F5 Networks Announces Results for Second Quarter of Fiscal 2011
April 20, 2011
SEATTLE--(BUSINESS WIRE)-- For the second quarter of fiscal 2011, F5 Networks, Inc. (NASDAQ:FFIV) announced revenue of $277.6 million, up 3.2 percent from $268.9 million in the prior quarter and 34.7 percent from $206.1 million in the second quarter of fiscal 2010.
GAAP net income was $55.6 million ($0.68 per diluted share), compared to $55.7 million ($0.68 per diluted share) in the prior quarter and $33.1 million ($0.41 per diluted share) in the second quarter a year ago.
Excluding the impact of stock-based compensation net of tax, non-GAAP net income was $71.5 million ($0.88 per diluted share), compared to $72.2 million ($0.88 per diluted share) in the prior quarter and $45.2 million ($0.56 per diluted share) in the second quarter of fiscal 2010.
“F5’s solid sequential and year-over-year revenue growth in the second quarter was driven by continuing strength in the Americas and APAC,” said John McAdam, president and chief executive officer. Revenue from the Americas grew 4 percent from the prior quarter and 38 percent from the second quarter of fiscal 2010. APAC revenue increased 10 percent from the prior quarter and 68 percent year-over-year. Japan revenue was down 6 percent sequentially and flat with revenue in the second quarter of last year. In EMEA, revenue grew 22 percent year-over-year but was essentially flat with the prior quarter.
“Overall revenue growth and stable gross margins enabled us to add 125 employees in the second quarter and maintain our non-GAAP operating margin at just under 38 percent,” McAdam said.
During the quarter F5 generated $91 million in cash from operations, and after repurchasing 404,933 shares of our outstanding common stock the company ended the quarter with $997 million in cash and investments.
For the current quarter, ending June 30, management has set a revenue goal of $287 million to $292 million with a GAAP earnings target of $0.69 to $0.71 per diluted share. Excluding stock-based compensation expense, the company’s non-GAAP earnings target is $0.89 to $0.91 per diluted share. |
