For the second quarter of fiscal 2012, F5 Networks (NASDAQ: FFIV) announced revenue of $339.6 million, up 5.3% from $322.4 million in the prior quarter and 22.4% from $277.6 million in the second quarter of fiscal 2011.
GAAP net income was $68.6 million ($0.86 per diluted share), compared to $66.5 million ($0.83 per diluted share) in the prior quarter and $55.6 million ($0.68 per diluted share) in the second quarter a year ago.
Excluding the impact of stock-based compensation, amortisation of purchased intangible assets and acquisition-related charges and related tax effects, non-GAAP net income for the second quarter was $87.1 million ($1.09 per diluted share), compared to $82.2 million ($1.03 per diluted share) in the prior quarter and $71.5 million ($0.88 per diluted share) in the second quarter of last year.
John McAdam, F5 president and chief executive officer, said strong demand for VIPRION platforms, F5's industry-leading Virtual Clustered Multiprocessing technology (vCMP), and the full range of BIG-IP software modules contributed to solid gains in product revenue, which grew more than 18% year-over-year. Bookings growth was solid in APAC, especially in Japan, and sales growth in EMEA was in line with overall growth during the quarter. Solid growth in the Americas was driven by strong service provider sales.
“During the quarter, we continued to see growing demand for both VIPRION 2400, our midrange chassis-based application delivery controller, and VIPRION 4400, the high end of our ADC product family,” McAdam said. “In early April, we introduced a new chassis, VIPRION 4480, with new blades that effectively double the performance of VIPRION 4400.”
“VIPRION 4480 is the highest performing ADC on the market. Like all of our VIPRION and BIG-IP products, it is also an ICSA-certified network firewall, delivering 12-times the performance of the nearest competing product. In the second quarter, we saw increasing demand for all of our security products, including our security modules, Application Security Manager (ASM), Access Policy Manager (APM) and our EDGE Gateway appliance. As the number and complexity of security threats continues to grow, we anticipate that our integrated security solutions will be an increasingly important component of our revenue stream.”
During the quarter, F5 added approximately 190 employees worldwide, including 60 from Traffix Systems. Following the acquisition of Traffix Systems on 22 February 2012, and the repurchase of 404 106 shares of its outstanding common stock, the company ended the quarter with $1.03 billion in cash and investments.
For the current quarter, ending 30 June, management has set a revenue goal of $350 million to $355 million with a GAAP earnings target of $0.88 to $0.90 per diluted share. Excluding the impact of stock-based compensation and amortisation of purchased intangible assets and related tax effects, the company's non-GAAP earnings target is $1.12 to $1.14 per diluted share.
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F5 Networks
F5 Networks, the global leader in Application Delivery Networking (ADN), helps the world's largest enterprises and service providers realise the full value of virtualisation, cloud computing, and on-demand IT. F5 solutions help integrate disparate technologies to provide greater control of the infrastructure, improve application delivery and data management, and give users seamless, secure and accelerated access to applications from their corporate desktops and smart devices. An open architectural framework enables F5 customers to apply business policies at “strategic points of control” across the IT infrastructure and into the public cloud. F5 products give customers the agility they need to align IT with changing business conditions, deploy scalable solutions on demand, and manage mobile access to data and services. Enterprises, service and cloud providers, and leading online companies worldwide rely on F5 to optimise their IT investments and drive business forward. For more information, go to www.f5.com.
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