$CVLT

COMMVAULT SYSTEMS INC

CIK:0001169561|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 314,131	$ 281,978
Cost of revenues:
Total cost of revenues	57,609	50,777
Gross margin	256,522	231,201
Operating expenses:
Sales and marketing	139,795	122,479
Research and development	39,542	40,062
General and administrative	46,751	41,270
Depreciation and amortization	2,319	2,607
Restructuring	2,396	237
Change in contingent consideration	0	(545)
Total operating expenses	230,803	206,110
Income from operations	25,719	25,091
Interest income	7,687	2,009
Interest expense	(1,473)	(278)
Other income, net	269	61
Income before income taxes	32,202	26,883
Income tax expense	11,063	3,387
Net income	$ 21,139	$ 23,496
Net income per common share:
Basic (in dollars per share)	$ 0.51	$ 0.53
Diluted (in dollars per share)	$ 0.50	$ 0.52
Weighted average common shares outstanding:
Basic (in shares)	41,345	44,326
Diluted (in shares)	41,869	45,283
Total subscription
Revenues:
Total revenues	$ 267,027	$ 229,309
Term-based license
Revenues:
Total revenues	110,420	109,282
Cost of revenues:
Total cost of revenues	4,243	2,242
Term-based support
Revenues:
Total revenues	56,057	47,582
Software-as-a-service
Revenues:
Total revenues	100,550	72,445
Cost of revenues:
Total cost of revenues	29,652	25,972
Perpetual license
Revenues:
Total revenues	8,695	7,335
Cost of revenues:
Total cost of revenues	171	245
Perpetual support
Revenues:
Total revenues	25,475	31,439
Customer support
Cost of revenues:
Total cost of revenues	14,699	14,207
Other services
Revenues:
Total revenues	12,934	13,895
Cost of revenues:
Total cost of revenues	$ 8,844	$ 8,111

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 21,139	$ 23,496
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,319	2,607
Amortization of debt issuance costs	1,164	85
Amortization of deferred commissions costs	14,582	10,989
Noncash stock-based compensation	35,290	30,180
Noncash operating lease expense	1,916	1,636
Noncash change in fair value of contingent consideration	0	(545)
Noncash adjustment on headquarters sale leaseback	0	495
Deferred income taxes	2,962	3,908
Other	(182)	(61)
Changes in operating assets and liabilities:
Trade accounts receivable, net	58,714	3,748
Other current assets and Other assets	(23,190)	2,378
Deferred commissions cost	(21,299)	(15,072)
Accounts payable	(506)	(320)
Accrued liabilities	(26,281)	(47,260)
Operating lease liabilities	(1,889)	(1,908)
Deferred revenue	(12,308)	17,440
Other liabilities	(761)	(115)
Net cash provided by operating activities	51,670	31,681
Cash flows from investing activities
Purchase of property and equipment	(569)	(1,879)
Purchase of investments	(7,895)	(6,144)
Proceeds from sale of headquarters, net	0	34,849
Net cash provided by (used in) investing activities	(8,464)	26,826
Cash flows from financing activities
Repurchase of common stock	(10,131)	(15,050)
Payment of debt issuance costs	0	(1,846)
Other	(75)	(12)
Net cash used in financing activities	(10,206)	(16,908)
Effects of exchange rate — changes in cash	(3,150)	19,532
Net increase in cash and cash equivalents	29,850	61,131
Cash and cash equivalents at beginning of period	899,987	302,103
Cash and cash equivalents at end of period	929,837	363,234
Supplemental disclosures of noncash activities
Operating lease liabilities arising from obtaining right-of-use assets	$ 932	$ 20,252

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 929,837	$ 899,987
Trade accounts receivable, net	271,568	330,483
Other current assets	65,520	56,040
Total current assets	1,266,925	1,286,510
Deferred tax assets, net	150,360	153,766
Property and equipment, net	9,677	9,750
Operating lease assets	33,985	34,920
Deferred commissions cost	110,465	103,892
Intangible assets, net	18,459	19,715
Goodwill	209,132	209,322
Other assets	91,418	68,430
Total assets	1,890,421	1,886,305
Current liabilities:
Accounts payable	156	651
Accrued liabilities	138,979	165,583
Current portion of operating lease liabilities	7,148	6,963
Deferred revenue	473,744	484,973
Total current liabilities	620,027	658,170
Convertible notes, net	881,926	880,863
Deferred revenue, less current portion	291,151	293,725
Deferred tax liabilities	1,306	1,565
Long-term operating lease liabilities	28,581	29,675
Other liabilities	15,379	14,813
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.01 par value: 50,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value: 250,000 shares authorized, 41,430 shares and 41,255 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively	414	412
Additional paid-in capital	1,529,999	1,495,597
Accumulated deficit	(1,460,227)	(1,472,124)
Accumulated other comprehensive loss	(18,135)	(16,391)
Total stockholders’ equity	52,051	7,494
Total liabilities and stockholders’ equity	$ 1,890,421	$ 1,886,305