Quantum Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Tables)

STOCK INCENTIVE PLANS AND SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of shares reserved fro future issuance under the ESPP

We have reserved shares of common stock for future issuance under our ESPP as follows:



	March 31,
	2020	2019
Shares available for issuance at beginning of period	497	497
Additional shares authorized during the period	900	—
Total shares available for future issuance at end of period	1,397	497

Schedule of valuation assumptions for ESPP

The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to our ESPP are as follows:



	Year Ended March 31,
	2020	2019	2018
Expected life	0.5 years	n/a	0.5 years
Volatility	49.81%	n/a	0.05%
Risk-free interest rate	0.41%	n/a	91%
Dividend yield	—%	n/a	—%
Weighted-average grant date fair value	$4.78	n/a	$2.20

Schedule of valuation assumptions

Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:



Weighted-Average	2020	2019	2018
Discount period (years)	3.00	1.95	7.00
Risk-free interest rate	1.45%	2.63%	2.48%
Stock price volatility	72.00%	69.35%	75.52%
Grant date fair value	$5.92	$1.70	$4.29

Summary of activity for PSUs

The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2020:



	Shares		Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2019	770		$	1.78
Granted	1,807		$	4.99
Vested	(311	)	$	1.94
Forfeited or cancelled	(322	)	$	5.67
Outstanding as of March 31, 2020	1,944		$	4.09

Summary of activity relating to restricted stock

The following table summarizes activity for restricted stock units for the year ended March 31, 2020:



	Shares		Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2019	1,313		$	3.61
Granted	645		$	4.77
Vested	(877	)	$	4.55
Forfeited or cancelled	(95	)	$	5.54
Outstanding as of March 31, 2020	986		$	3.42

Summary of share-based compensation expense

The following table details the Company's stock-based compensation, net of forfeitures:



	Year Ended March 31,
	2020		2019		2018
Cost of revenue	$	452	$	334	$	725
Research and development	984		440		906
Sales and marketing	1,165		179		1,790
General and administrative	4,147		2,456		1,973
Total share-based compensation	$	6,748	$	3,409	$	5,394



	Year Ended March 31,
	2020		2019			2018
Restricted stock units	$	3,610	$	3,178		$	5,004
Performance share units	3,103		274			(171		)
Stock options	—		(43		)	44
Employee stock purchase plan	35		—			517
Total share-based compensation	$	6,748	$	3,409		$	5,394