The company did not respond to a question asking for confirmation of that figure. Another round of layoffs in January 2018 and mgmt continues to get fat and happy. While Extreme expects that its supply capacity will be at or close to 100 percent by May, the company still expects some residual effects until June as business is just beginning to ramp back up now for some component makers. The following table shows the GAAP to non-GAAP reconciliation for Q3 FY'20 guidance: The total of percentage rate changes may not equal the total change in all cases due to rounding. Investor Relations › Also their online classes are all behind a pay wall which makes it difficult to manage the … Don’t stop, it’ll soon be here. Extreme Networks Inc. published this content on 03 December 2020 and is solely responsible for the information contained therein. Extreme Networks did not respond to CRN USA’s question regarding which business units specifically will be affected by the cuts. Rice said that Durow will help Extreme in its marketing efforts as it becomes a cloud-first company. I am confident that these changes, along with the refresh and stratification of our product portfolio, will enhance our go-to-market efforts and allow us to drive further gross margins.". Extreme Networks excludes restructuring expenses since they result from events that occur outside of the ordinary course of continuing operations. Income tax adjustment relates to a tax benefit resulting from changes introduced by Tax Reform related to US net operating losses allowing the release of US valuation allowance as well as a separate tax benefit resulting from the release of a foreign valuation allowance given anticipated future profitability. Extreme Networks expects to incur share-based compensation expenses in future periods. For its internal planning process, and as discussed further below, Extreme's management uses financial statements that do not include share-based compensation expense, acquisition and integration costs, acquired inventory adjustment, amortization of intangibles, inventory valuation adjustments, restructuring charges, leased asset impairments, income tax and free cash flow.  Extreme's management also uses non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the Company's financial results. Share your opinion and gain insight from other stock traders and investors. Forward Looking Statements:Statements in this release, including those concerning the Company's business outlook, future financial and operating results, acquired technologies and operations, future price increases, changes to our supply chain, the introduction of new products, the impact of tariffs on our products, the success of our digital transformation initiatives, the impact of the Aerohive acquisition integration, 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. Will govt incentives for mobile manufacturing speed up job creation? Free cash flow represents GAAP operating cash flows less purchases of property, plant and equipment. 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 through February 5, 2020. Restructuring expenses 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. Non-GAAP Financial Measures:Extreme provides all financial information required in accordance with generally accepted accounting principles ("GAAP"). 10 on our list, partners have a … On April 19, 2015, Charles W. Berger resigned as CEO, and was replaced by Board Chairman Ed Meyercord. Get insights, visibility and control with advanced security and superior quality of user experience, Network switching products from Edge to Core—the foundation of a next-gen network, Lightning speed and scalable routers ideal for enterprise, data center, and service providers, Introducing the industry’s first flow-based 802.11ac Wave 2 wireless products, Network solutions consultation and implementation, Dedicated customer advocacy team to ensure that all your services needs are met, Superior, around-the-clock support for your network configuration, Fully managed, ITIL-based network services, defense & infrastructure, A wide selection of instructor-led and self-paced technical courses, A simple way for institutions to obtain Extreme software license access. Extreme Networks, Inc. (NASDAQ: EXTR) is setting a new standard for superior customer experience by delivering network-powered innovation and market leading service and support.The company delivers high-performance switching and routing products for data center and core-to-edge networks, wired/wireless LAN access, … Adjustments relating to the mark down of inventory due to duplication of products … The encore recording can be accessed by dialing 1 (855) 859-2056 or international 1 (404) 537-3406. Adjustments to reconcile net loss to net cash provided by operating activities: Reduction in carrying amount of right-of-use asset, Non-cash restructuring and impairment charges, Unrealized/realized gain on equity investment, Changes in operating assets and liabilities, net of acquisitions, Net cash provided by 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 provided by (used in) financing activities, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Extreme Networks, Inc.Non-GAAP Measures of Financial Performance. 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 USA. ", Meyercord also announced significant changes to Extreme's sales organization. Inventory valuation adjustments. The following statements are forward-looking, and actual results could differ materially based on market conditions and the factors set forth under "Forward-Looking Statements" below. "We are very focused on driving growth in our business through increased efficiency and sales productivity.  We've made changes to streamline operations as we head into the second half of 2020. We call this Customer-Driven Networking™. Amortization of intangibles. Amortization of intangibles includes the monthly amortization expense of intangible assets such as developed technology, customer relationships, trademarks and order backlog.  The amortization of the developed technology intangible is recorded in product cost of goods sold, while the amortization for the other intangibles are recorded in operating expenses.  Extreme Networks 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. Avaya was acquired by Extreme Networks in 2017 and the former employees were laid off one large group after another without mercy. 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, 2019 and other documents of the Company on file with the Securities and Exchange Commission (available at www.sec.gov).  Except as required under the U.S. federal securities laws and the rules and regulations of the U.S. Securities and Exchange Commission, Extreme Networks 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. Vice President Corporate Controller at Extreme Networks San Francisco Bay Area 71 connections. Distributed by Public, unedited and unaltered, on 03 December 2020 18:16:02 UTC As noted with No. It does not reflect well on Extreme Networks. 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. Founded in 1996, Extreme is headquartered in San Jose, California. Report this profile; Experience. None. The Company is providing with this press release non-GAAP gross margins, non-GAAP operating margins, non-GAAP operating expenses, non-GAAP net income and non-GAAP earnings per share. (in millions, except percentages and per share information). Transform your data center from a Pandora’s box to a turbocharged engine of growth and innovation. The encore recording will be available for 7 days following the call. Distributed by Public, unedited and unaltered, on 04 December 2020 18:04:01 UTC Where are Extreme Networks offices? Login, Airtel & Jio add subscribers at the cost of Voda Idea in Sept, TRAI, IT sector likely to get a booster shot as firms plan to spend more. A limitation of the utility of the 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. Extreme Networks Inc. published this content on 04 December 2020 and is solely responsible for the information contained therein. 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.  In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.  Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Extreme Networks' results of operations as determined in accordance with GAAP.  These non-GAAP measures should only be used to evaluate Extreme Networks' results of operations in conjunction with the corresponding GAAP measures. — Verizon, Unions Reach Deal. Find the latest Extreme Networks, Inc. (EXTR) stock discussion in Yahoo Finance's forum. We have used Extreme Networks switching equipment for at least 15 years now. We do not reflect a tax effect associated with the Non-GAAP operating adjustments as the adjustments are primarily related to the US entity which has a full valuation of various loss carryforward tax attributes.Â, (In thousands, except percentages and per share amounts), Stock based compensation expense, cost of revenues, Shares used in net income per share-diluted, View original content to download multimedia:http://www.prnewswire.com/news-releases/extreme-networks-reports-second-quarter-fiscal-year-2020-financial-results-300995087.html, Home › Extreme Networks 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 headquarters is located at 6480 Vía Del Oro, San Jose. Acquired inventory adjustments. Restructuring expenses. Extreme Networksenables Cloud Service Providers to fulfill the promise of digitaltransformation with flexible and adaptive infrastructure solutions fortrue business agility. The networking firm in an email Wednesday said it’s focused on becoming the industry’s first cloud-driven enterprise networking vendor as it … A global pandemic aside, 2020 has been a year of flux for the San Jose, Calif.-based networking provider. About Extreme Networks:Extreme Networks, Inc. (EXTR) is the industry's first cloud-driven, end-to-end enterprise networking company. While coronavirus is making all companies rethink their business, our decisions are more related to our existing plans and changes in the market,” the company said in a statement. I have no pros to share. Ethernet switch vendor Extreme Networks is replacing its CEO and laying off 70 employees in an effort to quickly improve the company's bottom line and set it up to run profitably with lower revenues. Create custom connections for every user and device with greater security and reduced complexity and cost. Glassdoor Extreme Networks Reports Second Quarter Fiscal Year 2020 Financial Results, Convertible preferred stock, $.001 par value, issuable in series, 2,000, Gartner Peer Insights Customers' Choice for Data Center Networking, http://www.prnewswire.com/news-releases/extreme-networks-reports-second-quarter-fiscal-year-2020-financial-results-300995087.html, GAAP gross margin 55.6% compared to 55.9% in Q2 last year, Non-GAAP gross margin 60.0% compared to 58.2% in Q2 last year, GAAP operating margin (5.7)% compared to 1.9% in Q2 last year, Non-GAAP operating margin 9.0%, compared to 8.0% in Q2 last year, Net cash provided by operating activities was, During the second quarter of Fiscal Year 2020, Extreme initiated a, Q2 ending cash and cash equivalents balance was. In preparing non-GAAP information, the Company has excluded, where applicable, the impact of share-based compensation, acquisition and integration costs, acquired inventory adjustments, amortization of acquired intangibles, inventory valuation adjustment, restructuring charges, income tax and free cash flow.  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. My overall experience with Extreme Networks, and their products has not been a favorable one. 15 years 4 months. Gartner Peer Insights Customers' Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates. Separately, Extreme Networks revealed in a January financial filing that it was cutting 13% of its workforce (about 90 jobs) as part of an effort to slash spending by $7 … Income tax. Benefit fromflexible network fabrics that provide the automation and visibility toadapt to any application workload on any domain. Where is Extreme Networks headquarters? Extreme Networks also provides group life insurance, short-term disability insurance for accidents or illness, long-term disability insurance, and death benefits, which cover certain causes of death. Read employee reviews and ratings on Glassdoor to decide if Extreme Networks is right for you. The devices are made in useful configurations, with industry standard technologies and features, comparable to any other networking vendor. Extreme Networks is laying off 13% of its workforce, or about 90 employees, in an effort to reduce expenses by $7 million per quarter. Read employee reviews and ratings on Glassdoor to decide if Extreme Networks is right for you. Extreme last month also began to see some unexpected disruption in production in Mexico as the country began its own shutdown, Rice said. The networking firm in an email Wednesday said it’s focused on becoming the industry’s first cloud-driven enterprise networking vendor as it just finished ingrating every piece of Aerohive Networks’ technology into its portfolio that it acquired in August. 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; 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; and a dependency on third parties for certain components and for the manufacturing of our products.Â. Win every interaction at the edge by delighting customers, empowering staff, and deflecting threats. Nevertheless, Q2 revenue fell short of our guidance expectations owing to weakness in US public sector and Asia Pacific," stated Ed Meyercord, President and CEO of Extreme Networks. Â, Meyercord added, "We executed a $30 million accelerated share repurchase program during the quarter, reflecting opportunistic action by our Board of Directors and demonstrating our ongoing commitment to drive shareholder value and minimize dilution from our equity programs.  We remain confident in our ability to execute our long-term strategy and will continue to use share repurchases as a vehicle to create value for our shareholders. Extreme Networks uses both GAAP and non-GAAP measures to evaluate and manage its operations. The conference call may also be heard by dialing 1(877) 303-9826 or international 1 (224) 357-2194. We made progress in the integration of Aerohive Networks and in extracting related synergies. Extreme Networks, the Extreme Networks logo, ExtremeSwitching, ExtremeWireless, Extreme Management Center, ExtremeRouting, Extreme Fabric Connect, ExtremeAnalytics, ExtremeControl, Extreme Retail Select, and Extreme Fabric Automation, are trademarks of Extreme Networks, Inc. or its subsidiaries in the United States and/or other countries. By clicking on any of the content or interacting with any section of this website, you are agreeing to this use of cookies in the manner described in our Privacy and Cookies Policy. Extreme Networks’ stock price has plunged since the company closed its $210 million acquisition of Aerohive last August, nosediving 64.44 percent from $8.10 per share on Aug. 9 to $2.88 on Wednesday. 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. For its third quarter of fiscal 2020, ending March 31, 2020, the Company is targeting: Shares outstanding used in calculating GAAP EPS, Shares outstanding used in calculating Non-GAAP EPS. 82 reviews from Extreme Networks employees about Extreme Networks culture, salaries, benefits, work-life balance, management, job security, and more. Glassdoor has 661 Extreme Networks reviews submitted anonymously by Extreme Networks employees. Pros. 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. “Don’t stop thinking about tomorrow. Inventory valuation adjustments.  Extreme Networks excludes these expenses since they result from an event that is outside the ordinary course of continuing operations. To supplement the Company's condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, ("GAAP"), Extreme Networks uses non-GAAP measures of certain components of financial performance.  These non-GAAP measures include non-GAAP net income, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP earnings per diluted share and Free Cash Flow. TheLayoff.com, a website that tracks downsizing across the corporate world, reported that 12 percent of the company’s workforce was affected by the latest purge. Extreme Networks’ Chief Operating Officer Norman Rice told CRN USA last week that the company hit a few supply chain road bumps as the COVID-19 coronavirus pandemic led to issues with component makers in Asia. Stock-based compensation. Purchase accounting adjustments relating to the mark up of acquired inventory to fair value less disposal costs. Consists of associated expenses for stock options, restricted stock and the Company's Employee Stock Purchase Plan.  Extreme Networks 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. Our 100% in-sourced services and support are number one in the industry. Glassdoor For more information, visit Extreme's website or call 1-888-257-3000. Reports on that site suggest that the majority of the layoffs are impacting development and product management employees in the firm’s network access control (NAC) and Extreme Management Center (XMC) product units. 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. Unfortunately, this means some of the positions have become redundant. Extreme Networks has offices in San Jose, Herndon, Lake Mary, … 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 USA. Even with 50,000 customers globally, including half of the Fortune 50 and some of the world's leading names in business, hospitality, retail, transportation and logistics, education, government, healthcare, and manufacturing, we remain nimble and responsive to ensure customer and partner success. For one, their customer service team is pretty much only interested in sales and not support. Glassdoor has 669 Extreme Networks reviews submitted anonymously by Extreme Networks employees. Read employee reviews and ratings on Glassdoor to decide if Extreme Networks is right for you. TheLayoff.com is live since January 31, 2009! Read more about working at Extreme Networks. So if you do need help, don't expect them to help at all. Basic and diluted net (loss) income per share: Shares used in per share calculation - basic, Shares used in per share calculation - diluted, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. Extreme Networks Provides Update on Q1 Outlook; Expects to Deliver Revenue and EPS Above High-End of Previous Outlook SAN JOSE, Calif., Oct. 8, 2020 /PRNewswire/ -- Extreme Networks, Inc. (Nasdaq: EXTR), a cloud-driven networking company, today announced a business update on the financial results for its first … Conference ID # 2146939. Glassdoor has 669 Extreme Networks reviews submitted anonymously by Extreme Networks employees. Competitors of Extreme Networks include Hewlett Packard Enterprise, Juniper Networks and Cisco. Extreme Networks Reports Second Quarter Fiscal Year 2020 Financial Results. "Our Q2 Non-GAAP EPS of $0.13 was the result of achieving our long-standing Non-GAAP gross margin target of 60% for the first time in Extreme's history and growing operating margin both year-over-year and quarter-over-quarter. Extreme uses the non-GAAP free cash flow metric as a measure of operating performance. “We are aligning and converging our global teams so we can dynamically respond to the market and changes in investment profiles. Disclaimer. Extreme this week revealed several financial assistance programs for partners in the midst of the global pandemic, including deferred payments, extended rebates, and longer certifications deadlines. Our best-of-breed technology solutions, from the wireless and IoT edge to the data center, are flexible, agile, and secure to accelerate the digital transformation of our customers and provide them with the fastest path to the autonomous enterprise. 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