net income (loss) per common share:
Basic weighted average shares outstanding (in shares)	43,885	44,664	45,443
Dilutive effect of stock options and restricted stock units (in shares)	1,215	0	1,777
Diluted weighted-average shares outstanding (in shares)	45,100	44,664	47,220
Diluted net income (loss) per common share (in dollars per share)	$ 3.75	$ (0.80)	$ 0.71

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

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-Topic 260
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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

+ References

+ Details

Segment Information (Tables)

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Area

The following table sets forth revenue and long-lived assets by geographic area:


	Year Ended March 31,
	2024		2023		2022
Revenue:
United States	$	437,560	$	416,347	$	398,632
Other	401,687		368,243		370,959
	$	839,247	$	784,590	$	769,591

Schedule of Long-Lived Assets by Geographic Area


	March 31,
	2024		2023
Long-lived assets:
United States	$	192,485	$	184,356
Other	45,121		47,304
	$	237,606	$	231,660

Revenue

12 Months Ended

Mar. 31, 2024

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 term-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 is 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 revenues 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 services can vary period over period based on the timing services are delivered and 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. Revenues for both perpetual and term-based licenses are 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 software revenue related to the renewal of subscription software licenses 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 revenues 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 with customers 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 revenues 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.


	Year Ended March 31,
	2024		2023		2022
Americas	$	498,545	$	469,244	$	457,895
International	340,702		315,346		311,696
Total revenues	$	839,247	$	784,590	$	769,591

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 March 31, 2024, our remaining performance obligations (inclusive of deferred revenues) were $618,907, of which approximately 68% is expected to be recognized as revenue over the next 12 months and the remainder recognized thereafter. The vast majority of these revenues consist of SaaS arrangements, customer support, and other services. Other services consists primarily of professional services revenue which is contingent upon a number of factors, including customers' needs and scheduling.

Information about Contract Balances

Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to SaaS arrangements, customer support, and other services.

In some arrangements we allow customers to pay for term-based licenses 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	8,215		4,027		4,604		54,888		(5,921)
Ending balance as of March 31, 2024	$	196,951	$	25,732	$	14,471	$	362,450	$	168,472

The net increase in accounts receivable (inclusive of unbilled receivables) is primarily a result of an increase in revenue relative to the prior year period. The net increase in deferred revenue is a result of an increase in SaaS contracts which are billed upfront but recognized ratably over the contract period and an increase in deferred customer support revenue.

The amount of revenue recognized in the period that was included in the opening deferred revenue balance was approximately $313,766 for the year ended March 31, 2024. The vast majority of this revenue consists of customer support and SaaS arrangements. The amount of revenue recognized from performance obligations satisfied in prior periods was not significant.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Revenue (Tables)

12 Months Ended

Mar. 31, 2024

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


	Year Ended March 31,
	2024		2023		2022
Americas	$	498,545	$	469,244	$	457,895
International	340,702		315,346		311,696
Total revenues	$	839,247	$	784,590	$	769,591

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	8,215		4,027		4,604		54,888		(5,921)
Ending balance as of March 31, 2024	$	196,951	$	25,732	$	14,471	$	362,450	$	168,472

Income Taxes

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income (loss) before income taxes were as follows:


	Year Ended March 31,
	2024		2023		2022
Domestic	$	62,082	$	(35,288)	$	25,905
Foreign	21,531		19,926		17,509
	$	83,613	$	(15,362)	$	43,414

The components of income tax expense (benefit) were as follows:


	Year Ended March 31,
	2024		2023		2022
Current:
Federal	$	7,845	$	6,986	$	284
State	4,242		3,375		361
Foreign	12,220		10,725		9,096
Deferred:
Federal	(82,773)		(607)		28
State	(19,740)		—		—
Foreign	(7,087)		(67)		21
	$	(85,293)	$	20,412	$	9,790

A reconciliation of the statutory tax rates and the effective tax rates for the years ended March 31, 2024, 2023 and 2022 are as follows:


	Year Ended March 31,
	2024		2023		2022
Statutory federal income tax expense (benefit) rate	21.0	%	(21.0)	%	21.0	%
State and local income tax expense, net of federal income tax effect	2.4	%	(11.8)	%	0.8	%
Foreign earnings taxed at different rates	5.7	%	28.0	%	6.2	%
U.S. tax on GILTI & FDII	(3.3)	%	(17.1)	%	0.5	%
Domestic permanent differences including acquisition items	1.1	%	4.7	%	3.6	%
Foreign tax credits	(2.5)	%	(35.5)	%	(5.3)	%
Research credits	(9.3)	%	(74.6)	%	(28.3)	%
Tax reserves	—	%	(1.2)	%	2.6	%
Valuation allowance	(125.3)	%	219.9	%	18.3	%
Enacted tax law changes	(0.4)	%	3.6	%	0.3	%
Stock-based compensation	6.7	%	41.6	%	(1.6)	%


Other differences, net	1.9	%	(3.7)	%	4.5	%
Effective income tax expense (benefit)	(102.0)	%	132.9	%	22.6	%

The significant components of our deferred tax assets and liabilities are as follows:


	March 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	6,533	$	9,106
Equity investment/Capital losses	952		889
Stock-based compensation	5,338		11,912
Deferred revenue	29,748		24,025
Tax credits	28,020		42,986
Accrued expenses	1,775		1,816
Allowance for doubtful accounts and other reserves	928		572
R&D Capitalization under IRC § 174	58,867		32,091
Depreciation and amortization	9,305		9,449
Other, DTA	2,228		98
Less: valuation allowance	(18,140)		(122,921)
Total deferred tax assets	125,554		10,023
Deferred tax liabilities:

Withholding taxes	(1,091)		(393)
Deferred commissions	(12,573)		(9,764)
Other, DTL	(2,426)		—
Total deferred tax liabilities	(16,090)		(10,157)
Net deferred tax asset (liability)	$	109,464	$	(134)

Net deferred tax assets arise due to the recognition of income and expense items for tax purposes, which differ from those used for financial statement purposes. ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. In assessing the need for a valuation allowance, we considered all available objective and verifiable evidence both positive and negative, including historical levels of pre-tax income (loss) both on a consolidated basis and tax reporting entity basis, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies. As a result of this analysis, we determined that it is more likely than not that we will realize the benefits of the majority of our gross deferred tax assets and therefore recorded the release of the previously established valuation allowance as an income tax benefit in the current period. At March 31, 2024 and 2023, we recorded valuation allowances of $18,140 and $122,921, respectively, representing an increase in deferred tax benefit of $104,781 for the period ended March 31, 2024.

At March 31, 2024, we had federal net operating loss ("NOL") carryforwards of $5,981, all of which will not expire. As of March 31, 2024, we had deferred tax assets related to state NOL carryforwards of $1,013 which expire over various years beginning in March 2033 depending on the jurisdiction. As of March 31, 2024, we had foreign NOL carryforwards of $3,064 that will expire over various years beginning in March 2028 depending on the jurisdiction and $34,035 that will not expire. As of March 31, 2024, we had federal capital loss carryforwards of $3,988 that will expire in March 2027. At March 31, 2024, we had foreign capital loss carryforwards of $310 that will not expire.

We also had federal and state research tax credits ("R&D credit") carryforwards of approximately $5,177 and $26,467, respectively. The federal R&D credit carryforwards expire from March 2039 through March 2044, and the New Jersey R&D credit carryforwards of $16,857 expire over various years beginning from March 2025 through March 2038. The California R&D credits of $9,610 do not expire. We also had federal foreign tax credits (“FTC”) carryforwards of approximately $3,999. The federal FTC carryforwards expire from March 2030 through March 2034. We also had $215 in foreign FTC carryforwards that will expire over various years beginning in March 2025.

We conduct business globally and as a result, file income tax returns in the United States and in various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. The following table summarizes the tax years subject to income tax examinations by tax authorities as of March 31, 2024. The years subject to income tax examination in our foreign jurisdictions cover the maximum time period with respect to these jurisdictions. Due to NOLs, in some cases the tax years continue to remain subject to examination with respect to such NOLs.


Tax Jurisdiction			Years Subject to Income Tax Examination
U.S. Federal			2020 - Present
Foreign jurisdictions			2013 - Present

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations in each of our tax jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. A number of years may lapse before a particular matter is audited and finally resolved. A reconciliation of the amounts of unrecognized tax benefits is as follows:


Balance at March 31, 2021	$	2,211
Additions for tax positions related to fiscal 2022	2,808
Additions for tax positions related to prior years	90
Settlements and effective settlements with tax authorities and related remeasurements	—
Reductions related to the expiration of statutes of limitations	(117)
Additions for tax positions related to purchase accounting	4,232
Foreign currency translation adjustment	—
Balance at March 31, 2022	9,224
Additions for tax positions related to fiscal 2023	394
Reductions for tax positions related to prior years	(90)
Settlements and effective settlements with tax authorities and related remeasurements	—
Reductions related to the expiration of statutes of limitations	(140)
Additions for tax positions related to purchase accounting	—
Foreign currency translation adjustment	—
Balance at March 31, 2023	9,388
Additions for tax positions related to fiscal 2024	502
Additions for tax positions related to prior years	3
Settlements and effective settlements with tax authorities and related remeasurements	—
Reductions related to the expiration of statutes of limitations	(220)
Additions for tax positions related to purchase accounting	—
Foreign currency translation adjustment	—
Balance at March 31, 2024	$	9,673

We estimate that no significant remaining unrecognized tax benefits will be realized during the fiscal year ending March 31, 2025. Interest income, expense and penalties related to unrecognized tax benefits are recorded in income tax expense in the consolidated statements of operations. In the years ended March 31, 2024, 2023, and 2022, the impact related to interest expense, interest income and penalties was not significant.

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Iselin, New Jersey
Auditor Firm ID	42

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan We have a defined contribution plan, as allowed under Section 401(k) of the Internal Revenue Code, covering substantially all US employees. Effective January 1, 2012, we make contributions equal to a discretionary percentage of the employee’s contributions determined by us. During the years ended March 31, 2024, 2023 and 2022, we made contributions of $2,889, $2,525, and $2,923, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Valuation allowance	$ 18,140,000	$ 122,921,000
Increase in deferred tax benefit	104,781,000
Unrecognized Tax Benefits
Remaining unrecognized tax benefits	0
Capital loss carryforwards
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	3,988,000
Federal
Tax Credit Carryforward [Line Items]
NOL carryforwards	5,981,000
Federal \| Research tax credit carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	5,177,000
Federal \| Foreign tax credits
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	3,999,000
State and local
Tax Credit Carryforward [Line Items]
NOL carryforwards	1,013,000
State and local \| Research tax credit carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	26,467,000
State and local \| Research tax credit carryforward \| NEW JERSEY
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	16,857,000
State and local \| Research tax credit carryforward \| CALIFORNIA
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	9,610,000
Foreign
Tax Credit Carryforward [Line Items]
NOL carryforwards, subject to expiration	3,064,000
NOL carryforwards, not subject to expiration	34,035,000
Foreign \| Capital loss carryforwards
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	310,000
Foreign \| Foreign tax credits
Tax Credit Carryforward [Line Items]
Tax credit carryforwards amount	$ 215,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 839,247	$ 784,590	$ 769,591
Cost of revenues:
Total cost of revenues	151,610	135,402	113,859
Gross margin	687,637	649,188	655,732
Operating expenses:
Sales and marketing	354,994	340,783	341,644
Research and development	132,328	141,847	153,615
General and administrative	113,997	104,240	103,049
Restructuring	4,548	15,452	6,192
Depreciation and amortization	6,415	9,270	9,666
Headquarters impairment	0	53,481	0
Total operating expenses	612,282	665,073	614,166
Income (loss) from operations	75,355	(15,885)	41,566
Interest income	5,423	1,300	656
Interest expense	(415)	(472)	(109)
Other income (expense), net	3,250	(305)	1,301
Income (loss) before income taxes	83,613	(15,362)	43,414
Income tax expense (benefit)	(85,293)	20,412	9,790
Net income (loss)	$ 168,906	$ (35,774)	$ 33,624
Net income (loss) per common share:
Basic (in dollars per share)	$ 3.85	$ (0.80)	$ 0.74
Diluted (in dollars per share)	$ 3.75	$ (0.80)	$ 0.71
Weighted average common shares outstanding:
Basic (in shares)	43,885	44,664	45,443
Diluted (in shares)	45,100	44,664	47,220
Subscription
Revenues:
Total revenues	$ 429,167	$ 347,784	$ 268,359
Cost of revenues:
Total cost of revenues	58,406	44,482	24,578
Perpetual license
Revenues:
Total revenues	57,613	74,918	111,857
Cost of revenues:
Total cost of revenues	2,168	2,439	4,563
Customer support
Revenues:
Total revenues	307,771	314,313	347,115
Cost of revenues:
Total cost of revenues	60,752	58,273	54,719
Other services
Revenues:
Total revenues	44,696	47,575	42,260
Cost of revenues:
Total cost of revenues	$ 30,284	$ 30,208	$ 29,999

Cover page - USD ($) $ in Billions	12 Months Ended
Cover page - USD ($) $ in Billions	Mar. 31, 2024	May 09, 2024	Sep. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--03-31
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, $0.01 par value
Trading Symbol	CVLT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2.9
Entity Common Stock, Shares Outstanding		43,401,217
Documents Incorporated by Reference	Information required by Part III (Items 10, 11, 12, 13 and 14) is incorporated by reference to portions of the registrant’s definitive Proxy Statement for its 2024 Annual Meeting of Stockholders (the “Proxy Statement”), which is expected to be filed not later than 120 days after the registrant’s fiscal year ended March 31, 2024. Except as expressly incorporated by reference, the Proxy Statement shall not be deemed to be part of this report on Form 10-K.
Entity Registrant Name	COMMVAULT SYSTEMS INC
Entity Central Index Key	0001169561
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Capitalization (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Apr. 18, 2024	Apr. 30, 2023
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	43,548	44,140
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Share repurchase program, authorized amount available					$ 250,000
Repurchase of common stock	$ 184,021	$ 150,921	$ 305,239
Number of shares repurchased (in shares)	2,479
Share repurchase program, remaining available amount	$ 71,944
Capital shares reserved for future issuance (in shares)	6,149
Subsequent Event
Class of Stock [Line Items]
Share repurchase program, remaining available amount				$ 250,000

- 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.

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+ Details

- 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

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill expected tax deductible amount	$ 0
Goodwill impairment	0	$ 0	$ 0
Amortization expenses	$ 1,250,000	$ 1,250,000	$ 208,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, useful life (in years)	3 years

Subsequent Event (Details) $ in Thousands	Apr. 15, 2024 USD ($)
Appranix, Inc \| Subsequent Event
Subsequent Event [Line Items]
Total consideration	$ 26,000

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Reclassification of Prior Year Balances

Basis of Presentation

The consolidated financial statements include the accounts of Commvault. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Revenue, Deferred Commissions Cost and Deferred Revenue

Revenue

Deferred Commissions Cost

Deferred Revenue

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

Information about Contract Balances

Accounting for Stock-Based Compensation

Software Development Costs

Advertising Costs

We expense advertising costs as incurred.

Accounting for Income Taxes

Foreign Currency Translation

Net Income (Loss) per Common Share

Cash and Cash Equivalents

We consider all highly liquid investments purchased with maturities of three months or less at the date of purchase to be cash equivalents.

Trade and Other Receivables

Concentration of Credit Risk

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

Fair Value of Financial Instruments

Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2 — Inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 — Unobservable inputs that are supported by little or no market activity and that require the reporting entity to develop its own assumptions.

Equity Securities Accounted for at Net Asset Value

Leases

We account for leases in accordance with ASC 842, Leases.

Property and Equipment

Goodwill and Intangible Assets

Long-Lived Assets

Share Repurchases

Comprehensive Income

Comprehensive income is defined to include all changes in equity, except those resulting from investments by stockholders and distribution to stockholders.

Recently Adopted and Recently Issued Accounting Standards


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
Accounting Standards Update ("ASU") No. 2023-07 (Topic 280): Segment Reporting	In November 2023, the Financial Accounting Standards Board ("FASB") issued a new standard to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements.	This standard will be effective for our fiscal year beginning April 1, 2024, and interim periods within our fiscal year beginning April 1, 2025.	We will adopt this standard using a retrospective approach on April 1, 2024. We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems.
ASU No. 2023-09 (Topic 740): Income Taxes	In December 2023, the FASB issued a new standard to improve income tax disclosures. The standard requires greater disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.	This standard will be effective for our fiscal year beginning April 1, 2025.	We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems.

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 59,540	$ 56,805
Less: Accumulated depreciation and amortization	(51,579)	(48,518)
Property and equipment, net	7,961	8,287
Computers, servers and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	45,620	43,135
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,965	3,264
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,180	8,433
Purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,586	1,862
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 189	$ 111

Revenue - Opening and Closing Balances of Accounts Receivables, Unbilled Receivables, and Deferred Revenues (Details) (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)
Deferred Revenue (current)
Opening balance	$ 307,562
Ending balance	362,450
Deferred Revenue (long-term)
Opening balance	174,393
Ending balance	168,472
Unbilled Receivable (current)
Accounts Receivable
Opening balance	188,736
Increase/(decrease), net	8,215
Ending balance	196,951
Unbilled Receivable (current)
Opening balance	21,705
Increase/(decrease), net	4,027
Ending balance	25,732
Unbilled Receivable (long-term)
Unbilled Receivable (long-term)
Opening balance	9,867
Increase/(decrease), net	4,604
Ending balance	14,471
Deferred Revenue (current)
Deferred Revenue (current)
Opening balance	307,562
Increase/(decrease), net	54,888
Ending balance	362,450
Deferred Revenue (long-term)
Deferred Revenue (long-term)
Opening balance	174,393
Increase/(decrease), net	(5,921)
Ending balance	$ 168,472

Stock Plans

12 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Plans

We maintain the Omnibus Incentive Plan (the “2016 Incentive Plan”) for granting awards to employees. On August 29, 2023, our shareholders approved an amendment to the 2016 Incentive Plan to increase the maximum number of shares of common stock that may be delivered under the plan to 14,250, an increase of 3,200 shares. The 2016 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, full value awards (including restricted stock, restricted stock units, performance shares or units and other stock-based awards) and cash-based awards. As of March 31, 2024, approximately 3,754 shares were available for future grant under the 2016 Incentive Plan.

As of March 31, 2024, we have granted non-qualified stock options, restricted stock units and performance stock awards under our stock incentive plans. Historically, most equity awards granted by us under our stock incentive plans generally vest quarterly over a three-year period, except that the shares that would otherwise vest quarterly over the first twelve months do not vest until the first anniversary of the grant. We anticipate that future grants under our stock incentive plans will be restricted stock units and performance stock awards and do not anticipate that we will grant stock options.


	Year Ended March 31,
	2024		2023		2022
Cost of revenues	$	6,832	$	4,787	$	4,474
Sales and marketing	36,630		43,081		37,431
Research and development	21,585		28,540		33,870
General and administrative	27,987		26,731		27,679
Restructuring	1,517		2,607		1,709
Stock-based compensation expense	$	94,551	$	105,746	$	105,163

As of March 31, 2024, there was approximately $125,213 of unrecognized stock-based compensation expense related to all of our employee stock plans that is expected to be recognized over a weighted-average period of 1.76 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 is as follows:


Options	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at March 31, 2023	553	$	73.58
Granted	—	—
Exercised	(58)	48.88
Forfeited	—	—
Expired	(371)	86.95
Outstanding at March 31, 2024	124	$	45.25	0.63	$	6,969

Exercisable at March 31, 2024	124	$	45.25	0.63	$	6,969

The total intrinsic value of options exercised was $1,378, $1,176, and $12,704 in the years ended March 31, 2024, 2023 and 2022, respectively.

Restricted stock unit activity is 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
Granted	1,483	70.42
Vested	(1,641)	60.08
Forfeited	(378)	65.74
Non-vested as of March 31, 2024	2,417	$	68.52

The total fair value of the restricted stock units that vested during the years ended March 31, 2024, 2023 and 2022 was $118,047, $114,422 and $122,259, respectively. The fair value of awards includes the awards with a market condition described below.

Performance Based Awards

In fiscal 2024, we granted 120 performance 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. 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 each financial period, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. Based on our results, the PSUs achieved at 108%. The awards are included in the restricted stock unit table.

In fiscal 2023, we granted 126 PSUs to certain executives. Vesting of these awards is contingent upon i) us meeting certain non-GAAP performance goals (performance-based) in fiscal 2023 and ii) our customary service periods. The awards vest over three years. 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. Based on our results, the PSUs achieved at 128%. The awards are included in the restricted stock unit table.

Awards with a Market Condition

In fiscal 2024, we granted 120 market PSUs 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 a maximum potential to vest at 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 year was $87.90 per unit. The awards are included in the restricted stock unit table above.

In fiscal 2023, we granted 126 market PSUs to certain executives. The vesting of these awards is contingent upon us meeting certain TSR levels as compared to the Russell 3000 market index over the next three years. The awards vest in three annual tranches and have a maximum potential to vest at 200% (252 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 year was $76.48 per unit. The awards are included in the restricted stock unit table above.

Employee Stock Purchase Plan

The ESPP is a shareholder approved plan under which substantially all employees may purchase our common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 10% of the employee’s salary and employees may not purchase more than $25 of stock during any calendar year. Employees purchased 188 shares in exchange for $10,578 of proceeds in fiscal 2024 and 213 shares in exchange for $10,873 of proceeds in fiscal 2023. The ESPP is considered compensatory and the fair value of the discount and look back provision are estimated using the Black-Scholes formula and recognized over the six-month withholding period prior to purchase. The total expense associated with the ESPP for fiscal 2024, 2023 and 2022 was $3,146, $3,740 and $3,341, respectively. As of March 31, 2024, there was approximately $1,177 of unrecognized cost related to the current purchase period of our ESPP.

Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

We determine if an arrangement contains a lease at inception. We generally lease our facilities under operating leases. Operating lease right-of-use ("ROU") assets are included in operating lease assets on our consolidated balance sheets. Current portion of operating lease liabilities and long-term operating lease liabilities are included on our consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date.

We recognize operating lease costs over the estimated term of the lease, which includes options to extend lease terms that are reasonably certain of being exercised, starting when possession of the property is taken from the landlord. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related

operating lease cost on a straight-line basis over the lease term. In addition, certain of our lease agreements include variable lease payments, such as estimated tax and maintenance charges. These variable lease payments are excluded from minimum lease payments and are included in the determination of lease cost when it is probable that the expense has been incurred and the amount can be reasonably estimated.

Our lease liabilities relate primarily to operating leases for our global office infrastructure. These operating leases expire at various dates through fiscal 2031. We did not have any finance leases for the years ended March 31, 2024 or 2023.

Net lease cost recognized in our consolidated statements of operations is summarized as follows:


	Year Ended March 31,
	2024		2023		2022
Operating lease cost	$	5,770	$	5,449	$	7,129
Short-term lease cost	272		631		123
Variable lease cost	1,333		1,360		1,608
Net lease cost	$	7,375	$	7,440	$	8,860

Cash flow information


	Year Ended March 31,
	2024		2023		2022
Cash paid for operating lease liabilities	$	5,033	$	5,421	$	8,277
Additions of operating lease assets (non-cash)	$	5,528	$	3,023	$	1,827


2025	$	4,624
2026	2,973
2027	1,740
2028	1,601
2029	932
Thereafter	683
Total minimum lease payments	12,553
Less: Imputed interest	463
Present value of operating lease liabilities	12,090
Less: Current portion of operating lease liabilities	4,935
Long-term operating lease liabilities	$	7,155

As of March 31, 2024, the minimum lease commitment amount for operating leases signed but not yet commenced was $743. These commitments are related to office lease renewals that expire at various dates through fiscal 2030.

Lease term and Discount rate


	Year Ended March 31,
	2024		2023
Weighted-average remaining term (in years)	3.60		3.72
Weighted-average discount rate	4	%	4	%

Accrued Liabilities (Tables)

12 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	March 31,
	2024		2023
Compensation and related payroll taxes	$	70,961	$	58,112
Other	46,283		39,776
	$	117,244	$	97,888

Segment Information - Schedule of Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 237,606	$ 231,660
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	192,485	184,356
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 45,121	$ 47,304

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Payables and Accruals [Abstract]
Compensation and related payroll taxes	$ 70,961	$ 58,112
Other	46,283	39,776
Total accrued liabilities	$ 117,244	$ 97,888

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Nicholas Adamo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On February 1, 2024, Nicholas Adamo, Chairman of our Board of Directors, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to approximately 2,450 shares of the Company’s common stock. The plan is in effect until September 6, 2024.
Name	Nicholas Adamo
Title	Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 1, 2024
Arrangement Duration	218 days
Aggregate Available	2,450	2,450
Vivie Lee [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On February 2, 2024, Vivie Lee, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to approximately 4,100 shares of the Company’s common stock. The plan is in effect until September 6, 2024.
Name	Vivie Lee
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 2, 2024
Arrangement Duration	217 days
Aggregate Available	4,100	4,100
Allison Pickens [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On February 16, 2024, Allison Pickens, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to approximately 4,100 shares of the Company’s common stock. The plan is in effect until March 4, 2025.
Name	Allison Pickens
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 16, 2024
Arrangement Duration	382 days
Aggregate Available	4,100	4,100

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Non-cancellable purchase commitments, 2025		$ 42,011,000
Non-cancellable purchase commitments, 2026		9,652,000
Non-cancellable purchase commitments, 2027		1,532,000
Non-cancellable purchase commitments, 2028 and beyond		111,527,000
Non-cancellable purchase commitments, Total for all periods through fiscal 2024		164,722,000
Purchase commitment	$ 200,000,000
Remaining obligation under purchase commitment		111,500,000
Royalty expense		$ 9,717,000	$ 9,339,000	$ 11,188,000
Maximum software warranty period (in days)		90 days
Product warranty accrual		$ 0	$ 0	0
Gain related to settlement				$ 7,900,000

Income Taxes - Reconciliation of Statutory Tax Rates and Effective Tax Rates (Details)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax expense (benefit) rate	21.00%	21.00%	21.00%
State and local income tax expense, net of federal income tax effect	2.40%	11.80%	0.80%
Foreign earnings taxed at different rates	5.70%	(28.00%)	6.20%
U.S. tax on GILTI & FDII	(3.30%)	17.10%	0.50%
Domestic permanent differences including acquisition items	1.10%	(4.70%)	3.60%
Foreign tax credits	(2.50%)	35.50%	(5.30%)
Research credits	(9.30%)	74.60%	(28.30%)
Tax reserves	0.00%	1.20%	2.60%
Valuation allowance	(125.30%)	(219.90%)	18.30%
Enacted tax law changes	(0.40%)	(3.60%)	0.30%
Stock-based compensation	6.70%	(41.60%)	(1.60%)
Other differences, net	1.90%	3.70%	4.50%
Effective income tax expense (benefit)	(102.00%)	(132.90%)	22.60%

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Current:
Federal	$ 7,845	$ 6,986	$ 284
State	4,242	3,375	361
Foreign	12,220	10,725	9,096
Deferred:
Federal	(82,773)	(607)	28
State	(19,740)	0	0
Foreign	(7,087)	(67)	21
Income tax expense (benefit)	$ (85,293)	$ 20,412	$ 9,790

- Definition

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

+ References + Details

Capitalization	12 Months Ended
Capitalization	Mar. 31, 2024
Equity [Abstract]
Capitalization	Capitalization Common Stock We have 43,548 and 44,140 shares of common stock, par value $0.01, outstanding at March 31, 2024 and March 31, 2023, respectively. Our share repurchase program has been funded by our existing cash and cash equivalent balances, as well as cash flows provided by our operations. The Board of Directors (the "Board") had previously approved a share repurchase program of $250,000 in April 2023. The Board's authorization has no expiration date. During fiscal 2024, we repurchased $184,021 of our common stock, or approximately 2,479 shares. As a result, $71,944 remained available under the current authorization as of March 31, 2024. Subsequent Event On April 18, 2024, the Board of Directors approved an increase in our share repurchase program so that $250,000 was available. The Board's authorization has no expiration date. Shares Reserved for Issuance At March 31, 2024, we have reserved 6,149 shares in connection with our Stock Plans discussed in Note 10 of the notes to the consolidated financial statements.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes were as follows:


	Year Ended March 31,
	2024		2023		2022
Domestic	$	62,082	$	(35,288)	$	25,905
Foreign	21,531		19,926		17,509
	$	83,613	$	(15,362)	$	43,414

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows:


	Year Ended March 31,
	2024		2023		2022
Current:
Federal	$	7,845	$	6,986	$	284
State	4,242		3,375		361
Foreign	12,220		10,725		9,096
Deferred:
Federal	(82,773)		(607)		28
State	(19,740)		—		—
Foreign	(7,087)		(67)		21
	$	(85,293)	$	20,412	$	9,790

Schedule of Reconciliation of Statutory Tax Rates and Effective Tax Rates

A reconciliation of the statutory tax rates and the effective tax rates for the years ended March 31, 2024, 2023 and 2022 are as follows:


	Year Ended March 31,
	2024		2023		2022
Statutory federal income tax expense (benefit) rate	21.0	%	(21.0)	%	21.0	%
State and local income tax expense, net of federal income tax effect	2.4	%	(11.8)	%	0.8	%
Foreign earnings taxed at different rates	5.7	%	28.0	%	6.2	%
U.S. tax on GILTI & FDII	(3.3)	%	(17.1)	%	0.5	%
Domestic permanent differences including acquisition items	1.1	%	4.7	%	3.6	%
Foreign tax credits	(2.5)	%	(35.5)	%	(5.3)	%
Research credits	(9.3)	%	(74.6)	%	(28.3)	%
Tax reserves	—	%	(1.2)	%	2.6	%
Valuation allowance	(125.3)	%	219.9	%	18.3	%
Enacted tax law changes	(0.4)	%	3.6	%	0.3	%
Stock-based compensation	6.7	%	41.6	%	(1.6)	%


Other differences, net	1.9	%	(3.7)	%	4.5	%
Effective income tax expense (benefit)	(102.0)	%	132.9	%	22.6	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities are as follows:


	March 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	6,533	$	9,106
Equity investment/Capital losses	952		889
Stock-based compensation	5,338		11,912
Deferred revenue	29,748		24,025
Tax credits	28,020		42,986
Accrued expenses	1,775		1,816
Allowance for doubtful accounts and other reserves	928		572
R&D Capitalization under IRC § 174	58,867		32,091
Depreciation and amortization	9,305		9,449
Other, DTA	2,228		98
Less: valuation allowance	(18,140)		(122,921)
Total deferred tax assets	125,554		10,023
Deferred tax liabilities:

Withholding taxes	(1,091)		(393)
Deferred commissions	(12,573)		(9,764)
Other, DTL	(2,426)		—
Total deferred tax liabilities	(16,090)		(10,157)
Net deferred tax asset (liability)	$	109,464	$	(134)

Schedule of Tax Years Subject to Income Tax Examination

The following table summarizes the tax years subject to income tax examinations by tax authorities as of March 31, 2024. The years subject to income tax examination in our foreign jurisdictions cover the maximum time period with respect to these jurisdictions. Due to NOLs, in some cases the tax years continue to remain subject to examination with respect to such NOLs.


Tax Jurisdiction			Years Subject to Income Tax Examination
U.S. Federal			2020 - Present
Foreign jurisdictions			2013 - Present

Schedule of Reconciliation of Amounts of Unrecognized Tax Benefits

A reconciliation of the amounts of unrecognized tax benefits is as follows:


Balance at March 31, 2021	$	2,211
Additions for tax positions related to fiscal 2022	2,808
Additions for tax positions related to prior years	90
Settlements and effective settlements with tax authorities and related remeasurements	—
Reductions related to the expiration of statutes of limitations	(117)
Additions for tax positions related to purchase accounting	4,232
Foreign currency translation adjustment	—
Balance at March 31, 2022	9,224
Additions for tax positions related to fiscal 2023	394
Reductions for tax positions related to prior years	(90)
Settlements and effective settlements with tax authorities and related remeasurements	—
Reductions related to the expiration of statutes of limitations	(140)
Additions for tax positions related to purchase accounting	—
Foreign currency translation adjustment	—
Balance at March 31, 2023	9,388
Additions for tax positions related to fiscal 2024	502
Additions for tax positions related to prior years	3
Settlements and effective settlements with tax authorities and related remeasurements	—
Reductions related to the expiration of statutes of limitations	(220)
Additions for tax positions related to purchase accounting	—
Foreign currency translation adjustment	—
Balance at March 31, 2024	$	9,673

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 312,754	$ 287,778
Trade accounts receivable, net	222,683	210,441
Assets held for sale	38,680	38,680
Other current assets	21,009	14,015
Total current assets	595,126	550,914
Deferred tax assets, net	111,181	0
Property and equipment, net	7,961	8,287
Operating lease assets	10,545	11,784
Deferred commissions cost	62,837	59,612
Intangible assets, net	1,042	2,292
Goodwill	127,780	127,780
Other assets	27,441	21,905
Total assets	943,913	782,574
Current liabilities:
Accounts payable	299	108
Accrued liabilities	117,244	97,888
Current portion of operating lease liabilities	4,935	4,518
Deferred revenue	362,450	307,562
Total current liabilities	484,928	410,076
Deferred revenue, less current portion	168,472	174,393
Deferred tax liabilities	1,717	134
Long-term operating lease liabilities	7,155	8,260
Other liabilities	3,556	3,613
Commitments and contingencies (Note 8)
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, 43,548 shares and 44,140 shares issued and outstanding at March 31, 2024 and 2023, respectively	435	440
Additional paid-in capital	1,349,603	1,264,608
Accumulated deficit	(1,056,011)	(1,062,900)
Accumulated other comprehensive loss	(15,942)	(16,050)
Total stockholders’ equity	278,085	186,098
Total liabilities and stockholders’ equity	$ 943,913	$ 782,574

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, 2021		46,482
Beginning balance at Mar. 31, 2021	$ 394,034	$ 463	$ 1,069,695	$ (665,774)	$ (10,350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	105,163		105,163
Share issuance related to stock-based compensation (in shares)		2,336
Share issuance related to stock-based compensation	29,760	$ 23	29,737
Repurchase of common stock (in shares)		(4,307)
Repurchase of common stock	(305,239)	$ (43)	(38,647)	(266,549)
Net income (loss)	33,624			33,624
Other comprehensive income (loss)	(1,513)				(1,513)
Ending balance (in shares) at Mar. 31, 2022		44,511
Ending 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	105,746		105,746
Share issuance related to stock-based compensation (in shares)		2,150
Share issuance related to stock-based compensation	15,405	$ 22	15,383
Repurchase of common stock (in shares)		(2,521)
Repurchase of common stock	(150,921)	$ (25)	(22,469)	(128,427)
Net income (loss)	(35,774)			(35,774)
Other comprehensive income (loss)	$ (4,187)				(4,187)
Ending balance (in shares) at Mar. 31, 2023	44,140	44,140
Ending 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	94,551		94,551
Share issuance related to stock-based compensation (in shares)		1,887
Share issuance related to stock-based compensation	$ 13,440	$ 19	13,421
Repurchase of common stock (in shares)	(2,479)	(2,479)
Repurchase of common stock	$ (185,018)	$ (24)	(22,977)	(162,017)
Net income (loss)	168,906			168,906
Other comprehensive income (loss)	$ 108				108
Ending balance (in shares) at Mar. 31, 2024	43,548	43,548
Ending balance at Mar. 31, 2024	$ 278,085	$ 435	$ 1,349,603	$ (1,056,011)	$ (15,942)

Commitments and Contingencies

12 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

We, in the normal course of business, enter into various purchase commitments for goods or services. Our outstanding commitments primarily relate to marketing and IT services and also include the remaining purchase commitments for our use of certain cloud services with third-party providers. Total non-cancellable purchase commitments as of March 31, 2024 are as follows:


	Year Ended March 31,
	2025		2026		2027		2028 and beyond		Total
Purchase commitments	$	42,011	$	9,652	$	1,532	$	111,527	$	164,722

In June 2022, we entered into an amended agreement with a third-party provider, in the ordinary course of business, for the use of certain cloud services through June 2027. Under the amended agreement, we committed to a purchase of $200,000 throughout the term of the agreement. As of March 31, 2024, we had $111,500 of remaining obligations under the purchase agreement.

We have certain software royalty commitments associated with the shipment and licensing of certain products. Royalty expense is generally based on a fixed cost per unit shipped or a fixed fee for unlimited units shipped over a designated period. Royalty expense, included in cost of subscription and perpetual license revenues, was as follows:


	Year Ended March 31,
	2024		2023		2022
Royalty expense	$	9,717	$	9,339	$	11,188

Warranties and Indemnifications

We typically offer a 90-day limited product warranty for our software. To date, costs related to this product warranty have not been significant.

We provide certain provisions within our software licensing agreements to indemnify our customers from any claim, suit or proceeding arising from alleged or actual intellectual property infringement. These provisions continue in perpetuity, along with our software licensing agreements. We have never incurred a liability relating to one of these indemnification provisions, and management believes that the likelihood of any future payout relating to these provisions is remote. Therefore, we have not recorded a liability during any period for these indemnification provisions.

Lease Obligations

Please refer to Note 15 of the notes to the financial statements for more detail on our minimum lease commitments.

Legal Proceedings

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.

During fiscal 2022, we entered into settlement agreements resulting in a $7,900 gain which resolved certain legal matters. The settlement amounts are recorded in general and administrative expenses net against related legal expenses.

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 5,033	$ 5,421	$ 8,277
Additions of operating lease assets (non-cash)	$ 5,528	$ 3,023	$ 1,827

Income Taxes - Reconciliation of Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 9,388	$ 9,224	$ 2,211
Additions for tax positions related to current fiscal period	502	394	2,808
Reductions for tax positions related to prior years		(90)
Additions for tax positions related to prior years	3		90
Settlements and effective settlements with tax authorities and related remeasurements	0	0	0
Reductions related to the expiration of statutes of limitations	(220)	(140)	(117)
Additions for tax positions related to purchase accounting	0	0	4,232
Foreign currency translation adjustment	0	0	0
Ending balance	$ 9,673	$ 9,388	$ 9,224

Revolving Credit Facility - Schedule of Amortization of Debt Issuance Costs and Interest Expense Incurred (Details) - Revolving Credit Facility - Senior Secured Revolving Credit Facility - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 115	$ 115	$ 34
Interest expense	253	253	75
Total charges	$ 368	$ 368	$ 109

Restructuring (Tables)

12 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Accruals

For the years ended March 31, 2024, 2023 and 2022, restructuring charges were comprised of the following:


	Year Ended March 31,
	2024		2023		2022
Employee severance and related costs	$	2,811	$	12,845	$	4,483
Lease exit costs (1)	220		—		—
Stock-based compensation	1,517		2,607		1,709
Total restructuring charges	$	4,548	$	15,452	$	6,192

(1) Lease exit costs relate to one office for the year ended March 31, 2024. There were no lease exit charges for the years ended March 31, 2023 and 2022.

Schedule of Activity in Restructuring Accrual

The accrual activity related to our restructuring plans for the years ended March 31, 2024 and 2023 were as follows:


	Year Ended March 31,
	2024 (1)		2023
Beginning balance	$	3,211	$	2,261
Employee severance and related costs	2,811		12,845
Payments	(3,276)		(11,895)
Ending balance	$	2,746	$	3,211