MORRISVILLE, NC–(BUSINESS WIRE)–Extreme Networks, Inc. (Nasdaq: EXTR), a leader in cloud networking, today announced that its Board of Directors has authorized an increase in our stock repurchase authorization to $200 million over a three-year period at beginning with the company’s next fiscal year beginning July 1, 2022.
The new authorization reflects Extreme’s commitment to a capital allocation policy that offsets the dilution of equity incentive programs to maintain a neutral equity count.
Since the start of the quarter, the company has repurchased $20 million worth of shares at an average price of $9.74, leaving a remaining clearance of $10 million from the previous plan. The new authorization replaces the previous one from February 2020.
Remi Thomas, Chief Financial Officer of Extreme, said: “This takeover approval, which is the largest ever granted in the company’s history, reflects our confidence in Extreme’s ability to execute on our strategy long term and to generate accelerated profits and cash flow in the future. enables us to return capital to shareholders in a timely manner. »
The statements in this press release, including statements regarding the Company’s cash flows and its intention to repurchase common stock from time to time under the share repurchase program, are forward-looking statements within the meaning 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 other things, the prevailing market price of the Company’s shares from time to time, the nature of other investment opportunities presented to the Company from time to time, the operating cash flows of the society, general economic conditions and other factors discussed under Article 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. These and other risks could cause actual results to differ materially 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) creates networking experiences that move us all forward. We push the boundaries of technology by harnessing the powers of machine learning, artificial intelligence, analytics and automation. More than 50,000 customers worldwide trust our end-to-end cloud networking solutions and rely on our best-in-class services and support to accelerate their digital transformation efforts and achieve progress like never before. For more information, visit the Extreme website at https://www.extremenetworks.com/ or LinkedIn, Youtube, Twitter, 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.