Press release
Extreme Networks Announces New $200M Share Repurchase Program
Quarter to Date Repurchases of $20 million MORRISVILLE, N.C.--(BUSINESS WIRE)-- Extreme Networks, Inc. (Nasdaq: EXTR), a leader in cloud networking, today
About this update from Extreme Networks, Inc.
[{"type":"text","content":"\nQuarter to Date Repurchases of $20 million\n\n MORRISVILLE, N.C.--(BUSINESS WIRE)--\nExtreme Networks, Inc. (Nasdaq: EXTR), a leader in cloud networking, today announced that its Board of Directors has authorized an increase to our share repurchase authorization to $200 million over a three-year period beginning in the company’s upcoming fiscal year commencing July 1, 2022.\n\nThe new authorization reflects Extreme’s commitment to a capital allocation policy that offsets dilution from equity incentive programs to maintain a neutral share count.\n\nQuarter to date, the company has repurchased $20 million worth of shares at an average price of $9.74, leaving a remaining $10 million authorization from the prior plan. The new authorization replaces the previous one from February 2020.\n\nRemi Thomas, Extreme CFO said, \"This buyback authorization, which is the largest ever in company history, reflects our confidence in Extreme’s ability to execute on our long-term strategy and generate accelerated earnings and cash flow on a go forward basis. It also affords us to opportunistically return capital to shareholders.”\n\nForward-Looking Statements\n\nStatements 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 ...