$EXTR

EXTREME NETWORKS INC

CIK:0001078271|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Net revenues:
Total net revenues	$ 1,283,593	$ 1,140,067	$ 1,117,203
Cost of revenues:
Total cost of revenues	494,452	430,940	486,372
Gross profit:
Total gross profit	789,141	709,127	630,831
Operating expenses:
Research and development	233,878	221,459	211,931
Sales and marketing	364,305	327,563	345,802
General and administrative	125,277	139,621	99,938
Restructuring and related charges	1,265	1,492	36,321
Amortization of intangible assets	1,721	2,043	2,041
Total operating expenses	726,446	692,178	696,033
Operating income (loss)	62,695	16,949	(65,202)
Interest income	4,153	4,313	4,556
Interest expense	(13,780)	(15,928)	(16,986)
Other income (expense), net	(1,594)	(1,061)	133
Income (loss) before income taxes	51,474	4,273	(77,499)
Provision for income taxes	9,355	11,740	8,465
Net income (loss)	$ 42,119	$ (7,467)	$ (85,964)
Basic and diluted income (loss) per share:
Net income (loss) per share - basic	$ 0.32	$ (0.06)	$ (0.66)
Net income (loss) per share - diluted	$ 0.31	$ (0.06)	$ (0.66)
Shares used in per share calculation - basic	132,752	132,331	129,288
Shares used in per share calculation - diluted	134,970	132,331	129,288
Product
Net revenues:
Total net revenues	$ 809,624	$ 704,462	$ 699,257
Cost of revenues:
Total cost of revenues	351,650	300,831	365,759
Gross profit:
Total gross profit	457,974	403,631	333,498
Subscription and Support
Net revenues:
Total net revenues	473,969	435,605	417,946
Cost of revenues:
Total cost of revenues	142,802	130,109	120,613
Gross profit:
Total gross profit	$ 331,167	$ 305,496	$ 297,333

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 42,119,000	$ (7,467,000)	$ (85,964,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	15,809,000	14,704,000	24,134,000
Amortization of intangible assets	3,390,000	4,514,000	5,313,000
Amortization of cloud computing implementation costs	5,212,000	0	0
Reduction in carrying amount of right-of-use asset	10,325,000	9,887,000	11,455,000
Provision for credit losses	565,000	157,000	210,000
Share-based compensation	88,261,000	82,314,000	76,763,000
Deferred income taxes	(2,074,000)	(820,000)	80,000
Provision for excess and obsolete inventory	4,160,000	2,618,000	71,068,000
Non-cash interest expense	1,206,000	1,214,000	1,060,000
Other	2,659,000	3,532,000	(2,496,000)
Changes in operating assets and liabilities:
Accounts receivable, net	(38,450,000)	(37,347,000)	92,316,000
Inventories	24,313,000	27,181,000	(116,434,000)
Prepaid expenses and other assets	(53,648,000)	(23,118,000)	(21,212,000)
Accounts payable	24,607,000	12,709,000	(48,012,000)
Accrued compensation and benefits	3,962,000	18,685,000	(29,136,000)
Operating lease liabilities	(11,929,000)	(11,056,000)	(11,528,000)
Deferred revenue	40,094,000	37,722,000	76,240,000
Other current and long-term liabilities	(37,399,000)	16,602,000	11,629,000
Net cash provided by operating activities	123,182,000	152,031,000	55,486,000
Cash flows from investing activities:
Capital expenditures for property, equipment and capitalized software development costs	(27,941,000)	(24,713,000)	(18,121,000)
Net cash used in investing activities	(27,941,000)	(24,713,000)	(18,121,000)
Cash flows from financing activities:
Borrowings under revolving facility	55,000,000		30,000,000
Payments on revolving facility	(55,000,000)		(55,000,000)
Payments on debt obligations	(15,000,000)	(10,000,000)	(10,000,000)
Payments on debt financing costs		(695,000)
Repurchase of common stock including accelerated share repurchases	(87,000,000)	(37,993,000)	(49,855,000)
Payments for tax withholdings, net of proceeds from issuance of common stock	(12,500,000)	(3,898,000)	(30,123,000)
Net cash used in financing activities	(114,500,000)	(52,586,000)	(114,978,000)
Foreign currency effect on cash and cash equivalents	(728,000)	314,000	(514,000)
Net increase (decrease) in cash and cash equivalents	(19,987,000)	75,046,000	(78,127,000)
Cash and cash equivalents at beginning of period	231,745,000	156,699,000	234,826,000
Cash and cash equivalents at end of period	211,758,000	231,745,000	156,699,000
Supplemental disclosure of cash flow information:
Cash paid for interest	12,405,000	14,747,000	14,691,000
Cash paid for taxes, net	12,530,000	4,067,000	15,613,000
Non-cash investing activities:
Unpaid capital expenditures	$ 708,000	$ 1,326,000	$ 4,084,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 211,758	$ 231,745
Accounts receivable, net	164,593	126,708
Inventories	69,950	102,578
Prepaid expenses and other current assets	103,495	74,265
Total current assets	549,796	535,296
Property and equipment, net	58,095	44,366
Operating lease right-of-use assets, net	25,700	38,655
Goodwill	397,769	399,574
Intangible assets, net	3,066	6,541
Other assets	143,395	128,786
Total assets	1,177,821	1,153,218
Current liabilities:
Accounts payable	89,389	63,939
Accrued compensation and benefits	69,827	62,895
Accrued warranty	10,953	9,684
Current portion of deferred revenue	329,713	325,078
Current portion of long-term debt, net of unamortized debt issuance costs of $659 and $729, respectively	19,341	14,271
Current portion of operating lease liabilities	11,341	11,456
Other accrued liabilities	62,109	100,552
Total current liabilities	592,673	587,875
Deferred revenue, less current portion	323,077	292,415
Long-term debt, less current portion, net of unamortized debt issuance costs of $618 and $1,276, respectively	144,382	163,724
Operating lease liabilities, less current portion	19,502	33,991
Deferred income taxes	7,404	7,033
Other long-term liabilities	2,193	2,596
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; 157,203 and 152,673 shares issued, respectively; 131,216 and 132,064 shares outstanding, respectively	157	153
Additional paid-in-capital	1,373,689	1,298,791
Accumulated other comprehensive loss	(16,011)	(8,137)
Accumulated deficit	(907,310)	(949,429)
Treasury stock at cost, 25,987 shares and 20,609 shares, respectively	(361,935)	(275,794)
Total stockholders’ equity	88,590	65,584
Total liabilities and stockholders’ equity	$ 1,177,821	$ 1,153,218