Company: CVLT
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0001169561-25-000007
Chunk: 36

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 8
Chunk 36
---
 the current year presentation. Beginning in fiscal 2025, changes in operating lease assets are being classified as a noncash lease adjustment to reconcile net income to net cash provided by operating activities. This reclassification has no impact on the amount of cash flows from operating activities.Recently Adopted Accounting StandardsStandardDescriptionEffective DateEffect on the Consolidated Financial Statements (or Other Significant Matters)Accounting Standards Update ("ASU") No. 2023-07 (Topic 280): Segment ReportingIn November 2023, the Financial Accounting Standards Board ("FASB") issued a new standard to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements.This standard is effective for us for our annual period beginning April 1, 2024 and interim periods beginning April 1, 2025.We expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition.Recently Issued Accounting Standards Not Yet AdoptedStandardDescriptionEffective DateEffect on the Consolidated Financial Statements (or Other Significant Matters)ASU No. 2023-09 (Topic 740): Income TaxesIn December 2023, the FASB issued a new standard to improve income tax disclosures. The standard requires greater disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.This standard will be effective for us for our annual period beginning April 1, 2025, with early adoption permitted.We expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition.ASU No. 2024-03 (Subtopic 220-40): Disaggregation of Income Statement ExpensesIn November 2024, the FASB issued a new standard to improve income statement expense disclosures. The standard requires greater disaggregated information on certain expense captions, as well as disclosures about selling expenses.This standard will be effective for us for our annual period beginning April 1, 2027, with early adoption permitted.We are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes, and systems.

8

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