Extreme Networks Reports First Quarter Fiscal Year 2026 Financial Results
MORRISVILLE, N.C.--( BUSINESS WIRE)--Extreme Networks, Inc. (“Extreme”) (Nasdaq: EXTR) today released financial results for its first quarter of fiscal 2026 ended September 30, 2025.
“The strength of our first quarter results was driven by improved execution, increasing customer demand and expanding interest in our AI-powered networking platform and our high-performance solutions,” said Ed Meyercord, President and CEO of Extreme. “This marked six consecutive quarters of revenue growth and three straight quarters of double-digit year-over-year gains, which is a positive sign that we are gaining share. ARR is up 24% year-over-year, as momentum grows with our subscription model. Continuing share gains in the Americas along with increased customer engagement in EMEA and APAC underscores our global momentum, highlighted by significant wins this quarter.”
Meyercord said, “Bookings for Extreme Platform ONE were solid in the quarter. Since its general availability in mid-July, customers have responded positively to the platform’s simplicity and advanced AI capabilities, which combine conversational, multimodal, and agentic technologies to automate a wide range of networking tasks. Our recently released service agent is designed to streamline network management, automate routine workflows, and enable IT teams to deliver faster, smarter support, reducing manual effort by up to 95%. These innovations position us to drive growth, expand market share, and capitalize on opportunities arising from shifts among competitors.”
Kevin Rhodes, Executive Vice President and Chief Financial Officer, stated, “First quarter results were strong, driven by continuous growth in revenue, higher margin ARR growth, and prudent expense management leading to earnings above our expectations. Our outlook for a re-acceleration of overall revenue growth to 10% at the midpoint of our outlook on a full-year basis continues to improve, and we expect that to translate to even higher earnings and cash flow than our initial forecast. I’m also pleased with our overall execution as a company.”
Fiscal First Quarter Results:
Liquidity:
Recent Key Highlights:
Fiscal Q1 2026 Financial Results:
(in millions, except percentages and per share information)
GAAP Results
Three Months Ended
September 30,
2025
September 30,
2024
Change
Product
$
194.0
$
162.3
$
31.7
Subscription and support
116.2
106.9
9.3
Total net revenue
$
310.2
$
269.2
$
41.0
Gross margin
60.6
%
63.0
%
(2.4
)%
Operating margin
3.6
%
(1.8
)%
5.4
%
Net income (loss)
$
5.6
$
(10.5
)
$
16.1
Net income (loss) per diluted share
$
0.04
$
(0.08
)
$
0.12
Non-GAAP Results
Three Months Ended
September 30,
2025
September 30,
2024
Change
Product
$
194.0
$
162.3
$
31.7
Subscription and support
116.2
106.9
9.3
Total net revenue
$
310.2
$
269.2
$
41.0
Gross margin
61.3
%
63.7
%
(2.4
)%
Operating margin
13.3
%
12.4
%
0.9
%
Net income
$
30.1
$
22.4
$
7.7
Net income per diluted share
$
0.22
$
0.17
$
0.05
Extreme uses the non-GAAP free cash flow metric as a measure of operating performance. Free cash flow represents GAAP net cash provided by (used in) operating activities, less purchases of property, equipment and capitalized software development costs. 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, equipment and capitalized software development costs, 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 millions):
Free Cash Flow
Three Months Ended
September 30,
2025
September 30,
2024
Cash flow provided by (used in) operations
$
(14.0
)
$
18.6
Less: Capital expenditures for property, equipment and capitalized software development costs
(6.9
)
(6.9
)
Total free cash flow (deficit)
$
(20.9
)
$
11.7
SaaS ARR: Extreme uses SaaS annual recurring revenue (“SaaS ARR”) to identify the annual recurring revenue of ExtremeCloud IQ 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 or deferred revenue that are accounted for under U.S. GAAP. 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.
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 cash (debt): is defined as cash and cash equivalents minus gross debt, as shown in the table below (in millions):
Cash and cash equivalents
Gross debt
Net cash (debt)
$
209.0
$
201.2
$
7.8
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 second quarter fiscal 2026, ending December 31, 2025, the Company is targeting:
(in millions, except percentages and per share information)
Low-End
High-End
FQ2'26 Guidance – GAAP
Total net revenue
$
309.0
$
315.0
Gross margin
60.8
%
61.4
%
Operating margin
2.6
%
4.0
%
Earnings per share
$
0.03
$
0.06
Diluted Shares outstanding used in calculating GAAP EPS
135.7
135.7
FQ2'26 Guidance – Non-GAAP
Total net revenue
$
309.0
$
315.0
Gross margin
61.4
%
62.0
%
Operating margin
13.4
%
14.6
%
Earnings per share
$
0.23
$
0.25
Diluted Shares outstanding used in calculating non-GAAP EPS
135.7
135.7
The following table shows the GAAP to non-GAAP reconciliation for Q2 FY'26 guidance:
FQ2'26
Gross Margin
Operating Margin
Earnings per Share
GAAP
60.8% - 61.4%
2.6% - 4.0%
$0.03 - $0.06
Estimated adjustments for:
Share-based compensation
0.5%
7.4% - 7.5%
0.17
Amortization of product intangibles
0.1%
0.1%
0.00
Amortization of non-product intangibles
—
0.1%
0.01
Amortization of cloud computing implementation costs
—
0.4%
0.01
Litigation charges
—
0.5% - 0.6%
0.01
System transition cost
—
2.1%
0.05
Tax adjustment
—
—
(0.06) - (0.05)
Non-GAAP
61.4% - 62.0%
13.4% - 14.6%
$0.23-$0.25
The total of percentage rate changes may not equal the total change in all cases due to rounding.
For the full year fiscal 2026, ending June 30, 2026, the Company is targeting (in millions):
Low-End
High-End
FY'26 Guidance
Total net revenue
$
1,247.0
$
1,264.0
Conference Call:
Extreme will host a conference call at 8:00 a.m. Eastern (5:00 a.m. Pacific) today to review the first quarter results of fiscal 2026 as well as the business outlook for the second quarter of fiscal 2026 ending December 31, 2025, 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, please go to this link ( Registration Link ) and you will be provided with dial in details. If you would like to participate in the Q&A, please register here: Q&A Registration Link. 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) 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 https://www.extremenetworks.com/ or LinkedIn, YouTube, X (Formerly Twitter), Facebook or Instagram.
Extreme Networks, ExtremeCloud, Extreme Platform ONE, 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 profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, net cash (debt) and free cash flow. In preparing non-GAAP information, the Company has excluded, where applicable, the impact of share-based compensation, amortization of intangibles, amortization of cloud computing implementation costs, restructuring and related charges, system transition costs, litigation charges, debt refinancing 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:
This press release contains ‘forward-looking statements’ within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding our outlook, targets, and guidance; our expectations regarding demand, product adoption, competitive dynamics, revenues, margins, cash flow and other operating or financial results; and our plans, objectives and assumptions. These forward-looking statements speak only as of the date of this release. There are several important factors that could cause actual results and other future events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, risks related to global macroeconomic, industry and business trends; variability in demand, sales cycles and pipeline conversion; 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; political and geopolitical factors, including the possible impact of tariffs and changes to U.S. tax regulations; and a dependency on third parties for certain components and for the manufacturing of the Company’s products.
For more information about factors that could cause actual results and other future events to differ materially from those suggested or indicated by such forward-looking statements, see “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, 2025, 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 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)
September 30,
2025
June 30,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
209,003
$
231,745
Accounts receivable, net
145,801
126,708
Inventories
93,733
102,578
Prepaid expenses and other current assets
77,327
74,265
Total current assets
525,864
535,296
Property and equipment, net
48,076
44,366
Operating lease right-of-use assets, net
36,566
38,655
Goodwill
399,630
399,574
Intangible assets, net
5,432
6,541
Other assets
137,384
128,786
Total assets
$
1,152,952
$
1,153,218
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
77,765
$
63,939
Accrued compensation and benefits
52,470
62,895
Accrued warranty
9,625
9,684
Current portion of deferred revenue
325,115
325,078
Current portion of long-term debt, net of unamortized debt issuance costs of $714 and $729, respectively
40,536
14,271
Current portion, operating lease liabilities
11,593
11,456
Other accrued liabilities
60,384
100,552
Total current liabilities
577,488
587,875
Deferred revenue, less current portion
307,062
292,415
Long-term debt, less current portion, net of unamortized debt issuance costs of $1,104 and $1,276, respectively
158,896
163,724
Operating lease liabilities, less current portion
31,361
33,991
Deferred income taxes
7,009
7,033
Other long-term liabilities
2,573
2,596
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; 154,839 and 152,673 shares issued, respectively; 133,653 and 132,064 shares outstanding, respectively
155
153
Additional paid-in-capital
1,309,603
1,298,791
Accumulated other comprehensive loss
(9,583
)
(8,137
)
Accumulated deficit
(943,818
)
(949,429
)
Treasury stock at cost, 21,186 shares and 20,609 shares, respectively
(287,794
)
(275,794
)
Total stockholders’ equity
68,563
65,584
Total liabilities and stockholders’ equity
$
1,152,952
$
1,153,218
EXTREME NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
2025
September 30,
2024
Net revenues:
Product
$
194,041
$
162,284
Subscription and support
116,204
106,920
Total net revenues
310,245
269,204
Cost of revenues:
Product
86,128
69,402
Subscription and support
36,088
30,295
Total cost of revenues
122,216
99,697
Gross profit:
Product
107,913
92,882
Subscription and support
80,116
76,625
Total gross profit
188,029
169,507
Operating expenses:
Research and development
57,753
54,451
Sales and marketing
88,923
81,383
General and administrative
29,187
36,601
Restructuring and related charges
371
1,277
Amortization of intangible assets
500
512
Total operating expenses
176,734
174,224
Operating income (loss)
11,295
(4,717
)
Interest income
1,197
846
Interest expense
(3,653
)
(4,422
)
Other expense, net
(487
)
(721
)
Income (loss) before income taxes
8,352
(9,014
)
Provision for income taxes
2,741
1,490
Net income (loss)
$
5,611
$
(10,504
)
Basic and diluted income (loss) per share:
Net income (loss) per share – basic
$
0.04
$
(0.08
)
Net income (loss) per share – diluted
$
0.04
$
(0.08
)
Shares used in per share calculation – basic
132,973
131,176
Shares used in per share calculation – diluted
135,071
131,176
EXTREME NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
September 30,
2025
September 30,
2024
Cash flows from operating activities:
Net income (loss)
$
5,611
$
(10,504
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation
3,799
3,941
Amortization of intangible assets
1,111
1,136
Reduction in carrying amount of right-of-use asset
2,544
2,449
Provision for credit losses
218
14
Share-based compensation
21,780
19,767
Deferred income taxes
97
39
Provision for (benefit from) excess and obsolete inventory
8
(624
)
Non-cash interest expense
306
282
Other
(76
)
746
Changes in operating assets and liabilities:
Accounts receivable, net
(19,311
)
(7,709
)
Inventories
8,116
(8,669
)
Prepaid expenses and other assets
(14,016
)
3,096
Accounts payable
13,760
14,492
Accrued compensation and benefits
(10,726
)
2,844
Operating lease liabilities
(2,929
)
(2,757
)
Deferred revenue
16,027
3,823
Other current and long-term liabilities
(40,317
)
(3,781
)
Net cash provided by (used in) operating activities
(13,998
)
18,585
Cash flows from investing activities:
Capital expenditures for property, equipment and capitalized software development costs
(6,855
)
(6,916
)
Net cash used in investing activities
(6,855
)
(6,916
)
Cash flows from financing activities:
Borrowings under revolving facility
25,000
—
Payments on debt obligations
(3,750
)
(2,500
)
Payments on debt financing costs
—
(695
)
Repurchase of common stock
(12,000
)
—
Payments for tax withholdings, net of proceeds from issuance of common stock
(10,966
)
(5,926
)
Net cash used in financing activities
(1,716
)
(9,121
)
Foreign currency effect on cash and cash equivalents
(173
)
299
Net increase (decrease) in cash and cash equivalents
(22,742
)
2,847
Cash and cash equivalents at beginning of period
231,745
156,699
Cash and cash equivalents at end of period
$
209,003
$
159,546
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 profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, net cash (debt) and 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, amortization of intangibles, amortization of cloud computing implementation costs, restructuring and related charges, system transition costs, litigation charges, debt refinancing 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.
Amortization of intangibles. Amortization of intangibles includes the monthly amortization expense of intangible assets such as developed technology, customer relationships and trademarks. The amortization of the developed technology are recorded in cost of goods sold, while the amortization for the other intangibles are 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.
Amortization of cloud computing implementation costs. Amortization of cloud computing implementation costs includes the amortization expense of the capitalized cloud computing arrangement implementation costs primarily related to our multi-phase transition of our customer relationship management solution, our configure, price, quote solution and our enterprise resource planning tools. Extreme excludes these expenses since these costs relate to enterprise-wide transformation of our core business systems which are non-routine to normal operations.
Restructuring and related charges. Restructuring and related 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, our configure, price, quote solution and our enterprise resource planning tools that were not capitalizable. 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 non-recurring litigations offset by any proceeds received or expected to be received from insurance.
Debt refinancing charges. Debt refinancing charges consist of costs that were not capitalizable and are included in other expense, net, that occurred in conjunction with the amendments related to our outstanding credit facility.
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%.
The non-GAAP provision for income taxes has typically been and is currently higher than the GAAP provision given the Company has a valuation allowance against its US and a portion of its Irish deferred tax assets due to historical losses. Once these valuation allowances are released, the non-GAAP and the GAAP provision for income taxes will be more closely aligned.
Over the next year, our cash taxes will be driven by US federal and state taxes and the tax expense of our foreign subsidiaries, which amounts have not historically been significant, with the exception of the Company’s Canadian, German and Indian subsidiaries which perform research and development and sales and marketing activities for the Company, as well as the Company’s Irish trading subsidiaries.
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
September 30,
2025
September 30,
2024
June 30,
2025
Revenues – GAAP
$
310,245
$
269,204
$
307,003
Non-GAAP Gross Margin
Three Months Ended
September 30,
2025
September 30,
2024
June 30,
2025
Gross profit – GAAP
$
188,029
$
169,507
$
189,088
Gross margin – GAAP percentage
60.6
%
63.0
%
61.6
%
Adjustments:
Share-based compensation expense, Product
752
618
700
Share-based compensation expense, Subscription and support
727
689
719
Amortization of intangibles, Product
593
606
625
Total adjustments to GAAP gross profit
$
2,072
$
1,913
$
2,044
Gross profit – non-GAAP
$
190,101
$
171,420
$
191,132
Gross margin – non-GAAP percentage
61.3
%
63.7
%
62.3
%
Non-GAAP Operating Margin
Three Months Ended
September 30,
2025
September 30,
2024
June 30,
2025
GAAP operating income (loss)
$
11,295
$
(4,717
)
$
(1,376
)
GAAP operating margin
3.6
%
(1.8
)%
(0.4
)%
Adjustments:
Share-based compensation expense, cost of revenues
1,479
1,307
1,419
Share-based compensation expense, R&D
4,447
4,213
4,296
Share-based compensation expense, S&M
7,513
6,882
6,952
Share-based compensation expense, G&A
8,341
7,365
8,074
Restructuring and related charges (benefit)
371
1,277
(379
)
Litigation charges
1,937
10,715
22,006
System transition costs
4,925
5,345
4,631
Amortization of intangibles
1,093
1,118
1,140
Total adjustments to GAAP operating income (loss)
$
30,106
$
38,222
$
48,139
Non-GAAP operating income
$
41,401
$
33,505
$
46,763
Non-GAAP operating margin
13.3
%
12.4
%
15.2
%
Non-GAAP Net Income
Three Months Ended
September 30,
2025
September 30,
2024
June 30,
2025
GAAP net income (loss)
$
5,611
$
(10,504
)
$
(7,803
)
Adjustments:
Share-based compensation expense
21,780
19,767
20,741
Restructuring and related charges (benefit)
371
1,277
(379
)
Litigation charges
1,937
10,715
22,006
System transition costs
4,925
5,345
4,631
Amortization of intangibles
1,093
1,118
1,140
Debt refinancing charges
—
79
—
Tax effect of non-GAAP adjustments
(5,573
)
(5,398
)
(6,843
)
Total adjustments to GAAP net income (loss)
$
24,533
$
32,903
$
41,296
Non-GAAP net income
$
30,144
$
22,399
$
33,493
Earnings (loss) per share
GAAP net income (loss) per share – diluted
$
0.04
$
(0.08
)
$
(0.06
)
Non-GAAP net income per share – diluted
$
0.22
$
0.17
$
0.25
Shares used in net income (loss) per share – diluted:
GAAP shares used in per share calculation – basic
132,973
131,176
132,808
Potentially dilutive equity awards
2,098
1,103
1,492
GAAP and Non-GAAP shares used in per share calculation – diluted
135,071
132,279
134,300