10-Q Filing

EXTREME NETWORKS INC CIK: 1078271 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-026529`
Period End Date	20180930
Filing Date	20181102
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	extr-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 41 Cash Flow Statement 65 Comprehensive Income 9

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.48M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$153.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$140.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$130.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$121.14M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,661 at September 30, 2018 and $1,478 at June 30, 2018	`AccountsReceivableNetCurrent`	$212.42M	USD	Point-in-time
Convertible preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,661 at September 30, 2018 and $1,478 at June 30, 2018	`AccountsReceivableNetCurrent`	$164.68M	USD	Point-in-time
Convertible preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$63.87M	USD	Point-in-time
Convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Inventories	`InventoryNet`	$55.58M	USD	Point-in-time
Convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.48M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$35.37M	USD	Point-in-time
Convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$395.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$427.91M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$78.52M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$76.22M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	118.27M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$70.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	116.12M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$77.09M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	116.12M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	118.27M	shares	Point-in-time
Goodwill	`Goodwill`	$139.08M	USD	Point-in-time
Goodwill	`Goodwill`	$139.08M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$47.64M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$50.75M	USD	Point-in-time
Total assets	`Assets`	$731.88M	USD	Point-in-time
Total assets	`Assets`	$770.25M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$9.01M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$9.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$75.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.87M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$36.39M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$50.35M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$12.81M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$13.50M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$12.60M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$10.58M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$137.99M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$130.87M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$82.18M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$81.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$359.87M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$322.04M	USD	Point-in-time
Deferred revenue, less current portion	`DeferredRevenueNoncurrent`	$43.66M	USD	Point-in-time
Deferred revenue, less current portion	`DeferredRevenueNoncurrent`	$45.87M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$176.50M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$188.75M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$6.13M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$6.23M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$59.10M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$64.11M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Convertible preferred stock, $.001 par value, issuable in series, 2,000 shares authorized; none issued	`ConvertiblePreferredStockNonredeemableOrRedeemableIssuerOptionValue`	-	USD	Point-in-time
Convertible preferred stock, $.001 par value, issuable in series, 2,000 shares authorized; none issued	`ConvertiblePreferredStockNonredeemableOrRedeemableIssuerOptionValue`	-	USD	Point-in-time
Common stock, $.001 par value, 750,000 shares authorized; 118,270 shares issued and outstanding at September 30, 2018 and 116,124 shares issued and outstanding at June 30, 2018	`CommonStockValue`	$116.00K	USD	Point-in-time
Common stock, $.001 par value, 750,000 shares authorized; 118,270 shares issued and outstanding at September 30, 2018 and 116,124 shares issued and outstanding at June 30, 2018	`CommonStockValue`	$118.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$942.40M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$956.36M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.70M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-828.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-836.65M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$112.73M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$117.13M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$770.25M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$731.88M	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
Total net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$211.72M	USD	1 Quarter
Total net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$239.89M	USD	1 Quarter
Total cost of revenues	`CostOfGoodsAndServicesSold`	$99.33M	USD	1 Quarter
Total cost of revenues	`CostOfGoodsAndServicesSold`	$107.81M	USD	1 Quarter
Total gross profit	`GrossProfit`	$112.38M	USD	1 Quarter
Total gross profit	`GrossProfit`	$132.07M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$51.24M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$34.28M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$67.58M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$55.56M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$12.77M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$12.19M	USD	1 Quarter
Acquisition and integration costs	`BusinessCombinationAcquisitionRelatedCosts`	$4.24M	USD	1 Quarter
Acquisition and integration costs	`BusinessCombinationAcquisitionRelatedCosts`	$2.55M	USD	1 Quarter
Restructuring charges, net of reversals	`RestructuringChargesNetOfReversals`	$808.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.61M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.14M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$107.89M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$137.09M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-5.02M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$4.49M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$647.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$394.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.21M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.53M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$3.13M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$487.00K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.05M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.66M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.68M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.40M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.38M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-9.06M	USD	1 Quarter
Net (loss) income per share - basic	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Net (loss) income per share - basic	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Shares used in per share calculation - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	112.24M	shares	1 Quarter
Shares used in per share calculation - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	117.37M	shares	1 Quarter
Shares used in per share calculation - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	118.43M	shares	1 Quarter
Shares used in per share calculation - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	117.37M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$4.38M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-9.06M	USD	1 Quarter
Depreciation	`Depreciation`	$6.78M	USD	1 Quarter
Depreciation	`Depreciation`	$3.12M	USD	1 Quarter
Amortization of intangible assets	`AdjustmentForAmortization`	$4.31M	USD	1 Quarter
Amortization of intangible assets	`AdjustmentForAmortization`	$7.07M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$489.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$515.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.80M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.83M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-25.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$488.00K	USD	1 Quarter
Unrealized/realized (gain) loss on equity investment	`GainLossOnInvestments`	$3.76M	USD	1 Quarter
Unrealized/realized (gain) loss on equity investment	`GainLossOnInvestments`	$154.00K	USD	1 Quarter
Non-cash interest	`PaidInKindInterest`	$227.00K	USD	1 Quarter
Non-cash interest	`PaidInKindInterest`	$995.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$172.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-701.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.76M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-46.66M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-8.29M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-5.92M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.86M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.81M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.04M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-31.25M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-5.36M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-13.96M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenueExcludingDistributorRevenue`	$9.37M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenueExcludingDistributorRevenue`	$4.65M	USD	1 Quarter
Other current and long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-2.79M	USD	1 Quarter
Other current and long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$10.26M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.33M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.60M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.42M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.42M	USD	1 Quarter
Business acquisitions	`PaymentsToAcquireBusinessesGross`	$68.05M	USD	1 Quarter
Proceeds from sale of investment	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$4.92M	USD	1 Quarter
Proceeds from sale of investment	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$727.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-70.55M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.69M	USD	1 Quarter
Borrowings under Term Loan	`ProceedsFromBankDebt`	$80.00M	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$12.38M	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$4.09M	USD	1 Quarter
Loan fees on borrowings	`PaymentsOfLoanCosts`	$1.49M	USD	1 Quarter
Loan fees on borrowings	`PaymentsOfLoanCosts`	$273.00K	USD	1 Quarter
Proceeds from issuance of common stock, net of tax withholding	`ProceedsFromIssuanceOfCommonStock`	$7.14M	USD	1 Quarter
Proceeds from issuance of common stock, net of tax withholding	`ProceedsFromIssuanceOfCommonStock`	$42.00K	USD	1 Quarter
Capital lease financing	`RepaymentsOfLongTermCapitalLeaseObligations`	$91.00K	USD	1 Quarter
Contingent consideration obligations	`ContingentConsiderationObligations`	$1.58M	USD	1 Quarter
Deferred payments on an acquisition	`PaymentsForPreviousAcquisition`	$1.00M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$74.45M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.18M	USD	1 Quarter
Foreign currency effect on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-433.00K	USD	1 Quarter
Foreign currency effect on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$57.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.03M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$22.56M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$153.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$140.17M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$130.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$121.14M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$153.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$140.17M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$130.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$121.14M	USD	Point-in-time

Comprehensive Income 9 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income:	`NetIncomeLoss`	$4.38M	USD	1 Quarter
Net (loss) income:	`NetIncomeLoss`	$-9.06M	USD	1 Quarter
Change in unrealized gains on available for sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$183.00K	USD	1 Quarter
Net change in foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$355.00K	USD	1 Quarter
Net change in foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-497.00K	USD	1 Quarter
Other comprehensive (loss) income, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$-497.00K	USD	1 Quarter
Other comprehensive (loss) income, net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$538.00K	USD	1 Quarter
Total comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$4.91M	USD	1 Quarter
Total comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-9.56M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.