Company: CVLT
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001169561-25-000089
Chunk: 57

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 57
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 the three and six months ended September 30, 2025 and 2024. Stock-based compensation is attributable to RSUs, PSUs and the ESPP. Three Months Ended September 30,Six Months Ended September 30, 2025202420252024Cost of revenues$1,323 $1,374 $2,572 $2,955 Sales and marketing12,757 11,631 25,343 21,117 Research and development7,752 5,555 14,822 10,719 General and administrative9,981 7,663 19,181 13,828 Restructuring411 180 486 4,188 Stock-based compensation expense$32,224 $26,403 $62,404 $52,807 As of September 30, 2025, there was $162,735 of unrecognized stock-based compensation expense that is expected to be recognized over a weighted average period of 1.59 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate.Restricted Stock UnitsRestricted stock unit activity for the six months ended September 30, 2025 was as follows:Non-vested Restricted Stock UnitsNumber ofAwardsWeighted Average GrantDate Fair ValueNon-vested as of March 31, 20251,806 $111.75 Awarded508 184.61 Vested(721)97.18 Forfeited(73)124.46 Non-vested as of September 30, 20251,520 $142.78 

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

The weighted average fair value of RSUs awarded was $181.16 and 184.61 per unit during the three and six months ended September 30, 2025, respectively, and $142.87 and $122.00 per unit during the three and six months ended September 30, 2024, respectively. The weighted average fair value of awards includes the awards with a market condition described below.Performance Based AwardsIn the six months ended September 30, 2025, we granted approximately 78 PSUs to certain executives. Vesting of these awards is contingent upon i)