Backup Exec keeping only one backup on storage device.

Hi, please forgive this simple question.

I have a client with Backup Exec for WIndows Servers (Version 10).

On the backup report, everything looks perfect. But when I look at the storage media, there is only one file with the newest backup. I am thinking I should be seeing one file for each evening's backup. 

Can someone advise on what might be the probelm?

Thanks!