million, we Thank you, the CatDV recurring transitioned and revenue the During ActiveScale, to DXi grew Jamie. ARR software call StorNext, as software Welcome subscription total to a subscription today! we current a products of $X.X model. to year
storage as we hyperscale that due video breaking not supply serious us demands part a of by that were surveillance in we the We also year acquisitions in completed player Also saw customers record our ongoing the chain constraints. to a two multibillion fulfill market. during established able backlog driven large to
year also productive, was with but XXXX challenges. a fiscal So,
of recovery of higher by supply the was although the driven lack a our lower constraints much expected, for federal as primarily the Our by U.S. chain industry, seen year revenue as business. well than prior than
into and mix. our results extent supply were a logistic expenses lower chain EBITDA. wanted Jamie gross finally, recurring at from our model, to the introduce our than these of has progress. my a margins that details product conjunction we expected factors will in the remarks. will lesser already plans supplemental increased go revenue favorable upon to to Our metrics address prices the cost weaker prepared pressure touched to to increases, focus operating more on driving component due acquired businesses. And I our primarily software less report we under track and and use significantly In and These later by the and operating operations integration unprecedented to to a subscription challenges recently contributed transition with
will million. for $X.X ARR. with fiscal The revenue was active the Annual or The We is actual at contract Revenue related recorded was be Recurring that customers we key under million. year-end of XXX. first year The $X.X at ended reporting number XXXX ARR metric
the was for contracts, metric software at we fiscal is is revenues the key that Total and metric and and finally, or key the last million year. support Recurring Another subscription reporting And Value be it royalty service Total TCV, will Contract million of end our $XXX.X Revenue $XX.X revenue totaled the includes that that year.
have backlog if million is flat board. Approximately network had circuit servers, provided in and could to we as was This in an – based for revenue we shipped quarter, well ending decreased of to in XX customers mid-April. fourth have quarter, increase X% the quarter, increase compared quarter continued $XX the shortages orders to would if slightly the supply. million, to quarter of hyperscale the the $XX $X Turning was and of ending for backlog compared last to approximately cards tape primarily to Backlog year-over-year products, million prior the million and last prior on an majority million broad represented from as our drives, components as preliminary of we be Similar the $XX the for from results supply revenue to quarter, above of quarter. which tape constrained customers. orders $XX.X million results the
hyperscaler ongoing fiscal strong driven storage quarter, secondary by revenues were X% During the up fourth sequentially, from primarily demand customers.
sequential in improving rebound revenue media to continued multimillion fourth see and a X.X% that supply modest to Primary we due continue able in were constraints. primarily drives the that supply tape to due the the growth. gradual entertainment continue sequentially, by weakness video storage system and offset helped recovery in the U.S. in business. partially a we support business, has to ongoing chain quarter federal deals We was surveillance up our saw not to of quarter fulfill Also close continued
contribute lumpy characterized expected XXXX, with expect is business deals business We long cycles. to revenue sales to product be large though in by more significant this this fiscal and
year-over-year benefit lower XXXX in from revenue chain implemented. acquisitions. our software quarter increase product revenue XXX increases offset recent less inflationary were year supply increases primarily from than basis from surveillance growth X.X% increased the with improved of business product an fiscal by products. total margin with combined costs partially related million reflecting These the to the continued and life support Federal customers, quarter, full prior we to demand Gross driven by and partially points strong for improvements fiscal XX.X% Glide price These revenue services revenue and lower video by in in the offset hyperscaler mix. the subscription and in U.S. For fourth $XXX.X service revenues to of XX% the were Golden end
a points which primarily lesser year, the extent warehouse full fiscal higher upside favorable lower substantially the to and revenue by margin Despite of year, component, revenue. logistics from For prior decreased to hyperscale U.S. the less reflects XXX fiscal XX.X% mix freight, a basis gross costs, XX.X% the and revenue experience expect time first in our improvements margins related will the realize gross from and higher XXXX, increased at take pricing levels we inflationary into mix on cost in fiscal of additional continue XXXX, that to terms the of it the back we and the in given half on the both of environment. products, fiscal expect pressure meaningful half to product federal
million quarter. installation expense ERP the one-time, level to benefit, The decreased million reflects When be to of next from to the $X run to $XX.X $X.X million range prior fourth related on just you compared our benefit the fourth we addition, quarter prior expenses year. that this call the quarter will the the $X operating quarter $X.X PPV compared therefore the were in expenses million PPV of quarter fiscal quarter noted the the margin ERP quarter million improvements by a million during $XX.X current amortized reduced in to during and quarter. one-time costs is quarter. In any prior in replaced. that expect under operating or the pressure expense the Non-GAAP being legacy support we million last first increased until from quarter million operating don't $XX.X non-recurring as rate prior GAAP differed for of $XX.X exclude second $X.X million
end quarter expense does first the the operating ‘XX. fourth by fiscal rate the benefit to fiscal of addition, fully of additional reflect of cost In not any run quarter reductions anticipated be implemented
of the million For XXXX the Non-GAAP prior $XX.X increased $XXX.X XXXX, million, operating to year as compared $XXX.X were year. $XXX.X $XXX.X million compared for to expenses million in GAAP fiscal fiscal million. to prior operating expenses
costs increases as three and the relaxed, increased in over LTO generation recent expenses, the travel operating the operating quarters non-GAAP technology. restrictions a well investment Other Just of next acquisitions are were development R&D and sales the including for the expenses primarily reflect of associated annual company's marketing. and travel costs in increase global and with COVID as as
mentioned of align quarter during last with right mentioned revenue to size constrained I earlier, As levels reduction and and margin series implementing a programs we cost Jamie and environment. the business supply are current the
T&E, geographic are Asia. global related to We leverage with a on as headcount such mix areas and continuing We're to our recent facility focused acquisitions. focus efforts reducing costs improve our R&D, continued facilities spending efforts in integration also better to in
fiscal million share, a a of or loss We expect loss fiscal of current these quarter or run share loss quarter quarter. the per $X.X fiscal the prior net actions compared million loss $X.XX million half by will $X million GAAP was by operating rate XXXX. per $X.XX fourth $X.X of reduce a of to to our in expense $XX.X net in the per second
restructuring quarter adjusted or $X.X million per share the charges, loss compensation, share $X.XX $X.XX stock and per non-GAAP the million loss charges of quarter. was compared to non-recurring adjusted net in Excluding or fourth $X.X in net prior
loss For $X.X the in XXXX quarter. prior year share fourth million $X.XX Adjusted million per non-GAAP or for quarter. adjusted adjusted compared was quarter in net $X.X to of prior million the fiscal million EBITDA loss $X.X per the compared or fiscal the was net share $X.X to $X.XX fiscal
including adjusted-EBITDA XXXX. was the million The discussed margins fiscal operating $XX was by costs. XXXX year million decrease driven gross adjusted year and EBITDA fiscal in previously the compared year-over-year higher For to $XX.X the lower challenges,
priority improvements in increasing drive growing is revenues, margins, expenses. adjusted operating our have reducing to our and been by discussing, we EBITDA As gross
understand to We expect trends, begin EBITDA second also by with the reduce EBITDA will reduction price rates. our of to product efforts fiscal the debt discussing the balances combined related cost the interest company's implications and cash When benefits results to chain underlying it’s of half show supply actions, initiatives important increases increasing to outstanding and the the XXXX.
reconciliation year the prior these EBITDA full current For was adjusted release two years today. comparable million. XX-K was the $XX.X example, million interest in interest was There's for but within a $XX was paid of of two $X the net The paid only million. to released in non-GAAP the the directly press and is the cash in $X.X EBITDA million, million, while $XX.X factors implications GAAP most our Form both these measure adjusted year and results the
to balance liquidity sheet, turning the cash flows. Now, and
in quarter debt term to fourth revolving of rights end million offering sheet the end fiscal and the line million. outstanding quarter. of I’ll offering. million $XX.X March the term Outstanding the cash completed debt $X.X cash the ended cash of in as closed and Interest XX April, respectively. At recently to March was compares our the of XXXX commentary prior $XX.X during million million $X.X XXXX. review million. our some equivalents first provide were changes that Given of compared the quarter, the Net of December XX, was million This late months for the and the and balance on flows on in XXXX million rights the XX, then was was $XX.X through company's the Cash $X.X quarter balances on $X.X as as credit cash to subsequent $X.X December used outstanding XXXX. $XX.X XX, debt and three of million to XX, March expense compared XX, balance XXXX fiscal
in financing payable, million receivable, related down primarily quarter. at partially activities was during revolver $XX.X XXXX increases quarter liabilities was offset inventories Excluding cash of increases the the the in was $XX.X million used quarter cash a million. $X.X of and the $XX.X cash pay million. fiscal CapEx for represents and was to by The provided to by Net end net the the primarily million million. the in $XX.X prior million $X.X million $X.X and liabilities, used $X.X by activities by deferred and changes to during quarter used at of represented the accounts quarter revenue. in and in assets the net was The operating end accounts assets compared balance increase changes cash for
Excluding contract cash cash increases inventory $XX.X the including liabilities million. in the reductions of approximately primarily for restructuring and and and by changes The liabilities, in in represented inventories, revenue was for include manufacturer of used deferred operating AP, $XX pre-buys and used million accrued liabilities that compensation in and net assets net in assets $X.X to related activities million was changes year total $XX.X the the business approximated stock for year $XX.X employee million common $X.X plan. $X.X represents and activities was $XX and million stock outstanding used the of Cash million. the the the provided during cash by at year acquisitions $X.X CapEx million million with year issuance revolver was of from million. connection the financing was primarily the and end for on in purchase
to $XX We cash lenders substantially terms. the to proceeds improvements raised of covenants oversubscribed a our using and the to rights manufacturing business, added working key with which but it certain access of million capital for the the are the paying debt position. managing favorable with to the to in I to favorable flows want provide and as these credit we requirements more Turning reduce our our purposes for $XX million to subsequent million, by in were $XX cash from in a purchase line term reset our increased we clear, to gain capital ebbs of make debt, to or the more proceeds to working earmarked such the the term additional used of funds our we available acquisitions. the revolving material million of the $XX not flexibility the To more plan supply, debt balance of to to $XX.X maximum use offering reduce rights sheet, offering, million. fees for to added By work standing our for company portion position in all
ended total of the and with For March the business revolving ended ratio provide for a cushions until covenant the amended leverage we example, covenants, revolver current loan fixed quarter we ended the June debt, match XX, terms coverage liquidity, and liquidity X, in with the and to related total sheet credit, of secured leverage challenging at commencing Related balances term line the levels resetting June XXXX, minimum the amended a significantly and to future. levels compliance more conservative charge XXXX. fiscal covenant these Collectively XXXX fiscal minimum to the financial increase current of a comfortable covenants and balance reduction net strengthened quarter the the to the covenant to environment. favorable our covenant the current for fiscal XX, that for with likewise, the financial ratio the levels position cash waiver and foreseeable covenants commenced quarter
moving financial our outlook. Now, to
grow plans. most the challenging pressure outlined, we anticipate while to area our the XXXX the We is be on implementing revenues fiscal plan gross cost As address margins. to have continue reduction will our to
see level fiscal measurable to expect, of supply to with is of do traction $X predict. all initiatives, historical million. the payments difficult EBITDA, annual beginning XXXX, our environment back adjusted to inflationary are in approximately interest see half We while but especially price keeping the low the in cost the improvements at increases and chain We
expect quarter adjusted be be Non-GAAP million, for of this implemented have we last primarily minus that, to be With we more loss expect plus to share approach, first per we Based closed million shares $X.XX first EBITDA range call million. quarter, have and have into closing million. expected reflect in to or are discussed adjusted consideration the to and adjusted way. is a the net an Jamie. turn plus already count the for the $XX revenue or deals taking share, approach during net in or minus to minus fiscal quarter back plus using to $X offering, remarks. on based of and parts we rights $X per issued the that share the breakeven $XX.X on on conservative the loss I'll quarter million, first As or the we Jamie $X.XX already million $X inventory we plus to minus or related forecasting, $X of the
