F5 Networks, Inc. (NASDAQ: FFIV) today announced revenue of $362.6 million for the fourth quarter of fiscal year 2012, up 3 percent from $352.6 million in the prior quarter and 15 percent from $314.6 million in the fourth quarter of fiscal year 2011. For fiscal year 2012, revenue was $1.38 billion, up 20 percent from $1.15 billion in fiscal year 2011.
GAAP net income for the fourth quarter was $67.7 million ($0.85 per diluted share) compared to $72.3 million ($0.91 per diluted share) in the third quarter of 2012 and $67.6 million ($0.84 per diluted share) in the fourth quarter a year ago. GAAP net income for the year was $275.2 million ($3.45 per diluted share) versus $241.4 million ($2.96 per diluted share) in fiscal year 2011.
Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income for the fourth quarter was $88.7 million ($1.12 per diluted share), compared to $90.6 million ($1.14 per diluted share) in the prior quarter and $85.2 million ($1.06 per diluted share) in the fourth quarter of fiscal 2011. For fiscal year 2012, non-GAAP net income was $348.6 million ($4.37 per diluted share) versus $308.3 million ($3.78 per diluted share) in fiscal year 2011.
The company’s GAAP and non-GAAP net income reflect higher than expected effective tax rates for fiscal year 2012. This resulted from a higher than expected impact of foreign permanent tax differences and a higher blended effective state tax rate which resulted in a GAAP effective tax rate for the fourth quarter of 39.9 percent. The non-GAAP effective tax rate for the quarter was 37.0 percent.A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations. “F5 grew sequentially and year over year throughout fiscal 2012,” said F5 president and chief executive officer John McAdam. “But after a strong first half, revenue growth slowed in the second half of the year. Beginning in the third quarter and continuing through Q4, slowing growth in product revenue reflected smaller deal sizes, particularly among large U.S. enterprise and telecommunications customers. Annual U.S. revenue grew just over 16 percent from fiscal 2011. By contrast, international revenue grew nearly 24 percent in fiscal 2012, resulting in overall revenue growth of 20 percent for the year.
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