Press release
F5 Delivers 7% Revenue Growth in Second Quarter Fiscal Year 2020
Generates Second Quarter GAAP EPS of $1.00 and non-GAAP EPS of $2.23 per diluted share SEATTLE--(BUSINESS WIRE)-- F5 Networks, Inc. (NASDAQ: FFIV) today
About this update from F5, Inc.
[{"type":"text","content":"\n Generates Second Quarter GAAP EPS of $1.00 and non-GAAP EPS of $2.23 per diluted share\n\n SEATTLE--(BUSINESS WIRE)--\nF5 Networks, Inc. (NASDAQ: FFIV) today announced financial results for its fiscal second quarter ended March 31, 2020.\n\n\n“During our second quarter, we saw continued rapid acceptance of our software and subscription-based offerings as enterprises and service provider customers worldwide look to F5 to ensure consistent application access, delivery and security,” said François Locoh-Donou, CEO and President of F5. “In the last month of the quarter, we also saw increased demand for capacity as customers looked to quickly and, in some cases, massively scale remote access capabilities to keep their employees safe and their businesses running.”\n\n\n“As a result of transforming F5 to a more software-driven business, we have built greater resiliency into our business model,” continued Locoh-Donou. “With 65% recurring revenue, $182 million in cash flow from operations and cash and investments totaling $1 billion at the end of our second quarter, we can weather the economic uncertainty resulting from the COVID-19 pandemic and we are confident our multi-cloud vision, our investments, and our innovation are well aligned with both near- and longer-term customer demand.”\n\n\nSecond Quarter Performance Summary\n\n\nFollowing its acquisition of Shape Security, to provide transparency to what F5 management believes reflects its ongoing business results, F5 is reporting both GAAP and non-GAAP revenue. Non-GAAP revenue excludes the impact of the purchase accounting write-down on Shape’s assumed deferred revenue. F5 expects purchase accounting will impact Shape-related recognized revenue on a GAAP-basis principally over the four quarters following the transaction close in January 2020.\n\n\nGAAP revenue of $583.4 million for the second quarter of fiscal year 2020 reflects 7% growth from $544.9 million in the second quarter of fiscal year 2019.\n\n\nNon-GAAP revenue for the second quarter of fiscal year 2020 was $585.6 million, reflecting 7% growth in total revenue and 96% growth in software revenue in the year ago period.\n\n\nGAAP net income for the second quarter of fiscal year 2020 was $61.4 million, or $1.00 per diluted share compared to second quarter fiscal year 2019 GAAP net income of $116.1 million, or $1.93 per dil...