Company: CVLT
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001169561-25-000034
Chunk: 103

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-05-05
Form: 10-K
Item: Item 8
Chunk 103
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 expenditures over five years and foreign research and development expenditures over fifteen years (such expenditures were previously deducted as incurred). Our cash flows from operations are adversely affected due to significantly higher cash tax payments.At March 31, 2025, we had no remaining federal net operating loss ("NOL") carryforwards and state NOL carryforwards of $1,046 which expire over various years beginning in March 2033 depending on the jurisdiction. As of March 31, 2025, we had foreign NOL carryforwards of $3,749 that will expire over various years beginning in March 2028 depending on the jurisdiction and $40,271 that will not expire. As of March 31, 2025, we had federal capital loss carryforwards of $871 that will expire in March 2027. At March 31, 2025, we had foreign capital loss carryforwards of $298 that will not expire.At March 31, 2025, we had no remaining federal research and development ("R&D") tax credit carryforwards and state R&D tax credit carryforwards of approximately $27,227. The New Jersey R&D credit carryforwards of $18,232 expire over various years beginning from March 2026 through March 2041. The California R&D credits of $8,995 do not expire.At March 31, 2025, we had federal foreign tax credits (“FTC”) carryforwards of approximately $6,920 which are expected to expire from March 2030 through March 2034. We also had $27 in foreign FTC carryforwards that will expire over various years beginning in March 2026.

71

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

We conduct business globally and as a result, file income tax returns in the United States and in various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. The following table summarizes the tax years subject to income tax examinations by tax authorities as of March 31, 2025. The years subject to income tax examination in our foreign jurisdictions cover the maximum time period with respect to these jurisdictions. Due to NOLs, in some cases the tax years continue to remain subject to examination with respect to such NOLs. Tax Jurisdiction  Years Subject to IncomeTax ExaminationU.S. Federal