Extreme Networks Inc (EXTR) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to the Extreme Network's fourth quarter fiscal year 2025 conference call. (Operator Instructions) Thank you. I'd now like to turn the call over to Stan Kovler, Senior Vice President-Finance and Investor Relations. You may begin.

感謝您的支持，歡迎參加 Extreme Network 2025 財年第四季電話會議。（操作員指示）謝謝。現在我想將電話轉給財務和投資者關係高級副總裁 Stan Kovler。你可以開始了。

Thank you, Rob. Good morning and welcome to Extreme Network's fourth quarter and fiscal year 2025 earnings conference call. I'm Stan Kovler, Senior Vice President of Finance and Corporate Development. With me today are Extreme Network's President and CEO, Ed Meyercord; and Executive Vice President and CFO, Kevin Rhodes. We just distributed a press release and filed an 8-K detailing Extreme Network's financial results for fiscal Q4 and full-year fiscal '25. A copy of the press release, which includes our GAAP to non-GAAP reconciliations and our earnings presentation is available in the IR section at extremenetworks.com.

謝謝你，羅布。早安，歡迎參加 Extreme Network 第四季和 2025 財年財報電話會議。我是 Stan Kovler，財務與企業發展資深副總裁。今天與我一起出席的還有 Extreme Network 總裁兼執行長 Ed Meyercord 和執行副總裁兼財務長 Kevin Rhodes。我們剛剛發布了一份新聞稿並提交了一份 8-K 表，詳細說明了 Extreme Network 2025 財年第四季和全年的財務表現。新聞稿副本（包括我們的 GAAP 與非 GAAP 對帳和收益介紹）可在 extremenetworks.com 的 IR 部分找到。

Today's call and Q&A may include forward-looking statements based on current expectations about Extreme's future financial and operational results, growth expectations, new product introductions, and strategies. All financial disclosures made on this call will be on a non-GAAP basis unless stated otherwise. We caution you not to put undue reliance 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. These risks are described in our risk factors in our 10-K and 10-Q filings. And any forward-looking statements made on this call reflect our analysis as of today. We have no plans to update them except as required by law.

今天的電話會議和問答可能包括基於對 Extreme 未來財務和營運業績、成長預期、新產品推出和策略的當前預期的前瞻性陳述。除非另有說明，本次電話會議中的所有財務揭露均以非 GAAP 為基礎。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。這些風險在我們的 10-K 和 10-Q 文件中的風險因素中有描述。本次電話會議中所做的任何前瞻性陳述均反映了我們今天的分析。除非法律要求，否則我們沒有計劃更新它們。

Following our prepared remarks, we will take your questions.

在我們準備好發言之後，我們將回答您的問題。

And now, I will turn the call over to Extreme's President and CEO, Ed Meyerord.

現在，我將電話轉給 Extreme 總裁兼執行長 Ed Meyerord。

Thank you, Stan, and thank you all for joining us this morning. I'm pleased to report that Q4 marked our fifth consecutive quarter of sequential revenue growth. Revenue reached $307 million, representing a 20% increase year-over-year, with particularly strong performances in APAC and EMEA regions. We continue to move upmarket and see robust demand across both our wired and wireless network solutions in all our industry verticals. This helped drive an acceleration in SaaS ARR revenue to $208 million, up 24% year-over-year.

謝謝你，史丹，也謝謝大家今天早上加入我們。我很高興地報告，第四季是我們連續第五個季度實現收入成長。營收達 3.07 億美元，年增 20%，其中亞太地區和歐洲、中東和非洲地區表現尤為強勁。我們繼續向高端市場邁進，並看到所有垂直行業對我們的有線和無線網路解決方案都有強勁的需求。這有助於推動 SaaS ARR 營收加速成長至 2.08 億美元，年增 24%。

Large deal momentum is picking up with product bookings at an eighth quarter high. Our competitive win rates remain strong as we move upmarket and displace larger players due to our highly differentiated campus fabric, the flexibility and simplicity of our cloud management platform, the industry's most simple licensing, and now the release of our innovative AI-powered Extreme Platform ONE solution.

隨著產品預訂量達到第八季度的最高水平，大型交易動能正在回升。由於我們高度差異化的園區結構、雲端管理平台的靈活性和簡單性、業界最簡單的授權以及現在發布的創新人工智慧 Extreme Platform ONE 解決方案，隨著我們向高端市場邁進並取代更大的參與者，我們的競爭勝率仍然很高。

Enterprise interest in Extreme has increased across all verticals. This momentum was clear at Extreme Connect in Paris in May, where nearly a thousand customers, partners, analysts, and press joined us for hands-on training, dynamic main stage keynotes, and networking with peers.

各個垂直領域的企業對 Extreme 的興趣都有增加。這種勢頭在 5 月於巴黎舉行的 Extreme Connect 上表現得非常明顯，近千名客戶、合作夥伴、分析師和媒體與我們一起參加了實踐培訓、動態主舞台主題演講以及與同行的交流。

Many of the attendees have seen PowerPoints and canned demos of future AI platforms from other vendors. But the fact that the entire event was run on a live version of Extreme Platform ONE generated a lot of excitement and momentum. The overwhelmingly positive feedback on the event and our technology highlights rising enthusiasm for Extreme.

許多與會者已經看過其他供應商的未來人工智慧平台的 PowerPoint 和預錄演示。但事實上，整個活動都是在 Extreme Platform ONE 的現場版本上進行的，這引起了極大的興奮和動力。對活動和我們的技術的正面回饋凸顯了人們對 Extreme 日益高漲的熱情。

In Q4, we expanded our footprint in the Japanese government with two multi-million dollar wins, displacing a major competitor and gaining large and important strategic partners in the process. The eight-digit project win for the entire Japanese judiciary, including the Supreme Court, marked the largest win in the APAC region in company history. Both will deploy a unique Extreme Fabric solution from core to branch powered by our SD-WAN and managed through Extreme Cloud IQ, giving users secure seamless access across the country with our flexible and highly secure private cloud options.

第四季度，我們透過兩項數百萬美元的勝利擴大了我們在日本政府的業務範圍，取代了主要競爭對手，並在此過程中獲得了龐大而重要的戰略合作夥伴。此次為包括最高法院在內的整個日本司法系統贏得的八位數項目，是該公司歷史上在亞太地區贏得的最大金額。兩家公司都將從核心到分支部署獨特的 Extreme Fabric 解決方案，該解決方案由我們的 SD-WAN 提供支援並透過 Extreme Cloud IQ 進行管理，透過我們靈活且高度安全的私有雲選項為用戶提供全國範圍內的安全無縫存取。

We continue to add to our leadership position in high-density public and entertainment venues in the quarter. MetLife Stadium, home field of the New York Giants and Jets as well as host for the 2026 World Cup Finals, selected Extreme to deliver modern Wi-Fi 6E infrastructure to power better fan experiences and streamline operations across the stadium. We also added Pinnacle Bank Arena and Hendrick Motorsports as highlighted in our press release. Global hospitality and casino customers, including the very first high-end luxury resort casino in the Middle East, are standardizing on our fabric.

本季度，我們繼續鞏固在高密度公共和娛樂場所的領導地位。大都會人壽體育場是紐約巨人隊和噴射機隊的主場，也是 2026 年世界盃決賽的舉辦地，該體育場選擇 Extreme 提供現代化的 Wi-Fi 6E 基礎設施，以提供更好的球迷體驗並簡化整個體育場的運營。我們還添加了 Pinnacle Bank Arena 和 Hendrick Motorsports，正如我們的新聞稿中所強調的。全球酒店和賭場客戶，包括中東第一家高端豪華度假賭場，都對我們的布料進行了標準化。

When customers see the impact of fabric's unique features like subsecond convergence, the unmatched security benefits of microsegmentation, the ease of deployment with automated zero-touch provisioning, Extreme becomes an easy choice. One very large enterprise in the midst of several proof-of-concepts said, What takes Cisco six hours takes Extreme six minutes. In fact, we've challenged each of the large players in the networking industry head-to-head in enterprise customer environments, and none come close to meeting our performance.

當客戶看到 fabric 的獨特功能（如亞秒收斂、微分段無與倫比的安全優勢、自動零接觸配置的易於部署等）的影響時，Extreme 就成為了一個顯而易見的選擇。一家正在進行多項概念驗證的大型企業表示，“思科需要 6 個小時才能完成的事情，Extreme 只需 6 分鐘。”事實上，我們已經在企業客戶環境中與網路產業的每家大型企業進行了正面挑戰，但沒有一家能與我們的表現相提並論。

Extreme is also becoming the top choice for mission-critical environments, delivering unmatched reliability and performance. ENAIRE, Europe's fourth largest air navigation provider, deployed Extreme to ensure secure scalable communication and managing airspace over Spain and over 2 million flights annually. In the UK, Surrey and Sussex Healthcare NHS Trust, which provides healthcare services to over 740,000 people, upgraded its Wi-Fi network and will use Extreme Cloud IQ and Fabric for flexible, centralized, and secure network management to help deliver best-in-class patient care. Finally, Qatar Energy, a leader in oil and gas production, chose Extreme wired solutions to enable secure high-performance connectivity across its complex and remote operations for its new liquefied petroleum gas bottling plant.

Extreme 也正在成為關鍵任務環境的首選，提供無與倫比的可靠性和效能。歐洲第四大空中導航供應商 ENAIRE 部署了 Extreme 以確保安全可擴展的通信，並管理西班牙空域和每年超過 200 萬個航班。在英國，為超過 74 萬人提供醫療服務的薩里和蘇塞克斯醫療保健 NHS 信託基金升級了其 Wi-Fi 網絡，並將使用 Extreme Cloud IQ 和 Fabric 進行靈活、集中和安全的網絡管理，以幫助提供一流的患者護理。最後，石油和天然氣生產領域的領導者卡達能源公司選擇了 Extreme 有線解決方案，為其新的液化石油氣裝瓶廠的複雜和遠端營運提供安全的高效能連接。

In Q4, we had a major milestone with Extreme Platform ONE becoming the first and only networking vendor to offer a conversational, multimodal, agentic AI-powered networking platform generally available to customers today.

在第四季度，我們取得了一個重要的里程碑，Extreme Platform ONE 成為第一家也是唯一一家向客戶提供對話式、多模式、代理式 AI 驅動網路平台的網路供應商。

Early feedback has been positive. West Suffolk NHS in the UK migrated to Extreme Platform ONE in just 47 minutes. They said the platform gives them a helicopter view of the network, and they expect our AI agents to be new members of their IT staff. Bath and Northeast Somerset Council in the UK said they love how AI has helped them quickly resolve technical queries without having to pour through hours of documentation.

早期的回饋是正面的。英國西薩福克郡 NHS 僅用 47 分鐘就遷移到了 Extreme Platform ONE。他們表示，該平台讓他們可以像直升機一樣俯瞰網絡，他們希望我們的人工智慧代理商成為其 IT 員工的新成員。英國巴斯和東北薩默塞特議會表示，他們喜歡人工智慧幫助他們快速解決技術問題，而無需花費數小時查閱文件。

Extreme Platform ONE breaks down silos between networking and security, automates tasks through integrated AI agents, and offers the industry's simplest licensing. It also provides the industry's only composable workspace where you can leverage our platform's multi-modal capabilities and customized dashboards with the help of our AI agent.

Extreme Platform ONE 打破了網路和安全之間的孤島，透過整合的 AI 代理自動執行任務，並提供業界最簡單的授權。它還提供了業界唯一的可組合工作區，您可以在我們的 AI 代理的幫助下利用我們平台的多模式功能和自訂儀表板。

Customers can see everything from global networks down to individual devices, application performance, and more. This helps simplify planning, procurement, deployment, management, troubleshooting, and keeps down time to a minimum.

客戶可以看到從全球網路到單一裝置、應用程式效能等的所有內容。這有助於簡化規劃、採購、部署、管理、故障排除，並將停機時間降至最低。

Industry analysts have recognized the significance of Extreme Platform ONE. According to Enterprise Strategy Group, the solution is, At the leading edge of the market in terms of completeness and sophistication of AI for networking. Enterprise Management Associates says, There is a growing interest in AI-driven network management capabilities since IT teams are running leaner with heavier workloads, and there is less skepticism today towards AI than there was a few years ago, especially considering Extreme's human-in-the-loop approach.

產業分析師已經認識到Extreme Platform ONE 的重要性。企業策略集團表示，該解決方案在網路人工智慧的完整性和複雜程度方面處於市場領先地位。企業管理協會 (EMA) 表示，由於 IT 團隊的運作更加精簡，工作量也更大，人們對人工智慧驅動的網路管理功能的興趣日益濃厚，而且如今人們對人工智慧的懷疑態度比幾年前有所減少，尤其是考慮到 Extreme 的人機互動方法。

Extreme Platform ONE brings AI automation simplicity together at one powerful platform. For our customers, it means faster outcomes, higher productivity, and significant ROI. We believe we're in the right place at the right time with the highest quality platform and the most modern tools for all enterprise networking customers.

Extreme Platform ONE 在一個強大的平台上將 AI 自動化的簡單性整合在一起。對我們的客戶來說，這意味著更快的成果、更高的生產力和可觀的投資報酬率。我們相信，我們在正確的時間出現在正確的地點，為所有企業網路客戶提供最高品質的平台和最現代化的工具。

And finally, we continue to make progress with our diverse commercial models with our MSP program doubling to 53 partners year-over-year. We offer the industry's first consumption-based billing, eliminating upfront costs and ensuring predictable expenses. Our poolable licensing allows our MSPs to flexibly allocate licenses across devices, locations, and customers, making it simple to scale.

最後，我們繼續在多樣化的商業模式上取得進展，我們的 MSP 計劃合作夥伴數量比去年同期增長一倍至 53 個。我們提供業界首個基於消費的計費，消除前期成本並確保可預測的費用。我們的可池化許可允許我們的 MSP 跨裝置、位置和客戶靈活地分配許可證，從而簡化擴展。

Looking ahead, we have strong confidence in sustaining customer demand based on our Q1 funnel generation and with continued strong growth in our overall pipeline. We expect growth in fiscal '26 to accelerate. We have tremendous opportunities with large customers. Our competitive positioning has never been stronger. And we're accelerating investments in our business to drive automation, differentiation, and commercial success. I look forward to sharing more of our plans and outlook with all of you in our recently announced Investor Day in November.

展望未來，基於我們第一季的漏斗生成以及整體通路的持續強勁成長，我們有信心維持客戶需求。我們預計26財年的成長將會加速。我們與大客戶有著巨大的合作機會。我們的競爭地位從未如此強大。我們正在加快業務投資，以推動自動化、差異化和商業成功。我期待在我們最近宣布的 11 月投資者日上與大家分享更多我們的計劃和展望。

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

接下來，我想將電話轉給我們的財務長 Kevin Rhodes，請他向我們介紹結果和指導。

Thanks, Ed. I'm very pleased to report strong fourth quarter results with revenue exceeding the high end of our guidance range. We also delivered strong operating margins and free cash flow. We achieved earnings per share of $0.25 at the high end of our guidance range and exceeding the consensus of $0.23, up 32% from $0.19 in the prior year quarter on an adjusted basis.

謝謝，艾德。我很高興地向大家匯報，第四季業績表現強勁，營收超過了我們預期的上限。我們也實現了強勁的營業利潤率和自由現金流。我們實現了每股收益 0.25 美元，處於指導範圍的高端，超過了預期的 0.23 美元，經調整後較去年同期的 0.19 美元增長 32%。

Total revenue of $307 billion in the quarter grew 20% year-over-year and 8% sequentially. This marks our fifth consecutive quarter of growth. We also accelerated SaaS ARR growth to 24% year-over-year, driven by recent wins, continued growth in our wireless business with strong Wi-Fi 7 adoption, and early adoption of Extreme Platform ONE.

本季總營收為 3,070 億美元，年增 20%，季增 8%。這是我們連續第五個季度實現成長。我們也將 SaaS ARR 成長率加速至年成長 24%，這得益於近期取得的勝利、無線業務的持續成長、Wi-Fi 7 的強勁採用以及 Extreme Platform ONE 的早期採用。

Overall, we achieved our best bookings quarter in the past two years, reflecting strong customer demand across our portfolio, which gives us confidence in our growth trajectory heading into fiscal 2026.

總體而言，我們實現了過去兩年來最好的預訂量，反映出我們整個產品組合中客戶需求強勁，這使我們對 2026 財年的成長軌跡充滿信心。

In the fourth quarter, new subscription bookings accelerated, which is a testament to the new large customer wins in Asia Pacific, our recent rollout at John Deere, and the commercial models we launched over the past year.

第四季度，新的訂購訂單加速成長，證明了我們在亞太地區贏得了新的大客戶、我們最近在約翰迪爾推出的產品以及我們在過去一年推出的商業模式。

Product revenue of $192 million grew 26% year-over-year and 8% sequentially, driven by continued recovery and strong demand for Extreme solutions as we continue to move upmarket. Wi-Fi 7 mix grew meaningfully, representing 30% of all wireless units and driving a second straight quarter of revenue growth in wireless products.

產品收入為 1.92 億美元，年增 26%，環比增長 8%，這得益於持續復甦以及我們繼續進軍高端市場對 Extreme 解決方案的強勁需求。Wi-Fi 7 組合顯著成長，佔所有無線設備的 30%，並推動無線產品收入連續第二季成長。

Geographically, we saw a particularly strong performance in APAC with major new customer wins. This was our largest bookings quarter ever in Asia Pac. We continue to gain traction in the region as a strategic alternative to the incumbents that are there, particularly in the public sector. EMEA, also a bright spot, revenue grew 21% year-over-year, the highest level of revenue in the region since the early 2024 era as strong execution in the market boosted our business there. Americas revenue grew 4% year-over-year, and we're encouraged by both the momentum and strong pipeline we're seeing in the Americas for both the first quarter and fiscal 2026.

從地理位置來看，我們在亞太地區表現特別強勁，贏得了大量新客戶。這是我們在亞太地區有史以來最大的預訂季度。作為現有機構的策略替代方案，我們繼續在該地區獲得支持，特別是在公共部門。歐洲、中東和非洲地區也是一個亮點，營收年增 21%，這是該地區自 2024 年初以來的最高收入水平，因為強勁的市場執行力推動了我們在那裡的業務。美洲區營收年增 4%，我們對第一季和 2026 財年美洲區的發展勢頭和強勁的銷售管道感到鼓舞。

In the fourth quarter, 34 customers spent over $1 million with Extreme, bringing our fiscal '25 total to 168 customers. Total subscription and support revenue was $115 million, up 11% year-over-year. Total recurring revenue grew 8% year-over-year and represented 36% of total revenue.

第四季度，有 34 位客戶在 Extreme 上花費超過 100 萬美元，使我們 25 財年的客戶總數達到 168 位。總訂閱和支援收入為 1.15 億美元，年增 11%。總經常性收入年增8%，佔總收入的36%。

As a result of our growth in SaaS ARR, SaaS-deferred revenue jumped 15% year-over-year to $308 million. And recurring revenue growth pushed total deferred revenue above $600 million. This growing base of contracted future revenue provides a strong visibility into our recurring revenue and should continue to drive strong cash flow generation.

由於 SaaS ARR 的成長，SaaS 遞延營收年增 15%，達到 3.08 億美元。經常性收入的成長使總遞延收入超過 6 億美元。不斷增長的未來合約收入基礎為我們的經常性收入提供了強大的可視性，並將繼續推動強勁的現金流產生。

Non-GAAP gross margin was 62.3% in the fourth quarter and was in line with our guidance. Our fourth quarter operating expenses were $144 million also in line with our guidance. Operating margin was 15.2% and up from 13.5% in the prior year on an adjusted basis, demonstrating the leverage we have in our model from top line growth and prudent expense management.

第四季非公認會計準則毛利率為 62.3%，符合我們的預期。我們第四季的營運費用為 1.44 億美元，也符合我們的預期。營業利益率為 15.2%，經調整後高於上一年的 13.5%，這表明我們的模型能夠從營收成長和審慎的費用管理中獲得優勢。

We generated $75 million in free cash flow in the quarter, our highest quarterly level since 2023; and $50 million in EBITDA, our highest level in the last seven quarters. We returned value to shareholders through a repurchase of 1.5 million shares for a total of $25 million.

本季度，我們的自由現金流為 7,500 萬美元，這是自 2023 年以來最高的季度水準；EBITDA 為 5,000 萬美元，這是我們過去七個季度以來的最高水準。我們透過回購 150 萬股股票（總計 2,500 萬美元）向股東返還了價值。

Cash flow is aided by significant improvement in our cash conversion cycle to 81 days, down from 112 days in the third quarter driven primarily by lower days of inventory. We ended the quarter with $232 million in cash and achieved a net cash position of $52 million, up $49 million from net cash at the end of the third quarter.

我們的現金轉換週期從第三季的 112 天縮短至 81 天，這主要得益於庫存天數的減少，有助於現金流的流動。本季末，我們持有現金 2.32 億美元，淨現金為 5,200 萬美元，較第三季末的淨現金增加 4,900 萬美元。

For the full fiscal year, revenue of $1.140 billion grew 2% year-over-year, with non-GAAP EPS of $0.84 compared to $0.70 on an adjusted basis from the prior year. We achieved significant margin expansion with non-GAAP operating margin of 14.2%, compared to 11.9% on an adjusted basis in fiscal 2024.

整個財年，營收為 11.40 億美元，年增 2%，非 GAAP 每股收益為 0.84 美元，而上年調整後每股收益為 0.70 美元。我們的利潤率大幅提升，非公認會計準則營業利益率為 14.2%，而 2024 財年的調整後利潤率為 11.9%。

As we enter fiscal 2026, we're well-positioned to build on our success. Customer demand exceeded revenue in the fourth quarter. And we have strong visibility for growth based on our funnel, backlog, and future customer demand. We expect a re-acceleration of overall revenue on a full-year basis that should translate to higher earnings and cash flow generation.

當我們進入 2026 財年時，我們已做好準備，繼續取得成功。第四季客戶需求超過了收入。根據我們的管道、積壓訂單和未來客戶需求，我們對成長有著強烈的預見性。我們預計全年總收入將再次加速成長，這將轉化為更高的收益和現金流。

For the first quarter of fiscal 2026, we expect guidance as follows: Revenue to be in a range of $292 million to $300 million. Gross margin to be in a range of 61.9% to 62.3%. Operating margin to be in a range of 12.7% to 14.5%. And earnings per share to be in a range of $0.20 to $0.23. Our fully diluted share count is expected to be around 135 million shares. For the fiscal year 2026, we expect revenue to be in a range of $1.228 billion to $1.238 billion.

對於 2026 財年第一季，我們預期業績指引如下：營收在 2.92 億美元至 3 億美元之間。毛利率預計在61.9%至62.3%之間。營業利益率在12.7%至14.5%之間。每股收益預計在0.20美元至0.23美元之間。預計完全稀釋後股份總數約1.35億股。對於 2026 財年，我們預計營收將在 12.28 億美元至 12.38 億美元之間。

And 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，開始問答環節。

(Operator Instructions)

（操作員指示）

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

Congratulations on a terrific quarter and a solid outlook. I wanted to dive in to the success that you were seeing in EMEA and APAC. Obviously, this was good for Q4. Just wondering on the follow-through here. Was this kind of -- Did this just happen to be lumpy-to-the-good for Q4 or do you see this as something sustainable early here in the first half of '26?

恭喜您取得了出色的季度業績和穩健的前景。我想深入了解您在歐洲、中東和非洲地區以及亞太地區所取得的成功。顯然，這對第四季來說是好事。我只是想知道這裡的後續情況。這只是第四季度的一個偶然好兆頭，還是您認為這在 26 年上半年初期是一個可持續的現象？

Thanks for the question, Eric. Yeah. We've seen a gradual recovery in EMEA and it's build-up throughout the year. Quite frankly, it was a little slower than we expected. But now, I think with the government stabilized and I think the political environment more stabilized that we're expecting momentum to continue to ramp. And we see that based on the funnel of opportunities. We also have a couple of unique opportunities with the German government and some of the new rules that are coming out around security that we've committed to invest in in fiscal '26. So we're excited about our market share there and what's happening with the macro and then some specific new growth opportunities.

謝謝你的提問，艾瑞克。是的。我們看到歐洲、中東和非洲地區正在逐步復甦，並且全年都在增強。坦白說，它比我們預期的要慢一點。但現在，我認為隨著政府穩定，政治環境更加穩定，我們預計勢頭將繼續增強。我們根據機會漏斗看到了這一點。我們也與德國政府獲得了一些獨特的合作機會，並且德國推出了一些有關安全的新規定，我們承諾在 2026 財年對此進行投資。因此，我們對我們在那裡的市場份額以及宏觀形勢的發展以及一些具體的新增長機會感到非常興奮。

Asia Pacific, I'll comment, we have been -- this is where we saw significant growth, in that market, due to some very large wins and a unique solution set that we put together for the Japanese government. I mentioned in my quote, but really, what's very important about this is not only one branch of the Japanese government where we're very well-positioned for other opportunities there. But it's also the impact that it's had on the partner community, both system integrators as well as partners. So we have now broken into some of the largest entities there and they're really excited about our, A, our solution set; and B, the opportunity to work with Extreme. So we're expecting continued momentum in both of those markets.

我要評論的是，在亞太地區，我們已經看到了顯著的成長，在這個市場，這要歸功於我們為日本政府提供的一些非常大的勝利和一套獨特的解決方案。我在我的引言中提到過，但實際上，這非常重要的一點是，我們不僅是日本政府的一個部門，我們在那裡還有非常有利的其他機會。但它也對合作夥伴社群（包括系統整合商和合作夥伴）產生了影響。因此，我們現在已經打入了那裡的一些最大的實體，他們對我們的 A、我們的解決方案集和 B、與 Extreme 合作的機會感到非常興奮。因此，我們預計這兩個市場將繼續保持成長動能。

Ed, one of the things that you guys talked about on the Q4 outlook was you were going to be keeping pricing stable despite the uncertainty around tariff. Do you feel like there was any maybe a benefit to pull forward orders that happened in Q4 due to that that maybe isn't there after Q4?

艾德，你們在第四季展望中談到的一件事是，儘管關稅存在不確定性，但你們仍將保持價格穩定。您是否覺得將第四季度的訂單提前可能有好處，但第四季之後可能就沒好處了？

Yeah. I mean, we saw very little, Eric. And that's because our product categories were exempt. And then, we were given that heads-up that the expectation is that they would continue to be exempt. Although you don't know until you know, and when the new tariffs came out, that was the case. So as we look at the commerce department, they've been very firm in terms of the list of exemptions and that to continue to be the case. That could always change. But we've also messaged back to customers and I feel like that's the mindset in the marketplace.

是的。我的意思是，我們看到的很少，埃里克。這是因為我們的產品類別是免稅的。然後，我們得到通知，預計他們將繼續獲得豁免。雖然你不知道直到你知道，當新的關稅出台時，情況就是這樣。因此，當我們看商務部時，他們對豁免清單的態度非常堅定，並且將繼續如此。這種情況隨時可能改變。但我們也向客戶回覆了訊息，我覺得這就是市場心態。

So the answer to your question is, I'm sure the customers that may have come in, but very minimal, not like what we've seen -- not even close to what we may have seen in the past.

所以，對於你的問題，我的答案是，我確信顧客可能會來，但數量非常少，不像我們所見過的那樣——甚至與我們過去所見過的相差甚遠。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Ryan Koontz, Needham & Company.

瑞安·孔茨（Ryan Koontz），Needham & Company。

Thanks. Great quarter, guys. I wonder how much Platform ONE contributed in the quarter. I know you had a limited availability in the June quarter. Was it meaningful to your ARR bookings? And then, how should we think about the timing of the balance of your customer base renewals phasing in over the second half of Platform ONE?

謝謝。太棒了，夥計們。我想知道 Platform ONE 在本季貢獻了多少。我知道你們六月季度的可用時間有限。這對您的 ARR 預訂有意義嗎？那麼，我們該如何考慮在 Platform ONE 的後半段逐步實現客戶群平衡續約的時間呢？

Sure. Let me jump in and then Kevin, you can come in behind. At this stage, we literally just GA the platform. As we announced Platform ONE back in December. We had early availability. We opened up the books for e-rate bidding. So we can see Platform ONE opportunities in our funnel. But what we're expecting is for this to to come into play in the second half of the year before you see a meaningful impact of the business.

當然。讓我插話，然後凱文，你可以跟在後面。在這個階段，我們實際上只是對平台進行了 GA。正如我們在 12 月宣布的 Platform ONE 一樣。我們有提前預訂的房間。我們開放了電子利率競標的帳簿。因此我們可以在我們的頻道中看到 Platform ONE 的機會。但我們預計，這將在今年下半年發揮作用，然後您才能看到對業務產生重大影響。

Right now, what we're guiding is that it's going to help fuel customers' decisions to go with Extreme knowing that they can upgrade to Platform ONE. Customers that want to trial Platform ONE today, it doesn't carry risk because they have access to -- they still have access to Ex IQ and all the applications as they go forward. So we're expecting customers to trial, test, play around with the platform. And then we're expecting some serious migrations to happen as we turn the corner on the calendar year.

現在，我們的指導想法是，它將有助於推動客戶選擇 Extreme，因為他們知道可以升級到 Platform ONE。今天想要試用 Platform ONE 的客戶不會有任何風險，因為他們可以存取 - 他們仍然可以存取 Ex IQ 和所有應用程式。因此，我們期待客戶試用、測試並體驗該平台。然後，我們預計隨著日曆年的到來，將會發生一些重大的遷移。

Kevin, do you want to add anything?

凱文，你還有什麼要補充嗎？

No. I think you're exactly right, Ed. I mean it was really related to new subscription bookings, right, that accelerated in the fourth quarter that was led somewhat by some of these larger customer wins that we had at Asia Pac, plus the rollout of John Deere was another addition to that, and then the commercial models on MSP. It's very limited around the Platform ONE. But that's the benefit of the future that sits in front of us and that we see a lot of excitement for Platform ONE which continues to sustain -- we're expecting to sustain that 20%-plus growth rate on the ARR side.

不。艾德，你說得完全正確。我的意思是，這確實與新的訂購訂單有關，第四季度訂購訂單加速增長，這在一定程度上得益於我們在亞太區贏得的一些大客戶，此外，約翰迪爾的推出也是其中的一項因素，然後是 MSP 的商業模式。Platform ONE 周圍的空間非常有限。但這就是擺在我們面前的未來的好處，我們看到 Platform ONE 繼續保持著很大的活力——我們預計 ARR 方面的成長率將維持在 20% 以上。

Great. It's great to hear that. And just to follow up on your comment there around MSPs and you're up to 53 now. I mean, can you maybe characterize where those MSPs are in their growth cycle with you, with customer wins? And any kind of details you can share on that rollout of this 50 wins you have now?

偉大的。聽到這個消息真是太好了。只是為了跟進您關於 MSP 的評論，您現在已經達到 53 個了。我的意思是，您能否描述一下這些 MSP 與您一起處於成長週期的哪個階段，以及在贏得客戶方面處於哪個階段？能分享一下您目前取得的這 50 場勝利的具體細節嗎？

Yeah. I think I'd say we're still in early stages, Ryan. Last year, we had 14 or 15 MSP customers. And at that time, we were developing the platform. We have since, and recently in the last quarter, completed full automation of the billing cycles which is really important for MSPs. So now, we have a fully automated platform that is really simple to use, and we also now have the benefit of Extreme Platform ONE.

是的。我想說我們仍處於早期階段，瑞安。去年，我們有 14 或 15 個 MSP 客戶。當時我們正在開發平台。從那時起，以及最近一個季度，我們完成了計費週期的全面自動化，這對 MSP 來說非常重要。所以現在，我們有一個完全自動化且使用非常簡單的平台，現在我們還擁有 Extreme Platform ONE 的優勢。

And so we would expect to see, I would still say, it's very early innings there. Kevin talks about having MSPs do $1 million to $2 million. We have certain MSPs that are beyond that already. And so I think it's a function of, from a channel perspective, how we're reaching out to new potential prospects and then, how we're going to nurture those that are already in the platform.

因此，我們預期會看到，我仍然會說，這只是個開始。凱文 (Kevin) 談到讓 MSP 賺 100 萬到 200 萬美元。我們的某些 MSP 已經超越了這一點。因此，我認為從通路角度來看，這取決於我們如何接觸新的潛在客戶，以及如何培養已經在平台上的客戶。

But I can tell you the response to the fully automated billing, the way that we have this consumption model, the way that you can pool licenses, and then just the fact that we have a brand new platform from a user interface perspective and then the multi-tenancy, it's really a cool platform. And so I think the economics are there, the platform is there, and I think we're expecting to see momentum build throughout the year.

但我可以告訴你對全自動計費的回應，我們擁有這種消費模式的方式，您可以池化許可證的方式，然後從用戶界面的角度看我們有一個全新的平台，然後是多租戶，它真的是一個很酷的平台。所以我認為經濟條件已經存在，平台也已經存在，而且我認為我們預計全年都會看到這種勢頭的增強。

Kevin, feel free to jump in.

凱文，請隨意加入。

No. I think it's all right, Ed.

不。我認為沒關係，艾德。

Great stuff. Thank you. Maybe one last one if I could. As you look upmarket, we see HPE Juniper deal done now. How are you thinking about your opportunities in Fortune 500 in the competitive environment in this new landscape?

很棒的東西。謝謝。如果可以的話，也許我還有最後一個。從高端市場來看，我們看到 HPE Juniper 交易現已完成。您如何看待在新情勢下的競爭環境中您在財富 500 強企業中的機會？

Well, you've heard me in my comments say a couple of things. One is that we are moving upmarket. We talked about the Japanese government. We've talked about John Deere. We've talked about a massive win out in the Middle East with a large hospitality player where there's a lot of business behind that. I can tell you, in our funnel, we have more large opportunities than we've ever had.

好吧，你已經聽到我在評論中說了幾件事。一是我們正在向高端市場邁進。我們談論了日本政府。我們已經討論過約翰迪爾。我們曾與一家大型飯店公司討論過在中東取得巨大勝利，背後有許多業務。我可以告訴你，在我們的管道中，我們擁有比以往更多的大機會。

And a lot of this is success to get success. Once we win these customers, they become reference accounts and then we use them to go market other large customers. So that's very successful.

其中很多都是透過成功獲得成功的。一旦我們贏得這些客戶，他們就會成為參考客戶，然後我們利用他們來推銷其他大客戶。所以這是非常成功的。

And then the key to us is getting in the door, and I talked about our fabric technology. When we go head-to-head with our customers and right now, we're in the midst of competing for one of the largest opportunities that would be in company history, in most cases, a lot of it, the engineers and the IT leaders, are not as familiar with us and not as familiar with the technology.

然後我們的關鍵是進入大門，我談到了我們的布料技術。當我們與客戶正面交鋒時，我們正在爭奪公司歷史上最大的機會之一，在大多數情況下，許多工程師和 IT 領導者並不熟悉我們，也不熟悉這項技術。

So people don't believe the PowerPoint slides. But when they actually get in and they see and they start playing around with the technology, they're kind of blown away by what we can do. And again, this is not hyperscale data center stuff. This is an enterprise fabric where we have a unique advantage. And I mentioned, we've gone up against everyone in the industry, and I gave that quote where this very large customer, the guy who's head of these projects, literally said, What takes Cisco six hours takes Extreme six minutes.

所以人們不相信 PowerPoint 投影片。但當他們真正進入並看到並開始使用這項技術時，他們對我們的能力感到震驚。再說一遍，這不是超大規模資料中心的東西。這是我們具有獨特優勢的企業結構。我提到過，我們與業內的每個人都競爭過，我引用了一位非常大的客戶，也就是這些專案的負責人的話，他說，思科需要 6 個小時才能完成的事情，Extreme 只需 6 分鐘。

And we welcome the chance to go head-to-head with any competitor to demonstrate the value of our fabric and what does it mean when you have sub-second convergence, what does it mean when you have the capabilities that we have in terms of zero-touch provisioning and just the way that edge devices can call for services in a way that's fundamentally different. The resiliency of the platform, the segmentation capabilities, and what does that mean as far as securing valuable services that they want to send and manage across the network.

我們歡迎與任何競爭對手正面交鋒的機會，以展示我們結構的價值，當您擁有亞秒級融合時，這意味著什麼，當您擁有我們在零接觸配置方面的能力時，這意味著什麼，以及邊緣設備以根本不同的方式調用服務的方式。平台的彈性、分段能力，以及這對於確保他們想要透過網路發送和管理的有價值的服務意味著什麼。

So it's really a function of us elevating the brand and getting into these opportunities. And I think you'll continue to see that the more opportunities we have, the more success we have. And we're kind of doubling down on that.

因此，這實際上是我們提升品牌和抓住這些機會的作用。我想你會繼續看到，我們擁有的機會越多，我們取得的成功就越大。我們正在加倍努力。

Great stuff, Ed. Thank you.

太棒了，艾德。謝謝你。

Christian Schwab, Craig-Hallum Capital.

克里斯蒂安·施瓦布，克雷格·哈勒姆資本。

Hey. Thanks for taking my question. Great quarter, great expectations. Ed, just to follow up on that, just to be clear, it sounds like the continued strong product bookings, you would say, it has more to do with just having better products than taking market share or from, say, HPE Juniper or even Cisco. Or would you say it's a combination of both? I guess that wasn't clear to me.

嘿。感謝您回答我的問題。偉大的季度，偉大的期望。艾德，只是為了跟進一下，只是為了清楚起見，聽起來持續強勁的產品預訂量，你會說，這更多的是因為擁有更好的產品，而不是搶佔市場份額，或者從 HPE Juniper 甚至思科那裡搶佔市場份額。還是你會說這是兩者的結合？我想這對我來說並不清楚。

Yeah. I mean, Christian, as you know, the industry has moved from being point product based to solutions. And so what we're selling is a solution where the product is a piece. A lot of the product, meaning hardware in the industry, has become commoditized. Most of us are buying from the same vendor and it's a question of the software that we develop around it and how we develop our solutions and then the management platforms that we build around it.

是的。我的意思是，克里斯蒂安，如你所知，這個行業已經從基於點產品轉向基於解決方案。因此，我們銷售的是一種產品整體的解決方案。很多產品，也就是產業中的硬件，已經商品化。我們大多數人都是從同一個供應商購買的，問題在於我們圍繞它開發的軟體以及我們如何開發我們的解決方案，以及我們圍繞它構建的管理平台。

So today, I'd say it's more about the solutions and the features and the capabilities that we're bringing to market that are really differentiating us. I will say, there's a lot of buzz around Extreme Platform ONE that just went GA. And the idea that we have. This truly conversational multi-modal agentic AI platform that is more holistic than the predecessors that are in the industry. And the fact that it's live and customers can actually go in and play in the platform, and begin to experience what the new experience and networking could be. People are curious. And then because of where we are, people are wanting to find out more about Extreme.

所以今天，我想說，我們真正與眾不同之處在於我們向市場推出的解決方案、功能和能力。我想說的是，剛正式發布的 Extreme Platform ONE 引起了很多關注。以及我們的想法。這是一個真正的對話式多模式代理人工智慧平台，比業界的前輩更全面。事實上，它是即時的，客戶實際上可以進入並在平台上玩，並開始體驗新的體驗和網路。人們很好奇。由於我們所處的位置，人們想要了解更多關於 Extreme 的資訊。

As it relates to HPE Juniper, look, that's a deal that we wanted to see happen. We think that there's going to be a lot of disruption. Their synergy number went up by 50% in terms of what's required. They have to pull a lot of costs out of that business. And it means change for existing projects for customers. It means changes to partner programs. It means changes to their employees. And look, we've already been the beneficiary in terms of some of the key hires we've had, in terms of some of the opportunities that have cropped up.

就其與 HPE Juniper 的關係而言，這是我們希望看到的交易。我們認為將會出現很多混亂。就所需而言，他們的協同作用數字增加了 50%。他們必須從該業務中削減大量成本。這對於客戶現有的項目來說意味著改變。這意味著合作夥伴計劃的改變。這意味著他們的員工將會改變。看看吧，就我們所聘用的一些關鍵人才和出現的一些機會而言，我們已經是受益者了。

So this is something that, from a competitive standpoint, is creating some opportunities for us. I would say the same thing with Cisco moving away from networking in general. These are things that are helping Extreme. That, along with true innovation in terms of this platform and people looking for a vendor in the enterprise space that has the highest quality solutions with the most modern tools to solve complex problems. And we just find ourselves in a better position getting more (inaudible).

因此，從競爭的角度來看，這為我們創造了一些機會。對於思科逐漸退出網路領域，我想說的是同樣的事情。這些都是對 Extreme 有幫助的事。除此之外，該平台還具有真正的創新，人們正在尋找企業領域的供應商，該供應商擁有最高品質的解決方案和最現代化的工具來解決複雜的問題。我們發現自己處於更有利的地位，可以獲得更多（聽不清楚）。

Great. Thank you for that. No other questions. Thanks, Ed.

偉大的。謝謝你。沒有其他問題。謝謝，艾德。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Thanks, guys. So Ed, to be clear, I mean, is the pipeline improving? Do you think because of the HPE Juniper merger you're getting more inbounds from customers because they're worried about all the things you're describing? One. And then secondly, on the MSP side. Do you include large incumbent telecom carriers in that? I know they've been frustrated with Cisco over the years. Are you capturing or any share there? Thanks.

謝謝大家。那麼 Ed，說清楚一點，我的意思是，管道是否有改善？您是否認為由於 HPE Juniper 合併，您會收到更多來自客戶的來電，因為他們擔心您所描述的所有事情？第一，其次，在 MSP 方面。這其中是否包括大型現有電信業者？我知道多年來他們一直對思科感到失望。您是否正在那裡捕獲或分享？謝謝。

If I start in reverse order, Tim, I'd say, not today. We don't have any of the larger players today on the MSP front. But we think that's an opportunity. And what I can say is that we've been investing in teams that have very good relationships. And this, we think, could be one of the ways that we can truly break out because of the differentiation of the product portfolio that I've been talking about and this platform and then this multi-tenant MSP platform that we built with a lot of unique benefits and it's the most modern.

如果我按相反的順序開始，提姆，我會說，今天不行。目前，我們在 MSP 方面還沒有任何較大的參與者。但我們認為這是一個機會。我可以說的是，我們一直在投資關係非常好的團隊。我們認為，這可能是我們真正突破的方式之一，因為我一直在談論的產品組合和這個平台的差異化，以及我們構建的這個多租戶 MSP 平台，它具有許多獨特的優勢，而且它是最現代化的。

So when we -- I'm not going to say, if, when we are able to attract one of these larger players which we're targeting and we're going to be going for it, we think it'll be a real needle mover. So not today, but we're working on that.

所以當我們——我不想說，如果我們能夠吸引我們所瞄準的這些更大的參與者之一，並且我們將為之努力，我們認為這將是一個真正的推動力。所以不是今天，但我們正在努力。

As far as HPE Juniper, yes, for us, it would be a net positive. We have seen opportunities. We have seen some partners coming our way and bringing opportunities. At this stage, I'm not in a position to talk about how meaningful that is or how do we quantify that. Keep in mind that in the market every day, we compete with both of them anyway as well as we compete with Cisco in the market every day.

就 HPE Juniper 而言，是的，對我們來說，這將是一個淨收益。我們已經看到了機會。我們看到一些合作夥伴正在向我們走來並為我們帶來機會。目前，我還無法談論這有多麼有意義或我們如何量化它。請記住，我們每天在市場上都與他們兩家競爭，而且我們每天在市場上都與思科競爭。

But I would say, overall, net-net, it'd be a net positive. They haven't really gone in and made the changes yet. When they go in and and have to go pull the synergies out, we think that will be a catalyst. The other catalyst is Cisco is changing their partner program. And we are quite certain that the changes to the partner program will incentivize the partner and the channel away from traditional networking which we think will be a net positive for us in the partner community.

但我想說，總體而言，這將是一個淨收益。他們還沒有真正進入並做出改變。當他們進入並發揮協同效應時，我們認為這將是一個催化劑。另一個催化劑是思科正在改變其合作夥伴計畫。我們非常確定，合作夥伴計劃的變化將激勵合作夥伴和管道擺脫傳統的網絡，我們認為這對我們的合作夥伴社區來說將是一個積極的信號。

Well, just related to all that, how much higher can your MSP partners' margins be under your platform do you think then, on their legacy platform? What are you hearing from a return from what they've done historically versus what you enable?

那麼，與所有這些相關的是，您認為在您的平台下，您的 MSP 合作夥伴的利潤率在其傳統平台上能提高多少？從他們過去的做法和您採取的措施來看，您聽到了什麼回報？

Yeah. I think a lot of the problem with MSP platforms is less about the solution and the margins of the solution, and it's more about the expense of trying to maintain customers and it kind of gets very operational. And that's why we've spent so much time focusing on this platform. Once an MSP is established, it's hard to unlock because people have to invest a lot in setting it up. So that's the work that we have cut out for us is to get in there and unlock and get one of these larger players to give us a shot. And we're convinced that once we get that shot and they start working with our platform, that will create some of the economics that you're talking about, Tim.

是的。我認為 MSP 平台的許多問題並不在於解決方案和解決方案的利潤，而是維護客戶的費用，而且它變得非常具有操作性。這就是我們花費大量時間關注這個平台的原因。一旦 MSP 建立起來，就很難解鎖，因為人們必須投入大量資金來建立它。所以，我們為自己設定的任務就是進入這個市場，找到一個更大的參與者，給我們一個機會。我們相信，一旦我們獲得這個機會，並且他們開始使用我們的平台，這將創造您所談論的一些經濟效益，Tim。

Thank you.

謝謝。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Hey, guys. Thanks for taking the question. This is [Brian], on for David. On gross margin, given the product gross margin of around 50% in the quarter with full year at a similar clip and the competitive landscape and product offerings, do you think there's a reasonable go-forward product margin? And then I have a follow-up. Thank you.

嘿，大家好。感謝您回答這個問題。我是 [Brian]，代替 David。關於毛利率，考慮到本季產品毛利率約為 50%，全年毛利率也與此類似，再加上競爭格局和產品供應，您認為未來的產品利潤率合理嗎？然後我有一個後續問題。謝謝。

Kevin, do you want to --

凱文，你想--

Yeah. Sure. We've been pretty consistent with our product margins if you look back over the last four quarters at that 58% range. We do think that there will be an opportunity. For instance, Wi-Fi 7, we have a higher margin profile with Wi-Fi 7. We just talked about that being 30% of our wireless units in the quarter. That's going to create a halo effect around our product gross margins in the future as that switches more and becomes a larger (inaudible) mix.

是的。當然。如果回顧過去四個季度，我們的產品利潤率相當穩定，維持在 58% 左右。我們確實認為會有機會。例如，Wi-Fi 7，我們的利潤率較高。我們剛才談到，這占我們本季無線部門的 30%。隨著產品轉換越來越多，並形成更大的（聽不清楚）組合，這將在未來對我們的產品毛利率產生光環效應。

There are also some costs that we've had over the last, I'd say, 12 months around shipping and going with air freight versus sea freight that we feel like we could take out some of those costs in the future as well. So we think of the product margin side. We can continue to grow that product margin. I would say that 58%, in the future, we could see that cliping up to 60%. That would be my target range, 58% to 60%.

我想說，在過去的 12 個月裡，我們在運輸和使用空運而非海運方面也產生了一些成本，我們覺得未來我們也可以消除其中的一些成本。所以我們考慮產品利潤方面。我們可以繼續提高產品利潤。我想說的是，未來這個比例可能會上升到 60%。這就是我的目標範圍，58% 到 60%。

Got it. That's helpful. And then just on the verticals. Can you share underlying demand trends by vertical, specifically government, given their importance?

知道了。這很有幫助。然後就垂直而言。鑑於其重要性，您能否分享垂直產業（特別是政府）的潛在需求趨勢？

Sure. I mean, we categorize that by state, local, and education. Broadly, it's about 40% of our total revenue. We have another breakdown in the investor deck that you could see there where we've got other vertical markets that are in the 10% range. And those vary between retail and manufacturing and healthcare. We also see hospitality and venues being 10% as well. Retail, transportation, 10%. So I would say that across five or six verticals, but the government and education being the largest, around 40%.

當然。我的意思是，我們按州、地方和教育對其進行分類。整體來說，這約占我們總收入的 40%。我們在投資者資料庫中還有另一個細分，您可以在那裡看到，我們擁有佔比在 10% 範圍內的其他垂直市場。這些在零售業、製造業和醫療保健業之間有所不同。我們還發現酒店和場地業也佔了 10%。零售、運輸，10%。所以我想說這涉及五到六個垂直領域，但政府和教育領域是最大的，大約 40%。

Got it. Thank you.

知道了。謝謝。

And that concludes our question-and-answer session. I will now turn the call back over to Ed Meyercord, President and CEO, for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給總裁兼執行長 Ed Meyercord，請他作最後發言。

All right, Rob, thanks for hosting us today. Thanks, everybody, for joining the call. Strong quarter for Extreme. We've got a good outlook. We're obviously very excited about these big customer wins, the technology differentiation, and then the launch and the GA of Extreme Platform ONE, which is generating a lot of interest in Extreme.

好的，羅布，感謝您今天的接待。感謝大家參加電話會議。Extreme 本季表現強勁。我們的前景很好。我們顯然對這些大客戶的勝利、技術的差異化以及 Extreme Platform ONE 的推出和 GA 感到非常興奮，這引起了人們對 Extreme 的極大興趣。

I encourage everyone to come see us in November, we're having an investor conference. And we'll be in a position to dive in to a lot more detail and we'll be able to showcase all the technology and also give you a flavor of some of the comparisons for Extreme versus our competitors and why people are taking notice of Extreme. Thanks, everybody, and have a great day.

我鼓勵大家在十一月來看我們，我們將舉辦一次投資者會議。我們將能夠深入了解更多細節，展示所有技術，並讓您了解 Extreme 與競爭對手的一些比較，以及人們關注 Extreme 的原因。謝謝大家，祝大家有個愉快的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。