Company: CVLT
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001169561-25-000089
Chunk: 45

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 45
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 been minimal.We rely significantly on our value-added resellers, systems integrators and corporate resellers, which we collectively refer to as resellers, for the marketing and distribution of our products and services. Further, we have non-exclusive distribution agreements with certain partners who enable a more efficient and effective distribution channel for our solutions by managing our resellers and leveraging their own industry experience.Partner A accounted for approximately 31% and 37% of our total revenues for the three months ended September 30, 2025 and 2024, respectively, and 32% and 36% of our total revenues for the six months ended September 30, 2025 and 2024, respectively. In addition, Partner A represented approximately 26% and 29% of our total accounts receivable as of September 30, 2025 and March 31, 2025, respectively.Partner B accounted for approximately 12% and 11% of our total revenues for the three months ended September 30, 2025 and 2024, respectively, and 12% and 10% of our total revenues for the six months ended September 30, 2025 and 2024, respectively. Partner B accounted for approximately 10% of our total accounts receivable as of September 30, 2025. Total accounts receivable as of March 31, 2025 for Partner B were less than 10%.Convertible Senior NotesIn September 2025, we issued $900,000 aggregate principal amount of 0% convertible senior notes due 2030 (the “Notes”), which we account for as a liability in their entirety, measured at amortized cost. Debt issuance costs incurred in connection with the issuance of the Notes are reflected in the consolidated balance sheets as a direct deduction from the carrying amount of the outstanding Notes. These costs are amortized using the effective interest rate method over the term of the Notes and are included within interest expense on the consolidated statements of operations.

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

Fair Value of Financial InstrumentsFair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for such asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and