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EX - 99.1 2 extr - ex991_6.htm EX - 99.1 For more information , contact : Investor Relations Stan Kovler 919 / 595-4196 Investor_relations@extremenetworks.com ● ● SAN JOSE , Calif . , April 28 , 2021 -- Extreme Networks , Inc. ( “ Extreme ” ) ( Nasdaq : EXTR ) today released financial results for its third fiscal quarter ended March 31 , 2021 . Fiscal Third Quarter Results : ● ● Media Contact Christi Nicolacopoulos 603 / 952-5005 pr@extremenetworks.com Exhibit 99.1 Extreme Networks Reports Third Quarter Fiscal Year 2021 Financial Results Achieved 21 % Year - Over - Year Revenue Growth and Double - Digit Non - GAAP Operating Margin Revenue $ 253.4 million , up 21 % year - over - year and up 5 % quarter - over - quarter GAAP EPS $ 0.03 , up from ( $ 0.37 ) in Q3 last year Non - GAAP EPS $ 0.16 , up from ( $ 0.09 ) in Q3 last year GAAP gross margin 58.7 % compared to 53.1 % in Q3 last year Non - GAAP gross margin 61.5 % compared to 56.7 % in Q3 last year GAAP operating margin 4.4 % compared to ( 18.3 ) % in Q3 last year Non - GAAP operating margin 11.3 % , compared to ( 5.1 ) % in Q3 last year Net cash provided by operating activities of $ 24.7 million Free Cash Flow of $ 20.4 million " Our Q3 results represent the fourth consecutive quarter of sequential revenue growth and double - digit growth year - over - year across all our geographies . Extreme is coming out of COVID in a stronger position than ever before and enterprise customers are turning to Extreme's industry - leading cloud solutions to meet the new demands of the distributed enterprise . This is highlighted by ExtremeCloud IQ new subscription growth of 122 % year - over - year , which in turn fueled product revenue growth of 29 % year - over - year , " stated Ed Meyercord , President and CEO of Extreme . " Looking ahead at Q4 , we continue to expect double - digit year - over - year revenue growth as demand for our differentiated cloud - driven networking solutions continues to build . The pace of our cloud innovation for enterprise solutions is accelerating and also underpins the success of our new cloud - native infrastructure solutions in the 5G space , " concluded Meyercord . " The operating leverage of our model enabled us to achieve a second consecutive quarter of non - GAAP double digit operating margins . The combination of our strong operating performance and the reduction in inventory resulted in strong cash flow generation . Today , we are fully compliant with our bank covenants ahead of expectations and will realize meaningful interest expense savings beginning in Q4 , ” stated Rémi Thomas , CFO of Extreme .