极速网络公布2025财年首季财务业绩报告

超越营业收入和每股收益指引

连续营业收入增长推动毛利改善和现金流

2024年10月30日，北卡罗来纳州莫里斯维尔 -- Extreme Networks, Inc.（"Extreme"）（纳斯达克代码：EXTR）今天发布了截至2024年9月30日的第一季度财务业绩。

「我们的第一季业绩突显市场复苏初期，以及早于预期结束的项目所带来的利好。Extreme独特的企业网络解决方案持续受到客户青睐，并推动竞争优势。我们的云管理平台的实力再次得到证明，加上我们爱文思控股的高级人工智能工具，反映在 saas-云计算计算的年度收入增长23%。我们的云端结合我们真正独特的企业校园网络布局，提供无与伦比的网络性能、容错能力、安全效益和运营效率。这就是为什么Extreme在激烈竞争环境中获胜」，由首席执行官Ed Meyercord表示。

"我们预期第二季度将持续按季节性增长，全年营业收入也将增长，这基于我们机会漏斗的规模和质量。我们预计将因我们科技的差异化和竞争环境的变化而进一步增加市场份额。" 梅尔科德总结道。

凯文·罗德斯，执行副总裁兼致富金融(临时代码)长表示：「第一季度营业收入向上，加上毛利率的逐步改善，显示我们模型中的营运杠杆。我们预期在本财政年度内，基于营业收入持续复苏和我们支出的慎重管理，将会持续改善营运利润和现金流产生。」

财务第一季度结果：

流动性：

最新重要亮点：

2025财政第一季度财务指标：

(以百万计，除百分比和每股信息外)

Extreme使用非GAAP自由现金流指标作为营运绩效的衡量标准。自由现金流代表根据美国通用会计准则提供的营运活动净现金（使用），减去购买资产、设备的金额。 Extreme认为自由现金流对管理层和投资者是有用的信息，以了解业务在购买资产、设备后产生的现金数额，而这些现金可用于投资于Extreme的业务，进行战略收购，强化资产负债表，等等。这种非GAAP自由现金流指标作为财务表现指标的局限性在于它并不代表公司该期间现金余额的总增加或减少。下表显示非GAAP自由现金流计算（以百万计）：

saas-云计算年度收入： Extreme使用saas-云计算年度循环营收（“saas-云计算年度收入”）来确定ExtremeCloud IQ和其他订阅营收的年度循环营收，根据季度订阅营收和基于期限的许可证的年化值。我们认为saas-云计算年度收入是一个重要的指标，因为它受到我们获得新客户、保持和扩大与现有客户关系的能力的驱动。saas-云计算年度收入应该独立于根据美国通用会计准则计入的营收或递延营收来查看。saas-云计算年度收入没有标准化含义，因此可能与其他公司提出的标题相同的指标不可比。saas-云计算年度收入并不打算取代对营收的预测。

总债务： 总债务是指资产负债表上显示的长期债务和长期债务的当期部分，再加上如果有的话未摊提的债务发行成本。

净现金（负债） 被定义为下表中显示的现金及现金等价物减去毛债务（以百万为单位）：

业务展望：

Extreme的业务展望是基于目前的预期。以下陈述属前瞻性陈述，实际结果可能根据市场条件和下文“前瞻性陈述”中列出的各种因素而有显著不同。

截至2024年12月31日的2025财年第二季，公司的目标是：

以下表格显示了Q2 FY'25指引的GAAP至非GAAP调解：

在某些情况下，百分比变化的总和可能与所有案例中的总变化不相等，这是由于四舍五入造成的。

截至2025年6月30日的完整财政年度2025年，公司的目标（以百万计）：

会议通话：

极速网络将于今天东部时间上午8:00（太平洋时间上午5:00）举行一场电话会议，以回顾2025财政年度第一季度的业绩，以及截至2024年12月31日的财政2025年第二季度的业务展望，包括背后支撑上述目标的重要因素和假设。该电话会议将透过互联网在http://investor.extremenetworks.com提供给公众进行现场音频网路广播，通话重播将在通话结束后的至少7天内在该网站上提供。欲参与通话，请访问此连结(极速网络Q1'25业绩登记 并将提供拨入详细资料。如果您想参与问答环节，请在此注册: 登记连结 [问答]. 为了避免延误，我们建议参与者在预定开始时间的前十五分钟拨入电话会议。

关于Extreme:

Extreme Networks, Inc.（致富金融(临时代码) 高级执行副总裁 兼 首席财务官）创建网络体验，使我们所有人能够进步。我们推动科技的极限，利用机器学习、人工智能、分析和自动化的力量。全球数以万计的客户信任我们端到端、云端驱动的网络解决方案，依靠我们评价优秀的服务和压力位，加速他们的数码转型努力，实现空前的进展。欲了解更多信息，请访问Extreme的网站 在 https://www.extremenetworks.com/ 或 LinkedIn, YouTube, Twitter, Facebook 或 Instagram上关注我们。

极速网络、ExtremeCloud 和 极速网络 商标是极速网络股份有限公司或其附属公司在美国和/或其他国家的商标。此处显示的其他商标为其各自所有者的财产。

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

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(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)