F5 Networks Announces Fourth Quarter and Fiscal 2017 Results
October 25, 2017
SEATTLE – F5 Networks, Inc. (NASDAQ: FFIV) today announced revenue of $538.0 million for the fourth quarter of fiscal 2017, up 2.4% from $525.3 million in the fourth quarter of fiscal 2016. Growth compared with the fourth quarter of fiscal 2016 was driven by Services and software based solutions. For fiscal year 2017, revenue was $2.1 billion, up 4.8% from $2.0 billion last year.
GAAP net income for the fourth quarter of fiscal 2017 was $135.7 million, or $2.14 per diluted share, compared to $108.9 million, or $1.64 per diluted share in the fourth quarter of fiscal 2016. Excluding the impact of stock-based compensation, amortization of purchased intangible assets, restructuring charges, litigation expense, and a non-recurring tax benefit, non-GAAP net income for the fourth quarter of fiscal 2017 was $154.9 million, or $2.44 per diluted share, compared to $139.9 million, or $2.11 per diluted share in the fourth quarter of fiscal 2016.
GAAP net income for fiscal year 2017 was $420.8 million, or $6.50 per diluted share, compared to $365.9 million, or $5.38 per diluted share in fiscal year 2016. Non-GAAP net income for fiscal year 2017 was $542.9 million, or $8.38 per diluted share, compared to $496.2 million, or $7.30 per diluted share in fiscal year 2016.
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 finished fiscal 2017 on a solid note, delivering record fourth quarter and annual revenue and earnings," said François Locoh-Donou, F5 President and Chief Executive Officer. "We are excited by the meaningful role we are playing in helping customers solve the complexity of deploying applications across on-premise and multi-cloud environments.
"We continued to see strong customer interest in our virtual edition and application security offerings during the fourth quarter, particularly in public cloud deployments. We expect the growing traction of our software based advanced application services will be a key driver of product revenue in fiscal 2018 and beyond."
For the first quarter of fiscal 2018, ending December 31, 2017, the company has set a revenue goal of $515 million to $525 million with a GAAP earnings target of $1.47 to $1.50 per diluted share and a non-GAAP earnings target of $2.02 to $2.05 per diluted share.
F5 Networks Announces Fourth Quarter and Fiscal 2017 Results
