Quantum(US:QMCO)2020-05-19 19:11Financial Performance & Restructuring - Quantum's Q3 2020 revenue increased by 1% to $103.3 million, compared to $102.0 million in the prior year quarter[40] - Adjusted EBITDA for Q3 2020 increased by $3.6 million to $14.7 million, compared to $11.1 million in the prior year quarter[40] - For the nine months ended December 31, 2019, revenue increased by 5% to $314.7 million, compared to $299.4 million in the prior year[40] - Adjusted EBITDA for the nine months ended December 31, 2019, increased by 95% to $40.5 million, compared to $20.7 million in the prior year[40] - Quantum's restructuring efforts eliminated $70 million in annualized spending, with operating expenses reduced by $60 million and cost of sales reduced by $10 million[5,43] Strategic Initiatives & Market Focus - Quantum eliminated over $130 million of annual recurring high gross margin revenue from its service business/installed base and ~$20 million annually from LTO royalties[5] - Quantum is focusing on video and unstructured data, which is expected to constitute 80% of the data on the planet by 2025[13] - Quantum acquired ActiveScale in March 2020, which is expected to have a neutral to slightly accretive financial impact on current business operations[25] Leadership & Operational Changes - Quantum has reconstituted its Board of Directors and replaced almost three-fourths of prior management since January 2018[6] - Quantum recruited over 10 new executives from various organizations worldwide[6]