Extreme Networks, Inc.

Thank you for standing by and welcome to the Extreme Network's fourth quarter fiscal year 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I'd now like to turn the call over to Stan Kovler, Senior Vice President, Finance and Investor Relations. You may begin.

Thank you, Rob. Good morning and welcome to Extreme Network's fourth quarter and fiscal year 2025 earnings conference call. I'm Stan Kovler, Senior Vice President of Finance and Corporate Development. With me today are Extreme Network's President and CEO, Ed Myercord, and Executive Vice President and CFO, Kevin Rhodes. We just distributed a press release and filed an 8K detailing Extreme Network's financial results for fiscal Q4 and full year fiscal 25, a copy of the press release, which includes our GAAP and non-GAAP reconciliations, and our earnings presentation is available in the investor relations section at extremenetworks.com. Today's call and Q&A may include forward-looking statements based on current expectations about Xtreme's future financial and operational results, growth expectations, new product introductions and strategies. All financial disclosures made on this call will be on a non-GAAP basis unless stated otherwise. We caution you not to put undue reliance on these forward-looking statements. as they involve risks and uncertainties that can cause actual results to differ materially from those anticipated by these statements. These risks are described in our risk factors in our 10-K and 10-Q filings, and any forward-looking statements made on this call reflect our analysis as of today. We have no plans to update them except as required by law. Following our prepared remarks, we will take your questions, and now I will turn the call over to Xtreme's President and CEO, Ed Myercord.

Thank you, Stan, and thank you all for joining us this morning. I'm pleased to report that Q4 marked our fifth consecutive quarter of sequential revenue growth. Revenue reached 307 million, representing a 20% increase year over year, with particularly strong performances in APAC and EMEA regions. We continue to move up market and see robust demand across both our wired and wireless network solutions and all our industry verticals. This helps drive an acceleration in SaaS ARR revenue to $208 million, up 24% year-over-year. Large deal momentum is picking up, with product bookings at an eight-quarter high. Our competitive win rates remain strong as we move up market and displace larger players due to our highly differentiated campus fabric, the flexibility and simplicity of our cloud management platform, the industry's most simple licensing, and now, the release of our innovative AI-powered Xtreme Platform One solution. Enterprise interest in Xtreme has increased across all verticals. This momentum was clear at Xtreme Connect in Paris in May, where nearly 1,000 customers, partners, analysts, and press joined us for hands-on training, dynamic main stage keynotes, and networking with peers. Many of the attendees have seen PowerPoints and canned demos of future AI platforms from other vendors, but the fact that the entire event was run on a live version of Xtreme Platform One generated a lot of excitement and momentum. The overwhelmingly positive feedback on the event and our technology highlights rising enthusiasm for Xtreme. In Q4, we expanded our footprint in the Japanese government with two multimillion-dollar wins, displacing a major competitor and gaining large and important strategic partners in the process. The eight-digit project win for the entire Japanese judiciary, including the Supreme Court, marked the largest win in the APAC region and company history. Both will deploy a unique Xtreme Fabric solution from quarter branch, powered by our SD-WAN and managed through Xtreme Cloud IQ, giving users secure, seamless access across the country with our flexible and highly secure private cloud option. We continue to add to our leadership position in high density public and entertainment venues in the quarter, MetLife Stadium, home field of the New York Giants and Jets, as well as host for the 2026 World Cup Finals, selected Xtreme to deliver modern Wi-Fi 60 infrastructure to power better fan experiences and streamline operations across the stadium. We also added Pinnacle Bank Arena and Hendrick Motorsports as highlighted in our press release. Global hospitality and casino customers, including the very first high-end luxury resort casino in the Middle East, are standardizing on our fabric. When customers see the impact of fabric's unique features like sub-second convergence, the unmatched security benefits of micro-segmentation, the ease of deployment with automated zero-touch provisioning, Xtreme becomes the easy choice. One very large enterprise in the midst of several proof of concepts said, what takes Cisco six hours takes Xtreme six minutes. In fact, we've challenged each of the large players in the networking industry head to head in enterprise customer environments, and none come close to meeting our performance. Xtreme is also becoming the top choice for mission critical environments, delivering unmatched reliability and performance. And Aira, Europe's fourth largest air navigation provider, deployed Xtreme to ensure secure, scalable communication and managing airspace over Spain, and over 2 million flights annually. In the UK, Surrey and Sussex Healthcare NHS Trust, which provides healthcare services to over 740,000 people, upgraded its Wi-Fi network and will use Xtreme Cloud IQ and Fabric for flexible, centralized, and secure network management to help deliver best-in-class patient care. Finally, Qatar Energy, a leader in oil and gas production, chose Xtreme Wired Solutions to enable secure, high-performance connectivity across its complex and remote operations for its new liquefied petroleum gas bottling plant. In Q4, we hit a major milestone with Xtreme Platform One becoming the first and only networking vendor to offer a conversational, multimodal, agentic, AI-powered networking platform generally available to customers today. Early feedback has been positive. West Suffolk NHS in the UK migrated to Extreme Platform 1 in just 47 minutes. They said the platform gives them a helicopter view of the network, and they expect our AI agents to be new members of their IT staff. Bath and Northeast Somerset Council in the UK said they love how AI has helped them quickly resolve technical queries without having to pour through hours of documentation. Extreme Platform One breaks down silos between networking and security, automates tasks through integrated AI agents, and offers the industry's simplest licensing. It also provides the industry's only composable workspace where you can leverage our platform's multimodal capabilities and customized dashboards with the help of our AI agent. Customers can see everything from global networks down to individual devices, application performance, and more. This helps simplify planning, procurement, deployment, management, troubleshooting, and keeps downtime to a minimum. Industry analysts have recognized the significance of Xtreme Platform One. According to Enterprise Strategy Group, the solution is quote, at the leading edge of the market in terms of completeness and sophistication of AI for networking. Enterprise Management Associates says, quote, there is a growing interest in AI-driven network management capabilities since IT teams are running leaner with heavier workloads. And there is less skepticism today towards AI than there was a few years ago, especially considering Xtreme's human-in-the-loop approach. Extreme Platform One brings AI, automation, and simplicity together in one powerful platform. For our customers, it means faster outcomes, higher productivity, and significant ROI. We believe we're in the right place at the right time with the highest quality platform and the most modern tools for all enterprise networking customers. And finally, we continue to make progress with our diverse commercial models, with our MSP program doubling to 53 partners year over year. We offer the industry's first consumption-based billing, eliminating upfront costs, and ensuring predictable expenses. Our poolable licensing allows our MSPs to flexibly allocate licenses across devices, locations, and customers, making it simple to scale. Looking ahead, we have strong confidence in sustained customer demand based on our Q1 funnel generation and with continued strong growth in our overall pipeline. We expect growth in fiscal 26 to accelerate. We have tremendous opportunities with large customers. Our competitive positioning has never been stronger, and we're accelerating investments in our business to drive automation, differentiation, and commercial success. I look forward to sharing more of our plans and outlook with all of you at our recently announced Investor Day in November. With that, I'd like to turn the call over to our CFO, Kevin Rhodes, to walk us through the results and guidance.