Press release
Extreme Networks Reports Fiscal Year and Fourth Quarter 2022 Financial Results
Record Bookings and Double-Digit Revenue Growth in FY22 Reiterates FY23 Revenue Growth of 10-15% MORRISVILLE, N.C.--(BUSINESS WIRE)-- Extreme Networks, Inc.
About this update from Extreme Networks, Inc.
[{"type":"text","content":"\nRecord Bookings and Double-Digit Revenue Growth in FY22 Reiterates FY23 Revenue Growth of 10-15%\n\n MORRISVILLE, N.C.--(BUSINESS WIRE)--\nExtreme Networks, Inc. (“Extreme”) (Nasdaq: EXTR) today released financial results for its fiscal year and fourth fiscal quarter ended June 30, 2022.\n\nFiscal Year 2022 Results:\n\n\nRevenue $1.1 billion, up 10% from $1.0 billion in fiscal 2021\n\n\nGAAP EPS $0.33, up from $0.02 in fiscal 2021\n\n\nNon-GAAP EPS $0.77, up from $0.57 in fiscal 2021\n\n\nGAAP operating margin 5.8% up from 3.4% in fiscal 2021\n\n\nNon-GAAP operating margin 12.2% up from 10.9% in fiscal 2021\n\n\nExecuted $45.0 million in share repurchase during the year\n\n\nFiscal Fourth Quarter Results:\n\n\nRevenue $278.2 million, flat year-over-year, and down 3% quarter-over-quarter\n\n\nSaaS ARR* $103 million, up 47% year-over-year, and up 8% quarter-over-quarter\n\n\nGAAP EPS $0.04, compared to $0.08 in Q4 last year\n\n\nNon-GAAP EPS $0.15, compared to $0.19 in Q4 last year\n\n\nGAAP gross margin 55.4% compared to 57.9% in Q4 last year\n\n\nNon-GAAP gross margin 57.0% compared to 60.5% in Q4 last year\n\n\nGAAP operating margin 3.8% compared to 6.3% in Q4 last year\n\n\nNon-GAAP operating margin 9.6% compared to 13.4% in Q4 last year\n\n\nNet cash provided by operating activities of $64.1 million\n\n\nFree cash flow of $59.8 million\n\n\n“For FY22 we achieved double-digit growth in both bookings and revenue due to strong demand for our differentiated enterprise networking and 5G infrastructure solutions. Bookings grew 24%, revenue exceeded $1.1 billion for the first time, and we exited the year with a record product backlog of $513 million. We continue to take market share based on our industry-leading cloud innovation with new AIOps and ExtremeCloud SD-WAN solutions that greatly simplify network management for customers. I am proud of the hard work and tenacity and of our teams that produced these outstanding results,” stated Ed Meyercord, President and CEO of Extreme.\n\n“Our teams continue to see unabated market demand, as networking projects remain a priority for our global customers. This is evidenced by our FY23 funnel of new projects, which is up double-digits from last year. Our differentiated Cloud and Fabric solutions are driving more competitive wins today than ever before. Our new ExtremeCloud SD-WAN and AIOp...