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
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Extreme Networks Q1 FY '23 Financial Results Conference Call. [Operator Instructions]
I would now like to turn the call over to your host, Stan Kovler, you may begin.
Stanley Kovler
Thank you, Kevin. Welcome to Extreme Networks first quarter in 2023 earnings conference call. I'm Stan Kovler, Vice President of Corporate Strategy and Investor Relations. With me today are Extreme Networks' President and CEO, Ed Meyercord; and CFO, Rémi Thomas. We just distributed a press release and filed an 8-K detailing Extreme Networks' financial results for the quarter. For your convenience, a copy of the press release which includes our GAAP to non-GAAP reconciliations is available in the Investor Relations section of our website at extremenetworks.com.
I would like to remind you that during today's call, our discussion may include forward-looking statements about Extreme's future business, financial and operational results, growth expectations and strategies. All financial disclosures on this call will be on a non-GAAP basis, unless stated otherwise. We caution you not put [indiscernible] 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 as of described in our risk factors in our 10-K report for the period ended June 30, 2022, as filed with the SEC. Any forward-looking statements made on this call reflect our analysis as of today and we have no plans or duty to update them as required except as required by law.
Now, I will turn the call over to Extreme’s President and Chief Executive Officer, Ed Meyercord.
Ed Meyercord
Thank you, Stan and thank you all for joining us this morning. We had a record quarter as demand for cloud-driven networking and for Extreme Solutions has never been stronger. Again, our share gains are evident by double-digit revenue growth, record revenue and continued growth of backlog which now sits at $555 million. The sequential increase in revenue and margins led to continued improvement in our operating model and we achieved EPS of $0.20 in Q1, up from $0.15 in Q4. We expect these bottom line earning trends to continue.