Extreme Networks Inc (EXTR) 2024 Q2 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to Extreme Networks second quarter fiscal year 2024 financial results conference call.

歡迎參加極進網絡 2024 財年第二季財務業績電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I will now hand the conference over to your speaker host, Stan Kovler, Vice President, Corporate Strategy, Investor Relations.

我現在將會議交給演講主持人、企業策略和投資者關係副總裁 Stan Kovler。

Please go ahead.

請繼續。

Thank you, Olivia, and good morning, everyone.

謝謝你，奧莉維亞，大家早安。

Welcome to Extreme Networks second-quarter 2024 earnings conference call.

歡迎參加極進網路 2024 年第二季財報電話會議。

I'm Stan Kovler, Vice President of Corporate Strategy and Investor Relations.

我是 Stan Kovler，公司策略與投資者關係副總裁。

With me today are Extreme Networks' President and CEO, Ed Meyercord; and Executive Vice President and CFO, Kevin Rhodes.

今天與我在一起的有 Extreme Networks 總裁兼執行長 Ed Meyercord；執行副總裁兼財務長凱文‧羅茲 (Kevin Rhodes)。

We just distributed a press release and filed an 8-K detailing Extreme Networks' financial results for the quarter.

我們剛剛發布了新聞稿並提交了 8-K，詳細介紹了極進網路本季的財務表現。

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 along with our earnings presentation.

為方便起見，我們網站 Extremenetworks.com 的投資者關係部分提供了新聞稿的副本，其中包括我們的 GAAP 與非 GAAP 調節表以及我們的收益演示。

Today's call and our discussion may include forward-looking statements based on our current expectations about Extreme's future business, financial and operational results.

今天的電話會議和我們的討論可能包括基於我們目前對 Extreme 未來業務、財務和營運績效的預期的前瞻性陳述。

Growth expectations and strategies, and all financial disclosure on this call will be made on a non-GAAP basis unless stated otherwise.

除非另有說明，否則成長預期和策略以及本次電話會議的所有財務揭露都將按照非公認會計原則進行。

We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these statements.

我們提醒您不要過度依賴這些前瞻性陳述，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預期的結果有重大差異。

These risks are described in our risk factors and the 10-K report for the period ended June 30, 2023, and subsequent 10-Q reports filed with the SEC.

這些風險在我們的風險因素和截至 2023 年 6 月 30 日的 10-K 報告以及隨後向 SEC 提交的 10-Q 報告中進行了描述。

Any forward-looking statements made on this call reflect our analysis as of today, and we have no plans or duty to update them except as required by law.

本次電話會議中所做的任何前瞻性陳述均反映了我們截至目前為止的分析，除非法律要求，否則我們沒有計劃或義務對其進行更新。

Following our remarks, we will take your questions.

在我們的發言之後，我們將回答您的問題。

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

現在我將接聽電話——將電話轉給Extreme 的總裁兼執行長Ed Meyercord。

Thank you, Stan, and thank you all for joining us this morning.

謝謝斯坦，也謝謝大家今天早上加入我們。

Our second-quarter results were in line with our previously announced revised Q2 outlook.

我們的第二季業績與我們先前宣布的修訂後的第二季前景一致。

We did have some highlights in the quarter.

本季我們確實有一些亮點。

SaaS ARR grew 37%, which reinforces the value of our differentiated cloud platform.

SaaS ARR 成長了 37%，這增強了我們差異化雲端平台的價值。

We had 44 customers who spent over $1 million on Extreme solutions, demonstrating both customer retention and our ability to take new logos, larger competitors.

我們有 44 位客戶在 Extreme 解決方案上花費了超過 100 萬美元，證明了客戶保留率和我們接受新商標、更大競爭對手的能力。

And gross profit of 62.5% showing continued improvements in the benefit of a higher mix of high margin recurring revenue.

毛利達 62.5%，顯示高利潤經常性收入的更高組合帶來的效益持續改善。

At a high level, the networking industry is exiting the final stage of the COVID-induced era of supply chain constraints, which has significantly impacted our business.

從高水準來看，網路產業正在退出新冠疫情引發的供應鏈限制時代的最後階段，這對我們的業務產生了重大影響。

We've made the conscious decision to put channel digestion behind us in the March quarter.

我們有意識地決定在三月季度將渠道消化拋在腦後。

Our distributors and partners have lowered inventory purchases, which we expect to accelerate in the third quarter.

我們的經銷商和合作夥伴已經降低了庫存採購，我們預計第三季將加速。

We expect to emerge in the fourth quarter at a much more normalized level of revenue and earnings.

我們預計第四季度的收入和收益將達到更正常化的水平。

Our bookings trends and funnel of new opportunities are strong indicators of customer demand.

我們的預訂趨勢和新機會管道是客戶需求的強大指標。

While larger deals are still experiencing elongated sales cycles, particularly in North America, we continue to win against the competition on a bookings basis with an uptick in new logos.

雖然較大的交易仍然經歷著較長的銷售週期，特別是在北美，但我們繼續在預訂量方面戰勝競爭對手，新標誌的增加。

Our EMEA business has stabilized and grew from the prior year, and APAC bookings continue to grow over the prior year.

我們的歐洲、中東和非洲業務較上年穩定且成長，亞太地區的預訂量較上年持續成長。

In addition to sequential and year-on-year funnel growth, we grew the number of transacting partners accounts and deal volume during the quarter.

除了連續和同比漏斗增長之外，我們在本季度還增加了交易合作夥伴帳戶數量和交易量。

These trends and the expanded go-to-market opportunities give us confidence that we are positioned for return to meaningful growth in fiscal '25.

這些趨勢和擴大的上市機會讓我們相信我們有能力在 25 財年恢復有意義的成長。

We've attracted a growing list of 14 managed service provider partners exiting the second quarter, with 7 already driving transactions.

我們吸引了越來越多的 14 家託管服務提供商合作夥伴在第二季度退出，其中 7 家已經推動了交易。

We're positioned to expand our MSP footprint as partners are drawn to the simplicity of One Cloud, the flexibility of our unified hardware, and our unique consumption billing model.

隨著合作夥伴被 One Cloud 的簡單性、我們統一硬體的靈活性以及我們獨特的消費計費模式所吸引，我們準備擴大我們的 MSP 足跡。

We make it simple for these service providers to deliver seamless, high-quality networking experience to their customers.

我們使這些服務提供者能夠輕鬆地為其客戶提供無縫、高品質的網路體驗。

We've also made inroads establishing a private subscription offer through a highly targeted list of large service providers.

我們還透過高度針對性的大型服務提供者列表，在建立私人訂閱服務方面取得了進展。

As noted at our November Investor Day, this market segment opens a $5 billion addressable market.

正如我們在 11 月投資者日所指出的，該細分市場開啟了 50 億美元的潛在市場。

In November, we introduced ExtremeCloud Universal ZTNA, the first network security offering to integrate network application and device access within a single solution.

11 月，我們推出了 ExtremeCloud Universal ZTNA，這是第一個將網路應用程式和裝置存取權整合到單一解決方案的網路安全產品。

This helps move organizations to a zero-trust policy for all devices across the network.

這有助於組織對網路上的所有設備採取零信任策略。

This, combined with our industry-leading campus fabric solution, extends our value proposition and helping customers both manage and secure their networks.

這與我們領先業界的園區光纖解決方案相結合，擴展了我們的價值主張，並幫助客戶管理和保護他們的網路。

Yesterday, we launched new Wi-Fi 7 access points and the 4,000 series universal switches designed to help highly distributed enterprise organizations, create improved network connectivity, security, and application performance.

昨天，我們推出了新的 Wi-Fi 7 接入點和 4,000 系列通用交換機，旨在幫助高度分散的企業組織改善網路連線、安全性和應用程式效能。

Both of these new cloud-managed platforms leverage AIOps to machine learning to deliver faster remediation and enhanced network visibility.

這兩個新的雲端管理平台都利用 AIOps 進行機器學習，以提供更快的修復和增強的網路可見性。

These new products also integrate well with ExtremeCloud Universal ZTNA to enhance network security posture.

這些新產品也與ExtremeCloud Universal ZTNA良好集成，以增強網路安全態勢。

The integration of AI security and analytics into a single platform as a key differentiator for Extreme has allows us to bring greater simplicity and flexibility for customers.

將人工智慧安全和分析整合到單一平台中，作為 Extreme 的關鍵差異化因素，使我們能夠為客戶帶來更大的簡單性和靈活性。

This is why we continue to win large deals with manufacturers like LG Energy Solutions; leading health care facilities like NHS trust hospitals in UK; educational institutions like London Southbank University, Leeds Beckett, and Kingston universities; and large venues like Wells Fargo Center and Canada Life Centre.

這就是為什麼我們不斷贏得與 LG Energy Solutions 等製造商的大額交易；英國 NHS 信託醫院等領先的醫療保健機構；倫敦南岸大學、利茲貝克特大學和金斯頓大學等教育機構；以及富國銀行中心及加拿大生活中心等大型場館。

I've made previously announced leadership changes to streamline and strengthen our go-to-market capabilities.

我之前宣布了領導層變動，以簡化和加強我們的上市能力。

Earlier this month, Norman Rice was appointed as our Chief Commercial Officer and is now focused on driving revenue growth and leading the company's sales partner and services organization.

本月早些時候，諾曼·賴斯 (Norman Rice) 被任命為我們的首席商務官，目前專注於推動收入成長並領導公司的銷售合作夥伴和服務組織。

He successfully built our go-to-market sales motions in stadiums and venues, driving large opportunities with Verizon and Clover and has been at the forefront of driving our new commercial opportunities with large service providers.

他成功地在體育場館和場館建立了我們的市場銷售計劃，為 Verizon 和 Clover 帶來了巨大的機會，並且一直處於推動我們與大型服務提供商合作的新商業機會的最前沿。

He has valuable experience managing revenue operations with deep knowledge of our complex supply chain environment.

他在管理收入營運方面擁有寶貴的經驗，對我們複雜的供應鏈環境有深入的了解。

Our Chief Product and Technology Officer, Nabil Bukhari, is focused on increasing our SaaS revenue in his newly minted role as our GM of our subscription business.

我們的首席產品和技術長 Nabil Bukhari 在新上任的訂閱業務總經理中致力於增加我們的 SaaS 收入。

We've also deepened our batch of SaaS expertise on the executive team over the past six months with the additions of our new Chief Marketing Officer, Monica Kumar, in December and CFO, Kevin Rhodes last May.

在過去六個月裡，我們也深化了執行團隊的 SaaS 專業知識，去年 12 月新任首席行銷長 Monica Kumar 和去年 5 月新任財務長 Kevin Rhodes 加入。

The alignment of the team is crucial to helping accelerate growth and capture more share.

團隊的協調對於幫助加速成長和獲得更多份額至關重要。

The Extreme brand continues to get elevated in the marketplace through our customer wins and differentiated technology that creates more simplicity and flexibility across complex networking environments.

透過我們贏得的客戶和差異化技術，Extreme 品牌在市場上不斷得到提升，這些技術在複雜的網路環境中創造了更多的簡單性和靈活性。

Our promise of One Network, One Cloud remains a competitive differentiator.

我們對「一個網路、一個雲端」的承諾仍然是一個競爭優勢。

One Network is underpinned by universal hardware, highlighted by campus fabric, which has unparalleled campus security benefits and allows users to segment networks 10 times faster than any competitor.

One Network 以通用硬體為基礎，以園區結構為重點，具有無與倫比的園區安全優勢，並且允許用戶以比任何競爭對手快 10 倍的速度對網路進行分段。

One Cloud offers customers modern networking tools with built-in AIOps.

One Cloud 為客戶提供內建 AIOps 的現代化網路工具。

And we're unique because we're the only provider to offer cloud choice, whether that's public, private hybrid, or edge.

我們是獨一無二的，因為我們是唯一提供雲端選擇的供應商，無論是公有雲、私有混合雲還是邊緣雲。

We're winning deals based on helping customers find new ways to deliver better outcomes, such as increased IT productivity, reduced OpEx, or securing their business.

我們贏得交易的基礎是幫助客戶找到新的方法來交付更好的成果，例如提高 IT 生產力、降低營運支出或保護他們的業務。

The simplicity and flexibility of One Network, One Cloud remains a competitive differentiator, particularly in a time when major competitors have created complexity with disjointed solutions and uncertainty in their long-term rationalization of products and solutions.

「一個網路、一個雲端」的簡單性和靈活性仍然是一種競爭優勢，特別是在主要競爭對手透過脫節的解決方案以及產品和解決方案的長期合理化的不確定性造成複雜性的時候。

We remain the only pure play networking company with a differentiated and integrated portfolio and a clear roadmap.

我們仍然是唯一一家擁有差異化和整合產品組合以及清晰路線圖的純粹網路公司。

We believe our exposure to the fastest-growing areas of the networking market, share gains, and new go-to-market partnerships provide ample growth opportunities to drive double-digit growth in the long term.

我們相信，我們對網路市場成長最快領域的接觸、份額成長以及新的進入市場合作夥伴關係提供了充足的成長機會，可推動長期兩位數的成長。

We're forecasting market share gains with targeted partners leveraging the strength of our unique solutions for the enterprise.

我們預測，利用我們為企業提供的獨特解決方案的優勢，目標合作夥伴的市場份額將會增加。

And with that, I'd like to turn the call over to our CFO, Kevin Rhodes, to walk us through the results and guidance.

說到這裡，我想將電話轉給我們的財務長凱文·羅茲 (Kevin Rhodes)，他將向我們介紹結果和指導。

Thanks, Ed. Despite lower revenue in the second quarter, we improved our gross margin sequentially and optimized our operating expenses to maintain a healthy operating margin profile.

謝謝，艾德。儘管第二季收入較低，但我們的毛利率連續提高，並優化了營運費用，以保持健康的營運利潤率。

Our EPS was, therefore, impacted left than our revenue shortfall in the quarter.

因此，我們的每股盈餘受到的影響遠大於本季營收缺口。

In the second quarter, we took proactive action that enabled us to protect our profitability while continuing to invest in our strategic initiatives.

第二季度，我們採取了積極主動的行動，使我們能夠在繼續投資於策略舉措的同時保護我們的獲利能力。

We will continue to focus on aligning our cost structure accordingly as we navigate the second half of our fiscal year.

在本財年下半年，我們將繼續專注於調整我們的成本結構。

Let me get into the numbers.

讓我來談談數字。

Second-quarter revenue of $296.4 million fell 7% year over year and was in line with our revised outlook.

第二季營收為 2.964 億美元，年減 7%，符合我們修訂後的預期。

Product revenue of $186.6 million fell 16.5% year over year, reflecting continued channel digestion and elongated sales cycles that are impacting the networking industry.

產品收入為 1.866 億美元，年減 16.5%，反映出持續的通路消化和拉長的銷售週期正在影響網路產業。

These trends are consistent across both switching and wireless products.

這些趨勢在交換產品和無線產品中都是一致的。

Our product backlog has normalized this quarter, earlier than we initially anticipated.

本季我們的產品積壓已經正常化，比我們最初預期的要早。

And our bookings approximated our product revenue for the first time in four quarters.

我們的預訂量四個季度以來首次接近我們的產品收入。

In fact, our bookings trends were positive and both EMEA and APAC were each grew double digits year over year.

事實上，我們的預訂趨勢是正面的，歐洲、中東和非洲和亞太地區的年增長均達到兩位數。

From a vertical perspective, while total bookings fell slightly both quarter over quarter and from the prior year, our healthcare, education, manufacturing, and transportation/logistics vertical markets grew from the prior year.

從垂直角度來看，雖然總預訂量環比和去年均略有下降，但我們的醫療保健、教育、製造和運輸/物流垂直市場較上年有所增長。

We are encouraged by this level of customer activity which informs our view that we will be able to get channel digestion phase behind us as quickly as possible.

我們對這種程度的客戶活動感到鼓舞，這讓我們相信我們將能夠盡快進入渠道消化階段。

SaaS ARR and recurring revenue was a bright spot in our quarter.

SaaS ARR 和經常性收入是本季的亮點。

SaaS ARR grew 37% year over year to $158 million, driven by the strength of our renewals and activations of previously shipped products.

由於我們對先前發貨產品的續訂和啟動的強勁推動，SaaS ARR 年增 37%，達到 1.58 億美元。

Subscription deferred revenue was up 32% year over year to $246 million.

訂閱遞延營收年增 32%，達到 2.46 億美元。

As we ship product from backlog, it's generating a tailwind for SaaS growth.

當我們從積壓訂單中發貨時，它為 SaaS 的成長帶來了推動力。

Total subscription and support revenue was $110 million, up 16% year over year.

訂閱和支援總收入為 1.1 億美元，年增 16%。

This growth was largely driven by the strength of our cloud subscription revenue, up 39% year over year.

這一成長主要是由我們的雲端訂閱收入強勁推動的，年增 39%。

Recurring revenue continues to be a positive at Extreme.

Extreme 的經常性收入仍然是正面的。

Total recurring revenue of $101 million grew 14% year over year and 6% sequentially to now 34% of total revenue.

總經常性收入為 1.01 億美元，年增 14%，季增 6%，目前佔總收入的 34%。

Based in our current outlook, we expect recurring revenue to account for approximately 35% of the full fiscal 2024-year revenue.

根據我們目前的展望，我們預計經常性收入將佔 2024 財年總收入的約 35%。

The growth of cloud subscriptions and maintenance drove the total deferred revenue to $549 million, up 23% year over year and 5% sequentially.

雲端訂閱和維護的成長推動遞延收入總額達到 5.49 億美元，年增 23%，季增 5%。

Gross margin was 62.5%, up 140 basis points from the prior quarter and up 400 basis points compared to the prior year ago quarter.

毛利率為 62.5%，較上一季上升 140 個基點，較去年同期上升 400 個基點。

This is the third quarter in a row that we've achieved 60%-plus gross margin, which has proven to be an achievable level for Extreme at normalized scale.

這是我們連續第三個季度實現 60% 以上的毛利率，這已被證明是 Extreme 在正常規模下可以實現的水平。

We attribute this to improvements in mix due to the higher contribution of subscription and support revenue and an improvement in supply chain and distribution-related costs.

我們將此歸因於訂閱和支援收入貢獻的增加以及供應鏈和分銷相關成本的改善導致組合的改善。

Our second-quarter operating expenses were $141 million, down $12 million from $153 million in the first quarter and up slightly from $139 million in the year ago quarter.

我們第二季的營運費用為 1.41 億美元，比第一季的 1.53 億美元減少了 1,200 萬美元，比去年同期的 1.39 億美元略有增加。

We plan to take additional actions to further optimize our operating expenses to the level of revenue we expect to achieve in the second half of fiscal 2024 in order to preserve our margin structure in the fourth quarter and into fiscal 2025.

我們計劃採取更多行動，進一步優化我們的營運支出，使其達到我們預計在 2024 財年下半年實現的收入水平，以便在第四季度和 2025 財年保持我們的利潤結構。

Operating margin for the second quarter was 14.8%, down from 17.7%, and similar to 14.9% in the prior-year quarter.

第二季營業利益率為 14.8%，低於去年同期的 17.7%，與去年同期的 14.9% 相似。

This is the sixth quarter in a row of double-digit operating margins, also an achievable level for the company at normalized scale.

這是連續第六個季度營業利潤率達到兩位數，這也是該公司在正常規模下可以實現的水平。

All in, second-quarter non-GAAP earnings per share was $0.24, down from $0.25 in the first quarter and $0.27 in the year-ago quarter.

總而言之，第二季非 GAAP 每股收益為 0.24 美元，低於第一季的 0.25 美元和去年同期的 0.27 美元。

We finished the quarter with $221 million in cash and net cash of $26 million after repurchasing another $25 million of our shares.

本季結束時，我們的現金為 2.21 億美元，在回購了另外 2,500 萬美元的股票後，淨現金為 2,600 萬美元。

We've repurchased $153 million worth of our shares over the past five quarters.

過去五個季度我們回購了價值 1.53 億美元的股票。

The $28.6 million of free cash flow we generated in the quarter was impacted by lower revenue and the use of working capital for purchases of raw materials and inventory based in our prior-year purchase commitments.

我們本季產生的 2860 萬美元自由現金流受到收入下降以及根據上一年採購承諾使用營運資金購買原材料和庫存的影響。

We expect a recovery in cash flow as revenue recovers and component purchases become more balanced with normalized sell-through rates.

我們預計，隨著收入的恢復以及零件採購與正常化的銷售率變得更加平衡，現金流將會復甦。

Now turning to guidance.

現在轉向指導。

This quarter, we expect sell-through to be significantly higher than sell-in, which we believe will have a meaningful impact on our operating results.

本季度，我們預計售出率將顯著高於售入率，我們相信這將對我們的經營業績產生有意義的影響。

To quantify this impact, we expect a $40 million to $50 million reduction in channel inventory in the third quarter, which will allow us to cover to a more normalized level of revenue in the fourth quarter.

為了量化這一影響，我們預計第三季通路庫存將減少 4,000 萬至 5,000 萬美元，這將使我們能夠在第四季度達到更正常的收入水準。

As a result, we plan to take further cost actions to drive the recovery in earnings per share and cash flow.

因此，我們計劃採取進一步的成本行動，以推動每股盈餘和現金流的復甦。

Heading to the fourth quarter, we're expecting improved sequential revenue growth based on our funnel and the seasonality of our business led by our education vertical.

進入第四季度，我們預計基於我們的漏斗和以教育垂直領域為主導的業務季節性，我們的連續收入成長將有所改善。

We believe our proactive approach to managing through this industry challenge will enable us to deliver improved growth and profitability in fiscal year 2025.

我們相信，我們積極主動地應對這一行業挑戰的方法將使我們能夠在 2025 財年實現更高的成長和獲利能力。

For the third quarter, we expect as follows: revenue to be in a range of $200 million to $210 million; gross margin to be in a range of 59.5% to 61.5%; operating loss to be at a range of (13.4%) to (9.8%) (sic - see slide 27); and loss per basic share in the range of $0.22 to $0.17; the basic share count is expected to be around 129 million shares.

對於第三季度，我們預計：收入將在2億至2.1億美元之間；毛利率在59.5%至61.5%之間；營業虧損在 (13.4%) 至 (9.8%) 範圍內（原文如此 - 參見投影片 27）；每股基本股虧損在 0.22 美元至 0.17 美元之間；基本股數預計約1.29億股。

Looking further ahead into our fourth quarter, we expect revenue to be in a range of $265 million to $275 million, gross margins to be flat to slightly up from the third quarter, non-GAAP operating margin to be in a range of 10% to 13%, GAAP operating margin to be (2%) to 1% (sic - see slide 29), and fully diluted share count of 131 million to 132 million shares.

進一步展望第四季度，我們預計營收將在 2.65 億美元至 2.75 億美元之間，毛利率將與第三季度持平或略有上升，非 GAAP 營運利潤率將在 10% 至 10% 之間13% ，GAAP 營業利益率為(2%) 至1%（原文如此- 參見投影片29），完全攤薄後的股數為1.31 億股至1.32 億股。

With that, I'll now turn the call over to the operator to begin the question-and-answer session.

現在，我將把電話轉給接線員以開始問答環節。

(Operator Instructions) Eric Martinuzzi, Lake Street Capital Markets.

（操作員說明）Eric Martinuzzi，湖街資本市場。

Yeah, I wanted to address the leadership change here and the -- how we're going to be approaching the channel differently than we were before.

是的，我想談談這裡的領導層變動以及我們將如何以與以前不同的方式處理該管道。

If you could talk a little bit about what Norman Rice is going to be doing.

您能談談諾曼賴斯將要做什麼嗎？

I guess we've lost touch with the channel demand.

我想我們已經與通路需求失去聯繫了。

Those are my words, not yours.

這些是我的話，不是你的話。

But what are we doing to help improve that channel monitoring?

但我們正在做什麼來幫助改善通路監控呢？

What processes is Norman putting in place?

諾曼正在實施哪些流程？

Yeah.

是的。

Thanks, Eric.

謝謝，埃里克。

One of the first things that Norman has done and with our leadership teams is to stratify our customer base and to split out what is more run rate business in terms of business that's less than 50,000 in order and what that business looks like, which is going to be more channel driven and can be impacted more through distributors and marketing activities, and to provide more clarity to the project-based business and stratifying that project-based business.

諾曼和我們的領導團隊所做的第一件事就是對我們的客戶群進行分層，並根據訂單數量少於50,000 的業務以及該業務的外觀來劃分哪些業務運行率較高，哪些業務正在發展更加受通路驅動，可以透過經銷商和行銷活動產生更多影響，並為基於專案的業務提供更清晰的資訊並對基於專案的業務進行分層。

And I'd say that's a big change that Norman's bringing to the equation.

我想說，這是諾曼為這個方程式帶來的一個巨大改變。

The other thing that I'll mention is that Norman and Kevin were the architects behind our private subscription offer, which is a channel-led initiative that we believe will be disruptive.

我要提到的另一件事是，諾曼和凱文是我們私人訂閱服務背後的架構師，這是一項以管道為主導的舉措，我們認為這將具有顛覆性。

There's a lot of demand with some of the larger service providers that we're working with that's building up.

我們正在合作的一些大型服務提供者正在產生大量需求。

And I think you'll start to see, and we'll be in a position to announce meaningful deals in the second half of this year.

我想你會開始看到，我們將能夠在今年下半年宣布有意義的交易。

And I also mentioned earlier in my comments about the managed services provider partners that we have who are signing up and it's -- there's the portfolio benefits and our technology benefits along with the unique capability that people are very interested in, which is our consumption billing model, which provides for a lot of efficiency for that go-to-market motion.

我之前還在評論中提到我們正在簽約的託管服務提供商合作夥伴，這包括產品組合優勢和我們的技術優勢，以及人們非常感興趣的獨特功能，即我們的消費計費模型，它為進入市場的行動提供了很大的效率。

So it's the stratification of the opportunities and I'd say a more highly targeted approach to the channel to the core business, along with these targeted new commercial models that we're going to market with.

因此，這是機會的分層，我想說的是，對核心業務的管道採取更有針對性的方法，以及我們將要行銷的這些有針對性的新商業模式。

And Norman is very well; he's the best qualified person to lead us on that front.

諾曼身體很好。他是領導我們在這方面的最有資格的人選。

Okay.

好的。

And then looking at the guidance here, just a really dramatic reset.

然後看看這裡的指導，這只是一個非常戲劇性的重置。

I'm wondering was there a prior year outlook?

我想知道是否有上一年的展望？

Because we had a guidance reset coming out of Q1, and now we've had even more dramatic reset coming out of Q2.

因為我們從第一季開始就進行了指導重置，現在我們從第二季開始進行了更戲劇性的重置。

What's the confidence level here?

這裡的置信度是多少？

We've got one month under our belts for Q3.

第三季我們還有一個月的時間。

Are we seeing any evidence to say things are getting better as far as the sequential step up in Q4?

我們是否看到任何證據表明，就第四季度的連續進展而言，情況正在好轉？

Yeah, Eric, and we commented on the funnel and opportunities, specifically commenting on progress that we've seen in EMEA, in Asia-Pacific.

是的，艾瑞克，我們評論了管道和機會，特別評論了我們在歐洲、中東和非洲以及亞太地區看到的進展。

And Kevin also touched on the fact that we're heading into E-Rate season, and this looks to be a pretty strong E-Rate season for us.

凱文還談到了我們即將進入電子費率季節這一事實，這對我們來說似乎是一個相當強勁的電子費率季節。

The declines came as we were looking into Q2.

當我們研究第二季度時，出現了下降。

Our outlook for Q2 and our plans to take down channel inventory, the reality is we couldn't take inventory down nearly as much as that we had intended.

我們對第二季的展望以及減少通路庫存的計劃，現實是我們無法像我們預期的那樣減少庫存。

And I would say with the elongated sales cycles and with bookings pushing out the way they did, it only deepened our position in the channel.

我想說，隨著銷售週期的延長和預訂量的不斷增加，這只會加深我們在通路中的地位。

And we had to make a decision as to whether or not we want to manage this out over time or take it all in one fell swoop.

我們必須做出決定，是要隨著時間的推移解決這個問題，還是一次解決所有問題。

And our view and our perspective is to get it cleaned up and get normalized as we head into Q4 and turn the corner on '25.

我們的觀點和觀點是，當我們進入第四季度並在 25 年扭轉局面時，將其清理乾淨並使其正常化。

And that’s how we've made the decision that we're making.

這就是我們做出決定的方式。

Demand is obviously going to be masked by inventory flowing out of the channel, and that's a $40 million to $50 million number that you heard Kevin talked about.

需求顯然會被流出渠道的庫存所掩蓋，這是您聽到凱文談到的 4000 萬至 5000 萬美元的數字。

And as we go into Q4, we do have seasonality and we are expecting more neat normal seasonality as we go into that quarter.

當我們進入第四季度時，我們確實存在季節性，我們預計進入該季度時會有更清晰的正常季節性。

And we have the E-Rate business, and we have a significantly larger funnel, and that's what gives us confidence.

我們有電子費率業務，而且我們有一個更大的漏斗，這給了我們信心。

So we're very focused on the cleanup here this quarter and then delivering and exceeding our outlook for the June quarter.

因此，我們非常關注本季的清理工作，然後實現並超越我們對六月季度的預期。

Thanks for taking my questions.

感謝您回答我的問題。

Thanks, Eric.

謝謝，埃里克。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Thanks, guys.

多謝你們。

Could you just talk about maybe the end user demand or customers may be waiting for Wi-Fi 7 or CBRS or further upgrades to cloud?

您能否談談最終用戶的需求或客戶可能正在等待 Wi-Fi 7 或 CBRS 或進一步升級到雲端？

Just any color what's going on.

任何顏色都行。

Because the step down of next quarter's guidance versus what you were thinking six months ago was incredibly dramatic, with the channel numbers that you just gave seems only tell part of the story.

因為與您六個月前的想法相比，下一季度的指導方針的下降是令人難以置信的戲劇性，您剛剛提供的頻道數字似乎只講述了故事的一部分。

Thanks.

謝謝。

Yeah, Tim.

是的，提姆。

I think that's -- you're seeing a much more conservative outlook as it relates to demand.

我認為，與需求相關的前景更加保守。

Yes, in some cases in the Wi-Fi market, there will be some people that are holding off for Wi-Fi 7.

是的，在 Wi-Fi 市場的某些情況下，會有一些人對 Wi-Fi 7 持觀望態度。

We've talked about elongated sales cycles which has been very real in the US where we've had verbal commitments for pretty exciting wins for Extreme, but the deals themselves have been pushed out.

我們已經討論過延長銷售週期的問題，這在美國是非常現實的，我們口頭承諾為Extreme帶來相當令人興奮的勝利，但交易本身已經被推遲了。

And when we look at deals, our funnel that get to the commit level, we close on those deals.

當我們查看交易時，我們的漏斗達到了承諾級別，我們就完成了這些交易。

It's more of a function of time.

它更多的是時間的函數。

So we're looking at this as timing if you look at.

所以如果你看的話，我們認為這是一個時機。

And this is why we're providing guidance for Q4.

這就是我們為第四季度提供指導的原因。

We're confident in the guide and how we're going to come out of this in Q4.

我們對這份指南以及我們將如何在第四季走出困境充滿信心。

But we are setting that base level at a more conservative level than we had in the past.

但我們將該基準水準設定為比過去更保守的水準。

And I'd say, Tim, to your point, I think we're feeling a little bit burned in terms of what we were expecting to close in the funnel.

我想說，提姆，就你的觀點而言，我認為我們對漏斗中預期關閉的內容感到有點焦灼。

And we've gone back and taken a fresh view of that.

我們回過頭來對此有了新的看法。

And our view is to put it behind us and reset here with a clean path going forward.

我們的觀點是把它拋在身後，並在這裡重新設置，向前邁出一條乾淨的道路。

As we look into fiscal '25, there will be some tough comps if we look at the Q1 and Q2.

當我們展望 25 財年時，如果我們看看第一季和第二季度，將會出現一些艱難的比較。

But as we get into calendar '25, we see ourselves on a really nice and a very strong footing for driving double-digit growth and resuming where we left off.

但當我們進入 25 日曆年時，我們看到自己處於一個非常良好且非常強勁的基礎上，可以推動兩位數的增長並恢復我們離開的地方。

And so Wi-Fi 7, can you maybe just talk about how much of an improvement it is for the customers or your benefits?

那麼Wi-Fi 7，您能談談它對客戶或您的好處有多大的改進嗎？

And maybe how does the pricing of the product look like your ability to supply it?

也許該產品的定價與您的供應能力如何？

And then just lastly on Wi-Fi 7, what the competitive environment looks like?

最後，關於 Wi-Fi 7，競爭環境是什麼樣的呢？

And do you think this is one of the things driving the elongated sales cycles or customers waiting for this?

您認為這是導致銷售週期延長或客戶等待的原因之一嗎？

Yeah.

是的。

I mean I think it's fair to say that there are going to be some customers in the marketplace that are waiting on this.

我的意思是，我認為可以公平地說，市場上會有一些客戶在等待這一點。

The benefit that you have in Wi-Fi 7 as you have the different frequency bands, and you have, in our case, higher bandwidth, which is important, and then we're also bringing dual bands in terms of speeds, and so there's a lot more flexibility in the solution.

Wi-Fi 7 的好處是，您擁有不同的頻段，在我們的例子中，您擁有更高的頻寬，這很重要，然後我們還在速度方面帶來了雙頻段，所以有解決方案更加靈活。

So every time you have these upgrades, there's higher quality in terms of connectivity.

因此，每次進行這些升級時，連接品質都會更高。

In this case, there's more bandwidth.

在這種情況下，有更多的頻寬。

There's more flexibility in terms of end-user devices that we pick up on different frequencies.

我們在不同頻率上接收的最終用戶設備具有更大的靈活性。

And then we have the dual bandwidth capabilities in terms of how we connect to the network.

然後，我們在連接網路的方式方面具有雙頻寬功能。

The Wi-Fi 7 for us is cloud managed in addition to our 4000 series switch which is purely cloud managed.

除了純雲端管理的 4000 系列交換器之外，我們的 Wi-Fi 7 也是雲端管理的。

And in this, we're bringing some unique capabilities that provide a lot of advantages in terms of how to deploy and run networks relative to the traditional CLI model where provisioning and network deployments can be done in a much more efficient fashion and a more automated way.

在此，我們帶來了一些獨特的功能，相對於傳統的CLI 模型，這些功能在如何部署和運行網路方面提供了許多優勢，在傳統的CLI 模型中，可以以更有效率、更自動化的方式完成配置和網路部署。方式。

So yeah, there are a lot of benefits in what's coming out and our most recent releases.

所以，是的，即將推出的產品和我們最新的版本有很多好處。

And yeah, in terms of opportunities, it could have an impact.

是的，就機會而言，它可能會產生影響。

And when does it start shipping at scale?

什麼時候開始大規模出貨？

We are GA at this point.

我們現在已經正式上市了。

So I think you would expect to see shipping from Wi-Fi 7 begin in Q3 and really ramp up and begin to ramp in Q4.

因此，我認為您預計 Wi-Fi 7 的出貨量將在第三季開始，並在第四季真正增加並開始增加。

Thank you.

謝謝。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great.

偉大的。

Thanks, guys for taking my questions.

謝謝你們回答我的問題。

Maybe to start on the competitive landscape and that dynamic, I think you guys spent a lot of time talking about taking the inventory, de-stocking, pained short term.

也許從競爭格局和動態開始，我想你們花了很多時間談論庫存、去庫存、短期痛苦。

But you also talked about normal seasonality in Q4, talking about gaining share over the long term.

但您也談到了第四季度的正常季節性，談到了長期的份額成長。

Can you maybe just talk about what you're seeing competitively in the market today that gives you confidence that we can get back to share gains over the intermediate and longer term?

您能否談談您在當今市場上看到的競爭情況，這讓您相信我們可以在中長期內重新分享收益？

And then I have a follow-up question as well.

然後我還有一個後續問題。

Yeah, Dave, thanks.

是的，戴夫，謝謝。

So I'll comment on that.

所以我會對此發表評論。

What gives us confidence is what we see happening in the market every day.

給我們信心的是我們每天看到市場上發生的事情。

And we've talked about the largest competitor in the space that has a very different cloud solution.

我們已經討論過該領域最大的競爭對手，它擁有非常不同的雲端解決方案。

And we continue to see the industry moving to cloud, and we have a leadership position in cloud.

我們繼續看到產業向雲端遷移，並且我們在雲端領域處於領先地位。

So the largest player in the marketplace has got a very different cloud solution from the traditional enterprise solution.

因此，市場上最大的參與者獲得了與傳統企業解決方案截然不同的雲端解決方案。

In addition to that, they continue to invest in other markets.

除此之外，他們也繼續投資其他市場。

And so the level of complexity that we're feeling in the marketplace surrounding the largest competitor is very real and opens up a lot of opportunities.

因此，我們在圍繞最大競爭對手的市場中感受到的複雜程度是非常真實的，並且帶來了許多機會。

We've talked about some of the larger deals that we're getting into.

我們已經討論了我們正在達成的一些較大的交易。

We continue to move up market, and you'll see us continuing to do this with some of the announcements that will come out of Extreme where in these highly competitive and highly contested processes, we're coming out on top.

我們繼續向高端市場發展，你會看到我們繼續這樣做，一些來自Extreme的公告將在這些高度競爭和激烈競爭的過程中脫穎而出，我們將脫穎而出。

And so you're seeing the likes of Cisco and HPE and Juniper getting pushed back and Extreme winning, and that's part of how we're upleveling our brand.

所以你會看到思科、HPE 和瞻博網路等公司被擊退，Extreme 獲勝，這也是我們提升品牌的一部分。

So that's one of the ways that we have confidence relative to the largest player.

所以這是我們相對於最大的參與者有信心的方式之一。

Everyone is very top of mind, the HP acquisition of Juniper.

大家最關心的就是惠普收購Juniper。

What would that mean?

那意味著什麼？

In our case, it means that one of our competitors will be going away.

就我們而言，這意味著我們的一位競爭對手將離開。

We see a lot of opportunities certainly over the next couple of years.

未來幾年我們肯定會看到很多機會。

As they're looking to rationalize their product portfolios.

因為他們正在尋求合理化他們的產品組合。

This is going to create opportunities.

這將創造機會。

In fact, it already has, where we're already getting calls from customers, direct customers, and end users in the field, as well as partners who are concerned and very unsure about what does that product roadmap look like and what is it going to look like.

事實上，它已經有了，我們已經接到客戶、直接客戶、現場最終用戶以及合作夥伴的電話，他們對產品路線圖是什麼樣子以及進展感到擔憂和非常不確定看起來像。

And this gives us, these just create -- they create more opportunity for us.

這給了我們，這些只是創造——它們為我們創造了更多機會。

No, great.

不，太好了。

That’s helpful, and maybe just a follow up.

這很有幫助，也許只是後續行動。

You talked about a strong E-Rates easing coming up and getting back to hopefully some degree of normal seasonality by the June quarter.

您談到電子利率即將大幅放鬆，並預計在六月季度之前恢復到一定程度的正常季節性。

Recognizing that obviously in the first half of fiscal '25 in difficult comps on a year-over-year basis, are you planning for what I would consider to be more normal seasonal behavior on a quarter-over-quarter basis as we get through June going forward, or is there still some digestion from whether it's order growth intake, underlying demand/channel digestion that we should expect as we go through the second half of this calendar year into '25?

顯然，在 25 財年上半年，同比比較困難，您是否正在計劃在 6 月結束時按季度環比比較正常的季節性行為？展望未來，還是在進入25 年下半年時，我們應該預期訂單增長攝入量、潛在需求/渠道消化是否仍存在一些消化？

And then just maybe one final one for Kevin if I could slip it in there.

如果我能把它塞進去的話，也許是凱文的最後一張。

You mentioned, obviously, double-digit margins at normalized scale I think the phrase was.

顯然，你提到了標準化規模的兩位數利潤，我認為這句話是。

We just want to get some more color on how we're thinking about it because I know at the Analyst Day, obviously, you guys had talked about margins above, let's call it, fiscal '22 levels back into mid-teens.

我們只是想更多地了解我們如何看待這個問題，因為我知道在分析師日，顯然，你們已經談到了上面的利潤率，我們稱之為，22 財年的水平回到了十幾歲左右。

But just wanted to get more color on what scale do you need to get to you to get back to margins that are more robust than, let's say, fiscal '22?

但只是想了解更多信息，您需要達到什麼規模才能恢復比 22 財年更強勁的利潤率？

And I'll cover the first part of the question and then, Kevin, I'll let you jump in and cover the second part.

我將介紹問題的第一部分，然後凱文，我將讓您跳入並介紹第二部分。

We're looking I think at, yes, more traditional seasonality as you look at the shift going from Q4 into Q1 to Q2, et cetera.

我認為，是的，我們正在考慮更傳統的季節性，因為你會看到從第四季到第一季到第二季的轉變，等等。

I think in the core business, the outlier here is going to be some of the new commercial motions that we have that are not likely to be in the same seasonal patterns.

我認為在核心業務中，這裡的異常值將是我們擁有的一些新的商業動向，這些動向不太可能處於相同的季節性模式中。

So some of the larger deals that traditionally we would not have access to in terms of our private subscription offer, for example, are not necessarily going to fall into that traditional seasonal low of the core business.

因此，例如，傳統上我們無法透過私人訂閱報價獲得的一些較大交易不一定會陷入核心業務的傳統季節性低點。

Kevin, do you want to comment on the second part of the question?

凱文，你想對問題的第二部分發表評論嗎？

Sure.

當然。

Absolutely happy to.

絕對樂意。

Our current -- the reason why we gave the fourth-quarter outlook is to actually show what we believe will be a more normalized.

我們目前給出第四季度展望的原因是為了實際表明我們認為將更加正常化。

We do believe we will grow off of Q4, so we're not thinking that that is like the new number forever because we have these opportunities with MSP and ESPO that will continue to mature and provide further growth in the future.

我們確實相信我們將在第四季度實現成長，所以我們不認為這永遠是新的數字，因為我們擁有 MSP 和 ESPO 的這些機會，這些機會將繼續成熟並在未來提供進一步的成長。

But with Q4 being 10% to 13%, we believe that's a good jumping off point.

但由於第四季為 10% 至 13%，我們認為這是一個很好的起點。

But we will maintain operating margins in the double-digits throughout this fourth quarter and throughout next year is our plan.

但我們的計劃是，整個第四季和明年全年的營業利潤率將維持在兩位數。

In terms of like how much we can scale, from where we were in '23 or '24 in the future, we really have to go and spend a little bit more time looking at where our '25, '26 contributions are going to be to get into that higher realms of mid-teens to high-teens, even to 20% scale beyond that.

就我們可以擴展多少而言，從未來 23 或 24 年的情況來看，我們確實必須花更多時間看看我們 25、26 年的貢獻將在哪裡進入十幾歲到十幾歲的更高境界，甚至超出這個範圍20%。

But we do think it's possible.

但我們確實認為這是可能的。

I mean we're already showing the discipline that if we need to, we could take costs out of the business to drive and keep our margins at that double-digit level.

我的意思是，我們已經表現出這樣的紀律：如果需要的話，我們可以降低業務成本，以推動並保持我們的利潤率在兩位數的水平。

And what we need to do, and we're focused on that, is to continue to scale and grow the business and generate more profitability over time.

我們需要做的，也是我們關注的重點，是繼續擴大和發展業務，並隨著時間的推移產生更多的獲利能力。

And that's exactly what Ed and I are intending to do, is to continue to scale the operating margins over time.

這正是艾德和我打算做的，就是隨著時間的推移繼續擴大營業利潤率。

Great.

偉大的。

Thanks, guys.

多謝你們。

(Operator Instructions) Christian Schwab, Craig-Hallum Capital.

（操作員指示）Christian Schwab，Craig-Hallum Capital。

Hey, good morning, guys.

嘿，早上好，夥計們。

So Ed, now that it's become evident of over earning during supply chain issues, et cetera, et cetera, and competitors not having products, when we look at your business and we baseline modest growth before we entered this period, and I come up with a number of about $1.1 billion plus or minus, is that what you believe the business

所以艾德，現在供應鏈問題等方面的超額收入已經變得很明顯，而競爭對手沒有產品，當我們審視您的業務時，我們在進入這一時期之前設定了適度增長的基線，我想出了大約 11 億美元的正負數字，就是您所相信的業務

--?

——？

We're a little bit below that run rate.

我們的運行率略低於該運行率。

March, a little bit of above that or kind of in that light.

三月，比這個稍微高一點，或從這個角度來看。

And June is -- is that our starting from your top-line growth initiatives?

六月是－這是我們從您的營收成長計畫開始的嗎？

Is that fair, or is that not the way you think about it at all?

這樣公平嗎？還是這根本不是你的想法？

I think it's fair.

我認為這是公平的。

We are going to build out of this.

我們將以此為基礎進行建設。

And yeah, what we've said is -- and Christian, we use the language kind of more normalized to comment on the June quarter and when you just run the math on some growth on that baseline business, you get to the $1.1 billion.

是的，我們說的是——克里斯蒂安，我們使用更標準化的語言來評論六月季度，當你對基準業務的一些增長進行數學計算時，你會得到 11 億美元。

So I think that's a fair assessment.

所以我認為這是一個公平的評估。

Kevin, I don't know, if you want to add to that or comment.

凱文，我不知道你是否想補充或發表評論。

No, I think you're right, Ed. I mean with Q4 being at that level and then jumping off point there, with it being the new normal, with continue -- we do believe that we will continue to grow the business.

不，我認為你是對的，艾德。我的意思是，第四季度處於這個水平，然後從那裡開始，這是新常態，繼續——我們確實相信我們將繼續發展業務。

We'll have a better growth story in the second half of our fiscal year '25 than the first half.

與上半年相比，我們在 25 財年下半年的成長故事將會更好。

But in general, yeah, in terms range, $1 billion as the new normal is about right.

但總的來說，是的，就範圍而言，10 億美元作為新常態大約是合適的。

Interestingly though, is Norman's work doing anything about moving to selling product as a service across the Board and putting the mechanism in place to be more aggressive in that or is that something you're going to watch some of the other people in the industry do to see if there's a tremendous customer interest?

但有趣的是，諾曼的工作是否正在全面轉向以服務形式銷售產品，並建立機制以在這方面更加積極主動，或者您將看到業內其他一些人正在做的事情看看是否有巨大的客戶興趣？

Yeah.

是的。

I think you're going to see us be a lot more aggressive and we've -- I mentioned that the triumvirate of Norman stepping in and taking the lead as Chief Commercial Officer.

我想你會看到我們更加積極進取，我提到諾曼三人組介入並擔任首席商務官。

Nabil is our Chief Technology and Chief Product Officer, but he's also running a cross-functional team on SaaS and subscription.

Nabil 是我們的首席技術兼首席產品官，但他也負責管理 SaaS 和訂閱方面的跨職能團隊。

And one of the things that you're seeing is really nice growth on the subscription line and really healthy margins on that subscription business.

您看到的一件事是訂閱業務的成長非常好，訂閱業務的利潤率也非常健康。

And so as we think about growth, we have plans to continue that growth on the subscription line.

因此，當我們考慮成長時，我們計劃在訂閱線上繼續成長。

Also, we have the benefit of gross margins on that.

此外，我們也受益於毛利率。

Finally, we made a key hire.

最後，我們聘請了一名關鍵人員。

Monica Kumar who's come and joined us, I think she's going to be the glue between our product orgs and our selling orgs.

莫妮卡·庫馬爾 (Monica Kumar) 加入了我們，我認為她將成為我們的產品組織和銷售組織之間的黏合劑。

I think we have an opportunity to be much more targeted and I would say much more aggressive in direct outreach to the market more broadly, as well as more targeted with the channel, and we have some really interesting growth opportunities in the channel.

我認為我們有機會更有針對性，我想說的是，在更廣泛的直接接觸市場方面更加積極主動，並且在通路上更有針對性，而且我們在通路中有一些非常有趣的成長機會。

So I think this represents a unique opportunity for Extreme to really step up in the marketplace, and that's how we see it.

因此，我認為這對 Extreme 來說是一個真正進入市場的獨特機會，我們也是這麼認為的。

(inaudible) And my last question with the recent consolidation in this space, you did a big consolidation years ago and extremely confused your customer base about which products you were going to support and which products you were not going to support.

（聽不清楚）我的最後一個問題是關於這個領域最近的整合，您幾年前進行了一次大規模整合，並且讓您的客戶群對您將支持哪些產品以及您不支持哪些產品感到非常困惑。

So I think with that as a backdrop should set you up to be well positioned to2 take advantage of what could be potential confusion in the marketplace.

因此，我認為以此為背景，您應該能夠充分利用市場中可能出現的混亂。

Do you think that that will help be a competitive advantage for you to gain share?

您認為這將有助於成為您獲得市場份額的競爭優勢嗎？

We do.

我們的確是。

From the announcement, it looks like the HP was very interested in the AI platform that Juniper brings to the equation and that Juniper leadership will be heading the networking side.

從公告來看，惠普似乎對瞻博網路帶來的人工智慧平台非常感興趣，而瞻博網路領導層將領導網路方面。

What does that mean to the massive install base of Aruba and Aruba Technology?

這對於 Aruba 和 Aruba Technology 的龐大安裝基礎意味著什麼？

It raises a lot of questions.

這引發了很多問題。

And for customers, it raises an awful lot of questions.

對客戶來說，這引發了許多問題。

And keep in mind, Juniper is kind of an enterprise really from the service provider position.

請記住，瞻博網路是一家真正處於服務提供者地位的企業。

And so in terms of the breadth of their portfolio, they are still miss this very much driving the efforts.

因此，就其投資組合的廣度而言，他們仍然非常懷念這項推動努力的努力。

And in terms of the full end-to-end enterprise solution, it's not as robust.

就完整的端到端企業解決方案而言，它並不那麼強大。

And so how that incorporates and how that gets built into the Aruba enterprise solution set?

那麼它是如何整合以及如何建置到 Aruba 企業解決方案集中的呢？

There are a lot of questions out there, and I think that's going to create opportunities for us.

存在著很多問題，我認為這將為我們創造機會。

And we're very focused on a very clean and simple and flexible solution in terms of our universal hardware, in terms of interfacing with One Cloud.

在我們的通用硬體以及與 One Cloud 的介面方面，我們非常專注於非常乾淨、簡單且靈活的解決方案。

This presents a very fresh alternative and a very clean alternative for customers that are out there.

這為外面的客戶提供了一個非常新鮮的選擇和一個非常乾淨的選擇。

The other thing that you're aware of, Christian, from our prior M&A activities is that they baked a lot of synergy into the formula.

克里斯蒂安，你從我們之前的併購活動中了解到的另一件事是，他們在配方中融入了許多協同效應。

And when you look at $430 million, $450 million of expense coming out of the business, you're talking about thousands of people coming out of that business.

當你看到該業務產生的 4.3 億美元、4.5 億美元費用時，你談論的是成千上萬的人從該業務中出來。

And where they come from and how that plays out again will create disruption.

它們來自哪裡以及如何再次發揮作用將造成混亂。

And as I mentioned earlier, we've gotten calls from -- we're already getting calls from employees and customers and partners, so we think this will present opportunities, potentially hiring opportunities and new growth opportunities for us.

正如我之前提到的，我們已經接到來自員工、客戶和合作夥伴的電話，因此我們認為這將為我們帶來機會、潛在的招募機會和新的成長機會。

Great.

偉大的。

No other questions.

沒有其他問題。

Thank you.

謝謝。

Dave Kang, B. Riley.

戴夫·康，B.萊利。

Thank you.

謝謝。

Good morning.

早安.

My first question is regarding bookings.

我的第一個問題是關於預訂。

You reported that Asia and Europe were up double digits year over year.

您報道說，亞洲和歐洲年增了兩位數。

Just wondering if you can provide any color on North America bookings?

只是想知道北美預訂是否可以提供任何顏色？

I mean the color is -- I'd say that's the area where we've been challenged, Dave.

我的意思是顏色 - 我想說這是我們面臨挑戰的領域，戴夫。

In terms of the bookings, we were close to a book-to-bill ratio of one in the quarter so that was a positive news, but North America was down year over year.

就預訂量而言，本季的預訂出貨比接近 1，這是一個正面的消息，但北美地區較去年同期下降。

Got it.

知道了。

And then, so sounds like the fiscal third quarter, most of the excess inventories will be flushed out.

然後，聽起來就像第三財季一樣，大部分過剩庫存將被清除。

So can we expect fiscal fourth quarter to be like a clean channel inventory.

因此，我們可以預期第四財季的通路庫存會是乾淨的。

Yeah, that's exactly our intent, is to get it clean and to have -- get normalized in the fourth quarter and beyond.

是的，這正是我們的目的，就是將其清理乾淨，並在第四季及以後實現正常化。

So it sounds like

所以聽起來像

(multiple speakers)

（多個發言者）

Yeah.

是的。

I would just add we look at -- obviously, normalized backlog has happened quickly and more quickly than originally anticipated.

我想補充一點，我們看到——顯然，正常化的積壓發生得比最初預期的更快。

And as we look at entering Q4 we look at normalized backlog and normalized channel inventory.

當我們進入第四季度時，我們會關注標準化的積壓訂單和標準化的通路庫存。

So somewhat of a clean slate is we head into Q4 and turn the quarter into to fiscal '25.

因此，我們進入第四季度並將該季度轉入 25 財年，這在某種程度上是一種全新的開始。

And based on your fiscal fourth quarter revenue guide, you're implying that orders will be up significantly, sequentially from third to fourth quarter, correct?

根據您的第四財季收入指南，您的意思是訂單將從第三季到第四季連續大幅增加，對嗎？

Yeah, we got the E-Rate season there, we mentioned that earlier.

是的，我們之前提到過電子費率季節。

So we are expecting sequential growth.

因此，我們預計會出現環比增長。

A, our two strongest quarters in a year are the second and fourth quarter of our fiscal year.

答，我們一年中表現最強勁的兩個季度是本財年的第二季和第四季。

So as we think about the June quarter, we've got the E-Rate season there.

因此，當我們考慮六月季度時，我們已經迎來了電子利率季節。

We've got a stronger pipeline than we have in the third quarter here, and we've got strong E-Rate season coming at us.

我們的管道比第三季更強大，而且強勁的 E-Rate 季節即將到來。

So we are expecting sequential growth in bookings.

因此，我們預計預訂量將持續成長。

My last question is, Ed, you mentioned that fiscal '25, you're expecting meaningful growth.

我的最後一個問題是，Ed，您提到 25 財年您預計會出現有意義的成長。

Just wondering if you can provide additional color.

只是想知道您是否可以提供額外的顏色。

Should we expect like double digit, would that be meaningful?

我們是否應該期望兩位數，這有意義嗎？

That's correct, and that's how we're thinking about it, David.

這是正確的，這就是我們的想法，大衛。

So we looked at -- there's going to be a tough comp in the first quarter, given that we landed 353 last year for this -- for Q1 of this year.

因此，我們考慮到今年第一季的競爭會很艱難，因為去年我們為此獲得了 353 名。

Then I think you get to the second half as we turn the corner into calendar '25.

然後我想你會進入下半場，因為我們將進入日曆'25。

Obviously, we'll have a very much easier comp in Q3.

顯然，我們在第三季的比賽將會變得更加容易。

But we expect that our marketing initiatives, our go-to-market initiatives in terms of the core business and then the realization of these new commercial models that are growing, that they haven't really had an impact on our financials yet by the time we get to that calendar ‘25 timeframe.

但我們預計，我們的行銷舉措、我們在核心業務方面的入市舉措，以及這些正在增長的新商業模式的實現，到那時它們還沒有真正對我們的財務產生影響我們到達日曆25 點的時間範圍。

You'll start to see a much more meaningful impact of those initiatives coming into play and adding to growth over just what we would consider to be core market growth.

您將開始看到這些措施發揮了更有意義的影響，並促進了我們所認為的核心市場成長的成長。

Got it.

知道了。

Thank you.

謝謝。

Alex Henderson, Needham.

亞歷克斯·亨德森，李約瑟。

So your commentary about $1.1 billion being the run rate revenue number and the guide for the fourth quarter of the fiscal year at $265 million to $275 million is quote, unquote more normalized.

因此，您對 11 億美元是運行率收入數字以及本財年第四季度 2.65 億至 2.75 億美元指導的評論是引用，不引用更正常化。

It is a little bit troubling considering in the fourth quarter of 2019, you did $252 million, and for the full year 2019, you did roughly $1 billion at $995.8 million and that's 2019.

考慮到 2019 年第四季的收入為 2.52 億美元，而 2019 年全年的收入約為 10 億美元，即 9.958 億美元，這有點令人不安，這還是 2019 年的情況。

That would put a growth rate to your quote, unquote normalized $1.1 billion of around 2.5% over that timeframe.

這將使您的報價（未報價的標準化 11 億美元）在這段時間內的成長率約為 2.5%。

And certainly, you would not say that's a reasonable growth rate.

當然，你不會說這是一個合理的成長率。

So the question I have for you is, what is the real normalized number if you were to adjust these numbers to fully normalize, the baseline.

所以我要問你的問題是，如果你要調整這些數字以完全標準化，那麼真正的標準化數字是多少，即基線。

You say $1.1 billion is normalized, but I don't think you believe your 2.5% growth company.

你說 11 億美元是正常化的，但我認為你不相信你的公司成長 2.5%。

So can you please adjust that language a little bit for us in terms of understanding how much the fourth quarter is still unnormalized as opposed to more normalized?

那麼，您能否為我們稍微調整一下語言，以了解第四季度仍有多少未正常化，而不是更正常化？

And what would be the run rate of revenue if you had a fully normalized full year?

如果全年完全正常化，收入運行率是多少？

Thank you.

謝謝。

Yeah, Alex.

是的，亞歷克斯。

So let me, Kevin, just hit a high level, and then I'll let you come in and fill in.

所以，凱文，讓我達到一個高水平，然後我會讓你進來填補。

But Alex, we're – obviously, it's a pretty massive reset here in our Q3 with a lot of cleanup involved.

但是亞歷克斯，我們 - 顯然，第三季度這是一次相當大規模的重置，涉及大量清理工作。

We have new teams and we have a new approach that are coming in and looking to build off of a base in resetting the foundation, whether or not it would be normal seasonality going into Q1, or is there still conservatism in that Q4 number where you could still see some sequential growth coming out of that.

我們有新的團隊，我們有新的方法，正在進入並尋求在重置基礎的基礎上建立基礎，無論進入第一季度是否是正常的季節性，或者第四季度的數字是否仍然保守。仍可能會看到一些連續的成長。

We wanted to provide the outlook for the -- our fiscal Q4 to provide again what we're calling more normalized.

我們希望提供第四季度財政前景，以再次實現我們所說的更正常化。

Will that be a fully more normalized bookings number?

這會是一個完全更加標準化的預訂數量嗎？

I think we need some work on that.

我認為我們需要在這方面做一些工作。

And we'll definitely be coming back to you with a more refined outlook on how we see the evolution of booking, especially considering these other commercial models which quite frankly we have not included in our outlook.

我們肯定會以更完善的視角向您反饋我們如何看待預訂的發展，特別是考慮到坦率地說，我們尚未將這些其他商業模式納入我們的展望中。

I think that's the key, Ed. I think that the MST model is very nascent, very early to ESPO model we have, as well as the private subscription offers also very early at its stages.

我認為這是關鍵，艾德。我認為 MST 模式還處於萌芽狀態，對於我們的 ESPO 模式來說還很早期，私人訂閱服務也處於早期階段。

This is based on the run rate of the existing business and products.

這是基於現有業務和產品的運作率。

So we've got ZTNA coming on board, we've got Wi-Fi 7 coming on board, we've got new products, innovations coming out that will continue to give us that tailwind in the future.

因此，我們已經有了 ZTNA，我們已經有了 Wi-Fi 7，我們已經有了新產品和創新，這些將在未來繼續為我們帶來推動力。

Right now, we're just not prepared to go and guide for 2025 or beyond but wanted to give at least a normalized Q4 at this point.

目前，我們還沒有準備好為 2025 年或更長的時間提供指導，但希望此時至少給出一個標準化的第四季度。

And Alex, the other comment to make is that we have seen -- earlier, we saw Asia-Pacific recovering more quickly.

亞歷克斯，另一條評論是，我們早些時候看到，亞太地區復甦得更快。

And then we've seen EMEA come with year-over-year growth that Kevin mentioned.

然後我們看到凱文提到的歐洲、中東和非洲地區出現了同比增長。

And we just -- we haven't seen it yet, the Americas.

我們只是 - 我們還沒有看到它，美洲。

And so the timing of that America's recovery to the normal buying cycle and how all of that kicks in from a timing perspective.

因此，美國恢復正常購買週期的時機以及從時機角度來看這一切如何發揮作用。

And we have a lot of large deals that are in the hopper for us.

我們還有很多大宗交易等著我們。

Really exciting from a brand perspective in terms of where we are in these competitive processes.

從品牌角度來看，我們在這些競爭過程中所處的位置確實令人興奮。

But they're very lumpy, and I think it's a little challenging for the team right now to stick their necks out and call some of these larger deals if that makes sense.

但它們非常不穩定，我認為現在對團隊來說，如果有意義的話，要不遺餘力地進行一些更大的交易，有點具有挑戰性。

That's not my problem.

那不是我的問題。

My problem is the guide commentary that normalized full-year revenue run rate would be at $1.1 billion, which is obviously still incorporating a significant amount of backlog adjustment and the comment that more normalized implies that it's almost normal and it's certainly not in the fourth quarter.

我的問題是指導評論，正常化的全年收入運行率為 11 億美元，這顯然仍然包含大量的積壓調整，而更正常化的評論意味著這幾乎是正常的，而且肯定不是在第四季度。

So what is the nut that you're assuming for the fourth quarter?

那麼您對第四季的預期是什麼？

What would be fully normalized fourth quarter?

第四季完全正常化會怎樣？

Can you give us some sense of what more normalized means in terms of the scaling of it?

您能否讓我們了解一下更標準化在縮放方面意味著什麼？

Yeah.

是的。

I mean I'm not sure we're there.

我的意思是我不確定我們是否在那裡。

I'm not sure we're there yet.

我不確定我們是否已經到了那裡。

I mean if we look at $275 million number -- yeah, if we look at $275 million number in Q4, and obviously, there's the math to get to $1.1 billion when you just roll that over.

我的意思是，如果我們看一下2.75 億美元的數字——是的，如果我們看一下第四季度2.75 億美元的數字，顯然，當你把這個數字翻過來時，就可以計算到11 億美元。

So there's not -- I guess you would say there's not a lot of growth built into that for a normalized fiscal '25, Alex.

所以，我想你會說，對於正常化的 25 財年來說，並沒有太多的成長，亞歷克斯。

I mean you did $253 million in fourth quarter of 2019, and now you're telling me $275 million is close to normalized?

我的意思是，您在 2019 年第四季的收入為 2.53 億美元，現在您告訴我 2.75 億美元已經接近正常化了嗎？

Well, I mean

嗯，我的意思是

--

--

(inaudible) difficult trying to reconcile those two numbers.

（聽不清楚）很難協調這兩個數字。

They're not even close to normalized in that context, so how big is the nut?

在這種情況下，它們甚至還沒有接近標準化，那麼堅果有多大呢？

Are we still absorbing $30 million, $40 million in the June quarter of inventory absorption?

我們還在 6 月季度吸收 3000 萬美元、4000 萬美元的庫存吸收嗎？

Yeah, Alex.

是的，亞歷克斯。

I mean the thing that you're missing I think is the North America is still recovering.

我的意思是你錯過了我認為北美仍在復甦的事情。

It was down year over year.

它逐年下降。

I'm not missing anything.

我沒有遺漏任何東西。

I'm asking what the nut is that you're assuming when you give us the guidance for the fourth quarter in terms of the absorption in the recovery in the environment.

我想問的是，當您向我們提供第四季度環境復甦吸收的指導時，您所假設的問題是什麼。

We're assuming

我們假設

--

--

How big is that nut?

那個堅果有多大？

We're assuming no incremental amounts as you say nuts in the fourth quarter.

我們假設第四季度不會出現您所謂的瘋狂增量。

We assume absorption will occur in the third quarter with no more absorption needed in the fourth quarter.

我們假設吸收將在第三季進行，第四季不再需要吸收。

What we need to see is we need to see the market.

我們需要看到的是我們需要看到市場。

The entire market is down right now; this is not just an Extreme issue.

現在整個市場都在下跌；這不僅僅是一個極端問題。

This is an exogenous issue that's across all IT and all that working.

這是一個貫穿所有 IT 和所有工作的外生問題。

And so where we see and what we hope is that the market starts to come back and that we will see the North American market come back.

因此，我們看到並希望的是市場開始復甦，我們將看到北美市場復甦。

And I appreciate your points, but like we've got to get the whole market to come back and spend across the Board to help.

我很欣賞你的觀點，但就像我們必須讓整個市場回來並全面支出來提供幫助一樣。

Great.

偉大的。

Thanks.

謝謝。

Okay.

好的。

Thank you.

謝謝。

And I will now turn the call back over to Mr. Ed Meyercord for any closing remarks.

現在，我將把電話轉回給艾德·邁耶科德先生，讓其發表結束語。

Okay.

好的。

Thank you.

謝謝。

Thank you, everybody, for participating on the call.

謝謝大家參加這次電話會議。

And obviously we'll have callbacks with many of you, and we appreciate all the all the good questions.

顯然，我們會與你們中的許多人進行回電，我們感謝所有提出的好問題。

I also want to take time to thank our employees and customers and partners who are participating here and for all of the work as we're transitioning through this cycle and putting ourselves on a more normalized footing as we've been talking about.

我還想花時間感謝我們的員工、客戶和合作夥伴，他們在這裡參與，感謝我們在這個週期的過渡過程中所做的所有工作，並讓我們自己處於一個更加正常化的基礎上，正如我們一直在談論的那樣。

We're absolutely looking forward to putting this chapter behind us.

我們絕對期待著把這一章拋在腦後。

And we're committed to innovating in the industry and continuing to deliver new solutions.

我們致力於產業創新並持續提供新的解決方案。

And we're committed to these strategic initiatives that we will -- that will drive long-term growth for us at Extreme.

我們致力於實施這些策略性舉措，這將推動 Extreme 的長期成長。

So thanks, everybody, and have a good day.

謝謝大家，祝大家有美好的一天。

Ladies and gentlemen, that's our conference for today.

女士們、先生們，這就是我們今天的會議。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。