Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'QUANTUM CORP /DE/ | ' |
Entity Central Index Key | '0000709283 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'QTM | ' |
Entity Common Stock, Shares Outstanding | ' | 248,631,352 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $80,115 | $68,976 |
Restricted cash | 2,652 | 3,023 |
Accounts receivable, net of allowance for doubtful accounts of $61 and $62, respectively | 105,121 | 97,546 |
Manufacturing inventories | 43,621 | 53,075 |
Service parts inventories | 27,743 | 35,368 |
Other current assets | 11,063 | 11,831 |
Total current assets | 270,315 | 269,819 |
Long-term assets: | ' | ' |
Property and equipment, less accumulated depreciation | 18,457 | 21,456 |
Intangible assets, less accumulated amortization | 6,140 | 12,813 |
Goodwill | 55,613 | 55,613 |
Other long-term assets | 9,749 | 9,892 |
Total long-term assets | 89,959 | 99,774 |
Total Assets | 360,274 | 369,593 |
Current liabilities: | ' | ' |
Accounts payable | 38,994 | 47,634 |
Accrued warranty | 6,127 | 7,520 |
Deferred revenue, current | 88,968 | 91,108 |
Accrued restructuring charges, current | 3,554 | 3,021 |
Accrued compensation | 29,338 | 30,964 |
Other accrued liabilities | 13,580 | 14,503 |
Total current liabilities | 180,561 | 194,750 |
Long-term liabilities: | ' | ' |
Deferred revenue, long-term | 39,350 | 38,393 |
Convertible subordinated debt | 205,000 | 205,000 |
Other long-term liabilities | 14,992 | 15,232 |
Total long-term liabilities | 259,342 | 258,625 |
Stockholders' deficit: | ' | ' |
Common stock, $0.01 par value; 1,000,000 shares authorized; 248,220 and 243,080 shares issued and outstanding at December 31, 2013 and March 31, 2013, respectively | 2,482 | 2,431 |
Capital in excess of par | 438,452 | 427,611 |
Accumulated deficit | -526,998 | -520,016 |
Accumulated other comprehensive income | 6,435 | 6,192 |
Total stockholders' deficit | -79,629 | -83,782 |
Total liabilities and stockholders' deficit | $360,274 | $369,593 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $61 | $62 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 248,220 | 243,080 |
Common stock, shares outstanding | 248,220 | 243,080 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' |
Product revenue | $98,348 | $112,490 | $269,024 | $306,316 |
Service revenue | 36,926 | 35,340 | 109,612 | 107,138 |
Royalty revenue | 10,656 | 11,538 | 46,693 | 34,081 |
Total revenue | 145,930 | 159,368 | 425,329 | 447,535 |
Cost of product revenue | 64,502 | 72,007 | 181,167 | 204,641 |
Cost of service revenue | 19,706 | 19,360 | 56,053 | 59,896 |
Restructuring charges | 288 | ' | 377 | ' |
Total cost of revenue | 84,496 | 91,367 | 237,597 | 264,537 |
Gross margin | 61,434 | 68,001 | 187,732 | 182,998 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 16,010 | 18,615 | 49,063 | 56,639 |
Sales and marketing | 29,424 | 33,588 | 89,577 | 102,473 |
General and administrative | 14,279 | 14,851 | 43,789 | 46,910 |
Restructuring charges | 1,758 | 6,602 | 4,525 | 6,602 |
Total operating expenses | 61,471 | 73,656 | 186,954 | 212,624 |
Income (loss) from operations | -37 | -5,655 | 778 | -29,626 |
Other income and expense | 370 | 60 | 791 | -388 |
Interest expense | -2,440 | -2,230 | -7,319 | -5,896 |
Loss before income taxes | -2,107 | -7,825 | -5,750 | -35,910 |
Income tax provision | 308 | 348 | 1,232 | 1,217 |
Net loss | ($2,415) | ($8,173) | ($6,982) | ($37,127) |
Basic and diluted net loss per share: | ($0.01) | ($0.04) | ($0.03) | ($0.16) |
Weighted average common and common equivalent shares: | ' | ' | ' | ' |
Basic and diluted | 248,135 | 240,786 | 246,183 | 239,099 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' |
Net loss | ($2,415) | ($8,173) | ($6,982) | ($37,127) |
Other comprehensive income, net of taxes: | ' | ' | ' | ' |
Foreign currency translation adjustments | 59 | 150 | 454 | 7 |
Net unrealized gain (loss) on revaluation of long-term intercompany balances | -49 | -76 | -211 | 98 |
Total other comprehensive income | 10 | 74 | 243 | 105 |
Total comprehensive loss | ($2,405) | ($8,099) | ($6,739) | ($37,022) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($6,982) | ($37,127) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 8,217 | 9,283 |
Amortization | 7,898 | 12,013 |
Service parts lower of cost or market adjustment | 8,715 | 7,026 |
Deferred income taxes | 86 | 231 |
Share-based compensation | 10,268 | 11,729 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -7,575 | -5,074 |
Manufacturing inventories | 5,372 | 1,502 |
Service parts inventories | 2,993 | 2,857 |
Accounts payable | -8,672 | -9,748 |
Accrued warranty | -1,393 | 160 |
Deferred revenue | -1,182 | -4,650 |
Accrued restructuring charges | 309 | 3,184 |
Accrued compensation | -1,786 | -538 |
Other assets and liabilities | -732 | 1,020 |
Net cash provided by (used in) operating activities | 15,536 | -8,132 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -5,026 | -9,389 |
Decrease in restricted cash | 517 | 691 |
Purchases of other investments | -534 | -2,169 |
Return of principal from other investments | ' | 208 |
Net cash used in investing activities | -5,043 | -10,659 |
Cash flows from financing activities: | ' | ' |
Repayments of long-term debt | ' | -49,495 |
Borrowings of convertible subordinated debt, net | ' | 67,701 |
Payment of taxes due upon vesting of restricted stock | -1,807 | -1,926 |
Proceeds from issuance of common stock | 2,431 | 2,604 |
Net cash provided by financing activities | 624 | 18,884 |
Effect of exchange rate changes on cash and cash equivalents | 22 | -14 |
Net increase in cash and cash equivalents | 11,139 | 79 |
Cash and cash equivalents at beginning of period | 68,976 | 51,621 |
Cash and cash equivalents at end of period | 80,115 | 51,340 |
Supplemental disclosure of cash flow information: | ' | ' |
Purchases of property and equipment included in accounts payable | $514 | $460 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2013 | |
BASIS OF PRESENTATION [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE 1: BASIS OF PRESENTATION | |
Quantum Corporation ("Quantum", the "Company", "us" or "we"), founded in 1980, is a leading expert in end-to-end scale-out storage and data protection, providing solutions for sharing, archiving and accessing digital assets over the entire data lifecycle. Our customers, ranging from small businesses to major enterprises, have trusted us to address their most demanding content workflow challenges. We provide solutions for storing and protecting information in physical, virtual and cloud environments that are designed to help customers Be CertainTM they have a comprehensive storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, offering indefinite retention and reducing total cost and complexity. We work 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. Our stock is traded on the New York Stock Exchange under the symbol QTM. | |
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Quantum and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. In the Condensed Consolidated Statements of Cash Flows prior period income taxes payable has been reclassified into other assets and liabilities to conform to current period presentation. This reclassification had no impact on total assets, total liabilities, income (loss) from operations, net loss or net cash provided by (used in) operating activities. The interim financial statements reflect all adjustments, consisting of normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of the results for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full fiscal year. The Condensed Consolidated Balance Sheet as of March 31, 2013 has been derived from the audited financial statements at that date, but it does not include all disclosures required by accounting principles generally accepted in the United States for complete financial statements. The accompanying financial statements should be read in conjunction with the audited Consolidated Financial Statements for the fiscal year ended March 31, 2013 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on June 7, 2013. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). ASU 2013-11 requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for an net operating loss ("NOL") carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. ASU 2013-11 does not require new recurring disclosures. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We will adopt ASU 2013-11 prospectively in the first quarter of fiscal 2015 and do not anticipate adoption will impact our statements of financial position or results of operations. | |
REVISION_OF_PRIOR_PERIOD_FINAN
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 9 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||||||||||||
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | ' | ||||||||||||||||||||||
NOTE 2: REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | |||||||||||||||||||||||
During the first quarter of fiscal 2014, we identified an error related to certain allowances recorded for estimated future price adjustments on products and services sold to our customers that had accumulated over a significant number of years, resulting in a $1.5 million cumulative overstatement of revenue and accounts receivable at April 1, 2013. Revenue for fiscal 2013, 2012 and 2011 was $0.1 million overstated, $0.1 million understated and $0.1 million overstated, respectively, for this error. In addition, we identified a $0.7 million under accrual of sales commission expense for the fourth quarter of fiscal 2013 that was not recorded in fiscal 2013. The cumulative effect of recording these two items in the first quarter of fiscal 2014 would have been a $2.2 million reduction in net income. | |||||||||||||||||||||||
During fiscal 2014, we also identified three balance sheet misclassifications between current and long-term related to certain prepaid expenses, restructuring accruals and straight-line rent balances. As of March 31, 2013, current assets were overstated by $0.4 million and current liabilities were overstated by $7.4 million for these items. As of March 31, 2012, current liabilities were overstated by $5.2 million for the straight-line rent item. | |||||||||||||||||||||||
In addition, we had previously identified the following items: | |||||||||||||||||||||||
A $0.7 million overstatement of DXi OEM software revenue in fiscal 2010 that was corrected as an out-of-period adjustment in fiscal 2011; | |||||||||||||||||||||||
A $0.5 million understatement of royalty revenue in fiscal 2011 that was corrected as an out-of-period adjustment in fiscal 2012; and | |||||||||||||||||||||||
A $0.9 million understatement of payroll tax expense on commissions that was corrected as an out-of-period adjustment in fiscal 2013. Of the cumulative adjustment, $0.3 million related to fiscal 2012 and $0.6 million related to periods prior to fiscal 2011. | |||||||||||||||||||||||
We evaluated these errors in accordance with the Securities and Exchange Commission ("SEC") Staff Accounting Bulletin No. 99 and determined that the errors were not material to our results of operations, financial position or cash flows in our previously issued financial statements, and therefore amendments of previously filed reports are not required. However, if the entire correction of the error had been recorded during the first quarter of fiscal 2014, the impact would have been significant to the Condensed Consolidated Statement of Operations for the quarter ended June 30, 2013. As a result, we have determined that it is appropriate to revise our prior period financial statements in accordance with the SEC's Staff Accounting Bulletin No. 108 for the items discussed above. The revisions to correct these items in the applicable prior periods are reflected in the financial information herein and will be reflected in future filings containing such financial information. The revisions had no net impact on our net income (loss) per diluted share for any prior period. | |||||||||||||||||||||||
The foregoing revisions are not material to any prior period's Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss) or Consolidated Statements of Stockholders' Deficit and have no impact on the Consolidated Statement of Cash Flows. The impact of these revisions to our Consolidated Balance Sheets at March 31, 2013 and 2012; our Consolidated Statements of Operations for the years ended March 31, 2013, 2012 and 2011; and our Condensed Consolidated Statements of Operations for each quarter of fiscal 2013 and 2012 and the nine months ended December 31, 2013 and 2012 is summarized as follows (in thousands, except per share amounts): | |||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||
The As Reported column includes certain reclassifications to conform to the current presentation. | |||||||||||||||||||||||
As of March 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Accounts receivable | $ | 99,093 | $ | 97,546 | $ | 110,840 | $ | 109,399 | |||||||||||||||
Other current assets | 12,192 | 11,831 | 14,729 | 14,729 | |||||||||||||||||||
Total current assets | 271,727 | 269,819 | 281,221 | 279,780 | |||||||||||||||||||
Other long-term assets | 9,531 | 9,892 | 6,962 | 6,962 | |||||||||||||||||||
Total long-term assets | 99,413 | 99,774 | 114,127 | 114,127 | |||||||||||||||||||
Total assets | 371,140 | 369,593 | 395,348 | 393,907 | |||||||||||||||||||
Accrued restructuring charges, current | 4,756 | 3,021 | 1,752 | 1,752 | |||||||||||||||||||
Accrued compensation | 30,311 | 30,964 | 31,971 | 32,835 | |||||||||||||||||||
Other accrued liabilities | 20,188 | 14,503 | 18,999 | 13,798 | |||||||||||||||||||
Total current liabilities | 201,517 | 194,750 | 210,053 | 205,716 | |||||||||||||||||||
Other long-term liabilities | 7,812 | 15,232 | 11,050 | 16,251 | |||||||||||||||||||
Total long-term liabilities | 251,205 | 258,625 | 231,975 | 237,176 | |||||||||||||||||||
Accumulated deficit | (517,816 | ) | (520,016 | ) | (465,397 | ) | (467,702 | ) | |||||||||||||||
Total stockholders' deficit | (81,582 | ) | (83,782 | ) | (46,680 | ) | (48,985 | ) | |||||||||||||||
Total liabilities and stockholders' deficit | 371,140 | 369,593 | 395,348 | 393,907 | |||||||||||||||||||
Consolidated Statements of Operations - Annual | |||||||||||||||||||||||
Fiscal Year Ended March 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||
Product revenue | $ | 399,043 | $ | 398,937 | $ | 451,340 | $ | 451,468 | $ | 456,903 | $ | 457,505 | |||||||||||
Royalty revenue | 44,492 | 44,492 | 56,666 | 56,154 | 64,272 | 64,784 | |||||||||||||||||
Total revenue | 587,572 | 587,466 | 652,370 | 651,986 | 672,270 | 673,384 | |||||||||||||||||
Cost of service revenue | 79,647 | 79,604 | 88,459 | 88,466 | 94,311 | 94,311 | |||||||||||||||||
Total cost of revenue | 346,921 | 346,878 | 378,535 | 378,542 | 389,288 | 389,288 | |||||||||||||||||
Gross margin | 240,651 | 240,588 | 273,835 | 273,444 | 282,982 | 284,096 | |||||||||||||||||
Sales and marketing expenses | 137,041 | 136,873 | 130,938 | 131,239 | 122,768 | 122,767 | |||||||||||||||||
Total operating expenses | 283,351 | 283,183 | 270,143 | 270,444 | 258,278 | 258,277 | |||||||||||||||||
Income (loss) from operations | (42,700 | ) | (42,595 | ) | 5,192 | 4,500 | 24,704 | 25,819 | |||||||||||||||
Income (loss) before income taxes | (51,258 | ) | (51,153 | ) | (7,922 | ) | (8,614 | ) | 4,554 | 5,669 | |||||||||||||
Net income (loss) | (52,419 | ) | (52,314 | ) | (8,809 | ) | (9,501 | ) | 4,541 | 5,656 | |||||||||||||
Diluted net income (loss) per share | (0.22 | ) | (0.22 | ) | (0.04 | ) | (0.04 | ) | 0.02 | 0.02 | |||||||||||||
Consolidated Statements of Operations - Quarterly - Fiscal 2013 | |||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||
1st Quarter | 2nd Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 93,811 | $ | 93,785 | $ | 100,067 | $ | 100,041 | |||||||||||||||
Total revenue | 140,879 | 140,853 | 147,340 | 147,314 | |||||||||||||||||||
Cost of service revenue | 20,334 | 20,304 | 20,232 | 20,232 | |||||||||||||||||||
Total cost of revenue | 85,084 | 85,054 | 88,116 | 88,116 | |||||||||||||||||||
Gross margin | 55,795 | 55,799 | 59,224 | 59,198 | |||||||||||||||||||
Sales and marketing expenses | 35,278 | 34,444 | 34,441 | 34,441 | |||||||||||||||||||
Total operating expenses | 70,607 | 69,773 | 69,195 | 69,195 | |||||||||||||||||||
Loss from operations | (14,812 | ) | (13,974 | ) | (9,971 | ) | (9,997 | ) | |||||||||||||||
Loss before income taxes | (16,999 | ) | (16,161 | ) | (11,898 | ) | (11,924 | ) | |||||||||||||||
Net loss | (17,498 | ) | (16,660 | ) | (12,268 | ) | (12,294 | ) | |||||||||||||||
Diluted net loss per share | (0.07 | ) | (0.07 | ) | (0.05 | ) | (0.05 | ) | |||||||||||||||
3rd Quarter | 4th Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 112,517 | $ | 112,490 | $ | 92,648 | $ | 92,621 | |||||||||||||||
Total revenue | 159,395 | 159,368 | 139,958 | 139,931 | |||||||||||||||||||
Cost of service revenue | 19,360 | 19,360 | 19,721 | 19,708 | |||||||||||||||||||
Total cost of revenue | 91,367 | 91,367 | 82,354 | 82,341 | |||||||||||||||||||
Gross margin | 68,028 | 68,001 | 57,604 | 57,590 | |||||||||||||||||||
Sales and marketing expenses | 33,588 | 33,588 | 33,734 | 34,400 | |||||||||||||||||||
Total operating expenses | 73,656 | 73,656 | 69,893 | 70,559 | |||||||||||||||||||
Loss from operations | (5,628 | ) | (5,655 | ) | (12,289 | ) | (12,969 | ) | |||||||||||||||
Loss before income taxes | (7,798 | ) | (7,825 | ) | (14,563 | ) | (15,243 | ) | |||||||||||||||
Net loss | (8,146 | ) | (8,173 | ) | (14,507 | ) | (15,187 | ) | |||||||||||||||
Diluted net loss per share | (0.04 | ) | (0.04 | ) | (0.06 | ) | (0.06 | ) | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||
As Reported | As Revised | ||||||||||||||||||||||
Product revenue | $ | 306,395 | $ | 306,316 | |||||||||||||||||||
Total revenue | 447,614 | 447,535 | |||||||||||||||||||||
Cost of service revenue | 59,926 | 59,896 | |||||||||||||||||||||
Total cost of revenue | 264,567 | 264,537 | |||||||||||||||||||||
Gross margin | 183,047 | 182,998 | |||||||||||||||||||||
Sales and marketing expenses | 103,307 | 102,473 | |||||||||||||||||||||
Total operating expenses | 213,458 | 212,624 | |||||||||||||||||||||
Loss from operations | (30,411 | ) | (29,626 | ) | |||||||||||||||||||
Loss before income taxes | (36,695 | ) | (35,910 | ) | |||||||||||||||||||
Net loss | (37,912 | ) | (37,127 | ) | |||||||||||||||||||
Diluted net loss per share | (0.16 | ) | (0.16 | ) | |||||||||||||||||||
Consolidated Statements of Operations - Quarterly - Fiscal 2012 | |||||||||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||||
1st Quarter | 2nd Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 102,268 | $ | 102,300 | $ | 115,126 | $ | 115,158 | |||||||||||||||
Royalty revenue | 14,571 | 14,059 | 14,015 | 14,015 | |||||||||||||||||||
Total revenue | 153,535 | 153,055 | 165,039 | 165,071 | |||||||||||||||||||
Cost of service revenue | 22,066 | 22,064 | 21,129 | 21,132 | |||||||||||||||||||
Total cost of revenue | 90,273 | 90,271 | 93,428 | 93,431 | |||||||||||||||||||
Gross margin | 63,262 | 62,784 | 71,611 | 71,640 | |||||||||||||||||||
Sales and marketing expenses | 30,525 | 30,263 | 31,115 | 31,171 | |||||||||||||||||||
Total operating expenses | 64,943 | 64,681 | 66,211 | 66,267 | |||||||||||||||||||
Income (loss) from operations | (1,681 | ) | (1,897 | ) | 6,900 | 6,873 | |||||||||||||||||
Income (loss) before income taxes | (4,588 | ) | (4,804 | ) | 3,866 | 3,839 | |||||||||||||||||
Net income (loss) | (5,226 | ) | (5,442 | ) | 3,561 | 3,534 | |||||||||||||||||
Diluted net income (loss) per share | (0.02 | ) | (0.02 | ) | 0.01 | 0.01 | |||||||||||||||||
3rd Quarter | 4th Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 124,081 | $ | 124,113 | $ | 109,865 | $ | 109,897 | |||||||||||||||
Royalty revenue | 14,049 | 14,049 | 14,031 | 14,031 | |||||||||||||||||||
Total revenue | 173,492 | 173,524 | 160,304 | 160,336 | |||||||||||||||||||
Cost of service revenue | 22,537 | 22,548 | 22,727 | 22,722 | |||||||||||||||||||
Total cost of revenue | 99,775 | 99,786 | 95,059 | 95,054 | |||||||||||||||||||
Gross margin | 73,717 | 73,738 | 65,245 | 65,282 | |||||||||||||||||||
Sales and marketing expenses | 33,350 | 33,736 | 35,948 | 36,069 | |||||||||||||||||||
Total operating expenses | 66,738 | 67,124 | 72,251 | 72,372 | |||||||||||||||||||
Income (loss) from operations | 6,979 | 6,614 | (7,006 | ) | (7,090 | ) | |||||||||||||||||
Income (loss) before income taxes | 4,387 | 4,022 | (11,587 | ) | (11,671 | ) | |||||||||||||||||
Net income (loss) | 3,914 | 3,549 | (11,058 | ) | (11,142 | ) | |||||||||||||||||
Diluted net income (loss) per share | 0.02 | 0.02 | (0.05 | ) | (0.05 | ) | |||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||
As Reported | As Revised | ||||||||||||||||||||||
Product revenue | $ | 341,475 | $ | 341,571 | |||||||||||||||||||
Royalty revenue | 42,635 | 42,123 | |||||||||||||||||||||
Total revenue | 492,066 | 491,650 | |||||||||||||||||||||
Cost of service revenue | 65,732 | 65,744 | |||||||||||||||||||||
Total cost of revenue | 283,476 | 283,488 | |||||||||||||||||||||
Gross margin | 208,590 | 208,162 | |||||||||||||||||||||
Sales and marketing expenses | 94,990 | 95,170 | |||||||||||||||||||||
Total operating expenses | 197,892 | 198,072 | |||||||||||||||||||||
Income from operations | 12,198 | 11,590 | |||||||||||||||||||||
Income before income taxes | 3,665 | 3,057 | |||||||||||||||||||||
Net income | 2,249 | 1,641 | |||||||||||||||||||||
Diluted net income per share | 0.01 | 0.01 | |||||||||||||||||||||
These revisions impacted our Condensed Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Stockholders' Deficit for each period by an amount equal to the impact to net income (loss) for the applicable period. | |||||||||||||||||||||||
FAIR_VALUE
FAIR VALUE | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
FAIR VALUE [Abstract] | ' | ||||||
FAIR VALUE | ' | ||||||
NOTE 3: FAIR VALUE | |||||||
The assets measured and recorded at fair value on a recurring basis consist of money market funds, which are included in cash and cash equivalents in our Condensed Consolidated Balance Sheets, and are valued using quoted market prices (level 1 fair value measurements) at the respective balance sheet dates (in thousands): | |||||||
As of | |||||||
31-Dec-13 | 31-Mar-13 | ||||||
Money market funds | $ | 72,327 | $ | 60,496 | |||
We did not record impairments to any non-financial assets in the third quarter and first nine months of fiscal 2014 or 2013. We do not have any non-financial liabilities measured and recorded at fair value on a non-recurring basis. | |||||||
We had $205.0 million in convertible subordinated debt at December 31, 2013, and the estimated fair value of our convertible subordinated debt was approximately $200.2 million, based on quoted market prices in less active markets (level 2 fair value measurements). | |||||||
INVENTORIES
INVENTORIES | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INVENTORIES [Abstract] | ' | ||||||
INVENTORIES | ' | ||||||
NOTE 4: INVENTORIES | |||||||
Manufacturing inventories and service parts inventories consisted of the following (in thousands): | |||||||
As of | |||||||
31-Dec-13 | 31-Mar-13 | ||||||
Manufacturing inventories: | |||||||
Finished goods | $ | 22,002 | $ | 19,480 | |||
Work in process | 1,611 | 8,633 | |||||
Materials and purchased parts | 20,008 | 24,962 | |||||
$ | 43,621 | $ | 53,075 | ||||
As of | |||||||
31-Dec-13 | 31-Mar-13 | ||||||
Service parts inventories: | |||||||
Finished goods | $ | 18,331 | $ | 19,750 | |||
Component parts | 9,412 | 15,618 | |||||
$ | 27,743 | $ | 35,368 |
INTANGIBLE_ASSETS_AND_GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL | ' | ||||||||||||||||||||
NOTE 5: INTANGIBLE ASSETS AND GOODWILL | |||||||||||||||||||||
We evaluate our amortizable and indefinite-lived intangible assets ("long-lived assets") for impairment whenever indicators of impairment exist and concluded the carrying amount of our long-lived assets was recoverable and there was no impairment in the third quarter or first nine months of fiscal 2014 and 2013. The following provides a summary of the carrying value of intangible assets (in thousands): | |||||||||||||||||||||
As of | |||||||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||
Purchased technology | $ | 180,613 | $ | (179,272 | ) | $ | 1,341 | $ | 180,613 | $ | (178,168 | ) | $ | 2,445 | |||||||
Trademarks | 3,900 | (3,900 | ) | - | 3,900 | (3,900 | ) | - | |||||||||||||
Customer lists | 105,719 | (101,078 | ) | 4,641 | 105,719 | (95,509 | ) | 10,210 | |||||||||||||
In-process research and development | 158 | - | 158 | 158 | - | 158 | |||||||||||||||
$ | 290,390 | $ | (284,250 | ) | $ | 6,140 | $ | 290,390 | $ | (277,577 | ) | $ | 12,813 | ||||||||
Total intangible amortization expense was $2.2 million and $6.7 million for the three and nine months ended December 31, 2013, respectively, and was $2.8 million and $11.1 million for the three and nine months ended December 31, 2012, respectively. | |||||||||||||||||||||
We evaluate goodwill for impairment annually during the fourth quarter of our fiscal year, or more frequently when indicators of impairment are present. There were no changes to goodwill balances during the third quarter or first nine months of fiscal 2014. The following table provides a summary of the goodwill balance at both December 31, 2013 and March 31, 2013 (in thousands): | |||||||||||||||||||||
Goodwill | Accumulated | Net Amount | |||||||||||||||||||
Impairment Losses | |||||||||||||||||||||
Balance | $ | 394,613 | $ | (339,000 | ) | $ | 55,613 |
ACCRUED_WARRANTY
ACCRUED WARRANTY | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
ACCRUED WARRANTY [Abstract] | ' | ||||||||||||||||
ACCRUED WARRANTY | ' | ||||||||||||||||
NOTE 6: ACCRUED WARRANTY | |||||||||||||||||
The quarterly and year-to-date changes in the accrued warranty balance were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | 6,489 | $ | 7,904 | $ | 7,520 | $ | 7,586 | |||||||||
Additional warranties issued | 2,018 | 2,037 | 5,947 | 7,240 | |||||||||||||
Adjustments for warranties issued in prior fiscal years | 82 | 364 | - | 954 | |||||||||||||
Settlements | (2,462 | ) | (2,559 | ) | (7,340 | ) | (8,034 | ) | |||||||||
Ending balance | $ | 6,127 | $ | 7,746 | $ | 6,127 | $ | 7,746 | |||||||||
We generally warrant our products against defects for 1 to 3 years. A provision for estimated future costs and estimated returns for credit relating to warranty is recorded when products are shipped and revenue recognized. Our estimate of future costs to satisfy warranty obligations is primarily based on historical trends and, if believed to be significantly different from historical trends, estimates of future failure rates and future costs of repair including materials consumed in the repair, labor and overhead amounts necessary to perform the repair. If future actual failure rates differ from our estimates, we record the impact in subsequent periods. If future actual costs to repair were to differ significantly from our estimates, we record the impact of these unforeseen cost differences in subsequent periods. | |||||||||||||||||
RESTRUCTURING_CHARGES
RESTRUCTURING CHARGES | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
RESTRUCTURING CHARGES [Abstract] | ' | ||||||||||||||||
RESTRUCTURING CHARGES | ' | ||||||||||||||||
NOTE 7: RESTRUCTURING CHARGES | |||||||||||||||||
In the third quarter of fiscal 2014, restructuring charges were primarily the result of right-sizing our workforce with our continuing operations plans and for the first nine months of fiscal 2014 restructuring charges were largely due to strategic management decisions to outsource our manufacturing operations and further consolidate production and service activities. In the third quarter and first nine months of fiscal 2013, restructuring charges were primarily due to severance charges for various positions eliminated worldwide across most functions of the business to align spending with revenue expectations. The types of restructuring expense for the three and nine months ended December 31, 2013 and December 31, 2012 were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
By expense type | |||||||||||||||||
Severance and benefits | $ | 1,645 | $ | 6,363 | $ | 4,236 | $ | 6,363 | |||||||||
Facilities | 41 | 239 | 129 | 239 | |||||||||||||
Other | 360 | - | 537 | - | |||||||||||||
Total | $ | 2,046 | $ | 6,602 | $ | 4,902 | $ | 6,602 | |||||||||
Accrued Restructuring | |||||||||||||||||
The following tables show the activity and the estimated timing of future payouts for accrued restructuring (in thousands): | |||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||
Severance | Facilities | Other | Total | ||||||||||||||
and Benefits | |||||||||||||||||
Balance as of September 30, 2013 | $ | 3,125 | $ | 1,896 | $ | 87 | $ | 5,108 | |||||||||
Restructuring charges | 1,834 | 41 | 360 | 2,235 | |||||||||||||
Restructuring charges reversal | (189 | ) | - | - | (189 | ) | |||||||||||
Cash payments | (1,659 | ) | (130 | ) | (307 | ) | (2,096 | ) | |||||||||
Balance as of December 31, 2013 | $ | 3,111 | $ | 1,807 | $ | 140 | $ | 5,058 | |||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||
Severance | Facilities | Other | Total | ||||||||||||||
and Benefits | |||||||||||||||||
Balance as of March 31, 2013 | $ | 2,711 | $ | 2,045 | $ | - | $ | 4,756 | |||||||||
Restructuring charges | 5,373 | 129 | 537 | 6,039 | |||||||||||||
Restructuring charges reversal | (1,137 | ) | - | - | (1,137 | ) | |||||||||||
Cash payments | (3,836 | ) | (367 | ) | (397 | ) | (4,600 | ) | |||||||||
Balance as of December 31, 2013 | $ | 3,111 | $ | 1,807 | $ | 140 | $ | 5,058 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Severance | Facilities | Other | Total | ||||||||||||||
and Benefits | |||||||||||||||||
Estimated timing of future payouts: | |||||||||||||||||
Next twelve months | $ | 3,111 | $ | 303 | $ | 140 | $ | 3,554 | |||||||||
January 2015 through February 2021 | - | 1,504 | - | 1,504 | |||||||||||||
$ | 3,111 | $ | 1,807 | $ | 140 | $ | 5,058 | ||||||||||
The $1.8 million of severance and benefit restructuring costs for the three months ended December 31, 2013 was primarily due to right-sizing our workforce with our continuing operations plans, and the $5.4 million severance and benefit restructuring costs for the nine months ended December 31, 2013 was primarily the result of deciding to outsource our manufacturing operations and further consolidate production and service activities. The restructuring charge reversal was primarily due to actual costs being lower than estimated, followed by employees transferring from eliminated positions to fill other staffing needs during the third quarter and first nine months of fiscal 2014. Other restructuring expenses were comprised of incremental retention bonuses for certain key employees whose positions are being eliminated, freight charges and travel costs incurred as a result of these restructuring actions. | |||||||||||||||||
We anticipate the majority of the $3.1 million and $0.1 million severance and benefits and other restructuring accruals, respectively, will be paid by the end of fiscal 2014. Facility restructuring accruals will be paid in accordance with the respective facility lease terms. The $1.5 million of lease payments scheduled to occur between January 2015 and February 2021 is included in other long-term liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
STOCK_INCENTIVE_PLANS_AND_SHAR
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION [Abstract] | ' | ||||||||||||
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | ' | ||||||||||||
NOTE 8: STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | |||||||||||||
Share-Based Compensation | |||||||||||||
The following table summarizes share-based compensation (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Share-based compensation: | |||||||||||||
Cost of revenue | $ | 509 | $ | 626 | $ | 1,560 | $ | 1,839 | |||||
Research and development | 862 | 925 | 2,638 | 2,772 | |||||||||
Sales and marketing | 994 | 1,273 | 3,148 | 3,603 | |||||||||
General and administrative | 1,056 | 892 | 2,922 | 3,515 | |||||||||
$ | 3,421 | $ | 3,716 | $ | 10,268 | $ | 11,729 | ||||||
Share-based compensation by type of award: | |||||||||||||
Stock options | $ | 207 | $ | 239 | $ | 647 | $ | 1,445 | |||||
Restricted stock | 2,923 | 2,986 | 8,629 | 8,767 | |||||||||
Stock purchase plan | 291 | 491 | 992 | 1,517 | |||||||||
$ | 3,421 | $ | 3,716 | $ | 10,268 | $ | 11,729 | ||||||
Stock Options | |||||||||||||
No stock options were granted during the third quarter or first nine months of fiscal 2014 or 2013. The Black-Scholes option pricing model is used to estimate the fair value of stock options. | |||||||||||||
Restricted Stock | |||||||||||||
The fair value of restricted stock units ("RSUs") granted is the intrinsic value as of the respective grant date since the restricted stock units are granted at no cost to the employees. The weighted-average grant date fair values of RSUs granted during the third quarter and first nine months of fiscal 2014 were $1.25 and $1.40, respectively. The weighted-average grant date fair values of RSUs granted during the third quarter and first nine months of fiscal 2013 were $1.44 and $1.99, respectively | |||||||||||||
During the third quarter of fiscal 2014, we granted 0.2 million RSUs with performance conditions ("performance RSUs") and the fair value of the performance RSUs at the grant date was $0.2 million. Performance RSUs will become eligible for vesting based on Quantum achieving certain revenue and operating income targets through the end of fiscal 2014. Share-based compensation expense for performance RSUs is recognized when it is probable that the performance conditions will be achieved. As of December 31, 2013, no share-based compensation expense was recognized for the performance RSUs. | |||||||||||||
During the second quarter of fiscal 2014, we granted 0.8 million RSUs with market conditions ("market RSUs") and estimated the fair value of these market RSUs using a Monte Carlo simulation model. The number of market RSUs is dependent on Quantum's common stock achieving certain 60-day average stock price targets as of specified dates, which vest immediately to two years after the specified dates. | |||||||||||||
The Monte Carlo model requires the input of assumptions including expected volatility, risk-free interest rate and expected term in order to simulate a large number of possible outcomes to provide an estimated fair value of the market RSUs. We used an expected volatility of 66%, a risk free interest rate of 0.5% and expected terms of ten months, twenty two months and thirty four months that mirrors the various vesting dates of the awards. The estimated fair value of the market RSUs was $0.7 million which will be recognized over the respective vesting periods of the awards. | |||||||||||||
Stock Purchase Plan | |||||||||||||
Under the Stock Purchase Plan, rights to purchase shares are typically granted during the second and fourth quarter of each fiscal year. The value of rights to purchase shares granted in the first nine months of fiscal 2014 and fiscal 2013, respectively, was estimated at the date of the grant. The weighted-average grant date fair values and the assumptions used in calculating fair values for the nine months ended December 31, 2013 and 2012 are as follows: | |||||||||||||
Nine Months Ended | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Option life (in years) | 0.5 | 0.5 | |||||||||||
Risk-free interest rate | 0.07 | % | 0.15 | % | |||||||||
Stock price volatility | 47.65 | % | 74.81 | % | |||||||||
Weighted-average grant date fair value | $ | 0.47 | $ | 0.51 | |||||||||
Stock Activity | |||||||||||||
Stock Options | |||||||||||||
A summary of activity relating to our stock options follows (options and aggregate intrinsic value in thousands): | |||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic Value | |||||||||||
Exercise Price | Remaining | ||||||||||||
Contractual Term | |||||||||||||
Outstanding as of March 31, 2013 | 16,050 | $ | 2.14 | ||||||||||
Exercised | (535 | ) | 0.99 | ||||||||||
Forfeited | (1,108 | ) | 2.2 | ||||||||||
Expired | (3,011 | ) | 2.07 | ||||||||||
Outstanding as of December 31, 2013 | 11,396 | $ | 2.21 | 1.66 | $ | 1,031 | |||||||
Vested and expected to vest at December 31, 2013 | 11,369 | $ | 2.2 | 1.66 | $ | 1,031 | |||||||
Exercisable as of December 31, 2013 | 10,944 | $ | 2.19 | 1.56 | $ | 1,027 | |||||||
Restricted Stock | |||||||||||||
A summary of activity relating to our restricted stock follows (shares in thousands): | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at March 31, 2013 | 9,887 | $ | 2.43 | ||||||||||
Granted | 7,751 | 1.4 | |||||||||||
Vested | (4,241 | ) | 2.4 | ||||||||||
Forfeited | (1,041 | ) | 2.06 | ||||||||||
Nonvested at December 31, 2013 | 12,356 | $ | 1.83 |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2013 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
NOTE 9: INCOME TAXES | |
Income tax provisions for the third quarter and first nine months of fiscal 2014 were $0.3 million and $1.2 million, respectively, and were $0.3 million and $1.2 million for the third quarter and first nine months of fiscal 2013, respectively. Income tax provisions for each of these periods reflect expenses for foreign income taxes and state taxes. | |
We have provided a full valuation allowance against our U.S. net deferred tax assets due to our history of net losses, difficulty in predicting future results and our conclusion that we cannot rely on projections of future taxable income to realize the deferred tax assets. Significant management judgment is required in determining our deferred tax assets and liabilities and valuation allowances for purposes of assessing our ability to realize any future benefit from our net deferred tax assets. We intend to maintain this valuation allowance until sufficient positive evidence exists to support a reversal or decrease in this allowance. Future income tax expense will be reduced to the extent that we have sufficient positive evidence to support a reversal of, or decrease in, our valuation allowance. | |
NET_LOSS_PER_SHARE
NET LOSS PER SHARE | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||||||||||
NET LOSS PER SHARE | ' | ||||||||||||||||
NOTE 10: NET LOSS PER SHARE | |||||||||||||||||
The following is the computation of basic and diluted net loss per share (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss | $ | (2,415 | ) | $ | (8,173 | ) | $ | (6,982 | ) | $ | (37,127 | ) | |||||
Weighted average basic and diluted shares | 248,135 | 240,786 | 246,183 | 239,099 | |||||||||||||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.16 | ) | |||||
The computations of diluted net loss per share for the periods presented exclude the following because the effect would have been anti-dilutive: | |||||||||||||||||
For all periods presented, 31.2 million weighted equivalent shares of 3.50% convertible subordinated notes were excluded. For the third quarter and first nine months of fiscal 2014, 42.5 million weighted equivalent shares of 4.50% convertible subordinated notes were excluded. For the third quarter and first nine months of fiscal 2013, 28.5 million and 9.4 million weighted equivalent shares of 4.50% convertible subordinated notes were excluded. | |||||||||||||||||
For the third quarter and first nine months of fiscal 2014, options to purchase 11.5 million and 13.8 million weighted average shares, respectively, were excluded. For the third quarter and first nine months of fiscal 2013, options to purchase 16.4 million and 17.7 million weighted average shares, respectively, were excluded. | |||||||||||||||||
Unvested RSUs of 11.5 million and 10.7 million weighted average shares for the third quarter and first nine months of fiscal 2014, respectively, were excluded. Unvested RSUs of 10.7 million and 10.1 million weighted average shares for the third quarter and first nine months of fiscal 2013, respectively, were excluded. | |||||||||||||||||
LEGAL_PROCEEDINGS
LEGAL PROCEEDINGS | 9 Months Ended |
Dec. 31, 2013 | |
LEGAL PROCEEDINGS [Abstract] | ' |
LEGAL PROCEEDINGS | ' |
NOTE 11: LEGAL PROCEEDINGS | |
Overland | |
On June 28, 2012, Overland Storage, Inc. ("Overland") filed a patent infringement lawsuit against Quantum in the U.S. District Court for the Southern District of California, alleging that certain of its automated tape libraries fall within the scope of patents 6,328,766 and 6,353,581. Overland is seeking injunctive relief, as well as the recovery of unspecified monetary damages, including treble damages for willful infringement. We do not believe we infringe the Overland patents and we will defend ourselves vigorously. We do not believe there is a reasonable possibility that we will pay material damages related to this lawsuit. | |
On August 28, 2012, we filed a lawsuit against Overland in the U.S. District Court for the Southern District of California, for patent infringements of our patents 6,542,787; 6,498,771; 5,925,119 and 5,491,812 by the products in Overland's NEO tape library and SnapServer product lines. We are seeking injunctive relief and the recovery of monetary damages. | |
On April 12, 2013, we filed a lawsuit against Overland in the U.S. District Court for the Southern District of California, for patent infringements of our patent 7,263,596 by the products in Overland's SnapScale product lines. We are seeking injunctive relief and the recovery of monetary damages. | |
Compression Technology Solutions | |
On September 12, 2011, Compression Technology Solutions LLC ("CTS") filed a patent infringement lawsuit against a group of companies, consisting of Quantum, CA., Inc., EMC Corporation, Hewlett-Packard Company, International Business Machines Corp., NetApp, Inc. and Quest Software, Inc., in the U.S. District Court for the Eastern District of Missouri, alleging that certain unspecified products of the defendants, characterized as "deduplication software systems," and, in the case of Quantum, including Quantum's "DXi Series Deduplication software," fall within the scope of patent 5,414,650. CTS was seeking injunctive relief, as well as the recovery of monetary damages, including treble damages for willful infringement. We do not believe we infringe the CTS patent; we believe that the CTS patent is invalid, and we defended ourselves vigorously. In April 2012, our motion to transfer venue was granted and the lawsuit was transferred to the U.S. District Court for the Northern District of California. On May 29, 2013, our motion for summary judgment was granted, with all of the asserted claims held invalid by the District Court, and the lawsuit against Quantum and the other defendants has been dismissed with prejudice. On July 10, 2013, CTS appealed the decision of the District Court to the United States Court of Appeals for the Federal Circuit. | |
REVISION_OF_PRIOR_PERIOD_FINAN1
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||||||||||||
Revision to Prior Year Income | ' | ||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||
The As Reported column includes certain reclassifications to conform to the current presentation. | |||||||||||||||||||||||
As of March 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Accounts receivable | $ | 99,093 | $ | 97,546 | $ | 110,840 | $ | 109,399 | |||||||||||||||
Other current assets | 12,192 | 11,831 | 14,729 | 14,729 | |||||||||||||||||||
Total current assets | 271,727 | 269,819 | 281,221 | 279,780 | |||||||||||||||||||
Other long-term assets | 9,531 | 9,892 | 6,962 | 6,962 | |||||||||||||||||||
Total long-term assets | 99,413 | 99,774 | 114,127 | 114,127 | |||||||||||||||||||
Total assets | 371,140 | 369,593 | 395,348 | 393,907 | |||||||||||||||||||
Accrued restructuring charges, current | 4,756 | 3,021 | 1,752 | 1,752 | |||||||||||||||||||
Accrued compensation | 30,311 | 30,964 | 31,971 | 32,835 | |||||||||||||||||||
Other accrued liabilities | 20,188 | 14,503 | 18,999 | 13,798 | |||||||||||||||||||
Total current liabilities | 201,517 | 194,750 | 210,053 | 205,716 | |||||||||||||||||||
Other long-term liabilities | 7,812 | 15,232 | 11,050 | 16,251 | |||||||||||||||||||
Total long-term liabilities | 251,205 | 258,625 | 231,975 | 237,176 | |||||||||||||||||||
Accumulated deficit | (517,816 | ) | (520,016 | ) | (465,397 | ) | (467,702 | ) | |||||||||||||||
Total stockholders' deficit | (81,582 | ) | (83,782 | ) | (46,680 | ) | (48,985 | ) | |||||||||||||||
Total liabilities and stockholders' deficit | 371,140 | 369,593 | 395,348 | 393,907 | |||||||||||||||||||
Consolidated Statements of Operations - Annual | |||||||||||||||||||||||
Fiscal Year Ended March 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||
Product revenue | $ | 399,043 | $ | 398,937 | $ | 451,340 | $ | 451,468 | $ | 456,903 | $ | 457,505 | |||||||||||
Royalty revenue | 44,492 | 44,492 | 56,666 | 56,154 | 64,272 | 64,784 | |||||||||||||||||
Total revenue | 587,572 | 587,466 | 652,370 | 651,986 | 672,270 | 673,384 | |||||||||||||||||
Cost of service revenue | 79,647 | 79,604 | 88,459 | 88,466 | 94,311 | 94,311 | |||||||||||||||||
Total cost of revenue | 346,921 | 346,878 | 378,535 | 378,542 | 389,288 | 389,288 | |||||||||||||||||
Gross margin | 240,651 | 240,588 | 273,835 | 273,444 | 282,982 | 284,096 | |||||||||||||||||
Sales and marketing expenses | 137,041 | 136,873 | 130,938 | 131,239 | 122,768 | 122,767 | |||||||||||||||||
Total operating expenses | 283,351 | 283,183 | 270,143 | 270,444 | 258,278 | 258,277 | |||||||||||||||||
Income (loss) from operations | (42,700 | ) | (42,595 | ) | 5,192 | 4,500 | 24,704 | 25,819 | |||||||||||||||
Income (loss) before income taxes | (51,258 | ) | (51,153 | ) | (7,922 | ) | (8,614 | ) | 4,554 | 5,669 | |||||||||||||
Net income (loss) | (52,419 | ) | (52,314 | ) | (8,809 | ) | (9,501 | ) | 4,541 | 5,656 | |||||||||||||
Diluted net income (loss) per share | (0.22 | ) | (0.22 | ) | (0.04 | ) | (0.04 | ) | 0.02 | 0.02 | |||||||||||||
Consolidated Statements of Operations - Quarterly - Fiscal 2013 | |||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||
1st Quarter | 2nd Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 93,811 | $ | 93,785 | $ | 100,067 | $ | 100,041 | |||||||||||||||
Total revenue | 140,879 | 140,853 | 147,340 | 147,314 | |||||||||||||||||||
Cost of service revenue | 20,334 | 20,304 | 20,232 | 20,232 | |||||||||||||||||||
Total cost of revenue | 85,084 | 85,054 | 88,116 | 88,116 | |||||||||||||||||||
Gross margin | 55,795 | 55,799 | 59,224 | 59,198 | |||||||||||||||||||
Sales and marketing expenses | 35,278 | 34,444 | 34,441 | 34,441 | |||||||||||||||||||
Total operating expenses | 70,607 | 69,773 | 69,195 | 69,195 | |||||||||||||||||||
Loss from operations | (14,812 | ) | (13,974 | ) | (9,971 | ) | (9,997 | ) | |||||||||||||||
Loss before income taxes | (16,999 | ) | (16,161 | ) | (11,898 | ) | (11,924 | ) | |||||||||||||||
Net loss | (17,498 | ) | (16,660 | ) | (12,268 | ) | (12,294 | ) | |||||||||||||||
Diluted net loss per share | (0.07 | ) | (0.07 | ) | (0.05 | ) | (0.05 | ) | |||||||||||||||
3rd Quarter | 4th Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 112,517 | $ | 112,490 | $ | 92,648 | $ | 92,621 | |||||||||||||||
Total revenue | 159,395 | 159,368 | 139,958 | 139,931 | |||||||||||||||||||
Cost of service revenue | 19,360 | 19,360 | 19,721 | 19,708 | |||||||||||||||||||
Total cost of revenue | 91,367 | 91,367 | 82,354 | 82,341 | |||||||||||||||||||
Gross margin | 68,028 | 68,001 | 57,604 | 57,590 | |||||||||||||||||||
Sales and marketing expenses | 33,588 | 33,588 | 33,734 | 34,400 | |||||||||||||||||||
Total operating expenses | 73,656 | 73,656 | 69,893 | 70,559 | |||||||||||||||||||
Loss from operations | (5,628 | ) | (5,655 | ) | (12,289 | ) | (12,969 | ) | |||||||||||||||
Loss before income taxes | (7,798 | ) | (7,825 | ) | (14,563 | ) | (15,243 | ) | |||||||||||||||
Net loss | (8,146 | ) | (8,173 | ) | (14,507 | ) | (15,187 | ) | |||||||||||||||
Diluted net loss per share | (0.04 | ) | (0.04 | ) | (0.06 | ) | (0.06 | ) | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||
As Reported | As Revised | ||||||||||||||||||||||
Product revenue | $ | 306,395 | $ | 306,316 | |||||||||||||||||||
Total revenue | 447,614 | 447,535 | |||||||||||||||||||||
Cost of service revenue | 59,926 | 59,896 | |||||||||||||||||||||
Total cost of revenue | 264,567 | 264,537 | |||||||||||||||||||||
Gross margin | 183,047 | 182,998 | |||||||||||||||||||||
Sales and marketing expenses | 103,307 | 102,473 | |||||||||||||||||||||
Total operating expenses | 213,458 | 212,624 | |||||||||||||||||||||
Loss from operations | (30,411 | ) | (29,626 | ) | |||||||||||||||||||
Loss before income taxes | (36,695 | ) | (35,910 | ) | |||||||||||||||||||
Net loss | (37,912 | ) | (37,127 | ) | |||||||||||||||||||
Diluted net loss per share | (0.16 | ) | (0.16 | ) | |||||||||||||||||||
Consolidated Statements of Operations - Quarterly - Fiscal 2012 | |||||||||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||||
1st Quarter | 2nd Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 102,268 | $ | 102,300 | $ | 115,126 | $ | 115,158 | |||||||||||||||
Royalty revenue | 14,571 | 14,059 | 14,015 | 14,015 | |||||||||||||||||||
Total revenue | 153,535 | 153,055 | 165,039 | 165,071 | |||||||||||||||||||
Cost of service revenue | 22,066 | 22,064 | 21,129 | 21,132 | |||||||||||||||||||
Total cost of revenue | 90,273 | 90,271 | 93,428 | 93,431 | |||||||||||||||||||
Gross margin | 63,262 | 62,784 | 71,611 | 71,640 | |||||||||||||||||||
Sales and marketing expenses | 30,525 | 30,263 | 31,115 | 31,171 | |||||||||||||||||||
Total operating expenses | 64,943 | 64,681 | 66,211 | 66,267 | |||||||||||||||||||
Income (loss) from operations | (1,681 | ) | (1,897 | ) | 6,900 | 6,873 | |||||||||||||||||
Income (loss) before income taxes | (4,588 | ) | (4,804 | ) | 3,866 | 3,839 | |||||||||||||||||
Net income (loss) | (5,226 | ) | (5,442 | ) | 3,561 | 3,534 | |||||||||||||||||
Diluted net income (loss) per share | (0.02 | ) | (0.02 | ) | 0.01 | 0.01 | |||||||||||||||||
3rd Quarter | 4th Quarter | ||||||||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||
Product revenue | $ | 124,081 | $ | 124,113 | $ | 109,865 | $ | 109,897 | |||||||||||||||
Royalty revenue | 14,049 | 14,049 | 14,031 | 14,031 | |||||||||||||||||||
Total revenue | 173,492 | 173,524 | 160,304 | 160,336 | |||||||||||||||||||
Cost of service revenue | 22,537 | 22,548 | 22,727 | 22,722 | |||||||||||||||||||
Total cost of revenue | 99,775 | 99,786 | 95,059 | 95,054 | |||||||||||||||||||
Gross margin | 73,717 | 73,738 | 65,245 | 65,282 | |||||||||||||||||||
Sales and marketing expenses | 33,350 | 33,736 | 35,948 | 36,069 | |||||||||||||||||||
Total operating expenses | 66,738 | 67,124 | 72,251 | 72,372 | |||||||||||||||||||
Income (loss) from operations | 6,979 | 6,614 | (7,006 | ) | (7,090 | ) | |||||||||||||||||
Income (loss) before income taxes | 4,387 | 4,022 | (11,587 | ) | (11,671 | ) | |||||||||||||||||
Net income (loss) | 3,914 | 3,549 | (11,058 | ) | (11,142 | ) | |||||||||||||||||
Diluted net income (loss) per share | 0.02 | 0.02 | (0.05 | ) | (0.05 | ) | |||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||
As Reported | As Revised | ||||||||||||||||||||||
Product revenue | $ | 341,475 | $ | 341,571 | |||||||||||||||||||
Royalty revenue | 42,635 | 42,123 | |||||||||||||||||||||
Total revenue | 492,066 | 491,650 | |||||||||||||||||||||
Cost of service revenue | 65,732 | 65,744 | |||||||||||||||||||||
Total cost of revenue | 283,476 | 283,488 | |||||||||||||||||||||
Gross margin | 208,590 | 208,162 | |||||||||||||||||||||
Sales and marketing expenses | 94,990 | 95,170 | |||||||||||||||||||||
Total operating expenses | 197,892 | 198,072 | |||||||||||||||||||||
Income from operations | 12,198 | 11,590 | |||||||||||||||||||||
Income before income taxes | 3,665 | 3,057 | |||||||||||||||||||||
Net income | 2,249 | 1,641 | |||||||||||||||||||||
Diluted net income per share | 0.01 | 0.01 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
FAIR VALUE [Abstract] | ' | ||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||
The assets measured and recorded at fair value on a recurring basis consist of money market funds, which are included in cash and cash equivalents in our Condensed Consolidated Balance Sheets, and are valued using quoted market prices (level 1 fair value measurements) at the respective balance sheet dates (in thousands): | |||||||
As of | |||||||
31-Dec-13 | 31-Mar-13 | ||||||
Money market funds | $ | 72,327 | $ | 60,496 |
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INVENTORIES [Abstract] | ' | ||||||
Schedule of Manufacturing Inventories | ' | ||||||
Manufacturing inventories and service parts inventories consisted of the following (in thousands): | |||||||
As of | |||||||
31-Dec-13 | 31-Mar-13 | ||||||
Manufacturing inventories: | |||||||
Finished goods | $ | 22,002 | $ | 19,480 | |||
Work in process | 1,611 | 8,633 | |||||
Materials and purchased parts | 20,008 | 24,962 | |||||
$ | 43,621 | $ | 53,075 | ||||
Schedule of Service Parts Inventories | ' | ||||||
As of | |||||||
31-Dec-13 | 31-Mar-13 | ||||||
Service parts inventories: | |||||||
Finished goods | $ | 18,331 | $ | 19,750 | |||
Component parts | 9,412 | 15,618 | |||||
$ | 27,743 | $ | 35,368 |
INTANGIBLE_ASSETS_AND_GOODWILL1
INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ||||||||||||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||||
The following provides a summary of the carrying value of intangible assets (in thousands): | |||||||||||||||||||||
As of | |||||||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||
Purchased technology | $ | 180,613 | $ | (179,272 | ) | $ | 1,341 | $ | 180,613 | $ | (178,168 | ) | $ | 2,445 | |||||||
Trademarks | 3,900 | (3,900 | ) | - | 3,900 | (3,900 | ) | - | |||||||||||||
Customer lists | 105,719 | (101,078 | ) | 4,641 | 105,719 | (95,509 | ) | 10,210 | |||||||||||||
In-process research and development | 158 | - | 158 | 158 | - | 158 | |||||||||||||||
$ | 290,390 | $ | (284,250 | ) | $ | 6,140 | $ | 290,390 | $ | (277,577 | ) | $ | 12,813 | ||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||
The following table provides a summary of the goodwill balance at both December 31, 2013 and March 31, 2013 (in thousands): | |||||||||||||||||||||
Goodwill | Accumulated | Net Amount | |||||||||||||||||||
Impairment Losses | |||||||||||||||||||||
Balance | $ | 394,613 | $ | (339,000 | ) | $ | 55,613 |
ACCRUED_WARRANTY_Tables
ACCRUED WARRANTY (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
ACCRUED WARRANTY [Abstract] | ' | ||||||||||||||||
Schedule of Product Warranty Liability | ' | ||||||||||||||||
The quarterly and year-to-date changes in the accrued warranty balance were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | 6,489 | $ | 7,904 | $ | 7,520 | $ | 7,586 | |||||||||
Additional warranties issued | 2,018 | 2,037 | 5,947 | 7,240 | |||||||||||||
Adjustments for warranties issued in prior fiscal years | 82 | 364 | - | 954 | |||||||||||||
Settlements | (2,462 | ) | (2,559 | ) | (7,340 | ) | (8,034 | ) | |||||||||
Ending balance | $ | 6,127 | $ | 7,746 | $ | 6,127 | $ | 7,746 |
RESTRUCTURING_CHARGES_Tables
RESTRUCTURING CHARGES (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
RESTRUCTURING CHARGES [Abstract] | ' | ||||||||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||
The types of restructuring expense for the three and nine months ended December 31, 2013 and December 31, 2012 were (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
By expense type | |||||||||||||||||
Severance and benefits | $ | 1,645 | $ | 6,363 | $ | 4,236 | $ | 6,363 | |||||||||
Facilities | 41 | 239 | 129 | 239 | |||||||||||||
Other | 360 | - | 537 | - | |||||||||||||
Total | $ | 2,046 | $ | 6,602 | $ | 4,902 | $ | 6,602 | |||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||
The following tables show the activity and the estimated timing of future payouts for accrued restructuring (in thousands): | |||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||
Severance | Facilities | Other | Total | ||||||||||||||
and Benefits | |||||||||||||||||
Balance as of September 30, 2013 | $ | 3,125 | $ | 1,896 | $ | 87 | $ | 5,108 | |||||||||
Restructuring charges | 1,834 | 41 | 360 | 2,235 | |||||||||||||
Restructuring charges reversal | (189 | ) | - | - | (189 | ) | |||||||||||
Cash payments | (1,659 | ) | (130 | ) | (307 | ) | (2,096 | ) | |||||||||
Balance as of December 31, 2013 | $ | 3,111 | $ | 1,807 | $ | 140 | $ | 5,058 | |||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||
Severance | Facilities | Other | Total | ||||||||||||||
and Benefits | |||||||||||||||||
Balance as of March 31, 2013 | $ | 2,711 | $ | 2,045 | $ | - | $ | 4,756 | |||||||||
Restructuring charges | 5,373 | 129 | 537 | 6,039 | |||||||||||||
Restructuring charges reversal | (1,137 | ) | - | - | (1,137 | ) | |||||||||||
Cash payments | (3,836 | ) | (367 | ) | (397 | ) | (4,600 | ) | |||||||||
Balance as of December 31, 2013 | $ | 3,111 | $ | 1,807 | $ | 140 | $ | 5,058 | |||||||||
Schedule of Estimated Future Payouts for Accrued Restructuring | ' | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Severance | Facilities | Other | Total | ||||||||||||||
and Benefits | |||||||||||||||||
Estimated timing of future payouts: | |||||||||||||||||
Next twelve months | $ | 3,111 | $ | 303 | $ | 140 | $ | 3,554 | |||||||||
January 2015 through February 2021 | - | 1,504 | - | 1,504 | |||||||||||||
$ | 3,111 | $ | 1,807 | $ | 140 | $ | 5,058 | ||||||||||
STOCK_INCENTIVE_PLANS_AND_SHAR1
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION [Abstract] | ' | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ||||||||||||
The following table summarizes share-based compensation (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Share-based compensation: | |||||||||||||
Cost of revenue | $ | 509 | $ | 626 | $ | 1,560 | $ | 1,839 | |||||
Research and development | 862 | 925 | 2,638 | 2,772 | |||||||||
Sales and marketing | 994 | 1,273 | 3,148 | 3,603 | |||||||||
General and administrative | 1,056 | 892 | 2,922 | 3,515 | |||||||||
$ | 3,421 | $ | 3,716 | $ | 10,268 | $ | 11,729 | ||||||
Share-based compensation by type of award: | |||||||||||||
Stock options | $ | 207 | $ | 239 | $ | 647 | $ | 1,445 | |||||
Restricted stock | 2,923 | 2,986 | 8,629 | 8,767 | |||||||||
Stock purchase plan | 291 | 491 | 992 | 1,517 | |||||||||
$ | 3,421 | $ | 3,716 | $ | 10,268 | $ | 11,729 | ||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | ' | ||||||||||||
The weighted-average grant date fair values and the assumptions used in calculating fair values for the nine months ended December 31, 2013 and 2012 are as follows: | |||||||||||||
Nine Months Ended | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Option life (in years) | 0.5 | 0.5 | |||||||||||
Risk-free interest rate | 0.07 | % | 0.15 | % | |||||||||
Stock price volatility | 47.65 | % | 74.81 | % | |||||||||
Weighted-average grant date fair value | $ | 0.47 | $ | 0.51 | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
A summary of activity relating to our stock options follows (options and aggregate intrinsic value in thousands): | |||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic Value | |||||||||||
Exercise Price | Remaining | ||||||||||||
Contractual Term | |||||||||||||
Outstanding as of March 31, 2013 | 16,050 | $ | 2.14 | ||||||||||
Exercised | (535 | ) | 0.99 | ||||||||||
Forfeited | (1,108 | ) | 2.2 | ||||||||||
Expired | (3,011 | ) | 2.07 | ||||||||||
Outstanding as of December 31, 2013 | 11,396 | $ | 2.21 | 1.66 | $ | 1,031 | |||||||
Vested and expected to vest at December 31, 2013 | 11,369 | $ | 2.2 | 1.66 | $ | 1,031 | |||||||
Exercisable as of December 31, 2013 | 10,944 | $ | 2.19 | 1.56 | $ | 1,027 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||
A summary of activity relating to our restricted stock follows (shares in thousands): | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at March 31, 2013 | 9,887 | $ | 2.43 | ||||||||||
Granted | 7,751 | 1.4 | |||||||||||
Vested | (4,241 | ) | 2.4 | ||||||||||
Forfeited | (1,041 | ) | 2.06 | ||||||||||
Nonvested at December 31, 2013 | 12,356 | $ | 1.83 |
NET_LOSS_PER_SHARE_Tables
NET LOSS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The following is the computation of basic and diluted net loss per share (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss | $ | (2,415 | ) | $ | (8,173 | ) | $ | (6,982 | ) | $ | (37,127 | ) | |||||
Weighted average basic and diluted shares | 248,135 | 240,786 | 246,183 | 239,099 | |||||||||||||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.16 | ) |
REVISION_OF_PRIOR_PERIOD_FINAN2
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2010 | Mar. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
Cumulative Overstatement of Revenue and Accounts Receivable [Member] | Overstatement (Understatement) of Revenue [Member] | Overstatement (Understatement) of Revenue [Member] | Overstatement (Understatement) of Revenue [Member] | (Understatement) of Accrual of Sales Commission Expense [Member] | Cumulative Effect to Net Income if Recorded [Member] | Out of Period Correction of DXi OEM Software Revenue [Member] | Out of Period Correction of Royalty Revenue [Member] | Out of Period Correction of Payroll Tax Expense on Commissions [Member] | Out of Period Correction of Payroll Tax Expense on Commissions [Member] | Out of Period Correction of Payroll Tax Expense on Commissions [Member] | Current Assets - Balance Sheet Misclassification [Member] | Current Liabilities - Balance Sheet Misclassification [Member] | Current Liabilities - Balance Sheet Misclassification [Member] | |
Error Corrections And Prior Period Adjustments Revisions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of error | $1.50 | $0.10 | ($0.10) | $0.10 | ($0.70) | ($2.20) | $0.70 | ($0.50) | ($0.90) | ($0.30) | ($0.60) | $0.40 | $7.40 | $5.20 |
REVISION_OF_PRIOR_PERIOD_FINAN3
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | As Reported [Member] | As Reported [Member] | As Revised [Member] | As Revised [Member] | ||
Error Corrections And Prior Period Adjustments Revisions [Line Items] | ' | ' | ' | ' | ' | ' |
Accounts receivable | $105,121 | $97,546 | $99,093 | $110,840 | $97,546 | $109,399 |
Other current assets | 11,063 | 11,831 | 12,192 | 14,729 | 11,831 | 14,729 |
Total current assets | 270,315 | 269,819 | 271,727 | 281,221 | 269,819 | 279,780 |
Other long-term assets | 9,749 | 9,892 | 9,531 | 6,962 | 9,892 | 6,962 |
Total long-term assets | 89,959 | 99,774 | 99,413 | 114,127 | 99,774 | 114,127 |
Total assets | 360,274 | 369,593 | 371,140 | 395,348 | 369,593 | 393,907 |
Accrued restructuring charges, current | 3,554 | 3,021 | 4,756 | 1,752 | 3,021 | 1,752 |
Accrued compensation | 29,338 | 30,964 | 30,311 | 31,971 | 30,964 | 32,835 |
Other accrued liabilities | 13,580 | 14,503 | 20,188 | 18,999 | 14,503 | 13,798 |
Total current liabilities | 180,561 | 194,750 | 201,517 | 210,053 | 194,750 | 205,716 |
Other long-term liabilities | 14,992 | 15,232 | 7,812 | 11,050 | 15,232 | 16,251 |
Total long-term liabilities | 259,342 | 258,625 | 251,205 | 231,975 | 258,625 | 237,176 |
Accumulated deficit | -526,998 | -520,016 | -517,816 | -465,397 | -520,016 | -467,702 |
Total stockholders' deficit | -79,629 | -83,782 | -81,582 | -46,680 | -83,782 | -48,985 |
Total liabilities and stockholders' deficit | $360,274 | $369,593 | $371,140 | $395,348 | $369,593 | $393,907 |
REVISION_OF_PRIOR_PERIOD_FINAN4
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Consolidated Statements of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Reported [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | |||||
Error Corrections And Prior Period Adjustments Revisions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product revenue | $98,348 | $112,490 | $269,024 | $306,316 | $92,648 | $112,517 | $100,067 | $93,811 | $109,865 | $124,081 | $115,126 | $102,268 | $306,395 | $341,475 | $399,043 | $451,340 | $456,903 | $92,621 | $112,490 | $100,041 | $93,785 | $109,897 | $124,113 | $115,158 | $102,300 | $306,316 | $341,571 | $398,937 | $451,468 | $457,505 |
Royalty revenue | 10,656 | 11,538 | 46,693 | 34,081 | ' | ' | ' | ' | 14,031 | 14,049 | 14,015 | 14,571 | ' | 42,635 | 44,492 | 56,666 | 64,272 | ' | ' | ' | ' | 14,031 | 14,049 | 14,015 | 14,059 | ' | 42,123 | 44,492 | 56,154 | 64,784 |
Total revenue | 145,930 | 159,368 | 425,329 | 447,535 | 139,958 | 159,395 | 147,340 | 140,879 | 160,304 | 173,492 | 165,039 | 153,535 | 447,614 | 492,066 | 587,572 | 652,370 | 672,270 | 139,931 | 159,368 | 147,314 | 140,853 | 160,336 | 173,524 | 165,071 | 153,055 | 447,535 | 491,650 | 587,466 | 651,986 | 673,384 |
Cost of service revenue | 19,706 | 19,360 | 56,053 | 59,896 | 19,721 | 19,360 | 20,232 | 20,334 | 22,727 | 22,537 | 21,129 | 22,066 | 59,926 | 65,732 | 79,647 | 88,459 | 94,311 | 19,708 | 19,360 | 20,232 | 20,304 | 22,722 | 22,548 | 21,132 | 22,064 | 59,896 | 65,744 | 79,604 | 88,466 | 94,311 |
Total cost of revenue | 84,496 | 91,367 | 237,597 | 264,537 | 82,354 | 91,367 | 88,116 | 85,084 | 95,059 | 99,775 | 93,428 | 90,273 | 264,567 | 283,476 | 346,921 | 378,535 | 389,288 | 82,341 | 91,367 | 88,116 | 85,054 | 95,054 | 99,786 | 93,431 | 90,271 | 264,537 | 283,488 | 346,878 | 378,542 | 389,288 |
Gross margin | 61,434 | 68,001 | 187,732 | 182,998 | 57,604 | 68,028 | 59,224 | 55,795 | 65,245 | 73,717 | 71,611 | 63,262 | 183,047 | 208,590 | 240,651 | 273,835 | 282,982 | 57,590 | 68,001 | 59,198 | 55,799 | 65,282 | 73,738 | 71,640 | 62,784 | 182,998 | 208,162 | 240,588 | 273,444 | 284,096 |
Sales and marketing | 29,424 | 33,588 | 89,577 | 102,473 | 33,734 | 33,588 | 34,441 | 35,278 | 35,948 | 33,350 | 31,115 | 30,525 | 103,307 | 94,990 | 137,041 | 130,938 | 122,768 | 34,400 | 33,588 | 34,441 | 34,444 | 36,069 | 33,736 | 31,171 | 30,263 | 102,473 | 95,170 | 136,873 | 131,239 | 122,767 |
Total operating expenses | 61,471 | 73,656 | 186,954 | 212,624 | 69,893 | 73,656 | 69,195 | 70,607 | 72,251 | 66,738 | 66,211 | 64,943 | 213,458 | 197,892 | 283,351 | 270,143 | 258,278 | 70,559 | 73,656 | 69,195 | 69,773 | 72,372 | 67,124 | 66,267 | 64,681 | 212,624 | 198,072 | 283,183 | 270,444 | 258,277 |
Income (loss) from operations | -37 | -5,655 | 778 | -29,626 | -12,289 | -5,628 | -9,971 | -14,812 | -7,006 | 6,979 | 6,900 | -1,681 | -30,411 | 12,198 | -42,700 | 5,192 | 24,704 | -12,969 | -5,655 | -9,997 | -13,974 | -7,090 | 6,614 | 6,873 | -1,897 | -29,626 | 11,590 | -42,595 | 4,500 | 25,819 |
Income (loss) before income taxes | -2,107 | -7,825 | -5,750 | -35,910 | -14,563 | -7,798 | -11,898 | -16,999 | -11,587 | 4,387 | 3,866 | -4,588 | -36,695 | 3,665 | -51,258 | -7,922 | 4,554 | -15,243 | -7,825 | -11,924 | -16,161 | -11,671 | 4,022 | 3,839 | -4,804 | -35,910 | 3,057 | -51,153 | -8,614 | 5,669 |
Net income (loss) | ($2,415) | ($8,173) | ($6,982) | ($37,127) | ($14,507) | ($8,146) | ($12,268) | ($17,498) | ($11,058) | $3,914 | $3,561 | ($5,226) | ($37,912) | $2,249 | ($52,419) | ($8,809) | $4,541 | ($15,187) | ($8,173) | ($12,294) | ($16,660) | ($11,142) | $3,549 | $3,534 | ($5,442) | ($37,127) | $1,641 | ($52,314) | ($9,501) | $5,656 |
Diluted net income (loss) per share | ' | ' | ' | ' | ($0.06) | ($0.04) | ($0.05) | ($0.07) | ($0.05) | $0.02 | $0.01 | ($0.02) | ($0.16) | $0.01 | ($0.22) | ($0.04) | $0.02 | ($0.06) | ($0.04) | ($0.05) | ($0.07) | ($0.05) | $0.02 | $0.01 | ($0.02) | ($0.16) | $0.01 | ($0.22) | ($0.04) | $0.02 |
FAIR_VALUE_Schedule_of_Fair_Va
FAIR VALUE (Schedule of Fair Value of Money Market Funds) (Details) (Fair Value, Inputs, Level 1 [Member], USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | $72,327 | $60,496 |
FAIR_VALUE_Narrative_Details
FAIR VALUE (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Convertible subordinated debt | $205 |
Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Estimated fair value of convertible subordinated debt | $200.20 |
INVENTORIES_Schedule_of_Manufa
INVENTORIES (Schedule of Manufacturing Inventories) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Manufacturing inventories: | ' | ' |
Finished goods | $22,002 | $19,480 |
Work in process | 1,611 | 8,633 |
Materials and purchased parts | 20,008 | 24,962 |
Inventory, Net | $43,621 | $53,075 |
INVENTORIES_Schedule_of_Servic
INVENTORIES (Schedule of Service Parts Inventories) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Service parts inventories: | ' | ' |
Finished goods | $18,331 | $19,750 |
Component parts | 9,412 | 15,618 |
Inventory, Parts and Components, Net of Reserves | $27,743 | $35,368 |
INTANGIBLE_ASSETS_AND_GOODWILL2
INTANGIBLE ASSETS AND GOODWILL (Schedule of Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Gross Amount | $290,390 | $290,390 |
Accumulated Amortization | -284,250 | -277,577 |
Net Amount | 6,140 | 12,813 |
Purchased technology [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Gross Amount | 180,613 | 180,613 |
Accumulated Amortization | -179,272 | -178,168 |
Net Amount | 1,341 | 2,445 |
Trademarks [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Gross Amount | 3,900 | 3,900 |
Accumulated Amortization | -3,900 | -3,900 |
Net Amount | ' | ' |
Customer lists [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Gross Amount | 105,719 | 105,719 |
Accumulated Amortization | -101,078 | -95,509 |
Net Amount | 4,641 | 10,210 |
In-process research and development [Member] | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' |
Gross Amount | 158 | 158 |
Accumulated Amortization | ' | ' |
Net Amount | $158 | $158 |
INTANGIBLE_ASSETS_AND_GOODWILL3
INTANGIBLE ASSETS AND GOODWILL (Schedule of Goodwill) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ' |
Balance, Goodwill | $394,613 | $394,613 |
Balance, Accumulated Impairment Losses | -339,000 | -339,000 |
Balance, Net Amount | $55,613 | $55,613 |
INTANGIBLE_ASSETS_AND_GOODWILL4
INTANGIBLE ASSETS AND GOODWILL (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
INTANGIBLE ASSETS AND GOODWILL [Abstract] | ' | ' | ' | ' |
Amortization of Intangible Assets | $2.20 | $2.80 | $6.70 | $11.10 |
ACCRUED_WARRANTY_Schedule_of_C
ACCRUED WARRANTY (Schedule of Change in Accrued Warranty Balance) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
ACCRUED WARRANTY [Abstract] | ' | ' | ' | ' |
Beginning balance | $6,489 | $7,904 | $7,520 | $7,586 |
Additional warranties issued | 2,018 | 2,037 | 5,947 | 7,240 |
Adjustments for warranties issued in prior fiscal years | 82 | 364 | ' | 954 |
Settlements | -2,462 | -2,559 | -7,340 | -8,034 |
Ending balance | $6,127 | $7,746 | $6,127 | $7,746 |
RESTRUCTURING_CHARGES_Schedule
RESTRUCTURING CHARGES (Schedule of Restructuring Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
RESTRUCTURING CHARGES [Abstract] | ' | ' | ' | ' |
Severance and benefits | $1,645 | $6,363 | $4,236 | $6,363 |
Facilities | 41 | 239 | 129 | 239 |
Other | 360 | ' | 537 | ' |
Total | $2,046 | $6,602 | $4,902 | $6,602 |
RESTRUCTURING_CHARGES_Schedule1
RESTRUCTURING CHARGES (Schedule of Accrued Restructuring) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | $5,108 | $4,756 |
Restructuring costs | 2,235 | 6,039 |
Restructuring charge reversal | -189 | -1,137 |
Cash payments | -2,096 | -4,600 |
Balance | 5,058 | 5,058 |
Severance and Benefits [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 3,125 | 2,711 |
Restructuring costs | 1,834 | 5,373 |
Restructuring charge reversal | -189 | -1,137 |
Cash payments | -1,659 | -3,836 |
Balance | 3,111 | 3,111 |
Facilities [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 1,896 | 2,045 |
Restructuring costs | 41 | 129 |
Restructuring charge reversal | ' | ' |
Cash payments | -130 | -367 |
Balance | 1,807 | 1,807 |
Other [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 87 | ' |
Restructuring costs | 360 | 537 |
Restructuring charge reversal | ' | ' |
Cash payments | -307 | -397 |
Balance | $140 | $140 |
RESTRUCTURING_CHARGES_Schedule2
RESTRUCTURING CHARGES (Schedule of Estimated Timing of Future Payouts) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | $5,058 |
Severance and Benefits [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 3,111 |
Facilities [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 1,807 |
Other [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 140 |
Next twelve months [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 3,554 |
Next twelve months [Member] | Severance and Benefits [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 3,111 |
Next twelve months [Member] | Facilities [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 303 |
Next twelve months [Member] | Other [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 140 |
January 2015 through February 2021 [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 1,504 |
January 2015 through February 2021 [Member] | Severance and Benefits [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | ' |
January 2015 through February 2021 [Member] | Facilities [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | 1,504 |
January 2015 through February 2021 [Member] | Other [Member] | ' |
Estimated timing of future payouts: | ' |
Estimated timing of future payouts: | ' |
STOCK_INCENTIVE_PLANS_AND_SHAR2
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Share-based Compensation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | $3,421 | $3,716 | $10,268 | $11,729 |
Cost of revenue [Member] | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 509 | 626 | 1,560 | 1,839 |
Research and development [Member] | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 862 | 925 | 2,638 | 2,772 |
Selling and marketing [Member] | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 994 | 1,273 | 3,148 | 3,603 |
General and administrative [Member] | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | $1,056 | $892 | $2,922 | $3,515 |
STOCK_INCENTIVE_PLANS_AND_SHAR3
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Share-based Compensation by Type of Award) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based compensation by type of award: | ' | ' | ' | ' |
Stock options | $207 | $239 | $647 | $1,445 |
Restricted stock | 2,923 | 2,986 | 8,629 | 8,767 |
Stock purchase plan | 291 | 491 | 992 | 1,517 |
Share-based compensation: | $3,421 | $3,716 | $10,268 | $11,729 |
STOCK_INCENTIVE_PLANS_AND_SHAR4
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Restricted Stock) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Vesting Date One [Member] | Vesting Date Two [Member] | Vesting Date Three [Member] | |||||||
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair values of restricted stock units granted | $1.25 | $1.44 | $1.40 | $1.99 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | 0.2 | 0.8 | ' | ' | ' |
Fair value | ' | ' | ' | ' | $0.20 | ' | ' | ' | ' |
Model used to estimate fair value | ' | ' | ' | ' | 'Monte Carlo | ' | ' | ' | ' |
Expected volatility rate | ' | ' | ' | ' | 66.00% | ' | ' | ' | ' |
Risk free interest rate | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' |
Expected term | ' | ' | ' | ' | ' | ' | '10 months | '22 months | '34 months |
Estimated fair value | ' | ' | ' | ' | $0.70 | ' | ' | ' | ' |
STOCK_INCENTIVE_PLANS_AND_SHAR5
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Stock Purchase Plan Fair Value Assumptions) (Details) (Stock Purchase Plan [Member], USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Purchase Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Option life | '6 months | '6 months |
Risk-free interest rate | 0.07% | 0.15% |
Stock price volatility | 47.65% | 74.81% |
Weighted-average grant date fair value | $0.47 | $0.51 |
STOCK_INCENTIVE_PLANS_AND_SHAR6
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Options | ' |
Outstanding as of March 31, 2013 | 16,050 |
Exercised | -535 |
Forfeited | -1,108 |
Expired | -3,011 |
Outstanding as of December 31, 2013 | 11,396 |
Vested and expected to vest at December 31, 2013 | 11,369 |
Exercisable as of December 31, 2013 | 10,944 |
Weighted-Average Exercise Price | ' |
Outstanding as of March 31, 2013 | $2.14 |
Exercised | $0.99 |
Forfeited | $2.20 |
Expired | $2.07 |
Outstanding as of December 31, 2013 | $2.21 |
Vested and expected to vest at December 31, 2013 | $2.20 |
Exercisable as of December 31, 2013 | $2.19 |
Weighted-Average Remaining Contractual Term | ' |
Outstanding as of December 31, 2013 | '1 year 7 months 28 days |
Vested and expected to vest at December 31, 2013 | '1 year 7 months 28 days |
Exercisable as of December 31, 2013 | '1 year 6 months 22 days |
Aggregate Intrinsic Value | ' |
Outstanding as of December 31, 2013 | $1,031 |
Vested and expected to vest at December 31, 2013 | 1,031 |
Exercisable as of December 31, 2013 | $1,027 |
STOCK_INCENTIVE_PLANS_AND_SHAR7
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Restricted Stock Activity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Shares | ' | ' | ' | ' |
Nonvested at March 31, 2013 | ' | ' | 9,887 | ' |
Granted | ' | ' | 7,751 | ' |
Vested | ' | ' | -4,241 | ' |
Forfeited | ' | ' | -1,041 | ' |
Nonvested at December 31, 2013 | 12,356 | ' | 12,356 | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' | ' |
Nonvested at March 31, 2013 | ' | ' | $2.43 | ' |
Granted | $1.25 | $1.44 | $1.40 | $1.99 |
Vested | ' | ' | $2.40 | ' |
Forfeited | ' | ' | $2.06 | ' |
Nonvested at December 31, 2013 | $1.83 | ' | $1.83 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
INCOME TAXES [Abstract] | ' | ' | ' | ' |
Income tax provision | $308 | $348 | $1,232 | $1,217 |
NET_LOSS_PER_SHARE_Computation
NET LOSS PER SHARE (Computation of Net Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
NET LOSS PER SHARE [Abstract] | ' | ' | ' | ' |
Net loss | ($2,415) | ($8,173) | ($6,982) | ($37,127) |
Weighted average basic and diluted shares | 248,135 | 240,786 | 246,183 | 239,099 |
Basic and diluted net loss per share | ($0.01) | ($0.04) | ($0.03) | ($0.16) |
NET_LOSS_PER_SHARE_Narrative_D
NET LOSS PER SHARE (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11.5 | 16.4 | 13.8 | 17.7 |
Unvested restricted stock units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11.5 | 10.7 | 10.7 | 10.1 |
3.50% convertible subordinated notes [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 31.2 | 31.2 | 31.2 | 31.2 |
Convertible subordinated notes, interest rate | 3.50% | 3.50% | 3.50% | 3.50% |
4.50% convertible subordinated notes [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 42.5 | 28.5 | 42.5 | 9.4 |
Convertible subordinated notes, interest rate | 4.50% | 4.50% | 4.50% | 4.50% |