Company: CVLT
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001169561-25-000034
Chunk: 97

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-05-05
Form: 10-K
Item: Item 8
Chunk 97
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See Note 16 of the notes to the financial statements for more detail on our minimum lease commitments. 

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Commvault Systems, Inc. Notes to Consolidated Financial Statements — (Continued) (In thousands, except per share data) 

Legal ProceedingsDuring fiscal 2025, we entered into a settlement agreement resulting in a payment of $1,475 which resolved certain legal matters. For the year ended March 31, 2025, $675 was recorded in general and administrative expenses and the remaining $800 was incurred in a prior period that is not presented in the consolidated statements of operations. 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.Contingent ConsiderationThe Company has a contingent liability related to the acquisition of Appranix. See Note 4 of the notes to the financial statements for further details of the arrangement.

10.     Capitalization

Common StockWe have 44,104 and 43,548 shares of common stock, par value $0.01, outstanding at March 31, 2025 and March 31, 2024, respectively. The Board of Directors (the "Board") approved a share repurchase program of $250,000 in April 2024. The Board's authorization has no expiration date. During fiscal 2025, we repurchased $165,015 of our common stock, or approximately 1,215 shares. As a result, $91,471 remained available under the current authorization as of March 31, 2025. Our share repurchase program has been funded by our existing cash and cash equivalent balances, as well as cash flows provided by our operations.Subsequent EventOn April 17, 2025, the Board of Directors approved an increase in our share repurchase program so that $250,000 was available. The Board's authorization has no expiration date.Shares Reserved for IssuanceAt March 31, 2025, we have reserved 4,555 shares in connection with our Stock Plans discussed in Note 11 of the notes to the consolidated financial statements.

11.     Stock Plans

We maintain the Omnibus Incentive Plan (the “2016 Incentive Plan”) for granting awards to employees. The 2016 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, full value awards (including restricted stock, restricted stock units, performance