Company: CVLT
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0001169561-25-000007
Chunk: 82

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 2
Chunk 82
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 all covenants.

On April 18, 2024, the Board of Directors approved an increase of the existing share repurchase program so that $250.0 million was available. The Board's authorization has no expiration date. For the nine months ended December 31, 2024, we repurchased $135.2 million of our common stock. The remaining amount available under the current authorization as of December 31, 2024 was $121.3 million.

Our summarized cash flow information is as follows (in millions):

 Nine Months Ended December 31, 20242023Net cash provided by operating activities$130.4 $123.8 Net cash used in investing activities(69.7)(4.3)Net cash used in financing activities(124.1)(125.9)Effects of exchange rate - changes in cash(5.8)2.9 Net decrease in cash and cash equivalents$(69.2)$(3.5)

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–Net cash provided by operating activities was impacted by net income adjusted for the impact of non-cash charges and an increase in deferred revenue, partially offset by an increase in accounts receivable.

–Net cash used in investing activities was related to $65.9 million for the acquisitions of Appranix and Clumio, $3.0 million of capital expenditures and $0.8 million for the purchase of equity securities.

–Net cash used in financing activities was the result of $135.2 million of repurchases of common shares, partially offset by $11.1 million of proceeds from the exercise of stock options and the Employee Stock Purchase Plan.

Working capital decreased $45.2 million from $110.2 million as of March 31, 2024 to $65.0 million as of December 31, 2024. The net decrease in working capital was primarily the result of a decrease in cash and cash equivalents driven by the acquisitions of Appranix and Clumio in fiscal 2025 and an increase in the current portion of deferred revenue, partially offset by an increase in accounts receivable.

We believe that our existing cash, cash equivalents and our cash from operations will be sufficient to meet our anticipated cash needs for working capital, income taxes, capital expenditures and potential stock repurchases for at least the next twelve months. We may seek additional funding through public or private financings or other arrangements during this period. Adequate funds may not be available when needed or may not be available on terms favorable to us