F5 Networks Inc FFIV
Q2 2012 Earnings Call Transcript

Transcript Call Date 04/18/2012

Operator: Good afternoon and welcome to the F5 Second Quarter Financial Results Conference Call. At this time, all parties will be able to listen-only until the question-and-answer portion. Also, today's conference is being recorded. If anyone has any objections, please disconnect at this time.

I'd now like to turn the call over to Mr. John Eldridge, Director of Investor Relations. Sir, you may begin.

John Eldridge - IR: Thank you, Carol. Welcome all of you to our conference call for the second quarter of fiscal 2012. The speakers on today's call are John McAdam, President and CEO; and Andy Reinland, Executive VP and Chief Finance Officer. Other members of our executive team are also with us to answer questions following our prepared comments.

If you have question questions after today's call, please direct them to me at 206-272-6571. If you don't have a copy of today's press release, you can access one on our website at In addition, you can access an archived version of today's live webcast from the Investor Relations Events Calendar page of our website through July 18, 4.30 PM today until midnight Pacific Time, April 19. You can also listen to the telephone replay at 866-503-3214 or 203-369-1863.

As we indicated in our press release, financial results for the second quarter reflect some changes in the way we report our non-GAAP measures. Prior to Q2, our non-GAAP results have excluded only stock-based compensation expense. Following the of Traffix Systems in February, we have decided to adopt common industry practice and exclude amortization of purchased intangibles and all acquisition-related charges as well. Going forward, we believe this practice will provide investors with a more accurate representation of our operating business model. A full reconciliation of GAAP to non-GAAP results for Q2 and our Q3 guidance is provided in our press release and the consolidated statements of operations included in the press release and also posted on our website.

During today's, our discussion will contain forward-looking statements, which include words such as believe, anticipate, expect and target. These forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from those expressed or implied by these statements. Factors that may affect our results are summarized in our quarterly press release and described in detail in our SEC filings.

Before we begin, I also want to remind you that F5 has no duty to update any information presented in this call.

Now, I'll turn the call over to Andy Reinland.

Andy Reinland - SVP and CFO: Thank you, John. F5's fiscal second quarter marked a return to product revenue acceleration as strong telco sales and continued momentum in software and security drove revenue ahead of our guidance. Revenue of $339.6 million which exceeded the high end of our $332 million to $337 million guided range, grew 5.3% from the prior quarter and 22.4% year-over-year. In line with our expectations, Q2 revenue from Traffix Systems was not material to results.

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