0001169561-21-000041 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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		45,508,675
Entity Registrant Name	COMMVAULT SYSTEMS INC
Entity Central Index Key	0001169561
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 295,807	$ 397,237
Trade accounts receivable, net	166,272	188,126
Other current assets	20,651	22,237
Total current assets	482,730	607,600
Property and equipment, net	109,557	112,779
Operating lease assets	17,925	20,778
Deferred commissions cost	42,351	38,444
Goodwill	112,435	112,435
Other assets	14,756	12,137
Total assets	779,754	904,173
Current liabilities:
Accounts payable	178	374
Accrued liabilities	85,604	112,148
Current portion of operating lease liabilities	6,455	7,469
Deferred revenue		253,211
Total current liabilities	339,815	373,202
Deferred revenue, less current portion		119,231
Deferred tax liabilities, net	762	761
Long-term operating lease liabilities	13,009	15,419
Other liabilities	1,557	1,526
Commitments and contingencies (Note 5)
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, 45,374 shares and 46,482 shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively	452	463
Additional paid-in capital	1,119,738	1,069,695
Accumulated deficit	(808,749)	(665,774)
Accumulated other comprehensive loss	(11,663)	(10,350)
Total stockholders’ equity	299,778	394,034
Total liabilities and stockholders’ equity	$ 779,754	$ 904,173

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Mar. 31, 2021
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)	45,374,000	46,482,000
Common stock, shares outstanding (in shares)	45,374,000	46,482,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 177,840	$ 171,139	$ 361,261	$ 344,139
Cost of revenues:
Total cost of revenues	26,574	26,799	51,849	51,350
Gross margin	151,266	144,340	309,412	292,789
Operating expenses:
Sales and marketing	82,928	79,069	159,289	160,745
Research and development	37,726	30,955	73,861	62,097
General and administrative	25,358	24,748	51,787	46,307
Restructuring	636	5,767	2,082	8,091
Impairment of intangible assets	0	40,700	0	40,700
Depreciation and amortization	2,352	5,053	4,633	10,118
Total operating expenses	149,000	186,292	291,652	328,058
Income (loss) from operations	2,266	(41,952)	17,760	(35,269)
Interest income	289	249	423	592
Income (loss) before income taxes	2,555	(41,703)	18,183	(34,677)
Income tax expense (benefit)	824	(532)	2,555	4,211
Net income (loss)	$ 1,731	$ (41,171)	$ 15,628	$ (38,888)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.04	$ (0.89)	$ 0.34	$ (0.84)
Diluted (in dollars per share)	$ 0.04	$ (0.89)	$ 0.33	$ (0.84)
Weighted average common shares outstanding:
Basic (in shares)	45,743	46,516	45,960	46,354
Diluted (in shares)	47,599	46,516	47,936	46,354
Software and products
Revenues:
Total revenues	$ 75,261	$ 72,309	$ 157,423	$ 148,863
Cost of revenues:
Total cost of revenues	2,894	7,903	5,200	13,750
Services
Revenues:
Total revenues	102,579	98,830	203,838	195,276
Cost of revenues:
Total cost of revenues	$ 23,680	$ 18,896	$ 46,649	$ 37,600

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,731	$ (41,171)	$ 15,628	$ (38,888)
Other comprehensive income (loss):
Foreign currency translation adjustment	(722)	788	(1,313)	1,738
Comprehensive income (loss)	$ 1,009	$ (40,383)	$ 14,315	$ (37,150)

- 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 ($) shares in Thousands, $ 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, 2020			46,011
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	39,535			39,535
Share issuances related to stock-based compensation (in shares)			674
Share issuances related to stock-based compensation	5,271		$ 6	5,265
Net income (loss)	(38,888)				(38,888)
Other comprehensive income (loss)	1,738						1,738
Ending balance (in shares) at Sep. 30, 2020			46,685
Ending balance at Sep. 30, 2020	419,476		$ 464	1,023,459	(592,762)		(11,685)
Beginning balance (in shares) at Jun. 30, 2020			46,321
Beginning balance at Jun. 30, 2020	434,235		$ 461	997,838	(551,591)		(12,473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	20,584			20,584
Share issuances related to stock-based compensation (in shares)			364
Share issuances related to stock-based compensation	5,040		$ 3	5,037
Net income (loss)	(41,171)				(41,171)
Other comprehensive income (loss)	788						788
Ending balance (in shares) at Sep. 30, 2020			46,685
Ending balance at Sep. 30, 2020	419,476		$ 464	1,023,459	(592,762)		(11,685)
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	48,260			48,260
Share issuances related to stock-based compensation (in shares)			1,300
Share issuances related to stock-based compensation	23,261		$ 13	23,248
Repurchase of common stock (in shares)			(2,408)
Repurchase of common stock	(180,092)		$ (24)	(21,465)	(158,603)
Net income (loss)	15,628				15,628
Other comprehensive income (loss)	(1,313)						(1,313)
Ending balance (in shares) at Sep. 30, 2021			45,374
Ending balance at Sep. 30, 2021	299,778		$ 452	1,119,738	(808,749)		(11,663)
Beginning balance (in shares) at Jun. 30, 2021			46,066
Beginning balance at Jun. 30, 2021	354,538		$ 459	1,095,903	(730,883)		(10,941)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	26,449			26,449
Share issuances related to stock-based compensation (in shares)			467
Share issuances related to stock-based compensation	7,826		$ 5	7,821
Repurchase of common stock (in shares)			(1,159)
Repurchase of common stock	(90,044)		$ (12)	(10,435)	(79,597)
Net income (loss)	1,731				1,731
Other comprehensive income (loss)	(722)						(722)
Ending balance (in shares) at Sep. 30, 2021			45,374
Ending balance at Sep. 30, 2021	$ 299,778		$ 452	$ 1,119,738	$ (808,749)		$ (11,663)

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 15,628,000	$ (38,888,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,258,000	10,743,000
Noncash stock-based compensation	48,260,000	39,535,000
Amortization of deferred commissions cost	8,650,000	9,526,000
Impairment of operating lease assets	0	692,000
Impairment of intangible assets	0	40,700,000
Changes in operating assets and liabilities:
Trade accounts receivable	27,519,000	3,637,000
Operating lease assets and liabilities, net	(544,000)	(808,000)
Other current assets and Other assets	(4,346,000)	9,982,000
Deferred commissions cost	(12,897,000)	(9,965,000)
Accounts payable	(193,000)	(67,000)
Accrued liabilities	(25,952,000)	(17,151,000)
Deferred revenue	1,831,000	(10,222,000)
Other liabilities	56,000	4,528,000
Net cash provided by operating activities	63,270,000	42,242,000
Cash flows from investing activities
Proceeds from maturity of short-term investments	0	32,800,000
Purchases of investments	(2,706,000)	0
Purchase of property and equipment	(1,993,000)	(3,662,000)
Net cash (used in) provided by investing activities	(4,699,000)	29,138,000
Cash flows from financing activities
Repurchase of common stock	(180,092,000)	0
Proceeds from stock-based compensation plans	23,261,000	5,271,000
Net cash (used in) provided by financing activities	(156,831,000)	5,271,000
Effects of exchange rate — changes in cash	(3,170,000)	10,420,000
Net (decrease) increase in cash and cash equivalents	(101,430,000)	87,071,000
Cash and cash equivalents at beginning of period	397,237,000	296,082,000
Cash and cash equivalents at end of period	$ 295,807,000	$ 383,153,000

Basis of Presentation	6 Months Ended
Basis of Presentation	Sep. 30, 2021
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 September 30, 2021 and for the three and six months ended September 30, 2021 and 2020 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 2021. 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. Actual results could differ from those estimates.

Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2021

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)
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.	We adopted this standard as of April 1, 2021.	The standard did not have a significant impact on our financial statements.

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 34% and 36% of total revenues for the three months ended September 30, 2021 and 2020, respectively. Sales with Arrow totaled 35% and 36% of total revenues for the six months ended September 30, 2021 and 2020, respectively. Arrow accounted for approximately 25% and 33% of total accounts receivable as of September 30, 2021 and March 31, 2021, respectively.

TD SYNNEX (formerly Tech Data Corporation) accounted for approximately 13% of total accounts receivable as of September 30, 2021.

Equity Securities Accounted for at Net Asset Value

We held an equity interest in a private equity fund of $2.6 million as of September 30, 2021, which is accounted for under the net asset value practical expedient as permitted under ASC 820 Fair Value Measurement. This investment is included in Other assets in the accompanying Consolidated Balance Sheets. The net asset value of this investment is determined using quarterly capital statements from the fund, which is based on our contributions to the fund, allocation of profit and loss and changes in fair value of the underlying fund investment. Changes in fair value as reported on the capital statements will be recorded through profit and loss as non-operating income. This private equity fund focuses 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 $8.2 million as of September 30, 2021.

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 software licenses, software updates, customer support and other services, including software-as-a-service offerings. 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 contracts for software updates and customer support 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 typically 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 or appliance sold as part of the transaction.

Beginning in fiscal 2022, we modified the terms of our commission plans, and as a result, the commission paid on the renewal of a term-based, or subscription software license, was not commensurate with the commission paid on the initial purchase. As a result, the cost of commissions allocated to software updates and customer support on the initial transaction are now 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 software updates and support for the renewal of term-based software licenses, is limited to the contractual period of the arrangement as we intend to pay a commensurate renewal commission upon the next renewal of the subscription license and related updates and support. This change in commission plans also resulted in a change in the estimate of the amortization period of our existing Deferred commissions cost associated with term licenses. This change in amortization period resulted in an approximately $950 and $2,050 reduction in Sales and marketing expense, than if the change in estimate did not occur, for the three and six months ended September 30, 2021, respectively.

The costs related to professional services are amortized over the period the related professional 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.

Revenue

6 Months Ended

Sep. 30, 2021

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. In the second half of fiscal 2021 we began transitioning to 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, we expect the revenue and costs associated with hardware will decline from recent fiscal years.

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. We sell our 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 on our perpetual licenses. The term of our subscription arrangements is typically three years.

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.

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
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

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). We operate in one segment.


	Three Months Ended September 30, 2021
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	44,185	$	22,280	$	8,796	$	75,261
Customer Support Revenue	51,207		26,288		9,958		87,453
Other Services Revenue	9,393		4,114		1,619		15,126
Total Revenue	$	104,785	$	52,682	$	20,373	$	177,840


	Three Months Ended September 30, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	39,241	$	22,063	$	11,005	$	72,309
Customer Support Revenue	54,177		24,911		10,359		89,447
Other Services Revenue	4,794		3,084		1,505		9,383
Total Revenue	$	98,212	$	50,058	$	22,869	$	171,139



	Six Months Ended September 30, 2021
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	95,972	$	43,621	$	17,830	$	157,423
Customer Support Revenue	103,081		53,062		20,279		176,422
Other Services Revenue	16,703		7,542		3,171		27,416
Total Revenue	$	215,756	$	104,225	$	41,280	$	361,261



	Six Months Ended September 30, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	89,886	$	40,858	$	18,119	$	148,863
Customer Support Revenue	109,415		48,221		20,454		178,090
Other Services Revenue	8,907		5,639		2,640		17,186
Total Revenue	$	208,208	$	94,718	$	41,213	$	344,139

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, 2021	$	168,985	$	19,141	$	7,463	$	253,211	$	119,231
Increase (decrease), net	(20,372)		(1,482)		(2,961)		(5,633)		5,602
Ending Balance as of September 30, 2021	$	148,613	$	17,659	$	4,502	$	247,578	$	124,833

The decrease in Accounts receivable (inclusive of Unbilled receivables) is a result of a decrease in software and products revenue relative to the fourth quarter of the prior fiscal year. Deferred revenue remained relatively consistent primarily as the result of an increase in deferred revenue associated with Metallic contracts that are billed upfront and recognized ratably over the contract period partially offset by a seasonal decline in deferred revenue associated with customer support contracts as the renewal of our customer support contracts is concentrated in our fiscal third and fourth quarters.

The amount of revenue recognized in the period that was included in the March 31, 2021 balance of deferred revenue was $70,117 and $160,926 for the three and six months ended September 30, 2021. The vast majority of this revenue consists of customer support arrangements. The amount of software and products revenue recognized in the three and six months ended September 30, 2021 related to performance obligations from prior periods was not significant.

Remaining Performance Obligations

In addition to the amounts included in deferred revenue as of September 30, 2021, $37,760 of revenue may be recognized from remaining performance obligations, of which approximately $4,300 was related to software and products. We expect the majority of this software and products revenue to be recognized during fiscal 2022. Most of this software and products revenue is associated with renewals of term licenses which have not yet expired. 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

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+ Details

Net Income per Common Share

6 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Income per Common Share


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Net income (loss)	$	1,731	$	(41,171)	$	15,628	$	(38,888)
Basic net income (loss) per common share:
Basic weighted average shares outstanding	45,743		46,516		45,960		46,354
Basic net income (loss) per common share	$	0.04	$	(0.89)	$	0.34	$	(0.84)
Diluted net income (loss) per common share:
Basic weighted average shares outstanding	45,743		46,516		45,960		46,354
Dilutive effect of stock options and restricted stock units	1,856		—		1,976		—
Diluted weighted average shares outstanding	47,599		46,516		47,936		46,354
Diluted net income (loss) per common share	$	0.04	$	(0.89)	$	0.33	$	(0.84)

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 472 and 5,040 for the three months ended September 30, 2021 and 2020, respectively, and 597 and 5,031 for the six months ended September 30, 2021 and 2020, because the effect would have been anti-dilutive.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies During the second quarter of fiscal 2022, we entered into a settlement agreement resulting in a $2,500 gain which resolved certain legal matters. The settlement amount is recorded in General and administrative expenses net against related legal expenses. 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	6 Months Ended
Capitalization	Sep. 30, 2021
Equity [Abstract]
Capitalization	CapitalizationOur stock repurchase program has been funded by our existing cash and cash equivalent balances as well as cash flows provided by our operations. 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 fiscal 2022 free cash flow for additional repurchases during fiscal year 2022. From the period beginning February 1, 2021 through September 30, 2021 we have repurchased $242,220 of our common stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock Plans

6 Months Ended

Sep. 30, 2021

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 six months ended September 30, 2021 and 2020. Stock-based compensation is attributable to stock options, restricted stock units, performance based awards and the employee stock purchase plan.


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Cost of services revenue	$	1,042	$	740	$	2,227	$	1,406
Sales and marketing	9,974		8,988		17,282		16,192
Research and development	8,410		5,578		15,595		11,519
General and administrative	6,773		4,631		12,784		9,714
Restructuring	250		647		372		704
Stock-based compensation expense	$	26,449	$	20,584	$	48,260	$	39,535

As of September 30, 2021, there was $121,951 of unrecognized stock-based compensation expense related to restricted stock unit awards that is expected to be recognized over a weighted-average period of 1.68 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 Options

Stock option activity for the six months ended September 30, 2021 is as follows:


Options	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of March 31, 2021	1,357	$	62.06
Options granted	—	—
Options exercised	(391)	46.31
Options forfeited	—	—
Options expired	(8)	84.65
Outstanding as of September 30, 2021	958	68.30		1.93	$	11,613
Exercisable as of September 30, 2021	958	68.30		1.93	$	11,613

The total intrinsic value of options exercised was $12,460 for the six months ended September 30, 2021 and $356 for the six months ended September 30, 2020.

Restricted Stock Units

Restricted stock unit activity for the six months ended September 30, 2021 is as follows:


Non-vested Restricted Stock Units	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested as of March 31, 2021	3,451	$	44.90
Awarded	731	74.28
Vested	(824)	44.93
Forfeited	(179)	47.74
Non-vested as of September 30, 2021	3,179	$	51.42

The weighted-average fair value of restricted stock units awarded was $76.79 and $74.28 per unit during the three and six months ended September 30, 2021, and $42.02 and $37.42 per unit during the three and six months ended September 30, 2020. The weighted-average fair value of awards includes the awards with a market condition described below.

Performance Based Awards

In the six months ended September 30, 2021, we granted 117 performance restricted stock units ("PSUs") to certain executives. Vesting of these awards is contingent upon i) us meeting certain revenue and non-GAAP performance goals (performance-based) in fiscal 2022 and ii) our customary service periods. The awards vest over three years. These awards generally have potential to vest at 200% based on actual fiscal 2022 performance. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. During the interim financial periods, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. The awards are included in the restricted stock unit table.

Awards with a Market Condition

In the six months ended September 30, 2021, we granted 105 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% (210 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 six months ended September 30, 2021 was $87.74 per unit. The awards are included in the restricted stock unit table.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the “Purchase Plan”) 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 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 85 shares in exchange for $5,160 of proceeds in the six months ended September 30, 2021 and 129 shares in exchange for $4,652 of proceeds in the six months ended September 30, 2020. The Purchase Plan 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 Purchase Plan for six months ended September 30, 2021 and 2020 was $1,567 and $1,511, respectively. As of September 30, 2021, there was approximately $1,291 of unrecognized cost related to the current purchase period of our Purchase Plan.

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome tax expense was $2,555 in the six months ended September 30, 2021 compared to expense of $4,211 in the six months ended September 30, 2020. Current quarter income tax expense relates primarily to current foreign taxes. 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 September 30, 2021.

- 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

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+ Details

Restructuring

6 Months Ended

Sep. 30, 2021

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 six months ended September 30, 2021 and 2020, restructuring charges were comprised of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Employee severance and related costs	$	386	$	4,895	$	1,710	$	6,695
Lease impairments and related costs (1)	—		225		—		692
Stock-based compensation	250		647		372		704
Total restructuring charges	$	636	$	5,767	$	2,082	$	8,091

(1) Lease impairment charges for the three and six months ended September 30, 2020 relate to three and five offices, respectively. There were no lease impairment charges for the three and six months ended September 30, 2021.

Restructuring accruals

The activity in our restructuring accruals for the six months ended September 30, 2021 is as follows:


	Total
Balance as of March 31, 2021	$	3,095
Employee severance and related costs	1,710
Payments	(4,306)
Balance as of September 30, 2021	$	499

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements of Commvault as of September 30, 2021 and for the three and six months ended September 30, 2021 and 2020 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 2021. 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. Actual results could differ from those estimates.

Recently Adopted Accounting Standards


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.	We adopted this standard as of April 1, 2021.	The standard did not have a significant impact on our financial statements.

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.

Equity Securities Accounted for at Net Asset Value

Deferred Commissions Cost

Revenue

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 is 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.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
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-Name Accounting Standards Codification
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Recently Adopted Accounting Standards


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.	We adopted this standard as of April 1, 2021.	The standard did not have a significant impact on our financial statements.

Revenue (Tables)

6 Months Ended

Sep. 30, 2021

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
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

Schedule of Disaggregation of Revenue


	Three Months Ended September 30, 2021
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	44,185	$	22,280	$	8,796	$	75,261
Customer Support Revenue	51,207		26,288		9,958		87,453
Other Services Revenue	9,393		4,114		1,619		15,126
Total Revenue	$	104,785	$	52,682	$	20,373	$	177,840


	Three Months Ended September 30, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	39,241	$	22,063	$	11,005	$	72,309
Customer Support Revenue	54,177		24,911		10,359		89,447
Other Services Revenue	4,794		3,084		1,505		9,383
Total Revenue	$	98,212	$	50,058	$	22,869	$	171,139



	Six Months Ended September 30, 2021
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	95,972	$	43,621	$	17,830	$	157,423
Customer Support Revenue	103,081		53,062		20,279		176,422
Other Services Revenue	16,703		7,542		3,171		27,416
Total Revenue	$	215,756	$	104,225	$	41,280	$	361,261



	Six Months Ended September 30, 2020
	Americas		EMEA		APJ		Total
Software and Products Revenue	$	89,886	$	40,858	$	18,119	$	148,863
Customer Support Revenue	109,415		48,221		20,454		178,090
Other Services Revenue	8,907		5,639		2,640		17,186
Total Revenue	$	208,208	$	94,718	$	41,213	$	344,139

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, 2021	$	168,985	$	19,141	$	7,463	$	253,211	$	119,231
Increase (decrease), net	(20,372)		(1,482)		(2,961)		(5,633)		5,602
Ending Balance as of September 30, 2021	$	148,613	$	17,659	$	4,502	$	247,578	$	124,833

Net Income per Common Share (Tables)

6 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Net income (loss)	$	1,731	$	(41,171)	$	15,628	$	(38,888)
Basic net income (loss) per common share:
Basic weighted average shares outstanding	45,743		46,516		45,960		46,354
Basic net income (loss) per common share	$	0.04	$	(0.89)	$	0.34	$	(0.84)
Diluted net income (loss) per common share:
Basic weighted average shares outstanding	45,743		46,516		45,960		46,354
Dilutive effect of stock options and restricted stock units	1,856		—		1,976		—
Diluted weighted average shares outstanding	47,599		46,516		47,936		46,354
Diluted net income (loss) per common share	$	0.04	$	(0.89)	$	0.33	$	(0.84)

Stock Plans (Tables)

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Cost of services revenue	$	1,042	$	740	$	2,227	$	1,406
Sales and marketing	9,974		8,988		17,282		16,192
Research and development	8,410		5,578		15,595		11,519
General and administrative	6,773		4,631		12,784		9,714
Restructuring	250		647		372		704
Stock-based compensation expense	$	26,449	$	20,584	$	48,260	$	39,535

Schedule of Stock Option Activity

Stock option activity for the six months ended September 30, 2021 is as follows:


Options	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of March 31, 2021	1,357	$	62.06
Options granted	—	—
Options exercised	(391)	46.31
Options forfeited	—	—
Options expired	(8)	84.65
Outstanding as of September 30, 2021	958	68.30		1.93	$	11,613
Exercisable as of September 30, 2021	958	68.30		1.93	$	11,613

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended September 30, 2021 is as follows:


Non-vested Restricted Stock Units	Number of Awards	Weighted- Average Grant Date Fair Value
Non-vested as of March 31, 2021	3,451	$	44.90
Awarded	731	74.28
Vested	(824)	44.93
Forfeited	(179)	47.74
Non-vested as of September 30, 2021	3,179	$	51.42

Restructuring (Tables)

6 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Accruals

For the three and six months ended September 30, 2021 and 2020, restructuring charges were comprised of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Employee severance and related costs	$	386	$	4,895	$	1,710	$	6,695
Lease impairments and related costs (1)	—		225		—		692
Stock-based compensation	250		647		372		704
Total restructuring charges	$	636	$	5,767	$	2,082	$	8,091

Schedule of Activity in Restructuring Accruals

The activity in our restructuring accruals for the six months ended September 30, 2021 is as follows:


	Total
Balance as of March 31, 2021	$	3,095
Employee severance and related costs	1,710
Payments	(4,306)
Balance as of September 30, 2021	$	499

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Arrow \| Revenue
Concentration Risk [Line Items]
Concentration risk percentage	34.00%	36.00%	35.00%	36.00%
Arrow \| Accounts receivable
Concentration Risk [Line Items]
Concentration risk percentage			25.00%		33.00%
Tech Data \| Accounts receivable
Concentration Risk [Line Items]
Concentration risk percentage			13.00%

Summary of Significant Accounting Policies - Equity Securities Accounted for at Net Asset Value (Details) - Private Equity Funds $ in Millions	Sep. 30, 2021 USD ($)
Concentration Risk [Line Items]
Equity securities	$ 2.6
Unfunded commitments	$ 8.2

Summary of Significant Accounting Policies - Deferred Commissions Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Software updates and customer support costs amortization period	5 years		5 years
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction of sales and marketing expense	$ (82,928)	$ (79,069)	$ (159,289)	$ (160,745)
Commission Plans Modification
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction of sales and marketing expense	$ 950		$ 2,050

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) source segment
Revenue from Contract with Customer [Abstract]
Sources of primary revenue \| source		2
Customer support agreement term		1 year
Subscription arrangement term		3 years
Number of operating segments \| segment		1
Revenue recognized in period, included in opening deferred revenue balance	$ 70,117	$ 160,926
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations	37,760	37,760
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 \| Software and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations	$ 4,300	$ 4,300
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 \| Other Professional Services (except for education services)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months	12 months

Revenue - Performance Obligations (Details)	6 Months Ended
Revenue - Performance Obligations (Details)	Sep. 30, 2021
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

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total Revenue	$ 177,840	$ 171,139	$ 361,261	$ 344,139
Americas
Disaggregation of Revenue [Line Items]
Total Revenue	104,785	98,212	215,756	208,208
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	52,682	50,058	104,225	94,718
APJ
Disaggregation of Revenue [Line Items]
Total Revenue	20,373	22,869	41,280	41,213
Software and products
Disaggregation of Revenue [Line Items]
Total Revenue	75,261	72,309	157,423	148,863
Software and products \| Americas
Disaggregation of Revenue [Line Items]
Total Revenue	44,185	39,241
Software and products \| EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	22,280	22,063
Software and products \| APJ
Disaggregation of Revenue [Line Items]
Total Revenue	8,796	11,005
Customer Support Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	87,453	89,447	176,422	178,090
Customer Support Revenue \| Americas
Disaggregation of Revenue [Line Items]
Total Revenue	51,207	54,177	103,081	109,415
Customer Support Revenue \| EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	26,288	24,911	53,062	48,221
Customer Support Revenue \| APJ
Disaggregation of Revenue [Line Items]
Total Revenue	9,958	10,359	20,279	20,454
Other Services Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	15,126	9,383	27,416	17,186
Other Services Revenue \| Americas
Disaggregation of Revenue [Line Items]
Total Revenue	9,393	4,794	16,703	8,907
Other Services Revenue \| EMEA
Disaggregation of Revenue [Line Items]
Total Revenue	4,114	3,084	7,542	5,639
Other Services Revenue \| APJ
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,619	$ 1,505	3,171	2,640
Software and Products Revenue
Disaggregation of Revenue [Line Items]
Total Revenue			157,423	148,863
Software and Products Revenue \| Americas
Disaggregation of Revenue [Line Items]
Total Revenue			95,972	89,886
Software and Products Revenue \| EMEA
Disaggregation of Revenue [Line Items]
Total Revenue			43,621	40,858
Software and Products Revenue \| APJ
Disaggregation of Revenue [Line Items]
Total Revenue			$ 17,830	$ 18,119

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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+ Details

Revenue - Opening and Closing Balances of Accounts Receivables, Unbilled Receivables, and Deferred Revenues (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2021 USD ($)
Accounts Receivable [Roll Forward]
Opening Balance	$ 168,985
Increase (decrease), net	(20,372)
Ending Balance	148,613
Contract With Customer, Liability, Current [Roll Forward]
Opening Balance	253,211
Contract With Customer, Liability, Noncurrent [Roll Forward]
Opening Balance	119,231
Unbilled Receivable (current)
Unbilled Receivable (current) [Roll Forward]
Opening Balance	19,141
Increase (decrease), net	(1,482)
Ending Balance	17,659
Unbilled Receivable (long-term)
Unbilled Receivable (long-term) [Roll Forward]
Opening Balance	7,463
Increase (decrease), net	(2,961)
Ending Balance	4,502
Deferred Revenue (current)
Contract With Customer, Liability, Current [Roll Forward]
Opening Balance	253,211
Increase (decrease), net	(5,633)
Ending Balance	247,578
Deferred Revenue (long-term)
Contract With Customer, Liability, Noncurrent [Roll Forward]
Opening Balance	119,231
Increase (decrease), net	5,602
Ending Balance	$ 124,833

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		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 1,731	$ (41,171)	$ 15,628	$ (38,888)
Basic net income (loss) per common share:
Basic weighted average shares outstanding (in shares)	45,743	46,516	45,960	46,354
Basic net income (loss) per common share (in dollars per share)	$ 0.04	$ (0.89)	$ 0.34	$ (0.84)
Diluted net income (loss) per common share:
Basic weighted average shares outstanding (in shares)	45,743	46,516	45,960	46,354
Dilutive effect of stock options and restricted stock units (in shares)	1,856	0	1,976	0
Diluted weighted average shares outstanding (in shares)	47,599	46,516	47,936	46,354
Diluted net income (loss) per common share (in dollars per share)	$ 0.04	$ (0.89)	$ 0.33	$ (0.84)

- 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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+ 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		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation (in shares)	472	5,040	597	5,031

Commitment and Contingencies (Details) $ in Thousands	3 Months Ended
Commitment and Contingencies (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Gain on litigation settlement	$ 2,500

Capitalization (Details)	3 Months Ended	6 Months Ended	8 Months Ended
Capitalization (Details)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)
Equity [Abstract]
Share repurchase program, authorized amount	$ 200,000	$ 200,000	$ 200,000
Percentage of free cash flow used for additional stock repurchases	75.00%	75.00%	75.00%
Repurchase of common stock	$ 90,044,000	$ 180,092,000	$ 242,220,000

Stock Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 26,449	$ 20,584	$ 48,260	$ 39,535
Cost of services revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,042	740	2,227	1,406
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,974	8,988	17,282	16,192
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	8,410	5,578	15,595	11,519
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,773	4,631	12,784	9,714
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 250	$ 647	$ 372	$ 704

Stock Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised			$ 12,460	$ 356
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, net of estimated forfeitures	$ 121,951		$ 121,951
Weighted average period awards are expected to be recognized			1 year 8 months 4 days
Weighted-average fair value, units awarded (in dollars per share)	$ 76.79	$ 42.02	$ 74.28	$ 37.42

Stock Plans - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Number of Options
Outstanding beginning balance (in shares) \| shares	1,357
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	(391)
Options forfeited (in shares) \| shares	0
Options expired (in shares) \| shares	(8)
Outstanding ending balance (in shares) \| shares	958
Exercisable at current period end (in shares) \| shares	958
Weighted-Average Exercise Price
Outstanding beginning balance (in dollars per share) \| $ / shares	$ 62.06
Options granted (in dollars per share) \| $ / shares	0
Options exercised (in dollars per share) \| $ / shares	46.31
Options forfeited (in dollars per share) \| $ / shares	0
Options expired (in dollars per share) \| $ / shares	84.65
Outstanding ending balance (in dollars per share) \| $ / shares	68.30
Exercisable at current period-end (in dollars per share) \| $ / shares	$ 68.30
Weighted-Average Remaining Contractual Term (Years)
Outstanding at current period-end	1 year 11 months 4 days
Exercisable at current period-end	1 year 11 months 4 days
Aggregate Intrinsic Value
Outstanding at current period-end \| $	$ 11,613
Exercisable at current period-end \| $	$ 11,613

Stock Plans - Restricted Stock Units (Details) - Restricted stock units - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Number of Awards
Non-vested beginning balance (in shares)			3,451
Granted (in shares)			731
Vested (in shares)			(824)
Forfeited (in shares)			(179)
Non-vested ending balance (in shares)	3,179		3,179
Weighted- Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)			$ 44.90
Granted (in dollars per share)	$ 76.79	$ 42.02	74.28	$ 37.42
Vested (in dollars per share)			44.93
Forfeited (in dollars per share)			47.74
Non-vested ending balance (in dollars per share)	$ 51.42		$ 51.42

Stock Plans - Performance Based Awards (Details) - PSU shares in Thousands	6 Months Ended
	Sep. 30, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	117
Service period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	200.00%

Stock Plans - Awards with a Market Condition (Details) - Market performance shares shares in Thousands	6 Months Ended
	Sep. 30, 2021 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	105
Service period	3 years
Number of annual tranches \| tranche	3
Weighted-average fair value, units awarded (in dollars per share) \| $ / shares	$ 87.74
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	200.00%
Awards potential to vest (in shares)	210

Stock Plans - Employee Stock Purchase plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 26,449	$ 20,584	$ 48,260	$ 39,535
Employee Stock
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%		10.00%
Maximum amount of stock purchasable by employees within a calendar year			$ 25
Number of shares purchased by employees (in shares)			85,000	129,000
Proceeds received			$ 5,160	$ 4,652
Compensation expense			1,567	$ 1,511
Unrecognized stock-based compensation expense, net of estimated forfeitures	$ 1,291		$ 1,291

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 824,000	$ (532,000)	$ 2,555,000	$ 4,211,000
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)	3 Months Ended		6 Months Ended
Restructuring - Restructuring Charges (Details)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($) office	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($) office
Restructuring and Related Activities [Abstract]
Employee severance and related costs	$ 386,000	$ 4,895,000	$ 1,710,000	$ 6,695,000
Lease impairments and related costs	0	225,000	0	692,000
Stock-based compensation	250,000	647,000	372,000	704,000
Total restructuring charges	$ 636,000	$ 5,767,000	$ 2,082,000	$ 8,091,000
Number of office related to lease impairment \| office		3		5

Restructuring - Activity in Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning balance			$ 3,095
Employee severance and related costs	$ 386	$ 4,895	1,710	$ 6,695
Payments			(4,306)
Ending balance	$ 499		$ 499

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

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