2023-01-25 12:05:00
Extreme Networks Reports Second Quarter Fiscal Year 2023 Financial Results
Benzinga
By Business WireDelivers Consistent Double-Digit Growth and Raises FY23 Revenue Outlook
Extreme Networks, Inc. ("Extreme") EXTR today released financial results for its second fiscal quarter ended December 31, 2022.
Fiscal Second Quarter Results:
- Revenue $318.3 million, up 13% year-over-year, and up 7% quarter-over-quarter
- SaaS ARR* $115 million, up 29% year-over-year, and up 6% quarter-over-quarter
- GAAP diluted EPS $0.13, compared to $0.10 in Q2 last year and $0.09 last quarter
- Non-GAAP diluted EPS $0.27, compared to $0.21 in Q2 last year and $0.20 last quarter
- GAAP gross margin 57.1% compared to 56.5% in Q2 last year
- Non-GAAP gross margin 58.5% compared to 58.2% in Q2 last year
- GAAP operating margin 7.4% compared to 6.4% in Q2 last year
- Non-GAAP operating margin 14.9% compared to 13.1% in Q2 last year
- Net cash provided by operating activities of $70.6 million
- Free cash flow of $67.5 million
- Repurchased 2.6 million shares for $49.8 million
President and CEO Ed Meyercord stated: "Extreme delivered another quarter of great results. The continued strength of subscription and accelerated product deliveries drove another quarter of double-digit year-over-year revenue growth. We are raising our FY23 revenue growth outlook to the high-end of our 10-15% range and expect this momentum to continue into FY24, as the supply chain environment continues to improve."
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