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Dec 31, 2021
F5 Q1 2022 Earnings Report
Reported 10% first quarter revenue growth, driven by strong software demand.
Key Takeaways
F5's Q1 FY22 earnings showed strong performance with a 10% increase in GAAP revenue to $687 million. This growth was fueled by a 19% rise in product revenue and a 2% increase in global services revenue. Software solutions were particularly strong, with non-GAAP software revenue growing 47%.
GAAP revenue increased by 10% year-over-year to $687 million.
Product revenue grew by 19%, while global services revenue increased by 2%.
Non-GAAP software revenue grew by 47% compared to the same period in the prior year.
GAAP net income was $94 million, or $1.51 per diluted share, compared to $88 million, or $1.41 per diluted share, in the prior year.
Revenue by Segment
Forward Guidance
The Company expects fiscal second quarter revenue in a range of $610 to $650 million. It further expects fiscal year 2022 revenue growth in a range of 4.5% to 8%, down from its prior expectation of 8% to 9% growth. The Company expects fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range, and fiscal year 2022 global services revenue growth of 1% to 2%.
Positive Outlook
- Demand drivers across our business are as strong as they have ever been.
- Customers increasingly see F5 as an innovator uniquely equipped to help them build and scale both their traditional and modern application environments with our software- and systems-based solutions.
- The Company expects fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range.
- The Company expects fiscal year 2022 global services revenue growth of 1% to 2%.
Challenges Ahead
- The Company expects that its ability to meet customers' continued strong demand for systems will be restricted by supply chain constraints for the remainder of fiscal year 2022.
- It expects fiscal second quarter revenue in a range of $610 to $650 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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