Fourth Quarter Revenue of $95.2 Million Exceeds Preliminary
Results; Fiscal 2022 Recurring Revenue Totals
$160.5 Million
SAN
JOSE, Calif., June 8, 2022
/PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) announced today
financial results for its fiscal fourth quarter and fiscal year
2022 ended March 31, 2022.
Fourth Quarter Fiscal 2022 Financial Summary and Recent
Highlights
- Revenue increased 3.0% year-over-year to $95.2 million
- Backlog remained near record level of over $60 million
- Number of active subscription customers grew 39% sequentially
and 190% year-over-year to 356
- Gross margin increased 110 basis points sequentially to
38.0%
- GAAP net loss was $7.8 million,
or ($0.13) per share, improving
sequentially and year-over-year
- Adjusted non-GAAP net loss was $2.8
million, or ($0.05) per share,
achieving the high-end of guidance
- Adjusted EBITDA of $0.4 million,
which was above the midpoint of guidance
- Strengthened balance sheet with oversubscribed Rights Offering,
generating gross proceeds of $67.5
million, reducing outstanding debt and resetting all debt
covenants to more favorable levels
"We made progressive improvements throughout the year to
strengthen our business, highlighted by revenue for the fourth
quarter exceeding our preliminary results," stated Jamie Lerner, Chairman and CEO of Quantum.
"Additionally, we continue to gain increasing momentum
transitioning new and existing customers to our software
subscription model as demonstrated by $7.4
million of subscription software Annual Recurring Revenue
(ARR) and $160.5 million in
high-value recurring revenue exiting the year.
"We have strengthened our balance sheet with the recent
completion of an oversubscribed rights offering that enabled us to
reduce debt, increase our cash position and reset all debt
covenants to more favorable levels. With backlog at near
record levels, we have aggressively implemented supply chain
strategies that will help us increase our revenues and margins. We
are also implementing a series of cost reduction programs that are
focused on reduced spending and continued integration efforts
related to the recent acquisitions, which we expect will decrease
our current operating expense run-rate by $1.5 to $2.0
million per quarter by the second half of fiscal 2023.
"Our focus going forward is to drive improvement in adjusted
EBITDA and expand earnings over the next four quarters through a
combination of operational expense reductions, sales growth and
margin expansion, and continued supply chain execution and cost
management."
Fourth Quarter Fiscal 2022 vs. Prior Quarter
Revenue for the fourth quarter fiscal 2022 was $95.2 million compared to $95.3 million in the prior quarter. Gross profit
in the fourth quarter of fiscal 2022 was $36.2 million, or 38% of revenue, compared to
$35.2 million, or 37% of revenue, in
the third quarter of fiscal 2022.
Total GAAP operating expenses in the fourth quarter of fiscal
2022 were $41.8 million, or 44% of
revenue, compared to $42.4 million,
or 45% of revenue, in the prior quarter. Selling, general and
administrative expenses were $28.3
million in the quarter, compared to $27.3 million in the third fiscal quarter 2022.
Research and development expenses were $13.5
million in the fourth quarter of fiscal 2022, compared to
$14.6 million in the prior quarter.
Non-GAAP operating expenses in the fourth quarter of 2022 were
$37.2 million, compared to
$36.3 million in the prior
quarter.
GAAP net loss in the fourth quarter of fiscal 2022 was
$7.8 million, or ($0.13) per share, compared to a net loss of
$11.1 million, or ($0.19) per share, in the third fiscal quarter
2022. Excluding stock compensation, restructuring charges and other
non-recurring costs, non-GAAP adjusted loss in the fourth fiscal
quarter of 2022 was $2.8 million, or
($0.05) per share, compared to
adjusted net loss of $4.6 million, or
($0.08) per share, in the prior
quarter.
Adjusted EBITDA in the fourth quarter of fiscal 2022 was
$0.4 million, compared to
$0.8 million in the prior
quarter.
Fiscal 2022 vs. Prior Year
Revenue of $372.8 million for
fiscal 2022 increased 6.7% year-over-year primarily driven by
strong demand from hyperscale customers and expanded subscription
software business. Gross profit in fiscal 2022 was $147.0 million, or 39.4% of revenue, compared to
$150.8 million, or 43.1% of revenue,
in the prior fiscal year.
Total GAAP operating expenses in fiscal 2022 were $160.9 million, or 43.1% of revenue, compared to
$142.4 million, or 40.7% of revenue,
in the prior fiscal year. The increase in fiscal 2022 operating
expenses primarily reflected the addition of costs associated with
the Company's recent acquisitions. Selling, general and
administrative expenses were $108.2
million in fiscal year 2022, compared to $96.9 million in the prior fiscal year. Research
and development expenses were $51.8
million in fiscal 2022, compared to $41.7 million in fiscal 2021. Non-GAAP operating
expenses in fiscal 2022 were $142.2
million, compared to $127.3
million in the prior fiscal year.
GAAP net loss in fiscal 2022 was $32.3
million, or ($0.55) per share,
compared to a net loss of $35.5
million, or ($0.83) per share,
in the prior fiscal year. Excluding stock compensation,
restructuring charges and other non-recurring costs, non-GAAP
adjusted net loss in fiscal year increased to $7.2 million, or ($0.12) per share, compared to an adjusted net
loss of $4.9 million, or ($0.11) per share, in the prior year.
Adjusted EBITDA in fiscal 2022 decreased to $11.8 million, compared to $28.0 million in fiscal year 2021. The
year-over-year decrease was driven by the impact of higher costs on
gross margin associated with supply constraints, combined with the
previously referenced increase in operating expenses.
For a full reconciliation of GAAP to non-GAAP financial results
and additional cautionary language about the use of non-GAAP
financial measures, please see the financial reconciliation tables
below.
Balance Sheet and Liquidity
- Cash and cash equivalents including restricted cash was
$5.5 million as of March 31, 2022, compared to $33.1 million as of March
31, 2021.
-
- Subsequent to the quarter end, the Company closed a Rights
Offering with gross proceeds of $67.5
million, a significant portion of which was allocated to
increasing the Company's current cash balance.
- Outstanding long-term debt as of March
31, 2022 was $111.6 million,
net of $4.9 million in unamortized
debt issuance costs. This compares to $92.7
million of outstanding debt as of March 31, 2021, net of $9.7 million in unamortized debt issuance
costs.
-
- Subsequent to the quarter end, the Company used proceeds from
the Rights Offering to pay down $20.0
million of outstanding long-term debt.
- Total interest expense was $2.5
million and $11.9 million for
the three and twelve months ended March 31,
2022, respectively.
Outlook
Based on currently committed supply, the Company expects the
following guidance range for the first fiscal quarter of 2023:
- Revenues of $94 million, plus or
minus $3 million
- Non-GAAP adjusted net loss of ($3
million), plus or minus $1
million
- Non-GAAP adjusted net loss per share of ($0.04), plus or minus $0.01
- Adjusted EBITDA of breakeven, plus or minus $1 million
Conference Call and Webcast
Management will host a live conference call today, June 8, 2022, at 5:00 p.m.
ET (2:00 p.m. PT) to discuss
these results. The conference call will be accessible by dialing
866-424-3436 (U.S. Toll-Free) or +1-201-689-8058 (International)
and entering pass code 13729809. This conference call will be
broadcast live over the Internet with a slide presentation and can
be accessed by all interested parties on the investor
relations section of the Company's website at
https://investors.quantum.com under the events and presentations
tab.
A telephone replay of the conference call will be available
approximately two hours after the conference call and will be
available through June 15,
2022. To access the replay dial 1-877-660-6853 and enter the
pass code 13729809 at the prompt. International callers should dial
+1-201-612-7415 and enter the same passcode. Following the
conclusion of the live call, a replay of the webcast will be
available on the Company's website for at least 90 days.
About Quantum
Quantum technology, software, and services provide the solutions
that today's organizations need to make video and other
unstructured data smarter – so their data works for them and not
the other way around. With over 40 years of innovation, Quantum's
end-to-end platform is uniquely equipped to orchestrate, protect,
and enrich data across its lifecycle, providing enhanced
intelligence and actionable insights. Leading organizations in
cloud services, entertainment, government, research, education,
transportation, and enterprise IT trust Quantum to bring their data
to life, because data makes life better, safer, and smarter.
Quantum is listed on Nasdaq (QMCO) and the Russell 2000® Index. For
more information visit www.quantum.com.
Quantum and the Quantum logo are registered trademarks of
Quantum Corporation and its affiliates in the United States and/or other countries. All
other trademarks are the property of their respective owners.
Forward-Looking Information
The information provided in this press release may include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 ("Exchange Act"). These forward-looking statements are
largely based on our current expectations and projections about
future events and financial trends affecting our business. Such
forward-looking statements include, in particular, statements
related to future projections of our financial results; that our
newly introduced products will drive a growing contribution of
recurring revenue and deliver higher margins, while also increasing
the total addressable market of our solutions; our expectations to
continue our operational execution and to gain incremental traction
across our market verticals, including with our leading hyperscale
and global web scale customers, statements about our backlog and
the implication that this backlog will translate into future
revenue; the trend in our underlying business remaining robust;
continued progress in our business transformation; the anticipated
impact and benefits of our Pivot3 and EnCloudEn acquisitions; the
anticipated impact and benefits of the refinancing of our
outstanding debt; and the Company's position for long-term
sustainable growth and profitability.
These forward-looking statements may be identified by the use of
terms and phrases such as "anticipates", "believes", "can",
"could", "estimates", "expects", "forecasts", "intends", "may",
"plans", "projects", "targets", "will", and similar expressions or
variations of these terms and similar phrases. Additionally,
statements concerning future matters and other statements regarding
matters that are not historical are forward-looking statements.
Investors are cautioned that these forward-looking statements
relate to future events or our future performance and are subject
to business, economic, and other risks and uncertainties, both
known and unknown, that may cause actual results, levels of
activity, performance or achievements to be materially different
from those expressed or implied by any forward-looking
statements.
These forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those
projected, including without limitation, the following: risks
related to the need to address the many challenges facing our
business; the potential impact of the COVID-19 pandemic on our
business, including potential disruptions to our supply chain,
employees, operations, sales and overall market conditions; the
competitive pressures we face; risks associated with executing our
strategy; the distribution of our products and the delivery of our
services effectively; our ability to integrate the business,
products, employees and other aspects of our Pivot3 and EnCloudEn
acquisitions; the development and transition of new products and
services and the enhancement of existing products and services to
meet customer needs and respond to emerging technological trends;
estimates and assumptions related to the cost (including any
possible disruption of our business) and the anticipated benefits
of the transformation and restructuring plans; the outcome of any
claims and disputes; and other risks that are described herein,
including but not limited to the items discussed in "Risk Factors"
in our filings with the Securities and Exchange Commission,
including our Form 10-K filed with the Securities and Exchange
Committee on June 8, 2022. The
Company does not intend to update or alter our forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law or
regulation.
Investor Relations Contacts:
Shelton Group
Leanne K. Sievers | Brett L. Perry
P: 949-224-3874 | 214-272-0070
E: sheltonir@sheltongroup.com
QUANTUM
CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands, except per share amounts,
unaudited)
|
|
|
March
31,
|
|
2022
|
|
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
5,210
|
|
$
27,430
|
Restricted
cash
|
283
|
|
707
|
Accounts
receivable, net of allowance for doubtful accounts of $422 and
$406, respectively
|
69,354
|
|
73,102
|
Manufacturing
inventories
|
33,546
|
|
24,467
|
Service parts
inventories
|
24,254
|
|
23,421
|
Prepaid
expenses
|
7,853
|
|
3,893
|
Other current
assets
|
4,697
|
|
3,046
|
Total
current assets
|
145,197
|
|
156,066
|
|
|
|
|
Property and equipment,
net
|
12,853
|
|
10,051
|
Intangible assets,
net
|
9,584
|
|
5,037
|
Goodwill
|
12,969
|
|
3,466
|
Restricted
cash
|
—
|
|
5,000
|
Right-of-use assets,
net
|
11,107
|
|
9,383
|
Other long-term
assets
|
9,925
|
|
5,921
|
Total
assets
|
$
201,635
|
|
$
194,924
|
Liabilities and
Stockholders' Deficit
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
34,220
|
|
$
35,245
|
Deferred
revenue
|
86,517
|
|
84,027
|
Long-term debt,
current portion
|
4,375
|
|
1,850
|
Accrued
compensation
|
16,141
|
|
19,214
|
Other accrued
liabilities
|
16,562
|
|
18,754
|
Total
current liabilities
|
157,815
|
|
159,090
|
Deferred
revenue
|
41,580
|
|
36,126
|
Revolving credit
facility
|
17,735
|
|
—
|
Long-term debt, net of
current portion
|
89,448
|
|
90,890
|
Operating lease
liabilities
|
9,891
|
|
8,005
|
Other long-term
liabilities
|
11,849
|
|
13,058
|
Total
liabilities
|
328,318
|
|
307,169
|
Stockholders'
deficit
|
|
|
|
Preferred
stock:
|
|
|
|
Preferred
stock, 20,000 shares authorized; no shares issued as of March 31,
2022 and 2021
|
—
|
|
—
|
Common
stock:
|
|
|
|
Common
stock, $0.01 par value; 125,000 shares authorized; 60,433 and
56,915 shares issued and outstanding at March 31, 2022 and 2021,
respectively
|
605
|
|
570
|
Additional paid-in capital
|
645,038
|
|
626,664
|
Accumulated deficit
|
(770,903)
|
|
(738,623)
|
Accumulated other comprehensive loss
|
(1,423)
|
|
(856)
|
Total stockholders'
deficit
|
(126,683)
|
|
(112,245)
|
Total liabilities and
stockholders' deficit
|
$
201,635
|
|
$
194,924
|
QUANTUM
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except
per share amounts, unaudited)
|
|
|
Three months ended March 31,
|
|
Twelve months ended March 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
|
|
|
|
|
|
|
Product
|
$
58,454
|
|
$
56,250
|
|
$
223,761
|
|
$
209,808
|
Service and
subscription
|
33,337
|
|
31,855
|
|
133,689
|
|
124,904
|
Royalty
|
3,414
|
|
4,321
|
|
15,377
|
|
14,864
|
Total
revenue
|
95,205
|
|
92,426
|
|
372,827
|
|
349,576
|
Cost of
revenue
|
|
|
|
|
|
|
|
Product
|
44,798
|
|
41,567
|
|
169,780
|
|
150,257
|
Service and
subscription
|
14,248
|
|
11,940
|
|
56,012
|
|
48,566
|
Total
cost of revenue
|
59,046
|
|
53,507
|
|
225,792
|
|
198,823
|
Gross profit
|
36,159
|
|
38,919
|
|
147,035
|
|
150,753
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and
development
|
13,525
|
|
11,694
|
|
51,812
|
|
41,703
|
Sales and
marketing
|
16,828
|
|
14,915
|
|
62,957
|
|
54,945
|
General and
administrative
|
11,425
|
|
9,140
|
|
45,256
|
|
42,001
|
Restructuring
charges
|
—
|
|
865
|
|
850
|
|
3,701
|
Total
operating expenses
|
41,778
|
|
36,614
|
|
160,875
|
|
142,350
|
Income (loss) from
operations
|
(5,619)
|
|
2,305
|
|
(13,840)
|
|
8,403
|
Other expense,
net
|
(28)
|
|
84
|
|
(251)
|
|
(1,312)
|
Interest
expense
|
(2,502)
|
|
(5,699)
|
|
(11,888)
|
|
(27,522)
|
Loss on debt
extinguishment, net
|
—
|
|
(14,789)
|
|
(4,960)
|
|
(14,789)
|
Net loss before income
taxes
|
(8,149)
|
|
(18,099)
|
|
(30,939)
|
|
(35,220)
|
Income tax
provision
|
(336)
|
|
(638)
|
|
1,341
|
|
239
|
Net loss
|
$
(7,813)
|
|
$
(17,461)
|
|
$
(32,280)
|
|
$
(35,459)
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted
|
$
(0.13)
|
|
$
(0.35)
|
|
$
(0.55)
|
|
$
(0.83)
|
QUANTUM
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands, unaudited)
|
|
|
Year Ended March
31,
|
|
2022
|
|
2021
|
Operating
activities
|
|
|
|
Net loss
|
$
(32,280)
|
|
$
(35,459)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and amortization
|
9,418
|
|
5,697
|
Amortization of debt issuance costs
|
2,414
|
|
6,301
|
Long-term
debt related costs
|
8,471
|
|
167
|
Provision
for manufacturing and service inventories
|
5,740
|
|
6,334
|
Gain on
PPP loan extinguishment
|
(10,000)
|
|
—
|
Stock-based compensation
|
13,829
|
|
9,624
|
Non-cash
income tax benefit
|
—
|
|
(577)
|
Non-cash
loss on debt extinguishment
|
—
|
|
10,087
|
Other
non-cash
|
(832)
|
|
704
|
Changes
in assets and liabilities, net of effect of acquisition:
|
|
|
|
Accounts receivable
|
3,651
|
|
(1,625)
|
Manufacturing inventories
|
(12,069)
|
|
924
|
Service parts inventories
|
(4,400)
|
|
(5,879)
|
Accounts payable
|
(1,939)
|
|
(1,994)
|
Deferred revenue
|
(2,514)
|
|
418
|
Accrued restructuring charges
|
(580)
|
|
580
|
Accrued compensation
|
(3,073)
|
|
4,257
|
Prepaid expenses and other assets
|
(6,561)
|
|
2,215
|
Other liabilities
|
(3,003)
|
|
(2,541)
|
Net cash used in
operating activities
|
(33,728)
|
|
(767)
|
Investing
activities
|
|
|
|
Purchases
of property and equipment
|
(6,316)
|
|
(6,931)
|
Business
acquisitions
|
(7,808)
|
|
(2,655)
|
Net cash provided by
(used in) investing activities
|
(14,124)
|
|
(9,586)
|
Financing
activities
|
|
|
|
Borrowings of long-term debt
|
94,961
|
|
19,400
|
Repayments of long-term debt
|
(94,301)
|
|
(92,782)
|
Borrowings of credit facility
|
309,000
|
|
309,920
|
Repayments of credit facility
|
(291,265)
|
|
(313,065)
|
Borrowings of paycheck protection program
|
—
|
|
10,000
|
Proceeds
from secondary offering, net
|
—
|
|
96,756
|
Payment
of taxes due upon vesting of restricted stock
|
—
|
|
(236)
|
Proceeds
from issuance of common stock
|
1,762
|
|
1,335
|
Net cash provided by
financing activities
|
20,157
|
|
31,328
|
Effect of exchange rate
changes on cash and cash equivalents
|
51
|
|
(108)
|
Net change in cash,
cash equivalents, and restricted cash
|
(27,644)
|
|
20,867
|
Cash, cash equivalents,
and restricted cash at beginning of period
|
33,137
|
|
12,270
|
Cash, cash equivalents,
and restricted cash at end of period
|
$
5,493
|
|
$
33,137
|
NON-U.S. GAAP FINANCIAL MEASURES
To provide investors with additional information regarding our
financial results, we have presented Adjusted EBITDA and Adjusted
Net Income (Loss), non-U.S. GAAP financial measures defined
below.
Adjusted EBITDA is a non-U.S. GAAP financial measure defined by
us as net loss before interest expense, net, provision for income
taxes, depreciation and amortization expense, stock-based
compensation expense, restructuring charges, and other
non-recurring expenses.
Adjusted Net Income (Loss) is a non-U.S. GAAP financial measure
defined by us as net loss before restructuring charges, stock-based
compensation expense, and other non-recurring (income) expenses.
The Company calculates Adjusted Net Income (Loss) per Basic and
Diluted share using the Company's above-referenced definition of
Adjusted Net Income (Loss).
We have provided below a reconciliation of Adjusted EBITDA and
Adjusted Net Income (Loss) to Net Income (Loss), the most directly
comparable U.S. GAAP financial measure. We have presented Adjusted
EBITDA because it is a key measure used by our management and the
board of directors to understand and evaluate our core operating
performance and trends, to prepare and approve our annual budget
and to develop short and long-term operating plans. In particular,
we believe that the exclusion of the amounts eliminated in
calculating Adjusted EBITDA can provide a useful measure for
period-to-period comparisons of our core business performance. We
believe Adjusted Net Income (Loss) and Adjusted Net Income (Loss)
per Basic and Diluted Share serve as appropriate measures to be
used in evaluating the performance of our business and help our
investors better compare our operating performance over multiple
periods. Accordingly, we believe that Adjusted EBITDA and Adjusted
Net Income (Loss) provide useful information to investors and
others in understanding and evaluating our operating results in the
same manner as our management and our board of directors.
Our use of Adjusted EBITDA and Adjusted Net Income (Loss) have
limitations as analytical tools, and you should not consider them
in isolation or as a substitute for analysis of our financial
results as reported under U.S. GAAP. Some of these limitations are
as follows:
- Although depreciation and amortization expense are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future, and Adjusted EBITDA does not reflect cash
capital expenditure requirements for such replacements or for new
capital expenditure requirements;
- Adjusted EBITDA does not reflect: (1) interest and tax payments
that may represent a reduction in cash available to us; (2) capital
expenditures, future requirements for capital expenditures or
contractual commitments; (3) changes in, or cash requirements for,
working capital needs; (4) the potentially dilutive impact of
stock-based compensation expense; (5) potential future costs
related to our long-term debt; (6) potential future restructuring
expenses; (7) potential future costs related to business
acquisitions; (8) gain (loss) on debt extinguishment, or (9) and
acquisition-related amortization of intangibles assets from
business combinations.
- Adjusted Net Income (Loss) does not reflect: (1) potential
future restructuring activities; (2) the potentially dilutive
impact of stock-based compensation expense; (3) potential future
costs related to our long-term debt; (4) potential future costs
related to business acquisitions; (5) gain (loss) on debt
extinguishment, or (6) acquisition-related amortization of
intangibles assets from business combinations.
Other companies, including companies in our industry, may
calculate Adjusted EBITDA, Adjusted Net Income (Loss) or similarly
titled measures differently, which reduces its usefulness as a
comparative measure.
Because of these and other limitations, you should consider
Adjusted EBITDA and Adjusted Net Income (Loss) along with other
U.S. GAAP-based financial performance measures, including various
cash flow metrics and our U.S. GAAP financial results.
The following is a reconciliation of Adjusted EBITDA to the most
comparable U.S. GAAP financial measure, Net Income (Loss) (dollars
in thousands):
|
Three Months Ended
March 31,
|
|
Twelve Months Ended
March 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
|
$
(7,814)
|
|
$
(17,461)
|
|
$
(32,280)
|
|
$
(35,458)
|
Interest expense,
net
|
2,502
|
|
5,699
|
|
11,889
|
|
27,522
|
Provision for income
taxes
|
(336)
|
|
(638)
|
|
1,342
|
|
239
|
Depreciation
expense
|
1,099
|
|
1,193
|
|
5,757
|
|
5,091
|
Stock-based
compensation expense
|
3,249
|
|
3,197
|
|
13,829
|
|
9,624
|
Restructuring
charges
|
—
|
|
865
|
|
850
|
|
3,701
|
Loss on extinguishment
of Senior Secured Term Loan
|
—
|
|
14,789
|
|
14,960
|
|
14,789
|
Gain on PPP loan
forgiveness
|
—
|
|
—
|
|
(10,000)
|
|
—
|
Amortization of
acquisition related intangible assets
|
1,524
|
|
563
|
|
3,661
|
|
563
|
Acquisition-related
costs
|
201
|
|
59
|
|
1,562
|
|
452
|
Long-term debt related
costs
|
—
|
|
38
|
|
263
|
|
1,416
|
Adjusted
EBITDA
|
$
425
|
|
$
8,304
|
|
$
11,833
|
|
$
27,939
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Adjusted Net Income to the most comparable U.S.
GAAP financial measure, Net Income (Loss) (in
thousands):
|
|
Three Months Ended
March 31,
|
|
Twelve Months Ended
March 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
|
$
(7,814)
|
|
$
(17,461)
|
|
$
(32,280)
|
|
$
(35,458)
|
Stock-based
compensation
|
3,249
|
|
3,197
|
|
13,829
|
|
9,624
|
Restructuring
charges
|
—
|
|
865
|
|
850
|
|
3,701
|
Loss on extinguishment
of Senior Secured Term Loan
|
—
|
|
14,789
|
|
14,960
|
|
14,789
|
Gain on PPP loan
forgiveness
|
—
|
|
—
|
|
(10,000)
|
|
—
|
Amortization of
acquisition related intangible assets
|
1,524
|
|
563
|
|
3,661
|
|
563
|
Acquisition-related
costs
|
201
|
|
59
|
|
1,562
|
|
452
|
Long-term debt related
costs
|
—
|
|
38
|
|
263
|
|
1,416
|
Adjusted
net income (loss)
|
$
(2,840)
|
|
$
2,050
|
|
$
(7,155)
|
|
$
(4,913)
|
|
|
|
|
|
|
|
|
Adjusted
Net Income (Loss) per share:
|
|
|
|
|
|
|
|
Basic
|
$
(0.05)
|
|
$
0.04
|
|
$
(0.12)
|
|
$
(0.11)
|
Diluted
|
$
(0.04)
|
|
$
0.03
|
|
$
(0.11)
|
|
$
(0.11)
|
Weighted
average shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
60,313
|
|
50,424
|
|
58,871
|
|
42,852
|
Diluted
|
66,452
|
|
61,359
|
|
67,783
|
|
42,852
|
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SOURCE Quantum Corp.