QUANTUM CORP DE
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 2024
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Leases
NOTE 5: LEASES
Supplemental balance sheet information related to leases is as follows (in thousands):
| Operating leases | June 30, 2024 | March 31, 2024 |
|---|---|---|
| Operating lease right-of-use asset | $9,344 | $9,425 |
| Operating lease liabilities, current portion | 1,351 | 1,256 |
| Operating lease liability, net of current portion | 9,464 | 9,621 |
| Total operating lease liabilities | $10,815 | $10,877 |
Components of lease cost were as follows (in thousands):
| Three Months Ended June 30, | ||
|---|---|---|
| Lease Cost | 2024 | 2023 |
| Operating lease cost | $712 | $875 |
| Variable lease cost | 70 | 122 |
| Total lease cost | $782 | $997 |
| Maturity of Lease Liabilities | Operating Leases |
|---|---|
| Remainder of 2025 | $2,009 |
| 2026 | 2,227 |
| 2027 | 1,733 |
| 2028 | 1,533 |
| 2029 | 1,213 |
| Thereafter | 12,089 |
| Total lease payments | $20,804 |
| Less: imputed interest | (9,989) |
| Present value of lease liabilities | $10,815 |
| Lease Term and Discount Rate | June 30, 2024 | March 31, 2024 |
|---|---|---|
| Weighted average remaining operating lease term (years) | 10.28 | 10.53 |
| Weighted average discount rate for operating leases | 12.60% | 12.64% |
Operating cash outflows related to operating leases totaled $0.7 million and $0.9 million for the three months ended June 30, 2024 and 2023, respectively.
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