A F5, líder em soluções que garantem a segurança e a entrega de aplicações corporativas, anuncia faturamento de US$ 583,4 milhões no segundo trimestre fiscal de 2020, encerrado em 31 de março de 2020. A receita reflete um crescimento de 7% sobre os US$ 544,9 milhões obtidos no segundo trimestre do ano fiscal de 2019. A receita de software cresceu 96%.
François Locoh-Donou, CEO e Presidente da F5, conta que, durante o segundo trimestre, foi possível ver uma rápida aceitação das ofertas de software da companhia. Devido a pandemia mundial (COVID-19), principalmente no último mês do trimestre (março), houve uma maior demanda por capacidade, já que os clientes buscavam escalonar com rapidez – e, em alguns casos, massivamente – a infraestrutura dedicada ao acesso remoto. A meta era manter seus colaboradores seguros, em casa, e os processos de negócios funcionando a todo vapor. “Empresas do mundo todo recorreram à F5 para assegurar a consistência do acesso remoto, suportando a entrega e a segurança de suas aplicações de missão crítica”, disse.
Modelo de negócio orientado a software
Suportar toda essa demanda repentina, literalmente do dia para a noite, só foi possível graças à transformação da F5 em um modelo de negócio mais orientado a software. Foi possível incorporar maior resiliência aos negócios da companhia, o que garantiu 65% de receitas recorrentes, USD 182 milhões em fluxo de caixa decorrente de operações e investimentos, o que totalizou USD 1 bilhão no fim do segundo trimestre. “Dessa forma, podemos enfrentar a incerteza econômica resultante da pandemia COVID-19. Estamos confiantes de que nossa visão multinuvem, nossos investimentos e nossa inovação estão bem alinhados com a necessidade dos clientes em curto, médio e longo prazo”, afirma François Locoh-Donou.
Perspectiva de negócios
Para o terceiro trimestre do ano fiscal de 2020, a encerrar-se em 30 de junho de 2020, A F5 espera distribuir receita GAAP e não-GAAP na faixa de USD 555 milhões a USD 585 milhões, com rendimentos não-GAAP na faixa de USD 1,91 a USD 2,13 por ação diluída.
Resumo do desempenho no segundo trimestre
Após a aquisição da Shape Security, para proporcionar transparência para o que a administração F5 acredita refletir seus resultados de negócios em curso, a F5 está relatando tanto a receita GAAP quanto a não-GAAP.
A receita GAAP de USD 583,4 milhões no segundo trimestre do ano fiscal de 2020 reflete um crescimento de 7% a partir de USD 544,9 milhões no segundo trimestre do ano fiscal de 2019.
A receita não-GAAP no segundo trimestre do ano fiscal de 2020 foi de USD 585,6 milhões, refletindo um crescimento de 7% da receita total e 96% da receita de software em relação ao período do ano anterior.
O resultado líquido GAAP do segundo trimestre do ano fiscal de 2020 foi de USD 61,4 milhões, ou USD 1,00 por ação diluída, em comparação com o resultado líquido GAAP de USD 116,1 milhões, ou USD 1,93 por ação diluída, do segundo trimestre do ano fiscal de 2019.
O resultado líquido não-GAAP do segundo trimestre do ano fiscal de 2020 foi de USD 135,9 milhões, ou USD 2,23 por ação diluída, em comparação com USD 154,4 milhões, ou USD 2,57 por ação diluída, do segundo trimestre do ano fiscal de 2019. O resultado líquido não-GAAP do segundo trimestre do ano fiscal de 2020 exclui USD 51,2 milhões em compensação baseada em ações, USD 23,5 milhões em encargos relacionados a aquisições, US 8,6 milhões em amortização de ativos intangíveis adquiridos, e USD 1,3 milhões em custos de saída de instalações.
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 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.
Forward Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding the continuing strength and momentum of F5’s business, future financial performance, projected and target revenue and earnings ranges, income, earnings per share, share amounts and share price assumptions, share repurchases, demand for application delivery networking, application delivery services, security, and software products, expectations regarding future services and products, expectations regarding future customers, markets and the benefits of products, and other statements that are not historical facts and which 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: the impact of the COVID-19 global pandemic, customer acceptance of our new security, application delivery, optimization, and software and SaaS offerings; the timely development, introduction and acceptance of additional new products and features by F5 or its competitors; F5 may not realize the financial and strategic goals that are contemplated through its acquisitions and F5 may not successfully operate and integrate newly-acquired businesses appropriately; 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; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; litigation involving patents, intellectual property, shareholder and other matters, and governmental investigations; natural catastrophic events; 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; F5’s share repurchase program; 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 of purchased intangible assets, acquisition-related charges, net of taxes, restructuring charges, facility-exit costs, significant litigation and other contingencies 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:
Acquisition-related write-downs of assumed deferred revenue. Included in its GAAP financial statements, F5 records acquisition-related write-downs of assumed deferred revenue to fair value, which results in lower recognized revenue over the term of the contract. F5 includes revenue associated with acquisition-related write-downs of assumed deferred revenue in its non-GAAP financial measures as management believes it provides a more accurate depiction of revenue arising from our strategic acquisitions.
Stock-based compensation. Stock-based compensation consists of expense for stock options, restricted stock and employee stock purchases through the company’s ESPP. 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.
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.
Amortization 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. 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. In fiscal year 2019, F5 relocated its headquarters in Seattle, Washington and recorded charges in connection with this facility exit as well as other non-recurring lease activity. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.
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 Consolidated Income Statements entitled “Non-GAAP Financial Measures.”