Company: CVLT
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0001169561-25-000007
Chunk: 42

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 8
Chunk 42
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,Nine Months Ended December 31,2024202320242023Americas$155,435 $125,052 $438,568 $367,476 International107,195 91,756 282,012 248,479 Total revenues$262,630 $216,808 $720,580 $615,955 

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

Remaining Performance ObligationsRemaining performance obligations represent expected future revenue from existing contracts where performance obligations are unsatisfied or partially unsatisfied at the end of the reporting period. Remaining performance obligations include unfulfilled contracts at the end of a given period and can include subscription arrangements (term-based licenses and SaaS agreements), customer support and other services. As of December 31, 2024, our remaining performance obligations (inclusive of deferred revenues) were $751,958, of which approximately 64% is expected to be recognized as revenue over the next 12 months and the remainder recognized thereafter. Remaining performance obligations, excluding deferred revenue, related to subscription arrangements, customer support revenue and other services were $75,114, $59,052, and $25,548, respectively. Of these balances, we expect approximately 76% of subscription arrangements, 31% of customer support and 100% of other services to be recognized as revenue over the next 12 months and the remainder recognized thereafter. We expect approximately 54% of subscription arrangements and 8% of customer support remaining performance obligations to be recognized as revenue in the fourth quarter of fiscal 2025. These balances represent transactions consisting primarily of early renewals, unbilled and undelivered support and other services, and orders received prior to the last day of the quarter that were not delivered or provisioned to customers. Remaining performance obligations will fluctuate period to period. We do not believe the amount of remaining performance obligations is indicative of future sales or revenue or that the mix at the end of any given period correlates with actual sales performance.Information about Contract BalancesAmounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to SaaS arrangements, customer support, and other services.In some arrangements we allow customers to pay for term-based licenses over the term of the software license.  Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables