1 week ago - globenewswire.com

DALLAS, June 28, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary Payment Platform company, today announced a 1-for-5 reverse stock split (the “Reverse Stock Split”) of its class A common stock, $0.0001 par value per share (the “Class A Common Stock”), and its class B common stock, $0.0001 par value per share (the “Class B Common Stock” and together with the Class A Common Stock, the “common stock”).

1 week ago - globenewswire.com

DALLAS, June 24, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary payment platform company, today announced that it has acquired the assets of TommyBoyTV, LLC, a company engaged in the business of Discord development, social media, online community management, marketing, and analytics.

1 week ago - globenewswire.com

DALLAS, June 24, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary payment platform company, today announced that, effective June 17, 2024, it has acquired the assets of TommyBoyTV, LLC, a company engaged in the business of Discord development, social media, online community management, marketing, and analytics.

1 month ago - businesswire.com

DUBAI, United Arab Emirates--(BUSINESS WIRE)-- #Blockchain--Crystal, a leading blockchain analytics, compliance and risk monitoring firm, expands its Dubai presence to provide deeper support for MEA clients.

1 month ago - globenewswire.com

DALLAS, May 23, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary payment platform company, today announced that the third episode of its official YouTube channel, "The Lounge," will feature two-time NFL Super Bowl champion Ray Crockett, who will offer insights on his storied career and personal journey through life.

2 months ago - globenewswire.com

DALLAS, April 19, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. ("Asset Entities" or "the Company") (Nasdaq:  ASST ), a provider of digital marketing and content delivery services across Discord and other social media platforms, and Ternary Payment Platform company, today announced that the second episode of its official YouTube channel, "The Lounge," will feature music industry icon Jeff Blue, who will offer personal insights on the music industry, family life, and his storied music career.

3 months ago - globenewswire.com

DALLAS, April 04, 2024 (GLOBE NEWSWIRE) -- Asset Entities, Inc. (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and Designer, Developer, and Manager of Discord Server communities through its AE.360.DDM suite of services, is participating in the Stripe Sessions 2024, which will take place April 23-25, 2024, at the Moscone Center West in San Francisco, California.

3 months ago - prnewswire.com

DALLAS , March 21, 2024 /PRNewswire/ -- Asset Entities Inc. ("Asset Entities" or "the Company") (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, is pleased to announce that it has entered into an agreement with Zendrop, an industry leader in dropshipping and ecommerce. Asset Entities will be providing its services and solutions to Zendrop, through Ternary, a SaaS platform for payment processing and Stripe Verified Partner for Discord communities.

3 months ago - globenewswire.com

DALLAS, March 21, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, is pleased to announce that it has entered into an agreement with Zendrop, an industry leader in dropshipping and ecommerce.

3 months ago - prnewswire.com

DALLAS , March 15, 2024 /PRNewswire/ -- Asset Entities Inc. ("Asset Entities" or "the Company") (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced it will attend the Game Developers Conference (GDC) 2024, scheduled for March 18 th-22nd at the Moscone Center in San Francisco. The Company will be in-person representing their AE360DDM Discord design, development, and management services, and Ternary, a Stripe Verified Partner for CRM and payment processing for Discord.

3 months ago - globenewswire.com

DALLAS, March 15, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced it will attend the Game Developers Conference (GDC) 2024, scheduled for March 18th-22nd at the Moscone Center in San Francisco.

3 months ago - prnewswire.com

DALLAS , March 11, 2024 /PRNewswire/ -- Asset Entities Inc. ("Asset Entities" or "the Company") (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced the launch of its official YouTube channel, "The Lounge," which will feature podcast interviews with celebrities, sports figures, business professionals, and more, and where interviews will focus on each guest's journey through life.    The inaugural podcast of "The Lounge" features Michael "the Playmaker" Irvin, former NFL superstar Hall of Fame wide receiver and three-time Superbowl Champion and can be viewed on "The Lounge" YouTube channel @TheAELounge.

4 months ago - globenewswire.com

DALLAS, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc.  (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced it has successfully launched Ternary V2, the next generation of Ternary's Stripe-verified payment processing platform for Discord communities.

6 months ago - globenewswire.com

DALLAS, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Asset Entities Inc.  (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced the launch of Ternary V2, the next generation of Ternary's Stripe-verified digital community payment processing platform.

7 months ago - pennystocks.com

Highly speculative penny stocks under $1 per share likely intimidate most investors. However, their potential upside potential still manages to attract bold traders willing to implement thoughtful risk management.

7 months ago - globenewswire.com

DALLAS, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Asset Entities Inc.  (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced that the Company's Board of Directors has approved a stock repurchase program to purchase up to an aggregate of 1,250,000 shares of its outstanding Class B Common Stock. Acquisitions pursuant to this stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company's discretion. The stock repurchase program will expire on November 21, 2024, unless otherwise modified by the Board of Directors.

7 months ago - globenewswire.com

DALLAS, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Asset Entities Inc.  (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, today announced it has acquired all of the assets of Ternary Inc., a cloud-based subscription management solution for Discord communities and Stripe-verified payment processor, and OptionsSwing Inc., an investment research and analysis education service.

9 months ago - newsfilecorp.com

Dallas, Texas--(Newsfile Corp. - October 5, 2023) - Asset Entities, Inc. (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, will be participating in The ThinkEquity Conference, which will take place on October 19, 2023 at The Mandarin Oriental Hotel in New York. Arshia Sarkhani, CEO of Asset Entities, will be presenting at 1:00 PM ET on October 19th.

9 months ago - globenewswire.com

DALLAS, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Asset Entities, Inc. (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and Designer, Developer, and Manager of Discord Server communities through its AE.360.DDM suite of services, is participating in the ThinkEquity Conference, which will take place on October 19, 2023, at the Mandarin Oriental Hotel in New York, New York.

9 months ago - globenewswire.com

NFL Legend Michael “the Playmaker” Irvin Selects Asset Entities to Design, Develop, and Manage his Discord Community NFL Legend Michael “the Playmaker” Irvin Selects Asset Entities to Design, Develop, and Manage his Discord Community

11 months ago - globenewswire.com

DALLAS, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Asset Entities Inc. (NASDAQ: ASST) (the “Company” or “Asset Entities”), a provider of digital marketing and content delivery services across Discord and other social media platforms, announces that Matchbox Twenty has chosen Asset Entities to Design, Develop, and Manage its server on the Discord social community platform. Matchbox Twenty, the Multi-Platinum Band, whose career has generated sales of over 40 million records worldwide, attracts a massive following across all age groups from 7 to 70.

11 months ago - globenewswire.com

DALLAS, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Asset Entities Inc. (NASDAQ: ASST) (the “Company” or “Asset Entities”), a provider of digital marketing and content delivery services across Discord and other social media platforms, announces that Matchbox Twenty has chosen Asset Entities to Design, Develop, and Manage its server on the Discord social community platform. Matchbox Twenty, the Multi-Platinum Band, whose career has generated sales of over 40 million records worldwide, attracts a massive following across all age groups from 7 to 70.

11 months ago -

DALLAS, July 17, 2023 (GLOBE NEWSWIRE) -- Asset Entities Inc. (NASDAQ: ASST) (the “Company” or “Asset Entities”), a provider of digital marketing and content delivery services across Discord and other social media platforms, congratulates Bryce Verplank, World Long Drive (WLD) Pro Golfer and the Company's Lead Golf Liaison on his first victory at the WLD tournament in Port Rowan, Ontario.

1 year ago - businesswire.com

MORRISVILLE, N.C.--(BUSINESS WIRE)--Extreme Networks, Inc. (“Extreme”) (Nasdaq: EXTR) today released financial results for its third fiscal quarter ended March 31, 2023. Fiscal Third Quarter Results: Revenue $332.5 million, up 16% year-over-year, and up 4% quarter-over-quarter SaaS ARR* $117 million, up 22% year-over-year, and up 2% quarter-over-quarter GAAP diluted EPS $0.17, compared to $0.10 in Q3 last year and $0.13 last quarter Non-GAAP diluted EPS $0.29, compared to $0.21 in Q3 last year and $0.27 last quarter GAAP gross margin 57.7%, compared to 56.5% in Q3 last year Non-GAAP gross margin 59.1%, compared to 58.0% in Q3 last year GAAP operating margin 8.9%, compared to 6.1% in Q3 last year Non-GAAP operating margin 15.6%, compared to 12.5% in Q3 last year Net cash provided by operating activities of $48.2 million Free cash flow of $45.8 million Repurchased 1.35 million shares for $25.0 million President and CEO Ed Meyercord stated: "Extreme delivered another quarter of record results punctuated by improving supply chain conditions, the strengthening of our competitive position, and solid execution. Market share gains were highlighted by 20% growth in bookings from new customers during the quarter, which drove sequential product bookings growth of 6%. The combination of our enterprise cloud and fabric networking solutions delivers a simplified experience for customers and provides our team a competitive advantage in the field. Our funnel of opportunities is up double-digits and we expect higher sequential bookings growth as we head into Q4." "We believe the improving supply chain and cloud software subscription growth will support an over 20% year-over-year revenue increase in Q4. We also expect earnings to more than double year-over-year, on both a GAAP and Non-GAAP basis, driven by gross margin expansion and operating leverage," continued Meyercord. Interim CFO Cristina Tate noted: "Extreme's record quarterly revenue and operating profit resulted in another quarter of strong cash flow, which allowed us to repurchase $25 million of stock and reduce our debt by $25 million, lowering our net debt to $34 million. We've raised our full year FY23 revenue outlook to 16% year-over-year, which is the midpoint of our guidance. We remain committed to our long-term outlook of mid-teens topline growth and margin expansion through FY25." Recent Key Highlights: Extreme extended its industry-leading Fabric solution to the edge of the network, making it simple for customers to securely connect and manage distributed environments from a single platform: ExtremeCloud. As a result, customers can lower operating costs, automate IT workflows for efficiency and improve application performance across their organization. Extreme will host its annual user conference, Extreme Connect, from May 8-11, 2023, in Berlin, Germany. The event will include innovative new product introductions, expert guest speakers, hands-on demonstrations and more. Tune in virtually to a 60-minute live news broadcast from Extreme Connect Berlin starting at 3 p.m. CEST/9 a.m. ET on May 9 and 10 via Extreme’s LinkedIn or YouTube channel. Kroger selected Extreme as its partner to help drive impactful, engaging in-store experiences and streamline store operations as it creates the store of the future. Kroger will deploy ExtremeCloud IQ cloud management and Wi-Fi 6E access points to create optimized experiences for customers and associates with services including “scan-as-you-go,” inventory location and temperature sensing applications. In partnership with Comcast, Extreme deployed Wi-Fi 6E Access Points, ExtremeCloud IQ and Universal Switches at Oracle Park, home of the San Francisco Giants, making it the first major sports venue to be 100% Wi-Fi 6E ready. In partnership with Verizon, Extreme deployed the largest outdoor Wi-Fi 6 network in the U.S. at Daytona International Speedway. Global healthcare organizations are increasingly investing in Extreme solutions including Dr. Sulaiman Al Habib Medical Services Group (HMG), one of the largest providers of comprehensive healthcare services in Saudi Arabia, as well as Prima CARE in the US, West Suffolk NHS Foundation Trust in the UK and ASST Mantova in Italy. As a result, these organizations can support bandwidth-intensive medical applications, ensure security of devices and patient data, improve operational efficiency, and progress patient care. SK IE Technology Co., one of South Korea’s leading materials solutions providers and manufacturer of EV batteries, selected Extreme’s Universal wired and wireless solutions to support operations at their battery plants, enabling improved connectivity for operational needs including forklift monitoring and tracking key battery components. Kingston University, one of London’s leading higher education institutions, selected Extreme to deploy a new campuswide, cloud-managed and fabric-enabled Wi-Fi 6E network. The University can now more easily secure and manage its network and better support new, innovative classroom technology, including AR/VR, high-resolution video streaming, IoT devices used in classrooms and personal devices brought in by students and staff. Catawba College will deploy a new end-to-end network with a number of Extreme solutions, including ExtremeCloud IQ CoPilot. Catawba will leverage Machine Learning and AI featured in CoPilot to proactively detect network anomalies, improve network performance, reduce time consuming tasks for the IT team and streamline operations. Catawba will also offer Extreme Academy as part of its computer science curriculum, giving students a modern and foundational curriculum for a career in networking. Cedar Fair Entertainment Company, one of the largest regional amusement-resort operators in the world, selected Extreme to deploy Wi-Fi 6E-ready networks across its properties to provide high-speed connectivity and bandwidth for operational needs like digital signage and cashless payments as well as guest devices. In partnership with Comcast, the network is centrally managed from the cloud, reducing the time it takes for IT teams to identify and resolve issues and helping create better guest experiences. Fiscal Q3 2023 Financial Metrics: (in millions, except percentages and per share information) GAAP Results Three Months Ended March 31, 2023 March 31, 2022 Change Product $ 241.1 $ 198.4 $ 42.7 22 % Service and subscription 91.4 87.1 4.3 5 % Total net revenue $ 332.5 $ 285.5 $ 47.0 16 % Gross margin 57.7 % 56.5 % 1.2 % — Operating margin 8.9 % 6.1 % 2.8 % — Net income $ 22.1 $ 12.8 $ 9.3 73 % Net income per diluted share $ 0.17 $ 0.10 $ 0.07 70 % Non-GAAP Results Three Months Ended March 31, 2023 March 31, 2022 Change Product $ 241.1 $ 198.4 $ 42.7 22 % Service and subscription 91.4 87.1 4.3 5 % Total net revenue $ 332.5 $ 285.5 $ 47.0 16 % Gross margin 59.1 % 58.0 % 1.1 % — Operating margin 15.6 % 12.5 % 3.1 % — Net income $ 38.8 $ 27.4 $ 11.4 42 % Net income per diluted share $ 0.29 $ 0.21 $ 0.08 38 % Q3 ending cash balance was $203.0 million, an increase of $0.5 million from the end of Q2. This was primarily driven by operating cash flow generation of $48.2 million, partially offset by cash usage of $45.5 million for financing activities primarily for payments against our term loan and stock repurchases and cash usage of $2.4 million for investing activities for capital expenditures. During Q3, we repurchased a total of 1.35 million shares of our common stock on the open market at a total cost of $25.0 million with a weighted average price of $18.51 per share. Q3 accounts receivable balance was $158.6 million, an increase of $6.5 million from the end of Q2 and a decrease of $4.4 million from Q3 last year. Days sales outstanding** was 43 days, a decrease of 1 day from Q2 and a decrease of 8 days from Q3 last year. Q3 ending inventory was $70.3 million, an increase of $6.5 million from Q2 and an increase of $32.6 million from Q3 last year. The quarter-over-quarter and year-over-year increases were primarily driven by an increase in finished goods inventory. Q3 ending gross debt*** was $237.0 million, a decrease of $25.0 million from the end of Q2 and decrease of $78.8 million from Q3 last year. The decrease from Q3 last year resulted primarily from principal payments on our term loan. Q3 ending net debt**** was $34.0 million, a decrease of $25.5 million from $59.5 million in Q2 and a decrease of $115.2 million from $149.2 from Q3 last year. Extreme uses the non-GAAP free cash flow metric as a measure of operating performance. Free cash flow represents GAAP net cash provided by operating activities, less purchases of property, plant and equipment. Extreme considers free cash flow to be 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. 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. The following table shows non-GAAP free cash flow calculation (in thousands): Free Cash Flow Three Months Ended Nine Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Cash flow provided by operations $ 48,182 $ 1,573 $ 168,519 $ 64,055 Less: Property and equipment capital expenditures (2,363 ) (4,477 ) (8,634 ) (11,130 ) Total free cash flow $ 45,819 $ (2,904 ) $ 159,885 $ 52,925 *SaaS ARR: Extreme uses SaaS annual recurring revenue (“SaaS ARR”) to identify the annual recurring revenue of ExtremeCloud™ IQ (XIQ) and other subscription revenue, based on the annualized value of quarterly subscription revenue and term-based licenses. We believe that SaaS ARR is an important metric because it is driven by our ability to acquire new customers and to maintain and expand our relationships with existing customers. SaaS ARR should be viewed independently of revenue, deferred revenue and other U.S. GAAP accounting. SaaS ARR does not have a standardized meaning and therefore may not be comparable to similarly titled measures presented by other companies. SaaS ARR is not intended to be a replacement for forecasts of revenue. **Days Sales Outstanding (DSO): DSO is calculated by dividing accounts receivable, net at the end of the quarter by revenue recognized during the quarter, multiplied by the total days in the quarter. ***Gross Debt: Gross debt is defined as long-term debt and the current portion of long-term debt as shown on the balance sheet plus unamortized debt issuance costs, if any. ****Net Debt is defined as gross debt minus cash, as shown in the table below (in millions): Gross debt Cash Net debt $ 237.0 $ 203.0 $ 34.0 Business Outlook: Extreme’s business outlook is based on current expectations. 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. For its fourth quarter of fiscal 2023, ending June 30, 2023, the Company is targeting: (in millions, except percentages and per share information) Low-End High-End FQ4'23 Guidance – GAAP Total net revenue $ 340.0 $ 350.0 Gross margin 57.7 % 59.7 % Operating margin 8.9 % 10.8 % Net income per diluted share $ 0.16 $ 0.22 Shares outstanding used in calculating GAAP EPS 133.2 133.2 FQ4’23 Guidance – Non-GAAP Total net revenue $ 340.0 $ 350.0 Gross margin 59.0 % 61.0 % Operating margin 15.5 % 17.3 % Net income per diluted share $ 0.28 $ 0.34 Shares outstanding used in calculating non-GAAP EPS 133.2 133.2 The following table shows the GAAP to non-GAAP reconciliation for Q4 FY’23 guidance: Gross Margin Rate Operating Margin Rate Earnings per Share GAAP 57.7% - 59.7% 8.9% - 10.8% $0.16 - $0.22 Estimated adjustments for: Share-based compensation 0.4% 4.8% 0.12 Amortization of product intangibles 0.7% 0.7% 0.02 Amortization of non-product intangibles 0.2% 0.4% 0.01 Restructuring — 0.1% 0.00 Litigation charges — 0.3% 0.01 System transition cost — 0.3% 0.01 Tax adjustment — — (0.05) Non-GAAP 59.0% - 61.0% 15.5% - 17.3% $0.28 - $0.34 The total of percentage rate changes may not equal the total change in all cases due to rounding. Conference Call: Extreme will host a conference call at 8:00 a.m. Eastern (5:00 a.m. Pacific) today to review the third fiscal quarter results as well as the business outlook for the fourth quarter ending June 30, 2023, including significant factors and assumptions underlying the targets noted above. 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 at least 7 days following the call. To access the call by phone, please go to this link (Extreme Networks Q3'23 Earnings Registration Link) and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. About Extreme: Extreme Networks, Inc. (EXTR) creates networking experiences that enable all of us to advance. We push the boundaries of technology leveraging the powers of machine learning, artificial intelligence, analytics, and automation. 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. For more information, visit Extreme's website at https://www.extremenetworks.com/ or LinkedIn, YouTube, Twitter, Facebook or Instagram. Extreme Networks, ExtremeCloud, and the Extreme Networks logo, are trademarks of Extreme Networks, Inc. or its subsidiaries in the United States and/or other countries. Other trademarks shown herein are the property of their respective owners. Non-GAAP Financial Measures: Extreme provides all financial information required in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company is providing with this press release non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, net debt and non-GAAP free cash flow. In preparing non-GAAP information, the Company has excluded, where applicable, the impact of share-based compensation, acquisition and integration costs, amortization of intangibles, restructuring charges, system transition costs, litigation charges and the tax effect of non-GAAP adjustments. 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. Please note the Company’s non-GAAP measures may be different than those used by other companies. 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. 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. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the Company’s ongoing performance as a business. Extreme uses both GAAP and non-GAAP measures to evaluate and manage its operations. Forward-Looking Statements: Statements in this press release, including statements regarding those concerning the Company’s business outlook and future operating metrics, financial and operating results, 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, risks related to supply chain disruptions and component availability; the Company’s failure to achieve targeted financial metrics; a highly competitive business environment for network switching equipment and cloud management of network devices; the Company’s effectiveness in controlling expenses; the possibility that the Company might experience delays in the development or introduction of new technology and products; customer response to the Company’s new technology and products; risks related to pending or future litigation; macroeconomic and political and geopolitical factors, including the Russia/Ukraine conflict; a dependency on third parties for certain components and for the manufacturing of the Company’s 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. 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, 2022, Quarterly Reports on Form 10-Q for the quarter ended September 30, 2022 and December 31, 2022, and other documents of the Company on file with the Securities and Exchange Commission (available at www.sec.gov). 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. 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. EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) March 31, 2023 June 30, 2022 ASSETS Current assets: Cash $ 202,996 $ 194,522 Accounts receivable, net 158,637 184,097 Inventories 70,310 49,231 Prepaid expenses and other current assets 70,129 61,239 Total current assets 502,072 489,089 Property and equipment, net 45,230 49,578 Operating lease right-of-use assets, net 36,311 36,454 Intangible assets, net 19,622 32,515 Goodwill 394,668 400,144 Other assets 70,496 60,730 Total assets $ 1,068,399 $ 1,068,510 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt, net of unamortized debt issuance costs of $2,128 and $2,276, respectively $ 35,872 $ 33,349 Accounts payable 95,960 84,338 Accrued compensation and benefits 48,055 53,710 Accrued warranty 12,302 10,852 Current portion, operating lease liabilities 11,881 13,956 Current portion, deferred revenue 268,561 238,262 Other accrued liabilities 54,215 65,714 Total current liabilities 526,846 500,181 Deferred revenue, less current portion 195,675 163,357 Long-term debt, less current portion, net of unamortized debt issuance costs of $812 and $2,430, respectively 198,188 270,570 Operating lease liabilities, less current portion 33,446 33,256 Deferred income taxes 7,789 7,717 Other long-term liabilities 3,263 3,086 Commitments and contingencies Stockholders’ equity: Convertible preferred stock, $0.001 par value, issuable in series, 2,000 shares authorized; none issued — — Common stock, $0.001 par value, 750,000 shares authorized; 143,296 and 139,742 shares issued, respectively; 128,888 and 129,263 shares outstanding, respectively 143 140 Additional paid-in-capital 1,160,289 1,115,416 Accumulated other comprehensive loss (12,922 ) (3,055 ) Accumulated deficit (881,425 ) (934,072 ) Treasury stock at cost, 14,408 and 10,479 shares, respectively (162,893 ) (88,086 ) Total stockholders’ equity 103,192 90,343 Total liabilities and stockholders’ equity $ 1,068,399 $ 1,068,510 EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Net revenues: Product $ 241,058 $ 198,373 $ 670,779 $ 574,636 Service and subscription 91,449 87,135 277,765 259,489 Total net revenues 332,507 285,508 948,544 834,125 Cost of revenues: Product 108,915 92,582 312,265 264,459 Service and subscription 31,654 31,568 95,978 93,919 Total cost of revenues 140,569 124,150 408,243 358,378 Gross profit: Product 132,143 105,791 358,514 310,177 Service and subscription 59,795 55,567 181,787 165,570 Total gross profit 191,938 161,358 540,301 475,747 Operating expenses: Research and development 54,837 49,615 158,444 145,461 Sales and marketing 83,962 72,840 242,882 213,932 General and administrative 21,683 17,714 64,315 52,594 Acquisition and integration costs — 2,833 390 6,456 Restructuring and related charges 1,363 407 2,320 978 Amortization of intangibles 510 638 1,537 2,596 Total operating expenses 162,355 144,047 469,888 422,017 Operating income 29,583 17,311 70,413 53,730 Interest income 774 109 2,055 302 Interest expense (3,946 ) (2,794 ) (11,656 ) (9,750 ) Other income (expense), net (367 ) 54 142 297 Income before income taxes 26,044 14,680 60,954 44,579 Provision for income taxes 3,913 1,856 8,307 5,718 Net income $ 22,131 $ 12,824 $ 52,647 $ 38,861 Basic and diluted income per share: Net income per share – basic $ 0.17 $ 0.10 $ 0.41 $ 0.30 Net income per share – diluted $ 0.17 $ 0.10 $ 0.39 $ 0.29 Shares used in per share calculation – basic 128,816 129,913 129,864 129,321 Shares used in per share calculation – diluted 133,025 133,415 133,716 133,779 EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended March 31, 2023 March 31, 2022 Cash flows from operating activities: Net Income $ 52,647 $ 38,861 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 15,014 15,324 Amortization of intangible assets 11,415 15,670 Reduction in carrying amount of right-of-use asset 9,274 11,641 Provision for doubtful accounts 245 (3 ) Share-based compensation 46,561 32,630 Deferred income taxes 338 228 Non-cash interest expense 756 3,611 Other (6,148 ) 41 Changes in operating assets and liabilities, net of acquisition: Accounts receivable 25,216 (5,068 ) Inventories (21,989 ) (4,925 ) Prepaid expenses and other assets 2,226 (28,054 ) Accounts payable 12,570 8,481 Accrued compensation and benefits (6,158 ) (28,227 ) Operating lease liabilities (11,172 ) (14,524 ) Deferred revenue 46,502 16,725 Other current and long-term liabilities (8,778 ) 1,644 Net cash provided by operating activities 168,519 64,055 Cash flows from investing activities: Capital expenditures (8,634 ) (11,130 ) Business acquisition, net of cash acquired — (69,517 ) Net cash used in investing activities (8,634 ) (80,647 ) Cash flows from financing activities: Payments on debt obligations (71,625 ) (31,000 ) Repurchase of common stock (74,807 ) (24,974 ) Payments for tax withholdings, net of proceeds from issuance of common stock (1,685 ) (3,213 ) Payment of contingent consideration obligations — (1,024 ) Deferred payments on an acquisition (3,000 ) (3,000 ) Net cash used in financing activities (151,117 ) (63,211 ) Foreign currency effect on cash (294 ) (525 ) Net increase (decrease) in cash 8,474 (80,328 ) Cash at beginning of period 194,522 246,894 Cash at end of period $ 202,996 $ 166,566 Extreme Networks, Inc. Non-GAAP Measures of Financial Performance 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. These non-GAAP measures include non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, net debt and non-GAAP free cash flow. 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. 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’s results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate Extreme’s results of operations in conjunction with the corresponding GAAP measures. 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. 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. 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, amortization of intangibles, restructuring charges, system transition costs, litigation charges, and the tax effect of non-GAAP adjustments. Extreme’s management also uses non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the Company's financial results. As described above, Extreme excludes the following items from one or more of its non-GAAP measures when applicable. Share-based compensation. Consists of associated expenses for stock options, restricted stock awards and the Company’s Employee Stock Purchase Plan. 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. Extreme expects to incur share-based compensation expenses in future periods. Acquisition and integration costs. Acquisition and integration costs consist of specified compensation charges, software charges, and legal and professional fees related to the acquisition of Ipanema. Extreme excludes these expenses since they result from an event that is outside the ordinary course of continuing operations. 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 and order backlog are recorded in cost of goods sold, while the amortization for the other intangibles is recorded in operating expenses. 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. Restructuring charges. Restructuring charges consist of severance costs for employees, asset disposal costs and other charges related to excess facilities that do not provide economic benefit to our future operations. Extreme excludes restructuring expenses since they result from events that occur outside of the ordinary course of continuing operations. System transition costs. System transition costs consist of costs related to direct and incremental costs incurred in connection with our multi-phase transition of our customer relationship management solution. Extreme excludes these costs because we believe that these costs do not reflect future operating expenses and will be inconsistent in amount and frequency making it difficult to contribute to a meaningful evaluation of our operating performance. Litigation charges. Litigation charges consist of estimated settlement and related legal expenses for a non-recurring pending litigation. Tax effect of non-GAAP adjustments. We calculate our non-GAAP provision for income taxes in accordance with the SEC guidance on non-GAAP Financial Measures Compliance and Disclosure Interpretation. 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. The non-GAAP tax provision consists of current and deferred income tax expense commensurate with the non-GAAP measure of profitability using our blended U.S. statutory tax rate of 24.6%. Non-GAAP provision for income taxes may be higher or lower depending on the level and jurisdictional mix of pre-tax income and available U.S. research and development tax credits. As of the tax year ended June 30, 2022, we had U.S. federal net operating loss carryforwards of $184.4 million, state net operating loss carryforwards of $162.8 million and net operating loss carryforwards for the Irish holding Company of $8.9 million. These amounts were reflected in our requisite tax filings for each jurisdiction for the tax year ended June 30, 2022. Over the next year, our cash taxes will be driven by certain US state taxes and the tax expense of our foreign subsidiaries which amounts have not historically been significant, with the exception of the Company’s Indian subsidiary which performs research and development activities, as well as the Company’s Irish operating company which fully utilized available net operating loss carryforwards during the tax year ended June 30, 2021. EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS GAAP TO NON-GAAP RECONCILIATION (In thousands, except percentages and per share amounts) (Unaudited) Revenues Three Months Ended Nine Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Revenues – GAAP $ 332,507 $ 285,508 $ 948,544 $ 834,125 Non-GAAP Gross Margin Three Months Ended Nine Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Gross profit – GAAP $ 191,938 $ 161,358 $ 540,301 $ 475,747 Gross margin – GAAP percentage 57.7 % 56.5 % 57.0 % 57.0 % Adjustments: Share-based compensation expense, Product 492 291 1,365 904 Share-based compensation expense, Services and subscription 930 343 2,568 1,056 Amortization of intangibles, Product 2,220 2,805 7,381 10,576 Amortization of intangibles, Service and subscription 815 815 2,444 2,444 Total adjustments to GAAP gross profit $ 4,457 $ 4,254 $ 13,758 $ 14,980 Gross profit – non-GAAP $ 196,395 $ 165,612 $ 554,059 $ 490,727 Gross margin – non-GAAP percentage 59.1 % 58.0 % 58.4 % 58.8 % Non-GAAP Operating Income Three Months Ended Nine Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 GAAP operating income $ 29,583 $ 17,311 $ 70,413 $ 53,730 GAAP operating income percentage 8.9 % 6.1 % 7.4 % 6.4 % Adjustments: Share-based compensation expense, cost of revenues 1,422 634 3,933 1,960 Share-based compensation expense, R&D 3,883 2,446 10,935 7,568 Share-based compensation expense, S&M 5,777 3,832 16,326 11,267 Share-based compensation expense, G&A 4,294 3,941 15,367 11,835 Acquisition and integration costs — 2,833 390 6,456 Restructuring charges 1,363 407 2,320 978 Litigation charges 1,680 — 4,003 — System transition costs 490 — 490 — Amortization of intangibles 3,545 4,258 11,362 15,616 Total adjustments to GAAP operating income 22,454 18,351 65,126 55,680 Non-GAAP operating income $ 52,037 $ 35,662 $ 135,539 $ 109,410 Non-GAAP operating income percentage 15.6 % 12.5 % 14.3 % 13.1 % Non-GAAP net income Three Months Ended Nine Months Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 GAAP net income $ 22,131 $ 12,824 $ 52,647 $ 38,861 Adjustments: Share-based compensation expense 15,376 10,853 46,561 32,630 Acquisition and integration costs — 2,833 390 6,456 Restructuring charge, net of reversal 1,363 407 2,320 978 Litigation charges 1,680 — 4,003 — System transition costs 490 — 490 — Amortization of intangibles 3,545 4,258 11,362 15,616 Tax effect of non-GAAP adjustments (5,737 ) (3,760 ) (15,359 ) (10,740 ) Total adjustments to GAAP net income $ 16,717 $ 14,591 $ 49,767 $ 44,940 Non-GAAP net income $ 38,848 $ 27,415 $ 102,414 $ 83,801 Earnings per share GAAP net income per share – diluted $ 0.17 $ 0.10 $ 0.39 $ 0.29 Non-GAAP net income per share – diluted $ 0.29 $ 0.21 $ 0.77 $ 0.63 Shares used in net income per share – diluted: GAAP Shares used in per share calculation – basic 128,816 129,913 129,864 129,321 Potentially dilutive equity awards 4,209 3,502 3,852 4,458 GAAP and Non-GAAP shares used in per share calculation – diluted 133,025 133,415 133,716 133,779

1 year ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--El Diario, the longest-running Spanish-language daily newspaper, will recognize the achievements of 23 influential Hispanic women at the 2023 Mujeres Destacadas (Outstanding Women) ceremony on April 21, 2023. This year’s luncheon will take place at the exclusive Harvard Club in New York City and the honorees will be featured in a special supplement, which will be available in the Sunday edition of El Diario on April 23, 2023. Mujeres Destacadas was founded over 25 years ago to celebrate the achievements of Outstanding Latina Women in the tri-state area and highlight the positive contributions they have made in their community. El Diario receives nominations from colleagues, peers and friends to recognize the work of these activists, artists, leaders, entrepreneurs, doctors, teachers, scientists, journalists, and more. This program showcases incredible Latinas that serve as role models for new generations of women making a difference in the world. These inspiring stories lend to El Diario’s ongoing commitment to uplift Hispanic voices. “On behalf of our newsroom, we are very proud to honor 23 Latinas that are making a difference in our community and serving as role models for generations to come,” said Carmen Villavicencio, Executive Editor of El Diario. “We are celebrating Outstanding Women at a time when our country needs to highlight the contribution of women more than ever. The fight for equality and reproductive rights is far from over and El Diario will continue to serve as an active voice for women in our community.” Full list of 2023 Mujeres Destacadas Awards honorees below: Miriam Balsamo - Assistant Vice President of Operations, Northwell Health Cancer Institute Diana Caba - Asst. Vice President for Policy and Community Engagement, Hispanic Federation Alejandra Chaparro - CEO & Founder, 17 Entertainment Charito Cisneros - President/CEO/Founder, The New York Hispanic Cosmetology and Beauty Chamber of Commerce Caribel Cortes - Middlesex County Surrogate, Middlesex County, NJ Nallely De Jesus - Vice President, Food Universe Marketplace Lidia De La Cruz - Software Engineer, Poderosa Coding Alba Eduardo - Assistant News Director, WXTV Univision 41 Judelka Espinal - Teacher, Nyack High School Hon. Patria Frias-Colón, J.S.C. - Justice of the Supreme Court, Civil Term of Kings County, New York State Supreme Court Lourdes Gamez - Owner, Confetti Party Place Leslie Garcia - Paralegal, Dinkes & Schwitzer P.C. Dr Hanette Gómez DMDS - President, Clinica Dental Latina Claudia Inoa - Realtor Associate, Claudia Inoa Group Stephanie Mulcock - Executive Director, GARRA Cova Nájera - Lead Communications for US Latino/Hispanic and Native American segments, Wells Fargo Susan Perez - Bronx UFT Health & Safety Liaison, United Federation of Teachers (UFT) Maria Fernanda Resendiz - Communications Manager, Uber Nicole Toro - Constituent Services, City of Yonkers Maria Trusa - Founder, Yo Digo No Mas/ I Say No More Vilda Vera Mayuga - Commissioner, NYC-Department of Consumer and Worker Protection Lucila Villaquiran - Director of Financial Aid Compliance, Monroe College Lidia Virgil - Chief Operating Officer, SOMOS This year’s awards sponsors include: Goya Foods, Northwell Health Cancer Institute and William Schwitzer & Associates, PC. ​​About El Diario Founded in 1913, El Diario is the longest publishing Spanish-language daily newspaper in the United States. Since its inception as a small publication in Lower Manhattan named La Prensa, the newspaper has grown into one of the largest and most influential Latino media outlets in the nation. In 1963, it merged with El Diario de Nueva York, forming El Diario/La Prensa, as it is known nowadays. The newspaper is now a state-of-the-art multimedia operation that includes print, digital, and other platforms. About My Code My Code is the leading media company enabling brands, agencies, publishers, and storytellers to decode and connect with multifaceted and diverse audiences. My Code was formed following the expansion of H Code, a 2x Inc. 5000-ranked company founded in 2015, into additional demographics beyond Hispanic consumers. The company's diverse team of marketers, sellers, researchers, and storytellers specializes in an ever-growing selection of Cultural and Affinity Codes including A Code, B Code, W Code and Pride Code, to help companies reach millions of AANHPI, Black, Hispanic, female and LGBTQIA+ consumers with unmatched authenticity. As a minority-dominant organization, its team is dedicated to the economic empowerment of the diverse communities and audiences they represent. Impremedia (the leading Hispanic news publisher) and Veranda Entertainment (which distributes Spanish-language film and television content across CTV platforms) are part of the My Code brand portfolio, offering a diversified range of services to clients and advertisers. In 2023, the company announced its significant investment in minority-owned Latinx digital culture magazine and creative agency REMEZCLA. To learn more about My Code, please visit www.mycodemedia.com.