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Sep 30, 2021
Extreme Networks Q1 2022 Earnings Report
Reported strong bookings, driving double-digit year-over-year revenue growth and record quarterly operating and net income.
Key Takeaways
Extreme Networks reported a strong first quarter with double-digit year-over-year revenue growth and record quarterly operating and net income. The company's cloud solutions drove customer interest, resulting in a doubling of backlog. Despite supply chain challenges, Extreme exceeded its quarterly revenue outlook.
Revenue increased by 14% year-over-year.
GAAP EPS was $0.10, up from ($0.07) in Q1 last year.
Non-GAAP EPS was $0.21, up from $0.09 in Q1 last year.
SaaS subscription bookings grew 71% during the quarter.
Revenue by Segment
Forward Guidance
For its second quarter of fiscal 2022, ending December 31, 2021, the Company is targeting revenue between $265.0 million and $280.0 million.
Positive Outlook
- Total net revenue between $265.0 million and $280.0 million (GAAP)
- Gross margin between 55.4 % and 57.5 % (GAAP)
- Operating margin between 2.3 % and 6.4 % (GAAP)
- Net income between $0.00 and $11.9 million (GAAP)
- Net income per diluted share between $0.00 and $0.09 (GAAP)
Challenges Ahead
- Total net revenue between $265.0 million and $280.0 million (Non-GAAP)
- Gross margin between 57.0 % and 59.0 % (Non-GAAP)
- Operating margin between 9.5 % and 13.5 % (Non-GAAP)
- Net income between $18.4 and $28.9 million (Non-GAAP)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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