0001564590-23-000867 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2022	Jan. 20, 2023
Cover [Abstract]
Entity Registrant Name	EXTREME NETWORKS, INC.
Entity Central Index Key	0001078271
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	EXTR
Amendment Flag	false
Entity Common Stock, Shares Outstanding		129,182,428
Entity File Number	000-25711
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0430270
Entity Address, Address Line One	2121 RDU Center Drive, Suite 300
Entity Address, City or Town	Morrisville
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27560
City Area Code	408
Local Phone Number	579-2800
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash	$ 202,521	$ 194,522
Accounts receivable, net	152,050	184,097
Inventories	63,763	49,231
Prepaid expenses and other current assets	79,331	61,239
Total current assets	497,665	489,089
Property and equipment, net	45,711	49,578
Operating lease right-of-use assets, net	32,732	36,454
Intangible assets, net	22,984	32,515
Goodwill	393,495	400,144
Other assets	69,589	60,730
Total assets	1,062,176	1,068,510
Current liabilities:
Current portion of long-term debt, net of unamortized debt issuance costs of $2,181 and $2,276, respectively	35,819	33,349
Accounts payable	86,350	84,338
Accrued compensation and benefits	63,401	53,710
Accrued warranty	11,820	10,852
Current portion of operating lease liabilities	12,095	13,956
Current portion of deferred revenue	260,891	238,262
Other accrued liabilities	58,726	65,714
Total current liabilities	529,102	500,181
Deferred revenue, less current portion	184,723	163,357
Long-term debt, less current portion, net of unamortized debt issuance costs of $1,331 and $2,430, respectively	222,669	270,570
Operating lease liabilities, less current portion	30,275	33,256
Deferred income taxes	7,555	7,717
Other long-term liabilities	3,285	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; 142,137 and 139,742 shares issued, respectively; 129,080 and 129,263 shares outstanding, respectively	142	140
Additional paid-in-capital	1,139,416	1,115,416
Accumulated other comprehensive loss	(13,546)	(3,055)
Accumulated deficit	(903,556)	(934,072)
Treasury stock at cost, 13,057 and 10,479 shares, respectively	(137,889)	(88,086)
Total stockholders’ equity	84,567	90,343
Total liabilities and stockholders’ equity	$ 1,062,176	$ 1,068,510

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Current liabilities:
Net of unamortized debt issuance costs	$ 2,181	$ 2,276
Noncurrent liabilities:
Net of unamortized debt issuance costs	$ 1,331	$ 2,430
Stockholders’ equity:
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	2,000,000	2,000,000
Convertible preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	142,137,000	139,742,000
Common stock, shares outstanding	129,080,000	129,263,000
Treasury stock, shares	13,057,000	10,479,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net revenues:
Total net revenues	$ 318,348	$ 280,933	$ 616,037	$ 548,617
Cost of revenues:
Total cost of revenues	136,693	122,147	267,674	234,228
Gross profit:
Total gross profit	181,655	158,786	348,363	314,389
Operating expenses:
Research and development	52,618	48,080	103,607	95,846
Sales and marketing	80,538	71,565	158,920	141,092
General and administrative	24,085	17,877	42,632	34,880
Acquisition and integration costs		2,113	390	3,623
Restructuring and related charges	476	292	957	571
Amortization of intangibles	504	804	1,027	1,958
Total operating expenses	158,221	140,731	307,533	277,970
Operating income	23,434	18,055	40,830	36,419
Interest income	889	83	1,281	193
Interest expense	(3,884)	(3,076)	(7,710)	(6,956)
Other income, net	138	72	509	243
Income before income taxes	20,577	15,134	34,910	29,899
Provision for income taxes	2,646	1,793	4,394	3,862
Net income	$ 17,931	$ 13,341	$ 30,516	$ 26,037
Basic and diluted income per share:
Net income per share – basic	$ 0.14	$ 0.10	$ 0.23	$ 0.20
Net income per share – diluted	$ 0.13	$ 0.10	$ 0.23	$ 0.20
Shares used in per share calculation – basic	130,465	129,403	130,377	128,863
Shares used in per share calculation – diluted	134,453	133,621	133,833	133,423
Product
Net revenues:
Total net revenues	$ 223,445	$ 191,102	$ 429,721	$ 376,263
Cost of revenues:
Total cost of revenues	103,587	90,933	203,350	171,877
Gross profit:
Total gross profit	119,858	100,169	226,371	204,386
Service and Subscription
Net revenues:
Total net revenues	94,903	89,831	186,316	172,354
Cost of revenues:
Total cost of revenues	33,106	31,214	64,324	62,351
Gross profit:
Total gross profit	$ 61,797	$ 58,617	$ 121,992	$ 110,003

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 17,931	$ 13,341	$ 30,516	$ 26,037
Derivatives designated as hedging instruments:
Change in unrealized gains and losses on interest rate swaps	29	346	328	261
Reclassification adjustment related to interest rate swaps	(558)	285	(834)	566
Change in unrealized gains and losses on foreign currency forward contracts	358	140	358	(61)
Net change from derivatives designated as hedging instruments	(171)	771	(148)	766
Net change in foreign currency translation adjustments	(8,205)	160	(10,343)	(746)
Other comprehensive income (loss)	(8,376)	931	(10,491)	20
Total comprehensive income	$ 9,555	$ 14,272	$ 20,025	$ 26,057

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In-Capital	Accumulated Other Comprehensive Loss	Treasury Stock	Accumulated Deficit
Balance at Jun. 30, 2021	$ 54,468	$ 133	$ 1,078,602	$ (2,811)		$ (978,343)
Balance, common stock, shares at Jun. 30, 2021		133,279
Treasury stock, shares at Jun. 30, 2021					(6,597)
Treasury stock, value at Jun. 30, 2021					$ (43,113)
Net income	26,037					26,037
Other comprehensive income (loss)	20			20
Issuance of common stock from equity incentive plans, net of tax withholdings	(7,729)	$ 4	(7,733)
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		4,199
Repurchase of stock	(24,974)				$ (24,974)
Repurchase of stock, shares					(1,829)
Share-based compensation	21,777		21,777
Balance at Dec. 31, 2021	69,599	$ 137	1,092,646	(2,791)		(952,306)
Balance, common stock, shares at Dec. 31, 2021		137,478
Treasury stock, shares at Dec. 31, 2021					(8,426)
Treasury stock, value at Dec. 31, 2021					$ (68,087)
Balance at Sep. 30, 2021	72,325	$ 136	1,084,671	(3,722)		(965,647)
Balance, common stock, shares at Sep. 30, 2021		136,351
Treasury stock, shares at Sep. 30, 2021					(6,597)
Treasury stock, value at Sep. 30, 2021					$ (43,113)
Net income	13,341					13,341
Other comprehensive income (loss)	931			931
Issuance of common stock from equity incentive plans, net of tax withholdings	(3,357)	$ 1	(3,358)
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		1,127
Repurchase of stock	(24,974)				$ (24,974)
Repurchase of stock, shares					(1,829)
Share-based compensation	11,333		11,333
Balance at Dec. 31, 2021	69,599	$ 137	1,092,646	(2,791)		(952,306)
Balance, common stock, shares at Dec. 31, 2021		137,478
Treasury stock, shares at Dec. 31, 2021					(8,426)
Treasury stock, value at Dec. 31, 2021					$ (68,087)
Balance at Jun. 30, 2022	$ 90,343	$ 140	1,115,416	(3,055)		(934,072)
Balance, common stock, shares at Jun. 30, 2022	139,742	139,742
Treasury stock, shares at Jun. 30, 2022	(10,479)				(10,479)
Treasury stock, value at Jun. 30, 2022	$ (88,086)				$ (88,086)
Net income	30,516					30,516
Other comprehensive income (loss)	(10,491)			(10,491)
Issuance of common stock from equity incentive plans, net of tax withholdings	(7,183)	$ 2	(7,185)
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		2,395
Repurchase of stock	(49,803)				$ (49,803)
Repurchase of stock, shares					2,578
Share-based compensation	31,185		31,185
Balance at Dec. 31, 2022	$ 84,567	$ 142	1,139,416	(13,546)		(903,556)
Balance, common stock, shares at Dec. 31, 2022	142,137	142,137
Treasury stock, shares at Dec. 31, 2022	(13,057)				(13,057)
Treasury stock, value at Dec. 31, 2022	$ (137,889)				$ (137,889)
Balance at Sep. 30, 2022	110,603	$ 142	1,125,204	(5,170)		(921,487)
Balance, common stock, shares at Sep. 30, 2022		141,706
Treasury stock, shares at Sep. 30, 2022					(10,479)
Treasury stock, value at Sep. 30, 2022					$ (88,086)
Net income	17,931					17,931
Other comprehensive income (loss)	(8,376)			(8,376)
Issuance of common stock from equity incentive plans, net of tax withholdings	(3,184)		(3,184)
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		431
Repurchase of stock	(49,803)				$ (49,803)
Repurchase of stock, shares					2,578
Share-based compensation	17,396		17,396
Balance at Dec. 31, 2022	$ 84,567	$ 142	$ 1,139,416	$ (13,546)		$ (903,556)
Balance, common stock, shares at Dec. 31, 2022	142,137	142,137
Treasury stock, shares at Dec. 31, 2022	(13,057)				(13,057)
Treasury stock, value at Dec. 31, 2022	$ (137,889)				$ (137,889)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 30,516	$ 26,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	9,983	10,233
Amortization of intangible assets	7,852	11,393
Reduction in carrying amount of right-of-use asset	6,240	7,778
Provision for doubtful accounts	102	14
Share-based compensation	31,185	21,777
Deferred income taxes	65	890
Non-cash interest expense	764	2,517
Other	(5,904)	(474)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	31,944	24,626
Inventories	(14,506)	(4,239)
Prepaid expenses and other assets	(6,557)	(34,215)
Accounts payable	2,164	(2,505)
Accrued compensation and benefits	9,170	(8,378)
Operating lease liabilities	(7,383)	(9,675)
Deferred revenue	28,776	17,785
Other current and long-term liabilities	(4,074)	(1,082)
Net cash provided by operating activities	120,337	62,482
Cash flows from investing activities:
Capital expenditures	(6,271)	(6,653)
Business acquisition, net of cash acquired		(69,517)
Net cash used in investing activities	(6,271)	(76,170)
Cash flows from financing activities:
Payments on debt obligations	(46,625)	(23,875)
Repurchase of common stock	(49,803)	(24,974)
Payments for tax withholdings, net of proceeds from issuance of common stock	(7,183)	(7,729)
Payment of contingent consideration obligations		(816)
Deferred payments on an acquisition	(2,000)	(2,000)
Net cash used in financing activities	(105,611)	(59,394)
Foreign currency effect on cash	(456)	(264)
Net increase (decrease) in cash	7,999	(73,346)
Cash at beginning of period	194,522	246,894
Cash at end of period	$ 202,521	$ 173,548

Description of Business and Basis of Presentation

6 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business and Basis of Presentation

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 sheet 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 December 31, 2022. The results of operations for the three and six months ended December 31, 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” represent the fiscal year ending June 30, 2023. All references herein to “fiscal 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.

Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting from December 31, 2022 to December 31, 2024. Upon issuance of ASU 2020-04, the Company elected to apply certain of the optional expedients for contract modifications to its financial instruments impacted by the London Interbank Offered Rate (“LIBOR”) discontinuance. The Company expects to continue to elect various optional expedients for contract

modifications to the Company’s financial instruments affected by the reference rate reform through the effective date of December 31, 2024, as extended by ASU 2022-06. The application of this guidance did not have any impact on our consolidated financial statements.

Revenues

6 Months Ended

Dec. 31, 2022

Revenue From Contract With Customer [Abstract]

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 December 31, 2022, the Company had $445.6 million of remaining performance obligations, which are primarily comprised of deferred maintenance and SaaS revenues. The Company expects to recognize approximately 36% of its deferred revenue as revenue in the remainder of fiscal 2023, an additional 34% in fiscal 2024 and 30% 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 December 31, 2022 and 2021 that was included in the deferred revenue balance at the beginning of each period was $83.9 million and $81.9 million, respectively. Revenue recognized for the six months ended December 31, 2022 and 2021 that was included in the deferred revenue balance at the beginning of each period was $145.7 million and $132.5 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 $17.5 million and $16.3 million at December 31, 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 December 31, 2022 and 2021, was $ 2.2 million and $1.8 million, respectively. Amortization recognized during the six months ended December 31, 2022 and 2021, was $4.3 million and $3.6 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.

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
	December 31, 2022						December 31, 2021
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	70,963	$	66,630	$	137,593	$	68,565	$	68,585	$	137,150
Other		10,807		4,614		15,421		3,865		4,955		8,820
Total Americas		81,770		71,244		153,014		72,430		73,540		145,970
EMEA		97,147		40,903		138,050		68,934		42,128		111,062
APAC		7,403		19,881		27,284		5,034		18,867		23,901
Total net revenues	$	186,320	$	132,028	$	318,348	$	146,398	$	134,535	$	280,933

	Six Months Ended
	December 31, 2022						December 31, 2021
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	144,277	$	130,942	$	275,219	$	124,633	$	135,916	$	260,549
Other		26,832		8,712		35,544		11,664		8,322		19,986
Total Americas		171,109		139,654		310,763		136,297		144,238		280,535
EMEA		173,403		80,156		253,559		146,832		77,859		224,691
APAC		9,441		42,274		51,715		9,369		34,022		43,391
Total net revenues	$	353,953	$	262,084	$	616,037	$	292,498	$	256,119	$	548,617

For three months ended December 31, 2022 the Company generated 11% and 10% of its revenues from the Netherlands and Germany, respectively. For the six months ended December 31, 2022 the Company generated 10% each of its revenues from the Netherlands and Germany. For the six months ended December 31, 2021 the Company generated 10% of its revenues from the Netherlands. No other foreign country accounted for 10% or more of revenue for the three and six months ended December 31, 2022 and 2021.

Customer Concentrations

The Company performs ongoing credit evaluations of its customers and generally does not require collateral in exchange for credit.

The following table sets forth customers accounting for 10% or more of the Company’s net revenues for the periods indicated below:

	Three Months Ended		Six Months Ended
	December 31, 2022	December 31, 2021	December 31, 2022	December 31, 2021
Westcon Group, Inc.	19%	11%	17%	15%
TD Synnex Corporation	17%	21%	18%	22%
Jenne, Inc.	13%	18%	13%	16%
ScanSource, Inc.	11%	*	*	*
* Less than 10% of revenue

The following table sets forth customers accounting for 10% or more of the Company’s accounts receivable balance:


	December 31, 2022	June 30, 2022
Jenne, Inc.	16%	28%
ScanSource, Inc.	10%	*
TD Synnex Corporation	10%	11%
* Less than 10% of accounts receivable.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Business Combination

6 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Business Combination

4.	Business Combination

Fiscal 2022 Acquisition

Ipanema Acquisition

On September 14, 2021 (the “Acquisition Date”), the Company completed its acquisition (the “Acquisition”) of Ipanematech SAS (“Ipanema”), the cloud-native enterprise Software-Defined Wide Area Network (“SD-WAN”) business unit of Infovista pursuant to a Sale and Purchase Agreement. Under the terms of the Acquisition, the net consideration paid by Extreme to Ipanema stockholders was $70.9 million, which was funded through cash on hand. The primary reason for the acquisition was to acquire the talent and the technology to allow the Company to expand its portfolio with new cloud-managed SD-WAN and security offerings to support its enterprise customers.

The Acquisition was accounted for using the acquisition method of accounting whereby the acquired assets and liabilities of Ipanema have been recorded at their respective fair values and added to those of the Company including an amount for goodwill calculated as the difference between the acquisition consideration and the fair value of the identifiable net assets. The purchase price has been allocated to tangible and identifiable intangible assets acquired and liabilities assumed. Of the total purchase consideration, $68.9 million was allocated to goodwill, $16.3 million to identifiable intangible assets and the remainder to net tangible liabilities assumed. All valuations were finalized as of June 30, 2022.

The unaudited pro forma results of operations reflect the Acquisition as if it had occurred on July 1, 2020, the beginning of fiscal 2021, after giving effect to purchase accounting adjustments relating to depreciation and amortization of intangibles and acquisition and integration costs.

The pro forma results of operations are not necessarily indicative of the combined results that would have occurred had the acquisition been consummated as of the beginning of fiscal 2021, nor are they necessarily indicative of future operating results. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions, which could alter the unaudited pro forma results.

The unaudited pro forma financial information for the three and six months ended December 31, 2021 combines the historical results for Extreme for that period, which include the results of Ipanema subsequent to the Acquisition Date, and Ipanema’s historical results up to the Acquisition Date.

The following table summarizes the unaudited pro forma financial information (in thousands, except per share amounts):

	Three months ended		Six Months Ended
	December 31, 2021*		December 31, 2021*
Net revenues	$	280,438	$	551,743
Net income	$	15,562	$	29,631
Net income per share – basic	$	0.12	$	0.23
Net income per share – diluted	$	0.12	$	0.22
Shares used in per share calculation – basic		129,403		128,863
Shares used in per share calculation – diluted		133,621		133,423

*Amount reflects the adoption of ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which the Company early adopted the standard in the quarter ended December 31, 2021 and retrospectively applied to the fiscal year beginning July 1, 2021.

Balance Sheet Accounts

6 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Accounts

5.	Balance Sheet Accounts

Inventories

Inventories are stated at the lower of cost, determined on the first-in, first-out (“FIFO”) basis, or net realizable value. Extreme uses a standard cost methodology to determine the cost basis for its inventories. Cost is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. The Company adjusts the carrying value of its inventory when conditions exist that suggest that inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Any previously written down or obsolete inventory subsequently sold has not had a material impact on gross margin for any of the periods presented.

Inventories consist of the following (in thousands):

	December 31, 2022		June 30, 2022
Finished goods	$	55,721	$	40,733
Raw materials		8,042		8,498
Total inventories	$	63,763	$	49,231

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):

	December 31, 2022			June 30, 2022
Computers and equipment	$	78,042		$	75,387
Purchased software		49,285			47,161
Office equipment, furniture and fixtures		9,465			9,463
Leasehold improvements		53,098			52,564
Total property and equipment		189,890			184,575
Less: accumulated depreciation and amortization		(144,179	)		(134,997	)
Property and equipment, net	$	45,711		$	49,578

Deferred Revenue

Deferred revenue represents amounts for deferred maintenance, support, SaaS, and other deferred revenue including professional services and training when the revenue recognition criteria have not been met.

Guarantees and Product Warranties

The majority of the Company’s hardware products are shipped with either a one-year warranty or a limited lifetime warranty, and software products receive a 90-day warranty. Upon shipment of products to its customers, the Company estimates expenses for the cost to repair or replace products that may be returned under warranty and accrues a liability in cost of product revenues for this amount. The determination of the Company’s warranty requirements is based on actual historical experience with the product or product family, estimates of repair and replacement costs and any product warranty problems that are identified after shipment. The Company estimates and adjusts these accruals at each balance sheet date in accordance with changes in these factors.

The following table summarizes the activity related to the Company’s product warranty liability during the three and six months ended December 31, 2022 and 2021 (in thousands):

	Three Months Ended						Six Months Ended
	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Balance beginning of period	$	11,522		$	10,780		$	10,852		$	11,623
Warranties assumed due to acquisition		—			—			—			41
New warranties issued		3,807			3,822			7,815			6,532
Warranty expenditures		(3,509	)		(3,465	)		(6,847	)		(7,059	)
Balance end of period	$	11,820		$	11,137		$	11,820		$	11,137

To facilitate sales of its products in the normal course of business, the Company indemnifies its resellers and end-user customers with respect to certain matters. The Company has agreed to hold the customer harmless against losses arising for intellectual property infringement and certain other losses. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. It is not possible to estimate the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material impact on its operating results or financial position.

Concentrations

The Company may be subject to concentration of credit risk as a result of certain financial instruments consisting of accounts receivable. See Note 3, Revenues, for the Company’s accounts receivable concentration. The Company does not invest an amount exceeding 10% of its combined cash in the securities of any one obligor or maker, except for obligations of the United States government, obligations of United States government agencies and money market accounts.

Fair Value Measurements

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

6.	Fair Value Measurements

A three-tier fair value hierarchy is utilized to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels are defined as follows:

•

Level 1 Inputs - unadjusted quoted prices in active markets for identical assets or liabilities;

•

Level 2 Inputs - quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; and

•

Level 3 Inputs - unobservable inputs reflecting the Company’s own assumptions in measuring the asset or liability at fair value.

The following table presents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and June 30, 2022 (in thousands).

December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Foreign currency derivatives	$	—	$	475	$	—	$	475
Interest rate swaps		—		808		—		808
Total assets measured at fair value	$	—	$	1,283	$	—	$	1,283
Liabilities
Foreign currency derivatives	$	—	$	8	$	—	$	8
Total liabilities measured at fair value	$	—	$	8	$	—	$	8

June 30, 2022	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	1,314	$	—	$	1,314
Total assets measured at fair value	$	—	$	1,314	$	—	$	1,314
Liabilities
Foreign currency derivatives	$	—	$	31	$	—	$	31
Total liabilities measured at fair value	$	—	$	31	$	—	$	31

Level 1 Assets and Liabilities:

The Company’s financial instruments consist of cash, accounts receivable, accounts payable, and accrued liabilities. The Company states accounts receivable, accounts payable and accrued liabilities at their carrying value, which approximates fair value due to the short time to the expected receipt or payment.

Level 2 Assets and Liabilities:

The fair value of derivative instruments under the Company’s foreign exchange forward contracts and interest rate swaps are estimated based on valuations provided by alternative pricing sources supported by observable inputs which is considered Level 2.

As of December 31, 2022 and June 30, 2022, the Company had foreign exchange forward contracts that were not designated as hedging instruments with notional principal amounts of $11.1 million and $9.6 million, respectively. These contracts have maturities of 60 days or less. Changes in the fair value of these foreign exchange forward contracts not designated as hedging instruments are included in other income or expenses in the condensed consolidated statement of operations. For the three and six months ended December 31, 2022, there were net gains of $0.1 million and net losses of $0.4 million, respectively. For the three and six months ended December 31, 2021, there were net losses of less than $0.1 million and $0.2 million, respectively. As of December 31, 2022, the Company had foreign exchange forward contracts that were designated as hedging instruments with a notional principal amount of $5.5 million. These contracts have maturities of less than twelve months. Gains and losses arising from these contracts designated as hedging instruments are recorded as a component of accumulated other comprehensive income (loss). As of December 31, 2022, these contracts had an unrealized gain of $0.4 million. As of June 30, 2022, there were no outstanding foreign exchange forward contracts that were designated as hedging instruments. See Note 13, Derivatives and Hedging, for additional information.

The fair values of the interest rate swaps are based upon inputs corroborated by observable market data which is considered Level 2. As of December 31, 2022 and June 30, 2022, the Company had interest rate swap contracts, designated as cash flow hedges, with the total notional amount of $75.0 million. Changes in the fair value of these contracts are recorded as a component of accumulated other comprehensive income (loss). As of December 31, 2022 and June 30, 2022, these contracts had unrealized gains of $0.8 million and $1.3 million, respectively. See Note 13, Derivatives and Hedging, for additional information.

The fair value of borrowings under the 2019 Credit Agreement (as defined in Note 8) is estimated based on valuations provided by alternative pricing sources supported by observable inputs which is considered Level 2. Since the interest rate is variable for the 2019 Credit Agreement, the fair value approximates the face amount of the Company’s indebtedness of $262.0 million and $308.6 million as of December 31, 2022 and June 30, 2022, respectively.

Level 3 Assets and Liabilities:

Certain of the Company’s assets, including intangible assets and goodwill are measured at fair value on a non-recurring basis if impairment is indicated.

As of December 31, 2022, and June 30, 2022, the Company did not have any asset or liability that were considered Level 3.

There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and six months ended December 31, 2022 and 2021. There were no impairments recorded for the three and six months ended December 31, 2022 and 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Intangible Assets and Goodwill

6 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

7.	Intangible Assets and Goodwill

Intangible Assets

The following tables summarize the components of gross and net intangible asset balances (dollars in thousands):

	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
December 31, 2022
Developed technology	3.0 years	$	169,203	$	153,441	$	15,762
Customer relationships	3.4 years		64,665		57,728		6,937
Trade names	0.0 years		10,700		10,700		—
License agreements	3.9 years		2,445		2,160		285
Total intangibles, net*		$	247,013	$	224,029	$	22,984

* Foreign intangible assets carrying amounts are affected by foreign currency translation.

	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
June 30, 2022
Developed technology	3.3 years	$	170,600	$	146,560	$	24,040
Customer relationships	3.9 years		64,839		56,704		8,135
Trade names	0.1 years		10,700		10,680		20
License agreements	4.4 years		2,445		2,125		320
Total intangibles, net*		$	248,584	$	216,069	$	32,515


* Foreign intangible assets carrying amounts are affected by foreign currency translation.

The amortization expense of intangibles for the periods presented is summarized below (in thousands):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Amortization of intangibles in “Total cost of revenues”	$	3,220	$	4,149	$	6,825	$	9,435
Amortization of intangibles in “Total operating expenses”		504		804		1,027		1,958
Total amortization expense	$	3,724	$	4,953	$	7,852	$	11,393

The amortization expense that is recognized in “Total cost of revenues” is comprised of amortization for most of the developed technology and license agreements.

The estimated future amortization expense to be recorded for each of the respective future fiscal years is as follows (in thousands):

For the fiscal year ending:
2023 (the remainder of fiscal 2023)	$	7,166
2024		5,212
2025		4,450
2026		3,191
2027		1,430
Thereafter		1,535
Total	$	22,984

Goodwill

The Company had Goodwill in the amount of $393.5 million and $400.1 million as of December 31, 2022 and June 30, 2022, respectively. The change in goodwill during the six months ended December 31, 2022 is due to foreign currency translation adjustment that is recorded as a component of accumulated other comprehensive loss.

Debt

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

The Company’s debt is comprised of the following (in thousands):

	December 31, 2022			June 30, 2022
Current portion of long-term debt:
Term Loan	$	38,000		$	35,625
Less: unamortized debt issuance costs		(2,181	)		(2,276	)
Current portion of long-term debt	$	35,819		$	33,349

Long-term debt, less current portion:
Term Loan	$	224,000		$	273,000
Less: unamortized debt issuance costs		(1,331	)		(2,430	)
Total long-term debt, less current portion		222,669			270,570
Total debt	$	258,488		$	303,919

On August 9, 2019, the Company entered into an Amended and Restated Credit Agreement (the “2019 Credit Agreement”), by and among the Company, as borrower, several banks and other financial institutions as Lenders, BMO Harris Bank N.A., as an issuing lender and swingline lender, Silicon Valley Bank, as an Issuing Lender, and Bank of Montreal, as administrative agent and collateral agent for the Lenders.

The 2019 Credit Agreement provides for a five-year first lien term loan facility in an aggregate principal amount of $380.0 million and a five-year revolving loan facility in an aggregate principal amount of $75.0 million (the “2019 Revolving Facility”). In addition, the Company may request incremental term loans and/or incremental revolving loan commitments in an aggregate amount not to exceed the sum of $100.0 million, plus an unlimited amount that is subject to pro forma compliance with certain financial tests. On August 9, 2019, the Company used the additional proceeds from the term loan to partially fund the acquisition of Aerohive Networks, Inc. and for working capital and general corporate purposes.

At the Company’s election, the initial term loan under the 2019 Credit Agreement may be made as either base rate loans or Eurodollar loans. The applicable margin for base rate loans ranges from 0.25% to 2.50% per annum and the applicable margin for Eurodollar loans ranges from 1.25% to 3.50%, in each case based on Extreme’s consolidated leverage ratio. All Eurodollar loans are subject to a Base Rate of 0.00%. In addition, the Company is required to pay a commitment fee of between 0.25% and 0.40% quarterly (currently 0.25%) on the unused portion of the 2019 Revolving Facility, also based on the Company’s consolidated leverage ratio. Principal installments are payable on the new term loan in varying percentages quarterly starting December 31, 2019 and to the extent not previously paid, all outstanding balances are to be paid at maturity. The 2019 Credit Agreement is secured by substantially all of the Company’s assets.

The 2019 Credit Agreement requires the Company to maintain certain minimum financial ratios at the end of each fiscal quarter. The 2019 Credit Agreement also includes covenants and restrictions that limit, among other things, the Company’s ability to incur additional indebtedness, create liens upon any of its property, merge, consolidate or sell all or substantially all of its assets. The 2019 Credit Agreement also includes customary events of default which may result in acceleration of the payment of the outstanding balance.

On April 8, 2020, the Company entered into an amendment to the 2019 Credit Agreement (the “First Amendment”) to waive certain terms and financial covenants of the 2019 Credit Agreement through July 31, 2020. On May 8, 2020, the Company entered into a second amendment to the 2019 Credit Agreement (the “Second Amendment”), which superseded the First Amendment and provided certain revised terms and financial covenants through March 31, 2021. The Second Amendment required the Company to maintain certain minimum cash requirement and financial metrics at the end of each fiscal quarter through March 31, 2021 and the Company was restricted from pursuing certain activities such as incurring additional debt, stock repurchases, making acquisitions or declaring a dividend, until the Company was in compliance with the original covenants of the 2019 Credit Agreement.

On November 3, 2020, the Company and its lenders entered into a Third Amendment to the 2019 Credit Agreement (the “Third Amendment”), to increase the sublimit for letters of credit to $20.0 million. On December 8, 2020, the Company and its lenders entered into a fourth amendment to the 2019 Credit Agreement (the “Fourth Amendment”), to waive and amend certain terms and financial covenants within the 2019 Credit Agreement through March 31, 2021.

The Second Amendment provided for the Company to end the covenant Suspension Period early and revert to the covenants and interest rates per the original terms of the 2019 Credit Agreement dated August 9, 2019 by filing a Suspension Period Early Termination Notice and Covenant Certificate demonstrating compliance. For the twelve-month period ended March 31, 2021, the Company’s financial performance was in compliance with the original covenants defined in the 2019 Credit Agreement and, as such, the Company filed a Suspension Early Termination Notice and Covenant Certificate with the administration agent subsequent to filing the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2021. Returning to compliance, the original terms and

financial covenants under the 2019 Credit Agreement dated August 9, 2019 resumed in effect. During the three and six months ended December 31, 2022, the Company was in compliance with all the terms and financial covenants under the 2019 Credit Agreement.

Financing costs incurred in connection with obtaining long-term financing are deferred and amortized over the term of the related indebtedness or credit agreement. Amortization of deferred financing costs included in “Interest expense” in the accompanying condensed consolidated statements of operations were $0.7 million for each of the three months ended December 31, 2022 and 2021 and totaled $1.5 million for each of the six months ended December 31, 2022 and 2021. The interest rate as of December 31, 2022 was 5.5% and as of December 31, 2021 was 1.86%.

As of December 31, 2022, the Company did not have any outstanding balance against its 2019 Revolving Facility’s outstanding balance. The Company had $60.2 million of availability under the 2019 Revolving Facility as of December 31, 2022. During the six months ended December 31, 2022 and 2021, the Company made an additional payment of $30.0 million and $12.0 million against its term loan facility, respectively.

The Company had $14.8 million of outstanding letters of credit as of December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments and Contingencies

6 Months Ended

Dec. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9.	Commitments and Contingencies

Purchase Commitments

The Company currently has arrangements with contract manufacturers and suppliers for the manufacture of its products. Those arrangements allow the contract manufacturers to procure long lead-time component inventory based upon a rolling production forecast provided by the Company. The Company is obligated to purchase long lead-time component inventory that its contract manufacturer procures in accordance with the forecast, unless the Company gives notice of order cancellation outside of applicable component lead-times. As of December 31, 2022, the Company had commitments to purchase $57.1 million of inventory.

Legal Proceedings

The Company may from time to time be party to litigation arising in the course of its business, including, without limitation, allegations relating to commercial transactions, business relationships or intellectual property rights. Such claims, even if not meritorious, could result in the expenditure of significant financial and managerial resources. Litigation in general, and intellectual property in particular, can be expensive and disruptive to normal business operations. Moreover, the results of legal proceedings are difficult to predict.

In accordance with applicable accounting guidance, the Company records accruals for certain of its outstanding legal proceedings, investigations or claims when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. The Company evaluates, at least on a quarterly basis, developments in legal proceedings, investigations or claims that could affect the amount of any accrual, as well as any developments that would result in a loss contingency to become both probable and reasonably estimable. When a loss contingency is not both probable and reasonably estimable, the Company does not record a loss accrual. However, if the loss (or an additional loss in excess of any prior accrual) is at least reasonably possible and material, then the Company would disclose an estimate of the possible loss or range of loss, if such estimate can be made, or disclose that an estimate cannot be made. The assessment whether a loss is probable or a reasonable possibility, and whether the loss or a range of loss is estimable, involves a series of complex judgments about future events. Even if a loss is reasonably possible, the Company may not be able to estimate a range of possible loss, particularly where (i) the damages sought are substantial or indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel or unsettled legal theories or a large number of parties. In such cases, there is considerable uncertainty regarding the ultimate resolution of such matters, including the amount of any possible loss, fine or penalty. However, an adverse resolution of one or more of such matters could have a material adverse effect on the Company's results of operations in a particular quarter or fiscal year.

XR Communications, LLC d/b/a Vivato Technologies v. Extreme Networks, Inc.

On April 19, 2017, XR Communications, LLC (“XR”) (d/b/a Vivato Technologies) filed a patent infringement lawsuit against the Company in the Central District of California. The operative Second Amended Complaint asserts infringement of certain U.S. Patents based on the Company’s manufacture, use, sale, offer for sale, and/or importation into the United States of certain access points and routers supporting multi-user, multiple-input, multiple-output technology. XR seeks unspecified damages, on-going royalties, pre- and post-judgment interest, and attorneys’ fees. The Court dismissed the case without prejudice on January 4, 2022 and on April 18, 2022, entered final judgment in favor of the Company. XR filed a notice of appeal on May 9, 2022 and the Company and other defendants filed a response brief on November 7, 2022.

Orckit IP, LLC v. Extreme Networks, Inc., Extreme Networks Ireland Ltd., and Extreme Networks GmbH

On February 1, 2018, Orckit IP, LLC (“Orckit”) filed a patent infringement lawsuit against the Company and its Irish and German subsidiaries in the District Court in Dusseldorf, Germany. The lawsuit alleges direct and indirect infringement of the German portion of a patent (“EP ‘364”) based on the offer, distribution, use, possession and/or importation into Germany of certain network switches that are equipped with the ExtremeXOS operating system. Orckit is seeking injunctive relief, accounting, and an unspecified declaration of liability for damages and costs of the lawsuit. On January 28, 2020, the Court rendered a decision in the infringement case in favor of the Company. The matter is proceeding through the appellate process.

On April 23, 2019, Orckit filed an extension of the patent infringement complaint against the Company and its Irish and German subsidiaries in the District Court in Dusseldorf, Germany. With this extension, Orckit alleges infringement of the German portion of a second patent (“EP ‘077”) based on the offer, distribution, use, possession and/or importation into Germany of certain network switches that the Company no longer sells in Germany. Orckit is seeking injunctive relief, accounting and sales information, and a declaration of liability for damages as well as costs of the lawsuit. On October 13, 2020, the Court issued an infringement decision against the Company and granted Orckit the right to enforce the judgment against the Company, which Orckit has provided notification to the Company that it will enforce the judgment. In the rendering of account, Orckit was informed that the products at issue were in end of sale status prior to the filing of the EP ‘077 complaint. The Company has appealed the infringement decision, and the matter is proceeding through the appellate process.

The Company filed a nullity action related to the EP ‘364 patent on May 3, 2018, and one related to the EP ‘077 patent on October 31, 2019, both in the Federal Patent Court in Munich. The Federal Patent Court in Munich found the EP ‘364 patent to be valid and the Company has filed an appeal. On October 25, 2022, the Federal Patent Court in Munich issued an opinion partially invalidating the EP ‘077 patent and the Company has filed an appeal.

SNMP Research, Inc. and SNMP Research International, Inc. v. Broadcom Inc., Brocade Communications Systems LLC, and Extreme Networks, Inc.

On October 26, 2020, SNMP Research, Inc. and SNMP Research International, Inc. (collectively, “SNMP”) filed a lawsuit against the Company in the Eastern District of Tennessee for copyright infringement, alleging that the Company was not properly licensed to use its software. SNMP is seeking actual damages and profits attributed to the infringement, as well as equitable relief. The Company filed a motion to transfer the case to the Northern District of California. The motion to dismiss was denied in part and denied without prejudice in part. The Company also filed, and was granted, a motion to compel mediation. The parties conducted a mediation from January 19 to January 26, 2023. The trial date set for February 2023 has been rescheduled to January 2024.

Mala Technologies Ltd. v. Extreme Networks GmbH, Extreme Networks Ireland Ops Ltd., and Extreme Networks, Inc.

On April 15, 2021, Mala Technologies Ltd. (“Mala”) filed a patent infringement lawsuit against the Company and its Irish and German subsidiaries in the District Court in Dusseldorf, Germany. The lawsuit alleges indirect infringement of the German portion of a patent (“EP ‘498”) based on the offer and sale in Germany of certain network switches equipped with the ExtremeXOS operating system. Mala is seeking injunctive relief, accounting, and an unspecified declaration of liability for damages and costs of the lawsuit. On December 20, 2022, the trial court ruled that the Company did not infringe the EP ‘498 patent and dismissed Mala’s complaint entirely. Mala has filed an appeal.

The Company filed a nullity complaint against EP ‘498 with the German Federal Patent Court on September 24, 2021. This matter is still pending.

Indemnification Obligations

Subject to certain limitations, the Company may be obligated to indemnify its current and former directors, officers and employees. These obligations arise under the terms of its certificate of incorporation, its bylaws, applicable contracts, and applicable law. The obligation to indemnify, where applicable, generally means that the Company is required to pay or reimburse, and in certain circumstances the Company has paid or reimbursed, the individuals’ reasonable legal expenses and possible damages and other liabilities incurred in connection with certain legal matters. The Company also procures Directors and Officers liability insurance to help cover its defense and/or indemnification costs, although its ability to recover such costs through insurance is uncertain. While it is not possible to estimate the maximum potential amount that could be owed under these governing documents and agreements due to the Company’s limited history with prior indemnification claims, indemnification (including defense) costs could, in the future, have a material adverse effect on the Company’s consolidated financial position, results of operations and cash flows.

Stockholders' Equity

6 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

10.	Stockholders’ Equity

Stockholders’ Rights Agreement

On May 17, 2021, the Company entered into the Amended and Restated Tax Benefit Preservation Plan (the “2021 Tax Benefit Preservation Plan”), which amended and restated the Amended and Restated Rights Agreement between the Company and Computershare Shareholder Services LLC, as the rights agent. The 2021 Tax Benefit Preservation Plan was approved by stockholders of the Company at the annual meeting of stockholders held on November 4, 2021. The 2021 Tax Benefit Preservation Plan governs the terms of each right (“Right”) that has been issued with respect to each share of common stock of Extreme Networks. Each Right initially represents the right to purchase one one-thousandth of a share of the Company’s Preferred Stock.

The Company’s Board of Directors (the “Board”) adopted the 2021 Tax Benefit Preservation Plan to preserve the value of deferred tax assets, including net operating loss carry forwards of the Company, with respect to its ability to fully use its tax benefits to offset future income which may be limited if the Company experiences an “ownership change” for purposes of Section 382 of the Internal Revenue Code of 1986 as a result of ordinary buying and selling of shares of its common stock. Following its review of the terms of the plan, the Board decided it was necessary and in the best interests of the Company and its stockholders to enter into the 2021 Tax Benefit Preservation Plan.

Equity Incentive Plan

The Compensation Committee of the Board unanimously approved an amendment to the Extreme Networks, Inc. Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”) on September 12, 2022 to increase the maximum number of available shares by 6.5 million shares. The amendment was approved by the stockholders of the Company at the annual meeting of stockholders held on November 17, 2022.

Employee Stock Purchase Plan

The Compensation Committee of the Board unanimously approved an amendment to the 2014 Employee Stock Purchase Plan (the “ESPP”) on September 9, 2021 to increase the maximum number of shares that will be available for sale thereunder by 7.5 million shares. The amendment was approved by the stockholders of the Company at the annual meeting of stockholders held on November 4, 2021.

Common Stock Repurchases

On May 18, 2022, the Company announced the Board had authorized management to repurchase up to $200.0 million of shares of the Company’s common stock over a three-year period commencing July 1, 2022 (as amended, the “2022 Repurchase Program”). Initially, under the 2022 Repurchase program, a maximum of $25.0 million of shares was authorized to be repurchased in any quarter; however, on November 17, 2022, the Board increased the authorization to repurchase shares in any quarter from up to $25.0 million of shares per quarter to up to $50.0 million of shares per quarter. Purchases may be made from time to time in the open market or pursuant to a 10b5-1 plan.

During the three and six months ended December 31, 2022, the Company repurchased a total of 2,578,175 shares of its common stock on the open market at a total cost of $49.8 million with an average price of $19.32 per share. During the three and six months ended December 31, 2021, the Company repurchased a total of 1,829,333 shares of its common stock on the open market at total cost of $25.0 million with an average price of $13.65 per share pursuant to a share repurchase authorization that was replaced by the 2022 Repurchase Program. As of December 31, 2022, approximately $150.2 million remains available for share repurchases under the 2022 Repurchase Program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Employee Benefit Plans

6 Months Ended

Dec. 31, 2022

Share Based Compensation [Abstract]

Employee Benefit Plans

11.	Employee Benefit Plans

Shares Reserved for Issuance

The Company had the following reserved shares of common stock for future issuance as of the dates noted (in thousands):

	December 31, 2022		June 30, 2022
2013 Equity Incentive Plan shares available for grant		9,764		11,430
Employee stock options and awards outstanding		10,830		7,616
2014 Employee Stock Purchase Plan		9,280		9,961
Total shares reserved for issuance		29,874		29,007

Share-based Compensation Expense

Share-based compensation expense recognized in the condensed consolidated financial statements by line-item caption is as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Cost of product revenues	$	499	$	303	$	873	$	613
Cost of service and subscription revenues		966		351		1,638		713
Research and development		3,962		2,664		7,052		5,122
Sales and marketing		5,910		3,860		10,549		7,435
General and administrative		6,059		4,155		11,073		7,894
Total share-based compensation expense	$	17,396	$	11,333	$	31,185	$	21,777

Stock Options

The following table summarizes stock option activity for the six months ended December 31, 2022 (in thousands, except per share and contractual term):

	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Options outstanding at June 30, 2022		1,187	$	6.56		3.70	$	2,801
Granted		—		—
Exercised		—		—
Canceled		—		—
Options outstanding at December 31, 2022		1,187	$	6.56		3.20	$	13,948
Vested and expected to vest at December 31, 2022		1,187	$	6.56		3.20	$	13,948
Exercisable at December 31, 2022		1,068	$	6.55		3.14	$	12,562

The fair value of each stock option grant under the 2013 Plan is estimated on the date of grant using the Black-Scholes-Merton option valuation model. The expected term of options granted is derived from historical data on employee exercise and post-vesting employment termination behavior. The risk-free rate is based upon the estimated life of the option and the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on the historical volatility on the Company’s stock. There were no stock options granted during the three and six months ended December 31, 2022 and 2021. There were no stock options exercised during the three and six months ended December 31, 2022.

Stock Awards

Stock awards may be granted under the 2013 Plan on terms approved by the Compensation Committee of the Board. Stock awards generally provide for the issuance of restricted stock units (“RSUs”) including performance-condition or market-condition RSUs which vest over a fixed period of time or based upon the satisfaction of certain performance criteria or market conditions. The Company recognizes compensation expense on the awards over the vesting period based on the awards’ fair value as of the date of grant. The Company does not estimate forfeitures, but accounts for them as incurred.

The following table summarizes stock award activity for the six months ended December 31, 2022 (in thousands, except grant date fair value):

	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Non-vested stock awards outstanding at June 30, 2022		6,429		$	9.57
Granted		6,186			14.50
Released		(2,731	)		8.30
Canceled		(241	)		11.31
Non-vested stock awards outstanding at December 31, 2022		9,643		$	13.05	$	176,564
Stock awards expected to vest at December 31, 2022		9,643		$	13.05	$	176,564

The RSUs granted under the 2013 Plan vest over a period of time, generally one to three years, and are subject to participant's continued service to the Company. The stock awards granted during the six months ended December 31, 2022 included 1.4 million RSUs including the market condition awards discussed below to named executive officers and directors.

Market Condition Awards

During the six months ended December 31, 2022 and 2021, the Compensation Committee of the Board granted 1.0 million and 0.7 million RSUs, respectively, with vesting based on market conditions (“MSU”) to certain of the Company’s executive officers. These MSUs vest based on the Company’s total shareholder return (“TSR”) relative to the TSR of the Russell 2000 Index (“Index”). The MSU award represents the right to receive a target number of shares of common stock of up to 150% of the original grant, as indicated in the table below. The MSUs vest based on the Company’s TSR relative to the TSR of the Index over performance periods of three years from the grant date, subject to the grantees’ continued service through the certification of performance.

Level	Relative TSR	Shares Vested
Below Threshold	TSR is less than the Index by more than 37.5 percentage points	0%
Threshold	TSR is less than the Index by 37.5 percentage points	25%
Target	TSR equals the Index	100%
Maximum	TSR is greater than the Index by 25 percentage points or more	150%

Total shareholder return is calculated based on the average closing price for the 30-trading days prior to the beginning and end of the performance periods. Performance is measured based on three periods, with the ability for up to one-third of target shares to vest after years one and two and the ability for up to the maximum of the full award to vest based on the full three-year TSR less any shares vested based on one- and two-year periods. Linear interpolation is used to determine the number of shares vested for achievement between target levels.

The grant date fair value of each MSU was determined using the Monte Carlo simulation model. The weighted-average grant-date fair value of the MSUs granted during the six months ended December 31, 2022 was $16.57 per share. The assumptions used in the Monte Carlo simulation included the expected volatility of 67%, risk-free rate of 3.12%, no expected dividend yield, expected term of three years and possible future stock prices over the performance period based on the historical stock and market prices. The Company recognizes the expense related to these MSUs on a graded-vesting method over the estimated term.

The weighted-average grant-date fair value of the MSUs granted during the six months ended December 31, 2021 was $12.69 per share. The assumptions used in the Monte Carlo simulation included the expected volatility of 66%, risk-free rate of 0.44%, no expected dividend yield, expected term of three years and possible future stock prices over the performance period based on the historical stock and market prices.

Employee Stock Purchase Plan

The fair value of each share purchase option under the ESPP is estimated on the date of grant using the Black-Scholes-Merton option valuation model with the weighted average assumptions noted in the following table. The expected term of the ESPP represents the term of the offering period of each option. The risk-free rate is based upon the estimated life and on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on the historical volatility on the Company’s common stock.

There were 0.7 million and 1.0 million shares issued under the ESPP during the six months ended December 31, 2022 and 2021, respectively. The following assumptions were used to determine the grant-date fair values of the ESPP shares during the following periods:

	Employee Stock Purchase Plan
	Three Months Ended
	December 31, 2022			December 31, 2021
Expected life	0.5 years			0.5 years
Risk-free interest rate		3.12	%		0.05	%
Volatility		60	%		52	%
Dividend yield		—	%		—	%

The weighted-average grant-date fair value of shares under the ESPP during the six months ended December 31, 2022 and 2021 was $4.38 and $3.18 per share, respectively.

Information about Segments and Geographic Areas

6 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Information about Segments and Geographic Areas

12.	Information about Segments and Geographic Areas

The Company operates in one segment, the development and marketing of network infrastructure equipment and related software. The Company conducts business globally and is managed geographically. Revenues are attributed to a geographical area based on the billing address of customers. The Company operates in three geographical areas: Americas, EMEA, and APAC. The Company’s chief operating decision maker, who is its CEO, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.

See Note 3, Revenues, for the Company’s revenues by geographic regions and channel based on the customer’s billing address.

The Company’s long-lived assets are attributed to the geographic regions as follows (in thousands):

	December 31, 2022		June 30, 2022
Americas	$	122,896	$	130,715
EMEA		35,837		36,792
APAC		12,283		11,770
Total long-lived assets	$	171,016	$	179,277

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Derivatives and Hedging

6 Months Ended

Dec. 31, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

13.	Derivatives and Hedging

Interest Rate Swaps

The Company is exposed to interest rate risk on its debt. The Company enters into interest rate swap contracts to effectively manage the impact of fluctuations of interest rate changes on its outstanding debt which has a floating interest rate. The Company does not enter into derivative contracts for trading or speculative purposes.

At the inception date of the derivative contract, the Company performs an assessment of these contracts and has designated these contracts as cash flow hedges. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreement without exchange of the underlying notional amount. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, by performing qualitative and quantitative assessment, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in other comprehensive income (loss). When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive income (loss) and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately.

During fiscal 2020, the Company entered into multiple interest rate swap contracts, designated as cash flow hedges, to hedge the variability of cash flows in interest payments associated with the Company’s various tranches of floating-rate debt. As of December 31, 2022 and 2021, the total notional amount of these interest rate swaps were $75.0 million and $200.0 million, respectively, and had maturity dates through April 2023. As of December 31, 2022 and 2021, these contracts had unrealized gains of $0.8 million and unrealized losses of $0.3 million, respectively, and are recorded in “Accumulated other comprehensive income (loss)” with the associated asset in “Prepaid expenses and other current assets” or with the associated liability in “Other accrued liabilities,” respectively, in the condensed consolidated balance sheets. Cash flows associated with periodic settlements of interest rate swaps are classified as operating activities in the condensed consolidated statement of cash flows. Realized gains and losses are recognized as they accrue in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to these cash flow hedges are reclassified to interest expense over the life of the swap contracts. The Company estimates that $0.8 million will be reclassified to interest income over the next twelve months. The classification and fair value of these cash flow hedges are discussed in Note 6, Fair Value Measurements.

Foreign Exchange Forward Contracts

The Company uses derivative financial instruments to manage exposures to foreign currency that may or may not be designated as hedging instruments. The Company’s objective for holding derivatives is to use the most effective methods to minimize the impact

of these exposures. The Company does not enter into derivatives for speculative or trading purposes. The Company enters into foreign exchange forward contracts primarily to mitigate the effect of gains and losses generated by foreign currency transactions related to certain operating expenses and re-measurement of certain assets and liabilities denominated in foreign currencies.

For foreign exchange forward contracts not designated as hedging instruments, the fair value of the Company’s derivatives in a gain position are recorded in “Prepaid expenses and other current assets” and derivatives in a loss position are recorded in “Other accrued liabilities” in the accompanying condensed consolidated balance sheets. Changes in the fair value of derivatives are recorded in “Other income, net” in the accompanying condensed consolidated statements of operations. As of December 31, 2022 and 2021, foreign exchange forward contracts not designated as hedging instruments had a total notional principal amounts of $11.1 million and $20.4 million, respectively. These contracts have maturities of 60 days or less. The net gains and losses recorded in the condensed consolidated statement of operations from these contracts during the three and six months ended December 31, 2022 were net gain of $0.1 million and net loss of $0.4 million, respectively, and during the three and six months ended December 31, 2021 there were net losses of less than $0.1 million and $0.2 million, respectively. Changes in the fair value of these foreign exchange forward contracts are offset largely by remeasurement of the underlying assets and liabilities.

For foreign exchange forward contracts designated as hedging instruments, gains and losses arising from these contracts are recorded as a component of “accumulated other comprehensive income (loss)” on the condensed consolidated balance sheets. The hedging gains and losses in “accumulated other comprehensive income (loss)” are subsequently reclassified to expenses, as applicable, in the condensed consolidated statements of operations in the same period in which the underlying transactions affect the Company’s earnings. As of December 31, 2022 and 2021, foreign exchange forward contracts designated as hedging instruments had the notional amount of $5.5 million and $5.7 million, respectively. These contracts have maturities of less than twelve months, and unrealized gains and losses arising from these contracts designated as hedging instruments are recorded as a component of “accumulated other comprehensive income (loss)”. As of December 31, 2022 and 2021, these contracts had unrealized gain of $0.4 million and unrealized loss of $0.3 million respectively.

For the three months ended December 31, 2022 and 2021, the Company recognized total foreign currency gain of less than $0.1 million and losses of less than $0.1 million, respectively, and for the six months ended December 31, 2022 and 2021, the Company recognized total foreign currency gains of $0.8 million and $0.3 million, respectively, related to the change in fair value of foreign currency denominated assets and liabilities.

Restructuring and Related Charges

6 Months Ended

Dec. 31, 2022

Restructuring And Related Activities [Abstract]

Restructuring and Related Charges

14.	Restructuring and Related Charges

The Company recorded $0.5 million and $1.0 million of restructuring and related charges during the three and six months ended December 31, 2022, respectively, which included additional facilities charges related to previously impaired facilities. As of June 30, 2022, the Company has completed all the restructuring activities under the 2020 Plan noted below and no restructuring liabilities remain in the accompanying condensed consolidated balance sheets.

The Company recorded $0.3 million and $0.6 million of restructuring and related charges during the three and six months ended December 31, 2021 which primarily included additional facility related expenses related to previously impaired facilities. The Company had minimal activity related to the 2020 Plan during the three months ended December 31, 2021. Severance and benefit restructuring charges consisted primarily of employee severance and benefit expenses incurred under the reduction-in-force action initiated in the third quarter of fiscal 2020 (the “2020 Plan”) to reduce operating costs and enhance financial flexibility as a result of disruptions caused by the COVID-19 global pandemic. With the reduction and realignment of the headcount under the 2020 Plan, the Company relocated certain of its lab test equipment to third-party consulting companies. The Company incurred $9.6 million of charges under the 2020 Plan through June 30, 2022.

Restructuring liabilities related to severance, benefits, and equipment relocation obligations are recorded in “Other accrued liabilities” in the accompanying condensed consolidated balance sheets. As of December 31, 2021, the restructuring liability was less than $0.1 million.

Income Taxes

6 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

15.	Income Taxes

For the three months ended December 31, 2022 and 2021, the Company recorded an income tax provision of $2.6 million and $1.8 million, respectively. For the six months ended December 31, 2022 and 2021, the Company recorded an income tax provision of $4.4 million and $3.9 million, respectively.

The income tax provisions for the three and six months ended December 31, 2022 and 2021, consisted of (1) taxes on the income of the Company’s foreign subsidiaries, (2) foreign withholding taxes, (3) state taxes in jurisdictions where the Company has no remaining state net operating losses (“NOLs”) and (4) tax expense associated with the establishment of a U.S. deferred tax liability for amortizable goodwill resulting from the acquisition of Enterasys Networks, Inc., the wireless local area network business from

Zebra Technologies Corporation, the Campus Fabric Business from Avaya and the Data Center Business from Brocade. The interim income tax provisions for the three and six months ended December 31, 2022 and 2021 were calculated using the discrete effective tax rate method as allowed by ASC 740-270-30-18, Income Taxes – Interim Reporting. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. The Company believes that, at this time, the use of this discrete method is more appropriate than the annual effective tax rate method as (i) the estimated annual effective tax rate method is not reliable due to the high degree of uncertainty in estimating annual pretax earnings on a jurisdictional basis and (ii) the Company’s ongoing assessment that the recoverability of certain U.S. and Irish deferred tax assets is not more likely than not.

The Company has provided a full valuation allowance against all of its U.S. federal and state deferred tax assets as well as a portion of the deferred tax assets in Ireland. Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence to determine whether it is “more likely than not” that deferred tax assets are recoverable including past operating results, estimates of future taxable income, changes to enacted tax laws, and the feasibility of tax planning strategies; such assessment is required on a jurisdiction-by-jurisdiction basis. The Company’s inconsistent earnings in recent periods, including a cumulative loss over the last three years, coupled with its difficulty in forecasting future revenue trends by jurisdiction and the cyclical nature of its business represent sufficient negative evidence to require full valuation allowances against its U.S. federal and state net deferred tax assets as well as a portion of the deferred tax assets in Ireland. These valuation allowances will be evaluated periodically and can be reversed partially or in whole if business results and the economic environment have sufficiently improved to support realization of some or all of the Company's deferred tax assets. In the event the Company changes its determination as to the amount of deferred tax assets that can be realized, it will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

On September 14, 2021, the Company completed its acquisition of Ipanema. This acquisition is treated as a non-taxable stock acquisition and, therefore, Extreme will have carryover tax basis in the assets and liabilities acquired. A deferred tax liability has been established for the non-deductible amortization of the associated intangibles under US GAAP.

The Company had $18.4 million of unrecognized tax benefits as of December 31, 2022. If fully recognized in the future, $0.3 million would impact the effective tax rate and $18.1 million would result in adjustments to deferred tax assets and corresponding adjustments to the valuation allowance with no impact to the effective tax rate. The Company does not anticipate any events to occur during the next twelve months that would materially reduce the unrealized tax benefit as currently stated in the Company’s condensed consolidated balance sheets.

The Company’s policy is to accrue interest and penalties related to the underpayment of income taxes as a component of tax expense in the accompanying condensed consolidated statements of operations.

In general, the Company’s U.S. federal income tax returns are subject to examination by tax authorities for fiscal years 2001 forward due to NOLs and the Company’s state income tax returns are subject to examination for fiscal years 2000 forward due to NOLs. The Company is not currently under audit for income tax purposes in any material jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Income Per Share

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share

16.	Net Income Per Share

Basic net income per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted income per share is calculated by dividing net income by the weighted-average number of shares of common stock used in the basic net income per share calculation plus the dilutive effect of shares subject to repurchase, options and unvested RSUs.

The following table presents the calculation of net income per share of basic and diluted (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Net income	$	17,931	$	13,341	$	30,516	$	26,037
Weighted-average shares used in per share calculation – basic		130,465		129,403		130,377		128,863
Options to purchase common stock		717		702		635		677
Restricted stock units		3,164		3,340		2,760		3,795
Employee Stock Purchase Plan shares		107		176		61		88
Weighted-average shares used in per share calculation – diluted		134,453		133,621		133,833		133,423

Net income per share – basic and diluted
Net income per share – basic	$	0.14	$	0.10	$	0.23	$	0.20
Net income per share – diluted	$	0.13	$	0.10	$	0.23	$	0.20

The following securities were excluded from the computation of net income per diluted share of common stock for the periods presented as their effect would have been anti-dilutive (in thousands):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Restricted stock units		437		7		306		8
Employee Stock Purchase Plan shares		678		764		529		620
Total shares excluded		1,115		771		835		628

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Fiscal Year

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.

Accounting Estimates

Recently Adopted and Recently Issued Accounting Pronouncements

Revenue Recognition

Revenues by Category

	Three Months Ended
	December 31, 2022						December 31, 2021
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	70,963	$	66,630	$	137,593	$	68,565	$	68,585	$	137,150
Other		10,807		4,614		15,421		3,865		4,955		8,820
Total Americas		81,770		71,244		153,014		72,430		73,540		145,970
EMEA		97,147		40,903		138,050		68,934		42,128		111,062
APAC		7,403		19,881		27,284		5,034		18,867		23,901
Total net revenues	$	186,320	$	132,028	$	318,348	$	146,398	$	134,535	$	280,933

	Six Months Ended
	December 31, 2022						December 31, 2021
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	144,277	$	130,942	$	275,219	$	124,633	$	135,916	$	260,549
Other		26,832		8,712		35,544		11,664		8,322		19,986
Total Americas		171,109		139,654		310,763		136,297		144,238		280,535
EMEA		173,403		80,156		253,559		146,832		77,859		224,691
APAC		9,441		42,274		51,715		9,369		34,022		43,391
Total net revenues	$	353,953	$	262,084	$	616,037	$	292,498	$	256,119	$	548,617

Inventories

Inventories consist of the following (in thousands):

	December 31, 2022		June 30, 2022
Finished goods	$	55,721	$	40,733
Raw materials		8,042		8,498
Total inventories	$	63,763	$	49,231

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):

	December 31, 2022			June 30, 2022
Computers and equipment	$	78,042		$	75,387
Purchased software		49,285			47,161
Office equipment, furniture and fixtures		9,465			9,463
Leasehold improvements		53,098			52,564
Total property and equipment		189,890			184,575
Less: accumulated depreciation and amortization		(144,179	)		(134,997	)
Property and equipment, net	$	45,711		$	49,578

Deferred Revenue

Guarantees and Product Warranties

The following table summarizes the activity related to the Company’s product warranty liability during the three and six months ended December 31, 2022 and 2021 (in thousands):

	Three Months Ended						Six Months Ended
	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Balance beginning of period	$	11,522		$	10,780		$	10,852		$	11,623
Warranties assumed due to acquisition		—			—			—			41
New warranties issued		3,807			3,822			7,815			6,532
Warranty expenditures		(3,509	)		(3,465	)		(6,847	)		(7,059	)
Balance end of period	$	11,820		$	11,137		$	11,820		$	11,137

Concentrations

Earnings Per Share

Revenues (Tables)

6 Months Ended

Dec. 31, 2022

Revenue From Contract With Customer [Abstract]

Schedule of Revenues Disaggregated by Sales Channel and Geographic Region

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
	December 31, 2022						December 31, 2021
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	70,963	$	66,630	$	137,593	$	68,565	$	68,585	$	137,150
Other		10,807		4,614		15,421		3,865		4,955		8,820
Total Americas		81,770		71,244		153,014		72,430		73,540		145,970
EMEA		97,147		40,903		138,050		68,934		42,128		111,062
APAC		7,403		19,881		27,284		5,034		18,867		23,901
Total net revenues	$	186,320	$	132,028	$	318,348	$	146,398	$	134,535	$	280,933

	Six Months Ended
	December 31, 2022						December 31, 2021
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	144,277	$	130,942	$	275,219	$	124,633	$	135,916	$	260,549
Other		26,832		8,712		35,544		11,664		8,322		19,986
Total Americas		171,109		139,654		310,763		136,297		144,238		280,535
EMEA		173,403		80,156		253,559		146,832		77,859		224,691
APAC		9,441		42,274		51,715		9,369		34,022		43,391
Total net revenues	$	353,953	$	262,084	$	616,037	$	292,498	$	256,119	$	548,617

Schedule of Customers Accounting for 10% or More of Net Revenues and Accounts Receivable Balance

The following table sets forth customers accounting for 10% or more of the Company’s net revenues for the periods indicated below:

	Three Months Ended		Six Months Ended
	December 31, 2022	December 31, 2021	December 31, 2022	December 31, 2021
Westcon Group, Inc.	19%	11%	17%	15%
TD Synnex Corporation	17%	21%	18%	22%
Jenne, Inc.	13%	18%	13%	16%
ScanSource, Inc.	11%	*	*	*
* Less than 10% of revenue

The following table sets forth customers accounting for 10% or more of the Company’s accounts receivable balance:


	December 31, 2022	June 30, 2022
Jenne, Inc.	16%	28%
ScanSource, Inc.	10%	*
TD Synnex Corporation	10%	11%
* Less than 10% of accounts receivable.

Business Combination (Tables)

6 Months Ended

Dec. 31, 2022

Ipanema

Summary of Unaudited Pro Forma Financial Information

The following table summarizes the unaudited pro forma financial information (in thousands, except per share amounts):

	Three months ended		Six Months Ended
	December 31, 2021*		December 31, 2021*
Net revenues	$	280,438	$	551,743
Net income	$	15,562	$	29,631
Net income per share – basic	$	0.12	$	0.23
Net income per share – diluted	$	0.12	$	0.22
Shares used in per share calculation – basic		129,403		128,863
Shares used in per share calculation – diluted		133,621		133,423

Balance Sheet Accounts (Tables)

6 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Components of Inventories

Inventories consist of the following (in thousands):

	December 31, 2022		June 30, 2022
Finished goods	$	55,721	$	40,733
Raw materials		8,042		8,498
Total inventories	$	63,763	$	49,231

Components of Property and Equipment

Property and equipment, net consist of the following (in thousands):

	December 31, 2022			June 30, 2022
Computers and equipment	$	78,042		$	75,387
Purchased software		49,285			47,161
Office equipment, furniture and fixtures		9,465			9,463
Leasehold improvements		53,098			52,564
Total property and equipment		189,890			184,575
Less: accumulated depreciation and amortization		(144,179	)		(134,997	)
Property and equipment, net	$	45,711		$	49,578

Summary of Product Warranty Liability Activity

The following table summarizes the activity related to the Company’s product warranty liability during the three and six months ended December 31, 2022 and 2021 (in thousands):

	Three Months Ended						Six Months Ended
	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Balance beginning of period	$	11,522		$	10,780		$	10,852		$	11,623
Warranties assumed due to acquisition		—			—			—			41
New warranties issued		3,807			3,822			7,815			6,532
Warranty expenditures		(3,509	)		(3,465	)		(6,847	)		(7,059	)
Balance end of period	$	11,820		$	11,137		$	11,820		$	11,137

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value for Financial Assets and Liabilities Measured on Recurring Basis

December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Foreign currency derivatives	$	—	$	475	$	—	$	475
Interest rate swaps		—		808		—		808
Total assets measured at fair value	$	—	$	1,283	$	—	$	1,283
Liabilities
Foreign currency derivatives	$	—	$	8	$	—	$	8
Total liabilities measured at fair value	$	—	$	8	$	—	$	8

June 30, 2022	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	1,314	$	—	$	1,314
Total assets measured at fair value	$	—	$	1,314	$	—	$	1,314
Liabilities
Foreign currency derivatives	$	—	$	31	$	—	$	31
Total liabilities measured at fair value	$	—	$	31	$	—	$	31

Intangible Assets and Goodwill (Tables)

6 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Components of Gross and Net Intangible Asset Balances

Intangible Assets

The following tables summarize the components of gross and net intangible asset balances (dollars in thousands):

	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
December 31, 2022
Developed technology	3.0 years	$	169,203	$	153,441	$	15,762
Customer relationships	3.4 years		64,665		57,728		6,937
Trade names	0.0 years		10,700		10,700		—
License agreements	3.9 years		2,445		2,160		285
Total intangibles, net*		$	247,013	$	224,029	$	22,984

* Foreign intangible assets carrying amounts are affected by foreign currency translation.

	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
June 30, 2022
Developed technology	3.3 years	$	170,600	$	146,560	$	24,040
Customer relationships	3.9 years		64,839		56,704		8,135
Trade names	0.1 years		10,700		10,680		20
License agreements	4.4 years		2,445		2,125		320
Total intangibles, net*		$	248,584	$	216,069	$	32,515


* Foreign intangible assets carrying amounts are affected by foreign currency translation.

Summary of Amortization Expense of Intangibles

The amortization expense of intangibles for the periods presented is summarized below (in thousands):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Amortization of intangibles in “Total cost of revenues”	$	3,220	$	4,149	$	6,825	$	9,435
Amortization of intangibles in “Total operating expenses”		504		804		1,027		1,958
Total amortization expense	$	3,724	$	4,953	$	7,852	$	11,393

Schedule of Expected Amortization Expenses

The estimated future amortization expense to be recorded for each of the respective future fiscal years is as follows (in thousands):

For the fiscal year ending:
2023 (the remainder of fiscal 2023)	$	7,166
2024		5,212
2025		4,450
2026		3,191
2027		1,430
Thereafter		1,535
Total	$	22,984

Summary of Goodwill

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Debt (Tables)

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Components of Debt

The Company’s debt is comprised of the following (in thousands):

	December 31, 2022			June 30, 2022
Current portion of long-term debt:
Term Loan	$	38,000		$	35,625
Less: unamortized debt issuance costs		(2,181	)		(2,276	)
Current portion of long-term debt	$	35,819		$	33,349

Long-term debt, less current portion:
Term Loan	$	224,000		$	273,000
Less: unamortized debt issuance costs		(1,331	)		(2,430	)
Total long-term debt, less current portion		222,669			270,570
Total debt	$	258,488		$	303,919

Employee Benefit Plans (Tables)

6 Months Ended

Dec. 31, 2022

Share Based Compensation [Abstract]

Common Stock Reserved for Future Issuance

The Company had the following reserved shares of common stock for future issuance as of the dates noted (in thousands):

	December 31, 2022		June 30, 2022
2013 Equity Incentive Plan shares available for grant		9,764		11,430
Employee stock options and awards outstanding		10,830		7,616
2014 Employee Stock Purchase Plan		9,280		9,961
Total shares reserved for issuance		29,874		29,007

Schedule of Recognized Share-based Compensation Expense

Share-based compensation expense recognized in the condensed consolidated financial statements by line-item caption is as follows (in thousands):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Cost of product revenues	$	499	$	303	$	873	$	613
Cost of service and subscription revenues		966		351		1,638		713
Research and development		3,962		2,664		7,052		5,122
Sales and marketing		5,910		3,860		10,549		7,435
General and administrative		6,059		4,155		11,073		7,894
Total share-based compensation expense	$	17,396	$	11,333	$	31,185	$	21,777

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended December 31, 2022 (in thousands, except per share and contractual term):

	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Options outstanding at June 30, 2022		1,187	$	6.56		3.70	$	2,801
Granted		—		—
Exercised		—		—
Canceled		—		—
Options outstanding at December 31, 2022		1,187	$	6.56		3.20	$	13,948
Vested and expected to vest at December 31, 2022		1,187	$	6.56		3.20	$	13,948
Exercisable at December 31, 2022		1,068	$	6.55		3.14	$	12,562

Summary of Stock Award Activity

The following table summarizes stock award activity for the six months ended December 31, 2022 (in thousands, except grant date fair value):

	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Non-vested stock awards outstanding at June 30, 2022		6,429		$	9.57
Granted		6,186			14.50
Released		(2,731	)		8.30
Canceled		(241	)		11.31
Non-vested stock awards outstanding at December 31, 2022		9,643		$	13.05	$	176,564
Stock awards expected to vest at December 31, 2022		9,643		$	13.05	$	176,564

Schedule of Awards Performance Thresholds and Shares Expected to Vest (TSR PSUs)

The MSU award represents the right to receive a target number of shares of common stock of up to 150% of the original grant, as indicated in the table below. The MSUs vest based on the Company’s TSR relative to the TSR of the Index over performance periods of three years from the grant date, subject to the grantees’ continued service through the certification of performance.

Level	Relative TSR	Shares Vested
Below Threshold	TSR is less than the Index by more than 37.5 percentage points	0%
Threshold	TSR is less than the Index by 37.5 percentage points	25%
Target	TSR equals the Index	100%
Maximum	TSR is greater than the Index by 25 percentage points or more	150%

Schedule of Fair Value Assumptions for Employee Stock Purchase Plan Awards

The following assumptions were used to determine the grant-date fair values of the ESPP shares during the following periods:

	Employee Stock Purchase Plan
	Three Months Ended
	December 31, 2022			December 31, 2021
Expected life	0.5 years			0.5 years
Risk-free interest rate		3.12	%		0.05	%
Volatility		60	%		52	%
Dividend yield		—	%		—	%

Information about Segments and Geographic Areas (Tables)

6 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Long Lived Assets by Segment

The Company’s long-lived assets are attributed to the geographic regions as follows (in thousands):

	December 31, 2022		June 30, 2022
Americas	$	122,896	$	130,715
EMEA		35,837		36,792
APAC		12,283		11,770
Total long-lived assets	$	171,016	$	179,277

Net Income Per Share (Tables)

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the calculation of net income per share of basic and diluted (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Net income	$	17,931	$	13,341	$	30,516	$	26,037
Weighted-average shares used in per share calculation – basic		130,465		129,403		130,377		128,863
Options to purchase common stock		717		702		635		677
Restricted stock units		3,164		3,340		2,760		3,795
Employee Stock Purchase Plan shares		107		176		61		88
Weighted-average shares used in per share calculation – diluted		134,453		133,621		133,833		133,423

Net income per share – basic and diluted
Net income per share – basic	$	0.14	$	0.10	$	0.23	$	0.20
Net income per share – diluted	$	0.13	$	0.10	$	0.23	$	0.20

Schedule of Antidilutive Securities Excluded from Earnings Per Share Calculation

The following securities were excluded from the computation of net income per diluted share of common stock for the periods presented as their effect would have been anti-dilutive (in thousands):

	Three Months Ended				Six Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Restricted stock units		437		7		306		8
Employee Stock Purchase Plan shares		678		764		529		620
Total shares excluded		1,115		771		835		628

Revenues (Narratives) (Details) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Narratives) (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) Distribution_Channels	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)
Disaggregation Of Revenue [Line Items]
Number of distribution channels \| Distribution_Channels			2
Estimated selling price determination approach			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
Remaining revenue performance obligations	$ 445.6		$ 445.6
Revenue recognized for deferred revenue balance	$ 83.9	$ 81.9	$ 145.7	$ 132.5
Geographic Concentration Risk \| Revenue \| NETHERLANDS
Disaggregation Of Revenue [Line Items]
Concentration risk (percent)	11.00%		10.00%	10.00%
Geographic Concentration Risk \| Revenue \| GERMANY
Disaggregation Of Revenue [Line Items]
Concentration risk (percent)	10.00%		10.00%
Geographic Concentration Risk \| Revenue \| Other Foreign Country \| Maximum
Disaggregation Of Revenue [Line Items]
Concentration risk (percent)	10.00%	10.00%	10.00%	10.00%
Commission Fees
Disaggregation Of Revenue [Line Items]
Revenue, practical expedient, incremental cost of obtaining contract [true false]			true
Contract costs capitalized, balances amount	$ 17.5		$ 17.5		$ 16.3
Contract costs capitalized, amortization period	3 years		3 years
Contract costs capitalized, amortization method			straight-line basis
Contract costs capitalized, amortization expense	$ 2.2	$ 1.8	$ 4.3	$ 3.6

Revenues (Narratives) (Details 1)	6 Months Ended
Revenues (Narratives) (Details 1)	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations expected to recognize, period	6 months
Percentage of remaining performance obligations expected to recognize	36.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations expected to recognize, period	1 year
Percentage of remaining performance obligations expected to recognize	34.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations expected to recognize, period	1 year
Percentage of remaining performance obligations expected to recognize, description	thereafter
Percentage of remaining performance obligations expected to recognize	30.00%

Revenues (Schedule of Revenues Disaggregated by Sales Channel and Geographic Region) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 318,348	$ 280,933	$ 616,037	$ 548,617
Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	186,320	146,398	353,953	292,498
Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	132,028	134,535	262,084	256,119
United States
Disaggregation Of Revenue [Line Items]
Net Revenues	137,593	137,150	275,219	260,549
United States \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	70,963	68,565	144,277	124,633
United States \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	66,630	68,585	130,942	135,916
Other Americas
Disaggregation Of Revenue [Line Items]
Net Revenues	15,421	8,820	35,544	19,986
Other Americas \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	10,807	3,865	26,832	11,664
Other Americas \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	4,614	4,955	8,712	8,322
Total Americas
Disaggregation Of Revenue [Line Items]
Net Revenues	153,014	145,970	310,763	280,535
Total Americas \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	81,770	72,430	171,109	136,297
Total Americas \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	71,244	73,540	139,654	144,238
EMEA
Disaggregation Of Revenue [Line Items]
Net Revenues	138,050	111,062	253,559	224,691
EMEA \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	97,147	68,934	173,403	146,832
EMEA \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	40,903	42,128	80,156	77,859
APAC
Disaggregation Of Revenue [Line Items]
Net Revenues	27,284	23,901	51,715	43,391
APAC \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	7,403	5,034	9,441	9,369
APAC \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 19,881	$ 18,867	$ 42,274	$ 34,022

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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+ Details

Revenues (Schedule of Customers Accounting for 10% or More of Net Revenues and Accounts Receivable Balance) (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Westcon Group Inc. \| Revenue
Concentration Risk [Line Items]
Concentration risk (percent)	19.00%	11.00%	17.00%	15.00%
TD Synnex Corporation \| Revenue
Concentration Risk [Line Items]
Concentration risk (percent)	17.00%	21.00%	18.00%	22.00%
TD Synnex Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (percent)			10.00%		11.00%
Jenne, Inc. \| Revenue
Concentration Risk [Line Items]
Concentration risk (percent)	13.00%	18.00%	13.00%	16.00%
Jenne, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (percent)			16.00%		28.00%
ScanSource, Inc. \| Revenue
Concentration Risk [Line Items]
Concentration risk (percent)	11.00%
ScanSource, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (percent)			10.00%

Business Combination (Narratives) (Details) - USD ($) $ in Thousands	Sep. 14, 2021	Dec. 31, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Goodwill		$ 393,495	$ 400,144
Ipanema
Business Acquisition [Line Items]
Business acquisition, cash consideration	$ 70,900
Business acquisition, date of acquisition	Sep. 14, 2021
Goodwill	$ 68,900
Identifiable intangible assets	$ 16,300

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Business Combination (Summary of Unaudited Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Business Acquisition Pro Forma Information [Abstract]
Net revenues	$ 280,438	$ 551,743
Net income	$ 15,562	$ 29,631
Net income per share – basic	$ 0.12	$ 0.23
Net income per share – diluted	$ 0.12	$ 0.22
Shares used in per share calculation – basic	129,403	128,863
Shares used in per share calculation – diluted	133,621	133,423

Balance Sheet Accounts (Components of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Finished goods	$ 55,721	$ 40,733
Raw materials	8,042	8,498
Total inventories	$ 63,763	$ 49,231

Balance Sheet Accounts (Components of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 189,890	$ 184,575
Less: accumulated depreciation and amortization	(144,179)	(134,997)
Property and equipment, net	45,711	49,578
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	78,042	75,387
Purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	49,285	47,161
Office equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,465	9,463
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 53,098	$ 52,564

Balance Sheet Accounts (Narratives) (Details)	6 Months Ended
Balance Sheet Accounts (Narratives) (Details)	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Standard hardware warranty period (in months)	1 year
Standard software warranty period (in days)	90 days
Maximum investment in one obligor or maker (percent)	10.00%

Balance Sheet Accounts (Summary of Product Warranty Liability Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance beginning of period	$ 11,522	$ 10,780	$ 10,852	$ 11,623
Warranties assumed due to acquisition				41
New warranties issued	3,807	3,822	7,815	6,532
Warranty expenditures	(3,509)	(3,465)	(6,847)	(7,059)
Balance end of period	$ 11,820	$ 11,137	$ 11,820	$ 11,137

Fair Value Measurements (Schedule of Fair Value for Financial Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Assets
Foreign currency derivatives	$ 475
Interest rate swaps	808	$ 1,314
Total assets measured at fair value	1,283	1,314
Liabilities
Foreign currency derivatives	8	31
Total liabilities measured at fair value	8	31
Level 2
Assets
Foreign currency derivatives	475
Interest rate swaps	808	1,314
Total assets measured at fair value	1,283	1,314
Liabilities
Foreign currency derivatives	8	31
Total liabilities measured at fair value	$ 8	$ 31

Fair Value Measurements (Narratives) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Interest rate swap contracts
Assets/Liabilities
Notional principal amount of forward foreign exchange contracts	$ 75,000,000.0		$ 75,000,000.0		$ 75,000,000.0
Other Comprehensive Income (Loss) \| Interest rate swap contracts
Assets/Liabilities
Unrealized gains on interest rate cash flow hedges			800,000		1,300,000
Not Designated as Hedging Instrument \| Forward Foreign Currency Contracts
Assets/Liabilities
Notional principal amount of forward foreign exchange contracts	11,100,000		$ 11,100,000		$ 9,600,000
Maximum maturities for contracts			60 days		60 days
Gains (losses) on foreign currency derivative instruments	100,000		$ (400,000)
Not Designated as Hedging Instrument \| Forward Foreign Currency Contracts \| Maximum
Assets/Liabilities
Gains (losses) on foreign currency derivative instruments		$ (100,000)		$ (200,000)
Not Designated as Hedging Instrument \| Forward Foreign Currency Contracts
Assets/Liabilities
Notional principal amount of forward foreign exchange contracts	11,100,000	20,400,000	$ 11,100,000	20,400,000
Maximum maturities for contracts			60 days
Designated as Hedging Instrument \| Forward Foreign Currency Contracts
Assets/Liabilities
Maximum maturities for contracts			12 months
Foreign exchange forward contracts outstanding					$ 0
Unrealized gain (loss) on derivatives			$ 400,000
Designated as Hedging Instrument \| Forward Foreign Currency Contracts
Assets/Liabilities
Notional principal amount of forward foreign exchange contracts	5,500,000	5,700,000	$ 5,500,000	5,700,000
Maximum maturities for contracts			12 months
Unrealized gains on interest rate cash flow hedges			$ 400,000	(300,000)
Level 2 Assets and Liabilities
Assets/Liabilities
Long-term debt, fair value	262,000,000.0		262,000,000.0		308,600,000
Transfers of assets between Level 1 and Level 2	0	0	0	0
Transfers of liabilities between Level 1 and Level 2	0	0	0	0
Level 3 Assets and Liabilities
Assets/Liabilities
Fair value, measurement level 3 asset, transfers			0		0
Fair value, measurement level 3 liabilities transfers			0		$ 0
Transfers of assets between Level 2 and Level 3	0	0	0	0
Transfers of liabilities between Level 2 and Level 3	$ 0	$ 0	0	0
Fair value assets impairment			$ 0	$ 0

Intangible Assets and Goodwill (Components of Gross and Net Intangible Asset Balances) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 247,013	$ 248,584
Accumulated Amortization	224,029	216,069
Net Carrying Amount	$ 22,984	$ 32,515
Developed Technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	3 years	3 years 3 months 18 days
Gross Carrying Amount	$ 169,203	$ 170,600
Accumulated Amortization	153,441	146,560
Net Carrying Amount	$ 15,762	$ 24,040
Customer Relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	3 years 4 months 24 days	3 years 10 months 24 days
Gross Carrying Amount	$ 64,665	$ 64,839
Accumulated Amortization	57,728	56,704
Net Carrying Amount	$ 6,937	$ 8,135
Trade Names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	0 years	1 month 6 days
Gross Carrying Amount	$ 10,700	$ 10,700
Accumulated Amortization	$ 10,700	10,680
Net Carrying Amount		$ 20
License Agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	3 years 10 months 24 days	4 years 4 months 24 days
Gross Carrying Amount	$ 2,445	$ 2,445
Accumulated Amortization	2,160	2,125
Net Carrying Amount	$ 285	$ 320

Intangible Assets and Goodwill (Summary of Amortization Expense of Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangibles in “Total cost of revenues”	$ 3,220	$ 4,149	$ 6,825	$ 9,435
Type Of Cost Good Or Service Extensible List	Product	Product	Product	Product
Amortization of intangibles in “Total operating expenses”	$ 504	$ 804	$ 1,027	$ 1,958
Total amortization expense	$ 3,724	$ 4,953	$ 7,852	$ 11,393

Intangible Assets and Goodwill (Schedule Future Amortization for Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
For the fiscal year ending:
2023 (the remainder of fiscal 2023)	$ 7,166
2024	5,212
2025	4,450
2026	3,191
2027	1,430
Thereafter	1,535
Total	$ 22,984	$ 32,515

Intangible Assets and Goodwill (Narratives) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 393,495	$ 400,144

- Definition

+ References + Details

Debt (Components of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Line Of Credit Facility [Line Items]
Less: unamortized debt issuance costs	$ (2,181)	$ (2,276)
Current portion of long-term debt	35,819	33,349
Less: unamortized debt issuance costs	(1,331)	(2,430)
Long-term debt, less current portion	222,669	270,570
Total debt	258,488	303,919
Term Loan
Line Of Credit Facility [Line Items]
Current portion of long-term debt	38,000	35,625
Long-term debt, less current portion	$ 224,000	$ 273,000

Debt (Narratives) (Details) - USD ($)		3 Months Ended		6 Months Ended
Debt (Narratives) (Details) - USD ($)	Aug. 09, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Nov. 03, 2020
Line Of Credit Facility [Line Items]
Outstanding letters of credit		$ 14,800,000		$ 14,800,000
Interest Expense
Line Of Credit Facility [Line Items]
Amortization of deferred financing costs		700,000	$ 700,000	$ 1,500,000	$ 1,500,000
2019 Credit Agreement
Line Of Credit Facility [Line Items]
Debt instrument interest rate				5.50%	1.86%
2019 Credit Agreement \| First Amendment
Line Of Credit Facility [Line Items]
Amendment start date				Apr. 08, 2020
2019 Credit Agreement \| Second Amendment
Line Of Credit Facility [Line Items]
Amendment start date				May 08, 2020
2019 Credit Agreement \| Third Amendment
Line Of Credit Facility [Line Items]
Amendment start date				Nov. 03, 2020
Line of credit sublimit for letters of credit						$ 20,000,000.0
2019 Credit Agreement \| Fourth Amendment
Line Of Credit Facility [Line Items]
Amendment start date				Dec. 08, 2020
2019 Credit Agreement \| Term Loan
Line Of Credit Facility [Line Items]
Credit Facility, term	5 years
Borrowing capacity from Credit Agreement	$ 380,000,000.0
Additional repayment against term loan facility				$ 30,000,000.0	$ 12,000,000.0
2019 Credit Agreement \| Revolving Facility
Line Of Credit Facility [Line Items]
Credit Facility, term	5 years
Borrowing capacity from Credit Agreement	$ 75,000,000.0
Line of credit facility remaining outstanding balance		0		0
Borrowing capacity from Credit Agreement		$ 60,200,000		$ 60,200,000
Initial Term Loan \| Revolving Facility
Line Of Credit Facility [Line Items]
Base rate	0.00%
Commitment fee				0.25%
Maximum \| 2019 Credit Agreement
Line Of Credit Facility [Line Items]
Additional incremental loan facility that may be requested	$ 100,000,000.0
Maximum \| Initial Term Loan \| Applicable Margin for Eurodollar
Line Of Credit Facility [Line Items]
Borrowings, interest rate	3.50%
Maximum \| Initial Term Loan \| Applicable Margin for Base Rate
Line Of Credit Facility [Line Items]
Borrowings, interest rate	2.50%
Maximum \| Initial Term Loan \| Revolving Facility
Line Of Credit Facility [Line Items]
Commitment fee	0.40%
Minimum \| Initial Term Loan \| Applicable Margin for Eurodollar
Line Of Credit Facility [Line Items]
Borrowings, interest rate	1.25%
Minimum \| Initial Term Loan \| Applicable Margin for Base Rate
Line Of Credit Facility [Line Items]
Borrowings, interest rate	0.25%
Minimum \| Initial Term Loan \| Revolving Facility
Line Of Credit Facility [Line Items]
Commitment fee	0.25%

Commitments and Contingencies (Narratives) (Details)	Dec. 31, 2022 USD ($)
Inventory Purchase Commitments
Commitments And Contingencies [Line Items]
Non-cancelable purchase commitments	$ 57,100,000

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, shares in Thousands				3 Months Ended		6 Months Ended
	Sep. 12, 2022	May 18, 2022	Sep. 09, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Nov. 17, 2022
Class Of Stock [Line Items]
Total number of shares repurchased					1,829,333		1,829,333
Stock repurchased during period, value					$ 25,000,000.0		$ 25,000,000.0
Stock repurchased average price per share					$ 13.65		$ 13.65
2022 Repurchase Program
Class Of Stock [Line Items]
Stock repurchase, authorized amount		$ 200,000,000.0						$ 50,000,000.0
Stock repurchase program, period in force		3 years
Maximum amount of common stock may be repurchased in calendar year		$ 25,000,000.0
Total number of shares repurchased				2,578,175		2,578,175
Stock repurchased during period, value				$ 49,800,000		$ 49,800,000
Stock repurchased average price per share				$ 19.32		$ 19.32
Share repurchased outstanding amount				$ 150,200,000		$ 150,200,000
Stock repurchase, increase in authorized amount								$ 25,000,000.0
2013 Equity Incentive Plan
Class Of Stock [Line Items]
Maximum number of shares available for sale under equity incentive plan	6,500
2014 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Maximum number of shares available for sale under stock purchase plan			7,500

Employee Benefit Plans (Common Stock Reserved for Future Issuance) (Details) - shares shares in Thousands	Dec. 31, 2022	Jun. 30, 2022
Class Of Stock [Line Items]
Shares reserved for issuance	29,874	29,007
2014 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Shares reserved for issuance	9,280	9,961
Employee Stock Options and Awards Outstanding
Class Of Stock [Line Items]
Shares reserved for issuance	10,830	7,616
2013 Equity Incentive Plan Shares Available for Grant
Class Of Stock [Line Items]
Shares reserved for issuance	9,764	11,430

Employee Benefit Plans (Schedule of Recognized Share-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 17,396	$ 11,333	$ 31,185	$ 21,777
Cost of Product Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	499	303	873	613
Cost of Service and Subscription Revenues
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	966	351	1,638	713
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	3,962	2,664	7,052	5,122
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	5,910	3,860	10,549	7,435
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 6,059	$ 4,155	$ 11,073	$ 7,894

Employee Benefit Plans (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares
Number of Shares
Options outstanding at June 30, 2022 \| shares	1,187
Options outstanding at December 31, 2022 \| shares	1,187	1,187
Vested and expected to vest at December 31, 2022 \| shares	1,187
Exercisable at December 31, 2022 \| shares	1,068
Weighted-Average Exercise Price Per Share
Options outstanding at June 30, 2022 \| $ / shares	$ 6.56
Options outstanding at December 31, 2022 \| $ / shares	6.56	$ 6.56
Vested and expected to vest at December 31, 2022 \| $ / shares	6.56
Exercisable at December 31, 2022 \| $ / shares	$ 6.55
Weighted-Average Remaining Contractual Term
Options outstanding	3 years 2 months 12 days	3 years 8 months 12 days
Vested and expected to vest at December 31, 2022	3 years 2 months 12 days
Exercisable at December 31, 2022	3 years 1 month 20 days
Aggregate Intrinsic Value
Options outstanding \| $	$ 13,948	$ 2,801
Vested and expected to vest at December 31, 2022 \| $	13,948
Exercisable at December 31, 2022 \| $	$ 12,562

Employee Benefit Plans (Narratives) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			6,186,000
Granted			$ 14.50
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting percentage			The RSUs granted under the 2013 Plan vest over a period of time, generally one to three years, and are subject to participant's continued service to the Company.
MSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Calculation of total shareholder return (TSR), description			Total shareholder return is calculated based on the average closing price for the 30-trading days prior to the beginning and end of the performance periods. Performance is measured based on three periods, with the ability for up to one-third of target shares to vest after years one and two and the ability for up to the maximum of the full award to vest based on the full three-year TSR less any shares vested based on one- and two-year periods.
Granted			$ 16.57	$ 12.69
Volatility			67.00%	66.00%
Risk-free interest rate			3.12%	0.44%
Dividend yield			0.00%	0.00%
Expected life			3 years	3 years
Executive Officers and Directors \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			1,400,000
Executive Officer Member \| MSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			1,000,000.0	700,000
Shares vested, Maximum			150.00%
2013 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	0	0	0	0
Awards exercised	0		0
2014 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under stock purchase plan			700,000	1,000,000.0
Weighted-average grant-date fair value of options issued (in dollars per share)			$ 4.38	$ 3.18

Employee Benefit Plans (Summary of Stock Award Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares
Non-vested stock awards outstanding at June 30, 2022 \| shares	6,429
Granted \| shares	6,186
Released \| shares	(2,731)
Canceled \| shares	(241)
Non-vested stock awards outstanding at December 31, 2022 \| shares	9,643
Stock awards expected to vest at December 31, 2022 \| shares	9,643
Weighted-Average Grant Date Fair Value
Non-vested stock awards outstanding at June 30, 2022 \| $ / shares	$ 9.57
Granted \| $ / shares	14.50
Released \| $ / shares	8.30
Canceled \| $ / shares	11.31
Non-vested stock awards outstanding at December 31, 2022 \| $ / shares	13.05
Stock awards expected to vest at December 31, 2022 \| $ / shares	$ 13.05
Aggregate Fair Market Value
Non-vested stock awards outstanding at December 31, 2022 \| $	$ 176,564
Stock awards expected to vest at December 31, 2022 \| $	$ 176,564

Employee Benefit Plans (Schedule of PSUs Earned and Vested Based on Total Stockholder Return (TSR PSUs)) (Details) - Executive Officer Member - TSR PSU	6 Months Ended
	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Relative TSR, Below Threshold	TSR is less than the Index by more than 37.5 percentage points
Relative TSR, Threshold	TSR is less than the Index by 37.5 percentage points
Relative TSR, Target	TSR equals the Index
Relative TSR, Maximum	TSR is greater than the Index by 25 percentage points or more
Shares vested, Below Threshold	0.00%
Shares vested, Threshold	25.00%
Shares vested, Target	100.00%
Shares vested, Maximum	150.00%

Employee Benefit Plans (Schedule of Fair Value Assumptions for Employee Stock Purchase Plan Awards) (Details) - Employee Stock Purchase Plan	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life	6 months	6 months
Risk-free interest rate	3.12%	0.05%
Volatility	60.00%	52.00%
Dividend yield

Information about Segments of Geographic Areas (Narratives) (Details)	6 Months Ended
	Dec. 31, 2022 Segment Geographic_Area
Segment Reporting [Abstract]
Number of operating segments \| Segment	1
Number of geographic regions \| Geographic_Area	3

Information about Segments and Geographic Areas (Schedule of Long Lived Assets by Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total long-lived assets	$ 171,016	$ 179,277
Americas
Segment Reporting Information [Line Items]
Total long-lived assets	122,896	130,715
EMEA
Segment Reporting Information [Line Items]
Total long-lived assets	35,837	36,792
APAC
Segment Reporting Information [Line Items]
Total long-lived assets	$ 12,283	$ 11,770

Derivatives and Hedging (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Foreign currency transactions realized gains (losses)	$ 0.1	$ (0.1)	$ 0.8	$ 0.3
Interest Rate Swap
Derivative [Line Items]
Notional principal amount of forward foreign exchange contracts	75.0	200.0	$ 75.0	$ 200.0
Maturity date			Apr. 30, 2023	Apr. 30, 2023
Unrealized gain (loss) on interest rate cash flow hedges			$ 0.8	$ (0.3)
Estimated interest income over next twelve months			0.8
Notional principal amount of forward foreign exchange contracts	75.0	200.0	75.0	200.0
Forward Foreign Currency Contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional principal amount of forward foreign exchange contracts	11.1	20.4	$ 11.1	20.4
Maximum maturities for contracts			60 days
Net gains (losses) on forward foreign currency contracts	0.1	(0.1)	$ (0.4)	(0.2)
Notional principal amount of forward foreign exchange contracts	11.1	20.4	11.1	20.4
Forward Foreign Currency Contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Notional principal amount of forward foreign exchange contracts	5.5	5.7	5.5	5.7
Unrealized gain (loss) on interest rate cash flow hedges			$ 0.4	(0.3)
Maximum maturities for contracts			12 months
Notional principal amount of forward foreign exchange contracts	$ 5.5	$ 5.7	$ 5.5	$ 5.7

Restructuring and Related Charges (Narratives) (Details) - USD ($)	3 Months Ended		6 Months Ended		30 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Restructuring Cost And Reserve [Line Items]
Restructuring charges, net of reversals and impairment	$ 500,000	$ 300,000	$ 1,000,000.0	$ 600,000
Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring liabilities		$ 100,000		$ 100,000
Reduction-in-force
Restructuring Cost And Reserve [Line Items]
Restructuring liabilities					$ 0
Reduction in force or severance and benefits					$ 9,600,000

Income Taxes (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 2,646	$ 1,793	$ 4,394	$ 3,862
Unrecognized tax benefits	18,400		18,400
Unrecognized tax benefits that would affect the effective tax rate if recognized	300		300
Unrecognized tax benefit future impact if recognized	$ 18,100		$ 18,100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Income Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Diluted [Line Items]
Net income	$ 17,931	$ 13,341	$ 30,516	$ 26,037
Weighted-average shares used in per share calculation – basic	130,465	129,403	130,377	128,863
Weighted-average shares used in per share calculation – diluted	134,453	133,621	133,833	133,423
Net income per share - basic
Net income per share – basic	$ 0.14	$ 0.10	$ 0.23	$ 0.20
Net income per share - diluted
Net income per share – diluted	$ 0.13	$ 0.10	$ 0.23	$ 0.20
Options to purchase common stock
Earnings Per Share Diluted [Line Items]
Options to purchase common stock	717	702	635	677
Restricted stock units
Earnings Per Share Diluted [Line Items]
Options to purchase common stock	3,164	3,340	2,760	3,795
Employee Stock Purchase Plan shares
Earnings Per Share Diluted [Line Items]
Options to purchase common stock	107	176	61	88

Net Income Per Share (Schedule of Anti-Dilutive Shares Excluded from Earnings Per Share Calculation) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	1,115	771	835	628
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	437	7	306	8
Employee Stock Purchase Plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	678	764	529	620