UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-25711 EXTREME NETWORKS, INC. (Exact name of registrant as specified in its charter) DELAWARE 77-0430270 [State or other jurisdi ...

Extreme Networks, Inc. (NASDAQ:EXTR) Q3 2023 Results Earnings Conference Call April 26, 2023 8:00 AM ET Company Participants Stan Kovler - Vice President of Strategy and Investor Relations Ed Meyercord - President and Chief Executive Officer Cristina Tate - Interim CFO and Senior Vice President, Financial Planning and Analysis Conference Call Participants Mike Genovese - Rosenblatt Securities Alex Henderson - Needham & Company Dave Kang - B. Riley FBR Paul Silverstein - Cowen and Company Eric Martinuzzi - L ...

FQ4'23 FQ3'23 Guidance Revenue ($M) $332.5 $340.0 – $350.0 57.7% 57.7% 8.9% | --- | --- | --- | --- | |--------------------|-------|-------|-------------------------| | Gross Margin % | | | – 59.7% | | Operating Margin % | 8.9% | | $0.17 $0.16 – 10.8% | | EPS | | | – $0.22 | ©2023 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 24 l FQ4'23 GUIDANCE – NON-GAAP (IN M'S EXCEPT PERCENTAGES AND EPS) FQ4'23 FQ3'23 Guidance Revenue ($M) $332.5 $340.0 – $350.0 59.0% 15.5% | --- | --- | --- | --- | --- | |-------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-Q (Mark One) EXTREME NETWORKS, INC. (Exact name of registrant as specified in its charter) DELAWARE 77-0430270 [State or other jurisdiction of incorporation or organization] [I.R.S. Employer Identification No.] ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock EXTR NASDAQ Global Select Market Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-25711 EXTRE ...

Extreme Networks, Inc. (NASDAQ:EXTR) Q1 2023 Earnings Conference Call October 27, 2022 8:00 AM ET Company Participants Stanley Kovler - Vice President of Strategy & Investor Relations Ed Meyercord - President & Chief Executive Officer Rémi Thomas - Executive Vice President & Chief Financial Officer Conference Call Participants Alex Henderson - Needham Eric Martinuzzi - Lake Street Capital Paul Silverstein - Cowen Mike Genovese - Rosenblatt Securities Dave Kang - B. Riley Christian Schwab - Craig-Hallum Oper ...

Market Opportunities - The total addressable market for Extreme's Enterprise Networking solutions is estimated at approximately $33 billion, growing at about 12% annually over the next three years[22]. - Extreme targets a $4.6 billion market for 5G services and data centers, aiming to grow revenues to approximately $50 - $100 million per year over the next three to five years[22]. - The cloud networking segment is projected to be a $4 billion market, with a growth rate of 12% over the next three years[26]. - International sales accounted for 55% of consolidated net revenues in fiscal 2022, up from 52% in both fiscal 2021 and fiscal 2020[40]. - The company focuses on verticals such as healthcare, education, retail, and sports, leveraging years of experience to address industry-specific challenges[38]. Product and Technology - Extreme's cloud management platform offers unlimited network data plans for the duration of the subscription, enhancing decision-making capabilities for organizations[26]. - The company provides a differentiated end-to-end cloud architecture that integrates visibility, intelligence, and assurance from the IoT edge to the core[26]. - The ExtremeCloud IQ platform manages millions of devices globally, providing end-to-end visibility and control over users, devices, and applications[6]. - The company’s switching portfolio includes products with connection speeds ranging from 100 Mbps to 25 Gbps, supporting high-density environments[6]. - The wireless LAN access points portfolio includes Wi-Fi 6 APs, which are utilized in demanding environments such as stadiums, enhancing user experience for BYOD and mobile users[6]. - The cloud-native 9000 series switches provide scalable traffic aggregation and advanced network packet processing for analytics tools in distributed environments[32]. - Extreme's SD-WAN solution is offered as an all-inclusive subscription, helping customers reduce total cost of ownership while delivering quality user experience[32]. - The company continues to invest in machine learning and AI technology solutions targeting Cloud Wi-Fi and IoT anomaly detection[50]. Financial Performance - Total net revenues for the fiscal year ended June 30, 2022, were $1,112.3 million, an increase of 10.2% from $1,009.4 million in fiscal 2021[207]. - Product revenues reached $761.7 million, up 8.9% from $699.4 million in fiscal 2021, driven by strong demand despite supply chain constraints[207]. - Service and subscription revenues increased to $350.6 million, a growth of 13.1% from $310.0 million in fiscal 2021, primarily due to subscription growth and the acquisition of Ipanema[205]. - Gross margin for fiscal 2022 was 56.6% of net revenues, down from 58.0% in fiscal 2021[207]. - Operating income improved to $64.2 million in fiscal 2022, compared to $34.4 million in fiscal 2021[207]. - Net income for fiscal 2022 was $44.3 million, significantly higher than $1.9 million in fiscal 2021[207]. - Cash flow from operating activities decreased to $128.2 million, down $16.3 million from $144.5 million in fiscal 2021[207]. - Total gross profit increased to $629.9 million in fiscal 2022, a rise of 7.7% from $585.1 million in fiscal 2021[210]. - Product gross profit was $401.2 million, up from $389.4 million in fiscal 2021, attributed to increased revenues and lower amortization of intangibles[211]. - EMEA region revenues grew to $477.1 million, a 23.1% increase from $387.5 million in fiscal 2021, representing 42.9% of total net revenues[208]. Operational Challenges - The product backlog as of June 30, 2022, was $513.0 million, a significant increase from $105.0 million on June 30, 2021, primarily due to supply chain constraints causing order fulfillment delays[43]. - The company is currently experiencing shortages in semiconductors and other key components, leading to increased costs and disruptions in production[46]. - The company has experienced delays in product shipments due to reliance on manufacturing partners, which could adversely affect business operations[77]. - The COVID-19 pandemic has caused significant disruptions, including factory closures in China, leading to supply chain challenges and increased costs[80]. - Supply chain constraints have led to increased costs for components, with semiconductor chips and other materials in high demand and limited supply[75]. - The company relies on third-party contract manufacturers and original design manufacturers (ODMs) for production, which exposes it to risks related to their financial conditions and geopolitical conflicts[45]. Strategic Relationships and Acquisitions - The company maintains strategic relationships with industry-leading vendors to enhance market routes and collaboratively develop unique solutions[27]. - The company has established key relationships with distributors like Westcon Group Inc. and TD Synnex Corporation to enhance sales and support[37]. - The company completed the acquisition of Ipanematech SAS for a net consideration of $70.9 million to expand its portfolio with new cloud-managed SD-WAN and security offerings[199]. - The acquisition of Aerohive Networks, Inc. was completed for $263.6 million in cash consideration, enhancing the company's networking solutions[200]. - The company recognized transaction costs of $7.0 million related to the Ipanematech acquisition during the fiscal year ended June 30, 2022[199]. Risks and Uncertainties - The company expects increased competition from traditional networking solutions and cloud platform companies, including Amazon, Microsoft, and Google[57]. - The company faces risks in the cloud networking solutions market, which may not develop as anticipated, potentially affecting growth opportunities[97]. - The company may face challenges in achieving targeted cost reductions and maintaining warranty expenses, which could impact financial performance[123]. - The company is exposed to credit risk from channel partners and end customers, which could result in material losses if significant defaults occur[142]. - The ongoing military conflict in Ukraine may lead to significant market disruptions and volatility in commodity prices, impacting the company's financial condition[113]. - The company is currently involved in various legal proceedings that may negatively impact its operating results, with litigation being expensive and disruptive[151]. - The company faces potential claims of patent infringement, which could lead to substantial costs and affect its financial condition and operating results[152]. - The company may incur significant future expenses related to legal claims and licensing negotiations, which could adversely affect its financial condition[155]. - The reliance on third-party licenses for software and intellectual property may pose risks if necessary licenses are not available on acceptable terms[156]. - The company’s ability to protect its intellectual property rights is uncertain, which could lead to unauthorized use of its products or technology[157]. Corporate Governance and Compliance - The company is required to evaluate the effectiveness of its internal controls over financial reporting annually, and any material weaknesses could adversely affect investor confidence and stock price[146]. - Compliance with evolving industry standards and government regulations is critical; failure to do so may hinder product sales and profitability[162]. - Changes in tax regulations, including the Tax Cuts and Jobs Act of 2017, could materially increase the company's effective tax rate and cash tax obligations[165]. - The company has adopted a Tax Benefit Preservation Plan to prevent limitations on the utilization of net operating losses, which could deter potential acquirers[171]. - The company is subject to examination of its income tax returns by various tax authorities, which may lead to adverse impacts on its financial condition[168]. Workforce and Employment - The sales and marketing organization consisted of 1,072 employees as of June 30, 2022, supporting global sales through a network of distributors and resellers[33]. - The research and development organization consisted of 708 employees as of June 30, 2022, focusing on enhancing product reliability, usability, and security[52]. - The company employs 2,643 people as of June 30, 2022, with 40.6% in sales and marketing and 26.8% in research and development[66]. - The workforce was reduced by approximately 320 employees under the 2020 Plan to enhance financial flexibility amid the COVID-19 pandemic[60]. Financial Strategy - The company has never declared or paid cash dividends on its capital stock and does not anticipate doing so in the foreseeable future[184]. - The company has authorized a share repurchase program of up to $200.0 million over a three-year period commencing July 1, 2022[186]. - The company may need to seek additional debt or equity financing to meet future working capital requirements, which may not be available on favorable terms[139]. - Uncertainty regarding the future of LIBOR could impact borrowing costs and the company's ability to manage interest rate risk[140]. - Rising interest rates and inflation may put additional financial pressures on partners and customers, potentially leading to longer collection times[144]. - The company’s revenues may decline due to changes in public funding for educational institutions, particularly affecting sales to K-12 schools[148].

Start Time: 08:00 January 1, 0000 8:58 AM ET Extreme Networks, Inc. (NASDAQ:EXTR) Q4 2022 Earnings Conference Call July 27, 2022, 08:00 AM ET Company Participants Ed Meyercord - President and CEO Rémi Thomas - CFO Stan Kovler - VP of Strategy and IR Conference Call Participants Alex Henderson - Needham & Company Mike Genovese - Rosenblatt Securities Eric Martinuzzi - Lake Street Capital Markets Dave Kang - B. Riley Operator Good day and thank you for standing by. Welcome to the Extreme Networks Fourth Quart ...

| --- | --- | --- | |--------------------------------------------------------------------------|-------|-------| | | | | | EXTREME NETWORKS FQ4'22 Financial Results July 27, 2022 EXTREME NETWORKS | | | | | | | | | | | Cautionary Statement on Financial Measures Non-GAAP Measures: In preparing the accompanying information Extreme Networks Inc. (the "Company") has excluded, where applicable, the impact of certain Non-GAAP costs as listed at the end of this presentation. The Company believes these Non-GAAP meas ...

| --- | --- | |-----------------------------------------------------------------------------|-------| | | | | EXTREME NETWORKS Leading The Infinite Enterprise May 2022 EXTREME NETWORKS | | | | | Cautionary Statement on Financial Measures ©2022 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 2 Non-GAAP Measures: In preparing the accompanying information Extreme Networks Inc. (the "Company") has excluded, where applicable, the impact of certain Non-GAAP costs as listed at the end of this presentation. The Company ...