Company: CVLT
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0001169561-25-000007
Chunk: 15

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 1
Chunk 15
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 backup and recovery provider, for a purchase price of $44,909 in cash consideration. The primary reason for the business combination is to extend our product offerings in our existing cyber resiliency market. We expect that substantially all of the goodwill acquired in this transaction will be deductible for income tax purposes. During the three and nine months ended December 31, 2024, we incurred costs related to the acquisition of Clumio of approximately $314 and $1,661, respectively, which were included in general and administrative expenses. The following table summarizes the preliminary purchase price allocation as of the date of acquisition:Assets acquired and liabilities assumed:Trade accounts receivable$1,161 Other current assets394 Deferred tax asset377 Intangible assets18,100 Accounts payable and accrued liabilities(3,087)Deferred revenue(8,370)Total identifiable net assets acquired and liabilities assumed8,575 Goodwill36,334 Total purchase price$44,909 The purchase price allocation is preliminary as it relates to customary closing adjustments and the valuation of income taxes. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date.We also entered into compensation arrangements with the co-founders and certain employees of Clumio, which included granting approximately $13,000 in performance stock units and restricted stock units that vest over the next three years. 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 straight-line method. Refer to Note 10 for further discussion of stock awards.

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Table of Contents      Commvault Systems, Inc.Notes to Consolidated Financial Statements - Unaudited (continued)(In thousands, except per share data)

Actual and Unaudited Pro Forma InformationWe completed the acquisition of Appranix on April 15, 2024, and the acquisition of Clumio on October 1, 2024. Accordingly, the operations of both Appranix and Clumio are included in our consolidated statements of operations from the dates of the acquisitions to December 31, 2024. Appranix contributed revenues of approximately $680 and $1,673, and estimated net loss of approximately $43 and $463, for the three and nine months ended December 31, 2024, respectively. Clumio contributed revenues of approximately $6,412, and estimated net loss of approximately $3