Hello, everyone. Thank you for joining us, welcome to the Extreme Networks Q3 FY 2026 financial results. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Stan Kovler, Senior Vice President, Finance and Corporate Development. Please go ahead. Thank you. Good morning, everyone, and welcome to Extreme Networks' third quarter fiscal year 2026 earnings conference call. I'm Stan Kovler, Senior Vice President of Finance and Corporate Development. With me today are Extreme Networks President and CEO, Ed Meyercord, and Executive Vice President and CFO, Kevin Rhodes. We just distributed a press release and filed an 8-K detailing Extreme Networks' financial results for the third quarter of 2026. A copy of our press release, which includes our GAAP to non-GAAP reconciliations, and our earnings presentation is available in the IR section at extremenetworks.com. Today's call and Q&A may include certain forward-looking statements based on current expectations about Extreme's future financial and operational results, growth expectations, new product introductions, supply chain dynamics, and management strategies. All financial disclosures made 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 as they involve risks and uncertainties that can cause actual results to differ from those anticipated by these statements. These risks are described in our risk factors in our 10-K and 10-Q filings. Any forward-looking statements made on this call reflect our analysis as of today. We have no plans 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, you may be on mute. Ladies and gentlemen, we are currently experiencing technical difficulties. Please stand by as we resolve the issue. Am I unmuted? There you go. You're good, Ed. Okay. Yeah, I think we're set. We're ready for you. Are we ready to go? Yes, sir. Sorry about that. Thank you. Thank you all for joining us this morning, and thank you, Stan. The third quarter marks our fifth consecutive quarter of double-digit revenue growth. Our results reinforce our momentum as the fastest-growing enterprise networking player, outpacing market leaders. Our performance reflects strong sales execution and differentiated technology, including our enterprise fabric and AI-powered platform, which are driving share gains across key markets. We've also resolved memory supply needs for both the near and long term, which will allow us to meet customer demand and stabilize gross margins. In the quarter, we returned $50 million to shareholders through share repurchases. Revenue in the quarter beat the high end of our guidance at $317 million, an improvement of 11% year-over-year. Product revenue increased 12% year-over-year, representing eight quarters of growth. Cloud subscription momentum lifted SaaS ARR to $236 million, an increase of 29% year-over-year. This performance underscores the strength of our Platform ONE strategy and the durability of our recurring revenue model. Extreme has secured our forward-looking supply to support demand through fiscal 2027 and beyond through a combination of multi-sourcing, alternative component qualification, engineering redesign, component inventory investments, and strategic supplier partnerships. This gives us greater fulfillment certainty and margin visibility. Enterprise networking demand remains strong as high-quality, secure networks are mission-critical to scaling operations and achieving business objectives. This demand supports targeted price increases to offset supply costs while maintaining a price advantage relative to Cisco. The combination of disciplined pricing actions and cost management allowed us to improve gross margins to 62.3%, up quarter-over-quarter, exceeding guidance. A recent independent study found that enterprise customers can experience more than 30% total cost of ownership savings with Extreme compared to leading competitors. Additionally, our new partner program delivers 20% higher profitability versus our largest competitor. This, combined with Cisco's end-of-life refresh cycle and HPE Juniper integration complexity, is creating a significant opportunity for Extreme to take share. This is reflected in double-digit growth, where 44 customers spent over $1 million with Extreme this quarter. Our products and solutions stand out in the market. Our fabric continues to be a significant differentiator. Customers highlight its simplicity and automation, which translate into reduced deployment time, improved reliability, and lower operational complexity. It also strengthens security by shrinking the attack surface and containing threats with built-in segmentation that limits lateral movement. The feedback we hear most often is, quote, "It's so easy." Our favorite customer quote is, "What took us six hours with Cisco took only six minutes with Extreme." We're the only vendor that offers this fabric. We're gaining traction and adoption across verticals with Extreme Platform ONE. Its agentic core and ability to provide customers with full network visibility is a significant competitive advantage. Customers are using Platform ONE to streamline operations, accelerate root cause analysis, and automate routine tasks, resulting in faster issue resolution, reduced downtime, and more efficient use of IT resources across increasingly complex environments. Wi-Fi 7 continues to be a key driver of wireless network refresh opportunities. This is driven by the advanced design of our access points, which maximizes throughput, minimizes latency, and efficiently utilizes spectrum in dense environments. Our APs are built to handle the increasing demands of complex enterprise applications, AI-driven workloads, and real-time traffic, delivering consistent high-performance connectivity even in the most challenging conditions. Finally, no one matches Extreme's cloud choice, public, private, or on-prem, with no trade-offs in performance or control. Our platform's built-in compliance and flexibility let customers meet strict data security and regulatory requirements without compromise, driving strong public sector interest. The strength of our portfolio is showing up clearly in our results and customer wins. For example, Extreme played a role in two marquee events this quarter. During the recent Artemis II lunar space flight launch from Kennedy Space Center, our networking solutions supported mission-critical systems at the launch control operations. We're very proud to be a part of this historic and critical mission. We also supported Lucas Oil Stadium during the NCAA Men's Final Four, where our team rapidly modernized connectivity, removing legacy access points and deploying temporary infrastructure to make the stadium game-ready. Now we're upgrading and modernizing the stadium to Wi-Fi 7 for the upcoming Indianapolis Colts season. In addition, we had several new Extreme Platform ONE wins in the quarter with customers including Asiana Airlines, which is merging with Korean Air, Atlantic Food Distributors, Bridgeport Public Schools, City of Prescott, Arizona, Johnstone Supply, Nissha Medical Technologies, and the University of Birmingham, Buckingham. These customers are turning our AI-powered automation to reduce manual tasks, streamline operations, and minimize network complexity, ultimately enabling faster execution and lower costs. We're seeing strong momentum with our MSP program, with more than 70 active partners. MSP billings grew 26% quarter-over-quarter and continued a solid upward trajectory. MSPs value Platform ONE for its ability to manage multiple customer networks, licenses, and incidents. Our unique consumption billing and portable licensing model make it easy for them to scale their businesses. We exited the quarter with over $200 million in annualized EBITDA, healthy net cash, and a full year guidance that reflects continued growth. We have resolved supply chain concerns which could translate into increased market opportunity. The setup for Q4 means we're set to grow double digits for fiscal 2026, and we're confident in our ability to outpace the market and continue to gain share in fiscal 2027. Let me turn the call over to Kevin to discuss financial results and guidance. Thanks, Ed. We're really pleased with the third quarter performance. It was another strong quarter across several key areas: revenue growth, SaaS ARR growth, deal volume, gross margin improvement, earnings per share, and solidifying our supply chain for at least the next fiscal year. Let me walk you through what drove the strong results this quarter. Total revenue of $317 million grew 11% year-over-year and exceeded the high end of our guidance range. We achieved five sequential quarters of growth, of double-digit growth year-over-year and 8%, 8 quarters of sequential product revenue growth. The growth in revenue is being driven by larger deals over $1 million, higher overall volumes of deals and improved ASPs due in part to selective price increases. We achieved strong bookings across all regions, which reflects strong execution as well. On the bottom line, we continued to achieve strong operating leverage. Earnings per share of $0.26 exceeded the high end of our guidance range and grew 24% year-over-year, up from $0.21 in the prior year quarter. A few highlights to consider. We saw a meaningful acceleration in our SaaS ARR to $236 million, which was up 29% year-over-year due to strong Platform ONE attach to new product sales and upsells within our existing customer base. We have several new AI and product features that are being announced at our upcoming CONNECT conference next week, which we expect to continue to drive Platform ONE adoption. Subscription and support recurring revenue of $114 million in the quarter grew 13% year-over-year and remained consistent at 36% of revenue. SaaS deferred revenue climbed to $342 million, a 19% year-over-year increase. This strong and growing base of deferred revenue signifies the shift to a more favorable mix of predictable, high margin recurring revenue. Wi-Fi 7 grew meaningfully in its contribution to wireless product revenue, representing 37% of total wireless unit shipments in the quarter, up from 27% last quarter. In terms of bookings dollars, nearly half of wireless bookings came from Wi-Fi 7 this quarter. This favorable mix shift continues to drive higher selling prices and gross margin. Geographically, we had very strong performance in EMEA and APAC, and we're confident in building on our success in those regions due to our favorable competitive positioning and differentiated solutions. Performance in Americas was also solid, especially considering the elevated revenue benchmark set in the prior year. Our bookings growth during the third quarter provides confidence in our outlook. Across verticals, we saw particular strength, booking strength that is in education, healthcare, manufacturing and sports and entertainment during the quarter. Several other factors drove revenue growth during the third quarter. The first factor was our momentum in winning larger and more strategic customer engagements, demonstrated by 44 customers spending over $1 million with Extreme, higher than any point in the last two years. Second, we had recent competitive wins and strong funnel conversion. We're seeing improved win rates with our differentiated campus fabric, Platform ONE's ability to offer full network visibility and AI-powered automation and network refresh opportunities with Wi-Fi 7. Finally, we successfully implemented another round of price increases in March, following our mid-single digit November price increases. The rising costs of memory and other components caused us to selectively raise price. This, as well as disciplined discounting, helped improve gross margins during the quarter. Overall, gross margins of 62.3% was up 30 basis points from the last quarter. Product gross margin grew 70 basis points from the second quarter as well. We've secured our supply chain, including our memory supply, through fiscal 2027 and beyond, putting us in strong position to meet our longer term demand due to a combination of multi-sourcing, alternative component qualification, engineering redesign, component inventory investments and strategic supplier partnerships. Turning to operating profit, our operating margin in the third quarter was 15.2%, up from 14.1% in the prior quarter and 15% last year. This was driven by improved gross margins and disciplined cost management. In fact, we achieved our highest EBITDA on a dollar and margin basis in the last 10 quarters at $53.4 million of EBITDA and a 16.9% EBITDA margin. Our strong operating results reaffirm our confidence in driving operating leverage to reach our long-term profit target of 22%-24%. On the capital allocation side, we executed a $50 million accelerated share repurchase during the quarter, retiring over 3 million shares post-settlement at an average price of $14.58 per share. We plan to return cash to shareholders through continued buybacks with $137.5 million of our current $200 million authorization still remaining. Now let me turn to our 4th quarter guidance. We expect our revenue to be in a range of $330 million-$335 million. We expect gross margins to be in a range of 61.8%-62.2%. Operating margin is expected to be in a range of 15.2%-16.1%. Earnings per share is expected to be in a range of $0.28-$0.30. Our fully diluted share count is expected to be around 132 million shares. For the full fiscal year 2026, we expect guidance as follows. Revenue to be in a range of $1,275 million-$1,280 million. The midpoint of this range suggests 12% year-over-year growth. Given our results and visibility we have for gross margins, we now expect gross margins for the full fiscal year to be in the range of 61.8%-61.9%, and operating margin to be in a range of 14.7%-14.9%. Earnings per share for fiscal 2026 is expected to be in a range of $1.02-$1.04 per share. With that, I'll now turn the call over to the operator to begin the question and answer session. We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. Please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Ryan Koontz with Needham & Co. Please go ahead. Great. Thanks for the question and terrific results to see here this morning, guys. If we could start with SaaS there. You know, nice to see that inflect higher and start to accelerate. What's your visibility look like for that continuing that momentum? Do we expect some solid seasonality in your Q4? Maybe you can unpack that for us a bit. Thank you. Kevin, do you want to take that one? Sure. I'm happy to, Ryan. I mean, we actually were pretty pleased with what we saw, you know, both from a bookings perspective on Platform ONE. You know, we do have a little bit of a tougher comp in Q4, like you mentioned. You know, we still believe that we can, you know, range our growth in SaaS ARR to be in that, you know, kind of 20%-30% range. Naturally this quarter it's higher on that range, that's roughly the range that we're expecting, you know, on the long term. That's great. I'll just add to that. Yeah, I'll add to that, Kevin, that we have in terms of growth, we've been exceeding our internal expectations for Platform ONE. Right. We have a very steep ramp in our plan. It doubling from Q2 to Q3, and then further into doubling again in Q4 and, you know, we're on track. I would say it's really that momentum of Platform ONE adoption that has been the driver. That's terrific. Sounds right in line with your plan. Maybe on the competitive front, you mentioned some wins, and some strong bookings internationally. You know, who are you seeing the most success with against in these competitive bids? What gives you confidence here going forward on, you know, continued, you know, share gains here? You guys are clearly taking share. Yeah, it's interesting, Ryan. You know, in all of the examples that we put in our press releases, it really reflects, you know, wins against virtually all of our competitors. When we say that, obviously number one is Cisco. Number two, it really just goes by market share. Number two being HPE Juniper. Then, you know, we actually included a win from Huawei, which is interesting because we don't see them in the U.S. in many markets. I would say that it's our competition is primarily versus Cisco and HPE. You know, we're winning with our fabric. We're winning with Platform One. We're winning with our success in making it very easy for customers to deliver a high quality experience in complicated networking environments. We talk about complex wireless. You know, we also talk about cloud choice and flexibility. You know, then there's also commercial terms. You know, there's a, you know, today the competitive environment is such that, you know, Cisco continues to grow and expand outside the networking market, and I would say, you know, simply focus on other things. That opens the door for us. The new comp plan for partners require them to jump through hoops and sell things that they normally don't sell. That opens the door for us. Then HPE Juniper, the complexity of that deal, and the challenges that they'll have with integration, filters out into the field and into the channel. So here again, with Extreme, with a very clean vision, a clean portfolio in hardware, and solutions that are very easy for customers to use and simplify operations in something that's inherently complex, is getting us more at bats, and our conversion rates are going up and our win rates are going up. That's great. Thanks so much. I'll get back in the queue. Our next question comes from the line of Dave Kang with B. Riley. Your line is now open. Please go ahead. Thank you. Good morning. Question on gross margin came in better than expected. Weren't there several large professional installation projects in fiscal third quarter, and what should we expect for fiscal fourth quarter as far as the installation projects are concerned? Because I think that was the reason that kind of pressured gross margin last quarter, right? Yeah. Right. Dave. Yeah. Yeah. Go ahead. I'll take it, Kevin, and then you can jump in. We had a couple of professional projects pushed to Q4 and Q1, the level of professional services in the quarter was a little higher than normal, not as significant as we had expected. Obviously there's a lot of variables impacting gross margin, you know, we saw some benefit from the pricing moves we took earlier in Q2. You know, we're very aggressively managing the costs on the cost of goods side. I think our teams are doing a great job there of being very disciplined, aggressive and attacking the cost structure. Kevin, do you want to add anything? I think that's right, Ed. I think across the board, we just saw a little bit more improvement than we had expected, but overall part of it's execution, part of it's the price increases, and part of it is the a slight delay in some of the professional services. Mix of all three. Then, more importantly, on product margins, are they still trending up, and, you know, going forward? Product margins, I mean, first of all, we had 70 basis points increase, you know, quarter-over-quarter from a product margin perspective, Dave. I would say from a product margin perspective going forward, we're still absorbing some of the costs that we had, higher memory costs, and we're trying to balance that with the price increases that we had, including those in March. We're still trying to see if, you know, we can get those price increases in March, you know, through. I would say generally speaking, we feel confident in our ability to stabilize, you know, product margins around that 57%, you know, plus range. Got it. Then on the memory situation, and I think the last time we talked, I thought you were targeting close to three years. Are we there yet, or where are we in that regard? Well, yeah. Dave, I don't think. Yeah, go ahead, Ed. Yeah, I was going to say, We would not target to have, you know, on-hand three years of supply of memory. At this stage, what we're messaging is that we no longer believe we have an issue with supply of memory. That's near term, with committed supply through fiscal 2027 and into 2028. There are new sources of supply coming into the market when we believe in the first quarter of calendar 2028. You know, from our perspective, we mentioned the fact that we've established direct connections with suppliers of memory and taken a multi-sourcing approach. We've been able to qualify alternative components that were designed for other industrial sectors, which has given us another source of supply. We've been able to redesign our products to reduce the number of chips required, which is another factor. Then we've been able to make investments with our strategic partners and, you know, our ecosystem of partners, they have helped us find and locate supply, which has been, you know, very important. It's through a combination of a variety of initiatives that we've been able to solve for this, and we're confident saying that we have no near term, nor do we believe a long-term issue with memory, and currently or, you know, any of our components going forward. Got it. Thank you. Our next question comes from the line of David Vogt with UBS. UBS. David? Hold please for one moment. Your line is now open, David. Please go ahead. Great. Can you guys hear me now? Yeah. Yeah. We can hear you. Hey. Hey. Thanks, guys. Maybe, Kevin, I might have missed it, and maybe if you can touch on this again. Regarding kind of the supply chain dynamics and all the initiatives that you undertook in the quarter, can you remind us again sort of how we should think about the implementation of price increases in the supply chain and how it flows through? You know, historically you've had what, like, 90-day quoting windows. What do those quoting windows look like today for customers, and when do you start to think you're going to start to see the benefits of, you know, obviously, I'm sure you saw some of the price increase benefits from December, but now you mentioned March as well. How do we think about that flowing through into the upcoming quarters from a gross margin perspective? Sure, Dave. First of all, I would describe, you know, the price increases, even if you do like a, you know, a 10% price increase, the industry standard is discounting at 75%, so really you're looking at somewhere between 2%-3%, you know, net price increase, right? As you can imagine. With these price increases kind of coming through on a net basis at 2%-3%, you know, both between, you know, November and March, some of that is to obviously offset the costs themselves, and some of it is to maintain the margins that we've had in the past, you know, going forward. It's a little early to tell what's gonna happen with the March increases, and quite frankly, a lot of competitors also put price increases in March. The fact that typical, you know, quotes are open for 30, 60 days makes it a little difficult to know what's gonna happen with March over the timeframe. We feel good about stabilizing our gross margins and being able to start to grow gross margins, I would say, into the 2027 period. I think from our perspective, we are feeling confident about the 62% number, and then growing from there throughout the next year. Perfect. Ed, maybe one follow-up to you. I know obviously you talked about big wins in EMEA and other markets. Can you maybe just touch on the U.S. market? I would've imagined, I know there was a little bit of a tough comp in the Americas, but would've imagined given the share gains that you probably are taking from some of the integration challenged companies, that we would've seen stronger growth in the Americas. Anything to call out there in the Americas vis-a-vis what's going on in APAC and EMEA? Yeah, David, I think, it's a little misleading because the, what we're showing as revenue is based on shipments, and the timing of shipments doesn't always line up with. I think what you're getting at is the demand and our success in the marketplace. Right. If we were to flip the page and actually look at bookings, I know we don't report bookings data, but, you know, bookings growth in the Americas was up, you know, significantly, and I would say significantly higher than total revenue growth for the company. I think the revenue stats here are gonna be a little misleading because we had an excellent quarter in the Americas as far as bookings. In terms of the shipments and the timing of shipments through the channel. The rev rec. Got it That's what's going on. I would say that, you know, geographically the strongest GO in, was the Americas this quarter, even though it wouldn't appear so if you're looking at that revenue number. Perfect. That's helpful. Thanks a lot, guys. Yeah. Yeah. Our next question comes from the line of Tomer Zilberman with Bank of America. Your line is now open. Please go ahead. Hey, guys. Maybe following along the gross margin question line here. Outside of the price increases, you also mentioned some other things like re-qualifying alternative parts. I think previously, historically, you mentioned qualifying in automotive grade DDR4, if I recall, and I think also qualifying in some Chinese vendors. One, is this more about just securing supply versus improving the gross margin level? Two, these other alternative things you're doing, and I think you also talked about redesigning some of your products, when is that flowing through? Did that already impact results this quarter, or is that something that we should expect to benefit in 2027? Thanks. Thanks for the question, Tomer. I think it's a combination of both. It's both demand as well as gross margin. I would say we're securing memory at prices that are below market with the initiatives that we have underway. As I mentioned on the last call, our size is an advantage in terms of what we're chasing. I wanna shout out to our teams because we have very creative teams that have excellent relationships with our vendors. I also wanna shout out Broadcom. We have a strategic relationship with Broadcom. They have gone out of their way to support us in making important introductions out into the industry for us to solve this problem. They have been, you know, a key partner, you know, for us in solving for this. It is a combination of a variety of things. Historically, Extreme would not buy memory direct. Our ODM, our manufacturers would acquire memory from distribution in Asia, and then they would in turn buy, you know, from suppliers. What's changed is we've established direct connections now with multiple vendors of memory. As you mentioned, we've been very creative working with Broadcom to qualify memory chips that were designed for other industrial sectors that we could use, and Broadcom has qualified those. Now those are going into production, and we've been able to pick them up for a very good price. I would say that the efforts that have been undertaken at the company, and it's been multifaceted, has opened the door for us for new supply from different vendors, from different markets, and we've been able to secure not only the supply for the long term, near term and long term, but we've also been able to get them at very attractive prices. I would say that, you know, I'm pleasantly surprised with the success that we've had given where we were two quarters ago and kind of what the outlook was at that time. At this point in time, as I said, we've put this behind us, and we believe it could turn into a competitive advantage. What we hear from manufacturers is that we're in a very strong position relative to competitors. Maybe a follow-up question just to the end of what you were saying there. Are you hearing from your customers that any of your wins are coming specifically from that? One from, you know, you have a level of supply that maybe some of your peers don't, and, you know, customers are going to you because you can ship faster. Could it also be that you just have less cost passthroughs versus your peers, and that's also a differentiator for your customers? I think the, you know, as far as the demand side of the ledger, we haven't really seen, you know, a competitive win based on supply yet. Given what's going on in the market and given the persistent shortage out in the industry, we think it could come into play. I think that's the way to think about it. We do know there is some activity of customers wanting to make sure that they could secure supply for important projects. Some of that is going on. Kevin mentioned the price increase. Intra-quarter, we saw some people moving orders earlier in the quarter to take advantage of the price increases. Generally, it's been business as usual. Yeah. As we look into Q4, we have a really healthy funnel, and, you know, we're off to a really good start. We feel really confident about how we're guiding. Got it. Thank you. Our next question comes from the line of Mike Genovese with Rosenblatt Securities. Your line is now open. Please go ahead. Hi. Yeah, thanks. You know, I guess, upside in Extreme One orders and the RPOs, you know, kind of answered this question in a way, but is there any more detail you can give us, Kevin, on cloud and services attach rates and how those have changed since you've launched Extreme One? Yeah, Mike, I mean, I would say, Ed nailed it earlier where he said, you know, our plan this year, we're running ahead of our plan. You know, we launched in July, obviously Q2 being the first full quarter, and now Q3 we've doubled, you know, what we expected, you know, from Q2, and we're expecting to double again from a bookings perspective in Q4. You know, that's gonna start to, you know, play out and continue to accelerate, you know, subscription and support revenue over time. This is what we've talked about, right, for about a year now, with launching Extreme Platform ONE as a platform that gives a higher attach rate, a higher ASP, and obviously better renewals in the future. From an attach rate perspective, I would just tell you the agentic AI is the interesting part where we're getting, you know, higher attach rates both on the wireless as well as the wired side, and that's where you're continuing to see, you know, strong bookings there. Like I said, you know, we saw really strong bookings in the third quarter related to Platform ONE. Yep. Great. Then my second question. You know, it just seems, looking at the data that, you know, you've been gaining share from Cisco for a while. I'm wondering, you know, has there been any inflection that you can point to on the HPE Juniper side, where, you know, kind of have the share gains there started? You know, what's the confidence that they're gonna accelerate? Kind of what's going on on that side? Yeah. I, Mike, the answer is, we're seeing opportunities both with end user customers, and then we're seeing a lot of opportunities in the channel. There's a lot of channel partners, maybe they were, you know, Juniper partners and now it's the HPE show, and they're disillusioned, and they're looking for alternatives. There's a lot of activity in the channel right now where we're engaged with new partners that are larger partners, as we move up market, and a lot of those partner opportunities are coming from the disruption of Juniper and HPE. Those opportunities, as it translates into end user business, I don't think we've seen that materialize yet. We have examples, but, you know, in a meaningful way, but we're expecting that to gain momentum as we go forward. Well, thanks. Congratulations on the bullish quarter and outlook. Thanks, Mike. Thanks, Mike. Our next question comes from the line of Christian Schwab with Craig-Hallum. Your line is now open. Please go ahead. A reminder to umute your device locally. Thank you. Our next question comes from the line of Eric Martinuzzi with Lake Street Capital Markets. Your line is now open. Please go ahead. I wanted to revisit the investor day comments you had regarding long-term growth rates, Ed. At that time, you guys were talking about a 10% plus growth rate between FY 2025 and FY 2029. Given the good numbers that you've seen here, certainly, top line both since the December quarter and the March quarter, was there any change to that outlook as far as the double-digit growth rate? Eric, there's not. When you look at our, our guide into Q4, the implied growth in Q4 is a 7%-9% range. Keep in mind, last year in Q4, we grew 20%. If you average that out, you've got a mid-teens growth rate that we're running at. I think that assumption holds and it has not changed. Okay. From a macro perspective, probably more for your EMEA market, the war with Iran has been going on for a couple of months now. You obviously put up good numbers here in the March quarter, anything on the margin, good or bad, tied to pipeline, in EMEA with the war? I think during the quarter, there were a couple of shipments that were impacted where we couldn't ship into the region. At this point, a lot of those projects have resumed. We talked about our massive project in Ras Al Khaimah, which is just north of Dubai, right near the Strait of Hormuz. It's a Wynn casino and resort. It's the first casino in the Middle East. The first phase is a $10 billion project, it's a massive project for us. They're back and working, it's hard to believe it, you know, it's business as usual there. The shipping lanes and our ability to transport product into the region is open. At this point, I'd say we're, you know, it's somewhat business as usual. We have seen, you know, because of the incident and we have seen some delays in some of the projects, but it feels like projects are getting back, and that, you know, we'll recover from prior delays. Yeah. Thanks for taking my questions. I guess the other comment on that, Eric, is that for us, it's a smaller, a much smaller piece of our business. The Middle East is tied to EMEA for us, and we had a strong quarter in EMEA. We've been taking share in the EMEA market, and that continues. We have excellent customer references there. We expect, you know, that market can continue to grow at a healthy clip. A reminder, if you would like to ask a question, please press star one on your telephone keypad. If you are muted locally, please remember to unmute your device. Please stand by for further questions. Our next question comes from the line of Christian Schwab with Craig-Hallum. Christian, your line is now open. Please go ahead. Thank you. There are no further questions at this time. I will now turn the call back to Ed Meyercord, President and CEO, for closing remarks. Okay. Thank you, Melissa, thank you everybody for joining us. I also want to shout out, we have employees, customers, and partners that tune into these calls, thank you for the hard work and support on delivering an excellent quarter. Also mentioning to stay tuned. We have some big announcements coming out next week. We have our user conference, Extreme Connect, which is gonna be in Orlando. We will be talking about some new technology solutions and the evolution of our portfolio, some exciting new developments on that front. We appreciate your support, hope you have a great day. This concludes today's call. Thank you for attending. You may now disconnect.