Press release
Extreme Networks Reports First Quarter Fiscal Year 2022 Financial Results
Strong Bookings Drive Continued Double-Digit Year-Over-Year Revenue Growth and Record Quarterly Operating and Net Income Expects Double-Digit Growth Driven by
About this update from Extreme Networks, Inc.
[{"type":"text","content":"Strong Bookings Drive Continued Double-Digit Year-Over-Year Revenue Growth and Record Quarterly Operating and Net Income\n Expects Double-Digit Growth Driven by Strength of Cloud Solutions\n\n\nMORRISVILLE, N.C., Nov. 2, 2021 /PRNewswire/ -- Extreme Networks, Inc. (\"Extreme\") (Nasdaq: EXTR) today released financial results for its first fiscal quarter ended September 30, 2021. \n\n \n \n \n \n \n \n\n \nFiscal First Quarter Results: \nRevenue $267.7 million, up 14% year-over-year GAAP EPS $0.10, up from ($0.07) in Q1 last year Non-GAAP EPS $0.21, up from $0.09 in Q1 last year GAAP gross margin 58.1% compared to 57.3% in Q1 last year Non-GAAP gross margin 60.3% consistent with 60.3% in Q1 last year GAAP operating margin 6.9% compared to 0.0% in Q1 last year Non-GAAP operating margin 13.8% compared to 8.3% in Q1 last year Net cash provided by operating activities of $40.3 million Free Cash Flow of $36.8 million \"It was a very strong first quarter, characterized by unprecedented bookings. We strengthened our number two position in cloud networking, the fastest growing segment of the industry. Customer interest in our solutions resulted in a doubling of our backlog to over $200 million. We exceeded our quarterly revenue outlook despite significant supply chain challenges that our industry is facing,\" stated Ed Meyercord, President and CEO of Extreme. \n\"Our SaaS subscription bookings grew 71% during the quarter. This is a testament to the demand for our highly differentiated cloud-driven networking solutions. Our continued success is directly linked to delivering on our Infinite Enterprise vision to reduce the complexity of running increasingly distributed networks at scale. The recently acquired Ipanema business brings game-changing SD-WAN capabilities to our portfolio, and further expands on this vision while strengthening our competitive position,\" concluded Meyercord.\n\"Extreme enjoyed another quarter of strong financial performance. On a year-over-year basis, we achieved double-digit revenue growth for the third consecutive quarter, improved our non-GAAP operating margin by more than 5-percentage points to 13.8%, the highest level in the company's history, and increased our free cash flow by 70%. In Q2, we expect expedite fees and freight costs to peak, partially offset by the benefits of our recent list price increases....