A limitation of the utility of this non-GAAP free cash flow metric as a measure of financial performance is that it does not represent the total increase or decrease in the Company's cash balance for the period. Conference Call:                                                                                                                               Extreme will host a conference call at 8:00 a.m. Eastern (5:00 a.m. Pacific) today to review the first fiscal quarter results as well as the business outlook for second fiscal quarter ending December 31, 2020, including significant factors and assumptions underlying the targets noted above. "Customer adoption of our cloud-based networking solutions drove 20% sequential growth of new subscription bookings of ExtremeCloud IQ, the fastest growing cloud-managed platform in the industry. and ... "There have been lots of rumors about it." Except as required under the U.S. federal securities laws and the rules and regulations of the U.S. Securities and Exchange Commission, Extreme disclaims any obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise. Inventory valuation adjustments. Net debt is defined as gross debt minus cash, as shown in the table below (in millions): Business Outlook:Extreme's business outlook is based on current expectations. The network is more strategic than ever, delivering valuable data that provides greater intelligence and insights customers can use to drive better outcomes. I accept employment with Extreme Networks, Inc. and agree to the terms set forth in this Offer Letter. For its internal planning process, and as discussed further below, Extreme's management uses financial statements that do not include share-based compensation expense, acquired inventory adjustments, acquisition and integration costs, amortization of acquired intangibles, inventory valuation adjustments, and restructuring charges. Please try different keywords. Commencing with fiscal 2014, you will be eligible to participate in the Extreme Networks Annual Incentive Plan (“EIP”) with an annual target of 100% of your annual base salary.The EIP target bonus will be paid if you and the Company meet established performance objectives and attainment of key strategic goals to be determined by the Board (the “EIP Goals”). The following table shows non-GAAP free cash flow calculation (in thousands): Cash flow provided by (used in) operations. A free inside look at company reviews and salaries posted anonymously by employees. re: Extreme Juniper Rumors Are Back Last week's announcement that Hitesh was joining JNPR as the VP of Enterprise products. Share your opinion and gain insight from other stock traders and investors. Over 50,000 customers globally trust our end-to-end, cloud-driven networking solutions and rely on our top-rated services and support to accelerate their digital transformation efforts and deliver progress like never before. A daily collection of all things fintech, interesting developments and market updates. Non-GAAP measures presented in this press release are not in accordance with or alternative measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. EXTREME NETWORKS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except per share amounts)(Unaudited), Accounts receivable, net of allowance for doubtful accounts of $1,193 and $1,212, respectively, Prepaid expenses and other current assets, Current portion of long-term debt, net of unamortized debt issuance costs of$2,485 and $2,484, respectively, Current portion, operating lease liabilities, Long-term debt, less current portion, net of unamortized debt issuance costs of $6,539 and $7,165, respectively, Operating lease liabilities, less current portion, Convertible preferred stock, $0.001 par value, issuable in series, 2,000, Common stock, $0.001 par value, 750,000 shares authorized; 129,532and 127,114 shares issued, respectively; 122,935 and 120,517 shares outstanding, respectively, Treasury stock at cost: 6,597 and 6,597 shares, respectively, Total liabilities and stockholders' equity, EXTREME NETWORKS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited), Restructuring and related charges, net of reversals, Shares used in per share calculation - basic and diluted, EXTREME NETWORKS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) (Unaudited). To supplement the Company's consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, ("GAAP"), Extreme uses non-GAAP measures of certain components of financial performance. Amortization of acquired intangibles. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. and ... "There have been lots of rumors about it." Contact our sales department for any question about our Customer-Driven Networks. Disclaimer. "Our quarterly results exceeded our outlook across all of our financial metrics. Extreme considers free cash flow as useful information for management and investors regarding the amount of cash generated by the business after the purchases of property, plant and equipment, which can then be used to, among other things, invest in Extreme's business, make strategic acquisitions, and strengthen the balance sheet. But alas, you know what they say about rumors … Extreme Networks is laying off part of its workforce, but it’s not blaming the COVID-19 coronavirus pandemic for its latest round of layoffs, the company told CRN. San Jose, California 95119 The main products include networking devices, networking management software, optical networking, storage area networks, wireless/telepresence, VOIP and datacenter products. Beginning with our first quarter of fiscal 2021, we are changing how we calculate our non-GAAP provision for income taxes in accordance with the SEC guidance on non-GAAP Financial Measures Compliance and Disclosure Interpretation. Acquisition and integration costs consist of specified compensation charges, software charges, legal and professional fees related to the acquisition of Aerohive. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. We have adjusted the fiscal 2020 non-GAAP tax provision to reflect the 2020 non-GAAP operating results to be comparable with fiscal 2021 results. Management does not care about employees. The Bluetooth® word mark is a registered trademark owned by the Bluetooth SIG, Inc. and any use of such mark by Extreme Networks is under license. We also believe our long-term effective GAAP tax rate will be lower than the U.S. statutory rate based upon our established tax structure. Click to get a sign-in link sent to your email. You are the man :) I've tried the whole setup using vmware player and I had some problems - i'm thinking the vix API didn't worked as expected. Meanwhile, a person close to the Cisco camp says no Ciena acquisition is in the works. Restructuring charges. 631 Extreme Networks reviews. Thanks a lot Drew! Maybe you just want to get a few questions straightened before diving full on a new customer-driven network? More information about potential factors that could affect the Company's business and financial results are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended June 30, 2020, and other documents of the Company on file with the Securities and Exchange Commission (available at www.sec.gov). The Street consensus had … Fiscal Q1 2021 Financial Metrics:(in millions, except percentages and per share information). To be perfectly fair though, who shouldn't buy is just as important as who should. Privacy Terms Cookies Modern Slavery Act © 2020 Broadgroup is part of the Euromoney Institutional Investor PLC group It needs U.S. support. The non-GAAP tax provision will now consist of current and deferred income tax expense commensurate with the non-GAAP measure of profitability using our blended U.S. statutory tax rate of 24.2%. This is elevating Extreme's competitive position in customer and partner conversations, leading to more opportunities and enhancing our future growth outlook," stated Ed Meyercord, President and CEO of Extreme. Extreme Employee; 674 replies 2 years ago 24 April 2018. "Stronger execution in each of our geographic regions drove solid sequential growth for the second consecutive quarter. We are driven to seek cutting-edge, people-first solutions to some of the world’s most vexing business challenges. Acquisition and integration costs. Previously, the non-GAAP tax provision consisted of current and deferred income tax expense on a GAAP basis as if our carryforward net operating losses were sufficient to offset our non-GAAP adjustments. Welcome to the Extreme Network. Income Taxes. Royal Free London NHS Foundation Trust (Press Release), By clicking "OK" or continuing to use this site, you agree that we may collect and use your personal data and set Report this profile; Experience. Extreme believes these non-GAAP measures when shown in conjunction with the corresponding GAAP measures enhance investors' and management's overall understanding of the Company's current financial performance and the Company's prospects for the future, including cash flows available to pursue opportunities to enhance stockholder value. Find the latest Extreme Networks, Inc. (EXTR) stock discussion in Yahoo Finance's forum. I worked at Extreme Networks full-time for more than a year. All rights reserved. The encore recording will be available for 7 days following the call. Extreme Networks, Inc. Non-GAAP Measures of Financial Performance. Launched in 2013 by Holly Smith, The Extreme Network is a portfolio of websites and social media communities with an highly engaged audience of over 2 million followers and a combined weekly reach of 20 million. Adjustments relating to the mark down of inventory due to duplication of products lines with acquisition of Aerohive net of recoveries on the sale of inventory marked down in previous quarters. © Copyright 1997 - 2020 NewsNow Publishing Limited. re: Extreme Juniper Rumors Are Back Last week's announcement that Hitesh was joining JNPR as the VP of Enterprise products. Employer Identification. Extreme Networks. None. Also in 2008, rumors were flying that Enterasys was looking to buy Extreme. But those facts didn't stop similar pandemic rumors from assailing social media and offline social networks. We just distributed a press release and filed an 8-K detailing Extreme Networks… Extreme means "to reach for the highest degree" and I believe Extreme Networks is always reaching for the highest degree; I see it in all of my passionate colleagues, our world-class solutions, and most importantly our valued customers. there are rumors that there will be a VM with VOSS availible soon. Accounts receivable, net of allowance for doubtful accounts of $1,193 and, Current portion of long-term debt, net of unamortized debt issuance costs of, Long-term debt, less current portion, net of unamortized debt issuance costs of, Common stock, $0.001 par value, 750,000 shares authorized; 129,532, Adjustments to reconcile net loss to net cash provided by (used in), http://www.prnewswire.com/news-releases/extreme-networks-reports-first-quarter-fiscal-year-2021-financial-results-301161262.html, Privacy Policy / Do Not Sell My Personal Data, GAAP gross margin 57.3% compared to 53.7% in Q1 last year, Non-GAAP gross margin 60.3% compared to 59.9% in Q1 last year, GAAP operating margin at breakeven compared to (12.6)% in Q1 last year, Non-GAAP operating margin 8.3%, compared to 6.2% in Q1 last year, Net cash provided by operating activities of. Cons. Shares used in net income per share-diluted: GAAP Shares used in per share calculation - basic and diluted, Non-GAAP diluted shares used in per share calculation, View original content to download multimedia:http://www.prnewswire.com/news-releases/extreme-networks-reports-first-quarter-fiscal-year-2021-financial-results-301161262.html, Thank you for subscribing! Shares of Extreme Networks (NASDAQ:EXTR) fell as much as 21.3% Wednesday morning, following the high-speed network equipment maker's third … Extreme Networks - Get Report. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of certain factors, including: our failure to achieve targeted revenues and forecasted demand from end customers; a highly competitive business environment for network switching equipment and cloud management of network devices; our effectiveness in controlling expenses; the possibility that we might experience delays in the development or introduction of new technology and products; customer response to our new technology and products; risks related to pending or future litigation; macroeconomic and political and geopolitical factors, a dependency on third parties for certain components and for the manufacturing of our products; and the impacts of COVID-19, and any worsening of the global business and economic environment as a result, on the Company's business, financial condition and operating results. Search all headlines (in All languages) Ammeon Solutions forms strategic partnership with Extreme Networks TechCentral.ie 13:28 14-Aug-20. Conference ID # 1042849. 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EXTREME NETWORKS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSGAAP TO NON-GAAP RECONCILIATION(In thousands, except percentages and per share amounts)(Unaudited), Share-based compensation expense, cost of revenues. Distributed by Public, unedited and unaltered, on 04 December 2020 18:04:01 UTC 6480 Via Del Oro . Extreme Networks delivers end-to-end, cloud-driven networking solutions and top-rated services and support to advance our customers digital transformation efforts and deliver progress like never before. Extreme excludes these expenses since they result from an intangible asset and for which the period expense does not impact the operations of the business and are non-cash in nature. Extreme Networks Summit X670-G2 Series X670-G2-48x-4q-Base-Unit - switch - 48 ports - managed - rack-mountable overview and full product specs on CNET. Have some questions about our robust core to edge portfolio? June 30, 2020 These forward-looking statements speak only as of the date of this release. This is your first post. In addition to offering unmatched cloud deployment flexibility, portable licensing across the entire portfolio, unlimited data duration, and industry-leading uptime. SAN JOSE, Calif., Oct. 28, 2020 /PRNewswire/ -- Extreme Networks, Inc. ("Extreme") (NASDAQ:EXTR) today released financial results for its first fiscal quarter ended September 30, 2020. We are off to a good start in Q2 and remain well positioned throughout fiscal 2021 to deliver improving operating leverage and cash flow," concluded Thomas. During the quarter we had significant customer wins across our portfolio and in our targeted key verticals, including, most notably, our win of Major League Baseball," concluded Meyercord. Acquired inventory adjustments. These non-GAAP measures should only be used to evaluate Extreme's results of operations in conjunction with the corresponding GAAP measures. No.) They need to look in the mirror and “lay themselves off” Terrible environment. EXTREME NETWORKS, INC. (Exact name of registrant as specified in its charter) Delaware : 000-25711 : 77-0430270 (State or other jurisdiction of. Management does not care about employees. Cons. cookies to improve your experience and customise advertising. *Gross debt is defined as long-term and current portion of long-term debt as shown on the balance sheet plus unamortized debt issuance costs. Everything you need to know about the market - quick & easy. Extreme excludes these expenses since they result from an event that is outside the ordinary course of continuing operations. Restructuring charges primarily consist of severance costs for employees which have no benefit to continuing operations and impairment of right-of-use assets, long-lived assets and other charges related to excess facilities. The conference call may also be heard by dialing 1 (877) 303-9826 or international 1 (224) 357-2194 with Conference ID # 1042849. In addition, because Extreme has historically reported certain non-GAAP results to investors, the Company believes the inclusion of non-GAAP measures provides consistency in the Company's financial reporting. Pros. 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Extreme Networks - Get Report. For example, intracellular cargo is transported on tubular networks, news and rumors spread through online social networks, and the rapid global spread of infectious diseases occurs through passengers traveling on the airport network. Your laptop may have just survived 2020 – but is it ready for 2023? incorporation) (Commission File No.) Extreme Networks is a large networking company based in San Jose, CA. On CNBC's "Mad Money Lightning Round", Jim Cramer said he isn't a fan of Extreme Networks, Inc EXTR. None. Many biological, social, and communication systems can be modeled by “searchers’’ moving through a complex network. Purchase accounting adjustments relating to the mark up of acquired inventory to fair value less disposal costs. Our 100% in-sourced services and support are number one in the industry. The additional non-GAAP financial information the Company presents should be considered in conjunction with, and not as a substitute for, the Company's GAAP financial information. Supplemental financial information to be discussed during the conference call will be posted in the Investor Relations section of the Company's website www.extremenetworks.com including the non-GAAP reconciliation attached to this press release. The Company believes that excluding these items provides both management and investors with additional insight into its current operations, the trends affecting the Company, the Company's marketplace performance, and the Company's ability to generate cash from operations. Extreme Networks Inc. published this content on 04 December 2020 and is solely responsible for the information contained therein. Get the latest Extreme Networks, Inc. (EXTR) stock news and headlines to help you in your trading and investing decisions. In this press release, Extreme also presents its target for non-GAAP operating expenses, which is operating expenses less share-based compensation expense, restructuring charges and amortization of acquired intangibles. "We have repaid another $20 million of our revolving credit facility on October 23, leaving a remaining balance at just $15 million. Australia is standing up to China’s bullying. I worked at Extreme Networks full-time for more than a year. The new Cloud-Centric portfolio is a clear and present threat to their competitors. Non-GAAP Financial Measures:Extreme provides all financial information required in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures include non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per diluted share and non-GAAP free cash flow. Adjustments to reconcile net loss to net cash provided by (used in)operating activities: Reduction in carrying amount of right-of-use asset, Non-cash restructuring and impairment charges, Changes in operating assets and liabilities, net of acquisitions, Net cash provided by (used in) operating activities, Business acquisitions, net of cash acquired, Proceeds from issuance of common stock, net of tax withholding, Payment of contingent consideration obligations, Net cash (used in) provided by financing activities, Cash and cash equivalents at end of period, Extreme Networks, Inc.Non-GAAP Measures of Financial Performance. Extreme excludes share-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses that the Company does not believe are reflective of ongoing cash requirement related to its operating results. The following statements are forward-looking, and actual results could differ materially based on various factors, including market conditions and the factors set forth under "Forward-Looking Statements" below. Pros. The two companies have entered into a … For the third quarter of fiscal 2019, Extreme Networks reported earnings of $0.08 per diluted share on sales of $251 million. This change will not affect our non-GAAP income before income taxes, actual cash tax payments or cash flows, but will result in a higher or lower non-GAAP provision for income taxes depending on the level and jurisdictional mix of pre-tax income and available U.S. research and development tax credits. I accept employment with Extreme Networks, Inc. and agree to the terms set forth in this Offer Letter. (I.R.S. Extreme networks. Or maybe you just saw something cool and innovative and want more information. Extreme Networks. Vice President Corporate Controller at Extreme Networks San Francisco Bay Area 71 connections. The Company is providing with this press release non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, and non-GAAP free cash flow. /s/ Remi Thomas November 15, 2018 : Remi Thomas : Date . please read our. Extreme excludes restructuring expenses since they result from events that occur outside of the ordinary course of continuing operations. The Company has provided a non-GAAP reconciliation of the results for the periods presented in this release, which are adjusted to exclude certain items as indicated. To supplement the Company's consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, ("GAAP"), Extreme uses non-GAAP measures of certain components of financial performance. /s/ Remi Thomas November 15, 2018 : Remi Thomas : Date . Extreme uses both GAAP and non-GAAP measures to evaluate and manage its operations. The conference call will be available to the public through a live audio web broadcast via the internet at http://investor.extremenetworks.com and a replay of the call will be available on the website for 7 days following the call. They need to look in the mirror and “lay themselves off” Terrible environment. Sorry, no headlines or news topics were found. Other trademarks shown herein are the property of their respective owners. Consists of associated expenses for stock options, restricted stock awards and the Company's Employee Stock Purchase Plan. Reconciliation to the nearest GAAP measure of all historical non-GAAP measures included in this press release can be found in the tables included with this press release. At Extreme, our passion for networking goes beyond merely building the industry’s best enterprise networks. Edit or delete it, then start blogging! About Extreme:Extreme Networks, Inc. (EXTR) creates effortless networking experiences that enable all of us to advance. Extreme's management also uses non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the Company's financial results. Forward Looking Statements:Statements in this release, including those concerning the Company's business outlook, future financial and operating results, acquired technologies and operations, the introduction of new products, our ability to deliver improving operating leverage and cash flow, along with a recovery in revenue growth, through fiscal 2021, the expected impact of COVID-19 and related macroeconomic conditions, and overall future prospects are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Welcome to Extreme Networks Sites. Apr 23, 2019 07:44 PM Form 4 EXTREME NETWORKS INC For: Apr 22 Filed by: MEYERCORD EDWARD Apr 23, 2019 08:00 AM The City of Memphis Deploys Extreme Networks to … Meanwhile, a person close to the Cisco camp says no Ciena acquisition is in the works. Use the best photo book platform to preserve your special memories, 'Rules as Code' will let computers apply laws and regulations, Former Australian FM calls on Australia to "get out of the hole" with China. At Extreme, we make it easier than any other vendor to capture this valuable data and use it productively. The following table shows the GAAP to non-GAAP reconciliation for Q2 FY'21 guidance: The total of percentage rate changes may not equal the total change in all cases due to rounding. If your passion runs in that same direction, it’s time to consider a career with Extreme. Share-based compensation. Join to Connect. As described above, Extreme excludes the following items from one or more of its non-GAAP measures when applicable. Amortization of acquired intangibles includes the monthly amortization expense of intangible assets such as developed technology, customer relationships, trademarks and order backlog. Search results (in All languages) Language: Extreme networks . As of June 30, 2020, we had U.S. federal net operating loss carryforwards of $287 million and state net operating loss carryforwards of $156 million. Over the near term, most of our cash taxes will continue to be mainly driven by the tax expense of our foreign subsidiaries which amounts have not historically been significant. With the recent purchase of Aerohive Networks, Zebra's WING, the acquisition of Avaya's networking business and Brocade's Datacentre Switching, Extreme have acted on their plans to offer a full end-to-end enterprise offering. I have no pros to share. Software-driven networking company Extreme Networks has announced that it will acquire Wi-Fi router maker Aerohive Networks for $272m. The encore recording can be accessed by dialing 1 (855) 859-2056 or international 1 (404) 537-3406. Extreme expects to incur share-based compensation expenses in future periods. For its second quarter of fiscal 2021, ending December 31, 2020, the Company is targeting: (in millions, except percentages and per share information), Shares outstanding used in calculating GAAP EPS, Shares outstanding used in calculating non-GAAP EPS. More information: For Cisco news and rumors posted by our visitors, see the entries below! Beginning with our first quarter of fiscal 2021, we have assumed our U.S. federal and state net operating losses would have been fully consumed by the historical non-GAAP financial adjustments, eliminating the need for a full valuation allowance against our U.S. deferred tax assets which consequently, enables our use of research and development tax credits which were previously not utilizable. Please note the Company's non-GAAP measures may be different than those used by other companies. Other … Free cash flow represents GAAP net cash provided by operating activities, less purchases of property, plant and equipment.