QUANTUM CORP DE
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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.
Dec 31, 2024 · Filed Feb 12, 2025
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Revenue
NOTE 2: REVENUE
Based on how the Company manages its business, the Company has determined that it currently operates inone reportable segment. The Company operates inthree geographic regions: (a) Americas; (b) Europe, Middle East and Africa (“EMEA”); and (c) Asia Pacific (“APAC”). Revenue by geography is based on the location of the customer from which the revenue is earned.
In the following table, revenue is disaggregated by major product offerings and geographies (in thousands):
| Three Months Ended December 31, · Nine Months Ended December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||||
| Product revenue | 18,294 | 16,159 | 62,410 | 78,287 | ||||
| Service and subscription | 16,563 | 18,282 | 48,975 | 53,871 | ||||
| Total revenue | 34,857 | 48% | 34,441 | 47% | 111,385 | 52% | 132,158 | 55% |
| EMEA | ||||||||
| Product revenue | 15,235 | 14,786 | 39,892 | 42,609 | ||||
| Service and subscription | 12,077 | 12,282 | 33,471 | 34,234 | ||||
| Total revenue | 27,312 | 38% | 27,068 | 38% | 73,363 | 34% | 76,843 | 32% |
| APAC | ||||||||
| Product revenue | 5,081 | 6,168 | 14,087 | 17,739 | ||||
| Service and subscription | 2,975 | 2,207 | 7,937 | 6,124 | ||||
| Total revenue | 8,056 | 11% | 8,375 | 12% | 22,024 | 10% | 23,863 | 10% |
| Consolidated | ||||||||
| Product revenue | 38,610 | 37,113 | 116,389 | 138,635 | ||||
| Service and subscription | 31,615 | 32,771 | 90,383 | 94,229 | ||||
| Royalty2 | 2,326 | 3% | 2,042 | 3% | 7,592 | 4% | 7,235 | 3% |
| Total revenue | $72,551 | 100% | $71,926 | 100% | $214,364 | 100% | $240,099 | 100% |
1 Revenue for the Americas geographic region outside of the United States is not significant.
2 Royalty revenue is not allocatable to geographic regions.
Revenue by Solution
| Three Months Ended December 31, | Nine Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | % | 2023 | % | 2024 | % | 2023 | % | |
| Primary storage systems | $12,404 | 17% | $12,887 | 18% | $41,034 | 19% | $41,394 | 17% |
| Secondary storage systems | 23,276 | 33% | 20,206 | 28% | 60,787 | 28% | 82,118 | 34% |
| Device and media | 7,575 | 10% | 7,716 | 11% | 24,254 | 11% | 23,801 | 10% |
| Service | 26,970 | 37% | 29,075 | 40% | 80,697 | 38% | 85,551 | 36% |
| Royalty | 2,326 | 3% | 2,042 | 3% | 7,592 | 4% | 7,235 | 3% |
| Total revenue1 | $72,551 | 100% | $71,926 | 100% | $214,364 | 100% | $240,099 | 100% |
1 Subscription revenue of $4.6 million and $2.3 million was allocated to Primary and Secondary storage systems for the three months ended December 31, 2024 and 2023, respectively. Subscription revenue of $11.3 million and $4.8 million was allocated to Primary and Secondary storage systems for the nine months ended December 31, 2024 and 2023, respectively.
Contract Balances
The following table presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2024 and December 31, 2024 (in thousands):
| Deferred revenue | $116,687 |
|---|---|
| Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period | $76,304 |
| Deferred revenue | $105,266 |
|---|---|
| Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period | $64,539 |
Remaining Performance Obligations
Total remaining performance obligations (“RPO”) representing contracted but not recognized revenue was $122.6 million as of December 31, 2024. RPO consists of both deferred revenue and uninvoiced, non-cancelable contracts that are expected to be invoiced and recognized as revenue in future periods and excludes variable consideration related to sales-based royalties. Of the $122.6 million RPO at the end of the third quarter of fiscal 2025, $105.4 million was for invoiced deferred revenue and $17.2 million was for uninvoiced, non-cancelable contracts. The non-current portion of the RPO will be recognized over the next 13 to 60 months.
RPO consisted of the following (in thousands):
| Current | Non-Current | Total | |
|---|---|---|---|
| As of December 31, 2024 | $84,644 | $37,929 | $122,573 |
Deferred revenue consists of amounts that have been invoiced but have not yet been recognized as revenue including performance obligations pertaining to subscription services. The table below reflects the Company’s deferred revenue as of December 31, 2024 (in thousands):
| Deferred revenue by period | ||||
|---|---|---|---|---|
| Total | 1 year or less | 1 – 3 Years | 3 year or greater | |
| Service revenue | 84,624 | 60,782 | 21,815 | $2,027 |
| Subscription revenue | $20,642 | $9,134 | $8,773 | $2,735 |
| Balance as of December 31, 2024 | $105,266 | $69,916 | $30,588 | $4,762 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.