F5 fatura US$ 693 milhões no primeiro trimestre do ano fiscal de 2024
- A receita de serviços cresceu em 7%;
- A participação de vendas de software aumentou em 2%;
- O ano fiscal da F5 termina em 30 de setembro.
A F5, Inc. (NASDAQ: FFIV), provedora de soluções de segurança cibernética, anuncia o faturamento de US$ 693 milhões no primeiro trimestre fiscal de 2024, encerrado em 31 de dezembro de 2023. Esse resultado representa uma diminuição de 1% em relação ao faturamento do mesmo período no ano anterior. Ou seja, US$ 7 milhões a menos. No entanto, a receita de serviços globais cresceu 7% em relação ao mesmo período do ano anterior. Já a receita de produtos diminuiu 10%, refletindo um crescimento de 2% na receita de software e uma queda de 22% na receita de sistemas em relação ao mesmo período do ano anterior.
O ano fiscal da F5 termina em 30 de setembro de 2024.
Para François Locoh-Donou, presidente e CEO da F5, a companhia apresentou resultados sólidos no primeiro trimestre de 2024, incluindo receita próxima ao limite máximo e rendimento por ação acima do limite máximo do que se era esperado. O executivo conta que a F5 entregou uma melhoria de mais de 1.000 pontos base na margem operacional GAAP, além de uma melhoria de mais de 900 pontos base na margem operacional não-GAAP em relação ao ano anterior. “Também apresentamos um forte crescimento nos rendimentos, sendo 93% no rendimento GAAP por ação e 39% no rendimento não-GAAP por ação, em comparação com o ano passado”, disse.
Locoh-Donou conta que os clientes da F5 enfrentam uma crise crescente acerca de como gerenciar e proteger com eficácia um número cada vez maior de aplicações e APIs que viabilizam seus negócios. Ele alerta que a situação será agravada por uma adoção generalizada e proliferação da IA, que introduz nesse mix, aplicações mais exigentes e mais distribuídas. No entanto, o executivo ressalta que o portfólio de produtos da F5 criado por meio de inovação orgânica e inorgânica nos anos recentes é projetado para ajudar os clientes da F5 a enfrentar exatamente esses desafios. “Estamos prontos para ajudar nossos clientes, pois somos especialistas em aplicações e APIs, com um profundo conhecimento construído ao longo de décadas, protegendo, entregando e otimizando as aplicações mais exigentes”, garante François Locoh-Donou.
De olho no futuro
Para o segundo trimestre do ano fiscal vigente, que se encerra em 31 de março de 2024, a F5 espera entregar receitas na casa de US$ 675 milhões a US$ 695 milhões, com lucros não-GAAP na faixa de US$ 2,79 a US$ 2,91 por ação diluída. “Os clientes continuam monitorando seus orçamentos de perto. No entanto, à medida que olhamos para o futuro, somos encorajados pelos sinais de estabilização das tendências da procura em todos as nossas principais esferas geográficas”, concluiu Locoh-Donou.
Lucro GAAP x Não-GAAP
O lucro bruto GAAP no primeiro trimestre do ano fiscal de 2024 foi de USD 556 milhões, representando margem bruta GAAP de 80,3%. Isso é comparável ao lucro bruto GAAP de USD 545 milhões no mesmo período do ano anterior, o que representou uma margem bruta GAAP de 77,9%. O lucro bruto não-GAAP no primeiro trimestre do ano fiscal de 2024 foi de USD 575 milhões, representando uma margem bruta não-GAAP de 83,1%. Isso é comparável ao lucro bruto não-GAAP de USD 563 milhões no mesmo período do ano anterior, o que representou uma margem bruta não-GAAP de 80,4%.
O lucro operacional GAAP no primeiro trimestre foi de USD 165 milhões, representando uma margem operacional GAAP de 23,8%, em comparação com o lucro operacional GAAP de USD 91 milhões no mesmo período do ano anterior, que representou uma margem operacional GAAP de 13,0%. O lucro operacional não-GAAP do período foi de USD 246 milhões, representando uma margem operacional não-GAAP de 35,5%, em comparação com o lucro operacional não-GAAP de USD 185 milhões no período do ano anterior, que representou uma margem operacional não-GAAP de 26,5%.
O resultado líquido GAAP no primeiro trimestre do ano fiscal de 2024 foi de USD 138 milhões, ou USD 2,32 por ação diluída, em comparação com USD 72 milhões, ou USD 1,20 por ação diluída, no primeiro trimestre do ano fiscal de 2023. O resultado líquido não-GAAP no primeiro trimestre do ano fiscal de 2024 foi de USD 205 milhões, ou USD 3,43 por ação diluída, em comparação com USD 149 milhões, ou USD 2,47 por ação diluída, no ano fiscal de 2023.
Uma conciliação de receita, lucro líquido, lucro por ação e outras medidas, em uma relação GAAP para não-GAAP, está incluída nas Demonstrações de Resultados Consolidadas, abaixo. Informações adicionais sobre informações financeiras não-GAAP estão incluídas neste comunicado.
Performance Summary Tables
GAAP Measures
($ in millions except EPS) | Q1 FY2024 | Q1 FY2023 |
Revenue | $693 | $700 |
Gross profit | $556 | $545 |
Gross margin | 80.3% | 77.9% |
Operating profit | $165 | $91 |
Operating margin | 23.8% | 13.0% |
Net income | $138 | $72 |
EPS | $2.32 | $1.20 |
Non-GAAP Measures
($ in millions except EPS) | Q1 FY2024 | Q1 FY2023 |
Gross profit | $575 | $563 |
Gross margin | 83.1% | 80.4% |
Operating profit | $246 | $185 |
Operating margin | 35.5% | 26.5% |
Net income | $205 | $149 |
EPS | $3.43 | $2.47 |
Business Outlook
“Customers continue to watch their budgets closely. However, as we look ahead, we are encouraged by signs of stabilizing demand trends across all of our major geographic theaters,” concluded Locoh-Donou.
For the second quarter of fiscal year 2024, F5 expects to deliver revenue in the range of $675 million to $695 million, with non-GAAP earnings in the range of $2.79 to $2.91 per diluted share.
In addition, the Company raised its fiscal year 2024 non-GAAP earnings per share outlook to growth of 6% to 8% from growth of 5% to 7%, as a result of a lower expected tax rate for fiscal year 2024.
All forward-looking non-GAAP measures included in the Company’s business 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 charges, facility exit costs, or other non-recurring charges that may occur in the period. F5 is unable to provide a reconciliation of non-GAAP earnings guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically varied and may continue to vary significantly from quarter to quarter.
Live Webcast and Conference Call
F5 will host a live webcast to review its financial results and outlook today, January 29, 2024, at 4:30 pm ET. The live webcast is accessible from the investor relations page of F5.com. To participate in the live call via telephone in the U.S. and Canada, dial +1 (877) 407-0312. Outside the U.S. and Canada, dial +1 (201) 389-0899. Please call at least 5 minutes prior to the call start time. The webcast replay will be archived on the investor relations portion of F5’s website.
Forward Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding F5’s future financial performance including revenue, revenue growth, gross margins, operating leverage, earnings growth, future customer demand and spending, markets, and the performance and benefits of the Company’s products. These, and other statements that are not historical facts, are forward-looking statements. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors. Such forward-looking statements involve risks and uncertainties, as well as assumptions and other factors that, if they do not fully materialize or prove correct, could cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: customer acceptance of offerings; continued disruptions to the global supply chain resulting in inability to source required parts for F5’s products or the ability to only do so at greatly increased prices thereby impacting our revenues and/or margins; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; F5’s ability to successfully integrate acquired businesses’ products with F5 technologies; the ability of F5’s sales professionals and distribution partners to sell new solutions and service offerings; the timely development, introduction and acceptance of additional new products and features by F5 or its competitors; competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into F5’s markets, and new product and marketing initiatives by our competitors; increased sales discounts; the business impact of the acquisitions and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of completion of acquisitions; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; litigation involving patents, intellectual property, shareholder and other matters, and governmental investigations; potential security flaws in the Company’s networks, products or services; cybersecurity attacks on its networks, products or services; natural catastrophic events; a pandemic or epidemic; F5’s ability to sustain, develop and effectively utilize distribution relationships; F5’s ability to attract, train and retain qualified product development, marketing, sales, professional services and customer support personnel; F5’s ability to expand in international markets; the unpredictability of F5’s sales cycle; the ability of F5 to execute on its share repurchase program including the timing of any repurchases; future prices of F5’s common stock; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K and other documents that we may file or furnish from time to time, which could cause actual results to vary from expectations. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in F5’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. All forward-looking statements in this press release are based on information available as of the date hereof and qualified in their entirety by this cautionary statement. F5 assumes no obligation to revise or update these forward-looking statements.
GAAP to non-GAAP Reconciliation
F5’s management evaluates and makes operating decisions using various operating measures. These measures are generally based on the revenues of its products, services operations, and certain costs of those operations, such as cost of revenues, research and development, sales and marketing and general and administrative expenses. One such measure is GAAP net income excluding, as applicable, stock-based compensation, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, net of taxes, restructuring charges, and certain non-recurring tax expenses and benefits, which is a non-GAAP financial measure under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. This measure of non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the Company would accrue if it used non-GAAP results instead of GAAP results to calculate the Company’s tax liability.
The non-GAAP adjustments, and F5’s basis for excluding them from non-GAAP financial measures, are outlined below:
Stock-based compensation. Stock-based compensation consists of expense for stock options, restricted stock, and employee stock purchases through the Company’s Employee Stock Purchase Plan. Although stock-based compensation is an important aspect of the compensation of F5’s employees and executives, management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of the Company’s core business and to facilitate comparison of the Company’s results to those of peer companies.
Amortization and impairment of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives, and generally cannot be changed or influenced by management after the acquisition. On a non-recurring basis, when certain events or circumstances are present, management may also be required to write down the carrying value of its purchased intangible assets and recognize impairment charges. Management does not believe these charges accurately reflect the performance of the Company’s ongoing operations; therefore, they are not considered by management in making operating decisions. However, investors should note that the use of intangible assets contributed to F5’s revenues earned during the periods presented and will contribute to F5’s future period revenues as well.
Facility-exit costs. F5 has incurred certain non-recurring right-of-use asset impairment charges, and other related recurring costs in connection with the exit of its leased facilities. These charges are not representative of the ongoing activity or costs to the business. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.
Acquisition-related charges, net. F5 does not acquire businesses on a predictable cycle and the terms and scope of each transaction can vary significantly and are unique to each transaction. F5 excludes acquisition-related charges from its non-GAAP financial measures to provide a useful comparison of the Company’s operating results to prior periods and to its peer companies. Acquisition-related charges consist of planning, execution and integration costs incurred directly as a result of an acquisition.
Restructuring charges. F5 has incurred restructuring charges that are included in its GAAP financial statements, primarily related to workforce reductions and costs associated with exiting facility-lease commitments. F5 excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business.
Management believes that non-GAAP net income per share provides useful supplemental information to management and investors regarding the performance of the Company’s core business operations and facilitates comparisons to the Company’s historical operating results. Although F5’s management finds this non-GAAP measure to be useful in evaluating the performance of the core business, management’s reliance on this measure is limited because items excluded from such measures could have a material effect on F5’s earnings and earnings per share calculated in accordance with GAAP. Therefore, F5’s management will use its non-GAAP earnings and earnings per share measures, in conjunction with GAAP earnings and earnings per share measures, to address these limitations when evaluating the performance of the Company’s core business. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP.
F5 believes that presenting its non-GAAP measures of earnings and earnings per share provides investors with an additional tool for evaluating the performance of the Company’s core business and is used by management in its own evaluation of the Company’s performance. Investors are encouraged to look at GAAP results as the best measure of financial performance. However, while the GAAP results are more complete, the Company provides investors these supplemental measures since, with reconciliation to GAAP, it may provide additional insight into the Company’s operational performance and financial results.
For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section in our attached Condensed Consolidated Income Statements entitled “Non-GAAP Financial Measures.”
Consolidated Income Statements ›
Consolidated Statements of Cash Flows ›
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Sobre a F5
A F5 é uma empresa de segurança e serviços para aplicativos multicloud, comprometida com dar vida a um mundo digital melhor. A F5 é parceira das maiores e mais avançadas organizações do mundo, para proteger e otimizar todas as aplicações e APIs em qualquer lugar – on-premises, na nuvem ou na borda. A F5 capacita as organizações a fornecer a seus clientes experiências digitais seguras excepcionais e a permanecer continuamente à frente das ameaças. Para maiores informações, acesse f5.com (NASDAQ: FFIV).
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