Extreme Networks, Inc. (NASDAQ:EXTR) Q3 2022 Earnings Conference Call April 27, 2022 8:00 AM ET

Company Participants

Edward Meyercord - President & Chief Executive Officer

Remi Thomas - Chief Financial Officer

Stan Kovler - Vice President of Strategy & Investor Relations

Conference Call Participants

Alex Henderson - Needham

Eric Martinuzzi - Lake Street

Dave Kang - B. Riley

Christian Schwab - Craig-Hallum

Operator

Good day and thank you for standing by. Welcome to the Extreme Networks Third Quarter Fiscal Year 2022 financial results call. At this time all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Stan Kovler, Vice President of Corporate Strategy and Investor Relations. Please go ahead.

Stan Kovler

Thank you, Operator. Welcome to the Extreme Networks Third Quarter Fiscal '22 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 Remi 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 and 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. 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 as described by our risk factors in our 10-K report for the period ended June 30th, 2021, 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 except as required by law. Now, I will turn the call over to Extreme's President and CEO, Edward Meyercord.

Edward Meyercord

Thank you, Stan, and thank you all for joining us this morning. Q3 was characterized by strong double-digit bookings and the fifth consecutive quarter of double-digit revenue growth that led to record quarterly bookings and revenue. We achieved these results despite industry-wide supply chain challenges. We built an incremental 130 million product backlog which now sits at over $425 million. We see strong demand as we turn the corner into Q4 and fiscal '23 for both our Enterprise and 5G solutions. A record 45 customers placed orders of more than a $1 million and our product book-to-bill was over 1.4 as demand continues to exceed supply.