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SAN JOSE, Calif., May 11, 2020 /PRNewswire/ — Extreme Networks, Inc. (“Extreme”) (Nasdaq: EXTR) today appear banking after-effects for its budgetary third division assured March 31, 2020.



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 FREE 22+ Sample Financial Statement Forms in PDF | WORD - financial statement components

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Fiscal Third Division Results: 



“I appetite to acknowledge our advisers for their adherence to our business initiatives and our customers. We appear Q3 after-effects in-line with our antithesis angle amend issued April 8. As we said then, the COVID-19 bloom crisis and consistent bread-and-butter fallout charcoal an aberrant headwind. Admitting this backdrop, we are blessed to say that we did not acquaintance any absolute change in the aggressive ambiance and abide to beforehand all-embracing deployments with bigger afterimage and aplomb in our pipeline. We accept we will be able to assassinate on these opportunities in time,” declared Ed Meyercord, President and CEO of Extreme Networks. 



“Even with these challenges, we took accomplishments in the division to added strengthen our business. To abode bazaar needs, we accelerated our efforts to ‘cloudify’ our portfolio and connected to cycle out new products. Our teams accomplished on these initiatives advanced of schedule, admitting operating in a alien assignment environment. With all-around priorities about business chain and cloud-based networking acceptable added important than ever, we accept we are well-positioned to abduction the abiding bazaar opportunity.  We will acclimate this claiming and I am assured Extreme will appear from this as a stronger and added adamant company,” assured Meyercord.

Remi Thomas, CFO of Extreme Networks, noted: “We connected to booty accomplishments to added strengthen our antithesis sheet. During Q3 we delivered absolute operating banknote flows and afterwards beforehand in our net debt position. As of March 31, we captivated about $200 actor of banknote on duke and I am additionally admiring to advertise that we formed with our lenders to extend our agreement abandonment until March 31, 2021 from July 31, 2020. During the quarter, we additionally took action to lower the non-GAAP breakeven point to about $220 actor in acquirement by abbreviation operating costs and accelerating our R&D and go-to-market transformations, all while added acceptable our banking flexibility.  We accept this puts us in a solid position to affected the macroeconomic appulse of COVID-19.”

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Fiscal Q3 2020 Banking Metrics:

(in millions, except percentages and per allotment information)

Q3 FY’20

Q3 FY’19

Change

GAAP After-effects of Operations

Product

$

136.5

$

190.8

$

(54.3)

(28)

%

Service

73.0

60.1

12.9

21

%

Total net revenue

$

209.5

$

250.9

$

(41.4)

(17)

%

Gross margin

53.1

%

55.4

%

-230 bps

Operating margin

(18.3)

%

(0.9)

%

-1741 bps

Net loss

$

(44.4)

$

(6.9)

$

(37.5)

(543)

%

Net accident per adulterated share

$

(0.37)

$

(0.06)

$

(0.31)

(517)

%

Non-GAAP After-effects of Operations

Product

$

136.5

$

190.8

$

(54.3)

(28)

%

Service

73.0

60.1

12.9

21

%

Total net revenue

$

209.5

$

250.9

$

(41.4)

(17)

%

Gross margin

56.7

%

57.6

%

-90 bps

Operating margin

(5.1)

%

5.6

%

-1070 bps

Net assets (loss)

$

(16.6)

$

9.3

$

(25.9)

(280)

%

Income (loss) per adulterated share

$

(0.14)

$

0.08

$

(0.22)

(275)

%

Extreme uses the non-GAAP chargeless banknote breeze metric as a admeasurement of operating performance. Chargeless banknote breeze represents GAAP net banknote provided by operating activities, beneath purchases of property, bulb and equipment.  A limitation of the account of this non-GAAP chargeless banknote breeze metric as a admeasurement of banking achievement is that it does not represent the absolute access or abatement in the Company’s banknote antithesis for the period. As apparent in the table beneath (in thousands):

Free Banknote Flow

Three Months Ended

Nine Months Ended

March 31,2020

March 31,2019

March 31,2020

March 31,2019

Cash breeze provided by operations

$

5,150

$

17,709

$

27,061

$

79,502

Less: PP&E CapEx spending

(3,192)

(5,041)

(12,630)

(16,181)

Total chargeless banknote flow

$

1,958

$

12,668

$

14,431

$

63,321

*Gross debt is authentic as abiding and accustomed allocation of abiding debt as apparent on the antithesis area added unamortized debt arising costs. Net debt is authentic as gross debt bare cash, as apparent in the table beneath (in millions):

Gross debt

Cash

Net debt

$

425.5

$

196.4

$

229.1

Business Outlook:Extreme’s Business Angle is based on accustomed expectations. The afterward statements are forward-looking, and absolute after-effects could alter materially based on bazaar altitude and the factors set alternating beneath “Forward-Looking Statements” below.

The company’s abiding drivers abide complete and we accept that we are well-positioned to abduction the bazaar befalling in cloud-driven networking.  Further, bookings during the aboriginal ages of Q4 were hardly aloft our centralized expectations and are active at a hardly college akin than the aboriginal ages of Q3.  However, the accustomed bazaar ambiance is aqueous for anybody and Extreme Networks’ annual business is about back-end loaded, with June actuality a key ages in our Q4 2020 forecast.  Because of these factors, we are briefly suspending our Q4 2020 outlook.  We will amend accouterment annual advice based on the accuracy of macroeconomic accretion at the end of the fourth budgetary quarter.

Conference Call:                                                                                                                               Extreme will host a appointment alarm at 5:00 p.m. Eastern (2:00 p.m. Pacific) today to analysis the third budgetary division after-effects as able-bodied as the business angle for fourth budgetary division catastrophe June 30, 2020, including cogent factors and assumptions basal the targets acclaimed above. The appointment alarm will be accessible to the accessible through a alive audio web advertisement via the internet at http://investor.extremenetworks.com and a epitomize of the alarm will be accessible on the website through May 18, 2020. The appointment alarm may additionally be heard by dialing 1 (877) 303-9826 or all-embracing 1 (224) 357-2194 with Appointment ID # 5793875. Supplemental banking advice to be discussed during the appointment alarm will be acquaint in the Investor Relations area of the Company’s website www.extremenetworks.com including the non-GAAP adaptation absorbed to this columnist release. The acclamation recording can be accessed by dialing 1 (855) 859-2056 or all-embracing 1 (404) 537-3406. Appointment ID # 5793875. The acclamation recording will be accessible for 7 canicule afterward the call.

About Extreme Networks:Extreme Networks, Inc. (EXTR) creates effortless networking adventures that accredit all of us to advance. We advance the boundaries of technology leveraging the admiral of apparatus learning, bogus intelligence, analytics, and automation. Over 50,000 barter globally assurance our end-to-end, cloud-driven networking solutions and await on our top-rated casework and abutment to advance their agenda transformation efforts and bear advance like never before. For added information, appointment Extreme’s website or chase us on Twitter, LinkedIn, and Facebook.

Extreme Networks, the Extreme Networks logo, ExtremeCloud IQ, ExtremeWireless, Extreme Fabric Connect, and ExtremeAnalytics, are trademarks of Extreme Networks, Inc. or its subsidiaries in the United States and/or added countries.

Non-GAAP Banking Measures:Extreme provides all banking advice appropriate in accordance with about accustomed accounting attempt (“GAAP”). The Aggregation is accouterment with this columnist absolution non-GAAP gross margins, non-GAAP operating margins, non-GAAP operating expenses, non-GAAP net income, non-GAAP antithesis per share, and Non-GAAP chargeless banknote flow. In advancing non-GAAP information, the Aggregation has excluded, area applicable, the appulse of share-based compensation, accretion and affiliation costs, acquired account adjustments, acquittal of acquired intangibles, account appraisal adjustment, restructuring charges, assets tax and chargeless banknote flow.  The Aggregation believes that excluding these items provides both administration and investors with added acumen into its accustomed operations, the trends affecting the Company, the Company’s exchange performance, and the Company’s adeptness to accomplish banknote from operations. Please agenda the Company’s non-GAAP measures may be altered than those acclimated by added companies. The added non-GAAP banking advice the Aggregation presents should be advised in affiliation with, and not as a acting for, the Company’s GAAP banking information. 

The Aggregation has provided a non-GAAP adaptation of the after-effects for the periods presented in this release, which are adapted to exclude assertive items as indicated.  These measures should alone be acclimated to appraise the Company’s after-effects of operations in affiliation with the agnate GAAP measures for commensurable banking advice and compassionate of the Company’s advancing achievement as a business. Extreme Networks uses both GAAP and non-GAAP measures to appraise and administer its operations.

Forward Looking Statements:Statements in this release, including those apropos the Company’s business outlook, approaching banking and operating results, acquired technologies and operations, the accession of new products, the success of our agenda transformation initiatives, the appulse of the Aerohive accretion integration, the capability of our efforts to “Cloudify” our portfolio, the accustomed appulse of COVID-19 and accompanying macroeconomic conditions, and all-embracing approaching affairs are advanced statements aural the acceptation of the “safe harbor” accoutrement of the Private Balance Litigation Reform Act of 1995. These advanced statements allege alone as of the date of this release. Absolute after-effects or contest could alter materially from those advancing in those advanced statements as a aftereffect of assertive factors, including: our abortion to accomplish targeted revenues and forecasted appeal from end customers; a awful aggressive business ambiance for arrangement switching accessories and billow administration of arrangement devices; our capability in authoritative expenses; the achievability that we ability acquaintance delays in the development or accession of new technology and products; chump acknowledgment to our new technology and products; risks accompanying to awaiting or approaching litigation; macroeconomic factors, a annex on third parties for assertive apparatus and for the accomplishment of our products; and the impacts of COVID-19, and any deepening of the all-around business and bread-and-butter ambiance as a result, on the Company’s business, banking action and operating results. 

More advice about abeyant factors that could affect the Company’s business and banking after-effects are declared in “Management’s Discussion and Analysis of Banking Action and After-effects of Operations” and “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year assured June 30, 2019, Form 8-K issued on April 8, 2020 and added abstracts of the Aggregation on book with the Balance and Exchange Commission (available at www.sec.gov).  Except as appropriate beneath the U.S. federal balance laws and the rules and regulations of the U.S. Balance and Exchange Commission, Extreme Networks disclaims any obligation to amend any advanced statements afterwards the date of this release, whether as a aftereffect of new information, approaching events, developments, changes in assumptions or otherwise.

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per allotment amounts)

(Unaudited)

March 31,2020

June 30,2019

ASSETS

Current assets:

Cash

$

196,350

$

169,607

Accounts receivable, net of allowance for ambiguous accounts of $1,686 and $1,054, respectively

96,212

174,414

Inventories

66,214

63,589

Prepaid costs and added accustomed assets

36,737

34,379

Total accustomed assets

395,513

441,989

Property and equipment, net

62,961

73,554

Operating charter right-of-use assets, net

53,015

Intangible assets, net

77,152

51,112

Goodwill

331,084

138,577

Other assets

53,727

51,642

Total assets

$

973,452

$

756,874

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current allocation of abiding debt, net of unamortized debt arising costs of $2,181 and $1,261, respectively

$

16,819

$

9,011

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IFRS vs USGAAP dec2015 – financial statement components | financial statement components

Accounts payable

52,981

65,704

Accrued advantage and benefits

34,745

51,625

Accrued warranty

15,222

14,779

Current portion, operating charter liability

18,197

Current portion, deferred revenue, net

174,900

144,230

Other accrued liabilities

61,665

70,680

Total accustomed liabilities

374,529

356,029

Deferred revenue, beneath accustomed portion

96,799

59,012

Long-term debt, beneath accustomed portion, net of unamortized debt arising costs of $6,796 and $1,251, respectively

399,704

169,739

Operating charter liability, beneath accustomed portion

53,855

Deferred assets taxes

2,233

1,957

Other abiding liabilities

29,932

54,150

Commitments and contingencies

Stockholders’ equity:

Convertible adopted stock, $.001 par value, issuable in series, 2,000 shares authorized; none issued

Common stock, $.001 par value, 750,000 shares authorized; 126,736 and 121,538 shares issued, respectively; 120,139 and 119,172 shares outstanding, respectively

127

122

Additional paid-in-capital

1,024,836

986,772

Accumulated added absolute loss

(6,388)

(2,473)

Accumulated deficit

(959,062)

(853,434)

Treasury banal at cost: 6,597 and 2,366 shares, respectively

(43,113)

(15,000)

Stockholders’ equity

16,400

115,987

Total liabilities and stockholders’ equity

$

973,452

$

756,874

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per allotment amounts)

(Unaudited)

Three Months Ended

Nine Months Ended

March 31,

2020

March 31,

2019

March 31,

2020

March 31,

2019

Net revenues:

Product

$

136,547

$

190,740

$

512,173

$

558,027

Service

72,972

60,124

220,324

185,403

Total net revenues

209,519

250,864

732,497

743,430

Cost of revenues:

Product

71,927

86,876

254,705

256,906

Service

26,257

25,069

80,543

74,235

Total bulk of revenues

98,184

111,945

335,248

331,141

Gross profit:

Product

64,620

103,864

257,468

301,121

Service

46,715

35,055

139,781

111,168

Total gross profit

111,335

138,919

397,249

412,289

Operating expenses:

Research and development

50,577

52,081

165,073

155,526

Sales and marketing

70,132

72,321

216,925

208,245

General and administrative

15,119

15,479

45,199

42,136

Acquisition and affiliation costs

5,156

30,075

2,613

Restructuring charges, net of reversals and impairment

6,648

19,407

1,282

Amortization of intangibles

2,059

1,292

6,366

5,008

Total operating expenses

149,691

141,173

483,045

414,810

Operating loss

(38,356)

(2,254)

(85,796)

(2,521)

Interest income

222

628

1,366

1,665

Interest expense

(5,979)

(2,996)

(17,377)

(9,588)

Other  assets (expense), net

1,318

(433)

1,128

(345)

Loss afore assets taxes

(42,795)

(5,055)

(100,679)

(10,789)

Provision (benefit) for assets taxes

1,557

1,877

4,949

(1,991)

Net loss

$

(44,352)

$

(6,932)

$

(105,628)

$

(8,798)

Basic and adulterated net accident per share:

Net accident per allotment – basal and diluted

$

(0.37)

$

(0.06)

$

(0.88)

$

(0.07)

Shares acclimated in per allotment adding – basal and diluted

119,162

117,944

119,648

117,619

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

Nine Months Ended

March 31,

2020

March 31,

2019

Cash flows from operating activities:

Net loss

$

(105,628)

$

(8,798)

Adjustments to accommodate net accident to net banknote provided by operating activities:

Depreciation

21,719

20,026

Amortization of abstract assets

26,460

19,734

Reduction in accustomed bulk of right-of-use asset

12,469

Provision for ambiguous accounts

1,267

1,369

Share-based compensation

26,935

24,339

Deferred assets taxes

1,293

(6,030)

Non-cash restructuring and crime charges

7,622

Non-cash absorption expense

3,070

2,308

Other

(395)

15

Changes in operating assets and liabilities, net of acquisitions

Accounts receivable

88,688

69,328

Inventories

16,373

6,222

Prepaid costs and added assets

438

(6,993)

Accounts payable

(21,530)

(26,348)

Accrued advantage and benefits

(24,009)

(17,502)

Operating charter liabilities

(13,222)

Deferred revenue

43

13,197

Other accustomed and abiding liabilities

(14,532)

(11,365)

Net banknote provided by operating activities

27,061

79,502

Cash flows from beforehand activities:

Capital expenditures

(12,630)

(16,181)

Business acquisitions, net of banknote acquired

(219,458)

Maturities and sales of investments

45,249

727

Net banknote acclimated in beforehand activities

(186,839)

(15,454)

Cash flows from costs activities:

Borrowings beneath Revolving Facility

55,000

Borrowings beneath Term Loan

199,500

Loan fees on borrowings

(10,514)

(545)

Repayments of debt

(29,767)

(17,403)

Repurchase of accustomed stock

(30,000)

(15,000)

Proceeds from arising of accustomed stock, net of tax withholding

9,491

13,044

Payment of accidental application obligations

(3,448)

(5,274)

Deferred payments on an acquisition

(3,000)

(3,000)

Net banknote provided by (used in) costs activities

187,262

(28,178)

Foreign bill aftereffect on cash

(741)

(196)

Net access in cash

26,743

35,674

Cash at alpha of period

169,607

121,139

Cash at end of period

$

196,350

$

156,813

Extreme Networks, Inc.Non-GAAP Measures of Banking Performance

To supplement the Company’s abridged circumscribed banking statements presented in accordance with U.S. about accustomed accounting principles, (“GAAP”), Extreme Networks uses non-GAAP measures of assertive apparatus of banking performance.  These non-GAAP measures accommodate non-GAAP net income, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP antithesis per adulterated allotment and Chargeless Banknote Flow.

Reconciliation to the abutting GAAP admeasurement of all actual non-GAAP measures included in this columnist absolution can be begin in the tables included with this columnist release.  In this columnist release, Extreme Networks additionally presents its ambition for non-GAAP expenses, which is costs beneath share-based advantage expense, accretion and affiliation costs, acquired account adjustments, restructuring charges, acquittal of acquired intangibles, account appraisal adjustments, assets tax and chargeless banknote flow.

Non-GAAP measures presented in this columnist absolution are not in accordance with or another measures able in accordance with GAAP and may be altered from non-GAAP measures acclimated by added companies.  In addition, these non-GAAP measures are not based on any absolute set of accounting rules or principles.  Non-GAAP measures accept limitations in that they do not reflect all of the amounts associated with Extreme Networks’ after-effects of operations as bent in accordance with GAAP.  These non-GAAP measures should alone be acclimated to appraise Extreme Networks’ after-effects of operations in affiliation with the agnate GAAP measures.

Extreme believes these non-GAAP measures back apparent in affiliation with the agnate GAAP measures enhance investors’ and management’s all-embracing compassionate of the Company’s accustomed banking achievement and the Company’s affairs for the future, including banknote flows accessible to accompany opportunities to enhance stockholder value.  In addition, because Extreme Networks has historically appear assertive non-GAAP after-effects to investors, the Aggregation believes the admittance of non-GAAP measures provides bendability in the Company’s banking reporting.

For its centralized planning process, and as discussed added below, Extreme’s administration uses banking statements that do not accommodate share-based advantage expense, accretion and affiliation costs, acquired account adjustment, acquittal of intangibles, account appraisal adjustments, restructuring charges, busy asset impairments, assets tax and chargeless banknote flow.  Extreme’s administration additionally uses non-GAAP measures, in accession to the agnate GAAP measures, in reviewing the Company’s banking results.

As declared above, Extreme excludes the afterward items from one or added of its non-GAAP measures back applicable.

Stock-based compensation. Consists of associated costs for banal options, belted banal and the Company’s Employee Banal Purchase Plan.  Extreme Networks excludes share-based advantage costs from its non-GAAP measures primarily because they are non-cash costs that the Aggregation does not accept are cogitating of advancing banknote claim accompanying to its operating results. Extreme Networks expects to acquire share-based advantage costs in approaching periods.

Acquired account adjustments. Purchase accounting adjustments apropos to the mark up of acquired account to fair bulk beneath auctioning costs.

Acquisition and affiliation costs. Accretion and affiliation costs abide of defined advantage charges, software charges, acknowledged and able fees accompanying to the accretion of Aerohive in budgetary 2020 and the accretion of the Campus Fabric and Abstracts Center Businesses in budgetary 2018.  Extreme Networks excludes these costs back they aftereffect from an accident that is alfresco the accustomed advance of continuing operations.

Amortization of intangibles. Amortization of affluence includes the account acquittal bulk of abstract assets such as developed technology, chump relationships, trademarks and acclimation backlog.  The acquittal of the developed technology abstract is recorded in artefact bulk of appurtenances sold, while the acquittal for the added affluence are recorded in operating expenses.  Extreme Networks excludes these costs back they aftereffect from an abstract asset and for which the aeon bulk does not appulse the operations of the business and are non-cash in nature.

Inventory appraisal adjustments. Adjustments apropos to the mark bottomward of account due to duplication of articles curve with accretion of Aerohive net of recoveries on the auction of account apparent bottomward in antecedent quarters.

Restructuring expenses. Restructuring costs primarily abide of severance costs for advisers which accept no account to continuing operations and crime of right-of-use assets, abiding assets and added accuse accompanying to balance facilities. Extreme Networks excludes restructuring costs back they aftereffect from contest that action alfresco of the accustomed advance of continuing operations.

Income tax. Assets tax acclimation relates to a tax account consistent from changes alien by Tax Reform accompanying to US net operating losses acceptance the absolution of US appraisal allowance as able-bodied as a abstracted tax account consistent from the absolution of a adopted appraisal allowance accustomed advancing approaching profitability.

We do not reflect a tax aftereffect associated with the Non-GAAP operating adjustments as the adjustments are primarily accompanying to the US article which has a abounding appraisal of assorted accident carryforward tax attributes. 

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

GAAP TO NON-GAAP RECONCILIATION

(In thousands, except percentages and per allotment amounts)

(Unaudited)

Non-GAAP Revenues

Three Months Ended

Nine Months Ended

March 31,

2020

March 31,

2019

March 31,

2020

March 31,

2019

Revenues – GAAP Basis

$

209,519

$

250,864

$

732,497

$

743,430

Revenues – Non-GAAP Basis

$

209,519

$

250,864

$

732,497

$

743,430

Non-GAAP Gross Margin

Three Months Ended

Nine Months Ended

March 31,

2020

March 31,

2019

March 31,

2020

March 31,

2019

Gross accumulation – GAAP Basis

$

111,335

$

138,919

$

397,249

$

412,289

Gross allowance – GAAP Basis percentage

53.1

%

55.4

%

54.2

%

55.5

%

Adjustments:

Stock based advantage expense

648

871

2,152

2,288

Acquired account adjustments

7,303

Acquisition and affiliation costs

187

2,071

1,752

Amortization of intangibles

6,538

4,788

19,797

14,413

Inventory appraisal adjustments

3,677

Total adjustments to GAAP gross profit

$

7,373

$

5,659

$

35,000

$

18,453

Gross accumulation – Non-GAAP

$

118,708

$

144,578

$

432,249

$

430,742

Gross allowance – Non-GAAP percentage

56.7

%

57.6

%

59.0

%

57.9

%

Non-GAAP Operating Assets (Loss)

Three Months Ended

Nine Months Ended

March 31,

2020

March 31,

2019

March 31,

2020

March 31,

2019

GAAP operating loss

$

(38,356)

$

(2,254)

$

(85,796)

$

(2,521)

GAAP operating accident percentage

(18.3)

%

(0.9)

%

(11.7)

%

(0.3)

%

Adjustments:

Stock based advantage expense, bulk of revenues

648

871

2,152

2,288

Stock based advantage expense, R&D

2,518

2,814

8,213

7,953

Stock based advantage expense, S&M

1,338

3,187

8,568

8,529

Stock based advantage expense, G&A

2,639

1,942

7,523

5,569

Inventory appraisal adjustments

3,677

Acquisition and affiliation costs

5,343

32,146

4,298

Restructuring charges, net of reversals

6,648

19,407

1,282

Acquired account adjustments

7,303

Amortization of intangibles

8,597

6,080

26,163

19,421

 Loss on charter contracts

1,288

1,288

Total adjustments to GAAP operating loss

$

27,731

$

16,182

$

115,152

$

50,628

Non-GAAP operating assets (loss)

$

(10,625)

$

13,928

$

29,356

$

48,107

Non-GAAP operating assets (loss) percentage

(5.1)

%

5.6

%

4.0

%

6.5

%

Non-GAAP Net Assets (Loss)

Three Months Ended

Nine Months Ended

March 31,

2020

March 31,

2019

March 31,

2020

March 31,

2019

GAAP net loss

$

(44,352)

$

(6,932)

$

(105,628)

$

(8,798)

Adjustments:

Stock based advantage expense

7,143

8,814

26,456

24,339

    Account appraisal adjustments

3,677

Acquisition and affiliation costs

5,343

32,146

4,298

Restructuring charge, net of reversal

6,648

19,407

1,282

Acquired account adjustments

7,303

Amortization of intangibles

8,597

6,080

26,163

19,421

Loss on charter contracts

1,288

1,288

Income tax

(7,770)

Total adjustments to GAAP net loss

$

27,731

$

16,182

$

115,152

$

42,858

Non-GAAP net assets (loss)

$

(16,621)

$

9,250

$

9,524

$

34,060

Earnings per share

Non-GAAP net assets (loss) per share-diluted

$

(0.14)

$

0.08

$

0.08

$

0.28

Shares acclimated in net assets (loss) per share-diluted

Non-GAAP shares used

119,162

120,846

122,711

120,210

SOURCE Extreme Networks, Inc.

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