Company: CVLT
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001169561-25-000089
Chunk: 61

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 61
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 of the customer success structure aimed to optimize operational efficiency and improve continuity for our customers through the pre-sales and post-sales experience. These charges related primarily to severance and related costs associated with headcount reductions, stock-based compensation related to modifications of existing awards granted to certain employees impacted by the plan and office termination and exit charges.For the three and six months ended September 30, 2025 and 2024, restructuring charges were comprised of the following:Three Months Ended September 30,Six Months Ended September 30,2025202420252024Employee severance and related costs$1,018 $386 $1,180 $655 Lease exit costs (1)— — — 402 Stock-based compensation411 180 486 4,188 Total restructuring charges$1,429 $566 $1,666 $5,245 (1) Lease exit costs relate to one office for the six months ended September 30, 2024.Restructuring accrualThe accrual activity related to our restructuring plans for the six months ended September 30, 2025 was as follows:Total (1)Beginning balance$790 Employee severance and related costs1,180 Payments(1,604)Ending balance$366 (1) During the six months ended September 30, 2025, there were no new charges incurred and $726 in payments made related to our prior restructuring plan that was completed in fiscal 2025. The amount included in the ending balance as of September 30, 2025 related to the completed plan was not significant.

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

14.    Debt

Convertible Senior NotesOn September 5, 2025, we issued $900,000 aggregate principal amount of 0% convertible senior notes due 2030 (the “Notes”), including the exercise in full by the initial purchasers of the Notes of their option to purchase an additional $115,000 aggregate principal amount of the Notes. The Notes were issued pursuant to an Indenture, dated September 5, 2025 (the “Indenture”), between Commvault and U.S. Bank Trust Company, National Association, as trustee. The Notes are senior, unsecured obligations and do not bear regular interest; however, special interest and additional interest, if any, may accrue on