Extreme Networks Inc (EXTR) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the Extreme Network's first-quarter FY26 financial results conference call. (Operator Instructions)

感謝您的耐心等待。我叫麗貝卡，今天我將擔任你們的會議接線生。在此，我謹代表 Extreme Networks 向大家歡迎參加 2026 財年第一季財務業績電話會議。（操作說明）

Thank you. I will now turn the call over to Stan Kovler, Senior Vice President of Finance and Corporate Development. Please go ahead.

謝謝。現在我將把電話交給財務和企業發展資深副總裁史丹·科夫勒。請繼續。

Thank you, operator. Good morning and welcome to the Extreme Network's first-quarter fiscal year 2026 earnings conference call.

謝謝接線生。早安，歡迎參加 Extreme Networks 2026 財年第一季財報電話會議。

I'm Stan Kovler, Senior Vice President of Finance and Corporate Development. With me today are Extreme Networks' President and CEO Edward Meyercord; and Executive Vice President and CFO, Kevin Rhodes.

我是史坦‧科夫勒，財務與企業發展資深副總裁。今天陪同我出席的有 Extreme Networks 的總裁兼執行長 Edward Meyercord；以及執行副總裁兼財務長 Kevin Rhodes。

We just distributed a press release and filed an 8-K detailing Extreme Networks' financial results for the quarter, first quarter of 2026. A copy of the press release, which includes our GAAP and non-GAAP reconciliations and our earnings presentation, is available in the IR section at extremenetworks.com.

我們剛剛發布了一份新聞稿，並提交了一份 8-K 表格，詳細介紹了 Extreme Networks 2026 年第一季的財務表現。新聞稿副本（包括我們的 GAAP 和非 GAAP 財務報表調整表以及我們的獲利報告）可在 extremenetworks.com 的 IR 部分取得。

Today's call and Q&A may include certain 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 that can cause actual results to differ materially from those anticipated by these statements.

今天的電話會議和問答環節可能包含一些基於對 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，本次電話會議中揭露的所有財務資訊均以非GAAP準則為基礎。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，可能導致實際結果與這些陳述所預期的結果有重大差異。

These risks are described in our risk factors in our 10-K and 10-Q filings. Any forward-looking statements made on this call may reflect our analysis as of today. We have no plans to update them except as required by law. And following our prepared remarks, we will take your questions. And now I will turn the call over to Extreme's President and CEO, Edward Meyercord.

這些風險已在我們的 10-K 和 10-Q 文件中的風險因素部分進行了描述。本次電話會議中所做的任何前瞻性陳述可能反映我們截至今日的分析。除法律要求外，我們沒有更新它們的計劃。在我們發言完畢後，我們將回答各位的問題。現在我將把電話交給 Extreme 的總裁兼執行長 Edward Meyercord。

Thank you, Stan, and thank you all for joining us this morning. The first quarter marked our sixth consecutive quarter of revenue growth and third straight quarter of double-digit year-over-year increases. Strong execution and our differentiated technology solutions are fueling market share gains, driving growth in the Americas and expansion across the EMEA and Asia Pacific.

謝謝你，史丹，也謝謝各位今天早上收看我們的節目。第一季是我們連續第六個季度實現營收成長，也是連續第三個季度實現兩位數年成長。強大的執行力和我們差異化的技術解決方案正在推動市場份額的成長，促進美洲地區的成長，並推動歐洲、中東和非洲地區以及亞太地區的擴張。

Revenue reached $310 million, up 15% year-over-year, driven by competitive wins with large customers across all verticals. Product revenue increased double-digits year-over-year for the third consecutive quarter. Sustained growth in our cloud subscription drove SaaS ARR up 24% year-over-year to $216 million.

營收達 3.1 億美元，年增 15%，這主要得益於在各個垂直領域與大客戶贏得競爭性訂單。產品收入連續第三個季度實現兩位數年增長。雲端訂閱業務的持續成長推動 SaaS ARR 年比成長 24%，達到 2.16 億美元。

One of the important growth engines with large enterprise customers continues to be Extreme Fabric, which is uniquely designed for enterprise campus environments. We deliver unmatched automation of service delivery with zero-touch provisioning, unique security benefits, and millisecond convergence that supports greater resiliency that our competitors can't replicate.

Extreme Fabric 一直是大型企業客戶的重要成長引擎之一，它是專為企業園區環境而設計的。我們提供無與倫比的服務交付自動化，實現零接觸配置、獨特的安全優勢和毫秒融合，從而支援更高的彈性，這是我們的競爭對手無法複製的。

There's strong interest in our new Extreme Platform ONE, which uses agentic, conversational, and multimodal AI to transform networking, cutting routine tasks from hours to minutes. We're also seeing increased adoption of our Wi-Fi 7 solutions, which boost network efficiency, minimize downtime, and support the demands of modern business applications.

我們全新的 Extreme Platform ONE 引起了廣泛關注，它利用智能體、對話式和多模態人工智慧來改變網絡，將日常任務從數小時縮短到數分鐘。我們也看到 Wi-Fi 7 解決方案的採用率不斷提高，這些解決方案可以提高網路效率，最大限度地減少停機時間，並滿足現代商業應用的需求。

Given our momentum in technology innovation, IDC recently recognized Extreme as a leader in its 2025 MarketScape, highlighting our Fabric, Extreme Platform ONE, flexible deployment via universal hardware, and expertise in high-density environments with key differentiators.

鑑於我們在技術創新方面的強勁勢頭，IDC 最近在其 2025 年市場展望報告中將 Extreme 評為領導者，重點介紹了我們的 Fabric、Extreme Platform ONE、透過通用硬體實現的靈活部署以及在高密度環境中的專業知識和關鍵差異化優勢。

We're also seeing strong growth across our commercial models with our MSP program partners and bookings, both nearly doubling year-over-year and bookings up nearly 30% sequentially. Our consumption-based billing eliminates upfront costs, while poolable licensing lets MSPs easily allocate licenses across devices, locations, and customers, supporting scalable growth.

我們還看到，我們的 MSP 專案合作夥伴和預訂量在商業模式方面也實現了強勁增長，兩者同比均幾乎翻了一番，環比增長近 30%。我們按使用量計費，免去了預付費用；同時，可共享授權讓 MSP 能夠輕鬆地在設備、地點和客戶之間分配許可，從而支援可擴展的成長。

In the quarter, we expanded our footprint within a major government in Asia Pacific where we displaced a leading competitor. The project will create a network that connects all government offices nationwide with Extreme Fabric over SD-WAN.

本季度，我們擴大了在亞太地區一個主要政府機構的業務範圍，取代了領先的競爭對手。該項目將創建一個網絡，透過 SD-WAN 將全國所有政府機構與 Extreme Fabric 連接起來。

Our proven execution with government agencies in the region is opening very large and valuable new partner relationships and expanding market opportunities, including new sovereign cloud capabilities that enable highly regulated customers to leverage our AI-powered networking innovations. This is a major factor in our ability to win larger deals and move upmarket.

我們在該地區與政府機構的合作中取得了成功，這為我們開闢了非常龐大且有價值的新合作夥伴關係，並擴大了市場機會，包括新的主權雲功能，使受嚴格監管的客戶能夠利用我們人工智慧驅動的網路創新。這是我們贏得更大訂單和進入高端市場的重要因素。

Other wins in the quarter included T-Mobile Center, a premier multi-purpose arena in Kansas City, chose Extreme for our proven expertise in deploying next-generation wireless in high-density venues.

本季其他被斬獲的案例包括堪薩斯城的頂級多功能體育館 T-Mobile Center，該體育館選擇 Extreme 是因為我們在高密度場所部署下一代無線網路方面擁有成熟的專業知識。

Exyte, a EUR5 billion global leader based in Germany specializing in clean room technology and complex plant engineering, is standardized exclusively on Extreme for LAN, wireless LAN, network access control, all managed by ExtremeCloud IQ.

Exyte 是一家總部位於德國的全球領導企業，年營業額達 50 億歐元，專門從事無塵室技術和複雜工廠工程。該公司完全採用 Extreme 的 LAN、無線 LAN 和網路存取控制標準，所有這些都由 ExtremeCloud IQ 進行管理。

Burgers' Zoo in the Netherlands, at over 111 acres, recently deployed Extreme wired and wireless solutions managed by Extreme Platform ONE to ensure reliable connectivity for security cameras, ticketing, guest Wi-Fi, mobile point-of-sale systems, and smart habitats.

荷蘭的 Burgers' Zoo 佔地超過 111 英畝，最近部署了由 Extreme Platform ONE 管理的 Extreme 有線和無線解決方案，以確保安全攝影機、售票系統、遊客 Wi-Fi、行動銷售點系統和智慧棲息地的可靠連接。

Global healthcare organizations like University Hospital Birmingham NHS Foundation Trust and Henry Ford Health are deploying Extreme's Wi-Fi 7 to enhance bedside patient access, keep critical medical devices online with real-time data transmission, and support advanced applications such as real-time imaging and secure clinician mobility.

伯明翰大學醫院 NHS 基金會信託和亨利·福特健康等全球醫療機構正在部署 Extreme 的 Wi-Fi 7，以增強床邊患者訪問，通過實時數據傳輸保持關鍵醫療設備在線，並支持實時成像和安全臨床醫生移動等高級應用。

Gateshead Council in England deployed Extreme Fabric to modernize and secure its network across roughly 200 sites, creating a unified, secure, and agile digital foundation managed through Extreme Platform ONE.

英國蓋茲黑德議會部署了 Extreme Fabric，以現代化和保護其在約 200 個站點上的網絡，創建了一個統一、安全、敏捷的數位基礎，並透過 Extreme Platform ONE 進行管理。

In September, we announced an extension of our relationship with the NFL into 2028. Now in our 13th season as a partner, Gary Brantley, the CIO of the NFL, said partnering with Extreme Networks has been transformative in the NFL, elevating both our stadium operations and the way fans experience the game.

9 月，我們宣布將與 NFL 的合作關係延長至 2028 年。作為合作夥伴，我們現在已經攜手走過了 13 個賽季。 NFL 的資訊長 Gary Brantley 表示，與 Extreme Networks 的合作為 NFL 帶來了變革，提升了我們的體育場運作水平，也改善了球迷的觀賽體驗。

We're the only vendor in our space offering true cloud choice and deployment flexibility. Customers can choose our cloud solutions across public, private, or hybrid environments, and we include AWS, GCP, and Microsoft Azure in our public cloud menu.

我們是業界唯一提供真正雲端選擇和部署彈性的供應商。客戶可以選擇我們的公有雲、私有雲或混合雲解決方案，我們的公有雲選項包括 AWS、GCP 和 Microsoft Azure。

In contrast, many of our competitors are locked into public cloud only and expensive purpose-built architectures, creating major hurdles as they attempt to build the flexible deployment models that customers demand. These capabilities are driving growing interest in Extreme and competitive wins.

相較之下，我們的許多競爭對手只能使用公有雲和昂貴的專用架構，這為他們建立客戶所需的靈活部署模型帶來了巨大的障礙。這些能力正在推動人們對極限運動和競技勝利越來越感興趣。

Extreme Platform ONE, which became generally available in the first quarter, is earning positive customer feedback for AI-powered automation that cuts routine IT tasks from hours to minutes, improving efficiency and accelerating issue resolution, especially with the addition of our innovative service agent. Previously, IT teams had to manually gather logs for multiple devices, correlate alerts, run diagnostics, and then create support cases, often taking hours or even days per issue.

Extreme Platform ONE 於第一季全面上市，憑藉其人工智慧驅動的自動化功能，將日常 IT 任務從數小時縮短到數分鐘，提高了效率並加快了問題解決速度，尤其是在添加了我們創新的服務代理之後，獲得了客戶的積極反饋。以前，IT 團隊必須手動收集多個設備的日誌，關聯警報，運行診斷，然後建立支援案例，每個問題通常需要幾個小時甚至幾天的時間。

Our service agent assigns automated tasks to sub-agents with complete visibility to its reasoning at each step, with an emphasis on human-in-the-loop. It diagnoses problems, collects the necessary evidence, and generates support cases in minutes, allowing IT teams to resolve issues far more quickly and efficiently. Extreme agentic AI architecture goes well beyond our competitors' older, first-generation, and limited AI features.

我們的服務代理會將自動化任務分配給子代理，並完全了解每一步的推理過程，重點在於人機協作。它能在幾分鐘內診斷問題、收集必要的證據並產生支援案例，使 IT 團隊能夠更快、更有效率地解決問題。極致智慧AI架構遠遠超越了競爭對手老舊的、第一代的、功能有限的AI。

Extreme Platform ONE's simple interface, or AI canvas that is truly unique in the industry, removes the complexity of navigating multiple applications, copying data between systems, and manually tracking device lifecycles, subscriptions, and compliance. Now, all this can be customized with a composable single interface with automated tracking and real-time alerts, delivering unmatched visibility, efficiency, and faster, more reliable IT operations.

Extreme Platform ONE 的簡單介面，或業界真正獨特的 AI 畫布，消除了導航多個應用程式、在系統之間複製資料以及手動追蹤裝置生命週期、訂閱和合規性的複雜性。現在，所有這些都可以透過可組合的單一介面進行定制，並具有自動追蹤和即時警報功能，從而提供無與倫比的可見性、效率以及更快、更可靠的 IT 操作。

On November 13, we'll host an AI Summit in New York City to share trends, strategy, expert insights, and our vision for the next wave of AI-driven innovations. You should tune into this event to better understand the future of enterprise networking.

11月13日，我們將在紐約市舉辦人工智慧高峰會，分享趨勢、策略、專家見解以及我們對下一波人工智慧驅動創新浪潮的願景。您應該關注本次活動，以便更了解企業網路的未來發展方向。

Finally, we recently released our Corporate Responsibility Report for fiscal '25. Since 2021, we've reduced our emissions by 34% and cut our office footprint in half, lowering electricity, natural gas, and water usage. Looking ahead, we aim to source 50% of electricity from renewables and cut emissions by 50%. Given this success, Newsweek recently recognized Extreme as one of America's greenest companies.

最後，我們近期發布了 2025 財年企業社會責任報告。自 2021 年以來，我們減少了 34% 的排放量，並將辦公室佔地面積減少了一半，從而降低了電力、天然氣和水的消耗量。展望未來，我們的目標是50%的電力來自再生能源，並將排放量減少50%。有鑑於此，《新聞週刊》最近將 Extreme 評為美國最環保的公司之一。

For the remainder of fiscal '26, we expect revenue growth to accelerate to 10%. Given the growing volume of large opportunities and our increasing winning percentage, we believe this fiscal year will mark an inflection point in our company's growth trajectory. Now let me turn the call over to Kevin to discuss financial results and guidance.

在 2026 財年剩餘時間內，我們預期營收成長將加速至 10%。鑑於大型專案機會的數量不斷增加，以及我們不斷提高的成功率，我們相信本財年將標誌著我們公司發展軌蹟的轉折點。現在我把電話交給凱文，讓他來討論財務表現和指導。

Thanks, Ed. I'm very pleased to report strong first-quarter execution and financial results, with revenue exceeding the high end of our guidance range. We achieved earnings per share of $0.22, exceeding the midpoint of our guidance range and consensus of $0.21 per share. Earnings per share was up 29% from $0.17 per share in the year-ago period.

謝謝，埃德。我很高興地報告，第一季業績執行良好，財務表現出色，收入超過了我們預期範圍的上限。我們實現了每股收益 0.22 美元，超過了我們預期範圍的中點以及市場普遍預期的每股收益 0.21 美元。每股收益較上年同期的每股 0.17 美元增長了 29%。

Total revenue in the quarter was $310 million, and that grew 15% year-over-year. This marks our sixth consecutive quarter of growth and the third consecutive quarter of double-digit year-over-year revenue growth as well.

本季總營收為 3.1 億美元，年增 15%。這標誌著我們連續第六個季度實現成長，也是連續第三個季度實現兩位數年成長的營收成長。

SaaS ARR once again grew 24% year-over-year, driven by recent large wins, adoption of our new Platform ONE, and from expansion of our new commercial models. The adoption of Extreme Platform ONE was well ahead of our expectations in the quarter, and the sales pipeline is looking very strong.

受近期大額訂單、新平台 ONE 的採用以及新商業模式的擴展的推動，SaaS ARR 再次同比增長 24%。本季 Extreme Platform ONE 的採用率遠超我們的預期，銷售通路看起來非常強勁。

Bookings in the quarter grew 21% year over year, reflecting strong customer demand across our portfolio. Our year-to-year bookings growth across all regions is a testament to the success of our new commercial models, larger customer wins in Asia Pacific and EMEA this quarter.

本季預訂量年增 21%，反映出客戶對我們產品組合的強勁需求。我們所有地區的年度預訂量成長證明了我們新的商業模式的成功，以及本季在亞太地區和歐洲、中東及非洲地區贏得的更多客戶。

Our new commercial models are contributing about 14% of our total new subscription bookings, and we expect this to grow over time. Product bookings were comfortably ahead of our product revenue in the quarter, as book-to-build ratios were strong.

我們的新商業模式貢獻了約 14% 的新訂閱預訂量，我們預計這一比例會隨著時間的推移而增長。本季產品預訂量遠超過產品收入，預訂量與生產量之比表現強勁。

Product revenue of $194 million grew 20% year over year and was up 1% sequentially in a traditionally seasonal slower quarter. Driven by strong demand for Extreme solutions, we continue to move upmarket and grab market share. We achieved our sixth sequential quarter of product revenue growth, which is driving subscription attach and ARR growth.

產品收入為 1.94 億美元，年增 20%，環比增長 1%，而這通常是季節性淡季。在對極致解決方案的強勁需求推動下，我們不斷向高端市場進軍，並搶佔市場份額。我們實現了連續第六個季度的產品收入成長，這推動了訂閱用戶成長和年度經常性收入成長。

Geographically, we saw particularly strong performance in Asia Pac and EMEA, as we continue to benefit from recent larger new customer wins. We continue to gain traction in the region as a strategic alternative to incumbents, particularly in the public sector and hospitality.

從地理來看，我們在亞太地區和歐洲、中東及非洲地區表現尤為強勁，因為我們持續受益於近期贏得的大型新客戶。我們作為現有企業的策略替代方案，在該地區持續獲得發展動力，尤其是在公共部門和旅館業。

In the first quarter, 36 customers spent over $1 million with Extreme, up from 34 last quarter and 27 in the prior year quarter. Total subscription and support revenue was $116 million, up 9% year over year. Total recurring revenue grew 8% year over year, representing 36% of total revenue.

第一季度，Extreme 共有 36 位客戶消費超過 100 萬美元，高於上一季的 34 位和去年同期的 27 位。訂閱和支援總收入為 1.16 億美元，年增 9%。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 16% year over year to $327 million, and recurring revenue growth brought the total deferred revenue up to $618 million. This growing base of contracted future revenue provides strong visibility into recurring revenue and healthy margins.

由於 SaaS ARR 的成長，SaaS 遞延營收年增 16% 至 3.27 億美元，而經常性收入的成長使遞延收入總額達到 6.18 億美元。不斷增長的已簽訂未來收入基礎，為經常性收入和健康的利潤率提供了清晰的預測。

Non-GAAP gross margin was 61.3% in the quarter and was impacted by industry-wide increases in component costs, such as memory, metals including copper and aluminum, and other semiconductor parts. We do expect margins to recover over time, as we recently implemented some price increases, like others in our industry, to mitigate the higher costs and drive margin recovery over the course of fiscal 2026. In addition, discount trends have been stable across our business. We expect to exit with gross margins up to 100 to 200 basis points from current levels.

本季非GAAP毛利率為61.3%，受到整個產業零件成本上漲的影響，例如記憶體、銅和鋁等金屬以及其他半導體零件。我們預計利潤率會隨著時間的推移而恢復，因為我們最近像業內其他公司一樣實施了一些提價措施，以降低成本並推動 2026 財年利潤率的恢復。此外，我們業務各方面的折扣趨勢一直保持穩定。我們預計退出時毛利率將比目前水準提高 100 至 200 個基點。

Our first-quarter operating expenses were $149 million, which were primarily driven by higher one-time sales commission expense due to accelerators for large deals we recently closed. Operating margin was 13.3%, up from 12.4% in the prior year quarter. We expect to continue to achieve operating leverage throughout the rest of fiscal 2026.

我們第一季的營運費用為 1.49 億美元，這主要是由於我們最近完成的大筆交易的加速器效應，導致一次性銷售佣金支出增加。營業利益率為 13.3%，高於去年同期的 12.4%。我們預計在 2026 財年剩餘時間內將繼續實現營運槓桿效應。

I'm pleased to report that we generated $45 million in EBITDA, up 21% year over year, as we continue to drive profitability ahead of revenue growth. Free cash flow usage of $21 million was largely due to one-time payments associated with finalizing certain legal matters, which are now behind us.

我很高興地報告，我們實現了 4500 萬美元的 EBITDA，同比增長 21%，我們繼續在收入增長之前推動盈利能力的提升。2100萬美元的自由現金流使用主要是由於與完成某些法律事務相關的一次性付款，而這些事務現在已經結束了。

Turning to capital management, during the first quarter we repurchased 577,000 shares for a total of $12 million. We ended the quarter with $209 million in cash and had a positive net cash position. We continue to improve our cash conversion cycle, down to 60 days from 81 days in the previous quarter, as we continue to improve and lower inventory balances. We expect a recovery in cash flow during the rest of the fiscal year, as we continue to grow revenue and improve profitability.

談到資本管理，第一季我們回購了 577,000 股股票，總計 1,200 萬美元。本季末，我們持有現金 2.09 億美元，淨現金部位為正。隨著庫存餘額的持續改善和降低，我們的現金週轉週期從上一季的 81 天縮短至 60 天。我們預計，隨著收入持續成長和獲利能力不斷提高，本財年剩餘時間內現金流將會出現復甦。

Now turning to guidance, for the second quarter of fiscal 2026, we expect guidance as follows: revenue to be in a range of $309 million to $315 million, gross margins to be in a range of 61.4% to 62%, operating margin to be in a range of 13.4% to 14.6%, and earnings per share to be in a range of $0.23 to $0.25. Our fully diluted share count is expected to be around 136 million shares.

現在來看看業績展望，我們對2026財年第二季的預期如下：營收預計在3.09億美元至3.15億美元之間，毛利率預計在61.4%至62%之間，營業利潤率預計在13.4%至14.6%之間，每股收益預計在0.23美元至0.25美元之間。我們預計完全稀釋後的股份數量約為1.36億股。

For the full fiscal year 2026, we expect revenue to be in a range of $1,247 million to $1,264 million, with some normal seasonality in Q3 followed by sequential growth in the fourth quarter. The midpoint of this range suggests 10% growth year over year.

對於 2026 財年，我們預計營收將在 12.47 億美元至 12.64 億美元之間，第三季將有一些正常的季節性波動，第四季將實現環比成長。該範圍的中點顯示同比增長10%。

Our goal for SaaS ARR continues to be in the low 20% range for year-over-year growth. Recurring revenue is expected to be about 35% of total revenue in fiscal 2026. And with that, I'll now turn the call over to the operator to begin the question-and-answer sessions.

我們對 SaaS ARR 的年度成長率目標仍然是保持在 20% 左右。預計到 2026 財年，經常性收入將佔總收入的 35% 左右。接下來，我將把電話交給接線員，開始問答環節。

(Operator Instructions) Michael Genovese, Rosenblatt Securities.

（操作說明）邁克爾·傑諾維斯，羅森布拉特證券。

Thank you. Thanks very much. Can you talk more about these component price increases hitting the gross margins, sort of what's going on there and then also touch on plans to kind of lift ASPs through Extreme Platform ONE or price increases, so gross margins now and sort of the plan to improve them going forward?

謝謝。非常感謝。您能否詳細談談這些組件價格上漲對毛利率的影響，具體情況如何？另外，能否談談透過 Extreme Platform ONE 或漲價來提昇平均售價的計劃，以及目前的毛利率和未來改善毛利率的計劃？

I can jump in high level and then Kevin, why don't you come back and follow up. Thanks for the question, Mike. Yeah, we've seen prices in memory and optics shoot up in the near term, and Kevin mentioned in his remarks that we put in place a price increase to recover those expenses.

我可以先從高層做起，然後凱文，為什麼不回來跟進呢？謝謝你的提問，麥克。是的，我們看到記憶體和光學元件的價格在短期內飆升，凱文在他的演講中提到，我們已經實施了提價來彌補這些支出。

Yeah, I'd say in addition to what would be a mid-single-digit price increase, where we would really feel the impact there in Q3 and Q4. We've got a variety of other initiatives, tactical initiatives from the supply chain teams to help us drive the gross margins back up over that 63% number. Kevin, do you want to add to that?

是的，我認為除了中等個位數的價格上漲之外，我們將在第三季和第四季真正感受到價格上漲的影響。我們還有來自供應鏈團隊的各種其他舉措和戰術舉措，以幫助我們把毛利率拉回到 63% 以上。凱文，你想補充什麼嗎？

I think you're right, Ed. And I mean we had talked about this pretty openly in Q4. We had about $1.5 million of incremental costs, right? We were waiting a little bit there, Mike, around what was the industry going to do from a price increase perspective.

我覺得你說得對，艾德。我的意思是，我們在第四季就公開討論過這個問題。我們增加了大約 150 萬美元的成本，對吧？麥克，我們當時一直在觀望，想看看從價格上漲的角度來看，整個產業會採取什麼行動。

We saw industry price increases go into effect across Cisco and HPE and Juniper, and so that gave us, if you will, the license to also raise price on our end as well to recover some of those costs that we saw, and naturally we'll see those come into the business over the next couple few quarters. And that's why we're guiding up to get to 63% by the end of the year with a 100 to 200 basis point improvement.

我們看到思科、HPE 和瞻博網路等行業的產品價格上漲，因此，可以說，這也給了我們提高自身產品價格的“許可”，以彌補我們看到的一些成本，當然，我們將在接下來的幾個季度看到這些成本反映到業務中。因此，我們預計到年底將達到 63%，比上年同期提高 100 至 200 個基點。

On the ASP question that you asked, I mean, we are expecting an increase in average selling price, especially on the cloud applications that we have, in particular with Platform ONE, and we're already seeing that already with the bookings that we're seeing. We've talked about 10% to 15% increase in what we're seeing there, and so we're still on track for that.

關於您提出的 ASP 問題，我的意思是，我們預計平均售價會上漲，尤其是在我們的雲端應用程式方面，特別是 Platform ONE，而且我們已經從目前的預訂量中看到了這一點。我們之前討論過，目前我們看到的成長幅度在 10% 到 15% 之間，所以我們仍然朝著這個目標穩步前進。

Great, and I have two more questions. I'll just ask them at once, even though they're unrelated. One, I didn't hear anything about a federal government shutdown. Certainly didn't see it in the revenues here. So just want to ask about federal exposure and anything you're seeing from the shutdown.

好的，我還有兩個問題。我打算直接問他們，即使他們之間沒有關聯。第一，我沒有聽說聯邦政府停擺的消息。當然，我沒從這裡的收入中看到這一點。所以我想問聯邦政府面臨的風險以及你們觀察到的政府停擺帶來的影響。

And then secondly, just on a sort of Cisco versus Juniper competitive environment right now, are you seeing more traction against one versus the other? Thank you.

其次，就目前思科和瞻博網路之間的競爭環境而言，您認為哪一方更受青睞？謝謝。

Yeah, maybe we'll take them in order, Kevin, and we'll cover the federal question first. Mike, given how small our market share is in the federal space and given that we just recently certified our portfolio and we're now in a position where we can bring Fabric, we can bring cloud, we've really opened the door to the federal market. And I would say that the shutdown for us has had little to no impact on our business. If anything, we're seeing much larger opportunities open up on the federal side with the growth and the expansion of our certifications.

是啊，凱文，或許我們可以按順序來，先討論聯邦問題。麥克，鑑於我們在聯邦領域的市場份額很小，而且我們最近才通過了產品組合認證，現在我們能夠提供 Fabric，提供雲端服務，我們真的打開了聯邦市場的大門。我認為，停工對我們的業務幾乎沒有造成任何影響。如果有什麼變化的話，那就是隨著我們認證業務的成長和擴展，聯邦層級出現了更大的機會。

As far as E-rate business, we really see no impact to our E-rate business, and we've got a very healthy E-rate cycle. Kevin, I don't know if you want to add to that before we go competitive.

就 E-rate 業務而言，我們確實沒有看到任何影響，我們的 E-rate 業務也處於非常健康的周期中。凱文，我不知道在正式比賽之前你是否想補充一些內容。

No, I think that makes sense. That's it.

不，我覺得這樣說得通。就是這樣。

Okay, yeah, on a competitive front, Mike, we've got two different things, two very different things going on. Obviously, we have HPE acquiring Juniper. I think we're surprised at how long it's taken them to put their plans in action.

好的，是的，在競爭方面，麥克，我們有兩個不同的方面，兩個截然不同的方面。顯然，HPE 正在收購 Juniper。我們都對他們花了這麼長時間才將計劃付諸實施感到驚訝。

The first thing that we've been able to take advantage of is on the human talent front. We've been able to hire some great talent, which is going to help us when we talk about moving upmarket. We're bringing people on Board that also have connections in the channel and directly with customers and with MSPs, for example, who are going to help us accelerate and move upmarket. So that is a positive.

我們首先能夠利用的優勢在於人才方面。我們已經招到了一些非常優秀的人才，這將有助於我們向高端市場轉型。我們正在招募一些在通路中擁有人脈，並且直接與客戶和MSP等有聯繫的人員加入我們的團隊，他們將幫助我們加速發展並向高端市場邁進。這是個好消息。

And we also hear from the channel and then we also hear from customers who are confused about the roadmap and exactly which way the technology is going to go. There are mixed signals that come from corporate versus what's being set out in the field, and that's always helpful for us.

我們也聽到了通路商和客戶的回饋，他們對產品路線圖以及這項技術的發展方向感到困惑。公司總部發出的訊號與第一線執行情況之間存在矛盾，這對我們來說總是很有幫助的。

As it relates to Cisco, it's a very different situation. Cisco is overhauling their partner program, and it's going to create a lot of disruption that’s going to play through not only for partners but also for customers. And that's creating different opportunities.

至於思科，情況則截然不同。思科正在對其合作夥伴計劃進行全面改革，這將造成很大的混亂，不僅對合作夥伴，而且對客戶都會產生影響。這創造了不同的機會。

This is kicking off in the beginning of November, so there's been a lot of discussion. We've been privy to some of the changes that they're making in the plans, and net-net, the changes are going to favor the very top Cisco partners. These are partners that we do very little business with.

這項活動將於11月初啟動，因此已經有許多討論。我們已經了解到他們在計劃中做出的一些改變，總的來說，這些改變將有利於思科的頂級合作夥伴。這些是我們很少與之開展業務的合作夥伴。

So we think it will leave the mid-tier and smaller partners somewhat disenfranchised, looking for alternatives. And here we feel like there's an opportunity now that quite frankly we haven't seen in a very long time. So we're excited about the channel disruption there, and then as we look over at HPE, it's about people and it's about confusion as it relates to the roadmap.

因此我們認為這將使中小型合作夥伴感到有些失落，從而尋求其他選擇。而我們感覺現在出現了一個機會，坦白說，我們已經很久沒有看到這樣的機會了。所以我們對通路變革感到興奮，而當我們審視 HPE 時，我們發現問題在於人員，以及與路線圖相關的困惑。

There's some issues with Mist being a public cloud as the only play there. And you know as we look at -- and what we highlight in some of our comments, the importance today of cloud choice and cloud flexibility as far as items, important items like data sovereignty, etc. So as HPE and Juniper try to mash together their portfolios and their clouds and their lakes, etc., this is going to open up some opportunities for Extreme. Kevin, feel free to jump in and answer that.

Mist 作為唯一的公有雲解決方案，存在一些問題。正如我們所看到的——以及我們在一些評論中強調的——如今雲端選擇和雲端靈活性對於資料主權等重要事項的重要性。因此，隨著 HPE 和 Juniper 嘗試整合他們的產品組合、雲端和資料湖等，這將為 Extreme 帶來一些機會。凱文，你隨時可以插話回答這個問題。

I think you nailed it all, yeah, and obviously Cisco's publicly announced their refresh opportunity, which is our refresh opportunity as well to go out to them. I think the competitive markets right now are very frothy for us in terms of being able to take some of the competitive dynamics and turn to our favor right now. So I think we're seeing that reflected in our financial results and our revenue growth as well.

我覺得你說的都很對，沒錯，而且很明顯思科已經公開宣布了他們的產品更新換代機會，這也是我們抓住這個機會去爭取的機會。我認為，就目前競爭激烈的市場而言，我們正處於非常有利的時期，可以利用一些競爭動態，並將它們轉化為對我們有利的局面。所以我認為，這一點也反映在我們的財務表現和收入成長。

Perfect, thanks. I appreciate all the detail.

太好了，謝謝。我很欣賞您提供的所有細節。

Thanks, Mike.

謝謝你，麥克。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Thanks guys. Good morning. I want to ask about Platform ONE and where you are in terms of that commercial introduction. I know it's a new product, and can you share any kind of metrics you have or any kind of qualitative feedback from customers on renewals and what kind of traction you're seeing there with Platform ONE, that’d be great? Thank you.

謝謝各位。早安.我想詢問一下 Platform ONE 的情況，以及你們在商業推廣方面進展如何。我知道這是一個新產品，您能否分享一下您掌握的任何指標，或者來自客戶的任何關於續訂情況的定性回饋，以及您在使用 Platform ONE 時看到的進展情況？那就太好了！謝謝。

Sure, thanks for the question, Ryan, and I will say we're going to -- our Investor Day, we'll dive into a lot more detail and you can hear directly from our PLM and engineering teams. And then we have our AI Summit, which is really about the future and the vision of where we're going with our agentic AI platform.

當然，謝謝你的提問，瑞恩。我會說，在我們的投資者日上，我們會深入探討更多細節，你可以直接聽取我們產品生命週期管理（PLM）和工程團隊的介紹。然後我們還有人工智慧高峰會，而高峰會的主題是未來以及我們智慧人工智慧平台的發展願景。

At this stage of the game, it's early for us to present metrics. If you'll recall, we went GA with Platform ONE at the very beginning of the first quarter, and with that, commercially we're selling Platform ONE. But our customers still have the availability to use XIQ and Site Engine and all the applications they've had before.

現階段，我們還無法給出具體的指標。如果你還記得的話，我們在第一季初就正式推出了 Platform ONE，並且從商業角度來說，我們也開始銷售 Platform ONE。但我們的客戶仍然可以繼續使用 XIQ 和 Site Engine 以及他們之前使用的所有應用程式。

So when they're buying a new license, it's backwards compatible. This is a decision that we've made, and it's been very popular. Basically what that means is that customers are able to buy the license and they're able to work within the platform, so they're getting to know Platform ONE as we complete the first wave releases of Platform ONE, which will be towards the end of this year, towards the end of November and December. That's when we expect to see customers start to make the full migration and move entirely over onto the new platform.

所以當他們購買新許可證時，它是向下相容的。這是我們所做的決定，而且非常受歡迎。基本上，這意味著客戶可以購買許可證，並能夠在平台上工作，因此，隨著我們完成 Platform ONE 的第一批發布（將在今年年底，也就是 11 月底和 12 月初），他們將逐漸了解 Platform ONE。屆時，我們預計客戶將開始全面遷移，並完全轉移到新平台。

So what I would say is based on how we measured it, we're obviously tracking this very closely. We've seen high adoption, we've seen a lot of excitement about the capabilities. As we mentioned, we've just released our service agent, which can provide a lot of benefits to customers, and I think there's a lot of excitement about that.

所以我想說的是，根據我們的測量方法，我們顯然正在密切關注此事。我們看到了很高的普及率，也看到了人們對這些功能的巨大熱情。正如我們之前提到的，我們剛剛發布了服務代理，它可以為客戶帶來很多好處，我認為大家對此都非常興奮。

And there's a lot of differentiation with what we're bringing to market and what's been out there as far as those gen-one AIOps solutions. So it's early innings for us, and what we've shared is that as we turn the corner on the calendar year, that's when we'll start opening up and creating metrics for the street.

我們推向市場的產品與市面上已有的第一代 AIOps 解決方案有許多不同之處。所以對我們來說，現在還處於早期階段。我們已經透露，隨著新一年的到來，我們將開始開放市場，並為市場制定指標。

And I would just add to that that it was ahead of our expectations in the quarter, which is obviously that then.

我還要補充一點，這個季度的業績超出了我們的預期，這一點顯而易見。

Got it. Thanks so much, Kevin and Ed. And maybe if I could follow up relative to your TAM -- TAM growth, I assume it's kind of mid-single-digits. How should investors think about your long-term revenue growth prospects relative to your share gains and your strength in markets you're seeing?

知道了。非常感謝凱文和艾德。關於你們的TAM（總市場規模）成長，我猜大概是中等個位數吧？投資人應該如何看待貴公司相對於其市場佔有率成長和在當前市場中的優勢而言的長期營收成長前景？

Well, yeah, what we've talked about is repointing the year-over-year growth to 10%. And what we're also looking at is the growth of Extreme Platform ONE and the kind of services that we can bring to bear and the solutions that we can bring to bear.

是的，我們討論的是將同比增速重新調整至 10%。我們同時也關注 Extreme Platform ONE 的發展，以及我們可以提供的服務和解決方案。

If you look at the traditional TAM for Extreme and we look at our largest win in the quarter, the largest win in the quarter was also our largest SD-WAN win ever, in which case in a very innovative solution, we're bringing our Fabric technology across the wide area network and creating a very unique solution for government customers. This has also spawned a lot of other opportunities, and I would argue that this is TAM expanding for us.

如果你看一下 Extreme 的傳統 TAM，再看看我們本季最大的訂單，你會發現本季最大的訂單也是我們有史以來最大的 SD-WAN 訂單。在這種情況下，我們採用了非常創新的解決方案，將我們的 Fabric 技術應用到廣域網路中，為政府客戶打造了一個非常獨特的解決方案。這也催生了許多其他機會，我認為這對我們來說意味著市場規模的擴大。

I've also mentioned the fact that we've turned up certifications that are allowing us now to have hunting licenses to go play in the federal markets, and we're doing some things in terms of cloud ops and making investments in Europe that will also open up new government opportunities in those markets.

我還提到，我們已經獲得了相關認證，現在我們可以獲得狩獵許可證，進入聯邦市場開展業務。此外，我們在雲端運營方面也做了一些工作，並在歐洲進行投資，這些都將為我們在這些市場開闢新的政府合作機會。

The last area to comment on are those commercial models where historically we haven't played in the MSP space and we're getting traction. I think we would all say that the MSP evolution has taken a little longer than we thought to get rolling, but it seems to be hitting its stride, and the growth metrics obviously for this quarter were very strong.

最後要談的是那些商業模式，我們過去從未涉足 MSP 領域，但現在我們正在取得進展。我認為我們都會說，MSP 的發展比我們預想的要慢一些，但它似乎正在步入正軌，而且本季的成長指標顯然非常強勁。

So yeah, as we look at the overall market, we see Extreme taking share, and we look at ourselves longer-term as a double-digit player with higher growth and more emphasis now on services and solutions that will evolve from Platform ONE and that subscription line. Kevin, do you want to add?

所以，從整體市場來看，我們看到 Extreme 正在搶佔市場份額，而我們則將自己視為一家長期保持兩位數增長的公司，擁有更高的增長率，並且現在更加註重從 Platform ONE 和訂閱產品線發展而來的服務和解決方案。凱文，你想補充什麼嗎？

No, I think as we think about the new commercial models like you talked about, we think about Platform ONE, that's all going to drive growth on the ARR, the SaaS ARR side, right? And we're seeing that now growing 24% year over year.

不，我認為當我們思考你剛才提到的新的商業模式時，我們會想到 Platform ONE，所有這些都將推動 ARR（年度經常性收入），也就是 SaaS ARR 方面的成長，對吧？我們看到，目前這一數字年增了 24%。

So we're going to continue to drive that part of the business. I think it's a solution, right? It's kind of hardware and software, but I think we're adding more and more software solutions. And there's a bit of a transformational journey that the company is going on right now to create more recurring revenue, helps our margins, helps our margin profile in terms of improving it better, and helps our profitability as a business.

所以我們會繼續推動這部分業務的發展。我覺得這是個解決辦法，對吧？它既包含硬體也包含軟體，但我認為我們正在增加越來越多的軟體解決方案。公司目前正在經歷一段轉型之旅，以創造更多經常性收入，提高利潤率，改善利潤率狀況，從而提高業務盈利能力。

So it is a full solution with everything, and I think people are realizing the benefits of all of the different kind of product offerings that we have as a company, and that's helping us compete better and go upmarket.

所以這是一個包含所有功能的完整解決方案，我認為人們正在意識到我們公司提供的各種不同產品所帶來的好處，這有助於我們更好地參與競爭並進入高端市場。

Got it. Thanks guys. Just a quick follow-up there on your MSP or MSP traction there. Did you have a new MSP count? I know you just closed that in the past.

知道了。謝謝各位。關於您的MSP或MSP發展情況，我有個後續問題想跟進。您的MSP數量有變化嗎？我知道你之前已經關閉過那個視窗了。

Yeah, we're at 61 now.

是的，我們現在是61個了。

Got it. Okay, thanks guys. Appreciate it.

知道了。好的，謝謝大家。謝謝。

Thanks.

謝謝。

Dave Kang, B Riley.

戴夫·康，B·萊利。

Thank you. Good morning. My first question is regarding Cisco's recent partnership with Nvidia. So I was just wondering what your kind of major would be.9

謝謝。早安.我的第一個問題是關於思科最近與英偉達的合作關係。所以我就想知道你打算主修什麼專業。

Yeah, Dave, I think if you think about where we're focused, we're not playing in the market which is building networks for AI systems. We're in the market for bringing AI to networking. And so we're leveraging AI tools.

是的，戴夫，我認為如果你想想我們關注的重點，我們並沒有涉足為人工智慧系統建立網路的市場。我們正在尋求將人工智慧引入網路領域。因此，我們正在利用人工智慧工具。

And you know we talked about this conversational, multimodal, agentic platform. We have a true agentic structure that we've built. We've released our service agents. You'll hear us talk about in our AI Summit and on Investor Day the evolution of the release of many agents and many new services that we'll bring to bear.

你知道，我們討論過這個對話式、多模態、智能體的平台。我們已經建構了一個真正的代理結構。我們已經解雇了我們的服務人員。在我們的AI高峰會和投資者日上，您將聽到我們談論我們將推出的許多代理商和許多新服務的演變。

This is where Extreme is leading, and I think it's important that we make that difference between building networks for AI systems versus leveraging AI technology for driving enhanced performance and visibility and capabilities for people delivering their networking experience.

這就是 Extreme 的領先之處，我認為重要的是，我們要區分為 AI 系統建立網路和利用 AI 技術來提高人們提供網路體驗的效能、可見度和能力。

So that's where we're focused. This is where Extreme is a leader. We're in a very strong position. We actually, given our size, have some competitive advantages relative to some of these larger players, and this is where we're making a dent in the market.

所以這就是我們關注的重點。在這方面，Extreme處於領先地位。我們處於非常有利的地位。實際上，就我們的規模而言，我們相對於一些規模更大的競爭對手具有一些競爭優勢，而這正是我們在市場上取得突破的地方。

Got it. And my second question is regarding gross margin. Kevin, I'm trying to understand, so you talked about component prices going up, so that was roughly about 100 bps impact?

知道了。我的第二個問題是關於毛利率的。凱文，我不太明白，你剛才提到零件價格上漲，那大概會造成 100 個基點的影響？

Yeah, I mean probably about that, somewhere in that range. I mean there's a combination of things here, right, Dave? We expedited some of our deliveries for some of these larger customer wins, so there were more expedited fees there. We also have just component costs that are higher than we expected. The 100% China tariffs kicked in on some of those component costs as well.

是的，我的意思是大概就是那個範圍。我的意思是，這裡面有很多因素，對吧，戴夫？為了拿下這些大客戶，我們加快了部分貨物的交付速度，因此產生了更多的加急費用。我們的零件成本也高於預期。對部分零件成本也受到了中國100%關稅的影響。

And then also just the cost of copper and aluminum and some of these metals as well just went up throughout the quarter. So those are some of the costs that we had experienced, and we had talked about $1.5 million in Q4. We continue to see about roughly the same amount in Q1, and now we've raised price to basically offset that into Q2, beyond -- and then Q3, Q4 as well, because it's obviously partially in Q2 and then with it becoming November 1 effective date, and then we'll see a full quarter effective in Q3 and Q4.

此外，銅、鋁以及其他一些金屬的價格在本季也上漲了。以上就是我們遇到的一些成本，我們之前提到第四季將支出 150 萬美元。我們看到第一季度的金額大致相同，現在我們提高了價格，基本上是為了抵消第二季度及以後的損失——然後是第三季度、第四季度，因為很明顯，一部分損失發生在第二季度，然後隨著 11 月 1 日生效，我們將在第三季度和第四季度看到完整的季度生效。

And I think you said you're going to raise prices by mid-single-digits. Did I hear that correctly?

我想你說過你會將價格上調個位數百分比。我沒聽錯吧？

Yeah, we looked at all the different SKUs. Some are in the low single-digits, some in the mid-single-digits, but we looked at the SKUs across -- some we didn't change at all. But I mean at the end of the day, we kind of looked at it and then we kind of followed the industry pattern from what HPE, Juniper, and Cisco did.

是的，我們查看了所有不同的SKU。有些產品數量只有個位數，有些產品數量只有個位數，但我們查看了所有 SKU——有些產品我們根本沒有更改。但我的意思是，歸根結底，我們仔細研究了這個問題，然後我們遵循了 HPE、Juniper 和 Cisco 等公司的行業模式。

Got it. And my last question is, was there any FX impact?

知道了。我的最後一個問題是，匯率是否受到影響？

Very little. We hedge our balance sheet, and so we don't have a lot of FX issues.

很少。我們對資產負債表進行了對沖，因此我們沒有太多外匯問題。

Chris Schwab, Craig-Hallum.

克里斯‧施瓦布，克雷格-哈勒姆。

Congrats on a good quarter, guys. Just to further clarify on the gross margin, given the increased prices of different commodities and raising prices to offset that and seeing an improvement in the second half of this fiscal year, which you've made clear, can you just remind us following that going into the next fiscal year, what you think the targeted gross margins will be given the increased Platform ONE and services and subscription growth? Are we targeting to be a 62% to 64% gross margin or are we still kind of thinking 62%-plus or minus?

恭喜各位，這個季度業績不錯。為了進一步澄清毛利率問題，考慮到各種商品價格上漲以及為抵消這些上漲而提高價格，並且您已經明確表示本財年下半年毛利率有所改善，您能否提醒我們一下，在進入下一個財年之後，考慮到 Platform ONE 以及服務和訂閱的增長，您認為目標毛利率會是多少？我們的目標是毛利率達到 62% 到 64%，還是仍在考慮 62% 上下浮動？

Yeah, maybe we can hold that for the Analyst Day here on November 10 because I think we will walk through what the long-term model looks like beyond this year as we think about the next two or three years. I don't think there's going to be a lot of change from the 64% to 66% range that we've talked about in the past.

是的，或許我們可以把這個主題留到 11 月 10 日的分析師日上討論，因為我認為我們會探討一下今年之後的長期模型，以及未來兩三年的發展方向。我認為不會有太大變化，仍然會維持在我們之前討論的 64% 到 66% 的範圍內。

It's really these more acute component costs that we've seen recently where we've had to raise price against them that have caught us a little bit unexpected over the last year or so, and we're just basically making the price changes to combat that. But I do believe that from a long-term perspective, the SaaS subscription revenue growth engine in the business is going to continue to help us drive those margins in the future. So we're still very optimistic about the financial model of the future.

最近我們看到零件成本大幅上漲，不得不提高價格來應對，這在過去一年左右的時間裡讓我們有些措手不及，我們基本上只是在做出價格調整來應對這種情況。但我相信，從長遠來看，SaaS 訂閱收入的成長引擎將繼續幫助我們在未來提高利潤率。所以我們對未來的金融模式仍然非常樂觀。

Yeah. I would just add to Kevin and Chris, I would just say we haven't changed our long-term outlook for gross margins. And mix will factor into the equation. We are expecting a very significant ramp in Extreme Platform ONE, and there will be margin benefits there.

是的。我只想補充一下 Kevin 和 Chris 的觀點，我們並沒有改變對毛利率的長期預期。混合比例也會影響結果。我們預計 Extreme Platform ONE 將會有非常顯著的成長，這將帶來利潤率的好處。

Keep in mind, there's the combination of that service element to our solution set along with the subscription and enhanced new services. So that really starts to come into play in fiscal '27 and fiscal '28. What we see happening with gross margin currently, these are sort of more near-term tacticals that we correct. We've been in this movie before, and we know how to correct these things.

請記住，我們的解決方案集包含了該服務要素、訂閱服務和增強型新服務。所以，這在 2027 財年和 2028 財年才會真正發揮作用。目前我們看到的毛利率問題，屬於一些需要我們進行調整的短期策略。我們以前就遇到過這種情況，我們知道如何修正這些問題。

So as Kevin mentioned earlier, we'll get ourselves back up to that 63% and then get back on track to the longer-term goal. I think we have a 64% to 66%.

正如凱文之前提到的，我們會把比例恢復到 63%，然後重新走上實現長期目標的正軌。我認為我們支持率是 64% 到 66%。

Great, and then my last question, and maybe give you a chance here, the 10% top-line growth exceeding the tail of the industry as we talked about federal markets, Europe, Platform ONE, services, solutions, but the bookings continue to be very strong. Is there anything else going on in the marketplace regarding total cost of ownership, just making a better product that is driving that or is it pretty much everything we've already discussed?

好的，那麼我的最後一個問題，也許可以給你一個機會，正如我們之前討論的聯邦市場、歐洲、Platform ONE、服務和解決方案，10% 的營收增長超過了行業尾部的增長，但預訂量仍然非常強勁。關於整體擁有成本，市場上還有其他因素在起作用嗎？例如，光是製造出更好的產品就能推動成本下降，還是說基本上就是我們已經討論過的所有內容？

Christian, I think it's pretty much everything we discussed. If you just look at Extreme, we've continued to invest in our Fabric technology. It's one of the quivers that we have from a competitive standpoint, but we're the only ones that have this, and we have unique capabilities for enterprise campus solutions.

克里斯蒂安，我覺得這基本上就是我們討論的所有內容。單看 Extreme 系列，我們一直持續投資 Fabric 技術。從競爭角度來看，這是我們的優勢之一，但我們是唯一擁有這項技術的公司，我們在企業園區解決方案方面擁有獨特的能力。

I think larger enterprise customers are surprised when we get into proof of concepts, and all of a sudden we're starting to demonstrate our capabilities that our competitors just can't match. One of the very largest defense contractors in the world who's actively looking at Extreme has said, wow, what you guys do in six minutes is taking Cisco six hours to do, and we actually have this time-lapse video where we show this.

我認為，當我們進入概念驗證階段時，大型企業客戶會感到驚訝，因為我們突然開始展示競爭對手無法匹敵的能力。世界上最大的國防承包商之一正在積極關注 Extreme，他說：「哇，你們六分鐘就能完成的事情，思科卻要花六個小時才能完成。」我們實際上有一個延時影片來展示這一點。

But when we talk about the automation and the capability, the delivery of services, the security benefits that we bring with this technology, how that produces a very different kind of wide area network SD-WAN solution when we apply Fabric, when we look at the sub-second and millisecond convergence as far as resiliency of the network, the large players can't replicate it. So this is something where we're moving upmarket and we're winning and we go toe-to-toe.

但是，當我們談到自動化和功能、服務交付、這項技術帶來的安全優勢，以及應用 Fabric 如何產生截然不同的廣域網路 SD-WAN 解決方案時，當我們審視網路彈性方面亞秒級和毫秒級的收斂速度時，大型企業是無法複製的。所以，我們正在向高端市場邁進，我們取得了勝利，我們與對手展開了正面較量。

Now when you add on top of that Extreme Platform ONE and the fact that we'll be bringing these capabilities into the platform with enhanced visibility and having one single place to drive our multi-vendor capability, that's something that is quite frankly, we bring choice and flexibility and new capabilities and we go toe-to-toe and we win against the larger competitors.

現在，再加上 Extreme Platform ONE，以及我們將這些功能引入到平台中，增強可見性，並擁有一個統一的平台來驅動我們的多供應商功能，坦白地說，這帶來了選擇、靈活性和新的功能，我們能夠與更大的競爭對手正面交鋒並取得勝利。

So I think we have technology differentiation more so now than we had. Yes, we're out in front with Wi-Fi 7. Yes, we have these new commercial models and ways to win and new certifications, etc. We're staying up front and staying out front of that. But yeah, we have real differentiation today, and our teams are executing well. Our sellers are executing well, and the channel's picking up on it.

所以我認為，我們現在在技術差異化方面比以前更加突出了。是的，我們領先 Wi-Fi 7 技術。是的，我們擁有這些新的商業模式、制勝之道和新的認證等等。我們始終走在產業前端。但沒錯，我們現在確實擁有真正的差異化優勢，而且我們的團隊執行得很好。我們的銷售人員表現出色，通路也注意到了這一點。

We see this in our funnel. We see this with the close collaboration of our teams and our sales teams as we look at these opportunities and we look at higher win rates. And then the last factor is what was brought up earlier by Mike, where it's a bit of a mess at HPE's Juniper right now. And there's a lot of confusion. There's a lot of people changing.

我們在銷售漏斗中看到了這一點。我們看到，我們的團隊和銷售團隊密切合作，共同尋找這些機會，並力求更高的成交率。最後一個因素是 Mike 之前提到的，那就是 HPE 的 Juniper 目前的情況有點混亂。而且，這裡有很多混亂之處。很多人都在改變。

Now they're setting up overlay teams and who's covering the channel, who's covering the customer. There's just a lot of unknowns that create opportunities for us. And then the same thing is true with Cisco, talking about their refresh but then also talking about making it really difficult for partners below, partner number 50 to make money. And they have thousands and thousands of partners.

現在他們正在組建統籌團隊，確定誰負責管道，誰負責客戶。有很多未知因素，這為我們創造了機會。思科的情況也是如此，他們一方面談論產品更新，另一方面又談論如何讓排名第 50 位以下的合作夥伴很難賺錢。他們擁有成千上萬的合作夥伴。

So there's just -- there's a lot of disruption right now with the largest players at 75% of the market that are causing people to take a look at Extreme. And when they take a look at Extreme, they're kind of blown away by our technology, our differentiation. And keep in mind we always win very high marks for the level of our customer support and how people work with Extreme, and they feel like there's a different level of customer intimacy that we bring to the equation.

所以現在市場格局發生了很大的變化，最大的幾家公司佔了 75% 的市場份額，這促使人們開始關注 Extreme。當他們了解 Extreme 時，他們會被我們的技術和差異化優勢所震撼。請記住，我們的客戶支援程度以及人們與 Extreme 的合作方式總是能獲得很高的評價，他們感覺我們為客戶帶來了不同層次的親密感。

Great. Thank you for that. No other questions.

偉大的。謝謝。沒有其他問題了。

David Vogt, UBS.

David Vogt，瑞銀集團。

Great. Thanks guys for taking my question. Guys, I want to come back to the gross margin question again. I'm sorry to belabor the point, but obviously we've had a pretty steep rise as you guys called out in memory and optics. And Ed, I appreciate the potential cyclicality of those markets if history is any guide, but the severity of the increase is pretty daunting.

偉大的。謝謝各位回答我的問題。各位，我想再談談毛利率的問題。很抱歉我又要老生常談了，但正如你們在記憶和視覺方面所指出的那樣，我們顯然經歷了相當陡峭的增長。艾德，我理解這些市場可能存在週期性波動（如果歷史可以作為參考的話），但這次的上漲幅度確實相當驚人。

And I want to get a better sense for how you're thinking about how you're pricing in that dynamic the balance of the year. I appreciate the price increases that you talked about, but is there a chance that you could come back and effectively take another bite at the apple if need be from a pricing perspective? Or do you think the price increases that you announced ac9ross the portfolio, low single-digits to mid-single-digits, covers you for the balance of this year if things get potentially a little bit more challenging?

我想更好地了解您是如何考慮在今年剩餘時間裡對這種動態進行定價的。我理解您提到的價格上漲，但您是否有可能在必要時從價格角度再次調整價格？或者，您認為您宣布的全線產品價格上漲幅度（個位數低到個位數中）是否足以應對今年剩餘時間可能出現的更具挑戰性的情況？

And I'll give you -- my second question is, Kevin, maybe for you on the subscription side, obviously SaaS has been a big driver. You've done a great job there, but I guess I'm trying to understand the gross margin dynamics on the subscription support side, looked a little bit light relative to Q4, down sequentially. And what's going on there?

第二個問題是，凱文，對你來說，在訂閱方面，顯然 SaaS 是一個很大的驅動因素。你做得很好，但我試圖了解訂閱支援方面的毛利率動態，與第四季度相比似乎有點低，環比下降。那裡發生了什麼事？

I would imagine that support services or installation is probably a bit lighter in revenue, so I would have imagined that support subscription gross margins would've been up sequentially. Any kind of color there that you can share with us would be great. Thanks.

我估計支援服務或安裝服務的收入可能略低一些，因此我原本以為支援訂閱服務的毛利率會較上季成長。如果你能和我們分享你看到的任何顏色，那就太好了。謝謝。

Yeah. What I can -- Kevin, you want to (multiple speakers) yeah, upfront in terms of memory and optics. And Dave, you can imagine we're all over this. And we had teams of people, and we're very actively engaged with our suppliers across the Board. It's kind of an all-hands-on-deck.

是的。我可以──凱文，你想（多位發言者）是的，在記憶體和光學方面要提前說明。戴夫，你可以想像我們都非常關注這件事。我們組建了團隊，並且與各級供應商都保持著非常積極的合作關係。這就像是全員出動一樣。

There are secondary suppliers of both memory and optics for us that we look at, and we're very active is what I would say. We feel very confident in, one, and how we're calling the current market conditions and, two, our plans to recover where we are.

我們有備用的記憶體和光學元件供應商，我們會考察這些供應商，而且我們在這方面非常活躍。我們對兩方面都非常有信心：第一，我們對當前市場狀況的判斷；第二，我們對目前的復甦計劃。

And we have baked that into a price increase. We do not expect to come back and revisit and have yet another increase, and we feel very confident in terms of how we planned it. Kevin, do you want to talk about the combination of the subscriptions?

我們已經把這些因素計入了價格上漲。我們預計不會再出現需要再次加價的情況，而且我們對目前的計劃非常有信心。凱文，你想談談訂閱組合的問題嗎？

Yeah, I'm happy to. So we are investing a little bit on the subscription side with Platform ONE on the agentic AI, so there's some increased, I'll call, cloud spend that we have on our end. Please don't take that as like that's going to be forever more. These are just upfront investments as we launch Platform ONE to have a more robust agentic AI agent experience for the customers.

是的，我很樂意。因此，我們在 Platform ONE 的智慧人工智慧訂閱方面進行了一些投資，所以我們這邊增加了一些雲端支出。請不要誤會，這並不意味著這種情況會永遠持續下去。這些只是我們在推出 Platform ONE 平台時的前期投資，目的是為客戶提供更強大的智能體 AI 代理體驗。

We fully expect all the pricing that we have and the bookings that we're getting from Platform ON. Remember when we get a booking for Platform ONE, it gets recognized over time. So you're not even seeing today in our first quarter results, even the total bookings that we had in the quarter being reflected in the revenue so far.

我們完全預期從 Platform ON 獲得的所有定價和預訂情況。請記住，當我們收到 Platform ONE 的預訂時，它會在一段時間後被識別出來。所以，你甚至還沒有在我們的第一季業績中看到今天的情況，甚至還沒有看到本季的總預訂量反映在目前的收入中。

So we are optimistic about the subscription revenue, the subscription margins that we will have, and that they will continue to play out to be very strong in the 80% range. So I'm feeling good about where our subscription revenue is.

因此，我們對訂閱收入和訂閱利潤率持樂觀態度，並認為它們將繼續保持強勁勢頭，達到 80% 左右。我對我們的訂閱收入狀況感到滿意。

And then I would also add is, we are seeing continued positive momentum on these new commercial models like MSP and others, and those have a higher margin impact as well. And those will play out into the model over the next year or so. So I'm very bullish about the subscription margin story that we have as a company and our focus there for several quarters and even years out at this point.

此外，我還想補充一點，我們看到像 MSP 等這些新的商業模式持續保持正面勢頭，而且這些模式的利潤率也更高。這些因素將在未來一年左右的時間內體現在模型中。因此，我對我們公司的訂閱利潤率前景非常樂觀，並且我們未來幾季甚至幾年都將專注於此。

I feel like we are on a very good path there. And we'll recover these costs that we've seen, these one-time costs, if you will that have come in other components over the next couple quarters. But I do believe, as we said earlier, we'll get back to that 64% to 66% gross margin target (multiple speakers)

我覺得我們正走在一條非常正確的道路上。我們將在接下來的幾個季度內收回我們已經看到的這些成本，這些一次性成本，也就是其他部分產生的成本。但我相信，正如我們之前所說，我們會重回64%到66%的毛利率目標。（多位發言者）

Can I ask one follow-up, Ed? Have you shared with the market kind of the BOM that's related to either optics and/or memory? Is it like 5% to 10% of a typical switch BOM that is impacted by these rising component costs?

艾德，我能再問一個問題嗎？您是否已向市場分享了與光學元件和/或記憶體相關的物料清單？受元件成本上漲影響的典型交換器物料清單 (BOM) 的 5% 到 10% 左右嗎？

We haven't shared that. I'm sure I can get it for you, Dave, and circle back separately on it. But we haven't shared what the percentage of the BOM is for memory, for components, etc. I don't know if we'll share it, but we'll certainly look into it for you.

我們沒有分享過這件事。戴夫，我一定能幫你弄到，之後我會單獨跟你確認一下。但我們還沒有公佈物料清單中記憶體、組件等所佔的百分比。我不知道我們是否會公佈，但我們一定會為您調查此事。

Great, thank you.

太好了，謝謝。

Yeah, sure.

當然可以。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

I wanted to revisit the guide for the second quarter and specifically, that the low end would actually be sequentially down from the first quarter revenue. I was wondering if -- were there any pull-forwards out of Q2 into Q1 as far as the large deals that you won?

我想重新審視一下第二季的業績指引，特別是要指出，第二季的低階營收其實​​會比第一季的營收季減。我想知道——你們贏得的大宗訂單是否有從第二季提前到第一季完成？

Not on the revenue side, Eric. We had some bookings that came in at the end of the quarter ahead of the price increases. Those didn't make their way into the revenue actually, so it's kind of made its way more into backlog.

艾瑞克，收入方面可不是這樣。我們在季度末價格上漲之前收到了一些預訂。這些項目實際上並沒有轉化為收入，反而更多地變成了積壓訂單。

Okay, but I mean historically it would be up sequentially, that September versus December quarter. Was there just conservatism in the outlook and kind of (multiple speakers)?

好的，但我的意思是，從歷史數據來看，9 月季度與 12 月季度相比會較上季成長。難道只是觀點上的保守主義嗎？（多位發言者）？

I mean at the midpoint, you've got an increase, right? So the $312 million versus the $310 million, I think you're referring to the range of $309 million versus $315 million.

我的意思是，在中間點，價格有所上漲，對吧？所以，你說的 3.12 億美元和 3.1 億美元，我想你指的是 3.09 億美元到 3.15 億美元的範圍。

Yeah.

是的。

So at the low end of the range, yes, it would be $1 million lower. At the high end of the range, it would be higher. The reality is we are expecting to continue to grow for our seventh sequential quarter in Q2 at the midpoint, at the $312 million.

所以，如果以最低價計算，是的，會低100萬美元。在範圍的高端，它會更高。實際情況是，我們預計第二季中點將達到 3.12 億美元，這將是我們連續第七個季度成長。

So I wouldn't look at that necessarily as a message that we are expecting to go down in Q2 or Q1. From a range perspective, we're still optimistic about the business.

所以我不認為這一定意味著我們預計第二季或第一季會下降。從業務範圍來看，我們仍然對這項業務持樂觀態度。

Yeah, and I think it's fair to mention, Kevin, that -- Eric, we had a very strong quarter in Q1. We had a lot of large deals come in and land in the quarter. And it started from the get-go. I would say linearity was very strong in Q1, starting with bookings in July, and I think we just had a very strong quarter there on the heels of our Q4.

是的，凱文，我覺得有必要提一下——埃里克，我們在第一季取得了非常強勁的業績。本季我們達成了很多大額交易。從一開始就是這樣。我認為第一季的線性成長非常強勁，從7月份的預訂量開始，我認為我們剛剛在第四季度的基礎上又迎來了一個非常強勁的季度。

Yeah, certainly good numbers, and I don't want to take anything away from a beat-and-guide-up quarter.

是的，這當然是不錯的數字，我不想貶低這個飽受批評、業績下滑的季度。

At this time, there are no further questions. I will now turn the call back over to Ed Meyercord for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給艾德·邁耶科德，請他作總結發言。

Thank you, Rebecca, and thank you everyone for joining the call. As always, I know we have employees, customers, and partners that also kind of join in here. And we appreciate the partnership and the continued growth in our relationships.

謝謝你，麗貝卡，也謝謝大家參加這次電話會議。和以往一樣，我知道我們的員工、客戶和合作夥伴也會參與其中。我們感謝雙方的合作以及我們關係的持續發展。

We're excited to continue to build on our success. We're really looking forward to updating everybody at our Investor Day on November 10. And we're going to be able to take a deeper dive into the markets where we're playing, our technology, and our execution, and we'll be able to field all questions there. So we look forward to your participation there. Thanks everybody and have a great day.

我們很高興能夠繼續鞏固並擴大我們的成功。我們非常期待在11月10日的投資者日上向大家報告最新進展。我們將能夠更深入地了解我們正在參與的市場、我們的技術和我們的執行情況，並且我們將能夠回答所有相關問題。我們期待您的參與。謝謝大家，祝大家今天過得愉快。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。