EXTREME NETWORKS INC
For the period ended Jun 30, 2024. Filed Aug 16, 2024.
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FY2024 · Filed Aug 16, 2024
EXTR$25.48-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Year Ended | |||
|---|---|---|---|
| June 30,2024 | June 30,2023 | June 30, 2022 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $(85,964) | $78,074 | $44,271 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation | 24,134 | 19,888 | 20,215 |
| Amortization of intangible assets | 5,313 | 14,988 | 19,946 |
| Reduction in carrying amount of right-of-use asset | 11,455 | 12,248 | 14,929 |
| Provision for credit losses | 210 | 459 | 29 |
| Share-based compensation | 76,763 | 63,472 | 43,362 |
| Deferred income taxes | 80 | 407 | 682 |
| Provision for excess and obsolete inventory(1) | 71,068 | 7,305 | 1,053 |
| Non-cash interest expense | 1,060 | 1,145 | 4,443 |
| Other | (2,496) | (8,056) | 423 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 92,316 | 1,593 | (26,231) |
| Inventories(1) | (116,434) | (49,132) | (17,775) |
| Prepaid expenses and other assets | (21,212) | (1,368) | (4,469) |
| Accounts payable | (48,012) | 14,733 | 23,810 |
| Accrued compensation and benefits | (29,136) | 17,137 | (20,709) |
| Operating lease liabilities | (11,528) | (15,219) | (18,949) |
| Deferred revenue | 76,240 | 90,102 | 44,635 |
| Other current and long-term liabilities | 11,629 | 1,436 | (1,488) |
| Net cash provided by operating activities | 55,486 | 249,212 | 128,177 |
| Cash flows from investing activities: | |||
| Capital expenditures | (18,121) | (13,800) | (15,433) |
| Business acquisition, net of cash acquired | — | — | (69,517) |
| Net cash used in investing activities | (18,121) | (13,800) | (84,950) |
| Cash flows from financing activities: | |||
| Borrowings under revolving facility | 30,000 | 25,000 | — |
| Payments on revolving facility | (55,000) | — | — |
| Payments on debt obligations | (10,000) | (108,625) | (38,125) |
| Loan fees on borrowings | — | (3,158) | — |
| Repurchase of common stock | (49,855) | (99,860) | (44,973) |
| Payments for tax withholdings, net of proceeds from issuance of common stock | (30,123) | (5,140) | (6,541) |
| Payment of contingent consideration obligations | — | — | (1,024) |
| Deferred payments on an acquisition | — | (3,000) | (4,000) |
| Net cash used in financing activities | (114,978) | (194,783) | (94,663) |
| Foreign currency effect on cash and cash equivalents | (514) | (325) | (936) |
| Net increase (decrease) in cash and cash equivalents | (78,127) | 40,304 | (52,372) |
| Cash and cash equivalents at beginning of period | 234,826 | 194,522 | 246,894 |
| Cash and cash equivalents at end of period | $156,699 | $234,826 | $194,522 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $14,691 | $13,093 | $9,272 |
| Cash paid for taxes, net | $15,613 | $12,003 | $7,776 |
| Non-cash investing activities: | |||
| Unpaid capital expenditures | $4,084 | $2,250 | $1,756 |
(1)The prior period amounts have been reclassified to conform to the current period presentation.
See accompanying notes to the consolidated financial statements.
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