Extreme Networks, Inc. (EXTR) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to Extreme Networks fourth quarter fiscal year 2026 financial results conference call.

各位好。感謝各位加入我們，歡迎參加 Extreme Networks 2026 會計年度第四季財務業績電話會議。

(Operator Instructions) I will now hand the conference over to Stan Kovler, Senior Vice President, Finance and Corporate Development. Please go ahead.

(接線員指示) 現在我將把會議交給財務與企業發展資深副總裁 Stan Kovler。請開始。

Thank you, Jay. Good morning and welcome to Extreme Networks' fourth quarter fiscal year 2026 earnings conference call. I'm Stan Kovler, Senior Vice President of Finance and Corporate Development. With me today are Extreme Networks' President and CEO, Ed Meyercord; and Executive Vice President and CFO, Kevin Rhodes.

謝謝你，Jay。各位早安，歡迎參加 Extreme Networks 2026 會計年度第四季財報電話會議。我是 Stan Kovler，財務與企業發展資深副總裁。今天與我一同出席的有 Extreme Networks 總裁暨執行長 Ed Meyercord，以及執行副總裁暨財務長 Kevin Rhodes。

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

我們剛發布新聞稿並提交 8-K，詳述 Extreme Networks 2026 會計年度第四季及全年財務結果。新聞稿副本（其中包含我們在財報簡報中的 GAAP 與非 GAAP 調節表）可於 extremenetworks.com 的投資人關係（IR）專區取得。

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, supply chain dynamics, and management strategies.

今天的電話會議與問答可能包含若干前瞻性陳述，係基於目前對 Extreme 未來財務與營運結果、成長預期、新產品推出、供應鏈動態及管理策略的期待。

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. Any forward-looking statements made on this call reflect our analysis as of today, and we have no plans to update them except as required by law. Following our prepared remarks, we will take questions.

除非另有說明，本次電話會議所揭露的所有財務資訊皆以非 GAAP 基礎呈現。我們提醒各位不要過度依賴這些前瞻性陳述，因其涉及風險與不確定性，可能導致實際結果與這些陳述所預期者有重大差異。相關風險已於我們提交的 10-K 與 10-Q 文件之風險因素中說明。本次電話會議中的任何前瞻性陳述均反映我們截至今日的分析，除法律要求外，我們無計畫更新。在我們的準備發言結束後，將進行提問。

And now I will turn the call over to Exchange President and CEO, Ed Meyercord.

現在我將把電話會議交給 Extreme 總裁暨執行長 Ed Meyercord。

Thank you, Stan, and thank you all for joining us this morning. In fiscal '26, we delivered 13% year-over-year revenue growth and 26% EPS growth, highlighting competitive strength and the operating leverage in our model.

謝謝你，Stan，也感謝各位今天早上加入我們。在 2026 會計年度，我們實現營收年增 13% 與每股盈餘（EPS）成長 26%，凸顯我們的競爭優勢以及商業模式中的營運槓桿。

During the year, we took share and accelerated our move upmarket by winning more sophisticated networking projects with larger customers. And Q4 was our sixth consecutive quarter of double-digit growth.

在這一年中，我們取得市占，並透過贏得更大型客戶、更高階的網路專案，加速向中高端市場（upmarket）邁進。而第四季是我們連續第六個季度達成雙位數成長。

Our performance was driven by the convergence of three factors. First, our highly differentiated portfolio, including Platform One, enterprise fabric, Wi‐Fi 7, and the industry's first multi-beam wireless solution. Our innovation is driving competitive wins and opening doors to new customers.

我們的表現由三項因素匯聚所驅動。第一，我們高度差異化的產品組合，包括 Platform One、企業級 Fabric、Wi‐Fi 7，以及業界首款多波束無線解決方案。我們的創新正帶來競爭性勝出，並為新客戶打開大門。

Second, we're well positioned in a market that's rapidly moving away from point solutions toward integrated platforms. Our go-to-market teams are tightly aligned and capitalizing on the opportunity to take share here.

第二，我們在一個正快速從點狀解決方案轉向整合式平台的市場中，具備良好定位。我們的市場推進（go-to-market）團隊緊密協同，並把握在此取得市占的機會。

And third, operating excellence and disciplined execution highlighted by our supply chain team eliminating product constraints and by allowing us to meet customer demand into fiscal '28 and beyond.

第三，營運卓越與紀律執行，體現在我們的供應鏈團隊消除產品供應限制，並使我們能在 2028 會計年度及其後持續滿足客戶需求。

Enterprise networking is in an extended growth cycle fueled by new demands on network created by AI, security, and the modernization of enterprise IT. At the same time, competitor refresh cycles are creating a significant multi-year window for us to take share with new customers and deepen existing relationships.

企業網路正處於延續性的成長週期，成長動能來自 AI、安全性，以及企業 IT 現代化對網路提出的新需求。同時，競爭對手的產品更新週期，為我們帶來一個顯著的多年期窗口，使我們能以新客戶擴大市占並深化既有關係。

Fiscal '26 highlighted a significant move up market with 187 customers booking more than $1 million in business with Extreme. Our average deal size grew by a third and our enterprise competitive win rate improved significantly. We just completed nine consecutive quarters of product growth driven by innovation.

2026 會計年度凸顯我們向中高端市場的顯著推進：共有 187 家客戶在 Extreme 的業務訂單金額超過 100 萬美元。我們的平均交易規模成長三分之一，企業端競爭性贏單率也顯著提升。在創新驅動下，我們剛完成連續九個季度的產品成長。

Our unique enterprise fabric remains one of our strongest differentiators.

我們獨特的企業級 Fabric 仍是我們最強的差異化優勢之一。

One customer recently told us they've gone 11 years without a single network outage since deploying fabric. By automating operations, strengthening security and simplifying management, fabric delivers results customers can see and when they experience it and a proof of concept, our win rate goes way up.

近期有位客戶告訴我們，自從部署 Fabric 以來，他們已經 11 年沒有發生過一次網路中斷。透過自動化營運、強化安全性並簡化管理，Fabric 帶來客戶看得見的成果；而當客戶實際體驗並完成概念驗證（POC）後，我們的贏單率會大幅提升。

And now our fabric with enhanced capabilities is built into Platform One. Extreme Platform One accounted for 30% of subscription bookings in the first year of general availability and nearly half of subscription bookings in the fourth quarter, underscoring the rapid pace customer adoption for unified AI-powered networking platform.

而現在，具備強化能力的 Fabric 已內建於 Platform One。Extreme Platform One 在正式全面上市（general availability）的第一年即占訂閱訂單（subscription bookings）的 30%，在第四季更接近一半，凸顯客戶採用統一的 AI 驅動網路平台的速度非常快。

Customers and partners are interested in Extreme. They want the most advanced networking platforms that leverage modern agentic AI technology. The release of our Extreme Agent ONE coworker this quarter is highly anticipated. At deployment flexibility, no competitor matches Extreme's cloud flexibility, whether it's public, private or on-prem. We offer seamless alternatives without compromising performance control or compliance.

客戶與合作夥伴都對 Extreme 很感興趣。他們希望採用最先進的網路平台，以運用現代的代理式 AI（agentic AI）技術。我們本季推出的 Extreme Agent ONE 協作夥伴（coworker）備受期待。在部署彈性方面，無論是公有雲、私有雲或地端部署，沒有任何競爭對手能匹敵 Extreme 的雲端彈性。我們提供無縫替代方案，不會犧牲效能、控制力或合規性。

That differentiation brings unique data sovereignty protection, driving strong public sector demand. During the quarter Platform One achieved Germany's C5 certification, one of your rigorous cloud standards.

這種差異化帶來獨特的資料主權保護，推動公部門需求強勁。本季 Platform One 取得德國 C5 認證，這是你們最嚴格的雲端標準之一。

In the quarter, we extended our innovation leadership with the industry's first multi-beam wireless solution with Wi-Fi 7. This is a result of an exclusive partnership with MatSing. By delivering significantly better economics, greater coverage and capacity with dramatically less infrastructure, the solution helped us win the massive and highly contested Tennessee Titans new Nissan Stadium project. It demonstrates how differentiated innovation continues to drive competitive wins.

本季我們以搭載 Wi-Fi 7 的業界首款多波束無線解決方案，延伸了我們的創新領導地位。這是與 MatSing 的獨家合作夥伴關係所帶來的成果。透過在大幅減少基礎設施的情況下提供顯著更佳的經濟效益、更大的覆蓋與容量，該解決方案協助我們贏得規模龐大且競爭激烈的田納西泰坦隊（Tennessee Titans）新 Nissan 體育場專案。這證明差異化創新持續驅動我們在競爭中勝出。

Platform One continues to accelerate with customers across all geos and all industry verticals, including a top 10 global retailer based in Europe, University Technology of Sydney, a new logo and our largest deal in the ANZ region in company history, Vandalia Health, the largest healthcare provider in West Virginia, the UK Health Security Agency, Assumption University, Penn State Athletics, and many more.

Platform One 持續在所有地區與各產業垂直領域加速成長，客戶包括：一家位於歐洲的全球前十大零售商、雪梨科技大學（University Technology of Sydney）（新客戶標誌，亦為我們在 ANZ 地區公司史上最大交易）、西維吉尼亞州最大醫療服務提供者 Vandalia Health、英國健康安全署（UK Health Security Agency）、Assumption University、賓州州立大學體育部（Penn State Athletics）等，還有更多。

We also signed our first multi-million-dollar multi-year enterprise agreement for Platform One with one of the Middle East's largest healthcare providers. And other competitive WANs, Extreme displaced Cisco at Nottingham City Council, the UK government authority that delivers a broad range of public services to more than 320,000 residents. The new network will include a unified fabric, SD-WAN and our cloud-managed networking solution spanning 74 sites.

我們也與中東地區最大的醫療服務提供者之一，簽下 Platform One 的首份數百萬美元、跨年度企業協議。此外，在其他競爭性廣域網路（WAN）案子中，Extreme 在英國諾丁漢市議會（Nottingham City Council）取代了 Cisco；該市議會是英國政府機關，為超過 32 萬名居民提供廣泛的公共服務。新網路將涵蓋 74 個據點，包含統一的 Fabric、SD-WAN，以及我們的雲端託管網路解決方案。

Elisabeth-TweeSteden, one of the largest hospitals in Netherlands, expanded its partnership with Extreme, selecting Platform One and wired and wireless solutions to support a major modernization initiative. Extreme Fabric was a key differentiator helping us displace Cisco with the simplicity and resiliency required for a 24/7 healthcare environment.

荷蘭最大醫院之一 Elisabeth-TweeSteden 擴大與 Extreme 的合作，選擇 Platform One 以及有線與無線解決方案，以支援一項重大現代化計畫。Extreme Fabric 是關鍵差異化因素，憑藉 24/7 醫療環境所需的簡易性與韌性，協助我們取代 Cisco。

Brunel University in London with over 16,000 students was another new logo when we displaced a 20-year incumbent by combining the differentiated value of our campus fabric with Platform One.

倫敦的 Brunel University（學生超過 16,000 人）也是一個新客戶標誌；我們透過結合校園 Fabric 的差異化價值與 Platform One，取代了一家已服務 20 年的既有供應商。

And lastly, University of Florida selected Extreme to deploy the first Wi-Fi 7 network in a collegiate athletic venue at the iconic Ben Hill Griffin Stadium, better known as the Swamp.

最後，佛羅里達大學（University of Florida）選擇 Extreme，在具代表性的 Ben Hill Griffin Stadium（更廣為人知的名稱是「Swamp」）這座大學運動場館部署首個 Wi-Fi 7 網路。

Our MSP program continued to gain traction, closing the year with 74 active MSPs, up from 70 last quarter. Billings grew 16% quarter-over-quarter and 112% year-over-year. All MSPs are now running Platform One for MSP Workspace with upgrades now a key focus on our differentiated multi-tenant architecture.

我們的 MSP 計畫持續取得進展，年底共有 74 家活躍 MSP，高於上季的 70 家。帳單金額（Billings）季增 16%，年增 112%。目前所有 MSP 都在使用 Platform One for MSP Workspace，而升級也成為我們差異化多租戶架構的重點工作。

The strength of our business momentum has carried into the new fiscal year. Market trends are favorable for Extreme, and we intend to continue outfacing market growth by taking share, migrating new and existing customers onto Platform One.

我們強勁的業務動能已延續至新的會計年度。市場趨勢對 Extreme 有利，我們打算透過取得市占、將新舊客戶遷移至 Platform One，持續跑贏市場成長。

Our component supply is secured into fiscal '28 and beyond, allowing us to meet customer demand while maintaining solid gross margins. Our channel partners continue to report that competitors' lead times are extending due to ongoing supply constraints, creating tailwinds for us.

我們的零組件供應已確保至 2028 會計年度及其後，使我們能在維持穩健毛利率的同時滿足客戶需求。我們的通路合作夥伴持續回報，由於供應限制仍在，競爭對手的交期正在拉長，為我們帶來順風。

With the next generation of Platform One and the upcoming release of both Agent ONE and coworker mode this quarter and in operator mode next quarter, we will bring Agentic AI across the entire network life cycle from design to orchestration, troubleshooting and remediation across our entire product portfolio while delivering complete observability, auditability and autonomy with built-in governance.

隨著下一代 Platform One，以及本季即將推出的 Agent ONE 與「同事模式」，並於下季推出「操作員模式」，我們將把 Agentic AI 帶入整個網路生命週期，涵蓋從設計到編排、故障排除與修復，並擴及我們的全產品組合，同時透過內建治理提供完整的可觀測性、可稽核性與自主性。

None of our competitors will be able to say this or have this capability for some time. And it will be on display at our AI Summit in Amsterdam in October.

我們的競爭對手在一段時間內都無法做到這點，也無法宣稱具備這樣的能力。而這些能力將在 10 月於阿姆斯特丹舉行的 AI Summit 上展示。

Finally, the benefits of our continued growth will show up in our operating leverage as we expect our earnings to grow in the 20%-plus more than doubling our top-line growth as we go forward. Now, let me turn the call over to Kevin to discuss financial results and guidance.

最後，隨著我們持續成長所帶來的效益，將反映在營運槓桿上；我們預期未來盈餘成長將達到 20% 以上，成長幅度將超過並且是我們營收成長的兩倍以上。現在，我把電話交給 Kevin，請他說明財務結果與財測指引。

Thanks, Ed. In the fourth quarter, total revenue of $339 million exceeded consensus and the high end of our guidance range, representing 10% year-over-year and 7% sequential growth. This is our ninth consecutive quarter of sequential product revenue growth and demand remained strong, resulting in 14% year-over-year and 10% sequential growth.

謝謝你，Ed。第四季總營收 3.39 億美元，超出市場共識與我們財測區間上緣，年增 10%、季增 7%。這是我們連續第九季產品營收季增，需求依然強勁，帶動年增 14%、季增 10%。

Our recurring revenue of $116 million grew 6% year-over-year. We were pleased with the continued increase in our gross margins to 62.7%, which exceeded consensus and was above the high end of our guidance range. This was the result of timely pricing actions and effective cost management of our supply chain components, which led to a 40 basis point improvement in product margins.

我們的經常性收入為 1.16 億美元，年增 6%。我們很高興毛利率持續提升至 62.7%，超出市場共識，且高於我們財測區間上緣。這主要來自及時的定價措施與對供應鏈零組件的有效成本管理，使產品毛利率提升 40 個基點。

Earnings per share of $0.32 was up 28% year-over-year and 23% sequentially and exceeded consensus in the high end of our guidance range with some tax favorability included.

每股盈餘（EPS）為 0.32 美元，年增 28%、季增 23%，在包含部分稅務利多的情況下，超出市場共識並落在我們財測區間上緣。

I'm pleased to report that we have secured our supply chain for the long-term, including into fiscal 2028 and our broad product availability enables us to meet the needs of prospects and our customers at a time when product lead times or a concern from many of our competitors.

我很高興報告，我們已確保長期供應鏈，包括延伸至 2028 會計年度；而我們廣泛的產品供應能力，使我們能在許多競爭對手仍受產品交期困擾之際，滿足潛在客戶與既有客戶的需求。

SaaS ARR climbed to $244 million in the quarter, growing 18% year-over-year. Investors may recall last year in the fourth quarter, we grew 24% year-over-year due to winning large customers such as John Deere and the Japanese government. We expect SaaS ARR growth to reaccelerate toward the mid-20% range at the end of this fiscal year.

本季 SaaS ARR 攀升至 2.44 億美元，年增 18%。投資人可能還記得，去年第四季我們因贏得 John Deere 與日本政府等大型客戶而年增 24%。我們預期在本會計年度末，SaaS ARR 成長將重新加速至 20% 中段水準。

Wi-Fi 7 continues to drive our wireless product revenue. Over half of our wireless bookings and revenue now comes from Wi‐Fi 7. The upgrade cycle is also creating a positive mix shift and average selling prices and further supports our gross margin outlook.

Wi‑Fi 7 持續帶動我們的無線產品營收。目前我們超過一半的無線訂單與營收來自 Wi‑Fi 7。升級週期也帶來正向的產品組合轉變與平均售價提升，並進一步支持我們對毛利率的展望。

Geographically, our bookings and revenue tend to fluctuate based on the seasonality of our business. This quarter, the Americas region exhibited strong performance, driven by continued bookings growth over the past two quarters. We also generated major competitive wins in EMEA and APAC, including some of the largest universities, hospitals and retailers and their respective geographies. We expect all regions to grow in fiscal 2027.

就地區而言，我們的訂單與營收通常會隨業務季節性而波動。本季美洲地區表現強勁，主要受過去兩季訂單持續成長所帶動。我們也在 EMEA 與 APAC 取得重大競爭性勝利，包括當地一些最大型的大學、醫院與零售商。我們預期 2027 會計年度所有地區都將成長。

Operating margin in the fourth quarter was 15.7% up 50 basis points from 15.2% in the prior year quarter. We had a really strong finish to the year, winning large deals and exceeding our goals for Platform One, which drove higher incentive compensation expense.

第四季營業利益率為 15.7%，較去年同期的 15.2% 提升 50 個基點。我們在年度末表現非常強勁，贏得多筆大型交易並超越 Platform One 的目標，因而帶動較高的獎酬激勵費用。

We also achieved our highest EBITDA on a dollar and margin basis in the last 11 quarters -- in the past 11 quarters, generating $59 million of EBITDA at a 17.5% EBITDA margin. In addition to strong EBITDA, regenerated $65 million of cash flow and ended the quarter with a healthy $47 million of net cash.

我們也創下過去 11 季以金額與利潤率計的最高 EBITDA——在過去 11 季中，本季 EBITDA 為 5,900 萬美元，EBITDA 利潤率為 17.5%。除強勁的 EBITDA 外，我們也創造 6,500 萬美元現金流，並在季末維持健康的 4,700 萬美元淨現金。

In addition, we repurchased $25 million worth of shares at a favorable average cost of $16.66 per share. Our cash conversion cycle improved to 25 days from 41 days last quarter, driven primarily by a reduction in days inventory outstanding.

此外，我們以每股 16.66 美元的有利平均成本回購了 2,500 萬美元的股票。我們的現金轉換週期由上季的 41 天改善至 25 天，主要受庫存周轉天數下降所帶動。

Lastly, just last week, we strengthened our financial flexibility and reduced interest expenses with the $500 million revolving credit facility which provides additional working capital to fuel our growth. We also simplified our terms and covenants and improved our rate structure.

最後，就在上週，我們透過 5 億美元循環信用額度強化財務彈性並降低利息費用，該額度提供額外營運資金以推動成長。我們也簡化了條款與財務約束條件（covenants），並改善利率結構。

For the full fiscal year 2026, we continued to translate revenue growth into accelerated earnings growth, demonstrating the leverage and scalability of our operating model.

在 2026 會計年度全年，我們持續將營收成長轉化為更快的盈餘成長，展現我們營運模式的槓桿效益與可擴展性。

On a vertical basis, we experienced broad-based strength with particular standout bookings growth in manufacturing, healthcare, retail and sports and entertainment. Revenue of $1.28 billion grew 13% year-over-year with non-GAAP earnings per share of $1.06, up 26% from $0.84 in the prior year. In fact, product revenue growth accelerated to 15% year-over-year.

以產業別來看，我們呈現全面性強勁表現，其中製造、醫療保健、零售，以及運動與娛樂的訂單成長尤為突出。營收 12.8 億美元，年增 13%；非 GAAP 每股盈餘為 1.06 美元，較前一年的 0.84 美元成長 26%。事實上，產品營收成長加速至年增 15%。

We achieved significant operating leverage as our operating margin expanded 60 basis points to 14.8%, up from 14.2% in the prior year. EBITDA for the full year was $210 million, up 20% year-over-year. In fiscal '26, we stepped up our buybacks to $87 million for the year, up from $38 million in the prior year. And we continue to prioritize the use of cash flow to repurchase shares.

我們達成顯著的營運槓桿，營業利益率擴張 60 個基點至 14.8%，高於前一年的 14.2%。全年 EBITDA 為 2.10 億美元，年增 20%。在 2026 會計年度，我們將全年回購提高至 8,700 萬美元，高於前一年的 3,800 萬美元。我們仍持續優先運用現金流回購股票。

As we enter fiscal 2027, we believe the business is operating from a position of increasing strength based on our growth drivers and disciplined cost and expense management. This gives us confidence in our expectations for double-digit product revenue growth, visibility into our margin outlook and more than 20% EPS growth in fiscal '27.

進入 2027 會計年度，我們相信在成長動能與嚴謹的成本與費用管理之下，業務正處於日益強健的有利位置。這使我們對 2027 會計年度產品營收雙位數成長、利潤率展望的能見度，以及 EPS 超過 20% 的成長更具信心。

By the end of fiscal '27, we expect half of our installed base to be on Platform One, which in turn drives accelerated growth and our high-margin recurring revenue.

到 2027 會計年度末，我們預期有一半的既有裝機基礎將採用 Platform One，進而帶動加速成長與我們高毛利的經常性收入。

For the first quarter of fiscal '27, we expect revenue to be in a range of $334 million to $339 million. Gross margin to be in a range of 62.2% to 62.7% operating margin to be in a range of 14.7% to 15.3% and earnings per share to be in a range of $0.27 to $0.29.

針對 2027 會計年度第一季，我們預期營收介於 3.34 億至 3.39 億美元。毛利率介於 62.2% 至 62.7%，營業利益率介於 14.7% 至 15.3%，每股盈餘介於 0.27 至 0.29 美元。

For the full fiscal year '27, we expect revenue to be in a range of $1.38 billion to $1.4 billion. Gross margin to be in a range of 62.2% to 62.7%, operating margin to be in a range of 16.7% to 17.1% and earnings per share to be in a range of $1.28 to $1.33 per share. We expect our fiscal '27 non-GAAP tax rate to be 23% for the year.

針對 2027 會計年度全年，我們預期營收介於 13.8 億至 14.0 億美元。毛利率介於 62.2% 至 62.7%，營業利益率介於 16.7% 至 17.1%，每股盈餘介於每股 1.28 至 1.33 美元。我們預期 2027 會計年度全年非 GAAP 稅率為 23%。

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

以上就是我的報告。接下來我把電話交給主持人，開始問答環節。

(Operator Instructions)

（主持人指示）

Ryan Koontz, Needham.

Needham 的 Ryan Koontz。

Hi, this is Jeff Hopson on for Ryan. Thank you for the question. Just wanted to get an idea of customer buying behavior right now. You pulled out some great competitive wins. Just was wondering are they interested? Is it still a technological decision? Are you winning on being able to get supply and allocation with the memory or the consistent pricing that you guys are giving out? Just trying to understand what customers are doing out there right now.

大家好，我是代替 Ryan 的 Jeff Hopson。謝謝讓我提問。我想了解一下目前客戶的採購行為。你們提到了一些很不錯的競爭性勝利。我想問的是，他們現在最在意的是什麼？這仍然主要是技術面的決策嗎？還是你們因為能提供供應與配額（例如記憶體），或是你們提供的穩定定價而勝出？我只是想更了解目前客戶在市場上到底在做什麼。

Yeah, good question, Jeff. We haven't really seen the benefit in our results yet of the product availability that we're able to support. I mentioned in my comments that we hear from our distributors, and we hear from partners that they're getting noticed from all of our competitors in different geos around the world with different product sets that they're elongating and stretching lead times.

是的，Jeff，這是個好問題。我們在業績結果上，還沒有真正看到我們所能支援的產品供應可得性所帶來的好處。我在評論中提到，我們從經銷商那裡聽到、也從合作夥伴那裡聽到，他們注意到我們所有競爭對手在全球不同地區、以不同產品組合，正在拉長並延伸交期。

And that has created and we have a few examples, I would say, of some smaller deals and bookings that came in during the quarter. But we feel like that pressure is building momentum and the opportunity we think will show up in greater force this quarter and the next couple of quarters where the supply chain pinch is really going to hit people.

而這也帶來了——我會說——一些例子：本季有幾筆較小的交易與訂單進來。但我們覺得這種壓力正在累積動能，我們認為機會會在本季以及接下來幾季以更強的力道顯現，屆時供應鏈的瓶頸將真正衝擊到大家。

So I think our teams have done a good job communicating. We have a special program around deal registration with a price guarantee where customers that want to move to extreme can guarantee a price and guarantee supply. And in today's environment, what we are hearing from distribution partners is that that's going to create a business for us. We see it in the funnel. And we're expecting to see that funnel convert.

所以我認為我們的團隊在溝通上做得很好。我們針對交易登錄（deal registration）有一個特別方案，提供價格保證；想轉向 Extreme 的客戶可以鎖定價格並保證供貨。在當前環境下，我們從通路夥伴聽到的是，這將為我們帶來生意。我們在漏斗中看得到。而且我們預期會看到這個漏斗轉化。

In terms of demand right now, what we're seeing is this long-term network upgrade cycle by enterprise customers. Cisco announced their refresh. We have the same thing with HPE Juniper. So enterprise customers are contemplating an upgrade to their network. Obviously, everyone is talking about AI, security is very important. So having the most modern networking infrastructure is critical to support business needs.

就目前需求而言，我們看到的是企業客戶長期的網路升級週期。Cisco 已宣布他們的更新換代。HPE、Juniper 也有同樣的情況。因此企業客戶正在考慮升級其網路。顯然大家都在談 AI，資安也非常重要。所以，擁有最現代化的網路基礎設施，對支援業務需求至關重要。

HPE and Juniper combined, enterprise customers want to talk to three vendors. When they look at the enterprise and the enterprise campus, the Cisco is always a default. Now you have HPE and Extreme is more and more being included in that conversation. And I'll tell you that enterprise customers are kind of blown away when they see our technology.

HPE 與 Juniper 合併後，企業客戶希望與三家供應商對話。當他們看企業網路與企業園區網路時，Cisco 一直是預設選項。現在有了 HPE，而 Extreme 也越來越多被納入這個討論。我可以告訴你，企業客戶看到我們的技術時，往往會感到非常驚艷。

They're blown away by our fabric. They're blown away by the integration now of fabric into platform one, what Platform One can do. And then as we come out with coworker and new tools, think about a network assistant by your side.

他們對我們的 Fabric 感到驚艷。他們也對現在把 Fabric 整合進 Platform One、以及 Platform One 能做到的事情感到驚艷。接著，當我們推出 coworker 和新工具時，可以把它想成有一位網路助理在你身旁。

And then in October, we're coming out with operator mode where you can actually unleash AI for autonomous functions and tasks. Obviously, there's always human in the loop. It's at your control, there's governance, there's all the capabilities in there, but Extreme is a great alternative and the best choice today for customers that want to leverage the new technology.

然後在 10 月，我們會推出 operator mode，讓你能真正釋放 AI 來執行自主功能與任務。當然，永遠都會有人在迴路中（human in the loop）。一切都在你的掌控之下，有治理機制，也具備所有相關能力；但對於想要運用新技術的客戶而言，Extreme 是很好的替代方案，也是當下最佳選擇。

So, today we're highlighting the innovation that we're bringing to market from a tech perspective, our teams that embrace this, they're getting more at bats, higher winning rate. And then we do expect tailwinds to come from the fact that we have full supply and normal lead times.

所以，今天我們強調的是從技術角度帶到市場的創新；擁抱這些創新的團隊，獲得更多出手機會、勝率也更高。此外，我們也確實預期，因為我們供應充足、交期正常，將帶來順風。

Thank you for that. And maybe just a follow-up, it looks like the platform well -- Platform One is going well with nearly 50% of the subscription bookings in the quarter. I guess, but the SaaS ARR is probably a little bit lower than some were expecting. Where are we with the feature parity kind of roadmap, and what kind of gives you that confidence that we can return to the mid-20% growth in the year coming up?

謝謝你的說明。我再追問一下，看起來平台——也就是 Platform One——進展得很順利，本季訂閱訂單中將近 50% 來自它。不過我猜 SaaS ARR 可能比一些人預期的略低。在功能對等（feature parity）的路線圖上，我們目前進度如何？以及是什麼讓你有信心在接下來的一年能回到 20% 中段的成長？

Well, yeah, you have to keep in mind that last year, the bar was high for us as it relates to growth in Q4 because of big wins that we had previously with John Deere, wins that we have with the Japanese government and a spike in that ARR a year ago. And we talked about the fact that that kind of set off a trend.

嗯，是的，你必須記得，去年第四季在成長方面我們的基期很高，因為之前我們拿下了 John Deere 的大案子、也有日本政府的案子，並且在一年前 ARR 出現了一次跳升。我們也談到過，這某種程度上啟動了一個趨勢。

And as we work through those comparables, you'll see us return to those 20%-plus growth rates. But the two points to make. One, our feature development for the second-half of the year, which in each six months, we're calling them waves and wave two, we had a huge amount of feature enhancement to Platform One, specifically adding in our fabric customers and fabric capability enhancements.

當我們消化這些可比基期後，你會看到我們回到 20% 以上的成長率。但有兩點要說。第一，我們在下半年（我們把每六個月稱為一個 wave，現在是 wave two）的功能開發，對 Platform One 做了大量功能增強，特別是把我們的 Fabric 客戶納入，並強化 Fabric 能力。

So at this point, we have different cohorts of customers and all of our, each of those cohorts, ABC, depending on size and complexity of customer are now eligible to move into Platform One. So that's important, the May and June releases were huge. So we'll see that pick up momentum.

所以在這個時間點，我們有不同的客戶群（cohorts），而每一個客戶群（依客戶規模與複雜度分為 A、B、C）現在都符合資格遷移到 Platform One。這很重要，5 月與 6 月的版本釋出非常關鍵。因此我們會看到動能提升。

The other thing is if we look at bookings, we had a very aggressive target and that target of 3, 5, 10, 20 with a very steep ramp of Platform One bookings, we exceeded. And so we exceeded the effective. They'll call it $40 million target by hitting over $50 million in bookings. So the adoption is real. The features are there. And so as we go forward, after the high bar for this quarter, we will expect after a few quarters as we move through the comparables to see that rate go back up.

另一點是，如果看訂單（bookings），我們原本設定了非常積極的目標：3、5、10、20，對 Platform One 訂單有非常陡峭的爬坡，我們超標了。因此我們超過了原先的——他們稱之為——4,000 萬美元目標，實際訂單超過 5,000 萬美元。

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

Kevin，你要不要補充一下？

Yeah, I agree. It was just an elevated benchmark from Q4, but we'll be right back there.

是的，我同意。只是第四季的比較基準偏高，但我們會很快回到那個水準。

Thank you very much.

非常感謝。

Tomer Zilberman, Bank of America.

美國銀行的 Tomer Zilberman。

Hey, guys. I wanted to ask a question maybe along the same veins as the previous question. If I look at the growth trajectory this quarter and what you set out for next year, you went from 11% to 15% growth the last few quarters to about 10% this quarter and guiding to about 8% to 8.5% next year.

嗨，各位。我想問一個問題，可能跟前一題有點類似。如果我看本季的成長軌跡，以及你們對明年的規劃，你們過去幾季從 11% 到 15% 的成長，到了本季大約 10%，而對明年的指引大約是 8% 到 8.5%。

Can you just take us through the components of the growth trajectory, especially in respect to your long-term growth framework of 10%? Is it mostly about what you described earlier in terms of tough comps and extended lead times of the supply chain and it kind of remains tight. Is there risk that you saw pull forward in the last few quarters and, there's a reversion period before growth reaccelerates? Thanks.

你們能否帶我們拆解一下成長軌跡的組成，特別是相對於你們長期 10% 的成長框架？這主要是你們先前提到的艱難比較基期、以及供應鏈交期拉長且仍然吃緊所致嗎？是否存在風險：你們在過去幾季看到需求提前拉貨（pull forward），然後在成長重新加速前會有一段回歸期？謝謝。

Yeah, I can take the first part of this, Kevin, and I'll let you jump in. Tomer, we're still calling 10%, double-digit product growth. And then, as we're migrating customers off of traditional services break-fix maintenance plans and combining them with Platform One. And so you're seeing sort of that your traditional service line go down and offsetting growth on the subscription side.

是的，我先回答第一部分，Kevin，然後再讓你補充。Tomer，我們仍然維持 10%、也就是產品雙位數成長的說法。接著，當我們把客戶從傳統服務的故障修復/維護方案（break-fix maintenance plans）遷移出來，並與 Platform One 結合時，你會看到傳統服務線下滑，而訂閱端的成長在抵銷這個影響。

But as I mentioned earlier, we're very pleased that we're exceeding our metrics for adoption for Platform One. So we're going through a transition. We have to work through the transition on that migration, at which point we'll hit an inflection point, and then you'll see that recurring revenue growth kick back up after we work through the integration and the combination with absorbing the traditional service contracts that will be declining.

但如我先前提到的，我們對 Platform One 的採用指標超出預期，這讓我們非常滿意。所以我們正處於轉型期。我們必須完成這個遷移轉型；到某個時間點會出現拐點，之後你會看到經常性收入成長在我們完成整合與組合、並吸收那些將會下滑的傳統服務合約之後，再度回升。

In terms of pull forward, now there's no unusual pull forward activity in the quarter from that standpoint. In fact, we built up backlog year-over-year, if you look at the comparisons, we've added back and again, we're off to a very healthy start from a bookings perspective in Q1. In this environment, we felt like a 10% product growth call was a solid call and that we're working through that transition as it relates to the services offset with the growth of Platform One. Kevin, do you want to add anything to that?

至於提前拉貨，從那個角度看，本季沒有不尋常的提前拉貨活動。事實上，如果看年對年的比較，我們的積壓訂單（backlog）增加了；而且從第一季的訂單角度來看，我們也有一個非常健康的開局。在這樣的環境下，我們認為 10% 的產品成長預期是穩健的，同時我們也在推進這個轉型：以 Platform One 的成長來抵銷服務端的影響。Kevin，你要補充什麼嗎？

No, I think you're right, Ed. I would say it's early into the year, right? This last year, we did well to overachieve our original guidance. And at the end of the day, from our perspective, this is the visibility we have right now, and it is 10% product revenue growth, and we'll see how we hear this out.

不，我想你說得對，Ed。我的意思是，現在才剛進入年度初期，對吧？過去這一年，我們的表現很好，超越了原先的指引。而歸根結底，從我們的角度來看，這就是我們目前所掌握的能見度，也就是產品營收成長 10%，接下來我們會看看實際情況如何發展。

Tomer, one thing that we did that was unique in the marketplace is we put something called a, it's a deal registration price guarantee. Basically, our partners can come in and they can register a deal with us, so we basically protect them. That it's their project and their deal, and we protected the price out to the end of October.

Tomer，我們做了一件在市場上相當獨特的事：我們推出了一種稱為「交易註冊價格保證」的機制。基本上，我們的合作夥伴可以來向我們註冊一筆交易，因此我們等於是在保護他們。也就是確認那是他們的專案、他們的交易，並且我們把價格保護一路延伸到 10 月底。

So there was really no incentive or need for customers to pull in their orders into the quarter, given the fact that they were price protected out into our fiscal Q2. It's been very popular, it's been very well received and we have a really nice funnel of opportunities that are building there.

因此，考量到我們已將價格保護延伸到我們的會計年度第二季（fiscal Q2），客戶其實沒有什麼誘因或必要把訂單提前拉進本季。這項措施非常受歡迎、反應也很好，我們也看到一個很不錯的機會漏斗正在那裡逐步建立。

Got it. Maybe as one more follow-up, I think when we last spoke, you disclosed you had two price increases versus some of your larger competitors that had up to four, if not more, price increases. Can you just remind us, having the two already flowed through and how do you view the opportunity to maybe catch up to some of your peers in terms of adding more price increases and offering another form of growth leverage?

了解。再追問一點：我記得我們上次談到時，你們揭露相較於一些較大的競爭對手（他們最多做了四次、甚至更多次漲價），你們只有兩次漲價。你能否再提醒我們一下：這兩次漲價是否都已經反映進來？以及你們如何看待未來可能再追加漲價、在漲價次數上追上同業，並提供另一種成長槓桿的機會？

Yeah, I'll take this, and Kevin, you can fill in. Yeah, we had two price increases, and as you mentioned, many of our competitors had more than that, and we typically price under Cisco, their umbrella and bring a price advantage into the market for our customers. And we'll continue to look at that.

好，我來回答，Kevin 你也可以補充。是的，我們做了兩次漲價；如你所說，許多競爭對手的漲價次數更多。而我們通常在 Cisco 的產品體系下採取較低定價，為客戶帶來價格優勢進入市場。我們也會持續觀察這一點。

And so I think this is an environment of price increases and we will look at that going forward. On the services side of the business, we have an annual increase. And then on the product side, we're opportunistic in terms of how we look at that, but you should expect to see us continue to raise price on the product side, but it's just not as preprogrammed as the services side of the business.

所以我認為目前就是一個普遍漲價的環境，我們未來也會持續評估。在服務業務方面，我們每年都會例行調漲。至於產品端，我們會更具機會性地來看待；你應該會看到我們持續在產品端調漲價格，但它不像服務業務那樣是預先程式化、固定節奏的。

Kevin, do you want to add anything?

Kevin，你要補充什麼嗎？

The only thing I think I'd add, Ed, is that at this point, all of our quotes have the full impact of both November and the March price increases in them. So I think that the answer to your question, Tomer, is absolutely, we do have that included at this point. And then it's a balance of being able to retain some of that price increase with discounting.

Ed，我想我唯一要補充的是：到目前為止，我們所有的報價都已完整納入 11 月與 3 月兩次漲價的全部影響。所以我想對你的問題，Tomer，答案是絕對的——目前我們確實已經把它包含進去了。接下來就是在折扣策略上取得平衡，確保能保留住部分漲價帶來的效益。

And as you can see from our margin perspective, we're actually doing a good job on that with rising margins. So I feel like we're doing a good job kind of balancing price increases in a market that's fairly price sensitive. On networking equipment, but yet also our ability to provide available networking equipment pretty much across the entire portfolio is helping us with opportunities.

而從我們的毛利率角度你也看得出來，我們在這方面其實做得不錯，毛利率正在上升。所以我覺得我們在一個相當價格敏感的市場中，能夠很好地平衡漲價。尤其是在網路設備領域；同時，我們幾乎能在整個產品組合範圍內提供可供交付的網路設備，這也在機會取得上幫了我們很大的忙。

Understood. Thank you, guys.

明白了。謝謝各位。

Sure.

當然。

Dave Kang, B. Riley.

下一位是 Dave Kang，B. Riley。

Thank you. Good morning. First question, just wondering if you can go over health of your key verticals starting with government and education?

謝謝。早安。第一個問題：想請你們談談主要垂直產業的健康狀況，先從政府與教育開始可以嗎？

Sure, Dave. You just want to understand that the health of them, when you say the health, are you referring to the bookings growth that we're experiencing there?

當然可以，Dave。你說的「健康狀況」，是指我們在那裡看到的訂單（bookings）成長嗎？

Yeah. Okay. Booking is, visibility.

對。好的。訂單、能見度。

Yeah. I'll go ahead and let you take it.

好。我讓你來回答。

Yeah. Well, we mentioned, and Dave, you see it in the customer examples. We're giving customer examples. We're trying to give you a flavor of the kinds of customers that we're winning, across our geos. We mentioned a big university win in Sydney, Australia. This is the largest deal that we've ever done in ANZ and driven by Platform One and fabric combined.

好。我們有提到，而且 Dave，你也可以從客戶案例中看到。我們提供客戶案例，是想讓你感受一下我們在各個地理區域（geos）贏得的是哪些類型的客戶。我們提到在澳洲雪梨拿下一所大型大學的案子。這是我們在澳紐區（ANZ）做過的最大一筆交易，由 Platform One 與 fabric 的組合所帶動。

But there, you have healthcare. We also mentioned healthcare wins throughout EMEA. Our enterprise agreement with the largest healthcare provider in the Middle East. Healthcare in the US and UK and really around the world, government customers, that if you look at our customer mix by vertical, Dave, it's not really, it's pretty remarkably consistent.

另外還有醫療保健。我們也提到在 EMEA 各地的醫療保健案子。例如我們與中東最大醫療服務提供者簽下的企業協議。美國與英國的醫療保健，以及其實全球各地的政府客戶——如果你看我們按垂直產業的客戶組合，Dave，其實並沒有太大變化，整體相當一致。

Yeah.

是。

And so that really hasn't changed. I talked about some of the advantages that we're bringing, getting a C5 certification in Germany was a big deal. Yeah, that's important for us to take share and continue to expand on the government side in Germany, which is our biggest market in EMEA. That's a big one.

所以這點確實沒有改變。我也談到我們帶來的一些優勢：例如在德國取得 C5 認證是一件大事。是的，這對我們在德國政府端持續擴張、取得市占非常重要；德國是我們在 EMEA 最大的市場。這是一個很關鍵的里程碑。

We have, really across all of our verticals, our technology development in terms of the fabric and Platform One, in terms of the Wi-Fi innovations that we talk about. All of this is playing well into each of our verticals across all of our geos.

我們在所有垂直產業上——無論是 fabric 與 Platform One 的技術發展，或是我們提到的 Wi‑Fi 創新——這些都在我們各個地理區域的每個垂直產業中表現得很好。

And it's supporting our move up market when you look at the kinds of customers that we're winning and the kinds of projects that we're winning. So I'm just going to say, solid demand, no change to vertical mix to note with us moving up market across our geos.

而且當你看我們贏得的客戶類型與專案類型時，這也在支持我們往中高端市場（up market）移動。所以我總結一下：需求穩健，垂直產業組合沒有值得特別指出的變化；同時我們在各地理區域都在往中高端市場推進。

So it sounds like there's really no vertical that we should be worried about.

所以聽起來，基本上沒有哪個垂直產業是我們需要擔心的。

No, not in our case. Our forecast is very consistent on the vertical front.

對，在我們的情況下沒有。我們在垂直產業面向的預測非常一致。

Got it. And just America, it was very strong. Just wondering how sustainable that will be.

了解。另外，美洲地區表現非常強勁。想請教這樣的強勢有多可持續？

Yeah, I'll let Kevin talk about some of the mechanics and how we report revenue versus booking and trying to gauge true demand. If you look at the 30%-plus growth numbers, it's overstating the revenue growth in Americas and understating revenue growth in EMEA and Asia Pacific.

好，我讓 Kevin 談談一些機制：我們如何呈報營收與訂單，以及如何衡量真正的需求。如果你看那個 30% 以上的成長數字，它其實高估了美洲的營收成長，同時低估了 EMEA 與亞太的營收成長。

Americas as a geo is definitely our fastest growing market in fiscal '26, followed by EMEA, followed by Asia Pacific. If you recall the prior year, we won the Japanese government on a massive project that created a tough comp for Asia Pacific. But as we transition into fiscal '27, you'll see Asia Pacific high up on the list from a growth perspective and then higher growth rates in EMEA than kind of what you would see in Americas.

以地理區域來看，美洲在 2026 會計年度（fiscal '26）確實是我們成長最快的市場，其次是 EMEA，再來是亞太。如果你還記得前一年，我們在日本政府拿下一個非常大型的專案，讓亞太的比較基期變得很高。但當我們轉進 2027 會計年度（fiscal '27）時，你會看到亞太在成長表現上會排得很前面；而 EMEA 的成長率也會比你在美洲看到的更高一些。

But as I said before, each of our geos, we have strong double-digit growth forecasts from a booking standpoint. Kevin, do you want to add to that?

不過如我先前所說，從訂單（bookings）的角度來看，我們每個地理區域的預測都是強勁的雙位數成長。Kevin，你要補充嗎？

I would just add, yeah, and I would just differentiate between revenue and bookings. Yeah, I'd just add there is some timing differences between bookings and revenue, especially with [dispi] buying cycles. Also playing kind of a role here in different parts and regions of the world.

我補充一下：是的，我會把營收與訂單區分開來看。我想補充的是，訂單與營收之間會有一些時間差，特別是受到 [dispi] 採購週期的影響。這也在不同地區、不同區域的世界各地扮演一定角色。

We have some seasonality, for instance, in the fourth quarter as well within the Americas with the e-rate buying cycle. And so that plays out in the fourth quarter, but then we see other parts of the world kind of have other stronger quarters.

例如在美洲，第四季會有一些季節性因素，與 e-rate 採購週期有關。因此這會在第四季反映出來；但我們也會看到世界其他地區在其他季度相對更強。

But I would say in general, the demand across all of our different regions of the world was still, from a bookings perspective, still very strong. And we. Again, all three of our regions to grow in fiscal '27 year over year.

但我想整體而言，從預訂（bookings）的角度來看，我們在全球各個不同地區的需求仍然非常強勁。而我們。再次強調，我們三個地區在'27財年相較去年同期都實現成長。

And my last question is regarding margins. In the last couple of quarters, you talked about a number of professional installations, how that's going to pressure margins. Just wondering what happened in the fiscal fourth quarter and what should our expectation be for going forward?

我最後一個問題是關於毛利率。在過去幾個季度，你們談到一些專業安裝案，這將對毛利率造成壓力。想請問在第四財季發生了什麼，以及我們對未來的預期應該是什麼？

Kevin, I'll start off and then have you jump in. Dave, as we were guiding it at a 62.3% margin for this quarter and we had favorability. Some of that does have to do with professional services mix. We also had strength in our product margins. And we have confidence to take that up to 62.5% as a guide going into Q4 and for the rest of the year.

Kevin，我先回答，然後再請你補充。Dave，我們原先對本季的指引是62.3%的毛利率，而實際上有利好。其中一部分確實與專業服務的組合（mix）有關。我們的產品毛利率也表現強勁。因此我們有信心把指引上調到62.5%，作為進入第四季以及今年剩餘期間的指引。

In this environment, we don't think it makes sense to be too aggressive and trying to -- and how we call that number, but you'll notice that we're just -- we've gradually been taking that up in a very challenging environment.

在這樣的環境下，我們認為沒有必要過於激進地——以及我們如何訂出那個數字——但你會注意到，我們只是——在非常具挑戰性的環境中，逐步把它往上調。

And yes, we have to, as we forecast the business, we have to look at mix as it relates to services and obviously wired wireless portfolio. Kevin, do you want to add to that?

而且是的，當我們預測業務時，必須考量服務占比的組合，當然也要看有線/無線產品組合。Kevin，你要補充嗎？

Yes, I think you're right, Ed. I mean, at the end of the day, we didn't quite have as much professional services as we originally anticipated in the quarter to drag down margins and you saw the product margin improvements which is really emblematic of the supply chain kind of management that we had, the good supply chain management.

是的，我認為你說得對，Ed。我的意思是，歸根結底，本季我們實際上的專業服務沒有原先預期那麼多，因此對毛利率的拖累較小；同時你也看到產品毛利率的改善，這其實很能反映我們在供應鏈管理上的表現——良好的供應鏈管理。

David Vogt, UBS.

UBS的David Vogt。

Great. Thanks, guys, for taking my question. Maybe Kevin and Ed, this is just more of a longer-term philosophical question. Obviously, the networking market continues to be incredibly strong. You guys are doing exceptionally well. But the component environment and the supply chain environment is obviously a constraining factor, and I think everyone can acknowledge leading to maybe elevated costs and long lead times.

很好。謝謝各位回答我的問題。Kevin和Ed，這可能是一個偏長期、偏理念層面的問題。顯然，網路市場仍然非常強勁。你們的表現也非常出色。但零組件環境與供應鏈環境顯然是一個限制因素，我想大家都能認同，這可能導致成本偏高以及交期拉長。

How do we think about that mix in terms of what this means longer-term for your profitability? Because I think, Kevin, in the past we've talked about long-term targeting getting to 64 to 66. And to Ed's just recent comment, obviously, we want to be fruited and not get out ahead of our skis, but just how do we think about the environment today, maybe vis-a-vis what the environment looked like 6 months ago or 12 months ago and how do you think about that in the context of a longer-term perspective on your business?

我們該如何看待這種組合，從長期角度它對你們的獲利能力意味著什麼？因為我記得Kevin過去談過長期目標是做到64到66。而就Ed剛才的評論來看，顯然我們希望務實，不要操之過急；但我們該如何看待今天的環境，相較於6個月前或12個月前的環境，以及你們如何在更長期的業務視角下思考這件事？

Thanks, David. And, Kevin, again, I'll jump in and then let you pick it up. But obviously, David, we have to look at it from two sides, right? We were talking about pricing, that question came up. We have to balance how much we raise price and how does it impact demand from customers. So that's something that we look at.

謝謝你，David。Kevin，我再一次先說幾句，然後再請你接著補充。但很明顯，David，我們必須從兩個面向來看，對吧？我們剛才談到定價，那個問題也被提到。我們必須在提價幅度與其對客戶需求的影響之間取得平衡。這是我們會去評估的事情。

We are not the industry leader. And so we have a -- we're priced below the larger competitors in the marketplace, which gives us an advantage. So from a pricing standpoint, that is a lever that we're able to kind of push and pull, if you will.

我們不是產業領導者。因此相較於市場上更大的競爭對手，我們的定價更低，這給了我們優勢。所以從定價角度來看，這是一個我們可以某種程度上推拉調整的槓桿。

And we do that, and I'd say we're very good at that, and we expect to capture the price increases we put in place.

我們確實這麼做，而且我會說我們做得很好，我們也預期能夠把我們所採取的價格上調反映並落實到位。

The other thing that we've done, which is exceptional in the industry, is we've solved for the supply chain constraints. So I can tell you, we don't have supply chain constraints at Extreme, which is highly unusual, (inaudible) many factors. We were early in recognizing the supply issues.

另外一件我們做得非常出色、在業界也很突出的事，是我們已經解決了供應鏈限制。所以我可以告訴你，在Extreme我們沒有供應鏈限制，這是非常不尋常的，（聽不清）有很多因素。我們很早就意識到供應問題。

We have literally 12 different initiatives underway at Extreme in terms of sourcing new vendors. Broadcom has been an amazing partner for us in introducing us important relationships for us. We were turning up new sources of supply. They've also been very helpful for us and CEO level connections, board level connections.

在尋找新供應商方面，Extreme目前實際上同時推進了12項不同的計畫。Broadcom一直是我們非常棒的合作夥伴，為我們引介了重要的關係。我們正在啟用新的供應來源。他們也在CEO層級的連結、董事會層級的連結上給了我們很大幫助。

At Micron, our traditional vendor, we've gotten in on Micron now and we're now part of their supply next and we're on their radar going direct with them. In the open market, broker markets, we've done a great job.

在Micron這個我們傳統的供應商方面，我們現在已經打進Micron，並且成為他們供應體系的一部分，直接與他們合作，進入他們的關注名單。在公開市場、代理/經紀市場方面，我們也做得非常好。

Samsung is a large customer of Extreme. Samsung's global headquarters runs on Extreme, and our sales leadership in that country has excellent relationships. And we've unlocked suppliers from Samsung at amazing prices. So I'm just giving you some examples of here you have country manager in sales unlocking supply. You have cross-functional team members getting very creative about how we solve for this.

Samsung是Extreme的大客戶。Samsung的全球總部使用Extreme運作，而我們在該國的銷售領導層擁有非常好的關係。我們也從Samsung解鎖了供應來源，價格非常好。所以我只是舉一些例子：你可以看到這裡有國家經理在銷售端解鎖供應；也有跨職能團隊成員非常有創意地思考我們如何解決這個問題。

So the net for us is we have clear visibility for supply, as we mentioned in our comments, into '28 and beyond. We have new suppliers coming online and, I'm confident saying that supply just isn't an issue. And then it's a question of pricing. Even in the case of Micron, where they shifted their products to, these, yeah higher margin products, if you will, at the same time to support customers like Extreme, they're still building more fabs for the older technology, if you will.

因此對我們而言，整體結果是：如同我們在評論中提到的，我們對供應在'28年及之後有清晰的可視性。我們有新的供應商正在上線，我有信心地說，供應已經不是問題。接下來就是定價的問題。即便以Micron為例，他們把產品轉向這些——可以說是更高毛利的產品——同時為了支援像Extreme這樣的客戶，他們仍在為較舊的技術（如果你願意這麼說）建更多晶圓廠。

So that's, we see increase in supply coming from older vendors that we've dealt with, and then we have new sources of supply, and we're confident that that margin goal. We'll come back. And then the real shift in the margin goal will be the evolution of Platform One as we pivot into '28, where we'll have real confidence in seeing that margin move.

所以我們看到，來自我們過去合作過的既有供應商的供給正在增加，同時我們也有新的供應來源；我們對那個毛利目標有信心。它會回來的。而毛利目標真正的變化，將來自Platform One的演進：當我們轉向'28年時，我們會更有信心看到毛利率往上移動。

I mean, the only thing I would add, Ed, is well, Dave, if you think about the one step we had in the quarter, we had 187 customers over $1 million. And that's up pretty heavily from last year, and we had 47 customers in particular in Q4 with over $1 million. And so we're going upmarket. When we go upmarket, there are larger deals. When you get larger deals that and as we continue to move with the AI leadership position that we have and going upmarket to these larger customers and then attracting new resellers with that larger kind of capacity to be able to find larger customers, that's going to help us from a demand perspective and growth perspective in future years.

我想我唯一要補充的是，Ed——嗯，Dave，如果你回想我們本季的一個進展，我們有187位客戶的貢獻超過100萬美元。這比去年大幅增加，且在第四季特別有47位客戶超過100萬美元。因此我們正在往中大型市場（upmarket）前進。當我們往上走，就會有更大的交易案。當你拿到更大的案子，並且隨著我們持續憑藉我們在AI上的領先地位，往上走到這些更大型的客戶，同時吸引具備更大能力的新經銷商去開發更大型的客戶，這將在未來幾年從需求與成長的角度幫助我們。

So that's the strategy that we have and I think it's playing out well with Platform One, with going up market and I think we've got a long cycle here of continued growth.

所以這就是我們的策略，我認為它正透過Platform One、透過往中大型市場前進而良好地展開；我也認為我們將迎來一段長周期的持續成長。

Great. Now, just to follow-up, and I appreciate all that color. That was incredibly helpful. Just maybe -- I know this is maybe a difficult question, but when you think about all those vectors and the different sort of matrices, whether it's demand, price, discounting, are you trying to solve for gross margin rate or gross profit dollars right now, given the environment that we're in? I'm just trying to get a sense for how you're thinking about all of the moving pieces.

很好。那再追問一下，也謝謝你們提供這麼多細節。這真的非常有幫助。只是——我知道這可能是個不太容易的問題——但當你考量所有這些向量與不同的矩陣，無論是需求、價格、折扣，你們在目前這個環境下，是更想解的是毛利率（gross margin rate），還是毛利額（gross profit dollars）？我只是想了解你們如何看待所有這些變動因素。

I don't think we're -- I mean, so -- I don't think we're trying to solve for one or the other, to be honest with you, Dave. I mean, first and foremost, we're a growth company, and so we're focusing on growth and being able to take as much share as we possibly can in this market.

我不認為我們——我的意思是，所以——老實說，Dave，我不認為我們是在試圖在兩者之間擇一解決。我的意思是，首先最重要的是，我們是一家成長型公司，因此我們專注於成長，並在這個市場中盡可能取得更多市占。

I think second, we want to do it profitably. And as Ed and I talked about, even at the Analyst Day, we want to grow more than 10% in the business and we want to double that amount from a profit perspective. That's what we just landed on in 2026 and hopefully we can continue to be that way in 2027. And so as we think about just what we're trying to do here is grow the company and grow it with scale and leverage to continue to provide stronger EPS, which is going to underpin a growing stock price.

我認為第二點，我們希望以獲利的方式來做到。正如我和 Ed 討論過的，即使在分析師日，我們也希望業務成長超過 10%，並且從獲利角度希望達到那個數字的兩倍。這就是我們在 2026 年剛剛確立的目標，並希望在 2027 年也能延續。因此，當我們思考我們在這裡要做的是什麼，就是把公司做大，並透過規模與營運槓桿持續提供更強的 EPS，這將支撐股價的成長。

Yeah, I think, I mean, David, I think, yeah, Kevin, good answer. Net, we're doing both and we think we can do both. So again, we're pointing to growth numbers for this year and then we're also pointing to expanding gross margins. And I know, again, 62.3% target in Q4, 62.5% target in Q1.

是的，我想——我的意思是，David，我想——是的，Kevin，回答得很好。總的來說，我們兩者都在做，而且我們認為兩者都能做到。所以再次強調，我們指引今年的成長數字，同時也指引毛利率擴張。而且我知道，再次，第四季目標 62.3%，第一季目標 62.5%。

And over the long-term, as you in in our long-range plan, as you look at the migration of customers over to Platform One, you see a real gross margin benefit.

從長期來看，正如你在我們的長期計畫中所看到的，隨著客戶遷移到 Platform One，你會看到明顯的毛利率效益。

Yeah, great. Thanks, guys.

好的，很棒。謝謝各位。

(Operator Instructions)

(接線員指示)

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

Yeah, Kevin, I wanted to follow-up on your comment there about the 187 customers that ordered with over a million in bookings. How did that compare? What was the number in FY '25? And then I have a follow-up.

是的，Kevin，我想跟進你剛才提到的那 187 位客戶，他們的訂單預訂額（bookings）超過 100 萬美元。這個數字相比如何？FY '25 的數字是多少？然後我還有一個追問。

Yeah, we had 168 in '25 there, Eric. Sorry, 168, yeah, 168.

是的，Eric，'25 年我們是 168。抱歉，168，對，168。

Okay. And then for FY27, is there an expectation about an assumption of growth? Is there something in the sales plan where we are targeting, where we've got based on the pipeline that we have now, is there an expectation for that number to grow or is it just kind of taking it as it comes?

好的。那麼對 FY27，對於成長是否有預期或假設？在銷售計畫中，基於我們目前的管線（pipeline），是否有設定目標、預期那個數字會成長，還是就比較順其自然、看情況？

No, I -- Kevin, let me go ahead, take that and you can. The answer is we have great visibility, Eric, into the funnel. And in terms of our funnel metrics, the number of opportunities that we have that are over $1 million, if you look at the funnel as where we sit today versus where we were a year ago, that funnel in terms of the number of opportunities is up. I call it in the mid 10s.

不，我——Kevin，我先來回答，你也可以補充。答案是，我們對漏斗（funnel）的能見度非常高，Eric。就我們的漏斗指標而言，超過 100 萬美元的機會數量，如果你看今天相較於一年前的位置，這個漏斗在機會數量上是增加的。我會說大約是十幾個百分點的增幅。

And then if you look at the size of those opportunities, that is up as well into the mid 10s. So if you look at, again, it goes back to the funnel creation. And I talked about the alignment of our go to market teams. We have 19 pods between marketing, direct sales, channel sales. They're doing a great job. They have very specific funnel creation targets and funnel conversion targets.

然後如果你看這些機會的規模，也同樣上升到十幾個百分點。所以你看，這又回到漏斗的建立。我也談到我們市場進入（go-to-market）團隊的對齊。我們在行銷、直銷、通路銷售之間共有 19 個小組（pods）。他們做得非常好。他們有非常明確的漏斗建立目標與漏斗轉換目標。

And within all of these, we're incentivizing our teams to go after bigger deals. So it's nice to see it when you have a strategy, you're executing on the strategy and it shows up in the numbers. And our funnel, that's what gives us a lot of confidence in what we're calling here because we're definitely moving up market. As we look forward based on the metrics and the analysis of the opportunities in our quality.

而在這一切之中，我們也在激勵團隊去爭取更大的案子。所以很高興看到，當你有策略、你在執行策略，而它反映在數字上。而我們的漏斗，正是讓我們對目前所做的判斷充滿信心的原因，因為我們確實正在往中大型市場移動。展望未來，基於這些指標以及對我們機會品質的分析。

And that your channel that you currently have is supporting that. It's not like we need to develop new reseller relationships.

而且你們目前的通路也在支援這件事。並不是說我們需要去發展新的經銷商關係。

And that's the other thing that's going on, Eric. So we have opened up the doors to larger customers and larger partners, and that channel is going to be critical for us. I can talk about some of the largest channel partners that Extreme has never had relation. A year ago, we could say we were ground zero with some of these bigger partners, and we've made tremendous progress.

而這也是另一個正在發生的事情，Eric。我們已經向更大型的客戶與更大型的合作夥伴敞開大門，而這個通路對我們將至關重要。我可以談談一些 Extreme 過去從未有過合作關係的最大型通路夥伴。一年前，對其中一些更大的夥伴我們還可以說是從零開始，而我們已經取得了巨大的進展。

These are partners that talk about doing hundreds of millions of dollars with Extreme, not tens of millions of dollars with Extreme. And so it's a longer lead time, if you will, to nurture and develop these relationships. But we've done that in the US with some key partners that we're very excited about.

這些夥伴談的是與 Extreme 合作做到數億美元的規模，而不是數千萬美元。因此可以說，培養並發展這些關係需要更長的前置時間。但我們已在美國與一些我們非常看好的關鍵夥伴做到這一點。

We're doing that in Europe. As you may recall, we have a new sales leader who is running Europe for us, who came from Juniper, who's coming and he strengthened some of these larger partner relationships. And in our funnel, that's contributing to the larger deals that we're seeing in our funnel.

我們在歐洲也在做同樣的事。如你可能記得，我們有一位新的銷售主管負責歐洲，他來自 Juniper，他加入後強化了其中一些大型夥伴關係。而在我們的漏斗中，這也正在促成我們看到的更大型交易。

This is where there's the combination of these larger partners training up on our technology and being surprised and impressed and excited by the technology differentiation that they didn't realize. One, two, the commercial terms, the kinds of things that we're doing, the availability of supply and the relationships.

這裡的情況是，這些大型夥伴開始接受我們技術的訓練，並對他們先前未意識到的技術差異化感到驚喜、印象深刻且興奮。第一、第二，還有商務條款、我們正在做的各種事情、供應可得性以及合作關係。

And so this is how -- this is, it's all a combination of channel and it's a combination of our sales teams being able to manage these kinds of projects that are larger, more complicated, the operational support that we provide and our marketing teams and how we're targeting and the kinds of events that we're doing.

因此這就是——這就是，一切都是通路的組合，也是一個組合：我們的銷售團隊能夠管理這類更大、更複雜的專案；我們提供的營運支援；以及我們的行銷團隊如何鎖定目標、我們舉辦的各類活動。

All these things are coming together. And as I mentioned before, we have 19 specific strategies based on how we go to market, leveraging best practices from across the company and we're executing and we see it because if we're looking at funnel creation, funnel conversion, and obviously that ties into our bookings forecast. And you can tell just listen to me, we're excited about how all that's coming together.

所有這些事情正在匯聚在一起。而如我先前提到的，我們基於市場進入方式有 19 項具體策略，運用全公司最佳實務，我們正在執行，而且我們看得到成果，因為我們在看漏斗建立、漏斗轉換，當然這也連結到我們的預訂額（bookings）預測。你也聽得出來——光聽我說就知道——我們對這一切如何整合在一起感到很興奮。

Got it. Thanks.

了解。謝謝。

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

目前沒有其他問題。我現在把電話交回給總裁兼執行長 Ed Meyercord 作結語。

Jade, thank you. And for all the investors on the call, we appreciate your time and attention and work on Extreme. I also want to -- we have employees and partners, suppliers, people that tune into the call. I want to thank you for the partnership and the hard work delivering the results.

Jade，謝謝你。也感謝所有參與電話會議的投資人，我們感謝你們在 Extreme 上投入的時間、關注與研究。我也想——我們也有員工與合作夥伴、供應商，以及收聽本次電話會議的各位。我要感謝你們的合作與辛勤付出，讓我們交出這些成果。

One thing I will say, we are very excited about the release of Agent ONE Coworker scheduled to come at the end of this month, as well as our operator mode, which we are unveiling in Amsterdam on October 20. Investors, you're welcome to join if you want to make the trek over there to see the technology.

我想說的一件事是，我們對本月底預計推出的 Agent ONE Coworker 非常興奮，還有我們的 operator mode，我們將在 10 月 20 日於阿姆斯特丹揭曉。投資人如果願意遠道而來看技術展示，也非常歡迎加入。

And as I mentioned before, we are going to be demonstrating and showing technology that will become [VA] this year that is well in front of our much larger competitors. And if you want to get a flavor for that, please come over and we'll welcome you and make space for you in that event.

而且如我先前提到的，我們將展示並呈現今年將成為 [VA] 的技術，這些技術明顯領先於我們規模大得多的競爭對手。如果你想先感受一下，請到現場來，我們會歡迎你，並在活動中為你安排位置。

So again, thanks all of you for the participation and have a great day.

再次感謝各位的參與，祝大家有美好的一天。

This concludes today's call. Thank you all for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。