Extreme Networks Files 2024 Annual Report

TL;DR

Extreme Networks filed its 2024 10-K. All systems go for network solutions.

AI Summary

Extreme Networks Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial performance and business operations. The company's fiscal year concluded on June 30, 2024, with its filing submitted on August 16, 2024. Key financial data and operational details are presented in this comprehensive annual report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Extreme Networks' financial health, strategic initiatives, and potential risks for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate elevated risk beyond normal business operations.

Key Numbers

• 20240630 — Fiscal Year End (The end date for the reporting period.)
• 20240816 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• EXTREME NETWORKS INC (company) — Filer
• 20240630 (date) — Fiscal Year End
• 20240816 (date) — Filing Date
• Jenne Inc (company) — Customer Concentration Risk

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share EXTR Nasdaq Global Select
• $47 b — ervices Edge ("SASE") market to be over $47 billion, and growing at approximately 13%
• $36 billion — he next five years. This comprises over $36 billion for networking and infrastructure spann
• $11 billion — provider (largely 5G) applications, and $11 billion for networking cloud and security softw
• $31 billion — software, which is expected to grow to $31 billion by 2028. The Extreme Strategy We ar

Filing Documents

• extr-20240630.htm (10-K) — 3378KB
• extr-ex10_34.htm (EX-10.34) — 2110KB
• extr-ex19_1.htm (EX-19.1) — 132KB
• extr-ex21_1.htm (EX-21.1) — 27KB
• extr-ex23_1.htm (EX-23.1) — 4KB
• extr-ex31_1.htm (EX-31.1) — 14KB
• extr-ex31_2.htm (EX-31.2) — 14KB
• extr-ex32_1.htm (EX-32.1) — 7KB
• extr-ex32_2.htm (EX-32.2) — 7KB
• extr-ex97_1.htm (EX-97.1) — 36KB
• img46108607_0.jpg (GRAPHIC) — 108KB
• 0000950170-24-098129.txt ( ) — 17454KB
• extr-20240630.xsd (EX-101.SCH) — 2029KB
• extr-20240630_htm.xml (XML) — 2870KB

Forward Looking Statements

Forward Looking Statements 2 PART I 3 Item 1.

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II 34 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 84 Item 9A.

Controls and Procedures

Controls and Procedures 84 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 85 PART III 86 Item 10. Directors, Executive Officers and Corporate Governance 86 Item 11.

Executive Compensation

Executive Compensation 86 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 86 Item 13. Certain Relationships and Related Transactions, and Director Independence 86 Item 14. Principal Accountant Fees and Services 86 PART IV 87 Item 15. Exhibits and Financial Statement Schedules 87 Item 16. Form 10-K Summary 91

SIGNATURES

SIGNATURES 91 i FORWARD LOOKI NG STATEMENTS Except for historical information contained herein, certain matters included in this Annual Report on Form 10-K are, or may be deemed to be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "will," "may," "designed to," "believe," "should," "anticipate," "plan," "expect," "intend," "estimate" and similar expressions identify forward-looking statements, which speak only as of the date of this Annual Report. These forward-looking statements are contained principally under Item 1, "Business," and under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," but may also be in other sections of this Annual Report on Form 10-K. Because these forward-looking statements are subject to risks and uncertainties, actual results could differ materially from the expectations expressed in the forward-looking statements. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include those described in Item 1A, "Risk Factors," and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." In addition, new risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances. SUMMARY OF MATERIAL RISKS ASSOCIATED WITH OUR BUSINESS The principal risks and uncertainties affecting our business include the following: Intense competition in the market for networking equipment and cloud platform companies could prevent us from increasing revenue

B usiness

Item 1. B usiness Overview Extreme Networks, Inc. ("Extreme" or "Company") is a leading provider of cloud networking solutions and industry leading services and support. Extreme designs, develops, and manufactures wired, wireless, and software-defined wide area-network ("SD- WAN") infrastructure equipment, software and cloud-based network management solutions. The Company's cloud solution is a single platform that offers unified network management of wireless access points, switches, and SD-WAN. It leverages machine learning, Artificial Intelligence for Information Technology Operations ("AIOps") and analytics to help customers deliver secure connectivity at the edge of the network, speed cloud deployments, and uncover actionable insights to save time, lower costs, and streamline operations. Extreme has been pushing the boundaries of networking technology since 1996, driven by a higher purpose of helping our customers connect beyond the network. Extreme's cloud networking technologies provide flexibility and scalability in deployment, management, and licensing of networks globally. Our global footprint provides service to over 50,000 customers including some of the world's leading names in business, hospitality, retail, transportation and logistics, education, government, healthcare, manufacturing, and service providers. We derive all our revenues from the sale of our networking equipment, software subscriptions, and related maintenance contracts. Our global headquarters is located at 2121 RDU Center Drive, Suite 300, Morrisville, North Carolina 27560, and our telephone number is (408) 579-2800. We have several corporate offices in the United States and international locations. Our website is www.extremenetworks.com . Industry Background Enterprises across every industry are going through unprecedented changes, such as leading digital initiatives, migrating their workloads to cloud-based environments, modernizing applications, finding new ways to leverag

View Full Filing

View this 10-K filing on SEC EDGAR