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Item 1. Business

2022-06-08 compared with 2021-05-26 · 121 added, 124 removed, 131 unchanged (65% of the section changed)

Quantum is a technology company whose mission is to deliver innovative solutions to organizations around the world.

We design, manufacture and sell technology and services that help customers capture, create and share digital content, and protect it for decades.

We emphasize innovative technology in the design and manufacture of our products to help our customers unlock the value in their video and unstructured data in new ways to solve their most pressing business challenges.

Massive unstructured data growth may be the defining factor for industries and economies of the 21st century.

This data lives everywhere – it is created and processed at the edge, moved to both the cloud and the core data center, and stored and protected in multiple locations.

This accelerated data growth, along with the lack of visibility and control over the data, are contributing to organizations' challenges of managing unstructured data sprawl and harnessing the value that is in this unstructured data.

Advancements in artificial intelligence and analytics are driving new lifecycle requirements, including the need to ensure data accessibility for decades and beyond, and protecting against data loss, disaster and cyber-attacks.

By managing data across its lifecycle, Quantum is empowering customers to navigate the new data landscape and manage data and storage for greater productivity and efficiency.

Quantum is a data company with a portfolio of products and services for storing, managing, protecting, archiving, and enriching digital data.

We specialize in solutions for video data, images, and other large files because this “unstructured” data represents more than 80% of all data being created, according to leading industry analyst firms.

This unstructured data has driven a fundamental shift in the nature of data and the role data plays in every industry.

It is exponentially larger than traditional corporate data, contains immense value, and must be captured, protected, and stored for many years, decades, and longer.

We recognized this fundamental shift in the data landscape, and through a series of strategic acquisitions and internal innovation, we have transformed the company to offer end to end solutions for video and unstructured data.

Quantum is a leading provider of cold storage infrastructure to the world’s largest hyperscalers.

The world’s leading studios, broadcasters, sports teams, and visual effects studios rely on Quantum to create and archive content.

The largest airports, hotels, and critical infrastructure rely on Quantum to capture mission-critical video surveillance data.

And many of the world’s leading government agencies, research institutions, and well-known brands everywhere rely on Quantum to store, manage, and protect the data that is at the core of digital transformation.

Products and Services

High-Performance File System Software

Our portfolio of products and services now includes:

• Asset Management and Workflow Orchestration Software to index, analyze, enrich video and image data.

• Primary Storage Systems for high-speed data ingest and capture – optimized for video and images with the fastest streaming performance, and highly available and resilient designs.

• Secondary Storage Systems for large scale data storage, data and cyber protection, active and deep archives.

• A Broad Portfolio of Services including 24x7x365 support services, deployment and consulting services, education services, and Quantum-as-a-Service.

Our services are delivered with a combination of expertise and technology, including the MyQuantum Service Delivery Platform, and Cloud-Based Analytics (CBA) AIOps software for proactive remote monitoring.

CatDV Asset Management Platform and Workflow Orchestration Software

CatDV is an agile asset management and workflow orchestration platform that provides powerful asset management, automation, and collaboration tools for any organization that manages large volumes of digital media.

The software application indexes and catalogs video files, digital images, audio files, and other types of files.

CatDV helps organizations browse their content and streamline their workflows.

CatDV can be used with StorNext file storage, with ActiveScale object storage, as well as third party storage.

StorNext High-Performance File System Software

At the core of our high-performance shared storage product line is our StorNext software that enables high-speed ingest, editing, processing and management of digital video and image datasets.

Major broadcasters and studios, post-production companies including streaming services, sports franchises, and corporations around the world use StorNext.

Our StorNext software is both a shared file system and data management platform.

StorNext software is both a shared file system and data management platform.

StorNext provides fast streaming performance and data access, a shared file storage environment for macOS, Microsoft Windows, and Linux workstations, and intelligent data management to protect data across its lifecycle.

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These storage arrays include:

• The Quantum F-Series :

• Quantum F-Series:

A line of ultra-fast, highly available non-volatile memory express ("NVMe") storage servers for editing, rendering, and processing of video content and other large unstructured datasets.

• The Quantum H-Series:

• Quantum H-Series:

A line of high-performance storage arrays, offered with either hard disk drives ("HDDs"), solid state drives ("SSDs"), or some combination of the two.

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For customers that archive video and image data for years, StorNext is also integrated with our tape storage, and can assign infrequently used but important data to tape to create a large-scale active archive.

In addition, Quantum also offers the Quantum All-Terrain File System ("ATFS"), which is an easy-to-use Network Attached Storage ("NAS") platform with integrated data classification.

Object Storage Systems

Solutions for Video Surveillance Recording and Retention

We offer a broad portfolio of products designed for the capture and analysis of video surveillance and security.

These products include network video recording servers, as well as hyper-converged storage systems for video surveillance management and recording.

In addition, we offer appliances designed for video surveillance analytics and to run different types of access control systems.

Quantum ActiveScale™ Object Storage

With the acquisition of the ActiveScale object storage business from Western Digital that was completed in March of 2020, we now offer leading object storage systems for massive-scale, online content repositories such as media archives, genome sequencing data repositories, and big data lakes.

Our ActiveScale object storage provides high levels of data durability and facilitates the management of many petabytes and billions of objects.

ActiveScale object storage provides high levels of data durability and facilitates the management of many petabytes and billions of objects.

ActiveScale object storage software is sold via a subscription licensing model, stores data in object format and uses patented erasure-encoding software to protect data across storage nodes and across multiple geographic sites.

CatDV Asset Management Platform

The software application indexes and catalogs video files, digital images, audio files, and other types of files.

CatDV helps organizations browse their content and streamline their workflows.

CatDV can be used with StorNext file storage, with ActiveScale object storage, as well as third party storage.

Our Scalar® tape systems are low-cost, long-term data storage used by large cloud providers and leading enterprises to archive and preserve digital content for decades.

DXi Backup Appliances

DXi backup appliances provide high-performance, scalable storage for backup and multi-site disaster recovery.

Advanced deduplication technology maximizes data reduction, replication enables multi-site protection and data recovery, and a high-efficiency design enables customers to maximize backup performance while minimizing data center footprint.

Scalar® Tape Storage

Scalar tape storage systems are low-cost, long-term data storage used by large cloud providers and leading enterprises to archive and preserve digital content for decades.

The product line scales from entry-level libraries for small backup environments up to massive petabyte and even exabyte scale archive libraries.

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In addition to our tape systems, we also sell Linear Tape Open ("LTO") tape cartridges as well as standalone LTO tape drives for small business and desktop use.

Backup Storage Systems

Our DXi backup systems provide high-performance, scalable storage for backup and multi-site disaster recovery.

Our variable-length de-duplication technology maximizes data reduction, our replication engine enables multi-site protection and data recovery, and our high-efficiency design enables customers to maximize backup performance while minimizing data center footprint.

Storage Systems for Surveillance and Physical Security

We offer a broad portfolio of products designed for the capture and analysis of video surveillance and security.

These products include network video recording servers, as well as hyper-converged storage systems for video surveillance management and recording.

In addition, we offer appliances designed for video surveillance analytics and to run different types of access control systems.

Our strategy is to offer the broadest physical security server and storage portfolio available from any single supplier, with solutions designed and optimized for surveillance and physical security workloads, providing high performance and density, resulting in cost-effective solutions.

In-Vehicle Storage Systems

Our R-Series is a line of ruggedized, removable storage systems for in-vehicle data capture, mobile surveillance, and military applications.

Our R-Series includes a removable storage magazine which allows data generated in the vehicle to be easily uploaded to a shared storage environment, such as our StorNext file system, for processing and analytics.

We offer a broad range of services to complement our systems and technology, including managed services, professional services, implementation and training services, and support services for our customers around the world.

Our customers are increasingly looking to purchase our technology using an as-a-service model, or different forms of managed services, and we now offer a full line of these services to meet these needs.

Global Services and Warranty

Global Support and Services, and Warranty

Our global services strategy is an integral component of our total customer solution.

Service is typically a significant purchase factor for customers considering long-term storage for archiving and retention or data protection storage solutions.

Service is typically a significant purchase factor for customers considering long-term storage for archiving and retention or data protection storage

Consequently, our ability to provide comprehensive installation and integration services as well as maintenance services can be a noteworthy competitive advantage to attract new customers and retain existing customers.

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Our success depends, in part, on our ability to introduce new products and features to meet end user needs.

Our research and development teams are focused on technology and services to make our storage systems smarter and easier to manage at scale;

Our research and development teams are focused on technology and services to make our storage systems and data management software easier to manage at scale;

software enhancements to make our storage more searchable and accessible, software-defined hyperconverged storage technology, next generation solid-state and hard-drive storage system software, data deduplication and other data reduction technologies, and making tape even more efficient as a storage medium for long term archival storage.

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Additionally, the competitive landscape continues to change due to merger and acquisition activity as well as new entrants into the market.

As our customers look to use more public cloud storage services, providers provide both a competitive threat and new platforms on which to run our software.

We expect that the infrastructures of the future will be both hybrid-cloud and multi-cloud, meaning our customers will store their data in the various large public cloud environments, and also want to use services from multiple public cloud vendors.

Our high-performance shared storage systems and object storage systems primarily face competition from the EMC business unit of Dell Inc., (“Dell”), International Business Machines Corporation, (“IBM”), NetApp, Inc., (“NetApp”), and other enterprise storage vendors in the markets we serve.

Our tape storage systems primarily compete in the midrange and enterprise reseller and end user markets with IBM, Oracle Corporation and SpectraLogic Corporation as well as Hewlett-Packard Enterprise Company, (“HPE”), through its OEM relationship with other tape system suppliers.

As our customers look to use more public cloud storage services, these providers offer a competitive alternative, as well as new platforms and new ways to deploy our software.

We expect that the data storage infrastructures of the future will be both hybrid-cloud and multi-cloud, meaning our customers will store their data in the various large public cloud environments, and also want to use services from multiple public cloud vendors.

Our primary storage systems and object storage systems primarily face competition from the EMC business unit of Dell Inc., (“Dell”), International Business Machines Corporation, (“IBM”), NetApp, Inc., (“NetApp”), and other enterprise storage vendors in the markets we serve.

Our tape storage systems primarily compete in the midrange and enterprise reseller and end user markets with IBM and other tape library vendors.

Competitors for entry-level and OEM tape systems include BDT Products, Inc.

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Our backup storage systems primarily compete with products sold by Dell, HPE and Veritas Technologies LLC.

Additionally, several software companies that have traditionally been partners with us have deduplication features in their products and will, at times, compete with us.

Manufacturing and Supply Chain

We are constantly improving our supply chain and manufacturing operations to deliver a variable cost model while improving customer delivered quality and service.

This process includes the transition to a multi-geographical manufacturing model using a configure-to-order methodology;

a redesign of our service and supplier network;

and talent acquisition and development.

Quantum has a global supply chain and operations organization, with contract manufacturers located in the U.S.

and Mexico along with supporting third-party logistics companies in the Europe, Middle East, and Africa region, or (“EMEA”), and the Asia-Pacific region, or (“APAC”).

Our supply chain and manufacturing strategy minimizes geo-political and environmental causal risks and provides flexibility to support demand fluctuations by region, further enhancing our variable cost structure.

Manufacturing of our tape, backup, and shared storage systems is performed in the U.S.

and Mexico using contract manufacturers, along with supporting third-party logistics companies in the Europe, Middle East, and Africa region, or (“EMEA”), and the Asia-Pacific region, or (“APAC”).

The value of utilizing well-run logistics companies and supply chain solutions is that our product logistics is optimized for cost reductions with a competitive advantage allowing the physical flow and information flow to work together seamlessly.

Our tape media is manufactured in Japan and distributed globally.

Quantum primary storage and secondary storage systems are sold as appliances that combine Quantum software with servers that are procured from various server vendors.

Quantum sources these servers from various vendors, then uses contract manufacturers for final integration and shipment to customers.

Quantum tape storage systems are designed by Quantum and manufactured by a global contract manufacturer.

Tape media is manufactured in Japan and distributed globally.

The global supply chain environment is constrained, both in terms of server supply and tape drive supply.

These shortages are affecting the entire data storage industry, and many industries worldwide, and have resulted in longer lead times, increased costs, and a large backlog.

To address these shortages, the supply chain organization is focused on a number of actions including alternate component qualifications, more aggressive management of contract manufacturers, and model changes for better logistics performance and visibility.

The global supply constraints have resulted in a historically large backlog, and as of the end of fiscal year 2022, these supply constraints restricted our ability to fulfill all orders.

Quantum is carrying a significant backlog of orders heading into fiscal year 2023, and is taking the actions outlined above to draw down this backlog over time while continuing to book new orders.

Intellectual Property and Technology

We generally rely on patent, copyright, trademark and trade secret laws and contract rights to establish and maintain our proprietary rights in our technology and products.

As of March 31, 2021, we hold approximately 319 U.S.

patents and have 40 pending U.S.

patent applications.

As of March 31, 2022, we hold over 170 U.S.

In general, these patents have a 20-year term from the first effective filing date for each patent.

We also hold multiple foreign patents and patent applications for certain of our products and technologies.

Although we believe that our patents and applications have significant value, rapidly changing technology in our industry means that our future success may also depend heavily on the technical competence and creative skills of our employees.

believe that our patents and applications have significant value, rapidly changing technology in our industry means that our future success may also depend heavily on the technical competence and creative skills of our employees.

From time to time, third parties have asserted that the manufacture and sale of our products have infringed on their patents.

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Should it ultimately be determined that licenses for third-party patents are required, we will undertake best efforts to obtain such licenses on commercially reasonable terms.

See Note 11 Commitments and Contingencies for additional disclosures regarding lawsuits alleging patent infringement.

Commitments and Contingencies for additional disclosures regarding lawsuits alleging patent infringement.

On occasion, we have entered into various patent licensing and cross-licensing agreements with other companies.

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We operate as a single reporting unit and operating segment for business and operating purposes.

Information about revenue attributable to each of our product groups is included in Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations and information about revenue and long-lived assets attributable to certain geographic regions is included in Note 2 , Revenue and Note 4, Balance Sheet Information , respectively, to the consolidated financial statements and risks attendant to our foreign operations is set forth below in Item 1A Risk Factors.

Information about revenue attributable to each of our product groups is included in Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and information about revenue and long-lived assets attributable to certain geographic regions is included in Note 2:

Revenue and Note 4:

Balance Sheet Information , respectively, to the consolidated financial statements and risks attendant to our foreign operations is set forth below in Item 1A.

Risk Factors.

As is typical in our industry, we generally have the greatest demand for our products and services in the fourth quarter of each calendar year, or our fiscal third quarter.

We usually experience the lowest demand for our products and services in the first and second quarters of each calendar year, or our fiscal fourth quarter and fiscal first quarter, respectively.

On a historical basis we do not believe that product backlog was a meaningful indicator of net revenue that can be expected for any period.

Our products are manufactured based on forecasts of customer demand and we work with our manufacturers and suppliers to support increases and decreases in demand.

Orders are generally placed by customers on an as-needed basis.

Product orders are confirmed and, in most cases, shipped to customers within four to six weeks.

More complex systems and product configurations often have longer lead times, sometimes as

much as 26 weeks.

Much of the product backlog is from these more complex systems and typically increases at the end of each fiscal quarter, with these products typically being shipped in the following quarter.

During the fourth quarter of fiscal year 2021, there were supply chain shortages experienced industry-wide which restricted our ability to fulfill all orders.

These shortages combined with customer bookings have created a significant backlog entering the first quarter of fiscal year 2022.

Executive Officers and Management Team

Information About Our Executive Officers and Management Team

Following are the names and positions of our management team as of May 18, 2022, including a brief account of the business experience of each.

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Michael Dodson Chief Financial Officer

Elizabeth King Chief Revenue Officer

Lewis Moorehead Chief Accounting Officer

Cabrera Chief Legal and Compliance Officer

John Hurley Chief Revenue Officer

Lewis Moorehead Chief Accounting Officer

Lerner, 52, was appointed as President and CEO of the Company, effective July 1, 2018, and was appointed Chairman of the Board on August 7, 2018.

Lerner has previously served as Vice President and Chief Operating Officer at Pivot3 Inc.

from March 2017 to June 2018, and Chief Revenue Officer from November 2016 to March 2017.

Prior to Pivot3, from March 2014 to August 2015, Mr.

Lerner served as President of Cloud Systems and Solutions at Seagate Technology Public Limited Company.

Lerner has previously served as Vice President and Chief Operating Officer at Pivot3 Inc., a software development company, from March 2017 to June 2018, and Chief Revenue Officer from November 2016 to March 2017.

Prior to Pivot3 Inc., from March 2014 to August 2015, Mr.

Lerner served as President of Cloud Systems and Solutions at Seagate Technology Public Limited Company (“Seagate”), a data storage company.

Prior to Seagate, Mr.

Lerner served in various executive roles at Cisco Systems, Inc., including most recently as Senior Vice President and General Manager of the Cloud & Systems Management Technology Group.

Lerner served in various executive roles at Cisco Systems, Inc.

CSCO), a networking hardware and software manufacturing company, including most recently as Senior Vice President and General Manager of the Cloud & Systems Management Technology Group.

Before beginning his career as a technology company executive, Mr.

Lerner was a Senior Consultant at Andersen Consulting.

Lerner was a Senior Consultant at Andersen Consulting, a financial advisory and consulting firm.

Since 2011, Mr.

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From August 2017 to May 2018, Mr.

Dodson served as the Chief Financial Officer of Greenwave Systems.

Dodson served as the Chief Financial Officer of Greenwave Systems, a mobile network solutions company.

Prior to joining Greenwave Systems, Mr.

Dodson served as the Chief Operating Officer and Chief Financial Officer at Mattson Technology, Inc.

from 2012 to 2017.

(“Mattson”), a semiconductor equipment manufacturing company, from 2012 to 2017.

He joined Mattson as Executive Vice President, Chief Financial Officer and Secretary in 2011.

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Dodson served as Chief Financial Officer at four global public technology companies and Chief Accounting Officer for an S&P 500 company.

Dodson started his career with Ernst & Young in San Jose, California.

Dodson started his career with Ernst & Young LLP, a global accounting firm, in San Jose, California.

From 2013 through 2020, he served on the Board of Directors of Sigma Designs, Inc., a provider of system-on-chip solutions, including as Lead Independent Director starting in 2014 and Chairman of the Audit Committee starting in 2015.

He has also served on Board of Directors of A10 Network from February 2020 until April 2021 and was named Chairman of their Audit Committee in June 2020.

He has also served on Board of Directors of A10 Networks, Inc.

ATEN), an application security company, from February 2020 until April 2021 and was named Chairman of their Audit Committee in June 2020.

In addition, Mr.

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degree with dual majors in Accounting and Information Systems Analysis and Design from the University of Wisconsin-Madison.

Elizabeth King, 63, has served as Quantum’s Chief Revenue Officer since March 2019.

Prior to Quantum, from January 2017 to February 2019, she was Vice President, Go-to-Market & Enablement, HPC & AI at HPE.

She joined HPE as part of HPE’s acquisition of SGI, where she served as SVP of worldwide sales from January 2014 through December 2016.

Prior to HPE/SGI, she was vice president of strategic alliances for IBM and global systems integrators at Juniper Networks from June 2010 to January 2014.

Prior to Juniper, she was vice president and general manager of the Hitachi Server Group of Hitachi Data Systems.

She also held key senior sales, business development and operations roles at Nokia (formerly Alcatel-Lucent), Oracle (formerly Sun Microsystems), Raytheon, and Texas Instruments.

King holds an MBA with honors from the University of Dallas and a Bachelor of Science in mechanical engineering from Lehigh University.

Lewis Moorehead, 49, has served as our Chief Accounting Officer since October 2018.

Prior to joining Quantum, Mr.

Moorehead was the Director of Finance, Accounting and Tax at Carvana, Co., a publicly traded on-line retailer,

from November 2016 to October 2018.

From September 2004 to October 2016, he served as Managing Partner at Quassey, an investment firm.

While at Quassey, he also served as Vice President of Finance and Principal Accounting Officer at Limelight Networks, a NASDAQ-listed global content delivery network and SaaS provider, from March 2010 to August 2013.

He has also held finance and accounting positions at eTelecare Global Solutions, Rivers and Moorehead PLLC, Intelligentias, Inc., American Express and PricewaterhouseCoopers.

He holds a Bachelor of Business Administration (B.B.A.), in Accounting from the University of Wisconsin-Whitewater.

Cabrera, 57, most recently served as the Assistant United States Attorney from October 2018 to April 2020 and as Special Assistant United States Attorney from October 2017 to October 2018 in the Office of the United States Attorney, Northern District of California.

From May 2014 to June 2017, Mr.

Cabrera served as Senior Vice President & General Counsel of NVIDIA Corporation.

Cabrera served as Senior Vice President & General Counsel of NVIDIA Corporation (“NVIDIA”) (Nasdaq:

NVIDIA), a graphics processing units technology company.

Prior to NVIDIA, Mr.

Cabrera served as General Counsel and Corporate Secretary, Chief Ethics & Compliance Officer of Synopsys, Inc.

from 2006 to 2014.

SNPS), an electronic design automation company, from 2006 to 2014.

From 1999 to 2006, Mr.

Cabrera served as Senior Vice President, Operations, General Counsel and Corporate Secretary of Callidus Software, Inc.

Prior to Callidus Software, Mr.

Cabrera held various legal positions with PeopleSoft, Inc., Netscape Communications Corporation, Silicon Graphics and Bronson, Bronson & McKinnon.

Cabrera served as Senior Vice President, Operations, General Counsel and Corporate Secretary of Callidus Software, Inc., an enterprise software company.

Prior to Callidus Software, Inc., Mr.

Cabrera held various legal positions with PeopleSoft, Inc., a human resource management systems provider, Netscape Communications Corporation, an internet software developing company, Silicon Graphics, Inc., a computer hardware and software manufacturing company, and Bronson, Bronson & McKinnon LLP, a law firm.

John Hurley, 56, has served as Quantum's Chief Revenue Officer since August 2021.

Prior to Quantum, Mr.

Hurley was at Cisco Systems, Inc.

(“Cisco”) (Nasdaq:

CSCO), a networking hardware and software manufacturing company, from 2008 to 2021, and most recently served as vice president at Cisco, global commercial segment.

Hurley also spent several years overseeing Cisco's service provider business.

Additionally, Mr.

Hurley led transformational enterprise relationships with Cisco's largest enterprise customers in aerospace and automotive.

From 2005 to 2008, he served as area vice president, Midwest Global / Corporate Business Group at Dell Technologies (NYSE:

DELL), a multinational technology company, where he led regional sales directors and their teams to support multiple Fortune 100 customers.

Hurley held leadership roles at transformational early-stage software companies, where he helped drive the businesses to successful acquisitions by industry leaders Microsoft and HP.

Hurley holds a Bachelor of Science in Economics from Pennsylvania State University.

Lewis Moorehead, 50, has served as our Chief Accounting Officer since October 2018.

Prior to joining Quantum, Mr.

Moorehead was the Director of Finance, Accounting and Tax at Carvana, Co.

CVNA), a publicly traded on-line retailer, from November 2016 to October 2018.

Beginning in September 2004, he has served as Managing Partner at Quassey, an investment firm.

While at Quassey, he also served as Vice President of Finance and Principal Accounting Officer at Limelight Networks, a Nasdaq-listed global content delivery network and SaaS provider, from March 2010 to August 2013.

He has also held finance and accounting positions at eTelecare Global Solutions, an outsourcing service company, Rivers and Moorehead PLLC, an accounting advisory firm, Intelligentias, Inc., a data intelligence company, American Express Company (NYSE:

AXP), a payment card services company, and PricewaterhouseCoopers LLP, an advisory and tax services firm.

He holds a Bachelor of Business Administration (B.B.A.), in Accounting from the University of Wisconsin-Whitewater.

Human Capital

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The CHRO partners directly with the Board of Directors, the Leadership and Compensation Committee, and Senior Management on the design, cost, and effectiveness of our people programs to ensure they are competitive and rewards our teams for driving company performance.

This past year we saw the evolution and pivot of our business strategy to cloud and data services which tested our organization’s agility and overall effectiveness.

This inflection point served as a springboard to drive additional improvements across our business, including as it relates to our people strategy.

Our workforce is distributed over 18 countries, with 827 employees globally as of March 31, 2021, with 509 in the U.S.

and 318 internationally.

We mobilize and engage our teams to support our cloud and data services strategy using the following objectives and measures.

Overall Employee Satisfaction

To measure employee engagement and satisfaction, we surveyed our employees four different times throughout fiscal year including (1) assessing their concerns when the pandemic first began, (2) conducted our annual Pulse Survey to measure our employees’ opinions on leadership and business strategy, culture, work environment, management, career development, and rewards and recognition, (3) assessed our employees’ thoughts on new people programs initiatives introduced in the year, and (4) our employees thoughts for what our work environment will look like beyond the pandemic.

Response to COVID-19 Pandemic

In February 2020, our CHRO addressed the rising concerns of the COVID-19 pandemic at the regular executive staff meeting.

As the pandemic ensued, the CHRO with other leaders in the business formed the COVID-19 Task Force that met daily to determine employee safety protocols, build and communicate a workforce pandemic guide, produce regular communications about working from home and what to do if you test positive for the virus.

Highlights from fiscal year 2021 included:

• Work-from-home :

To support the transition to working from home, we ensured all our team members were equipped with the online meeting and chat tools for each virtual collaboration.

We allowed our employees to take home equipment from the office including chairs or monitors to make them more comfortable at home.

As the duration of the pandemic ensued, we communicated to our employees the importance of mental health and well-being.

We encourage our teams to take advantage of our virtual mental health resources and utilize virtual health care when doctor’s offices were closed.

In addition, we implemented a Summer Hours program that allows people to take every other Friday off as a way to prevent employee burn out and spend time away from their workstations.

• Essential worker safety :

For our essential workers that could not work remotely, we provided all personal protective equipment including hand sanitizing stations, masks, gloves, added cleaning services and ensured social distancing.

We provide the employees with a mobile application to personally screen for symptoms before accessing our sites.

The safety of our employees and work environments remain a top priority.

We published our pandemic guide with all written safety policies and protocols.

• Workforce of the future :

Following the results of our Post Pandemic survey, we will continue to offer a hybrid work-from-home policy and use of current office space as centers of collaboration where our employees will have larger dedicated spaces for team meetings, customer engagements, or other social gatherings.

To ensure we offer our employees the best work environment for productivity and success that suits their needs, we will also have space designated for single day use workstations.

This past year we executed our global strategy in becoming the leader in video and unstructured data solutions with the acquisitions of Pivot3 and EncloudEn, strengthening our position in the video surveillance market.

From these acquisitions, Quantum added 60 new employees primarily located in the U.S.

Our workforce is distributed in over 16 countries, with 905 employees globally as of March 31, 2022, including 529 in the U.S.

and Canada, 175 in APAC, and 201 in EMEA.

We will engage with contractors, consultants, or temporary employees as needs for special projects occur.

Work Environment

Competition for talent in the technology industry continues to be aggressive and a candidates’ market.

We continue to design, evaluate, and expand our total rewards programs so they remain competitive in attracting, motivating, rewarding, and retaining key talent.

For the last two years, our focus has been about keeping our employees and office locations safe during the pandemic.

We offer flexible and hybrid working arrangements that allow our employees to choose where and how they work.

We ensure our work environments, whether onsite or remote, are safe, professional, and inclusive so our employees can be successful.

To build high performing products and services, we start with building high performing teams that are inclusive, diverse, and respected regardless of gender, race, color, religion, age, sexual orientation, or disability.

We invest in diversity hiring and training initiatives as well as performance development opportunities.

We seek out candidates anywhere on the career spectrum from intern to a seasoned professional.

We hire for energy first, excellence second, and experience last.

This past year, we partnered with an outside firm for our annual anti-harassment and anti-discrimination training.

The importance of diversity and inclusion is seen and heard from our executive team on a regular basis that includes celebrating diversity internally, promoting equality on social media, and some of our executive management serves as board members for organizations supporting women in leadership and minorities.

We believe that having a work environment that is inclusive is a critical component to our culture of excellence.

Culture of Excellence, Accountability, and Innovation

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We are actively growing our employees from a skills and leadership perspective while also retaining our high potential and most critical talent.

We offer a worldwide mentorship program that last six months in duration and is available to any interested employee.

We offer a worldwide mentorship program that lasts six months in duration and is available to any interested employee.

All of our senior leaders participate in the program and get paired with an employee on key developmental skills or behaviors.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business