Company: CVLT
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0001169561-25-000007
Chunk: 50

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 8
Chunk 50
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 to Consolidated Financial Statements - Unaudited (continued)(In thousands, except per share data)

10.    Stock Plans

The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development, general and administrative and restructuring expenses for the three and nine months ended December 31, 2024 and 2023. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP.   Three Months Ended December 31,Nine Months Ended December 31, 2024202320242023Cost of revenues$1,465 $1,935 $4,420 $5,224 Sales and marketing13,911 10,189 35,028 29,834 Research and development7,084 5,451 17,803 16,183 General and administrative8,696 7,027 22,524 20,700 Restructuring307 — 4,495 — Stock-based compensation expense$31,463 $24,602 $84,270 $71,941 As of December 31, 2024, there was $174,094 of unrecognized stock-based compensation expense that is expected to be recognized over a weighted average period of 1.74 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate.Stock option activity was not significant for both the nine months ended December 31, 2024 and 2023.Restricted Stock UnitsRestricted stock unit activity for the nine months ended December 31, 2024 was as follows:Non-vested Restricted Stock UnitsNumber ofAwardsWeighted Average GrantDate Fair ValueNon-vested as of March 31, 20242,417 $68.52 Awarded988 142.14 Vested(1,264)68.85 Forfeited(130)74.89 Non-vested as of December 31, 20242,011 $104.07 The weighted average fair value of restricted stock units awarded was $168.96 and $142.14 per unit during the three and nine months ended December 31, 2024, respectively, and $71.48 and $69.83 per unit during the three and nine months ended December 31, 2023, respectively. The weighted average