Company: CVLT
Filing Date: 2025-07-02
Form Type: CORRESP
Source: 0001169561-25-000062
Chunk: 3

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-07-02
Form: CORRESP
Chunk 3
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 use other KPIs in a manner material to an understanding of our business. In addition, the Company’s KPIs are consistently monitored and evaluated by management. Should this change in the future, we will revise our disclosures accordingly.

We respectfully submit that these enhanced disclosures will align with the guidance in SEC Release No. 33-10751 and will be disclosed in a manner consistent with the requirements of Item 10 of Regulation S-K—including disclosure of the most directly comparable financial measure or measures calculated in accordance with GAAP, with equal or greater prominence, and a reconciliation between the GAAP and non-GAAP measures. We believe these enhanced disclosures will provide investors with an enhanced view of our performance and trends.

Results of Operations, page 35

2. We note you refer to several factors impacting the period-over-period change in operating expenses, however, you only quantify the impact of stock-based compensation. Where a material change is attributed to two or more factors, including any offsetting factors, revise to describe the contribution of each factor in quantified terms. Refer to Item 303(b) of Regulation S-K.

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Response:

We respectfully acknowledge the Staff’s comment to include quantification of factors identified for changes in operating expenses. In future filings, beginning with the Company’s Form 10-Q for the fiscal quarter ending on June 30, 2025, the Company will include a quantified discussion, to the extent applicable, of each factor, including any offsetting factors, that contributed to a material change in a particular financial statement line item in accordance with Item 303(b) of Regulation S-K. Using the Form 10-K reviewed as a guide and bracketed placeholders for quantification, such disclosure in future filings would read substantially as follows (with research and development and general and administrative expenses updated similarly):

Sales and marketing expenses increased $79.1 million, or 22%, which included increases in sales commissions and bonuses associated with increased revenues relative to the prior year of [$XX]; a [$XX] increase in employee compensation tied to strategic go to market investments; and, an increase of $11.0 million in stock-based compensation. In addition, in fiscal 2025, there were increases year over year in certain marketing and go to market activities, resulting in a [$XX] increase, which included a live sales kickoff event and participation in certain strategic conferences, including the RSA conference, which did not occur in fiscal 2024.

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Cons