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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: (408) 579-2800
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
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 |
) |
|
|
( |