Company: CVLT
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001169561-25-000034
Chunk: 67

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-05-05
Form: 10-K
Item: Item 7
Chunk 67
---
 there were no borrowings under the Credit Facility and we were in compliance with all covenants.

On April 15, 2025, we successfully refinanced our existing $100 million senior secured revolving credit facility, replacing it with a new five-year senior secured revolving credit facility. This refinancing has increased the Company's total borrowing capacity to $300 million. Under the terms of the new Credit Facility, borrowings will accrue interest at a per annum rate determined by the Company’s election of either the Secured Overnight Financing Rate (SOFR) plus a margin ranging from 1.50% to 2.00%, or a base rate, which is generally the greater of the 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 also subject to an annual interest charge of 0.25% subject to increases based on the Company's leverage ratio.

During the fiscal year ended March 31, 2025, we repurchased $165.0 million of common stock, or approximately 1.2 million shares. On April 17, 2025, the Board of Directors approved an increase in our share repurchase program so that $250.0 million was available. The Board's authorization has no expiration date.

39

A summary of the cash used for the stock repurchase program consists of the following:

 Year Ended March 31, 20252024202320222021Cash used for repurchases (in millions)$165.0 $184.0 $150.9 $305.2 $95.3 Shares repurchased (in millions)1.2 2.5 2.5 4.3 1.6 Average price per share$135.77 $74.24 $59.90 $70.87 $57.97 

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

 Year Ended March 31, 20252024Net cash provided by operating activities$207.4 $203.8 Net cash used in investing activities(70.4)(5.5)Net cash used in financing activities(147.8)(170.6)Effects of exchange rate — changes in cash0.2 (2.7)Net increase (decrease) in cash and cash equivalents $(10.6)$25.0