Company: CVLT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001169561-25-000069
Chunk: 55

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 8
Chunk 55
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 Credit Facility accrue interest at a per annum rate determined by the Company’s election of either the Secured Overnight Financing Rate plus a margin ranging from 1.50% to 2.00%, or a base rate, which is generally the greater of a prime rate plus a margin ranging from 0.50% to 1.00%. The applicable margin in each case is contingent upon the Company’s leverage ratio. Additionally, the unused balance on the Credit Facility is subject to an unused commitment fee at a rate equal to 0.25% per annum subject to increases based on the Company's leverage ratio.  As of June 30, 2025, there were no borrowings under the Credit Facility and we were in compliance with all covenants.

On April 17, 2025, the Board of Directors approved an increase of the existing share repurchase program so that $250.0 million was available. The Board's authorization has no expiration date. For the three months ended June 30, 2025, we repurchased $15.1 million of our common stock. The remaining amount available under the current authorization as of June 30, 2025 was $235.0 million.

Our summarized cash flow information is as follows (in millions):

 Three Months Ended June 30, 20252024Net cash provided by operating activities$31.7 $44.7 Net cash provided by (used in) investing activities26.8 (22.3)Net cash used in financing activities(16.9)(46.1)Effects of exchange rate - changes in cash19.5 (1.2)Net increase (decrease) in cash and cash equivalents$61.1 $(24.9)

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–Net cash provided by operating activities was impacted by net income adjusted for the impact of non-cash charges and a decrease in accrued expenses, partially offset by an increase in deferred revenue.

–Net cash provided by investing activities was the result of $34.8 million of net proceeds from the sale of Commvault's corporate headquarters, partially offset by $6.1 million for the purchase of equity securities and $1.9 million of capital expenditures.

–Net cash used in financing activities was the result of $15.1 million of repurchases of our common stock and $1.8 million of payment of debt issuance costs.

Working capital increased $51.1 million from $80.0 million as of March 31, 2025 to $