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Mar 31, 2022
F5 Q2 2022 Earnings Report
Reported a strong software revenue growth and delivered above the midpoint of revenue guidance.
Key Takeaways
F5, Inc. announced its fiscal second quarter results with a revenue of $634 million, a 2% decrease compared to the year-ago period. Software revenue grew by 40%, while systems revenue declined by 27% due to semiconductor component shortages. The company's GAAP net income was $56 million, or $0.92 per diluted share, compared to $43 million, or $0.70 per diluted share in the previous year. Non-GAAP net income was $131 million, or $2.13 per diluted share, compared to $155 million, or $2.50 per diluted share in the previous year.
Software revenue increased 40% year-over-year.
Second quarter revenue was $634 million, down 2% from the year-ago period.
GAAP net income was $56 million, or $0.92 per diluted share.
Non-GAAP net income was $131 million, or $2.13 per diluted share.
Revenue by Segment
Forward Guidance
F5 expects fiscal year 2022 revenue growth in a range of 1.5% to 4%, and continues to expect fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range. For fiscal third quarter, the company expects revenue in a range of $660 to $680 million.
Positive Outlook
- Clear visibility to continuing strong demand drivers across software and systems portfolio.
- Continue to work every possible angle to expand supply availability to match the demand.
- Expecting fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range.
Challenges Ahead
- Ability to ship to meet demand for systems-based solutions is gated by ongoing component shortages.
- Fiscal year 2022 revenue growth expected in a range of 1.5% to 4%, down from its prior outlook for 4.5% to 8% growth.
- Supply chain constraints are restricting the ability to meet customers’ demand for systems.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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