Q4 2025 Extreme Networks Inc Earnings Call
Thank you for standing by and welcome to the extreme networks fourth quarter fiscal year 2025 conference. Call all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question again, press star 1, thank you. I'd now like to turn the call over to Stan cobbler, senior vice president, finance and investor relations. You may begin.
Thank you rob, good morning and welcome to extreme networks fourth quarter and fiscal year 2025 earnings conference call. I'm stankov our senior Vice President of Finance and corporate development with me today are extreme networks, president and CEO, Ed Meier cord, and Executive, Vice President, and CFO Kevin Rhodes. We just distributed a press release and filed an 8K. Detailing extreme networks Financial results for fiscal Q4 and full year fiscal, 25, a copy of the press release, which includes our gaap to non-gaap. Reconciliations. And our earnings presentation is available in the investor relations section at extreme networks.com.
Today's call in, Q&A may include forward-looking statements based on current expectations about extreme future financial and operational results growth expectations, new product, introductions and 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 materially from those anticipated. By these statements, these risks are described in our risk factors in our 10K and 10 Q filings. And 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 your questions and now I will turn the call over to extremes president and CEO at my court.
Drive and acceleration and SAS our Revenue to 208 million up 24%, year-over-year.
Is picking up with product bookings at an 8 quarter High, our competitive win rates, remain strong, as we move up market and displace larger players due to our highly, differentiated campus fabric, the flexibility, and simplicity of our Cloud management platform. The industry's most simple licensing and now the release of our Innovative AI powered extreme platform, 1 solution.
Enterprise interest in extreme has increased across all verticals. This momentum was clear at extreme connect in Paris. In May, we're nearly a thousand customers Partners analysts and press joined us for Hands-On training Dynamic made stage Keynotes and networking with peers. Many of the attendees have seen Powerpoints and canned, demos of future AI platforms from other vendors. But the fact that the entire event was run on a live version of extreme platform, 1 generate a lot of excitement and momentum.
The overwhelmingly positive feedback on the event and our technology highlights Rising enthusiasm for extreme.
In Q4, we expanded, our footprint in the Japanese government with 2 multi-motion.
The 8-digit project win for the entire Japanese Judiciary, including the Supreme Court, marked the largest win in the APAC region and company history.
Both will deploy a unique extreme fabric solution from quarter, Branch powered by our sdwan and managed to extreme Cloud IQ. Giving users secure seamless access across the country with our flexible and highly secure, private Cloud option.
We continue to add to our leadership position in high density public and entertainment venues in the quarter MetLife Stadium home field of the New York Giants and jets as well as hosts for the 2026 World Cup finals. Selected extreme to deliver modern Wi-Fi, 6E infrastructure to power better fan experiences and streamline operations across the stadium.
We also added Pinnacle Bank Arena and Hendrick Motorsports as highlighted in our press release.
Global hospitality and casino customers including the very first high-end luxury, resort casino in the Middle East are standardizing on our fabric
When customers see the impact of fabrics unique features like sub-second convergence the unmatched Security benefits of micro segmentation the ease of deployment with automated zero-touch provisioning. Extreme becomes the Easy Choice.
1, very large Enterprise. In the midst of several proof of Concepts said, what takes Cisco's, 6 hours? Takes extreme 6 minutes.
In fact, we've challenged each of the large players in the networking industry head-to-head and Enterprise customer environments and none come close to meeting our performance.
Extreme is also becoming the top choice for Mission critical environments. Delivering unmatched, reliability and performance.
And era, Europe's fourth, largest air navigation, provider deployed, extreme to ensure secure, scalable communication, and managing airspace over Spain, and over 2 million flights annually.
In the UK Siri and Sussex Healthcare NHS trust, which provides Health Care Services to over 700, and 40,000, people upgraded. Its Wi-Fi network. And we use extreme Cloud IQ and fabric for flexible centralized and secure network management to help deliver best-in-class patients.
Care.
Finally Qatar energy a leader in oil and gas production. Joe's extreme wired solutions to enable secure high performance connectivity across its complex and remote operations for its new liquefied petroleum gas bottling plant.
In Q4 we had a major Milestone with extreme platform. 1 becoming the first and only networking vendor to offer a conversational, multi-modal agentic AI, powered networking platform generally available to customers today.
Early feedback has been positive.
West suffs in the UK migrated to extreme platform 1 in just 47 minutes. They said the platform gives them a helicopter view of the network, and they expect our AI agents to be new members of their IT staff.
How AI has helped them quickly resolve technical queries without having to pour through hours of documentation?
Extreme platform. 1 breaks down silos between networking and security automates tasks through integrated AI agents and offers the industry's simplest licensing. It also provides the industry's, only composable workspace where you can leverage our platforms, multimodal capabilities and customized dashboards with the help of our AI agent customers can see everything from Global networks down to individual devices. Application performance and more. This helps simplify planning, procurement deployment management, troubleshooting, and keeps downtime to a minimum
Industry analysts have recognized, the significance of extreme platform 1.
According to Enterprise strategy group, the solution is quote at the Leading Edge of the market in terms of completeness and sophistication of AI for networking. Enterprise Management Associates says quote there is a growing interest in AI driven Network management capabilities. To tie tee teams are running leaner with heavier workloads and there is less skepticism today towards AI than there was a few years ago, especially considering extremes human in the loop approach.
Extreme platform. 1 brings AI automation Simplicity together of 1, powerful cloud.
For our customers, it means faster outcomes. Higher productivity and significant Roi. We believe we're in the right place at the right time with the highest quality platform and the most modern tools for all Enterprise networking customers.
And finally, we continue to make progress with our diverse commercial models with our MSP program doubling to 53 Partners here over year. We offer the industry's first consumption based billing, eliminating upfront costs and ensuring predictable expenses. Our pool of the licensing, allows our msps to flexibly allocate licenses across devices locations, and customers making it simple to scale.
Looking ahead, we have strong confidence in sustained. Customer demand, based on our q1 funnel generation, and with continued strong growth, and our overall pipeline.
We expect growth in fiscal 26 to accelerate, we have tremendous opportunities with large customers. Our competitive positioning has never been stronger and we're accelerating investments in our business to drive automation differentiation and Commercial Success. I look forward to sharing more of our plans and Outlook with all of you at our recently announced investor day in November with that. I'd like to turn the call over to our CFO Kevin Rose to walk us through the results and guidance.
Thanks Ed and dairy pleased to report strong fourth quarter results with Revenue exceeding. The high end of our guidance range
We also delivered strong, operating, margins and free cash flow. We achieved earnings per share of 25 cents at the high end of our guidance range and exceeding, the consensus of 23 cents.
Up, 32% from 19 cents and the prior year quarter on an adjusted basis.
Total revenue of 307 million in the quarter grew, 20% year-over-year and 8% sequentially.
This marks our fifth consecutive quarter of growth.
We also accelerated SAS our growth to 24%. Year-over-year driven by recent wins continued growth in our wireless business with strong Wi-Fi, 7 ads, and early adoption of extreme platform 1.
Overall, we achieved our best booking quarter and the past 2 years reflecting strong, customer demand across our portfolio, which gives us confidence in our growth, trajectory heading into fiscal 2026.
And the fourth quarter. New subscription, bookings accelerated, which is a testament to the new large customer wins and asia-pacific our recent rollout at John Deere and the commercial models. We launched over the past year.
Product revenue of 192 million grew, 26% year-over-year and 8% sequentially driven by continued recovery and strong demand for extreme Solutions as we continue to move up Market.
Wi-Fi. 7 mix grew. Meaningfully representing 30% of all Wireless units in driving a second. Straight quarter of Revenue. Growth in Wireless products.
Geographically. We saw a particularly strong performance in APAC with major new customer wins.
This was our largest bookings quarter ever in Asia PAC.
Are there particularly in the protect, uh, in the public sector.
Amia also a bright spot Revenue, grew 21% year-over-year the highest level of Revenue in the region since the early 2024 area era,
As strong execution in the market boosted our business there,
America's Revenue, grew 4% year-over-year and we're encouraged by both the momentum and strong pipeline. We're seeing in the Americas, for both, the first quarter and fiscal 2026.
And the fourth quarter, 34 customers, spent over a million dollars with extreme bringing our fiscal 25, total to 168 customers.
Subscription and support Revenue with 115 million dollars.
Up 11% year-over-year.
To recurring Revenue grew 8% year-over-year and represented 36% of total revenue.
As a result of our growth and growth and SAS deferred revenue. Jumped 15% year-over-year to 308 million and recurring Revenue growth pushed total to deferred revenue above, 600 million dollars.
This growing base of contracted future. Revenue provides a strong visibility into our recurring revenue and should continue to drive. Strong cash flow generation.
Non-gaap gross margin was 62.3% and the fourth quarter and was in line with our guidance.
Our fourth quarter operating expenses were $144 million, also in line with our guidance.
Operating margin was 15.2% and up from 13 and a half percent. And the prior year on an adjusted basis, demonstrating The Leverage, we have in our model from Topline growth and prudent expense management.
We generated 75 million dollars in free cash flow in the quarter. Our highest quarterly level since 2023 and 50 million dollars in Iva. Our highest level in the last 7 quarters.
We returned value to shareholders through a repurchase of 1.5 million shares, for a total of 25 million dollars.
Cash flow is aided by significant improvement in our cash conversion, cycle to 81 days down from 112 days and the third quarter.
Driven primarily by lower days of inventory. We ended the quarter with 232 million in cash.
And achieved a net cash position of 52. Million up, 49 million from net. Cash at the end of the third quarter.
For the full fiscal year, revenue of 1,140 million grew 2% year-over-year
With a non-GAAP EPS of $0.84, compared to $0.70 on an adjusted basis from the prior year.
We achieved significant margin expansion with non-gaap operating margin of 14.2%. Compared to 11.9% on an adjusted basis in fiscal 2024.
As we enter fiscal 2026, we're well positioned to build on our success.
Cluster demand except exceeded Revenue in the fourth quarter.
And we have strong visibility for growth based on our funnel backlog and future customer demand.
We expect a re-acceleration of overall revenue on a full-year basis that should translate to higher earnings and cash flow generation.
For the first quarter of fiscal 2026, we expect guidance as follows.
Revenue to be in a range of 292 million to 300 million.
Gross margin to be in a range of 61.9% to 62.3%.
Operating margin to be in a range of 12.7% to 14.5%.
And earnings per share to be in a range of 20 to 23 cents.
Our fully diluted share, count is expected to be around 135 million shares.
For the fiscal year 2026, we expect Revenue to be in a range of 1 billion, 228 million to 1 billion 238 million.
And with that, I'll now turn the call over to the operator to begin the question and answer session.
Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again your first question today comes from the line of Eric. Martinuzzi from Lake Street Capital markets. Your line is open
Good for Q4, just wondering on the follow through here, it was just kind of a just happened to be lumpy to the good for Q4 or do you see? This is something sustainable early here in the kind of first half of our class 26,
That thanks for the question Eric. And and uh,
you know, we've seen the uh, we we've seen a gradual recovery and Amya um,
And it's, it's build up throughout the year. Quite frankly, it was a little slower than we expected. Um, but now I think with it with the government stabilized and I think the political, um, environment more stabilized that that we're, uh, we're expecting momentum to continue to ramp. So, um, and and, and we see that based on on the funnel of opportunities, we also have a couple of unique opportunities with the German government, um, and some of the new rules that are coming out around security that, uh, that we've committed to investing in fiscal 26. So, we're kind of, we're, we're excited about our market share there and, and what's happening with the macro, and then some specific, uh, new growth opportunities.
Asia, Asia Pacific. I'll come at which um, you know, a we have been um this is where we saw a significant growth in in that market due to some, some very large winds and a unique solution set that we put together for the Japanese government. Uh, I mentioned in my quote, but really what's what's, what's what's very important about? This is,
Is not only, you know, 1 branch of the Japanese government, uh, where we have, we're very well positioned for, uh, other opportunities there. But it's also the impact that it's had on the partner Community both system integrators as well as partners. So we have now broken into some of the, the, the largest, um, entities there. Um, and they're really excited about, you know, our solution set, uh, and B, the opportunity to work with extremes. So we we're expecting continued momentum and, and both of those markets.
you know, and 1 of the
You guys talked about um the Q4 Outlook was you were going to be keeping pricing stable, despite the uncertainty around tariff. Do you feel like there was any maybe a benefit to pull forward orders that happened in Q4 due to that that maybe isn't there after Q4?
Yeah, I mean we we saw very little Eric and and that's because our product categories were exempt.
Um and and then we were we were sort of given the heads up that that the expectation is that they would they would continue to be exempt although you know, you don't know until you know and uh when the new tariffs came out, uh, that was the case. So um, as we look at the Commerce Department, you know, they they've been very firm in terms of the list of exemptions and and that to continue
Continued to be the case. Uh, you know, that could always change but I, you know, we, we've also, we've also messaged back to customers and I, I feel like that's the mindset of the marketplace. So the answer to your customer is that your question is, I'm sure their customers, um, that that, that, that may have have have come in, but very minimal. Not like what we've seen in the not even close to what we may have seen in the past.
Got it. Thanks for taking my question.
Your next question comes from the line of Ryan Kuhn from any & Company. Your line is open.
Great. Thanks. Uh, terrific quarter, guys. Um, you know, I wonder how much platform 1 uh, contributed in the quarter. I know you had a, a limited availability in the June quarter, was it meaningful to your, uh, our bookings? And then, how should we think about the timing of, you know, the balance of the, the your customer base renewals facing in over the second half for platform 1.
Sure. Well let let me uh jump in and then Kevin you can come in behind at this stage, we we literally just gave the platform. Um, as you know, we announced platform 1 back in December. Uh, we had uh, early availability, we opened up the books for ate bidding so we can see, uh, platform 1 opportunity in our funnel.
They still have access to xiq, uh, and, and all the applications, um, as they go forward. So, you know, we're expecting customers to to trial tests, uh, you know, play around with the platform and then we're expecting some a serious migrations to happen. Uh, as as we turn the corner on the calendar year, Kevin you want to add anything
No, I I think you're exactly right Ed. And I mean, it was really related to new subscription bookings. Right? That that accelerated in the fourth quarter that was led somewhat by. So these larger, you know, customer wins that we had at Asia PAC.
Plus the roll out of John Deere, you know with another you know addition to that. And then the new commercial models on MSP. They very limited around the platform 1, but that's the benefit of the future that sits in front of us, is that we see a lot of excitement for platform 1, which continued to sustain, you know, uh, we're expecting to sustain that 20% plus growth rate on the ARR side.
Great. That's for
And you're up to 53. Now, I mean, you know, can you maybe characterize where those msps are in their growth cycle with you, with customer wins? And any any kind of details you can share on that that roll out of of this 50. When did you have now?
Yeah, I I, I think I'd say we're still in early stages. Ryan we, you know, last year we had 14, uh, 14 or 15 MSP customers. Um, and at that time, we were developing the platform, uh, we we have since and, and recently in the last quarter, you know, completed, you know, full automation of the billing Cycles which is really important for msps.
So now um you know we have a fully automated platform that is really simple to use um and and we also now have uh the benefit of extreme platform 1.
And so uh we we would expect to see I I I would still say it's very early Innings there Kevin talks about, you know, having msps, you know, do a million to 2 million. We have we have certain msps that are that are beyond that all already um
And so I think it's, it's a function of from a channel perspective, I will reaching out to, to new potential prospects and then how we're going to nurture those that are already in the platform. But I can tell you the response to, uh, the automated, the fully automated, uh, billing. Um, the way that that we have this consumption model the way that you can pull licenses. And then just the fact that we have a brand new platform from a user interface perspective, and then the multi-tenancy is, it's, it's
It's really a cool platform and so I think, you know, the economics are there. Um, and the the you know, the the the platform is there and I think we'll, you know, we're expecting to see, you know, momentum build throughout the year.
Kevin feel free to jump in.
No, I think that's that's all right.
Great stuff. Thank you.
For a deal done now, you know, how are you thinking about your opportunities in the Fortune 500 and the competitive environment? Um, just kind of in this new landscape.
Well well you hear us. Yeah, you've heard me in my comments. Say a couple of things 1 is that we are moving up market and we talked about the Japanese government, you know, we've talked about John Deere.
Uh, we talked about a massive win um out in the Middle East with a large Hospitality player uh where there's a lot of business behind that. Um, I can tell you in our funnel, we have more uh, large opportunities than we've ever had. Um, and and a lot of this is successfully. Got success. Once we win these customers, they become reference accounts. Uh, and then we use them to go market, you know, other large customers. So that's that's very successful. And then the key to us is getting in the door. And I talked about our fabric technology, you know, when we go head-to-head with our customers and right now we're you know, we're in the midst of of, of competing for
1 of the largest opportunities that would be in company history. And in, in most cases, uh, a lot of it, the the, the engineers and and and the the it leaders.
Up against everyone in the industry. And I gave that quote where this very large customer. The guy's head of this projects literally said,
you know what takes Cisco's 6 hours takes extreme 6 minutes and and and we welcome the chance to go head-to-head with any competitor to demonstrate the value of of, of our Fabric. And and what does it mean when you have, you know, sub-second convergent. What does it mean? Um,
You know, when you have the capabilities, uh, that we have, in terms of, you know, zero touch provisioning, and just the way that edge devices can call for services in a way that's fundamentally different. Um, you know, the, the, the resiliency of the platform, um, the segmentation capabilities and what does that mean as far as securing valuable services that they want to send and and manage across the network. So, um, you know, it's really a function of us elevating the brand and getting into these opportunities. And, and I think you, you'll, you'll continue to see that the the, the more opportunities we have, the more success we have. And, um, you know, that's what you know, we're we're kind of doubling down on that.
Great stuff. Thank you.
Yeah.
You are next question. Comes from the line of Christian Schwab from Craig, Hallam Capital. Your line is open.
Hey hey great, thanks. Uh for taking my question, great quarter, Great Expectations. Uh, Ed just to follow up on that, just to be clear. It sounds like, you know, the continued strong, uh, product bookings. You would say, has more to do with just having better products than, than taking market share. Um, or from say HP Juniper even Cisco. But, or would you say It's a combination of both? I guess that wasn't clear to me.
Yeah look. I mean Christian as you know that the industry has moved from being Point product based to Solutions. And so you know what we're selling is the solution where the product is is a piece. A lot of the the the product meaning Hardware in the industry has become commoditized. Um you know most of us are buying from the same vendor and it's a question of the software that we develop around it and how we develop our Solutions and then the management platforms that we build around it. So, you know, I think, you know, you know, today I'd say it's it's it's more about the solutions and the features and the capabilities that we're bringing to Market, um, that that are really differentiating us.
Um, I I I I will say there's a lot of Buzz around extreme platform 1 that just went GA. Uh, and the idea that we have, uh, this this truly, you know, conversational multimodal, agentic, AI platform. Um, that is is, is more holistic than the predecessors that are in the industry and the fact that it's live and customers can actually go in and, and, and play in the platform, uh, and and begin to kind of experience kind of what what the new experience and networking could be. People are curious and then because of of where we are people are people are wanting to find out more about extreme as it relates to HB, juniper look, you know, that's a deal that, you know, we wanted to to see it happen. Um, we think that there's going to be a lot of disruption, you know, there's Synergy number. I went up by 50% in terms of what's required, they have to pull a lot of costs out of that business. Uh, and it means
Change. And it means change for existing projects for for customers, it means changes to partner programs. Uh, it means changes to their their employees and and look, we've already been the beneficiary in some in terms of some of the key hires we've had in terms of some of the opportunities that have cropped up. So
You know, this is something that you from a competitive standpoint is creating is creating some opportunities for us. Um,
I would say the same thing with Cisco kind of moving away from networking in general. Uh, you know, the these are things that are that are that are helping extreme that along with you know, true innovation in terms of this platform and people looking for a vendor and the Enterprise space that has, you know, the highest quality Solutions uh, with the with the most modern tools, uh, to solve, you know, complex problems and and we're we just find ourselves in a, in a, at a better position. Getting more at bats.
Great. Uh thank you for that. Uh no other questions, thanks.
Ah, thanks Christian.
Sure. Next question comes from the line of Timothy Horne from Oppenheimer. Your line is open.
Bounds you know from customers because you know they're worried about all the things you're describing 1 and then secondly on the MSP side. Um do you include large you know, incumbent Telecom carriers in that? I I know they've been frustrated with Cisco over the over the years are are you capturing or, you know, any mind, share, or share their thanks?
So yeah, if I, if I start in reverse order, Tim, I say not today. We we we, we don't have any of the larger players today on the MSP front, but we think that's an opportunity. And what I could say is that we've got, um, you know, we've been investing in teams that have very good relationships. Um, and you know, this this we think could be, uh, 1 of the ways that we can. We can truly break out because of the, the differentiation differentiation of the product portfolio that I've been talking about and this platform. And then this multi-tenant MSP platform that we built uh, with with a lot of unique benefits and it's the most modern. So, you know, when we, I'm not going to say if, when, when we were able to attract 1 of these larger players, which were we're, we're, we're targeting and we're going to be going for it. We think it'll be a real needle mover so not today, but but, but we're working on that. Um, as far as HP, Juniper, yes. For us. It would be, you know,
And and that positive, you know, we have seen opportunities, we have seen some Partners, um, coming our way and, and bringing opportunities at this stage. I we, yeah, I'm not in a position to talk about how meaningful that is or how do we, how do we quantify that keep in mind that, you know, in the market every day, we compete with both of them. Anyway,
Uh, as well as we compete with Cisco in the market every day. But but I would say, you know, overall that net net would be a net positive. Uh, they haven't really gone in and made the changes yet. Um, when when they go in and and and have to go pull the synergies out, uh, we think that will be a catalyst.
The other catalyst is Cisco is changing their partner program.
And we are quite certain that the changes to the partner program will uh will incentivize uh the partner and and the channel away from traditional networking which we think will be a net positive for us in in the partner community.
Well, I mean just related to all that. Um, how much higher can the your MSP Partners margins? Be under your platform? Do you think then their legacy platform kind of, you know, what are you hearing from a return? From what they've done historically versus what you enabled,
Yeah, I I think a lot of the, a lot of the problem with MSP platforms is less about, you know, the solution and the margins and solution. And it's more about the expense of trying to maintain customers and it kind of gets very operational. And and that's why we we spent so much time focusing on this platform. Um, on once an MSP is established, it's, it's hard to unlock because people have to invest a lot in setting it up. So that's the work that we have cut out for us, is to get in there and unlock and and and get 1 of these larger players to give us a shot. And we're convinced that once we get that shot and they start working with our platform um that that you know, that that will create some of the economics that you're talking about. Tim
thank you.
You're our next question. Comes from a line of David boat from UBS. Your line is open.
Hey guys, thanks for taking the question. This is Brian on for David on Gross margins giving the product gross margin of around 50% in the quarter with full year at a similar clip uh and the competitive landscape and product offerings. Do you think there's a reasonable goal for a product margin and then I have a follow-up. Thank you.
Yeah, yeah sure. Yeah. We we we've been pretty consistent with our product margins. If you want back.
Got it, that's helpful and then just on the verticals. Can you share underlying demand Trends by vertical specifically government given the importance?
Yeah, sure. I mean, we we, we, we categorize kind of sled by state local and education, broadly. It's about 40% of our total revenue. Uh, we have another breakdown in the, in the investor deck that you could see there where we've got, you know, other vertical markets that are in that 10% range and those, those vary between, you know, retail and and Manufacturing and Healthcare. Uh, you know, we also see, you know, hospitality and venues being 10% as well. Retail transportation, you know, 10%. So that I would say that across 5 or 6 verticals, but the government and education being the largest around 40.
Got it. Thank you.
And that concludes our question and answer session. I will now turn the call back over to Ed meyercord, president and CEO for closing remarks.
All right, Rob, thanks for uh, hosting us today. Thanks everybody for joining the call, um, strong quarter for extreme. Uh, we, you know, we've got a good outlook, uh, we're we're excited about, obviously a very excited about, um,
These big customer wins um the the technology differentiation and then the the launch and the ga of extreme platform 1 which is generating a lot of interest in extreme. Uh I encourage everyone to come come see us in November we're having an investor conference and uh we'll be able we'll be in a position to dive into a lot more detail and we'll be able to Showcase all the technology and uh also give you a flavor of some of the comparisons for extreme versus our competitors. And and and why people are taking notice of extreme. Thanks everybody and have a great day.
This concludes today's conference call. Thank you for your participation. You may now disconnect.
please wait the conference will begin shortly.