Commvault Systems Inc. Files 2024 10-K Report

TL;DR

<b>Commvault Systems Inc. has filed its annual 10-K report for the fiscal year ending March 31, 2024.</b>

AI Summary

COMMVAULT SYSTEMS INC (CVLT) filed a Annual Report (10-K) with the SEC on May 13, 2024. Commvault Systems Inc. reported its 10-K filing for the fiscal year ending March 31, 2024. The company's fiscal year concluded on March 31, 2024. The filing covers the period from April 1, 2023, to March 31, 2024. Commvault Systems Inc. is incorporated in Delaware. The company's principal business address is 1 Commvault Way, Tinton Falls, NJ 07724.

Why It Matters

For investors and stakeholders tracking COMMVAULT SYSTEMS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Commvault's financial performance, strategic initiatives, and risk factors for the fiscal year 2024. Investors and stakeholders can use this report to assess the company's financial health, operational efficiency, and future outlook in the competitive data protection and management market.

Risk Assessment

Risk Level: medium — COMMVAULT SYSTEMS INC shows moderate risk based on this filing. The company faces market and operational risks inherent in the software and technology sector, including competition and evolving customer needs, which are detailed in the 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Commvault's performance and strategic positioning.

Key Numbers

• 2024-03-31 — Fiscal Year End (Conformed Period of Report)
• 2024-05-13 — Filing Date (Filed as of Date)
• 2023-04-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• COMMVAULT SYSTEMS INC (company) — Filer name
• 0001169561 (company) — Central Index Key
• DE (company) — State of Incorporation
• 7372 (company) — Standard Industrial Classification
• 1 COMMVAULT WAY (company) — Business Address Street 1
• TINTON FALLS (company) — Business Address City
• NJ (company) — Business Address State
• 07724 (company) — Business Address ZIP

FAQ

Industry Context

Commvault Systems Inc. operates in the software industry, specifically focusing on data protection and information management solutions.

Regulatory Implications

The filing is a standard 10-K report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the business description for strategic priorities and market positioning.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Year-Over-Year Comparison

This is the 2024 10-K filing, providing updated information compared to previous fiscal year reports.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value CVLT The Nasdaq Stock Market

Filing Documents

• cvlt-20240331.htm (10-K) — 1320KB
• listofsubsidiaries2024.htm (EX-21.1) — 17KB
• a2024033110kex231.htm (EX-23.1) — 7KB
• a2024033110kex311.htm (EX-31.1) — 9KB
• a2024033110kex312.htm (EX-31.2) — 9KB
• a2024033110kex321.htm (EX-32.1) — 4KB
• a2024033110kex322.htm (EX-32.2) — 4KB
• a2024033110kex971.htm (EX-97.1) — 31KB
• cvlt-20240331_g1.jpg (GRAPHIC) — 207KB
• cvlt-20240331_g10.jpg (GRAPHIC) — 16KB
• cvlt-20240331_g11.jpg (GRAPHIC) — 18KB
• cvlt-20240331_g12.jpg (GRAPHIC) — 20KB
• cvlt-20240331_g13.jpg (GRAPHIC) — 19KB
• cvlt-20240331_g14.jpg (GRAPHIC) — 26KB
• cvlt-20240331_g15.jpg (GRAPHIC) — 23KB
• cvlt-20240331_g16.jpg (GRAPHIC) — 24KB
• cvlt-20240331_g2.jpg (GRAPHIC) — 118KB
• cvlt-20240331_g3.jpg (GRAPHIC) — 15KB
• cvlt-20240331_g4.jpg (GRAPHIC) — 16KB
• cvlt-20240331_g5.jpg (GRAPHIC) — 16KB
• cvlt-20240331_g6.jpg (GRAPHIC) — 18KB
• cvlt-20240331_g7.jpg (GRAPHIC) — 15KB
• cvlt-20240331_g8.jpg (GRAPHIC) — 16KB
• cvlt-20240331_g9.jpg (GRAPHIC) — 17KB
• 0001169561-24-000039.txt (&nbsp;) — 9403KB
• cvlt-20240331.xsd (EX-101.SCH) — 55KB
• cvlt-20240331_cal.xml (EX-101.CAL) — 95KB
• cvlt-20240331_def.xml (EX-101.DEF) — 242KB
• cvlt-20240331_lab.xml (EX-101.LAB) — 768KB
• cvlt-20240331_pre.xml (EX-101.PRE) — 528KB
• cvlt-20240331_htm.xml (XML) — 1046KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[Reserved]

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 41

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 71

Controls and Procedures

Item 9A. Controls and Procedures 72

Other Information

Item 9B. Other Information 74

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 74

Executive Compensation

Item 11. Executive Compensation 74

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 74

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 74 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 75

Form 10-K Summary

Item 16. Form 10-K Summary 78

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The discussion throughout this Annual Report on Form 10-K contains forward-looking statements. In some cases, you can identify these statements by our use of forward-looking words such as "may," "will," "should," "anticipate," "estimate," "expect," "plan," "believe," "predict," "potential," "project," "intend," "could," "feel" or similar expressions. In particular, statements regarding our plans, strategies, prospects and expectations regarding our business are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). You should be aware that these statements and any other forward-looking statements in this document reflect only our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Many of these risks, uncertainties and assumptions are beyond our control and may cause actual results and performance to differ materially from our expectations. Important factors that could cause our actual results to be materially different from our expectations include the risks and uncertainties set forth under the heading "Risk Factors." Accordingly, you should not place undue reliance on the forward-looking statements contained in this Annual Report on Form 10-K. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. References in this Annual Report on Form 10-K to "Commvault," the "Company", "we," "our" or "us" refer to Commvault Systems, Inc., including as the context requires, its direct and indirect subsidiaries . 3 PART I

Business

Item 1. Business Company Overview Incorporated in Delaware in 1996, Commvault Systems, Inc. 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 for their data 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. With Commvault Cloud, customers have access to business-critical capabilities such as layered defenses to detect and minimize the impact of bad actors; automation to verify clean recovery points; and cloud-native capabilities to dedupe, scale, and as necessary, recover business. We believe in solving hard problems for our customers by enabling them to protect their data in a difficult world. Our comprehensive solutions address the critical aspects of modern cyber resiliency, from data security to data recovery, data governance and compliance in a flexible and scalable platform. Products Commvault helps customers protect their data and be cyber resilient in a hybrid multi-cloud environment. Commvault delivers a portfolio of products and services to effectively secure, quickly capture intelligence, and rapidly recover from ransomware attacks or any other threats. Our solutions create an intuitive cyber resilience experience across customer-managed enterprise software and SaaS-delivered cloud native solutions that mitigate data sprawl, facilitate cloud adoption, and help customers modernize and transform their enterprise IT environment. We do this by offering unified visibility and management across the entire hybrid enterprise so our customers can secure and recover data from any location to any location. Our Commvault Cloud offeri

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