Commvault Systems (CVLT) 10-Q 31 Jul 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-33026
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
Trading Symbol	CVLT
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		43,713,342
Central Index Key	0001169561
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 287,871	$ 312,754
Trade accounts receivable, net	203,176	222,683
Assets held for sale	37,680	38,680
Other current assets	22,385	21,009
Total current assets	551,112	595,126
Deferred tax assets, net	115,984	111,181
Property and equipment, net	8,482	7,961
Operating lease assets	10,922	10,545
Deferred commissions cost	63,579	62,837
Intangible assets, net	5,769	1,042
Goodwill	150,072	127,780
Other assets	29,012	27,441
Total assets	934,932	943,913
Current liabilities:
Accounts payable	427	299
Accrued liabilities	94,313	117,244
Current portion of operating lease liabilities	4,671	4,935
Deferred revenue	347,130	362,450
Total current liabilities	446,541	484,928
Deferred revenue, less current portion	192,671	168,472
Deferred tax liabilities	3,254	1,717
Long-term operating lease liabilities	7,081	7,155
Other liabilities	3,576	3,556
Commitments and contingencies (Note 8)
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, 43,769 shares and 43,548 shares issued and outstanding at June 30, 2024 and March 31, 2024, respectively	437	435
Additional paid-in capital	1,382,049	1,349,603
Accumulated deficit	(1,084,696)	(1,056,011)
Accumulated other comprehensive loss	(15,981)	(15,942)
Total stockholders’ equity	281,809	278,085
Total liabilities and stockholders’ equity	$ 934,932	$ 943,913

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
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)	43,769,000	43,548,000
Common stock, shares outstanding (in shares)	43,769,000	43,548,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 224,672,000	$ 198,150,000
Cost of revenues:
Total cost of revenues	39,788,000	35,550,000
Gross margin	184,884,000	162,600,000
Operating expenses:
Sales and marketing	95,950,000	84,127,000
Research and development	33,104,000	31,431,000
General and administrative	30,795,000	26,959,000
Restructuring	4,679,000	0
Depreciation and amortization	1,928,000	1,603,000
Total operating expenses	166,456,000	144,120,000
Income from operations	18,428,000	18,480,000
Interest income	1,802,000	780,000
Interest expense	(104,000)	(96,000)
Other income, net	528,000	341,000
Income before income taxes	20,654,000	19,505,000
Income tax expense	2,127,000	6,876,000
Net income	$ 18,527,000	$ 12,629,000
Net income per common share:
Basic (in dollars per share)	$ 0.42	$ 0.29
Diluted (in dollars per share)	$ 0.41	$ 0.28
Weighted average common shares outstanding:
Basic (in shares)	43,678	44,057
Diluted (in shares)	44,986	44,975
Subscription
Revenues:
Total revenues	$ 124,080,000	$ 97,290,000
Cost of revenues:
Total cost of revenues	17,540,000	12,363,000
Perpetual license
Revenues:
Total revenues	13,736,000	13,155,000
Cost of revenues:
Total cost of revenues	337,000	412,000
Customer support
Revenues:
Total revenues	76,288,000	76,915,000
Cost of revenues:
Total cost of revenues	14,263,000	14,957,000
Other services
Revenues:
Total revenues	10,568,000	10,790,000
Cost of revenues:
Total cost of revenues	$ 7,648,000	$ 7,818,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 18,527	$ 12,629
Other comprehensive loss:
Foreign currency translation adjustment	(39)	(362)
Comprehensive income	$ 18,488	$ 12,267

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, 2023		44,140
Beginning balance at Mar. 31, 2023	$ 186,098	$ 440	$ 1,264,608	$ (1,062,900)	$ (16,050)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	23,724		23,724
Share issuances related to stock-based compensation (in shares)		612
Share issuances related to stock-based compensation	1,201	$ 6	1,195
Repurchase of common stock (in shares)		(779)
Repurchase of common stock	(51,274)	$ (8)	(7,201)	(44,065)
Net income	12,629			12,629
Other comprehensive loss	(362)				(362)
Ending balance (in shares) at Jun. 30, 2023		43,973
Ending balance at Jun. 30, 2023	$ 172,016	$ 438	1,282,326	(1,094,336)	(16,412)
Beginning balance (in shares) at Mar. 31, 2024	43,548	43,548
Beginning balance at Mar. 31, 2024	$ 278,085	$ 435	1,349,603	(1,056,011)	(15,942)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	26,404		26,404
Share issuances related to business combination (in shares)		50
Share issuances related to business combination	4,900	$ 1	4,899
Share issuances related to stock-based compensation (in shares)		642
Share issuances related to stock-based compensation	$ 5,340	$ 6	5,334
Repurchase of common stock (in shares)	(471)	(471)
Repurchase of common stock	$ (51,408)	$ (5)	(4,191)	(47,212)
Net income	18,527			18,527
Other comprehensive loss	$ (39)				(39)
Ending balance (in shares) at Jun. 30, 2024	43,769	43,769
Ending balance at Jun. 30, 2024	$ 281,809	$ 437	$ 1,382,049	$ (1,084,696)	$ (15,981)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 18,527	$ 12,629
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,957	1,632
Noncash stock-based compensation	26,404	23,724
Noncash change in fair value of equity securities	(70)	(341)
Noncash operating lease expense	1,579	1,235
Deferred income taxes	(4,794)	0
Amortization of deferred commissions cost	7,458	6,319
Changes in operating assets and liabilities:
Trade accounts receivable	19,681	28,057
Operating lease liabilities	(2,302)	(1,163)
Other current assets and Other assets	(2,203)	(1,393)
Deferred commissions cost	(8,269)	(5,600)
Accounts payable	129	178
Accrued liabilities	(23,011)	(19,530)
Deferred revenue	9,438	(7,213)
Other liabilities	168	503
Net cash provided by operating activities	44,692	39,037
Cash flows from investing activities
Purchase of property and equipment	(863)	(1,147)
Purchase of equity securities	(473)	(312)
Business combination, net of cash acquired	(21,000)	0
Net cash used in investing activities	(22,336)	(1,459)
Cash flows from financing activities
Repurchase of common stock	(51,392)	(51,030)
Proceeds from stock-based compensation plans	5,340	1,201
Net cash used in financing activities	(46,052)	(49,829)
Effects of exchange rate — changes in cash	(1,187)	(938)
Net decrease in cash and cash equivalents	(24,883)	(13,189)
Cash and cash equivalents at beginning of period	312,754	287,778
Cash and cash equivalents at end of period	287,871	274,589
Supplemental disclosures of noncash activities
Issuance of common stock for business combination	4,900	0
Operating lease liabilities arising from obtaining right-of-use assets	$ 1,968	$ 1,029

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Commvault Systems, Inc. and its subsidiaries ("Commvault," "we," "us," or "our") provides its customers with a scalable platform that enhances customers' cyber resiliency by protecting their data in a world of increasing threats. We provide these products and services across many types of environments, including on-premises, hybrid and multi-cloud. Our offerings are delivered via self-managed software, software-as-a-service ("SaaS"), integrated appliances, or managed by partners. Customers use our Commvault Cloud platform to protect themselves from threats like ransomware and recover their data efficiently. The consolidated financial statements of Commvault as of June 30, 2024 and for the three months ended June 30, 2024 and 2023 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in our Annual Report on Form 10-K for fiscal 2024. The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in 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, deferred commissions, goodwill, and purchased intangible assets. Actual results could differ from those estimates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Reclassification of Prior Year Balances Certain prior year amounts have been reclassified for consistency with the current year presentation. Beginning in fiscal 2025, changes in operating lease assets are being classified as a noncash lease adjustment to reconcile net income to net cash provided by operating activities. This reclassification has no impact on the amount of cash flows from operating activities. Recently Adopted Accounting Standards Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) Accounting Standards Update ("ASU") No. 2023-07 (Topic 280): Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued a new standard to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This standard is effective for us for our annual period beginning April 1, 2024 and interim periods beginning April 1, 2025. We expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition. Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) ASU No. 2023-09 (Topic 740): Income Taxes In December 2023, the FASB issued a new standard to improve income tax disclosures. The standard requires greater disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This standard will be effective for us for our annual period beginning April 1, 2025, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes, and systems. 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 34% and 38% of total revenues for the three months ended June 30, 2024 and 2023, respectively. Arrow accounted for approximately 29% of total accounts receivable as of both June 30, 2024 and March 31, 2024. Sales through our distribution agreement with Carahsoft Technology Corp. resulted in approximately 11% of total accounts receivable as of June 30, 2024. Fair Value of Financial Instruments 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 — Observable inputs such as 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; and Level 3 — Unobservable inputs that are supported by little or no market activity and that require the reporting entity to develop its own assumptions. The carrying amounts of our cash, cash equivalents, accounts receivable and accounts payable approximate their fair values due to the short-term maturity of these instruments. Our cash equivalents balance consists primarily of U.S. Treasury Bills with maturities of one month or less. Our contingent consideration is related to the acquisition of Appranix, Inc. ("Appranix") and was valued using a Monte Carlo simulation model. See Note 4 for further details of the acquisition and contingent consideration. The following table summarizes the composition of our financial assets measured at fair value as of June 30, 2024 and March 31, 2024: June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 24,902 — — $ 24,902 Liabilities: Contingent consideration $ — — 340 $ 340 March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 24,902 — — $ 24,902 Equity Securities Accounted for at Net Asset Value We held equity interests in private equity funds of $7,862 as of June 30, 2024, which are accounted for under the net asset value practical expedient as permitted under ASC 820, Fair Value Measurement . These investments are included in other assets in the accompanying consolidated balance sheets. The net asset values of these investments are determined using quarterly capital statements from the funds, which are based on our contributions to the funds, allocation of profit and loss and changes in fair value of the underlying fund investments. Changes in fair value as reported on the capital statements are recorded through the consolidated statements of operations as non-operating income or expense. These private equity funds focus on making investments in key technology sectors, principally by investing in companies at expansion capital and growth equity stages. We had total unfunded commitments in private equity funds of $2,352 as of June 30, 2024. 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. Our finite lived purchased intangible assets consist of developed technology. Developed technology purchased in fiscal 2025 was valued using the multi-period excess earnings method and is being amortized on a straight-line basis over its economic life of five years. Developed technology purchased in fiscal 2022 was valued using the replacement cost method and is being amortized on a straight-line basis over its economic life of three years. 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 asset is both not recoverable and exceeds its fair value. Deferred Commissions Cost Sales commissions, bonuses, 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 term-based software licenses, SaaS offerings, perpetual software licenses, software updates, and customer support. 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 customer support contracts 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 sold as part of the transaction. The commission paid on the renewal of subscription arrangements is not commensurate with the commission paid on the initial purchase. As a result, the cost of commissions allocated to SaaS offerings, software updates and customer support on the initial term-based software license transactions are amortized over a period of approximately five years, consistent with the accounting for these costs associated with perpetual licenses. The costs of commissions allocated to SaaS offerings, software updates and customer support for the renewal of term-based software licenses is limited to the contractual period of the arrangement, as we pay a commensurate renewal commission upon the next renewal of the subscription software license and related updates and support. The incremental costs attributable to professional services are generally amortized over the period the related 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.

Revenue

Revenue	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We generate revenues through subscription arrangements, perpetual software licenses, customer support contracts and other services. Subscription Subscription includes the revenues derived from term-based arrangements, including the software portion of term-based licenses and SaaS offerings. The software component of term-based licenses is typically recognized when the software is delivered or made available for download. The term of our subscription arrangements is typically one one Perpetual License Perpetual license includes the revenues from the sale of perpetual software licenses. Perpetual software license revenue is typically recognized when the software is delivered or made available for download. Customer Support Customer support includes revenues associated with support contracts tied to our software products. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support, and other premium support offerings, for both subscription software and perpetual software license arrangements. We sell our customer support contracts as a percentage of net software purchases. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year on our perpetual licenses and over the term on our term-based licenses. Other Services Other services consist primarily of revenues related to professional service offerings, including consultation, assessment and design, installation services, and customer education. Revenues related to other services can vary period over period based on the timing services are delivered and are typically recognized as the services are performed. We do not customize our software licenses (both perpetual and term-based) and installation services are not required. Software licenses are delivered before related services are provided and are functional without professional services, updates and technical support. We have concluded that our software licenses (both perpetual and term-based) are functional intellectual property that is distinct, as the user can benefit from the software on its own. Revenues for both perpetual and term-based licenses are 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 offer 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. Our appliances are almost exclusively sold via a software only model in which we sell software to a third party, which assembles an integrated appliance that is sold to end user customers. As a result, the revenues and costs associated with hardware are usually not included in our financial statements. Our typical performance obligations include the following: Performance Obligation When Performance Obligation When Payment is How Standalone Selling Price is Subscription Term-based 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 Software-as-a-service (SaaS) Ratably over the course of the contract (over time) Annually or at the beginning of the contract period Observable in transactions without multiple performance obligations Perpetual License Perpetual software licenses Upon shipment or made available for download (point in time) Within 90 days of shipment Residual approach Customer Support 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 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 Judgments related to revenue recognition Most of our contracts with customers contain multiple performance obligations. For these contracts, we evaluate and account for individual performance obligations separately if they are determined to be distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software licenses (both perpetual and term-based) are typically estimated using the residual approach. Standalone selling prices for SaaS, customer support contracts, and other services are typically estimated based on observable transactions when these services are sold on a standalone basis. We recognize revenue net of sales tax. Disaggregation of Revenues We disaggregate revenues from contracts with customers into geographical regions. Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, Middle East, Africa, Australia, India, Southeast Asia, and China. Three Months Ended June 30, 2024 2023 Americas $ 138,725 $ 122,124 International 85,947 76,026 Total revenues $ 224,672 $ 198,150 Remaining Performance Obligations Remaining performance obligations represent expected future revenue from existing contracts where performance obligations are unsatisfied or partially unsatisfied at the end of the reporting period. Remaining performance obligations include unfulfilled contracts at the end of a given period and can include subscription arrangements (term-based licenses and SaaS agreements), customer support and other services. As of June 30, 2024, our remaining performance obligations (inclusive of deferred revenues) were $634,658, of which approximately 65% is expected to be recognized as revenue over the next 12 months and the remainder recognized thereafter. Remaining performance obligations, excluding deferred revenue, related to subscription arrangements, customer support revenue and other services were $44,794, $26,760, and $22,033, respectively. Of these balances, we expect approximately 69% of subscription arrangements, 40% of customer support and 100% of other services to be recognized as revenue over the next 12 months and the remainder recognized thereafter. We expect approximately 43% of subscription arrangements and 9% of customer support remaining performance obligations to be recognized as revenue in the second quarter of fiscal 2025. These balances represent transactions consisting primarily of early renewals, unbilled and undelivered support and other services, and orders received prior to the last day of the quarter that were not delivered or provisioned to customers. Remaining performance obligations will fluctuate period to period. We do not believe the amount of remaining performance obligations is indicative of future sales or revenue or that the mix at the end of any given period correlates with actual sales performance. 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 SaaS arrangements, customer support, and other services. In some arrangements we allow customers to pay for term-based licenses 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 Unbilled receivable Deferred revenue (current) Deferred revenue (long-term) Opening balance as of March 31, 2024 $ 196,951 $ 25,732 $ 14,471 $ 362,450 $ 168,472 Increase/(decrease) (19,784) 277 (79) (15,320) 24,199 Ending balance as of June 30, 2024 $ 177,167 $ 26,009 $ 14,392 $ 347,130 $ 192,671 The net decrease in accounts receivable (inclusive of unbilled receivables) is primarily the result of the timing of our billings and cash collections. The net increase in deferred revenue is primarily the result of an increase in SaaS contracts which are billed upfront but recognized ratably over the contract period, partially offset by a decrease in professional service contracts.

Business Combination

Business Combination	3 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination	Business Combination On April 15, 2024, we completed the acquisition of 100% of the shares of Appranix, Inc., a Boston-based cloud cyber resilience company, for a purchase price of $26,272, which consisted of $21,032 in cash (exclusive of $340 of contingent consideration) and $4,900 of unregistered restricted stock units. These stock units were valued based on the volume weighted average price of our share price for the thirty days preceding the close date. As a result, 50 unregistered restricted stock units were issued at a fair value of $98.98 per share. The primary reason for the business combination is to extend and enhance our product and service offerings in the cyber resiliency market. During the three months ended June 30, 2024, we incurred acquisition-related costs of approximately $189, which were included in general and administrative expenses. The following table summarizes the purchase price and preliminary purchase price allocation as of the date of acquisition: Purchase price allocation: Cash consideration $ 21,032 Fair value of unregistered restricted stock units 4,900 Fair value of contingent consideration 340 Total purchase price $ 26,272 Assets acquired and liabilities assumed: Cash $ 32 Trade accounts receivable 239 Developed technology 5,300 Accrued liabilities (36) Deferred revenue (98) Deferred tax liability (1,457) Total identifiable net assets acquired and liabilities assumed 3,980 Goodwill 22,292 Total purchase price $ 26,272 The purchase price allocation is preliminary as it relates to the valuation of income taxes. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date. Contingent Consideration The contingent consideration arrangement requires us to pay up to $4,000 in cash to the former owner of Appranix, contingent upon the achievement of certain financial metrics measured on December 31, 2024 and June 30, 2025. The actual consideration can range from $0 to $4,000. The fair value of the contingent liability was estimated to be $340 using a Monte Carlo simulation model and is included in accrued liabilities on the consolidated balance sheets. At the end of each reporting period after the acquisition date, the arrangement is remeasured at its fair value, with changes in fair value recorded through the consolidated statements of operations as general and administrative expenses. As of June 30, 2024, we continue to estimate the fair value of the liability at $340. Actual and Unaudited Pro Forma Information We completed the acquisition for Appranix on April 15, 2024, and accordingly, Appranix's operations for the period from April 15, 2024 to June 30, 2024 are included in our consolidated statements of operations. Appranix contributed revenues of approximately $494 and estimated net loss of $134 for the period from the completion of the acquisition through June 30, 2024. The following unaudited pro forma results of operations have been prepared using the acquisition method of accounting to give effect to the Appranix acquisition as though it occurred on April 1, 2023. The pro forma amounts reflect certain adjustments, such as expenses related to the noncash amortization of intangible assets and acquisition-related costs. The fiscal 2025 supplemental pro forma net income was adjusted to exclude $189 of acquisition-related costs incurred in fiscal 2025. The fiscal 2024 supplemental pro forma net income 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, 2023. The unaudited pro forma financial information is presented for illustrative purposes only, is based on a 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, 2023, nor is it necessarily indicative of the future results of operations of the combined company. Unaudited Three Months Ended June 30, 2024 2023 Revenue $ 225,166 $ 198,569 Net income $ 18,582 $ 12,226

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill Goodwill represents the residual purchase price paid in business combinations after the fair value of all identified assets and liabilities have been recorded. It includes 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. Goodwill is not amortized and there were no impairments to the carrying amounts of goodwill during the three months ended June 30, 2024 and 2023. None of the goodwill recorded is expected to be deductible for income tax purposes. Changes in goodwill during the three months ended June 30, 2024 were as follows: Total Balance as of March 31, 2024 $ 127,780 Additions 22,292 Impairments — Balance as of June 30, 2024 $ 150,072 Intangible Assets, Net Intangible assets consist of developed technology. Developed technology acquired in fiscal 2025 was valued using the multi-period excess earnings method and has an estimated useful life of five years. Previously acquired developed technology was valued using the replacement cost method, has an estimated useful life of three years, and will be fully amortized within fiscal 2025. All of our intangible assets are amortized on a straight-line basis. Purchased intangible assets, net of amortization are summarized below: June 30, 2024 March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Developed technology $ 9,050 $ (3,281) $ 5,769 $ 3,750 $ (2,708) $ 1,042 During the three months ended June 30, 2024, we acquired developed technology valued at $5,300 as part of the acquisition of Appranix. Amortization expense from acquired intangible assets was $573 and $314 for the three months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, future amortization expense associated with intangible assets with finite lives is expected to be: Year ending March 31, 2025 (remaining) $ 1,511 2026 1,043 2027 1,043 2028 1,043 2029 1,043 Thereafter 86 Total $ 5,769

Assets Held for Sale

Assets Held for Sale	3 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale During the fourth quarter of fiscal 2023, we determined the assets and land related to our owned corporate headquarters in Tinton Falls, New Jersey met all of the criteria for classification as assets held for sale in accordance with ASC 360, Impairment and Disposal of Long-Lived Assets ("ASC 360"). The property's carrying amount was written down to its estimated fair value, less estimated costs to sell, of $38,680. During the first quarter of fiscal 2025, we concluded a portion of the property, with an estimated fair value of $1,000, no longer met the held for sale criteria and was reclassified as held for use. As a result, approximately $24 of catch-up depreciation was recorded in the consolidated statements of operations. The remaining assets have been classified as held for sale for more than one year. In accordance with ASC 360, assets not sold by the end of the one-year period may still qualify as held for sale, if certain conditions are met. The Board of Directors (the "Board") reconfirmed their approval of the sale at the April 2024 meeting and we believe the sale will be completed in calendar year 2024. Upon closing of the transaction, we intend to enter into a lease for a portion of the premises. As of June 30, 2024, we concluded all of the held for sale criteria was still met, and the assets were properly classified on the consolidated balance sheets. In addition, we have assessed the assets for any changes in fair value and have concluded that the current carrying amount represents the estimated fair value, less estimated costs to sell.

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
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 vesting of restricted stock units, shares to be purchased under the Employee Stock Purchase Plan ("ESPP"), and the exercise of stock options. 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 net income per common share: Three Months Ended June 30, 2024 2023 Net income $ 18,527 $ 12,629 Basic net income per common share: Basic weighted average shares outstanding 43,678 44,057 Basic net income per common share $ 0.42 $ 0.29 Diluted net income per common share: Basic weighted average shares outstanding 43,678 44,057 Dilutive effect of stock options and restricted stock units 1,308 918 Diluted weighted average shares outstanding 44,986 44,975 Diluted net income per common share $ 0.41 $ 0.28 The diluted weighted average shares outstanding exclude restricted stock units, performance restricted stock units, shares to be purchased under the ESPP and outstanding stock options totaling 175 and 514 for the three months ended June 30, 2024 and 2023, respectively, because the effect would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies During the first quarter of fiscal 2025, we entered into a settlement agreement resulting in a payment of $1,475 which resolved certain legal matters. For the three months ended June 30, 2024, $675 was recorded in general and administrative expenses and the remaining $800 was incurred in a prior period that is not presented in the consolidated statements of operations. 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. The Company has a contingent liability related to the acquisition of Appranix. See Note 4 for further details of the arrangement.

Capitalization

Capitalization	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Capitalization	Capitalization Our stock repurchase program has been funded by our existing cash and cash equivalent balances, as well as cash flows provided by our operations. On April 18, 2024, the Board approved an increase of the existing share repurchase program so that $250,000 was available. The Board's authorization has no expiration date. For the three months ended June 30, 2024, we repurchased $51,392 of our common stock, or approximately 471 shares. The remaining amount available under the current authorization as of June 30, 2024 was $205,094.

Stock Plans

Stock Plans	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Plans	Stock Plans The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development, general and administrative and restructuring expenses for the three months ended June 30, 2024 and 2023. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP. Three Months Ended June 30, 2024 2023 Cost of revenues $ 1,581 $ 1,690 Sales and marketing 9,486 9,704 Research and development 5,164 5,347 General and administrative 6,165 6,983 Restructuring 4,008 — Stock-based compensation expense $ 26,404 $ 23,724 As of June 30, 2024, there was $141,072 of unrecognized stock-based compensation expense that is expected to be recognized over a weighted average period of 1.79 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate. Stock option activity was not significant for both the three months ended June 30, 2024 and 2023. Restricted Stock Units Restricted stock unit activity for the three months ended June 30, 2024 was as follows: Non-vested Restricted Stock Units Number of Weighted Non-vested as of March 31, 2024 2,417 $ 68.52 Awarded 452 115.60 Vested (524) 70.95 Forfeited (67) 67.42 Non-vested as of June 30, 2024 2,278 $ 77.33 The weighted average fair value of restricted stock units awarded was $115.60 and $67.34 per unit during the three months ended June 30, 2024 and 2023, respectively. The weighted average fair value of awards includes the awards with a market condition described below. Performance Based Awards In the three months ended June 30, 2024, we granted approximately 84 performance stock units ("PSUs") to certain executives. Vesting of these awards is contingent upon i) us meeting certain non-GAAP performance goals (performance-based) in fiscal 2025 and ii) our customary service periods. The awards vest over three years and have the potential to vest between 0% and 300% (253 shares) based on actual fiscal 2025 performance. The vesting quantity of these awards may vary based on actual fiscal 2025 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 the interim financial periods, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. The awards are included in the restricted stock unit table. Awards with a Market Condition In the three months ended June 30, 2024, we granted approximately 84 market PSUs to certain executives. The vesting of these awards is contingent upon us meeting certain total shareholder return ("TSR") levels as compared to the Russell 3000 market index over the next three years. The awards vest in three annual tranches and have the potential to vest between 0% and 300% (253 shares) based on TSR performance. The related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term. The estimated fair value was calculated using a Monte Carlo simulation model. The fair value of the awards granted during the three months ended June 30, 2024 was $168.73 per unit. The awards are included in the restricted stock unit table.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $2,127 in the three months ended June 30, 2024, compared to expense of $6,876 in the three months ended June 30, 2023. The decrease in income tax expense compared to the prior year period relates primarily to the recognition of deferred tax assets that were not recognized in prior years due to the Company’s valuation allowance, as well as windfalls from stock compensation.

Restructuring

Restructuring	3 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Beginning in the fourth quarter of fiscal 2024, we initiated a restructuring plan intended to enhance customer satisfaction through the reorganization and redesign of our customer success functions. The realignment of the customer success structure aims to optimize operational efficiency and improve continuity for our customers through the pre-sales and post-sales experience. These charges relate primarily to severance and related costs associated with headcount reductions, stock-based compensation related to modifications of existing awards granted to certain employees impacted by the plan and office termination and exit charges. We anticipate the restructuring plan will be completed in the second half of fiscal 2025. The total costs to be incurred related to the restructuring plan cannot be estimated at this time. There were no restructuring charges for the three months ended June 30, 2023. For the three months ended June 30, 2024, restructuring charges were comprised of the following: Employee severance and related costs $ 269 Lease exit costs (1) 402 Stock-based compensation 4,008 Total restructuring charges $ 4,679 (1) Lease exit costs relate to one office for the three months ended June 30, 2024. Restructuring accrual The accrual activity related to our restructuring plan for the three months ended June 30, 2024 was as follows: Total ( 1) Balance as of March 31, 2024 $ 2,746 Employee severance and related costs 269 Payments (2,261) Balance as of June 30, 2024 $ 754 (1) During the three months ended June 30, 2024, there were no new charges incurred or payments made related to our prior restructuring plan that was completed in fiscal 2023. The amount included in the balance as of June 30, 2024 related to the completed plan was $62.

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On December 13, 2021, we entered into a five-year $100,000 senior secured revolving credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A. The Credit Facility is available for share repurchases, general corporate purposes, and letters of credit. The Credit Facility contains financial maintenance covenants, including a leverage ratio and interest coverage ratio. The Credit Facility also contains certain customary events of default which would permit the lender to, among other things, declare all loans then outstanding to be immediately due and payable if such default is not cured within applicable grace periods. The Credit Facility also limits our ability to incur certain additional indebtedness, create or permit liens on assets, make acquisitions, make investments, engage in loans or advances, sell or transfer assets, pay dividends or distributions, and engage in certain transactions with foreign affiliates. Outstanding borrowings under the Credit Facility accrue interest at an annual rate equal to the Secured Overnight Financing Rate plus 1.25% subject to increases based on our actual leverage. The unused balance on the Credit Facility is also subject to a 0.25% annual interest charge subject to increases based on our actual leverage. As of June 30, 2024, there were no borrowings under the Credit Facility and we were in compliance with all covenants. We have deferred the expense related to debt issuance costs, which are classified as other assets, and will amortize the costs into interest expense over the term of the Credit Facility. Unamortized amounts as of June 30, 2024 were $284. The amortization of debt issuance costs and interest expense incurred for the three months ended June 30, 2024 and 2023 was as follows: Three Months Ended June 30, 2024 2023 Amortization of debt issuance costs $ 29 $ 29 Interest expense 63 63 Total charges $ 92 $ 92

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 18,527	$ 12,629

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	3 Months Ended
	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Gary Merrill [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 28, 2024, Gary Merrill, Chief Financial Officer, modified his Rule 10b5-1 trading arrangement that was originally adopted on December 4, 2023, to increase the number of shares to be sold under the plan. The modified trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to approximately 19,000 shares of the Company’s common stock and is in effect until November 29, 2024.
May 2024 Plan [Member] | Gary Merrill [Member]
Trading Arrangements, by Individual
Name	Gary Merrill
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 28, 2024
Expiration Date	November 29, 2024
Arrangement Duration	185 days
Aggregate Available	19
December 2023 Plan [Member] | Gary Merrill [Member]
Trading Arrangements, by Individual
Name	Gary Merrill
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 28, 2024

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements of Commvault as of June 30, 2024 and for the three months ended June 30, 2024 and 2023 are unaudited, and in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes in our Annual Report on Form 10-K for fiscal 2024. The results reported in these financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.
Use of Estimates	The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments and estimates that affect the amounts reported in 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, deferred commissions, goodwill, and purchased intangible assets. Actual results could differ from those estimates.
Reclassification of Prior Year Balances	Reclassification of Prior Year Balances Certain prior year amounts have been reclassified for consistency with the current year presentation. Beginning in fiscal 2025, changes in operating lease assets are being classified as a noncash lease adjustment to reconcile net income to net cash provided by operating activities. This reclassification has no impact on the amount of cash flows from operating activities.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) Accounting Standards Update ("ASU") No. 2023-07 (Topic 280): Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued a new standard to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This standard is effective for us for our annual period beginning April 1, 2024 and interim periods beginning April 1, 2025. We expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition. Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) ASU No. 2023-09 (Topic 740): Income Taxes In December 2023, the FASB issued a new standard to improve income tax disclosures. The standard requires greater disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This standard will be effective for us for our annual period beginning April 1, 2025, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes, and systems.
Concentration of Credit Risk	Concentration of Credit Risk
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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 — Observable inputs such as 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; and Level 3 — Unobservable inputs that are supported by little or no market activity and that require the reporting entity to develop its own assumptions.
Equity Securities Accounted for at Net Asset Value	Equity Securities Accounted for at Net Asset Value We held equity interests in private equity funds of $7,862 as of June 30, 2024, which are accounted for under the net asset value practical expedient as permitted under ASC 820, Fair Value Measurement
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.
Deferred Commissions Cost and Revenue	Deferred Commissions Cost Sales commissions, bonuses, 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 term-based software licenses, SaaS offerings, perpetual software licenses, software updates, and customer support. 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 customer support contracts 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 sold as part of the transaction. The commission paid on the renewal of subscription arrangements is not commensurate with the commission paid on the initial purchase. As a result, the cost of commissions allocated to SaaS offerings, software updates and customer support on the initial term-based software license transactions are amortized over a period of approximately five years, consistent with the accounting for these costs associated with perpetual licenses. The costs of commissions allocated to SaaS offerings, software updates and customer support for the renewal of term-based software licenses is limited to the contractual period of the arrangement, as we pay a commensurate renewal commission upon the next renewal of the subscription software license and related updates and support. The incremental costs attributable to professional services are generally amortized over the period the related 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. We generate revenues through subscription arrangements, perpetual software licenses, customer support contracts and other services. Subscription Subscription includes the revenues derived from term-based arrangements, including the software portion of term-based licenses and SaaS offerings. The software component of term-based licenses is typically recognized when the software is delivered or made available for download. The term of our subscription arrangements is typically one one Perpetual License Perpetual license includes the revenues from the sale of perpetual software licenses. Perpetual software license revenue is typically recognized when the software is delivered or made available for download. Customer Support Customer support includes revenues associated with support contracts tied to our software products. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support, and other premium support offerings, for both subscription software and perpetual software license arrangements. We sell our customer support contracts as a percentage of net software purchases. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year on our perpetual licenses and over the term on our term-based licenses. Other Services Other services consist primarily of revenues related to professional service offerings, including consultation, assessment and design, installation services, and customer education. Revenues related to other services can vary period over period based on the timing services are delivered and are typically recognized as the services are performed. We do not customize our software licenses (both perpetual and term-based) and installation services are not required. Software licenses are delivered before related services are provided and are functional without professional services, updates and technical support. We have concluded that our software licenses (both perpetual and term-based) are functional intellectual property that is distinct, as the user can benefit from the software on its own. Revenues for both perpetual and term-based licenses are 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 offer 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. Our appliances are almost exclusively sold via a software only model in which we sell software to a third party, which assembles an integrated appliance that is sold to end user customers. As a result, the revenues and costs associated with hardware are usually not included in our financial statements. Our typical performance obligations include the following: Performance Obligation When Performance Obligation When Payment is How Standalone Selling Price is Subscription Term-based 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 Software-as-a-service (SaaS) Ratably over the course of the contract (over time) Annually or at the beginning of the contract period Observable in transactions without multiple performance obligations Perpetual License Perpetual software licenses Upon shipment or made available for download (point in time) Within 90 days of shipment Residual approach Customer Support 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 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 Judgments related to revenue recognition Most of our contracts with customers contain multiple performance obligations. For these contracts, we evaluate and account for individual performance obligations separately if they are determined to be distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software licenses (both perpetual and term-based) are typically estimated using the residual approach. Standalone selling prices for SaaS, customer support contracts, and other services are typically estimated based on observable transactions when these services are sold on a standalone basis. We recognize revenue net of sales tax. Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to SaaS arrangements, customer support, and other services.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) Accounting Standards Update ("ASU") No. 2023-07 (Topic 280): Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued a new standard to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This standard is effective for us for our annual period beginning April 1, 2024 and interim periods beginning April 1, 2025. We expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition. Recently Issued Accounting Standards Not Yet Adopted Standard Description Effective Date Effect on the Consolidated Financial Statements (or Other Significant Matters) ASU No. 2023-09 (Topic 740): Income Taxes In December 2023, the FASB issued a new standard to improve income tax disclosures. The standard requires greater disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This standard will be effective for us for our annual period beginning April 1, 2025, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes, and systems.
Schedule of Composition of Financial Assets Measured at Fair Value	The following table summarizes the composition of our financial assets measured at fair value as of June 30, 2024 and March 31, 2024: June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 24,902 — — $ 24,902 Liabilities: Contingent consideration $ — — 340 $ 340 March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 24,902 — — $ 24,902

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Performance Obligations	Our typical performance obligations include the following: Performance Obligation When Performance Obligation When Payment is How Standalone Selling Price is Subscription Term-based 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 Software-as-a-service (SaaS) Ratably over the course of the contract (over time) Annually or at the beginning of the contract period Observable in transactions without multiple performance obligations Perpetual License Perpetual software licenses Upon shipment or made available for download (point in time) Within 90 days of shipment Residual approach Customer Support 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 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
Schedule of Disaggregation of Revenues	Three Months Ended June 30, 2024 2023 Americas $ 138,725 $ 122,124 International 85,947 76,026 Total revenues $ 224,672 $ 198,150
Schedule of Contract Balances	The opening and closing balances of our accounts receivable, unbilled receivables, and deferred revenues are as follows: Accounts receivable Unbilled receivable Unbilled receivable Deferred revenue (current) Deferred revenue (long-term) Opening balance as of March 31, 2024 $ 196,951 $ 25,732 $ 14,471 $ 362,450 $ 168,472 Increase/(decrease) (19,784) 277 (79) (15,320) 24,199 Ending balance as of June 30, 2024 $ 177,167 $ 26,009 $ 14,392 $ 347,130 $ 192,671

Business Combination (Tables)

Business Combination (Tables)	3 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price and preliminary purchase price allocation as of the date of acquisition: Purchase price allocation: Cash consideration $ 21,032 Fair value of unregistered restricted stock units 4,900 Fair value of contingent consideration 340 Total purchase price $ 26,272 Assets acquired and liabilities assumed: Cash $ 32 Trade accounts receivable 239 Developed technology 5,300 Accrued liabilities (36) Deferred revenue (98) Deferred tax liability (1,457) Total identifiable net assets acquired and liabilities assumed 3,980 Goodwill 22,292 Total purchase price $ 26,272
Schedule of Pro Forma Information	The following unaudited pro forma results of operations have been prepared using the acquisition method of accounting to give effect to the Appranix acquisition as though it occurred on April 1, 2023. The pro forma amounts reflect certain adjustments, such as expenses related to the noncash amortization of intangible assets and acquisition-related costs. The fiscal 2025 supplemental pro forma net income was adjusted to exclude $189 of acquisition-related costs incurred in fiscal 2025. The fiscal 2024 supplemental pro forma net income 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, 2023. The unaudited pro forma financial information is presented for illustrative purposes only, is based on a 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, 2023, nor is it necessarily indicative of the future results of operations of the combined company. Unaudited Three Months Ended June 30, 2024 2023 Revenue $ 225,166 $ 198,569 Net income $ 18,582 $ 12,226

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in goodwill during the three months ended June 30, 2024 were as follows: Total Balance as of March 31, 2024 $ 127,780 Additions 22,292 Impairments — Balance as of June 30, 2024 $ 150,072
Schedule of Purchased Intangible Assets, Net of Amortization	Purchased intangible assets, net of amortization are summarized below: June 30, 2024 March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Developed technology $ 9,050 $ (3,281) $ 5,769 $ 3,750 $ (2,708) $ 1,042
Schedule of Finite-Lived Intangible Assets Future Amortization Expense	As of June 30, 2024, future amortization expense associated with intangible assets with finite lives is expected to be: Year ending March 31, 2025 (remaining) $ 1,511 2026 1,043 2027 1,043 2028 1,043 2029 1,043 Thereafter 86 Total $ 5,769

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income per Common Share	The following table sets forth the reconciliation of basic and diluted net income per common share: Three Months Ended June 30, 2024 2023 Net income $ 18,527 $ 12,629 Basic net income per common share: Basic weighted average shares outstanding 43,678 44,057 Basic net income per common share $ 0.42 $ 0.29 Diluted net income per common share: Basic weighted average shares outstanding 43,678 44,057 Dilutive effect of stock options and restricted stock units 1,308 918 Diluted weighted average shares outstanding 44,986 44,975 Diluted net income per common share $ 0.41 $ 0.28

Stock Plans (Tables)

Stock Plans (Tables)	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development, general and administrative and restructuring expenses for the three months ended June 30, 2024 and 2023. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP. Three Months Ended June 30, 2024 2023 Cost of revenues $ 1,581 $ 1,690 Sales and marketing 9,486 9,704 Research and development 5,164 5,347 General and administrative 6,165 6,983 Restructuring 4,008 — Stock-based compensation expense $ 26,404 $ 23,724
Schedule of Restricted Stock Unit Activity	Restricted stock unit activity for the three months ended June 30, 2024 was as follows: Non-vested Restricted Stock Units Number of Weighted Non-vested as of March 31, 2024 2,417 $ 68.52 Awarded 452 115.60 Vested (524) 70.95 Forfeited (67) 67.42 Non-vested as of June 30, 2024 2,278 $ 77.33

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Accruals	For the three months ended June 30, 2024, restructuring charges were comprised of the following: Employee severance and related costs $ 269 Lease exit costs (1) 402 Stock-based compensation 4,008 Total restructuring charges $ 4,679 (1) Lease exit costs relate to one office for the three months ended June 30, 2024.
Schedule of Activity in Restructuring Accrual	The accrual activity related to our restructuring plan for the three months ended June 30, 2024 was as follows: Total ( 1) Balance as of March 31, 2024 $ 2,746 Employee severance and related costs 269 Payments (2,261) Balance as of June 30, 2024 $ 754 (1) During the three months ended June 30, 2024, there were no new charges incurred or payments made related to our prior restructuring plan that was completed in fiscal 2023. The amount included in the balance as of June 30, 2024 related to the completed plan was $62.

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Amortization of Debt Issuance Costs and Interest Expense	The amortization of debt issuance costs and interest expense incurred for the three months ended June 30, 2024 and 2023 was as follows: Three Months Ended June 30, 2024 2023 Amortization of debt issuance costs $ 29 $ 29 Interest expense 63 63 Total charges $ 92 $ 92

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Arrow | Revenue
Concentration Risk [Line Items]
Concentration risk percentage	34%	38%
Arrow | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	29%		29%
Carahsoft Technology Corp. | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	11%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Assets:
Cash equivalents	$ 24,902	$ 24,902
Liabilities:
Contingent consideration	340
Level 1
Assets:
Cash equivalents	24,902	24,902
Liabilities:
Contingent consideration	0
Level 2
Assets:
Cash equivalents	0	0
Liabilities:
Contingent consideration	0
Level 3
Assets:
Cash equivalents	0	$ 0
Liabilities:
Contingent consideration	$ 340

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Equity Securities Accounted for at Net Asset Value (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Accounting Policies [Abstract]
Equity securities	$ 7,862
Unfunded commitments	$ 2,352

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, useful life (in years)	5 years	3 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Deferred Commissions Cost (Details)	Jun. 30, 2024
Accounting Policies [Abstract]
Software updates and customer support costs amortization period (in years)	5 years

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription arrangement term		3 years
Customer support arrangement term		1 year
Revenue expected to be recognized from remaining performance obligations		$ 634,658
Revenue recognized in period, included in opening deferred revenue balance		$ 117,274
Subscription | Forecast
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage recognized	43%
Customer support | Forecast
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage recognized	9%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		65%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations		$ 44,794
Revenue, remaining performance obligation, percentage		69%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Customer support
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations		$ 26,760
Revenue, remaining performance obligation, percentage		40%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Other services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations		$ 22,033
Revenue, remaining performance obligation, percentage		100%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		35%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		31%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | Customer support
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		60%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription arrangement term		1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Subscription arrangement term		5 years

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	3 Months Ended
	Jun. 30, 2024
Term-based software licenses
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Perpetual software licenses
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
Other professional services (except for education services)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected payment terms	90 days
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 Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 224,672	$ 198,150
Americas
Disaggregation of Revenue [Line Items]
Total revenues	138,725	122,124
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 85,947	$ 76,026

Revenue - Opening and Closing B

Revenue - Opening and Closing Balances of Accounts Receivables, Unbilled Receivables, and Deferred Revenues (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Deferred revenue (current)
Opening Balance	$ 362,450
Ending Balance	347,130
Deferred revenue (long-term)
Opening Balance	168,472
Ending Balance	192,671
Unbilled receivable (current)
Accounts receivable
Opening Balance	196,951
Increase/(decrease)	(19,784)
Ending Balance	177,167
Unbilled receivable (current)
Opening Balance	25,732
Increase/(decrease)	277
Ending Balance	26,009
Unbilled receivable (long-term)
Unbilled receivable (long-term)
Opening Balance	14,471
Increase/(decrease)	(79)
Ending Balance	14,392
Deferred revenue (current)
Deferred revenue (current)
Opening Balance	362,450
Increase/(decrease)	(15,320)
Ending Balance	347,130
Deferred revenue (long-term)
Deferred revenue (long-term)
Opening Balance	168,472
Increase/(decrease)	24,199
Ending Balance	$ 192,671

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Apr. 15, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Contingent consideration liability		$ 340	$ 340
Appranix, Inc
Business Acquisition [Line Items]
Percentage of business acquired	100%
Total purchase price	$ 26,272
Cash paid	21,032
Fair value of contingent consideration	340
Fair value of unregistered restricted stock units issued	$ 4,900
Unregistered restricted stock units issued (in shares)	50
Fair value of unregistered restricted stock units issued (in dollars per share)	$ 98.98
Acquisition-related costs		189
Maximum contingent consideration payable	$ 4,000
Minimum contingent consideration payable	0
Contingent consideration liability	$ 340	340	340
Revenue contributed since the completion of the acquisition			494
Net loss contributed since the completion of the acquisition			$ 134
Net income		$ 18,582		$ 12,226
Appranix, Inc | Acquisition-related Costs
Business Acquisition [Line Items]
Net income				$ 189

Business Combination - Purchase

Business Combination - Purchase Price and Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Apr. 15, 2024	Jun. 30, 2024	Mar. 31, 2024
Assets acquired and liabilities assumed:
Goodwill		$ 150,072	$ 127,780
Appranix, Inc
Purchase price allocation:
Cash consideration	$ 21,032
Fair value of unregistered restricted stock units	4,900
Fair value of contingent consideration	340
Total purchase price	26,272
Assets acquired and liabilities assumed:
Cash	32
Trade accounts receivable	239
Accrued liabilities	(36)
Deferred revenue	(98)
Deferred tax liability	(1,457)
Total identifiable net assets acquired and liabilities assumed	3,980
Goodwill	22,292
Total purchase price	26,272
Appranix, Inc | Developed technology
Assets acquired and liabilities assumed:
Developed technology	$ 5,300

Business Combination - Pro Form

Business Combination - Pro Forma Information (Details) - Appranix, Inc - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 225,166	$ 198,569
Net income	$ 18,582	$ 12,226

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0
Goodwill expected tax deductible amount	0
Amortization expense	$ 573,000	$ 314,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, useful life (in years)	5 years		3 years
Acquired developed technology value	$ 5,300,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Balance as of March 31, 2024	$ 127,780,000
Additions	22,292,000
Impairments	0	$ 0
Balance as of June 30, 2024	$ 150,072,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Total	$ 5,769
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,050	$ 3,750
Accumulated Amortization	(3,281)	(2,708)
Total	$ 5,769	$ 1,042

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Estimated Future Amortization Expenses (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (remaining)	$ 1,511
2026	1,043
2027	1,043
2028	1,043
2029	1,043
Thereafter	86
Total	$ 5,769

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2023	Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property reclassified to held for use	$ 8,482		$ 7,961
Tinton Falls, New Jersey
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Catch-up depreciation due to reclassification from held for sale	24
Reclassification | Tinton Falls, New Jersey
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property reclassified to held for use	1,000
Corporate Headquarters in Tinton Falls, NJ | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount written down to estimated fair value, less estimated costs to sell		$ 38,680
Corporate Headquarters in Tinton Falls, NJ | Disposal Group, Held-for-sale, Not Discontinued Operations | Reclassification
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property reclassified from held for sale	$ 1,000

Net Income per Common Share - C

Net Income per Common Share - Computation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 18,527	$ 12,629
Basic net income per common share:
Basic weighted average shares outstanding (in shares)	43,678	44,057
Basic net income per common share (in dollars per share)	$ 0.42	$ 0.29
Diluted net income per common share:
Basic weighted average shares outstanding (in shares)	43,678	44,057
Dilutive effect of stock options and restricted stock units (in shares)	1,308	918
Diluted weighted average shares outstanding (in shares)	44,986	44,975
Diluted net income per common share (in dollars per share)	$ 0.41	$ 0.28

Net Income per Common Share - A

Net Income per Common Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation (in shares)	175	514

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Payments for legal settlements	$ 1,475
Legal settlement expense	$ 675	$ 800

Capitalization (Details)

Capitalization (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Apr. 18, 2024
Equity [Abstract]
Share repurchase program, amount approved			$ 250,000
Repurchase of common stock	$ 51,392	$ 51,030
Number of shares repurchased (in shares)	471
Share repurchase program, remaining available amount	$ 205,094

Stock Plans - Stock-Based Compe

Stock Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 26,404	$ 23,724
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,581	1,690
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,486	9,704
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,164	5,347
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	6,165	6,983
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,008	$ 0

Stock Plans - Additional Inform

Stock Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 141,072
Weighted average period awards are expected to be recognized	1 year 9 months 14 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value, units awarded (in dollars per share)	$ 115.60	$ 67.34

Stock Plans - Restricted Stock

Stock Plans - Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of Awards
Non-vested beginning balance (in shares)	2,417
Awarded (in shares)	452
Vested (in shares)	(524)
Forfeited (in shares)	(67)
Non-vested ending balance (in shares)	2,278
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)	$ 68.52
Awarded (in dollars per share)	115.60	$ 67.34
Vested (in dollars per share)	70.95
Forfeited (in dollars per share)	67.42
Non-vested ending balance (in dollars per share)	$ 77.33

Stock Plans - Performance Based

Stock Plans - Performance Based Awards (Details) - PSU shares in Thousands	3 Months Ended
	Jun. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	84
Compensation arrangements, vesting period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	300%
Awards potential to vest (in shares)	253

Stock Plans - Awards with a Mar

Stock Plans - Awards with a Market Condition (Details) - Market performance shares shares in Thousands	3 Months Ended
	Jun. 30, 2024 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	84
Service period	3 years
Number of annual tranches | tranche	3
Weighted average fair value, units awarded (in dollars per share) | $ / shares	$ 168.73
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	300%
Awards potential to vest (in shares)	253

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,127	$ 6,876

Restructuring - Restructuring C

Restructuring - Restructuring Charges (Details)	3 Months Ended
	Jun. 30, 2024 USD ($) office	Jun. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Employee severance and related costs	$ 269,000
Lease exit costs	402,000
Stock-based compensation	4,008,000
Total restructuring charges	$ 4,679,000	$ 0
Number of office relates to lease exit costs | office	1

Restructuring - Activity in Res

Restructuring - Activity in Restructuring Accruals (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2024	$ 2,746
Employee severance and related costs	269
Payments	(2,261)
Balance as of June 30, 2024	754
2022 Restructuring Program
Restructuring Reserve [Roll Forward]
Employee severance and related costs	0
Payments	0
Balance as of June 30, 2024	$ 62

Revolving Credit Facility - Add

Revolving Credit Facility - Additional Information (Details) - Revolving credit facility - Senior Secured Revolving Credit Facility - USD ($)	Dec. 13, 2021	Jun. 30, 2024
Line of Credit Facility [Line Items]
Debt term	5 years
Borrowing capacity	$ 100,000,000
Debt, basis spread on variable rate	1.25%
Annual interest charge on unused balance of the credit facility	0.25%
Borrowings under the credit facility		$ 0
Unamortized debt issuance costs		$ 284,000

Revolving Credit Facility - Amo

Revolving Credit Facility - Amortization of Debt Issuance Costs and Interest Expense (Details) - Revolving credit facility - Senior Secured Revolving Credit Facility - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 29	$ 29
Interest expense	63	63
Total charges	$ 92	$ 92