What changed in this filing

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Item 1. Business

2023-06-06 compared with 2022-06-08 · 83 added, 129 removed, 123 unchanged (63% of the section changed)

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

Quantum delivers end-to-end solutions to analyze and enrich, store and manage, and protect and preserve unstructured data across its entire lifecycle.

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.

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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.

It is no longer just about storing data— organizations need to extract value from their data.

Locked inside video, imagery, security camera footage, scientific data sets, and other sensor-derived data is a wealth of information for informed decision-making.

As a result, organizations need end-to-end solutions that allow them to manage and preserve data for decades and to easily extract insights from the detail.

Whether data lives in the workplace, at the edge, or in the cloud, we provide organizations with the technology, software, and services they need to store, manage, protect, and enrich data throughout its lifecycle.

Products and Services

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.

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.

StorNext is sold as software based on a subscription licensing model, runs on standard servers, and is sold with storage arrays that are used within the StorNext environment.

These storage arrays include:

• 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.

• 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.

• Quantum QXS-Series:

A line of high performance storage arrays, offered with either HDD, SSD, or some combination of the two.

Customers are now deploying our StorNext file system with a combination of NVMe storage and more traditional SSD and HDD storage to balance cost and performance.

Our StorNext software can also manage data across different types, or pools, of storage, such as public cloud object stores and disk-based object storage systems.

StorNext supports a broad range of both private and public object stores to meet customer needs.

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.

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.

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.

Our portfolio of products includes primary storage software and systems, secondary storage software and systems, as well as devices and media.

Primary Storage Software and Systems include:

• Myriad All-Flash File and Object Storage Software:

All-flash scale-out file and object storage for high performance enterprise unstructured data applications such as AI, machine learning, and data analytics.

• StorNext Hybrid Flash/Disk File Storage Software:

For video editing, post-production, and streaming applications, as well as large digital file archives.

• Unified Surveillance Platform Software :

Unified compute and storage for video surveillance recording, storage, and analytics.

• CatDV Asset Management Software :

For indexing, cataloging, enriching video, audio, and image files, and workflow orchestration.

Secondary Storage Software and Systems include:

• ActiveScale Object Storage Software:

Extremely scalable and durable storage for long term data preservation and protection.

• 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.

Purpose-built backup appliances for high-speed backup and recovery and multisite data protection.

• 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.

Our tape systems provide storage density, offline secure storage to protect against ransomware and malware, and an intelligent, advanced diagnostics engine designed to reduce downtime and operational expense relative to other tape systems.

Our tape systems are used by thousands of enterprises around the world as well as by large cloud service providers.

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.

Low cost, secure storage for long term data archiving and offline data protection.

Scalar tape storage systems are used by the world’s largest hyperscalers as well as thousands of enterprises worldwide.

Devices and Media includes the sale of standalone Linear Tape-Open (“LTO®”) tape drives for small business data protection and archiving, and LTO® media for use in tape storage systems.

We also offer a broad portfolio of services including 24x7x365 global support, deployment and consulting services, education services, and Quantum-as-a-Service.

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

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

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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Research and Development

We compete in an industry characterized by rapid technological change and evolving customer requirements.

We are a solutions company that relies on technology advancements to compete in an industry characterized by rapid change and evolving customer requirements.

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 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.

Our research and development teams are focused on technology and services to make our end-to-end solution of 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 and other mediums even more efficient as a solution for medium for long term archival storage.

Sales and Distribution Channels

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They also allow us to sell to select geographic or vertical markets where specific OEMs have exceptional strength.

Our customers vary across multiple industries worldwide ranging from small businesses to global enterprises.

We provide solutions to multiple industries globally.

Historically, our primary customers are in hyperscale, technology and industrial, media and entertainment, federal government, life sciences and healthcare, and financial industries.

In addition, we sell to OEMs, distributors, VARs and DMRs to reach end user customers.

Sales to our top five customers represented 17%, 16%, and 23% of revenue in fiscal 2022, fiscal 2021 and fiscal 2020, respectively, of which no customer represented 10% or more of our total revenue.

Sales to our top five customers represented 32%, 17%, and 16% of revenue in fiscal 2023, fiscal 2022 and fiscal 2021, respectively, of which one of our hyperscale customers represented 10% or more of our total 2023 revenue.

The markets in which we participate are highly competitive, characterized by rapid technological change and changing customer requirements.

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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.

Our primary storage solutions, including 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 secondary storage solutions, primarily tape storage systems, 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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In addition, disk backup products and cloud storage are an indirect competitive alternative to tape storage.

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

Our backup storage systems primarily compete with products sold by Dell, Hewlett Packard Enterprise Company and Veritas Technologies LLC.

Manufacturing and Supply Chain

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.

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

and Mexico along with supporting third-party logistics companies in the Europe, Middle East, and Africa region (“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.

Quantum primary storage and secondary disk-based 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.

Quantum's 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.

The global supply chain and logistics have been severely constrained and impacted by inflationary pricing for the past couple of years.

While we are cautiously optimistic and see signs of improvement over the past year with supply of both server and tape automation components, we continue to see some constraints.

While some components continue to have extended lead times and often non-cancellable purchase orders are required, Quantum continues to work with suppliers to minimize lead times and associated liabilities.

We continue to focus on a number of actions including alternate component qualifications, more aggressive management of contract manufacturers, and model changes for better logistics performance and visibility.

Intellectual Property and Technology

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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.

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.

also hold 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.

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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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.

Information About Our Executive Officers and Management Team

Information About Our Executive Officers

Following are the names and positions of our management team as of May 18, 2023, including a brief account of the business experience of each.

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Lerner President, Chief Executive Officer and Chairman of the Board

Michael Dodson Chief Financial Officer

Cabrera Chief Legal and Compliance Officer

Kenneth Gianella Chief Financial Officer

Cabrera Chief Administrative 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., a software development company, from March 2017 to June 2018, and Chief Revenue Officer from November 2016 to March 2017.

Lerner, 53, was appointed as President and Chief Executive Officer of the Company, effective July 1, 2018, and was appointed Chairman of the Company’s Board of Directors (the “Board of Directors”) on August 7, 2018.

Lerner has previously served as Vice President and Chief Operating Officer at Pivot3 Inc., a smart infrastructure solutions company, from March 2017 to June 2018, and as 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.

Lerner served as President of Cloud Systems and Solutions at Seagate Technology Holdings Public Limited Company (“Seagate”) (Nasdaq:

STX), a data storage company.

Prior to Seagate, Mr.

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Lerner earned a Bachelor of Arts in Quantitative Economics and Decision Sciences from U.C.

Michael Dodson, 61, was appointed Chief Financial Officer effective May 31, 2018.

He was also appointed interim Chief Executive Officer, a position in which he served until James J.

Lerner joined the Company on July 1, 2018.

From August 2017 to May 2018, Mr.

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.

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

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

Prior to joining Mattson, Mr.

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 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 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.

Dodson serves as a director of two private entities:

a charitable organization and a privately held for-profit company.

He holds a B.B.A.

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

Kenneth Gianella, 50, has served as our Chief Financial Officer since January 2023.

Prior to joining us, he served as the Vice President of Investor Relations;

Mergers, Divestitures, & Acquisitions;

and Environmental, Social & Governance (ESG) Strategy at Itron, Inc.

ITRI), an energy and water network technology and services company, since July 2018, and as Vice President of Finance and Treasury of Itron’s Networks segment from January 2018 to July 2018.

Prior to that, from December 2012 to December 2017, Mr.

Gianella held various senior finance positions at Silver Springs Networks, an IoT and smart networks company (acquired by Itron in December 2017), including as interim Chief Financial Officer, Senior Vice President, Finance and Treasurer.

Gianella also was the Head of Finance and Administration at Sensity Systems, Inc., a producer of smart LED lights for enabling Smart Cities, and held various senior finance roles at KLA-Tencor Corporation, a leader in process control, yield management, and computational analytics for the semiconductor industry.

Gianella holds a Master of Business Administration from University of Pittsburgh and a Bachelor of Science in Business Administration from Duquesne University.

Cabrera, 58, 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.

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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.

Cabrera holds Bachelor’s and Master’s degrees and a Juris Doctorate from the University of Southern California.

John Hurley, 57, has served as Quantum's Chief Revenue Officer since August 2021.

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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.

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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:

From 2005 to 2008, he served as area Vice President, Midwest Global / Corporate Business Group at Dell Technologies Inc.

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

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

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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.

While at Quassey, he also served as Vice President of Finance and Principal Accounting Officer at Limelight Networks, Inc.

(now Edgio, Inc.), 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.

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

Human Capital

Our Chief Human Resources Officer ("CHRO") leads our human capital initiatives which includes the design and execution of all people strategies.

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 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.

Our Chief Administrative Officer ("CAO") leads our human capital initiatives, which include the design and execution of all people strategies.

The CAO 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 reward our teams for driving company performance.

Our workforce is currently distributed across 19 countries, with approximately 850 employees globally as of March 31, 2023, including 460 in North America, 190 in APAC, and 200 in EMEA.

We 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.

While we believe competition for talent in the technology industry in certain geographies may be beginning to soften, we continue to design, evaluate, and expand our total rewards programs so they remain competitive in attracting, motivating, rewarding, and retaining key talent.

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.

We work to ensure our office environments, whether at a primary location or remote, are safe, professional, and inclusive so our employees can be successful.

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

We invest in diverse hiring and training initiatives, performance and professional development opportunities, and candidates ranging from interns to experienced leaders.

This past year, we partnered with an outside firm for our training on compliance and preventing harassment and discrimination.

We believe that fostering an inclusive work environment is a critical component for our culture of excellence.

Culture of Excellence, Accountability, and Innovation

Our company goals and leadership attributes set the tone for our culture of excellence and accountability.

Through our Code of Conduct, Culture of Compliance survey, and monthly compliance newsletter, employees are empowered to ask questions, use their voice and report concerns without fear of retaliation.

Our company culture supports and inspires innovation.

Employees are encouraged to seek out new projects or experiences even outside their own working group.

The leadership team created regular “no internal meetings” days so employees can have more time to work on innovative projects, plan, take a training course, or use the uninterrupted time for personal development.

Employees are empowered to ask questions and encouraged to report concerns without fear of retaliation, including reporting anonymously if preferred.

During the fiscal year ended March 31, 2023, we redesigned our internal employee recognition program to encourage driving innovation, promoting teamwork, and leading by example.

We also continued our practice of “no internal meeting days” so employees can have more time for focused work, training, or personal development.

Talent Development

Our talent is our greatest asset.

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 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.

In addition, we focus our performance reviews on a semi-annual basis in order to closely monitor and discuss our talent successes, needs, and aspirations.

Our managers and employees participate in semi-annual discussions that help facilitate conversations of employee contributions, goals and expectations.

We seek to actively grow our employees’ skills and leadership perspective while retaining our most critical talent.

Our managers and employees participate in regular performance discussions that help facilitate conversations on employee contributions, goals, and expectations.

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge on our website at https://www.quantum.com generally when such reports are available on the SEC website.

The contents of our website are not incorporated into this Annual Report on Form 10-K.

The public may read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C.

The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.

The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330 or (202) 551-5450.

The SEC maintains an internet site that contains reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

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