Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Oct. 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 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 255,495,188 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $105,031 | $99,125 |
Restricted cash | 2,685 | 2,760 |
Accounts receivable, net of allowance for doubtful accounts of $232 and $88, respectively | 92,882 | 101,605 |
Manufacturing inventories | 36,200 | 34,815 |
Service parts inventories | 24,627 | 25,629 |
Other current assets | 10,382 | 10,161 |
Total current assets | 271,807 | 274,095 |
Long-term assets: | ' | ' |
Property and equipment, less accumulated depreciation | 16,261 | 17,574 |
Intangible assets, less accumulated amortization | 1,051 | 3,911 |
Goodwill | 55,613 | 55,613 |
Other long-term assets | 9,451 | 10,605 |
Total long-term assets | 82,376 | 87,703 |
Total Assets | 354,183 | 361,798 |
Current liabilities: | ' | ' |
Accounts payable | 42,157 | 41,792 |
Accrued warranty | 5,290 | 6,116 |
Deferred revenue, current | 88,088 | 98,098 |
Accrued restructuring charges, current | 3,424 | 4,345 |
Accrued compensation | 26,873 | 25,036 |
Other accrued liabilities | 18,941 | 15,168 |
Total current liabilities | 184,773 | 190,555 |
Long-term liabilities: | ' | ' |
Deferred revenue, long-term | 38,197 | 40,054 |
Accrued restructuring charges, long-term | 3,577 | 4,023 |
Convertible subordinated debt | 203,735 | 203,735 |
Other long-term liabilities | 10,103 | 10,831 |
Total long-term liabilities | 255,612 | 258,643 |
Stockholders' deficit: | ' | ' |
Common stock, $0.01 par value; 1,000,000 shares authorized; 255,479 and 250,410 shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively | 2,555 | 2,504 |
Capital in excess of par | 448,579 | 443,547 |
Accumulated deficit | -543,147 | -540,071 |
Accumulated other comprehensive income | 5,811 | 6,620 |
Total stockholders’ deficit | -86,202 | -87,400 |
Total liabilities and stockholders' deficit | $354,183 | $361,798 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance for doubtful accounts of $232 and $88, respectively | $232 | $88 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 255,479,000 | 250,410,000 |
Common stock, shares outstanding | 255,479,000 | 250,410,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Product revenue | $85,216 | $84,756 | $165,410 | $170,605 |
Service revenue | 39,157 | 36,194 | 77,657 | 72,686 |
Royalty revenue | 10,733 | 10,529 | 20,167 | 36,037 |
Total revenue | 135,106 | 131,479 | 263,234 | 279,328 |
Cost of product revenue | 55,593 | 57,882 | 110,501 | 116,665 |
Cost of service revenue | 17,584 | 17,116 | 35,278 | 36,347 |
Restructuring charges related to cost of revenue | 0 | 89 | 0 | 89 |
Total cost of revenue | 73,177 | 75,087 | 145,779 | 153,101 |
Gross margin | 61,929 | 56,392 | 117,455 | 126,227 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 15,157 | 16,359 | 29,711 | 33,053 |
Sales and marketing | 28,218 | 29,995 | 55,923 | 60,153 |
General and administrative | 14,085 | 14,795 | 28,456 | 29,484 |
Restructuring charges | 624 | 208 | 1,489 | 2,767 |
Total operating expenses | 58,084 | 61,357 | 115,579 | 125,457 |
Gain on sale of assets | 0 | 0 | 462 | 0 |
Income (loss) from operations | 3,845 | -4,965 | 2,338 | 770 |
Other income and expense | 215 | 46 | 90 | 421 |
Interest expense | -2,456 | -2,440 | -4,900 | -4,879 |
Income (loss) before income taxes | 1,604 | -7,359 | -2,472 | -3,688 |
Income tax provision | 356 | 534 | 604 | 924 |
Net income (loss) | $1,248 | ($7,893) | ($3,076) | ($4,612) |
Basic and diluted net income (loss) per share | $0 | ($0.03) | ($0.01) | ($0.02) |
Weighted average shares: | ' | ' | ' | ' |
Basic | 254,760 | 247,074 | 252,724 | 246,569 |
Diluted | 257,579 | 247,074 | 252,724 | 246,569 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $1,248 | ($7,893) | ($3,076) | ($4,612) |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,101 | 464 | -1,092 | 395 |
Net unrealized gain (loss) on revaluation of long-term intercompany balances | 225 | -98 | 283 | -162 |
Total other comprehensive income (loss) | -876 | 366 | -809 | 233 |
Total comprehensive income (loss) | $372 | ($7,527) | ($3,885) | ($4,379) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($3,076) | ($4,612) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation | 4,272 | 5,671 |
Amortization of intangible assets | 3,377 | 4,449 |
Amortization of debt issuance costs | 829 | 816 |
Service parts lower of cost or market adjustment | 2,007 | 6,659 |
Gain on sale of assets | -462 | 0 |
Deferred income taxes | -50 | 59 |
Share-based compensation | 5,737 | 6,847 |
Other non-cash | -302 | 0 |
Changes in assets and liabilities, net of effect of acquisition: | ' | ' |
Accounts receivable | 8,723 | 10,520 |
Manufacturing inventories | -3,213 | 185 |
Service parts inventories | -687 | 1,688 |
Accounts payable | 390 | -14,245 |
Accrued warranty | -826 | -1,031 |
Deferred revenue | -11,867 | -6,449 |
Accrued restructuring charges | -1,393 | 359 |
Accrued compensation | 2,151 | -5,195 |
Other assets and liabilities | 2,941 | 2,507 |
Net cash provided by operating activities | 8,551 | 8,228 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -1,912 | -3,226 |
Proceeds from sale of assets | 462 | 0 |
Change in restricted cash | -69 | -117 |
Purchases of other investments | 0 | -534 |
Return of principal from other investments | 104 | 0 |
Payment for business acquisition, net of cash acquired | -517 | 0 |
Net cash used in investing activities | -1,932 | -3,877 |
Cash flows from investing activities: | ' | ' |
Payment of taxes due upon vesting of restricted stock | -2,187 | -1,770 |
Proceeds from issuance of common stock | 1,533 | 2,247 |
Net cash provided by (used in) financing activities | -654 | 477 |
Effect of exchange rate changes on cash and cash equivalents | -59 | 25 |
Net increase in cash and cash equivalents | 5,906 | 4,853 |
Cash and cash equivalents at beginning of period | 99,125 | 68,976 |
Cash and cash equivalents at end of period | 105,031 | 73,829 |
Supplemental disclosure of cash flow information: | ' | ' |
Purchases of property and equipment included in accounts payable | $237 | $758 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
Quantum Corporation (“Quantum”, the “Company”, “us” or “we”), founded in 1980, is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. Our customers, ranging from small businesses to major enterprises, trust us to address their most demanding data workflow challenges. We provide solutions for storing and protecting information in physical, virtual and cloud environments that are designed to help customers Be Certain™ they have an end-to-end storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely 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. 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, 2014 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, 2014 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on June 6, 2014. | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 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 a 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 adopted ASU 2013-11 prospectively in the first quarter of fiscal 2015. Adoption did not impact our statements of financial position or results of operations. | |
Recent Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations. ASU 2014-09 will become effective for us beginning April 1, 2017, or fiscal 2018. We are currently evaluating the guidance to determine the potential impact on our financial condition, results of operations, cash flows and financial statement disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. ASU 2014-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We plan to adopt ASU 2014-12 prospectively in the first quarter of fiscal 2017 and do not anticipate adoption will impact our statements of financial position or results of operations. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Topic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires that management assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. We plan to adopt ASU 2014-15 as of the end of our fiscal year ending March 31, 2017 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 | 6 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | ' |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | |
During the fourth quarter of fiscal 2014, we identified an error related to certain allowances recorded for estimated future price adjustments with a cumulative $0.7 million overstatement of revenue and accounts receivable at April 1, 2013. Revenue for the second quarter and first six months of fiscal 2014 was understated by less than $0.1 million and overstated by $0.1 million, respectively, as a result of this error. We also identified an error related to straight-line rent expense that had accumulated since fiscal 2006, resulting in a $2.1 million cumulative overstatement of rent expense and total other accrued liabilities and other long-term liabilities at April 1, 2013. General and administrative expense was overstated by less than $0.1 million for both the second quarter and first six months of fiscal 2014. | |
In the fourth quarter of fiscal 2014, we evaluated these errors in accordance with the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 99 and determined that the cumulative impact of the errors was 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 errors had been recorded during the fourth quarter of fiscal 2014, the impact would have been significant to the Consolidated Statement of Operations for the quarter ended March 31, 2014. As a result, we revised our prior period financial statements in accordance with the SEC's Staff Accounting Bulletin No. 108. | |
We believe the revisions are not material to the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income (Loss) or Condensed Consolidated Statements of Cash Flows for the second quarter or first six months ended September 30, 2013. |
ACQUISITION_Notes
ACQUISITION (Notes) | 6 Months Ended |
Sep. 30, 2014 | |
Acquisition [Abstract] | ' |
ACQUISITION | ' |
ACQUISITION | |
On July 29, 2014, we acquired a majority of the assets of Symform, Inc., a Washington corporation, for cash of approximately $0.5 million. The assets, consisting primarily of Symform technology, were recorded as purchased technology and are expected to enhance our cloud software capabilities and service offerings for data protection and scale-out storage. This acquisition was recorded as a business combination and the effect was not material to our financial position, results of operations or cash flows. |
FAIR_VALUE
FAIR VALUE | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE | ' | |||||||||||||||
FAIR VALUE | ||||||||||||||||
Our 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 | ||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||
Money market funds | $ | 74,703 | $ | 93,077 | ||||||||||||
We did not record impairments to any non-financial assets in the second quarter or first six months of fiscal 2015 or 2014. We do not have any non-financial liabilities measured and recorded at fair value on a non-recurring basis. | ||||||||||||||||
Our financial liabilities were comprised primarily of convertible subordinated debt at September 30, 2014 and March 31, 2014. The carrying value and fair value based on quoted market prices in less active markets (level 2 fair value measurement) were as follows (in thousands): | ||||||||||||||||
As of | ||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Convertible subordinated debt | $ | 203,735 | $ | 204,298 | $ | 203,735 | $ | 203,820 | ||||||||
INVENTORIES
INVENTORIES | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Manufacturing inventories and service parts inventories consisted of the following (in thousands): | ||||||||
As of | ||||||||
September 30, 2014 | March 31, 2014 | |||||||
Manufacturing inventories: | ||||||||
Finished goods | $ | 22,346 | $ | 18,069 | ||||
Work in process | 88 | 1,056 | ||||||
Materials and purchased parts | 13,766 | 15,690 | ||||||
$ | 36,200 | $ | 34,815 | |||||
As of | ||||||||
September 30, 2014 | March 31, 2014 | |||||||
Service parts inventories: | ||||||||
Finished goods | $ | 16,761 | $ | 17,926 | ||||
Component parts | 7,866 | 7,703 | ||||||
$ | 24,627 | $ | 25,629 | |||||
INTANGIBLE_ASSETS_AND_GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL | ' | |||||||||||||||||||||||
INTANGIBLE ASSETS AND GOODWILL | ||||||||||||||||||||||||
We evaluate our amortizable and indefinite-lived intangible assets (“long-lived assets”) for impairment whenever indicators of impairment exist. We concluded the carrying amount of our long-lived assets was recoverable and there was no impairment in the second quarter or first six months of fiscal 2015 or 2014. The following provides a summary of the carrying value of intangible assets (in thousands): | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
Purchased technology | $ | 179,992 | $ | (178,941 | ) | $ | 1,051 | $ | 179,475 | $ | (178,348 | ) | $ | 1,127 | ||||||||||
Trademarks | 3,900 | (3,900 | ) | — | 3,900 | (3,900 | ) | — | ||||||||||||||||
Customer lists | 76,019 | (76,019 | ) | — | 76,019 | (73,235 | ) | 2,784 | ||||||||||||||||
$ | 259,911 | $ | (258,860 | ) | $ | 1,051 | $ | 259,394 | $ | (255,483 | ) | $ | 3,911 | |||||||||||
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 second quarter or first six months of fiscal 2015. The following table provides a summary of the goodwill balance at both September 30, 2014 and March 31, 2014 (in thousands): | ||||||||||||||||||||||||
Goodwill | Accumulated | Net Amount | ||||||||||||||||||||||
Impairment Losses | ||||||||||||||||||||||||
Balance | $ | 394,613 | $ | (339,000 | ) | $ | 55,613 | |||||||||||||||||
ACCRUED_WARRANTY
ACCRUED WARRANTY | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
ACCRUED WARRANTY | ' | |||||||||||||||
ACCRUED WARRANTY | ||||||||||||||||
The quarterly changes in the accrued warranty balance were (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Beginning balance | $ | 5,898 | $ | 7,015 | $ | 6,116 | $ | 7,520 | ||||||||
Additional warranties issued | 1,519 | 1,787 | 3,247 | 3,929 | ||||||||||||
Adjustments for warranties issued in prior | (243 | ) | (22 | ) | 140 | (82 | ) | |||||||||
fiscal years | ||||||||||||||||
Settlements | (1,884 | ) | (2,291 | ) | (4,213 | ) | (4,878 | ) | ||||||||
Ending balance | $ | 5,290 | $ | 6,489 | $ | 5,290 | $ | 6,489 | ||||||||
We warrant our products against certain defects for one to three 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. Future costs of repair include materials consumed in the repair, labor and overhead amounts necessary to perform the repair. If we determine in a future period, that either actual failure rates or actual costs of repair were to differ from our estimates, we record the impact of those differences in that future period. |
LONGTERM_DEBT
LONG-TERM DEBT | 6 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
LONG-TERM DEBT | ' |
LONG-TERM DEBT | |
On April 24, 2014, our credit agreement with Wells Fargo (as amended, the “WF credit agreement”) was amended to allow us to use proceeds from the credit agreement to repay our convertible subordinated notes so long as we have a fixed charge coverage ratio of 1.5 and liquidity of $25 million. The amendment also impacted the available line, maturity date and certain covenants and compliance obligations, which are reflected below. | |
Under the WF credit agreement, we have the ability to borrow the lesser of $75 million or the amount of the monthly borrowing base under a senior secured revolving credit facility. The WF credit agreement matures March 29, 2017 so long as an amount sufficient to repay the $133.7 million of 3.50% convertible subordinated notes due November 15, 2015 is available for borrowing under the WF credit agreement or is deposited in an escrow account prior to August 16, 2015. Otherwise, the WF credit agreement matures on August 16, 2015. Quarterly, we are required to pay a 0.375% commitment fee on undrawn amounts under the revolving credit facility. | |
The WF credit agreement contains customary covenants, including cross-default provisions, as well as financial covenants. Average liquidity must exceed $15.0 million each month. The fixed charge coverage ratio is required to be greater than 1.2 for the 12 month period ending on the last day of any month in which the covenant is applicable. This covenant is applicable only in months in which borrowings exceed $5.0 million at any time during the month. To avoid triggering mandatory field audits and Wells Fargo controlling our cash receipts, we must maintain liquidity of at least $20.0 million at all times. The fixed charge coverage ratio, average liquidity and liquidity are defined in the WF credit agreement and/or amendments. Certain schedules in the compliance certificate must be filed monthly if borrowings exceed $5.0 million; otherwise they are to be filed quarterly. | |
We have letters of credit totaling $1.0 million, reducing the maximum amount available to borrow by this amount at September 30, 2014. As of September 30, 2014, and during the second quarter and first six months of fiscal 2015, we were in compliance with all covenants and had no outstanding balance on the line of credit. |
RESTRUCTURING_CHARGES
RESTRUCTURING CHARGES | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
RESTRUCTURING CHARGES | ' | |||||||||||||||
RESTRUCTURING CHARGES | ||||||||||||||||
The types of restructuring expense for the three and six months ended September 30, 2014 and September 30, 2013 were (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Severance and benefits | $ | (20 | ) | $ | 108 | $ | 105 | $ | 2,591 | |||||||
Facilities | 647 | 12 | 1,374 | 88 | ||||||||||||
Other | (3 | ) | 177 | 10 | 177 | |||||||||||
Total | $ | 624 | $ | 297 | $ | 1,489 | $ | 2,856 | ||||||||
In the second quarter and first six months of fiscal 2015, restructuring charges were primarily due to facilities costs as a result of further consolidating our facilities in the U.S. The restructuring charges in the second quarter and first six months of fiscal 2014 were primarily the result of efforts to consolidate manufacturing and service activities with contract manufacturers that were initiated the first quarter of fiscal 2014. | ||||||||||||||||
Accrued Restructuring | ||||||||||||||||
The following tables show the activity and the estimated timing of future payouts for accrued restructuring (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Severance | Facilities | Other | Total | |||||||||||||
and Benefits | ||||||||||||||||
Balance as of June 30, 2014 | $ | 498 | $ | 6,915 | $ | 53 | $ | 7,466 | ||||||||
Restructuring costs | 53 | 647 | — | 700 | ||||||||||||
Restructuring charge reversal | (73 | ) | — | (3 | ) | (76 | ) | |||||||||
Cash payments | (230 | ) | (852 | ) | (50 | ) | (1,132 | ) | ||||||||
Other non-cash | — | 43 | — | 43 | ||||||||||||
Balance as of September 30, 2014 | $ | 248 | $ | 6,753 | $ | — | $ | 7,001 | ||||||||
Six Months Ended September 30, 2014 | ||||||||||||||||
Severance | Facilities | Other | Total | |||||||||||||
and Benefits | ||||||||||||||||
Balance as of March 31, 2014 | $ | 1,574 | $ | 6,724 | $ | 70 | $ | 8,368 | ||||||||
Restructuring costs | 319 | 1,374 | 13 | 1,706 | ||||||||||||
Restructuring charge reversal | (214 | ) | — | (3 | ) | (217 | ) | |||||||||
Cash payments | (1,431 | ) | (1,647 | ) | (80 | ) | (3,158 | ) | ||||||||
Other non-cash | — | 302 | — | 302 | ||||||||||||
Balance as of September 30, 2014 | $ | 248 | $ | 6,753 | $ | — | $ | 7,001 | ||||||||
As of September 30, 2014 | ||||||||||||||||
Severance and | Facilities | Total | ||||||||||||||
Benefits | ||||||||||||||||
Estimated timing of future payouts: | ||||||||||||||||
Next twelve months | $ | 99 | $ | 3,325 | $ | 3,424 | ||||||||||
October 2015 through February 2021 | 149 | 3,428 | 3,577 | |||||||||||||
$ | 248 | $ | 6,753 | $ | 7,001 | |||||||||||
We anticipate $0.1 million of severance and benefits will be paid by the end of fiscal 2015 and the remaining $0.1 million of severance and benefits will be paid by the end of fiscal 2016. Facility restructuring accruals will be paid in accordance with the respective facility lease terms. |
STOCK_INCENTIVE_PLANS_AND_SHAR
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | ' | |||||||||||||||
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
The following table summarizes share-based compensation (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Share-based compensation: | ||||||||||||||||
Cost of revenue | $ | 333 | $ | 523 | $ | 747 | $ | 1,051 | ||||||||
Research and development | 603 | 908 | 1,383 | 1,776 | ||||||||||||
Sales and marketing | 887 | 1,080 | 1,797 | 2,154 | ||||||||||||
General and administrative | 846 | 980 | 1,810 | 1,866 | ||||||||||||
$ | 2,669 | $ | 3,491 | $ | 5,737 | $ | 6,847 | |||||||||
Share-based compensation by type of award: | ||||||||||||||||
Stock options | $ | 154 | $ | 208 | $ | 311 | $ | 440 | ||||||||
Restricted stock | 2,315 | 2,968 | 5,013 | 5,706 | ||||||||||||
Stock purchase plan | 200 | 315 | 413 | 701 | ||||||||||||
$ | 2,669 | $ | 3,491 | $ | 5,737 | $ | 6,847 | |||||||||
Stock Incentive Plans - Grants and Fair Value | ||||||||||||||||
Stock Options | ||||||||||||||||
No stock options were granted during the second quarter or first six months of fiscal 2015 or 2014. 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 RSUs are granted at no cost to the employee. The weighted-average grant date fair value of RSUs granted during the second quarter and first six months of fiscal 2015 was $1.25. The weighted-average grant date fair values of RSUs granted during the second quarter and first six months of fiscal 2014 were $1.41 and $1.40, respectively. | ||||||||||||||||
During the second quarter of fiscal 2015, we granted 2.3 million RSUs with performance conditions (“performance RSUs”), and the total fair value of these RSUs at the grant date was $2.9 million. Performance RSUs will become eligible for vesting based on Quantum achieving certain revenue and operating income targets through the end of fiscal 2015. Share-based compensation expense for performance RSUs is recognized when it is probable that the performance conditions will be achieved. As of September 30, 2014, the amount of share-based compensation expense recognized for the performance RSUs was immaterial. | ||||||||||||||||
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 second quarter and first six months of fiscal 2015 and fiscal 2014, respectively, was estimated at the date of the grant using the Black-Scholes option pricing model. The weighted-average grant date fair values and the assumptions used in calculating fair values for the three and six month periods ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three and Six Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Option life (in years) | 0.5 | 0.5 | ||||||||||||||
Risk-free interest rate | 0.06 | % | 0.07 | % | ||||||||||||
Stock price volatility | 32.19 | % | 47.65 | % | ||||||||||||
Weighted-average grant date fair value | $ | 0.3 | $ | 0.47 | ||||||||||||
Stock Incentive Plans - 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, 2014 | 7,997 | $ | 1.78 | |||||||||||||
Exercised | (155 | ) | 0.86 | |||||||||||||
Forfeited | (99 | ) | 2.13 | |||||||||||||
Expired | (1,761 | ) | 2.69 | |||||||||||||
Outstanding as of September 30, 2014 | 5,982 | $ | 1.52 | 2.07 | $ | 704 | ||||||||||
Vested and expected to vest at September 30, 2014 | 5,977 | $ | 1.52 | 2.06 | $ | 704 | ||||||||||
Exercisable as of September 30, 2014 | 5,792 | $ | 1.49 | 2.02 | $ | 704 | ||||||||||
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, 2014 | 12,108 | $ | 1.8 | |||||||||||||
Granted | 9,519 | 1.25 | ||||||||||||||
Vested | (5,284 | ) | 2.21 | |||||||||||||
Forfeited | (462 | ) | 1.52 | |||||||||||||
Nonvested at September 30, 2014 | 15,881 | $ | 1.34 | |||||||||||||
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
Income tax provisions for the second quarter and first six months of fiscal 2015 were $0.4 million and $0.6 million, respectively, and were $0.5 million and $0.9 million for the second quarter and first six months of fiscal 2014, 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_INCOME_LOSS_PER_SHARE
NET INCOME (LOSS) PER SHARE | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
NET INCOME (LOSS) PER SHARE | ' | |||||||||||||||
NET INCOME (LOSS) PER SHARE | ||||||||||||||||
The following is the computation of basic and diluted net income (loss) per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Net income (loss) | $ | 1,248 | $ | (7,893 | ) | $ | (3,076 | ) | $ | (4,612 | ) | |||||
Divided by | ||||||||||||||||
Weighted average shares: | ||||||||||||||||
Basic | 254,760 | 247,074 | 252,724 | 246,569 | ||||||||||||
Dilutive shares from stock plans | 2,819 | — | — | — | ||||||||||||
Diluted | 257,579 | 247,074 | 252,724 | 246,569 | ||||||||||||
Basic and diluted net income (loss) per share | $ | 0 | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
The computations of diluted net income (loss) per share for the periods presented exclude the following because the effect would have been anti-dilutive: | ||||||||||||||||
• | For all periods presented, 42.5 million weighted average shares related to our 4.50% convertible subordinated notes were excluded. At September 30, 2014 and 2013, 30.9 million and 31.2 million, respectively, weighted average shares of 3.50% convertible subordinated notes were excluded. | |||||||||||||||
• | For the second quarter and first six months of fiscal 2015, options to purchase 2.3 million and 7.0 million weighted average shares, respectively, were excluded. For the second quarter and first six months of fiscal 2014, options to purchase 13.9 million and 14.9 million weighted average shares, respectively, were excluded. | |||||||||||||||
• | Unvested RSUs of 0.2 million and 12.0 million weighted average shares for the second quarter and first six months of fiscal 2015, respectively, were excluded. Unvested RSUs of 10.9 million and 10.4 million weighted average shares for the second quarter and first six months of fiscal 2014, respectively, were excluded. |
LEGAL_PROCEEDINGS
LEGAL PROCEEDINGS | 6 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LEGAL PROCEEDINGS | ' |
LEGAL PROCEEDINGS | |
On February 18, 2014, Crossroads Systems, Inc. (“Crossroads”) filed a patent infringement lawsuit against Quantum in the U.S. District Court for the Western District of Texas, alleging infringement of U.S. Patents 6,425,035 and 7,934,041. An amended complaint filed on April 15, 2014 also alleged infringement of U.S. patent 7,051,147. Crossroads asserts that we have incorporated Crossroads' patented technology into our StorNext QX and Q-Series lines of disk array products, and into our Scalar libraries. Crossroads seeks unspecified monetary damages and injunctive relief. Crossroads has already dismissed all claims of infringement with respect to the StorNext QX and Q-Series products. We do not believe it is reasonably possible that we will pay material damages related to this lawsuit. | |
On September 23, 2014, we filed a lawsuit against Crossroads in the U.S. District Court for the Northern District of California alleging patent infringement of our patent 6,766,412 by Crossroad’s StrongBox VSeries Library Solution product. We are seeking injunctive relief and the recovery of monetary damages. |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets measured and recorded at fair value on a recurring basis | ' | |||||||||||||||
Our 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 | ||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||
Money market funds | $ | 74,703 | $ | 93,077 | ||||||||||||
Schedule of carrying value and fair value of financial liabilities | ' | |||||||||||||||
Our financial liabilities were comprised primarily of convertible subordinated debt at September 30, 2014 and March 31, 2014. The carrying value and fair value based on quoted market prices in less active markets (level 2 fair value measurement) were as follows (in thousands): | ||||||||||||||||
As of | ||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Convertible subordinated debt | $ | 203,735 | $ | 204,298 | $ | 203,735 | $ | 203,820 | ||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of manufacturing inventories | ' | |||||||
Manufacturing inventories and service parts inventories consisted of the following (in thousands): | ||||||||
As of | ||||||||
September 30, 2014 | March 31, 2014 | |||||||
Manufacturing inventories: | ||||||||
Finished goods | $ | 22,346 | $ | 18,069 | ||||
Work in process | 88 | 1,056 | ||||||
Materials and purchased parts | 13,766 | 15,690 | ||||||
$ | 36,200 | $ | 34,815 | |||||
Schedule of service parts inventories | ' | |||||||
As of | ||||||||
September 30, 2014 | March 31, 2014 | |||||||
Service parts inventories: | ||||||||
Finished goods | $ | 16,761 | $ | 17,926 | ||||
Component parts | 7,866 | 7,703 | ||||||
$ | 24,627 | $ | 25,629 | |||||
INTANGIBLE_ASSETS_AND_GOODWILL1
INTANGIBLE ASSETS AND GOODWILL (Tables) | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Summary of the carrying value of intangible assets | ' | |||||||||||||||||||||||
We evaluate our amortizable and indefinite-lived intangible assets (“long-lived assets”) for impairment whenever indicators of impairment exist. We concluded the carrying amount of our long-lived assets was recoverable and there was no impairment in the second quarter or first six months of fiscal 2015 or 2014. The following provides a summary of the carrying value of intangible assets (in thousands): | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
Purchased technology | $ | 179,992 | $ | (178,941 | ) | $ | 1,051 | $ | 179,475 | $ | (178,348 | ) | $ | 1,127 | ||||||||||
Trademarks | 3,900 | (3,900 | ) | — | 3,900 | (3,900 | ) | — | ||||||||||||||||
Customer lists | 76,019 | (76,019 | ) | — | 76,019 | (73,235 | ) | 2,784 | ||||||||||||||||
$ | 259,911 | $ | (258,860 | ) | $ | 1,051 | $ | 259,394 | $ | (255,483 | ) | $ | 3,911 | |||||||||||
Summary of the goodwill balance | ' | |||||||||||||||||||||||
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 second quarter or first six months of fiscal 2015. The following table provides a summary of the goodwill balance at both September 30, 2014 and March 31, 2014 (in thousands): | ||||||||||||||||||||||||
Goodwill | Accumulated | Net Amount | ||||||||||||||||||||||
Impairment Losses | ||||||||||||||||||||||||
Balance | $ | 394,613 | $ | (339,000 | ) | $ | 55,613 | |||||||||||||||||
ACCRUED_WARRANTY_Tables
ACCRUED WARRANTY (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Quarterly changes in the accrued warranty balance | ' | |||||||||||||||
The quarterly changes in the accrued warranty balance were (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Beginning balance | $ | 5,898 | $ | 7,015 | $ | 6,116 | $ | 7,520 | ||||||||
Additional warranties issued | 1,519 | 1,787 | 3,247 | 3,929 | ||||||||||||
Adjustments for warranties issued in prior | (243 | ) | (22 | ) | 140 | (82 | ) | |||||||||
fiscal years | ||||||||||||||||
Settlements | (1,884 | ) | (2,291 | ) | (4,213 | ) | (4,878 | ) | ||||||||
Ending balance | $ | 5,290 | $ | 6,489 | $ | 5,290 | $ | 6,489 | ||||||||
RESTRUCTURING_CHARGES_Tables
RESTRUCTURING CHARGES (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Types of restructuring expense | ' | |||||||||||||||
The types of restructuring expense for the three and six months ended September 30, 2014 and September 30, 2013 were (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Severance and benefits | $ | (20 | ) | $ | 108 | $ | 105 | $ | 2,591 | |||||||
Facilities | 647 | 12 | 1,374 | 88 | ||||||||||||
Other | (3 | ) | 177 | 10 | 177 | |||||||||||
Total | $ | 624 | $ | 297 | $ | 1,489 | $ | 2,856 | ||||||||
Activity for accrued restructuring | ' | |||||||||||||||
The following tables show the activity and the estimated timing of future payouts for accrued restructuring (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Severance | Facilities | Other | Total | |||||||||||||
and Benefits | ||||||||||||||||
Balance as of June 30, 2014 | $ | 498 | $ | 6,915 | $ | 53 | $ | 7,466 | ||||||||
Restructuring costs | 53 | 647 | — | 700 | ||||||||||||
Restructuring charge reversal | (73 | ) | — | (3 | ) | (76 | ) | |||||||||
Cash payments | (230 | ) | (852 | ) | (50 | ) | (1,132 | ) | ||||||||
Other non-cash | — | 43 | — | 43 | ||||||||||||
Balance as of September 30, 2014 | $ | 248 | $ | 6,753 | $ | — | $ | 7,001 | ||||||||
Six Months Ended September 30, 2014 | ||||||||||||||||
Severance | Facilities | Other | Total | |||||||||||||
and Benefits | ||||||||||||||||
Balance as of March 31, 2014 | $ | 1,574 | $ | 6,724 | $ | 70 | $ | 8,368 | ||||||||
Restructuring costs | 319 | 1,374 | 13 | 1,706 | ||||||||||||
Restructuring charge reversal | (214 | ) | — | (3 | ) | (217 | ) | |||||||||
Cash payments | (1,431 | ) | (1,647 | ) | (80 | ) | (3,158 | ) | ||||||||
Other non-cash | — | 302 | — | 302 | ||||||||||||
Balance as of September 30, 2014 | $ | 248 | $ | 6,753 | $ | — | $ | 7,001 | ||||||||
Estimated timing of future payouts for accrued restructuring | ' | |||||||||||||||
As of September 30, 2014 | ||||||||||||||||
Severance and | Facilities | Total | ||||||||||||||
Benefits | ||||||||||||||||
Estimated timing of future payouts: | ||||||||||||||||
Next twelve months | $ | 99 | $ | 3,325 | $ | 3,424 | ||||||||||
October 2015 through February 2021 | 149 | 3,428 | 3,577 | |||||||||||||
$ | 248 | $ | 6,753 | $ | 7,001 | |||||||||||
STOCK_INCENTIVE_PLANS_AND_SHAR1
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Summary of share-based compensation | ' | |||||||||||||||
The following table summarizes share-based compensation (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Share-based compensation: | ||||||||||||||||
Cost of revenue | $ | 333 | $ | 523 | $ | 747 | $ | 1,051 | ||||||||
Research and development | 603 | 908 | 1,383 | 1,776 | ||||||||||||
Sales and marketing | 887 | 1,080 | 1,797 | 2,154 | ||||||||||||
General and administrative | 846 | 980 | 1,810 | 1,866 | ||||||||||||
$ | 2,669 | $ | 3,491 | $ | 5,737 | $ | 6,847 | |||||||||
Share-based compensation by type of award: | ||||||||||||||||
Stock options | $ | 154 | $ | 208 | $ | 311 | $ | 440 | ||||||||
Restricted stock | 2,315 | 2,968 | 5,013 | 5,706 | ||||||||||||
Stock purchase plan | 200 | 315 | 413 | 701 | ||||||||||||
$ | 2,669 | $ | 3,491 | $ | 5,737 | $ | 6,847 | |||||||||
Schedule of weighted-average grant date fair values and the assumptions used in calculating fair values | ' | |||||||||||||||
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 second quarter and first six months of fiscal 2015 and fiscal 2014, respectively, was estimated at the date of the grant using the Black-Scholes option pricing model. The weighted-average grant date fair values and the assumptions used in calculating fair values for the three and six month periods ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three and Six Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Option life (in years) | 0.5 | 0.5 | ||||||||||||||
Risk-free interest rate | 0.06 | % | 0.07 | % | ||||||||||||
Stock price volatility | 32.19 | % | 47.65 | % | ||||||||||||
Weighted-average grant date fair value | $ | 0.3 | $ | 0.47 | ||||||||||||
A summary of activity relating to 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, 2014 | 7,997 | $ | 1.78 | |||||||||||||
Exercised | (155 | ) | 0.86 | |||||||||||||
Forfeited | (99 | ) | 2.13 | |||||||||||||
Expired | (1,761 | ) | 2.69 | |||||||||||||
Outstanding as of September 30, 2014 | 5,982 | $ | 1.52 | 2.07 | $ | 704 | ||||||||||
Vested and expected to vest at September 30, 2014 | 5,977 | $ | 1.52 | 2.06 | $ | 704 | ||||||||||
Exercisable as of September 30, 2014 | 5,792 | $ | 1.49 | 2.02 | $ | 704 | ||||||||||
A summary of activity relating to 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, 2014 | 12,108 | $ | 1.8 | |||||||||||||
Granted | 9,519 | 1.25 | ||||||||||||||
Vested | (5,284 | ) | 2.21 | |||||||||||||
Forfeited | (462 | ) | 1.52 | |||||||||||||
Nonvested at September 30, 2014 | 15,881 | $ | 1.34 | |||||||||||||
NET_INCOME_LOSS_PER_SHARE_Tabl
NET INCOME (LOSS) PER SHARE (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of basic and diluted net income (loss) per share | ' | |||||||||||||||
The following is the computation of basic and diluted net income (loss) per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||
Net income (loss) | $ | 1,248 | $ | (7,893 | ) | $ | (3,076 | ) | $ | (4,612 | ) | |||||
Divided by | ||||||||||||||||
Weighted average shares: | ||||||||||||||||
Basic | 254,760 | 247,074 | 252,724 | 246,569 | ||||||||||||
Dilutive shares from stock plans | 2,819 | — | — | — | ||||||||||||
Diluted | 257,579 | 247,074 | 252,724 | 246,569 | ||||||||||||
Basic and diluted net income (loss) per share | $ | 0 | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
REVISION_OF_PRIOR_PERIOD_FINAN1
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Details) (USD $) | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Cumulative overstatement of revenue and accounts receivable | Overstatement (Understatement) of revenue | Overstatement (Understatement) of revenue | Cumulative overstatement of rent expense and total other accrued liabilities and other long-term liabilities | Overstatement of general and administrative expense | Overstatement of general and administrative expense |
Error Corrections And Prior Period Adjustments Revisions [Line Items] | ' | ' | ' | ' | ' | ' |
Cumulative error | $0.70 | ' | ' | $2.10 | ' | ' |
Amount of error | ' | ($0.10) | $0.10 | ' | $0.10 | $0.10 |
ACQUISITION_Details
ACQUISITION (Details) (USD $) | 0 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jul. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Acquisition [Abstract] | ' | ' | ' |
Payment for business acquisition, net of cash acquired | $500 | $517 | $0 |
FAIR_VALUE_Schedule_of_Fair_Va
FAIR VALUE (Schedule of Fair Value of Money Market Funds) (Details) (Level 1 fair value measurements, USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Level 1 fair value measurements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | $74,703 | $93,077 |
FAIR_VALUE_Schedule_of_Carryin
FAIR VALUE (Schedule of Carrying Value and Fair Value of Financial Liabilities) (Details) (Convertible subordinated debt, USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Carrying Value | $203,735 | $203,735 |
Level 2 fair value measurements | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Fair Value | $204,298 | $203,820 |
INVENTORIES_Schedule_of_Manufa
INVENTORIES (Schedule of Manufacturing Inventories) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Manufacturing inventories: | ' | ' |
Finished goods | $22,346 | $18,069 |
Work in process | 88 | 1,056 |
Materials and purchased parts | 13,766 | 15,690 |
Manufacturing inventories | $36,200 | $34,815 |
INVENTORIES_Schedule_of_Servic
INVENTORIES (Schedule of Service Parts Inventories) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Service parts inventories: | ' | ' |
Finished goods | $16,761 | $17,926 |
Component parts | 7,866 | 7,703 |
Service parts inventories | $24,627 | $25,629 |
INTANGIBLE_ASSETS_AND_GOODWILL2
INTANGIBLE ASSETS AND GOODWILL (Schedule of Intangible Assets) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | $259,911 | $259,394 |
Accumulated Amortization | -258,860 | -255,483 |
Net Amount | 1,051 | 3,911 |
Purchased technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | 179,992 | 179,475 |
Accumulated Amortization | -178,941 | -178,348 |
Net Amount | 1,051 | 1,127 |
Trademarks | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | 3,900 | 3,900 |
Accumulated Amortization | -3,900 | -3,900 |
Net Amount | 0 | 0 |
Customer lists | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | 76,019 | 76,019 |
Accumulated Amortization | -76,019 | -73,235 |
Net Amount | $0 | $2,784 |
INTANGIBLE_ASSETS_AND_GOODWILL3
INTANGIBLE ASSETS AND GOODWILL (Schedule of Goodwill) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $394,613 | $394,613 |
Accumulated Impairment Losses | -339,000 | -339,000 |
Net Amount | $55,613 | $55,613 |
ACCRUED_WARRANTY_Details
ACCRUED WARRANTY (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' |
Beginning balance | $5,898 | $7,015 | $6,116 | $7,520 |
Additional warranties issued | 1,519 | 1,787 | 3,247 | 3,929 |
Adjustments for warranties issued in prior fiscal years | -243 | -22 | 140 | -82 |
Settlements | -1,884 | -2,291 | -4,213 | -4,878 |
Ending balance | $5,290 | $6,489 | $5,290 | $6,489 |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | 0 Months Ended | |||
Apr. 24, 2014 | Sep. 30, 2014 | Apr. 24, 2014 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amount of borrowings, if exceeded, increase the filing of compliance certificates to monthly rather than quarterly | $5,000,000 | ' | $5,000,000 | ' |
3.50% convertible subordinated notes | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Principal amount outstanding | ' | ' | 133,700,000 | ' |
Interest per annum on the principal amount | ' | 3.50% | 3.50% | 3.50% |
Debt due date | 15-Nov-15 | ' | ' | ' |
Wells Fargo credit agreement | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | 1.5 | ' |
Amount of liquidity to be below for covenant to be applicable | ' | ' | 25,000,000 | ' |
Line of credit facility, maximum borrowing amount | ' | ' | 75,000,000 | ' |
Line of credit facility due date | 29-Mar-17 | ' | ' | ' |
Line of credit facility, frequency of commitment fee payment | 'Quarterly | ' | ' | ' |
Line of credit facility, percent commitment fee | 0.38% | ' | ' | ' |
Line Of Credit Facility Average Liquidity When Covenant Is Applied | ' | ' | 15,000,000 | ' |
Fixed charge coverage ratio, ratio when covenant is applicable | ' | ' | 1.2 | ' |
Amount of borrowings, if exceeded, increase the filing of compliance certificates to monthly rather than quarterly | ' | ' | 5,000,000 | ' |
Amount of liquidity required to avoid mandatory field audits | ' | ' | 20,000,000 | ' |
Wells Fargo credit agreement | Letter of credit | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total letters of credit outstanding | ' | 1,000,000 | ' | ' |
RESTRUCTURING_CHARGES_Schedule
RESTRUCTURING CHARGES (Schedule of Restructuring Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Severance and benefits | ($20) | $108 | $105 | $2,591 |
Facilities | 647 | 12 | 1,374 | 88 |
Other | -3 | 177 | 10 | 177 |
Total | $624 | $297 | $1,489 | $2,856 |
RESTRUCTURING_CHARGES_Schedule1
RESTRUCTURING CHARGES (Schedule of Accrued Restructuring) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | $7,466 | $8,368 |
Restructuring costs | 700 | 1,706 |
Restructuring charge reversal | -76 | -217 |
Cash payments | -1,132 | -3,158 |
Other non-cash | 43 | 302 |
Ending balance | 7,001 | 7,001 |
Severance and Benefits | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | 498 | 1,574 |
Restructuring costs | 53 | 319 |
Restructuring charge reversal | -73 | -214 |
Cash payments | -230 | -1,431 |
Other non-cash | 0 | 0 |
Ending balance | 248 | 248 |
Facilities | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | 6,915 | 6,724 |
Restructuring costs | 647 | 1,374 |
Restructuring charge reversal | 0 | 0 |
Cash payments | -852 | -1,647 |
Other non-cash | 43 | 302 |
Ending balance | 6,753 | 6,753 |
Other | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | 53 | 70 |
Restructuring costs | 0 | 13 |
Restructuring charge reversal | -3 | -3 |
Cash payments | -50 | -80 |
Other non-cash | 0 | 0 |
Ending balance | $0 | $0 |
RESTRUCTURING_CHARGES_Schedule2
RESTRUCTURING CHARGES (Schedule of Estimated Timing of Future Payouts) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | $7,001 |
Next twelve months | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | 3,424 |
October 2015 through February 2021 | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | 3,577 |
Severance and Benefits | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | 248 |
Severance and Benefits | Next twelve months | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | 99 |
Severance and Benefits | October 2015 through February 2021 | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | 149 |
Facilities | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | 6,753 |
Facilities | Next twelve months | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | 3,325 |
Facilities | October 2015 through February 2021 | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Estimated timing of future payouts | $3,428 |
STOCK_INCENTIVE_PLANS_AND_SHAR2
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Share-based Compensation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | $2,669 | $3,491 | $5,737 | $6,847 |
Cost of revenue | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 333 | 523 | 747 | 1,051 |
Research and development | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 603 | 908 | 1,383 | 1,776 |
Sales and marketing | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 887 | 1,080 | 1,797 | 2,154 |
General and administrative | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 846 | 980 | 1,810 | 1,866 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 154 | 208 | 311 | 440 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | 2,315 | 2,968 | 5,013 | 5,706 |
Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based compensation: | ' | ' | ' | ' |
Share-based compensation | $200 | $315 | $413 | $701 |
STOCK_INCENTIVE_PLANS_AND_SHAR3
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Restricted Stock) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted-average grant date fair values of restricted stock units granted | $1.25 | $1.41 | $1.25 | $1.40 |
Number of shares granted, stock awards | ' | ' | 9,519 | ' |
Performance RSUs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares granted, stock awards | 2,300 | ' | ' | ' |
Fair value at the grant date | $2.90 | ' | ' | ' |
STOCK_INCENTIVE_PLANS_AND_SHAR4
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Assumptions Used) (Details) (Stock Purchase Plan [Member], USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Purchase Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Option life (in years) | '0 years 6 months 0 days | '0 years 6 months 0 days |
Risk-free interest rate | 0.06% | 0.07% |
Stock price volatility | 32.19% | 47.65% |
Weighted-average grant date fair value | $0.30 | $0.47 |
STOCK_INCENTIVE_PLANS_AND_SHAR5
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Stock Option Activity) (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Options | ' |
Outstanding, beginning balance | 7,997 |
Exercised | -155 |
Forfeited | -99 |
Expired | -1,761 |
Outstanding, ending balance | 5,982 |
Vested and expected to vest | 5,977 |
Exercisable | 5,792 |
Weighted- Average Exercise Price | ' |
Outstanding, beginning balance | $1.78 |
Exercised | $0.86 |
Forfeited | $2.13 |
Expired | $2.69 |
Outstanding, ending balance | $1.52 |
Vested and expected to vest | $1.52 |
Exercisable | $1.49 |
Weighted- Average Remaining Contractual Term | ' |
Outstanding | '2 years 0 months 26 days |
Vested and expected to vest | '2 years 0 months 21 days |
Exercisable | '2 years 0 months 9 days |
Aggregate Intrinsic Value | ' |
Outstanding | $704 |
Vested and expected to vest | 704 |
Exercisable | $704 |
STOCK_INCENTIVE_PLANS_AND_SHAR6
STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Schedule of Restricted Stock Activity) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Shares | ' | ' | ' | ' |
Nonvested, beginning balance | ' | ' | 12,108 | ' |
Granted | ' | ' | 9,519 | ' |
Vested | ' | ' | -5,284 | ' |
Forfeited | ' | ' | -462 | ' |
Nonvested, ending balance | 15,881 | ' | 15,881 | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' | ' |
Nonvested, beginning balance | ' | ' | $1.80 | ' |
Granted | $1.25 | $1.41 | $1.25 | $1.40 |
Vested | ' | ' | $2.21 | ' |
Forfeited | ' | ' | $1.52 | ' |
Nonvested, ending balance | $1.34 | ' | $1.34 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax provision | $356 | $534 | $604 | $924 |
NET_INCOME_LOSS_PER_SHARE_Comp
NET INCOME (LOSS) PER SHARE (Computation of Net Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) | $1,248 | ($7,893) | ($3,076) | ($4,612) |
Basic | 254,760 | 247,074 | 252,724 | 246,569 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | ' |
Dilutive shares from stock plans | 2,819 | 0 | 0 | 0 |
Diluted | 257,579 | 247,074 | 252,724 | 246,569 |
Basic and diluted net income (loss) per share | $0 | ($0.03) | ($0.01) | ($0.02) |
NET_INCOME_LOSS_PER_SHARE_Narr
NET INCOME (LOSS) PER SHARE (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 24, 2014 |
Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 2.3 | 13.9 | 7 | 14.9 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 0.2 | 10.9 | 12 | 10.4 | ' |
4.50% convertible subordinated notes | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 42.5 | 42.5 | 42.5 | 42.5 | ' |
Convertible subordinated notes, interest rate | 4.50% | 4.50% | 4.50% | 4.50% | ' |
3.50% convertible subordinated notes | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 30.9 | 31.2 | 30.9 | 31.2 | ' |
Convertible subordinated notes, interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% |