Q3 2024 F5 Inc Earnings Call Transcript
Key Points
- F5 Inc (FFIV) delivered Q3 revenue of $695 million, which is at the top end of their revenue guidance range.
- Non-GAAP EPS of $3.36 exceeded the top end of guidance due to continued operating discipline and tax favorability.
- Total software revenue grew 3% year over year and 13% sequentially, indicating strong customer satisfaction and momentum.
- Global services revenue grew 3% in Q3, contributing to overall revenue stability.
- F5 Inc (FFIV) expects Q4 revenue in the range of $720 million to $740 million, indicating strong future performance.
- Systems revenue was $130 million, down 16% year over year, indicating a decline in hardware sales.
- The company faced challenges in the bot defense point solution, with some customers opting for less sophisticated, lower-cost options.
- Deferred revenue was $1.77 billion, down 1% from the year-ago period, reflecting a shift towards term-based subscriptions.
- The Americas region saw a 4% year-over-year decline in revenue, representing 55% of total revenue.
- The company is no longer incentivizing customers towards multi-year maintenance agreements, which could impact future deferred revenue.
Good afternoon and welcome to the F5 Inc third quarter fiscal 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. If anyone has any objections, please disconnect at this time.
I'll now turn the call over to Ms. Suzanne DuLong. Ma'am, you may begin.
Hello and welcome. I am Suzanne DuLong, F5's Vice President of Investor Relations. Francois Locoh-Donou F5's President and CEO; and Frank Pelzer, F5's Executive Vice President and CFO, will be making prepared remarks on today's call.
Other members of the F5 executive team are also here to answer questions during the Q&A session. A copy of today's press release is available on our website at f5.com. Where an archived version of today's audio will be available through October 28, 2024. We will post the slide deck accompanying today's webcast to our IR site at the conclusion of our call.
To access the replay of today's webcast by phone, dial (877)660-6853 or (201)612
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