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Stockholders' Equity | 3 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Stockholders' Equity | 9. Stockholders’ Equity Equity Incentive Plan The Compensation Committee of the Board unanimously approved an amendment to the Extreme Networks, Inc. Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”) on September 14, 2023 to increase the maximum number of available shares by 2.3 million shares, which is pending ratification by the stockholders of the Company at the annual meeting of stockholders to be held on November 14, 2024. Common Stock Repurchases On May 18, 2022, the Company announced the Board had authorized management to repurchase up to $200.0 million shares of the Company’s common stock over a three-year period commencing July 1, 2022 (as amended, the “2022 Repurchase Program”). Initially, under the 2022 Repurchase Program, a maximum of $25.0 million of shares was authorized to be repurchased in any quarter; however, on November 17, 2022, the Board increased the authorization to repurchase shares in any quarter from up to $25.0 million of shares per quarter to up to $50.0 million of shares per quarter. Purchases may be made from time to time in the open market or pursuant to a 10b5-1 plan. During the three months ended September 30, 2024, the Company did no t repurchase any shares of its common stock. During the three months ended September 30, 2023, the Company repurchased a total of 880,215 shares of its common stock on the open market at a total cost of $24.9 mi llion with an average price of $28.28 per share. As of September 30, 2024, approximately $50.3 million remains available for share repurchases under the 2022 Repurchase Program. As a provision of the Inflation Reduction Act enacted in the U.S., the Company is subject to an excise tax on corporate stock repurchases, which is assessed as one percent of the fair market value of net corporate stock repurchases af ter December 31, 2022. The Company had no excise tax liability for fiscal 2024 and expects the impact of the excise tax on net corporate stock repurchases will not be material for fiscal 2025.

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