Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Mar. 31, 2019 | May 01, 2019 | Sep. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Trading Symbol | CVLT | ||
Entity Registrant Name | COMMVAULT SYSTEMS INC | ||
Entity Central Index Key | 0001169561 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 45,679,184 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 327,992 | $ 330,784 |
Short-term investments | 130,338 | 131,637 |
Trade accounts receivable, net | 176,836 | 162,119 |
Prepaid expenses and other current assets | 19,836 | 22,248 |
Total current assets | 655,002 | 646,788 |
Property and equipment, net | 122,716 | 128,612 |
Deferred commissions cost | 33,619 | 33,092 |
Other assets | 11,116 | 10,150 |
Total assets | 822,453 | 818,642 |
Current Liabilities: | ||
Accounts payable | 2,186 | 761 |
Accrued liabilities | 85,721 | 82,299 |
Deferred revenue | 238,439 | 241,113 |
Total current liabilities | 326,346 | 324,173 |
Deferred revenue, less current portion | 99,257 | 84,661 |
Deferred tax liabilities, net | 2,594 | 2,430 |
Other liabilities | 2,953 | 3,314 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value: 50,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 250,000 shares authorized, 45,582 shares and 45,118 shares issued and outstanding at March 31, 2019 and 2018, respectively | 454 | 450 |
Additional paid-in capital | 887,907 | 782,764 |
Accumulated deficit | (485,490) | (373,678) |
Accumulated other comprehensive loss | (11,568) | (5,472) |
Total stockholders’ equity | 391,303 | 404,064 |
Total liabilities and stockholders’ equity | $ 822,453 | $ 818,642 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 45,582,000 | 45,118,000 |
Common stock, shares outstanding (in shares) | 45,582,000 | 45,118,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | |||
Total revenues | $ 710,957 | $ 699,393 | $ 645,005 |
Cost of revenues: | |||
Total cost of revenues | 117,006 | 98,152 | 85,192 |
Gross margin | 593,951 | 601,241 | 559,813 |
Operating expenses: | |||
Sales and marketing | 370,088 | 410,727 | 383,933 |
Research and development | 92,647 | 91,030 | 79,558 |
General and administrative | 100,946 | 90,709 | 88,929 |
Restructuring | 14,765 | 0 | 0 |
Depreciation and amortization | 10,597 | 9,721 | 8,635 |
Total operating expenses | 589,043 | 602,187 | 561,055 |
Income (loss) from operations | 4,908 | (946) | (1,242) |
Interest income | 5,519 | 2,228 | 1,163 |
Interest expense | 0 | (1,161) | (957) |
Equity in loss of affiliate | 0 | (3,621) | (958) |
Income (loss) before income taxes | 10,427 | (3,500) | (1,994) |
Income tax expense (benefit) | 6,866 | 58,400 | (1,486) |
Net income (loss) | $ 3,561 | $ (61,900) | $ (508) |
Net income (loss) per common share: | |||
Basic (in dollars per share) | $ 0.08 | $ (1.37) | $ (0.01) |
Diluted (in dollars per share) | $ 0.07 | $ (1.37) | $ (0.01) |
Weighted average common shares outstanding: | |||
Basic (in shares) | 45,827 | 45,242 | 44,700 |
Diluted (in shares) | 47,601 | 45,242 | 44,700 |
Software and products | |||
Revenues: | |||
Total revenues | $ 309,899 | $ 311,745 | $ 290,668 |
Cost of revenues: | |||
Total cost of revenues | 25,691 | 7,223 | 3,045 |
Services | |||
Revenues: | |||
Total revenues | 401,058 | 387,648 | 354,337 |
Cost of revenues: | |||
Total cost of revenues | $ 91,315 | $ 90,929 | $ 82,147 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 3,561 | $ (61,900) | $ (508) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (6,096) | 6,843 | (3,106) |
Comprehensive loss | $ (2,535) | $ (55,057) | $ (3,614) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning Balance (in shares) at Mar. 31, 2016 | 44,134 | ||||
Beginning Balance at Mar. 31, 2016 | $ 421,613 | $ 440 | $ 602,999 | $ (172,617) | $ (9,209) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 73,928 | 73,928 | |||
Tax benefits relating to share-based payments | 3,682 | 3,682 | |||
Share issuances related to stock-based compensation (in shares) | 1,664 | ||||
Share issuances related to stock-based compensation | 21,321 | $ 17 | 21,304 | ||
Repurchase of common stock (in shares) | (982) | ||||
Repurchase of common stock | (49,998) | $ (10) | (7,436) | (42,552) | |
Net income (loss) | (508) | (508) | |||
Other comprehensive income (loss) | (3,106) | (3,106) | |||
Ending Balance (in shares) at Mar. 31, 2017 | 44,816 | ||||
Ending Balance at Mar. 31, 2017 | 466,932 | $ 447 | 694,477 | (215,677) | (12,315) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 74,129 | 74,129 | |||
Share issuances related to stock-based compensation (in shares) | 2,400 | ||||
Share issuances related to stock-based compensation | 30,114 | $ 24 | 30,090 | ||
Repurchase of common stock (in shares) | (2,098) | ||||
Repurchase of common stock | (112,218) | $ (21) | (16,367) | (95,830) | |
Net income (loss) | (61,900) | (61,900) | |||
Other comprehensive income (loss) | 6,843 | 6,843 | |||
Ending Balance (in shares) at Mar. 31, 2018 | 45,118 | ||||
Ending Balance at Mar. 31, 2018 | 404,064 | $ 450 | 782,764 | (373,678) | (5,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 80,487 | 80,487 | |||
Share issuances related to stock-based compensation (in shares) | 2,579 | ||||
Share issuances related to stock-based compensation | 41,984 | $ 25 | 41,959 | ||
Repurchase of common stock (in shares) | (2,115) | ||||
Repurchase of common stock | (132,697) | $ (21) | (17,303) | (115,373) | |
Net income (loss) | 3,561 | 3,561 | |||
Other comprehensive income (loss) | (6,096) | (6,096) | |||
Ending Balance (in shares) at Mar. 31, 2019 | 45,582 | ||||
Ending Balance at Mar. 31, 2019 | $ 391,303 | $ 454 | $ 887,907 | $ (485,490) | $ (11,568) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) | $ 3,561 | $ (61,900) | $ (508) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 12,060 | 11,785 | 10,232 |
Noncash stock-based compensation | 80,487 | 74,129 | 73,928 |
Excess tax benefits from stock-based compensation | 0 | 0 | (6,242) |
Deferred income taxes | 164 | 53,737 | (11,468) |
Equity in loss of affiliate | 0 | 3,621 | 958 |
Amortization of deferred commissions cost | 17,348 | 16,587 | 16,065 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (24,092) | (25,082) | (16,372) |
Other current assets and Other assets | 11,400 | (6,876) | (55) |
Deferred commissions cost | (18,967) | (17,984) | (18,393) |
Accounts payable | 1,485 | 618 | (190) |
Accrued liabilities | 5,075 | 3,496 | 15,088 |
Deferred revenue | 21,719 | 33,971 | 36,666 |
Other liabilities | (60) | (1,933) | 330 |
Net cash provided by operating activities | 110,180 | 84,169 | 100,039 |
Cash flows from investing activities | |||
Purchase of short-term investments | (130,338) | (142,424) | (96,306) |
Proceeds from maturity of short-term investments | 131,637 | 131,480 | 74,685 |
Purchase of property and equipment | (6,560) | (7,047) | (6,424) |
Net cash used in investing activities | (5,261) | (17,991) | (28,045) |
Cash flows from financing activities | |||
Repurchase of common stock | (132,697) | (112,218) | (49,998) |
Proceeds from stock-based compensation plans | 41,984 | 30,114 | 21,321 |
Excess tax benefits from stock-based compensation | 0 | 0 | 6,242 |
Net cash used in financing activities | (90,713) | (82,104) | (22,435) |
Effects of exchange rate — changes in cash | (16,998) | 17,219 | (8,175) |
Net increase (decrease) in cash and cash equivalents | (2,792) | 1,293 | 41,384 |
Cash and cash equivalents at beginning of year | 330,784 | 329,491 | 288,107 |
Cash and cash equivalents at end of year | 327,992 | 330,784 | 329,491 |
Supplemental disclosures of cash flow information | |||
Interest paid | 0 | 592 | 680 |
Income taxes paid | $ 11,491 | $ 6,448 | $ 5,413 |
Nature of Business
Nature of Business | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Commvault Systems, Inc. and its subsidiaries (Commvault or the Company) is a provider of data and information management software applications. The Company develops, markets and sells a suite of software applications and services, primarily in North America, Europe, Australia and Asia, that provides its customers with data protection solutions. In fiscal 2018 the Company also started selling appliances that integrate the Company's software with hardware and address a wide-range of business needs and use cases. The Company also provides its customers with a broad range of professional and customer support services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in the Company’s consolidated financial statements and the accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of revenues and expenses reported for each of its periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, allowance for doubtful accounts, deferred commissions cost, income taxes and related reserves, stock-based compensation and accounting for research and development costs. Actual results could differ from those estimates. Correction of an Immaterial Error in Previously Issued Financial Statements Subsequent to the issuance of the financial statements for the year ended March 31, 2018, the Company concluded that the Statement of Operations for fiscal 2018 and fiscal 2017 contained an immaterial error related to the classification of legal fees related to intellectual property as Research and Development expenses and not General and Administrative expenses. These immaterial errors have been corrected by reclassifying $3,134 and $3,985 from Research and Development expense to General and Administrative expense for the years ended March 31, 2018 and 2017, respectively. This immaterial error did not have any impact on our financial position, net income (loss) or cash flow for fiscal 2018 or fiscal 2017. Revenue The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on April 1, 2017, using the full retrospective method. For further discussion of the Company's accounting policies related to revenue see Note 3. Net Income per Common Share Basic net income per common share is computed by dividing net income by the weighted average number of common shares during the period. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options, vesting of restricted stock units and shares to be purchased under the Employee Stock Purchase Plan. The dilutive effect of such potential common shares is reflected in diluted earnings per share by application of the treasury stock method. The following table sets forth the reconciliation of basic and diluted common share: Year Ended March 31, 2019 2018 2017 Basic weighted average shares outstanding 45,827 45,242 44,700 Dilutive effect of stock options, restricted stock units, and employee stock purchase plan 1,774 — — Diluted weighted average shares outstanding 47,601 45,242 44,700 The following table summarizes the potential outstanding common stock equivalents of the Company at the end of each period, which have been excluded from the computation of diluted net income per common share, as its effect is anti-dilutive. Year Ended March 31, 2019 2018 2017 Stock options, restricted stock units, and shares under the employee stock purchase plan 998 7,312 8,106 Software Development Costs Research and development expenditures are charged to operations as incurred. Based on the Company’s software development process, technological feasibility is established upon completion of a working model, which also requires certification and extensive testing. Costs incurred by the Company between completion of the working model and the point at which the product is ready for general release are immaterial. Trade and Other Receivables Trade and other receivables are primarily comprised of trade receivables that are recorded at the invoice amount, net of an allowance for doubtful accounts, which is not material. Unbilled receivables represent amounts for which revenue has been recognized but which have not yet been invoiced to the customer. The current portion of unbilled receivables is included in Trade accounts receivable on the consolidated balance sheet. Long term unbilled receivables are included in Other assets. Accounting for Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes” (ASC 740). The provision for income taxes and effective tax rates are calculated by legal entity and jurisdiction and are based on a number of factors, including the level of pre-tax earnings, income tax planning strategies, differences between tax laws and accounting rules, statutory tax rates and credits, uncertain tax positions and valuation allowances. The Company uses significant judgment and estimates in evaluating tax positions. The effective tax rate in a given financial statement period may be materially impacted by changes in the mix and level of earnings by taxing jurisdiction. Under ASC 740, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts. Valuation allowances are established when, in the Company's judgment, it is more likely than not that deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company weighs the available positive and negative evidence, including historical levels of pre-tax income, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with maturities of three months or less at the date of purchase to be cash equivalents. As of March 31, 2019 , the Company’s cash and cash equivalents balance consisted primarily of money market funds. Short-term Investments Short-term investments consist of investments with maturities of twelve months or less that do not meet the criteria to be cash equivalents. The company determines classification of the investment as trading, available-for-sale or held-to-maturity at the time of purchase and reevaluates classification whenever changes in circumstances indicate changes in classification may be necessary. The Company’s current short-term investments are classified as held-to-maturity. Held-to-maturity investments consist of securities that the Company has the intent and ability to retain until maturity. Held-to-maturity investments are initially recorded at cost and adjusted for the amortization of discounts from the date of purchase through maturity. Income related to investments is recorded as interest income in the Consolidated Statement of Operations. Cash inflows and outflows related to the sale, maturity and purchase of investments are classified as investing activities in the Company’s Consolidated Statements of Cash Flows. Concentration of Credit Risk The Company grants credit to customers in a wide variety of industries worldwide and generally does not require collateral. Credit losses relating to these customers have been minimal. Sales through the Company’s distribution agreement with Arrow Enterprise Computing Solutions, Inc. (Arrow) totaled approximately 38% , 36% and 36% of total revenues for the years ended March 31, 2019 , 2018 and 2017 , respectively. Arrow accounted for approximately 38% of total accounts receivable as of March 31, 2019 and 2018 , respectively. Fair Value of Financial Instruments The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. As of March 31, 2019 and 2018 , the Company’s short-term investments balance consisted of U.S. Treasury Bills. Fair 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 minimize the use of unobservable inputs. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table summarizes the composition of the Company’s financial assets measured at fair value on a recurring basis at March 31, 2019 and March 31, 2018 : March 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents $ 102,702 — — $ 102,702 Short-term investments — $ 131,937 — $ 131,937 March 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents $ 43,545 — — $ 43,545 Short-term investments — $ 132,263 — $ 132,263 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets. The depreciable assets that comprise the Company's owned headquarters classified as Buildings are being depreciated over lives ranging from ten to sixty years. Computer and related equipment is generally depreciated over eighteen months to three years and furniture and fixtures are generally depreciated over three to twelve years . Leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the related lease. Expenditures for routine maintenance and repairs are charged against operations. Major replacements, improvements and additions are capitalized. Asset Retirement Obligation A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related leasehold improvements are recorded at the time leasehold improvements are acquired. The Company maintains certain office space for which the lease agreement requires that the Company return the office space to its original condition upon vacating the premises. Accordingly, the balance of the asset retirement obligation was $1,479 as of March 31, 2019 and $1,303 as of March 31, 2018 . Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine the recoverability of its long-lived assets, the Company evaluates the estimated future undiscounted cash flows that are directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the long-lived asset. If the estimated future undiscounted cash flows demonstrate that recoverability is not probable, an impairment loss would be recognized. An impairment loss would be calculated based on the excess carrying amount of the long-lived asset over the long-lived asset’s fair value. The fair value would be determined based on valuation techniques such as a comparison to fair values of similar assets. There were no impairment charges recognized during the years ended March 31, 2019 , 2018 and 2017 . Deferred Commissions Cost Sales commissions and related payroll taxes earned by the Company's employees are considered incremental and recoverable costs of obtaining a contract with a customer. The Company’s typical contracts include performance obligations related to software licenses, software updates, customer support and other professional services. In these contracts, incremental costs of obtaining a contract are allocated to the performance obligations based on the relative estimated standalone selling prices and then recognized on a systematic basis that is consistent with the transfer of the goods or services to which the asset relates. The Company does not pay commissions on annual renewals of contracts for software updates and customer support for perpetual licenses. The costs allocated to software and products are expensed at the time of sale, when revenue for the functional software license or appliance is recognized. The costs allocated to software updates and customer support for perpetual licenses are amortized ratably over a period of approximately five years , the expected period of benefit of the asset capitalized. The Company currently estimates a period of five years is appropriate based on consideration of historical average customer life and the estimated useful life of the underlying software or appliance sold as part of the transaction. The costs related to professional services are amortized within one quarter following the date of the related software or appliance sale, which is typically the period the related professional services are provided and revenue is recognized. Amortization expense related to these costs is included in Sales and marketing expenses in the accompanying condensed consolidated statements of operations. Costs related to software updates and support for term-based, or subscription software licenses, are limited to the contractual period of the arrangement as the Company intends to pay a commensurate commission upon renewal of the subscription license and related updates and support. Deferred Revenue Deferred revenues represent amounts collected from, or invoiced to, customers in excess of revenues recognized. This results primarily from the billing of annual customer support agreements, and billings for other professional services fees that have not yet been performed by the Company. The value of deferred revenues will increase or decrease based on the timing of invoices and recognition of revenue. Related Party Transactions During fiscal 2019, Joseph F. Eazor, former CEO of Rackspace, Inc (Rackspace), was a Director of the Company. Rackspace has been a customer of the Company since 2006. On July 31, 2018, Joseph F. Eazor resigned from the Board of Directors. Total recognized revenue related to Rackspace for fiscal 2019 through July 31, 2018 was $631 . Accounting for Stock-Based Compensation The Company utilizes the Black-Scholes pricing model to determine the fair value of non-qualified stock options on the dates of grant. Restricted stock units without a market condition are measured based on the fair market values of the underlying stock on the date of grant. The Company recognizes stock-based compensation using the straight-line method for all stock awards that don't include a market or performance condition. Share Repurchases The Company considers all shares repurchased as canceled shares restored to the status of authorized but unissued shares on the trade date. The aggregate purchase price of the shares of the Company’s common stock repurchased is reflected as a reduction to Stockholders’ Equity. The Company accounts for shares repurchased as an adjustment to common stock (at par value) with the excess repurchase price allocated between Additional Paid-in Capital and Accumulated Deficit. Sales Tax The Company records revenue net of sales tax. Advertising Costs The Company expenses advertising costs as incurred. Advertising expenses were $4,678 , $5,704 , and $7,816 for the years ended March 31, 2019 , 2018 and 2017 , respectively. Shipping and Handling Costs Shipping and handling costs are included in cost of revenues for all periods presented. Foreign Currency Translation The functional currencies of the Company’s foreign operations are deemed to be the local country’s currency. Assets and liabilities of the Company’s international subsidiaries are translated at their respective period-end exchange rates, and revenues and expenses are translated at average currency exchange rates for the period. The resulting balance sheet translation adjustments are included in Other Comprehensive Loss and are reflected as a separate component of Stockholders’ Equity. Foreign currency transaction gains and losses are recorded in “General and administrative expenses” in the Consolidated Statements of Operations. The Company recognized net foreign currency transaction gains of $984 , $109 and $644 in the years ended March 31, 2019 , 2018, and 2017, respectively. The net foreign currency transaction gains recorded in “General and administrative expenses” include settlement gains and losses on forward contracts disclosed below. Comprehensive Income (Loss) Comprehensive income (loss) is defined to include all changes in equity, except those resulting from investments by stockholders and distribution to stockholders. Recently Issued Accounting Standards Leases In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, a lessee will recognize a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The Company will adopt this ASU in the first quarter of fiscal 2020 and will apply it at the beginning of the period of adoption with the cumulative effect of applying the new rules recognized then. As part of its assessment, the Company performed a scoping exercise and determined the lease population. Based on this assessment, the Company anticipates the most significant impact will be the recognition of right-of-use assets and lease liabilities on its consolidated balance sheet, related to operating leases. This impact on its consolidated balance sheet is estimated to be less than 10% of total assets and liabilities. Furthermore, the Company expects no significant impact on its consolidated income statement. Additionally, the Company is in the process of finalizing the implementation of a lease accounting system and refining internal controls and processes related to both the implementation and ongoing compliance of the new guidance. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). The standard amends guidance on the impairment of financial instruments. The ASU estimates credit losses based on expected losses and provides for a simplified accounting model for purchased financial assets with credit deterioration. The standard requires a modified retrospective basis adoption through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The amendments of this ASU are effective for the Company's fiscal 2021, with early adoption permitted. The Company is currently assessing the impact the adoption of ASU 2016-13 will have on the financial statements. There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Revenue
Revenue | 12 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on April 1, 2017, using the full retrospective method. The Company derives revenues from two primary sources: software and products, and services. Software and products revenue includes the Company's software and integrated appliances that combine the Company's software with hardware. Services include customer support (software updates and technical support), consulting, assessment and design services, installation services and customer education. A typical contract includes both licenses and services. The Company’s software licenses typically provide for a perpetual right to use the Company’s software. The Company also sells term-based software licenses that expire, which are referred to as subscription arrangements. The Company does not customize its software and installation services are not required. The software is delivered before related services are provided and is functional without professional services, updates and technical support. The Company has concluded that its software license is functional intellectual property that is distinct as the user can benefit from the software on its own. Software revenue is typically recognized when the software is delivered and/or made available for download as this is the point the user of the software can direct the use of, and obtain substantially all of the remaining benefits from the functional intellectual property. The Company does not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the subscription period. In fiscal 2018, the Company also started selling appliances that integrate the Company's software with hardware and address a wide-range of business needs and use cases, ranging from support for remote or branch offices with limited IT staff up to large corporate data centers. Revenue related to appliances is recognized when control of the appliances passes to the customer; typically upon delivery. Revenue to date related to appliances has not been significant. Services revenue includes revenue from customer support and other professional services. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. The Company sells its customer support contracts as a percentage of net software purchases the support is related to. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year. The Company’s other professional services include consulting, assessment and design services, installation services and customer education. Customer education services include courses taught by the Company’s instructors or third-party contractors. Revenue related to other professional services and customer education services is typically recognized as the services are performed. Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software and appliances are typically estimated using the residual approach. Standalone selling prices of services are typically estimated based on observable transactions when these services are sold on a standalone basis. The Company’s typical performance obligations include the following: Performance Obligation When Performance Obligation is Typically Satisfied When Payment is Typically Due How Standalone Selling Price is Typically Estimated Software and Products Revenue Software Licenses Upon shipment or made available for download (point in time) Within 90 days of shipment except for certain subscription licenses which are paid for over time Residual approach Appliances When control of the appliances passes to the customer; typically upon delivery Within 90 days of delivery Residual approach Customer Support Revenue Software Updates Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Customer Support Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Professional Services Other Professional Services (except for education services) As work is performed (over time) Within 90 days of services being performed Observable in transactions without multiple performance obligations Education Services When the class is taught (point in time) Within 90 days of services being performed Observable in transactions without multiple performance obligations Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into the nature of the products and services and geographical regions. The geographic regions that are tracked are the Americas (United States, Canada, Latin America), EMEA (Europe, Middle East, Africa) and APAC (Australia, New Zealand, Southeast Asia, China). The Company operates in one segment. Year Ended March 31, 2019 Americas EMEA APAC Total Software and Products Revenue $ 170,114 $ 95,913 $ 43,872 $ 309,899 Customer Support Revenue 237,190 82,895 38,662 358,747 Professional Services 23,076 12,380 6,855 42,311 Total Revenue $ 430,380 $ 191,188 $ 89,389 $ 710,957 Year Ended March 31, 2018 Americas EMEA APAC Total Software and Products Revenue $ 167,858 $ 100,452 $ 43,435 $ 311,745 Customer Support Revenue 233,991 75,807 36,257 346,055 Professional Services 23,453 11,289 6,851 41,593 Total Revenue $ 425,302 $ 187,548 $ 86,543 $ 699,393 Year Ended March 31, 2017 Americas EMEA APAC Total Software and Products Revenue $ 168,243 $ 82,393 $ 40,032 $ 290,668 Customer Support Revenue 216,656 65,732 32,466 314,854 Professional Services 22,704 11,364 5,415 39,483 Total Revenue $ 407,603 $ 159,489 $ 77,913 $ 645,005 Information about Contract Balances Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of the Company's deferred revenue balance is related to services revenue, primarily customer support contracts. In some arrangements the Company allows customers to pay for term based software licenses and products over the term of the software license. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables which are anticipated to be invoiced in the next twelve months are included in Accounts receivable on the consolidated balance sheet. Long term unbilled receivables are included in Other assets. The opening and closing balances of the Company’s accounts receivable, unbilled receivables, and deferred revenues are as follows: Accounts Receivable Unbilled Receivable (current) Unbilled Receivable (long-term) Deferred Revenue (current) Deferred Revenue (long-term) Opening Balance as of March 31, 2018 $ 152,219 $ 9,900 $ 4,380 $ 241,113 $ 84,661 Increase/(decrease), net 9,351 5,366 2,836 (2,674 ) 14,596 Ending Balance as of March 31, 2019 $ 161,570 $ 15,266 $ 7,216 $ 238,439 $ 99,257 The increase in accounts receivable is primarily a result of an increase in subscription software transactions that are recognized as revenue at the time of sale but paid for over time. The net increase in deferred revenue is primarily the result of an increase in deferred customer support revenue related to software and products revenue transactions and customer support renewals during fiscal 2019. The amount of revenue recognized in the period that was included in the opening deferred revenue balance was $238,603 for the year ended March 31, 2019 . The vast majority of this revenue consists of customer support arrangements. The amount of revenue recognized from performance obligations satisfied in prior periods was not material. Remaining Performance Obligations In addition to the amounts included in deferred revenue as of March 31, 2019 , approximately $27,956 of revenue may be recognized from remaining performance obligations, of which $3,137 was related to software and products. The Company expects the software and products revenue to be recognized next quarter. The majority of the services revenue is related to other professional services which may be recognized over the next twelve months but is contingent upon a number of factors, including customers’ needs and schedules. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of the following: March 31, 2019 2018 Land $ 9,445 $ 9,445 Buildings 103,244 103,244 Computers, servers and other equipment 38,551 37,132 Furniture and fixtures 15,184 15,594 Leasehold improvements 10,251 10,143 Purchased software 1,473 1,425 Construction in process 2,091 57 180,239 177,040 Less: Accumulated depreciation and amortization (57,523 ) (48,428 ) $ 122,716 $ 128,612 The Company recorded depreciation and amortization expense of $12,060 , $11,217 , and $9,980 for the years ended March 31, 2019 , 2018 and 2017 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following: March 31, 2019 2018 Compensation and related payroll taxes $ 48,332 $ 46,192 Other 37,389 36,107 $ 85,721 $ 82,299 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company leases various office facilities under non-cancelable leases, which expire on various dates through April 2023. Future minimum lease payments under all operating leases at March 31, 2019 are as follows: Year Ending March 31, 2020 $ 9,008 2021 6,634 2022 4,273 2023 2,228 2024 and thereafter 1,530 $ 23,673 Rent expenses were $11,474 , $12,215 , and $10,377 for the years ended March 31, 2019 , 2018 and 2017 , respectively. Rent expense is calculated by amortizing total rental payments (net of any rental abatements, allowances and other rental concessions), on a straight-line basis, over the lease term. Accordingly, rent expense charged to operations differs from rent paid resulting in the Company recording deferred rent. Purchase Commitments The Company, in the normal course of business, enters into various purchase commitments for goods or services. Total non-cancellable purchase commitments as of March 31, 2019 are approximately $16,748 for fiscal 2020 , $3,221 for fiscal 2021 , $447 for fiscal 2022 and $104 for fiscal 2023 and beyond , totaling $20,520 for all periods through fiscal 2023 . These purchase commitments relate primarily to marketing and IT services. The Company has certain software royalty commitments associated with the shipment and licensing of certain products. Royalty expense is generally based on a fixed cost per unit shipped or a fixed fee for unlimited units shipped over a designated period. Royalty expense, included in cost of software and products revenues, was $12,319 in fiscal 2019 , $4,462 in fiscal 2018 and $2,646 in fiscal 2017 . Warranties and Indemnifications The Company offers a 90 -day limited product warranty for its software. To date, costs related to this product warranty have not been material. The Company provides certain provisions within its software licensing agreements to indemnify its customers from any claim, suit or proceeding arising from alleged or actual intellectual property infringement. These provisions continue in perpetuity, along with the Company’s software licensing agreements. The Company has never incurred a liability relating to one of these indemnification provisions, and management believes that the likelihood of any future payout relating to these provisions is remote. Therefore, the Company has no t recorded a liability during any period for these indemnification provisions. Legal Proceedings From time to time, the Company is subject to claims in legal proceedings arising in the normal course of business. The Company does not believe that it is currently party to any pending legal action that could reasonably be expected to have a material adverse effect on its business or operating results. |
Capitalization
Capitalization | 12 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Capitalization | Capitalization On August 1, 2018 the Company's Board of Directors unanimously approved the termination of the Company’s rights agreement, which was originally scheduled to expire on November 14, 2018. The plan was amended to accelerate the expiration date to August 1, 2018, effectively terminating the plan as of that date. Common Stock The Company had 45,582 and 45,118 shares of common stock, par value $0.01 , outstanding at March 31, 2019 and March 31, 2018 , respectively. During fiscal 2019 , the Company repurchased $132,697 of common stock, or 2,115 shares, under its share repurchase program. Shares Reserved for Issuance At March 31, 2019 the Company has reserved 4,736 shares in connection with its Stock Plans discussed in Note 8. Subsequent Event On April 18, 2019, the Board of Directors authorized an increase to the existing share repurchase program so that $200,000 was available. The authorization continues to expire on March 31, 2020. |
Stock Plans
Stock Plans | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | Stock Plans The Company maintains the Omnibus Incentive Plan (the “2016 Incentive Plan”) for granting awards to employees. On August 23, 2018, the Company’s shareholders approved an amendment to the 2016 Incentive Plan to increase the maximum number of shares of common stock that may be delivered under plan to 5,550 , an increase of 2,000 shares. The 2016 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, full value awards (including restricted stock, restricted stock units, performance shares or units and other stock-based awards) and cash-based awards. The Company has one additional plan, the 2006 Long-Term Stock Incentive Plan (the “LTIP”), with outstanding options and awards but cannot be used for future grants. The 2016 Incentive Plan permits the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance stock awards and stock unit awards based on, or related to, shares of the Company’s common stock. As of March 31, 2019 , approximately 2,781 thousand shares were available for future issuance under the 2016 Incentive Plan. As of March 31, 2019 , the Company has granted non-qualified stock options, restricted stock units and performance stock awards under its stock incentive plans. Historically, equity awards granted by the Company under its stock incentive plans generally vest quarterly over a three -year period, except that the shares that would otherwise vest quarterly over the first twelve months do not vest until the first anniversary of the grant. The Company anticipates that future grants under its stock incentive plans will be restricted stock units and performance stock awards and does not anticipate that it will grant stock options. As of March 31, 2019 , there was approximately $81,833 of unrecognized stock-based compensation expense related to all of the Company's employee stock plans, net of estimated forfeitures, that is expected to be recognized over a weighted average period of 1.77 years . To the extent the actual forfeiture rate is different from what the Company has anticipated, stock-based compensation related to these awards will be different from the Company’s expectations. The following summarizes the activity for the Company’s stock incentive plans from March 31, 2016 to March 31, 2019 : Options Number of Weighted- Weighted- Aggregate Outstanding at March 31, 2016 5,939 $ 44.07 Options granted — — Options exercised (446 ) 28.44 Options forfeited (77 ) 51.55 Options expired (116 ) 68.98 Outstanding at March 31, 2017 5,300 44.74 Options granted — — Options exercised (842 ) 23.57 Options forfeited (26 ) 43.30 Options expired (30 ) 68.27 Outstanding at March 31, 2018 4,402 48.64 Options granted — — Options exercised (1,091 ) 28.92 Options forfeited (15 ) 44.55 Options expired (84 ) 80.02 Outstanding at March 31, 2019 3,212 $ 54.55 3.55 $ 51,133 Exercisable at March 31, 2019 3,203 $ 54.58 3.55 $ 50,965 The total intrinsic value of options exercised was $39,502 , $26,547 , and $9,896 in the years ended March 31, 2019 , 2018 and 2017 , respectively. The Company’s policy is to issue new shares upon exercise of options as the Company does not hold shares in treasury. Restricted stock unit activity is as follows: Non-Vested Restricted Stock Units Number Weighted Non-vested as of March 31, 2016 2,212 $ 43.43 Granted 1,333 50.66 Vested (975 ) 51.35 Forfeited (174 ) 43.56 Non-vested as of March 31, 2017 2,396 45.53 Granted 1,235 59.71 Vested (1,324 ) 46.74 Forfeited (141 ) 48.24 Non-vested as of March 31, 2018 2,166 54.13 Granted 1,256 64.65 Vested (1,276 ) 51.38 Forfeited (315 ) 57.76 Non-vested as of March 31, 2019 1,831 $ 62.58 The total fair value of the restricted stock units that vested during the years ended March 31, 2019 , 2018 and 2017 was $82,957 , $76,193 and $50,051 , respectively. The following table presents the stock-based compensation expense included in cost of services revenue, sales and marketing, research and development and general and administrative expenses for the years ended March 31, 2019 , 2018 and 2017 . Year Ended March 31, 2019 2018 2017 Cost of services revenue $ 2,922 $ 3,182 $ 3,925 Sales and marketing 34,874 36,917 34,005 Research and development 8,601 8,411 7,335 General and administrative 31,458 25,619 28,663 Stock-based compensation expense $ 77,855 $ 74,129 $ 73,928 In the year ended March 31, 2019 , the table above excludes $2,632 respectively, of stock-based compensation expense related to the Company's restructuring activities described in footnote 12 . Performance Based Awards In fiscal 2019 , the Company granted 72 performance restricted stock units (PSU) to certain executives. Vesting of these awards is contingent upon i) the Company meeting certain company-wide revenue and non-GAAP performance goals (performance-based) in fiscal 2019 and ii) the Company's customary service periods. The awards vest in three annual tranches and have a maximum potential to vest at 200% ( 144 shares) based on actual fiscal 2019 performance. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. During each financial period, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. Based on the Company's results, the PSUs granted in fiscal 2019 will be eligible to vest at 94% . The awards are included in the restricted stock units table. Awards with a Market Condition In fiscal 2019 , the Company granted 75 market performance stock units to certain executives, excluding the CEO awards described below. The vesting of these awards is contingent upon the Company meeting certain total shareholder return (TSR) levels as compared to a market index over the next three years. The awards vest in three annual tranches and have a maximum potential to vest at 200% ( 150 shares) based on TSR performance. The related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The weighted average fair value of the awards granted during the year was $81.78 per share. The awards are included in the restricted stock unit table above. Employee Stock Purchase Plan The Employee Stock Purchase Plan (the “Purchase Plan”) is a shareholder approved plan under which substantially all employees may purchase the Company’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six -month offering periods. An employee’s payroll deductions under the Purchase Plan are limited to 10% of the employee’s salary and employees may not purchase more than $25 of stock during any calendar year. Employees purchased 211 shares in exchange for $10,407 of proceeds in fiscal 2019 and 234 shares in exchange for $10,282 of proceeds in fiscal 2018 . The Purchase Plan is considered compensatory and the fair value of the discount and look back provision are estimated using the Black-Scholes formula and recognized over the six -month withholding period prior to purchase. The total expense associated with the Purchase Plan for fiscal 2019 , 2018 and 2017 was $3,080 , $2,848 and $2,620 , respectively. As of March 31, 2019 , there was approximately $1,161 of unrecognized cost related to the current purchase period of our Employee Stock Purchase Plan. Impact on Stock Compensation Expense for Changes in Senior Leadership During fiscal 2019, the Company’s Chief Executive Officer, N. Robert Hammer, announced his retirement effective February 1, 2019. As part of his retirement, the Company modified his equity awards to allow for continued vesting of his restricted stock awards and performance based awards. The Company also increased the timeframe for which his stock options shall remain exercisable to their original ten years expiration date and not thirty days from his last date of employment. The expense related to these modifications was $12,157 for the year ended March 31, 2019 . The Company also recorded expenses of $1,208 related to the modification of other senior leadership. In February 2019 , the Company hired Sanjay Mirchandani, as the Company's new Chief Executive Officer replacing N. Robert Hammer. In connection with Mr. Mirchandani’s compensation package the Company granted him 46 market performance stock units. The vesting of these awards is contingent upon the Company meeting certain total shareholder return (TSR) levels as compared to a market index over the next three years. Two-thirds of the awards will vest on the two-year anniversary of the grant date and the remaining third will vest on the three-year anniversary of the grant date. The awards have a maximum potential to vest at 200% ( 92 shares) based on TSR performance. The related stock-based compensation expense is consistent with our other market performance awards and based on the estimated fair value of the underlying shares on the date of grant. Expense on these awards is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The weighted average fair value of these awards was $91.66 per share. These awards are excluded from the Awards with a Market Conditions section above. In addition, Mr. Mirchandani also received 108 time-vesting restricted stock units ("RSUs). Expense for both the market condition awards and time vesting RSUs for the year ended March 31, 2019 was $729 . The awards are included in the restricted stock unit table above. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Impact of U.S. Tax Reform The Tax Cuts and Jobs Act (the "Act") was enacted on December 22, 2017. The Act reduces the US federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. The most significant impact of the legislation for the Company was the reduction of the value of the Company's net deferred tax assets (which represent future tax benefits) as a result of lowering the U.S. corporate income tax rate from 35% to 21%. The Act also includes a requirement to pay a one-time transition tax on the cumulative value of earnings and profits that were previously not repatriated for U.S. income tax purposes. The Company has concluded that the one-time transition tax is zero. In addition, the Company no longer considers the undistributed earnings held outside of the U.S. by most of its foreign subsidiaries to be indefinitely reinvested. The Act subjects a US shareholder to tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for GILTI, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. Because the Company was evaluating the provisions of GILTI as of the fiscal year ended March 31, 2018, it recorded no GILTI-related deferred amounts in the financial statements for the year ended March 31, 2018. After further consideration in the current year, the Company has elected to account for GILTI in the year the tax is incurred, and has recorded an estimate of GILTI as a component of the projected tax provision for the fiscal year ending March 31, 2019. The Act requires complex computations to be performed that were not previously required in U.S. tax law, judgments to be made in interpretation of the provisions of the Act, estimates in calculations, and the preparation and analysis of information not previously relevant or regularly produced. The U.S. Treasury Department, the Internal Revenue Service ("IRS), and other standard-setting bodies could interpret or issue guidance on how provisions of the Tax Act will be applied or otherwise administered that is different from our current interpretation. Valuation Allowance Net deferred tax assets arise due to the recognition of income and expense items for tax purposes, which differ from those used for financial statement purposes. ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. In assessing the need for a valuation allowance, the Company considered all available objective and verifiable evidence both positive and negative, including historical levels of pre-tax income (loss) both on a consolidated basis and tax reporting entity basis, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies. As a result of this analysis, the Company determined that it is more likely than not that it will not realize the benefits of its gross deferred tax assets and therefore has recorded a valuation allowance to reduce the carrying value of these gross deferred tax assets, net of the impact of the reversal of taxable temporary differences, to zero . The components of income (loss) before income taxes were as follows: Year Ended March 31, 2019 2018 2017 Domestic $ (1,762 ) $ (18,159 ) $ (7,860 ) Foreign 12,189 14,659 5,866 $ 10,427 $ (3,500 ) $ (1,994 ) The components of income tax expense (benefit) were as follows: Year Ended March 31, 2019 2018 2017 Current: Federal $ (1,772 ) $ (1,036 ) $ 6,360 State 103 (383 ) (958 ) Foreign 8,371 7,307 4,818 Deferred: Federal 144 57,582 (11,520 ) State — (4,601 ) (80 ) Foreign 20 (469 ) (106 ) $ 6,866 $ 58,400 $ (1,486 ) A reconciliation of the statutory tax rates and the effective tax rates for the years ended March 31, 2019 , 2018 and 2017 are as follows: Year Ended March 31, 2019 2018 2017 Statutory federal income tax expense (benefit) rate 21.0 % (31.6 )% (35.0 )% State and local income tax expense, net of federal income tax effect 1.0 % 20.5 % 2.9 % Foreign earnings taxed at different rates 25.5 % 63.0 % 131.5 % U.S. tax on Global Intangible Low-Taxed Income 72.9 % — % — % Domestic permanent differences 7.8 % 65.6 % 96.6 % Foreign tax credits (22.4 )% (39.2 )% (67.7 )% Research credits (51.8 )% (83.2 )% (163.2 )% Tax reserves (5.2 )% (7.0 )% 4.1 % Valuation allowance (76.7 )% 1,626.5 % (31.8 )% Statutory tax rate changes (7.8 )% 451.9 % 15.9 % Stock-based compensation 97.2 % (377.6 )% — % Other differences, net 4.3 % (20.3 )% (27.8 )% Effective income tax expense (benefit) 65.8 % 1,668.6 % (74.5 )% The significant components of the Company’s deferred tax assets are as follows: March 31, 2019 2018 Deferred tax assets: Net operating losses $ 6,223 $ 9,015 Equity investment 1,298 1,162 Stock-based compensation 13,926 31,077 Deferred revenue 15,144 12,670 Tax credits 23,632 15,240 Accrued expenses 2,138 1,400 Allowance for doubtful accounts and other reserves 661 543 Less: valuation allowance (50,160 ) (58,350 ) Total deferred tax assets 12,862 12,757 Deferred tax liabilities: Depreciation and amortization (6,673 ) (6,172 ) Deferred commissions and other (8,783 ) (10,790 ) Total deferred tax liabilities $ (15,456 ) $ (16,962 ) Net deferred tax liability $ (2,594 ) $ (2,430 ) During fiscal 2019, the Company could no longer assert that it had the intent to indefinitely reinvest the earnings and profits of the foreign subsidiaries, with the exception of India. Accordingly, the Company was required to adjust its deferred tax liability for the effects of this change in assertion. This effect was not significant. At March 31, 2019 , the Company had U.S. federal net operating loss (NOL) carry forwards of $20,166 . These net operating losses are allowed to be carryforward indefinitely. As of March 31, 2019, the Company had state net operating loss carry forwards which generated a deferred tax asset of $1,319 . The State NOLs expire over various years beginning in 2029 depending on the jurisdiction. The Company also had federal and state research tax credit (R&D credits) carryforwards of approximately $17,508 and $2,187 , respectively. The federal research tax credit carryforwards expire from 2025 through 2036, and the state research tax credit carryforwards expire from 2019 through 2023. The Company conducts business globally and as a result, files income tax returns in the United States and in various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions are the United States, Australia, Canada, Germany, Netherlands and United Kingdom. The following table summarizes the tax years in the Company’s major tax jurisdictions that remain subject to income tax examinations by tax authorities as of March 31, 2019. The years subject to income tax examination in the Company’s foreign jurisdictions cover the maximum time period with respect to these jurisdictions. Due to NOLs, in some cases the tax years continue to remain subject to examination with respect to such NOLs. Tax Jurisdiction Years Subject to Income U.S. Federal 2018 - Present Foreign jurisdictions 2013 - Present The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in each of its tax jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. A number of years may lapse before a particular matter is audited and finally resolved. A reconciliation of the amounts of unrecognized tax benefits is as follows: Balance at March 31, 2016 $ 1,952 Additions for tax positions related to fiscal 2017 — Additions for tax positions related to prior years 179 Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations — Foreign currency translation adjustment (33 ) Balance at March 31, 2017 2,098 Additions for tax positions related to fiscal 2018 — Additions for tax positions related to prior years 150 Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations (397 ) Foreign currency translation adjustment (111 ) Balance at March 31, 2018 1,740 Additions for tax positions related to fiscal 2019 — Additions for tax positions related to prior years 547 Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations (695 ) Foreign currency translation adjustment — Balance at March 31, 2019 1,592 The Company estimates that no significant remaining unrecognized tax benefits will be realized during the fiscal year ending March 31, 2020 . Interest and penalties related to unrecognized tax benefits are recorded in income tax expense. In the years ended March 31, 2019 , 2018 and 2017 , the Company recognized $40 , $80 and $61 , respectively, of interest and penalties in the Consolidated Statement of Operations. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company has a defined contribution plan, as allowed under Section 401(k) of the Internal Revenue Code, covering substantially all employees. Effective January 1, 2012, the Company makes contributions equal to a discretionary percentage of the employee’s contributions determined by the Company. During the years ended March 31, 2019 , 2018 and 2017 , the Company made contributions of $2,786 , $2,959 , and $2,998 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates in one segment. The Company’s products and services are sold throughout the world, through direct and indirect sales channels. The Company’s chief operating decision maker (the “CODM”) is the chief executive officer. The CODM makes operating performance assessment and resource allocation decisions on a global basis. The CODM does not receive discrete financial information about asset allocation, expense allocation or profitability by product or geography. Revenues by geography are based upon the billing address of the customer. All transfers between geographic regions have been eliminated from consolidated revenues. The following table sets forth revenue and long-lived assets by geographic area: Year Ended March 31, 2019 2018 2017 Revenue: United States $ 379,221 $ 377,934 $ 365,354 Other 331,736 321,459 279,651 $ 710,957 $ 699,393 $ 645,005 No individual country other than the United States accounts for 10% or more of revenues in the years ended March 31, 2019 , 2018 and 2017 . Revenue included in the “Other” caption above primarily relates to the Company’s operations in Europe, Australia, Canada and Asia. March 31, 2019 2018 Long-lived assets: United States $ 143,591 $ 145,918 Other 23,860 25,936 $ 167,451 $ 171,854 At March 31, 2019 and 2018 no other individual country, other than the United States, accounts for 10% or more of long-lived assets. |
Restructuring
Restructuring | 12 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the year ended March 31, 2019 , the Company incurred total restructuring charges of $14,765 . These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $2,632 of stock-based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan. The activity in the Company’s restructuring accruals for the year ended March 31, 2019 is summarized as follows: Lease abandonment charges Severance & payroll related charges Total Balance at March 31, 2018 $ — $ — $ — Restructuring charges 1,034 14,606 15,640 Payments (540 ) (12,642 ) (13,182 ) Accrual reversals — (875 ) (875 ) Balance at March 31, 2019 $ 494 $ 1,089 $ 1,583 As of March 31, 2019 , the outstanding restructuring accruals primarily relate to future severance and lease payments. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (unaudited) Quarter Ended June 30 September 30 December 31 March 31 Fiscal 2019 Total revenue $ 176,177 $ 169,078 $ 184,275 $ 181,427 Gross margin 148,571 142,205 155,422 147,753 Net income (loss) (8,567 ) 891 13,400 (2,163 ) Net income (loss) per common share: Basic (1) $ (0.19 ) $ 0.02 $ 0.29 $ (0.05 ) Diluted (1) $ (0.19 ) $ 0.02 $ 0.28 $ (0.05 ) Quarter Ended June 30 September 30 December 31 March 31 Fiscal 2018 Total revenue $ 165,972 $ 168,140 $ 180,366 $ 184,915 Gross margin 144,311 144,873 155,409 156,648 Net income (loss) (284 ) (1,010 ) (58,945 ) (1,661 ) Net income (loss) per common share: Basic (1) $ (0.01 ) $ (0.02 ) $ (1.30 ) $ (0.04 ) Diluted (1) $ (0.01 ) $ (0.02 ) $ (1.30 ) $ (0.04 ) (1) Per common share amounts for the quarters and full year have been calculated separately. Accordingly, quarterly amounts do not add to the annual amount because of differences in the weighted average common shares outstanding during each period used in the basic and diluted calculations. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts Balance at Beginning of Year Charged (Credited) to Costs and Expenses Deductions Balance at End of Year (In thousands) Year Ended March 31, 2017 Allowance for doubtful accounts $ 315 $ (161 ) $ 51 $ 103 Valuation allowance for deferred taxes $ 2,772 $ (976 ) $ — $ 1,796 Year Ended March 31, 2018 Allowance for doubtful accounts $ 103 $ 25 $ 24 $ 104 Valuation allowance for deferred taxes $ 1,796 $ 56,554 $ — $ 58,350 Year Ended March 31, 2019 Allowance for doubtful accounts $ 104 $ 569 $ 184 $ 489 Valuation allowance for deferred taxes $ 58,350 $ (8,190 ) $ — $ 50,160 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company. All intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in the Company’s consolidated financial statements and the accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of revenues and expenses reported for each of its periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, allowance for doubtful accounts, deferred commissions cost, income taxes and related reserves, stock-based compensation and accounting for research and development costs. Actual results could differ from those estimates. |
Revenue, Deferred Commissions Cost, Deferred Revenue, and Shipping and Handling Costs | Deferred Commissions Cost Sales commissions and related payroll taxes earned by the Company's employees are considered incremental and recoverable costs of obtaining a contract with a customer. The Company’s typical contracts include performance obligations related to software licenses, software updates, customer support and other professional services. In these contracts, incremental costs of obtaining a contract are allocated to the performance obligations based on the relative estimated standalone selling prices and then recognized on a systematic basis that is consistent with the transfer of the goods or services to which the asset relates. The Company does not pay commissions on annual renewals of contracts for software updates and customer support for perpetual licenses. The costs allocated to software and products are expensed at the time of sale, when revenue for the functional software license or appliance is recognized. The costs allocated to software updates and customer support for perpetual licenses are amortized ratably over a period of approximately five years , the expected period of benefit of the asset capitalized. The Company currently estimates a period of five years is appropriate based on consideration of historical average customer life and the estimated useful life of the underlying software or appliance sold as part of the transaction. The costs related to professional services are amortized within one quarter following the date of the related software or appliance sale, which is typically the period the related professional services are provided and revenue is recognized. Amortization expense related to these costs is included in Sales and marketing expenses in the accompanying condensed consolidated statements of operations. Costs related to software updates and support for term-based, or subscription software licenses, are limited to the contractual period of the arrangement as the Company intends to pay a commensurate commission upon renewal of the subscription license and related updates and support. Deferred Revenue Deferred revenues represent amounts collected from, or invoiced to, customers in excess of revenues recognized. This results primarily from the billing of annual customer support agreements, and billings for other professional services fees that have not yet been performed by the Company. The value of deferred revenues will increase or decrease based on the timing of invoices and recognition of revenue. Revenue The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on April 1, 2017, using the full retrospective method. For further discussion of the Company's accounting policies related to revenue see Note 3. Shipping and Handling Costs Shipping and handling costs are included in cost of revenues for all periods presented. Information about Contract Balances Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of the Company's deferred revenue balance is related to services revenue, primarily customer support contracts. In some arrangements the Company allows customers to pay for term based software licenses and products over the term of the software license. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables which are anticipated to be invoiced in the next twelve months are included in Accounts receivable on the consolidated balance sheet. Long term unbilled receivables are included in Other assets The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which was adopted on April 1, 2017, using the full retrospective method. The Company derives revenues from two primary sources: software and products, and services. Software and products revenue includes the Company's software and integrated appliances that combine the Company's software with hardware. Services include customer support (software updates and technical support), consulting, assessment and design services, installation services and customer education. A typical contract includes both licenses and services. The Company’s software licenses typically provide for a perpetual right to use the Company’s software. The Company also sells term-based software licenses that expire, which are referred to as subscription arrangements. The Company does not customize its software and installation services are not required. The software is delivered before related services are provided and is functional without professional services, updates and technical support. The Company has concluded that its software license is functional intellectual property that is distinct as the user can benefit from the software on its own. Software revenue is typically recognized when the software is delivered and/or made available for download as this is the point the user of the software can direct the use of, and obtain substantially all of the remaining benefits from the functional intellectual property. The Company does not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the subscription period. In fiscal 2018, the Company also started selling appliances that integrate the Company's software with hardware and address a wide-range of business needs and use cases, ranging from support for remote or branch offices with limited IT staff up to large corporate data centers. Revenue related to appliances is recognized when control of the appliances passes to the customer; typically upon delivery. Revenue to date related to appliances has not been significant. Services revenue includes revenue from customer support and other professional services. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. The Company sells its customer support contracts as a percentage of net software purchases the support is related to. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year. The Company’s other professional services include consulting, assessment and design services, installation services and customer education. Customer education services include courses taught by the Company’s instructors or third-party contractors. Revenue related to other professional services and customer education services is typically recognized as the services are performed. Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software and appliances are typically estimated using the residual approach. Standalone selling prices of services are typically estimated based on observable transactions when these services are sold on a standalone basis. |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income by the weighted average number of common shares during the period. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options, vesting of restricted stock units and shares to be purchased under the Employee Stock Purchase Plan. The dilutive effect of such potential common shares is reflected in diluted earnings per share by application of the treasury stock method. |
Software Development Costs | Software Development Costs Research and development expenditures are charged to operations as incurred. Based on the Company’s software development process, technological feasibility is established upon completion of a working model, which also requires certification and extensive testing. Costs incurred by the Company between completion of the working model and the point at which the product is ready for general release are immaterial. |
Trade and Other Receivables | Trade and Other Receivables Trade and other receivables are primarily comprised of trade receivables that are recorded at the invoice amount, net of an allowance for doubtful accounts, which is not material. Unbilled receivables represent amounts for which revenue has been recognized but which have not yet been invoiced to the customer. The current portion of unbilled receivables is included in Trade accounts receivable on the consolidated balance sheet. Long term unbilled receivables are included in Other assets. |
Accounting for Income Taxes | Accounting for Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes” (ASC 740). The provision for income taxes and effective tax rates are calculated by legal entity and jurisdiction and are based on a number of factors, including the level of pre-tax earnings, income tax planning strategies, differences between tax laws and accounting rules, statutory tax rates and credits, uncertain tax positions and valuation allowances. The Company uses significant judgment and estimates in evaluating tax positions. The effective tax rate in a given financial statement period may be materially impacted by changes in the mix and level of earnings by taxing jurisdiction. Under ASC 740, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts. Valuation allowances are established when, in the Company's judgment, it is more likely than not that deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company weighs the available positive and negative evidence, including historical levels of pre-tax income, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with maturities of three months or less at the date of purchase to be cash equivalents. As of March 31, 2019 , the Company’s cash and cash equivalents balance consisted primarily of money market funds. |
Short-term Investments | Short-term Investments Short-term investments consist of investments with maturities of twelve months or less that do not meet the criteria to be cash equivalents. The company determines classification of the investment as trading, available-for-sale or held-to-maturity at the time of purchase and reevaluates classification whenever changes in circumstances indicate changes in classification may be necessary. The Company’s current short-term investments are classified as held-to-maturity. Held-to-maturity investments consist of securities that the Company has the intent and ability to retain until maturity. Held-to-maturity investments are initially recorded at cost and adjusted for the amortization of discounts from the date of purchase through maturity. Income related to investments is recorded as interest income in the Consolidated Statement of Operations. Cash inflows and outflows related to the sale, maturity and purchase of investments are classified as investing activities in the Company’s Consolidated Statements of Cash Flows. |
Concentration of Credit Risk | Concentration of Credit Risk The Company grants credit to customers in a wide variety of industries worldwide and generally does not require collateral. Credit losses relating to these customers have been minimal. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. As of March 31, 2019 and 2018 , the Company’s short-term investments balance consisted of U.S. Treasury Bills. Fair 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 minimize the use of unobservable inputs. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets. The depreciable assets that comprise the Company's owned headquarters classified as Buildings are being depreciated over lives ranging from ten to sixty years. Computer and related equipment is generally depreciated over eighteen months to three years and furniture and fixtures are generally depreciated over three to twelve years . Leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the related lease. Expenditures for routine maintenance and repairs are charged against operations. Major replacements, improvements and additions are capitalized. |
Asset Retirement Obligation | Asset Retirement Obligation A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related leasehold improvements are recorded at the time leasehold improvements are acquired. The Company maintains certain office space for which the lease agreement requires that the Company return the office space to its original condition upon vacating the premises. |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine the recoverability of its long-lived assets, the Company evaluates the estimated future undiscounted cash flows that are directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the long-lived asset. If the estimated future undiscounted cash flows demonstrate that recoverability is not probable, an impairment loss would be recognized. An impairment loss would be calculated based on the excess carrying amount of the long-lived asset over the long-lived asset’s fair value. The fair value would be determined based on valuation techniques such as a comparison to fair values of similar assets. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company utilizes the Black-Scholes pricing model to determine the fair value of non-qualified stock options on the dates of grant. Restricted stock units without a market condition are measured based on the fair market values of the underlying stock on the date of grant. The Company recognizes stock-based compensation using the straight-line method for all stock awards that don't include a market or performance condition. |
Share Repurchases | Share Repurchases The Company considers all shares repurchased as canceled shares restored to the status of authorized but unissued shares on the trade date. The aggregate purchase price of the shares of the Company’s common stock repurchased is reflected as a reduction to Stockholders’ Equity. The Company accounts for shares repurchased as an adjustment to common stock (at par value) with the excess repurchase price allocated between Additional Paid-in Capital and Accumulated Deficit. |
Sales Tax | Sales Tax The Company records revenue net of sales tax. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. |
Foreign Currency Translation | Foreign Currency Translation The functional currencies of the Company’s foreign operations are deemed to be the local country’s currency. Assets and liabilities of the Company’s international subsidiaries are translated at their respective period-end exchange rates, and revenues and expenses are translated at average currency exchange rates for the period. The resulting balance sheet translation adjustments are included in Other Comprehensive Loss and are reflected as a separate component of Stockholders’ Equity. Foreign currency transaction gains and losses are recorded in “General and administrative expenses” in the Consolidated Statements of Operations. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined to include all changes in equity, except those resulting from investments by stockholders and distribution to stockholders. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Leases In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, a lessee will recognize a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The Company will adopt this ASU in the first quarter of fiscal 2020 and will apply it at the beginning of the period of adoption with the cumulative effect of applying the new rules recognized then. As part of its assessment, the Company performed a scoping exercise and determined the lease population. Based on this assessment, the Company anticipates the most significant impact will be the recognition of right-of-use assets and lease liabilities on its consolidated balance sheet, related to operating leases. This impact on its consolidated balance sheet is estimated to be less than 10% of total assets and liabilities. Furthermore, the Company expects no significant impact on its consolidated income statement. Additionally, the Company is in the process of finalizing the implementation of a lease accounting system and refining internal controls and processes related to both the implementation and ongoing compliance of the new guidance. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). The standard amends guidance on the impairment of financial instruments. The ASU estimates credit losses based on expected losses and provides for a simplified accounting model for purchased financial assets with credit deterioration. The standard requires a modified retrospective basis adoption through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The amendments of this ASU are effective for the Company's fiscal 2021, with early adoption permitted. The Company is currently assessing the impact the adoption of ASU 2016-13 will have on the financial statements. There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s financial position, results of operations or cash flows. Recently Issued Accounting Standards Leases In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, a lessee will recognize a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The Company will adopt this ASU in the first quarter of fiscal 2020 and will apply it at the beginning of the period of adoption with the cumulative effect of applying the new rules recognized then. As part of its assessment, the Company performed a scoping exercise and determined the lease population. Based on this assessment, the Company anticipates the most significant impact will be the recognition of right-of-use assets and lease liabilities on its consolidated balance sheet, related to operating leases. This impact on its consolidated balance sheet is estimated to be less than 10% of total assets and liabilities. Furthermore, the Company expects no significant impact on its consolidated income statement. Additionally, the Company is in the process of finalizing the implementation of a lease accounting system and refining internal controls and processes related to both the implementation and ongoing compliance of the new guidance. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). The standard amends guidance on the impairment of financial instruments. The ASU estimates credit losses based on expected losses and provides for a simplified accounting model for purchased financial assets with credit deterioration. The standard requires a modified retrospective basis adoption through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The amendments of this ASU are effective for the Company's fiscal 2021, with early adoption permitted. The Company is currently assessing the impact the adoption of ASU 2016-13 will have on the financial statements. There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Computation of Basic and Diluted Net Income Per Common Share | The following table sets forth the reconciliation of basic and diluted common share: Year Ended March 31, 2019 2018 2017 Basic weighted average shares outstanding 45,827 45,242 44,700 Dilutive effect of stock options, restricted stock units, and employee stock purchase plan 1,774 — — Diluted weighted average shares outstanding 47,601 45,242 44,700 |
Summary of Potential Outstanding Common Stock Equivalents | The following table summarizes the potential outstanding common stock equivalents of the Company at the end of each period, which have been excluded from the computation of diluted net income per common share, as its effect is anti-dilutive. Year Ended March 31, 2019 2018 2017 Stock options, restricted stock units, and shares under the employee stock purchase plan 998 7,312 8,106 |
Financial Assets Measured At Fair Value On Recurring Basis | The following table summarizes the composition of the Company’s financial assets measured at fair value on a recurring basis at March 31, 2019 and March 31, 2018 : March 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents $ 102,702 — — $ 102,702 Short-term investments — $ 131,937 — $ 131,937 March 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents $ 43,545 — — $ 43,545 Short-term investments — $ 132,263 — $ 132,263 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The Company’s typical performance obligations include the following: Performance Obligation When Performance Obligation is Typically Satisfied When Payment is Typically Due How Standalone Selling Price is Typically Estimated Software and Products Revenue Software Licenses Upon shipment or made available for download (point in time) Within 90 days of shipment except for certain subscription licenses which are paid for over time Residual approach Appliances When control of the appliances passes to the customer; typically upon delivery Within 90 days of delivery Residual approach Customer Support Revenue Software Updates Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Customer Support Ratably over the course of the support contract (over time) At the beginning of the contract period Observable in renewal transactions Professional Services Other Professional Services (except for education services) As work is performed (over time) Within 90 days of services being performed Observable in transactions without multiple performance obligations Education Services When the class is taught (point in time) Within 90 days of services being performed Observable in transactions without multiple performance obligations |
Disaggregation of Revenue | Year Ended March 31, 2019 Americas EMEA APAC Total Software and Products Revenue $ 170,114 $ 95,913 $ 43,872 $ 309,899 Customer Support Revenue 237,190 82,895 38,662 358,747 Professional Services 23,076 12,380 6,855 42,311 Total Revenue $ 430,380 $ 191,188 $ 89,389 $ 710,957 Year Ended March 31, 2018 Americas EMEA APAC Total Software and Products Revenue $ 167,858 $ 100,452 $ 43,435 $ 311,745 Customer Support Revenue 233,991 75,807 36,257 346,055 Professional Services 23,453 11,289 6,851 41,593 Total Revenue $ 425,302 $ 187,548 $ 86,543 $ 699,393 Year Ended March 31, 2017 Americas EMEA APAC Total Software and Products Revenue $ 168,243 $ 82,393 $ 40,032 $ 290,668 Customer Support Revenue 216,656 65,732 32,466 314,854 Professional Services 22,704 11,364 5,415 39,483 Total Revenue $ 407,603 $ 159,489 $ 77,913 $ 645,005 |
Contract with Customer, Asset and Liability | The opening and closing balances of the Company’s accounts receivable, unbilled receivables, and deferred revenues are as follows: Accounts Receivable Unbilled Receivable (current) Unbilled Receivable (long-term) Deferred Revenue (current) Deferred Revenue (long-term) Opening Balance as of March 31, 2018 $ 152,219 $ 9,900 $ 4,380 $ 241,113 $ 84,661 Increase/(decrease), net 9,351 5,366 2,836 (2,674 ) 14,596 Ending Balance as of March 31, 2019 $ 161,570 $ 15,266 $ 7,216 $ 238,439 $ 99,257 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: March 31, 2019 2018 Land $ 9,445 $ 9,445 Buildings 103,244 103,244 Computers, servers and other equipment 38,551 37,132 Furniture and fixtures 15,184 15,594 Leasehold improvements 10,251 10,143 Purchased software 1,473 1,425 Construction in process 2,091 57 180,239 177,040 Less: Accumulated depreciation and amortization (57,523 ) (48,428 ) $ 122,716 $ 128,612 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following: March 31, 2019 2018 Compensation and related payroll taxes $ 48,332 $ 46,192 Other 37,389 36,107 $ 85,721 $ 82,299 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments under all Operating Leases | Future minimum lease payments under all operating leases at March 31, 2019 are as follows: Year Ending March 31, 2020 $ 9,008 2021 6,634 2022 4,273 2023 2,228 2024 and thereafter 1,530 $ 23,673 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following summarizes the activity for the Company’s stock incentive plans from March 31, 2016 to March 31, 2019 : Options Number of Weighted- Weighted- Aggregate Outstanding at March 31, 2016 5,939 $ 44.07 Options granted — — Options exercised (446 ) 28.44 Options forfeited (77 ) 51.55 Options expired (116 ) 68.98 Outstanding at March 31, 2017 5,300 44.74 Options granted — — Options exercised (842 ) 23.57 Options forfeited (26 ) 43.30 Options expired (30 ) 68.27 Outstanding at March 31, 2018 4,402 48.64 Options granted — — Options exercised (1,091 ) 28.92 Options forfeited (15 ) 44.55 Options expired (84 ) 80.02 Outstanding at March 31, 2019 3,212 $ 54.55 3.55 $ 51,133 Exercisable at March 31, 2019 3,203 $ 54.58 3.55 $ 50,965 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity is as follows: Non-Vested Restricted Stock Units Number Weighted Non-vested as of March 31, 2016 2,212 $ 43.43 Granted 1,333 50.66 Vested (975 ) 51.35 Forfeited (174 ) 43.56 Non-vested as of March 31, 2017 2,396 45.53 Granted 1,235 59.71 Vested (1,324 ) 46.74 Forfeited (141 ) 48.24 Non-vested as of March 31, 2018 2,166 54.13 Granted 1,256 64.65 Vested (1,276 ) 51.38 Forfeited (315 ) 57.76 Non-vested as of March 31, 2019 1,831 $ 62.58 |
Stock-Based Compensation Expense | The following table presents the stock-based compensation expense included in cost of services revenue, sales and marketing, research and development and general and administrative expenses for the years ended March 31, 2019 , 2018 and 2017 . Year Ended March 31, 2019 2018 2017 Cost of services revenue $ 2,922 $ 3,182 $ 3,925 Sales and marketing 34,874 36,917 34,005 Research and development 8,601 8,411 7,335 General and administrative 31,458 25,619 28,663 Stock-based compensation expense $ 77,855 $ 74,129 $ 73,928 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of income (loss) before income taxes were as follows: Year Ended March 31, 2019 2018 2017 Domestic $ (1,762 ) $ (18,159 ) $ (7,860 ) Foreign 12,189 14,659 5,866 $ 10,427 $ (3,500 ) $ (1,994 ) |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) were as follows: Year Ended March 31, 2019 2018 2017 Current: Federal $ (1,772 ) $ (1,036 ) $ 6,360 State 103 (383 ) (958 ) Foreign 8,371 7,307 4,818 Deferred: Federal 144 57,582 (11,520 ) State — (4,601 ) (80 ) Foreign 20 (469 ) (106 ) $ 6,866 $ 58,400 $ (1,486 ) |
Reconciliation of Statutory Tax Rates and Effective Tax Rates | A reconciliation of the statutory tax rates and the effective tax rates for the years ended March 31, 2019 , 2018 and 2017 are as follows: Year Ended March 31, 2019 2018 2017 Statutory federal income tax expense (benefit) rate 21.0 % (31.6 )% (35.0 )% State and local income tax expense, net of federal income tax effect 1.0 % 20.5 % 2.9 % Foreign earnings taxed at different rates 25.5 % 63.0 % 131.5 % U.S. tax on Global Intangible Low-Taxed Income 72.9 % — % — % Domestic permanent differences 7.8 % 65.6 % 96.6 % Foreign tax credits (22.4 )% (39.2 )% (67.7 )% Research credits (51.8 )% (83.2 )% (163.2 )% Tax reserves (5.2 )% (7.0 )% 4.1 % Valuation allowance (76.7 )% 1,626.5 % (31.8 )% Statutory tax rate changes (7.8 )% 451.9 % 15.9 % Stock-based compensation 97.2 % (377.6 )% — % Other differences, net 4.3 % (20.3 )% (27.8 )% Effective income tax expense (benefit) 65.8 % 1,668.6 % (74.5 )% |
Components of Deferred Tax Assets | The significant components of the Company’s deferred tax assets are as follows: March 31, 2019 2018 Deferred tax assets: Net operating losses $ 6,223 $ 9,015 Equity investment 1,298 1,162 Stock-based compensation 13,926 31,077 Deferred revenue 15,144 12,670 Tax credits 23,632 15,240 Accrued expenses 2,138 1,400 Allowance for doubtful accounts and other reserves 661 543 Less: valuation allowance (50,160 ) (58,350 ) Total deferred tax assets 12,862 12,757 Deferred tax liabilities: Depreciation and amortization (6,673 ) (6,172 ) Deferred commissions and other (8,783 ) (10,790 ) Total deferred tax liabilities $ (15,456 ) $ (16,962 ) Net deferred tax liability $ (2,594 ) $ (2,430 ) |
Schedule of Tax Years Subject to Income Tax Examination | The following table summarizes the tax years in the Company’s major tax jurisdictions that remain subject to income tax examinations by tax authorities as of March 31, 2019. The years subject to income tax examination in the Company’s foreign jurisdictions cover the maximum time period with respect to these jurisdictions. Due to NOLs, in some cases the tax years continue to remain subject to examination with respect to such NOLs. Tax Jurisdiction Years Subject to Income U.S. Federal 2018 - Present Foreign jurisdictions 2013 - Present |
Reconciliation of Amounts of Unrecognized Tax Benefits | A reconciliation of the amounts of unrecognized tax benefits is as follows: Balance at March 31, 2016 $ 1,952 Additions for tax positions related to fiscal 2017 — Additions for tax positions related to prior years 179 Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations — Foreign currency translation adjustment (33 ) Balance at March 31, 2017 2,098 Additions for tax positions related to fiscal 2018 — Additions for tax positions related to prior years 150 Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations (397 ) Foreign currency translation adjustment (111 ) Balance at March 31, 2018 1,740 Additions for tax positions related to fiscal 2019 — Additions for tax positions related to prior years 547 Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations (695 ) Foreign currency translation adjustment — Balance at March 31, 2019 1,592 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | The following table sets forth revenue and long-lived assets by geographic area: Year Ended March 31, 2019 2018 2017 Revenue: United States $ 379,221 $ 377,934 $ 365,354 Other 331,736 321,459 279,651 $ 710,957 $ 699,393 $ 645,005 |
Schedule of Long-Lived Assets by Geographic Area | March 31, 2019 2018 Long-lived assets: United States $ 143,591 $ 145,918 Other 23,860 25,936 $ 167,451 $ 171,854 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Accruals | The activity in the Company’s restructuring accruals for the year ended March 31, 2019 is summarized as follows: Lease abandonment charges Severance & payroll related charges Total Balance at March 31, 2018 $ — $ — $ — Restructuring charges 1,034 14,606 15,640 Payments (540 ) (12,642 ) (13,182 ) Accrual reversals — (875 ) (875 ) Balance at March 31, 2019 $ 494 $ 1,089 $ 1,583 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Quarter Ended June 30 September 30 December 31 March 31 Fiscal 2019 Total revenue $ 176,177 $ 169,078 $ 184,275 $ 181,427 Gross margin 148,571 142,205 155,422 147,753 Net income (loss) (8,567 ) 891 13,400 (2,163 ) Net income (loss) per common share: Basic (1) $ (0.19 ) $ 0.02 $ 0.29 $ (0.05 ) Diluted (1) $ (0.19 ) $ 0.02 $ 0.28 $ (0.05 ) Quarter Ended June 30 September 30 December 31 March 31 Fiscal 2018 Total revenue $ 165,972 $ 168,140 $ 180,366 $ 184,915 Gross margin 144,311 144,873 155,409 156,648 Net income (loss) (284 ) (1,010 ) (58,945 ) (1,661 ) Net income (loss) per common share: Basic (1) $ (0.01 ) $ (0.02 ) $ (1.30 ) $ (0.04 ) Diluted (1) $ (0.01 ) $ (0.02 ) $ (1.30 ) $ (0.04 ) (1) Per common share amounts for the quarters and full year have been calculated separately. Accordingly, quarterly amounts do not add to the annual amount because of differences in the weighted average common shares outstanding during each period used in the basic and diluted calculations. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Research and development | $ 92,647,000 | $ 91,030,000 | $ 79,558,000 | |
General and administrative | 100,946,000 | 90,709,000 | 88,929,000 | |
Asset retirement obligation | 1,479,000 | 1,303,000 | ||
Asset impairment charges | $ 0 | 0 | 0 | |
Software updates and customer support costs amortization period | 5 years | |||
Advertising expenses | $ 4,678,000 | 5,704,000 | 7,816,000 | |
Net foreign currency transaction gain (loss) | $ 984,000 | $ 109,000 | $ 644,000 | |
Director | Director on Company's board of directors hired as CEO of Rackspace, Inc. | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue from related party | $ 631,000 | |||
Minimum | Buildings | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment, depreciation period (in years) | 10 years | |||
Minimum | Computers, servers and other equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment, depreciation period (in years) | 18 months | |||
Minimum | Furniture and fixtures | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment, depreciation period (in years) | 3 years | |||
Maximum | Buildings | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment, depreciation period (in years) | 60 years | |||
Maximum | Computers, servers and other equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment, depreciation period (in years) | 3 years | |||
Maximum | Furniture and fixtures | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment, depreciation period (in years) | 12 years | |||
Arrow | Revenue | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration percentage | 38.00% | 36.00% | 36.00% | |
Customer Concentration Risk | Arrow | Accounts Receivable | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration percentage | 38.00% | 38.00% | ||
Adjustment | Immaterial error related to the classification of legal fees | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Research and development | $ 3,134,000 | $ 3,985,000 | ||
General and administrative | $ (3,134,000) | $ (3,985,000) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Computation of Diluted Net Income Per Common Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Diluted net income (loss) per common share: | |||
Basic weighted average shares outstanding (shares) | 45,827 | 45,242 | 44,700 |
Dilutive effect of stock options, restricted stock units, and employee stock purchase plan (in shares) | 1,774 | 0 | 0 |
Diluted weighted average shares outstanding (in shares) | 47,601 | 45,242 | 44,700 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Potential Outstanding Common Stock Equivalents (Detail) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | |||
Stock options, restricted stock units, and shares under the employee stock purchase plan (in shares) | 998 | 7,312 | 8,106 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 102,702 | $ 43,545 |
Short-term investments | 131,937 | 132,263 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 102,702 | 43,545 |
Short-term investments | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 131,937 | 132,263 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | $ 0 | $ 0 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2019USD ($)revenue_sourcesegment | |
Revenue from Contract with Customer [Abstract] | |
Sources of primary revenue | revenue_source | 2 |
Customer support agreement | 1 year |
Number of operating segments | segment | 1 |
Revenue recognized in period, included in opening deferred revenue balance | $ 238,603 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations | 27,956 |
Software and Products Revenue | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations | $ 3,137 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Detail) | 12 Months Ended |
Mar. 31, 2019 | |
Software, licenses | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, expected payment terms | 90 days |
Software, appliances | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, expected payment terms | 90 days |
Professional Services, other | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, expected payment terms | 90 days |
Professional Services, education services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, expected payment terms | 90 days |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 710,957 | $ 699,393 | $ 645,005 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 430,380 | 425,302 | 407,603 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 191,188 | 187,548 | 159,489 |
APAC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 89,389 | 86,543 | 77,913 |
Software and Products Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 309,899 | 311,745 | 290,668 |
Software and Products Revenue | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 170,114 | 167,858 | 168,243 |
Software and Products Revenue | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 95,913 | 100,452 | 82,393 |
Software and Products Revenue | APAC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 43,872 | 43,435 | 40,032 |
Customer Support Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 358,747 | 346,055 | 314,854 |
Customer Support Revenue | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 237,190 | 233,991 | 216,656 |
Customer Support Revenue | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 82,895 | 75,807 | 65,732 |
Customer Support Revenue | APAC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 38,662 | 36,257 | 32,466 |
Professional Services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 42,311 | 41,593 | 39,483 |
Professional Services | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 23,076 | 23,453 | 22,704 |
Professional Services | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 12,380 | 11,289 | 11,364 |
Professional Services | APAC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 6,855 | $ 6,851 | $ 5,415 |
Revenue - Opening and Closing B
Revenue - Opening and Closing Balances (Receivables) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Trade accounts receivable | |
Accounts Receivable [Roll Forward] | |
Opening Balance as of March 31, 2017 | $ 152,219 |
Increase/(decrease), net | 9,351 |
Ending Balance as of March 31, 2018 | 161,570 |
Unbilled Receivable (current) [Roll Forward] | |
Opening Balance as of March 31, 2017 | 9,900 |
Increase/(decrease), net | 5,366 |
Ending Balance as of March 31, 2018 | 15,266 |
Other assets | |
Unbilled Receivable (long-term) [Roll Forward] | |
Opening Balance as of March 31, 2017 | 4,380 |
Increase/(decrease), net | 2,836 |
Ending Balance as of March 31, 2018 | $ 7,216 |
Revenue - Opening and Closing_2
Revenue - Opening and Closing Balances (Deferred Revenue) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Contract With Customer, Liability, Current [Roll Forward] | |
Opening Balance as of March 31, 2017 | $ 241,113 |
Ending Balance as of March 31, 2018 | 238,439 |
Contract With Customer, Liability, Noncurrent [Roll Forward] | |
Opening Balance as of March 31, 2017 | 84,661 |
Ending Balance as of March 31, 2018 | 99,257 |
Deferred revenue | |
Contract With Customer, Liability, Current [Roll Forward] | |
Opening Balance as of March 31, 2017 | 241,113 |
Increase/(decrease), net | (2,674) |
Ending Balance as of March 31, 2018 | 238,439 |
Deferred revenue, less current portion | |
Contract With Customer, Liability, Noncurrent [Roll Forward] | |
Opening Balance as of March 31, 2017 | 84,661 |
Increase/(decrease), net | 14,596 |
Ending Balance as of March 31, 2018 | $ 99,257 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 180,239 | $ 177,040 |
Less: Accumulated depreciation and amortization | (57,523) | (48,428) |
Property and equipment, net | 122,716 | 128,612 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,445 | 9,445 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 103,244 | 103,244 |
Computers, servers and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 38,551 | 37,132 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,184 | 15,594 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,251 | 10,143 |
Purchased software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,473 | 1,425 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,091 | $ 57 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 12,060 | $ 11,785 | $ 10,232 |
Depreciation and amortization expense | $ 11,217 | $ 9,980 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Payables and Accruals [Abstract] | ||
Compensation and related payroll taxes | $ 48,332 | $ 46,192 |
Other | 37,389 | 36,107 |
Total accrued liabilities | $ 85,721 | $ 82,299 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments Under All Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | $ 9,008 |
2021 | 6,634 |
2022 | 4,273 |
2023 | 2,228 |
2024 and thereafter | 1,530 |
Future minimum lease payments, Total | $ 23,673 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expenses | $ 11,474,000 | $ 12,215,000 | $ 10,377,000 |
Non-cancellable purchase commitments, 2020 | 16,748,000 | ||
Non-cancellable purchase commitments, 2021 | 3,221,000 | ||
Non-cancellable purchase commitments, 2022 | 447,000 | ||
Non-cancellable purchase commitments, 2023 | 104,000 | ||
Non-cancellable purchase commitments, Total for all periods through fiscal 2023 | 20,520,000 | ||
Royalty expense | $ 12,319,000 | 4,462,000 | 2,646,000 |
Maximum software warranty period (in days) | 90 days | ||
Product warranty accrual | $ 0 | $ 0 | $ 0 |
Capitalization - Additional Inf
Capitalization - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Apr. 18, 2019 | |
Class of Stock [Line Items] | ||||
Common stock, shares outstanding (in shares) | 45,582 | 45,118 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Amount of common stock repurchased | $ 132,697,000 | $ 112,218,000 | $ 49,998,000 | |
Restricted Stock Units | ||||
Class of Stock [Line Items] | ||||
Options outstanding (in shares) | 4,736 | |||
Common Stock Repurchased | ||||
Class of Stock [Line Items] | ||||
Amount of common stock repurchased | $ 132,697,000 | |||
Number of shares repurchased (in shares) | 2,115 | |||
Common Stock Repurchased | Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Share repurchase program, authorized amount available | $ 200,000,000 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) shares in Thousands, $ in Thousands | Aug. 23, 2018shares | Mar. 31, 2019USD ($)stock_planshares | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | $ | $ 81,833 | |||
Awards expected to be recognized over a weighted average period (in years) | 1 year 9 months 7 days | |||
Total intrinsic value of options exercised | $ | $ 39,502 | $ 26,547 | $ 9,896 | |
Total fair value of restricted stock units - vested | $ | $ 82,957 | $ 76,193 | $ 50,051 | |
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted, vesting period | 3 years | |||
2016 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares of common stock that may be delivered under plan (in shares) | shares | 5,550 | |||
Addition shares authorized (in shares) | shares | 2,000 | |||
Options available for future grant (in shares) | shares | 2,781 | |||
2006 Long-Term Stock Inventive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock incentive plans | stock_plan | 1 |
Stock Plans - Activity for Comp
Stock Plans - Activity for Company's Two Stock Incentive Plans (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Number of Options | |||
Number of Options, Outstanding beginning balance (in shares) | 4,402 | 5,300 | 5,939 |
Number of Options, Options granted (in shares) | 0 | 0 | 0 |
Number of Options, Options exercised (in shares) | (1,091) | (842) | (446) |
Number of Options, Options forfeited (in shares) | (15) | (26) | (77) |
Number of Options, Options expired (in shares) | (84) | (30) | (116) |
Number of Options, Outstanding ending balance (in shares) | 3,212 | 4,402 | 5,300 |
Number of Options, Exercisable at March 31, 2019 (in shares) | 3,203 | ||
Weighted- Average Exercise Price | |||
Weighted-Average Exercise Price, Outstanding beginning balance (in dollars per share) | $ 48.64 | $ 44.74 | $ 44.07 |
Weighted-Average Exercise Price, Options granted (in dollars per share) | 0 | 0 | 0 |
Weighted-Average Exercise Price, Options exercised (in dollars per share) | 28.92 | 23.57 | 28.44 |
Weighted-Average Exercise Price, Options forfeited (in dollars per share) | 44.55 | 43.30 | 51.55 |
Weighted-Average Exercise Price, Options expired (in dollars per share) | 80.02 | 68.27 | 68.98 |
Weighted-Average Exercise Price, Outstanding ending balance (in dollars per share) | 54.55 | $ 48.64 | $ 44.74 |
Weighted-Average Exercise Price, Exercisable at March 31, 2019 (in dollars per share) | $ 54.58 | ||
Weighted- Average Remaining Contractual Term (Years) | |||
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2019 (in years) | 3 years 6 months 18 days | ||
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2019 (in years) | 3 years 6 months 18 days | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value, Outstanding at March 31, 2019 | $ 51,133 | ||
Aggregate Intrinsic Value, Exercisable at March 31, 2019 | $ 50,965 |
Stock Plans - Restricted Stock
Stock Plans - Restricted Stock Unit Activity (Detail) - Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Number of Awards | |||
Number of Awards, Non-vested beginning balance (in shares) | 2,166 | 2,396 | 2,212 |
Number of Awards, Granted (in shares) | 1,256 | 1,235 | 1,333 |
Number of Awards, Vested (in shares) | (1,276) | (1,324) | (975) |
Number of Awards, Forfeited (in shares) | (315) | (141) | (174) |
Number of Awards, Non-vested ending balance (in shares) | 1,831 | 2,166 | 2,396 |
Weighted Average Grant Date Fair Value | |||
Weighted Average grant Date Fair Value, Non-vested beginning balance (in dollars per share) | $ 54.13 | $ 45.53 | $ 43.43 |
Weighted Average grant Date Fair Value, Granted (in dollars per share) | 64.65 | 59.71 | 50.66 |
Weighted Average grant Date Fair Value, Vested (in dollars per share) | 51.38 | 46.74 | 51.35 |
Weighted Average grant Date Fair Value, Forfeited (in dollars per share) | 57.76 | 48.24 | 43.56 |
Weighted Average grant Date Fair Value, Non-vested ending balance (in dollars per share) | $ 62.58 | $ 54.13 | $ 45.53 |
Stock Plans - Stock-Based Compe
Stock Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 77,855 | $ 74,129 | $ 73,928 |
Restructuring charges incurred | 14,765 | 0 | 0 |
Stock-Based Compensation | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Restructuring charges incurred | 2,632 | ||
Cost of services revenue | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,922 | 3,182 | 3,925 |
Sales and marketing | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 34,874 | 36,917 | 34,005 |
Research and development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 8,601 | 8,411 | 7,335 |
General and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 31,458 | $ 25,619 | $ 28,663 |
Stock Plans - Performance-based
Stock Plans - Performance-based and Market-based Awards (Detail) shares in Thousands | 12 Months Ended |
Mar. 31, 2019tranche$ / sharesshares | |
PSU | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of awards, granted (in shares) | 72 |
Number of annual tranches | tranche | 3 |
Maximum potential for awards to vest | 200.00% |
Maximum number of awards to vest (in shares) | 144 |
Percentage of shares eligible to vest | 94.00% |
Market performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of awards, granted (in shares) | 75 |
Number of annual tranches | tranche | 3 |
Maximum potential for awards to vest | 200.00% |
Maximum number of awards to vest (in shares) | 150 |
Stock options granted, vesting period | 3 years |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 81.78 |
Stock Plans - Employee Stock Pu
Stock Plans - Employee Stock Purchase Plan (Detail) - USD ($) shares in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 77,855,000 | $ 74,129,000 | $ 73,928,000 |
Unrecognized stock-based compensation expense | $ 81,833,000 | ||
Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price as a percentage of fair market value | 85.00% | ||
Length of offering period (in months) | 6 months | ||
Maximum employee payroll percent deduction of salary | 10.00% | ||
Maximum amount of stock purchasable by employees within a calendar year | $ 25,000 | ||
Number of shares purchased by employees (in shares) | 211 | 234 | |
Proceeds received | $ 10,407,000 | $ 10,282,000 | |
Compensation expense | 3,080,000 | $ 2,848,000 | $ 2,620,000 |
Unrecognized stock-based compensation expense | $ 1,161,000 |
Stock Plans Stock Plans - Impac
Stock Plans Stock Plans - Impact on Stock Compensation Expense for Changes in Senior Leadership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 77,855 | $ 74,129 | $ 73,928 | |
Vesting on two-year anniversary of grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of shares eligible to vest | 66.67% | |||
Vesting on three-year anniversary of grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of shares eligible to vest | 33.33% | |||
Stock options | Chief executive officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Compensation expense | $ 12,157 | |||
Stock options | Other senior leadership | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 1,208 | |||
Market performance shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards, granted (in shares) | 75 | |||
Stock options granted, vesting period | 3 years | |||
Maximum potential for awards to vest | 200.00% | |||
Maximum number of awards to vest (in shares) | 150 | |||
Weighted average grant date fair value, granted (in dollars per share) | $ 81.78 | |||
Market performance shares | Chief executive officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards, granted (in shares) | 46 | |||
Stock options granted, vesting period | 3 years | |||
Maximum potential for awards to vest | 200.00% | |||
Maximum number of awards to vest (in shares) | 92 | |||
Weighted average grant date fair value, granted (in dollars per share) | $ 91.66 | |||
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards, granted (in shares) | 1,256 | 1,235 | 1,333 | |
Weighted average grant date fair value, granted (in dollars per share) | $ 64.65 | $ 59.71 | $ 50.66 | |
Restricted stock units | Chief executive officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards, granted (in shares) | 108 | |||
Market performance shares and RSUs | Chief executive officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 729 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Deferred tax assets | $ 0 | ||
Federal NOL carry forwards | 20,166,000 | ||
Deferred tax asset, state NOLs | 1,319,000 | ||
Unrecognized Tax Benefits | |||
Remaining unrecognized tax benefits | 0 | ||
State and local | |||
Tax Credit Carryforward [Line Items] | |||
Research tax credit | 2,187,000 | ||
Unrecognized Tax Benefits | |||
Interest and penalties | 40,000 | $ 80,000 | $ 61,000 |
Federal | |||
Tax Credit Carryforward [Line Items] | |||
Research tax credit | $ 17,508,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Domestic | $ (1,762) | $ (18,159) | $ (7,860) |
Foreign | 12,189 | 14,659 | 5,866 |
Income (loss) before income taxes | $ 10,427 | $ (3,500) | $ (1,994) |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Current: | |||
Federal | $ (1,772) | $ (1,036) | $ 6,360 |
State | 103 | (383) | (958) |
Foreign | 8,371 | 7,307 | 4,818 |
Deferred: | |||
Federal | 144 | 57,582 | (11,520) |
State | 0 | (4,601) | (80) |
Foreign | 20 | (469) | (106) |
Income tax expense (benefit) | $ 6,866 | $ 58,400 | $ (1,486) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Tax Rates and Effective Tax Rates (Detail) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax expense (benefit) rate | (21.00%) | (31.60%) | (35.00%) |
State and local income tax expense, net of federal income tax effect | (1.00%) | 20.50% | 2.90% |
Foreign earnings taxed at different rates | (25.50%) | 63.00% | 131.50% |
U.S. tax on Global Intangible Low-Taxed Income | (72.90%) | (0.00%) | (0.00%) |
Domestic permanent differences | (7.80%) | 65.60% | 96.60% |
Foreign tax credits | 22.40% | (39.20%) | (67.70%) |
Research credits | 51.80% | (83.20%) | (163.20%) |
Tax reserves | 5.20% | (7.00%) | 4.10% |
Valuation allowance | 76.70% | 1626.50% | (31.80%) |
Statutory tax rate changes | 7.80% | 451.90% | 15.90% |
Stock-based compensation | (97.20%) | (377.60%) | (0.00%) |
Other differences, net | (4.30%) | (20.30%) | (27.80%) |
Effective income tax expense (benefit) | (65.80%) | 1668.60% | (74.50%) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred tax assets: | ||
Net operating losses | $ 6,223 | $ 9,015 |
Equity investment | 1,298 | 1,162 |
Stock-based compensation | 13,926 | 31,077 |
Deferred revenue | 15,144 | 12,670 |
Tax credits | 23,632 | 15,240 |
Accrued expenses | 2,138 | 1,400 |
Allowance for doubtful accounts and other reserves | 661 | 543 |
Less: valuation allowance | (50,160) | (58,350) |
Total deferred tax assets | 12,862 | 12,757 |
Deferred tax liabilities: | ||
Depreciation and amortization | (6,673) | (6,172) |
Deferred commissions and other | (8,783) | (10,790) |
Total deferred tax liabilities | (15,456) | (16,962) |
Net deferred tax liability | $ (2,594) | $ (2,430) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 1,740 | $ 2,098 | $ 1,952 |
Additions for tax positions related to current fiscal period | 0 | 0 | 0 |
Additions for tax positions related to prior years | 547 | 150 | 179 |
Settlements and effective settlements with tax authorities and remeasurements | 0 | 0 | 0 |
Reductions related to the expiration of statutes of limitations | (695) | (397) | 0 |
Foreign currency translation adjustment | 0 | (111) | (33) |
Ending balance | $ 1,592 | $ 1,740 | $ 2,098 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Company contributions to defined contribution plan | $ 2,786 | $ 2,959 | $ 2,998 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment Information - Schedule
Segment Information - Schedule of Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 181,427 | $ 184,275 | $ 169,078 | $ 176,177 | $ 184,915 | $ 180,366 | $ 168,140 | $ 165,972 | $ 710,957 | $ 699,393 | $ 645,005 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 379,221 | 377,934 | 365,354 | ||||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 331,736 | $ 321,459 | $ 279,651 |
Segment Information - Schedul_2
Segment Information - Schedule of Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 167,451 | $ 171,854 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 143,591 | 145,918 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 23,860 | $ 25,936 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | $ 14,765 | $ 0 | $ 0 |
Stock-Based Compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | $ 2,632 |
Restructuring - Restructuring A
Restructuring - Restructuring Accruals (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Balance at March 31, 2018 | $ 0 |
Restructuring charges | 15,640 |
Payments | (13,182) |
Accrual reversals | (875) |
Balance at March 31, 2019 | 1,583 |
Lease abandonment charges | |
Restructuring Cost and Reserve [Line Items] | |
Balance at March 31, 2018 | 0 |
Restructuring charges | 1,034 |
Payments | (540) |
Accrual reversals | 0 |
Balance at March 31, 2019 | 494 |
Severance & payroll related charges | |
Restructuring Cost and Reserve [Line Items] | |
Balance at March 31, 2018 | 0 |
Restructuring charges | 14,606 |
Payments | (12,642) |
Accrual reversals | (875) |
Balance at March 31, 2019 | $ 1,089 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total revenue | $ 181,427 | $ 184,275 | $ 169,078 | $ 176,177 | $ 184,915 | $ 180,366 | $ 168,140 | $ 165,972 | $ 710,957 | $ 699,393 | $ 645,005 | ||||||||
Gross margin | 147,753 | 155,422 | 142,205 | 148,571 | 156,648 | 155,409 | 144,873 | 144,311 | 593,951 | 601,241 | 559,813 | ||||||||
Net income (loss) | $ (2,163) | $ 13,400 | $ 891 | $ (8,567) | $ (1,661) | $ (58,945) | $ (1,010) | $ (284) | $ 3,561 | $ (61,900) | $ (508) | ||||||||
Net income (loss) per common share: | |||||||||||||||||||
Basic (in dollars per share) | $ (0.05) | [1] | $ 0.29 | [1] | $ 0.02 | [1] | $ (0.19) | [1] | $ (0.04) | [1] | $ (1.30) | [1] | $ (0.02) | [1] | $ (0.01) | [1] | $ 0.08 | $ (1.37) | $ (0.01) |
Diluted (in dollars per share) | $ (0.05) | [1] | $ 0.28 | [1] | $ 0.02 | [1] | $ (0.19) | [1] | $ (0.04) | [1] | $ (1.30) | [1] | $ (0.02) | [1] | $ (0.01) | [1] | $ 0.07 | $ (1.37) | $ (0.01) |
[1] | Per common share amounts for the quarters and full year have been calculated separately. Accordingly, quarterly amounts do not add to the annual amount because of differences in the weighted average common shares outstanding during each period used in the basic and diluted calculations. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 104 | $ 103 | $ 315 |
Charged (Credited) to Costs and Expenses | 569 | 25 | (161) |
Deductions | 184 | 24 | 51 |
Balance at End of Year | 489 | 104 | 103 |
Valuation allowance for deferred taxes | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 58,350 | 1,796 | 2,772 |
Charged (Credited) to Costs and Expenses | (8,190) | 56,554 | (976) |
Deductions | 0 | 0 | 0 |
Balance at End of Year | $ 50,160 | $ 58,350 | $ 1,796 |
Uncategorized Items - cvlt-2019
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 164,000 |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 435,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (271,000) |