Company: CVLT
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001169561-25-000034
Chunk: 101

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-05-05
Form: 10-K
Item: Item 8
Chunk 101
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 approximately $1,887 of unrecognized cost related to the current purchase period of our ESPP.

69

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

12.     Income Taxes

The components of income (loss) before income taxes were as follows:  Year Ended March 31, 202520242023Domestic$56,342 $62,082 $(35,288)Foreign24,711 21,531 19,926 $81,053 $83,613 $(15,362) The components of income tax expense (benefit) were as follows: Year Ended March 31, 202520242023Current:Federal$11,983 $7,845 $6,986 State2,971 4,242 3,375 Foreign13,467 12,220 10,725 Total Current28,421 24,307 21,086 Deferred:Federal(20,989)(82,773)(607)State1,543 (19,740)— Foreign(4,028)(7,087)(67)Total Deferred(23,474)(109,600)(674)Total Income Tax Expense (Benefit)$4,947 $(85,293)$20,412 A reconciliation of the statutory tax rates and the effective tax rates for the years ended March 31, 2025, 2024 and 2023 are as follows: Year Ended March 31, 202520242023Statutory federal income tax expense (benefit) rate21.0 %21.0 %(21.0)%State and local income tax expense, net of federal income tax effect— %2.4 %(11.8)%Foreign earnings taxed at different rates5.6 %5.7 %28.0 %U.S. tax on GILTI & FDII(4.2)%(3.3)%(17.1)%Domestic permanent differences including acquisition items2.9 %1.1 %4.7 %Foreign tax credits(4.1)%(2.5)%(35.5)%Research credits(6.0)%(9.3)%(74.6)%Tax reserves3.1 %— %(1.2)%Valuation allowance6.8 %(125.3)%219