QUANTUM CORP DE
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Nov 14, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Balance Sheet Information
NOTE 3: BALANCE SHEET INFORMATION
Certain significant amounts included in the Company's condensed consolidated balance sheets consist of the following (in thousands):
Manufacturing inventories
| September 30, 2024 | March 31, 2024 | |
|---|---|---|
| Finished goods | $9,349 | $7,074 |
| Work in progress | 668 | 770 |
| Raw materials | 8,948 | 9,909 |
| Total manufacturing inventories | $18,965 | $17,753 |
Service parts inventories
| September 30, 2024 | March 31, 2024 | |
|---|---|---|
| Finished goods | $6,300 | $3,660 |
| Component parts | 2,728 | 6,123 |
| Total service parts inventories | $9,028 | $9,783 |
Intangibles, net
| September 30, 2024 | March 31, 2024 | |||||
|---|---|---|---|---|---|---|
| Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |
| Developed technology | $9,013 | $(9,013) | $— | $9,013 | $(8,550) | $463 |
| Customer lists | 4,398 | (3,656) | 742 | 4,398 | (3,192) | 1,206 |
| Intangible assets, net | $13,411 | $(12,669) | $742 | $13,411 | $(11,742) | $1,669 |
Intangible assets amortization expense was $0.5 million and $1.0 million and $0.9 million and $2.1 million for the three and six months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 0.8 years. The Company recorded amortization of developed technology in cost of product revenue, and customer lists in sales and marketing expenses in the condensed consolidated statements of operations.
As of September 30, 2024, the future expected amortization expense for intangible assets is as follows (in thousands):
| Fiscal year ending | Estimated future amortization expense |
|---|---|
| Remainder of 2025 | $461 |
| 2026 | 281 |
| Total | $742 |
Goodwill
As of September 30, 2024 and March 31, 2024, goodwill was $13.0 million. There wereno impairments to goodwill as of September 30, 2024 and March 31, 2024.
| Other long-term assets | ||
|---|---|---|
| September 30, 2024 | March 31, 2024 | |
| Capitalized SaaS implementation costs for internal use | $14,880 | $15,349 |
| Capitalized debt costs | 2,664 | 1,923 |
| Contract asset | 1,357 | 1,477 |
| Deferred taxes | 759 | 734 |
| Other | 424 | 257 |
| Total other long-term assets | $20,084 | $19,740 |
| Other accrued liabilities | ||
|---|---|---|
| September 30, 2024 | March 31, 2024 | |
| Accrued expenses | $6,646 | $4,251 |
| Asset retirement obligation | 2,769 | 2,069 |
| Accrued warranty | 1,353 | 1,545 |
| Accrued interest | 458 | 524 |
| Lease liability | 1,375 | 1,256 |
| Accrued income taxes | 365 | 1,044 |
| Other | 3,535 | 3,297 |
| Total other accrued liabilities | $16,501 | $13,986 |
The following table details the change in the accrued warranty balance (in thousands):
| September 30, 2024 | March 31, 2024 | |
|---|---|---|
| Beginning balance | $1,545 | $2,094 |
| Current period accruals | 1,172 | 2,563 |
| Adjustments to prior estimates | 52 | (141) |
| Charges incurred | (1,416) | (2,971) |
| Ending balance | $1,353 | $1,545 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.