EXTR Extreme Networks Inc

______________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (date of earliest event reported): February 18, 2025

 

EXTREME NETWORKS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		000-25711		77-0430270
(State or other jurisdiction of incorporation)		(Commission File No.)		(I.R.S. Employer Identification No.)

2121 RDU Center Drive, Suite 300

Morrisville, North Carolina 27560

(Address of principal executive offices)

Registrant's telephone number, including area code:

(408) 579-2800

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		EXTR		NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

---

Item 8.01 Other Events

 

On February 18, 2025, Extreme Networks, Inc. (the "Company") issued a press release announcing that its Board of Directors has authorized a share repurchase of $200 million of common stock over a three-year period, commencing July 1, 2025. Extreme has approximately $50 million remaining from the share repurchase authorization approved in May 2022, which expires June 30, 2025. The manner, timing and amount of any future purchases will be determined by the Company's management based on their evaluation of market conditions, stock price, Extreme’s ongoing determination that it is the best use of available cash and other factors. The repurchase program does not obligate Extreme to acquire any common stock, may be suspended or terminated at any time without prior notice and will be subject to regulatory considerations. Purchases may be made from time to time in the open market or pursuant to a 10b5-1 plan.

 

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits.

 

99.1		Press Release dated February 18, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 18, 2025

 

EXTREME NETWORKS, INC.
By:		/s/ KATAYOUN ("KATY") MOTIEY
		Katayoun ("Katy") Motiey
		Chief Legal, Administrative & Sustainability Officer

 

---

Extreme Networks Announces $200 Million Share Repurchase Authorization

 

Morrisville, NC., February 18, 2025 – Extreme Networks, Inc. (Nasdaq: EXTR), a leader in cloud networking, today announced that its Board of Directors has authorized a share repurchase of $200 million of common stock over a three-year period, commencing July 1, 2025. Extreme has approximately $50 million remaining from the share repurchase authorization approved in May 2022, which expires June 30, 2025.

 

Kevin Rhodes, Extreme’s Executive Vice President and CFO said, "We have resumed our buyback activity after several quarters of sequential growth and improvement in cash flow. Given the confidence we have in our long-term growth prospects, we believe the best use of free cash flow is to deleverage our balance sheet, offset dilution from our equity programs, and to opportunistically return capital to shareholders. This buyback authorization further extends our ability to maximize shareholder returns beyond fiscal 2025.”

 

The manner, timing and amount of any future purchases will be determined by the Company's management based on their evaluation of market conditions, stock price, Extreme’s ongoing determination that it is the best use of available cash and other factors. The repurchase program does not obligate Extreme to acquire any common stock, may be suspended or terminated at any time without prior notice and will be subject to regulatory considerations. Purchases may be made from time to time in the open market or pursuant to a 10b5-1 plan.

 

 

Forward-Looking Statements

Statements in this press release, including statements regarding the company's cash flow and its intention to repurchase shares of its common stock from time to time under the stock repurchase program, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements speak only as of the date of this release. There are several important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the company's cash flows from operations, general economic conditions, and other factors discussed under Item 1A. "Risk Factors," in the company’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other reports filed with the SEC. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, the occurrence of certain events or otherwise. As a result of these risks and others, actual results could vary significantly from those anticipated in this press release, and the company’s financial condition and results of operations could be materially adversely affected.

---

About Extreme Networks:

Extreme Networks, Inc. (EXTR) is a leader in AI-driven cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging the powers of artificial intelligence, analytics, and automation. Tens of thousands of customers globally trust our AI-driven cloud networking solutions and industry-leading support to enable businesses to drive value, foster innovation, and overcome extreme challenges. For more information, visit Extreme's website at www.extremenetworks.com or follow us on LinkedIn, YouTube, X, Facebook, or Instagram.

Extreme Networks and the Extreme Networks logo are trademarks or registered trademarks of Extreme Networks, Inc. in the United States and other countries.

 

###

Investor Relations and Press Contacts:

 

Stan Kovler SVP, Corporate Development & Investor Relations Extreme Networks 919-595-4196 skovler@extremenetworks.com	Amy Aylward VP, Corporate Marketing Extreme Networks 603-952-5138 PR@extremenetworks.com

 

Source: Extreme Networks, Inc.

---

v3.25.0.1

Document and Entity Information	Feb. 18, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 18, 2025
Entity Registrant Name	EXTREME NETWORKS, INC.
Entity Central Index Key	0001078271
Entity Emerging Growth Company	false
Entity File Number	000-25711
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	77-0430270
Entity Address Address Line1	2121 RDU Center Drive
Entity Address, Address Line Two	Suite 300
Entity Address City Or Town	Morrisville
Entity Address State Or Province	NC
Entity Address Postal Zip Code	27560
City Area Code	408
Local Phone Number	579-2800
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security12b Title	Common Stock
Trading Symbol	EXTR
Security Exchange Name	NASDAQ

---