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Dec 31, 2022
Extreme Networks Q2 2023 Earnings Report
Reported consistent double-digit growth and raised FY23 revenue outlook.
Key Takeaways
Extreme Networks reported a strong second quarter for fiscal year 2023, marked by double-digit revenue growth and an increased FY23 revenue outlook. The company's SaaS ARR saw significant year-over-year growth, and both GAAP and non-GAAP EPS exceeded the previous year's figures. The company is raising its FY23 revenue growth outlook to the high-end of its 10-15% range.
Revenue reached $318.3 million, a 13% increase year-over-year and a 7% increase quarter-over-quarter.
SaaS ARR grew to $115 million, reflecting a 29% increase year-over-year and a 6% increase quarter-over-quarter.
GAAP diluted EPS was reported at $0.13, compared to $0.10 in Q2 last year.
Non-GAAP diluted EPS was $0.27, compared to $0.21 in Q2 last year.
Extreme Networks
Extreme Networks
Extreme Networks Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
For its third quarter of fiscal 2023, ending March 31, 2023, the Company is targeting revenue between $315.0 million and $325.0 million.
Positive Outlook
- Total net revenue between $315.0 and $325.0 million.
- Gross margin between 56.6% and 58.6%.
- Operating margin between 6.9% and 8.9%.
- Net income between $15.7 and $23.0 million.
- Net income per diluted share between $0.12 and $0.17.
Challenges Ahead
- Operating expenses between $156.4 and $161.4 million.
- Total net revenue between $315.0 and $325.0 million on a non-GAAP basis.
- Gross margin between 58.0% and 60.0% on a non-GAAP basis.
- Operating expenses between $140.1 and $145.1 million on a non-GAAP basis.
- Net income per diluted share between $0.23 and $0.29 on a non-GAAP basis.