Company: CVLT
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001169561-25-000034
Chunk: 95

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-05-05
Form: 10-K
Item: Item 8
Chunk 95
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 portion of the premises.The assets have been classified as held for sale for more than one year. In accordance with ASC 360, assets not sold by the end of the one-year period may still qualify as held for sale, if certain conditions are met. As of March 31, 2025, we concluded all of the held for sale criteria were still met, and the assets were properly classified on the consolidated balance sheets. In addition, we have assessed the assets for any changes in fair value less costs to sell and recorded an impairment charge of $2,910 during the year ended March 31, 2025, which includes changes in the estimated fair value and estimated costs to sell.Subsequent EventOn April 28, 2025, we finalized the sale of the property for $36,000. Additionally, we entered into a lease for a portion of the premises and are currently evaluating the accounting considerations.

7.     Property and Equipment

Property and equipment consist of the following:  March 31, 20252024Buildings (1)$1,000 $— Computers, servers and other equipment47,668 45,620 Furniture and fixtures2,705 2,965 Leasehold improvements6,223 8,180 Purchased software2,577 2,586 Construction in process193 189 60,366 59,540 Less: Accumulated depreciation and amortization(52,072)(51,579)$8,294 $7,961 (1) In the first quarter of fiscal 2025, we concluded a portion of the property classified as held for sale no longer met the held for sale criteria and was reclassified as held for use.We recorded depreciation and amortization expense of $5,367, $5,165 and $8,958 for the years ended 2025, 2024 and 2023, respectively. Depreciation expense allocated to our cost of goods sold was approximately $938 for the year ended 2023. There was no depreciation expense allocated to our cost of goods sold for the years ended 2024 and 2025.As discussed in Note 6 of the notes to the consolidated financial statements, assets related to the sale of the Tinton Falls, New Jersey headquarters were reclassified to assets held for sale in the fourth quarter of fiscal 2023, at which time depreciation ended.

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Commvault Systems, Inc. Notes to Consolidated Financial Statements — (Contin