Page 1

F5 Delivers 10 % Revenue Growth in its First Quarter Fiscal Year 2021 Jan 26 , 2021 4:05 PM SEATTLE -- ( BUSINESS WIRE ) -- F5 Networks , Inc. ( NASDAQ : FFIV ) today announced financial results for its fiscal first quarter ended December 31 , 2020 . " Our customers depend on F5's application security and delivery solutions to safely and reliably deliver the digital experiences that enable consumers everywhere to order groceries , conduct online banking , or stream videos from their phones , laptops , or tablets , ” said François Locoh - Donou , F5's President and CEO . " Our investments over the last several years have fueled innovation , enhancing our strategic position with customers at a time when they are experiencing explosive application growth , and contributing to our 10 % revenue growth in the first quarter . ” First Quarter Performance Summary First quarter fiscal 2021 GAAP revenue was $ 625 million , up from $ 569 million in the first quarter of fiscal year 2020. Non - GAAP revenue for the first quarter of fiscal year 2021 was $ 626 million , up from $ 569 million in the year ago period . Both GAAP and non - GAAP revenue for the first quarter of fiscal year 2021 reflect 10 % growth compared to the first quarter of fiscal year 2020 . Fiscal year 2021 first quarter revenue growth was driven by 70 % software revenue growth , 5 % systems revenue growth , and 1 % global services revenue growth compared to the year ago period . GAAP net income for the first quarter of fiscal year 2021 was $ 88 million , or $ 1.41 per diluted share compared to first quarter fiscal year 2020 GAAP net income of $ 99 million , or $ 1.62 per diluted share . Non - GAAP net income for the first quarter of fiscal year 2021 was $ 161 million , or $ 2.59 per diluted share , compared to $ 155 million , or $ 2.55 per diluted share , in the first quarter of fiscal year 2020. Non - GAAP net income for the first quarter of fiscal year 2021 excludes $ 58 million in stock based compensation , $ 18 million in acquisition - related charges , $ 11 million in amortization of purchased intangible assets , and $ 1 million in facility - exit costs . A reconciliation of revenue , net income , earnings per share , and other measures 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 . Business Outlook For the second quarter of fiscal year 2021 ending March 31 , 2021 , F5 expects to deliver revenue in the range of $ 625 million to $ 645 million with non - GAAP earnings in the range of $ 2.32 to $ 2.44 per diluted share . All forward - looking non - GAAP measures included in the outlook exclude estimates for amortization of intangible assets , share - based compensation expenses , significant effects of tax legislation and judicial or administrative interpretation of tax regulations ( including the impact of income tax reform ) , non - recurring income tax adjustments , valuation allowance on deferred tax assets , and the income tax effect of non - GAAP exclusions , and do not include the impact of any future acquisitions or divestitures , acquisition - related charges and write - downs , restructuring