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p262Tejo

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022      

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

Commission file number 000-25711

 

EXTREME NETWORKS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

delaware

 

77-0430270

[State or other jurisdiction

of incorporation or organization]

 

[I.R.S Employer

Identification No.]

 

 

2121 RDU Center Drive, Suite 300,

Morrisville, North Carolina

 

27560

[Address of principal executive offices]

 

[Zip Code]

Registrant’s telephone number, including area code: (408579-2800

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

EXTR

 

NASDAQ Global Select Market

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes      No  

 

As of April 21, 2022, the registrant had 130,835,701 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

 

EXTREME NETWORKS, INC.

FORM 10-Q

QUARTERLY PERIOD ENDED

March 31, 2022

 

INDEX

 

 

 

 

 

 

PAGE

PART I. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2022 and 2021  

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2022 and 2021   

5

 

 

 

 

Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended March 31, 2022 and 2021

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2022 and 2021

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

 

 

 

Item 4.

Controls and Procedures

38

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

39

 

 

 

Item 1A

Risk Factors

39

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

 

 

 

Item 3.

Defaults Upon Senior Securities

43

 

 

 

Item 4.

Mine Safety Disclosure

43

 

 

 

Item 5.

Other Information

43

 

 

 

Item 6.

Exhibits

44

 

 

Signatures

45

 

2


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

March 31,

2022

 

 

June 30,

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

166,566

 

 

$

246,894

 

Accounts receivable, net

 

 

162,967

 

 

 

156,476

 

Inventories

 

 

37,738

 

 

 

32,885

 

Prepaid expenses and other current assets

 

 

79,605

 

 

 

51,340

 

Total current assets

 

 

446,876

 

 

 

487,595

 

Property and equipment, net

 

 

49,365

 

 

 

55,004

 

Operating lease right-of-use assets, net

 

 

28,164

 

 

 

36,927

 

Intangible assets, net

 

 

36,689

 

 

 

36,038

 

Goodwill

 

 

400,144

 

 

 

331,159

 

Other assets

 

 

63,606

 

 

 

63,370

 

Total assets

 

$

1,024,844

 

 

$

1,010,093

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt, net of unamortized debt issuance costs of $2,305

    and $2,404, respectively

 

$

30,945

 

 

$

23,721

 

Accounts payable

 

 

68,504

 

 

 

60,142

 

Accrued compensation and benefits

 

 

45,151

 

 

 

71,610

 

Accrued warranty

 

 

10,576

 

 

 

11,623

 

Current portion of operating lease liabilities

 

 

15,804

 

 

 

18,743

 

Current portion of deferred revenue

 

 

222,380

 

 

 

212,412

 

Other accrued liabilities

 

 

64,430

 

 

 

57,449

 

Total current liabilities

 

 

457,790

 

 

 

455,700

 

Deferred revenue, less current portion

 

 

150,030

 

 

 

133,172

 

Long-term debt, less current portion, net of unamortized debt issuance costs of $2,986 and $4,760, respectively

 

 

279,514

 

 

 

315,865

 

Operating lease liabilities, less current portion

 

 

23,919

 

 

 

32,515

 

Deferred income taxes

 

 

7,956

 

 

 

3,828

 

Other long-term liabilities

 

 

6,372

 

 

 

14,545

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.001 par value, issuable in series, 2,000 shares

     authorized; none issued

 

 

 

 

 

 

Common stock, $0.001 par value, 750,000 shares authorized; 139,115 and 133,279 shares issued, respectively; 130,689 and 126,682 shares outstanding, respectively

 

 

139

 

 

 

133

 

Additional paid-in-capital

 

 

1,108,013

 

 

 

1,078,602

 

Accumulated other comprehensive loss

 

 

(1,320

)

 

 

(2,811

)

Accumulated deficit

 

 

(939,482

)

 

 

(978,343

)

Treasury stock at cost, 8,426 and 6,597 shares, respectively

 

 

(68,087

)

 

 

(43,113

)

Total stockholders’ equity

 

 

99,263

 

 

 

54,468

 

Total liabilities and stockholders’ equity

 

$

1,024,844

 

 

$

1,010,093

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

2022

 

 

March 31,

2021

 

 

March 31,

2022

 

 

March 31,

2021

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

198,373

 

 

$

176,334

 

 

$

574,636

 

 

$

503,575

 

Service and subscription

 

 

87,135

 

 

 

77,066

 

 

 

259,489

 

 

 

227,755

 

Total net revenues

 

 

285,508

 

 

 

253,400

 

 

 

834,125

 

 

 

731,330

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

92,582

 

 

 

76,442

 

 

 

264,459

 

 

 

223,842

 

Service and subscription

 

 

31,568

 

 

 

28,145

 

 

 

93,919

 

 

 

83,465

 

Total cost of revenues

 

 

124,150

 

 

 

104,587

 

 

 

358,378

 

 

 

307,307

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

105,791

 

 

 

99,892

 

 

 

310,177

 

 

 

279,733

 

Service and subscription

 

 

55,567

 

 

 

48,921

 

 

 

165,570

 

 

 

144,290

 

Total gross profit

 

 

161,358

 

 

 

148,813

 

 

 

475,747

 

 

 

424,023

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

49,615

 

 

 

48,909

 

 

 

145,461

 

 

 

147,619

 

Sales and marketing

 

 

72,840

 

 

 

70,898

 

 

 

213,932

 

 

 

201,955

 

General and administrative

 

 

17,714

 

 

 

16,023

 

 

 

52,594

 

 

 

48,844

 

Acquisition and integration costs

 

 

2,833

 

 

 

 

 

 

6,456

 

 

 

1,975

 

Restructuring and related charges

 

 

407

 

 

 

425

 

 

 

978

 

 

 

2,121

 

Amortization of intangibles

 

 

638

 

 

 

1,406

 

 

 

2,596

 

 

 

4,704

 

Total operating expenses

 

 

144,047

 

 

 

137,661

 

 

 

422,017

 

 

 

407,218

 

Operating income

 

 

17,311

 

 

 

11,152

 

 

 

53,730

 

 

 

16,805

 

Interest income

 

 

109

 

 

 

81

 

 

 

302

 

 

 

281

 

Interest expense

 

 

(2,794

)

 

 

(5,594

)

 

 

(9,750

)

 

 

(18,325

)

Other income (expense), net

 

 

54

 

 

 

269

 

 

 

297

 

 

 

(1,572

)

Income (loss) before income taxes

 

 

14,680

 

 

 

5,908

 

 

 

44,579

 

 

 

(2,811

)

Provision for income taxes

 

 

1,856

 

 

 

2,436

 

 

 

5,718

 

 

 

5,579

 

Net income (loss)

 

$

12,824

 

 

$

3,472

 

 

$

38,861

 

 

$

(8,390

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - basic

 

$

0.10

 

 

$

0.03

 

 

$

0.30

 

 

$

(0.07

)

Net income (loss) per share - diluted

 

$

0.10

 

 

$

0.03

 

 

$

0.29

 

 

$

(0.07

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation - basic

 

 

129,913

 

 

 

124,788

 

 

 

129,321

 

 

 

123,252

 

Shares used in per share calculation - diluted

 

 

133,415

 

 

 

129,988

 

 

 

133,779

 

 

 

123,252

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

4


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

2022

 

 

March 31,

2021

 

 

March 31,

2022

 

 

March 31,

2021

 

Net income (loss)

 

$

12,824

 

 

$

3,472

 

 

$

38,861

 

 

$

(8,390

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Change in unrealized gains and losses on interest rate swaps

 

 

908

 

 

 

158

 

 

 

1,169

 

 

 

(135

)

    Reclassification adjustment related to interest rate swaps

 

 

231

 

 

 

230

 

 

 

797

 

 

 

616

 

   Change in unrealized gains and losses on foreign currency forward contracts

 

 

275

 

 

 

 

 

 

214

 

 

 

 

        Net change from derivatives designated as hedging instruments

 

 

1,414

 

 

 

388

 

 

 

2,180

 

 

 

481

 

Net change in foreign currency translation adjustments

 

 

57

 

 

 

(730

)

 

 

(689

)

 

 

2,885

 

Other comprehensive income (loss)

 

 

1,471

 

 

 

(342

)

 

 

1,491

 

 

 

3,366

 

Total comprehensive income (loss)

 

$

14,295

 

 

$

3,130

 

 

$

40,352

 

 

$

(5,024

)

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

5


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands)

(Unaudited)

 

 

Common Stock

 

 

Additional Paid-

 

 

Accumulated Other

 

 

Treasury Stock

 

 

Accumulated

 

 

Total Stockholders'

 

 

Shares

 

 

Amount

 

 

In-Capital

 

 

Comprehensive Loss

 

 

Shares

 

 

Amount

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

130,180

 

 

$

130

 

 

$

1,055,719

 

 

$

(2,670

)

 

 

(6,597

)

 

$

(43,113

)

 

$

(992,141

)

 

$

17,925

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,472

 

 

 

3,472

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(342

)

 

 

 

 

 

 

 

 

 

 

 

(342

)

Issuance of common stock from equity incentive plans, net of tax withholdings

 

2,328

 

 

 

3

 

 

 

4,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,883

 

Share-based compensation

 

 

 

 

 

 

 

9,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,198

 

Balance at March 31, 2021

 

132,508

 

 

$

133

 

 

$

1,069,797

 

 

$

(3,012

)

 

 

(6,597

)

 

$

(43,113

)

 

$

(988,669

)

 

$

35,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020

 

127,114

 

 

$

127

 

 

$

1,035,041

 

 

$

(6,378

)

 

$

(6,597

)

 

$

(43,113

)

 

$

(980,279

)

 

$

5,398

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,390

)

 

 

(8,390

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

3,366

 

 

 

 

 

 

 

 

 

 

 

 

3,366

 

Issuance of common stock from equity incentive plans, net of tax withholdings

 

5,394

 

 

 

6

 

 

 

7,161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,167

 

Share-based compensation

 

 

 

 

 

 

 

27,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,595

 

Balance at March 31, 2021

 

132,508

 

 

$

133

 

 

$

1,069,797

 

 

$

(3,012

)

 

 

(