Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Mar. 31, 2020 | May 14, 2020 | Sep. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-33026 | ||
Entity Registrant Name | COMMVAULT SYSTEMS INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-3447504 | ||
Entity Address, Address Line One | 1 Commvault Way | ||
Entity Address, City or Town | Tinton Falls | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07724 | ||
City Area Code | 732 | ||
Local Phone Number | 870-4000 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CVLT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2 | ||
Entity Common Stock, Shares Outstanding | 46,170,350 | ||
Documents Incorporated by Reference | Information required by Part III (Items 10, 11, 12, 13 and 14) is incorporated by reference to portions of the registrant’s definitive Proxy Statement for its 2020 Annual Meeting of Stockholders (the “Proxy Statement”), which is expected to be filed not later than 120 days after the registrant’s fiscal year ended March 31, 2020 . Except as expressly incorporated by reference, the Proxy Statement shall not be deemed to be part of this report on Form 10-K. | ||
Entity Central Index Key | 0001169561 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 288,082 | $ 327,992 |
Restricted cash | 8,000 | 0 |
Short-term investments | 43,645 | 130,338 |
Trade accounts receivable, net | 146,990 | 176,836 |
Other current assets | 26,969 | 19,836 |
Total current assets | 513,686 | 655,002 |
Property and equipment, net | 114,519 | 122,716 |
Operating lease assets | 15,009 | |
Deferred commissions cost | 31,394 | 33,619 |
Intangible assets, net | 46,350 | 0 |
Goodwill | 112,435 | 0 |
Other assets | 11,683 | 11,116 |
Total assets | 845,076 | 822,453 |
Current Liabilities: | ||
Accounts payable | 307 | 2,186 |
Accrued liabilities | 87,051 | 85,721 |
Current portion of operating lease liabilities | 7,699 | |
Deferred revenue | 233,497 | 238,439 |
Total current liabilities | 328,554 | 326,346 |
Deferred revenue, less current portion | 92,723 | 99,257 |
Deferred tax liabilities, net | 849 | 2,594 |
Long-term operating lease liabilities | 8,808 | |
Other liabilities | 2,238 | 2,953 |
Commitments and contingencies (Notes 8 and 15) | ||
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, 46,011 shares and 45,582 shares issued and outstanding at March 31, 2020 and 2019, respectively | 458 | 454 |
Additional paid-in capital | 978,659 | 887,907 |
Accumulated deficit | (553,790) | (485,490) |
Accumulated other comprehensive loss | (13,423) | (11,568) |
Total stockholders’ equity | 411,904 | 391,303 |
Total liabilities and stockholders’ equity | $ 845,076 | $ 822,453 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
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) | 46,011,000 | 45,582,000 |
Common stock, shares outstanding (in shares) | 46,011,000 | 45,582,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | |||
Total revenues | $ 670,885 | $ 710,957 | $ 699,393 |
Cost of revenues: | |||
Total cost of revenues | 117,078 | 117,006 | 98,152 |
Gross margin | 553,807 | 593,951 | 601,241 |
Operating expenses: | |||
Sales and marketing | 335,785 | 370,088 | 410,727 |
Research and development | 110,020 | 92,647 | 91,030 |
General and administrative | 92,130 | 100,946 | 90,709 |
Net change in contingent consideration | (3,783) | 0 | 0 |
Restructuring | 21,348 | 14,765 | 0 |
Depreciation and amortization | 15,815 | 10,597 | 9,721 |
Total operating expenses | 571,315 | 589,043 | 602,187 |
Income (loss) from operations | (17,508) | 4,908 | (946) |
Interest income | 4,962 | 5,519 | 2,228 |
Interest expense | 0 | 0 | (1,161) |
Equity in loss of affiliate | 0 | 0 | (3,621) |
Income (loss) before income taxes | (12,546) | 10,427 | (3,500) |
Income tax expense (benefit) | (6,901) | 6,866 | 58,400 |
Net income (loss) | $ (5,645) | $ 3,561 | $ (61,900) |
Net income (loss) per common share: | |||
Basic (in dollars per share) | $ (0.12) | $ 0.08 | $ (1.37) |
Diluted (in dollars per share) | $ (0.12) | $ 0.07 | $ (1.37) |
Weighted average common shares outstanding: | |||
Basic (in shares) | 45,793 | 45,827 | 45,242 |
Diluted (in shares) | 45,793 | 47,601 | 45,242 |
Software and products | |||
Revenues: | |||
Total revenues | $ 275,308 | $ 309,899 | $ 311,745 |
Cost of revenues: | |||
Total cost of revenues | 28,082 | 25,691 | 7,223 |
Services | |||
Revenues: | |||
Total revenues | 395,577 | 401,058 | 387,648 |
Cost of revenues: | |||
Total cost of revenues | $ 88,996 | $ 91,315 | $ 90,929 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (5,645) | $ 3,561 | $ (61,900) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (1,855) | (6,096) | 6,843 |
Comprehensive loss | $ (7,500) | $ (2,535) | $ (55,057) |
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, 2017 | 44,816 | ||||
Beginning 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 65,888 | 65,888 | |||
Share issuances related to business combinations | 1,616 | 1,616 | |||
Share issuances related to stock-based compensation (in shares) | 2,131 | ||||
Share issuances related to stock-based compensation | $ 37,795 | $ 21 | 37,774 | ||
Repurchase of common stock (in shares) | (1,701) | (1,702) | |||
Repurchase of common stock | $ (77,198) | $ (17) | (14,526) | (62,655) | |
Net income (loss) | (5,645) | (5,645) | |||
Other comprehensive income (loss) | (1,855) | (1,855) | |||
Ending Balance (in shares) at Mar. 31, 2020 | 46,011 | ||||
Ending Balance at Mar. 31, 2020 | $ 411,904 | $ 458 | $ 978,659 | $ (553,790) | $ (13,423) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | |||
Net income (loss) | $ (5,645) | $ 3,561 | $ (61,900) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 17,065 | 12,060 | 11,785 |
Noncash stock-based compensation | 65,888 | 80,487 | 74,129 |
Non-cash change in contingent consideration | (3,783) | 0 | 0 |
Deferred income taxes | (1,783) | 164 | 53,737 |
Equity in loss of affiliate | 0 | 0 | 3,621 |
Amortization of deferred commissions cost | 17,717 | 17,348 | 16,587 |
Impairment of operating lease assets | 2,761 | ||
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 26,096 | (24,092) | (25,082) |
Operating lease assets and liabilities, net | (1,226) | ||
Other current assets and Other assets | (1,246) | 11,400 | (6,876) |
Deferred commissions cost | (16,063) | (18,967) | (17,984) |
Accounts payable | (2,474) | 1,485 | 618 |
Accrued liabilities | (1,997) | 5,075 | 3,496 |
Deferred revenue | (6,230) | 21,719 | 33,971 |
Other liabilities | (616) | (60) | (1,933) |
Net cash provided by operating activities | 88,464 | 110,180 | 84,169 |
Cash flows from investing activities | |||
Purchase of short-term investments | (43,645) | (130,338) | (142,424) |
Proceeds from maturity of short-term investments | 130,338 | 131,637 | 131,480 |
Purchase of property and equipment | (3,203) | (6,560) | (7,047) |
Payments to Acquire Businesses, Net of Cash Acquired | (157,495) | 0 | 0 |
Net cash used in investing activities | (74,005) | (5,261) | (17,991) |
Cash flows from financing activities | |||
Repurchase of common stock | (77,198) | (132,697) | (112,218) |
Proceeds from stock-based compensation plans | 37,795 | 41,984 | 30,114 |
Net cash used in financing activities | (39,403) | (90,713) | (82,104) |
Effects of exchange rate — changes in cash | (6,966) | (16,998) | 17,219 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (31,910) | (2,792) | 1,293 |
Cash, cash equivalents and restricted cash at beginning of year | 327,992 | 330,784 | 329,491 |
Cash, cash equivalents and restricted cash at end of year | 296,082 | 327,992 | 330,784 |
Supplemental disclosures of cash flow information | |||
Interest paid | 0 | 0 | 592 |
Income taxes paid | $ 6,002 | $ 11,491 | $ 6,448 |
Nature of Business
Nature of Business | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Commvault Systems, Inc. and its subsidiaries ("Commvault," "we," "us," or "our") is a provider of data protection and information management software applications and products. We develop, market and sell a suite of software applications and services, globally, that provides our customers with data protection solutions. We also provide our 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, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Commvault. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The amounts of assets and liabilities reported in our balance sheets and the amounts of revenues and expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, income taxes and related reserves, and goodwill and purchased intangible assets. Actual results could differ from those estimates. Revenue We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). For further discussion of our accounting policies related to revenue see Note 3 of the consolidated financial statements. Shipping and Handling Costs Shipping and handling costs are included in cost of revenues for all periods presented. Sales Tax We record revenue net of sales tax. Accounting for Stock-Based Compensation We utilize 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. We recognize stock-based compensation using the straight-line method for all stock awards that do not include a market or performance condition. Software Development Costs Research and development expenditures are charged to operations as incurred. Based on our software development process, technological feasibility is established upon completion of a working model, which also requires certification and extensive testing. Costs incurred by us between completion of the working model and the point at which the product is ready for general release are immaterial. Advertising Costs We expense advertising costs as incurred. Advertising expenses were $5,579 , $4,678 , and $5,704 for the years ended March 31, 2020 , 2019 and 2018 , respectively. Accounting for Income Taxes We account 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. We use 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 our judgment, it is more likely than not that deferred tax assets will not be realized. In assessing the need for a valuation allowance, we weigh 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. Foreign Currency Translation The functional currencies of our foreign operations are deemed to be the local country’s currency. Assets and liabilities of our 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. We recognized net foreign currency transaction gains of $355 , $984 and $109 in the years ended March 31, 2020, 2019, and 2018, respectively. The net foreign currency transaction gains recorded in General and administrative expenses include settlement gains and losses on forward contracts disclosed below. 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, 2020 2019 2018 Basic weighted-average shares outstanding 45,793 45,827 45,242 Dilutive effect of stock options, restricted stock units, and employee stock purchase plan — 1,774 — Diluted weighted-average shares outstanding 45,793 47,601 45,242 The following table summarizes our potential outstanding common stock equivalents 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, 2020 2019 2018 Stock options, restricted stock units, and shares under the employee stock purchase plan 4,933 998 7,312 Cash, Cash Equivalents and Restricted Cash We consider 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, 2020 , our cash and cash equivalents balance consisted primarily of money market funds. Amounts held in Restricted cash, and classified as such on the Consolidated Balance Sheets, relate to a contingent consideration arrangement which requires us to pay up to $8,000 of cash, contingent on us receiving one or more bona fide and valid purchase orders from a specified customer, no later than April 30, 2020 (see Note 4). 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. We determine classification of the investment as trading, available-for-sale or held-to-maturity at the time of purchase and reevaluate classification whenever changes in circumstances indicate changes in classification may be necessary. Our current short-term investments are classified as held-to-maturity. Held-to-maturity investments consist of securities that we have 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 Statements of Operations. Cash inflows and outflows related to the sale, maturity and purchase of investments are classified as investing activities in our Consolidated Statements of Cash Flows. 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 Sheets. Long-term unbilled receivables are included in Other assets. Historically, we have not experienced material losses related to the inability to collect receivables from our customers. While there is presently no indication that we will not collect material amounts of accounts receivable as of March 31, 2020, we are closely monitoring the impact of COVID-19 on our customers. In these deteriorating economic conditions, payment from our customers may be delayed or receivables may become uncollectible. The inability to collect receivables could have a material impact on our results of operations. Concentration of Credit Risk We grant credit to customers in a wide variety of industries worldwide and generally do not require collateral. Credit losses relating to these customers have been minimal. Sales through our distribution agreement with Arrow Enterprise Computing Solutions, Inc. ("Arrow") totaled approximately 37% , 38% and 36% of total revenues for the years ended March 31, 2020 , 2019 and 2018 , respectively. Arrow accounted for approximately 31% and 38% of total accounts receivable as of March 31, 2020 and 2019 , respectively. Fair Value of Financial Instruments The carrying amounts of our cash, cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Our cash equivalents balance consists primarily of money market funds and our short-term investments balance consists of U.S. Treasury Bills with maturities of one year or less. We account for our short-term investments as held to maturity. The contingent consideration liability associated with the Hedvig acquisition as discussed further in Note 4 of the consolidated financial statements was valued based on the total bona fide and valid purchase orders received through April 30, 2020 from the specified customer. 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, we use 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 our financial assets measured at fair value on a recurring basis at March 31, 2020 and March 31, 2019 : March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Short-term investments — $ 44,484 — $ 44,484 Liabilities: Contingent consideration — — $ (217 ) $ (217 ) March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 102,702 — — $ 102,702 Short-term investments — $ 131,937 — $ 131,937 Total assets 102,702 $ 131,937 — $ 234,639 Leases Effective April 1, 2019, we adopted ASC 842, Leases ("ASC 842"). We determine if an arrangement contains a lease at inception. We generally lease our facilities under operating leases. Operating lease right-of-use ("ROU") assets are included in Operating lease assets, Current portion of operating lease liabilities and Long-term operating lease liabilities on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. We recognize operating lease costs over the estimated term of the lease, which includes options to extend lease terms that are reasonably certain of being exercised, starting when possession of the property is taken from the landlord. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related operating lease cost on a straight-line basis over the lease term. In addition, certain of our lease agreements include variable lease payments, such as estimated tax and maintenance charges. These variable lease payments are excluded from minimum lease payments and are included in the determination of lease cost when it is probable that the expense has been incurred and the amount can be reasonably estimated. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. We provide for depreciation on a straight-line basis over the estimated useful lives of the assets. The depreciable assets that comprise our 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. We maintain certain office space for which the lease agreement requires that we return the office space to its original condition upon vacating the premises. Accordingly, the balance of the asset retirement obligation was $1,420 as of March 31, 2020 and $1,479 as of March 31, 2019 . Goodwill and Intangible Assets Goodwill is recorded when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. The carrying value of goodwill is tested for impairment on an annual basis on January 1, or more often if an event occurs or circumstances change that would more likely than not reduce the fair value of its carrying amount. For the purpose of impairment testing, we have a single reporting unit. The impairment test consists of comparing the fair value of the reporting unit with its carrying amount that includes goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, an impairment loss would be recognized to reduce the carrying amount to its fair value. Purchased intangible assets with finite lives are valued using the income method and are amortized on a straight-line basis over their economic lives of five years for developed technology and two years for customer relationships as we believe this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value. Our purchased intangible assets were recently acquired in connection with the Hedvig Inc. transaction. The most material of these assets was developed technology. While our work to integrate this technology with our own is proceeding, the economic impact of COVID-19, or other factors, may delay our ability to meet the forecasts we used to estimate the fair value of this asset. If we were to identify an impairment indicator in the future, we may conclude that the carrying value of the asset is not recoverable within the remaining useful life of the asset and recognize a non-cash impairment charge. An impairment of this asset could have a material impact on our results of operations. Long-Lived Assets We review our 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 our long-lived assets, we evaluate 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, 2020 , 2019 and 2018 . Deferred Commissions Cost Sales commissions and related payroll taxes earned by our employees are considered incremental and recoverable costs of obtaining a contract with a customer. Our 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. We do 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. We currently estimate 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 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 we intend 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 us. The value of deferred revenues will increase or decrease based on the timing of invoices and recognition of revenue. Share Repurchases We consider 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 our common stock repurchased is reflected as a reduction to Stockholders’ equity. We account 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. 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 Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) Accounting Standards Update ("ASU") No. 2016-13 (Topic 326), Financial Instruments-Credit Losses 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. First quarter of fiscal 2021 We will adopt the standard using a modified retrospective approach, on April 1, 2020. This standard is not expected to have a material impact on our consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We account for revenue in accordance with ASC 606, which was adopted on April 1, 2017, using the full retrospective method. We derive revenues from two primary sources: software and products, and services. Software and products revenue includes our software and integrated appliances that combine our software with hardware. Services include customer support (software updates and technical support), consulting, assessment and design services, installation services, customer education and Commvault software-as-a-service, which is branded as Metallic. We sell both perpetual and term-based licenses to our software. We refer to our term-based software licenses as subscription arrangements. We do not customize our 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. We have concluded that our software licenses (both perpetual and subscription) are functional intellectual property that is distinct as the user can benefit from the software on its own. Software revenue for both perpetual and subscription licenses 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. We do not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the new subscription period. We also sell appliances that integrate our 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. 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. We sell our 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 . Our other professional services include consulting, assessment and design services, installation services and customer education. Customer education services include courses taught by our instructors or third-party contractors. Revenue related to other professional services and customer education services is typically recognized as the services are performed. In fiscal 2020 Commvault launched Metallic, which is a Commvault software-as-a-service offering. Revenue from Metallic is recognized ratably as services revenue. Revenue to date from Metallic has not been material. Most of our contracts with customers contain multiple performance obligations. For these contracts, we account 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. Our 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 Other Services Revenue 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 Software-as-a-service (Metallic) Ratably over the course of the contract (over time) Annual or monthly payments Observable in transactions without multiple performance obligations Disaggregation of Revenue We disaggregate 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 APJ (Australia, New Zealand, Southeast Asia, China). We operate in one segment. Year Ended March 31, 2020 Americas EMEA APJ Total Software and Products Revenue $ 141,856 $ 95,356 $ 38,096 $ 275,308 Customer Support Revenue 230,226 88,965 40,939 360,130 Professional Services 18,778 10,459 6,210 35,447 Total Revenue $ 390,860 $ 194,780 $ 85,245 $ 670,885 Year Ended March 31, 2019 Americas EMEA APJ 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 APJ 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 Information about Contract Balances Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to services revenue, primarily customer support contracts. In some arrangements we allow 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 Sheets. Long-term unbilled receivables are included in Other assets. The opening and closing balances of our 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, 2019 $ 161,570 $ 15,266 $ 7,216 $ 238,439 $ 99,257 Increase/(decrease), net (31,714 ) 1,868 641 (4,942 ) (6,534 ) Ending Balance as of March 31, 2020 $ 129,856 $ 17,134 $ 7,857 $ 233,497 $ 92,723 The decrease in accounts receivable is primarily a result of a decrease in software and products revenue relative to the prior year. The decrease in deferred revenue is primarily the result of a decrease in deferred customer support revenue related to software and products revenue transactions and a weakening of the U.S. dollar. The amount of revenue recognized in the period that was included in the opening deferred revenue balance was $241,239 for the year ended March 31, 2020 . 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, 2020 , approximately $40,504 of revenue may be recognized from remaining performance obligations, of which $11,166 was related to software and products. We expect most of the software and products revenue to be recognized in fiscal 2021. 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. |
Business Combination
Business Combination | 12 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination On October 1, 2019, we completed the acquisition of Hedvig Inc., a Delaware corporation, (“Hedvig”), for a purchase price of $163,205 , which consisted of $157,589 of cash, $1,616 of restricted stock units and $4,000 of contingent consideration. In the fourth quarter of fiscal 2020 we reduced our estimate of the contingent consideration to $217 . The decrease in this liability has been reflected as a gain in the Consolidated Statements of Operations. We also entered into compensation arrangements with the employees of Hedvig. This included the issuance of restricted stock units that vest over the next three years (a portion of which is allocated to the purchase price). Refer to Note 10 of the consolidated financial statements for further discussion on stock awards. Additionally, certain Hedvig shareholders will receive cash payments totaling $14,100 over the course of the 30 months following the date of acquisition, contingent on their continued employment with us. While these payments are proportionate to these shareholders' ownership of Hedvig, under U.S. GAAP they are accounted for as compensation expense over the course of the 30 month service period, and not included in the purchase price. The following table summarizes the purchase price and purchase price allocation made as of the date of acquisition: Purchase price allocation: Cash paid at closing 157,589 Fair value of restricted stock units included in purchase price 1,616 Fair value of contingent consideration 4,000 Total purchase price $ 163,205 Assets acquired and liabilities assumed: Cash 94 Trade accounts receivable 1,074 Other current assets 104 Property and equipment 202 Intangible assets 52,000 Other assets 682 Accounts payable and accrued liabilities (1,060 ) Deferred revenue (2,231 ) Operating lease liability, net of operating lease assets (11 ) Deferred tax liability (84 ) Total identifiable net assets acquired and liabilities assumed 50,770 Goodwill 112,435 Total purchase price $ 163,205 Contingent consideration The contingent consideration arrangement requires us to pay up to $8,000 of cash to the former owners of Hedvig, contingent on us receiving one or more bona fide and valid purchase orders from a specified customer, no later than April 30, 2020. At the time the acquisition was completed, the fair value of the contingent consideration was estimated to be $4,000 based on a probability weighted-average approach and was included in the purchase price. As of March 31, 2020 , we expect to receive one valid purchase order prior to April 30, 2020 from the specified customer; therefore, the fair value has been estimated to be $217 with the revaluation of $3,783 recorded in Net change in contingent consideration in the Consolidated Statements of Operations. The total $8,000 will remain in Restricted cash on the Consolidated Balance Sheets until April 30, 2020 at which time the final valuation will be determined. Subsequent Event As of April 30, 2020, we received one valid purchase order from the specified customer of $217 which will result in the release of $7,783 of restricted cash. Actual and Unaudited Pro Forma Information We completed the acquisition of Hedvig on October 1, 2019, and accordingly, Hedvig's operations for the period from October 1, 2019 to March 31, 2020 are included in our Consolidated Statements of Operations. Hedvig contributed revenues of approximately $450 and an estimated net loss of $17,000 for the period from the completion of acquisition through March 31, 2020. The following unaudited pro forma results of operations have been prepared using the acquisition method of accounting to give effect to the Hedvig acquisition as though it occurred on April 1, 2018. The pro forma amounts reflect certain adjustments, such as expenses related to the noncash amortization of intangible assets, compensation paid to Hedvig employees, restricted stock units granted to Hedvig employees and the cash payments being made to Hedvig shareholders over a 30 month service period as discussed above. The fiscal 2020 supplemental pro forma net loss was adjusted to exclude $5,639 of acquisition-related costs incurred in fiscal 2020. The fiscal 2019 supplemental pro forma net loss was adjusted to include these charges. In addition to estimated operating expenses, both periods include noncash amortization expenses related to intangible assets as if the acquisition had taken place on April 1, 2018. The unaudited pro forma financial information is presented for illustrative purposes only, is based on a preliminary purchase price allocation, and is not necessarily indicative of the results of operations that would have actually been reported had the acquisition occurred on April 1, 2018, nor is it necessarily indicative of the future results of operations of the combined company. Unaudited Year Ended March 31, 2020 2019 Revenue $ 672,533 $ 714,252 Net loss $ (8,186 ) $ (20,035 ) |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill The goodwill of $112,435 arising from the fiscal year 2020 acquisition of Hedvig represents the estimated value of potential expansion with new customers, the opportunity to further develop sales relationships with new customers and intangible assets that do not qualify for separate recognition. None of the goodwill recorded is expected to be deductible for income tax purposes. Goodwill balances are as follows: Year Ended March 31, 2020 Beginning balance $ — Acquisition 112,435 Ending balance $ 112,435 We completed our annual goodwill impairment review as of January 1, 2020 and concluded there were no impairments to goodwill. Intangible assets, net Intangible assets, net of amortization as of March 31, 2020 are as follows: Gross Accumulated Amortization Net Carrying Value Remaining Useful Life (months) Developed technology $ 49,000 $ (4,900 ) $ 44,100 54 Customer relationships 3,000 (750 ) 2,250 18 Total intangible assets $ 52,000 $ (5,650 ) $ 46,350 Amortization expense from acquired intangible assets was $5,650 for the fiscal year ended March 31, 2020 . There were no intangible assets subject to amortization in fiscal years 2019 or 2018 . Our purchased intangible assets were recently acquired in connection with the Hedvig Inc. transaction. The most material of these assets was developed technology. While our work to integrate this technology with our own is proceeding, the economic impact of COVID-19, or other factors, may delay our ability to meet the forecasts we used to estimate the fair value of this asset. If we were to identify an impairment indicator in the future, we may conclude that the carrying value of the asset is not recoverable within the remaining useful life of the asset and recognize a non-cash impairment charge. An impairment of this asset could have a material impact on our results of operations. As of March 31, 2020 , future amortization expense associated with intangible assets with finite lives is expected to be: 2021 $ 11,300 2022 10,550 2023 9,800 2024 9,800 2025 4,900 $ 46,350 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of the following: March 31, 2020 2019 Land $ 9,445 $ 9,445 Buildings 103,244 103,244 Computers, servers and other equipment 40,044 38,551 Furniture and fixtures 14,919 15,184 Leasehold improvements 9,252 10,251 Purchased software 1,637 1,473 Construction in process 2,021 2,091 180,562 180,239 Less: Accumulated depreciation and amortization (66,043 ) (57,523 ) $ 114,519 $ 122,716 We recorded depreciation and amortization expense of $11,415 , $12,060 , and $11,217 for the years ended 2020 , 2019 and 2018 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following: March 31, 2020 2019 Compensation and related payroll taxes $ 47,356 $ 48,332 Other 39,695 37,389 $ 87,051 $ 85,721 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments We, in the normal course of business, enter into various purchase commitments for goods or services. Total non-cancellable purchase commitments as of March 31, 2020 , which relate primarily to marketing and IT services are as follows: 2021 2022 2023 2024 and beyond Total Purchase commitments $ 18,590 $ 4,960 $ 1,245 $ 1,246 $ 26,041 We have 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 as follows: Year Ended March 31, 2020 2019 2018 Royalty expense $ 12,545 $ 12,319 $ 4,462 Warranties and Indemnifications We typically offer a 90 -day limited product warranty for our software. To date, costs related to this product warranty have not been material. We provide certain provisions within our software licensing agreements to indemnify our customers from any claim, suit or proceeding arising from alleged or actual intellectual property infringement. These provisions continue in perpetuity, along with our software licensing agreements. We have 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, we have no t recorded a liability during any period for these indemnification provisions. Legal Proceedings From time to time, we are subject to claims in legal proceedings arising in the normal course of business. We do not believe that we are currently party to any pending legal action that could reasonably be expected to have a material adverse effect on our business or operating results. |
Capitalization
Capitalization | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Capitalization | Capitalization Common Stock We have 46,011 and 45,582 shares of common stock, par value $0.01 , outstanding at March 31, 2020 and March 31, 2019 , respectively. During fiscal 2020 , we repurchased $77,198 of common stock, or 1,701 shares, under our share repurchase program. As of March 31, 2020 , $162,829 remained in our current stock repurchase authorization which expires on March 31, 2021. Shares Reserved for Issuance At March 31, 2020 , we have reserved 4,462 shares in connection with our Stock Plans discussed in Note 10 of the notes to the consolidated financial statements. Subsequent Event Effective April 3, 2020, the Board of Directors adopted a 364 -day duration shareholder rights plan (the “Rights Plan”) and declared a dividend of one preferred share purchase right for each outstanding share of common stock to shareholders of record on April 13, 2020. Each share purchase right entitles the holder to purchase from the Company one one-ten thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company for an exercise price of $200.00 , once the rights become exercisable, subject to adjustment as provided in the Rights Plan. |
Stock Plans
Stock Plans | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Plans | aintain the Omnibus Incentive Plan (the “2016 Incentive Plan”) for granting awards to employees. On August 23, 2019, our 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 7,050 , an increase of 1,500 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. In consideration for the acquisition of Hedvig, we issued a total of 1,018 restricted stock units to Hedvig employees in the third quarter of fiscal 2020. These awards were granted at a fair value of $44.49 per share. These awards were granted as inducement grants under our 2016 Omnibus Incentive Plan, and therefore are not counted against the equity available for grant under such plan. We have one additional plan, the 2006 Long-Term Stock Incentive Plan (the “LTIP”), with outstanding options and awards but the LTIP 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 our common stock. As of March 31, 2020 , approximately 2,905 thousand shares were available for future issuance under the 2016 Incentive Plan. As of March 31, 2020 , we have granted non-qualified stock options, restricted stock units and performance stock awards under our stock incentive plans. Historically, most equity awards granted by us under our 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. We anticipate that future grants under our stock incentive plans will be restricted stock units and performance stock awards and do not anticipate that it will grant stock options. As of March 31, 2020 , there was approximately $123,820 of unrecognized stock-based compensation expense related to all of our employee stock plans that is expected to be recognized over a weighted-average period of 2.09 years . To the extent the actual forfeiture rate is different from what we have anticipated, stock-based compensation related to these awards will be different from our expectations. The following summarizes the activity for our stock incentive plans from March 31, 2017 to March 31, 2020 : Options Number of Weighted- Weighted- Aggregate 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 Options granted — — Options exercised (860 ) 32.73 Options forfeited — — Options expired (448 ) 73.15 Outstanding at March 31, 2020 1,904 $ 60.03 2.67 $ 1,080 Exercisable at March 31, 2020 1,904 $ 60.03 2.67 $ 1,080 The total intrinsic value of options exercised was $13,428 , $39,502 , and $26,547 in the years ended March 31, 2020 , 2019 and 2018 , respectively. Our policy is to issue new shares upon exercise of options as we do 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, 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 Granted 2,654 46.54 Vested (999 ) 60.10 Forfeited (249 ) 59.03 Non-vested as of March 31, 2020 3,237 $ 50.47 The total fair value of the restricted stock units that vested during the years ended March 31, 2020 , 2019 and 2018 was $48,221 , $82,957 and $76,193 , 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, 2020 , 2019 and 2018 . Year Ended March 31, 2020 2019 2018 Cost of services revenue $ 2,604 $ 2,922 $ 3,182 Sales and marketing 31,779 34,874 36,917 Research and development 14,594 8,601 8,411 General and administrative 15,158 31,458 25,619 Stock-based compensation expense $ 64,135 $ 77,855 $ 74,129 In the years ended March 31, 2020 and 2019 , the table above excludes $1,753 and $2,632 , respectively, of stock-based compensation expense related to restructuring activities described in Note 14 of the consolidated financial statements . Performance Based Awards In May 2019, we granted 88 performance stock units ("PSUs") to certain executives and in November 2019, we granted an additional 17 PSUs to certain executives for a total of 105 granted PSUs for fiscal 2020. Vesting of these awards is contingent upon i) us meeting certain company-wide revenue and non-GAAP performance goals (performance-based) in fiscal 2020 and ii) our customary service periods. The awards vest in three annual tranches and have a maximum potential to vest at 200% ( 210 shares) based on actual fiscal 2020 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 our results, the PSUs granted in May 2019 will be eligible to vest at 0% and the PSUs granted in November 2019 will be eligible to vest at 46% . The awards are included in the restricted stock units table. Awards with a Market Condition In fiscal 2020 , we granted 95 market performance stock units to certain executives. The vesting of these awards is contingent upon us 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% ( 190 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 is calculated using a Monte Carlo simulation model. The weighted-average fair value of the awards granted during the year was $48.26 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 our 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 273 shares in exchange for $9,670 of proceeds in fiscal 2020 and 211 shares in exchange for $10,407 of proceeds in fiscal 2019 . 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 2020 , 2019 and 2018 was $2,939 , $3,080 and $2,848 , respectively. As of March 31, 2020 , there was approximately $1,002 of unrecognized cost related to the current purchase period of our Purchase Plan. Impact on Stock Compensation Expense for Changes in Senior Leadership During fiscal 2019, Commvault’s Chief Executive Officer, N. Robert Hammer, announced his retirement effective February 1, 2019. As part of his retirement, we modified his equity awards to allow for continued vesting of his restricted stock awards and performance based awards. We 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 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Impact of U.S. CARES Act In response to the COVID-19 Pandemic, many governments are implementing measures to provide aid and economic stimulus in the form of tax incentives. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act includes several significant business tax provisions as well as relief for individual taxpayers. The CARES Act modified the tax rules related to net operating loss ("NOL") uses. Under the CARES Act, we will be able to carry back federal NOLs to offset prior year taxable income generated in the last five years. Currently, the Company estimates to receive approximately $10,000 of cash refunds from carrying back NOLs. The benefit related to the carry back of these federal NOLs is included in income tax benefit for the fiscal year ended March 31, 2020. 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%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created 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 included 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. We have concluded that the one-time transition tax is zero . In addition, we no longer consider the undistributed earnings held outside of the U.S. by most of its foreign subsidiaries to be indefinitely reinvested. The Act subjects a U.S. 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, 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, 2020 and March 31, 2019. 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, we 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, we determined that it is more likely than not that we will not realize the benefits of our gross deferred tax assets and therefore have 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. The components of income (loss) before income taxes were as follows: Year Ended March 31, 2020 2019 2018 Domestic $ (16,670 ) $ (1,762 ) $ (18,159 ) Foreign 4,124 12,189 14,659 $ (12,546 ) $ 10,427 $ (3,500 ) The components of income tax expense (benefit) were as follows: Year Ended March 31, 2020 2019 2018 Current: Federal $ (10,071 ) $ (1,772 ) $ (1,036 ) State (613 ) 103 (383 ) Foreign 5,566 8,371 7,307 Deferred: Federal 284 144 57,582 State — — (4,601 ) Foreign (2,067 ) 20 (469 ) $ (6,901 ) $ 6,866 $ 58,400 A reconciliation of the statutory tax rates and the effective tax rates for the years ended March 31, 2020 , 2019 and 2018 are as follows: Year Ended March 31, 2020 2019 2018 Statutory federal income tax expense (benefit) rate (21.0 )% 21.0 % (31.6 )% State and local income tax expense, net of federal income tax effect (4.9 )% 1.0 % 20.5 % Foreign earnings taxed at different rates 12.3 % 25.5 % 63.0 % U.S. tax on Global Intangible Low-Taxed Income 14.5 % 72.9 % — % Domestic permanent differences including acquisition items 7.7 % 7.8 % 65.6 % Foreign tax credits (19.3 )% (22.4 )% (39.2 )% Research credits (32.9 )% (51.8 )% (83.2 )% Tax reserves (0.6 )% (5.2 )% (7.0 )% Valuation allowance 64.0 % (76.7 )% 1,626.5 % Enacted tax law changes 10.6 % (7.8 )% 451.9 % Stock-based compensation (43.1 )% 97.2 % (377.6 )% CARES Act Impact (82.1 )% — % — % Reduction of NOL for carryback 59.2 % — % — % Other differences, net (19.4 )% 4.3 % (20.3 )% Effective income tax expense (benefit) (55.0 )% 65.8 % 1,668.6 % The significant components of our deferred tax assets are as follows: March 31, 2020 2019 Deferred tax assets: Net operating losses $ 16,075 $ 6,223 Equity investment 1,192 1,298 Stock-based compensation 20,792 13,926 Deferred revenue 16,027 15,144 Tax credits 24,936 23,632 Accrued expenses 4,675 2,138 Allowance for doubtful accounts and other reserves 546 661 Less: valuation allowance (61,702 ) (50,160 ) Total deferred tax assets 22,541 12,862 Deferred tax liabilities: Depreciation and amortization (16,349 ) (6,673 ) Deferred commissions and other (7,041 ) (8,783 ) Total deferred tax liabilities $ (23,390 ) $ (15,456 ) Net deferred tax liability $ (849 ) $ (2,594 ) 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. Our position during fiscal 2020 remains unchanged. At March 31, 2020 , we had NOL carry forwards of $58,705 . There are $36,059 NOLs that will expire between 2034 and 2036 and $22,645 NOLs that will not expire. As of March 31, 2020 , we had deferred tax assets related to state NOL carry forwards of $2,642 which expire over various years beginning in 2030 depending on the jurisdiction. We also had federal and state research tax credits ("R&D credit") carryforwards of approximately $22,559 and $1,476 , respectively. The federal R&D credit carryforwards expire from 2026 through 2037, and the state R&D credit carryforwards expire from 2020 through 2024. We conduct business globally and as a result, file income tax returns in the United States and in various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. The following table summarizes the tax years subject to income tax examinations by tax authorities as of March 31, 2020 . The years subject to income tax examination in our 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 2017 - Present Foreign jurisdictions 2013 - Present The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations in each of our 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, 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 Additions for tax positions related to fiscal 2020 170 Additions for tax positions related to prior years — Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations (100 ) Foreign currency translation adjustment — Balance at March 31, 2020 1,662 We estimate that no significant remaining unrecognized tax benefits will be realized during the fiscal year ending March 31, 2021 . Interest and penalties related to unrecognized tax benefits are recorded in Income tax expense. In the years ended March 31, 2020 , 2019 and 2018 , we recognized $6 , $40 and $80 , respectively, of net interest and penalties in the Consolidated Statements of Operations. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan We have a defined contribution plan, as allowed under Section 401(k) of the Internal Revenue Code, covering substantially all employees. Effective January 1, 2012, we make contributions equal to a discretionary percentage of the employee’s contributions determined by us. During the years ended March 31, 2020 , 2019 and 2018 , we made contributions of $2,487 , $2,786 , and $2,959 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate in one segment. Our products and services are sold throughout the world, through direct and indirect sales channels. Our 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, 2020 2019 2018 Revenue: United States $ 342,660 $ 379,221 $ 377,934 Other 328,225 331,736 321,459 $ 670,885 $ 710,957 $ 699,393 No individual country other than the United States accounts for 10% or more of revenues in the years ended March 31, 2020 , 2019 and 2018 . Revenue included in the “Other” caption above primarily relates to our operations in Europe, Australia, Canada and Asia. March 31, 2020 2019 Long-lived assets: United States $ 300,662 $ 143,591 Other 30,727 23,860 $ 331,389 $ 167,451 At March 31, 2020 and 2019 no other individual country, other than the United States, accounts for 10% |
Restructuring
Restructuring | 12 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In fiscal 2019, we initiated a restructuring plan to increase efficiency in our sales, marketing and distribution functions as well as reduce costs across all functional areas. During the years ended March 31, 2020 and 2019 , we incurred total restructuring charges of $21,348 and $14,765 , respectively. These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges. These charges include $1,753 and $2,632 of stock-based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan for the years ended March 31, 2020 and 2019 , respectively. The activity in our restructuring accruals is summarized as follows: Year Ended March 31, 2020 2019 Beginning balance $ 1,089 $ — Restructuring charges, net (1) (2) 18,587 13,731 Payments (17,145 ) (12,642 ) Ending balance $ 2,531 $ 1,089 (1) Net restructuring charges of $18,587 in the table above does not include restructuring charges for six of our leases in the amount of $2,761 for the year ended March 31, 2020 and net restructuring charges of $13,731 in the table does not include restructuring charges for two of our leases in the amount of $1,034 for the year ended March 31, 2019 . Under the new lease standard (ASC 842) we are now required to account for the impairment as a charge to the Consolidated Statements of Operations and a reduction in the carrying amount of the right-of-use asset. (2) Restructuring charges in the table above of $18,587 and $13,731 are net of accrual reversals of $1,006 and $875 for the years ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , the outstanding restructuring accruals primarily relate to future severance and lease payments. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ASU No. 2016-02, Leases. Under the new guidance, we recognized lease liabilities and right-of-use assets for our long-term leases. We adopted the new guidance on April 1, 2019 using the optional transition method, which allows for the prospective application of the standard, and as a result, we did not record an adjustment to retained earnings. In addition, we elected the package of practical expedients, for all of its leases, permitted under the transition guidance within the standard, which allowed us to carry forward our historical lease classification, to not reassess prior conclusions related to initial direct costs and to not reassess whether any expired or existing contracts are or contain leases. We also elected the lessee practical expedient to combine lease and non-lease components for new leases and modified leases. We also made an accounting policy election in accordance with the new standard to apply accounting similar to ASC 840 to short-term leases, which are defined as leases that have a term of 12 months or less. The adoption of ASC 842 resulted in the recording of operating lease assets and operating lease liabilities of approximately $18,900 and $19,300 , respectively, as of April 1, 2019. Our lease liabilities relate primarily to operating leases for our global office infrastructure. These operating leases expire at various dates through fiscal 2026. As of March 31, 2020 , we did not have any finance leases. Net lease cost recognized on our Consolidated Statements of Operations is summarized as follows: Year Ended March 31, 2020 Operating Lease Cost $ 8,795 Short-term Lease Cost 410 Variable Lease Cost 2,088 Net Lease Cost $ 11,293 As of March 31, 2020 , the maturities of lease liabilities based on the total minimum lease commitment amount including options to extend lease terms that are reasonably certain of being exercised are as follows: 2021 $ 7,520 2022 5,070 2023 2,160 2024 1,369 2025 1,024 Thereafter 675 Total Minimum Lease Payments $ 17,818 Less: Imputed Interest (1,311 ) Present value of operating lease liabilities $ 16,507 Less: Current Portion of operating lease liabilities 7,699 Long-term operating lease liabilities $ 8,808 For the year ended March 31, 2020 , additions of operating lease assets were $8,448 . As of March 31, 2020 , the minimum lease commitment amount for operating leases signed but not yet commenced, was immaterial. Cash paid for operating lease liabilities for the year ended March 31, 2020 was $9,476 . As of March 31, 2020 , the weighted-average remaining operating lease term was 3.09 years and the weighted-average discount rate was 4% for operating leases recognized in the Consolidated Balance Sheets. Disclosures related to periods prior to the adoption of the new lease standard Rental expense was $11,474 and $12,215 for the years ended March 31, 2019 and 2018 , respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Mar. 31, 2020 | |
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 2020 Total revenue $ 162,203 $ 167,582 $ 176,351 $ 164,749 Gross margin 133,483 136,341 145,828 138,155 Net income (loss) (6,846 ) (7,084 ) (650 ) 8,935 Net income (loss) per common share: Basic (1) $ (0.15 ) $ (0.16 ) $ (0.01 ) $ 0.19 Diluted (1) $ (0.15 ) $ (0.16 ) $ (0.01 ) $ 0.19 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 ) (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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events On April 21, 2020, the Company filed suit against Cohesity, Inc. ("Cohesity") in the District of Delaware alleging that Cohesity has infringed and continues to infringe at least one claim of each of U.S. Patent Nos. 7,725,671, 7,840,533, 8,762,335, 9,740,723, 10,210,048, and 10,248,657. Due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate timing or outcome of this matter. The Company is unable at this time to determine whether the outcome of the litigation will have a material impact on its results of operations, financial condition, or cash flows. On April 21, 2020, the Company filed suit against Rubrik, Inc. ("Rubrik") in the District of Delaware alleging that Rubrik has infringed and continues to infringe at least one claim of each of U.S. Patent Nos. 7,725,671, 7,840,533, 8,447,728, 9,740,723, 10,210,048, and 10,248,657. Due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate timing or outcome of this matter. The Company is unable at this time to determine whether the outcome of the litigation will have a material impact on its results of operations, financial condition, or cash flows. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2020 | |
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 Write-offs/Deductions Balance at End of Year (In thousands) 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 Year Ended March 31, 2020 Allowance for doubtful accounts $ 489 $ (246 ) $ 121 $ 122 Valuation allowance for deferred taxes $ 50,160 $ 11,542 $ — $ 61,702 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | |||
Rental expense | $ 11,474 | $ 12,215 | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Commvault. All intercompany transactions and balances have been eliminated in consolidation. | ||
Use of Estimates | Use of Estimates The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The amounts of assets and liabilities reported in our balance sheets and the amounts of revenues and expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, income taxes and related reserves, and goodwill and purchased intangible assets. Actual results could differ from those estimates. | ||
Revenue, Shipping and Handling Costs, Deferred Commissions Cost, Deferred Revenue, and Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in cost of revenues for all periods presented. Revenue We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). For further discussion of our accounting policies related to revenue see Note 3 of the consolidated financial statements. Deferred Commissions Cost Sales commissions and related payroll taxes earned by our employees are considered incremental and recoverable costs of obtaining a contract with a customer. Our 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. We do 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. We currently estimate 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 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 we intend 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 us. The value of deferred revenues will increase or decrease based on the timing of invoices and recognition of revenue. Information about Contract Balances Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to services revenue, primarily customer support contracts. We derive revenues from two primary sources: software and products, and services. Software and products revenue includes our software and integrated appliances that combine our software with hardware. Services include customer support (software updates and technical support), consulting, assessment and design services, installation services, customer education and Commvault software-as-a-service, which is branded as Metallic. We sell both perpetual and term-based licenses to our software. We refer to our term-based software licenses as subscription arrangements. We do not customize our 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. We have concluded that our software licenses (both perpetual and subscription) are functional intellectual property that is distinct as the user can benefit from the software on its own. Software revenue for both perpetual and subscription licenses 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. We do not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the new subscription period. We also sell appliances that integrate our 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. 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. We sell our 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 . Our other professional services include consulting, assessment and design services, installation services and customer education. Customer education services include courses taught by our instructors or third-party contractors. Revenue related to other professional services and customer education services is typically recognized as the services are performed. In fiscal 2020 Commvault launched Metallic, which is a Commvault software-as-a-service offering. Revenue from Metallic is recognized ratably as services revenue. Revenue to date from Metallic has not been material. Most of our contracts with customers contain multiple performance obligations. For these contracts, we account 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. | ||
Sales Tax | Sales Tax We record revenue net of sales tax. | ||
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation We utilize 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. We recognize stock-based compensation using the straight-line method for all stock awards that do not include a market or performance condition. | ||
Software Development Costs | Software Development Costs Research and development expenditures are charged to operations as incurred. Based on our software development process, technological feasibility is established upon completion of a working model, which also requires certification and extensive testing. Costs incurred by us between completion of the working model and the point at which the product is ready for general release are immaterial. | ||
Advertising Costs | Advertising Costs | ||
Accounting for Income Taxes | Accounting for Income Taxes We account 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. We use 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 our judgment, it is more likely than not that deferred tax assets will not be realized. In assessing the need for a valuation allowance, we weigh 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. | ||
Foreign Currency Translation | Foreign Currency Translation The functional currencies of our foreign operations are deemed to be the local country’s currency. Assets and liabilities of our 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. We recognized net foreign currency transaction gains of $355 , $984 and $109 in the years ended March 31, 2020, 2019, and 2018, respectively. The net foreign currency transaction gains recorded in General and administrative expenses include settlement gains and losses on forward contracts disclosed below. | ||
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. | ||
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash We consider 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, 2020 | ||
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. We determine classification of the investment as trading, available-for-sale or held-to-maturity at the time of purchase and reevaluate classification whenever changes in circumstances indicate changes in classification may be necessary. Our current short-term investments are classified as held-to-maturity. Held-to-maturity investments consist of securities that we have 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 Statements of Operations. Cash inflows and outflows related to the sale, maturity and purchase of investments are classified as investing activities in our Consolidated Statements of Cash Flows. | ||
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 Sheets. Long-term unbilled receivables are included in Other assets. | ||
Concentration of Credit Risk | Concentration of Credit Risk We grant credit to customers in a wide variety of industries worldwide and generally do 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 our cash, cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Our cash equivalents balance consists primarily of money market funds and our short-term investments balance consists of U.S. Treasury Bills with maturities of one year or less. We account for our short-term investments as held to maturity. The contingent consideration liability associated with the Hedvig acquisition as discussed further in Note 4 of the consolidated financial statements was valued based on the total bona fide and valid purchase orders received through April 30, 2020 from the specified customer. 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, we use 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. | ||
Leases | Leases Effective April 1, 2019, we adopted ASC 842, Leases ("ASC 842"). We determine if an arrangement contains a lease at inception. We generally lease our facilities under operating leases. Operating lease right-of-use ("ROU") assets are included in Operating lease assets, Current portion of operating lease liabilities and Long-term operating lease liabilities on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. We recognize operating lease costs over the estimated term of the lease, which includes options to extend lease terms that are reasonably certain of being exercised, starting when possession of the property is taken from the landlord. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related operating lease cost on a straight-line basis over the lease term. In addition, certain of our lease agreements include variable lease payments, such as estimated tax and maintenance charges. These variable lease payments are excluded from minimum lease payments and are included in the determination of lease cost when it is probable that the expense has been incurred and the amount can be reasonably estimated. | ||
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. We provide for depreciation on a straight-line basis over the estimated useful lives of the assets. The depreciable assets that comprise our 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 | ||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is recorded when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. The carrying value of goodwill is tested for impairment on an annual basis on January 1, or more often if an event occurs or circumstances change that would more likely than not reduce the fair value of its carrying amount. For the purpose of impairment testing, we have a single reporting unit. The impairment test consists of comparing the fair value of the reporting unit with its carrying amount that includes goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, an impairment loss would be recognized to reduce the carrying amount to its fair value. Purchased intangible assets with finite lives are valued using the income method and are amortized on a straight-line basis over their economic lives of five years for developed technology and two years for customer relationships as we believe this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value. Our purchased intangible assets were recently acquired in connection with the Hedvig Inc. transaction. The most material of these assets was developed technology. While our work to integrate this technology with our own is proceeding, the economic impact of COVID-19, or other factors, may delay our ability to meet the forecasts we used to estimate the fair value of this asset. If we were to identify an impairment indicator in the future, we may conclude that the carrying value of the asset is not recoverable within the remaining useful life of the asset and recognize a non-cash impairment charge. An impairment of this asset could have a material impact on our results of operations. | ||
Long-Lived Assets | Long-Lived Assets | ||
Share Repurchases | Share Repurchases We consider 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 our common stock repurchased is reflected as a reduction to Stockholders’ equity. We account 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. | ||
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 Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) Accounting Standards Update ("ASU") No. 2016-13 (Topic 326), Financial Instruments-Credit Losses 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. First quarter of fiscal 2021 We will adopt the standard using a modified retrospective approach, on April 1, 2020. This standard is not expected to have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 2018 Basic weighted-average shares outstanding 45,793 45,827 45,242 Dilutive effect of stock options, restricted stock units, and employee stock purchase plan — 1,774 — Diluted weighted-average shares outstanding 45,793 47,601 45,242 |
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes our potential outstanding common stock equivalents 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, 2020 2019 2018 Stock options, restricted stock units, and shares under the employee stock purchase plan 4,933 998 7,312 |
Financial Assets Measured At Fair Value On Recurring Basis | The following table summarizes the composition of our financial assets measured at fair value on a recurring basis at March 31, 2020 and March 31, 2019 : March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Short-term investments — $ 44,484 — $ 44,484 Liabilities: Contingent consideration — — $ (217 ) $ (217 ) March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 102,702 — — $ 102,702 Short-term investments — $ 131,937 — $ 131,937 Total assets 102,702 $ 131,937 — $ 234,639 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 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 Other Services Revenue 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 Software-as-a-service (Metallic) Ratably over the course of the contract (over time) Annual or monthly payments Observable in transactions without multiple performance obligations |
Disaggregation of Revenue | Year Ended March 31, 2020 Americas EMEA APJ Total Software and Products Revenue $ 141,856 $ 95,356 $ 38,096 $ 275,308 Customer Support Revenue 230,226 88,965 40,939 360,130 Professional Services 18,778 10,459 6,210 35,447 Total Revenue $ 390,860 $ 194,780 $ 85,245 $ 670,885 Year Ended March 31, 2019 Americas EMEA APJ 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 APJ 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 |
Contract with Customer, Asset and Liability | The opening and closing balances of our 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, 2019 $ 161,570 $ 15,266 $ 7,216 $ 238,439 $ 99,257 Increase/(decrease), net (31,714 ) 1,868 641 (4,942 ) (6,534 ) Ending Balance as of March 31, 2020 $ 129,856 $ 17,134 $ 7,857 $ 233,497 $ 92,723 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of the Purchase Price and Preliminary Purchase Price Allocation as of the Date of Acquisition | The following table summarizes the purchase price and purchase price allocation made as of the date of acquisition: Purchase price allocation: Cash paid at closing 157,589 Fair value of restricted stock units included in purchase price 1,616 Fair value of contingent consideration 4,000 Total purchase price $ 163,205 Assets acquired and liabilities assumed: Cash 94 Trade accounts receivable 1,074 Other current assets 104 Property and equipment 202 Intangible assets 52,000 Other assets 682 Accounts payable and accrued liabilities (1,060 ) Deferred revenue (2,231 ) Operating lease liability, net of operating lease assets (11 ) Deferred tax liability (84 ) Total identifiable net assets acquired and liabilities assumed 50,770 Goodwill 112,435 Total purchase price $ 163,205 |
Business Combination, Pro Forma Information | The unaudited pro forma financial information is presented for illustrative purposes only, is based on a preliminary purchase price allocation, and is not necessarily indicative of the results of operations that would have actually been reported had the acquisition occurred on April 1, 2018, nor is it necessarily indicative of the future results of operations of the combined company. Unaudited Year Ended March 31, 2020 2019 Revenue $ 672,533 $ 714,252 Net loss $ (8,186 ) $ (20,035 ) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill balances are as follows: Year Ended March 31, 2020 Beginning balance $ — Acquisition 112,435 Ending balance $ 112,435 |
Purchased Intangible Assets, Net of Amortization | Intangible assets, net of amortization as of March 31, 2020 are as follows: Gross Accumulated Amortization Net Carrying Value Remaining Useful Life (months) Developed technology $ 49,000 $ (4,900 ) $ 44,100 54 Customer relationships 3,000 (750 ) 2,250 18 Total intangible assets $ 52,000 $ (5,650 ) $ 46,350 |
Schedule of Finite-Lived Intangible Assets Future Amortization Expense | As of March 31, 2020 , future amortization expense associated with intangible assets with finite lives is expected to be: 2021 $ 11,300 2022 10,550 2023 9,800 2024 9,800 2025 4,900 $ 46,350 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: March 31, 2020 2019 Land $ 9,445 $ 9,445 Buildings 103,244 103,244 Computers, servers and other equipment 40,044 38,551 Furniture and fixtures 14,919 15,184 Leasehold improvements 9,252 10,251 Purchased software 1,637 1,473 Construction in process 2,021 2,091 180,562 180,239 Less: Accumulated depreciation and amortization (66,043 ) (57,523 ) $ 114,519 $ 122,716 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following: March 31, 2020 2019 Compensation and related payroll taxes $ 47,356 $ 48,332 Other 39,695 37,389 $ 87,051 $ 85,721 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term Purchase Commitment | Total non-cancellable purchase commitments as of March 31, 2020 , which relate primarily to marketing and IT services are as follows: 2021 2022 2023 2024 and beyond Total Purchase commitments $ 18,590 $ 4,960 $ 1,245 $ 1,246 $ 26,041 |
Schedule of Royalty Expense | Royalty expense, included in Cost of software and products revenues, was as follows: Year Ended March 31, 2020 2019 2018 Royalty expense $ 12,545 $ 12,319 $ 4,462 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following summarizes the activity for our stock incentive plans from March 31, 2017 to March 31, 2020 : Options Number of Weighted- Weighted- Aggregate 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 Options granted — — Options exercised (860 ) 32.73 Options forfeited — — Options expired (448 ) 73.15 Outstanding at March 31, 2020 1,904 $ 60.03 2.67 $ 1,080 Exercisable at March 31, 2020 1,904 $ 60.03 2.67 $ 1,080 |
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, 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 Granted 2,654 46.54 Vested (999 ) 60.10 Forfeited (249 ) 59.03 Non-vested as of March 31, 2020 3,237 $ 50.47 |
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, 2020 , 2019 and 2018 . Year Ended March 31, 2020 2019 2018 Cost of services revenue $ 2,604 $ 2,922 $ 3,182 Sales and marketing 31,779 34,874 36,917 Research and development 14,594 8,601 8,411 General and administrative 15,158 31,458 25,619 Stock-based compensation expense $ 64,135 $ 77,855 $ 74,129 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 2018 Domestic $ (16,670 ) $ (1,762 ) $ (18,159 ) Foreign 4,124 12,189 14,659 $ (12,546 ) $ 10,427 $ (3,500 ) |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) were as follows: Year Ended March 31, 2020 2019 2018 Current: Federal $ (10,071 ) $ (1,772 ) $ (1,036 ) State (613 ) 103 (383 ) Foreign 5,566 8,371 7,307 Deferred: Federal 284 144 57,582 State — — (4,601 ) Foreign (2,067 ) 20 (469 ) $ (6,901 ) $ 6,866 $ 58,400 |
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, 2020 , 2019 and 2018 are as follows: Year Ended March 31, 2020 2019 2018 Statutory federal income tax expense (benefit) rate (21.0 )% 21.0 % (31.6 )% State and local income tax expense, net of federal income tax effect (4.9 )% 1.0 % 20.5 % Foreign earnings taxed at different rates 12.3 % 25.5 % 63.0 % U.S. tax on Global Intangible Low-Taxed Income 14.5 % 72.9 % — % Domestic permanent differences including acquisition items 7.7 % 7.8 % 65.6 % Foreign tax credits (19.3 )% (22.4 )% (39.2 )% Research credits (32.9 )% (51.8 )% (83.2 )% Tax reserves (0.6 )% (5.2 )% (7.0 )% Valuation allowance 64.0 % (76.7 )% 1,626.5 % Enacted tax law changes 10.6 % (7.8 )% 451.9 % Stock-based compensation (43.1 )% 97.2 % (377.6 )% CARES Act Impact (82.1 )% — % — % Reduction of NOL for carryback 59.2 % — % — % Other differences, net (19.4 )% 4.3 % (20.3 )% Effective income tax expense (benefit) (55.0 )% 65.8 % 1,668.6 % |
Components of Deferred Tax Assets | The significant components of our deferred tax assets are as follows: March 31, 2020 2019 Deferred tax assets: Net operating losses $ 16,075 $ 6,223 Equity investment 1,192 1,298 Stock-based compensation 20,792 13,926 Deferred revenue 16,027 15,144 Tax credits 24,936 23,632 Accrued expenses 4,675 2,138 Allowance for doubtful accounts and other reserves 546 661 Less: valuation allowance (61,702 ) (50,160 ) Total deferred tax assets 22,541 12,862 Deferred tax liabilities: Depreciation and amortization (16,349 ) (6,673 ) Deferred commissions and other (7,041 ) (8,783 ) Total deferred tax liabilities $ (23,390 ) $ (15,456 ) Net deferred tax liability $ (849 ) $ (2,594 ) |
Schedule of Tax Years Subject to Income Tax Examination | The following table summarizes the tax years subject to income tax examinations by tax authorities as of March 31, 2020 . The years subject to income tax examination in our 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 2017 - 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, 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 Additions for tax positions related to fiscal 2020 170 Additions for tax positions related to prior years — Settlements and effective settlements with tax authorities and remeasurements — Reductions related to the expiration of statutes of limitations (100 ) Foreign currency translation adjustment — Balance at March 31, 2020 1,662 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 2018 Revenue: United States $ 342,660 $ 379,221 $ 377,934 Other 328,225 331,736 321,459 $ 670,885 $ 710,957 $ 699,393 |
Schedule of Long-Lived Assets by Geographic Area | March 31, 2020 2019 Long-lived assets: United States $ 300,662 $ 143,591 Other 30,727 23,860 $ 331,389 $ 167,451 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Accruals | The activity in our restructuring accruals is summarized as follows: Year Ended March 31, 2020 2019 Beginning balance $ 1,089 $ — Restructuring charges, net (1) (2) 18,587 13,731 Payments (17,145 ) (12,642 ) Ending balance $ 2,531 $ 1,089 (1) Net restructuring charges of $18,587 in the table above does not include restructuring charges for six of our leases in the amount of $2,761 for the year ended March 31, 2020 and net restructuring charges of $13,731 in the table does not include restructuring charges for two of our leases in the amount of $1,034 for the year ended March 31, 2019 . Under the new lease standard (ASC 842) we are now required to account for the impairment as a charge to the Consolidated Statements of Operations and a reduction in the carrying amount of the right-of-use asset. (2) Restructuring charges in the table above of $18,587 and $13,731 are net of accrual reversals of $1,006 and $875 for the years ended March 31, 2020 and 2019 , respectively. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Net Lease Cost Recognized on Condensed Consolidated Statement of Operations | Net lease cost recognized on our Consolidated Statements of Operations is summarized as follows: Year Ended March 31, 2020 Operating Lease Cost $ 8,795 Short-term Lease Cost 410 Variable Lease Cost 2,088 Net Lease Cost $ 11,293 |
Maturities of Lease Liabilities | As of March 31, 2020 , the maturities of lease liabilities based on the total minimum lease commitment amount including options to extend lease terms that are reasonably certain of being exercised are as follows: 2021 $ 7,520 2022 5,070 2023 2,160 2024 1,369 2025 1,024 Thereafter 675 Total Minimum Lease Payments $ 17,818 Less: Imputed Interest (1,311 ) Present value of operating lease liabilities $ 16,507 Less: Current Portion of operating lease liabilities 7,699 Long-term operating lease liabilities $ 8,808 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Quarter Ended June 30 September 30 December 31 March 31 Fiscal 2020 Total revenue $ 162,203 $ 167,582 $ 176,351 $ 164,749 Gross margin 133,483 136,341 145,828 138,155 Net income (loss) (6,846 ) (7,084 ) (650 ) 8,935 Net income (loss) per common share: Basic (1) $ (0.15 ) $ (0.16 ) $ (0.01 ) $ 0.19 Diluted (1) $ (0.15 ) $ (0.16 ) $ (0.01 ) $ 0.19 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 ) (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 ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Advertising expenses | $ 5,579,000 | $ 4,678,000 | $ 5,704,000 | |
Net foreign currency transaction gain | 355,000 | 984,000 | 109,000 | |
Asset retirement obligation | 1,420 | 1,479,000 | ||
Asset impairment charges | $ 0 | $ 0 | $ 0 | |
Software updates and customer support costs amortization period | 5 years | |||
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 | 37.00% | 38.00% | 36.00% | |
Customer Concentration Risk | Arrow | Accounts Receivable | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration percentage | 31.00% | 38.00% | ||
Hedvig, Inc. | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Contingent consideration arrangements range of outcomes value high | $ 8,000,000 | $ 8,000,000 |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Diluted net income (loss) per common share: | |||
Basic weighted average shares outstanding (shares) | 45,793 | 45,827 | 45,242 |
Dilutive effect of stock options, restricted stock units, and employee stock purchase plan (in shares) | 0 | 1,774 | 0 |
Diluted weighted average shares outstanding (in shares) | 45,793 | 47,601 | 45,242 |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | |||
Stock options, restricted stock units, and shares under the employee stock purchase plan (in shares) | 4,933 | 998 | 7,312 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 44,484 | $ 131,937 |
Cash equivalents | 102,702 | |
Total assets | 234,639 | |
Contingent consideration | (217) | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Cash equivalents | 102,702 | |
Total assets | 102,702 | |
Contingent consideration | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 44,484 | 131,937 |
Cash equivalents | 0 | |
Total assets | 131,937 | |
Contingent consideration | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Cash equivalents | $ 0 | |
Total assets | 0 | |
Contingent consideration | $ (217) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($)revenue_sourcesegment | |
Revenue from Contract with Customer [Abstract] | |
Sources of primary revenue | revenue_source | 2 |
Customer support agreement term | 1 year |
Number of operating segments | segment | 1 |
Revenue recognized in period, included in opening deferred revenue balance | $ 241,239 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations | 40,504 |
Software and Products Revenue | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized from remaining performance obligations | $ 11,166 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Detail) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 670,885 | $ 710,957 | $ 699,393 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 390,860 | 430,380 | 425,302 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 194,780 | 191,188 | 187,548 |
APJ | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 85,245 | 89,389 | 86,543 |
Software and Products Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 275,308 | 309,899 | 311,745 |
Software and Products Revenue | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 141,856 | 170,114 | 167,858 |
Software and Products Revenue | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 95,356 | 95,913 | 100,452 |
Software and Products Revenue | APJ | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 38,096 | 43,872 | 43,435 |
Customer Support Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 360,130 | 358,747 | 346,055 |
Customer Support Revenue | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 230,226 | 237,190 | 233,991 |
Customer Support Revenue | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 88,965 | 82,895 | 75,807 |
Customer Support Revenue | APJ | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 40,939 | 38,662 | 36,257 |
Professional Services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 35,447 | 42,311 | 41,593 |
Professional Services | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 18,778 | 23,076 | 23,453 |
Professional Services | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 10,459 | 12,380 | 11,289 |
Professional Services | APJ | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 6,210 | $ 6,855 | $ 6,851 |
Revenue - Opening and Closing B
Revenue - Opening and Closing Balances (Receivables) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Trade accounts receivable | |
Accounts Receivable [Roll Forward] | |
Opening Balance | $ 161,570 |
Increase/(decrease), net | (31,714) |
Ending Balance | 129,856 |
Unbilled Receivable (current) [Roll Forward] | |
Opening Balance | 15,266 |
Increase/(decrease), net | 1,868 |
Ending Balance | 17,134 |
Other assets | |
Unbilled Receivable (long-term) [Roll Forward] | |
Opening Balance | 7,216 |
Increase/(decrease), net | 641 |
Ending Balance | $ 7,857 |
Revenue - Opening and Closing_2
Revenue - Opening and Closing Balances (Deferred Revenue) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Contract With Customer, Liability, Current [Roll Forward] | |
Opening Balance | $ 238,439 |
Ending Balance | 233,497 |
Contract With Customer, Liability, Noncurrent [Roll Forward] | |
Opening Balance | 99,257 |
Ending Balance | 92,723 |
Deferred revenue | |
Contract With Customer, Liability, Current [Roll Forward] | |
Opening Balance | 238,439 |
Increase/(decrease), net | (4,942) |
Ending Balance | 233,497 |
Deferred revenue, less current portion | |
Contract With Customer, Liability, Noncurrent [Roll Forward] | |
Opening Balance | 99,257 |
Increase/(decrease), net | (6,534) |
Ending Balance | $ 92,723 |
Business Combination - Addition
Business Combination - Additional Information (Details) - USD ($) $ in Thousands | Oct. 01, 2019 | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Business Acquisition [Line Items] | |||||||
Contingent consideration | $ 217 | $ 217 | |||||
Net change in contingent consideration | $ (3,783) | $ 0 | $ 0 | ||||
Compensation arrangements, vesting period | 3 years | ||||||
Hedvig, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Purchase consideration | $ 163,205 | ||||||
Cash paid | 157,589 | ||||||
Fair value of restricted stock units included in purchase price | 1,616 | ||||||
Contingent consideration | 4,000 | 217 | $ 217 | ||||
Net change in contingent consideration | 3,783 | ||||||
Cash payments to shareholders following the date of acquisition | $ 14,100 | ||||||
Cash payments to shareholders following the date of acquisition, period | 30 months | ||||||
Contingent consideration arrangements range of outcomes value high | 8,000 | $ 8,000 | $ 8,000 | ||||
Revenue of acquiree since acquisition date | 450 | ||||||
Net loss of acquiree since acquisition date | $ 17,000 | ||||||
Acquisition related costs | $ 5,639 | ||||||
Hedvig, Inc. | Restricted stock units | |||||||
Business Acquisition [Line Items] | |||||||
Compensation arrangements, vesting period | 3 years | ||||||
Subsequent Event | Hedvig, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Net change in contingent consideration | $ 217 | ||||||
Restricted cash released | $ 7,783 |
Business Combination - Summariz
Business Combination - Summarizes Purchase Price and Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands | Oct. 01, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Business Acquisition [Line Items] | |||
Contingent consideration | $ 217 | ||
Goodwill | 112,435 | $ 0 | |
Hedvig, Inc. | |||
Business Acquisition [Line Items] | |||
Cash paid at closing | $ 157,589 | ||
Fair value of restricted stock units included in purchase price | 1,616 | ||
Contingent consideration | 4,000 | $ 217 | |
Total purchase price | 163,205 | ||
Cash | 94 | ||
Trade accounts receivable | 1,074 | ||
Other current assets | 104 | ||
Property and equipment | 202 | ||
Intangible assets | 52,000 | ||
Other assets | 682 | ||
Accounts payable and accrued liabilities | (1,060) | ||
Deferred revenue | (2,231) | ||
Operating lease liability, net of operating lease assets | (11) | ||
Deferred tax liability | (84) | ||
Total identifiable net assets acquired and liabilities assumed | 50,770 | ||
Goodwill | 112,435 | ||
Total purchase price | $ 163,205 |
Business Combination - Actual a
Business Combination - Actual and Unaudited Pro Forma Information (Details) - Hedvig, Inc. - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||
Supplemental pro forma, Revenue | $ 672,533 | $ 714,252 |
Supplemental pro forma, Net Loss | $ (8,186) | $ (20,035) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Oct. 01, 2019 | |
Goodwill [Line Items] | ||
Goodwill | $ 0 | |
Goodwill [Roll Forward] | ||
Beginning balance | 0 | |
Acquisition | 112,435,000 | |
Ending balance | 112,435,000 | |
Goodwill impairment | $ 0 | |
Hedvig, Inc. | ||
Goodwill [Line Items] | ||
Goodwill | $ 112,435,000 | |
Goodwill expected tax deductible amount | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 52,000,000 | ||
Accumulated Amortization | (5,650,000) | ||
Net Assets | 46,350,000 | $ 0 | $ 0 |
Amortization expenses | 5,650,000 | ||
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 49,000,000 | ||
Accumulated Amortization | (4,900,000) | ||
Net Assets | $ 44,100,000 | ||
Remaining Useful Life (months) | 54 months | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 3,000,000 | ||
Accumulated Amortization | (750,000) | ||
Net Assets | $ 2,250,000 | ||
Remaining Useful Life (months) | 18 months |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expenses (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2021 | $ 11,300,000 | ||
2022 | 10,550,000 | ||
2023 | 9,800,000 | ||
2024 | 9,800,000 | ||
2025 | 4,900,000 | ||
Net Assets | $ 46,350,000 | $ 0 | $ 0 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 180,562 | $ 180,239 |
Less: Accumulated depreciation and amortization | (66,043) | (57,523) |
Property and equipment, net | 114,519 | 122,716 |
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 | 40,044 | 38,551 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 14,919 | 15,184 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,252 | 10,251 |
Purchased software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,637 | 1,473 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,021 | $ 2,091 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 11,415 | $ 12,060 | $ 11,217 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Payables and Accruals [Abstract] | ||
Compensation and related payroll taxes | $ 47,356 | $ 48,332 |
Other | 39,695 | 37,389 |
Total accrued liabilities | $ 87,051 | $ 85,721 |
Commitments and Contingencies_2
Commitments and Contingencies (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Non-cancellable purchase commitments, 2021 | $ 18,590,000 | ||
Non-cancellable purchase commitments, 2022 | 4,960,000 | ||
Non-cancellable purchase commitments, 2023 | 1,245,000 | ||
Non-cancellable purchase commitments, 2024 and beyond | 1,246,000 | ||
Non-cancellable purchase commitments, Total for all periods through fiscal 2023 | 26,041,000 | ||
Royalty expense | $ 12,545,000 | $ 12,319,000 | $ 4,462,000 |
Maximum software warranty period (in days) | 90 days | ||
Product warranty accrual | $ 0 | $ 0 | $ 0 |
Capitalization (Detail)
Capitalization (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 03, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Class of Stock [Line Items] | ||||
Common stock, shares outstanding (in shares) | 46,011,000 | 45,582,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Amount of common stock repurchased | $ 77,198 | $ 132,697 | $ 112,218 | |
Number of shares repurchased (in shares) | 1,701,000 | |||
Share repurchase program, authorized amount available | $ 162,829 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Shareholder rights plan, term | 364 days | |||
Dividends, common stock, number of preferred share purchase right | 1 | |||
Restricted stock units | ||||
Class of Stock [Line Items] | ||||
Options outstanding (in shares) | 4,462,000 | |||
Series A Junior Participating Preferred Stock | Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||
Preferred stock purchase right, exercise price (in dollars per share) | $ 200 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | Oct. 01, 2019 | Aug. 23, 2018shares | Dec. 31, 2019$ / sharesshares | Mar. 31, 2020USD ($)stock_plan$ / sharesshares | Mar. 31, 2019USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Aug. 23, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted, vesting period | 3 years | ||||||
Unrecognized stock-based compensation expense | $ | $ 123,820 | ||||||
Awards expected to be recognized over a weighted average period (in years) | 2 years 1 month 2 days | ||||||
Total intrinsic value of options exercised | $ | $ 13,428 | $ 39,502 | $ 26,547 | ||||
Total fair value of restricted stock units - vested | $ | $ 48,221 | $ 82,957 | $ 76,193 | ||||
Restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 46.54 | $ 64.65 | $ 59.71 | ||||
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) | 7,050 | ||||||
Addition shares authorized (in shares) | 1,500 | ||||||
Options available for future grant (in shares) | 2,905 | ||||||
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 | ||||||
Hedvig, Inc. | Restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares Issued in acquisition | 1,018 | ||||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 44.49 | ||||||
Stock options granted, vesting period | 3 years |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Options | |||
Number of Options, Outstanding beginning balance (in shares) | 3,212 | 4,402 | 5,300 |
Number of Options, Options granted (in shares) | 0 | 0 | 0 |
Number of Options, Options exercised (in shares) | (860) | (1,091) | (842) |
Number of Options, Options forfeited (in shares) | 0 | (15) | (26) |
Number of Options, Options expired (in shares) | (448) | (84) | (30) |
Number of Options, Outstanding ending balance (in shares) | 1,904 | 3,212 | 4,402 |
Number of Options, Exercisable at current period end (in shares) | 1,904 | ||
Weighted- Average Exercise Price | |||
Weighted-Average Exercise Price, Outstanding beginning balance (in dollars per share) | $ 54.55 | $ 48.64 | $ 44.74 |
Weighted-Average Exercise Price, Options granted (in dollars per share) | 0 | 0 | 0 |
Weighted-Average Exercise Price, Options exercised (in dollars per share) | 32.73 | 28.92 | 23.57 |
Weighted-Average Exercise Price, Options forfeited (in dollars per share) | 0 | 44.55 | 43.30 |
Weighted-Average Exercise Price, Options expired (in dollars per share) | 73.15 | 80.02 | 68.27 |
Weighted-Average Exercise Price, Outstanding ending balance (in dollars per share) | 60.03 | $ 54.55 | $ 48.64 |
Weighted-Average Exercise Price, Exercisable at current period-end (in dollars per share) | $ 60.03 | ||
Weighted- Average Remaining Contractual Term (Years) | |||
Weighted-Average Remaining Contractual Term, Outstanding at current period-end (in years) | 2 years 8 months 1 day | ||
Weighted-Average Remaining Contractual Term, Exercisable at current period-end (in years) | 2 years 8 months 1 day | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value, Outstanding at current period-end | $ 1,080 | ||
Aggregate Intrinsic Value, Exercisable at current period-end | $ 1,080 |
Stock Plans - Restricted Stock
Stock Plans - Restricted Stock Unit Activity (Detail) - Restricted stock units - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Awards | |||
Number of Awards, Non-vested beginning balance (in shares) | 1,831 | 2,166 | 2,396 |
Number of Awards, Granted (in shares) | 2,654 | 1,256 | 1,235 |
Number of Awards, Vested (in shares) | (999) | (1,276) | (1,324) |
Number of Awards, Forfeited (in shares) | (249) | (315) | (141) |
Number of Awards, Non-vested ending balance (in shares) | 3,237 | 1,831 | 2,166 |
Weighted Average Grant Date Fair Value | |||
Weighted Average grant Date Fair Value, Non-vested beginning balance (in dollars per share) | $ 62.58 | $ 54.13 | $ 45.53 |
Weighted Average grant Date Fair Value, Granted (in dollars per share) | 46.54 | 64.65 | 59.71 |
Weighted Average grant Date Fair Value, Vested (in dollars per share) | 60.10 | 51.38 | 46.74 |
Weighted Average grant Date Fair Value, Forfeited (in dollars per share) | 59.03 | 57.76 | 48.24 |
Weighted Average grant Date Fair Value, Non-vested ending balance (in dollars per share) | $ 50.47 | $ 62.58 | $ 54.13 |
Stock Plans - Stock-Based Compe
Stock Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 64,135 | $ 77,855 | $ 74,129 |
Restructuring charges | 21,348 | 14,765 | 0 |
Stock-Based Compensation | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Restructuring charges | 1,753 | 2,632 | |
Cost of services revenue | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,604 | 2,922 | 3,182 |
Sales and marketing | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 31,779 | 34,874 | 36,917 |
Research and development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 14,594 | 8,601 | 8,411 |
General and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 15,158 | $ 31,458 | $ 25,619 |
Stock Plans - Performance Based
Stock Plans - Performance Based Awards and Awards with a Market Condition (Detail) shares in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2019shares | May 31, 2019shares | Mar. 31, 2020tranche$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted, vesting period | 3 years | ||
PSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards, granted (in shares) | 17 | 88 | 105 |
Number of annual tranches | tranche | 3 | ||
Maximum potential for awards to vest | 200.00% | ||
Maximum number of awards to vest (in shares) | 210 | ||
Percentage of shares eligible to vest | 46.00% | 0.00% | |
Market performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards, granted (in shares) | 95 | ||
Number of annual tranches | tranche | 3 | ||
Maximum potential for awards to vest | 200.00% | ||
Maximum number of awards to vest (in shares) | 190 | ||
Stock options granted, vesting period | 3 years | ||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 48.26 |
Stock Plans - Employee Stock Pu
Stock Plans - Employee Stock Purchase Plan (Detail) - USD ($) shares in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 64,135,000 | $ 77,855,000 | $ 74,129,000 |
Unrecognized stock-based compensation expense | $ 123,820,000 | ||
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) | 273 | 211 | |
Proceeds received | $ 9,670,000 | $ 10,407,000 | |
Compensation expense | 2,939,000 | $ 3,080,000 | $ 2,848,000 |
Unrecognized stock-based compensation expense | $ 1,002,000 |
Stock Plans Stock Plans - Impac
Stock Plans Stock Plans - Impact on Stock Compensation Expense for Changes in Senior Leadership (Details) - USD ($) $ in Thousands | Feb. 01, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 64,135 | $ 77,855 | $ 74,129 | |
Restricted stock awards and performance based awards | Chief executive officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | |||
Original period from last date of employment exercisable | 30 days | |||
Compensation expense | $ 12,157 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Tax Credit Carryforward [Line Items] | |||
CARES Act, estimated cash refunds from carrying back NOLs | $ 10,000,000 | ||
Tax Cuts and Jobs Act, one-time transition tax | 0 | ||
NOL carry forwards | 58,705,000 | ||
Deferred tax asset, state NOLs | 2,642,000 | ||
Unrecognized Tax Benefits | |||
Remaining unrecognized tax benefits | 0 | ||
State and local | |||
Unrecognized Tax Benefits | |||
Interest and penalties | 6,000 | $ 40,000 | $ 80,000 |
NOL expiring between 2034 and 2036 | |||
Tax Credit Carryforward [Line Items] | |||
NOL carry forwards | 36,059,000 | ||
NOLs not expiring | |||
Tax Credit Carryforward [Line Items] | |||
NOL carry forwards | 22,645,000 | ||
Research Tax Credit Carryforward | State and local | |||
Tax Credit Carryforward [Line Items] | |||
Research tax credit | 1,476,000 | ||
Research Tax Credit Carryforward | Federal | |||
Tax Credit Carryforward [Line Items] | |||
Research tax credit | $ 22,559,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Domestic | $ (16,670) | $ (1,762) | $ (18,159) |
Foreign | 4,124 | 12,189 | 14,659 |
Income (loss) before income taxes | $ (12,546) | $ 10,427 | $ (3,500) |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Current: | |||
Federal | $ (10,071) | $ (1,772) | $ (1,036) |
State | (613) | 103 | (383) |
Foreign | 5,566 | 8,371 | 7,307 |
Deferred: | |||
Federal | 284 | 144 | 57,582 |
State | 0 | 0 | (4,601) |
Foreign | (2,067) | 20 | (469) |
Income tax expense (benefit) | $ (6,901) | $ 6,866 | $ 58,400 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Tax Rates and Effective Tax Rates (Detail) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax expense (benefit) rate | (21.00%) | (21.00%) | (31.60%) |
State and local income tax expense, net of federal income tax effect | (4.90%) | (1.00%) | 20.50% |
Foreign earnings taxed at different rates | 12.30% | (25.50%) | 63.00% |
U.S. tax on Global Intangible Low-Taxed Income | 14.50% | (72.90%) | 0.00% |
Domestic permanent differences including acquisition items | 7.70% | (7.80%) | 65.60% |
Foreign tax credits | (19.30%) | 22.40% | (39.20%) |
Research credits | (32.90%) | 51.80% | (83.20%) |
Tax reserves | (0.60%) | 5.20% | (7.00%) |
Valuation allowance | 64.00% | 76.70% | 1626.50% |
Enacted tax law changes | 10.60% | 7.80% | 451.90% |
Stock-based compensation | (43.10%) | (97.20%) | (377.60%) |
CARES Act Impact | (82.10%) | ||
Reduction of NOL for carryback | 59.20% | 0.00% | 0.00% |
Other differences, net | (19.40%) | (4.30%) | (20.30%) |
Effective income tax expense (benefit) | (55.00%) | (65.80%) | 1668.60% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Deferred tax assets: | ||
Net operating losses | $ 16,075 | $ 6,223 |
Equity investment | 1,192 | 1,298 |
Stock-based compensation | 20,792 | 13,926 |
Deferred revenue | 16,027 | 15,144 |
Tax credits | 24,936 | 23,632 |
Accrued expenses | 4,675 | 2,138 |
Allowance for doubtful accounts and other reserves | 546 | 661 |
Less: valuation allowance | (61,702) | (50,160) |
Total deferred tax assets | 22,541 | 12,862 |
Deferred tax liabilities: | ||
Depreciation and amortization | (16,349) | (6,673) |
Deferred commissions and other | (7,041) | (8,783) |
Total deferred tax liabilities | (23,390) | (15,456) |
Net deferred tax liability | $ (849) | $ (2,594) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 1,592 | $ 1,740 | $ 2,098 |
Additions for tax positions related to current fiscal period | 170 | 0 | 0 |
Additions for tax positions related to prior years | 0 | 547 | 150 |
Settlements and effective settlements with tax authorities and remeasurements | 0 | 0 | 0 |
Reductions related to the expiration of statutes of limitations | (100) | (695) | (397) |
Foreign currency translation adjustment | 0 | 0 | (111) |
Ending balance | $ 1,662 | $ 1,592 | $ 1,740 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Company contributions to defined contribution plan | $ 2,487 | $ 2,786 | $ 2,959 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2020segment | |
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, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 164,749 | $ 176,351 | $ 167,582 | $ 162,203 | $ 181,427 | $ 184,275 | $ 169,078 | $ 176,177 | $ 670,885 | $ 710,957 | $ 699,393 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 342,660 | 379,221 | 377,934 | ||||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 328,225 | $ 331,736 | $ 321,459 |
Segment Information - Schedul_2
Segment Information - Schedule of Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 331,389 | $ 167,451 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 300,662 | 143,591 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 30,727 | $ 23,860 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 21,348 | $ 14,765 | $ 0 |
Stock-Based Compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,753 | $ 2,632 |
Restructuring - Restructuring A
Restructuring - Restructuring Accruals (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($)lease | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 1,089 | $ 0 |
Restructuring charges, net | 18,587 | 13,731 |
Payments | (17,145) | (12,642) |
Ending balance | 2,531 | $ 1,089 |
Restructuring charges, number of leases | lease | 2 | |
Accrual reversals | 1,006 | $ 875 |
Lease abandonment charges | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring charges, net | $ 2,761 | $ 1,034 |
Leases - Additional Informatio
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 01, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease assets | $ 15,009 | |||
Operating lease liabilities | 16,507 | |||
Additions of operating lease assets | 8,448 | |||
Cash paid for operating lease liabilities | $ 9,476 | |||
Weighted-average remaining operating lease term | 3 years 1 month 2 days | |||
Weighted-average discount rate, operating leases | 4.00% | |||
Rental expense | $ 11,474 | $ 12,215 | ||
Accounting Standards Update 2016-02 | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease assets | $ 18,900 | |||
Operating lease liabilities | $ 19,300 |
Leases - Net Lease Costs Recog
Leases - Net Lease Costs Recognized (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating Lease Cost | $ 8,795 |
Short-term Lease Cost | 410 |
Variable Lease Cost | 2,088 |
Net Lease Cost | $ 11,293 |
Leases - Maturities of Lease L
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 7,520 |
2022 | 5,070 |
2023 | 2,160 |
2024 | 1,369 |
2025 | 1,024 |
Thereafter | 675 |
Total Minimum Lease Payments | 17,818 |
Less: Imputed Interest | (1,311) |
Present value of operating lease liabilities | 16,507 |
Less: Current Portion of operating lease liabilities | 7,699 |
Long-term operating lease liabilities | $ 8,808 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 164,749 | $ 176,351 | $ 167,582 | $ 162,203 | $ 181,427 | $ 184,275 | $ 169,078 | $ 176,177 | $ 670,885 | $ 710,957 | $ 699,393 |
Gross margin | 138,155 | 145,828 | 136,341 | 133,483 | 147,753 | 155,422 | 142,205 | 148,571 | 553,807 | 593,951 | 601,241 |
Net income (loss) | $ 8,935 | $ (650) | $ (7,084) | $ (6,846) | $ (2,163) | $ 13,400 | $ 891 | $ (8,567) | $ (5,645) | $ 3,561 | $ (61,900) |
Net income (loss) per common share: | |||||||||||
Basic (in dollars per share) | $ 0.19 | $ (0.01) | $ (0.16) | $ (0.15) | $ (0.05) | $ 0.29 | $ 0.02 | $ (0.19) | $ (0.12) | $ 0.08 | $ (1.37) |
Diluted (in dollars per share) | $ 0.19 | $ (0.01) | $ (0.16) | $ (0.15) | $ (0.05) | $ 0.28 | $ 0.02 | $ (0.19) | $ (0.12) | $ 0.07 | $ (1.37) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 489 | $ 104 | $ 103 |
Charged (Credited) to Costs and Expenses | (246) | 569 | 25 |
Write-offs/Deductions | 121 | 184 | 24 |
Balance at End of Year | 122 | 489 | 104 |
Valuation allowance for deferred taxes | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 50,160 | 58,350 | 1,796 |
Charged (Credited) to Costs and Expenses | 11,542 | (8,190) | 56,554 |
Write-offs/Deductions | 0 | 0 | 0 |
Balance at End of Year | $ 61,702 | $ 50,160 | $ 58,350 |
Uncategorized Items - a20200331
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 164,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (271,000) |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 435,000 |