Quantum Corp Files 10-Q for Q3 2023

TL;DR

Quantum Corp's Q3 2023 10-Q is in. Check financials for performance update.

AI Summary

Quantum Corp filed its 10-Q for the period ending December 31, 2023. The company reported its financial results for the third quarter and the first nine months of its fiscal year. Specific financial figures and operational details are contained within the filing, which provides a comprehensive overview of the company's performance during this period.

Why It Matters

This filing provides investors and analysts with crucial financial data and operational insights into Quantum Corp's performance, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial health and market conditions detailed within can present varying levels of risk.

Key Players & Entities

• Quantum Corp (company) — Filer of the 10-Q
• 2023-12-31 (date) — End of reporting period
• 20240906 (date) — Filing date
• 0000709283-24-000018 (document_id) — Accession number for the filing

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share QMCO Nasdaq Global

Filing Documents

• qtm-20231231.htm (10-Q) — 1640KB
• exhibit-311q324.htm (EX-31.1) — 10KB
• exhibit-312q324.htm (EX-31.2) — 10KB
• exhibit-321q324.htm (EX-32.1) — 4KB
• exhibit-322q324.htm (EX-32.2) — 4KB
• qtm-20231231_g1.jpg (GRAPHIC) — 12KB
• 0000709283-24-000018.txt ( ) — 9310KB
• qtm-20231231.xsd (EX-101.SCH) — 48KB
• qtm-20231231_cal.xml (EX-101.CAL) — 82KB
• qtm-20231231_def.xml (EX-101.DEF) — 311KB
• qtm-20231231_lab.xml (EX-101.LAB) — 624KB
• qtm-20231231_pre.xml (EX-101.PRE) — 506KB
• qtm-20231231_htm.xml (XML) — 1706KB

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Changes in Stockholders' Deficit 4 Index to Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35 PART II

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Exhibits

Item 6. Exhibits 37

Signatures

Signatures 38 Table of Contents As used in this Quarterly Report on Form 10-Q, the terms "Quantum," "we," "us," and "our" refer to Quantum Corporation and its subsidiaries taken as a whole, unless otherwise noted or unless the context indicates otherwise. Note Regarding Forward-Looking Statements This report contains forward-looking statements. All statements contained in this report other than statements of historical fact, including, but not limited to, statements regarding our future operating results and financial position; our business strategy, focus and plans; our market growth and trends; our products, services and expected benefits thereof; and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "potentially," "preliminary," "likely," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including the competitive pressures that we face; risks associated with executing our strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of our products and the delivery of our services effectively; the protection of our intellectual property assets, including intellectual property licensed from third parties; risks associated with our international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs; our response to eme

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS QUANTUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts, unaudited) December 31, 2023 March 31, 2023 Assets Restated Current assets: Cash and cash equivalents $ 24,377 $ 25,963 Restricted cash 172 212 Accounts receivable, net of allowance for credit losses of $ 21 and $ 201 , respectively 60,020 72,464 Manufacturing inventories 20,409 19,441 Service parts inventories 25,423 25,304 Prepaid expenses 3,763 4,158 Other current assets 7,224 5,513 Total current assets 141,388 153,055 Property and equipment, net 13,251 16,555 Intangible assets, net 1,986 4,941 Goodwill 12,969 12,969 Right-of-use assets, net 9,625 10,291 Other long-term assets 19,986 15,846 Total assets $ 199,205 $ 213,657 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 22,426 $ 35,716 Accrued compensation 15,286 15,710 Deferred revenue, current portion 73,240 79,807 Term debt, current portion 82,587 5,000 Revolving credit facility 32,000 — Warrant liabilities 1,843 7,989 Other accrued liabilities 13,854 13,666 Total current liabilities 241,236 157,888 Deferred revenue, net of current portion 37,281 35,495 Revolving credit facility — 16,750 Long-term debt, net of current portion — 66,354 Operating lease liabilities 9,885 10,169 Other long-term liabilities 12,734 11,370 Total liabilities 301,136 298,026 Commitments and contingencies ( Note 9) Stockholders' deficit Preferred stock, 20,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.01 par value; 225,000 shares authorized; 95,850 and 93,574 shares issued and outstanding 959 936 Additional paid-in capital 706,133 702,370 Accumulated deficit ( 808,436 ) ( 786,094 ) Accumulated other comprehensive loss ( 587 ) ( 1,581 ) Total stockholders' deficit ( 101,931 ) ( 84,369 ) Total liabilities and stockholders' deficit $ 199,205 $ 213,657 See accompanying Notes to Condensed Consolidated F

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View this 10-Q filing on SEC EDGAR