Quantum (QMCO) 10-Q 4 Aug 22 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-13449
Entity Registrant Name	QUANTUM CORP /DE/
Entity Incorporation, State	DE
Entity Tax Identification Number	94-2665054
Entity Address, Street Address	224 Airport Parkway
Entity Address, Suite	Suite 550
Entity Address, City	San Jose
Entity Address, State	CA
Entity Address, Postal Zip Code	95110
City Area Code	(408)
Local Phone Number	944-4000
Title of each class	Common Stock, $0.01 par value per share
Trading Symbol	QMCO
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		102,667,712
Entity Central Index Key	0000709283
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 26,528	$ 5,210
Restricted cash	255	283
Accounts receivable, net of allowance for doubtful accounts of $195 and $422	64,909	69,354
Manufacturing inventories	32,642	33,546
Service parts inventories	25,129	24,254
Prepaid expenses	10,715	7,853
Other current assets	4,574	4,697
Total current assets	164,752	145,197
Property and equipment, net	14,093	12,853
Intangible assets, net	8,420	9,584
Goodwill	12,969	12,969
Right-of-use assets, net	10,641	11,107
Other long-term assets	10,796	9,925
Total assets	221,671	201,635
Current liabilities:
Accounts payable	33,867	34,220
Deferred revenue	74,267	86,517
Long-term debt, current portion	5,000	4,375
Accrued compensation	14,531	16,141
Other accrued liabilities	14,157	16,562
Total current liabilities	141,822	157,815
Deferred revenue	40,196	41,580
Revolving credit facility	17,300	17,735
Long-term debt, net of current portion	69,195	89,448
Operating lease liabilities	9,932	9,891
Other long-term liabilities	12,013	11,849
Total liabilities	290,458	328,318
Commitments and contingencies (Note 9)
Stockholders' deficit
Preferred stock, 20,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; 125,000 shares authorized; 90,606 and 60,433 shares issued and outstanding	907	605
Additional paid-in capital	714,128	645,038
Accumulated deficit	(781,123)	(770,903)
Accumulated other comprehensive loss	(2,699)	(1,423)
Total stockholders’ deficit	(68,787)	(126,683)
Total liabilities and stockholders’ deficit	$ 221,671	$ 201,635

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 195	$ 422
Preferred stock shares authorized (shares)	20,000,000	20,000,000
Preferred stock shares issued (shares)	0	0
Preferred stock shares outstanding (shares)	0	0
Common stock par value (usd per share)	$ 0.01	$ 0.01
Common stock shares authorized (shares)	125,000,000	125,000,000
Common stock shares issued (shares)	90,606,000	60,433,000
Common stock shares outstanding (shares)	90,606,000	60,433,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Revenue	$ 97,074	$ 89,099
Cost of revenue:
Cost of revenue	63,026	51,821
Gross profit	34,048	37,278
Operating expenses:
Research and development	12,125	11,291
Sales and marketing	15,962	13,952
General and administrative	12,314	11,825
Restructuring charges	725	266
Total operating expenses	41,126	37,334
Loss from operations	(7,078)	(56)
Other income (expense), net	751	(198)
Interest expense	(2,091)	(3,886)
Loss on debt extinguishment	(1,392)	0
Net loss before income taxes	(9,810)	(4,140)
Income tax provision	410	13
Net loss	(10,220)	(4,153)
Deemed dividend on warrants	(389)	0
Net loss attributable to common stockholders, basic	(10,609)	(4,153)
Net loss attributable to common stockholders, diluted	$ (10,609)	$ (4,153)
Weighted average shares - basic (in shares)	83,641	57,129
Weighted average shares - diluted (in shares)	83,641	57,129
Foreign currency translation adjustments, net	$ (1,276)	$ 267
Total comprehensive loss	$ (11,496)	$ (3,886)
Common Stock
Operating expenses:
Net loss per share - basic (in dollars per share)	$ (0.13)	$ (0.07)
Net loss per share - diluted (in dollars per share)	$ (0.13)	$ (0.07)
Product
Revenue:
Revenue	$ 60,211	$ 52,131
Cost of revenue:
Cost of revenue	47,921	38,741
Service and subscription
Revenue:
Revenue	33,423	32,831
Cost of revenue:
Cost of revenue	15,105	13,080
Royalty
Revenue:
Revenue	$ 3,440	$ 4,137

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net loss	$ (10,220)	$ (4,153)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	2,586	1,809
Amortization of debt issuance costs	336	1,004
Loss on debt extinguishment	992	0
Provision for product and service inventories	1,631	976
Stock-based compensation	3,069	3,201
Other	(1,469)	326
Changes in assets and liabilities:
Accounts receivable, net	4,677	15,207
Manufacturing inventories	(412)	(3,769)
Service parts inventories	(1,384)	(588)
Accounts payable	(175)	(3,178)
Accrued restructuring charges	39	(454)
Accrued compensation	(1,610)	(4,852)
Deferred revenue	(13,634)	(6,306)
Other current assets	(2,739)	(5,291)
Other non-current assets	(261)	41
Other current liabilities	64	(1,545)
Other non-current liabilities	164	706
Net cash used in operating activities	(18,346)	(6,866)
Investing activities
Purchases of property and equipment	(3,036)	(1,150)
Deferred business acquisition payment	(2,000)	0
Net cash used in investing activities	(5,036)	(1,150)
Financing activities
Repayments of long-term debt and payment of amendment fees	(20,846)	(463)
Borrowings of credit facility	109,740	56,544
Repayments of credit facility and payment of amendment fees	(110,575)	(56,544)
Proceeds from issuance of common stock, net	66,324	0
Net cash provided by financing activities	44,643	(463)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	29	(14)
Net change in cash, cash equivalents and restricted cash	21,290	(8,493)
Cash, cash equivalents, and restricted cash at beginning of period	5,493	33,137
Cash, cash equivalents, and restricted cash at end of period	26,783	24,644
Cash, Cash Equivalents and Restricted Cash at end of period
Cash and cash equivalents	26,528	19,102
Restricted cash, current	255	542
Restricted cash, long-term	0	5,000
Cash, cash equivalents and restricted cash at the end of period	26,783	24,644
Supplemental disclosure of cash flow information
Cash paid for interest	1,863	2,860
Cash paid for income taxes, net	115	294
Non-cash transactions
Purchases of property and equipment included in accounts payable	133	146
Paid-in-kind interest	319	0
Deemed dividend on warrants	389	0
Service Inventory
Non-cash transactions
Transfer of manufacturing industries	890	411
Property And Equipment
Non-cash transactions
Transfer of manufacturing industries	$ 193	$ 65

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Mar. 31, 2021	$ (112,245)	$ 570	$ 626,664	$ (738,623)	$ (856)
Beginning balance (in shares) at Mar. 31, 2021		56,915,000
Increase (Decrease) in Stockholders' Equity
Net loss	(4,153)			(4,153)
Foreign currency translation adjustments, net	267				267
Shares issued under employee stock purchase plan	0	$ 3	(3)
Shares issued under employee stock purchase plan (in shares)		365,000
Stock-based compensation	3,201		3,201
Deemed dividend on warrants	0
Ending balance at Jun. 30, 2021	(112,930)	$ 573	629,862	(742,776)	(589)
Ending balance (in shares) at Jun. 30, 2021		57,280,000
Beginning balance at Mar. 31, 2022	$ (126,683)	$ 605	645,038	(770,903)	(1,423)
Beginning balance (in shares) at Mar. 31, 2022	60,433,000	60,433,000
Increase (Decrease) in Stockholders' Equity
Net loss	$ (10,220)			(10,220)
Foreign currency translation adjustments, net	(1,276)				(1,276)
Shares issued under employee stock purchase plan	0	$ 2	(2)
Shares issued under employee stock purchase plan (in shares)		173,000
Shares issued in connection with rights offering, net	66,323	$ 300	66,023
Shares issued in connection with rights offering (in shares)		30,000,000
Stock-based compensation	3,069		3,069
Settlement of warrant down round provision	389		389
Deemed dividend on warrants	(389)		(389)
Ending balance at Jun. 30, 2022	$ (68,787)	$ 907	$ 714,128	$ (781,123)	$ (2,699)
Ending balance (in shares) at Jun. 30, 2022	90,606,000	90,606,000

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Quantum Corporation, together with its consolidated subsidiaries (“Quantum” or the “Company”), is a leader in storing and managing digital video and other forms of unstructured data, delivering top streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. The Company’s software-defined, hyperconverged storage solutions span from non-violate memory express (“NVMe”), to solid state drives, (“SSD”), hard disk drives, (“HDD”), tape, the cloud, and video surveillance are tied together leveraging a single namespace view of the entire data environment. The Company works closely with a broad network of distributors, value-added resellers (“VARs”), direct marketing resellers (“DMRs”), original equipment manufacturers (“OEMs”) and other suppliers to meet customers’ evolving needs. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. All intercompany balances and transactions have been eliminated. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included within the Company's most recent Annual Report on Form 10-K. The unaudited consolidated interim financial statements reflect all adjustments, consisting only of normal and recurring items, necessary to present fairly our financial position as of June 30, 2022, the results of operations and comprehensive loss, statements of cash flows, and changes in stockholder's deficit for the three months ended June 30, 2022 and 2021. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment from the ongoing COVID-19 pandemic. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations, useful lives of intangible assets and property and equipment, stock-based compensation and provision for income taxes including related reserves. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Recently Adopted Accounting Pronouncement None.

REVENUE

REVENUE	3 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Based on how the Company manages its business, the Company has determined that it currently operates in one reportable segment. The Company operates in three 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 offering and geographies (in thousands): Three Months Ended June 30, 2022 2021 Americas 1 Primary storage systems $ 11,414 $ 7,194 Secondary storage systems 22,719 16,712 Device and media 4,972 6,521 Service and subscription 20,145 20,193 Total revenue 59,250 50,620 EMEA Primary storage systems 2,846 2,777 Secondary storage systems 7,844 7,760 Device and media 5,063 5,381 Service and subscription 11,017 10,813 Total revenue 26,770 26,731 APAC Primary storage systems 1,298 1,341 Secondary storage systems 2,475 3,733 Device and media 1,580 712 Service and subscription 2,261 1,825 Total revenue 7,614 7,611 Consolidated Primary storage systems 15,558 11,312 Secondary storage systems 33,038 28,205 Device and media 11,615 12,614 Service and subscription 33,423 32,831 Royalty 2 3,440 4,137 Total revenue $ 97,074 $ 89,099 1 Revenue for Americas geographic region outside of the United States is not significant. 2 Royalty revenue is not allocable to geographic regions. Contract Balances The following table presents the Company’s contract liabilities and certain information related to this balance as of and for the three months ended June 30, 2022 (in thousands): June 30, 2022 Contract liabilities (deferred revenue) $ 114,463 Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 31,789 Remaining Performance Obligations Remaining performance obligations consisted of the following (in thousands): Current Non-Current Total As of June 30, 2022 $ 98,394 $ 42,146 $ 140,540 The Company's non-current remaining performance obligations are expected to be recognized in the next 13 to 60 months.

BALANCE SHEET INFORMATION

BALANCE SHEET INFORMATION	3 Months Ended
	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET INFORMATION	BALANCE SHEET INFORMATION Certain significant amounts included in the Company's condensed consolidated balance sheets consist of the following (in thousands): Manufacturing inventories June 30, 2022 March 31, 2022 Finished goods $ 11,802 $ 14,607 Work in progress 2,066 2,546 Raw materials 18,774 16,393 Total manufacturing inventories $ 32,642 $ 33,546 Service parts inventories June 30, 2022 March 31, 2022 Finished goods $ 19,876 $ 19,234 Component parts 5,253 5,020 Total service parts inventories $ 25,129 $ 24,254 Intangibles, net June 30, 2022 March 31, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Developed technology $ 9,208 $ (3,955) $ 5,253 $ 9,208 $ (3,121) $ 6,087 Customer lists 4,600 (1,433) 3,167 4,600 (1,103) 3,497 Intangible assets, net $ 13,808 $ (5,388) $ 8,420 $ 13,808 $ (4,224) $ 9,584 Intangible assets amortization expense was $1.2 million and $0.5 for the three months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 2.2 years. As of June 30, 2022, the future expected amortization expense for intangible assets is as follows (in thousands): Fiscal year ending Estimated future amortization expense Remainder of 2023 $ 3,404 2024 3,417 2025 1,599 Thereafter — Total $ 8,420 Goodwill As of June 30, 2022 and March 31, 2022, goodwill was $13.0 million. There were no impairments to goodwill during the quarters ended June 30, 2022 and 2021.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The Company’s long-term debt consisted of the following (in thousands): June 30, 2022 March 31, 2022 Term Loan $ 78,417 $ 98,723 PNC Credit Facility 17,300 17,735 Less: current portion (5,000) (4,375) Less: unamortized debt issuance costs (1) (4,222) (4,899) Long-term debt, net $ 86,495 $ 107,184 (1) The unamortized debt issuance costs related to the Senior Secured Term Loan and the Term Loan are presented as a reduction of the carrying amount of the corresponding debt balance on the accompanying condensed consolidated balance sheets. Unamortized debt issuance costs related to the PNC Credit Facility are presented within other assets on the accompanying condensed consolidated balance sheets. On December 27, 2018, the Company entered into a senior secured term loan (the "Senior Secured Term Loan”) and amended its existing PNC Bank Credit Facility Agreement (the "PNC Credit Facility"). On February 11, 2021, the Company prepaid $92.3 million of its outstanding Senior Secured Term Loan. On August 5, 2021, the Company entered into a new senior secured term loan to borrow an aggregate of $100.0 million (the “Term Loan”). A portion of the proceeds were used to repay in full all outstanding borrowings under the Senior Secured Term Loan. Borrowings under the Term Loan mature on August 5, 2026. Principal is payable at a rate per annum equal to (a) 2.5% of the original principal balance thereof during the first year following the closing date of the Term Loan and (b) 5% of the original principal balance thereof thereafter. Principal and interest payments are payable on a quarterly basis. On April 25, 2022, the Company entered into amendments to the Term Loan and the PNC Credit Facility. The Term Loan amendment, among other things, (a) amended the total net leverage ratio financial covenant and the minimum liquidity financial covenant commencing with the fiscal quarter ended June 30, 2022; and; (b) replaced the benchmark rate for LIBOR Rate Loans with a rate based on the Secured Overnight Financing Rate ("SOFR"). The amendment to the Term Loan was accounted for as a modification. The Company incurred $0.4 million in costs related to the modification which are reflected as a reduction to the carrying amount of the Term Loan and amortized to interest expense over the remaining loan term. Loans under the Term Loan designated as ABR Loans bear interest at a rate per annum equal to the greatest of (i) 1.75%, (ii) the Federal funds rate plus 0.50%; (iii) the SOFR Rate based upon an interest period of one month plus 1.0%; and (iv) the “Prime Rate” last quoted by the Wall Street Journal, plus an applicable margin of 5.00%. Loans designated as SOFR Rate Loans bear interest at a rate per annum equal to the SOFR Rate plus an applicable margin of 6.00%. The SOFR Rate is subject to a floor of 0.75%. The Company can designate a loan as an ABR Rate Loan or SOFR Rate Loan in its discretion. The PNC Credit Facility amendment, among other things, (a) increased the principal amount of revolving commitments from $30.0 million to $40.0 million; (b) waived compliance with the fixed charge coverage ratio financial covenant until the fiscal quarter ended March 31, 2025; (c) amended the total net leverage ratio financial covenant and the minimum liquidity financial covenant commencing with the fiscal quarter ended June 30, 2022; and (d) replaced the benchmark rate for PNC LIBOR Rate Loans with a rate based on SOFR. The amendment to the PNC Credit Facility was accounted for as a modification. The Company incurred $0.4 million in costs which were recorded to other assets and amortized to interest expense over the remaining term of the agreement. Loans designated as PNC SOFR Loans bear interest at a rate per annum equal to the SOFR Rate plus 2.75% until December 31, 2023 and thereafter between 2.25% and 2.75% determined based on the Company’s Total Net Leverage Ratio, (as defined in the PNC Credit Facility Agreement) for the most recently completed fiscal quarter (the "PNC SOFR Loan Interest Rate"). Loans under the PNC Credit Facility designated as PNC Domestic Rate Loans and Swing Loans bear interest at a rate per annum equal to the greatest of (i) the base commercial lending rate of PNC Bank; (ii) the Overnight Bank Funding Rate plus 0.5%; and (iii) the daily SOFR Rate plus 1.0%, plus 1.75% until December 31, 2023 and thereafter between 1.25% and 1.75% determined based on the Company’s Total Net Leverage Ratio (the “PNC Domestic Loan Interest Rate”). With respect to any PNC SOFR Rate Loan, the Company has agreed to pay affiliates of certain Term Loan lenders a fee equal to a percentage per annum equal to the sum of (x) 6.50%, minus (y) the PNC SOFR Loan Interest Rate, plus (z) if the SOFR Rate applicable to such interest payment is less than 0.75%, (i) 0.75% minus (ii) such SOFR Rate. With respect to any Domestic Rate Loan or Swing Loan, the Company has agreed to pay an affiliate of certain Term Loan lenders a fee equal to a percentage per annum equal to the sum of (x) 5.50%, minus (y) the PNC Domestic Loan Interest Rate, plus (z) if the Alternative Base Rate applicable to such interest payment is less than 1.00%, (i) 1.00% minus (ii) such Alternative Base Rate. During the first fiscal quarter ending June 30, 2022, the Company recorded a loss on debt extinguishment of $1.4 million related to a $20.0 million prepayment of the Term Loan which was comprised of a $0.4 million prepayment penalty and the write-off of unamortized debt issuance costs of $1.0 million.

LEASES

LEASES	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASES	LEASES Supplemental balance sheet information related to leases is as follows (in thousands): Operating leases June 30, 2022 March 31, 2022 Operating lease right-of-use asset $ 10,641 $ 11,107 Other accrued liabilities 1,521 1,727 Operating lease liability 9,932 9,891 Total operating lease liabilities $ 11,453 $ 11,618 Components of lease cost were as follows (in thousands): Three Months Ended June 30, Lease Cost 2022 2021 Operating lease cost $ 1,026 $ 1,135 Variable lease cost 158 174 Total lease cost $ 1,184 $ 1,309 Maturity of Lease Liabilities Operating Leases Remainder of 2023 $ 2,139 2024 2,203 2025 1,940 2026 1,512 2027 1,411 Thereafter 14,560 Total lease payments $ 23,765 Less: imputed interest (12,312) Present value of lease liabilities $ 11,453 Lease Term and Discount Rate June 30, 2022 March 31, 2022 Weighted average remaining operating lease term (years) 11.18 10.88 Weighted average discount rate for operating leases 12.9 % 12.9 % Operating cash outflows related to operating leases totaled $0.7 million and $1.1 million for the three months ended June 30, 2022 and 2021, respectively.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
COMMON STOCK	COMMON STOCK Common Stock Rights Offering On April 25, 2022, the Company completed a rights offering of 30 million shares of its common stock for $2.25 per share (the “Rights Offering”). The proceeds net of offering expenses was $66.3 million. A portion of the proceeds from the Rights Offering was used to prepay $20.0 million of the Company’s Term Loan. Warrants As of the date of the Rights Offering, the Company had outstanding warrants to purchase 7,110,616 shares of the Company’s common stock at an exercise price of $1.33 per share and outstanding warrants to purchase 3,400,000 shares of the Company's common stock at an exercise price of $3.00 per share (the “$3.00 Warrants"). The exercise price and the number of shares underlying these warrants are subject to adjustment in the event of specified events, including dilutive issuances of common stock linked equity instruments at a price lower than the exercise price of the warrants, a subdivision or combination of the Company’s common stock, a reclassification of the Company’s common stock or specified dividend payments (the “Down Round Feature”). On April 25, 2022, the Down Round Feature was triggered for the $3.00 Warrants due to the price per share received in the Rights Offering. The exercise price for the $3.00 Warrants was adjusted to $2.79 per share and an additional 256,113 warrants were subsequently issued with an exercise price of $2.79. The Company calculated the difference between the $3.00 Warrants’ fair value before and after the Down Round Feature was triggered using the original exercise price and the new exercise price in addition to the value of the newly issued warrants. The difference in fair value of the effect of the Down Round Feature of $0.4 million was reflected as a deemed dividend and a reduction to income available to common stockholders in the basic earnings per share calculation. The Company used the Black-Scholes-Merton option-pricing model to determine the fair value of the deemed dividend. The assumptions used in the model are as follows: dividend rate of 0%;, expected term of 8 years; volatility of 56%; and a risk-free rate 2.85%.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following outstanding stock-based instruments which are comprised of performance share units, restricted stock units, and warrants were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands): Three Months Ended June 30, 2022 2021 2,849 11,436 The dilutive impact related to common stock from restricted stock units and warrants is determined by applying the treasury stock method to the assumed vesting of outstanding restricted stock units and the exercise of outstanding warrants. The dilutive impact related to common stock from contingently issuable performance share units is determined by applying a two-step approach using both the contingently issuable share guidance and the treasury stock method.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective tax rate for the three months ended June 30, 2022 and 2021 was (4.2)% and (0.3)%. The effective tax rates differed from the federal statutory tax rate of 21% during each of these periods due primarily to unbenefited losses experienced in jurisdictions with valuation allowances on deferred tax assets as well as the forecasted mix of earnings in domestic and international jurisdictions. As of June 30, 2022, including interest and penalties, the Company had $101.5 million of unrecognized tax benefits, $82.9 million of which, if recognized, would favorably affect the effective tax rate without consideration of the valuation allowance. As of June 30, 2022 the Company had accrued interest and penalties related to these unrecognized tax benefits of $1.3 million. The Company recognizes interest and penalties related to income tax matters in the income tax provision in the condensed consolidated statements of operations. As of June 30, 2022, $94.0 million of unrecognized tax benefits were recorded as a contra deferred tax asset in other long-term assets in the condensed consolidated balance sheets and $7.5 million (including interest and penalties) were recorded in other long-term liabilities in the condensed consolidated balance sheets. During the next 12 months, it is reasonably possible that approximately $10.8 million of tax benefits, inclusive of interest and penalties, that are currently unrecognized could be recognized as a result of the expiration of applicable statutes of limitations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments to Purchase Inventory The Company uses contract manufacturers for its manufacturing operations. Under these arrangements, the contract manufacturer procures inventory to manufacture products based upon the Company’s forecast of customer demand. The Company has similar arrangements with certain other suppliers. The Company is responsible for the financial impact on the supplier or contract manufacturer of any reduction or product mix shift in the forecast relative to materials that the third party had already purchased under a prior forecast. Such a variance in forecasted demand could require a cash payment for inventory in excess of current customer demand or for costs of excess or obsolete inventory. As of June 30, 2022, the Company had issued non-cancelable commitments for $50.9 million to purchase inventory from its contract manufacturers and suppliers. Legal Proceedings On July 22, 2016, Realtime Data LLC d/b/a IXO (“Realtime Data”) filed a patent infringement lawsuit against the Company in the U.S. District Court for the Eastern District of Texas, alleging infringement of U.S. Patents Nos. 7,161,506, 7,378,992, 7,415,530, 8,643,513, 9,054,728, and 9,116,908. The lawsuit has been transferred to the U.S. District Court for the Northern District of California for further proceedings. Realtime Data asserts that the Company has incorporated Realtime Data’s patented technology into its compression products and services. Realtime Data seeks unspecified monetary damages and other relief that the Court deems appropriate. On July 31, 2017, the District Court stayed proceedings in this litigation pending the outcome of Inter Partes Review proceedings before the Patent Trial and Appeal Board relating to the Realtime patents. In those proceedings the asserted claims of the ’506 patent, the ’992 patent, and the ’513 patent were found unpatentable. In addition, on July 19, 2019, the United States District Court for the District of Delaware issued a decision finding that all claims of the ’728 patent, the ’530 patent, and the ’908 patent are not eligible for patent protection under 35 U.S.C. § 101 (the “Delaware Action”). On appeal, the Federal Circuit vacated the decision in the Delaware Action and remanded for the Court to “elaborate on its ruling.” The case pending against Quantum in the Northern District of California remains stayed pending the final outcome in the Delaware Action. On May 4, 2021, the Court in the Delaware Action reaffirmed its earlier ruling and granted defendants’ motions to dismiss under Section 101. The Court also granted Realtime Data fourteen days to file amended complaints in the Delaware Action where they sought leave to do so. On May 19, 2021, Realtime Data filed amended complaints including revised bases for claims of infringement of the same patents. On June 29, 2021, defendants in the Delaware Action filed a renewed motion to dismiss under Section 101. Realtime Data filed its opposition to the motion to dismiss on July 13, 2021. On August 23, 2021, the Court again reaffirmed its earlier ruling and granted defendants’ motions to dismiss under Section 101. Realtime Data has appealed that decision to the Federal Circuit. On September 7, 2021, the case against Quantum in the Northern District of California was stayed pending the outcome of Realtime Data’s appeal in the Delaware Action. Quantum believes the probability that this lawsuit will have a material adverse effect on our business, operating results or financial condition is remote. On July 14, 2020, Starboard Value LP, Starboard Value and Opportunity Master Fund Ltd., Starboard Value and Opportunity S LLC, and Starboard Value and Opportunity C LP (collectively, “Starboard”) filed a lawsuit against Quantum Corporation, Quantum’s former CEO and board member Jon Gacek, and former Quantum board member Paul Auvil in the California Superior Court in Santa Clara County. The complaint alleges that between 2012 and 2014, Starboard purchased a large number of shares of Quantum’s common stock, obtained three seats on Quantum’s board of directors and then, in July 2014, entered into an agreement with Quantum whereby Starboard would not seek control of Quantum’s board but would instead support Quantum’s slate of board nominees so long as Quantum met certain performance objectives by the end of fiscal 2015. The complaint further alleges that Quantum hid its failure to meet those performance objectives by improperly recognizing revenue in fiscal 2015. Mr. Gacek resigned from the board effective May 1, 2017, and as CEO effective November 7, 2017; Mr. Auvil resigned from the board effective November 8, 2017. The complaint’s accounting allegations largely repeat allegations made in now-concluded shareholder class actions, shareholder derivative actions and an SEC investigation, the settlement of which Quantum previously reported in the Company’s Form 10-Q filed with the SEC on January 29, 2020 and Form 10-K filed with the SEC on August 6, 2019 (among other SEC filings). On September 14, 2020, defendants filed a motion to dismiss the California action on grounds of forum non conveniens and the mandatory Delaware forum selection clauses set forth in the contracts between Starboard and Quantum. On November 19, 2020, Starboard filed a first amended complaint in which Quantum was not named as a defendant, in effect dismissing Quantum from the California action. On January 8, 2021, Messrs. Gacek and Auvil moved to dismiss the amended complaint in California on grounds of forum non conveniens and the mandatory Delaware forum selection clauses set forth in the contracts between Starboard and Quantum. On March 11, 2021, the California Superior Court stayed the California action. On April 14, 2021, Starboard filed a new action in the Delaware Court of Chancery, naming as defendants Messrs. Gacek and Auvil and Quantum. The new action largely repeats the allegations of the California action, alleging claims for fraud against all defendants, fraudulent concealment against all defendants, negligent misrepresentation against all defendants, breach of contract against Quantum, breach of the implied covenant of good faith and fair dealing against Quantum, and breach of fiduciary duty against Messrs. Gacek and Auvil. The complaint prays for unspecified damages in an amount to be determined at trial, costs and attorneys’ fees, and any other relief deemed just or appropriate by the court. On May 10, 2021, Quantum filed a motion to dismiss this Delaware action, as did Messrs. Gacek and Auvil. Briefing on the motions ended July 26, 2021. The Court held oral argument on the motions on November 1, 2021. On January 28, 2022, via a bench ruling, the Court granted the motions to dismiss the breach of fiduciary duty claims against Messrs. Gacek and Auvil and denied the motions to dismiss the remaining claims; the bench ruling was confirmed in a written order filed February 24, 2022. On March 28, 2022, Quantum filed an answer and affirmative defenses to the complaint, as did Messrs. Gacek and Auvil. Discovery is underway. On May 3, 2022, the Court filed a stipulated order governing case schedule, setting trial for June 6-9, 2023, and also setting a number of pretrial deadlines. On March 4, 2022, Starboard filed a request for dismissal without prejudice of the California action because the matter is proceeding in Delaware. On March 10, 2022, the California Superior Court entered a minute order dismissing the action without prejudice. At this time, Quantum is unable to estimate the range of possible outcomes with respect to this matter. Other Commitments Additionally, from time to time, the Company is a party to various legal proceedings and claims arising from the normal course of business activities. Based on current available information, the Company does not expect that the ultimate outcome of any currently pending unresolved matters, individually or in the aggregate, will have a material adverse effect on its results of operations, cash flows or financial position.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s assets, measured and recorded at fair value on a recurring basis, may consist of money market funds which are included in cash and cash equivalents in the Condensed Consolidated Balance Sheets and are valued using quoted market prices (level 1 fair value measurements) at the respective balance sheet dates. No impairment charges were recognized for non-financial assets in the three months ended June 30, 2022 and 2021. The Company has no non-financial liabilities measured and recorded at fair value on a non-recurring basis. Long-term Debt The table below represents the carrying value and total estimated fair value of long-term debt as of June 30, 2022 and 2021. The fair value has been classified as Level 2 within the fair value hierarchy. June 30, 2022 2021 Carrying Value Fair Value Carrying Value Fair Value Term Loan $ 78,417 $ 78,417 $ 91,963 $ 97,047 PNC Credit Facility 17,300 17,300 — —

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. All intercompany balances and transactions have been eliminated. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included within the Company's most recent Annual Report on Form 10-K. The unaudited consolidated interim financial statements reflect all adjustments, consisting only of normal and recurring items, necessary to present fairly our financial position as of June 30, 2022, the results of operations and comprehensive loss, statements of cash flows, and changes in stockholder's deficit for the three months ended June 30, 2022 and 2021. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment from the ongoing COVID-19 pandemic. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations, useful lives of intangible assets and property and equipment, stock-based compensation and provision for income taxes including related reserves. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of revenue from external customers by geographic areas	In the following table, revenue is disaggregated by major product offering and geographies (in thousands): Three Months Ended June 30, 2022 2021 Americas 1 Primary storage systems $ 11,414 $ 7,194 Secondary storage systems 22,719 16,712 Device and media 4,972 6,521 Service and subscription 20,145 20,193 Total revenue 59,250 50,620 EMEA Primary storage systems 2,846 2,777 Secondary storage systems 7,844 7,760 Device and media 5,063 5,381 Service and subscription 11,017 10,813 Total revenue 26,770 26,731 APAC Primary storage systems 1,298 1,341 Secondary storage systems 2,475 3,733 Device and media 1,580 712 Service and subscription 2,261 1,825 Total revenue 7,614 7,611 Consolidated Primary storage systems 15,558 11,312 Secondary storage systems 33,038 28,205 Device and media 11,615 12,614 Service and subscription 33,423 32,831 Royalty 2 3,440 4,137 Total revenue $ 97,074 $ 89,099 1 Revenue for Americas geographic region outside of the United States is not significant. 2 Royalty revenue is not allocable to geographic regions.
Schedule of deferred revenue, by arrangement	The following table presents the Company’s contract liabilities and certain information related to this balance as of and for the three months ended June 30, 2022 (in thousands): June 30, 2022 Contract liabilities (deferred revenue) $ 114,463 Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 31,789
Schedule of remaining performance obligations	Remaining performance obligations consisted of the following (in thousands): Current Non-Current Total As of June 30, 2022 $ 98,394 $ 42,146 $ 140,540

BALANCE SHEET INFORMATION (Tabl

BALANCE SHEET INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of manufacturing inventories	Manufacturing inventories June 30, 2022 March 31, 2022 Finished goods $ 11,802 $ 14,607 Work in progress 2,066 2,546 Raw materials 18,774 16,393 Total manufacturing inventories $ 32,642 $ 33,546
Schedule of service part inventories	Service parts inventories June 30, 2022 March 31, 2022 Finished goods $ 19,876 $ 19,234 Component parts 5,253 5,020 Total service parts inventories $ 25,129 $ 24,254
Summary of carrying value of intangible assets	Intangibles, net June 30, 2022 March 31, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Developed technology $ 9,208 $ (3,955) $ 5,253 $ 9,208 $ (3,121) $ 6,087 Customer lists 4,600 (1,433) 3,167 4,600 (1,103) 3,497 Intangible assets, net $ 13,808 $ (5,388) $ 8,420 $ 13,808 $ (4,224) $ 9,584
Future expected amortization expense for intangible assets	As of June 30, 2022, the future expected amortization expense for intangible assets is as follows (in thousands): Fiscal year ending Estimated future amortization expense Remainder of 2023 $ 3,404 2024 3,417 2025 1,599 Thereafter — Total $ 8,420

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt	The Company’s long-term debt consisted of the following (in thousands): June 30, 2022 March 31, 2022 Term Loan $ 78,417 $ 98,723 PNC Credit Facility 17,300 17,735 Less: current portion (5,000) (4,375) Less: unamortized debt issuance costs (1) (4,222) (4,899) Long-term debt, net $ 86,495 $ 107,184 (1) The unamortized debt issuance costs related to the Senior Secured Term Loan and the Term Loan are presented as a reduction of the carrying amount of the corresponding debt balance on the accompanying condensed consolidated balance sheets. Unamortized debt issuance costs related to the PNC Credit Facility are presented within other assets on the accompanying condensed consolidated balance sheets.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Supplemental balance sheet	Supplemental balance sheet information related to leases is as follows (in thousands): Operating leases June 30, 2022 March 31, 2022 Operating lease right-of-use asset $ 10,641 $ 11,107 Other accrued liabilities 1,521 1,727 Operating lease liability 9,932 9,891 Total operating lease liabilities $ 11,453 $ 11,618
Components of lease cost	Components of lease cost were as follows (in thousands): Three Months Ended June 30, Lease Cost 2022 2021 Operating lease cost $ 1,026 $ 1,135 Variable lease cost 158 174 Total lease cost $ 1,184 $ 1,309 Lease Term and Discount Rate June 30, 2022 March 31, 2022 Weighted average remaining operating lease term (years) 11.18 10.88 Weighted average discount rate for operating leases 12.9 % 12.9 %
Maturity of operating lease liability	Maturity of Lease Liabilities Operating Leases Remainder of 2023 $ 2,139 2024 2,203 2025 1,940 2026 1,512 2027 1,411 Thereafter 14,560 Total lease payments $ 23,765 Less: imputed interest (12,312) Present value of lease liabilities $ 11,453

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of antidilutive securities excluded from computation of diluted net income (loss) per share	The following outstanding stock-based instruments which are comprised of performance share units, restricted stock units, and warrants were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands): Three Months Ended June 30, 2022 2021 2,849 11,436

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of carrying value and total estimated fair value	The table below represents the carrying value and total estimated fair value of long-term debt as of June 30, 2022 and 2021. The fair value has been classified as Level 2 within the fair value hierarchy. June 30, 2022 2021 Carrying Value Fair Value Carrying Value Fair Value Term Loan $ 78,417 $ 78,417 $ 91,963 $ 97,047 PNC Credit Facility 17,300 17,300 — —

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	3 Months Ended
	Jun. 30, 2022 segment region
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Number of reportable segments | segment	1
Geographic regions operated in (regions) | region	3
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining performance obligation, timing of satisfaction	13 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining performance obligation, timing of satisfaction	60 months

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Revenue	$ 97,074	$ 89,099
Americas
Disaggregation of Revenue
Revenue	59,250	50,620
EMEA
Disaggregation of Revenue
Revenue	26,770	26,731
APAC
Disaggregation of Revenue
Revenue	7,614	7,611
Primary storage systems
Disaggregation of Revenue
Revenue	15,558	11,312
Primary storage systems | Americas
Disaggregation of Revenue
Revenue	11,414	7,194
Primary storage systems | EMEA
Disaggregation of Revenue
Revenue	2,846	2,777
Primary storage systems | APAC
Disaggregation of Revenue
Revenue	1,298	1,341
Secondary storage systems
Disaggregation of Revenue
Revenue	33,038	28,205
Secondary storage systems | Americas
Disaggregation of Revenue
Revenue	22,719	16,712
Secondary storage systems | EMEA
Disaggregation of Revenue
Revenue	7,844	7,760
Secondary storage systems | APAC
Disaggregation of Revenue
Revenue	2,475	3,733
Device and media
Disaggregation of Revenue
Revenue	11,615	12,614
Device and media | Americas
Disaggregation of Revenue
Revenue	4,972	6,521
Device and media | EMEA
Disaggregation of Revenue
Revenue	5,063	5,381
Device and media | APAC
Disaggregation of Revenue
Revenue	1,580	712
Service and subscription
Disaggregation of Revenue
Revenue	33,423	32,831
Service and subscription | Americas
Disaggregation of Revenue
Revenue	20,145	20,193
Service and subscription | EMEA
Disaggregation of Revenue
Revenue	11,017	10,813
Service and subscription | APAC
Disaggregation of Revenue
Revenue	2,261	1,825
Royalty
Disaggregation of Revenue
Revenue	$ 3,440	$ 4,137

REVENUE - Certain Information R

REVENUE - Certain Information Related to Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Contract liabilities (deferred revenue)	$ 114,463
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$ 31,789

REVENUE - Remaining Performance

REVENUE - Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Current	$ 98,394
Non-Current	42,146
Total	$ 140,540

BALANCE SHEET INFORMATION - Sch

BALANCE SHEET INFORMATION - Schedule of Manufacturing Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Inventories
Finished goods	$ 11,802	$ 14,607
Work in progress	2,066	2,546
Raw materials	18,774	16,393
Total manufacturing inventories	$ 32,642	$ 33,546

BALANCE SHEET INFORMATION - S_2

BALANCE SHEET INFORMATION - Schedule of Service Parts Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Finished goods	$ 19,876	$ 19,234
Component parts	5,253	5,020
Total service parts inventories	$ 25,129	$ 24,254

BALANCE SHEET INFORMATION - S_3

BALANCE SHEET INFORMATION - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets
Gross	$ 13,808	$ 13,808
Accumulated Amortization	(5,388)	(4,224)
Net	8,420	9,584
Developed technology
Finite-Lived Intangible Assets
Gross	9,208	9,208
Accumulated Amortization	(3,955)	(3,121)
Net	5,253	6,087
Customer lists
Finite-Lived Intangible Assets
Gross	4,600	4,600
Accumulated Amortization	(1,433)	(1,103)
Net	$ 3,167	$ 3,497

BALANCE SHEET INFORMATION - Nar

BALANCE SHEET INFORMATION - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Intangible assets amortization expense	$ 1,200,000	$ 500,000
Weighted-average remaining amortization period (in years)	2 years 2 months 12 days
Goodwill	$ 12,969,000		$ 12,969,000
Goodwill impairment loss	$ 0	$ 0

BALANCE SHEET INFORMATION - S_4

BALANCE SHEET INFORMATION - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Fiscal year ending
Remainder of 2023	$ 3,404
2024	3,417
2025	1,599
Thereafter	0
Net	$ 8,420	$ 9,584

LONG-TERM DEBT - Schedule of De

LONG-TERM DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument
Revolving credit facility	$ 17,300	$ 17,735
Less: current portion	(5,000)	(4,375)
Less: unamortized debt issuance costs	(4,222)	(4,899)
Long-term debt, net of current portion	86,495	107,184
Term Loan | Senior Secured Debt
Debt Instrument
Term Loan	78,417	98,723
Amended Revolving Credit Agreement with PNC | Line of Credit
Debt Instrument
Revolving credit facility	$ 17,300	$ 17,735

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($)				3 Months Ended
	Apr. 25, 2022	Dec. 31, 2021	Feb. 11, 2021	Jun. 30, 2022	Jun. 30, 2021	Apr. 24, 2022	Aug. 05, 2021
Debt Instrument
Repayments of long-term debt and payment of amendment fees				$ 20,846,000	$ 463,000
Loss on debt extinguishment				1,392,000	$ 0
Amended PNC Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing amount				29,100,000
Line of credit, current borrowing capacity				11,800,000
Term Loan | Senior Secured Debt
Debt Instrument
Repayments of long-term debt and payment of amendment fees			$ 92,300,000
Debt amendment costs	$ 400,000
Term Loan Credit Agreement | Term Loan
Debt Instrument
Repayments of long-term debt and payment of amendment fees				20,000,000
Aggregate principal amount							$ 100,000,000
Loss on debt extinguishment				1,400,000
Prepayment penalty cost				400,000
Debt issuance cost				$ 1,000,000
Term Loan Credit Agreement | Term Loan | Base Rate
Debt Instrument
Variable rate rate (in percent)	1.75%
Term Loan Credit Agreement | Term Loan | Federal funds rate
Debt Instrument
Variable rate rate (in percent)	0.50%
Term Loan Credit Agreement | Term Loan | One month LIBOR
Debt Instrument
Variable rate rate (in percent)	1%
Term Loan Credit Agreement | Term Loan | Prime Rate
Debt Instrument
Variable rate rate (in percent)	5%
Term Loan Credit Agreement | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Variable rate rate (in percent)	6%
Term Loan Credit Agreement | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument
Variable rate rate (in percent)	0.75%
Term Loan Credit Agreement | Term Loan | Covenant Period One
Debt Instrument
Stated interest rate (in percent)							2.50%
Term Loan Credit Agreement | Term Loan | Covenant Period Two
Debt Instrument
Stated interest rate (in percent)							5%
Amended Revolving Credit Agreement with PNC | Line of Credit
Debt Instrument
Aggregate principal amount	$ 400,000
Line of credit facility, maximum borrowing amount	$ 40,000,000					$ 30,000,000
Loan servicing fee (in percent)	6.50%
Amended Revolving Credit Agreement with PNC | LIBOR | Line of Credit
Debt Instrument
Loan servicing trigger (in percent)	0.75%
Loan servicing trigger, rate below libor (in percent)	0.75%
Amended Revolving Credit Agreement with PNC | Covenant Period One | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit
Debt Instrument
Variable rate rate (in percent)	2.75%
Amended Revolving Credit Agreement with PNC | Covenant Period Two | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Line of Credit
Debt Instrument
Variable rate rate (in percent)	2.25%
Amended Revolving Credit Agreement with PNC | Covenant Period Two | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Line of Credit
Debt Instrument
Variable rate rate (in percent)	2.75%
Domestic Rate And Swing Line Loans | Line of Credit
Debt Instrument
Loan servicing fee (in percent)	5.50%
Loan servicing trigger (in percent)	1%
Loan servicing trigger, rate below libor (in percent)	1%
Domestic Rate And Swing Line Loans | Minimum | Line of Credit
Debt Instrument
Variable rate rate (in percent)		1.25%
Domestic Rate And Swing Line Loans | Maximum | Line of Credit
Debt Instrument
Variable rate rate (in percent)		1.75%
Domestic Rate And Swing Line Loans | Overnight Bank Funding Rate | Line of Credit
Debt Instrument
Variable rate rate (in percent)		0.50%
Domestic Rate And Swing Line Loans | Daily Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit
Debt Instrument
Variable rate rate (in percent)		1%
Domestic Rate And Swing Line Loans | Covenant Period Two | Line of Credit
Debt Instrument
Stated interest rate (in percent)				6.50%
Domestic Rate And Swing Line Loans | Covenant Period Two | LIBOR | Line of Credit
Debt Instrument
Variable rate rate (in percent)				2.61%
Term Loan | Line of Credit
Debt Instrument
Stated interest rate (in percent)				7.01%

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Leases [Abstract]
Operating lease right-of-use asset	$ 10,641	$ 11,107
Other accrued liabilities	$ 1,521	$ 1,727
Operating Lease, Liability, Current, Statement of Financial Position	Other accrued liabilities	Other accrued liabilities
Operating lease liabilities	$ 9,932	$ 9,891
Total operating lease liabilities	$ 11,453	$ 11,618

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 1,026	$ 1,135
Variable lease cost	158	174
Total lease cost	$ 1,184	$ 1,309

LEASES - Schedule of Lessee Ope

LEASES - Schedule of Lessee Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due
Remainder of 2023	$ 2,139
2024	2,203
2025	1,940
2026	1,512
2027	1,411
Thereafter	14,560
Total lease payments	23,765
Less: imputed interest	(12,312)
Present value of lease liabilities	$ 11,453	$ 11,618

LEASES - Supplemental Balance_2

LEASES - Supplemental Balance Sheet Information (Details)	Jun. 30, 2022	Mar. 31, 2022
Weighted average remaining lease term and discount rate
Weighted average remaining operating lease term (years)	11 years 2 months 4 days	10 years 10 months 17 days
Weighted average discount rate for operating leases (percentage)	12.90%	12.90%

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 0.7	$ 1.1

COMMON STOCK (Details)

COMMON STOCK (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 25, 2022 USD ($) yr $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Apr. 24, 2022 $ / shares	Mar. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock
Repayments of long-term debt and payment of amendment fees		$ 20,846	$ 463
Reduction in equity value due to round down		$ (389)
December Twenty Twenty Eight Amendments Of Warrants
Subsidiary, Sale of Stock
Warrants issued (in shares) | shares					7,110,616
Warrant exercise price (in dollars per share) | $ / shares					$ 1.33
$3.00 Warrants
Subsidiary, Sale of Stock
Warrants issued (in shares) | shares					3,400,000
Warrant exercise price (in dollars per share) | $ / shares	$ 2.79			$ 3	$ 3
Additional warrants issues (in shares) | shares	256,113
Reduction in equity value due to round down	$ 400
$3.00 Warrants | Dividend rates
Subsidiary, Sale of Stock
Warrant measurement inputs	0
$3.00 Warrants | Expected term
Subsidiary, Sale of Stock
Warrant measurement inputs | yr	8
$3.00 Warrants | Volatility
Subsidiary, Sale of Stock
Warrant measurement inputs	0.56
$3.00 Warrants | Risk free interest rate
Subsidiary, Sale of Stock
Warrant measurement inputs	0.0285
Rights Offering
Subsidiary, Sale of Stock
Number of shares issued in transaction (in shares) | shares	30,000,000
Sale of stock price (in dollars per share) | $ / shares	$ 2.25
Proceeds from issuance of stock, net	$ 66,300
Repayments of long-term debt and payment of amendment fees	$ 20,000

NET LOSS PER SHARE - Anti-dilut

NET LOSS PER SHARE - Anti-dilutive shares excluded from the computations of diluted net income (loss) (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive shares excluded	2,849	11,436

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Contingency
Effective income tax rate (percentage)	(4.20%)	(0.30%)
Unrecognized tax benefits	$ 101.5
Unrecognized tax benefits that would impact effective tax rate	82.9
Accrued interest and penalties related to unrecognized tax benefits	1.3
Other long-term assets
Income Tax Contingency
Unrecognized tax benefits	94
Increase in unrecognized tax benefits, reasonably possible	10.8
Other long-term liabilities
Income Tax Contingency
Unrecognized tax benefits	$ 7.5

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining purchase commitments	$ 50.9

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Debt (Details) - Level 2 fair value measurements - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term Loan	$ 78,417	$ 91,963
Carrying Value | Revolving Credit Agreement with PNC | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
PNC Credit Facility	17,300	0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term Loan	78,417	97,047
Fair Value | Revolving Credit Agreement with PNC | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
PNC Credit Facility	$ 17,300	$ 0