Extreme Networks, Inc.

Hello, everyone. Thank you for joining us and welcome to Xtreme Network's fourth quarter fiscal year 2026 financial results conference call. After today's prepared remarks, we will host a question and answer session. If you'd like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Stan Kovler, Senior Vice President, Finance and Corporate Development. Please go ahead.

Thank you, Jay. Good morning and welcome to Xtreme Network's fourth quarter fiscal year 2026 earnings conference call. I'm Stan Kovler, Senior Vice President of Finance and Corporate Development. With me today are Xtreme Network's President and CEO, Ed Meyercord, and Executive Vice President and CFO, Kevin Rhodes. We just distributed a press release and filed an 8K detailing Xtreme Network's 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. 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, supply chain dynamics, and management 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. 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. And now I will turn the call over to Xtreme's President and CEO, Ed Meyercord,

Thank you, Stan, and thank you all for joining us this morning. At fiscal 26, we delivered 13% year-over-year revenue growth and 26% EPS growth, highlighting competitive strength and the operating leverage in our model. During the year, we took share and accelerated our move up market by winning more sophisticated networking projects with larger customers. And Q4 was our sixth consecutive quarter of double-digit growth. 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. 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. And third, operating excellence and discipline execution highlighted by our supply chain team eliminating product constraints and by allowing us to meet customer demand into fiscal 28 and beyond. Enterprise networking is in an extended growth cycle fueled by new demands on network created by AI, security, the modernization of enterprise needs. 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. Fiscal 26 highlighted a significant move up market with 187 customers booking more than a million dollars in business with Xtreme. 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. Our unique enterprise fabric remains one of our strongest differentiators. 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 approve a concept, our win rate goes way up. 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 a unified AI-powered networking platform. Customers and partners are interested in Extreme They want the most advanced networking platforms that leverage modern agentic AI technology. The release of our Xtreme Agent One coworker this quarter is highly anticipated. And deployment flexibility. No competitor matches Xtreme's cloud flexibility, whether it's public, private, or on-prem. We offer seamless alternatives without compromising performance, control, or compliance. That differentiation brings unique data sovereignty protection, driving strong public sector demand. During the quarter, Platform One achieved Germany's C5 certification, one of Europe's rigorous cloud standards. 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 MatSync. 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. Platform One continues to accelerate with customers across all GOs 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 and company history, Vandalia Health, the largest healthcare provider in West Virginia, the UK Health Security Agency, Assumption University, Penn State Athletics, and many more. 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 wins, Xtreme displays 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. Elisabeth Tweesteden, one of the largest hospitals in Netherlands, expanded his partnership with Xtreme, selecting Platform One and Wired and Wireless Solutions to support a major modernization initiative. Xtreme Fabric was a key differentiator, helping us display Cisco with the simplicity and resiliency required for a 24-7 healthcare environment. Brunel University in London, with over 16,000 students, was another new logo win. We displaced a 20-year incumbent by combining the differentiated value of our campus fabric with Platform One. And lastly, University of Florida selected Xtreme 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. 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. The strength of our business momentum has carried into the new fiscal year. Market trends are favorable for extreme, and we intend to continue outpacing market growth by taking share, migrating new and existing customers onto platform one. 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 the competitors' lead times are extending due to ongoing supply constraints creating tailwinds for us. With the next generation of Platform One and the upcoming release of both Agent One in coworker mode this quarter and in operator mode next quarter, we will bring agentic AI across the entire network lifecycle from design to orchestration, troubleshooting, and remediation across our entire and many more. We will continue to develop our product portfolio while delivering complete observability, auditability and autonomy with built-in governance. 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. Finally, the benefits of our continued growth will show up in our operating leverage and the 20 plus percent, 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.