Extreme Networks, Inc. (NASDAQ:EXTR) Q3 2024 Earnings Conference Call May 1, 2024 8:00 AM ET

Company Participants

Stan Kovler - VP-Corporate Strategy & IR
Ed Meyercord - CEO
Kevin Rhodes - CFO

Conference Call Participants

Alex Henderson - Needham
Eric Martinuzzi - Lake Street Capital Markets
Brian Hull - UBS
David Kang - B. Riley
Timothy Horan - Oppenheimer
Christian Schwab - Craig-Hallum

Operator

Thank you for standing by and welcome to the Extreme Networks Third Quarter Fiscal Year 2024 Financial Results. At this time all participants are in listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] As a reminder today's program is being recorded.

And now I'd like to introduce your host for today's program Mr. Stan Kovler, Vice President of Corporate Strategy and Investor Relations. Please go ahead, sir.

Stan Kovler

Thank you, operator. Good morning and welcome to the Extreme Network's third quarter 2024 earnings conference call. I'm Stan Kovler, Vice President of Corporate Development and Investor Relations. With me today are Extreme's President and CEO Ed Meyercord and EVP and CFO Kevin Rhodes.

We've just distributed a press release and filed an 8-K detailing Extreme Network's 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 ExtremeNetwork.com along with our earnings presentation.

Today's call and our discussion may include certain forward-looking statements based on our current expectations 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 to put undue reliance on these forward-looking statements. If they involve risk and uncertainty, they can cause actual results to differ materially from those anticipated by these statements. These risks are described in our risk factors in the 10-K report for the period end of June 30, 2023 and subsequent 10-Q reports 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. Following our prepared remarks, we will take questions.

Now I will turn the call over to Extreme's President and CEO Ed Meyercord.

Ed Meyercord

Thank you, Stan, and thank you all for joining us this morning. Our results were in-line to slightly better than our third quarter outlook. Highlights from Q3 include Net new logo bookings grew double digits globally with particular strength in the US market. Our SaaS ARR grew by 38% year-over-year as we continue to deliver on our value proposition of flexibility and simplicity with our one network, one cloud strategy.