Company: CVLT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001169561-25-000069
Chunk: 32

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 32
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 In addition, Partner A represented approximately 26% and 29% of our total accounts receivable as of June 30, 2025 and March 31, 2025, respectively. Separately, Partner B accounted for approximately 11% of our total revenues for the three months ended June 30, 2025 and 12% of our total accounts receivable as of June 30, 2025. Total revenues for the three months ended June 30, 2024 and total accounts receivable as of March 31, 2025 for Partner B were not material.

7

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

 Fair Value of Financial InstrumentsFair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for such asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, we use the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable:Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities;Level 2 — Inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly; andLevel 3 — Unobservable inputs that are supported by little or no market activity and that require the reporting entity to develop its own assumptions.The carrying amounts of our cash, cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. Equity securities within Level 3 include an investment in a privately held company which was valued using the measurement alternative as permitted under Accounting Standards Codification ("ASC") 321, Investments - Equity Securities. This investment is included in other assets in the accompanying consolidated balance sheets.The following table summarizes the composition of our financial assets and liabilities measured at fair value as of June 30, 2025 and March 31, 2025:June 30, 2025Level 1Level 2Level 3TotalAssets:Equity securities$— $— $5,826 $5,826 March 31, 2025Level 1Level 2Level 3Total