Press release
F5 Reports 4% Revenue Growth in its Fiscal Third Quarter, Including 38% Software Revenue Growth
SEATTLE--(BUSINESS WIRE)-- F5, Inc. (NASDAQ: FFIV) today announced financial results for its fiscal third quarter ended June 30, 2022. “Customers depend on
About this update from F5, Inc.
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nF5, Inc. (NASDAQ: FFIV) today announced financial results for its fiscal third quarter ended June 30, 2022.\n\n“Customers depend on F5 to secure and deliver extraordinary digital experiences that drive their businesses and fuel their brands,” said François Locoh-Donou, F5’s President and CEO. “Demand for security across all customer verticals fueled sales in our third quarter resulting in 4% total revenue growth despite ongoing semiconductor shortages.”\n\nThird Quarter Performance Summary\n\nThird quarter fiscal year 2022 revenue grew 4% from the year ago period, to $674 million, up from $652 million in fiscal year 2021. Product revenue grew 5% from the year-ago period including 38% software revenue growth. Systems revenue declined 18% from the year-ago period as a result of ongoing semiconductor shortages. Global services revenue grew 2% from the year-ago period.\n\nGAAP net income for the third quarter of fiscal year 2022 was $83 million, or $1.37 per diluted share compared to third quarter fiscal year 2021 GAAP net income of $90 million, or $1.46 per diluted share.\n\nNon-GAAP net income for the third quarter of fiscal year 2022 was $155 million, or $2.57 per diluted share, compared to $169 million, or $2.76 per diluted share, in the third quarter of fiscal year 2021.\n\nA reconciliation of net income on a GAAP to non-GAAP basis is included in the attached Consolidated Income Statements. Additional information about non-GAAP financial information is included in this release.\n\nBusiness Outlook\n\n“We saw strong demand in our third quarter, and we have a strong fourth quarter pipeline. At the same time, we are cognizant of the broader, more cautious environment we are operating in,” said Locoh-Donou. “With our intense business transformation efforts over the last five years, we have built a stronger and more resilient F5, as evidenced by our 72 percent revenue from recurring sources in the quarter. As a result, we have increased confidence in our ability to deliver sustained revenue and earnings growth.”\n\nFor the fourth quarter of fiscal year 2022, F5 expects to deliver revenue in the range of $680 million to $700 million, with non-GAAP earnings in the range of $2.45 to $2.57 per diluted share.\n\nAll forward-looking non-GAAP measures included in the Company’s business outlook exclude estimates...