Extreme Networks CEO: Beating Cisco An ‘Exclamation Mark’ On Fiscal Year 2022
“We’re the right size company to work with. Partners feel like when they work with Extreme they can make a difference and they can influence our decision making. I’m not sure that’s true with our competitors,” Extreme Networks’ CEO Ed Meyercord tells CRN following the end of the company’s record-breaking fiscal 2022.
How does Extreme's most recent fiscal quarter highlight how you're winning against the competition?
We grew our bookings by 24 percent and Cisco and the industry are growing by about 8 percent, so, it’s just a clear exclamation mark on the fact that Extreme is taking share in the marketplace, and we’re doing it both in the enterprise, as well as in the service providers space with our 5G solutions. I can tell you that growth is spread across all of our geos when we look at the strength and performance in the Americans, in EMEA, in Asia-Pacific. When we look at overall industry vertical growth, our solutions have been very successful across the board, across our verticals, so, it’s just this very evenly spread, organic growth that we’re experiencing at Extreme. It means that we’re taking share.
We’re attracting talent at Extreme like never before, and the caliber and quality of talent is quite high. Our employee turnover and attrition is very low in a market where it’s very high. For us, $1.1 billion was a record year for revenue, which was 10 percent growth. And what we’re calling for going forward is 10 to 15 percent growth. And what is interesting, looking back at the 10 percent growth of $1.1 billion, is that we built up an incremental $400 million in backlog, so there’s real demand in the marketplace and these are high-quality orders because these are important infrastructure projects. There’s $400 million in high-quality orders just waiting on a supply chain, so in a way, we’re masking the real results because we can’t ship the product and recognize revenue until we do that.