Company: CVLT
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0001169561-25-000007
Chunk: 47

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 8
Chunk 47
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2024$186,406 

16

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

Intangible Assets, NetIntangible assets consist of developed technology and customer relationships. Developed technology acquired in fiscal 2025 was valued using the multi-period excess earnings method and has an estimated useful life of five years. Previously acquired developed technology was valued using the replacement cost method, has an estimated useful life of three years, and will be fully amortized within fiscal 2025. Customer relationships purchased in fiscal 2025 were valued using the distributor method and have an estimated useful life of ten years. All of our intangible assets are amortized on a straight-line basis. Purchased intangible assets, net of amortization, are summarized below:December 31, 2024March 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying ValueGross Carrying AmountAccumulated AmortizationNet Carrying ValueCustomer relationships$3,800 $(95)$3,705 $— $— $— Developed technology23,350 (5,143)18,207 3,750 (2,708)1,042 Total intangible assets$27,150 $(5,238)$21,912 $3,750 $(2,708)$1,042 During the nine months ended December 31, 2024, we acquired developed technology valued at $19,600 and customer relationships valued at $3,800 as part of the acquisitions of Appranix and Clumio. Amortization expense from acquired intangible assets was $1,383 and $2,529 for the three and nine months ended December 31, 2024, respectively, and $312 and $938 for the three and nine months ended December 31, 2023, respectively. As of December 31, 2024, future amortization expense associated with intangible assets with finite lives is expected to be:Year ending March 31, 2025 (remaining)$1,174 20264,283 20274,283 20284,283 20294,283 Thereafter3,606 Total$21,912 

6.    Assets Held for Sale

During the fourth quarter of fiscal 2023, we determined the assets and land related to our owned corporate