Company: CVLT
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001169561-25-000089
Chunk: 95

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 95
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23.2 million and represented 19% of our total revenues for the six months ended September 30, 2025 compared to 18% for the six months ended September 30, 2024.

–Cost of term-based license revenue increased $0.5 million and represented 2% of our term-based license revenue for the six months ended September 30, 2025 compared to 3% for the six months ended September 30, 2024.

–Cost of SaaS revenue increased $22.2 million and represented 36% of our SaaS revenue for the six months ended September 30, 2025 compared to 35% for the six months ended September 30, 2024. The year over year increase is primarily the result of incremental hosting costs associated with acquisitions and an increase in the cost of infrastructure related to growth in our SaaS offerings.

–Cost of perpetual license revenue decreased $0.3 million and represented 2% of our total perpetual revenue for the six months ended September 30, 2025 compared to 3% for the six months ended September 30, 2024.

–Cost of customer support revenue decreased $0.5 million and represented 18% of our total customer support revenue for the six months ended September 30, 2025 compared to 19% for the six months ended September 30, 2024.

–Cost of other services revenue increased $1.3 million and represented 66% of our total other services revenue for the six months ended September 30, 2025 compared to 70% for the six months ended September 30, 2024. The increase in cost of other services revenue was driven by timing of the delivery of certain professional services.

32

Operating Expenses ($ in millions)

–Sales and marketing expenses increased $46.8 million, or 24%, primarily driven by a $25.8 million increase in employee compensation and sales commissions associated with increases in headcount and revenues relative to the same period in the prior year, including an increase of $4.2 million in stock-based compensation. In addition, there was an increase year over year of $12.6 million due to higher spending on marketing initiatives, which included in-person events and travel.

–Research and development expenses increased $13.0 million, or 19%, driven by an increase of $8.5 million in employee compensation and related expenses, including an increase of $4.1 million in stock-based compensation. The