F5 Posts Q1 Revenue of $489.5 Million, up 6% YoY

F5 Networks reported Q1 2016 revenue of $489.5 million, reflecting 6 percent growth from $462.8 million in the first quarter of fiscal 2015. GAAP net income was $89.7 million ($1.28 per diluted share), compared to $89.1 million ($1.21 per diluted share) in the first quarter a year ago. Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income was $120.6 million ($1.73 per diluted share), compared to $114.2 million ($1.55 per diluted share) in the first quarter of last year.

“We continue to see growth in software sales, driven by strength in security modules and sales of our virtual editions,” said John McAdam, F5 president and chief executive officer. “Security remains a key driver of growth for the business, with million dollar plus security deals up year over year. In addition, our operating model continues to drive solid profitability and cash generation, with cash flow from operations at a record $204 million for the quarter."

“Over the medium to long term, we are confident the superior performance and breadth of functionality in our portfolio of hybrid solutions, including new BIG-IP appliances and VIPRION blades, as well as new security solutions and high performance versions of our software-only Virtual Editions, will spur the growth of product revenue in the second half of the fiscal year."

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