Company: CVLT
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001169561-25-000034
Chunk: 107

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-05-05
Form: 10-K
Item: Item 8
Chunk 107
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 lease cost recognized in our consolidated statements of operations is summarized as follows:Year Ended March 31,202520242023Operating lease cost$5,760 $5,770 $5,449 Short-term lease cost21 272 631 Variable lease cost1,233 1,333 1,360 Net lease cost$7,014 $7,375 $7,440 As of March 31, 2025, the maturities of lease liabilities based on the total minimum lease commitment amount including options to extend lease terms that are reasonably certain of being exercised are as follows:2026$4,466 20273,057 20282,227 20291,202 2030586 Thereafter139 Total minimum lease payments11,677 Less: Imputed interest725 Present value of operating lease liabilities10,952 Less: Current portion of operating lease liabilities4,614 Long-term operating lease liabilities$6,338 As of March 31, 2025, the minimum lease commitment amount for operating leases signed but not yet commenced was $377. These commitments are related to office lease renewals that expire at various dates through fiscal 2027.Lease term and Discount rate    Year Ended March 31,20252024Weighted-average remaining term (in years)3.193.60Weighted-average discount rate4.86 %4.00 %

75

Commvault Systems, Inc. Notes to Consolidated Financial Statements — (Continued) (In thousands, except per share data) 

17.    Revolving Credit Facility

On December 13, 2021, we entered into a five-year $100,000 senior secured revolving credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A. The Credit Facility is available for share repurchases, general corporate purposes, and letters of credit. The Credit Facility contains financial maintenance covenants, including a leverage ratio and interest coverage ratio. The Credit Facility also contains certain customary events of default which would permit the lender to, among other things, declare all loans then outstanding to be immediately due and payable if such default is not cured within applicable grace periods. The Credit Facility also limits our ability to incur certain additional indebtedness, create or permit liens on assets, make acquisitions, make investments, engage in loans or advances, sell or transfer assets, pay dividends or distributions, and engage in certain transactions with foreign affiliates. Outstanding