Extreme Networks Inc (EXTR) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Extreme Networks Q1 FY '23 Financial Results Conference Call. (Operator Instructions)

女士們，先生們，感謝您的支持，歡迎參加 Extreme Networks Q1 FY '23 財務業績電話會議。 （操作員說明）

I would now like to turn the call over to your host, Stan Kovler, you may begin.

我現在想把電話轉給你的主持人 Stan Kovler，你可以開始了。

Thank you, Kevin. Welcome to Extreme Networks First Quarter in 2023 Earnings Conference Call. I'm Stan Kovler, Vice President of Corporate Strategy and Investor Relations. With me today are Extreme Networks' President and CEO, Ed Meyercord; and CFO, Remi Thomas.

謝謝你，凱文。歡迎來到極進網絡 2023 年第一季度收益電話會議。我是 Stan Kovler，公司戰略和投資者關係副總裁。今天和我在一起的是 Extreme Networks 的總裁兼首席執行官 Ed Meyercord；和首席財務官雷米·托馬斯。

We just distributed a press release and filed an 8-K detailing Extreme Networks' financial results for the quarter. For your convenience, a copy of the press release, which includes our GAAP to non-GAAP reconciliations is available in the Investor Relations section of our website at extremenetworks.com.

我們剛剛發布了一份新聞稿並提交了一份 8-K，詳細說明了 Extreme Networks 本季度的財務業績。為方便起見，我們的網站extremenetworks.com 的投資者關係部分提供了一份新聞稿副本，其中包括我們的GAAP 與非GAAP 對賬。

I would like to remind you that during today's call, our discussion may include forward-looking statements about Extreme's future business, financial and operational results, growth expectations and strategies. All financial disclosures on this call will be on a non-GAAP basis, unless stated otherwise. We caution you not put [Technical Issues] on these forward-looking statements as they involve risks and uncertainties that can cause actual results to differ materially from those anticipated by these statements as of described in our risk factors in our 10-K report for the period ended June 30, 2022, as filed with the SEC. Any forward-looking statements made on this call reflect our analysis as of today, and we have no plans or duty to update them as required except as required by law.

我想提醒您，在今天的電話會議中，我們的討論可能包括有關 Extreme 未來業務、財務和運營結果、增長預期和戰略的前瞻性陳述。除非另有說明，否則本次電話會議上的所有財務披露都將基於非公認會計原則。我們提醒您不要將 [技術問題] 放在這些前瞻性陳述中，因為它們涉及風險和不確定性，可能導致實際結果與這些陳述所預期的結果大不相同，正如我們在 10-K 報告中的風險因素中所描述的那樣提交給 SEC 的截止日期為 2022 年 6 月 30 日。在本次電話會議上發表的任何前瞻性陳述都反映了我們截至今天的分析，除法律要求外，我們沒有計劃或義務根據要求更新這些陳述。

Now I will turn the call over to Extreme's President and CEO, Ed Meyercord.

現在我將把電話轉給 Extreme 的總裁兼首席執行官 Ed Meercord。

Thank you, Stan, and thank you all for joining us this morning. We had a record quarter as demand for cloud-driven networking and for Extreme Solutions has never been stronger. Again, our share gains are evident by double-digit revenue growth, record revenue and continued growth of backlog, which now sits at $555 million. The sequential increase in revenue and margins led to continued improvement in our operating model and we achieved EPS of $0.20 in Q1, up from $0.15 in Q4. We expect these bottom line earning trends to continue.

謝謝你，斯坦，謝謝大家今天早上加入我們。由於對雲驅動網絡和 Extreme Solutions 的需求從未如此強勁，我們創下了一個創紀錄的季度。同樣，兩位數的收入增長、創紀錄的收入和積壓的持續增長（現在為 5.55 億美元）再次證明了我們的份額增長。收入和利潤率的連續增長導致我們的運營模式持續改善，我們在第一季度實現每股收益 0.20 美元，高於第四季度的 0.15 美元。我們預計這些盈利趨勢將繼續下去。

The combination of our fabric and cloud solutions are driving significant differentiation for Extreme. Our fabric technology deployed in over 7,500 campus networks globally delivers network automation, hypersegmentation and unmatched security. Today, our fabric provides simplicity and ease of use for local area network deployments from the campus core to the wireless edge. In calendar Q1, we're extending our fabric across the wide area network, bringing new features and security to our enhanced SD-WAN solution.

我們的架構和雲解決方案的結合正在推動 Extreme 的顯著差異化。我們在全球 7,500 多個園區網絡中部署的結構技術可提供網絡自動化、超分段和無與倫比的安全性。今天，我們的交換矩陣為從園區核心到無線邊緣的局域網部署提供了簡單和易用性。在日曆 Q1 中，我們將我們的結構擴展到廣域網，為我們增強的 SD-WAN 解決方案帶來新的功能和安全性。

With ExtremeCloud IQ, our customers have complete visibility and management of network devices and connected clients throughout the entire enterprise, end-to-end across local and wide area networks. The intelligence and automation tools we bring in our CoPilot license, such as digital twin and AIOps are game changers. Highlighting the value of our CoPilot solution, one of our customers is on record saying, with CoPilot I'm finding problems in the network that I didn't know existed and now I have readily available solutions that I didn't have without the tool.

借助 ExtremeCloud IQ，我們的客戶可以全面了解和管理整個企業中的網絡設備和連接的客戶端，以及跨局域網和廣域網的端到端。我們在 CoPilot 許可證中引入的智能和自動化工具，例如數字孿生和 AIOps，改變了遊戲規則。強調我們的 CoPilot 解決方案的價值，我們的一位客戶公開表示，使用 CoPilot，我發現網絡中存在我不知道存在的問題，現在我有現成的解決方案，而沒有該工具我沒有.

Both our fabric and cloud solutions stole the show at our oversubscribed sales kickoff event for direct sellers and channel partners where we hosted over 1,000 people in Boston in August. At Extreme, we have a unique focus in finding new ways for our customers to deliver better outcomes, leveraging the most advanced cloud and fabric technologies. During the quarter, 37 customers spent more than $1 million with Extreme. Some of our top wins for the quarter include household names such as the third largest cruise line in the world, where we beat out a large incumbent and we'll be deploying our wired wireless CloudIQ and fabric solution, a 4,000-room luxury hotel going up in Las Vegas that will showcase our fabric along with our CloudIQ site engine. Third largest bank in South Korea is deploying our data center switching and fabric to protect sensitive customer information and ensure uninterrupted operations. And the world's third largest energy company based in Europe, a global leader in smart grid technology that added more than 2,000 Extreme access points are switching solutions and CloudIQ.

我們的架構和雲解決方案在我們為直銷商和渠道合作夥伴舉辦的超額認購銷售啟動活動中搶盡風頭，我們於 8 月在波士頓接待了 1,000 多人。在 Extreme，我們有一個獨特的重點，即利用最先進的雲和結構技術為我們的客戶尋找新的方法來提供更好的結果。本季度，37 位客戶在 Extreme 上的花費超過 100 萬美元。我們本季度的一些最大勝利包括家喻戶曉的品牌，例如世界第三大郵輪公司，我們在其中擊敗了一家大型現有公司，我們將部署我們的有線無線 CloudIQ 和織物解決方案，這是一家擁有 4,000 間客房的豪華酒店在拉斯維加斯將展示我們的結構以及我們的 CloudIQ 站點引擎。韓國第三大銀行正在部署我們的數據中心交換和結構，以保護敏感的客戶信息並確保運營不間斷。總部位於歐洲的全球第三大能源公司，是智能電網技術的全球領導者，增加了 2,000 多個 Extreme 接入點，是交換解決方案和 CloudIQ。

Our sales productivity continues to run at historically high levels, and this will only increase over the next few years given the rightsizing of book-to-bill and the release of backlog. There has never been a better time to be a salesperson in Extreme. And our competitive position has never been stronger. In such a large industry, small share gains have a large impact on Extreme's top line, making us the fastest-growing networking company. Third-party analysts, industry press and partner community have taken notice demonstrated by accolades and awards for our solutions and service. For example, this is the fifth year in a row that Extreme was named Gartner's Choice for Wired and Wireless land access infrastructure based on peer insights.

我們的銷售生產力繼續保持在歷史最高水平，並且考慮到訂單到賬單的合理規模和積壓的釋放，這只會在未來幾年內提高。在 Extreme 擔任銷售員的最佳時機從未如此。我們的競爭地位從未如此強大。在如此龐大的行業中，少量的份額收益對 Extreme 的收入產生了很大的影響，使我們成為增長最快的網絡公司。第三方分析師、行業媒體和合作夥伴社區已經註意到我們的解決方案和服務所獲得的讚譽和獎項。例如，Extreme 連續第五年被評為 Gartner 基於同行洞察力的有線和無線陸地接入基礎設施之選。

We achieved subscription bookings growth of 60% and annualized cloud SaaS bookings of close to $190 million exiting Q1. Strong demand for our innovative cloud solutions is also pulling through product sales, and we believe the level of organic subscription growth we're seeing today is sustainable. In addition, the improvement in supply chain and our ability to deliver products, most notably wireless LAN this quarter supported a strong pull-through of software subscription.

我們在第一季度實現了 60% 的訂閱預訂量增長，年化雲 SaaS 預訂量接近 1.9 億美元。對我們創新雲解決方案的強勁需求也拉動了產品銷售，我們相信我們今天看到的有機訂閱增長水平是可持續的。此外，供應鏈的改善和我們交付產品的能力，尤其是本季度的無線 LAN，支持了軟件訂閱的強勁拉動。

On the supply chain side, we continue to be laser-focused on tactical execution to meet our customers' needs. Our distributors give us the highest rank in the networking industry for delivering on our commit dates, and this is driving demand and has become a source of new customer logos and partners for Extreme. This quarter alone, we qualified an additional 50 component suppliers and reduced our part shortages. Our success in reengineering products has also helped ease constraints. Based on all the actions we've taken with our supply chain over the past year, we now have better visibility and confidence in the ramp of our product deliveries.

在供應鏈方面，我們繼續專注於戰術執行，以滿足客戶的需求。我們的分銷商在我們的承諾日期交付方面給予我們網絡行業的最高排名，這推動了需求，並已成為 Extreme 新客戶徽標和合作夥伴的來源。僅本季度，我們就額外認證了 50 家零部件供應商，並減少了我們的零部件短缺。我們在產品再造方面的成功也有助於緩解限制。基於過去一年我們對供應鏈採取的所有行動，我們現在對我們的產品交付量有了更好的了解和信心。

With a strong outlook for bookings growth and the gradual improvement in supply, we expect to build backlog through the end of the fiscal year. We anticipate neutral book-to-bill or release of backlog in our fiscal Q1 of '24. Once backlog begins to release, it will unlock an accelerated wave of product shipments and revenue growth over multiple quarters. We have complete visibility into our product backlog, the vast majority of which is comprised of orders with current delivery request dates. Our orders are part of essential IT projects that have been carefully designed and planned for customer environments such as stadiums, college campuses, hospitals and manufacturing facilities. This is why cancellations remain negligible at a fraction of 1%. About half of our backlog consists of the latest-generation universal products that pull through subscription and services. So when our backlog shifts, it will also unleash subscription and maintenance services revenue.

由於預訂增長的強勁前景和供應的逐步改善，我們預計將在本財年末建立積壓。我們預計在 24 財年第一季度中性的賬面出貨量或積壓訂單的發布。一旦積壓訂單開始釋放，它將在多個季度開啟產品出貨量和收入增長的加速浪潮。我們對我們的產品積壓有完全的了解，其中絕大多數由具有當前交貨請求日期的訂單組成。我們的訂單是為體育場、大學校園、醫院和製造設施等客戶環境精心設計和規劃的基本 IT 項目的一部分。這就是為什麼取消在 1% 的情況下仍然可以忽略不計的原因。我們積壓的大約一半由通過訂閱和服務拉動的最新一代通用產品組成。因此，當我們的積壓工作發生變化時，它也將釋放訂閱和維護服務收入。

Our recently introduced Universal Switch5720, designed to support products with higher data throughput such as our Wi-Fi 6E access points, we'll be launching later this year. We also launched new outdoor APs, building on our first-to-market status in Wi-Fi 6E. The transition to universal products continues with nearly 60% of our bookings now on universal platforms for wired and wireless products. Our sales funnel, our AI tools and our field forecast all point to healthy bookings trends for the next 12 months. This is a combination of Extreme taking market share and the resiliency of cloud-based networking in this environment. I'm excited about the strength and favorable outlook of the networking industry, our growing market share, gains from larger competitors, cloud-driven networking has never been more important in our competitive position with the highest quality cloud in the industry, combined with unique simplicity and security of our Extreme Fabric has never been more impactful. We're poised for accelerated top line growth and margin increases that will drive unprecedented cash flow and earnings growth in future quarters and years to come.

我們最近推出的 Universal Switch5720 旨在支持具有更高數據吞吐量的產品，例如我們的 Wi-Fi 6E 接入點，我們將於今年晚些時候推出。我們還推出了新的戶外接入點，建立在我們在 Wi-Fi 6E 市場上的領先地位。向通用產品的過渡仍在繼續，我們近 60% 的預訂現在是在有線和無線產品的通用平台上進行的。我們的銷售漏斗、我們的人工智能工具和我們的現場預測都指向未來 12 個月的健康預訂趨勢。這是極端市場份額和在這種環境中基於雲的網絡的彈性的結合。我對網絡行業的實力和良好的前景感到興奮，我們不斷增長的市場份額，從更大的競爭對手中獲得的收益，雲驅動的網絡在我們擁有業內最高質量雲的競爭地位中從未像現在這樣重要，再加上獨特的我們的 Extreme Fabric 的簡單性和安全性從未像現在這樣具有影響力。我們已準備好加速收入增長和利潤率增長，這將在未來幾個季度和未來幾年推動前所未有的現金流和收益增長。

And with that, I'll turn the call over to our CFO, Remi Thomas.

有了這個，我將把電話轉給我們的首席財務官雷米·托馬斯。

Thanks, Ed. Q1 results highlight the strength of execution of our go-to-market and supply chain teams. Our direct sellers and channel partners achieved near record bookings for both products and cloud subscriptions. Our global operations team delivered strong shipments that resulted in record revenue, and we're reaching new milestone for SaaS ARR. At the same time, we improved our margin sequentially and continued to generate strong cash flow.

謝謝，埃德。第一季度的業績突出了我們的上市和供應鏈團隊的執行力。我們的直銷商和渠道合作夥伴在產品和雲訂閱方面的預訂量都接近記錄。我們的全球運營團隊交付了強勁的出貨量，創造了創紀錄的收入，我們正在達到 SaaS ARR 的新里程碑。與此同時，我們連續提高了利潤率，並繼續產生強勁的現金流。

Our first quarter revenue of $297.7 million grew 11% year-over-year and 7% quarter-over-quarter, which was once again above the high end of our expectations entering the quarter. With a product book-to-bill ratio of 1.3 for the quarter, we added $42 million to backlog from the prior quarter. We now have nearly 3 full quarters of product revenue in backlog. Wireless LAN revenue grew sharply on a quarter-over-quarter and year-over-year basis and now accounts for 30% of product revenue due to the loosening supply of access points in the quarter. We grew our SaaS subscription bookings by 60% in Q1, accelerating from the prior quarter's growth rate of 61%. This was fueled by the sequential recovery in our wireless LAN business, which has an extremely high attach rate of cloud services.

我們第一季度的收入為 2.977 億美元，同比增長 11%，環比增長 7%，再次高於我們進入本季度的預期高端。本季度的產品訂單出貨比為 1.3，我們比上一季度增加了 4200 萬美元的積壓。我們現在有近 3 個完整季度的產品收入積壓。由於本季度接入點供應鬆動，無線 LAN 收入環比和同比大幅增長，目前佔產品收入的 30%。我們在第一季度的 SaaS 訂閱預訂量增長了 60%，高於上一季度 61% 的增長率。這得益於我們的無線局域網業務的連續復甦，該業務具有極高的雲服務附加率。

Our SaaS ARR grew to $111 million, up from $103 million in Q4 for a growth of 41% year-over-year and 8% quarter-over-quarter. We remain confident in our long-term subscription revenue growth outlook of 35% to 45%. SaaS deferred revenue was $171 million, up 40% year-over-year and 9% quarter-over-quarter. Q1 earnings per share was $0.20 at the high end of our guidance entering the quarter. Revenue on a geographic basis has been impacted by the timing of product shipments to our distributors. With that in mind, the difference in performance between the Americas compared to EMEA and APAC is not a good indicator of demand.

我們的 SaaS ARR 從第四季度的 1.03 億美元增長到 1.11 億美元，同比增長 41%，環比增長 8%。我們對 35% 至 45% 的長期訂閱收入增長前景仍然充滿信心。 SaaS 遞延收入為 1.71 億美元，同比增長 40%，環比增長 9%。在我們進入本季度的指導高端時，第一季度每股收益為 0.20 美元。地區收入受到向我們的分銷商發貨時間的影響。考慮到這一點，與 EMEA 和 APAC 相比，美洲之間的表現差異並不是一個很好的需求指標。

Bookings by geography is a better representation of end-user demand. To that point, the Americas reflected the highest growth up over 20% year-over-year. EMEA grew mid-single digits year-over-year, which is a solid performance considering that last year EMEA had an over 70% growth rate versus the prior year. Finally, APAC bookings also grew mid-single digits, also a good performance considering the strength of last year's bookings. The APAC region was also impacted by currency devaluations, which are making our dollar-denominated products more expensive in region, particularly in Japan.

按地理位置進行的預訂更能代表最終用戶的需求。到那時，美洲的增長率最高，同比增長超過 20%。 EMEA 同比增長中個位數，考慮到去年 EMEA 與上一年相比增長率超過 70%，這是一個穩健的表現。最後，亞太地區的預訂量也增長了中個位數，考慮到去年的預訂量，這也是一個不錯的表現。亞太地區也受到貨幣貶值的影響，這使得我們以美元計價的產品在該地區更加昂貴，尤其是在日本。

Product bookings grew mid- to high single digits from the previous year, with similar performance in our wired and wireless products, campus switching growth outpaced overall product bookings growth for the quarter. From a vertical standpoint, our mix did not change meaningfully during the quarter with government and education accounting for roughly 40% of the total, manufacturing at about 10%, health care at about 10%; and retail, transportation and logistics also at about 10%. Services and subscription revenue of $91.4 million in Q1 was up 11% year-over-year. This growth was largely driven by the strength of cloud subscriptions, up 39% year-over-year. Total Q1 recurring revenue, including maintenance, managed services and subscription was at $86.8 million or 29% of total company revenue on the strength of product revenue.

產品預訂量與去年相比增長了中高個位數，我們的有線和無線產品表現相似，校園交換增長超過了本季度的整體產品預訂量增長。從垂直角度來看，我們的組合在本季度沒有發生顯著變化，政府和教育約佔總數的 40%，製造業約佔 10%，醫療保健約佔 10%；零售、運輸和物流也佔 10% 左右。第一季度的服務和訂閱收入為 9140 萬美元，同比增長 11%。這一增長主要是由雲訂閱的強勁推動的，同比增長 39%。憑藉產品收入，第一季度的總經常性收入（包括維護、託管服務和訂閱）為 8680 萬美元，占公司總收入的 29%。

The growth of cloud subscription and service renewals drove the total deferred revenue to $424 million, up 19% from the year ago quarter and 6% sequentially. Our gross margin came in at 57.6%, up 60 basis points sequentially and down 2.8 percentage points from the year ago quarter, driven by lower product gross margin. On a sequential basis, the improvement in gross margin is attributed to an improvement in supply chain and freight costs and offset slightly by changes in the mix of products and services.

雲訂閱和服務更新的增長推動總遞延收入達到 4.24 億美元，同比增長 19%，環比增長 6%。由於產品毛利率下降，我們的毛利率為 57.6%，環比上升 60 個基點，比去年同期下降 2.8 個百分點。從環比來看，毛利率的改善歸因於供應鍊和貨運成本的改善，並被產品和服務組合的變化略微抵消。

Services and subscription gross margin of 67.5% grew 3.8 percentage points from the year ago quarter on higher subscription mix, but fell 3.2 percentage points sequentially, driven by higher professional services revenue and slight decline in maintenance. Q1 operating expenses were $135 million, up from $125 million in the year ago quarter and from $132 million in Q4 '22, reflecting higher R&D expenses and year-over-year increase in sales and marketing to support higher revenue growth. The year-over-year increase in sales and marketing spend relates to the reintroduction of in-person corporate events we hosted in Q1.

服務和訂閱毛利率為 67.5%，較去年同期增長 3.8 個百分點，原因是訂閱組合增加，但由於專業服務收入增加和維護略有下降，環比下降 3.2 個百分點。第一季度運營費用為 1.35 億美元，高於去年同期的 1.25 億美元和 22 年第四季度的 1.32 億美元，這反映了研發費用的增加以及銷售和營銷的同比增長以支持更高的收入增長。銷售和營銷支出的同比增長與我們在第一季度舉辦的面對面公司活動的重新推出有關。

Total operating expenses as a percentage of revenue overall dropped to 45.4%. All in all, our operating margin was 12.1%, down from 13.8% in the year ago quarter and up from 9.6% in Q4 of '22. Net debt was reduced by $41 million sequentially to $73.2 million, driven by the strong increase in our EBITDA as well as a reduction in operating working capital, resulting for the most part from strong collections. Our cash conversion cycle dropped by 8 days sequentially and now sits at 19 days.

總營業費用佔總收入的百分比下降至 45.4%。總而言之，我們的營業利潤率為 12.1%，低於去年同期的 13.8%，高於 22 年第四季度的 9.6%。由於我們的 EBITDA 強勁增長以及運營營運資金減少（主要是由於收款強勁），淨債務連續減少 4100 萬美元至 7320 萬美元。我們的現金轉換週期連續下降了 8 天，現在為 19 天。

This quarter, we made a principal repayment of $37 million to our Term Loan A, enabling us to reduce our covenant leverage ratio to less than 1.25 and in turn, reduced the carrying interest rate on the loan by 50 basis points. At the current 3 month LIBOR rate, the annual carrying interest rate on our debt will be approximately 5% to 5.5% effective November 9.

本季度，我們向定期貸款 A 償還了 3700 萬美元的本金，使我們能夠將契約槓桿率降低到 1.25 以下，進而將貸款的賬面利率降低了 50 個基點。從 11 月 9 日起，按照當前 3 個月的 LIBOR 利率，我們債務的年度賬面利率將約為 5% 至 5.5%。

Now turning to guidance. Our confidence in our outlook is further solidified by $555 million worth of product backlog exiting Q1. For Q2, we expect revenue to be in the range of $299 million to $309 million. Q2 gross margin is anticipated to be in the range of 57.5% to 59.5%. Q2 operating expenses are expected to be in the range of $133 million to $138 million. Q2 earnings are anticipated to be in the range of $28 million to $35 million or $0.21 to $0.26 per diluted share. We continue to expect that the reduction in expedite and shipping fees, combined with the full impact of our recent pricing actions will lead to a progressive recovery in gross margin throughout fiscal year '23. So for the year, we expect 10% to 15% revenue growth. For the second half, we expect to cross the 60% gross margin threshold and achieve an operating margin in the mid-teens.

現在轉向指導。第一季度結束的價值 5.55 億美元的產品積壓進一步鞏固了我們對前景的信心。對於第二季度，我們預計收入將在 2.99 億美元至 3.09 億美元之間。第二季度毛利率預計在 57.5% 至 59.5% 之間。第二季度的運營費用預計在 1.33 億美元至 1.38 億美元之間。第二季度的收益預計在 2800 萬美元至 3500 萬美元之間，或每股攤薄收益 0.21 美元至 0.26 美元。我們繼續預計，加急費和運費的減少，加上我們最近定價行動的全面影響，將導致整個 23 財年的毛利率逐步恢復。因此，我們預計今年的收入將增長 10% 至 15%。下半年，我們預計毛利率將突破 60% 的門檻，並在 10 歲左右實現營業利潤率。

With that, I will now turn it over to the operator to begin the question-and-answer session.

有了這個，我現在將把它交給接線員開始問答環節。

[Operator Instructions] our first question comes from Alex Henderson with Needham. Your line is open.

[操作員說明] 我們的第一個問題來自李約瑟的 Alex Henderson。你的線路是開放的。

Thanks. I'm going to break that a little bit because I wanted to get some clarification on some of the numbers which are just pretty straightforward. Can you give us some guide on the interest line since you obviously have a lot of things moving around in there? And did you say the book-to-bill was 1.3, I'm getting 1.23 when I calculate it.

謝謝。我將打破這一點，因為我想對一些非常簡單的數字進行澄清。你能給我們一些關於興趣線的指導嗎，因為你顯然有很多東西在裡面移動？你說帳單比是 1.3，我計算時得到 1.23。

Product looks to be a little at 1.3, Alex.

產品看起來有點 1.3，亞歷克斯。

It was 1.3%, okay.

是1.3%，好吧。

Yes, it was 1.4%. So the average is slightly higher.

是的，它是 1.4%。所以平均值略高。

I see, I see. And the interest line?

我明白了，我明白了。利益線呢？

Hold on, let me just bring that up. It keeps moving with 1-month LIBOR rate. You should assume about $5 million a quarter.

等等，讓我提出來。它以 1 個月的 LIBOR 利率持續變動。你應該假設每季度大約 500 萬美元。

The LIBOR rate going up 75 basis points this morning impacted you guys or ECB did?

今天早上倫敦銀行同業拆借利率上漲 75 個基點影響了你們還是歐洲央行？

We do the reset on a monthly basis. So today's rate may not necessarily be the one that we'll have after November 9. But currently, it would be 330 plus 125 would be 455 [Phonetic] if we use the last 1 month LIBOR reset that we have.

我們每月進行一次重置。因此，今天的利率可能不一定是我們在 11 月 9 日之後的利率。但目前，如果我們使用我們擁有的最後 1 個月的 LIBOR 重置，它將是 330 加 125 將是 455 [語音]。

Okay. If I could ask a couple of questions. Just -- those were just technical details. The first one is, I didn't hear any mention of pricing. And I know pricing has gone up in the industry. I know you guys have increased price. Can you talk about where you are in terms of actually getting the price in the numbers this quarter as well as where you expect the pricing to look like? And one other clarification, you said you wanted to -- you thought your backlog would increase by year end. Do you mean increase from the start of the fiscal year? Or do you mean increase from the 555 [Phonetic]?

好的。如果我能問幾個問題。只是——那些只是技術細節。第一個是，我沒有聽到任何關於定價的消息。而且我知道該行業的定價已經上漲。我知道你們漲價了。您能否談談您在本季度的數字中實際獲得的價格以及您期望的價格是什麼樣的？還有一個澄清，你說你想 - 你認為你的積壓會在年底增加。你的意思是從財政年度開始增加？或者你的意思是從 555 [注音] 增加？

Alex, I'll jump in and then, Remi, you can back me up here. Alex, we expect backlog to increase each quarter throughout the remainder of our fiscal year. So we're expecting increases in December, March and June.

亞歷克斯，我會加入，然後，雷米，你可以在這裡支持我。亞歷克斯，我們預計在本財年剩餘時間內，每個季度的積壓工作都會增加。因此，我們預計 12 月、3 月和 6 月會有所增長。

Perfect.

完美的。

As it relates to pricing, we had a very modest and targeted price increase effective October 1. On the bookings side, we did see some pull-ins, but it was much more muted than what we had last year. If you recall last year, we had a 12% price increase as of October 1, and that drove significant bookings. Remi referenced that, over 70% growth in product bookings in EMEA, which it is -- we were really excited to see that we were able to grow organically on top of that kind of comparable. So in general, we are in a -- we feel like we're in a strong position. Cisco has announced price increases. We remain under their umbrella. And then we've seen our other competitors follow suit. So we like where we are in terms of seeing the price increase in numbers. You'll see the most recent price increase, a small impact this quarter and then a larger impact in the following quarter. Rami, I don't know if you want to add anything to that.

由於它與定價有關，我們從 10 月 1 日起進行了非常溫和且有針對性的價格上漲。在預訂方面，我們確實看到了一些拉動，但與去年相比要溫和得多。如果您還記得去年，截至 10 月 1 日，我們的價格上漲了 12%，這推動了大量預訂。 Remi 提到，歐洲、中東和非洲地區的產品預訂量增長了 70% 以上——我們真的很高興看到我們能夠在這種可比的基礎上實現有機增長。所以總的來說，我們處於 - 我們覺得我們處於有利地位。思科宣布漲價。我們仍然在他們的保護傘下。然後我們看到我們的其他競爭對手也紛紛效仿。因此，我們喜歡看到價格上漲的情況。您會看到最近的價格上漲，本季度的影響很小，然後在下一季度的影響更大。拉米，我不知道你是否想對此添加任何內容。

I was just going to add that with the exceptions of certain country where currency devaluations have impacted our ability for our customers to meet their budget, our price increase are holding edge. So we're not having to raise discounts to offset the price increase and so they really translated into an improvement in the overall net selling price of the company.

我只是想補充一點，除了某些國家貨幣貶值影響了我們滿足客戶預算的能力之外，我們的價格上漲一直保持優勢。因此，我們不必提高折扣來抵消價格上漲，因此它們真正轉化為公司整體淨售價的改善。

So just to be clear, in the quarter, the price benefit was low single digits and you expect it to be what by the fourth quarter or fiscal year?

所以要明確一點，在本季度，價格收益是個位數的低收益，您預計到第四季度或財政年度會是什麼？

There was -- I mean, there was an impact this quarter of the price increase that we made on April 1. However, the impact of the October 1 price increase was not felt in the September quarter.

有 - 我的意思是，我們在 4 月 1 日進行的價格上漲對本季度產生了影響。但是，9 月季度沒有感受到 10 月 1 日價格上漲的影響。

Clearly. But my point -- my question is what was the real impact of price increases in the quarter? Was it low single digit contribution to your revenue growth or some other number?

清楚地。但我的觀點——我的問題是本季度價格上漲的真正影響是什麼？是對您的收入增長的低個位數貢獻還是其他數字？

Yes, low single digit coming from prior price increases, correct.

是的，來自先前價格上漲的低個位數，正確的。

And you expect by the June quarter it will be 5%, 6%, 8%, 1%? What are your expectations for the realization of that when you talk about building backlog through the end of the year and the like? [Speech Overlap]

您預計到 6 月季度將是 5%、6%、8%、1%？當您談論到年底建立積壓等時，您對實現這一目標有何期望？ [語音重疊]

[Speech Overlap] discount trends don't change, it would be low to mid-single digits.

[語音重疊] 折扣趨勢不會改變，它會是低到中個位數。

Low to mid-single digits. Thank you.

低到中個位數。謝謝你。

Thanks, Alex.

謝謝，亞歷克斯。

One moment for our next question. Our next question comes from Eric Martinuzzi with Lake Street Capital. Your line is open.

我們下一個問題的片刻。我們的下一個問題來自 Lake Street Capital 的 Eric Martinuzzi。你的線路是開放的。

I'm going to assume that to me. It's Eric from Lake Street Capital Markets. Just wanted to follow-up on the geographic commentary that you gave. You talked about bookings by geo with the Americas being up 20% and then mid-single digits for EMEA and APAC against a tough comp. Where should we think about that for fiscal year '23, given the revenue guide of 10% to 15%. How do you see the bookings growth across geographies for FY '23?

我將假設對我來說。我是 Lake Street Capital Markets 的 Eric。只是想跟進您提供的地理評論。您談到了按地域劃分的預訂，其中美洲增長了 20%，然後是歐洲、中東和非洲和亞太地區的中個位數，以應對艱難的競爭。考慮到 10% 到 15% 的收入指導，我們應該在哪裡考慮 23 財年的問題。您如何看待 23 財年跨地區的預訂量增長？

Total bookings growth across all geographies and products, services and subscription is expected to be in the high single digit.

預計所有地區和產品、服務和訂閱的總預訂量增長將達到高個位數。

Okay. And then combined with what's coming off the backlog, that's how we get to the revenue number of business.

好的。然後結合積壓的內容，這就是我們獲得業務收入數字的方式。

Okay.

好的。

I would say, Eric, we're not expecting -- we're expecting to grow backlog during the year. So in terms of how we get to our fiscal year growth, the expectation is that we are not reducing backlog, but we're growing backlog. I just want to clarify that.

我想說，埃里克，我們沒有預料到 - 我們預計今年會增加積壓。因此，就我們如何實現財政年度增長而言，我們的預期是我們不會減少積壓，但我們正在增加積壓。我只是想澄清一下。

Yes. Okay. And then as far as the release in the gross margins, we're seeing relief, you've qualified more component suppliers, you've got a little bit of breathing room on the expedite fee. But what's really the -- it's -- I'm looking for what's the biggest contributor to the gross margin expansion as we go quarter-by-quarter.

是的。好的。然後就毛利率的釋放而言，我們看到了緩解，你有更多的零部件供應商合格，你在加急費上有一點喘息的空間。但真正的 - 它是 - 我正在尋找對毛利率擴張的最大貢獻者，因為我們逐季度進行。

Eric, that would be the reduction in expedite fees based on what we paid to our key suppliers of semiconductors and components as well as the reduction of freight cost, which is still elevated today because most of the products that are produced out of China and Taiwan are shipped by air directly to El Paso, which is our main hub. So the reduction of these 2 that are currently hurting gross margin is really what's going to drive the improvement over time.

Eric，這將是基於我們支付給半導體和組件的主要供應商的加急費用的減少以及運費成本的降低，因為大多數產品是在中國大陸和台灣生產的，所以今天仍然很高直接空運到埃爾帕索，這是我們的主要樞紐。因此，目前正在損害毛利率的這兩個因素的減少確實會隨著時間的推移推動改善。

Got it. Thanks for taking my questions.

知道了。感謝您提出我的問題。

One moment for our next question. Our next question comes from Paul Silverstein with Cowen. Your line is open.

我們下一個問題的片刻。我們的下一個問題來自 Paul Silverstein 和 Cowen。你的線路是開放的。

Thanks, guys. Two questions, if I may. One, on macro, it sure doesn't sounded from the numbers in your commentary but I've got to ask. Last -- the other day we had F5 in Juniper with 2 very different messages. In F5s case, there was about cancellations, delays, downsizing increased budget scrutiny, especially overseas, in particular overseas. Are you not seeing any of that, especially in light of FX and energy prices in Europe, et cetera?

多謝你們。兩個問題，如果可以的話。一，在宏觀上，它肯定不會從你評論中的數字中聽出來，但我必須問一下。最後——前幾天，我們在瞻博網絡舉辦了 F5，其中包含 2 條截然不同的信息。在 F5 的案例中，有關於取消、延誤、縮減預算審查，特別是在海外，尤其是在海外。您是否沒有看到任何這些，尤其是考慮到歐洲的外彙和能源價格等等？

Paul, it's something that we -- obviously, is something that we keep a very close eye on. And we're not seeing it. We have a lot of different variables that we look at, specifically as we look forward, we look at opportunities that we have in the funnel that are -- and we're scrubbing those regularly. We have feedback from our direct sellers in field and what they're rolling up and calling. And as you're aware, we have an AI tool that sits on top of Salesforce that comes up with a call. So we kind of have kind of 3 legs to our outlook, and we're just not seeing it. There's 2 things that are in play here. One is the resiliency of networking. One way to offset inflation is productivity and -- and what's driving productivity are improvements in technology and all the digital transformation projects that you see today, the glue to everything is the network. And so we're not seeing networking initiatives being deprioritized. And in our backlog, the fact that we have a backlog of complicated networking systems, not commodity products, we're not seeing -- we're not seeing the books. And so that's why we say it's a fraction of 1% because it truly is. So if enterprise customers are having to cut back spend, we're not seeing them prioritize networking. We're seeing other items in the budget being cut in front of networking. So that's one thing.

保羅，這是我們 - 顯然，是我們密切關注的事情。我們沒有看到它。我們有很多不同的變量需要考慮，特別是在我們展望未來時，我們會研究漏斗中的機會——我們會定期清理這些機會。我們從現場的直銷商那裡得到反饋，以及他們正在收集和打電話的內容。如您所知，我們有一個位於 Salesforce 之上的 AI 工具，它會發出呼叫。因此，我們的前景有點像 3 條腿，而我們只是沒有看到它。這裡有兩件事在起作用。一是網絡的彈性。抵消通貨膨脹的一種方法是生產力，而推動生產力的是技術的改進和你今天看到的所有數字化轉型項目，一切的粘合劑就是網絡。因此，我們沒有看到網絡計劃被取消優先級。在我們的積壓中，我們沒有看到復雜的網絡系統，而不是商品產品，我們沒有看到 - 我們沒有看到這些書籍。這就是為什麼我們說它只是 1% 的一小部分，因為它確實如此。因此，如果企業客戶不得不削減開支，我們並沒有看到他們優先考慮網絡。我們看到預算中的其他項目在網絡之前被削減。所以這是一回事。

The other thing is our relative size, and we mentioned that we're taking share. The fact of the matter is we are taking share against much larger players. So these small share gains for us can cloud what may be happening in the larger market. So the -- our ability to continue to drive bookings even in these challenged markets like in the EMEA market or currency challenged markets in APAC, we still see healthy growth in bookings, and some of that is going to be from market share gains. And the other is, as I mentioned, is just the resiliency of these networking projects, which in our mind to become more strategic for enterprise customers.

另一件事是我們的相對規模，我們提到我們正在分享。事實是，我們正在與更大的玩家分享份額。因此，我們獲得的這些小份額收益可能會使更大市場中可能發生的事情蒙上陰影。因此，即使在歐洲、中東和非洲市場或亞太地區受到貨幣挑戰的市場等這些充滿挑戰的市場，我們仍有能力繼續推動預訂，我們仍然看到預訂量健康增長，其中一些將來自市場份額的增長。正如我所提到的，另一個是這些網絡項目的彈性，在我們看來，這對企業客戶來說更具戰略意義。

And I just thought you just pushed through, you're not even seeing elongated sales cycles.

而且我只是以為您只是挺過來了，您甚至沒有看到延長的銷售週期。

No, we're not. I would say it's actually the opposite, Paul, we're seeing. If anything, and this goes back to supply chain, if anything, we may see people that are anticipating lead times and ordering early so that they can establish their position as it relates to supply chain. So we're not seeing it. And in our case, we're asking the questions. We're all over it. Obviously, given everything that's going on in the world and the news, there's this expectation. So we're very sensitive to it. What I would say is we're just -- we're not seeing it.

沒有，我們沒有。我會說這實際上是相反的，保羅，我們正在看到。如果有的話，這可以追溯到供應鏈，如果有的話，我們可能會看到人們正在預測交貨時間並提前訂購，以便他們可以建立自己與供應鏈相關的位置。所以我們沒有看到它。在我們的案例中，我們正在提出問題。我們已經結束了。顯然，考慮到世界上正在發生的一切和新聞，有這種期望。所以我們對它非常敏感。我想說的是，我們只是——我們沒有看到它。

That pegs the question. Do you -- I assume the answer is no, but has there been any communication view or anything that would argue that the supply chain constraints are keeping customers in line and that may be why you and others haven't seen any weakness yet relative to macro. Again, I assume for when...

這與問題掛鉤。你——我認為答案是否定的，但是否有任何溝通觀點或任何認為供應鏈限制使客戶保持一致的觀點，這可能就是為什麼你和其他人還沒有看到任何弱點的原因宏。再次，我假設當...

Paul, I think it's fair that, that could be a factor. So in the case of Extreme, there's the overall significance of networking initiatives for our enterprise customers, which underlie all of their digital transformation and productivity and sort of -- it's all about how they're driving their business and so we're just -- we're not seeing that get deprioritized. I think there is a supply chain element that you mentioned. There's also an element. Our story hangs together with our fabric and with our cloud, with our end-to-end enterprise solution and the recognition that Extreme is getting in the marketplace today. We are getting -- we're seeing more opportunities. And I think some of our larger competitors are creating these opportunities because of a disjointed vision of how to leverage cloud, how to have this single pane of glass, a single view of all your network elements end-to-end across the enterprise, the orchestration of services from one cloud, future proof in your investment and with the latest technology, we have the cleanest story out in the marketplace today when you combine that with our fabric technology. And it's resonating. And so we're taking share, and we do have a different story, and we're getting more looks. And I think some of that is -- we're the beneficiary of some of the issues out in the market with some of our larger competitors.

保羅，我認為這是公平的，這可能是一個因素。因此，在 Extreme 的情況下，網絡計劃對我們的企業客戶具有整體意義，這是他們所有數字化轉型和生產力的基礎，而且有點——這完全取決於他們如何推動業務，所以我們只是—— - 我們沒有看到它被取消優先級。我認為你提到了一個供應鏈元素。還有一個元素。我們的故事與我們的架構、我們的雲、我們的端到端企業解決方案以及 Extreme 在當今市場上獲得的認可息息相關。我們得到了——我們看到了更多的機會。而且我認為我們的一些較大的競爭對手正在創造這些機會，因為對於如何利用雲、如何擁有這個單一的管理平台、跨企業端到端所有網絡元素的單一視圖、來自一個雲的服務編排，您的投資和最新技術的未來證明，當您將它與我們的結構技術相結合時，我們擁有當今市場上最乾淨的故事。它引起了共鳴。所以我們正在分享，我們確實有一個不同的故事，我們得到了更多的關注。我認為其中一些是 - 我們是一些更大的競爭對手在市場上的一些問題的受益者。

One last question on this. Ed, correct me if I'm wrong. Historically, when there were downturns, especially significant downturns, the typical customer behavior in that environment had been to stay with the incumbent and not to switch vendors. It was only in better environments when they were more willing by away from whoever their increment was HP, Cisco level. Do I have that right?

關於這個的最後一個問題。埃德，如果我錯了，請糾正我。從歷史上看，當出現低迷，尤其是嚴重的低迷時，該環境中的典型客戶行為是留在現有企業而不是更換供應商。只有在更好的環境中，他們才更願意遠離惠普、思科級別的人。我有這個權利嗎？

I'm not sure -- I'm not sure I can validate that for you, Paul. I think in this environment what we're seeing is maybe the opposite. Their supply chain strategies in some of the larger players have pursued that are creating opportunities, as I mentioned, for us, especially our enterprise customers. And then there's a lack of a cohesive solution for customers where it's very expensive for them. So it's almost more expensive for them to stay with some of the legacy larger vendors in a sense more risky because of the lack of a cohesive end-to-end strategy, especially as it relates to cloud. And that's something that's creating more opportunities for us rather than less. And that may be different than maybe what you saw in the traditional recessionary type or a downturn scenario in the market.

我不確定——我不確定我能否為你驗證，Paul。我認為在這種環境下，我們所看到的可能恰恰相反。正如我所提到的，他們在一些較大的參與者中所追求的供應鏈戰略正在為我們，尤其是我們的企業客戶創造機會。然後，對於客戶來說，缺乏一個有凝聚力的解決方案，這對他們來說非常昂貴。因此，由於缺乏一致的端到端戰略，尤其是與雲相關的戰略，他們留在一些傳統的大型供應商那裡幾乎更昂貴，從某種意義上說風險更大。這就是為我們創造更多而不是更少的機會。這可能與您在傳統的衰退類型或市場低迷情景中看到的不同。

One moment for our next question. Our next question comes from Mike Genovese with RRosenblatt Securities. Your line is open.

我們下一個問題的片刻。我們的下一個問題來自 RRosenblatt Securities 的 Mike Genovese。你的線路是開放的。

Great. Thanks. So, guys, really good report. I mean, I don't see anything not great here except for, I guess, the gross margins your building up sequentially, the gross margin was in the quarter and the guide were just very slightly less than what we were looking for. And I guess my question is, is that more a function of the supply chain and expedite fees? Or is that more of a function of the mix shift to wireless? And where do we think that's going to look like in future quarters, particularly in the back half of the year? Do we expect a mix shift away from wireless? Or will that ground for a while?

偉大的。謝謝。所以，伙計們，非常好的報告。我的意思是，我認為這裡沒有什麼不好的地方，我想，你的毛利率是按順序增加的，毛利率是在本季度，而且指導值比我們所尋找的要低得多。我想我的問題是，這更多的是供應鍊和加快收費的功能嗎？或者這更多是混合轉向無線的功能？我們認為這在未來幾個季度會是什麼樣子，尤其是在今年下半年？我們是否期望混合從無線轉移？還是會持續一段時間？

I would say that the latter because the amount of expedite fees and the freight costs that we paid in the quarter were in line with our expectations. The shift to wireless was more pronounced than we expected entering the quarter. And that's really what drived the difference between the 57.6 [Phonetic] that we reported and the 58 Phonetic that we were getting for at the start of the quarter.

我會說後者是因為我們在本季度支付的加急費金額和運費符合我們的預期。進入本季度，向無線的轉變比我們預期的更為明顯。這就是我們報告的 57.6 [Phonetic] 與我們在本季度初獲得的 58 Phonetic 之間差異的真正原因。

And do we think the mix will change? Or this is a -- I think that happened last quarter too. So is this kind of the 2 quarter...

我們認為這種組合會改變嗎？或者這是 - 我認為這也發生在上個季度。這種第2季也是這樣嗎...

The loosening of supply chain combined with the historical very high level of backlog for wireless products means that, that the 30%-70%, 30% wireless 70% wired is going to stay for the next few quarters. However, the reason we mentioned in our introductory comments that we feel confident we can cross the 60% gross margin mark is that we now have visibility as to the reduction of expedite fees and freight costs. So although that mix is not going to change, we do see progressive reduction in expedite fees and freight costs that will drive a higher gross margin, especially in the second half when we expected higher volumes of shipments that lead to a better absorption of the fixed costs that are in our cost of goods sold.

供應鏈的鬆動加上無線產品歷史上非常高的積壓水平意味著，30%-70%、30% 無線 70% 有線將在未來幾個季度保持不變。然而，我們在介紹性評論中提到我們有信心能夠超過 60% 的毛利率大關的原因是，我們現在可以看到加急費用和運費成本的降低。因此，儘管這種組合不會改變，但我們確實看到加急費用和運費成本逐漸降低，這將推動更高的毛利率，尤其是在下半年，我們預計出貨量會增加，從而更好地吸收固定我們銷售商品成本中的成本。

Rami, I can add one other variable here, which is if you recall a year ago, we did not have these direct relationships with secondary and tertiary component vendors. And today we do, we meet regularly and we have confidence in what they're delivering because they are delivering on what they say they're going to deliver. And they've given us the commitment of the ramp. When we don't have the direct commitment and we're not getting the shipments, we also have to go out in the secondary markets to find product. And so that also leads to increased prices when we're having to go out and buy components in the secondary market. So as we have and we see the commit from the secondary and tertiary component vendors step up, this is what's giving us the confidence in the forecast. At the same time, it will reduce our reliance on secondary markets where we're paying up, also the expedite fees that Remi is talking about as well as the freight components.

Rami，我可以在這裡添加另一個變量，如果你記得一年前，我們與二級和三級組件供應商沒有這些直接關係。今天我們這樣做了，我們定期會面，我們對他們正在交付的東西充滿信心，因為他們正在交付他們所說的他們將要交付的東西。他們給了我們斜坡的承諾。當我們沒有直接承諾並且我們沒有收到貨物時，我們還必須到二級市場尋找產品。因此，當我們不得不走出去在二級市場購買組件時，這也會導致價格上漲。因此，正如我們所看到的，我們看到二級和三級組件供應商的承諾有所增加，這就是讓我們對預測充滿信心的原因。同時，這將減少我們對支付費用的二級市場的依賴，以及 Remi 所說的加急費用以及貨運部分。

Okay. Great. Perfect. I guess, back on the macro, you guys gave a very direct, I thought clear answer on particularly around Europe, you are not seeing macro weakness. You did mention in the prepared remarks though, about some, I guess, currency-related weakness in Asia Pacific. So I guess, is that the macro effect that you're seeing? And what do you think the -- I mean, the solution to that is. Is this customers' willingness to pay? Or expectations of the currency will change? Or is there any thought of repricing any of the backlog if it gets worse? Just your thoughts on those issues, please.

好的。偉大的。完美的。我想，回到宏觀上，你們給出了一個非常直接的答案，我想特別是在歐洲周圍給出明確的答案，你沒有看到宏觀疲軟。不過，您在準備好的評論中確實提到了亞太地區與貨幣相關的一些疲軟。所以我想，這就是你所看到的宏觀效應嗎？你認為——我的意思是，解決方案是什麼。這是客戶的支付意願嗎？還是對貨幣的預期會發生變化？或者如果情況變得更糟，是否有任何想法重新定價任何積壓？請談談你對這些問題的看法。

Yes. I would say, Mike, I would say it's less of an issue with backlog. It's more of an issue with new bookings and a timing issue on these important projects. I mean, I'll reiterate that networking projects are underpinning the really important initiatives. And there's not really another alternative for them other than a timing decision. And in that market, I will say we have upgraded our team significantly. We are excited about the team and new channel relationships that we have, more than any other market in the world we have smallest markets there in that market. So the opportunity to take share, small little share bites in that market can help us offset the reticence of certain buyers, particularly in Japan, for example, where they've seen a currency devaluation of 40%. So that's -- at the high level. Remi, I don't know if you want to add anything to that.

是的。我會說，邁克，我會說這不是積壓的問題。這更多的是新預訂的問題和這些重要項目的時間問題。我的意思是，我要重申，網絡項目是真正重要的舉措的基礎。除了時間決定之外，他們沒有其他選擇。在那個市場上，我會說我們已經顯著升級了我們的團隊。我們對我們擁有的團隊和新的渠道關係感到興奮，比世界上任何其他市場都多，我們在該市場中擁有最小的市場。因此，在該市場上分一杯羹的機會，可以幫助我們抵消某些買家的沉默，尤其是在日本，例如，他們看到貨幣貶值了 40%。這就是——在高層次上。雷米，我不知道你是否想添加任何東西。

No, I just want to say that for deals that we deem to be strategic if the customer is struggling basically to meet their budget, given the currency devaluation, it's a question for us of do we want to leave that deal or go ahead and grab it. And so in certain specific deals that are strategic to us, we're willing to be slightly more aggressive to meet the customers' budget requirements and take the deal up the street.

不，我只想說，對於我們認為具有戰略意義的交易，如果客戶基本上難以滿足他們的預算，考慮到貨幣貶值，對我們來說，這是一個問題，我們是要放棄這筆交易還是繼續抓住它。因此，在某些對我們具有戰略意義的特定交易中，我們願意更加積極地滿足客戶的預算要求並將交易推向市場。

Okay. Fantastic. Last question. I know I'm going to ask the same, I guess, numbers everybody asked. But fiscal '24, I guess, where we're still looking, I just want to confirm, first of all, that we're still looking for acceleration in the 13% to 17% revenue growth. But I guess we would expect the book-to-bill to be below 1 that year because we releasing so much backlog, but I don't know if you can see this far out. But kind of sequentially year-over-year, '24 orders versus '23 orders, do you think that they could be flat to up? Or do you think that they'll be down? If you can have any view this early on that?

好的。極好的。最後一個問題。我知道我會問同樣的問題，我猜，每個人都問的數字。但我想，24 財年我們仍在尋找的地方，我只想確認，首先，我們仍在尋求 13% 至 17% 的收入增長加速。但我想我們預計那年的 book-to-bill 會低於 1，因為我們釋放了太多的積壓，但我不知道你是否能看到這一點。但是，'24 訂單與 '23 訂單相比，按年順序排列，你認為它們會持平到上升嗎？或者你認為他們會失敗？如果你能對此早有任何看法？

Well, Mike, I'll jump out first here. As I was mentioning before, we have a very strong focus on our funnel, and we look bottoms-up at each of the opportunities. We do it by geo. We do it by our regional directors and the regional directors are in the details down to the account executive level. We also have a separate partner forecast as part of our quarterly business reviews with our partners. So all this comes together and all this feeds the opportunities that we see for the next 12 months. That's really the way that we look at it. And we're seeing very healthy demand, organic bookings demand for the next 12 months year-over-year based on what we see in our funnel. So we see this continuing. We don't see [Technical Issues] it pulling back currently. So as we contemplate rolling into our fiscal '24, you would expect -- we are expecting to see continued growth in demand and bookings and then the releveling of book-to-bil. Keep in mind, we're not showing all of our revenue because we're still building backlog this year. So we're going to have the benefit of just the releveling of book-to-bill to the current demand levels and then the release of backlog, which today is 3 quarters worth of backlog, but we think that will grow. And so that's what you're going to see going into fiscal '21. That's our best guess today. And so our expectation would be that we would see a book-to-bill drop below 1, but that's going to be a significant driver of revenue growth.

好吧，邁克，我先跳出來。正如我之前提到的，我們非常關注我們的漏斗，我們自下而上地看待每一個機會。我們按地理來做。我們由我們的區域主管來做這件事，區域主管的細節一直到客戶執行級別。作為我們與合作夥伴進行的季度業務審查的一部分，我們還有單獨的合作夥伴預測。因此，所有這一切都匯集在一起，所有這些都為我們在未來12個月中看到的機會提供了機會。這就是我們看待它的方式。我們看到非常健康的需求，根據我們在漏斗中看到的情況，未來 12 個月的有機預訂需求同比增長。所以我們看到這種情況還在繼續。我們目前沒有看到 [技術問題] 它回落。因此，當我們考慮進入我們的 24 財年時，您會期望 - 我們預計需求和預訂量將持續增長，然後會重新調整帳單。請記住，我們沒有顯示所有收入，因為我們今年仍在積壓。因此，我們將受益於將訂單與賬單重新調整到當前的需求水平，然後釋放積壓，今天是 3 個季度的積壓，但我們認為這會增長。這就是您將在 21 財年看到的情況。這是我們今天最好的猜測。因此，我們的預期是我們會看到訂單出貨量下降到 1 以下，但這將成為收入增長的重要推動力。

And our current working assumption, Mike, is that top line will grow between 15% and 17% next year.

邁克，我們目前的工作假設是，明年收入將增長 15% 到 17%。

Great. Well, congratulations on the results and the momentum and keep up the great work.

偉大的。好吧，祝賀結果和勢頭，並繼續努力。

Thank you.

謝謝你。

One moment for our next question. Our next question comes from Dave Kang with B. Riley. Your line is open.

我們下一個問題的片刻。我們的下一個問題來自 Dave Kang 和 B. Riley。你的線路是開放的。

Hi, yes. Thank you. Good morning. Just wanted to -- can you repeat, Remi, the backlog mix between wired versus wireless?

你好，是的。謝謝你。早上好。只是想 - 你能重複一下，Remi，有線與無線之間的積壓混合嗎？

We have not split the backlog between wired and wireless, Dave. The comment I made, the 30%-70% was for revenue this quarter. And just to give you an idea, a year ago it was 21%-79%. So on a year-over-year basis, there's been a dramatic shift in the wired to wireless revenue ratio. But we're not communicating the split. I did mention that there's a significant amount of backlog for wireless, but I didn't give a percentage.

戴夫，我們沒有在有線和無線之間拆分積壓工作。我發表的評論中，30%-70% 是本季度的收入。只是給你一個想法，一年前是 21%-79%。因此，與去年同期相比，有線與無線的收入比率發生了巨大變化。但我們沒有傳達分裂。我確實提到無線方面有大量積壓，但我沒有給出百分比。

Got it. And then in your presentation I noticed that regarding the verticals, there are no plus and minus signs. Can you kind of go over those key verticals, what you're seeing and whether it's a plus or somewhat turning equal or negative?

知道了。然後在您的演示中，我注意到關於垂直方向，沒有加號和減號。你能否回顧一下那些關鍵的垂直領域，你所看到的，以及它是有利的還是有點變得平等或消極的？

Yes, we haven't seen -- and that's why I made the comments that I made about the split as a percentage of total bookings is we haven't seen any dramatic shift. Sso in other words, the large, the top 4 segments which are government, education, health care, manufacturing, retail, transportation, logistics still account for roughly the same percentage point. We did see a sequential improvement in our bookings in sports and entertainment, and that really came off of the fact that we had a low quarter in Q4, so that we saw a significant recovery in there. But we're not seeing any major trend. The funding in education and government remains very healthy. Healthcare business remains pretty healthy. Manufacturing, where you'd see -- you would expect to see signs of a slowdown because of the macro environment has actually behaved quite well. The year-over-year increase in bookings in manufacturing was double digits. And then retail, transportation, logistics, which also could be sensitive to change in the macro environment is also enjoying healthy trends.

是的，我們還沒有看到——這就是為什麼我發表評論說我對拆分佔總預訂量的百分比是我們沒有看到任何戲劇性的變化。 Sso 換句話說，政府、教育、醫療保健、製造、零售、運輸、物流這四大細分市場仍佔大致相同的百分點。我們確實看到我們在體育和娛樂方面的預訂量出現了連續的改善，這確實是因為我們在第四季度的季度表現不佳，因此我們看到了顯著的複蘇。但我們沒有看到任何主要趨勢。教育和政府的資金仍然非常健康。醫療保健業務仍然相當健康。製造業，你會看到——你會期望看到放緩的跡象，因為宏觀環境實際上表現得很好。製造業預訂量同比增長兩位數。零售、運輸、物流等對宏觀環境變化敏感的行業也呈現健康趨勢。

Got it. And then I may have missed this, but then did you talk about the supply chain impact on your margins? I think last quarter it was about 600 bps. What was it this quarter?

知道了。然後我可能錯過了這個，但是你有沒有談到供應鏈對你的利潤的影響？我認為上個季度約為 600 個基點。這個季度是什麼？

So the comment I made about 600 bps is I was comparing the purchase price variance that we pay, which really are expedite fees and us going out to the secondary market, as Ed mentioned. And I was adding that with the freight costs and comparing it to fiscal '21. We're not really breaking it down by quarter, but just to give you an indication, purchase price variance which really reflect those expedite fees, have reached an elevated amount of about $15 million per quarter. They're back to $11 million. So there's a $4 million improvement there. As far as freight costs are concerned, they just roughly are expected to improve by $1 million in Q2 versus Q1. So if you think of the improvement that we're seeing today, it's about $5 million overall versus the peak that we reached at one point in time. And then you can divide that $5 million by the revenue this quarter of $297.7 million to get a feel for the improvement that we're seeing in gross margin as a percentage of revenue.

所以我對 600 個基點的評論是我在比較我們支付的購買價格差異，這實際上是加急費用，我們進入二級市場，正如 Ed 提到的那樣。我將其與運費成本相加，並將其與 21 財年進行比較。我們並沒有真正按季度對其進行細分，只是為了給您一個指示，真正反映這些加急費用的購買價格差異已達到每季度約 1500 萬美元的高額。他們回到了1100萬美元。所以那裡有 400 萬美元的改進。就貨運成本而言，預計第二季度與第一季度相比，它們將大約提高 100 萬美元。因此，如果您考慮一下我們今天看到的改進，與我們在某個時間點達到的峰值相比，總體而言約為 500 萬美元。然後你可以將這 500 萬美元除以本季度 2.977 億美元的收入，以了解我們看到的毛利率佔收入百分比的改善。

Got it. And my last question is on seasonality. I mean, typically I think in the past, fiscal first quarter is seasonally weak versus second quarter and yet you grew about 7% sequentially in the first quarter and you're only guiding to about 2% sequential growth in second quarter. Just wondering how much of that is conservatism versus is there something else that we are missing?

知道了。我的最後一個問題是關於季節性的。我的意思是，我通常認為，在過去，第一季度與第二季度相比季節性疲軟，但第一季度環比增長約 7%，而第二季度的環比增長僅為 2%。只是想知道其中有多少是保守主義，而我們是否還缺少其他東西？

And that's purely driven by supply chain. We get a weekly reads from my supply chain teams as to what they're able to ship this quarter. The services and subscription revenue, as you can imagine, is largely coming off the balance sheet from deferred revenue that's sitting there, and that 2% sequential growth that we're guiding for is based on these 2 factors. And we don't feel like we've been particularly conservative. We try to be as accurate as possible.

這純粹是由供應鏈驅動的。我們每週都會從我的供應鏈團隊那裡獲得關於他們本季度能夠發貨的信息。您可以想像，服務和訂閱收入主要來自資產負債表上的遞延收入，而我們指導的 2% 的連續增長是基於這兩個因素。而且我們不覺得我們特別保守。我們盡量做到準確。

Got it. Thank you.

知道了。謝謝你。

One moment for our next question. Our next question comes from Christian Schwab with Craig-Hallum. Your line is open.

我們下一個問題的片刻。我們的下一個問題來自 Christian Schwab 和 Craig-Hallum。你的線路是開放的。

Hey, congrats on the great results. So Rami, as we think about backlog, when is that going to normalize? Or I know there are certain components and we know there's thousands of different ones in the switch. So that's because one area of silicon might be opening up, others still are not. Are we going to run with a bigger backlog business war much more -- what do you -- I guess what I'm really asking is, when is backlog going to normalize? When does it go back to historical levels? Or do you believe until we have full access to -- or oversupply of semiconductor components that, that is not likely.

嘿，恭喜你取得了很好的成績。所以拉米，當我們考慮積壓時，什麼時候會正常化？或者我知道有某些組件，我們知道交換機中有數千個不同的組件。這是因為矽的一個區域可能正在開放，而其他區域仍然沒有。我們是否會繼續進行更大的積壓業務戰——你怎麼辦——我想我真正要問的是，積壓什麼時候會正常化？什麼時候回到歷史水平？或者您是否相信，直到我們完全可以訪問或半導體組件供應過剩，這是不太可能的。

Christian, I'll let Ed chime in as well because we're both very close to the topic, but we believe it's going to be fiscal '26 when it really goes back to normal. And we'd expect our backlog to be anywhere between $50 million to $100 million at that point in time. But based on what we see in the semiconductor industry with obviously new capacity being added, but at the same time, some of the large semiconductor makers revising their plans, we will also see demand dropping in other industry segments that are heavy consumers of chipsets and competed with us and now see slower demand. The combination of these 2 factors tell us that it's going to be a while before things fully go back to normal. So based on our delivery plans, we think it's really -- it takes 2 fiscal year -- I mean, fiscal '23, what's left is it fiscal '24, fiscal '25. And then maybe at the start of fiscal '26, we drop back to below $100 million. That's our current scenario.

克里斯蒂安，我也會讓埃德插話，因為我們都非常接近這個話題，但我們相信它會在 26 財年真正恢復正常。我們預計屆時我們的積壓工作將在 5000 萬美元到 1 億美元之間。但基於我們在半導體行業看到的明顯增加新產能的情況，但與此同時，一些大型半導體製造商正在修改他們的計劃，我們也將看到其他行業領域的需求下降，這些行業是芯片組的重度消費者和與我們競爭，現在看到需求放緩。這兩個因素的結合告訴我們，事情完全恢復正常還需要一段時間。因此，根據我們的交付計劃，我們認為這真的需要 2 個財政年度 - 我的意思是，'23 財政年度，剩下的是 '24 財政年度，'25 財政年度。然後也許在 26 財年開始時，我們會回落到 1 億美元以下。這就是我們目前的情況。

Fantastic. No other questions. Thank you.

極好的。沒有其他問題。謝謝你。

One moment for our next question. Our next question is the follow-up from Alex Henderson with Needham. Your line is open.

我們下一個問題的片刻。我們的下一個問題是 Alex Henderson 與 Needham 的後續問題。你的線路是開放的。

Great. Thanks. So in looking at the mix assumptions through to the fourth quarter and thinking about your gross margins, can you talk a little bit about the impact on gross margins of; one, the fall of expedite fees and costs associated with the procurement. Two, the mix to Universal and the impact that, that has versus your historical products, where I think the margins are quite a bit better. And then third, what kind of improvements you're getting off of the redesign process? How do we allocate between those various factors, the improvement in margins?

偉大的。謝謝。因此，在查看到第四季度的混合假設並考慮您的毛利率時，您能否談談對毛利率的影響；一是與採購相關的加急費用和成本下降。第二，與環球影業的組合以及與您的歷史產品相比的影響，我認為這些產品的利潤率要好得多。第三，您從重新設計過程中獲得了哪些改進？我們如何在這些不同的因素之間分配，利潤率的提高？

I'm not sure I want to get into that level of detail. But I'd say the combination are the factors that you mentioned, Alex, should be driving an improvement in gross margin sequentially for products of about 1 to 1.5 percentage points in Q2 versus Q1 and then Q3 versus Q2. Again, these 3 factors combined together would drive an improvement of about 2 percentage points. And then Q4 versus Q1, we're looking at roughly 1 percentage point. One factor that you have not mentioned, which we're also looking at because it did impact our gross margin in the quarter with the mix of professional services versus subscription and classic services -- by classic service, I mean, maintenance in Q1 that drove our services gross margin down to 67.5% versus 70.7% in Q4 fiscal '22. We do expect the services and subscription gross margin to go back to 68.5% by Q4 because we will not see the same way of professional services. And those were essentially related to MLB deployment.

我不確定我想進入那個詳細程度。但我想說的是，亞歷克斯，你提到的這些因素應該會推動產品的毛利率在第二季度與第一季度相比提高 1 到 1.5 個百分點，然後是第三季度與第二季度相比。同樣，這三個因素加在一起將推動約 2 個百分點的改善。然後第四季度與第一季度相比，我們正在考慮大約 1 個百分點。您沒有提到的一個因素，我們也在關注這一因素，因為它確實影響了我們在本季度的毛利率，專業服務與訂閱和經典服務相結合——經典服務，我的意思是，第一季度的維護推動了我們的服務毛利率從 22 財年第四季度的 70.7% 降至 67.5%。我們確實預計到第四季度服務和訂閱毛利率將回到 68.5%，因為我們不會看到同樣的專業服務方式。這些本質上與 MLB 部署有關。

So that actually was the second question I wanted to ask. So I'm looking at the revenue growth rate guidance for FY '23. Can you -- clearly, as you're working some of these larger product sales that does drive adoption of services and subscriptions. So can you break out a little bit between the implied growth in the product line versus the services line in that guidance assumption?

所以這實際上是我想問的第二個問題。因此，我正在研究 23 財年的收入增長率指導。你能 - 很明顯，因為你正在處理一些確實推動服務和訂閱採用的大型產品銷售。那麼，您能否在該指導假設中將產品線的隱含增長與服務線的隱含增長分開一點？

Yes. So we would expect -- as you saw, both grew, and I'm combining services and subscribe into one bucket, but both grew at around 11%. I would expect that in Q2 we'll see a higher growth for products will be closer to 10% than services and subscription, which will be in the mid- to high single digits. And then in Q3, we actually expect based on our current delivery plans, the growth in services to be higher -- services and subscription to be higher than product. And then Q4 is when we really see a step function improvement in supply chain. And then you're going to see a very strong growth in product, whereas our services and subscription growth will be close to 10%.

是的。所以我們可以預期——正如你所看到的，兩者都增長了，我將服務和訂閱合併到一個桶中，但兩者都增長了 11% 左右。我預計在第二季度，我們將看到產品的增長將接近 10%，而服務和訂閱將處於中高個位數。然後在第三季度，根據我們目前的交付計劃，我們實際上預計服務的增長會更高——服務和訂閱將高於產品。然後第四季度是我們真正看到供應鏈的階梯函數改進的時候。然後你會看到產品的強勁增長，而我們的服務和訂閱增長將接近 10%。

That's very helpful. And then so I guess in -- as we move out into '24, the product would continue to be much higher based off of the fact that you're getting meaningful improvement in supply availability. Is that the right logic?

這很有幫助。然後我猜——隨著我們進入 24 年，產品將繼續高得多，因為你在供應可用性方面得到了有意義的改善。這是正確的邏輯嗎？

That's correct. And then services and subscription continues to grow at a steady rate of anywhere between 8% and 10% depending on the quarters.

這是正確的。然後服務和訂閱繼續以 8% 到 10% 的穩定速度增長，具體取決於季度。

What are you factoring in, in terms of Broadcom price increases I've heard that they're going to increase pricing in the January time frame. Does that show up in that quarter? Or does that show up with some delay? How do we think about their price increases?

你在考慮什麼，就博通的價格上漲而言，我聽說他們將在 1 月份的時間框架內提高價格。那會出現在那個季度嗎？還是會出現一些延遲？我們如何看待他們的價格上漲？

We're basically today placing orders with Broadcom a year in advance in order for us to secure the current pricing.

我們今天基本上提前一年向博通下訂單，以便我們確保當前的定價。

Okay. So you would be protected for a considerable amount of time then because of that procurement -- advanced procurement. Yes. Okay. That's really interesting. I wouldn't have expected that. The other question...

好的。因此，由於該採購- 高級採購，您將在相當長的時間內受到保護。是的。好的。這真的很有趣。我沒想到會這樣。另一個問題...

The other thing to mention is that in addition to list price and price increases, there are expedite fees. And one of the things that we see happen with Broadcom and some of this has to do with our relationship with them. Some of the price increases will be mitigated by a reduction in expedite fees.

另外要提的是，除了標價和漲價外，還有加急費。我們看到的一件事發生在博通身上，其中一些與我們與他們的關係有關。一些價格上漲將通過減少加急費用來緩解。

Right, right. The other question I had is on the decommits comments you made, it sounded like decommits are declining, but still happening. Is that accurate? Or have the decommits basically stopped at this point?

是的是的。我遇到的另一個問題是關於您所做的取消提交評論，聽起來取消提交正在下降，但仍在發生。那準確嗎？還是在這一點上基本停止了decommits？

Alex, decommits are just -- it would be a normal part of the business. These are one-offs. And I can tell you right now because of our scrutiny around this, each and every decommit, to the extent there is one, gets a lot of scrutiny from us. And there's no consistency around it. So the example I might give would be a government agency that has budget. They can't get supply by the end of the year, it's use it or lose it. So they want to reprioritize another spend. So they might cancel an order or and maybe that comes into the budget for the following year based on that dynamic. But these are things that are not really supply chain. I guess you could say that supply chain related, but these are more one-offs. And so we're not really seeing a change in the one-offs, and they remain at a fraction of 1%.

亞歷克斯，退役只是——這將是業務的正常部分。這些都是一次性的。我現在可以告訴你，因為我們對此進行了審查，每一次解除承諾，只要有一次，都會受到我們的大量審查。而且它周圍沒有一致性。所以我可能舉的例子是有預算的政府機構。他們在年底之前無法獲得供應，要么使用它，要么失去它。所以他們想重新確定另一筆支出的優先級。因此，他們可能會取消訂單，或者可能會根據這種動態將其納入下一年的預算。但這些並不是真正的供應鏈。我想你可以說供應鏈相關，但這些更多的是一次性的。所以我們並沒有真正看到一次性的變化，它們保持在 1% 的一小部分。

Alex, was your question on decommits related to customers or suppliers?

亞歷克斯，你的問題是與客戶或供應商有關的解除承諾嗎？

His line actually left the queue.

他的線路實際上離開了隊列。

Okay.

好的。

So we're going to move on to our last question as a follow-up from, one moment. So a follow-up question from Paul Silverstein with Cowen. Your line is open.

因此，我們將繼續討論最後一個問題，作為後續問題。因此，Paul Silverstein 與 Cowen 提出了後續問題。你的線路是開放的。

And Remi, I apologize if I missed it, but can you give us an update on the Arsen [Phonetic] relationship and what you're seeing with respect to future revenue outlook and current revenue contribution from that product?

Remi，如果我錯過了，我深表歉意，但您能否向我們提供有關 Arsen [Phonetic] 關係的最新信息，以及您對該產品的未來收入前景和當前收入貢獻的看法？

I will actually let Ed comment on that.

我實際上會讓 Ed 對此發表評論。

Paul, we have an excellent relationship with them. We just met with senior leadership in Stockholm. I -- we are in a very good position with that account. And in addition to C&IS, which is really a function of 5G rollouts from carriers and each of the carriers is kind of at their own stage of life cycle. So we're seeing we're seeing a couple of the larger carriers move from proof of concept into deployment modes. So that's -- we're excited because we're the sole source vendor for that application, which we expect to roll out over the next 5-plus years. The -- we are looking at other opportunities with Ericsson that I would say are longer term in nature. But we have new growth opportunities within that account.

保羅，我們和他們的關係很好。我們剛剛在斯德哥爾摩會見了高層領導。我 - 我們在該帳戶方面處於非常有利的位置。除了 C&IS，這實際上是運營商推出 5G 的一個功能，每個運營商都處於自己的生命週期階段。因此，我們看到一些較大的運營商從概念驗證轉向部署模式。這就是 - 我們很興奮，因為我們是該應用程序的唯一來源供應商，我們預計將在未來 5 年多的時間內推出該應用程序。 - 我們正在尋找愛立信的其他機會，我想說這些機會本質上是長期的。但我們在該賬戶中有新的增長機會。

Ed, on the 5G products in general, because I believe you've referenced another relationship previously won directly with a specific carrier. What's the current revenue run rate from that and what's the potential going forward?

Ed，關於一般的 5G 產品，因為我相信您已經引用了之前與特定運營商直接贏得的另一種關係。目前的收入運行率是多少，未來的潛力是什麼？

I don't know what we've disclosed. Remi, I'm going to rely on you for what we've disclosed or communicated around service provider. And we have 2 very significant relationships, Paul, that you're referencing. And then we have other service provider customers that I would say are less strategic, but nonetheless fall into that service provider bucket. We see -- in terms of the other -- the direct service provider customer account, we see a significant opportunity, not just with sell-to and supporting what I would call their 4G and 5G back office as well as the carpeted enterprise and sell to. We also partner with them in stadium deployments and we sell with them. But now we've just been approved for their enterprise teams to sell Extreme, retire quota, get paid commission, and we have sellers on our side that are actively working with their sellers, which is a new growth vector with that account. So from the SP side, we see new opportunities with the Swedish company as well as new growth opportunities inside the large carrier in the U.S.

我不知道我們透露了什麼。 Remi，對於我們圍繞服務提供商披露或交流的內容，我將依賴你。我們有兩個非常重要的關係，保羅，你提到。然後我們還有其他服務提供商客戶，我會說他們的戰略性較低，但仍然屬於服務提供商的範疇。我們看到 - 就另一個而言 - 直接服務提供商客戶帳戶，我們看到了一個重要的機會，不僅僅是銷售和支持我稱之為他們的 4G 和 5G 後台辦公室以及舖有地毯的企業和銷售至。我們還與他們合作部署體育場，並與他們一起銷售。但是現在我們剛剛獲得批准，他們的企業團隊可以銷售 Extreme、退休配額、獲得佣金，而且我們身邊的賣家正在積極與他們的賣家合作，這是該賬戶的新增長點。因此，從 SP 方面來看，我們看到了這家瑞典公司的新機遇以及美國大型運營商內部的新增長機會。

Ed, we haven't really communicated but we did mention that both of them were several tens of million dollars in annual bookings. And I can say that the combination of these 2 is between 50 and $100 million in annual bookings.

Ed，我們還沒有真正溝通過，但我們確實提到了他們倆的年預訂量都是幾千萬美元。我可以說這兩者加起來的年預訂量在 50 到 1 億美元之間。

Okay. Thanks, guys.

好的。多謝你們。

Thank, Paul.

謝謝，保羅。

And I'd like to turn the call back over to Ed for any closing remarks.

我想將電話轉回給 Ed 以聽取任何結束語。

Yes. Well, thank you. Great questions. We appreciate participation in the call and the engagement with the analysts and people who are participating on the call. It was obviously a strong quarter for us at Extreme. We're -- it's been a cross-functional effort across the board and really proud of the caliber of execution of all of our teams at Extreme across the board as well as the partnership we have with our channel community. We've got a lot of momentum. As we've said, we're taking share. And it's really a function today of us releasing supply chain, and we've got better visibility to that as we step through the year. So I'd say we have more and more confidence in our outlook as we go forward.

是的。嗯，謝謝。好問題。我們感謝參與電話會議以及與參與電話會議的分析師和人員的互動。顯然，這對 Extreme 來說是一個強勁的季度。我們是 - 這是一項跨職能的全面努力，並且為我們在 Extreme 的所有團隊的執行能力以及我們與渠道社區的合作夥伴關係感到非常自豪。我們有很大的動力。正如我們所說，我們正在分享。這確實是我們今天發布供應鏈的一項功能，隨著我們這一年的發展，我們對此有了更好的了解。所以我想說，隨著我們的前進，我們對自己的前景越來越有信心。

So as we say this, there's never been a better time to be at Extreme, and that's true for our employees, partners, customers, and I think it's also true for investors. We encourage everybody that we have upcoming investor conferences. We encourage people to participate. I know with Needham, Raymond James, Oppenheimer and Cowen. So we look forward to being with you live and have any opportunity to share the story in more detail. Thanks, everybody, and have a great day.

因此，正如我們所說，現在是加入 Extreme 的最佳時機，這對我們的員工、合作夥伴、客戶來說都是如此，我認為對投資者來說也是如此。我們鼓勵大家，我們即將召開投資者會議。我們鼓勵人們參與。我認識李約瑟、雷蒙德·詹姆斯、奧本海默和考恩。因此，我們期待與您一起生活，並有機會更詳細地分享這個故事。謝謝大家，祝你有美好的一天。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。