F5 Networks Announces First Quarter Fiscal 2018 Results
January 24, 2018
SEATTLE – F5 Networks, Inc. (NASDAQ: FFIV) today announced revenue of $523.2 million for the first quarter of fiscal 2018, up 1.4% from $516.0 million in the first quarter of fiscal 2017. Growth compared with the first quarter of fiscal 2017 was driven by Services and software solutions.
GAAP net income for the first quarter of fiscal 2018 was $88.4 million, or $1.41 per diluted share, compared to $94.2 million, or $1.44 per diluted share in the first quarter of fiscal 2017. Excluding the impact of stock-based compensation, amortization of purchased intangible assets, and non-recurring tax expenses, non-GAAP net income for the first quarter of fiscal 2018 was $141.6 million, or $2.26 per diluted share, compared to $130.3 million, or $1.98 per diluted share in the first quarter of fiscal 2017.
A reconciliation of net income, earnings per share, and other measures on a GAAP to non-GAAP basis is included on the attached Consolidated Income Statements.
"We continue to see momentum with our software offerings, driven by customers deploying our solutions on-premises and in the public cloud," said François Locoh-Donou, F5 President and Chief Executive Officer. "The organizational changes and go-to-market initiatives we began to put into place last year are gaining momentum and we expect to see increasing benefits as the current year progresses.
"Our recent State of Application Delivery report highlights a number of emerging trends across the global application landscape. It is clear, applications and related services are taking an increasingly important role as digital transformation reshapes the modern enterprise. We are well positioned to benefit from these broader industry trends as customers require more multi-cloud support, IT automation, and application security."
For the second quarter of fiscal 2018, ending March 31, the company has set a revenue goal of $525 million to $535 million with a GAAP earnings target of $1.66 to $1.69 per diluted share and a non-GAAP earnings target of $2.24 to $2.27 per diluted share.
F5 Networks Announces First Quarter Fiscal 2018 Results
