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Extreme ™ Customer - Driven Networking Extreme Networks Reports First Quarter Fiscal Year 2022 Financial Results November 2 , 2021 Strong Bookings Drive Continued Double - Digit Year - Over - Year Revenue Growth and Record Quarterly Operating and Net Income Expects Double - Digit Growth Driven by Strength of Cloud Solutions MORRISVILLE , N.C. , Nov. 2 , 2021 / PRNewswire / -- Extreme Networks , Inc. ( " Extreme " ) ( Nasdaq : EXTR ) today released financial results for its first fiscal quarter ended September 30 , 2021 . E Extreme networks Fiscal First Quarter Results : • Revenue $ 267.7 million , up 14 % year - over - year • GAAP EPS $ 0.10 , up from ( $ 0.07 ) in Q1 last year • Non - GAAP EPS $ 0.21 , up from $ 0.09 in Q1 last year • GAAP gross margin 58.1 % compared to 57.3 % in Q1 last year • Non - GAAP gross margin 60.3 % consistent with 60.3 % in Q1 last year • GAAP operating margin 6.9 % compared to 0.0 % in Q1 last year • Non - GAAP operating margin 13.8 % compared to 8.3 % in Q1 last year • Net cash provided by operating activities of $ 40.3 million • Free Cash Flow of $ 36.8 million " It was a very strong first quarter , characterized by unprecedented bookings . We strengthened our number two position in cloud networking , the fastest growing segment of the industry . Customer interest in our solutions resulted in a doubling of our backlog to over $ 200 million . We exceeded our quarterly revenue outlook despite significant supply chain challenges that our industry is facing , " stated Ed Meyercord , President and CEO of Extreme . " Our SaaS subscription bookings grew 71 % during the quarter . This is a testament to the demand for our highly differentiated cloud - driven networking solutions . Our continued success is directly linked to delivering on our Infinite Enterprise vision to reduce the complexity of running increasingly distributed networks at scale . The recently acquired Ipanema business brings game - changing SD - WAN capabilities to our portfolio , and further expands on this vision while strengthening our competitive position , " concluded Meyercord . " Extreme enjoyed another quarter of strong financial performance . On a year - over - year basis , we achieved double - digit revenue growth for the third consecutive quarter , improved our non - GAAP operating margin by more than 5 - percentage points to 13.8 % , the highest level in the company's history , and increased our free cash flow by 70 % . In Q2 , we expect expedite fees and freight costs to peak , partially offset by the benefits of our recent list price increases . We plan to manage through the current environment and start reducing our backlog - currently at historical levels in the second half of fiscal year 2022. We are confident we can deliver double - digit organic revenue growth in FY22 , above our previous guidance of 5 % to 9 % , with 10 to 15 % non - GAAP operating margins , " concluded Remi Thomas , Chief Financial Officer . Recent Key Highlights : • Extreme was recently recognized with several awards for innovation , including : o Wi - Fi Forward's Wi - Fi at Work Award , which recognized Extreme's support of Novant Health's COVID - 19 vaccination clinic ; o Network Computing's Product of the Year award for ExtremeCloud IQ ; and , o Inc.'s 2021 Best - Led Companies , which recognizes middle market companies that have a successful track record with leadership teams that spur solid performance , create value , penetrate markets , engage with customers , and more .