0001169561-21-000008 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Dec. 31, 2020	Jan. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-33026
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3447504
Entity Address, Address Line One	1 Commvault Way
Entity Address, City or Town	Tinton Falls
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07724
City Area Code	732
Local Phone Number	870-4000
Title of 12(b) Security	Common Stock
Trading Symbol	CVLT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,997,616
Entity Registrant Name	COMMVAULT SYSTEMS INC
Entity Central Index Key	0001169561
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 377,569	$ 288,082
Restricted cash	0	8,000
Short-term investments	10,845	43,645
Trade accounts receivable, net	190,651	146,990
Other current assets	27,570	26,969
Total current assets	606,635	513,686
Property and equipment, net	113,079	114,519
Operating lease assets	23,709	15,009
Deferred commissions cost	35,306	31,394
Intangible assets, net	0	46,350
Goodwill	112,435	112,435
Other assets	14,415	11,683
Total assets	905,579	845,076
Current liabilities:
Accounts payable	622	307
Accrued liabilities	102,924	87,051
Current portion of operating lease liabilities	8,346	7,699
Deferred revenue	247,544	233,497
Total current liabilities	359,436	328,554
Deferred revenue, less current portion	108,280	92,723
Deferred tax liabilities, net	807	849
Long-term operating lease liabilities	17,561	8,808
Other liabilities	5,424	2,238
Commitments and contingencies
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, 46,835 shares and 46,011 shares issued and outstanding at December 31, 2020 and March 31, 2020, respectively	466	458
Additional paid-in capital	1,041,073	978,659
Accumulated deficit	(618,068)	(553,790)
Accumulated other comprehensive loss	(9,400)	(13,423)
Total stockholders’ equity	414,071	411,904
Total liabilities and stockholders’ equity	$ 905,579	$ 845,076

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Mar. 31, 2020
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)	46,835,000	46,011,000
Common stock, shares outstanding (in shares)	46,835,000	46,011,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 187,992	$ 176,351	$ 532,131	$ 506,136
Cost of revenues:
Total cost of revenues	28,412	30,523	79,762	90,484
Gross margin	159,580	145,828	452,369	415,652
Operating expenses:
Sales and marketing	84,542	84,563	245,287	252,908
Research and development	35,727	30,503	97,824	77,310
General and administrative	22,702	23,864	69,009	71,124
Restructuring	11,618	2,021	19,709	18,951
Impairment of intangible asset	0	0	40,700	0
Depreciation and amortization	2,323	5,356	12,441	10,681
Total operating expenses	156,912	146,307	484,970	430,974
Income (loss) from operations	2,668	(479)	(32,601)	(15,322)
Interest income	167	786	759	4,270
Income (loss) before income taxes	2,835	307	(31,842)	(11,052)
Income tax expense	1,162	957	5,373	3,528
Net income (loss)	$ 1,673	$ (650)	$ (37,215)	$ (14,580)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.04	$ (0.01)	$ (0.80)	$ (0.32)
Diluted (in dollars per share)	$ 0.03	$ (0.01)	$ (0.80)	$ (0.32)
Weighted average common shares outstanding:
Basic (in shares)	47,013	46,028	46,575	45,586
Diluted (in shares)	48,013	46,028	46,575	45,586
Software and products
Revenues:
Total revenues	$ 88,625	$ 76,631	$ 237,488	$ 208,900
Cost of revenues:
Total cost of revenues	6,916	8,077	20,666	22,938
Services
Revenues:
Total revenues	99,367	99,720	294,643	297,236
Cost of revenues:
Total cost of revenues	$ 21,496	$ 22,446	$ 59,096	$ 67,546

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,673	$ (650)	$ (37,215)	$ (14,580)
Other comprehensive income (loss):
Foreign currency translation adjustment	2,285	960	4,023	(205)
Comprehensive income (loss)	$ 3,958	$ 310	$ (33,192)	$ (14,785)

- 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

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid – In Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 31, 2019			45,582,000
Beginning balance at Mar. 31, 2019	$ 391,303		$ 454	$ 887,907	$ (485,490)		$ (11,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	48,581			48,581
Share issuances related to business combination	1,616			1,616
Share issuances related to stock-based compensation (in shares)			1,745,000
Share issuances related to stock-based compensation	30,944		$ 17	30,927
Repurchase of common stock (in shares)			(830,000)
Repurchase of common stock	(40,026)		$ (8)	(6,934)	(33,084)
Net income (loss)	(14,580)				(14,580)
Other comprehensive income (loss)	(205)						(205)
Ending balance (in shares) at Dec. 31, 2019			46,497,000
Ending balance at Dec. 31, 2019	417,633		$ 463	962,097	(533,154)		(11,773)
Beginning balance (in shares) at Mar. 31, 2019			45,582,000
Beginning balance at Mar. 31, 2019	$ 391,303		$ 454	887,907	(485,490)		(11,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Ending balance (in shares) at Mar. 31, 2020			46,011,000
Ending balance at Mar. 31, 2020	$ 411,904	$ (84)	$ 458	978,659	(553,790)	$ (84)	(13,423)
Beginning balance (in shares) at Sep. 30, 2019			45,409,000
Beginning balance at Sep. 30, 2019	372,114		$ 452	916,899	(532,504)		(12,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	18,974			18,974
Share issuances related to business combination	1,616			1,616
Share issuances related to stock-based compensation (in shares)			1,088,000
Share issuances related to stock-based compensation	24,619		$ 11	24,608
Net income (loss)	(650)				(650)
Other comprehensive income (loss)	960						960
Ending balance (in shares) at Dec. 31, 2019			46,497,000
Ending balance at Dec. 31, 2019	417,633		$ 463	962,097	(533,154)		(11,773)
Beginning balance (in shares) at Mar. 31, 2020			46,011,000
Beginning balance at Mar. 31, 2020	$ 411,904	(84)	$ 458	978,659	(553,790)	(84)	(13,423)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	0
Ending balance (in shares) at Sep. 30, 2020			46,685,000
Ending balance at Sep. 30, 2020	$ 419,476		$ 464	1,023,459	(592,762)		(11,685)
Beginning balance (in shares) at Mar. 31, 2020			46,011,000
Beginning balance at Mar. 31, 2020	411,904	$ (84)	$ 458	978,659	(553,790)	$ (84)	(13,423)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	61,572			61,572
Share issuances related to stock-based compensation (in shares)			1,525,000
Share issuances related to stock-based compensation	7,003		$ 15	6,988
Repurchase of common stock (in shares)			(701,000)
Repurchase of common stock	(33,132)		$ (7)	(6,146)	(26,979)
Net income (loss)	(37,215)				(37,215)
Other comprehensive income (loss)	4,023						4,023
Ending balance (in shares) at Dec. 31, 2020			46,835,000
Ending balance at Dec. 31, 2020	414,071		$ 466	1,041,073	(618,068)		(9,400)
Beginning balance (in shares) at Sep. 30, 2020			46,685,000
Beginning balance at Sep. 30, 2020	419,476		$ 464	1,023,459	(592,762)		(11,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	22,037			22,037
Share issuances related to stock-based compensation (in shares)			851,000
Share issuances related to stock-based compensation	$ 1,732		$ 9	1,723
Repurchase of common stock (in shares)	(700,694,000)		(701,000)
Repurchase of common stock	$ (33,132)		$ (7)	(6,146)	(26,979)
Net income (loss)	1,673				1,673
Other comprehensive income (loss)	2,285						2,285
Ending balance (in shares) at Dec. 31, 2020			46,835,000
Ending balance at Dec. 31, 2020	$ 414,071		$ 466	$ 1,041,073	$ (618,068)		$ (9,400)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (37,215)	$ (14,580)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,379	11,618
Noncash stock-based compensation	61,572	48,581
Amortization of deferred commissions cost	13,747	13,150
Impairment of operating lease assets	1,304	2,195
Impairment of intangible asset	40,700	0
Changes in operating assets and liabilities:
Trade accounts receivable	(38,970)	12,735
Operating lease assets and liabilities, net	(719)	(512)
Other current assets and Other assets	6,955	5,586
Deferred commissions cost	(15,946)	(11,352)
Accounts payable	273	(1,726)
Accrued liabilities	484	(2,018)
Deferred revenue	10,719	(6,262)
Other liabilities	2,964	(1,407)
Net cash provided by operating activities	59,247	56,008
Cash flows from investing activities
Purchase of short-term investments	0	(32,800)
Proceeds from maturity of short-term investments	32,800	98,150
Purchase of property and equipment	(5,994)	(1,911)
Business combination, net of cash acquired	0	(157,495)
Net cash provided by (used in) investing activities	26,806	(94,056)
Cash flows from financing activities
Repurchase of common stock	(33,132)	(40,026)
Proceeds from stock-based compensation plans	7,003	30,944
Net cash used in financing activities	(26,129)	(9,082)
Effects of exchange rate — changes in cash	21,563	(837)
Net increase (decrease) in cash, cash equivalents and restricted cash	81,487	(47,967)
Cash, cash equivalents and restricted cash at beginning of period	296,082	327,992
Cash, cash equivalents and restricted cash at end of period	$ 377,569	$ 280,025

Basis of Presentation	9 Months Ended
Basis of Presentation	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Commvault Systems, Inc. and its subsidiaries ("Commvault," "we," "us," or "our") is a provider of data protection and information management software applications and products. We develop, market and sell a suite of software applications and services, globally, that provides our customers with data protection solutions. We also provide our customers with a broad range of professional and customer support services. The consolidated financial statements of Commvault as of December 31, 2020 and for the three and nine months ended December 31, 2020 and 2019 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in our Annual Report on Form 10-K for fiscal 2020. The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The amount of assets and liabilities reported in our balance sheets and the amounts of revenues and expenses reported for each of our periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, income taxes and related reserves, and goodwill and purchased intangible assets. Actual results could differ from those estimates.

Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Recently Adopted Accounting Standards


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
Accounting Standards Update ("ASU") No. 2016-13 (Topic 326), Financial Instruments-Credit Losses	The standard amends guidance on the impairment of financial instruments. The ASU estimates credit losses based on expected losses and provides for a simplified accounting model for purchased financial assets with credit deterioration. The standard requires a modified retrospective basis adoption through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption.	We adopted this new standard as of April 1, 2020, using the modified retrospective method recognized as of the date of initial application.	The adoption of this new standard resulted in an $84 thousand cumulative effect on our unaudited consolidated financial statements related to an adjustment to our allowance for doubtful accounts. Under the new standard, we assess credit losses on accounts receivable by taking into consideration past collection experience, credit quality of the customer, age of the receivable balance, current economic conditions, and forecasts that affect the collectability of the reported amount.

Recently Issued Accounting Standards Not Yet Adopted


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
ASU No. 2019-12 (Topic 740), Income Taxes	In December 2019, the Financial Accounting Standards Board ("FASB") issued a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.	The standard will be effective for us beginning April 1, 2021, with early adoption permitted.	We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems.

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 historically been minimal.

Sales through our distribution agreement with Arrow Enterprise Computing Solutions, Inc. (“Arrow”) totaled 36% and 37% of total revenues for the nine months ended December 31, 2020 and 2019, respectively. Arrow accounted for approximately 33% and 31% of total accounts receivable as of December 31, 2020 and March 31, 2020, respectively.

Fair Value of Financial Instruments

The carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Our short-term investments balance consists of U.S. Treasury Bills with maturities of one year or less. We account for our short-term investments as held to maturity.

The following table summarizes the composition of our financial assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and March 31, 2020:


December 31, 2020	Level 1		Level 2	Level 3	Total

Short-term investments	$	—	10,999	—	$	10,999


March 31, 2020	Level 1		Level 2	Level 3	Total

Short-term investments	$	—	44,484	—	$	44,484

Revenue

9 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

We derive revenues from two primary sources: software and products, and services. Software and products revenue includes our software and integrated appliances that combine our software with hardware. Services include customer support (software updates and technical support), consulting, assessment and design services, installation services, customer education and Commvault software-as-a-service, which is branded as Metallic.

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

We also sell 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. Revenue related to appliances is recognized when control of the appliances passes to the customer; typically upon delivery.

Services revenue includes revenue from customer support and other professional services. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. Commvault sells its customer support contracts as a percentage of net software purchases the support is related to. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year.

Our other professional services include consulting, assessment and design services, installation services and customer education. Customer education services include courses taught by our instructors or third-party contractors. Revenue related to other professional services and customer education services is typically recognized as the services are performed. In fiscal 2020 Commvault launched Metallic, which is a Commvault software-as-a-service offering. Revenue from Metallic is recognized ratably as services revenue.

Most of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software and appliances are typically estimated using the residual approach. Standalone selling prices of services are typically estimated based on observable transactions when these services are sold on a standalone basis.

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
Software and Products Revenue
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
Appliances	When control of the appliances passes to the customer; typically upon delivery	Within 90 days of delivery	Residual approach
Customer Support Revenue
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 Revenue
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
Software-as-a-service (Metallic)	Ratably over the course of the contract (over time)	Annual or monthly payments	Observable in transactions without multiple performance obligations

Disaggregation of Revenue


	Three Months Ended December 31, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	43,636	$	33,374	$	11,615	$	88,625
Customer Support Revenue	53,488		25,808		10,386		89,682
Other Services Revenue	5,031		3,332		1,322		9,685
Total Revenue	$	102,155	$	62,514	$	23,323	$	187,992


	Three Months Ended December 31, 2019
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	40,291	$	29,107	$	7,233	$	76,631
Customer Support Revenue	57,856		22,237		10,438		90,531
Other Services Revenue	4,883		2,673		1,633		9,189
Total Revenue	$	103,030	$	54,017	$	19,304	$	176,351


	Nine Months Ended December 31, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	133,522	$	74,232	$	29,734	$	237,488
Customer Support Revenue	162,903		74,029		30,840		267,772
Other Services Revenue	13,938		8,971		3,962		26,871
Total Revenue	$	310,363	$	157,232	$	64,536	$	532,131


	Nine Months Ended December 31, 2019
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	107,375	$	71,922	$	29,603	$	208,900
Customer Support Revenue	173,450		65,810		30,756		270,016
Other Services Revenue	14,179		8,035		5,006		27,220
Total Revenue	$	295,004	$	145,767	$	65,365	$	506,136

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 services revenue, primarily customer support contracts.

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


	Accounts Receivable		Unbilled Receivable (current)		Unbilled Receivable (long-term)		Deferred Revenue (current)		Deferred Revenue (long-term)
Opening Balance as of March 31, 2020	$	129,856	$	17,134	$	7,857	$	233,497	$	92,723
Increase, net	39,467		4,194		1,952		14,047		15,557
Ending Balance as of December 31, 2020	$	169,323	$	21,328	$	9,809	$	247,544	$	108,280

The increase in Accounts receivable (inclusive of Unbilled receivables) is a result of an increase in software and products revenue relative to the fourth quarter of the prior year. The increase in Deferred revenue is primarily the result of an increase in deferred customer support revenue related to software and products revenue transactions and customer support renewals during the third quarter of fiscal 2021. Deferred revenue also increased as a result of the weakening US dollar.

The amount of revenue recognized in the period that was included in the March 31, 2020 balance of deferred revenue was $57,062 and $212,790 for the three and nine months ended December 31, 2020. The vast majority of this revenue consists of customer support arrangements. The amount of software and products revenue recognized in the three and nine months ended December 31, 2020 related to performance obligations from prior periods was not significant.

Remaining Performance Obligations

In addition to the amounts included in deferred revenue as of December 31, 2020, $48,227 of revenue may be recognized from remaining performance obligations, of which approximately $11,000 was related to software and products. We expect the majority of this software and products revenue to be recognized during the three months ended March 31, 2021. The vast majority of the services revenue is related to other professional services which may be recognized over the next twelve months but is contingent upon a number of factors, including customers’ needs and schedules.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Goodwill and Intangible Assets, Net

9 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

There were no additions, impairments or any other changes to the carrying amount of goodwill during the three and nine months ended December 31, 2020.

Intangible assets, net

Intangible assets subject to amortization as of December 31, 2020 are as follows:


	Gross Carrying Amount		Accumulated Amortization		Impairment Charge		Net Carrying Value
Developed technology	$	49,000	$	(9,800)	$	(39,200)	$	—
Customer relationships	3,000		(1,500)		(1,500)		—
Total intangible assets, net	$	52,000	$	(11,300)	$	(40,700)	$	—

Amortization expense from acquired intangible assets was $5,650 for the nine months ended December 31, 2020 and $2,825 for the three and nine months ended December 31, 2019.

Our intangible assets (developed technology and customer relationships) were acquired in connection with the Hedvig, Inc. ("Hedvig") transaction. The most material of these assets was the developed technology. The value of this asset was attributable to forecasted incremental revenues directly attributable to this technology. While we have successfully integrated this technology into our existing HyperScale technology, we have not met our forecasts for standalone sales of this acquired technology. During the second quarter of fiscal year 2021 we identified an indicator of impairment and concluded that the carrying values of the developed technology and customer relationships acquired in connection with the Hedvig transaction were not recoverable on an undiscounted basis. As a result, we remeasured the fair value of these assets and concluded their value was de minimis. We recorded a $40,700 impairment charge in the accompanying Consolidated Statements of Operations for the three months ended September 30, 2020. These non-recurring fair value measurements were categorized as Level 3, as significant unobservable inputs were used in the valuation analysis. Key assumptions used in the valuation include forecasts of revenue and expenses over an extended period, the useful life of the asset, tax rates, and estimated costs of debt and equity capital to discount the projected cash flows. Certain of these assumptions involve significant judgment and are based on management’s estimate of current and forecasted market conditions.

Net Income per Common Share

9 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income per Common Share


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Net income (loss)	$	1,673	$	(650)	$	(37,215)	$	(14,580)
Basic net income (loss) per common share:
Basic weighted average shares outstanding	47,013		46,028		46,575		45,586
Basic net income (loss) per common share	$	0.04	$	(0.01)	$	(0.80)	$	(0.32)
Diluted net loss per common share:
Basic weighted average shares outstanding	47,013		46,028		46,575		45,586
Dilutive effect of stock options and restricted stock units	1,000		—		—		—
Diluted weighted average shares outstanding	48,013		46,028		46,575		45,586
Diluted net income (loss) per common share	$	0.03	$	(0.01)	$	(0.80)	$	(0.32)

The diluted weighted-average shares outstanding exclude outstanding stock options, restricted stock units, performance restricted stock units and shares to be purchased under the employee stock purchase plan totaling 1,049 and 5,459 for the three months ended December 31, 2020 and 2019, respectively, and 5,160 and 4,952 for the nine months ended December 31, 2020 and 2019 because the effect would have been anti-dilutive.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are subject to claims in legal proceedings arising in the normal course of business. 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.

Capitalization	9 Months Ended
Capitalization	Dec. 31, 2020
Equity [Abstract]
Capitalization	Capitalization During the three months ended December 31, 2020, we repurchased $33.1 million of common stock (700,694 shares). There were no repurchases of common stock during the first half of fiscal year 2021. As of December 31, 2020, $166,868 remained in our current stock repurchase authorization which expires on March 31, 2022. Subsequent event Our Board has approved, and we intend to execute, a capital allocation policy that provides for the repurchase of $200,000 of our common stock for the period from February 1, 2021 through the end of our 2022 fiscal year, plus the use of approximately 75% of our free cash flow for additional repurchases during fiscal year 2022.

Stock Plans

9 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Plans

The following table presents the stock-based compensation expense included in Cost of services revenue, Sales and marketing, Research and development, General and administrative expenses and Restructuring expenses for the three and nine months ended December 31, 2020 and 2019. Stock-based compensation is attributable to stock options, restricted stock units, performance based awards and the employee stock purchase plan.


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Cost of services revenue	$	945	$	635	$	2,351	$	2,023
Sales and marketing	9,714		9,128		25,906		24,133
Research and development	6,203		5,222		17,722		9,226
General and administrative	4,021		3,280		13,735		11,517
Restructuring	1,154		709		1,858		1,682
Stock-based compensation expense	$	22,037	$	18,974	$	61,572	$	48,581

As of December 31, 2020, there was $137,420 of unrecognized stock-based compensation expense related to restricted stock unit awards that is expected to be recognized over a weighted-average period of 2.05 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate.

Stock option activity was not significant in the nine months ended December 31, 2020.

Restricted Stock Units

Restricted stock unit activity for the nine months ended December 31, 2020 is as follows:


Non-vested Restricted Stock Units	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested as of March 31, 2020	3,237	$	50.47
Awarded	2,005	41.01
Vested	(1,314)	51.17
Forfeited	(230)	51.37
Non-vested as of December 31, 2020	3,698	$	45.09

The weighted-average fair value of restricted stock units awarded was $43.70 and $41.01 per unit during the three and nine months ended December 31, 2020, and $46.21 and $46.60 per unit during the three and nine months ended December 31, 2019. The weighted-average fair value of awards includes the awards with a market condition described below.

Awards with a Market Condition

In the nine months ended December 31, 2020, we granted 299 market performance stock units to certain executives. The vesting of these awards is contingent upon us meeting certain total shareholder return ("TSR") levels as compared to the Russell 3000 market index over the next three years. The awards vest in three annual tranches and have a maximum potential to vest at 200% (598 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 nine months ended December 31, 2020 was $36.76 per unit. The awards are included in the restricted stock unit table above.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the "Purchase Plan") is a shareholder approved plan under which substantially all employees may purchase Commvault’s 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 the six-month offering periods. An employee’s payroll deductions under the Purchase Plan 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 129 shares in exchange for $4,652 of proceeds in the nine months ended December 31, 2020 and 136 shares in exchange for $4,833 in the nine months ended December 31, 2019. The total expense associated with the Purchase Plan was $2,528 for the nine months ended December 31, 2020 and $2,243 for the nine months ended December 31, 2019.

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome tax expense was $5,373 in the nine months ended December 31, 2020 compared to expense of $3,528 in the nine months ended December 31, 2019. In the fourth quarter of fiscal 2020, we recorded a current tax benefit of approximately $10,000 which represented our estimate of the net operating loss carryback resulting from the CARES Act. In the first quarter of fiscal 2021, we recorded an adjustment of $3,200 to reduce the current benefit of the net operating loss carryback benefit we will realize from the CARES Act. In fiscal 2018, we determined that it was more likely than not that we will not realize the benefits of our gross deferred tax assets and therefore recorded a valuation allowance to reduce the carrying value of these gross deferred tax assets, net of the impact of the reversal of taxable temporary differences, to zero. Our position remains unchanged with respect to the realizability of our deferred tax assets as of December 31, 2020.

- 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 + Details

Restructuring

9 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Our restructuring plan, initiated in the first quarter of fiscal 2019, is aimed to increase efficiency in our sales, marketing and distribution functions as well as reduce costs across all functional areas. These restructuring charges relate primarily to severance and related costs associated with headcount reductions, stock-based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan and lease abandonment charges.

For the three and nine months ended December 31, 2020 and 2019, restructuring charges were comprised of the following:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Employee severance and related costs	$	9,852	$	1,167	$	16,547	$	15,074
Lease impairments and related costs (1)	612		145		1,304		2,195
Stock-based compensation	1,154		709		1,858		1,682
Total restructuring charges	$	11,618	$	2,021	$	19,709	$	18,951

(1) Lease impairment charges for the three and nine months ended December 31, 2020 relate to one and six offices, respectively. Lease impairment charges for the three and nine months ended December 31, 2019 relate to two and five offices, respectively.

Restructuring accruals

The activity in our restructuring accruals for the nine months ended December 31, 2020 is as follows:


	Total
Balance as of March 31, 2020	$	2,531
Employee severance and related costs	16,547
Payments	(13,243)
Balance as of December 31, 2020	$	5,835

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements of Commvault as of December 31, 2020 and for the three and nine months ended December 31, 2020 and 2019 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in our Annual Report on Form 10-K for fiscal 2020. The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.

Use of Estimates

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

Recently Issued Accounting Standards

Recently Adopted Accounting Standards


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
Accounting Standards Update ("ASU") No. 2016-13 (Topic 326), Financial Instruments-Credit Losses	The standard amends guidance on the impairment of financial instruments. The ASU estimates credit losses based on expected losses and provides for a simplified accounting model for purchased financial assets with credit deterioration. The standard requires a modified retrospective basis adoption through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption.	We adopted this new standard as of April 1, 2020, using the modified retrospective method recognized as of the date of initial application.	The adoption of this new standard resulted in an $84 thousand cumulative effect on our unaudited consolidated financial statements related to an adjustment to our allowance for doubtful accounts. Under the new standard, we assess credit losses on accounts receivable by taking into consideration past collection experience, credit quality of the customer, age of the receivable balance, current economic conditions, and forecasts that affect the collectability of the reported amount.

Recently Issued Accounting Standards Not Yet Adopted


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
ASU No. 2019-12 (Topic 740), Income Taxes	In December 2019, the Financial Accounting Standards Board ("FASB") issued a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.	The standard will be effective for us beginning April 1, 2021, with early adoption permitted.	We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems.

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 historically been minimal.

Fair Value of Financial Instruments

Revenue

We disaggregate revenue from contracts with customers into the nature of the products and services and geographical regions. The geographic regions that are tracked are the Americas (United States, Canada, Latin America), EMEA (Europe, Middle East, Africa) and APJ (Australia, New Zealand, Southeast Asia, China).Amounts collected in advance of services being provided are accounted for as Deferred revenue. Nearly all of our Deferred revenue balance is related to services revenue, primarily customer support contracts. In some arrangements we allow customers to pay for term-based software licenses and products over the term of the software license. Amounts recognized as revenue in excess of amounts billed are recorded as Unbilled receivables. Unbilled receivables, which are anticipated to be invoiced in the next twelve months, are included in Accounts receivable on the Consolidated Balance Sheets. Long-term unbilled receivables are included in Other assets.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
Accounting Standards Update ("ASU") No. 2016-13 (Topic 326), Financial Instruments-Credit Losses	The standard amends guidance on the impairment of financial instruments. The ASU estimates credit losses based on expected losses and provides for a simplified accounting model for purchased financial assets with credit deterioration. The standard requires a modified retrospective basis adoption through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption.	We adopted this new standard as of April 1, 2020, using the modified retrospective method recognized as of the date of initial application.	The adoption of this new standard resulted in an $84 thousand cumulative effect on our unaudited consolidated financial statements related to an adjustment to our allowance for doubtful accounts. Under the new standard, we assess credit losses on accounts receivable by taking into consideration past collection experience, credit quality of the customer, age of the receivable balance, current economic conditions, and forecasts that affect the collectability of the reported amount.

Recently Issued Accounting Standards Not Yet Adopted


Standard	Description	Effective Date	Effect on the Consolidated Financial Statements (or Other Significant Matters)
ASU No. 2019-12 (Topic 740), Income Taxes	In December 2019, the Financial Accounting Standards Board ("FASB") issued a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.	The standard will be effective for us beginning April 1, 2021, with early adoption permitted.	We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems.

Financial Assets Measured at Fair Value

The following table summarizes the composition of our financial assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and March 31, 2020:


December 31, 2020	Level 1		Level 2	Level 3	Total

Short-term investments	$	—	10,999	—	$	10,999


March 31, 2020	Level 1		Level 2	Level 3	Total

Short-term investments	$	—	44,484	—	$	44,484

Revenue (Tables)

9 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

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
Software and Products Revenue
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
Appliances	When control of the appliances passes to the customer; typically upon delivery	Within 90 days of delivery	Residual approach
Customer Support Revenue
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 Revenue
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
Software-as-a-service (Metallic)	Ratably over the course of the contract (over time)	Annual or monthly payments	Observable in transactions without multiple performance obligations

Disaggregation of Revenue


	Three Months Ended December 31, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	43,636	$	33,374	$	11,615	$	88,625
Customer Support Revenue	53,488		25,808		10,386		89,682
Other Services Revenue	5,031		3,332		1,322		9,685
Total Revenue	$	102,155	$	62,514	$	23,323	$	187,992


	Three Months Ended December 31, 2019
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	40,291	$	29,107	$	7,233	$	76,631
Customer Support Revenue	57,856		22,237		10,438		90,531
Other Services Revenue	4,883		2,673		1,633		9,189
Total Revenue	$	103,030	$	54,017	$	19,304	$	176,351


	Nine Months Ended December 31, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	133,522	$	74,232	$	29,734	$	237,488
Customer Support Revenue	162,903		74,029		30,840		267,772
Other Services Revenue	13,938		8,971		3,962		26,871
Total Revenue	$	310,363	$	157,232	$	64,536	$	532,131


	Nine Months Ended December 31, 2019
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	107,375	$	71,922	$	29,603	$	208,900
Customer Support Revenue	173,450		65,810		30,756		270,016
Other Services Revenue	14,179		8,035		5,006		27,220
Total Revenue	$	295,004	$	145,767	$	65,365	$	506,136

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, 2020	$	129,856	$	17,134	$	7,857	$	233,497	$	92,723
Increase, net	39,467		4,194		1,952		14,047		15,557
Ending Balance as of December 31, 2020	$	169,323	$	21,328	$	9,809	$	247,544	$	108,280

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Purchased Intangible Assets, Net of Amortization

Intangible assets subject to amortization as of December 31, 2020 are as follows:


	Gross Carrying Amount		Accumulated Amortization		Impairment Charge		Net Carrying Value
Developed technology	$	49,000	$	(9,800)	$	(39,200)	$	—
Customer relationships	3,000		(1,500)		(1,500)		—
Total intangible assets, net	$	52,000	$	(11,300)	$	(40,700)	$	—

Net Income per Common Share (Tables)

9 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Net income (loss)	$	1,673	$	(650)	$	(37,215)	$	(14,580)
Basic net income (loss) per common share:
Basic weighted average shares outstanding	47,013		46,028		46,575		45,586
Basic net income (loss) per common share	$	0.04	$	(0.01)	$	(0.80)	$	(0.32)
Diluted net loss per common share:
Basic weighted average shares outstanding	47,013		46,028		46,575		45,586
Dilutive effect of stock options and restricted stock units	1,000		—		—		—
Diluted weighted average shares outstanding	48,013		46,028		46,575		45,586
Diluted net income (loss) per common share	$	0.03	$	(0.01)	$	(0.80)	$	(0.32)

Stock Plans (Tables)

9 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Cost of services revenue	$	945	$	635	$	2,351	$	2,023
Sales and marketing	9,714		9,128		25,906		24,133
Research and development	6,203		5,222		17,722		9,226
General and administrative	4,021		3,280		13,735		11,517
Restructuring	1,154		709		1,858		1,682
Stock-based compensation expense	$	22,037	$	18,974	$	61,572	$	48,581

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the nine months ended December 31, 2020 is as follows:


Non-vested Restricted Stock Units	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested as of March 31, 2020	3,237	$	50.47
Awarded	2,005	41.01
Vested	(1,314)	51.17
Forfeited	(230)	51.37
Non-vested as of December 31, 2020	3,698	$	45.09

Restructuring (Tables)

9 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

For the three and nine months ended December 31, 2020 and 2019, restructuring charges were comprised of the following:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Employee severance and related costs	$	9,852	$	1,167	$	16,547	$	15,074
Lease impairments and related costs (1)	612		145		1,304		2,195
Stock-based compensation	1,154		709		1,858		1,682
Total restructuring charges	$	11,618	$	2,021	$	19,709	$	18,951

The activity in our restructuring accruals for the nine months ended December 31, 2020 is as follows:


	Total
Balance as of March 31, 2020	$	2,531
Employee severance and related costs	16,547
Payments	(13,243)
Balance as of December 31, 2020	$	5,835

Summary of Significant Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity	$ (414,071)	$ (419,476)	$ (411,904)	$ (417,633)	$ (372,114)	$ (391,303)
Cumulative Effect, Period of Adoption, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' equity			$ 84

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk - Arrow	9 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	36.00%	37.00%
Accounts receivable
Concentration Risk [Line Items]
Concentration risk percentage	33.00%		31.00%

Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Assets:
Short-term investments	$ 10,999	$ 44,484
Level 1
Assets:
Short-term investments	0	0
Level 2
Assets:
Short-term investments	10,999	44,484
Level 3
Assets:
Short-term investments	$ 0	$ 0

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) revenue_source segment
Revenue from Contract with Customer [Abstract]
Sources of primary revenue \| revenue_source		2
Customer support agreement term		1 year
Number of operating segments \| segment		1
Revenue recognized in period, included in opening deferred revenue balance	$ 57,062	$ 212,790
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations	48,227	48,227
Software and Products Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations	$ 11,000	$ 11,000

Revenue - Performance Obligations (Details)	9 Months Ended
Revenue - Performance Obligations (Details)	Dec. 31, 2020
Software, licenses
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Software, appliances
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Other Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Professional Services, education services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total Revenue	$ 187,992	$ 176,351	$ 532,131	$ 506,136
Americas
Disaggregation of Revenue [Line Items]
Total Revenue	102,155	103,030	310,363	295,004
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	62,514	54,017	157,232	145,767
APJ
Disaggregation of Revenue [Line Items]
Total Revenue	23,323	19,304	64,536	65,365
Software and Products Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	88,625	76,631	237,488	208,900
Software and Products Revenue \| Americas
Disaggregation of Revenue [Line Items]
Total Revenue	43,636	40,291	133,522	107,375
Software and Products Revenue \| EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	33,374	29,107	74,232	71,922
Software and Products Revenue \| APJ
Disaggregation of Revenue [Line Items]
Total Revenue	11,615	7,233	29,734	29,603
Customer Support Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	89,682	90,531	267,772	270,016
Customer Support Revenue \| Americas
Disaggregation of Revenue [Line Items]
Total Revenue	53,488	57,856	162,903	173,450
Customer Support Revenue \| EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	25,808	22,237	74,029	65,810
Customer Support Revenue \| APJ
Disaggregation of Revenue [Line Items]
Total Revenue	10,386	10,438	30,840	30,756
Other Services Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	9,685	9,189	26,871	27,220
Other Services Revenue \| Americas
Disaggregation of Revenue [Line Items]
Total Revenue	5,031	4,883	13,938	14,179
Other Services Revenue \| EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	3,332	2,673	8,971	8,035
Other Services Revenue \| APJ
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,322	$ 1,633	$ 3,962	$ 5,006

- 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.

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+ Details

Revenue - Opening and Closing Balances of Accounts Receivable, Unbilled Receivables, and Deferred Revenues (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2020 USD ($)
Accounts Receivable
Opening Balance as of March 31, 2020	$ 129,856
Increase, net	39,467
Ending Balance as of December 31, 2020	169,323
Unbilled Receivable (current)
Opening Balance as of March 31, 2020	17,134
Increase, net	4,194
Ending Balance as of December 31, 2020	21,328
Unbilled Receivable (long-term)
Opening Balance as of March 31, 2020	7,857
Increase, net	1,952
Ending Balance as of December 31, 2020	9,809
Deferred Revenue (current)
Opening Balance as of March 31, 2020	233,497
Increase, net	14,047
Ending Balance as of December 31, 2020	247,544
Deferred Revenue (long-term)
Opening Balance as of March 31, 2020	92,723
Increase, net	15,557
Ending Balance as of December 31, 2020	$ 108,280

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill addition	$ 0	$ 0
Goodwill impairment	$ 0	$ 0

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 52,000			$ 52,000
Accumulated Amortization	(11,300)			(11,300)
Impairment Charge	0	$ (40,700)	$ 0	(40,700)	$ 0
Net Carrying Value	0			0
Amortization of intangible assets			$ 2,825	5,650	$ 2,825
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	49,000			49,000
Accumulated Amortization	(9,800)			(9,800)
Impairment Charge				(39,200)
Net Carrying Value	0			0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,000			3,000
Accumulated Amortization	(1,500)			(1,500)
Impairment Charge				(1,500)
Net Carrying Value	$ 0			$ 0

Net Income per Common Share - Computation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 1,673	$ (650)	$ (37,215)	$ (14,580)
Basic net income (loss) per common share:
Basic weighted average shares outstanding (in shares)	47,013	46,028	46,575	45,586
Basic net income (loss) per common share (in dollars per share)	$ 0.04	$ (0.01)	$ (0.80)	$ (0.32)
Diluted net loss per common share:
Dilutive effect of stock options and restricted stock units (in shares)	1,000	0	0	0
Diluted weighted average shares outstanding (in shares)	48,013	46,028	46,575	45,586
Diluted net income (loss) per common share (in dollars per share)	$ 0.03	$ (0.01)	$ (0.80)	$ (0.32)

- 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.

+ References

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+ Details

- Definition

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

+ References

+ Details

Net Income per Common Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation (in shares)	1,049	5,459	5,160	4,952

Capitalization (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
Capitalization (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jan. 28, 2021
Subsequent Event [Line Items]
Repurchase of common stock	$ 33,132,000		$ 33,132,000	$ 40,026,000
Repurchase of common stock (in shares)	700,694,000	0
Remaining amount available under share repurchase program	$ 166,868,000		$ 166,868,000
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, amount approved					$ 200,000
Percentage of free cash flow used for additional stock repurchases					75.00%

Stock Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 22,037	$ 18,974	$ 61,572	$ 48,581
Cost of services revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	945	635	2,351	2,023
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,714	9,128	25,906	24,133
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,203	5,222	17,722	9,226
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,021	3,280	13,735	11,517
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,154	$ 709	$ 1,858	$ 1,682

Stock Plans - Additional Information (Details) - Restricted stock units $ in Thousands	9 Months Ended
	Dec. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, net of estimated forfeitures	$ 137,420
Weighted average period awards are expected to be recognized	2 years 18 days

Stock Plans - Restricted Stock Units (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Weighted- Average Grant Date Fair Value
Awarded (in dollars per share)		$ 46.21		$ 46.60
Weighted-average fair value, units awarded (in dollars per share)		$ 46.21		$ 46.60
Restricted stock units
Number of Awards
Non-vested, beginning balance (in shares)			3,237
Awarded (in shares)			2,005
Vested (in shares)			(1,314)
Forfeited (in shares)			(230)
Non-vested, ending balance (in shares)	3,698		3,698
Weighted- Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share)			$ 50.47
Awarded (in dollars per share)	$ 43.70		41.01
Vested (in dollars per share)			51.17
Forfeited (in dollars per share)			51.37
Non-vested, ending balance (in dollars per share)	45.09		45.09
Weighted-average fair value, units awarded (in dollars per share)	$ 43.70		$ 41.01

Stock Plans - Awards with a Market Condition (Details) shares in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019 $ / shares	Dec. 31, 2020 tranche $ / shares shares	Dec. 31, 2019 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value, units awarded (in dollars per share) \| $ / shares	$ 46.21		$ 46.60
Market performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares) \| shares		299
Service period		3 years
Number of annual tranches \| tranche		3
Maximum potential to vest (as a percentage)		200.00%
Maximum potential to vest (in shares) \| shares		598
Weighted-average fair value, units awarded (in dollars per share) \| $ / shares		$ 36.76

Stock Plans - Employee Stock Purchase plan (Details) - Employee Stock - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price as a percentage of fair market value	85.00%
Offering period	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)	129	136
Proceeds received	$ 4,652	$ 4,833
Compensation expense	$ 2,528	$ 2,243

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended				9 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,162,000			$ 957,000	$ 5,373,000	$ 3,528,000
Current tax benefit			$ 10,000,000
Adjustment of current income tax benefit		$ 3,200,000
Deferred tax assets							$ 0

- Definition

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

+ References + Details

Restructuring - Restructuring Charges (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($) contract	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($) contract
Restructuring and Related Activities [Abstract]
Employee severance and related costs	$ 9,852	$ 1,167	$ 16,547	$ 15,074
Lease impairments and related costs	612	145	1,304	2,195
Stock-based compensation	1,154	709	1,858	1,682
Total restructuring charges	$ 11,618	$ 2,021	$ 19,709	$ 18,951
Operating lease impairment loss, number of leases \| contract	1	2	6	5

Restructuring - Activity in Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Balance at beginning of period			$ 2,531
Employee severance and related costs	$ 9,852	$ 1,167	16,547	$ 15,074
Payments			(13,243)
Balance at end of period	$ 5,835		$ 5,835