Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company"),
a leader in solutions for AI and unstructured data, announced today
it will release financial results for its full year fiscal 2024
ended March 31, 2024 on Monday, June 17, 2024 after markets close.
Jamie Lerner, Chairman and CEO, and Kenneth Gianella, Chief
Financial Officer, will host a conference call on the same day.
Conference call information will follow in the coming days. The
timing of the filing and conference call is in conjunction with the
Company’s conclusion of its review of previously announced
accounting matters.
Update on Accounting Matters
The Company also announced that it has completed its analysis of
the Company's past application of standalone selling price (“SSP”)
under Accounting Standards Codification Topic 606 ("ASC 606")
relating to the classification and recognition of aspects of the
Company’s revenue.
Based on this analysis, which was supported by outside experts,
the Company currently estimates an increase in previously reported
revenue and net income for the fiscal years ended March 31, 2022
and March 31, 2023, including for each of the first three fiscal
quarters in such fiscal years, as well as the fiscal first quarter
ended June 30, 2023. These estimated revenue adjustments would
decrease the deferred revenue on the Company’s balance sheet for
the corresponding periods. The adjustments, due to the application
of SSP, does not impact the Company’s invoicing, cash, or
contractual obligations to its customers. This is purely an
accounting adjustment under its updated application of SSP under
ASC 606. During this process, the Company found no evidence of
fraud or intentional misconduct associated with its revenue
recognition process.
Additionally, during the Company’s in-depth analysis of its
prior financial statements, it identified a series of outstanding
warrant agreements issued to its prior and current lenders in 2018,
2020, and 2023, which required further evaluation under Accounting
Standards Codification Topic 815 (“Topic 815”). After consulting
with external advisors, the Company concluded that its prior
classification of warrants as equity was not consistent with Topic
815 and has restated them as a liability. This restatement also
requires accounting for the associated change in the fair value of
the warrants through the income statement. The Company will now
include the warrant liability adjustments for the fiscal years
ended March 31, 2022 and March 31, 2023, including for each of the
first three fiscal quarters in such years, as well as the fiscal
first quarter ended June 30, 2023. The impact from the revised
liability accounting treatment for outstanding warrants is
estimated to increase net income in all restated periods. This
change of accounting for outstanding warrants does not impact the
Company’s ongoing operations or its obligations to prior or current
lenders.
As a result of the changes described above, the Company intends
to restate its financial statements for the prior reported periods
referenced above. The Company intends to file its Annual Report on
Form 10-K covering the restated periods with both the revised SSP
and warrant classification on Monday, June 17, 2024.
Other Business Updates
Also today, Quantum announced a revised agreement with its
lenders to amend the Company’s existing term loan and revolving
credit agreements. These amendments, among other things, waived the
total net leverage ratio financial covenant for the quarter ended
March 31, 2024.
About Quantum
Quantum delivers end-to-end data management solutions designed
for the AI era. With over four decades of experience, our data
platform has allowed customers to extract the maximum value from
their unique, unstructured data. From high-performance ingest that
powers AI applications and demanding data-intensive workloads, to
massive, durable data lakes to fuel AI models, Quantum delivers the
most comprehensive and cost-efficient solutions. Leading
organizations in life sciences, government, media and
entertainment, research, and industrial technology trust Quantum
with their most valuable asset – their data. Quantum is listed on
Nasdaq (QMCO). 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 (the “Exchange Act”). These forward-looking statements
are largely based on the Company’s current expectations and
projections about future events affecting its business. Such
forward-looking statements include, in particular, statements
related to the Company’s completion of its review of accounting
matters, release of financial results for its full year fiscal 2024
ended March 31, 2024 and conference call relating to such results,
including the timing thereof; expectations with respect to how the
adjustments will impact the Company’s financial statements;
expectations regarding whether the adjustments will impact the
Company’s invoicing, cash, contractual obligations to its
customers, operations or its obligations to prior or current
lenders; and the Company’s plans, objectives and intentions that
are not historical facts generally. 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
the Company’s 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: the final
outcome of the evaluation of accounting matters and the impact of
the adjustments to the Company’s financial statements; the
discovery of additional and unanticipated information during the
evaluation process; changes in assumptions regarding how the
evaluation will impact the Company’s financial results; risks
related to the timely completion of the evaluation and filing of
the Quarterly Reports on Form 10-Q and Annual Report on Form 10-K;
the ability to meet stock exchange continued listing standards; the
possibility that the Nasdaq may delist the Company’s securities;
risks related to the Company’s ability to implement and maintain
effective internal control over financial reporting in the future;
and the impact of these factors on the Company’s performance and
outlook. See also other risks that are described in “Risk Factors”
in the Company’s filings with the Securities and Exchange
Commission (the “SEC”), including its Annual Report on Form 10-K
filed with the SEC for the fiscal year ended March 31, 2023, and
any subsequent reports filed with the SEC. The Company does not
intend to update or alter its forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by applicable law or regulation.
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version on businesswire.com: https://www.businesswire.com/news/home/20240529224838/en/
Investor Relations Contacts: Shelton Group Leanne K.
Sievers | Brett L. Perry E: sheltonir@sheltongroup.com
Quantum (NASDAQ:QMCO)
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