極速網絡公布2025財年首季財務業績報告

超越營業收入和每股收益指引

連續營業收入增長推動毛利改善和現金流

2024年10月30日，北卡羅來納州莫里斯維爾 -- Extreme Networks, Inc.（"Extreme"）（納斯達克代碼：EXTR）今天發布了截至2024年9月30日的第一季度財務業績。

「我們的第一季業績突顯市場復甦初期，以及早於預期結束的項目所帶來的利好。Extreme獨特的企業網絡解決方案持續受到客戶青睞，並推動競爭優勢。我們的雲管理平臺的實力再次得到證明，加上我們愛文思控股的高級人工智能工具，反映在 saas-云计算計算的年度收入增長23%。我們的雲端結合我們真正獨特的企業校園網絡布局，提供無與倫比的網絡性能、容錯能力、安全效益和運營效率。這就是為什麼Extreme在激烈競爭環境中獲勝」，由首席執行官Ed Meyercord表示。

"我們預期第二季度將持續按季節性增長，全年營業收入也將增長，這基於我們機會漏斗的規模和質量。我們預計將因我們科技的差異化和競爭環境的變化而進一步增加市場份額。" 梅爾科德總結道。

凱文·羅德斯，執行副總裁兼致富金融(臨時代碼)長表示：「第一季度營業收入向上，加上毛利率的逐步改善，顯示我們模型中的營運槓桿。我們預期在本財政年度內，基於營業收入持續復甦和我們支出的慎重管理，將會持續改善營運利潤和現金流產生。」

財務第一季度結果：

流動性：

最新重要亮點：

2025財政第一季度財務指標：

(以百萬計，除百分比和每股信息外)

Extreme使用非GAAP自由現金流指標作為營運績效的衡量標準。自由現金流代表根據美國通用會計準則提供的營運活動淨現金（使用），減去購買資產、設備的金額。 Extreme認為自由現金流對管理層和投資者是有用的信息，以了解業務在購買資產、設備後產生的現金數額，而這些現金可用於投資於Extreme的業務，進行戰略收購，強化資產負債表，等等。這種非GAAP自由現金流指標作為財務表現指標的局限性在於它並不代表公司該期間現金餘額的總增加或減少。下表顯示非GAAP自由現金流計算（以百萬計）：

saas-云计算年度收入： Extreme使用saas-云计算年度循環營收（“saas-云计算年度收入”）來確定ExtremeCloud IQ和其他訂閱營收的年度循環營收，根據季度訂閱營收和基於期限的許可證的年化值。我們認為saas-云计算年度收入是一個重要的指標，因為它受到我們獲得新客戶、保持和擴大與現有客戶關係的能力的驅動。saas-云计算年度收入應該獨立於根據美國通用會計準則計入的營收或遞延營收來查看。saas-云计算年度收入沒有標準化含義，因此可能與其他公司提出的標題相同的指標不可比。saas-云计算年度收入並不打算取代對營收的預測。

總債務： 總債務是指資產負債表上顯示的長期債務和長期債務的當期部分，再加上如果有的話未攤提的債務發行成本。

淨現金（負債） 被定義為下表中顯示的現金及現金等價物減去毛債務（以百萬為單位）：

業務展望：

Extreme的業務展望是基於目前的預期。以下陳述屬前瞻性陳述，實際結果可能根據市場條件和下文“前瞻性陳述”中列出的各種因素而有顯著不同。

截至2024年12月31日的2025財年第二季，公司的目標是：

以下表格顯示了Q2 FY'25指引的GAAP至非GAAP調解：

在某些情況下，百分比變化的總和可能與所有案例中的總變化不相等，這是由於四捨五入造成的。

截至2025年6月30日的完整財政年度2025年，公司的目標（以百萬計）：

會議通話：

極速網絡將於今天東部時間上午8:00（太平洋時間上午5:00）舉行一場電話會議，以回顧2025財政年度第一季度的業績，以及截至2024年12月31日的財政2025年第二季度的業務展望，包括背後支撐上述目標的重要因素和假設。該電話會議將透過互聯網在http://investor.extremenetworks.com提供給公眾進行現場音頻網路廣播，通話重播將在通話結束後的至少7天內在該網站上提供。欲參與通話，請訪問此連結(極速網絡Q1'25業績登記 並將提供撥入詳細資料。如果您想參與問答環節，請在此註冊: 登記連結 [問答]. 為了避免延誤，我們建議參與者在預定開始時間的前十五分鐘撥入電話會議。

關於Extreme:

Extreme Networks, Inc.（致富金融(臨時代碼) 高級執行副總裁 兼 首席財務官）創建網絡體驗，使我們所有人能夠進步。我們推動科技的極限，利用機器學習、人工智能、分析和自動化的力量。全球數以萬計的客戶信任我們端到端、雲端驅動的網絡解決方案，依靠我們評價優秀的服務和壓力位，加速他們的數碼轉型努力，實現空前的進展。欲瞭解更多信息，請訪問Extreme的網站 在 https://www.extremenetworks.com/ 或 LinkedIn, YouTube, Twitter, Facebook 或 Instagram上關注我們。

極速網絡、ExtremeCloud 和 極速網絡 商標是極速網絡股份有限公司或其附屬公司在美國和/或其他國家的商標。此處顯示的其他商標為其各自所有者的財產。

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 (loss), non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, net cash (debt) and non-GAAP free cash flow. In preparing non-GAAP information, the Company has excluded, where applicable, the impact of share-based compensation, amortization of intangibles, restructuring 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:

Statements in this press release, including statements regarding those concerning the Company’s business outlook and future operating metrics, financial and operating results, are forward-looking statements within the meaning of 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 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 and business trends; 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; 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, 2024, 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.

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EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

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 (loss), non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, net cash (debt) and non-GAAP 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, restructuring 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, trademarks and order backlog. The amortization of the developed technology and order backlog are recorded in cost of goods sold, while the amortization for the other intangibles is 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.

Restructuring charges. Restructuring 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 and our configure, price, quote solution. 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 a non-recurring pending litigation.

Debt refinancing charges. Debt refinancing charges consist of costs that were not capitalizable and are included in other income (expense), that occurred in conjunction with the amendment 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 Indian subsidiary which performs research and development activities, 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)