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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, 2021      

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.]

 

 

6480 Via Del Oro,

San Jose, California

 

95119

[Address of principal executive office]

 

[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 “an 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 22, 2021, the registrant had 126,059,573 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

 

EXTREME NETWORKS, INC.

FORM 10-Q

QUARTERLY PERIOD ENDED

March 31, 2021

 

INDEX

 

 

 

 

 

 

PAGE

PART I. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2021 and June 30, 2020

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2021 and 2020  

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2021 and 2020  

5

 

 

 

 

Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended March 31, 2021 and 2020

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2021 and 2020

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

36

 

 

 

Item 4.

Controls and Procedures

37

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

38

 

 

 

Item 1A

Risk Factors

38

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

 

 

 

Item 3.

Defaults Upon Senior Securities

39

 

 

 

Item 4.

Mine Safety Disclosure

39

 

 

 

Item 5.

Other Information

39

 

 

 

Item 6.

Exhibits

40

 

 

Signatures

41

 

2


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

March 31,

2021

 

 

June 30,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

203,139

 

 

$

193,872

 

Accounts receivable, net of allowance for doubtful accounts of $1,259 and $1,212, respectively

 

 

130,558

 

 

 

122,727

 

Inventories

 

 

43,924

 

 

 

62,589

 

Prepaid expenses and other current assets

 

 

43,259

 

 

 

35,019

 

Total current assets

 

 

420,880

 

 

 

414,207

 

Property and equipment, net

 

 

56,116

 

 

 

58,813

 

Operating lease right-of-use assets, net

 

 

41,295

 

 

 

51,274

 

Intangible assets, net

 

 

43,893

 

 

 

68,394

 

Goodwill

 

 

331,159

 

 

 

331,159

 

Other assets

 

 

60,333

 

 

 

55,241

 

Total assets

 

$

953,676

 

 

$

979,088

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt, net of unamortized debt issuance costs of $2,436

    and $2,484, respectively

 

$

21,314

 

 

$

16,516

 

Accounts payable

 

 

57,165

 

 

 

48,439

 

Accrued compensation and benefits

 

 

51,382

 

 

 

50,884

 

Accrued warranty

 

 

12,317

 

 

 

14,035

 

Current portion of operating lease liabilities

 

 

19,176

 

 

 

19,196

 

Current portion of deferred revenue

 

 

195,500

 

 

 

190,226

 

Other accrued liabilities

 

 

58,041

 

 

 

58,525

 

Total current liabilities

 

 

414,895

 

 

 

397,821

 

Deferred revenue, less current portion

 

 

122,919

 

 

 

100,961

 

Long-term debt, less current portion, net of unamortized debt issuance costs of $5,348

   and $7,165, respectively

 

 

322,402

 

 

 

394,585

 

Operating lease liabilities, less current portion

 

 

37,504

 

 

 

50,238

 

Deferred income taxes

 

 

2,815

 

 

 

2,334

 

Other long-term liabilities

 

 

18,005

 

 

 

27,751

 

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; 132,508 and 127,114 shares issued, respectively; 125,911 and 120,517 shares outstanding, respectively

 

 

133

 

 

 

127

 

Additional paid-in-capital

 

 

1,069,797

 

 

 

1,035,041

 

Accumulated other comprehensive loss

 

 

(3,012

)

 

 

(6,378

)

Accumulated deficit

 

 

(988,669

)

 

 

(980,279

)

Treasury stock at cost: 6,597 and 6,597 shares, respectively

 

 

(43,113

)

 

 

(43,113

)

Total stockholders’ equity

 

 

35,136

 

 

 

5,398

 

Total liabilities and stockholders’ equity

 

$

953,676

 

 

$

979,088

 

 

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,

2021

 

 

March 31,

2020

 

 

March 31,

2021

 

 

March 31,

2020

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

176,334

 

 

$

136,547

 

 

$

503,575

 

 

$

512,173

 

Service and subscription

 

 

77,066

 

 

 

72,972

 

 

 

227,755

 

 

 

220,324

 

Total net revenues

 

 

253,400

 

 

 

209,519

 

 

 

731,330

 

 

 

732,497

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

76,442

 

 

 

71,927

 

 

 

223,842

 

 

 

254,705

 

Service and subscription

 

 

28,145

 

 

 

26,257

 

 

 

83,465

 

 

 

80,543

 

Total cost of revenues

 

 

104,587

 

 

 

98,184

 

 

 

307,307

 

 

 

335,248

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

99,892

 

 

 

64,620

 

 

 

279,733

 

 

 

257,468

 

Service and subscription

 

 

48,921

 

 

 

46,715

 

 

 

144,290

 

 

 

139,781

 

Total gross profit

 

 

148,813

 

 

 

111,335

 

 

 

424,023

 

 

 

397,249

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

48,909

 

 

 

50,577

 

 

 

147,619

 

 

 

165,073

 

Sales and marketing

 

 

70,898

 

 

 

70,132

 

 

 

201,955

 

 

 

216,925

 

General and administrative

 

 

16,023

 

 

 

15,119

 

 

 

48,844

 

 

 

45,199

 

Acquisition and integration costs

 

 

 

 

 

5,156

 

 

 

1,975

 

 

 

30,075

 

Restructuring and related charges, net of reversals

 

 

425

 

 

 

6,648

 

 

 

2,121

 

 

 

19,407

 

Amortization of intangibles

 

 

1,406

 

 

 

2,059

 

 

 

4,704

 

 

 

6,366

 

Total operating expenses

 

 

137,661

 

 

 

149,691

 

 

 

407,218

 

 

 

483,045

 

Operating income (loss)

 

 

11,152

 

 

 

(38,356

)

 

 

16,805

 

 

 

(85,796

)

Interest income

 

 

81

 

 

 

222

 

 

 

281

 

 

 

1,366

 

Interest expense

 

 

(5,594

)

 

 

(5,979

)

 

 

(18,325

)

 

 

(17,377

)

Other income (expense), net

 

 

269

 

 

 

1,318

 

 

 

(1,572

)

 

 

1,128

 

Income (loss) before income taxes

 

 

5,908

 

 

 

(42,795

)

 

 

(2,811

)

 

 

(100,679

)

Provision for income taxes

 

 

2,436

 

 

 

1,557

 

 

 

5,579

 

 

 

4,949

 

Net income (loss)

 

$

3,472

 

 

$

(44,352

)

 

$

(8,390

)

 

$

(105,628

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - basic

 

$

0.03

 

 

$

(0.37

)

 

$

(0.07

)

 

$

(0.88

)

Net income (loss) per share - diluted

 

$

0.03

 

 

$

(0.37

)

 

$

(0.07

)

 

$

(0.88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation - basic

 

 

124,788

 

 

 

119,162

 

 

 

123,252

 

 

 

119,648

 

Shares used in per share calculation - diluted

 

 

129,988

 

 

 

119,162

 

 

 

123,252

 

 

 

119,648

 

 

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,

2021

 

 

March 31,

2020

 

 

March 31,

2021

 

 

March 31,

2020

 

Net income (loss)

 

$

3,472

 

 

$

(44,352

)

 

$

(8,390

)

 

$

(105,628

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Unrealized gains (losses) on derivative instruments

 

 

158

 

 

 

(958

)

 

 

(135

)

 

 

(958

)

    Reclassification adjustment related to derivative instruments

 

 

230

 

 

 

 

 

 

616

 

 

 

 

        Net increase (decrease) from derivatives designated as hedging instruments

 

 

388

 

 

 

(958

)

 

 

481

 

 

 

(958

)

Net change in foreign currency translation adjustments

 

 

(730

)

 

 

(2,945

)

 

 

2,885

 

 

 

(2,957

)

Other comprehensive income (loss), net of tax:

 

 

(342

)

 

 

(3,903

)

 

 

3,366

 

 

 

(3,915

)

Total comprehensive income (loss)

 

$

3,130

 

 

$

(48,255

)

 

$

(5,024

)

 

$

(109,543

)

 

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, 2019

 

124,616

 

 

$

125

 

 

$

1,008,176

 

 

$

(2,485

)

 

 

(6,216

)

 

$

(40,179

)

 

$

(914,710

)

 

$

50,927

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,352

)

 

 

(44,352

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(3,903

)

 

 

 

 

 

 

 

 

 

 

 

(3,903

)

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

 

2,120

 

 

 

2

 

 

 

6,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,585

 

Equity forward contract

 

 

 

 

 

 

 

4,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,821

 

Repurchase of stock

 

 

 

 

 

 

 

(1,887

)

 

 

 

 

 

(381

)

 

 

(2,934

)

 

 

 

 

 

(4,821

)

Share-based compensation

 

 

 

 

 

 

 

7,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,143

 

Balance at March 31, 2020

 

126,736

 

 

$

127

 

 

$

1,024,836

 

 

$

(6,388

)

 

 

(6,597

)

 

$

(43,113

)

 

$

(959,062

)

 

$

16,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

121,538

 

 

$

122

 

 

$

986,772

 

 

$

(2,473

)

 

 

(2,366

)

 

$

(15,000

)

 

$

(853,434

)

 

$

115,987

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(105,628

)

 

 

(105,628

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(3,915

)

 

 

 

 

 

 

 

 

 

 

 

(3,915

)

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

 

5,198

 

 

 

5

 

 

 

9,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,491

 

Stock awards granted in connection with acquisition

 

 

 

 

 

 

 

3,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,530

 

Repurchase of stock

 

 

 

 

 

 

 

(1,887

)

 

 

 

 

 

(4,231

)

 

 

(28,113

)