0000950170-24-052140 | 10-Q | XBRL Viewer

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current liabilities:
Net of unamortized debt issuance costs	$ 674	$ 674
Noncurrent liabilities:
Net of unamortized debt issuance costs	$ 1,903	$ 2,409
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	148,105,000	143,629,000
Common stock, shares outstanding	129,886,000	127,775,000
Treasury Stock, Shares	18,219,000	15,854,000

Fair Value Measurements

9 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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 March 31, 2024 and June 30, 2023 (in thousands):


March 31, 2024	Level 1		Level 2		Level 3		Total
Assets
Certificates of deposit	$	—	$	7,586	$	—	$	7,586
Total assets measured at fair value	$	—	$	7,586	$	—	$	7,586
Liabilities
Foreign currency derivatives	$	—	$	80	$	—	$	80
Total liabilities measured at fair value	$	—	$	80	$	—	$	80


June 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Certificates of deposit	$	—	$	7,151	$	—	$	7,151
Foreign currency derivatives		—		31		—		31
Total assets measured at fair value	$	—	$	7,182	$	—	$	7,182

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 Company's level 2 assets consist of certificates of deposit and derivative instruments. Certificates of deposit do not have regular market pricing and are considered Level 2. The fair value of derivative instruments under the Company’s foreign exchange forward contracts are estimated based on valuations provided by alternative pricing sources supported by observable inputs, which is considered Level 2.

As of March 31, 2024 and June 30, 2023, the Company had investment in certificates of deposit of $7.6 million and $7.2 million, respectively, with maturity of three months at the date of purchase, which are recorded as cash equivalents in the condensed consolidated balance sheets. The Company considers these cash equivalents to be available-for-sale and, as of March 31, 2024 and June 30, 2023, their fair value approximated their amortized cost.

As of March 31, 2024 and June 30, 2023, the Company had foreign exchange forward contracts that were not designated as hedging instruments with notional principal amounts of $15.5 million and $3.4 million, respectively. These contracts currently have maturities of 40 days or less. Changes in the fair value of these foreign exchange forward contracts not designated as hedging instruments are included in other income, net in the condensed consolidated statements of operations. For the three months ended March 31, 2024 and 2023, there were net losses of $0.3 million and net gains of $0.1 million, respectively. For the nine months ended March 31, 2024 and 2023, there were net losses of less than $0.1 million and $0.3 million, respectively. As of March 31, 2024 and June 30, 2023, there were no outstanding foreign exchange forward contracts that were designated as hedging instruments. See Note 12, Derivatives and Hedging, for additional information.

The fair value of borrowings under the 2023 Credit Agreement (as defined in Note 7) 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 in the 2023 Credit Agreement, the fair value approximates the face amount of the Company’s indebtedness of $192.5 million and $225.0 million as of March 31, 2024 and June 30, 2023, 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 March 31, 2024 and June 30, 2023, the Company did not have any assets or liabilities 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 nine months ended March 31, 2024 and 2023. There were no impairments recorded for the three and nine months ended March 31, 2024 and 2023.

- 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

Employee Benefit Plans (Narratives) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards exercised			114,000
Granted			3,939,000
Granted			$ 27.78
Stock price target			46.96
Initial Performance Period
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price target			$ 41.38
3rd Anniversary \| Initial Performance Period
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Rights Percentage			50.00%
4th Anniversary \| Initial Performance Period
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Rights Percentage			50.00%
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.
MSU Subject to Total Shareholder Return (TSR)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			$ 32.66	$ 16.57
Volatility			50.00%	67.00%
Risk-free interest rate			4.43%	3.12%
Dividend yield			0.00%	0.00%
Expected term			3 years	3 years
MSU Subject to Stock Price Targets
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			$ 28.80
Volatility			63.00%
Risk-free interest rate			4.45%
Dividend yield			0.00%
Executive Officers and Directors \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			600,000
Executive Officer Member \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			800,000	1,000,000
Executive Officer Member \| MSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares vested, Maximum			150.00%
Executive Officer Member \| MSU Subject to Total Shareholder Return (TSR)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			500,000
Executive Officer Member \| MSU Subject to Stock Price Targets
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			300,000
2013 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	0	0	0	0
2014 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under stock purchase plan	800,000	800,000	1,300,000	1,500,000
Weighted-average grant-date fair value of options issued (in dollars per share)	$ 3.68	$ 5.63	$ 5.73	$ 4.87

Employee Benefit Plans

9 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Employee Benefit Plans

10.

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):


	March 31, 2024		June 30, 2023
2013 Equity Incentive Plan shares available for grant		12,973		9,995
Employee stock options and awards outstanding		8,291		10,038
2014 Employee Stock Purchase Plan		7,130		8,467
Total shares reserved for issuance		28,394		28,500

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				Nine Months Ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Cost of product revenues	$	405	$	492	$	1,352	$	1,365
Cost of subscription and support revenues		679		930		2,294		2,568
Research and development		4,226		3,883		13,038		10,935
Sales and marketing		5,683		5,777		20,206		16,326
General and administrative		6,840		4,294		21,819		15,367
Total share-based compensation expense	$	17,833	$	15,376	$	58,709	$	46,561

Stock Options

The following table summarizes stock option activity for the nine months ended March 31, 2024 (in thousands, except per share amount 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, 2023		1,187		$	6.56		2.70	$	23,136
Granted		—			—
Exercised		(114	)		6.40
Canceled		—			—
Options outstanding at March 31, 2024		1,073		$	6.58		2.00	$	5,326
Vested and expected to vest at March 31, 2024		1,073		$	6.58		2.00	$	5,326
Exercisable at March 31, 2024		1,073		$	6.58		2.00	$	5,326

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 interest 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 nine months ended March 31, 2024 and 2023.

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 stock 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 nine months ended March 31, 2024 (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, 2023		8,851		$	14.25
Granted		3,939			27.78
Released		(4,735	)		12.65
Canceled		(837	)		19.54
Non-vested stock awards outstanding at March 31, 2024		7,218		$	22.07	$	159,301
Stock awards expected to vest at March 31, 2024		7,218		$	22.07	$	159,301

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 nine months ended March 31, 2024 included 0.6 million RSUs including the market condition awards discussed below to the named executive officers and directors.

Market Condition Awards

During the nine months ended March 31, 2024 and 2023, the Compensation Committee of the Board granted 0.8 million and 1.0 million RSUs, respectively, with vesting based on market conditions (“MSU”) to certain of the Company’s executive officers. The MSUs granted during the nine months ended March 31, 2024 included 0.5 million MSUs subject to total shareholder return (“TSR”) and 0.3 million MSUs subject to certain stock price targets. The MSUs granted during the nine months ended March 31, 2023 were subject to TSR.

The TSR MSUs vest based on the Company’s 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 TSR MSUs granted during the nine months ended March 31, 2024 was $32.66 per share. The assumptions used in the Monte Carlo simulation included the expected volatility of 50%, risk-free interest rate of 4.43%, 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 weighted-average grant-date fair value of the TSR MSUs granted during the nine months ended March 31, 2023 was $16.57 per share. The assumptions used in the Monte Carlo simulation included the expected volatility of 67%, risk-free interest 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 stock price target MSUs vest upon the achievement of a certain stock price target over the defined performance period. The stock price target shall be deemed as achieved if the average closing stock price over any thirty consecutive trading days during the period from grant date through the third anniversary of the grant date equals or exceeds the price target of $41.38 for the initial performance period. Upon satisfaction of the initial stock price target, 50% of the target shares will vest on the 3rd anniversary of the grant date and the remaining 50% will vest on the 4th anniversary of the grant date, subject to employees continued service through the applicable vesting dates. If the units are not earned on the last day of initial performance period, the units will remain outstanding and be eligible to be earned if the average closing stock price over any thirty consecutive trading days equals or exceeds the price target of $46.96.

The grant date fair value of these stock price target MSUs was determined using the Monte Carlo simulation model. The weighted-average grant-date fair value of these stock price target MSUs granted during the nine months ended March 31, 2024 was $28.80 per share. The assumptions used in the Monte Carlo simulation included the expected volatility of 63%, risk-free interest rate of 4.45%, no expected dividend yield, expected term of three years based on possible future stock prices over the performance period based on the historical stock prices. The Company recognizes the expense related to these MSUs on a graded-vesting method over the estimated term.

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 interest rate is based on 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 0.8 million shares issued under the ESPP during each of the three months ended March 31, 2024 and 2023. There were 1.3 million and 1.5 million shares issued under the ESPP during the nine months ended March 31, 2024 and 2023, 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						Employee Stock Purchase Plan
	Three Months Ended						Nine Months Ended
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Expected term	0.5 years			0.5 years			0.5 years			0.5 years
Risk-free interest rate		5.31	%		4.98	%		5.42	%		3.84	%
Volatility		52	%		49	%		47	%		55	%
Dividend yield		—	%		—	%		—	%		—	%

The weighted-average grant-date fair value of shares under the ESPP during the three months ended March 31, 2024 and 2023 was $3.68 and $5.63 per share, respectively. The weighted-average grant-date fair value of shares under the ESPP during the nine months ended March 31, 2024 and 2023 was $5.73 and $4.87 per share, respectively.

Information about Segments and Geographic Areas (Schedule of Long Lived Assets by Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 185,307	$ 170,794
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	139,483	124,375
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	35,286	35,175
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 10,538	$ 11,244

Employee Benefit Plans (Shares Reserved for Issuance) (Details) - shares shares in Thousands	Mar. 31, 2024	Jun. 30, 2023
Class Of Stock [Line Items]
Shares reserved for issuance	28,394	28,500
2014 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Shares reserved for issuance	7,130	8,467
Employee Stock Options and Awards Outstanding
Class Of Stock [Line Items]
Shares reserved for issuance	8,291	10,038
2013 Equity Incentive Plan Shares Available for Grant
Class Of Stock [Line Items]
Shares reserved for issuance	12,973	9,995

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Employee Benefit Plans (Summary of Stock Award Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of Shares
Non-vested stock awards outstanding at June 30, 2023 \| shares	8,851
Granted \| shares	3,939
Released \| shares	(4,735)
Canceled \| shares	(837)
Non-vested stock awards outstanding at March 31, 2024 \| shares	7,218
Stock awards expected to vest at March 31, 2024 \| shares	7,218
Weighted-Average Grant Date Fair Value
Non-vested stock awards outstanding at June 30, 2023 \| $ / shares	$ 14.25
Granted \| $ / shares	27.78
Released \| $ / shares	12.65
Canceled \| $ / shares	19.54
Non-vested stock awards outstanding at March 31, 2024 \| $ / shares	22.07
Stock awards expected to vest at March 31, 2024 \| $ / shares	$ 22.07
Aggregate Fair Market Value
Non-vested stock awards outstanding at March 31, 2024 \| $	$ 159,301
Stock awards expected to vest at March 31, 2024 \| $	$ 159,301

Restructuring and Related Charges (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring charges, net of reversals and impairment	$ 14,400	$ 1,400	$ 26,300	$ 2,300
Restructuring charges	14,937		27,113
Restructuring liabilities	16,972		16,972		$ 6,192
2023 Plan
Restructuring Cost And Reserve [Line Items]
Expected restructuring charges	9,000		9,000
Restructuring Plan associated charges				$ 800
2023 Plan \| Move Cost
Restructuring Cost And Reserve [Line Items]
Restructuring charges	100		$ 400
2023 Plan \| Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring project completion, Duration			9 months
2023 Plan \| Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring project completion, Duration			6 months
Q3 2024 Plan
Restructuring Cost And Reserve [Line Items]
Restructuring charges	9,700		$ 9,700
Q3 2024 Plan \| Minimum
Restructuring Cost And Reserve [Line Items]
Expected restructuring charges	2,000		2,000
Q2 2024 Plan
Restructuring Cost And Reserve [Line Items]
Restructuring charges	4,600		13,300
Restructuring liabilities	17,000		17,000
Q2 2024 Plan \| Maximum
Restructuring Cost And Reserve [Line Items]
Expected restructuring charges	3,000		3,000
Q1 2024 Plan
Restructuring Cost And Reserve [Line Items]
Restructuring charges, net of reversals and impairment	$ 0		$ 2,900

Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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


March 31, 2024	Level 1		Level 2		Level 3		Total
Assets
Certificates of deposit	$	—	$	7,586	$	—	$	7,586
Total assets measured at fair value	$	—	$	7,586	$	—	$	7,586
Liabilities
Foreign currency derivatives	$	—	$	80	$	—	$	80
Total liabilities measured at fair value	$	—	$	80	$	—	$	80


June 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Certificates of deposit	$	—	$	7,151	$	—	$	7,151
Foreign currency derivatives		—		31		—		31
Total assets measured at fair value	$	—	$	7,182	$	—	$	7,182

Employee Benefit Plans (Schedule of PSUs Earned and Vested Based on Total Stockholder Return (TSR PSUs)) (Details) - Executive Officer Member - TSR PSU	9 Months Ended
	Mar. 31, 2024
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%

Net Income (Loss) Per Share (Tables)

9 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended					Nine Months Ended
	March 31, 2024			March 31, 2023		March 31, 2024			March 31, 2023
Net income (loss)	$	(64,425	)	$	22,131	$	(31,761	)	$	52,647
Weighted-average shares used in per share calculation – basic		129,299			128,816		129,021			129,864
Options to purchase common stock		—			748		—			678
Restricted stock units		—			3,461		—			3,174
Weighted-average shares used in per share calculation – diluted		129,299			133,025		129,021			133,716

Net income (loss) per share – basic and diluted
Net income (loss) per share – basic	$	(0.50	)	$	0.17	$	(0.25	)	$	0.41
Net income (loss) per share – diluted	$	(0.50	)	$	0.17	$	(0.25	)	$	0.39

Schedule of Antidilutive Securities Excluded from Earnings Per Share Calculation

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


	Three Months Ended				Nine Months Ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Options to purchase common stock		1,083		—		1,144		—
Restricted stock units		5,577		143		6,269		116
Employee Stock Purchase Plan shares		266		238		88		78
Total shares excluded		6,926		381		7,501		194

Information about Segments and Geographic Areas (Tables)

9 Months Ended

Mar. 31, 2024

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):


	March 31, 2024		June 30, 2023
Americas	$	139,483	$	124,375
EMEA		35,286		35,175
APAC		10,538		11,244
Total long-lived assets	$	185,307	$	170,794

Balance Sheet Accounts (Components of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 158,228	$ 78,180
Raw materials	27,129	10,844
Total inventories	$ 185,357	$ 89,024

Stockholders' Equity

9 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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 14, 2023 to increase the maximum number of available shares by 5.0 million shares. The amendment was approved by the stockholders of the Company at the annual meeting of stockholders held on November 8, 2023.

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 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 months ended March 31, 2024, the Company did not repurchase any shares of its common stock. During the nine months ended March 31, 2024, the Company repurchased a total of 2,365,220 shares of its common stock on the open market at a total cost of $49.9 million with an average price of $21.08 per share. During the three months ended March 31, 2023, the Company repurchased a total of 1,350,568 shares of its common stock on the open market at a total cost of $25.0 million with an average price of $18.51 per share. During the nine months ended March 31, 2023, the Company repurchased a total of 3,928,743 shares of its common stock on the open market at a total cost of $74.8 million with an average price of $19.04 per share. As of March 31, 2024, approximately $50.3 million remains available for share repurchases under the 2022 Repurchase Program.

As a provision of the Inflation Reduction Act enacted in the U.S., the Company is subject to an excise tax on corporate stock repurchases, which is assessed as one percent of the fair market value of net corporate stock repurchases after December 31, 2022. The Company expects that the impact of the excise tax on net corporate stock repurchases will not be material for fiscal 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Restructuring and Related Charges - Summary the activity related to the company's restructuring and related liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Balance at beginning of period	$ 6,192
Period charges	14,937	$ 27,113
Period reversals	(516)	(802)
Period payments	(3,641)	(9,339)
Balance at end of period	$ 16,972	$ 16,972

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Net revenues:
Total net revenues	$ 211,036	$ 332,507	$ 860,550	$ 948,544
Cost of revenues:
Total cost of revenues	91,135	140,569	344,343	408,243
Gross profit:
Total gross profit	119,901	191,938	516,207	540,301
Operating expenses:
Research and development	54,517	54,837	165,366	158,444
Sales and marketing	87,708	83,962	264,782	242,882
General and administrative	25,213	21,683	74,470	64,315
Acquisition and integration costs				390
Restructuring and related charges	14,421	1,363	26,312	2,320
Amortization of intangible assets	511	510	1,531	1,537
Total operating expenses	182,370	162,355	532,461	469,888
Operating income (loss)	(62,469)	29,583	(16,254)	70,413
Interest income	1,239	774	3,895	2,055
Interest expense	(4,179)	(3,946)	(12,766)	(11,656)
Other income (expense), net	361	(367)	373	142
Income (loss) before income taxes	(65,048)	26,044	(24,752)	60,954
Provision for (benefit from) income taxes	(623)	3,913	7,009	8,307
Net income (loss)	$ (64,425)	$ 22,131	$ (31,761)	$ 52,647
Basic and diluted income (loss) per share:
Net income (loss) per share - basic	$ (0.5)	$ 0.17	$ (0.25)	$ 0.41
Net income (loss) per share - diluted	$ (0.5)	$ 0.17	$ (0.25)	$ 0.39
Shares used in per share calculation – basic	129,299	128,816	129,021	129,864
Shares used in per share calculation – diluted	129,299	133,025	129,021	133,716
Product
Net revenues:
Total net revenues	$ 106,442	$ 241,058	$ 546,536	$ 670,779
Cost of revenues:
Total cost of revenues	60,837	108,915	250,866	312,265
Gross profit:
Total gross profit	45,605	132,143	295,670	358,514
Subscription and Support
Net revenues:
Total net revenues	104,594	91,449	314,014	277,765
Cost of revenues:
Total cost of revenues	30,298	31,654	93,477	95,978
Gross profit:
Total gross profit	$ 74,296	$ 59,795	$ 220,537	$ 181,787

Balance Sheet Accounts (Components of Property and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 188,363	$ 190,898
Less: accumulated depreciation and amortization	(141,109)	(144,450)
Property and equipment, net	47,254	46,448
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	75,413	81,612
Purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	55,853	51,444
Office equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,796	8,899
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 48,301	$ 48,943

Commitments and Contingencies (Narratives) (Details)	Mar. 31, 2024 USD ($)
Non-Cancelable Inventory
Commitments And Contingencies [Line Items]
Non-cancelable purchase commitments	$ 51,500,000

Intangible Assets and Goodwill

9 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

The following tables summarize the components of gross and net intangible assets (in thousands, except years):


	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
March 31, 2024
Developed technology	3.4 years	$	169,347	$	162,163	$	7,184
Customer relationships	2.2 years		64,683		60,274		4,409
Trade names	0.0 years		10,700		10,700		—
License agreements	2.8 years		2,445		2,249		196
Total intangible assets, net*		$	247,175	$	235,386	$	11,789
* The carrying amount of foreign intangible assets are affected by foreign currency translation


	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
June 30, 2023
Developed technology	4.1 years	$	169,460	$	159,592	$	9,868
Customer relationships	3.4 years		64,839		58,894		5,945
Trade names	0.0 years		10,700		10,700		—
License agreements	3.4 years		2,445		2,195		250
Total intangible assets, net*		$	247,444	$	231,381	$	16,063
* The carrying amount of foreign intangible assets are affected by foreign currency translation

The following table summarizes the amortization expense of intangible assets for the periods presented (in thousands):


	Three Months Ended				Nine Months Ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Amortization of intangible assets in “Total cost of revenues”	$	616	$	3,052	$	2,661	$	9,878
Amortization of intangible assets in “Total operating expenses”		511		510		1,531		1,537
Total amortization expense	$	1,127	$	3,562	$	4,192	$	11,415

The amortization expense that is recognized in “Total cost of revenues” primarily consists of amortization related to 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):


	Amount
For the fiscal year ending June 30:
2024 (the remainder of fiscal 2024)	$	1,119
2025		4,477
2026		3,211
2027		1,439
2028		1,277
Thereafter		266
Total	$	11,789

Goodwill

The Company had Goodwill in the amount of $394.2 million and $394.8 million as of March 31, 2024 and June 30, 2023, respectively. The change in goodwill during the nine months ended March 31, 2024 is due to foreign currency translation adjustments that are recorded as a component of accumulated other comprehensive loss.

Revenues (Schedule of Revenues Disaggregated by Sales Channel and Geographic Region) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 211,036	$ 332,507	$ 860,550	$ 948,544
Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	75,326	205,672	460,619	559,625
Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	135,710	126,835	399,931	388,919
United States
Disaggregation Of Revenue [Line Items]
Net Revenues	124,082	139,080	456,383	449,843
United States \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	52,543	74,743	251,694	245,852
United States \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	71,539	64,337	204,689	203,991
Other Americas
Disaggregation Of Revenue [Line Items]
Net Revenues	10,291	18,602	36,274	18,603
Other Americas \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	5,934	14,079	16,709	14,080
Other Americas \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	4,357	4,523	19,565	4,523
Total Americas
Disaggregation Of Revenue [Line Items]
Net Revenues	134,373	157,682	492,657	468,446
Total Americas \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	58,477	88,822	268,403	259,932
Total Americas \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	75,896	68,860	224,254	208,514
EMEA
Disaggregation Of Revenue [Line Items]
Net Revenues	59,035	151,990	313,243	405,548
EMEA \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	18,313	111,664	184,706	285,066
EMEA \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	40,722	40,326	128,537	120,482
APAC
Disaggregation Of Revenue [Line Items]
Net Revenues	17,628	22,835	54,650	74,550
APAC \| Distributor
Disaggregation Of Revenue [Line Items]
Net Revenues	(1,464)	5,186	7,510	14,627
APAC \| Direct
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 19,092	$ 17,649	$ 47,140	$ 59,923

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (31,761)	$ 52,647
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	13,821	15,014
Amortization of intangible assets	4,192	11,415
Reduction in carrying amount of right-of-use asset	8,834	9,274
Provision for credit losses	1,770	245
Share-based compensation	58,709	46,561
Deferred income taxes	(153)	338
Non-cash interest expense	795	756
Other	(3,225)	(6,148)
Changes in operating assets and liabilities:
Accounts receivable, net	85,837	25,216
Inventories	(97,589)	(21,989)
Prepaid expenses and other assets	(13,855)	2,226
Accounts payable	(17,340)	12,570
Accrued compensation and benefits	(27,252)	(6,158)
Operating lease liabilities	(8,780)	(11,172)
Deferred revenue	59,301	46,502
Other current and long-term liabilities	6,693	(8,778)
Net cash provided by operating activities	39,997	168,519
Cash flows from investing activities:
Capital expenditures	(13,632)	(8,634)
Net cash used in investing activities	(13,632)	(8,634)
Cash flows from financing activities:
Payments on revolving facility	(25,000)
Payments on debt obligations	(7,500)	(71,625)
Repurchase of common stock	(49,855)	(74,807)
Payments for tax withholdings, net of proceeds from issuance of common stock	(27,564)	(1,685)
Deferred payments on an acquisition		(3,000)
Net cash used in financing activities	(109,919)	(151,117)
Foreign currency effect on cash and cash equivalents	(265)	(294)
Net increase (decrease) in cash and cash equivalents	(83,819)	8,474
Cash and cash equivalents at beginning of period	234,826	194,522
Cash and cash equivalents at end of period	$ 151,007	$ 202,996

Intangible Assets and Goodwill (Summary of Amortization Expense of Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangibles in “Total cost of revenues”	$ 616	$ 3,052	$ 2,661	$ 9,878
Type Of Cost Good Or Service Extensible List	Product	Product	Product	Product
Amortization of intangibles in “Total operating expenses”	$ 511	$ 510	$ 1,531	$ 1,537
Total amortization expense	$ 1,127	$ 3,562	$ 4,192	$ 11,415

Restructuring and Related Charges

9 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Charges

13.

Restructuring and Related Charges

The Company recorded $14.4 million and $26.3 million of restructuring and related charges during the three and nine months ended March 31, 2024, respectively, which primarily related to the restructuring plans as noted below.

During the third quarter of fiscal 2024, the Company executed a global reduction-in-force plan targeted towards the reorganization of the Company's research and development and sales and marketing functions to align the Company's workforce with its strategic priorities and to focus on specific geographies and industry segments with higher growth opportunities (the “Q3 2024 Plan”). During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of approximately $9.7 million related to the Q3 2024 Plan, which primarily consisted of severance and benefits expenses.

During the second quarter of fiscal 2024, the Company executed a global reduction-in-force plan to rebalance its workforce to create greater efficiency and improve execution, in alignment with the Company's business and strategic priorities, while reducing its ongoing operating expenses to address reduced revenue and macro-economic conditions (the “Q2 2024 Plan”). During the three months ended March 31, 2024, the Company recorded restructuring charges of approximately $4.6 million related to the Q2 2024 Plan, which primarily consisted of additional severance, other employee benefits and legal and consulting fees. During the nine months ended March 31, 2024, the Company recorded restructuring charges of approximately $13.3 million related to the Q2 2024 Plan, which primarily consisted of employee severance and benefits expenses and legal and consulting fees.

The Company expects to complete these ongoing restructuring plans by the end of fiscal 2024 and expects to incur between $2.0 million to $3.0 million in additional charges for the Q3 2024 Plan and the Q2 2024 Plan by the end of fiscal 2024.

During the first quarter of fiscal 2024, the Company initiated a reduction-in-force plan to rebalance the workforce to create greater efficiency and improve execution in alignment with the Company's business and strategic priorities (the “Q1 2024 Plan”). It consisted primarily of workforce reduction to drive productivity in research and development, sales and marketing and provide efficiency across operations and general & administrative functions. During the three months ended March 31, 2024, the Company did not incur any charges related to the Q1 2024 Plan. During the nine months ended March 31, 2024, the Company incurred charges of approximately $2.9 million related to the Q1 2024 Plan. As of March 31, 2024, the plan was completed.

During the third quarter of fiscal 2023, the Company initiated a restructuring plan to transform its business infrastructure and reduce its facilities footprint and the facilities related charges (the “2023 Plan”). As part of this project, the Company is moving engineering labs from its San Jose, California location to its Salem, New Hampshire location. This move is expected to help reduce the cost of operating the Company's labs. During the three months and nine months ended March 31, 2024, the Company incurred restructuring charges of approximately $0.1 million and $0.4 million, respectively, primarily for moving costs. The Company expects that the project will take about 6 to 9 months from March 31, 2024 to complete, and expects to incur charges of approximately $9.0 million throughout this period, primarily for asset disposals, contractor costs, severance, relocation, and other non-recurring fees.

The Company recorded $1.4 million and $2.3 million of restructuring and related charges during the three and nine months ended March 31, 2023, which primarily included additional facilities expenses related to previously impaired facilities and $0.8 million in charges associated with the 2023 plan to transform the Company's business and facilities infrastructure.

Restructuring liabilities are recorded in “Other accrued liabilities” in the accompanying condensed consolidated balance sheets. As of March 31, 2024, the restructuring liability was $17.0 million, which primarily related to the Q2 2024 and Q3 2024 Plans.

The following table summarizes the activity related to the Company’s restructuring and related liabilities during the following periods (in thousands):


	Three Months Ended			Nine Months Ended
	March 31, 2024			March 31, 2024
Balance at beginning of period	$	6,192		$	—
Period charges		14,937			27,113
Period reversals		(516	)		(802	)
Period payments		(3,641	)		(9,339	)
Balance at end of period	$	16,972		$	16,972

Debt (Tables)

9 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Components of Debt

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


	March 31, 2024			June 30, 2023
Current portion of long-term debt:
Term Loan	$	10,000		$	10,000
Revolving Facility		—			25,000
Less: unamortized debt issuance costs		(674	)		(674	)
Current portion of long-term debt	$	9,326		$	34,326

Long-term debt, less current portion:
Term Loan	$	182,500		$	190,000
Less: unamortized debt issuance costs		(1,903	)		(2,409	)
Total long-term debt, less current portion		180,597			187,591
Total debt	$	189,923		$	221,917

Information about Segments and Geographic Areas

9 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Information about Segments and Geographic Areas

11.

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 Chief Executive Officer, 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):


	March 31, 2024		June 30, 2023
Americas	$	139,483	$	124,375
EMEA		35,286		35,175
APAC		10,538		11,244
Total long-lived assets	$	185,307	$	170,794

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 15
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 16, 2024, Rajendra K. Khanna, a member of the Company's board of directors, terminated a Rule 10b5-1 trading arrangement that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and that was originally adopted on August 14, 2023 for the sale of up to 25,000 shares of the Company’s common stock until October 30, 2024. On February 22, 2024, Edward B. Meyercord, the Company's President and CEO, modified a Rule 10b5-1 trading arrangement, originally adopted on August 4, 2023 to change the amount of shares to be sold under the plan and the timing of sales under the plan. The modified trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides for the sale of up to 728,700 shares of the Company's common stock until August 31, 2025. On February 23, 2024, Rajendra K. Khanna, a member of the Company's board of directors, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 25,000 shares of the Company's common stock until February 28, 2025.
Edward B. Meyercord
Trading Arrangements, by Individual
Name	Edward B. Meyercord
Title	Company's President and CEO
Adoption Date	August 4, 2023
Aggregate Available	728,700
Modified Date	February 22, 2024
Rule 10b5-1 Arrangement Modified	true
Rule 10B5-1 Trading Plan [Member] \| Rajendra K. Khanna
Trading Arrangements, by Individual
Name	Rajendra K. Khanna
Title	member of the Company's board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 14, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	February 16, 2024
Aggregate Available	25,000
New Rule 10B5-1 Trading Plan [Member] \| Rajendra K. Khanna
Trading Arrangements, by Individual
Name	Rajendra K. Khanna
Title	member of the Company's board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 23, 2024
Aggregate Available	25,000

Debt

9 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

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


	March 31, 2024			June 30, 2023
Current portion of long-term debt:
Term Loan	$	10,000		$	10,000
Revolving Facility		—			25,000
Less: unamortized debt issuance costs		(674	)		(674	)
Current portion of long-term debt	$	9,326		$	34,326

Long-term debt, less current portion:
Term Loan	$	182,500		$	190,000
Less: unamortized debt issuance costs		(1,903	)		(2,409	)
Total long-term debt, less current portion		180,597			187,591
Total debt	$	189,923		$	221,917

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 which was subsequently amended during fiscal 2023.

On June 22, 2023, the Company entered into a Second Amended and Restated Credit Agreement (the “2023 Credit Agreement”), by and among the Company, as borrower, BMO Harris Bank, N.A., as an issuing lender and swingline lender, Bank of America, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, and Wells Fargo Bank, National Association, as issuing lenders, the financial institutions or entities party thereto as lenders, and Bank of Montreal, as administrative agent and collateral agent, which amended and restated the 2019 Credit Agreement. The 2023 Credit Agreement provides for i) a $200.0 million first lien term loan facility in an aggregate principal amount (the “2023 Term Loan”), ii) a $150.0 million five-year revolving credit facility (the “2023 Revolving Facility”) and, iii) an uncommitted additional incremental loan facility in the principal amount of up to $100.0 million. On June 22, 2023, the Company borrowed $25.0 million against its $150.0 million revolving credit facility to refinance its debt. On July 7, 2023, the Company made a payment of $25.0 million to pay off the outstanding revolving credit balance.

Borrowings under the 2023 Credit Agreement bear interest, and at the Company’s election, the initial term loan may be made as either a base rate loan or a Secured Overnight Funding Rate (“SOFR”) loan. The applicable margin for base rate loans ranges from 1.00% to 1.75% per annum, and the applicable margin for SOFR loans ranges from 2.00% to 2.75%, in each case based on the Company’s consolidated leverage ratio. All SOFR loans are subject to a floor of 0.00% per annum and spread adjustment of 0.10% per annum. The Company paid other closing fees, arrangement fees, and administration fees associated with the 2023 Credit Agreement.

The 2023 Credit Agreement requires the Company to maintain certain minimum financial ratios at the end of each fiscal quarter. The 2023 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 2023 Credit Agreement also includes customary events of default which may result in acceleration of the outstanding balance. During the nine months ended March 31, 2024, the Company was in compliance with all the terms and financial covenants of the 2023 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 $0.3 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively, and were $0.8 million and $2.2 million for the nine months ended March 31, 2024 and 2023, respectively. The interest rate as of March 31, 2024 was 7.44% and as of March 31, 2023 was 5.97%.

As of March 31, 2024, the Company did not have any outstanding balance against its 2023 Revolving Facility. The Company had $135.5 million of availability under the 2023 Revolving Facility as of March 31, 2024. During the three and nine months ended March 31, 2024 the Company did not make any additional payments against its term loan facility other than the scheduled payments per the terms of the 2023 Credit Agreement. During the nine months ended March 31, 2023, the Company made an additional payment of $45.5 million, against its term loan facility under the 2019 Credit Agreement.

The Company had $14.5 million of outstanding letters of credit as of March 31, 2024.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

9 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14.

Income Taxes

For the three months ended March 31, 2024 and 2023, the Company recorded an income tax benefit of $0.6 million and an income tax provision of $3.9 million, respectively. For the nine months ended March 31, 2024 and 2023, the Company recorded an income tax provision of $7.0 million and $8.3 million, respectively.

The income tax provisions (benefit) for the three and nine months ended March 31, 2024 and 2023, consisted of (1) taxes on the income of the Company’s foreign subsidiaries, (2) state taxes in jurisdictions where the Company has no remaining state net operating losses (“NOLs”), (3) foreign withholding taxes, 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. In addition, the income tax provision (benefit) for the three months ended March 31, 2024, includes US Federal income tax benefit of $1.6 million, fully reversing the previously recorded U.S. federal income tax expense during the first two quarters of the year, as well as a $0.3 million income tax benefit resulting from establishment of an indefinite lived deferred tax asset for nondeductible interest expense, offsetting the deferred tax liability related to amortizable goodwill. The interim income tax provisions (benefit) for the three and nine months ended March 31, 2024 and 2023 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 historical losses, tax attributes expiring unutilized in recent years and the cyclical nature of the Company's business provides sufficient negative evidence that require a full valuation allowance 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.

The Company had $18.3 million of unrecognized tax benefits as of March 31, 2024. If fully recognized in the future, $0.2 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 and 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Employee Benefit Plans (Schedule of Recognized Share-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 17,833	$ 15,376	$ 58,709	$ 46,561
Cost of Product Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	405	492	1,352	1,365
Cost of Subscription And Support Revenues
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	679	930	2,294	2,568
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	4,226	3,883	13,038	10,935
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	5,683	5,777	20,206	16,326
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 6,840	$ 4,294	$ 21,819	$ 15,367

Income Taxes (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ (623)	$ 3,913	$ 7,009	$ 8,307
US Federal income tax (benefit) expense	(1,600)
Income tax benefit resulting from adjustment of deferred tax asset liability	(300)
Unrecognized tax benefits	18,300		18,300
Unrecognized tax benefits that would affect the effective tax rate if recognized	200		200
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

Revenues

9 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

The Company accounts for revenues in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The Company derives the majority of its revenues from sales of its networking equipment, with the remaining revenues generated from sales of subscription and support, which primarily includes software subscriptions delivered as software as a service (“SaaS”) and additional revenues from maintenance contracts, professional services and training for its products. The Company sells its products, SaaS and maintenance contracts 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 the Company's 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 subscription and support 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 ASC 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 subscription and support revenues are recognized over time. For revenues recognized over time, the Company uses an input measure, days elapsed, to measure progress.

On March 31, 2024, the Company had $558.3 million of remaining performance obligations, which primarily comprised deferred maintenance and deferred SaaS revenues. The Company expects to recognize approximately 18% of its deferred revenue as revenue in the remainder of fiscal 2024, an additional 42% in fiscal 2025, and 40% 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 generally 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 March 31, 2024 and 2023 that was included in the deferred revenue balance at the beginning of each period was $95.9 million and $81.0 million, respectively. Revenue recognized for the nine months ended March 31, 2024 and 2023 that was included in the deferred revenue balance at the beginning of each period was $230.8 million and $193.7 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 subscription and support contracts and contract renewals are recoverable and therefore the Company’s condensed consolidated balance sheets included capitalized balances in the amount of $22.7 million and $20.0 million at March 31, 2024 and June 30, 2023, 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 and a half years, and are included in “Sales and marketing” in the accompanying condensed consolidated statements of operations. Amortization recognized during the three months ended March 31, 2024 and 2023 was $2.8 million and $2.3 million, respectively. Amortization recognized during the nine months ended March 31, 2024 and 2023 was $8.0 million and $6.7 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 net revenues disaggregated by sales channel and geographic region based on the billing addresses of its customers (in thousands):


	Three Months Ended
	March 31, 2024							March 31, 2023
	Distributor			Direct		Total		Distributor		Direct		Total
Americas:
United States	$	52,543		$	71,539	$	124,082	$	74,743	$	64,337	$	139,080
Other		5,934			4,357		10,291		14,079		4,523		18,602
Total Americas		58,477			75,896		134,373		88,822		68,860		157,682
EMEA		18,313			40,722		59,035		111,664		40,326		151,990
APAC*		(1,464	)		19,092		17,628		5,186		17,649		22,835
Total net revenues	$	75,326		$	135,710	$	211,036	$	205,672	$	126,835	$	332,507


	Nine Months Ended
	March 31, 2024						March 31, 2023
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	251,694	$	204,689	$	456,383	$	245,852	$	203,991	$	449,843
Other		16,709		19,565		36,274		14,080		4,523		18,603
Total Americas		268,403		224,254		492,657		259,932		208,514		468,446
EMEA		184,706		128,537		313,243		285,066		120,482		405,548
APAC		7,510		47,140		54,650		14,627		59,923		74,550
Total net revenues	$	460,619	$	399,931	$	860,550	$	559,625	$	388,919	$	948,544

*The distributor revenue in the APAC region for the three months ended March 31, 2024 reflects a higher level of customer rebates for the distributors, resulting from higher sell-through to end users than the Company's product sales into these distributors.

For the nine months ended March 31, 2024, the Company generated approximately 10% of its net revenues from the Netherlands. For the three and nine months ended March 31, 2023, the Company generated 17% and 12% of its net revenues from the Netherlands, respectively. No other foreign country accounted for 10% or more of its net revenues for the three and nine months ended March 31, 2024 and 2023.

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		Nine Months Ended
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
TD Synnex Corporation	22%	19%	21%	19%
Westcon Group, Inc.	13%	25%	17%	20%
Jenne, Inc.	12%	15%	22%	14%
ScanSource, Inc.	11%	*	*	*
* Less than 10% of revenue

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



	March 31, 2024	June 30, 2023
Jenne, Inc.	38%	39%
TD Synnex Corporation	*	10%
ScanSource, Inc.	*	10%
* 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements (Schedule of Fair Value for Financial Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Assets
Certificate of deposits	$ 7,586	$ 7,151
Foreign currency derivatives		31
Total assets measured at fair value	7,586	7,182
Liabilities
Foreign currency derivatives	80
Total liabilities measured at fair value	80
Level 2
Assets
Certificate of deposits	7,586	7,151
Foreign currency derivatives		31
Total assets measured at fair value	7,586	$ 7,182
Liabilities
Foreign currency derivatives	80
Total liabilities measured at fair value	$ 80

Employee Benefit Plans (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares
Number of Shares
Options outstanding at June 30, 2023 \| shares	1,187
Exercised \| shares	(114)
Options outstanding at March 31, 2024 \| shares	1,073	1,187
Vested and expected to vest at March 31, 2024 \| shares	1,073
Exercisable at March 31, 2024 \| shares	1,073
Weighted-Average Exercise Price Per Share
Options outstanding at June 30, 2023 \| $ / shares	$ 6.56
Exercised \| $ / shares	6.40
Options outstanding at March 31, 2024 \| $ / shares	6.58	$ 6.56
Vested and expected to vest at March 31, 2024 \| $ / shares	6.58
Exercisable at March 31, 2024 \| $ / shares	$ 6.58
Weighted-Average Remaining Contractual Term
Options outstanding	2 years	2 years 8 months 12 days
Vested and expected to vest at March 31, 2024	2 years
Exercisable at March 31, 2024	2 years
Aggregate Intrinsic Value
Options outstanding \| $	$ 5,326	$ 23,136
Vested and expected to vest at March 31, 2024 \| $	5,326
Exercisable at March 31, 2024 \| $	$ 5,326

Net Income (Loss) Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share Diluted [Line Items]
Net income (loss)	$ (64,425)	$ 22,131	$ (31,761)	$ 52,647
Weighted-average shares used in per share calculation – basic	129,299	128,816	129,021	129,864
Weighted-average shares used in per share calculation – diluted	129,299	133,025	129,021	133,716
Net income (loss) per share - basic
Net income (loss) per share - basic	$ (0.5)	$ 0.17	$ (0.25)	$ 0.41
Net income (loss) per share - diluted
Net income (loss) per share - diluted	$ (0.5)	$ 0.17	$ (0.25)	$ 0.39
Options to purchase common stock
Earnings Per Share Diluted [Line Items]
Options to purchase common stock	0	748	0	678
Restricted stock units
Earnings Per Share Diluted [Line Items]
Options to purchase common stock	0	3,461	0	3,174

Revenues (Schedule of Customers Accounting for 10% or More of Net Revenues and Accounts Receivable Balance) (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
TD Synnex Corporation \| Revenue
Concentration Risk [Line Items]
Concentration risk (percent)	22.00%	19.00%	21.00%	19.00%
TD Synnex Corporation \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (percent)					10.00%
Westcon Group Inc. \| Revenue
Concentration Risk [Line Items]
Concentration risk (percent)	13.00%	25.00%	17.00%	20.00%
Jenne, Inc. \| Revenue
Concentration Risk [Line Items]
Concentration risk (percent)	12.00%	15.00%	22.00%	14.00%
Jenne, Inc. \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (percent)			38.00%		39.00%
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%

Intangible Assets and Goodwill (Components of Gross and Net Intangible Asset Balances) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 247,175	$ 247,444
Accumulated Amortization	235,386	231,381
Net Carrying Amount	$ 11,789	$ 16,063
Developed Technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	3 years 4 months 24 days	4 years 1 month 6 days
Gross Carrying Amount	$ 169,347	$ 169,460
Accumulated Amortization	162,163	159,592
Net Carrying Amount	$ 7,184	$ 9,868
Customer Relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	2 years 2 months 12 days	3 years 4 months 24 days
Gross Carrying Amount	$ 64,683	$ 64,839
Accumulated Amortization	60,274	58,894
Net Carrying Amount	$ 4,409	$ 5,945
Trade Names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	0 years	0 years
Gross Carrying Amount	$ 10,700	$ 10,700
Accumulated Amortization	$ 10,700	$ 10,700
License Agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	2 years 9 months 18 days	3 years 4 months 24 days
Gross Carrying Amount	$ 2,445	$ 2,445
Accumulated Amortization	2,249	2,195
Net Carrying Amount	$ 196	$ 250

Intangible Assets and Goodwill (Tables)

9 Months Ended

Mar. 31, 2024

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 assets (in thousands, except years):


	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
March 31, 2024
Developed technology	3.4 years	$	169,347	$	162,163	$	7,184
Customer relationships	2.2 years		64,683		60,274		4,409
Trade names	0.0 years		10,700		10,700		—
License agreements	2.8 years		2,445		2,249		196
Total intangible assets, net*		$	247,175	$	235,386	$	11,789
* The carrying amount of foreign intangible assets are affected by foreign currency translation


	Weighted Average
	Remaining Amortization	Gross Carrying		Accumulated		Net Carrying
	Period	Amount		Amortization		Amount
June 30, 2023
Developed technology	4.1 years	$	169,460	$	159,592	$	9,868
Customer relationships	3.4 years		64,839		58,894		5,945
Trade names	0.0 years		10,700		10,700		—
License agreements	3.4 years		2,445		2,195		250
Total intangible assets, net*		$	247,444	$	231,381	$	16,063
* The carrying amount of foreign intangible assets are affected by foreign currency translation

Summary of Amortization Expense of Intangibles

The following table summarizes the amortization expense of intangible assets for the periods presented (in thousands):


	Three Months Ended				Nine Months Ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Amortization of intangible assets in “Total cost of revenues”	$	616	$	3,052	$	2,661	$	9,878
Amortization of intangible assets in “Total operating expenses”		511		510		1,531		1,537
Total amortization expense	$	1,127	$	3,562	$	4,192	$	11,415

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):


	Amount
For the fiscal year ending June 30:
2024 (the remainder of fiscal 2024)	$	1,119
2025		4,477
2026		3,211
2027		1,439
2028		1,277
Thereafter		266
Total	$	11,789

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/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Net Income (Loss) Per Share

9 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

15.

Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) 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 (loss) per share of basic and diluted (in thousands, except per share data):


	Three Months Ended					Nine Months Ended
	March 31, 2024			March 31, 2023		March 31, 2024			March 31, 2023
Net income (loss)	$	(64,425	)	$	22,131	$	(31,761	)	$	52,647
Weighted-average shares used in per share calculation – basic		129,299			128,816		129,021			129,864
Options to purchase common stock		—			748		—			678
Restricted stock units		—			3,461		—			3,174
Weighted-average shares used in per share calculation – diluted		129,299			133,025		129,021			133,716

Net income (loss) per share – basic and diluted
Net income (loss) per share – basic	$	(0.50	)	$	0.17	$	(0.25	)	$	0.41
Net income (loss) per share – diluted	$	(0.50	)	$	0.17	$	(0.25	)	$	0.39


	Three Months Ended				Nine Months Ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Options to purchase common stock		1,083		—		1,144		—
Restricted stock units		5,577		143		6,269		116
Employee Stock Purchase Plan shares		266		238		88		78
Total shares excluded		6,926		381		7,501		194

Derivatives and Hedging

9 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

12.

Derivatives and Hedging

Interest Rate Swaps

The Company is exposed to interest rate risk on its debt. The Company may enter into interest rate swap contracts to effectively manage the impact of fluctuations of interest rate changes on its outstanding debt which may have 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 assessments of 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 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 the fiscal year ended June 30, 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 March 31, 2024, the Company did not have any outstanding interest rate swaps contracts. As of March 31, 2023, the notional amount of these interest rate swaps was $75.0 million and had maturity dates through April 2023. As of March 31, 2023, these contracts had unrealized gains of $0.1 million, and were recorded in “Accumulated other comprehensive loss” with the associated asset in “Prepaid expenses and other current assets”, 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 loss” related to these cash flow hedges are reclassified to interest expense over the life of the swap contracts.

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 (expense), net” in the accompanying condensed consolidated statements of operations. As of March 31, 2024 and 2023, foreign exchange forward contracts not designated as hedging instruments had a total notional principal amount of $15.5 million and $11.2 million, respectively. These contracts have maturities of 40 days or less. During the three months ended March 31, 2024 and 2023, the net gains and losses recorded in the condensed consolidated statement of operations from these contracts were net losses of $0.3 million and net gains of $0.1 million, respectively. During the nine months ended March 31, 2024 and 2023 the net gains and losses recorded in the condensed consolidated statement of operations were net losses of less than $0.1 million and net losses of $0.3 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 the three months ended March 31, 2024 and 2023, the Company recognized total foreign currency gains of $0.7 million and total foreign currency losses of $0.3 million, respectively, and for the nine months ended March 31, 2024 and 2023, the Company recognized total foreign currency gains of $0.4 million and $0.5 million, respectively, related to the change in fair value of foreign currency denominated assets and liabilities.

Derivatives and Hedging (Narratives) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Foreign currency transactions realized gains (losses)	$ 700,000	$ (300,000)	$ 400,000	$ 500,000
Interest Rate Swap
Derivative [Line Items]
Notional principal amount of forward foreign exchange contracts		75,000,000		$ 75,000,000
Maturity date				Apr. 30, 2023
Derivative outstanding amount	0		0
Unrealized gain (loss) on interest rate cash flow hedges				$ 100,000
Forward Foreign Currency Contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional principal amount of forward foreign exchange contracts	15,500,000	11,200,000	$ 15,500,000	11,200,000
Maximum maturities for contracts			40 days
Net gains (losses) on forward foreign currency contracts	$ (300,000)	$ 100,000		$ (300,000)
Forward Foreign Currency Contracts \| Not Designated as Hedging Instrument \| Maximum
Derivative [Line Items]
Net gains (losses) on forward foreign currency contracts			$ (100,000)

Balance Sheet Accounts

9 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Accounts

Cash and Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

The following table summarizes the Company's cash and cash equivalents (in thousands):


	March 31, 2024		June 30, 2023
Cash	$	143,421	$	227,675
Cash equivalents		7,586		7,151
Total cash and cash equivalents	$	151,007	$	234,826

Inventories

Inventories are stated at the lower of cost, 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.

The following table summarizes the Company's inventory by category (in thousands):


	March 31, 2024		June 30, 2023
Finished goods	$	158,228	$	78,180
Raw materials		27,129		10,844
Total inventories	$	185,357	$	89,024

Property and Equipment, Net

The following table summarizes the Company's property and equipment, net by category (in thousands):


	March 31, 2024			June 30, 2023
Computers and equipment	$	75,413		$	81,612
Purchased software		55,853			51,444
Office equipment, furniture and fixtures		8,796			8,899
Leasehold improvements		48,301			48,943
Total property and equipment		188,363			190,898
Less: accumulated depreciation and amortization		(141,109	)		(144,450	)
Property and equipment, net	$	47,254		$	46,448

Deferred Revenue

Deferred revenue represents invoiced amounts for deferred maintenance, 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 following periods (in thousands):


	Three Months Ended						Nine Months Ended
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Balance at beginning of period	$	11,397		$	11,820		$	12,322		$	10,852
New warranties issued		3,312			4,161			9,763			11,976
Warranty expenditures		(3,642	)		(3,679	)		(11,018	)		(10,526	)
Balance at end of period	$	11,067		$	12,302		$	11,067		$	12,302

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 from 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.

Net Income (Loss) Per Share (Schedule of Anti-Dilutive Shares Excluded from Earnings Per Share Calculation) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	6,926	381	7,501	194
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	1,083		1,144
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	5,577	143	6,269	116
Employee Stock Purchase Plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	266	238	88	78

Balance Sheet Accounts (Narratives) (Details)	9 Months Ended
Balance Sheet Accounts (Narratives) (Details)	Mar. 31, 2024
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%

Restructuring and Related Charges (Tables)

9 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Summary the activity related to the company's restructuring and related liabilities

The following table summarizes the activity related to the Company’s restructuring and related liabilities during the following periods (in thousands):


	Three Months Ended			Nine Months Ended
	March 31, 2024			March 31, 2024
Balance at beginning of period	$	6,192		$	—
Period charges		14,937			27,113
Period reversals		(516	)		(802	)
Period payments		(3,641	)		(9,339	)
Balance at end of period	$	16,972		$	16,972

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (64,425)	$ 22,131	$ (31,761)	$ 52,647

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-09(1)(d))
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1A
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
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, 2023. 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 Accounting Pronouncements There were no recently adopted accounting standards which would have a material effect on our condensed consolidated financial statements and accompanying disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures to enhance income tax disclosures primarily through changes in the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures.

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, 2022	$ 90,343	$ 140	$ 1,115,416	$ (3,055)	$ (88,086)	$ (934,072)
Balance, common stock, shares at Jun. 30, 2022		139,742			(10,479)
Net Income (Loss)	52,647					52,647
Other comprehensive income (loss)	(9,867)			(9,867)
Issuance of common stock from equity incentive plans, net of tax withholdings	(1,685)	$ 3	(1,688)
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		3,554
Repurchase of stock	(74,807)				$ (74,807)
Repurchase of stock, shares					(3,929)
Share-based compensation	46,561		46,561
Balance at Mar. 31, 2023	103,192	$ 143	1,160,289	(12,922)	$ (162,893)	(881,425)
Balance, common stock, shares at Mar. 31, 2023		143,296			(14,408)
Balance at Dec. 31, 2022	84,567	$ 142	1,139,416	(13,546)	$ (137,889)	(903,556)
Balance, common stock, shares at Dec. 31, 2022		142,137			(13,057)
Net Income (Loss)	22,131					22,131
Other comprehensive income (loss)	624			624
Issuance of common stock from equity incentive plans, net of tax withholdings	5,498	$ 1	5,497
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		1,159
Repurchase of stock	(25,004)				$ (25,004)
Repurchase of stock, shares					(1,351)
Share-based compensation	15,376		15,376
Balance at Mar. 31, 2023	103,192	$ 143	1,160,289	(12,922)	$ (162,893)	(881,425)
Balance, common stock, shares at Mar. 31, 2023		143,296			(14,408)
Balance at Jun. 30, 2023	$ 116,752	$ 144	1,173,744	(13,192)	$ (187,946)	(855,998)
Balance, common stock, shares at Jun. 30, 2023	143,629	143,629			(15,854)
Net Income (Loss)	$ (31,761)					(31,761)
Other comprehensive income (loss)	(1,319)			(1,319)
Issuance of common stock from equity incentive plans, net of tax withholdings	(27,564)	$ 4	(27,568)
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		4,476
Repurchase of stock	(49,855)				$ (49,855)
Repurchase of stock, shares					(2,365)
Share-based compensation	58,709		58,709
Balance at Mar. 31, 2024	$ 64,962	$ 148	1,204,885	(14,511)	$ (237,801)	(887,759)
Balance, common stock, shares at Mar. 31, 2024	148,105	148,105			(18,219)
Balance at Dec. 31, 2023	$ 108,184	$ 147	1,181,230	(12,058)	$ (237,801)	(823,334)
Balance, common stock, shares at Dec. 31, 2023		146,843			(18,219)
Net Income (Loss)	(64,425)					(64,425)
Other comprehensive income (loss)	(2,453)			(2,453)
Issuance of common stock from equity incentive plans, net of tax withholdings	5,823	$ 1	5,822
Issuance of common stock from equity incentive plans, net of tax withholdings, shares		1,262
Share-based compensation	17,833		17,833
Balance at Mar. 31, 2024	$ 64,962	$ 148	$ 1,204,885	$ (14,511)	$ (237,801)	$ (887,759)
Balance, common stock, shares at Mar. 31, 2024	148,105	148,105			(18,219)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Revenues (Tables)

9 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues Disaggregated by Sales Channel and Geographic Region

The following table sets forth the Company’s net revenues disaggregated by sales channel and geographic region based on the billing addresses of its customers (in thousands):


	Three Months Ended
	March 31, 2024							March 31, 2023
	Distributor			Direct		Total		Distributor		Direct		Total
Americas:
United States	$	52,543		$	71,539	$	124,082	$	74,743	$	64,337	$	139,080
Other		5,934			4,357		10,291		14,079		4,523		18,602
Total Americas		58,477			75,896		134,373		88,822		68,860		157,682
EMEA		18,313			40,722		59,035		111,664		40,326		151,990
APAC*		(1,464	)		19,092		17,628		5,186		17,649		22,835
Total net revenues	$	75,326		$	135,710	$	211,036	$	205,672	$	126,835	$	332,507


	Nine Months Ended
	March 31, 2024						March 31, 2023
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	251,694	$	204,689	$	456,383	$	245,852	$	203,991	$	449,843
Other		16,709		19,565		36,274		14,080		4,523		18,603
Total Americas		268,403		224,254		492,657		259,932		208,514		468,446
EMEA		184,706		128,537		313,243		285,066		120,482		405,548
APAC		7,510		47,140		54,650		14,627		59,923		74,550
Total net revenues	$	460,619	$	399,931	$	860,550	$	559,625	$	388,919	$	948,544

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		Nine Months Ended
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
TD Synnex Corporation	22%	19%	21%	19%
Westcon Group, Inc.	13%	25%	17%	20%
Jenne, Inc.	12%	15%	22%	14%
ScanSource, Inc.	11%	*	*	*
* Less than 10% of revenue

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



	March 31, 2024	June 30, 2023
Jenne, Inc.	38%	39%
TD Synnex Corporation	*	10%
ScanSource, Inc.	*	10%
* Less than 10% of accounts receivable

Balance Sheet Accounts (Tables)

9 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Cash and Cash Equivalents

The following table summarizes the Company's cash and cash equivalents (in thousands):


	March 31, 2024		June 30, 2023
Cash	$	143,421	$	227,675
Cash equivalents		7,586		7,151
Total cash and cash equivalents	$	151,007	$	234,826

Components of Inventories

The following table summarizes the Company's inventory by category (in thousands):


	March 31, 2024		June 30, 2023
Finished goods	$	158,228	$	78,180
Raw materials		27,129		10,844
Total inventories	$	185,357	$	89,024

Components of Property and Equipment

The following table summarizes the Company's property and equipment, net by category (in thousands):


	March 31, 2024			June 30, 2023
Computers and equipment	$	75,413		$	81,612
Purchased software		55,853			51,444
Office equipment, furniture and fixtures		8,796			8,899
Leasehold improvements		48,301			48,943
Total property and equipment		188,363			190,898
Less: accumulated depreciation and amortization		(141,109	)		(144,450	)
Property and equipment, net	$	47,254		$	46,448

Summary of Product Warranty Liability Activity

The following table summarizes the activity related to the Company’s product warranty liability during the following periods (in thousands):


	Three Months Ended						Nine Months Ended
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Balance at beginning of period	$	11,397		$	11,820		$	12,322		$	10,852
New warranties issued		3,312			4,161			9,763			11,976
Warranty expenditures		(3,642	)		(3,679	)		(11,018	)		(10,526	)
Balance at end of period	$	11,067		$	12,302		$	11,067		$	12,302

Revenues (Narratives) (Details 1)	9 Months Ended
Revenues (Narratives) (Details 1)	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations expected to recognize, period	3 months
Percentage of remaining performance obligations expected to recognize	18.00%
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	42.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations expected to recognize, period
Percentage of remaining performance obligations expected to recognize, description	thereafter
Percentage of remaining performance obligations expected to recognize	40.00%

Balance Sheet Accounts (Summary of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 143,421	$ 227,675
Cash equivalents	7,586	7,151
Total cash and cash equivalents	$ 151,007	$ 234,826

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Loss)(Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (64,425)	$ 22,131	$ (31,761)	$ 52,647
Derivatives designated as hedging instruments:
Change in unrealized gains and losses on interest rate swaps		16		344
Reclassification adjustment related to interest rate swaps		(732)		(1,567)
Change in unrealized gains and losses on foreign currency forward contracts		(315)		44
Net change from derivatives designated as hedging instruments		(1,031)		(1,179)
Net change in foreign currency translation adjustments	(2,453)	1,655	(1,319)	(8,688)
Other comprehensive income (loss):	(2,453)	624	(1,319)	(9,867)
Total comprehensive income (loss)	$ (66,878)	$ 22,755	$ (33,080)	$ 42,780

Employee Benefit Plans (Tables)

9 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [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):


	March 31, 2024		June 30, 2023
2013 Equity Incentive Plan shares available for grant		12,973		9,995
Employee stock options and awards outstanding		8,291		10,038
2014 Employee Stock Purchase Plan		7,130		8,467
Total shares reserved for issuance		28,394		28,500

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				Nine Months Ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Cost of product revenues	$	405	$	492	$	1,352	$	1,365
Cost of subscription and support revenues		679		930		2,294		2,568
Research and development		4,226		3,883		13,038		10,935
Sales and marketing		5,683		5,777		20,206		16,326
General and administrative		6,840		4,294		21,819		15,367
Total share-based compensation expense	$	17,833	$	15,376	$	58,709	$	46,561

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended March 31, 2024 (in thousands, except per share amount 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, 2023		1,187		$	6.56		2.70	$	23,136
Granted		—			—
Exercised		(114	)		6.40
Canceled		—			—
Options outstanding at March 31, 2024		1,073		$	6.58		2.00	$	5,326
Vested and expected to vest at March 31, 2024		1,073		$	6.58		2.00	$	5,326
Exercisable at March 31, 2024		1,073		$	6.58		2.00	$	5,326

Summary of Stock Award Activity

The following table summarizes stock award activity for the nine months ended March 31, 2024 (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, 2023		8,851		$	14.25
Granted		3,939			27.78
Released		(4,735	)		12.65
Canceled		(837	)		19.54
Non-vested stock awards outstanding at March 31, 2024		7,218		$	22.07	$	159,301
Stock awards expected to vest at March 31, 2024		7,218		$	22.07	$	159,301

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						Employee Stock Purchase Plan
	Three Months Ended						Nine Months Ended
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Expected term	0.5 years			0.5 years			0.5 years			0.5 years
Risk-free interest rate		5.31	%		4.98	%		5.42	%		3.84	%
Volatility		52	%		49	%		47	%		55	%
Dividend yield		—	%		—	%		—	%		—	%

Commitments and Contingencies

9 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

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 March 31, 2024, the Company had commitments to purchase $51.5 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 litigation 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.

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 filed an appeal, which was dismissed on October 12, 2023. On October 25, 2022 the Federal Patent Court in Munich issued an opinion partially invalidating the EP ‘077 patent and the Company and Orckit have filed appeals.

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. On March 2, 2023, SNMP filed an amended complaint adding claims against Extreme on additional products for copyright infringement, breach of contract, and fraud. On March 16, 2023, the Company filed a motion to dismiss, challenging multiple claims from the amended complaint, which was denied on January 30, 2024. On March 20, 2023, the Company filed a motion to refer questions to the U.S. Copyright Office on the invalidity of SNMP’s copyrights, which was denied on March 18, 2024. The trial date has been set for October 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 and the matter is proceeding through the appellate process.

The Company filed a nullity complaint against EP ‘498 with the German Federal Patent Court on September 24, 2021 and a hearing date has been set for November 20, 2024.

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.

Information about Segments and Geographic Areas (Narratives) (Details)	9 Months Ended
	Mar. 31, 2024 Segment Geographic_Area
Segment Reporting [Abstract]
Number of operating segments \| Segment	1
Number of geographic regions \| Geographic_Area	3

Employee Benefit Plans (Schedule of Fair Value Assumptions for Employee Stock Purchase Plan Awards) (Details) - Employee Stock Purchase Plan	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term	6 months	6 months	6 months	6 months
Risk-free interest rate	5.31%	4.98%	5.42%	3.84%
Volatility	52.00%	49.00%	47.00%	55.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Balance Sheet Accounts (Summary of Product Warranty Liability Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 11,397	$ 11,820	$ 12,322	$ 10,852
New warranties issued	3,312	4,161	9,763	11,976
Warranty expenditures	(3,642)	(3,679)	(11,018)	(10,526)
Balance at end of period	$ 11,067	$ 12,302	$ 11,067	$ 12,302

Description of Business and Basis of Presentation

9 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, 2023 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, 2023.

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 March 31, 2024. The results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of the results that may be expected for fiscal 2024 or any future periods.

Fiscal Year

The Company uses a fiscal calendar year ending on June 30. All references herein to “fiscal 2024” represent the fiscal year ending June 30, 2024. All references herein to “fiscal 2023” represent the fiscal year ended June 30, 2023.

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 (Policies)

9 Months Ended

Mar. 31, 2024

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 Accounting Pronouncements

There were no recently adopted accounting standards which would have a material effect on our condensed consolidated financial statements and accompanying disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures to enhance income tax disclosures primarily through changes in the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures.

Revenue Recognition

Revenues by Category


	Three Months Ended
	March 31, 2024							March 31, 2023
	Distributor			Direct		Total		Distributor		Direct		Total
Americas:
United States	$	52,543		$	71,539	$	124,082	$	74,743	$	64,337	$	139,080
Other		5,934			4,357		10,291		14,079		4,523		18,602
Total Americas		58,477			75,896		134,373		88,822		68,860		157,682
EMEA		18,313			40,722		59,035		111,664		40,326		151,990
APAC*		(1,464	)		19,092		17,628		5,186		17,649		22,835
Total net revenues	$	75,326		$	135,710	$	211,036	$	205,672	$	126,835	$	332,507


	Nine Months Ended
	March 31, 2024						March 31, 2023
	Distributor		Direct		Total		Distributor		Direct		Total
Americas:
United States	$	251,694	$	204,689	$	456,383	$	245,852	$	203,991	$	449,843
Other		16,709		19,565		36,274		14,080		4,523		18,603
Total Americas		268,403		224,254		492,657		259,932		208,514		468,446
EMEA		184,706		128,537		313,243		285,066		120,482		405,548
APAC		7,510		47,140		54,650		14,627		59,923		74,550
Total net revenues	$	460,619	$	399,931	$	860,550	$	559,625	$	388,919	$	948,544

Cash and Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

The following table summarizes the Company's cash and cash equivalents (in thousands):


	March 31, 2024		June 30, 2023
Cash	$	143,421	$	227,675
Cash equivalents		7,586		7,151
Total cash and cash equivalents	$	151,007	$	234,826

Inventories

The following table summarizes the Company's inventory by category (in thousands):


	March 31, 2024		June 30, 2023
Finished goods	$	158,228	$	78,180
Raw materials		27,129		10,844
Total inventories	$	185,357	$	89,024

Property and Equipment, Net

The following table summarizes the Company's property and equipment, net by category (in thousands):


	March 31, 2024			June 30, 2023
Computers and equipment	$	75,413		$	81,612
Purchased software		55,853			51,444
Office equipment, furniture and fixtures		8,796			8,899
Leasehold improvements		48,301			48,943
Total property and equipment		188,363			190,898
Less: accumulated depreciation and amortization		(141,109	)		(144,450	)
Property and equipment, net	$	47,254		$	46,448

Deferred Revenue

Guarantees and Product Warranties

The following table summarizes the activity related to the Company’s product warranty liability during the following periods (in thousands):


	Three Months Ended						Nine Months Ended
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Balance at beginning of period	$	11,397		$	11,820		$	12,322		$	10,852
New warranties issued		3,312			4,161			9,763			11,976
Warranty expenditures		(3,642	)		(3,679	)		(11,018	)		(10,526	)
Balance at end of period	$	11,067		$	12,302		$	11,067		$	12,302

Concentrations

Earnings Per Share

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 26, 2024
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	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	EXTR
Amendment Flag	false
Entity Common Stock, Shares Outstanding		129,947,600
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

Intangible Assets and Goodwill (Narratives) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 394,177	$ 394,755

- 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

Debt (Components of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Line Of Credit Facility [Line Items]
Less: unamortized debt issuance costs	$ (674)	$ (674)
Current portion of long-term debt	9,326	34,326
Less: unamortized debt issuance costs	(1,903)	(2,409)
Long-term debt, less current portion	180,597	187,591
Total debt	189,923	221,917
Term Loan
Line Of Credit Facility [Line Items]
Current portion of long-term debt	10,000	10,000
Long-term debt, less current portion	$ 182,500	190,000
Revolving Facility
Line Of Credit Facility [Line Items]
Current portion of long-term debt		$ 25,000

Stockholders' Equity (Narratives) (Details) - USD ($)				3 Months Ended		9 Months Ended
Stockholders' Equity (Narratives) (Details) - USD ($)	Sep. 14, 2023	May 18, 2022	Sep. 09, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Nov. 17, 2022
Class Of Stock [Line Items]
Total number of shares repurchased				0	1,350,568	2,365,220	3,928,743
Stock repurchased during period, value					$ 25,000,000	$ 49,900,000	$ 74,800,000
Stock repurchase, extended period, effective date		Jul. 01, 2022
Share repurchased outstanding amount				$ 50,300,000		$ 50,300,000
Excise tax on stock repurchases				1.00%		1.00%
2022 Repurchase Program
Class Of Stock [Line Items]
Stock repurchase, extended period		3 years
Stock repurchased average price per share					$ 18.51	$ 21.08	$ 19.04
2022 Repurchase Program \| Maximum
Class Of Stock [Line Items]
Stock repurchase, authorized amount		$ 200,000,000.0						$ 50,000,000.0
Maximum amount of common stock may be repurchased in any quarter		$ 25,000,000.0
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	5,000,000
2014 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Maximum number of shares available for sale under equity incentive plan			7,500,000

Intangible Assets and Goodwill (Schedule Future Amortization for Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
For the fiscal year ending:
2024 (the remainder of fiscal 2024)	$ 1,119
2025	4,477
2026	3,211
2027	1,439
2028	1,277
Thereafter	266
Net Carrying Amount	$ 11,789	$ 16,063

Fair Value Measurements (Narratives) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Not Designated as Hedging Instrument \| Forward Foreign Currency Contracts
Assets/Liabilities
Notional principal amount of forward foreign exchange contracts	$ 15,500,000		$ 15,500,000		$ 3,400,000
Maximum maturities for contracts			40 days		40 days
Gains (losses) on foreign currency derivative instruments	(300,000)	$ 100,000		$ (300,000)
Not Designated as Hedging Instrument \| Forward Foreign Currency Contracts \| Maximum
Assets/Liabilities
Gains (losses) on foreign currency derivative instruments			$ (100,000)
Designated as Hedging Instrument \| Forward Foreign Currency Contracts
Assets/Liabilities
Unrealized gain (loss) on derivatives			0		$ 0
Level 2 Assets and Liabilities
Assets/Liabilities
Long-term debt, fair value	192,500,000		192,500,000		225,000,000
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 assets, 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	0	$ 0
Recurring
Assets/Liabilities
Certificate of deposits	7,586,000		7,586,000		7,151,000
Recurring \| Level 2 Assets and Liabilities
Assets/Liabilities
Certificate of deposits	$ 7,586,000		$ 7,586,000		$ 7,151,000

Revenues (Narratives) (Details) $ in Millions	3 Months Ended		9 Months Ended
Revenues (Narratives) (Details) $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) Distribution_Channels	Mar. 31, 2023 USD ($)	Jun. 30, 2023 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	$ 558.3		$ 558.3
Revenue recognized for deferred revenue balance	$ 95.9	$ 81.0	$ 230.8	$ 193.7
Geographic Concentration Risk \| Revenue \| NETHERLANDS
Disaggregation Of Revenue [Line Items]
Concentration risk (percent)		17.00%	10.00%	12.00%
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	$ 22.7		$ 22.7		$ 20.0
Contract costs capitalized, amortization period	3 years 6 months		3 years 6 months
Contract costs capitalized, amortization method			straight-line basis
Contract costs capitalized, amortization expense	$ 2.8	$ 2.3	$ 8.0	$ 6.7

Debt (Narratives) (Details) - USD ($)			3 Months Ended		9 Months Ended
Debt (Narratives) (Details) - USD ($)	Jul. 07, 2023	Jun. 22, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Line Of Credit Facility [Line Items]
Payments of lines of credit					$ 25,000,000
Outstanding letters of credit			$ 14,500,000		14,500,000
Interest Expense
Line Of Credit Facility [Line Items]
Amortization of deferred financing costs			300,000	$ 700,000	$ 800,000	$ 2,200,000
2019 Credit Agreement
Line Of Credit Facility [Line Items]
Debt instrument interest rate						5.97%
2019 Credit Agreement \| Term Loan
Line Of Credit Facility [Line Items]
Payments of lines of credit						$ 45,500,000
2023 Credit Agreement
Line Of Credit Facility [Line Items]
Debt instrument interest rate					7.44%
2023 Credit Agreement \| Term Loan
Line Of Credit Facility [Line Items]
Payments of lines of credit			0		$ 0
2023 Credit Agreement \| Revolving Facility
Line Of Credit Facility [Line Items]
Borrowing capacity from Credit Agreement		$ 150,000,000
Amount borrowed under Term Loan		$ 25,000,000
Payments of lines of credit	$ 25,000,000
Line of credit facility remaining outstanding balance			0		0
Borrowing capacity from Credit Agreement			$ 135,500,000		$ 135,500,000
Credit Agreement \| Applicable Margin for SOFR
Line Of Credit Facility [Line Items]
Debt instrument, subject to floor		0.00%
Debt instrument, spread adjustment		0.10%
Credit Agreement \| Term Loan
Line Of Credit Facility [Line Items]
Borrowing capacity from Credit Agreement		$ 200,000,000
Credit Agreement \| Revolving Facility
Line Of Credit Facility [Line Items]
Credit Facility, term		5 years
Borrowing capacity from Credit Agreement		$ 150,000,000
Maximum \| Credit Agreement
Line Of Credit Facility [Line Items]
Additional incremental loan facility		$ 100,000,000
Maximum \| Credit Agreement \| Applicable Margin for Base Rate
Line Of Credit Facility [Line Items]
Borrowings, interest rate		1.75%
Maximum \| Credit Agreement \| Applicable Margin for SOFR
Line Of Credit Facility [Line Items]
Borrowings, interest rate		2.75%
Minimum \| Credit Agreement \| Applicable Margin for Base Rate
Line Of Credit Facility [Line Items]
Borrowings, interest rate		1.00%
Minimum \| Credit Agreement \| Applicable Margin for SOFR
Line Of Credit Facility [Line Items]
Borrowings, interest rate		2.00%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 151,007	$ 234,826
Accounts receivable, net	94,438	182,045
Inventories	185,357	89,024
Prepaid expenses and other current assets	75,182	70,263
Total current assets	505,984	576,158
Property and equipment, net	47,254	46,448
Operating lease right-of-use assets, net	44,236	34,739
Intangible assets, net	11,789	16,063
Goodwill	394,177	394,755
Other assets	82,028	73,544
Total assets	1,085,468	1,141,707
Current liabilities:
Current portion of long-term debt, net of unamortized debt issuance costs of $674 and $674, respectively	9,326	34,326
Accounts payable	81,483	99,724
Accrued compensation and benefits	44,053	71,367
Accrued warranty	11,067	12,322
Current portion of operating lease liabilities	9,989	10,847
Current portion of deferred revenue	299,580	282,475
Other accrued liabilities	72,804	64,440
Total current liabilities	528,302	575,501
Deferred revenue, less current portion	258,731	219,024
Long-term debt, less current portion, net of unamortized debt issuance costs of $1,903 and $2,409, respectively	180,597	187,591
Operating lease liabilities, less current portion	42,248	31,845
Deferred income taxes	7,476	7,747
Other long-term liabilities	3,152	3,247
Commitments and contingencies (Note 8)
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; 148,105 and 143,629 shares issued, respectively; 129,886 and 127,775 shares outstanding, respectively	148	144
Additional paid-in-capital	1,204,885	1,173,744
Accumulated other comprehensive loss	(14,511)	(13,192)
Accumulated deficit	(887,759)	(855,998)
Treasury stock at cost, 18,219 and 15,854 shares, respectively	(237,801)	(187,946)
Total stockholders’ equity	64,962	116,752
Total liabilities and stockholders’ equity	$ 1,085,468	$ 1,141,707