Quantum (QMCO) 10-Q 8 Aug 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		95,040,608
Entity Central Index Key	0000709283
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 25,465	$ 25,963
Restricted cash	200	212
Accounts receivable, net of allowance for doubtful accounts of $163 and $201, respectively	66,245	72,464
Manufacturing inventories	20,017	19,441
Service parts inventories	25,276	25,304
Prepaid expenses	6,444	4,158
Other current assets	6,004	5,513
Total current assets	149,651	153,055
Property and equipment, net	15,583	16,555
Intangible assets, net	3,801	4,941
Goodwill	12,969	12,969
Right-of-use assets, net	10,017	10,291
Other long-term assets	18,463	15,846
Total assets	210,484	213,657
Current liabilities:
Accounts payable	30,560	35,716
Deferred revenue, current portion	79,686	82,504
Long-term debt, current portion	5,000	5,000
Accrued compensation	14,894	15,710
Other accrued liabilities	12,715	13,666
Total current liabilities	142,855	152,596
Deferred revenue, net of current portion	43,903	43,306
Revolving credit facility	17,800	16,750
Long-term debt, net of current portion	77,814	66,354
Operating lease liabilities	10,001	10,169
Other long-term liabilities	12,191	11,370
Total liabilities	304,564	300,545
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; 225,000 shares authorized; 93,705 and 93,574 shares issued and outstanding	938	936
Additional paid-in capital	725,736	722,603
Accumulated deficit	(819,422)	(808,846)
Accumulated other comprehensive loss	(1,332)	(1,581)
Total stockholders’ deficit	(94,080)	(86,888)
Total liabilities and stockholders’ deficit	$ 210,484	$ 213,657

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 163	$ 201
Preferred stock shares authorized (in shares)	20,000,000	20,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	225,000,000	225,000,000
Common stock shares issued (in shares)	93,705,000	93,574,000
Common stock shares outstanding (in shares)	93,705,000	93,574,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Revenue	$ 91,787	$ 97,074
Cost of revenue:
Cost of revenue	56,854	63,026
Gross profit	34,933	34,048
Operating expenses:
Research and development	10,913	12,125
Sales and marketing	15,839	15,962
General and administrative	12,699	12,314
Restructuring charges	1,329	725
Total operating expenses	40,780	41,126
Loss from operations	(5,847)	(7,078)
Other income (expense), net	(998)	751
Interest expense	(3,201)	(2,091)
Loss on debt extinguishment	0	(1,392)
Net loss before income taxes	(10,046)	(9,810)
Income tax provision	530	410
Net loss	(10,576)	(10,220)
Deemed dividend on warrants	0	(389)
Net loss attributable to common stockholders- basic	(10,576)	(10,609)
Net loss attributable to common stockholders- diluted	$ (10,576)	$ (10,609)
Net loss per share - basic (in dollars per share)	$ (0.11)	$ (0.13)
Net loss per share - diluted (in dollars per share)	$ (0.11)	$ (0.13)
Weighted average shares - basic (in shares)	93,673	83,641
Weighted average shares - diluted (in shares)	93,673	83,641
Foreign currency translation adjustments, net	$ 249	$ (1,276)
Total comprehensive loss	(10,327)	(11,496)
Product revenue
Revenue:
Revenue	57,447	60,211
Cost of revenue:
Cost of revenue	44,451	47,921
Service and subscription
Revenue:
Revenue	31,375	33,423
Cost of revenue:
Cost of revenue	12,403	15,105
Royalty
Revenue:
Revenue	$ 2,965	$ 3,440

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (10,576)	$ (10,220)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	2,752	2,586
Amortization of debt issuance costs	520	336
Loss on debt extinguishment	0	992
Provision for product and service inventories	516	1,631
Stock-based compensation	1,901	3,069
Other	734	(1,469)
Changes in assets and liabilities:
Accounts receivable, net	6,255	4,677
Manufacturing inventories	(692)	(412)
Service parts inventories	(516)	(1,384)
Prepaid expenses	(2,287)	(2,745)
Accounts payable	(5,421)	(175)
Accrued restructuring charges	110	39
Accrued compensation	(816)	(1,610)
Deferred revenue	(2,221)	(13,634)
Other current assets	(487)	6
Other non-current assets	(935)	(261)
Other current liabilities	(954)	64
Other non-current liabilities	1,462	164
Net cash used in operating activities	(10,655)	(18,346)
Investing activities
Purchases of property and equipment	(2,299)	(3,036)
Deferred business acquisition payment	0	(2,000)
Net cash used in investing activities	(2,299)	(5,036)
Financing activities
Borrowings of long-term debt, net of debt issuance costs	14,100	0
Repayments of long-term debt and payment of amendment fees	(1,997)	(20,846)
Borrowings of credit facility	108,186	109,740
Repayments of credit facility and payment of amendment fees	(107,834)	(110,575)
Proceeds from issuance of common stock, net	(9)	66,324
Net cash provided by financing activities	12,446	44,643
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	29
Net change in cash, cash equivalents and restricted cash	(510)	21,290
Cash, cash equivalents, and restricted cash at beginning of period	26,175	5,493
Cash, cash equivalents, and restricted cash at end of period	25,665	26,783
Cash, Cash Equivalents and Restricted Cash at end of period
Cash and cash equivalents	25,465	26,528
Restricted cash, current	200	255
Cash and cash equivalents at the end of period	25,665	26,783
Supplemental disclosure of cash flow information
Cash paid for interest	1,863	1,863
Cash paid for income taxes, net	307	115
Non-cash transactions
Purchases of property and equipment included in accounts payable	977	133
Paid-in-kind interest	191	319
Deemed dividend on warrants	0	389
Service Inventory
Non-cash transactions
Transfer of manufacturing industries	(226)	890
Property And Equipment
Non-cash transactions
Transfer of manufacturing industries	$ 143	$ 193

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 Loss
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
Increase (Decrease) in Stockholders' Equity
Net loss	(10,220)			(10,220)
Foreign currency translation adjustments, net	(1,276)				(1,276)
Shares issued under employee incentive plans, net	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, net (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
Beginning balance at Mar. 31, 2023	$ (86,888)	$ 936	722,603	(808,846)	(1,581)
Beginning balance (in shares) at Mar. 31, 2023	93,574,000	93,574,000
Increase (Decrease) in Stockholders' Equity
Net loss	$ (10,576)			(10,576)
Foreign currency translation adjustments, net	249				249
Shares issued under employee incentive plans, net	0	$ 2	(2)
Shares issued under employee stock purchase plan (in shares)		131,000
Stock-based compensation	1,901		1,901
Deemed dividend on warrants	0
Warrants Issued In Connection With Debt Refinancing	1,234		1,234
Ending balance at Jun. 30, 2023	$ (94,080)	$ 938	$ 725,736	$ (819,422)	$ (1,332)
Ending balance (in shares) at Jun. 30, 2023	93,705,000	93,705,000

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2023
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-volatile memory express (“NVMe”), to solid state drives (“SSD”), hard disk drives (“HDD”), tape and the cloud and 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, 2023, the results of operations and comprehensive loss, statements of cash flows, and changes in stockholder's deficit for the three months ended June 30, 2023 and 2022. 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 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. 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 Issued but not Adopted Accounting Pronouncements None.

REVENUE

REVENUE	3 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUEBased 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 offerings and geographies (in thousands): Three Months Ended June 30, 2023 2022 Americas 1 Product revenue 36,629 39,105 Service and subscription 18,394 20,145 Total revenue 55,023 61 % 59,250 60 % EMEA Product revenue 15,102 15,753 Service and subscription 10,926 11,017 Total revenue 26,028 28 % 26,770 28 % APAC Product revenue 5,716 5,353 Service and subscription 2,055 2,261 Total revenue 7,771 8 % 7,614 8 % Consolidated Product revenue 57,447 60,211 Service and subscription 31,375 33,423 Royalty 2 2,965 3 % 3,440 4 % Total revenue $ 91,787 100 % $ 97,074 100 % 1 Revenue for Americas geographic region outside of the United States is not significant. 2 Royalty revenue is not allocatable to geographic regions. Revenue by Solution Three Months Ended June 30, 2023 % 2022 % Primary storage systems 11,111 12 % 16,743 17 % Secondary storage systems 40,626 45 % 33,451 34 % Device and media 8,348 9 % 11,616 12 % Service 28,737 31 % 31,824 33 % Royalty 2,965 3 % 3,440 4 % Total revenue 1 91,787 100 % 97,074 100 % 1 Subscription revenue of $2.6 million and $1.6 million was allocated to Primary and Secondary storage systems for the quarters ended June 30, 2023 and 2022, respectively. 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, 2023 (in thousands): June 30, 2023 Contract liabilities (deferred revenue) $ 123,589 Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 26,919 Remaining Performance Obligations Remaining performance obligations consisted of the following (in thousands): Current Non-Current Total As of June 30, 2023 $ 95,299 $ 46,032 $ 141,331 The table below reflects our deferred revenue as of June 30, 2023 (in thousands): Deferred revenue by period (in thousands) Total 1 year or less 1 – 3 Years 3 year or greater Subscription revenue $ 14,800 $ 6,936 $ 7,160 $ 704 Service revenue 108,789 72,749 33,973 $ 2,067 Total $ 123,589 $ 79,685 $ 41,133 $ 2,771 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, 2023
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, 2023 March 31, 2023 Finished goods $ 7,395 $ 6,958 Work in progress 1,538 1,304 Raw materials 11,084 11,179 Total manufacturing inventories $ 20,017 $ 19,441 Service parts inventories June 30, 2023 March 31, 2023 Finished goods $ 17,884 $ 19,834 Component parts 7,392 5,470 Total service parts inventories $ 25,276 $ 25,304 Intangibles, net June 30, 2023 March 31, 2023 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Developed technology $ 9,013 $ (7,104) $ 1,909 $ 9,013 $ (6,269) $ 2,744 Customer lists 4,398 (2,506) 1,892 4,398 (2,201) 2,197 Intangible assets, net $ 13,411 $ (9,610) $ 3,801 $ 13,411 $ (8,470) $ 4,941 Intangible assets amortization expense was $1.1 million and $1.2 million for the three months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 1.4 years. As of June 30, 2023, the future expected amortization expense for intangible assets is as follows (in thousands): Fiscal year ending Estimated future amortization expense Remainder of 2024 $ 2,348 2025 1,453 Thereafter — Total $ 3,801 Goodwill As of June 30, 2023 and March 31, 2022, goodwill was $13.0 million. There were no impairments to goodwill during the three months ended June 30, 2023 and 2022.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The Company’s long-term debt consisted of the following (in thousands): June 30, 2023 March 31, 2023 Term Loan $ 88,608 $ 74,667 PNC Credit Facility 17,800 16,750 Less: current portion (5,000) (5,000) Less: unamortized debt issuance costs (1) (5,794) (3,313) Long-term debt, net $ 95,614 $ 83,104 (1) The unamortized debt issuance costs related to the Term Loan is 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 August 5, 2021, the Company entered into a new senior secured term loan to borrow an aggregate of $100.0 million (the “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 “April 2022 Amendments”). The April 2022 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 April 2022 Amendments were accounted for as modifications. The Company incurred $0.4 million in costs related to amendment to the Term Loan which is reflected as a reduction to the carrying amount of the Term Loan and amortized to interest expense over the remaining loan term. On June 1, 2023, the Company entered into amendments to the Term Loan and the PNC Credit Facility (the “June 2023 Amendments”). The June 2022 Amendments, among other things, (a) amended the total net leverage ratio financial covenant commencing with the fiscal quarter ended June 30, 2023; (b) amended the minimum liquidity financial covenant to adjust the minimum liquidity level; and (c) amended the “EBITDA” definition to increase the add-back cap on non-recurring items including restructuring charges during the fiscal years ended March 31, 2024 and 2025. The June 2023 Amendments to the Term Loan also provided an advance of $15.0 million in additional Term Loan borrowings (the “2023 Term Loan”) and incurred $0.9 million in original issuance discount and origination fees which have been recorded as a reduction to the carrying amount of the June 2023 Term Loan and amortized to interest expense over the remaining loan term. The terms of the 2023 Term Loan are substantially similar to the terms of the existing term loans, as amended by the Term Loan Amendment, including in relation to maturity and security, except that, among other things, (a) the applicable margin (i) for any 2023 Term Loan designated an “ABR Loan” is 9.00% per annum and (ii) for any 2023 Term Loan designated as a “SOFR Loan” is 10.00% per annum, (b) accrued interest on the 2023 Term Loan is payable in kind, and is capitalized and added to the principal amount of the 2023 Term Loan at the end of each interest period applicable thereto, (c) the 2023 Term Loan does not amortize prior to the maturity date thereof, and (d) the 2023 Term Loan may not be prepaid prior to the payment in full of the existing term loans. In connection with the June 2023 Term Loan, the Company issued warrants to purchase an aggregate of 1.25 million shares (the “2023 Term Loan Warrants”) of the Company’s common stock, at an exercise price of $1.00 per share. The exercise price and the number of shares underlying the warrant are subject to adjustment in the event of specified events, including dilutive issuances at a price lower than the exercise price of the warrant (the “Down Round Feature”), a subdivision or combination of the common stock, and a reclassification of the common stock or specified dividend payments. The 2023 Term Loan Warrants are exercisable until June 1, 2033. Upon exercise, the aggregate exercise price may be paid, at each warrant holder’s election, in cash or on a net issuance basis, based upon the fair market value of the Company’s common stock at the time of exercise. We have accounted for warrants in accordance with ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging and concluded that the warrants are to be classified as equity and therefore recorded the fair value of the warrants as a component of additional paid in capital in stockholders’ deficit. The Company determined that the fair value of the warrants was $1.2 million using the Black-Scholes-Merton option-pricing model. The assumptions used in the model are as follows: dividend rate of 0%; expected term of 10 years; volatility of 71.6%; and a risk-free rate of 3.61%. The June 2023 Amendments to the Term Loan were accounted for as modifications. The value of the June 2023 Term Loan Warrants in addition to $0.7 million of fees paid to the lenders have been reflected as a reduction to the carrying amount of the June 2023 Term Loan and amortized to interest expense over the remaining loan term. The Company incurred $0.9 million of legal and financial advisory fees which were included in general and administrated expenses in the condensed consolidated statement of operations and comprehensive loss. The June 2023 Amendments to the PNC Credit Facility were accounted for as modifications and $0.7 million in related fees and expenses were recorded to other assets and are amortized to interest expense over the remaining term of the agreement. As of June 30, 2023, the interest rate on the Term Loan was 11.16% and the interest rate on the PNC Credit Facility for Domestic Rate Loans and Swing Loans was 10.00%. As of June 30, 2023, the PNC Credit Facility had an available borrowing base of $34.4 million, of which $16.6 million was available to borrow at that date. Amendment to Registration Rights Agreement In connection with the June 2023 Amendments, the holders of warrants previously issued to certain lenders in December 2018 and June 2020 (the “Existing Warrants”) and the holder of the June 2023 Warrants entered into an amendment and joinder (the “Registration Rights Agreement Amendment”) to the Amended and Restated Registration Rights Agreement, dated as of June 16, 2020. The Registration Rights Agreement Amendment, among other things, amends the Registration Rights Agreement to grant certain registration rights for the shares of common stock issuable upon the exercise of the 2023 Term Loan Warrant, consistent with the registration rights granted to the holders of the Existing Warrants, including (i) the ability of a holder to request that the Company file a Form S-1 registration statement with respect to at least 40% of the registrable securities held by such holder as of

LEASES

LEASES	3 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES Supplemental balance sheet information related to leases is as follows (in thousands): Operating leases June 30, 2023 March 31, 2023 Operating lease right-of-use asset $ 10,017 $ 10,291 Other accrued liabilities 1,218 1,364 Operating lease liability 10,001 10,169 Total operating lease liabilities $ 11,219 $ 11,533 Components of lease cost were as follows (in thousands): Three Months Ended June 30, Lease Cost 2023 2022 Operating lease cost $ 875 $ 1,026 Variable lease cost 122 158 Total lease cost $ 997 $ 1,184 Maturity of Lease Liabilities Operating Leases Remainder of 2024 $ 1,963 2025 2,257 2026 1,828 2027 1,645 2028 1,474 Thereafter 13,265 Total lease payments $ 22,432 Less: imputed interest (11,213) Present value of lease liabilities $ 11,219 Lease Term and Discount Rate June 30, 2023 March 31, 2023 Weighted average remaining operating lease term (years) 10.88 10.85 Weighted average discount rate for operating leases 12.7 % 12.7 % Operating cash outflows related to operating leases totaled $0.9 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	3 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES During the quarters ending June 30, 2023 and 2022, the Company approved certain restructuring plans to improve operational efficiencies and rationalize its cost structure. The following tables show the activity and the estimated timing of future payouts for accrued restructuring (in thousands): Severance and Benefits Balance as of March 31, 2022 $ — Restructuring costs 725 Adjustments to prior estimates (1) Cash payments (686) Balance as of June 30, 2022 $ 38 Balance as of March 31, 2023 $ — Restructuring costs 1,329 Cash payments (1,219) Balance as of June 30, 2023 $ 110

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Jun. 30, 2023
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, 2023 2022 7,042 2,309 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, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective tax rate for the three months ended June 30, 2023 was (5.8)% and (4.2)%, respectively. 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, 2023, including interest and penalties, the Company had $97.6 million of unrecognized tax benefits, $78.9 million of which, if recognized, would favorably affect the effective tax rate without consideration of the valuation allowance. As of June 30, 2023, 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, 2023,

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2023
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, 2023, the Company had issued non-cancelable commitments for $32.6 million to purchase inventory from its contract manufacturers and suppliers. Legal Proceedings Realtime Data Matter 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 was thereafter 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. On July 31, 2017, the Court in the Northern District of California stayed proceedings in this litigation pending the outcome of Inter Partes Review proceedings before the Patent Trial and Appeal Board relating to the asserted 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.” In opinions dated May 4, 2021 and August 23, 2021, the Court in the Delaware Action reaffirmed its earlier ruling and granted defendants’ motions to dismiss under Section 101. Realtime Data has appealed those decisions to the Federal Circuit. The Federal Circuit argument occurred on February 10, 2023 and a decision is expected sometime in the latter half of the year. The case pending against Quantum in the Northern District of California remains stayed pending the final outcome of the 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. Arrow Electronics Matter On July 27, 2023, Arrow Electronics, Inc. (“Arrow Electronics”), an electronics component distributor filed a lawsuit in a federal court in the Northern District of California against Quantum, alleging breach of contract and breach of the covenant of good faith and fair dealing, seeking, among other things just over $4.6 million in damages. Quantum has not yet filed a responsive pleading, but it disputes Arrow Electronics’ claims and plans to aggressively defend itself against them. At this time, Quantum believes the probability that this lawsuit will have a material adverse effect on our business, operating results, or financial condition is remote. 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, 2023
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, 2023 and 2022. The Company has no non-financial liabilities measured and recorded at fair value on a non-recurring basis. Long-term Debt The Company’s financial liabilities were comprised primarily of long-term debt at June 30, 2023. The Company uses significant other observable market data or assumptions (Level 2 inputs as defined in the accounting guidance) that it believes market participants would use in pricing debt. The carrying value and fair value of the Company’s financial liabilities were primarily comprised of the following (in thousands): June 30, 2023 2022 Carrying Value Fair Value Carrying Value Fair Value Term Loan $ 73,417 $ 73,417 $ 78,417 $ 78,417 Term Loan Amendment 15,191 15,191 — — PNC Credit Facility 17,800 17,800 17,300 17,300

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (10,576)	$ (10,220)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2023
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, 2023, the results of operations and comprehensive loss, statements of cash flows, and changes in stockholder's deficit for the three months ended June 30, 2023 and 2022. 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 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. 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 Issued but not Adopted Accounting Pronouncement	Recently Issued but not Adopted Accounting Pronouncements None.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Jun. 30, 2023
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 offerings and geographies (in thousands): Three Months Ended June 30, 2023 2022 Americas 1 Product revenue 36,629 39,105 Service and subscription 18,394 20,145 Total revenue 55,023 61 % 59,250 60 % EMEA Product revenue 15,102 15,753 Service and subscription 10,926 11,017 Total revenue 26,028 28 % 26,770 28 % APAC Product revenue 5,716 5,353 Service and subscription 2,055 2,261 Total revenue 7,771 8 % 7,614 8 % Consolidated Product revenue 57,447 60,211 Service and subscription 31,375 33,423 Royalty 2 2,965 3 % 3,440 4 % Total revenue $ 91,787 100 % $ 97,074 100 % 1 Revenue for Americas geographic region outside of the United States is not significant. 2 Royalty revenue is not allocatable to geographic regions. Revenue by Solution Three Months Ended June 30, 2023 % 2022 % Primary storage systems 11,111 12 % 16,743 17 % Secondary storage systems 40,626 45 % 33,451 34 % Device and media 8,348 9 % 11,616 12 % Service 28,737 31 % 31,824 33 % Royalty 2,965 3 % 3,440 4 % Total revenue 1 91,787 100 % 97,074 100 % 1 Subscription revenue of $2.6 million and $1.6 million was allocated to Primary and Secondary storage systems for the quarters ended June 30, 2023 and 2022, respectively.
Schedule of Contract Asset, Contract Liability and Receivable	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, 2023 (in thousands): June 30, 2023 Contract liabilities (deferred revenue) $ 123,589 Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 26,919 The table below reflects our deferred revenue as of June 30, 2023 (in thousands): Deferred revenue by period (in thousands) Total 1 year or less 1 – 3 Years 3 year or greater Subscription revenue $ 14,800 $ 6,936 $ 7,160 $ 704 Service revenue 108,789 72,749 33,973 $ 2,067 Total $ 123,589 $ 79,685 $ 41,133 $ 2,771
Schedule of Remaining Performance Obligations	Remaining performance obligations consisted of the following (in thousands): Current Non-Current Total As of June 30, 2023 $ 95,299 $ 46,032 $ 141,331

BALANCE SHEET INFORMATION (Tabl

BALANCE SHEET INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Manufacturing Inventories	Manufacturing inventories June 30, 2023 March 31, 2023 Finished goods $ 7,395 $ 6,958 Work in progress 1,538 1,304 Raw materials 11,084 11,179 Total manufacturing inventories $ 20,017 $ 19,441
Schedule of Service Part Inventories	Service parts inventories June 30, 2023 March 31, 2023 Finished goods $ 17,884 $ 19,834 Component parts 7,392 5,470 Total service parts inventories $ 25,276 $ 25,304
Schedule of Carrying Value of Intangible Assets	Intangibles, net June 30, 2023 March 31, 2023 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Developed technology $ 9,013 $ (7,104) $ 1,909 $ 9,013 $ (6,269) $ 2,744 Customer lists 4,398 (2,506) 1,892 4,398 (2,201) 2,197 Intangible assets, net $ 13,411 $ (9,610) $ 3,801 $ 13,411 $ (8,470) $ 4,941
Schedule of Future Expected Amortization Expense for Intangible Assets	As of June 30, 2023, the future expected amortization expense for intangible assets is as follows (in thousands): Fiscal year ending Estimated future amortization expense Remainder of 2024 $ 2,348 2025 1,453 Thereafter — Total $ 3,801

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s long-term debt consisted of the following (in thousands): June 30, 2023 March 31, 2023 Term Loan $ 88,608 $ 74,667 PNC Credit Facility 17,800 16,750 Less: current portion (5,000) (5,000) Less: unamortized debt issuance costs (1) (5,794) (3,313) Long-term debt, net $ 95,614 $ 83,104 (1) The unamortized debt issuance costs related to the Term Loan is 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, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet	Supplemental balance sheet information related to leases is as follows (in thousands): Operating leases June 30, 2023 March 31, 2023 Operating lease right-of-use asset $ 10,017 $ 10,291 Other accrued liabilities 1,218 1,364 Operating lease liability 10,001 10,169 Total operating lease liabilities $ 11,219 $ 11,533
Schedule of Components of Lease Cost	Components of lease cost were as follows (in thousands): Three Months Ended June 30, Lease Cost 2023 2022 Operating lease cost $ 875 $ 1,026 Variable lease cost 122 158 Total lease cost $ 997 $ 1,184 Lease Term and Discount Rate June 30, 2023 March 31, 2023 Weighted average remaining operating lease term (years) 10.88 10.85 Weighted average discount rate for operating leases 12.7 % 12.7 %
Schedule of Maturity of Operating Lease Liability	Maturity of Lease Liabilities Operating Leases Remainder of 2024 $ 1,963 2025 2,257 2026 1,828 2027 1,645 2028 1,474 Thereafter 13,265 Total lease payments $ 22,432 Less: imputed interest (11,213) Present value of lease liabilities $ 11,219

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	3 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Activity for accrued restructuring charges	The following tables show the activity and the estimated timing of future payouts for accrued restructuring (in thousands): Severance and Benefits Balance as of March 31, 2022 $ — Restructuring costs 725 Adjustments to prior estimates (1) Cash payments (686) Balance as of June 30, 2022 $ 38 Balance as of March 31, 2023 $ — Restructuring costs 1,329 Cash payments (1,219) Balance as of June 30, 2023 $ 110

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities	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, 2023 2022 7,042 2,309

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and Total Estimated Fair Value	The carrying value and fair value of the Company’s financial liabilities were primarily comprised of the following (in thousands): June 30, 2023 2022 Carrying Value Fair Value Carrying Value Fair Value Term Loan $ 73,417 $ 73,417 $ 78,417 $ 78,417 Term Loan Amendment 15,191 15,191 — — PNC Credit Facility 17,800 17,800 17,300 17,300

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	3 Months Ended
	Jun. 30, 2023 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, 2023	Jun. 30, 2022
Disaggregation of Revenue
Revenue	$ 91,787	$ 97,074
Americas
Disaggregation of Revenue
Revenue	$ 55,023	$ 59,250
Americas | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	61%	60%
EMEA
Disaggregation of Revenue
Revenue	$ 26,028	$ 26,770
EMEA | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	28%	28%
APAC
Disaggregation of Revenue
Revenue	$ 7,771	$ 7,614
APAC | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	8%	8%
Product revenue
Disaggregation of Revenue
Revenue	$ 57,447	$ 60,211
Product revenue | Americas
Disaggregation of Revenue
Revenue	36,629	39,105
Product revenue | EMEA
Disaggregation of Revenue
Revenue	15,102	15,753
Product revenue | APAC
Disaggregation of Revenue
Revenue	5,716	5,353
Service and subscription
Disaggregation of Revenue
Revenue	31,375	33,423
Service and subscription | Americas
Disaggregation of Revenue
Revenue	18,394	20,145
Service and subscription | EMEA
Disaggregation of Revenue
Revenue	10,926	11,017
Service and subscription | APAC
Disaggregation of Revenue
Revenue	2,055	2,261
Primary storage systems
Disaggregation of Revenue
Revenue	$ 11,111	$ 16,743
Primary storage systems | Product Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	12%	17%
Secondary storage systems
Disaggregation of Revenue
Revenue	$ 40,626	$ 33,451
Secondary storage systems | Product Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	45%	34%
Device and media
Disaggregation of Revenue
Revenue	$ 8,348	$ 11,616
Device and media | Product Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	9%	12%
Service revenue
Disaggregation of Revenue
Revenue	$ 28,737	$ 31,824
Service revenue | Product Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	31%	33%
Royalty
Disaggregation of Revenue
Revenue	$ 2,965	$ 3,440
Royalty | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	3%	4%
Royalty | Product Concentration Risk | Revenue Benchmark
Disaggregation of Revenue
Concentration risk, percentage	3%	4%
Subscription revenue
Disaggregation of Revenue
Revenue	$ 2,600	$ 1,600

REVENUE - Certain Information R

REVENUE - Certain Information Related to Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Contract liabilities (deferred revenue)	$ 123,589
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$ 26,919

REVENUE - Remaining Performance

REVENUE - Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Current	$ 95,299
Non-Current	46,032
Total	$ 141,331

REVENUE - Deferred Revenue, by

REVENUE - Deferred Revenue, by Arrangement, Disclosure (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Disaggregation of Revenue
Total	$ 123,589
1 year or less	79,685
1 – 3 Years	41,133
3 year or greater	2,771
Subscription revenue
Disaggregation of Revenue
Total	14,800
1 year or less	6,936
1 – 3 Years	7,160
3 year or greater	704
Service revenue
Disaggregation of Revenue
Total	108,789
1 year or less	72,749
1 – 3 Years	33,973
3 year or greater	$ 2,067

BALANCE SHEET INFORMATION - Sch

BALANCE SHEET INFORMATION - Schedule of Manufacturing Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Inventories
Finished goods	$ 7,395	$ 6,958
Work in progress	1,538	1,304
Raw materials	11,084	11,179
Total manufacturing inventories	$ 20,017	$ 19,441

BALANCE SHEET INFORMATION - S_2

BALANCE SHEET INFORMATION - Schedule of Service Parts Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Finished goods	$ 17,884	$ 19,834
Component parts	7,392	5,470
Total service parts inventories	$ 25,276	$ 25,304

BALANCE SHEET INFORMATION - S_3

BALANCE SHEET INFORMATION - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets
Gross	$ 13,411	$ 13,411
Accumulated Amortization	(9,610)	(8,470)
Net	3,801	4,941
Developed technology
Finite-Lived Intangible Assets
Gross	9,013	9,013
Accumulated Amortization	(7,104)	(6,269)
Net	1,909	2,744
Customer lists
Finite-Lived Intangible Assets
Gross	4,398	4,398
Accumulated Amortization	(2,506)	(2,201)
Net	$ 1,892	$ 2,197

BALANCE SHEET INFORMATION - Nar

BALANCE SHEET INFORMATION - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Intangible assets amortization expense	$ 1,100,000	$ 1,200,000
Weighted-average remaining amortization period (in years)	1 year 4 months 24 days
Goodwill	$ 12,969,000		$ 12,969,000	$ 13,000,000
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, 2023	Mar. 31, 2023
Fiscal year ending
Remainder of 2024	$ 2,348
2025	1,453
Thereafter	0
Net	$ 3,801	$ 4,941

LONG-TERM DEBT - Schedule of De

LONG-TERM DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Debt Instrument
PNC Credit Facility	$ 17,800	$ 16,750
Less: current portion	(5,000)	(5,000)
Less: unamortized debt issuance costs	(5,794)	(3,313)
Long-term debt, net of current portion	95,614	83,104
Term Loan | Senior Secured Debt
Debt Instrument
Term Loan	88,608	74,667
PNC Credit Facility | Line of Credit
Debt Instrument
PNC Credit Facility	$ 17,800	$ 16,750

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) $ / shares in Units, shares in Thousands		3 Months Ended
	Jun. 01, 2023 USD ($) yr $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 25, 2022 USD ($)	Aug. 05, 2021 USD ($)
Debt Instrument
Borrowings of long-term debt, net of debt issuance costs		$ 14,100,000	$ 0
Amended PNC Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing amount		34,400,000
Line of credit, current borrowing capacity		$ 16,600,000
Term Loan | Line of Credit
Debt Instrument
Stated interest rate (in percent)		11.16%
Term Loan | Senior Secured Debt
Debt Instrument
Aggregate principal amount					$ 100,000,000
Stated interest rate (in percent)	9%
Debt amendment costs				$ 400,000
Borrowings of long-term debt, net of debt issuance costs	$ 15,000,000
Debt issuance cost	$ 900,000
Term Loan | Senior Secured Debt | Term Loan Warrant
Debt Instrument
Warrants issued (in shares) | shares	1,250
Warrant exercise price (in dollars per share) | $ / shares	$ 1
Warrants fair value disclosure	$ 1,200,000
Fee amount	$ 700,000
Term Loan | Senior Secured Debt | Term Loan Warrant | Measurement Input, Expected Dividend Rate
Debt Instrument
Warrant measurement inputs	0
Term Loan | Senior Secured Debt | Term Loan Warrant | Expected term
Debt Instrument
Warrant measurement inputs | yr	10
Term Loan | Senior Secured Debt | Term Loan Warrant | Measurement Input, Price Volatility
Debt Instrument
Warrant measurement inputs	0.716
Term Loan | Senior Secured Debt | Term Loan Warrant | Risk free interest rate
Debt Instrument
Warrant measurement inputs	0.0361
Term Loan | Senior Secured Debt | SOFR
Debt Instrument
Variable rate rate (in percent)	10%
Term Loan | Senior Secured Debt | Covenant Period One
Debt Instrument
Stated interest rate (in percent)					2.50%
Term Loan | Senior Secured Debt | Covenant Period Two
Debt Instrument
Stated interest rate (in percent)					5%
PNC Credit Facility | Line of Credit
Debt Instrument
Fee amount	$ 700,000
Domestic Rate And Swing Line Loans | Covenant Period Two | Line of Credit
Debt Instrument
Stated interest rate (in percent)		10%

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Operating lease right-of-use asset	$ 10,017	$ 10,291
Other accrued liabilities	1,218	1,364
Operating lease liabilities	10,001	10,169
Total operating lease liabilities	$ 11,219	$ 11,533
Operating Lease, Liability, Current, Statement of Financial Position	Other accrued liabilities	Other accrued liabilities

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 875	$ 1,026
Variable lease cost	122	158
Total lease cost	$ 997	$ 1,184

LEASES - Schedule of Lessee Ope

LEASES - Schedule of Lessee Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due
Remainder of 2024	$ 1,963
2025	2,257
2026	1,828
2027	1,645
2028	1,474
Thereafter	13,265
Total lease payments	22,432
Less: imputed interest	(11,213)
Present value of lease liabilities	$ 11,219	$ 11,533

LEASES - Supplemental Balance_2

LEASES - Supplemental Balance Sheet Information (Details)	Jun. 30, 2023	Mar. 31, 2023
Weighted average remaining lease term and discount rate
Weighted average remaining operating lease term (years)	10 years 10 months 17 days	10 years 10 months 6 days
Weighted average discount rate for operating leases	12.70%	12.70%

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 0.9	$ 0.7

RESTRUCTURING CHARGES - Summary

RESTRUCTURING CHARGES - Summary of Restructuring Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve
Restructuring costs	$ 1,329	$ 725
Severance and Benefits
Restructuring Reserve
Beginning balance	0	0
Restructuring costs	1,329	725
Adjustments to prior estimates		(1)
Cash payments	(1,219)	(686)
Ending balance	$ 110	$ 38

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, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive shares excluded (in shares)	7,042	2,309

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Contingency
Effective income tax rate (percentage)	(5.80%)	(4.20%)
Unrecognized tax benefits	$ 97.6
Unrecognized tax benefits that would impact effective tax rate	78.9
Accrued interest and penalties related to unrecognized tax benefits	1.3
Deferred tax assets, gross	5.6
Deferred tax assets, valuation allowance	4.8
Deferred tax assets, net of valuation allowance	0.8
Other long-term assets
Income Tax Contingency
Unrecognized tax benefits	90.1
Other long-term liabilities
Income Tax Contingency
Unrecognized tax benefits	$ 7.5

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining purchase commitments	$ 32.6

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Debt (Details) - Level 2 fair value measurements - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Carrying Value | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term Loan	$ 73,417	$ 78,417
Carrying Value | Term Loan Amendment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term Loan	15,191	0
Carrying Value | PNC Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
PNC Credit Facility	17,800	17,300
Fair Value | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term Loan	73,417	78,417
Fair Value | Term Loan Amendment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term Loan	15,191	0
Fair Value | PNC Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
PNC Credit Facility	$ 17,800	$ 17,300