Extreme Networks Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Extreme Networks Inc. has filed its Q3 2024 10-Q report, detailing financial performance and operational updates.</b>

AI Summary

EXTREME NETWORKS INC (EXTR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Extreme Networks Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. Key dates mentioned include March 31, 2024, as the reporting period end. The company's fiscal year ends on June 30. The filing details financial information and business operations for the specified period.

Why It Matters

For investors and stakeholders tracking EXTREME NETWORKS INC, this filing contains several important signals. This 10-Q filing provides investors with crucial, up-to-date financial data and operational insights into Extreme Networks' performance during the third quarter of fiscal year 2024. Understanding the details within this report is essential for assessing the company's current financial health, strategic direction, and potential risks and opportunities moving forward.

Risk Assessment

Risk Level: medium — EXTREME NETWORKS INC shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not include the comprehensive analysis of an annual report, thus requiring further investigation for a complete picture.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand revenue trends, profitability, and any significant operational changes.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• Q3 2024 — Fiscal Quarter (Indicates the fiscal quarter being reported)
• 0630 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• EXTREME NETWORKS INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 0000950170-24-052140 (filing) — Accession number
• 3576 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• 0630 (fiscal_year_end) — Fiscal year end
• 10-Q (form_type) — Form type

FAQ

Industry Context

Extreme Networks operates in the computer communications equipment industry, providing networking solutions.

Regulatory Implications

As a publicly traded company, Extreme Networks is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the revenue and net income figures for Q3 2024 compared to prior periods.
2. Examine any disclosed risks or significant events that could impact future performance.
3. Review the balance sheet and cash flow statement for liquidity and solvency indicators.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-05-02: Filing Date — The date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data provided, so a comparison to a previous filing is not possible without more context.

Key Financial Figures

• $0.001 — had 129,947,600 shares of common stock, $0.001 par value per share, outstanding. EXT

Filing Documents

• extr-20240331.htm (10-Q) — 2274KB
• extr-ex10_1.htm (EX-10.1) — 54KB
• extr-ex10_2.htm (EX-10.2) — 97KB
• 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
• 0000950170-24-052140.txt (&nbsp;) — 10708KB
• extr-20240331.xsd (EX-101.SCH) — 1431KB
• extr-20240331_htm.xml (XML) — 2222KB

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

PART I. CONDENSED CONSOLIDATED FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 3 Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosure 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 2 PAR T I. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Condensed C onsolidated Financial Statements (Unaudited)

ITEM 1. Condensed C onsolidated Financial Statements (Unaudited) EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) March 31, 2024 June 30, 2023 ASSETS 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 LIABILITIES AND STOCKHOLDERS' EQUITY 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

View Full Filing

View this 10-Q filing on SEC EDGAR