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F5 Networks Announces Fourth Quarter And Fiscal 2015 Results

The following excerpt is from the company's SEC filing.

- F5 Networks, Inc. (NASDAQ: FFIV) today announced revenue of $501.3 million for the fourth quarter of fiscal year 2015, up 4 percent from $483.6 million in the prior quarter and 8 percent from $465.3 million in the fourth quarter of fiscal year 2014. For fiscal year 2015, revenue was $1.92 billion, up 11 percent from $1.73 billion last year.

GAAP net income for the fourth quarter was $97.0 million ($1.36 per diluted share) compared to $93.2 million ($1.29 per diluted share) in the third quarter of 2015 and $94.0 million ($1.26 per diluted share) in the fourth quarter a year ago. GAAP net income for the year was $365.0 million ($5.03 per diluted share) versus $311.2 million ($4.09 per diluted share) in fiscal year 2014.

Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income for the fourth quarter was $130.7 million ($1.84 per diluted share), compared to $120.2 million ($1.67 per diluted share) in the prior quarter and $116.7 million ($1.57 per diluted share) in the fourth quarter of fiscal 2014. For fiscal year 2015, non-GAAP net income was $480.3 million ($6.62 per diluted share) versus $413.0 million ($5.43 per diluted share) in fiscal year 2014.

A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations.

“Against the backdrop of a volatile macro-economy, F5 achieved a year of solid growth and profitability,” said Manny Rivelo, F5 president and chief executive officer. “With a Q4 revenue run-rate above two billion dollars, record annual revenue and gross margins contributed to a 17 percent increase in GAAP net income for the year. From a regional perspective, the United States and EMEA were the strongest performers, with solid year over year revenue growth in Q4, offset by weakness in Latin America, Canada and Japan.

“During the quarter, software sales continued to grow as a percentage of our product mix, reflecting incremental demand for our Virtual Editions and Good-Better-Best bundles and a steady ramp in sales of our Cloud-based Silverline SaaS offerings and our other subscription services. These trends validate our success in meeting the growing need for hybrid solutions that can be deployed and centrally managed on-premise and in the Cloud, and we expect to see them continue throughout fiscal 2016.

4Q15/FY15 Earnings Release

“In addition, we believe our planned product rollouts and new sales initiatives, combined with the strength of partner relationships such as our recently announced partnership with FireEye will continue to expand our addressable market and drive products sales over the course of the year. However, we expect their combined effect to be gradual and weighted toward the back half of the year.

“For the past several years, we have experienced a seasonally slower first quarter, followed by a steady ramp in sales through the end of the fiscal year. In addition, we are factoring in a measure of continued uncertainty in the macro environment in shaping our outlook for Q1 of fiscal 2016.

For the first quarter of fiscal 2016, ending December 31, the company has set a revenue target of $480 million to $490 million with a GAAP earnings target of $1.13 to $1.16 per diluted share. Excluding stock-based compensation expense and amortization of purchased intangible assets, the company’s non-GAAP earnings target is $1.58 to $1.61 per diluted share.

A reconciliation of the company’s expected GAAP and non-GAAP earnings is provided in the following table:

Three months ended

December 31, 2015

Reconciliation of Expected Non-GAAP First Quarter Earnings

Net income

Stock-based compensation expense

Amortization of purchased intangible assets

Tax effects related to above items

Non-GAAP net income excluding stock-based compensation expense and amortization of purchased intangible assets

Net income per share - diluted

Non-GAAP net income per share - diluted

Analyst/Investor Meeting

F5 will hold a meeting for analysts and investors at the New York Hilton Midtown, from 8:00 a.m. to 12:30 p.m. Eastern Time on Thursday, November 12, 2015.

For more information and to register online, please visit: https://f5.com/about-us/events/f5-networks-analyst-and-inves...

The meeting will also be webcast live, beginning November 12th at 8:00 a.m. ET, and an archived version will be available through January 20, 2016. The link for the live webcast and the archived version is https://f5.com/about-us/investor-relations.

About F5 Networks

F5 (NASDAQ: FFIV) provides solutions for an application world. F5 helps organizations seamlessly scale cloud, data center, telecommunications, and software defined networking (SDN) deployments to successfully deliver applications and services to anyone, anywhere, at any time. F5 solutions broaden the reach of IT through an open, extensible framework and a rich partner ecosystem of leading technology and orchestration vendors. This approach lets customers pursue the infrastructure model that best fits their needs over time. The world’s largest businesses, service providers, government entities, and consumer brands rely on F5 to stay ahead of cloud, security, and mobility trends. For more information, go to f5.com.

You can also follow @f5networks on Twitter or visit...


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