10-Q 1 extr-10q_20220930.htm 10-Q extr-10q_20220930.htm
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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 September 30, 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 (§ 232.405 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  

 

As of October 21, 2022, the registrant had 131,345,266 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

 

EXTREME NETWORKS, INC.

FORM 10-Q

QUARTERLY PERIOD ENDED

September 30, 2022

 

INDEX

 

 

 

 

 

 

PAGE

PART I. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and June 30, 2022

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three months ended September 30, 2022 and 2021   

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended September 30, 2022 and 2021   

5

 

 

 

 

Condensed Consolidated Statements of Stockholders' Equity for the three months ended September 30, 2022 and 2021

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 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

25

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

 

 

 

Item 4.

Controls and Procedures

34

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

35

 

 

 

Item 1A

Risk Factors

35

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

 

 

 

Item 3.

Defaults Upon Senior Securities

36

 

 

 

Item 4.

Mine Safety Disclosure

36

 

 

 

Item 5.

Other Information

36

 

 

 

Item 6.

Exhibits

37

 

 

Signatures

38

 

2


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

September 30,

2022

 

 

June 30,

2022

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

198,344

 

 

$

194,522

 

Accounts receivable, net

 

 

158,727

 

 

 

184,097

 

Inventories

 

 

51,766

 

 

 

49,231

 

Prepaid expenses and other current assets

 

 

73,267

 

 

 

61,239

 

Total current assets

 

 

482,104

 

 

 

489,089

 

Property and equipment, net

 

 

47,952

 

 

 

49,578

 

Operating lease right-of-use assets, net

 

 

34,269

 

 

 

36,454

 

Intangible assets, net

 

 

28,565

 

 

 

32,515

 

Goodwill

 

 

400,144

 

 

 

400,144

 

Other assets

 

 

64,746

 

 

 

60,730

 

Total assets

 

$

1,057,780

 

 

$

1,068,510

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt, net of unamortized debt issuance costs of $2,236

    and $2,276, respectively

 

$

35,764

 

 

$

33,349

 

Accounts payable

 

 

84,848

 

 

 

84,338

 

Accrued compensation and benefits

 

 

47,544

 

 

 

53,710

 

Accrued warranty

 

 

11,522

 

 

 

10,852

 

Current portion of operating lease liabilities

 

 

12,805

 

 

 

13,956

 

Current portion of deferred revenue

 

 

252,841

 

 

 

238,262

 

Other accrued liabilities

 

 

57,375

 

 

 

65,714

 

Total current liabilities

 

 

502,699

 

 

 

500,181

 

Deferred revenue, less current portion

 

 

171,144

 

 

 

163,357

 

Long-term debt, less current portion, net of unamortized debt issuance costs of $1,860 and $2,430, respectively

 

 

231,640

 

 

 

270,570

 

Operating lease liabilities, less current portion

 

 

31,291

 

 

 

33,256

 

Deferred income taxes

 

 

7,311

 

 

 

7,717

 

Other long-term liabilities

 

 

3,092

 

 

 

3,086

 

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; 141,706 and 139,742 shares issued, respectively; 131,227 and 129,263 shares outstanding, respectively

 

 

142

 

 

 

140

 

Additional paid-in-capital

 

 

1,125,204

 

 

 

1,115,416

 

Accumulated other comprehensive loss

 

 

(5,170

)

 

 

(3,055

)

Accumulated deficit

 

 

(921,487

)

 

 

(934,072

)

Treasury stock at cost, 10,479 shares

 

 

(88,086

)

 

 

(88,086

)

Total stockholders’ equity

 

 

110,603

 

 

 

90,343

 

Total liabilities and stockholders’ equity

 

$

1,057,780

 

 

$

1,068,510

 

 

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

 

 

 

September 30,

2022

 

 

September 30,

2021

 

Net revenues:

 

 

 

 

 

 

 

 

Product

 

$

206,276

 

 

$

185,161

 

Service and subscription

 

 

91,413

 

 

 

82,523

 

Total net revenues

 

 

297,689

 

 

 

267,684

 

Cost of revenues:

 

 

 

 

 

 

 

 

Product

 

 

99,763

 

 

 

80,944

 

Service and subscription

 

 

31,218

 

 

 

31,137

 

Total cost of revenues

 

 

130,981

 

 

 

112,081

 

Gross profit:

 

 

 

 

 

 

 

 

Product

 

 

106,513

 

 

 

104,217

 

Service and subscription

 

 

60,195

 

 

 

51,386

 

Total gross profit

 

 

166,708

 

 

 

155,603

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

50,989

 

 

 

47,766

 

Sales and marketing

 

 

78,382

 

 

 

69,527

 

General and administrative

 

 

18,547

 

 

 

17,003

 

Acquisition and integration costs

 

 

390

 

 

 

1,510

 

Restructuring and related charges

 

 

481

 

 

 

279

 

Amortization of intangibles

 

 

523

 

 

 

1,154

 

Total operating expenses

 

 

149,312

 

 

 

137,239

 

Operating income

 

 

17,396

 

 

 

18,364

 

Interest income

 

 

392

 

 

 

110

 

Interest expense

 

 

(3,826

)

 

 

(3,880

)

Other income, net

 

 

371

 

 

 

171

 

Income before income taxes

 

 

14,333

 

 

 

14,765

 

Provision for income taxes

 

 

1,748

 

 

 

2,069

 

Net income

 

$

12,585

 

 

$

12,696

 

 

 

 

 

 

 

 

 

 

Basic and diluted income per share:

 

 

 

 

 

 

 

 

Net income per share – basic

 

$

0.10

 

 

$

0.10

 

Net income per share – diluted

 

$

0.09

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation – basic

 

 

130,289

 

 

 

128,324

 

Shares used in per share calculation – diluted

 

 

132,933

 

 

 

133,225

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

4


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

September 30,

2022

 

 

September 30,

2021

 

Net income

 

$

12,585

 

 

$

12,696

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

    Change in unrealized gains and losses on interest rate swaps

 

 

299

 

 

 

(85

)

    Reclassification adjustment related to interest rate swaps

 

 

(276

)

 

 

281

 

   Change in unrealized gains and losses on foreign currency forward contracts

 

 

 

 

 

(201

)

        Net change from derivatives designated as hedging instruments

 

 

23

 

 

 

(5

)

Net change in foreign currency translation adjustments

 

 

(2,138

)

 

 

(906

)

      Other comprehensive loss

 

 

(2,115

)

 

 

(911

)

Total comprehensive income

 

$

10,470

 

 

$

11,785

 

 

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 June 30, 2021

 

133,279

 

 

$

133

 

 

$

1,078,602

 

 

$

(2,811

)

 

 

(6,597

)

 

$

(43,113

)

 

$

(978,343

)

 

$

54,468

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,696

 

 

 

12,696

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(911

)

 

 

 

 

 

 

 

 

 

 

 

(911

)

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

 

3,072

 

 

 

3

 

 

 

(4,375

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,372

)

Share-based compensation

 

 

 

 

 

 

 

10,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,444

 

Balance at September 30, 2021

 

136,351

 

 

$

136

 

 

$

1,084,671

 

 

$

(3,722

)

 

 

(6,597

)

 

$

(43,113

)

 

$

(965,647

)

 

$

72,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2022

 

139,742

 

 

$

140

 

 

$

1,115,416

 

 

$

(3,055

)

 

 

(10,479

)

 

$

(88,086

)

 

$

(934,072

)

 

$

90,343

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,585

 

 

 

12,585

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(2,115

)

 

 

 

 

 

 

 

 

 

 

 

(2,115

)

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

 

1,964

 

 

 

2

 

 

 

(4,001

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,999

)

Share-based compensation

 

 

 

 

 

 

 

13,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,789

 

Balance at September 30, 2022

 

141,706

 

 

$

142

 

 

$

1,125,204

 

 

$

(5,170

)

 

 

(10,479

)

 

$

(88,086

)

 

$

(921,487

)

 

$

110,603

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

6


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

September 30,

2022

 

 

September 30,

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

12,585

 

 

$

12,696

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

4,953

 

 

 

5,155

 

Amortization of intangible assets

 

 

4,128

 

 

 

6,440

 

Reduction in carrying amount of right-of-use asset

 

 

3,063

 

 

 

3,902

 

Provision for doubtful accounts

 

 

23

 

 

 

26

 

Share-based compensation

 

 

13,789

 

 

 

10,444

 

Deferred income taxes

 

 

(85

)

 

 

682

 

Non-cash interest expense

 

 

552

 

 

 

1,314

 

Other

 

 

(3,595

)

 

 

(176

)

Changes in operating assets and liabilities, net of acquisition:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

25,347

 

 

 

28,281

 

Inventories

 

 

(2,671

)

 

 

604

 

Prepaid expenses and other assets

 

 

(318

)

 

 

(18,640

)

Accounts payable

 

 

(591

)

 

 

2,577

 

Accrued compensation and benefits

 

 

(6,564

)

 

 

(22,540

)

Operating lease liabilities

 

 

(3,952

)

 

 

(4,839

)

Deferred revenue

 

 

9,699

 

 

 

7,680

 

Other current and long-term liabilities

 

 

(6,629

)

 

 

6,648

 

Net cash provided by operating activities

 

 

49,734

 

 

 

40,254

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(3,139

)

 

 

(3,410

)

Business acquisition, net of cash acquired

 

 

 

 

 

(69,517

)

Net cash used in investing activities

 

 

(3,139

)

 

 

(72,927

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments on debt obligations

 

 

(37,125

)

 

 

(16,750

)

Payments for tax withholdings, net of proceeds from issuance of common stock

 

 

(3,999

)

 

 

(4,372

)

Payment of contingent consideration obligations

 

 

 

 

 

(559

)

Deferred payments on an acquisition

 

 

(1,000

)

 

 

(1,000

)

Net cash used in financing activities

 

 

(42,124

)

 

 

(22,681

)

Foreign currency effect on cash

 

 

(649

)

 

 

(191

)

Net increase (decrease) in cash

 

 

3,822

 

 

 

(55,545

)

 

 

 

 

 

 

 

 

 

Cash at beginning of period

 

 

194,522

 

 

 

246,894

 

Cash at end of period

 

$

198,344

 

 

$

191,349

 

 

See accompanying notes to the condensed consolidated financial statements.

 

7


 

 

EXTREME NETWORKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.

Description of Business and Basis of Presentation

Extreme Networks, Inc., together with its subsidiaries (collectively referred to as “Extreme” or the “Company”), is a leader in providing software-driven networking solutions for enterprise customers. The Company conducts its sales and marketing activities on a worldwide basis through distributors, resellers and the Company’s field sales organization. Extreme was incorporated in California in 1996 and reincorporated in Delaware in 1999.

The unaudited condensed consolidated financial statements of Extreme included herein have been prepared under the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted under such rules and regulations. The condensed consolidated balance sheets at June 30, 2022 was derived from audited financial statements as of that date but does not include all disclosures required by generally accepted accounting principles for complete financial statements. These interim financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022.

The unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations and cash flows for the interim periods presented and the financial condition of Extreme at September 30, 2022. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results that may be expected for fiscal 2023 or any future periods.

Fiscal Year

The Company uses a fiscal calendar year ending on June 30. All references herein to “fiscal 2023” or “2023” represent the fiscal year ending June 30, 2023. All references herein to “fiscal 2022” or “2022” represent the fiscal year ended June 30, 2022.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of Extreme and its wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated.

The Company predominantly uses the United States Dollar as its functional currency. The functional currency for certain of its foreign subsidiaries is the local currency. For those subsidiaries that operate in a local functional currency environment, all assets and liabilities are translated to United States Dollars at current month end rates of exchange and revenues and expenses are translated using the monthly average rate.

Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

2.

Summary of Significant Accounting Policies

For a description of significant accounting policies, see Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022. There have been no material changes to the Company’s significant accounting policies since the filing of the Annual Report on Form 10-K.

Recently Adopted and Recently Issued Accounting Pronouncements

There were no recently adopted accounting standards which would have a material effect on our condensed consolidated financial statements and accompanying disclosures, and no recently issued accounting standards that are expected to have a material impact on our condensed consolidated financial statements and accompanying disclosures.  

8


 

 

3.

Revenues

 

The Company accounts for revenues in accordance with ASU 2014-09, Revenue from Contracts from Customers (Topic 606). The Company derives the majority of its revenues from sales of its networking equipment, with the remaining revenues generated from sales of services and subscriptions, which primarily includes maintenance contracts and software subscriptions delivered as software as a service (“SaaS”) and additional revenues from professional services, and training for its products. The Company sells its products, maintenance contracts and SaaS direct to customers and to partners in two distribution channels, or tiers. The first tier consists of a limited number of independent distributors that stock its products and sell primarily to resellers. The second tier of the distribution channel consists of non-stocking distributors and value-added resellers that sell directly to end-users. Products and services may be sold separately or in bundled packages.  

Revenue Recognition         

Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Certain of the Company’s contracts have multiple performance obligations, as the promise to transfer individual goods or services is separately identifiable from other promises in the contracts and, therefore, is distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on its relative standalone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. For items that are not sold separately, the Company estimates the stand-alone selling prices using other observable inputs.

The Company’s performance obligations are satisfied at a point in time or over time as the customer receives and consumes the benefits provided. Substantially all of the Company’s product sales revenues are recognized at a point in time. Substantially all of the Company’s service, subscription, and SaaS revenues are recognized over time. For revenues recognized over time, the Company uses an input measure, days elapsed, to measure progress.

On September 30, 2022, the Company had $424.0 million of remaining performance obligations, which are primarily comprised of deferred maintenance and SaaS revenues. The Company expects to recognize approximately 49% of its deferred revenue as revenue in fiscal 2023, an additional 27% in fiscal 2024 and 24% of the balance thereafter.

Contract Balances. The timing of revenue recognition, billings and cash collections results in billed accounts receivable and deferred revenue in the condensed consolidated balance sheets. Services provided under renewable support arrangements of the Company are billed in accordance with agreed-upon contractual terms, which are either billed fully at the inception of contract or at periodic intervals (e.g., quarterly or annually). The Company sometimes receives payments from its customers in advance of services being provided, resulting in deferred revenues. These liabilities are reported on the condensed consolidated balance sheets on a contract-by-contract basis at the end of each reporting period.

Revenue recognized for the three months ended September 30, 2022 and 2021 that was included in the deferred revenue balance at the beginning of each period was $80.0 million and $73.4 million, respectively. 

Contract Costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Management expects that commission fees paid to sales representatives as a result of obtaining service and subscription contracts and contract renewals are recoverable and therefore the Company’s condensed consolidated balance sheets included capitalized balances in the amount of $16.8 million and $16.3 million at September 30, 2022 and June 30, 2022, respectively. Capitalized commissions are included within other assets in the condensed consolidated balance sheets. Capitalized commission fees are amortized on a straight-line basis over the average period of service contracts of approximately three years, and are included in “Sales and marketing” in the accompanying condensed consolidated statements of operations. Amortization recognized during the three months ended September 30, 2022 and 2021, was $2.1 million and $1.8 million, respectively. 

Estimated Variable Consideration. There were no material changes in the current period to the estimated variable consideration for performance obligations, which were satisfied or partially satisfied during previous periods. 

9


 

Revenues by Category

The Company operates in three geographic regions: Americas, EMEA (“Europe, Middle East and Africa”) and APAC (“Asia Pacific”). The following table sets forth the Company’s revenues disaggregated by sales channel and geographic region based on the billing addresses of its customers (in thousands):

 

 

 

Three Months Ended

 

 

 

September 30,

2022

 

 

September 30,

2021

 

 

 

Distributor

 

Direct

 

Total

 

 

Distributor

 

Direct

 

Total

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

73,314

 

$

64,312

 

$

137,626

 

 

$

56,068

 

$

67,331

 

$

123,399

 

Other

 

 

16,025

 

 

4,098

 

 

20,123

 

 

 

7,799

 

 

3,367

 

 

11,166

 

Total Americas

 

 

89,339

 

 

68,410

 

 

157,749

 

 

 

63,867

 

 

70,698

 

 

134,565

 

EMEA

 

 

76,256

 

 

39,253

 

 

115,509

 

 

 

77,898

 

 

35,731

 

 

113,629

 

APAC

 

 

2,038

 

 

22,393

 

 

24,431

 

 

 

4,335

 

 

15,155

 

 

19,490

 

Total net revenues

 

$

167,633

 

$

130,056

 

$

297,689