Commvault Systems (CVLT) 10-Q 29 Jan 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2024	Jan. 27, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		43,997,606
Central Index Key	0001169561
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 243,575	$ 312,754
Trade accounts receivable, net	271,363	222,683
Assets held for sale	34,770	38,680
Other current assets	27,025	21,009
Total current assets	576,733	595,126
Deferred tax assets, net	117,575	111,181
Property and equipment, net	7,273	7,961
Operating lease assets	10,907	10,545
Deferred commissions cost	67,839	62,837
Intangible assets, net	21,912	1,042
Goodwill	186,406	127,780
Other assets	35,111	27,441
Total assets	1,023,756	943,913
Current liabilities:
Accounts payable	88	299
Accrued liabilities	128,957	117,244
Current portion of operating lease liabilities	4,970	4,935
Deferred revenue	377,723	362,450
Total current liabilities	511,738	484,928
Deferred revenue, less current portion	210,530	168,472
Deferred tax liabilities	3,344	1,717
Long-term operating lease liabilities	6,631	7,155
Other liabilities	3,664	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, 44,022 shares and 43,548 shares issued and outstanding at December 31, 2024 and March 31, 2024, respectively	440	435
Additional paid-in capital	1,440,617	1,349,603
Accumulated deficit	(1,136,861)	(1,056,011)
Accumulated other comprehensive loss	(16,347)	(15,942)
Total stockholders’ equity	287,849	278,085
Total liabilities and stockholders’ equity	$ 1,023,756	$ 943,913

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	44,022,000	43,548,000
Common stock, shares outstanding (in shares)	44,022,000	43,548,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 262,630,000	$ 216,808,000	$ 720,580,000	$ 615,955,000
Cost of revenues:
Total cost of revenues	48,619,000	39,061,000	131,269,000	112,464,000
Gross margin	214,011,000	177,747,000	589,311,000	503,491,000
Operating expenses:
Sales and marketing	116,068,000	91,697,000	313,965,000	260,536,000
Research and development	40,010,000	34,392,000	106,953,000	97,084,000
General and administrative	35,133,000	29,098,000	100,101,000	84,059,000
Restructuring	3,969,000	0	9,214,000	0
Change in contingent consideration	2,486,000	0	2,486,000	0
Depreciation and amortization	2,730,000	1,509,000	6,671,000	4,647,000
Impairment charges	0	0	2,910,000	0
Total operating expenses	200,396,000	156,696,000	542,300,000	446,326,000
Income from operations	13,615,000	21,051,000	47,011,000	57,165,000
Interest income	1,564,000	1,381,000	5,098,000	3,530,000
Interest expense	(104,000)	(103,000)	(313,000)	(311,000)
Other income (expense), net	31,000	(13,000)	624,000	174,000
Income before income taxes	15,106,000	22,316,000	52,420,000	60,558,000
Income tax expense	4,085,000	5,176,000	7,307,000	17,772,000
Net income	$ 11,021,000	$ 17,140,000	$ 45,113,000	$ 42,786,000
Net income per common share:
Basic (in dollars per share)	$ 0.25	$ 0.39	$ 1.03	$ 0.97
Diluted (in dollars per share)	$ 0.24	$ 0.38	$ 1	$ 0.95
Weighted average common shares outstanding:
Basic (in shares)	43,889	43,862	43,779	43,956
Diluted (in shares)	45,184	44,799	45,177	45,020
Subscription
Revenues:
Total revenues	$ 158,321,000	$ 114,247,000	$ 416,439,000	$ 309,294,000
Cost of revenues:
Total cost of revenues	26,026,000	15,914,000	63,098,000	42,920,000
Perpetual license
Revenues:
Total revenues	16,423,000	14,874,000	40,681,000	42,417,000
Cost of revenues:
Total cost of revenues	410,000	798,000	1,188,000	1,852,000
Customer support
Revenues:
Total revenues	77,078,000	76,812,000	231,054,000	230,746,000
Cost of revenues:
Total cost of revenues	14,360,000	15,091,000	43,934,000	44,946,000
Other services
Revenues:
Total revenues	10,808,000	10,875,000	32,406,000	33,498,000
Cost of revenues:
Total cost of revenues	$ 7,823,000	$ 7,258,000	$ 23,049,000	$ 22,746,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 11,021	$ 17,140	$ 45,113	$ 42,786
Other comprehensive income (loss):
Foreign currency translation adjustment	(765)	1,485	(405)	331
Comprehensive income	$ 10,256	$ 18,625	$ 44,708	$ 43,117

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	71,941		71,941
Share issuances related to stock-based compensation (in shares)		1,546
Share issuances related to stock-based compensation	7,753	$ 15	7,738
Repurchase of common stock (in shares)		(1,932)
Repurchase of common stock	(134,306)	$ (19)	(17,819)	(116,468)
Net income	42,786			42,786
Other comprehensive income (loss)	331				331
Ending balance (in shares) at Dec. 31, 2023		43,754
Ending balance at Dec. 31, 2023	174,603	$ 436	1,326,468	(1,136,582)	(15,719)
Beginning balance (in shares) at Sep. 30, 2023		43,918
Beginning balance at Sep. 30, 2023	181,523	$ 438	1,307,027	(1,108,738)	(17,204)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	24,602		24,602
Share issuances related to stock-based compensation (in shares)		547
Share issuances related to stock-based compensation	1,385	$ 5	1,380
Repurchase of common stock (in shares)		(711)
Repurchase of common stock	(51,532)	$ (7)	(6,541)	(44,984)
Net income	17,140			17,140
Other comprehensive income (loss)	1,485				1,485
Ending balance (in shares) at Dec. 31, 2023		43,754
Ending balance at Dec. 31, 2023	$ 174,603	$ 436	1,326,468	(1,136,582)	(15,719)
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	84,270		84,270
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)		1,457
Share issuances related to stock-based compensation	$ 11,105	$ 15	11,090
Repurchase of common stock (in shares)	(1,033)	(1,033)
Repurchase of common stock	$ (135,219)	$ (11)	(9,245)	(125,963)
Net income	45,113			45,113
Other comprehensive income (loss)	$ (405)				(405)
Ending balance (in shares) at Dec. 31, 2024	44,022	44,022
Ending balance at Dec. 31, 2024	$ 287,849	$ 440	1,440,617	(1,136,861)	(16,347)
Beginning balance (in shares) at Sep. 30, 2024		43,739
Beginning balance at Sep. 30, 2024	277,788	$ 437	1,410,715	(1,117,782)	(15,582)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	31,463		31,463
Share issuances related to stock-based compensation (in shares)		482
Share issuances related to stock-based compensation	5	$ 5
Repurchase of common stock (in shares)		(199)
Repurchase of common stock	(31,663)	$ (2)	(1,561)	(30,100)
Net income	11,021			11,021
Other comprehensive income (loss)	$ (765)				(765)
Ending balance (in shares) at Dec. 31, 2024	44,022	44,022
Ending balance at Dec. 31, 2024	$ 287,849	$ 440	$ 1,440,617	$ (1,136,861)	$ (16,347)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 45,113	$ 42,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,758	4,734
Noncash stock-based compensation	84,270	71,941
Noncash change in fair value of equity securities	32	(174)
Noncash change in fair value of contingent consideration	2,486	0
Noncash impairment charges	2,910	0
Noncash operating lease expense	4,326	4,246
Deferred income taxes	(6,280)	0
Amortization of deferred commissions cost	23,756	19,544
Changes in operating assets and liabilities:
Trade accounts receivable, net	(65,437)	(20,676)
Operating lease liabilities	(5,173)	(3,827)
Other current assets and Other assets	436	1,970
Deferred commissions cost	(29,532)	(20,541)
Accounts payable	(1,240)	108
Accrued liabilities	10,095	852
Deferred revenue	57,910	22,443
Other liabilities	(3)	407
Net cash provided by operating activities	130,427	123,813
Cash flows from investing activities
Purchase of property and equipment	(2,973)	(3,227)
Purchase of equity securities	(788)	(1,062)
Business combination, net of cash acquired	(65,909)	0
Net cash used in investing activities	(69,670)	(4,289)
Cash flows from financing activities
Repurchase of common stock	(135,194)	(133,655)
Proceeds from stock-based compensation plans	11,100	7,753
Net cash used in financing activities	(124,094)	(125,902)
Effects of exchange rate — changes in cash	(5,842)	2,910
Net decrease in cash and cash equivalents	(69,179)	(3,468)
Cash and cash equivalents at beginning of period	312,754	287,778
Cash and cash equivalents at end of period	243,575	284,310
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	$ 4,687	$ 5,493

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Commvault Systems, Inc. and its subsidiaries ("Commvault," the "Company," "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 December 31, 2024 and for the three and nine months ended December 31, 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 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	9 Months Ended
	Dec. 31, 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 expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition. ASU No. 2024-03 (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued a new standard to improve income statement expense disclosures. The standard requires greater disaggregated information on certain expense captions, as well as disclosures about selling expenses. This standard will be effective for us for our annual period beginning April 1, 2027, 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 35% of total revenues for both the three months ended December 31, 2024 and 2023, and 35% and 36% for the nine months ended December 31, 2024 and 2023, respectively. Arrow accounted for approximately 30% and 29% of total accounts receivable as of December 31, 2024 and March 31, 2024, respectively. Sales through our original equipment manufacturing agreement with Hitachi Vantara resulted in approximately 10% of total accounts receivable as of December 31, 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 consisted 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. Refer to Note 4 for further details of the acquisition and contingent consideration. The following table summarizes the composition of our financial assets and liabilities measured at fair value as of December 31, 2024 and March 31, 2024: December 31, 2024 Level 1 Level 2 Level 3 Total Liabilities: Contingent consideration $ — — 2,826 $ 2,826 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 $8,074 as of December 31, 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 $2,038 as of December 31, 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 and customer relationships. 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. Customer relationships purchased in fiscal 2025 were valued using the distributor method and are being amortized on a straight-line basis over their economic life of ten 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 these methods most closely reflect 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	9 Months Ended
	Dec. 31, 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, or 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 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 December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Americas $ 155,435 $ 125,052 $ 438,568 $ 367,476 International 107,195 91,756 282,012 248,479 Total revenues $ 262,630 $ 216,808 $ 720,580 $ 615,955 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 December 31, 2024, our remaining performance obligations (inclusive of deferred revenues) were $751,958, of which approximately 64% 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 $75,114, $59,052, and $25,548, respectively. Of these balances, we expect approximately 76% of subscription arrangements, 31% 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 54% of subscription arrangements and 8% of customer support remaining performance obligations to be recognized as revenue in the fourth 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 43,635 5,045 6,629 15,273 42,058 Ending balance as of December 31, 2024 $ 240,586 $ 30,777 $ 21,100 $ 377,723 $ 210,530 The increase in accounts receivable (inclusive of unbilled receivables) is primarily the result of an increase in revenue relative to the fourth quarter of the prior fiscal year. The 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.

Business Combination

Business Combination	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination	Business Combination Appranix, Inc. Acquisition On April 15, 2024, we completed the acquisition of 100% of the shares of Appranix, 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. None of the goodwill recorded is expected to be deductible for income tax purposes. During the three and nine months ended December 31, 2024, we incurred costs related to the acquisition of Appranix of approximately $101 and $679, respectively, 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 on the acquisition date 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 operating expenses. As of December 31, 2024, we estimate the fair value of the liability at $2,826 and have recorded $2,486 in operating expenses during the third quarter of fiscal 2025 related to changes in the estimated fair value. Clumio, Inc. Acquisition On October 1, 2024, we completed the acquisition of certain assets of Clumio, Inc. ("Clumio"), a California-based data backup and recovery provider, for a purchase price of $44,909 in cash consideration. The primary reason for the business combination is to extend our product offerings in our existing cyber resiliency market. We expect that substantially all of the goodwill acquired in this transaction will be deductible for income tax purposes. During the three and nine months ended December 31, 2024, we incurred costs related to the acquisition of Clumio of approximately $314 and $1,661, respectively, which were included in general and administrative expenses. The following table summarizes the preliminary purchase price allocation as of the date of acquisition: Assets acquired and liabilities assumed: Trade accounts receivable $ 1,161 Other current assets 394 Deferred tax asset 377 Intangible assets 18,100 Accounts payable and accrued liabilities (3,087) Deferred revenue (8,370) Total identifiable net assets acquired and liabilities assumed 8,575 Goodwill 36,334 Total purchase price $ 44,909 The purchase price allocation is preliminary as it relates to customary closing adjustments and 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. We also entered into compensation arrangements with the co-founders and certain employees of Clumio, which included granting approximately $13,000 in performance stock units and restricted stock units that vest over the next three years. 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 straight-line method. Refer to Note 10 for further discussion of stock awards. Actual and Unaudited Pro Forma Information We completed the acquisition of Appranix on April 15, 2024, and the acquisition of Clumio on October 1, 2024. Accordingly, the operations of both Appranix and Clumio are included in our consolidated statements of operations from the dates of the acquisitions to December 31, 2024. Appranix contributed revenues of approximately $680 and $1,673, and estimated net loss of approximately $43 and $463, for the three and nine months ended December 31, 2024, respectively. Clumio contributed revenues of approximately $6,412, and estimated net loss of approximately $3,014, for both the three and nine months ended December 31, 2024. The following unaudited pro forma results of operations have been prepared using the acquisition method of accounting to give effect to the Appranix and Clumio acquisitions as though they occurred on April 1, 2023. The pro forma amounts reflect certain adjustments, such as expenses related to the noncash amortization of intangible assets, stock-based compensation, and acquisition-related costs. The fiscal 2025 supplemental pro forma net income was adjusted to exclude $2,340 of acquisition-related costs and $2,486 of expense related to changes in the estimated fair value of contingent consideration incurred in fiscal 2025. The fiscal 2024 supplemental pro forma net income was adjusted to include these charges. In addition, both periods include noncash amortization expenses related to intangible assets and stock-based compensation as if the acquisitions 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 acquisitions occurred on April 1, 2023, nor is it necessarily indicative of the future results of operations of the combined companies. Unaudited Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ 262,630 $ 222,022 $ 733,599 $ 629,574 Net income $ 13,922 $ 3,257 $ 23,877 $ 6,408

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2024 and 2023. Approximately $35,233 of the goodwill recorded is expected to be deductible for income tax purposes. Changes in goodwill during the nine months ended December 31, 2024 were as follows: Total Balance as of March 31, 2024 $ 127,780 Additions 58,626 Impairments — Balance as of December 31, 2024 $ 186,406 Intangible Assets, Net Intangible assets consist of developed technology and customer relationships. Developed technology acquired in fiscal 2025 was valued using the multi-period excess earnings method and has an estimated useful life of five years. Previously acquired developed technology was valued using the replacement cost method, has an estimated useful life of three years, and will be fully amortized within fiscal 2025. Customer relationships purchased in fiscal 2025 were valued using the distributor method and have an estimated useful life of ten years. All of our intangible assets are amortized on a straight-line basis. Purchased intangible assets, net of amortization, are summarized below: December 31, 2024 March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Customer relationships $ 3,800 $ (95) $ 3,705 $ — $ — $ — Developed technology 23,350 (5,143) 18,207 3,750 (2,708) 1,042 Total intangible assets $ 27,150 $ (5,238) $ 21,912 $ 3,750 $ (2,708) $ 1,042 During the nine months ended December 31, 2024, we acquired developed technology valued at $19,600 and customer relationships valued at $3,800 as part of the acquisitions of Appranix and Clumio. Amortization expense from acquired intangible assets was $1,383 and $2,529 for the three and nine months ended December 31, 2024, respectively, and $312 and $938 for the three and nine months ended December 31, 2023, respectively. As of December 31, 2024, future amortization expense associated with intangible assets with finite lives is expected to be: Year ending March 31, 2025 (remaining) $ 1,174 2026 4,283 2027 4,283 2028 4,283 2029 4,283 Thereafter 3,606 Total $ 21,912

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Dec. 31, 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"). On October 2, 2024, we signed a purchase and sale agreement to sell the property for $36,000 in cash consideration. The agreement includes a due diligence period for the buyer, is contingent on receiving approvals from certain government agencies, and includes other customary conditions. We believe the sale will close in fiscal year 2025. Upon closing of the transaction, we will enter into a lease for a portion of the premises. The 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. As of December 31, 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 less costs to sell and recorded an impairment charge of $2,910 during the second quarter of fiscal 2025, which includes changes in the estimated fair value and estimated costs to sell.

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Dec. 31, 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, common 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 December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net income $ 11,021 $ 17,140 $ 45,113 $ 42,786 Basic net income per common share: Basic weighted average shares outstanding 43,889 43,862 43,779 43,956 Basic net income per common share $ 0.25 $ 0.39 $ 1.03 $ 0.97 Diluted net income per common share: Basic weighted average shares outstanding 43,889 43,862 43,779 43,956 Dilutive effect of stock options and restricted stock units 1,295 937 1,398 1,064 Diluted weighted average shares outstanding 45,184 44,799 45,177 45,020 Diluted net income per common share $ 0.24 $ 0.38 $ 1.00 $ 0.95 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 179 and 121 for the three months ended December 31, 2024 and 2023, respectively, and 239 and 505 for the nine months ended December 31, 2024 and 2023, respectively, because the effect would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 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. Refer to Note 4 for further details of the arrangement.

Capitalization

Capitalization	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2024, we repurchased $135,194 of our common stock, or approximately 1,033 shares. The remaining amount available under the current authorization as of December 31, 2024 was $121,292.

Stock Plans

Stock Plans	9 Months Ended
	Dec. 31, 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 and nine months ended December 31, 2024 and 2023. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP. Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Cost of revenues $ 1,465 $ 1,935 $ 4,420 $ 5,224 Sales and marketing 13,911 10,189 35,028 29,834 Research and development 7,084 5,451 17,803 16,183 General and administrative 8,696 7,027 22,524 20,700 Restructuring 307 — 4,495 — Stock-based compensation expense $ 31,463 $ 24,602 $ 84,270 $ 71,941 As of December 31, 2024, there was $174,094 of unrecognized stock-based compensation expense that is expected to be recognized over a weighted average period of 1.74 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate. Stock option activity was not significant for both the nine months ended December 31, 2024 and 2023. Restricted Stock Units Restricted stock unit activity for the nine months ended December 31, 2024 was as follows: Non-vested Restricted Stock Units Number of Weighted Non-vested as of March 31, 2024 2,417 $ 68.52 Awarded 988 142.14 Vested (1,264) 68.85 Forfeited (130) 74.89 Non-vested as of December 31, 2024 2,011 $ 104.07 The weighted average fair value of restricted stock units awarded was $168.96 and $142.14 per unit during the three and nine months ended December 31, 2024, respectively, and $71.48 and $69.83 per unit during the three and nine months ended December 31, 2023, respectively. The weighted average fair value of awards includes the awards with a market condition described below. Performance Based Awards In the nine months ended December 31, 2024, we granted approximately 91 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% (273 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. In the nine months ended December 31, 2024, we also granted approximately 33 PSUs in connection with the acquisition of Clumio. Vesting of these awards is contingent upon i) meeting certain non-GAAP performance goals (performance-based) and ii) our customary service periods. The awards vest over three years and have the potential to vest between 0% and 100% based on performance milestones over three years. 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 straight-line 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. These awards are included in the restricted stock unit table. Refer to Note 4 for further details of the acquisition. Awards with a Market Condition In the nine months ended December 31, 2024, we granted approximately 91 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% (273 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 nine months ended December 31, 2024 was $175.25 per unit. The awards are included in the restricted stock unit table. Employee Stock Purchase Plan The ESPP is a shareholder approved plan under which substantially all employees may purchase our common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 10% of the employee’s salary and employees may not purchase more than $25 of stock during any calendar year. Employees purchased 68 shares in exchange for $5,486 of proceeds in the nine months ended December 31, 2024, and 96 shares in exchange for $5,164 of proceeds in the nine months ended December 31, 2023. The ESPP is considered compensatory and the fair value of the discount and look back provision are estimated using the Black-Scholes formula and recognized over the six-month withholding period prior to purchase. The total expense associated with the ESPP for the nine months ended December 31, 2024 and 2023 was $2,746 and $2,391, respectively. As of December 31, 2024, there was approximately $523 of unrecognized cost related to the current offering period of our ESPP.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $4,085 and $7,307 in the three and nine months ended December 31, 2024, respectively, compared to expense of $5,176 and $17,772 in the three and nine months ended December 31, 2023, respectively. 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	9 Months Ended
	Dec. 31, 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 by the end 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 and nine months ended December 31, 2023. For the three and nine months ended December 31, 2024, restructuring charges were comprised of the following: Three Months Ended December 31, 2024 Nine Months Ended December 31, 2024 Employee severance and related costs $ 3,662 $ 4,317 Lease exit costs (1) — 402 Stock-based compensation 307 4,495 Total restructuring charges $ 3,969 $ 9,214 (1) Lease exit costs relate to one office for the nine months ended December 31, 2024. Restructuring accrual The accrual activity related to our restructuring plan for the nine months ended December 31, 2024 was as follows: Total Balance as of March 31, 2024 $ 2,746 Employee severance and related costs 4,317 Payments (6,018) Balance as of December 31, 2024 $ 1,045

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2024 were $226. The amortization of debt issuance costs and interest expense incurred for the three and nine months ended December 31, 2024 and 2023 was as follows: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Amortization of debt issuance costs $ 29 $ 29 $ 87 $ 87 Interest expense 63 63 190 190 Total charges $ 92 $ 92 $ 277 $ 277

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 11,021	$ 17,140	$ 45,113	$ 42,786

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Shane Sanders [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 14, 2024, Shane Sanders, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to approximately 600 shares of the Company’s common stock. The plan is in effect until August 20, 2025.
Name	Shane Sanders
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 14, 2024
Expiration Date	August 20, 2025
Arrangement Duration	279 days
Aggregate Available	600	600
Sanjay Mirchandani [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 18, 2024, Sanjay Mirchandani, Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to approximately 86,000 shares of the Company’s common stock. The plan is in effect until December 31, 2025.
Name	Sanjay Mirchandani
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 18, 2024
Expiration Date	December 31, 2025
Arrangement Duration	408 days
Aggregate Available	86,000	86,000
Gary Merrill [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 20, 2024, Gary Merrill, Chief Commercial Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to approximately 37,000 shares of the Company’s common stock. The plan is in effect until May 29, 2026.
Name	Gary Merrill
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2024
Expiration Date	May 29, 2026
Arrangement Duration	555 days
Aggregate Available	37,000	37,000
Nicholas Adamo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 25, 2024, Nicholas Adamo, Chairman of our Board of Directors, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of 1,500 shares of the Company’s common stock. The plan is in effect until November 25, 2025.
Name	Nicholas Adamo
Title	Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 25, 2024
Expiration Date	November 25, 2025
Arrangement Duration	365 days
Aggregate Available	1,500	1,500

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements of Commvault as of December 31, 2024 and for the three and nine months ended December 31, 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 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 expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition. ASU No. 2024-03 (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued a new standard to improve income statement expense disclosures. The standard requires greater disaggregated information on certain expense captions, as well as disclosures about selling expenses. This standard will be effective for us for our annual period beginning April 1, 2027, 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 $8,074 as of December 31, 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, or 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 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)	9 Months Ended
	Dec. 31, 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 expect this standard to impact our disclosures with no material impacts to our results of operations, cash flows, or financial condition. ASU No. 2024-03 (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued a new standard to improve income statement expense disclosures. The standard requires greater disaggregated information on certain expense captions, as well as disclosures about selling expenses. This standard will be effective for us for our annual period beginning April 1, 2027, 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 and Liabilities Measured at Fair Value	The following table summarizes the composition of our financial assets and liabilities measured at fair value as of December 31, 2024 and March 31, 2024: December 31, 2024 Level 1 Level 2 Level 3 Total Liabilities: Contingent consideration $ — — 2,826 $ 2,826 March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 24,902 — — $ 24,902

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 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	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 December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Americas $ 155,435 $ 125,052 $ 438,568 $ 367,476 International 107,195 91,756 282,012 248,479 Total revenues $ 262,630 $ 216,808 $ 720,580 $ 615,955
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 43,635 5,045 6,629 15,273 42,058 Ending balance as of December 31, 2024 $ 240,586 $ 30,777 $ 21,100 $ 377,723 $ 210,530

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Purchase Price and Purchase Price Allocation	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 Assets acquired and liabilities assumed: Trade accounts receivable $ 1,161 Other current assets 394 Deferred tax asset 377 Intangible assets 18,100 Accounts payable and accrued liabilities (3,087) Deferred revenue (8,370) Total identifiable net assets acquired and liabilities assumed 8,575 Goodwill 36,334 Total purchase price $ 44,909
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 and Clumio acquisitions as though they occurred on April 1, 2023. The pro forma amounts reflect certain adjustments, such as expenses related to the noncash amortization of intangible assets, stock-based compensation, and acquisition-related costs. The fiscal 2025 supplemental pro forma net income was adjusted to exclude $2,340 of acquisition-related costs and $2,486 of expense related to changes in the estimated fair value of contingent consideration incurred in fiscal 2025. The fiscal 2024 supplemental pro forma net income was adjusted to include these charges. In addition, both periods include noncash amortization expenses related to intangible assets and stock-based compensation as if the acquisitions 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 acquisitions occurred on April 1, 2023, nor is it necessarily indicative of the future results of operations of the combined companies. Unaudited Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ 262,630 $ 222,022 $ 733,599 $ 629,574 Net income $ 13,922 $ 3,257 $ 23,877 $ 6,408

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in goodwill during the nine months ended December 31, 2024 were as follows: Total Balance as of March 31, 2024 $ 127,780 Additions 58,626 Impairments — Balance as of December 31, 2024 $ 186,406
Schedule of Purchased Intangible Assets, Net of Amortization	Purchased intangible assets, net of amortization, are summarized below: December 31, 2024 March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Customer relationships $ 3,800 $ (95) $ 3,705 $ — $ — $ — Developed technology 23,350 (5,143) 18,207 3,750 (2,708) 1,042 Total intangible assets $ 27,150 $ (5,238) $ 21,912 $ 3,750 $ (2,708) $ 1,042
Schedule of Finite-Lived Intangible Assets Future Amortization Expense	As of December 31, 2024, future amortization expense associated with intangible assets with finite lives is expected to be: Year ending March 31, 2025 (remaining) $ 1,174 2026 4,283 2027 4,283 2028 4,283 2029 4,283 Thereafter 3,606 Total $ 21,912

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net income $ 11,021 $ 17,140 $ 45,113 $ 42,786 Basic net income per common share: Basic weighted average shares outstanding 43,889 43,862 43,779 43,956 Basic net income per common share $ 0.25 $ 0.39 $ 1.03 $ 0.97 Diluted net income per common share: Basic weighted average shares outstanding 43,889 43,862 43,779 43,956 Dilutive effect of stock options and restricted stock units 1,295 937 1,398 1,064 Diluted weighted average shares outstanding 45,184 44,799 45,177 45,020 Diluted net income per common share $ 0.24 $ 0.38 $ 1.00 $ 0.95

Stock Plans (Tables)

Stock Plans (Tables)	9 Months Ended
	Dec. 31, 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 and nine months ended December 31, 2024 and 2023. Stock-based compensation is attributable to restricted stock units, performance-based awards and the ESPP. Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Cost of revenues $ 1,465 $ 1,935 $ 4,420 $ 5,224 Sales and marketing 13,911 10,189 35,028 29,834 Research and development 7,084 5,451 17,803 16,183 General and administrative 8,696 7,027 22,524 20,700 Restructuring 307 — 4,495 — Stock-based compensation expense $ 31,463 $ 24,602 $ 84,270 $ 71,941
Schedule of Restricted Stock Unit Activity	Restricted stock unit activity for the nine months ended December 31, 2024 was as follows: Non-vested Restricted Stock Units Number of Weighted Non-vested as of March 31, 2024 2,417 $ 68.52 Awarded 988 142.14 Vested (1,264) 68.85 Forfeited (130) 74.89 Non-vested as of December 31, 2024 2,011 $ 104.07

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Accruals	For the three and nine months ended December 31, 2024, restructuring charges were comprised of the following: Three Months Ended December 31, 2024 Nine Months Ended December 31, 2024 Employee severance and related costs $ 3,662 $ 4,317 Lease exit costs (1) — 402 Stock-based compensation 307 4,495 Total restructuring charges $ 3,969 $ 9,214 (1) Lease exit costs relate to one office for the nine months ended December 31, 2024.
Schedule of Activity in Restructuring Accrual	The accrual activity related to our restructuring plan for the nine months ended December 31, 2024 was as follows: Total Balance as of March 31, 2024 $ 2,746 Employee severance and related costs 4,317 Payments (6,018) Balance as of December 31, 2024 $ 1,045

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	9 Months Ended
	Dec. 31, 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 and nine months ended December 31, 2024 and 2023 was as follows: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Amortization of debt issuance costs $ 29 $ 29 $ 87 $ 87 Interest expense 63 63 190 190 Total charges $ 92 $ 92 $ 277 $ 277

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Arrow | Revenue
Concentration Risk [Line Items]
Concentration risk percentage	35%	35%	35%	36%
Arrow | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			30%		29%
Hitachi Vantara | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			10%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Liabilities:
Contingent consideration	$ 2,826
Assets:
Cash equivalents		$ 24,902
Level 1
Liabilities:
Contingent consideration	0
Assets:
Cash equivalents		24,902
Level 2
Liabilities:
Contingent consideration	0
Assets:
Cash equivalents		0
Level 3
Liabilities:
Contingent consideration	$ 2,826
Assets:
Cash equivalents		$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Equity Securities Accounted for at Net Asset Value (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Equity securities	$ 8,074
Unfunded commitments	$ 2,038

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 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
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, useful life (in years)	10 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Deferred Commissions Cost (Details)	Dec. 31, 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		9 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 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		$ 751,958	$ 751,958
Revenue recognized in period, included in opening deferred revenue balance		80,124	296,415
Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations		75,114	75,114
Subscription | Forecast
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage recognized	54%
Customer support
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations		59,052	59,052
Customer support | Forecast
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage recognized	8%
Other services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized from remaining performance obligations		$ 25,548	$ 25,548
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		64%	64%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		76%	76%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Customer support
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		31%	31%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Other services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		100%	100%
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		36%	36%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		24%	24%
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Customer support
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage		69%	69%
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)	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 262,630	$ 216,808	$ 720,580	$ 615,955
Americas
Disaggregation of Revenue [Line Items]
Total revenues	155,435	125,052	438,568	367,476
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 107,195	$ 91,756	$ 282,012	$ 248,479

Revenue - Opening and Closing B

Revenue - Opening and Closing Balances of Accounts Receivables, Unbilled Receivables, and Deferred Revenues (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2024 USD ($)
Accounts receivable
Increase	$ 43,635
Unbilled receivable (current)
Increase	5,045
Unbilled receivable (long-term)
Increase	6,629
Deferred revenue (current)
Opening Balance	362,450
Increase	15,273
Ending Balance	377,723
Deferred revenue (long-term)
Opening Balance	168,472
Increase	42,058
Ending Balance	210,530
Accounts receivable and Unbilled receivable (current)
Accounts receivable
Opening Balance	196,951
Ending Balance	240,586
Unbilled receivable (current)
Opening Balance	25,732
Ending Balance	30,777
Unbilled receivable (long-term)
Unbilled receivable (long-term)
Opening Balance	14,471
Ending Balance	21,100
Deferred revenue (current)
Deferred revenue (current)
Opening Balance	362,450
Ending Balance	377,723
Deferred revenue (long-term)
Deferred revenue (long-term)
Opening Balance	168,472
Ending Balance	$ 210,530

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands			3 Months Ended		9 Months Ended
	Oct. 01, 2024	Apr. 15, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill expected tax deductible amount			$ 35,233,000		$ 35,233,000	$ 35,233,000
Contingent consideration liability			2,826,000		2,826,000	2,826,000
Change in contingent consideration			2,486,000	$ 0	2,486,000		$ 0
Decrease to net income			(13,922,000)	$ (3,257,000)	(23,877,000)		(6,408,000)
Acquisition-related Costs
Business Acquisition [Line Items]
Decrease to net income							2,340,000
Fair Value Of Adjustment To Contingent Consideration
Business Acquisition [Line Items]
Decrease to net income							$ 2,486,000
Appranix, Inc
Business Acquisition [Line Items]
Percentage of business acquired		100%
Total purchase price		$ 26,272,000
Cash paid		21,032,000
Fair value of contingent consideration		340,000
Fair value of unregistered restricted stock units issued		$ 4,900,000
Unregistered restricted stock units issued (in shares)		50
Fair value of unregistered restricted stock units issued (in dollars per share)		$ 98.98
Goodwill expected tax deductible amount		$ 0
Acquisition-related costs			101,000		679,000
Maximum contingent consideration payable		4,000,000
Minimum contingent consideration payable		0
Contingent consideration liability		$ 340,000	2,826,000		2,826,000	2,826,000
Change in contingent consideration			2,486,000
Revenue contributed since the completion of the acquisition			680,000			1,673,000
Net loss contributed since the completion of the acquisition			43,000			$ 463,000
Clumio, Inc
Business Acquisition [Line Items]
Total purchase price	$ 44,909,000
Acquisition-related costs			314,000		1,661,000
Revenue contributed since the completion of the acquisition			6,412,000
Net loss contributed since the completion of the acquisition			$ 3,014,000
Clumio, Inc | Performance Stock Units and Restricted Stock Units
Business Acquisition [Line Items]
Value of awards granted					$ 13,000,000
Service period					3 years

Business Combination - Purchase

Business Combination - Purchase Price and Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 01, 2024	Apr. 15, 2024	Dec. 31, 2024	Mar. 31, 2024
Assets acquired and liabilities assumed:
Goodwill			$ 186,406	$ 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:
Intangible assets		$ 5,300
Clumio, Inc
Purchase price allocation:
Total purchase price	$ 44,909
Assets acquired and liabilities assumed:
Trade accounts receivable	1,161
Other current assets	394
Deferred tax asset	377
Intangible assets	18,100
Accounts payable and accrued liabilities	(3,087)
Deferred revenue	(8,370)
Total identifiable net assets acquired and liabilities assumed	8,575
Goodwill	36,334
Total purchase price	$ 44,909

Business Combination - Pro Form

Business Combination - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenue	$ 262,630	$ 222,022	$ 733,599	$ 629,574
Net income	$ 13,922	$ 3,257	$ 23,877	$ 6,408

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment			$ 0	$ 0
Goodwill expected tax deductible amount	$ 35,233,000		35,233,000
Amortization expense	$ 1,383,000	$ 312,000	$ 2,529,000	$ 938,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, useful life (in years)			5 years		3 years
Intangible assets acquired			$ 19,600,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, useful life (in years)			10 years
Intangible assets acquired			$ 3,800,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($)	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance as of March 31, 2024	$ 127,780,000
Additions	58,626,000
Impairments	0	$ 0
Balance as of December 31, 2024	$ 186,406,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 27,150	$ 3,750
Accumulated Amortization	(5,238)	(2,708)
Total	21,912	1,042
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,800	0
Accumulated Amortization	(95)	0
Total	3,705	0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	23,350	3,750
Accumulated Amortization	(5,143)	(2,708)
Total	$ 18,207	$ 1,042

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Estimated Future Amortization Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining)	$ 1,174
2026	4,283
2027	4,283
2028	4,283
2029	4,283
Thereafter	3,606
Total	$ 21,912	$ 1,042

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge	$ 0		$ 0	$ 2,910	$ 0
Corporate Headquarters in Tinton Falls, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from sale of property						$ 36
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]
Impairment charge		$ 2,910

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		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 11,021	$ 17,140	$ 45,113	$ 42,786
Basic net income per common share:
Basic weighted average shares outstanding (in shares)	43,889	43,862	43,779	43,956
Basic net income per common share (in dollars per share)	$ 0.25	$ 0.39	$ 1.03	$ 0.97
Diluted net income per common share:
Basic weighted average shares outstanding (in shares)	43,889	43,862	43,779	43,956
Dilutive effect of stock options and restricted stock units (in shares)	1,295	937	1,398	1,064
Diluted weighted average shares outstanding (in shares)	45,184	44,799	45,177	45,020
Diluted net income per common share (in dollars per share)	$ 0.24	$ 0.38	$ 1	$ 0.95

Net Income per Common Share - A

Net Income per Common Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation (in shares)	179	121	239	505

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 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	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 18, 2024
Equity [Abstract]
Share repurchase program, amount approved			$ 250,000
Repurchase of common stock	$ 135,194	$ 133,655
Number of shares repurchased (in shares)	1,033
Share repurchase program, remaining available amount	$ 121,292

Stock Plans - Stock-Based Compe

Stock Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 31,463	$ 24,602	$ 84,270	$ 71,941
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,465	1,935	4,420	5,224
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	13,911	10,189	35,028	29,834
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	7,084	5,451	17,803	16,183
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	8,696	7,027	22,524	20,700
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 307	$ 0	$ 4,495	$ 0

Stock Plans - Additional Inform

Stock Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 174,094		$ 174,094
Weighted average period awards are expected to be recognized			1 year 8 months 26 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)	$ 168.96	$ 71.48	$ 142.14	$ 69.83

Stock Plans - Restricted Stock

Stock Plans - Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Number of Awards
Non-vested beginning balance (in shares)			2,417
Awarded (in shares)			988
Vested (in shares)			(1,264)
Forfeited (in shares)			(130)
Non-vested ending balance (in shares)	2,011		2,011
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)			$ 68.52
Awarded (in dollars per share)	$ 168.96	$ 71.48	142.14	$ 69.83
Vested (in dollars per share)			68.85
Forfeited (in dollars per share)			74.89
Non-vested ending balance (in dollars per share)	$ 104.07		$ 104.07

Stock Plans - Performance Based

Stock Plans - Performance Based Awards (Details) - PSUs shares in Thousands	9 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	91
Compensation arrangements, vesting period	3 years
Clumio, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	33
Compensation arrangements, vesting period	3 years
Performance period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	0%
Minimum | Clumio, Inc
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)	273
Maximum | Clumio, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards potential to vest, percentage	100%

Stock Plans - Awards with a Mar

Stock Plans - Awards with a Market Condition (Details) - Market performance shares shares in Thousands	9 Months Ended
	Dec. 31, 2024 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards, granted (in shares)	91
Service period	3 years
Number of annual tranches | tranche	3
Weighted average fair value, units awarded (in dollars per share) | $ / shares	$ 175.25
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)	273

Stock Plans - Employee Stock Pu

Stock Plans - Employee Stock Purchase plan (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 31,463	$ 24,602	$ 84,270	$ 71,941
Unrecognized stock-based compensation expense	$ 174,094		$ 174,094
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price as a percentage of fair market value			85%
Length of offering period (in months)			6 months
Maximum employee payroll percent deduction of salary	10%		10%
Maximum amount of stock purchasable by employees within a calendar year			$ 25
Number of shares purchased by employees (in shares)			68	96
Proceeds received			$ 5,486	$ 5,164
Compensation expense			2,746	$ 2,391
Unrecognized stock-based compensation expense	$ 523		$ 523

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,085	$ 5,176	$ 7,307	$ 17,772

Restructuring - Restructuring C

Restructuring - Restructuring Charges (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) office	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Employee severance and related costs	$ 3,662,000		$ 4,317,000
Lease exit costs	0		402,000
Stock-based compensation	307,000		4,495,000
Total restructuring charges	$ 3,969,000	$ 0	$ 9,214,000	$ 0
Number of office relates to lease exit costs | office			1

Restructuring - Activity in Res

Restructuring - Activity in Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2024		$ 2,746
Employee severance and related costs	$ 3,662	4,317
Payments		(6,018)
Balance as of December 31, 2024	$ 1,045	$ 1,045

Revolving Credit Facility - Add

Revolving Credit Facility - Additional Information (Details) - Revolving credit facility - Senior Secured Revolving Credit Facility - USD ($)	Dec. 13, 2021	Dec. 31, 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		$ 226,000

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		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 29	$ 29	$ 87	$ 87
Interest expense	63	63	190	190
Total charges	$ 92	$ 92	$ 277	$ 277