[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","nkgoiqqmz8081p7t3jtrmxb3f","revision",2,"title","Commvault Systems公布截至2026年9月30日季度10-Q：收入3.124亿美元，同比增长13%","originalTitle","COMMVAULT SYSTEMS INC (0001169561) (Filer)","summary","Commvault Systems披露截至2026年9月30日的季度收入为3.124亿美元，同比增长13%；净收入为2,911万美元，摊薄每股收益为0.69美元。订阅收入为2.685亿美元，其中软件即服务收入为1.062亿美元；公司称业务持续转向订阅模式。公司本季度通过公开宣布的回购计划回购808,563股，平均每股价格135.01美元；截至9月30日，计划尚有1.307亿美元额度。","reason","材料呈现了订阅收入增长、回购及合作伙伴集中度等信息，可用于了解公司季度经营表现与相关风险。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_78":90},"publishedAt","2026-10-28T20:29:52.000Z","discoveredAt","2026-10-29T00:27:35.558Z","timelineAt","category","ai-products","tags",[84,85,86,87],"stockSymbols",[83],"score",64,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f1m9rCzf6Psg",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","d6fa438b-40a6-4f6d-a91e-ee0952443ac1","Commvault公布第二财季业绩及10-Q数据",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

☒ 根据《1934年证券交易法》第13或15(d)条提交的季度报告

季度期间截至：2026年9月30日

☐ 根据《1934年证券交易法》第13或15(d)条提交的过渡报告

委员会档案编号：001-33026

Commvault Systems, Inc.

（注册人章程中规定的注册人准确名称）


特拉华州		22-3447504
（注册成立或组织所在州或其他司法管辖区）		（美国国税局雇主识别号）

1 Commvault Way

新泽西州廷顿福尔斯 07724

（主要行政办公地址，包括邮政编码）

(732) 870-4000

（注册人电话号码，包括区号）

根据该法第12(b)条注册的证券：


各类别证券名称	交易代码	注册所在交易所名称
普通股，每股面值 $0.01	CVLT	纳斯达克股票市场

请勾选说明注册人是否：(1) 已在此前12个月内（或注册人被要求提交此类报告的较短期间内）提交《1934年证券交易法》第13或15(d)条要求提交的所有报告，且 (2) 在过去90天内一直受此类申报要求约束。是 x 否 ¨

请勾选说明注册人是否已在此前12 个月内（或注册人被要求提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第405条（本章§232.405）要求提交的所有交互式数据文件。是 x 否 ¨

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》第12b-2条中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

加速申报公司

☐

非加速申报公司

☐

较小申报公司

☐

新兴成长型公司

☐

如果属于新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。

☐

请勾选说明注册人是否为壳公司（定义见《交易法》第12b-2条）。是 ☐ 否 x

截至2026年10月26日，注册人已发行普通股为40,912,591股，每股面值 $0.01。

COMMVAULT SYSTEMS, INC.

10-Q 表


		页
第一部分 – 财务信息
第 1 项	财务报表
	未经审计的合并资产负债表，日期为 2026 年 9 月 30 日和 2026 年 3 月 31 日	1
	未经审计的合并经营报表，涵盖截至 2026 年 9 月 30 日止三个月及六个月和 2025 年 9 月 30 日止三个月和六个月	2
	未经审计的合并综合收益表，涵盖截至和及六个月 2026 年 9 月 30 日和 2025 年 9 月 30 日止三个月和六个月	3
	未经审计的合并股东权益表，涵盖截至及六个月止三个月和六个月 2026 年 9 月 30 日和 2025 年 9 月 30 日	4
	未经审计的合并现金流量表，涵盖截至六个月 2026 年 9 月 30 日和 2025 年 9 月 30 日止六个月	6
	合并财务报表附注（未经审计）	7
第 2 项	管理层对财务状况和经营业绩的讨论与分析	22
第 3 项	有关市场风险的定量和定性披露	33
第 4 项	控制与程序	33

第二部分 – 其他信息
第 1 项	法律诉讼	35
第 1A 项	风险因素	35
第 2 项	未注册的股权证券销售及募集资金用途	35
第 3 项	优先证券违约	35
第 4 项	矿山安全披露	35
第 5 项	其他信息	36
第 6 项	附件	36

签名	37

Commvault Systems, Inc.

合并资产负债表

（单位：千，股份数据除外）

（未经审计）


	2026 年 9 月 30 日 2026		2026 年 3 月 31 日 2026
资产
流动资产：
现金及现金等价物	$	897,250			$	899,987
贸易应收账款，净额	280,575			330,483
其他流动资产	62,295			56,040
流动资产总额	1,240,120			1,286,510
递延所得税资产，净额	145,975			153,766
财产和设备，净额	13,479			9,750
经营租赁资产	35,956			34,920
递延佣金成本	113,437			103,892
无形资产，净额	17,204			19,715
商誉	209,168			209,322
其他资产	99,723			68,430
资产总额	$	1,875,062			$	1,886,305
负债和股东权益
流动负债：
应付账款	$	493			$	651
应计负债	159,107			165,583
经营租赁负债的流动部分	7,443			6,963
递延收入	472,746			484,973
流动负债总额	639,789			658,170
可转换票据，净额	882,989			880,863
递延收入，扣除流动部分	291,114			293,725
递延所得税负债	1,134			1,565
长期经营租赁负债	30,937			29,675
其他负债	16,565			14,813
承诺和或有事项（附注 6）
股东权益：
优先股，面值 $0.01：授权发行 50,000 股，未发行且无流通股	—			—
普通股，面值 $0.01：授权发行 250,000 股；截至 2026 年 9 月 30 日和 2026 年 3 月 31 日，已发行及流通股分别为 40,892 股和 41,255 股	409			412
额外实缴资本	1,564,238			1,495,597
累计亏损	(1,532,975)			(1,472,124)
累计其他综合亏损	(19,138)			(16,391)
股东权益总额	12,534			7,494
负债和股东权益总额	$	1,875,062			$	1,886,305

参见合并财务报表附注（未经审计）

Commvault Systems, Inc.

合并经营报表

（单位：千，股份数据除外）

（未经审计）


	截至 9 月 30 日的三个月		截至 9 月 30 日的六个月
	2026		2025		2026		2025
收入：
订阅：
期限型许可证	$	105,002			$	92,647		$	215,422	$	201,929
期限型支持服务	57,307			49,686			113,364		97,268
软件即服务	106,203			80,018			206,753		152,463
订阅收入总额	268,512			222,351			535,539		451,660
永久许可证	7,205			12,073			15,900		19,408
永久支持服务	23,482			30,543			48,957		61,982
其他服务	13,190			11,221			26,124		25,116
收入总额	312,389			276,188			626,520		558,166
收入成本：
期限型许可证	3,465			2,414			7,708		4,656
软件即服务	31,812			29,187			61,464		55,159
永久许可证	228			194			399		439
客户支持	14,347			14,847			29,046		29,054
其他服务	9,018			8,402			17,862		16,513
收入成本总额	58,870			55,044			116,479		105,821
毛利	253,519			221,144			510,041		452,345
运营费用：
销售和营销	135,529			122,240			275,324		244,719
研发	42,292			39,859			81,834		79,921
一般和行政	42,211			42,553			88,962		83,823
折旧和摊销	2,786			2,572			5,105		5,179
重组	324			1,429			2,720		1,666
或有对价变动	—			—			—		(545)

运营费用总额	223,142			208,653			453,945		414,763
运营收入	30,377			12,491			56,096		37,582
利息收入	8,439			3,087			16,126		5,096
利息费用	(1,482)			(637)			(2,955)		(915)
其他收入，净额	1,420			159			1,689		220
税前收入	38,754			15,100			70,956		41,983
所得税费用	9,643			370			20,706		3,757
净收入	$	29,111			$	14,730		$	50,250	$	38,226
每股普通股净收入：
基本	$	0.71			$	0.33		$	1.22	$	0.86
摊薄	$	0.69			$	0.33		$	1.19	$	0.84
加权平均流通普通股数：
基本	41,261			44,406			41,303		44,366
摊薄	42,221			45,195			42,057		45,264

参见合并财务报表附注（未经审计）

Commvault Systems, Inc.

合并综合收益表

（单位：千）

（未经审计）


	截至 9 月 30 日的三个月		截至 9 月 30 日的六个月
	2026		2025		2026		2025
净收入	$	29,111			$	14,730		$	50,250	$	38,226
其他综合收益（亏损）：
外币折算调整，扣除税项后	(1,003)			(468)			(2,747)		518
综合收益	$	28,108			$	14,262		$	47,503	$	38,744

参见合并财务报表附注（未经审计）

Commvault Systems, Inc.

合并股东权益表

（单位：千）

（未经审计）


	普通股	额外实缴资本		累计亏损	累计其他综合亏损		总计
	股数	金额
截至 2026 年 6 月 30 日的余额	41,430		$	414		$	1,529,999		$	(1,460,227)			$	(18,135)	$	52,051
股份支付薪酬				35,780					35,780
与股份支付薪酬相关的股份发行	270		3		6,584						6,587
回购普通股	(808)		(8)		(8,125)			(101,859)				(109,992)
净收入					29,111				29,111
其他综合亏损							(1,003)		(1,003)
截至 2026 年 9 月 30 日的余额	40,892		$	409		$	1,564,238		$	(1,532,975)			$	(19,138)	$	12,534



	普通股	额外实缴资本		累计亏损	累计其他综合亏损		总计
	股数	金额
截至2026年3月31日的余额	41,255		$	412		$	1,495,597		$	(1,472,124)			$	(16,391)	$	7,494
基于股票的薪酬				71,070					71,070
与基于股票的薪酬相关的股份发行	543		6		6,584						6,590
回购普通股	(906)		(9)		(9,013)			(111,101)				(120,123)
净利润					50,250				50,250
其他综合亏损							(2,747)		(2,747)
截至2026年9月30日的余额	40,892		$	409		$	1,564,238		$	(1,532,975)			$	(19,138)	$	12,534

参见随附的未经审计合并财务报表附注

Commvault Systems, Inc.

股东权益合并报表

（单位：千）

（未经审计）


	普通股	额外实收资本		累计亏损	累计其他综合亏损		总计
	股数	金额
截至2025年6月30日的余额	44,509		$	445		$	1,503,817		$	(1,124,876)			$	(14,647)	$	364,739
基于股票的薪酬				32,224					32,224
购买封顶看涨期权，扣除税款				(76,087)					(76,087)
与基于股票的薪酬相关的股份发行	279		2		6,974						6,976
回购普通股	(737)		(7)		(7,199)			(124,448)				(131,654)
净利润					14,730				14,730
其他综合亏损							(468)		(468)
截至2025年9月30日的余额	44,051		$	440		$	1,459,729		$	(1,234,594)			$	(15,115)	$	210,460



	普通股	额外实收资本		累计亏损	累计其他综合亏损		总计
	股数	金额
截至2025年3月31日的余额	44,104		$	441		$	1,474,377		$	(1,134,063)			$	(15,633)	$	325,122
基于股票的薪酬				62,404					62,404
购买封顶看涨期权，扣除税款				(76,087)					(76,087)
与基于股票的薪酬相关的股份发行	766		7		6,974						6,981
回购普通股	(819)		(8)		(7,939)			(138,757)				(146,704)
净利润					38,226				38,226
其他综合收益							518		518
截至2025年9月30日的余额	44,051		$	440		$	1,459,729		$	(1,234,594)			$	(15,115)	$	210,460

参见随附的未经审计合并财务报表附注

Commvault Systems, Inc.

合并现金流量表

（单位：千）

（未经审计）


	截至9月30日的六个月
	2026		2025
经营活动产生的现金流量
净利润	$	50,250			$	38,226
将净利润调节为经营活动提供的现金净额的调整项目：
折旧和摊销	5,105			5,179
债务发行成本摊销	2,330			494
递延佣金成本摊销	30,417			22,210
非现金股票薪酬	71,070			62,404
非现金经营租赁费用	3,924			3,410
或有对价公允价值的非现金变动	—			(545)
总部售后回租交易的非现金调整	—			495

递延所得税	7,206			9,576
其他	(115)			(199)
经营性资产和负债变动：
应收贸易账款净额	49,115			24,006
其他流动资产和其他资产	(28,471)			(5,903)
递延佣金成本	(40,222)			(28,784)
应付账款	(165)			(88)
应计负债	(8,209)			(45,230)
经营租赁负债	(3,214)			(3,647)
递延收入	(12,139)			27,953
其他负债	(414)			(1,107)
经营活动提供的现金净额	126,468			108,450
投资活动产生的现金流量
购置物业和设备	(4,501)			(5,066)
购买投资	(8,039)			(6,626)
出售总部所得款项净额	—			34,849
企业合并（扣除取得的现金）	—			(26,015)
投资活动使用的现金净额	(12,540)			(2,858)
融资活动产生的现金流量
回购普通股	(117,872)			(146,073)
股票薪酬计划所得款项	6,585			6,974
发行可转换票据所得款项	—			900,000
购买封顶看涨期权	—			(99,630)
支付债务发行成本	—			(22,242)
其他	(188)			(30)
融资活动提供（使用）的现金净额	(111,475)			638,999
汇率变动对现金及现金等价物的影响	(5,190)			16,861
现金及现金等价物净增加（减少）额	(2,737)			761,452
期初现金及现金等价物	899,987			302,103
期末现金及现金等价物	$	897,250			$	1,063,555

非现金活动补充披露
取得使用权资产所产生的经营租赁负债	$	5,194			$	22,165
计入应计负债但尚未支付的债务发行成本	$	—			$	984
计入应计负债但尚未支付的股票回购款	$	1,419			$	—

参见随附的未经审计合并财务报表附注

Commvault Systems, Inc.

合并财务报表附注——未经审计

（千美元，股份数据除外）

1. 列报基础

Commvault Systems, Inc.及其子公司（“Commvault”、“我们”或“本公司”）是网络韧性解决方案提供商，旨在帮助企业在网络威胁和攻击日益增多的环境中保护、保障和恢复其数据、应用程序和身份系统。Commvault 提供的产品和服务涵盖网络韧性，包括数据保护、网络恢复、数据安全和治理，旨在帮助客户维持业务连续性。我们的产品和服务通过自主管理软件、软件即服务（“SaaS”）、集成设备提供，或由合作伙伴管理。客户使用我们的 Commvault Cloud 平台来帮助防范勒索软件等威胁，并高效恢复数据。

Commvault 截至 2026 年 9 月 30 日的合并财务报表，以及截至 2026 年 9 月 30 日的三个月和六个月期间的合并财务报表均未经审计；管理层认为，这些报表包含公允列报中期业绩所需的所有调整（仅包括正常的经常性调整）。因此，这些报表未包含美国公认会计原则（“GAAP”）要求完整财务报表提供的所有信息和脚注，应与我们截至 2026 年 3 月 31 日的财政年度 Form 10-K 年度报告中的财务报表及附注一并阅读。这些合并财务报表所列业绩不应被视为全年预期业绩的必然指标。

按照 GAAP 编制合并财务报表及相关披露，要求管理层作出判断和估计，这些判断和估计会影响合并财务报表及其附注中报告的金额。我们的估计和判断基于历史经验以及我们认为在具体情况下合理的其他各种假设。合并资产负债表中报告的资产和负债金额，以及所列各期间报告的收入和费用金额，均受估计和假设影响；这些估计和假设用于但不限于收入确认、所得税及相关准备、递延佣金、商誉和购入无形资产的会计处理。实际结果可能与这些估计不同。

以前年度余额的重新分类

为与本年度列报方式保持一致，某些以前年度金额已重新分类。自 2027 财年起，客户支持收入进一步细分为与期限型软件许可安排相关的支持（“期限型支持”）和与永久软件许可安排相关的支持（“永久支持”）。此外，期限型支持收入现列示于订阅收入中，与期限型许可和 SaaS 收入一并列报。这些重新分类不会影响总收入、净收入的金额，也不会影响这些安排的收入确认方式。

此外，以前列入合并现金流量表折旧和摊销项目中的债务发行成本摊销现已单独列示；以前单独列示的权益证券公允价值非现金变动，现已列入“其他”，作为将净收入调节为经营活动提供的净现金的调整项目。这些重新分类不会影响经营活动现金流量的金额。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（单位：千，股份数据除外）

2. 重要会计政策摘要

重要会计政策摘要

我们截至 2026 年 3 月 31 日的财年年度报告 Form 10-K 中所述的重要会计政策没有发生任何对合并财务报表产生重大影响的变化。

近期采纳及近期发布的会计准则

近期没有采纳任何对合并财务报表及相关披露产生重大影响的会计准则。下表列出尚未采纳的近期发布会计准则，这些准则在采纳后可能会对合并财务报表产生影响。


准则	说明	生效日期	对合并财务报表的影响（或其他重大事项）
会计准则更新第 2024-03 号（子主题 220-40）：利润表费用的细分	2024年11月，财务会计准则委员会发布了一项新准则，旨在改进利润表费用披露。该准则要求对某些费用项目提供更详细的分类信息，并披露销售费用。	该准则将适用于我们自2027年4月1日开始的年度期间，以及自2028年4月1日开始的中期期间；允许提前采用。	我们目前正在评估该准则对合并财务报表及披露的影响。

信用风险集中度

我们向全球各行各业的客户提供信用，通常不要求抵押品。与这些客户相关的信用损失历来很少。

我们在很大程度上依赖增值经销商、系统集成商和企业经销商（统称为经销商）来营销和分销我们的产品与服务。此外，我们与某些合作伙伴签订了非排他性分销协议，这些合作伙伴通过管理我们的经销商并发挥自身的行业经验，使我们的解决方案分销渠道更加高效、有效。

截至2026年和2025年9月30日的三个月，Partner A分别约占我们总收入的30%和31%；截至2026年和2025年9月30日的六个月，分别约占31%和32%。此外，截至2026年9月30日和2026年3月31日，Partner A分别约占我们应收账款总额的19%和29%。

截至2026年和2025年9月30日的三个月及六个月，Partner B均约占我们总收入的12%。此外，截至2026年9月30日，Partner B约占我们应收账款总额的12% 。截至2026年3月31日，Partner B的应收账款总额占比低于10%。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（单位：千，股份数据除外）

3. 收入

我们的收入来自订阅安排（包括期限型软件许可、期限型支持和SaaS），以及永久软件许可、永久支持和其他服务。

期限型许可

期限型许可包括按时间订阅安排中许可部分的收入，此类安排部署在本地。此类许可收入通常在软件交付或可供下载时确认。

期限型支持

期限型支持包括与期限型软件产品相关的支持合同收入。期限型支持包括在可提供时提供的软件更新、电话支持、集成式网络支持以及其他高级支持服务（包括企业支持）。我们按净软件采购额的百分比销售期限型支持合同。期限型支持收入在合同期限内按比例确认，合同期限通常为一至三年。

软件即服务（“SaaS”）

SaaS 包括通过托管云解决方案提供的、按时间计费的订阅安排所产生的收入。SaaS 收入在合同期限内按比例确认，合同期限通常为一至三年，自服务可供客户使用之日起算。按使用量或消耗量计费的安排所产生的收入通常在服务被使用时确认。

永久许可证

永久许可证包括销售永久软件许可证所产生的收入。永久软件许可证收入通常在软件交付或可供下载时确认。

永久支持

永久支持包括与永久软件产品相关的支持合同收入。永久支持包括在有更新时提供的软件更新、电话支持和集成式网络支持。我们按软件净采购额的一定比例销售永久支持合同。永久支持收入在合同期限内按比例确认，合同期限通常为一年。

其他服务

其他服务主要包括专业服务收入，如咨询、评估与设计、安装服务以及客户培训。其他服务相关收入会因服务交付时间不同而在各期间有所波动，通常在提供服务时确认。

我们不定制软件许可证（包括期限型和永久许可证），且无需安装服务。软件许可证在相关服务提供之前交付，且无需专业服务、更新或技术支持即可正常运行。我们认定，软件许可证（包括期限型和永久许可证）属于独立的功能性知识产权，因为用户可以单独从软件中获益。期限型和永久许可证收入通常在软件交付或可供下载时确认，因为此时软件用户能够主导功能性知识产权的使用，并获得其几乎所有剩余利益。对于期限型软件许可证续订相关收入，我们不会早于新订阅期开始时予以确认。

我们还提供可与设备集成的软件，以满足广泛的业务需求和使用场景，范围从为 IT 人员有限的远程办公室或分支机构提供支持，到大型企业数据中心。这些设备几乎全部通过纯软件模式销售，即我们将软件售予第三方，由第三方组装成集成设备，再销售给终端客户。因此，硬件相关收入和成本通常不计入我们的合并财务报表。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（千元，每股数据除外）

我们的典型履约义务包括以下内容：


履约义务	履约义务通常得到履行的时间	付款通常到期时间	单独售价的通常估算方法
订阅
期限型软件许可证	交付时或可供下载时（某一时点）	发货后 90 天内，但某些订阅许可证除外，这些许可证需在一段时间内付款	剩余法
期限型支持服务	在支持合同期内按比例确认（随时间）	合同期开始时	可从续约交易中观察到
软件即服务（SaaS）	在合同期内按比例确认（随时间），或对于按用量计费的安排，在服务被消费时确认	按年支付或在合同期开始时支付	可从不包含多项履约义务的交易中观察到
永久许可证
永久软件许可证	交付时或可供下载时（某一时点）	发货后 90 天内	剩余法
永久支持服务
永久支持服务	在支持合同期内按比例确认（随时间）	合同期开始时	可从续约交易中观察到
其他服务
其他专业服务	随着工作开展而确认（随时间）	服务完成后 90 天内	可从不包含多项履约义务的交易中观察到

与收入确认相关的判断

我们与客户签订的大多数合同都包含多项履约义务。对于这些合同，如果单项履约义务被认定为可明确区分，我们会对其进行单独评估和核算。交易价格按相对单独售价基础分配至各项履约义务。软件许可证（包括期限型和永久型）的单独售价通常采用剩余法估算。SaaS、客户支持合同（包括期限型和永久型）以及其他服务的单独售价，通常依据这些服务单独出售时可观察到的交易进行估算。我们确认的收入已扣除销售税。

收入分类

我们按地理区域对客户合同收入进行分类。美洲地区包括美国、加拿大和拉丁美洲。国际地区主要包括欧洲、中东、非洲、澳大利亚、印度和东南亚。


	截至 9 月 30 日的三个月		截至 9 月 30 日的六个月
	2026		2025		2026		2025
美洲	$	194,103			$	168,125		$	380,882	$	339,053
国际	118,286			108,063			245,638		219,113
收入总额	$	312,389			$	276,188		$	626,520	$	558,166

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（千美元，每股数据除外）

剩余履约义务

剩余履约义务是指截至报告期末，现有合同中尚未履行或仅部分履行的履约义务所对应的预期未来收入。剩余履约义务包括截至特定期间末尚未履行的合同，可能包含订阅安排（期限型许可证、期限型支持服务和 SaaS）、永久性支持服务及其他服务。截至2026年9月 30日，我们的剩余履约义务（包括递延收入）为$1,074,729，其中约58%预计将在未来十二个月内确认为收入，其余部分将在此后确认。

与订阅安排及其他服务相关的剩余履约义务（不包括递延收入）分别为$278,069和$31,262。与永久性支持服务相关的剩余履约义务并不重大。对于这些余额，我们预计订阅安排中约43%以及其他服务中100%将在未来十二个月内确认为收入，其余部分将在此后确认。我们预计，订阅安排剩余履约义务中约13%将在2027财年第三季度确认为收入。这些余额代表的交易主要包括提前续约、未开票且尚未交付的支持服务及其他服务，以及在本季度最后一天之前收到、但尚未交付或向客户开通的订单。

剩余履约义务会随期间而波动。我们认为，剩余履约义务的金额并不能反映未来销售额或收入，其在任何特定期间末的构成也与实际销售业绩无关。

合同余额信息

在提供服务之前收取的款项记作递延收入。我们的递延收入余额几乎全部与 SaaS、客户支持及其他服务有关。

在某些安排中，我们允许客户在软件许可证期限内分期支付期限型许可证费用。当期限型许可证安排的付款期限超过一年时，可能存在重大融资成分。重大融资成分按许可证标示价值与其现值之间的差额计算，并在延长的付款期限内确认为利息收入。扣除重大融资成分后的许可证总费用，在软件转让给客户时点确认为收入。截至2026年和2025年9月 30日止三个月和六个月期间，重大融资成分产生的利息收入并不重大。

确认的收入超过已开票金额的部分记作未开票应收款项。预计将在未来十二个月内开票的未开票应收款项列入合并资产负债表中的应收账款。长期未开票应收款项列入合并资产负债表中的其他资产。应收账款、未开票应收款项和递延收入的期初及期末余额如下：


	应收账款	未开票应收款项（流动）	未开票应收款项（长期）	递延收入（流动）	递延收入（长期）
截至 March 31, 2026 的期初余额	$	283,454		$	47,029	$	44,809		$	484,973	$	293,725
增加/（减少）	(65,441)		15,533		22,594	(12,227)		(2,611)
截至 September 30, 2026 的期末余额	$	218,013		$	62,562	$	67,403		$	472,746	$	291,114

应收账款和未开票应收款项的变动主要由开票和现金收款的时间安排，以及付款期限覆盖许可期限的定期许可安排数量增加所驱动。递延收入减少主要是由于永久支持续订和其他服务合同减少。

本期确认的、计入期初递延收入余额的收入金额分别为截至 September 30, 2026 的三个月和六个月期间的 $145,326 和 $315,486。这些收入大部分来自 SaaS 和客户支持。来自前期已履行履约义务的已确认收入金额并不重大。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（除每股数据外，以千为单位）

4. 公允价值计量

公允价值定义为在计量日，有序交易中市场参与者之间在该资产或负债的主要市场或最有利市场上，出售资产可收取或转移负债需支付的交换价格（退出价格）。用于计量公允价值的估值技术应最大限度地使用可观察输入值，并尽量减少使用不可观察输入值。为计量公允价值，我们采用以下基于三个输入值层级的公允价值层级，其中前两个层级被视为可观察输入值，最后一个层级被视为不可观察输入值：

第 1 层级 — 可观察输入值，例如活跃市场中相同资产或负债的报价；

第 2 层级 — 除第 1 层级输入值外，可直接或间接观察到的资产或负债输入值；以及

第 3 层级 — 市场活动很少或没有市场活动支持的不可观察输入值，且报告主体需要据此制定自身假设。

由于这些工具的短期到期特性，我们的现金、应收账款、应付账款和应计负债的账面金额接近其公允价值。

按经常性基础以公允价值计量的资产和负债

下表汇总了截至 September 30, 2026 和 March 31, 2026 按公允价值计量的金融资产构成：


September 30, 2026	第 1 层级		第 2 层级	第 3 层级		合计
现金等价物：
货币市场基金	$	523,648		$	—		$	—	$	523,648

March 31, 2026	第 1 层级		第 2 层级	第 3 层级		合计
现金等价物：
货币市场基金	$	540,146		$	—		$	—	$	540,146

未按公允价值列账的资产和负债

可转换优先票据的公允价值

到期日为 2030 年、票面利率为 0% 的可转换优先票据（以下简称“票据”）按摊余成本列账。截至 2026 年 9 月 30 日，票据的估计公允价值为 $842,841。公允价值根据本期最后一个交易日票据每 $1,000 面值的市场中间报价确定。公司认为票据的公允价值属于第 2 级计量，因为估值依据可观察的市场数据（包括经纪商报价）；但票据并未活跃交易。详情请参阅合并财务报表附注 12。

私募股权基金投资

截至 2026 年 9 月 30 日，我们持有私募股权基金的权益，金额为 $10,204；根据《会计准则汇编》（“ASC”）820《公允价值计量》允许的净资产价值（“NAV”）实务简化方法进行会计处理。采用 NAV 实务简化方法计量的投资不归类于公允价值层级。这些投资的净资产价值根据基金的季度资本报表确定，报表依据我们对基金的出资、损益分配以及基金底层投资公允价值的变动编制。资本报表所列公允价值变动通过合并经营报表记为非经营性收入或费用。这些私募股权基金专注于关键技术领域的投资，主要投资于处于扩张资本和成长型股权阶段的公司。截至 2026 年 9 月 30 日，我们在私募股权基金中的未缴承诺总额为 $475。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（单位：千，股份数据除外）

战略投资

截至 2026 年 9 月 30 日，我们持有一家私人公司的股权，账面价值为 $13,347，由适用不同会计处理的多个类别股份构成。该项投资中，账面价值为 $11,126 的部分根据 ASC 321《投资——权益证券》中的计量替代方法进行会计处理，按成本列账，扣除任何减值，并根据相同发行人相同或类似投资在有序交易中的可观察价格变动进行调整。截至 2026 年 9 月 30 日止三个月和六个月期间，未发生可观察价格变动。

该项投资的其余部分账面价值为 $2,221，根据 ASC 323《投资——权益法和合资企业》采用权益法进行会计处理。每个报告期均调整账面金额，以反映我们按比例应占被投资方的收益或亏损、收到的分配以及任何减值损失。我们应占被投资方的收益或亏损通过合并经营报表记为非经营性收入或费用。

我们会在事件或情况变化表明账面价值可能无法收回时，对战略投资进行减值评估。如果确认存在减值，且价值下降被认定为非暂时性，则会在收益中确认减值损失。所列期间内未发现任何减值。

5. 每股普通股净收益

基本每股普通股净收益的计算方法是：将净收益除以该期间已发行普通股的加权平均数。稀释每股净收益的计算采用该期间已发行普通股的加权平均数，并在具有稀释性的情况下计入已发行潜在普通股。潜在普通股包括归属限制性股票单位（“RSU”）、绩效股票单位（“PSU”）时可发行的增量普通股、员工股票购买计划（“ESPP”）下拟购买的普通股，以及在具有稀释性的情况下票据的转换价差。RSU、PSU和ESPP购买的稀释影响采用库存股法反映在稀释每股收益中。票据的稀释影响采用假设转换法计算。有关票据的更多详情，请参阅合并财务报表附注12。

下表列示了基本和稀释每股普通股净收益的调节情况：


	截至9月30日的三个月		截至9月30日的六个月
	2026		2025		2026		2025
净收益	$	29,111			$	14,730		$	50,250	$	38,226
基本每股普通股净收益：
基本加权平均已发行股数	41,261			44,406			41,303		44,366
基本每股普通股净收益	$	0.71			$	0.33		$	1.22	$	0.86
稀释每股普通股净收益：
基本加权平均已发行股数	41,261			44,406			41,303		44,366
潜在普通股的稀释影响	960			789			754		898
稀释加权平均已发行股数	42,221			45,195			42,057		45,264
稀释每股普通股净收益	$	0.69			$	0.33		$	1.19	$	0.84

截至2026年和2025年9月30日的三个月，稀释加权平均已发行股数分别不包括合计288和71个RSU、PSU及拟通过ESPP购买的普通股；截至2026年和2025年9月30日的六个月，则分别不包括合计311和64个，因为纳入这些股份会产生反稀释影响。此外，由于纳入票据会产生反稀释影响，因此计算稀释每股净收益时未计入票据。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（单位：千，股份数据除外）

6. 承诺和或有事项

本公司及若干现任和前任高管在股东于2026年5月和2026年7月向美国新泽西联邦地区法院提起的诉讼中被列为被告。这些诉讼指称其违反经修订的《1934年证券交易法》（“《交易法》”）第10(b)条和第20(a)条以及第10b-5条规则规定的联邦证券法律。诉讼请求将案件认定为集体诉讼、未具体说明金额的金钱救济以及费用和开支。

2026年5月和2026年8月，同一法院针对本公司某些高管和董事提起了股东派生诉讼。起诉书代表本公司指控其违反信托责任以及违反《交易法》第14(a)条，并寻求衡平法救济、金额未具体说明且应支付给本公司的金钱赔偿，以及诉讼成本和费用。2026年8月，法院将这些派生诉讼合并，并暂停审理，等待证券诉讼的进展。

鉴于这些诉讼程序尚处于初步阶段，其结果仍不确定，本公司无法合理估计其对经营业绩、财务状况或现金流（如有）的潜在影响。截至2026年9月 30日，本公司未就这些诉讼程序计提应计费用。

战略定价与套餐计划

在2027财年第一季度，我们根据一项与战略定价和套餐计划相关的绩效型安排确认了$6,500的费用。该安排包含在实现特定绩效结果后支付额外或有费用的条款。2027财年第二季度，该安排已完成，或有事项也已解决，无需支付额外款项。

7. 资本化

2026年4月15日，我们的董事会（“董事会”）批准重新启用现有股票回购计划，为未来回购提供$250,000额度。该股票回购计划没有到期日。在截至2026年9月 30日的三个月和六个月内，我们分别回购了价值$109,160和$119,291的普通股。截至2026年9月 30日的三个月内，我们回购了808股；截至该日的六个月内，我们回购了906股。截至2026年9月 30日，股票回购计划下尚有$130,709可用。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（单位：千，股份数据除外）

8. 股票计划

我们设有2016年综合激励计划（“2016年计划”）和2026年股权计划（“2026年计划”），两者均授权授予各种股权和现金奖励。2026年8月，我们通过了2026年计划，该计划取代了2016年计划。此后将不再根据2016年计划授予奖励，根据该计划此前授予的奖励将按照其条款继续有效。在所列期间，根据2016年计划和2026年计划授予的奖励包括限制性股票单位（RSU）和绩效股票单位（PSU）。我们还设有员工股票购买计划（ESPP），符合条件的员工可通过工资扣款，以低于市场价值的价格购买本公司普通股，但须遵守法定和计划限额。

限制性股票单位

RSU通常在最长三年的服务期内归属。RSU的公允价值根据授予日公司普通股的市场价格计量，薪酬费用在规定的服务期内按直线法确认。

绩效股票单位

PSU 通常在最长三年的服务期内归属，并须满足特定绩效或市场条件。基于绩效的 PSU 根据预先确定的绩效目标达成情况获得；基于市场的 PSU 则根据绩效期内我们的总股东回报相对于指定市场指数的表现获得。视实际绩效而定，最终获得的股份数量可能为目标数量的 0% 至 300%，适用于基于绩效或市场的 PSU。

基于绩效的 PSU 的公允价值按授予日我们普通股的市场价格计量。基于市场的 PSU 的公允价值采用蒙特卡洛模拟模型计量，该模型纳入了有关奖励预期期限、无风险利率、股价波动率和股息收益率的假设。

PSU 的薪酬费用采用加速法在必要服务期内确认。对于基于绩效的 PSU，薪酬费用反映管理层对预计归属奖励数量的估计，并在绩效条件达成情况确定之前按需调整。基于市场的 PSU 的薪酬费用按目标奖励的授予日公允价值确认，不会根据对市场条件达成情况的估计或实际结果进行调整。

员工股票购买计划

根据 ESPP，几乎所有员工均可通过工资扣款购买我们的普通股，购买价格为六个月发行期开始日或结束日股票公允价值两者中较低者的 85%。员工根据 ESPP 扣缴的工资不得超过其薪资的 10%，且员工每个日历年购买的股票金额不得超过 $25。ESPP 奖励的公允价值（包括折扣和回溯定价特征）采用 Black-Scholes 期权定价模型计量，该模型还纳入预期期限、无风险利率、股价波动率和股息收益率等假设。ESPP 的薪酬费用在适用的发行期内按直线法确认。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（以千为单位，每股数据除外）

股票薪酬费用

下表列示了截至2026年9月30日的三个月和六个月期间，我们在合并经营报表中确认的股票薪酬费用。股票薪酬归属于 RSU、PSU 和 ESPP。


	截至9月30日的三个月		截至9月30日的六个月
	2026		2025		2026		2025
收入成本	$	1,435			$	1,323		$	2,838	$	2,572
销售和营销	14,642			12,757			28,810		25,343
研究与开发	8,034			7,752			16,318		14,822
一般和行政	11,569			9,981			22,439		19,181
重组	100			411			665		486
股票薪酬费用	$	35,780			$	32,224		$	71,070	$	62,404

截至2026年9月30日，尚未确认的股票薪酬费用为 $193,274，预计将在加权平均 2.14 年的期间内确认。没收事项在发生时进行会计处理。若奖励被没收，股票薪酬费用将与我们目前的估计有所不同。

下表列示了截至2026年9月30日的六个月内RSU和PSU的活动情况。


	股数数量	加权平均授予日公允价值
截至2026年3月31日尚未归属	1,742		$	133.22
已授予	791		122.01
已归属	(455)		126.97
已没收	(84)		174.25
截至2026年9月30日尚未归属	1,994		$	128.40

在截至2026年9月30日和2025年9月30日的三个月内，授予股份的加权平均公允价值分别为每单位$147.82和$181.16；在截至2026年9月30日和2025年9月30日的六个月内，分别为每单位$122.01和$184.61。奖励的公允价值包括附带业绩和市场条件的奖励。

员工通过ESPP购买的股份如下：截至2026年9月30日的六个月内，以$6,585的所得款项购买了88股；截至2025年9月30日的六个月内，以$6,974的所得款项购买了45股。

9. 所得税

截至2026年9月30日和2025年9月30日的三个月内，我们的有效税率（“ETR”）分别为24.9%和2.5%；截至2026年9月30日和2025年9月30日的六个月内，分别为29.2%和8.9%。截至2026年9月30日，ETR较上年同期上升，主要是由于美国与外国之间的收益构成和税费发生变化，以及股票薪酬的税务影响发生变化。

Commvault Systems, Inc.

合并财务报表附注——未经审计（续）

（千美元，每股数据除外）

10. 分部信息

We operate as a single reportable segment as we report financial information, including net income determined in accordance with GAAP, among other measures, on a consolidated basis to our Chief Executive Officer, who serves as the Chief Operating Decision Maker (\"CODM\"). The CODM uses consolidated net income to make operating decisions, allocate resources, and evaluate financial performance, primarily by monitoring actual results compared to forecasted results, as well as by reviewing year-over-year results and trending historical performance. The CODM also uses net income in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of actual versus forecasted results are used in assessing the performance of the segment.

The CODM reviews significant segment expenses for our single reportable segment. Significant segment expenses include cost of revenues, sales and marketing expenses, research and development expenses, general and administrative expenses, depreciation and amortization, restructuring, and other operating expenses, all of which are presented in our Consolidated Statements of Operations. Other segment items include interest income, interest expense, other income, net, and income tax expense, which are also presented in our Consolidated Statements of Operations.

Revenues by geography are based upon the billing address of the customer. All transfers between geographic regions have been eliminated from consolidated revenues. The following table sets forth revenue by geographic area:


	Three Months Ended September 30,		Six Months Ended September 30,
	2026		2025		2026		2025
United States	$	176,453			$	150,608		$	347,725	$	307,507
Other	135,936			125,580			278,795		250,659
Total revenues	$	312,389			$	276,188		$	626,520	$	558,166

No individual country other than the United States accounted for 10% or more of revenues for the three and six months ended September 30, 2026 and 2025. Revenue included in the \"Other\" caption above primarily relates to our operations in Europe, Australia, Canada, and Asia.

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Commvault Systems, Inc.

Notes to Consolidated Financial Statements - Unaudited (continued)

(In thousands, except per share data)

11. Restructuring

We initiated a restructuring plan in the first quarter of fiscal 2026 (\"Plan A\") which was completed in the fourth quarter of fiscal 2026. It was intended to optimize our Business Technology organization. The objective of this plan was to realign the workforce, invest in emerging capabilities, modernize the technology landscape, and streamline operations to operate with greater agility and customer focus. There were no charges incurred for the three and six months ended September 30, 2026 related to Plan A. For the three and six months ended September 30, 2025, restructuring charges related to this plan were composed of the following:


	Three Months Ended September 30, 2025		Six Months Ended September 30, 2025
Employee severance and related costs	$	1,018			$	1,180
Stock-based compensation	411			486
Total restructuring charges	$	1,429			$	1,666

We initiated a restructuring plan in the third quarter of fiscal 2026 (\"Plan B\") intended to optimize our cost structure, improve organizational agility, and better align resources with strategic priorities. These restructuring activities encompass workforce reductions, office lease closures, and exit of operations in certain jurisdictions. The majority of these costs have been incurred and the remaining activities are anticipated to be completed in fiscal 2027. For the three and six months ended September 30, 2026, restructuring charges related to Plan B were composed of the following:


	Three Months Ended September 30, 2026		Six Months Ended September 30, 2026
Employee severance and related costs	$	198			$	1,383
Stock-based compensation	100			665
Other costs	26			672
Total restructuring charges	$	324			$	2,720

Restructuring Accrual

The accrual activity related to our restructuring plans for the six months ended September 30, 2026 was as follows:


	Plan A		Plan B		Total
Balance as of March 31, 2026	$	33			$	4,667		$	4,700
Employee severance and related costs	—			1,383			1,383
Payments	(33)			(5,289)			(5,322)
Balance as of September 30, 2026	$	—			$	761		$	761

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Commvault Systems, Inc.

Notes to Consolidated Financial Statements - Unaudited (continued)

(In thousands, except per share data)

12. Debt

Convertible Senior Notes

On September 5, 2025, we issued $900,000 aggregate principal amount of the Notes, including the exercise in full by the initial purchasers of the Notes of their option to purchase an additional $115,000 aggregate principal amount of the Notes. The Notes were issued pursuant to an Indenture, dated September 5, 2025 (the \"Indenture\"), between Commvault and U.S. Bank Trust Company, National Association, as trustee. The Notes are senior, unsecured obligations and do not bear regular interest; however, special interest and additional interest, if any, may accrue on the Notes at a combined rate per annum not exceeding 0.50% upon the occurrence of certain events as described in the Indenture. The Notes mature on September 15, 2030, unless earlier converted, redeemed, or repurchased. The total net proceeds from the offering, after deducting debt issuance costs, were $878,447.

Noteholders will have the right to convert their Notes before March 15, 2030 only under the following circumstances: (1) during any fiscal quarter (and only during such fiscal quarter) commencing after the fiscal quarter ending on December 31, 2025, if the Last Reported Sale Price (as defined in the Indenture) per share of our common stock exceeds 130% of the conversion price (as described below) for each of at least 20 Trading Days (as defined in the Indenture) (whether or not consecutive) during a period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding fiscal quarter; (2) during the five consecutive business days immediately after any ten consecutive Trading Day period (the \"Measurement Period\") in which the Trading Price (as defined in the Indenture) per $1,000 principal amount of Notes for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price per share of the common stock on such Trading Day and the conversion rate (as described below) on each Trading Day; (3) upon the occurrence of specified corporate events or distributions on the common stock as set forth in the Indenture; or (4) if the Company calls such Notes for redemption.

On or after March 15, 2030, until the close of business on the second Scheduled Trading Day (as defined in the Indenture) immediately before the maturity date, the Notes will be convertible at the option of the noteholders at any time, in multiples of $1,000 principal amount. The conversion rate for the Notes will initially be 4.2215 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $236.88 per share of common stock. The conversion rate is subject to adjustment upon certain events. Upon conversion, consideration due will consist of cash, up to the principal amount of the Notes to be converted, and, for any conversion value in excess of principal, cash or shares of our common stock, at our election.

We may not redeem the Notes at our option at any time before September 22, 2028. We will have the option to redeem the Notes, in whole or in part, on or after September 22, 2028 and before the 41st Scheduled Trading Day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the redemption date, but only if (i) the Notes are Freely Tradable (as defined in the Indenture); and (ii) the Last Reported Sale Price per share of our common stock exceeds 130% of the conversion price on (1) each of at least 20 Trading Days, whether or not consecutive, during the 30 consecutive Trading Days ending on, and including, the Trading Day immediately before the date we send the related redemption notice; and (2) the Trading Day immediately before the date we send such notice. In addition, calling any Note for redemption will constitute a Make-Whole Fundamental Change (as defined in the Indenture) with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption. Pursuant to the partial redemption limitation, we may not elect to redeem less than all of the outstanding Notes unless at least $100,000 aggregate principal amount of Notes are outstanding and not subject to redemption as of the time we send the related redemption notice.

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Commvault Systems, Inc.

Notes to Consolidated Financial Statements - Unaudited (continued)

(In thousands, except per share data)

The net carrying amount of the Notes was as follows:


	September 30, 2026
Principal amount	$	900,000
Unamortized debt issuance costs	(17,011)
Net carrying amount	$	882,989

Amortization of debt issuance costs incurred related to the Notes for the three and six months ended September 30, 2026 was $1,063 and $2,126, respectively. Amortization of debt issuance costs incurred related to the Notes for the three and six months ended September 30, 2025 was $306. The debt issuance costs are being amortized into interest expense on the Consolidated Statements of Operations over the term of the Notes at an effective interest rate of 0.48%.

Capped Calls

In connection with the pricing of the Notes and the exercise in full by the initial purchasers of their option to purchase additional Notes, we entered into capped call transactions (the \"Capped Calls\") with certain affiliates of certain initial purchasers of the Notes and other financial institutions.

The Capped Calls each have an initial strike price of $236.88 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have an initial cap price of $357.56 per share, subject to certain adjustments. The Capped Calls are generally expected to reduce potential dilution to our common stock upon any conversion of the Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted Notes, as the case may be, with such reduction and/or offset subject to a cap.

For accounting purposes, the Capped Calls are treated as separate transactions from, and not part of, the terms of the Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. The Capped Calls will not be remeasured as long as they continue to meet the conditions for equity classification.

Revolving Credit Facility

We maintain a $300,000 senior secured revolving credit facility that expires in April 2030 (the \"Credit Facility\") with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. 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 lenders 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 or investments, make loans or advances, sell or transfer assets, pay dividends or distributions, and engage in certain transactions with affiliates. Outstanding borrowings under the Credit Facility accrue interest at a per annum rate determined by the Company’s election of either the Secured Overnight Financing Rate plus a margin ranging from 1.50% to 2.00%, or a base rate, which is generally the greater of a prime rate plus a margin ranging from 0.50% to 1.00%. The applicable margin in each case is contingent upon the Company’s leverage ratio. Additionally, the unused balance on the Credit Facility is subject to an unused commitment fee ranging from 0.25% to 0.35% per annum based on the Company's leverage ratio. As of September 30, 2026, there were no borrowings under the Credit Facility and we were in compliance with all covenants.

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Commvault Systems, Inc.

Notes to Consolidated Financial Statements - Unaudited (continued)

(In thousands, except per share data)

We have deferred the expense related to debt issuance costs associated with the Credit Facility, 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 September 30, 2026 were $1,448. The amortization of debt issuance costs and interest expense related to the Credit Facility incurred for the three and six months ended September 30, 2026 and 2025 was as follows:


	Three Months Ended September 30,		Six Months Ended September 30,
	2026		2025		2026		2025
Amortization of debt issuance costs	$	103			$	102		$	204	$	187
Interest expense	269			192			534		360
Total charges	$	372			$	294		$	738	$	547

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis along with our consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. The statements in this discussion regarding our expectations of our future performance, liquidity and capital resources, and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under \"Risk Factors\" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, as such risks and uncertainties may be updated from time to time in our periodic filings with the Securities and Exchange Commission. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Overview

Commvault Systems, Inc. (\"Commvault\") is a provider of cyber resiliency solutions designed to help the enterprise protect, secure, and recover their data, applications, and identity systems in a world of increasing cyber threats and attacks. Commvault’s offerings provide cyber resilience, including data protection, cyber recovery, data security, and governance, aiming to enable customers' continuous business.

Industry

Our industry continues to be reshaped by accelerating data growth, increasingly sophisticated cyberattacks, the rapid adoption of artificial intelligence (\"AI\"), and the expansion of hybrid, multi-cloud, cloud-native, and software-as-a-service (\"SaaS\") environments. Customers increasingly require a cyber resilience platform that brings together data security, identity resilience, real-time governance, threat detection, and verified clean recovery for structured and unstructured data, cloud-native applications, and AI workloads. Commvault Cloud is designed to help organizations secure, govern, and recover data and workloads anywhere to anywhere, while supporting compliance and operational resilience at scale.

Sources of Revenues

We generate revenues through subscription arrangements, which include term-based licenses, term-based support, and SaaS, as well as perpetual licenses, perpetual support, and other services. A significant portion of our revenues comes from subscription arrangements. These arrangements are economically and contractually similar, as customers generally receive access to our software for a specified term under binding agreements. We are focused on these types of recurring revenue arrangements.

We expect our subscription arrangements will continue to generate revenues from the renewals of term-based licenses, term-based support, and SaaS offerings sold in prior years. Any of our pricing models (capacity, instance-based, consumption, etc.) can be sold either through term-based licensing or cloud-based SaaS offerings. In term-based license arrangements, software revenue is generally recognized when the software is delivered or made available for download. Term-based support revenue and revenue related to our SaaS offerings are generally recognized ratably over the contract period or, in consumption arrangements, as the solutions are consumed.

Our term-based support and perpetual support revenues include support services for term‑based license customers and support contracts for perpetual license customers, respectively. These support offerings include software updates on a when-and-if-available basis, telephone support, integrated web-based support, and other premium support offerings. We sell our customer support contracts as a percentage of net software purchases. Support revenue is recognized ratably over the term of the support agreement, which is typically one to three years for term-based support and one year for perpetual support.

Our other services revenue consists primarily of 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.

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We sell to end-user customers both directly through our sales force and indirectly through our global network of value-added reseller partners, systems integrators, corporate resellers, original equipment manufacturers, and marketplaces. Revenues generated through indirect distribution channels accounted for approximately 90% of our total revenues in both the six months ended September 30, 2026 and 2025. Revenue generated through direct distribution channels accounted for approximately 10% of our total revenues in both the six months ended September 30, 2026 and 2025. Deals initiated by our direct sales force are sometimes transacted through indirect channels based on end-user customer requirements, which are not always in our control and can cause this overall percentage split to vary from period to period. As such, there may be fluctuations in the dollars and percentage of revenues generated through our distribution channels from time to time. We believe that the growth of our revenues, derived from both our indirect channel partners and direct sales force, are key attributes to our long-term growth strategy. We intend to continue to invest in both our channel relationships and direct sales force in the future, but we continue to expect more revenues to be generated through indirect distribution channels over the long term. The failure of our indirect distribution channels or our direct sales force to effectively sell our products and services could have a material adverse effect on our revenues and results of operations.

We have non-exclusive distribution agreements with certain partners who enable a more efficient and effective distribution channel for our solutions by managing our resellers and leveraging their own industry experience. For the six months ended September 30, 2026 and 2025, Partner A accounted for approximately 31% and 32% of our total revenues, respectively. Separately, Partner B accounted for approximately 12% of our total revenues for both the six months ended September 30, 2026 and 2025. If any of these partners were to discontinue or materially reduce their sales of our solutions, terminate their agreements with us, or experience operational or financial difficulties, and if we were unable to effectively replace them or assume management of the affected distribution activities, our business, revenues, and results of operations could be materially adversely affected.

We also sell our solutions through cloud-based marketplace offerings operated by third-party platform providers. Revenue from marketplace transactions is typically recorded on a gross basis, and amounts paid to the marketplace providers are capitalized as contract costs and amortized over the term of the related arrangement. Amortization of capitalized marketplace costs was $1.2 million for both the six months ended September 30, 2026 and 2025. Transactions through third‑party cloud marketplace providers represented approximately 12% of our total revenues for the six months ended September 30, 2026 and less than 10% of our total revenues for the six months ended September 30, 2025. These transactions include sales to both new and existing customers and may include new purchases, renewals, expansions for existing customers, and subscriptions for both on‑premise and SaaS offerings.

For additional information on how we recognize revenue, see Note 3 of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Key Performance Indicators ($ in millions)

We monitor the following key performance indicators to help evaluate the state of our business. We believe the below metrics are material to investors to understand the growth and performance of our business, as they help normalize certain variable factors. Metrics such as Subscription Annualized Recurring Revenue (\"Subscription ARR\"), SaaS ARR, and Subscription Net Dollar Retention Rate (\"Subscription NRR\") provide a consistent view of our recurring revenue profile. Subscription ARR and SaaS ARR exclude non-recurring elements and reflect the annualized value of active contracts, while Subscription NRR measures net expansion within our existing Subscription customer base. Together, we believe these metrics offer meaningful insight into the health and trajectory of our recurring revenue streams. Total ARR, which also included the annualized maintenance contract on perpetual licenses, is no longer disclosed.

Subscription ARR

Subscription ARR represents the annualized value of all active contracts as of the end of a reporting period attributable to term‑based licenses, maintenance and support services associated with term license arrangements, enterprise support, SaaS subscriptions, and consumption‑based arrangements, calculated by dividing the total active contract value by the number of days in the contract term and multiplying the result by 365. For consumption-based arrangements on a pay as you go model without a fixed commitment, the applicable ARR is calculated by annualizing the revenue contractually expected to be received in a given month based on actual monthly usage from a prior month. We believe Subscription ARR provides useful insight into the growth of our subscription-based offerings and reflects both new customer acquisition and expansion within our existing customer base. As our most strategically significant and rapidly expanding revenue streams, our subscription arrangements are central to our

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long-term growth strategy and operational focus. Beginning in fiscal 2027, Subscription ARR has been reclassified to include enterprise support, further aligning Subscription ARR with Subscription revenue. Enterprise support consists of recurring customer success services that provide our customers with enhanced support, strategic guidance and dedicated technical expertise. Prior to fiscal 2027, enterprise support was included only in Total ARR.


	September 30,
	2026		2025
Subscription ARR	$	1,103.9			$	918.1
% Growth	20	%		29	%

SaaS ARR

SaaS ARR includes only the cloud-hosted portion of Subscription ARR and is calculated using the same methodology. We believe this metric provides insight into customer adoption trends and expansion within our cloud-based offerings. As SaaS continues to represent a growing share of our total revenue, we view this metric as a key indicator of our ability to meet the evolving needs of our customer base. Continued adoption and conversion to SaaS arrangements are critical to sustaining our long-term growth and aligning with customer preferences for cloud-delivered solutions.


	September 30,
	2026		2025
SaaS ARR	$	454.4			$	335.7
% Growth	35	%		56	%

Subscription NRR

Subscription NRR includes all contracts attributable to term-based licenses, maintenance and support services associated with term license arrangements, enterprise support, SaaS subscriptions, and consumption-based arrangements. Subscription NRR is calculated as the percentage of Subscription ARR retained from existing customers at the start of an annual period after accounting for expansion revenue, churn, and downgrades, measured on an annualized basis using the trailing four quarter average. Acquired Subscription ARR is excluded until the acquisition is fully integrated, which we generally expect to occur twelve months from the close date. We believe our Subscription NRR offers valuable insight into the year-over-year expansion of our existing customer base, reflecting both increased utilization of current products and services as well as the adoption of additional offerings.


	September 30,
	2026		2025
Subscription NRR	113	%		114	%

These metrics are operating metrics and do not have standardized definitions or direct comparisons under U.S. generally accepted accounting principles (\"GAAP\"). As such, they may not be comparable to similarly titled measures used by other companies and should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Management uses these metrics to assess the health of our recurring revenue base and to inform strategic decision-making. These metrics should be viewed independently of GAAP revenue, deferred revenue, and unbilled revenue and are not intended to be combined with or to replace those items. Subscription ARR and SaaS ARR are not forecasts of future revenues.

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Foreign Currency Exchange Rates’ Impact on Results of Operations

Sales outside the United States were 44% and 45% of our total revenues for the six months ended September 30, 2026 and 2025, respectively. The income statements of our non-U.S. operations are translated into U.S. dollars at the average exchange rates for each applicable month in a period. To the extent the U.S. dollar weakens against foreign currencies, the translation of these foreign currency-denominated transactions generally results in increased revenues, operating expenses, and income from operations for our non-U.S. operations. Similarly, our revenues, operating expenses, and income from operations will generally decrease for our non-U.S. operations if the U.S. dollar strengthens against foreign currencies.

Using the average foreign currency exchange rates from the three months ended September 30, 2025, our total revenues would have been higher by $0.9 million, our cost of revenues would have been higher by $0.1 million, and our operating expenses would have been higher by $1.4 million from non-U.S. operations for the three months ended September 30, 2026. Using the average foreign currency exchange rates from the six months ended September 30, 2025, our total revenues would have been lower by $1.5 million, our cost of revenues would have been higher by less than $0.1 million, and our operating expenses would have been higher by $2.2 million from non-U.S. operations for the six months ended September 30, 2026.

In addition, we are exposed to risks of foreign currency fluctuation primarily from cash balances, accounts receivables, and intercompany accounts denominated in foreign currencies and are subject to the resulting transaction gains and losses, which are recorded as a component of general and administrative expenses. We recognized net foreign currency transaction losses of approximately $0.2 million and $0.9 million for the three months ended September 30, 2026 and 2025, respectively. We recognized net foreign currency transaction losses of approximately $0.1 million and $2.1 million for the six months ended September 30, 2026 and 2025, respectively.

Critical Accounting Policies

In presenting our consolidated financial statements in conformity with GAAP, we are required to make estimates and judgments that affect the amounts reported therein. Some of the estimates and assumptions we are required to make relate to matters that are inherently uncertain as they pertain to future events. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable and appropriate. Actual results may differ significantly from these estimates. To the extent that there are material differences between these estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows may be affected.

In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application, while in other cases, significant judgment is required in selecting among available alternative accounting standards that allow different accounting treatment for similar transactions. We consider these policies requiring significant management judgment to be critical accounting policies. These critical accounting policies are:

•Revenue Recognition

•Accounting for Income Taxes

•Goodwill and Purchased Intangible Assets

There have been no significant changes in our critical accounting policies during the six months ended September 30, 2026 as compared to the critical accounting policies and estimates disclosed in \"Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies\" included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

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Results of Operations

Amounts reported in millions are rounded based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding.

Three months ended September 30, 2026 compared to three months ended September 30, 2025

Revenues ($ in millions)


	Three Months Ended September 30,
	2026		2025		% Change
Subscription:
Term-based license	$	105.0			$	92.6			13	%
Term-based support	57.3			49.7			15	%
SaaS	106.2			80.0			33	%
Total subscription	268.5			222.4			21	%
Perpetual license	7.2			12.1			(40)	%
Perpetual support	23.5			30.5			(23)	%
Other services	13.2			11.2			18	%
Total revenues	$	312.4			$	276.2			13	%

Total revenues increased $36.2 million, or 13%, for the three months ended September 30, 2026, primarily driven by growth across our subscription offerings, including term-based license, term-based support, and SaaS revenue. Total subscription revenue increased $46.2 million, or 21%, and represented 86% of total revenue compared to 81% in the prior-year period, reflecting continued customer adoption of our subscription-based offerings and the ongoing shift away from perpetual license and support products.

SaaS revenue increased 33% year over year, driven by the continued expansion of our SaaS business and the recognition of revenue from SaaS contracts entered into in current and prior periods. Term-based support revenue increased 15% year over year, reflecting the maintenance and related support components of active term-based license contracts.

Term-based license revenue increased 13% year over year, led by a 17% increase in revenue from transactions greater than $0.1 million, while revenue from transactions less than $0.1 million remained generally consistent with the prior-year period. Term-based license revenue may fluctuate from period to period based on renewal timing, contract duration, and seasonal purchasing patterns across our global markets.

These increases were partially offset by decreases of $4.9 million in perpetual license revenue and $7.1 million in perpetual support revenue, reflecting the continued transition of our business toward subscription-based offerings.

Other services revenue increased $2.0 million, or 18%, year over year. Other services revenue consists primarily of professional services and may fluctuate based on customer demand and the timing of service delivery, with revenue generally recognized as services are performed.

We track total revenues on a geographic basis. Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, the Middle East, Africa, Australia, India, and Southeast Asia. Americas and International represented 62% and 38% of our total revenues, respectively, for the three months ended September 30, 2026. Total revenues increased 15% in the Americas region and 9% in the International region compared to the prior-year period.

Revenue growth in the Americas region was primarily driven by 34% growth in SaaS revenue, 11% growth in term-based license revenue, and 12% growth in term-based support revenue, partially offset by a decline in perpetual support revenue.

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Revenue growth in the International region was primarily driven by 30% growth in SaaS revenue, 18% growth in term-based license revenue, and 21% growth in term-based support revenue, partially offset by decreases in perpetual license and perpetual support revenues.

Our International revenues are subject to changes in foreign exchange rates as further discussed in the \"Foreign Currency Exchange Rates' Impact on Results of Operations.\"

Cost of Revenues and Gross Margin ($ in millions)


	Three Months Ended September 30,
	2026		2025
	Cost of Revenues	Gross Margin		Cost of Revenues	Gross Margin
Term-based license	$	3.5		96.7	%		$	2.4		97.4	%
SaaS	31.8		70.0	%		29.2		63.5	%
Perpetual license	0.2		96.8	%		0.2		98.4	%
Customer support	14.3		82.2	%		14.8		81.5	%
Other services	9.0		31.6	%		8.4		25.1	%
Total cost of revenues	$	58.9		81.2	%		$	55.0		80.1	%

Total cost of revenues increased $3.8 million for the three months ended September 30, 2026, primarily due to increased infrastructure costs associated with the continued expansion of our SaaS offerings. Gross margin increased to 81.2%, from 80.1% in the prior-year period.

Cost of SaaS revenue increased $2.6 million for the three months ended September 30, 2026, primarily due to higher infrastructure costs to support growth in our SaaS offerings. SaaS gross margin increased to 70.0% from 63.5% in the prior-year period, reflecting infrastructure and product optimization initiatives, increased scale, and improved economics under strategic agreements with our hyperscale cloud partners. As our SaaS business continues to represent a larger percentage of total revenue, changes in hosting cost, utilization, and operating efficiencies may have a meaningful impact on consolidated gross margin.

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Operating Expenses ($ in millions)


	Three Months Ended September 30,
	2026		2025		% Change
Sales and marketing	$	135.5			$	122.2	11	%
Percentage of revenues	43	%		44	%
Research and development	$	42.3			$	39.9	6	%
Percentage of revenues	14	%		14	%
General and administrative	$	42.2			$	42.6	(1)	%
Percentage of revenues	14	%		15	%

–Sales and marketing expenses increased $13.3 million, or 11%, primarily driven by a $9.6 million increase in employee compensation and related expenses, including higher sales commissions, bonuses, and payroll taxes associated with increased headcount and higher revenue levels. Sales and marketing expenses also increased due to a $1.9 million increase in stock-based compensation and a $2.2 million increase in spending on certain marketing activities, including in‑person events.

–Research and development expenses increased $2.4 million, or 6%, primarily driven by a $1.4 million increase in employee compensation and related expenses, a $0.3 million increase in stock-based compensation, and a $0.8 million increase in internal software and support expenses.

–General and administrative expenses decreased $0.3 million, or 1%, year over year, remaining largely in line with the prior-year period. The decrease was primarily driven by a $4.7 million reduction in third-party consulting expenses, partially offset by a $2.2 million increase in employee compensation and related expenses and a $1.6 million increase in stock-based compensation.

Interest Income

Interest income was $8.4 million in the three months ended September 30, 2026 compared to $3.1 million in the three months ended September 30, 2025. The increase was primarily driven by investments in money market funds beginning in the third quarter of fiscal 2026.

Income Tax Expense

Our effective tax rate (\"ETR\") was 24.9% and 2.5% for the three months ended September 30, 2026 and 2025, respectively. The increase in ETR compared to the prior year was primarily due to changes in the mix of our earnings and tax expenses between the U.S. and foreign countries, as well as changes in the tax impact of stock-based compensation.

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Six months ended September 30, 2026 compared to six months ended September 30, 2025

Revenues ($ in millions)


	Six Months Ended September 30,
	2026		2025		% Change
Subscription:
Term-based license	$	215.4			$	201.9			7	%
Term-based support	113.4			97.3			17	%
SaaS	206.8			152.5			36	%
Total subscription	535.5			451.7			19	%
Perpetual license	15.9			19.4			(18)	%
Perpetual support	49.0			62.0			(21)	%
Other services	26.1			25.1			4	%
Total revenues	$	626.5			$	558.2			12	%

Total revenues increased $68.4 million, or 12%, for the six months ended September 30, 2026, primarily driven by continued growth in subscription revenue, including term-based license, term-based support, and SaaS offerings. Total subscription revenue increased $83.9 million, or 19%, and represented 85% of total revenue compared to 81% in the prior-year period, reflecting continued customer adoption of our subscription-based offerings and the ongoing transition away from perpetual license and support products.

SaaS revenue increased 36% year over year, reflecting the continued expansion of our SaaS business and the recognition of revenue from SaaS contracts entered into in current and prior periods. Term-based support revenue increased 17% year over year, reflecting the maintenance and related support components of active term-based license contracts.

Term-based license revenue increased 7% year over year, primarily driven by a 7% increase in revenue from transactions greater than $0.1 million. Revenue from transactions less than $0.1 million also increased 6% compared to the prior-year period. Term-based license revenue may fluctuate from period to period based on renewal timing, contract duration, and seasonal purchasing patterns across our global markets.

These increases were partially offset by decreases of $3.5 million in perpetual license revenue and $13.0 million in perpetual support revenue, reflecting the continued transition of our business towards subscription-based offerings.

We track total revenues on a geographic basis. Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, the Middle East, Africa, Australia, India, and Southeast Asia. Americas and International represented 61% and 39% of our total revenues, respectively, for the six months ended September 30, 2026. Total revenues increased 12% year over year in both the Americas and International regions.

Revenue growth in the Americas region was primarily driven by 36% growth in SaaS revenue, 13% growth in term-based support revenue, and 4% growth in term-based license revenue, reflecting continued adoption of subscription-based offerings. These increases were partially offset by a decline in perpetual support revenue.

Revenue growth in the International region was primarily driven by 34% growth in SaaS revenue, 23% growth in term-based support revenue, and 12% growth in term-based license revenue, reflecting continued adoption of subscription-based offerings. These increases were partially offset by decreases in perpetual license and perpetual support revenue.

Our International revenues are subject to changes in foreign exchange rates as further discussed in the \"Foreign Currency Exchange Rates’ Impact on Results of Operations.\"

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Cost of Revenues and Gross Margin ($ in millions)


	Six Months Ended September 30,
	2026		2025
	Cost of Revenues	Gross Margin		Cost of Revenues	Gross Margin
Term-based license	$	7.7		96.4	%		$	4.7		97.7	%
SaaS	61.5		70.3	%		55.2		63.8	%
Perpetual license	0.4		97.5	%		0.4		97.7	%
Customer support	29.0		82.1	%		29.1		81.8	%
Other services	17.9		31.6	%		16.5		34.3	%
Total cost of revenues	$	116.5		81.4	%		$	105.8		81.0	%

Total cost of revenues increased $10.7 million for the six months ended September 30, 2026, primarily due to increased infrastructure costs associated with the continued expansion of our SaaS offerings and, to a lesser extent, higher royalty costs associated with certain term-based license revenue. Gross margin increased to 81.4% from 81.0% in the prior-year period.

Cost of SaaS revenue increased $6.3 million for the six months ended September 30, 2026, primarily due to higher infrastructure costs to support growth in our SaaS offerings. SaaS gross margin increased to 70.3% from 63.8% in the prior-year period, reflecting infrastructure and product optimization initiatives, increased scale, and improved economics under strategic agreements with our hyperscale cloud partners. As our SaaS business continues to represent a larger percentage of total revenue, changes in hosting cost, utilization rates, and operating efficiencies may have a meaningful impact on consolidated gross margin.

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Operating Expenses ($ in millions)


	Six Months Ended September 30,
	2026		2025		% Change
Sales and marketing	$	275.3			$	244.7	13	%
Percentage of revenues	44	%		44	%
Research and development	$	81.8			$	79.9	2	%
Percentage of revenues	13	%		14	%
General and administrative	$	89.0			$	83.8	6	%
Percentage of revenues	14	%		15	%

–Sales and marketing expenses increased $30.6 million, or 13%, primarily driven by a $26.6 million increase in employee compensation and related expenses, including higher sales commissions, bonuses, and payroll taxes associated with increased headcount and higher revenue levels. Sales and marketing expenses also increased due to a $3.5 million increase in stock-based compensation. These increases were partially offset by a $0.8 million decrease in travel and entertainment expenses.

–Research and development expenses increased $1.9 million, or 2%, primarily driven by a $1.5 million increase in stock-based compensation and a $1.5 million increase in internal software and support expenses. These increases were partially offset by lower employee compensation and related expenses.

–General and administrative expenses increased $5.1 million, or 6%, primarily driven by a $2.7 million increase in third-party consulting expenses related to a strategic pricing and packaging initiative, $2.6 million increase in employee compensation and related expenses, and a $3.3 million increase in stock-based compensation. These increases were partially offset by a $2.2 million decrease in third-party professional services compared to the prior-year period.

–Restructuring expenses were $2.7 million for the six months ended September 30, 2026, compared to $1.7 million for the prior-year period. These charges relate to our restructuring plan initiated in the third quarter of fiscal 2026 and consist of severance and associated costs from headcount reductions, including $0.7 million of stock-based compensation resulting from modifications to existing awards granted to certain employees. The majority of costs associated with this plan have been incurred, and the remaining activities are anticipated to be completed during fiscal 2027.

Interest Income

Interest income was $16.1 million in the six months ended September 30, 2026 compared to $5.1 million in the six months ended September 30, 2025. The increase was primarily driven by investments in money market funds beginning in the third quarter of fiscal 2026.

Income Tax Expense

Our effective tax rate (\"ETR\") was 29.2% and 8.9% for the six months ended September 30, 2026 and 2025, respectively. The increase in ETR compared to the prior year was primarily due to changes in the mix of our earnings and tax expenses between the U.S. and foreign countries, as well as changes in the tax impact of stock-based compensation.

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Liquidity and Capital Resources

As of September 30, 2026, our cash and cash equivalents balance was $897.3 million, of which approximately $318.6 million was held outside of the United States by our foreign legal entities. These balances are dispersed across approximately 35 international locations. We believe that such dispersion meets the current and anticipated future liquidity needs of our foreign legal entities. In the event we need to repatriate funds from outside of the United States, such repatriation would likely be subject to restrictions by local laws and/or tax consequences, including foreign withholding taxes. Our cash and cash equivalents consisted of cash deposits and money market funds, which are highly liquid and are intended to support our operating, investing, and financing needs.

We maintain a $300.0 million senior secured revolving credit facility that expires in April 2030 (the \"Credit Facility\") with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. The Credit Facility is available for share repurchases, general corporate purposes, and letters of credit, and is subject to financial maintenance covenants and other customary terms and conditions. As of September 30, 2026, there were no borrowings under the Credit Facility and we were in compliance with all covenants. See Note 12 of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details of the Credit Facility.

We had $900.0 million aggregate principal amount of senior, unsecured convertible notes (the \"Notes\") outstanding as of September 30, 2026. The Notes do not bear regular interest; however, special interest and additional interest, if any, may accrue on the Notes upon the occurrence of certain events as described in the Indenture. The Notes mature on September 15, 2030, unless earlier converted, redeemed, or repurchased. There are no required principal payments on the Notes prior to their maturity. Upon conversion, consideration due will consist of cash, up to the principal amount of the Notes to be converted, and, for any conversion value in excess of principal, cash or shares of our common stock, at our election. See Note 12 of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details of the Notes.

On April 15, 2026, the Board approved recommitting the existing share repurchase program, making $250.0 million available for future purchases. For the six months ended September 30, 2026, we repurchased $119.3 million of our common stock, of which $1.4 million was unsettled as of September 30, 2026 and paid in October 2026. As of September 30, 2026, $130.7 million remained available under the share repurchase program.

Our summarized cash flow information is as follows (in millions):


	Six Months Ended September 30,
	2026		2025
Net cash provided by operating activities	$	126.5			$	108.5
Net cash used in investing activities	(12.5)			(2.9)
Net cash provided by (used in) financing activities	(111.5)			639.0
Effect of exchange rate changes on cash and cash equivalents	(5.2)			16.9
Net increase (decrease) in cash and cash equivalents	$	(2.7)			$	761.5

–Net cash provided by operating activities was driven by net income adjusted for non-cash charges and a decrease in accounts receivable, partially offset by decreases in accrued liabilities and deferred revenue. Cash from operating activities can fluctuate period‑to‑period, including when customer payments are received and when certain expenses are paid. These working capital impacts are primarily timing‑based and reflect the normal course of our business operations. Management considers operating cash flow trends over multiple periods, as quarterly results may reflect normal variability in billing and collection cycles.

–Net cash used in investing activities was the result of $8.0 million for the purchase of investments and $4.5 million of capital expenditures.

–Net cash used in financing activities was primarily the result of $117.9 million of repurchases of our common stock, partially offset by $6.6 million of proceeds from the Employee Stock Purchase Plan.

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Working capital decreased $28.0 million from $628.3 million as of March 31, 2026 to $600.3 million as of September 30, 2026. The net decrease in working capital was primarily the result of a decrease in accounts receivable, partially offset by decreases in accrued liabilities and the current portion of deferred revenue.

Our primary cash needs over the next twelve months and longer term include working capital requirements, income taxes, capital expenditures, potential stock repurchases, and the potential cash portion of consideration upon conversion or at maturity of the Notes. We have discretion to settle conversion consideration above principal in cash, stock, or a combination; the timing and amount of any related cash outflows will depend on our stock price, conversion activity, and our financing strategy. We believe our existing cash and cash flows from operations are sufficient to meet these cash requirements for at least the next twelve months.

Impact of Recently Issued Accounting Standards

See Note 2 of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion of the impact of recently issued accounting standards.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Foreign Currency Risk

Economic Exposure

As a global company, we face exposure to adverse movements in foreign currency exchange rates. Our international sales are generally denominated in foreign currencies and this revenue could be materially affected by currency fluctuations. Approximately 44% of our sales were outside the United States for the six months ended September 30, 2026. Our primary exposures are to fluctuations in exchange rates for the U.S. dollar versus the Euro, and to a lesser extent, British pound sterling, the Australian dollar, Canadian dollar, Indian rupee, Korean won, and Singapore dollar. Changes in currency exchange rates could adversely affect our reported revenues and require us to reduce our prices to remain competitive in foreign markets, which could also have a material adverse effect on our results of operations. Historically, we have periodically reviewed and revised the pricing of our products available to our customers in foreign countries and we have not maintained excess cash balances in foreign accounts.

Transaction Exposure

Our exposure to foreign currency transaction gains and losses is primarily the result of certain net receivables due from our foreign subsidiaries and customers being denominated in currencies other than the functional currency of the subsidiary. Our foreign subsidiaries conduct their businesses in local currency and we generally do not maintain excess U.S. dollar cash balances in foreign accounts. Foreign currency transaction gains and losses are recorded in general and administrative expenses in the Consolidated Statements of Operations. We recognized net foreign currency transaction losses of approximately $0.2 million and $0.9 million for the three months ended September 30, 2026 and 2025, respectively. We recognized net foreign currency transaction losses of approximately $0.1 million and $2.1 million for the six months ended September 30, 2026 and 2025, respectively.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of September 30, 2026. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2026.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the second quarter of fiscal 2027 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Inherent Limitations on Internal Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we are subject to claims in legal proceedings arising in the normal course of business. Except as discussed in Note 6 of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, 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, operating results, or financial condition.

The information required by this item is incorporated herein by reference to Note 6, \"Commitments and Contingencies,\" of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, \"Item 1A. Risk Factors\" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, which are incorporated herein by reference, and could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the risks actually occur, our business, financial condition, or results of operations could be negatively affected. In that case, the trading price of our stock could decline, and our stockholders may lose part or all of their investment. There have been no material changes from the risk factors set forth in Part I, \"Item 1A. Risk Factors\" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

On April 15, 2026, the Board approved recommitting the existing share repurchase program, making $250.0 million available for future repurchases. During the three months ended September 30, 2026, we repurchased $109.2 million of common stock, or approximately 0.8 million shares, under our share repurchase program. As of September 30, 2026, $130.7 million remained available under the share repurchase program. The following table summarizes our repurchases of common stock for the three months ended September 30, 2026:


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced programs	Approximate dollar value of shares that may yet be purchased under the program (in thousands)
July 1, 2026 - July 31, 2026	3,208		$	114.66		3,208	$239,502
August 1, 2026 - August 31, 2026	446,951		$	133.94		446,951	$179,637
September 1, 2026 - September 30, 2026	358,404		$	136.52		358,404	$130,709
Three months ended September 30, 2026	808,563		$	135.01		808,563

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

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Item 5. Other Information

During the three months ended September 30, 2026, no directors or officers of the Company adopted, modified, or terminated any \"Rule 10b5-1 trading arrangement\" or \"non-Rule 10b5-1 trading arrangement\" as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits


Exhibit No.	Description
10.1	Commvault Systems, Inc. 2026 Equity Plan (incorporated by reference to Exhibit 1 to the Company's Definitive Proxy Statement on Schedule 14A for the 2026 Annual Meeting of Stockholders, filed on June 24, 2026)
31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Commvault Systems, Inc.

Date:

October 28, 2026

By:

/s/ Sanjay Mirchandani

Sanjay Mirchandani

Director, President and Chief Executive Officer

(Principal Executive Officer)

Date:

October 28, 2026

By:

/s/ Gary Merrill

Gary Merrill

Chief Financial Officer

(Principal Financial Officer)

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