Extreme Networks, Inc.

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 Networks first quarter FY26 financial results 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 would 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, press star one again. Thank you. I would now turn the call over to Stan Kovler, Senior Vice President of Finance and Corporate Development. Please go ahead.

Thank you, Operator. Good morning and welcome to the Xtreme Network's first quarter fiscal year 2026 earnings conference call. I'm Stan Kovler, Senior Vice President of Finance and Corporate Development. With me today are Xtreme Networks President and CEO, Ed Myercord, and Executive Vice President and CFO, Kevin Rhodes. We just distributed a press release and filed an 8K detailing Xtreme Networks financial results for the quarter, first quarter 2026. A copy of the press release, which includes our gap to non-gap reconciliations and our earnings presentation, is available in the IR section at XtremeNetworks.com. Today's call and Q&A may include certain 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 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 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 Xtreme's President and CEO, Ed Meyerchord.

Thank you, Stan, and thank you all for joining us this morning. 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 EMEA and Asia Pacific. 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. One of the important growth engines with large enterprise customers continues to be Xtreme 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. There's strong interest in our new Xtreme Platform 1, 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, minimizes downtime, and supports the demands of modern business applications. Given our momentum in technology innovation, IDC recently recognized Xtreme as a leader in its 2025 marketscape, highlighting our fabric, Xtreme Platform One, flexible deployment via universal hardware, and expertise in high-density environments with key differentiators. 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. 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. 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 up market. Other wins in the quarter included T-Mobile Center, a premier multipurpose arena in Kansas City, chose Xtreme for our proven expertise in deploying next generation wireless and high density venues. Xsite, a 5 billion euro global leader based in Germany, specializing in clean room technology and complex plant engineering, is standardized exclusively on Xtreme for land, wireless land, network access control, all managed by Xtreme Cloud IQ. Burger Zoo in the Netherlands at over 111 acres recently deployed Xtreme wired and wireless solutions managed by Xtreme Platform 1 to ensure reliable connectivity for security cameras, ticketing, guest Wi-Fi, mobile point-of-sale systems, and smart habitats. Global healthcare organizations like University Hospital, Birmingham NHS Foundation Trust, and Henry Ford Health are deploying Xtreme'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. Gateshead Council in England deployed Xtreme Fabric to modernize and secure its network across roughly 200 sites, creating a unified, secure, and agile digital foundation managed through Extreme Platform One. In September, we announced an extension of our relationship with the NFL through 2028. Now, in our 13th season as a partner, Gary Brantley, the CIO of the NFL, said, partnering with Extreme Networks has been transformative for the NFL, elevating both our stadium operations and the way fans experience the game. 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. 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 Xtreme and competitive wins. Xtreme Platform 1, 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 from multiple devices, correlate alerts, run diagnostics, and then create support cases, often taking hours or even days per issue. 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. Xtreme's agentic AI architecture goes well beyond our competitors' older first-generation and limited AI features. Xtreme Platform One's simple interface, our AI Canvas, that is truly unique in the industry, removes the complexity of navigating multiple applications, copying data between systems, and manually tracking device life cycles, 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. On November 13th, 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. 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 renewals and cut emissions by 50%. Given this success, Newsweek recently recognized Xtreme as one of America's greenest companies. 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 and our company's growth trajectory. Now let me turn the call over to Kevin to discuss financial results and guidance.