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262Tejo

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2020      

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

Commission file number 000-25711

 

EXTREME NETWORKS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

delaware

 

77-0430270

[State or other jurisdiction

of incorporation or organization]

 

[I.R.S Employer

Identification No.]

 

 

6480 Via Del Oro,

San Jose, California

 

95119

[Address of principal executive office]

 

[Zip Code]

Registrant’s telephone number, including area code: (408579-2800

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

EXTR

 

NASDAQ Global Select Market

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “an emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes      No  

 

As of February 2, 2021, the registrant had 123,812,438 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

 

EXTREME NETWORKS, INC.

FORM 10-Q

QUARTERLY PERIOD ENDED

December 31, 2020

 

INDEX

 

 

 

 

 

 

PAGE

PART I. CONDENSED CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

 

 

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

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2020 and 2019

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended December 31, 2020 and 2019

5

 

 

 

 

Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended December 31, 2020 and 2019

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2020 and 2019

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

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

26

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

 

 

 

Item 4.

Controls and Procedures

36

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

36

 

 

 

Item 1A

Risk Factors

36

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

 

 

 

Item 3.

Defaults Upon Senior Securities

39

 

 

 

Item 4.

Mine Safety Disclosure

39

 

 

 

Item 5.

Other Information

39

 

 

 

Item 6.

Exhibits

39

 

 

Signatures

40

 

2


 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

December 31,

2020

 

 

June 30,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

183,969

 

 

$

193,872

 

Accounts receivable, net of allowance for doubtful accounts of $1,335 and $1,212, respectively

 

 

128,242

 

 

 

122,727

 

Inventories

 

 

49,830

 

 

 

62,589

 

Prepaid expenses and other current assets

 

 

41,257

 

 

 

35,019

 

Total current assets

 

 

403,298

 

 

 

414,207

 

Property and equipment, net

 

 

55,974

 

 

 

58,813

 

Operating lease right-of-use assets, net

 

 

45,087

 

 

 

51,274

 

Intangible assets, net

 

 

51,748

 

 

 

68,394

 

Goodwill

 

 

331,159

 

 

 

331,159

 

Other assets

 

 

58,571

 

 

 

55,241

 

Total assets

 

$

945,837

 

 

$

979,088

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt, net of unamortized debt issuance costs of $2,463

    and $2,484, respectively

 

$

18,912

 

 

$

16,516

 

Accounts payable

 

 

53,677

 

 

 

48,439

 

Accrued compensation and benefits

 

 

62,212

 

 

 

50,884

 

Accrued warranty

 

 

13,073

 

 

 

14,035

 

Current portion of operating lease liabilities

 

 

19,226

 

 

 

19,196

 

Current portion of deferred revenue

 

 

198,291

 

 

 

190,226

 

Other accrued liabilities

 

 

56,851

 

 

 

58,525

 

Total current liabilities

 

 

422,242

 

 

 

397,821

 

Deferred revenue, less current portion

 

 

110,844

 

 

 

100,961

 

Long-term debt, less current portion, net of unamortized debt issuance costs of $5,934

   and $7,165, respectively

 

 

328,941

 

 

 

394,585

 

Operating lease liabilities, less current portion

 

 

42,059

 

 

 

50,238

 

Deferred income taxes

 

 

2,650

 

 

 

2,334

 

Other long-term liabilities

 

 

21,176

 

 

 

27,751

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.001 par value, issuable in series, 2,000 shares

     authorized; none issued

 

 

 

 

 

 

Common stock, $0.001 par value, 750,000 shares authorized; 130,180 and 127,114 shares issued, respectively; 123,583 and 120,517 shares outstanding, respectively

 

 

130

 

 

 

127

 

Additional paid-in-capital

 

 

1,055,719

 

 

 

1,035,041

 

Accumulated other comprehensive loss

 

 

(2,670

)

 

 

(6,378

)

Accumulated deficit

 

 

(992,141

)

 

 

(980,279

)

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

 

 

(43,113

)

 

 

(43,113

)

Total stockholders’ equity

 

 

17,925

 

 

 

5,398

 

Total liabilities and stockholders’ equity

 

$

945,837

 

 

$

979,088

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

2020

 

 

December 31,

2019

 

 

December 31,

2020

 

 

December 31,

2019

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

165,845

 

 

$

190,492

 

 

$

327,241

 

 

$

375,626

 

Service and subscription

 

 

76,283

 

 

 

76,980

 

 

 

150,689

 

 

 

147,352

 

Total net revenues

 

 

242,128

 

 

 

267,472

 

 

 

477,930

 

 

 

522,978

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

74,005

 

 

 

91,387

 

 

 

147,400

 

 

 

182,778

 

Service and subscription

 

 

27,931

 

 

 

27,414

 

 

 

55,320

 

 

 

54,286

 

Total cost of revenues

 

 

101,936

 

 

 

118,801

 

 

 

202,720

 

 

 

237,064

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

91,840

 

 

 

99,105

 

 

 

179,841

 

 

 

192,848

 

Service and subscription

 

 

48,352

 

 

 

49,566

 

 

 

95,369

 

 

 

93,066

 

Total gross profit

 

 

140,192

 

 

 

148,671

 

 

 

275,210

 

 

 

285,914

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

49,186

 

 

 

55,380

 

 

 

98,710

 

 

 

114,496

 

Sales and marketing

 

 

66,732

 

 

 

75,436

 

 

 

131,057

 

 

 

146,793

 

General and administrative

 

 

16,360

 

 

 

15,098

 

 

 

32,821

 

 

 

30,080

 

Acquisition and integration costs

 

 

 

 

 

8,994

 

 

 

1,975

 

 

 

24,919

 

Restructuring and related charges, net of reversals

 

 

695

 

 

 

6,622

 

 

 

1,696

 

 

 

12,759

 

Amortization of intangibles

 

 

1,506

 

 

 

2,377

 

 

 

3,298

 

 

 

4,307

 

Total operating expenses

 

 

134,479

 

 

 

163,907

 

 

 

269,557

 

 

 

333,354

 

Operating income (loss)

 

 

5,713

 

 

 

(15,236

)

 

 

5,653

 

 

 

(47,440

)

Interest income

 

 

82

 

 

 

477

 

 

 

200

 

 

 

1,144

 

Interest expense

 

 

(6,068

)

 

 

(6,234

)

 

 

(12,731

)

 

 

(11,398

)

Other expense, net

 

 

(954

)

 

 

(748

)

 

 

(1,841

)

 

 

(190

)

Loss before income taxes

 

 

(1,227

)

 

 

(21,741

)

 

 

(8,719

)

 

 

(57,884

)

Provision for income taxes

 

 

1,823

 

 

 

1,797

 

 

 

3,143

 

 

 

3,392

 

Net loss

 

$

(3,050

)

 

$

(23,538

)

 

$

(11,862

)

 

$

(61,276

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share:

 

$

(0.02

)

 

$

(0.20

)

 

$

(0.10

)

 

$

(0.51

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation - basic and diluted

 

 

123,264

 

 

 

119,555

 

 

 

122,485

 

 

 

119,891

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

4


 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

2020

 

 

December 31,

2019

 

 

December 31,

2020

 

 

December 31,

2019

 

Net loss

 

$

(3,050

)

 

$

(23,538

)

 

$

(11,862

)

 

$

(61,276

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Unrealized losses on derivative instruments

 

 

(120

)

 

 

 

 

 

(293

)

 

 

 

    Reclassification adjustment related to derivative instruments

 

 

226

 

 

 

 

 

 

386

 

 

 

 

        Net decrease from derivatives designated as hedging instruments.

 

 

106

 

 

 

 

 

 

93

 

 

 

 

Change in unrealized losses on available for sale securities

 

 

 

 

 

7

 

 

 

 

 

 

 

Net change in foreign currency translation adjustments

 

 

2,160

 

 

 

879

 

 

 

3,615

 

 

 

(12

)

Other comprehensive income (loss), net of tax:

 

 

2,266

 

 

 

886

 

 

 

3,708

 

 

 

(12

)

Total comprehensive loss

 

$

(784

)

 

$

(22,652

)

 

$

(8,154

)

 

$

(61,288

)

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

5


 

 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands) (Unaudited)

 

 

Common Stock

 

 

Additional Paid-

 

 

Accumulated Other

 

 

Treasury Stock

 

 

Accumulated

 

 

Total Stockholders'

 

 

Shares

 

 

Amount

 

 

In-Capital

 

 

Comprehensive Loss

 

 

Shares

 

 

Amount

 

 

Deficit

 

 

Equity

 

Balance at September 30, 2019

 

123,864

 

 

$

124

 

 

$

1,003,268

 

 

$

(3,371

)

 

 

(2,366

)

 

$

(15,000

)

 

$

(891,172

)

 

$

93,849

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,538

)

 

 

(23,538

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

886

 

 

 

 

 

 

 

 

 

 

 

 

886

 

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

 

752

 

 

 

1

 

 

 

(1,229

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,228

)

Equity forward contract

 

 

 

 

 

 

 

(4,821

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,821

)

Repurchase of stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,850

)

 

 

(25,179

)

 

 

 

 

 

(25,179

)

Share-based compensation

 

 

 

 

 

 

 

10,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,958

 

Balance at December 31, 2019

 

124,616

 

 

$

125

 

 

$

1,008,176

 

 

$

(2,485

)

 

 

(6,216

)

 

$

(40,179

)

 

$

(914,710

)

 

$

50,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

121,538

 

 

$

122

 

 

$

986,772

 

 

$

(2,473

)

 

 

(2,366

)

 

$

(15,000

)

 

$

(853,434

)

 

$

115,987

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(61,276

)

 

 

(61,276

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

(12

)

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

 

3,078

 

 

 

3

 

 

 

2,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,906

 

Stock awards granted in connection with acquisition

 

 

 

 

 

 

 

3,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,530

 

Equity forward contract

 

 

 

 

 

 

 

(4,821

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,821

)

Repurchase of stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,850

)

 

 

(25,179

)

 

 

 

 

 

(25,179

)

Share-based compensation

 

 

 

 

 

 

 

19,792