$QMCO
QUANTUM CORP /DE/

2018 Q4 Form 10-Q Financial Statement

#000119312519227250 Filed on August 23, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q1
Revenue $102.0M $89.91M $95.31M
YoY Change -12.08% -19.57% -21.12%
Cost Of Revenue $58.90M $54.39M $59.64M
YoY Change -19.36% -18.18% -7.67%
Gross Profit $43.08M $35.53M $35.67M
YoY Change 0.28% -21.61% -31.48%
Gross Profit Margin 42.25% 39.51% 37.42%
Selling, General & Admin $30.47M $30.75M $38.41M
YoY Change -22.12% -17.62% 4.38%
% of Gross Profit 70.73% 86.57% 107.69%
Research & Development $7.907M $7.862M $8.605M
YoY Change -13.7% -22.85% -23.85%
% of Gross Profit 18.35% 22.13% 24.13%
Depreciation & Amortization $1.000M $1.100M $1.200M
YoY Change -23.08% -8.33% -25.0%
% of Gross Profit 2.32% 3.1% 3.36%
Operating Expenses $39.61M $38.91M $49.55M
YoY Change -24.6% -18.24% 2.8%
Operating Profit $3.476M -$3.383M -$13.88M
YoY Change -136.33% 48.97% -460.6%
Interest Expense $6.238M $4.636M $3.485M
YoY Change 110.18% 75.74% -234.04%
% of Operating Profit 179.46%
Other Income/Expense, Net $3.846M -$196.0K -$382.0K
YoY Change 1731.43% -354.55% 282.0%
Pretax Income -$3.949M -$20.64M -$23.88M
YoY Change -67.96% 323.73% 241.16%
Income Tax $337.0K $977.0K $48.00K
% Of Pretax Income
Net Earnings -$4.286M -$21.62M -$23.93M
YoY Change -57.98% 323.95% -1350.86%
Net Earnings / Revenue -4.2% -24.04% -25.11%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12 -$0.61 -$0.68
COMMON SHARES
Basic Shares Outstanding 35.55M shares 35.55M
Diluted Shares Outstanding 35.55M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.90M $5.700M $10.90M
YoY Change -40.0% -16.15%
Cash & Equivalents $10.93M $5.704M $10.87M
Short-Term Investments
Other Short-Term Assets $7.877M $11.29M $13.57M
YoY Change -5.49% 17.85% 47.72%
Inventory $34.10M $39.70M $56.30M
Prepaid Expenses $4.331M
Receivables $79.57M $76.30M $96.35M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $133.6M $139.1M $178.4M
YoY Change -22.5% -22.9% -2.58%
LONG-TERM ASSETS
Property, Plant & Equipment $8.773M $8.925M $9.698M
YoY Change -14.21% -14.35% -10.83%
Goodwill
YoY Change
Intangibles $60.00K $86.00K $138.0K
YoY Change -63.41% -57.84% -50.0%
Long-Term Investments
YoY Change
Other Assets $7.632M $6.120M $9.502M
YoY Change -11.9% -9.33% 37.19%
Total Long-Term Assets $21.41M $15.05M $24.20M
YoY Change -31.07% -58.3% -34.06%
TOTAL ASSETS
Total Short-Term Assets $133.6M $139.1M $178.4M
Total Long-Term Assets $21.41M $15.05M $24.20M
Total Assets $155.0M $154.2M $202.6M
YoY Change -23.81% -29.16% -8.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.77M $45.02M $62.65M
YoY Change -32.14% -7.15% 53.45%
Accrued Expenses $25.30M $29.15M $17.64M
YoY Change 32.96% 76.02% 10.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500M $127.5M $7.500M
YoY Change 123.71% -88.06%
Total Short-Term Liabilities $169.1M $310.7M $207.3M
YoY Change -10.43% 32.09% -12.76%
LONG-TERM LIABILITIES
Long-Term Debt $137.1M $127.5M $116.0M
YoY Change 66.7% 73.95%
Other Long-Term Liabilities $10.70M $10.56M $11.60M
YoY Change -3.87% -4.28% -10.55%
Total Long-Term Liabilities $147.8M $138.1M $127.6M
YoY Change 1228.13% 23.2% 15.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.1M $310.7M $207.3M
Total Long-Term Liabilities $147.8M $138.1M $127.6M
Total Liabilities $351.2M $355.8M $376.1M
YoY Change -1.38% -2.01% 4.32%
SHAREHOLDERS EQUITY
Retained Earnings -$688.5M -$684.3M -$655.2M
YoY Change 9.08% 10.18% 7.08%
Common Stock $493.7M $483.9M $354.0K
YoY Change 2.93% 1.56% -99.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$196.2M -$201.6M -$173.5M
YoY Change
Total Liabilities & Shareholders Equity $155.0M $154.2M $202.6M
YoY Change -23.81% -29.16% -8.41%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q1
OPERATING ACTIVITIES
Net Income -$4.286M -$21.62M -$23.93M
YoY Change -57.98% 323.95% -1350.86%
Depreciation, Depletion And Amortization $1.000M $1.100M $1.200M
YoY Change -23.08% -8.33% -25.0%
Cash From Operating Activities -$10.10M $100.0K -$8.200M
YoY Change -388.57% -107.69% 331.58%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$600.0K -$500.0K
YoY Change -44.44% -45.45% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$500.0K -$900.0K -$500.0K
YoY Change -44.44% -18.18% -102.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.60M -3.700M 1.100M
YoY Change -257.58% -219.35% -113.75%
NET CHANGE
Cash From Operating Activities -10.10M 100.0K -8.200M
Cash From Investing Activities -500.0K -900.0K -500.0K
Cash From Financing Activities 15.60M -3.700M 1.100M
Net Change In Cash 5.000M -4.500M -7.600M
YoY Change -168.49% -742.86% -173.08%
FREE CASH FLOW
Cash From Operating Activities -$10.10M $100.0K -$8.200M
Capital Expenditures -$500.0K -$600.0K -$500.0K
Free Cash Flow -$9.600M $700.0K -$7.700M
YoY Change -318.18% -450.0% 450.0%

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dei Security12b Title
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dei Security Exchange Name
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dei Document Type
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dei Entity Registrant Name
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QUANTUM CORP /DE/
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12326000
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
337000
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2127000
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35552000
CY2017Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34820000
CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-157000
CY2017Q4 us-gaap Gross Profit
GrossProfit
42960000
CY2018Q4 us-gaap Revenues
Revenues
101979000
us-gaap Gross Profit
GrossProfit
124948000
us-gaap Gross Profit
GrossProfit
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CY2018Q4 us-gaap Gross Profit
GrossProfit
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us-gaap Operating Expenses
OperatingExpenses
129198000
us-gaap Operating Expenses
OperatingExpenses
151852000
CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
39605000
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
52528000
us-gaap Operating Income Loss
OperatingIncomeLoss
-4250000
us-gaap Operating Income Loss
OperatingIncomeLoss
-14735000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-9568000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-4285000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-10199000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-34512000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-18857000
CY2018Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4442000
CY2017Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-10428000
us-gaap Net Income Loss
NetIncomeLoss
-33386000
us-gaap Net Income Loss
NetIncomeLoss
-19413000
us-gaap Depreciation
Depreciation
3228000
us-gaap Depreciation
Depreciation
3822000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2211000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1263000
qmco Service Parts Inventory Write Down
ServicePartsInventoryWriteDown
7385000
qmco Service Parts Inventory Write Down
ServicePartsInventoryWriteDown
7073000
us-gaap Share Based Compensation
ShareBasedCompensation
2818000
us-gaap Share Based Compensation
ShareBasedCompensation
4583000
us-gaap Paid In Kind Interest
PaidInKindInterest
1670000
qmco Non Cash Gain Loss On Extinguishment Of Debt
NonCashGainLossOnExtinguishmentOfDebt
-17458000
qmco Non Cash Gain Loss On Extinguishment Of Debt
NonCashGainLossOnExtinguishmentOfDebt
-39000
us-gaap Restructuring Costs
RestructuringCosts
598000
us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
787000
us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
1071000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
167000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
290000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-903000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
2700000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-31000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-20000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
382000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-963000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-942000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
33000
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
2861000
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
-113000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-15677000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5846000
qmco Increase Decrease In Manufacturing Inventories Net
IncreaseDecreaseInManufacturingInventoriesNet
-16475000
qmco Increase Decrease In Manufacturing Inventories Net
IncreaseDecreaseInManufacturingInventoriesNet
2976000
qmco Increase Decrease In Service Parts Inventories Net
IncreaseDecreaseInServicePartsInventoriesNet
2050000
qmco Increase Decrease In Service Parts Inventories Net
IncreaseDecreaseInServicePartsInventoriesNet
3426000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-24031000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16229000
us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
-1872000
us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
1902000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-5542000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-4720000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-15783000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-8015000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-7744000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-634000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
278000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1187000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1778000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10295000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3229000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1755000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2060000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
50000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
4000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
2892000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
397088000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
290404000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
388080000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
239109000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
62836000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1807000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1012000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9008000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12336000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-83000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
336000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-183000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10549000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17207000
CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35912000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17024000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25363000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
159000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
88000
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
393000
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
934000
us-gaap Interest Paid Net
InterestPaidNet
12140000
us-gaap Interest Paid Net
InterestPaidNet
7118000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
64000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1179000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management&#8217;s experience and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company&#8217;s assets and liabilities and the results of operations. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10309000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
3054000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
12000000
qmco Antidilutive Income Excluded From Computation Of Earnings Per Share
AntidilutiveIncomeExcludedFromComputationOfEarningsPerShare
6247000
qmco Antidilutive Income Excluded From Computation Of Earnings Per Share
AntidilutiveIncomeExcludedFromComputationOfEarningsPerShare
1873000
CY2018Q4 qmco Antidilutive Income Excluded From Computation Of Earnings Per Share
AntidilutiveIncomeExcludedFromComputationOfEarningsPerShare
5481000
CY2017Q4 qmco Antidilutive Income Excluded From Computation Of Earnings Per Share
AntidilutiveIncomeExcludedFromComputationOfEarningsPerShare
1873000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1063000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
8929000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-6000

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