Company: CVLT
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001169561-25-000034
Chunk: 106

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-05-05
Form: 10-K
Item: Item 8
Chunk 106
---
 related primarily to severance and related costs associated with headcount reductions, stock-based compensation related to modifications of existing awards granted to certain employees impacted by the plan and office termination and exit charges.In the fourth quarter of fiscal 2022, we initiated a restructuring plan which was completed in fiscal 2023. It was aimed to increase efficiency in our sales, marketing and distribution functions as well as reduce costs across all functional areas. The plan included a reorganization to combine our EMEA and APJ field organizations into our International region. These restructuring charges related primarily to severance and related costs associated with headcount reductions and stock-based compensation related to modifications of existing awards granted to certain employees impacted by the plan. 

73

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

For the years ended March 31, 2025, 2024 and 2023, restructuring charges were comprised of the following:Year Ended March 31, 202520242023Employee severance and related costs$4,492 $2,811 $12,845 Lease exit costs (1)887 220 — Stock-based compensation4,647 1,517 2,607 Total restructuring charges$10,026 $4,548 $15,452 (1) Lease exit costs related to two offices for the year ended March 31, 2025 and one office for the year ended March 31, 2024. There were no lease exit charges for the year ended March 31, 2023.Restructuring accrualThe accrual activity related to our restructuring plans for the years ended March 31, 2025 and 2024 were as follows:Year Ended March 31, 20252024Beginning balance$2,746 $3,211 Employee severance and related costs4,492 2,811 Payments(6,448)(3,276)Ending balance$790 $2,746 

16.    Leases

Our lease liabilities relate primarily to operating leases for our global office infrastructure.  These operating leases expire at various dates through fiscal 2031. We did not have any finance leases for the years ended March 31, 2025, 2024 or 2023.

74

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

Net