F5 Reports 4% Revenue Growth and Double-Digit Earnings Growth in Fiscal Year 2023 and 1% Revenue Growth and Double-Digit Earnings Growth in its Fourth Quarter

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[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nF5, Inc. (NASDAQ: FFIV) today announced financial results for its fourth quarter and fiscal year ended September 30, 2023.\n\n\n“In our fourth quarter, we delivered 11% software revenue growth, operating margin improvement, and double-digit earnings per share growth,” said François Locoh-Donou, F5’s President and CEO. “Our focus on operating discipline enabled us to deliver fiscal year 2023 earnings per share in line with the high-end of our beginning of year expectations despite a challenging macroeconomic environment and resulting customer spending caution.”\n\n\nFiscal Year 2023 Performance Summary\n\n\nFiscal year 2023 revenue grew 4% from the year-ago period, to $2.8 billion, up from $2.7 billion in fiscal year 2022. Global services revenue grew 7% from the year-ago period while product revenue grew 1%, reflecting 3% systems revenue growth and software revenue that was flat with the year-ago period.\n\n\nGAAP gross profit for fiscal year 2023 was $2.2 billion, representing GAAP gross margin of 78.9%. This compares with GAAP gross profit of $2.2 billion in the year-ago period, which represented GAAP gross margin of 80.0%. Non-GAAP gross profit for fiscal year 2023 was $2.3 billion, representing non-GAAP gross margin of 81.5%. This compares with non-GAAP gross profit of $2.2 billion in the year-ago period, which represented non-GAAP gross margin of 82.6%.\n\n\nGAAP operating profit for fiscal year 2023 was $473 million, representing GAAP operating margin of 16.8%. This compares with GAAP operating profit of $404 million in the year-ago period, which represented GAAP operating margin of 15.0%. Non-GAAP operating profit for the period was $850 million, representing non-GAAP operating margin of 30.2%. This compares to non-GAAP operating profit of $778 million in the year-ago period, which represented non-GAAP operating margin of 28.9%.\n\n\nGAAP net income for fiscal year 2023 was $395 million, or $6.55 per diluted share compared to $322 million, or $5.27 per diluted share, in fiscal year 2022. Non-GAAP net income for fiscal year 2023 was $705 million, or $11.70 per diluted share, compared to $623 million, or $10.19 per diluted share, in fiscal year 2022.\n\n\nF5 repurchased $350 million of its shares in fiscal year 2023, representing 58% of its free cash flow. As of the end of fiscal year 2023, F5 h...

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