“As these and other new products enter the market over the next two quarters, we believe they will have a positive impact on our product revenue and continue to expand our addressable market,” McAdam said.
F5 added 95 employees during the quarter and achieved a non-GAAP operating margin of 37.4 percent. The company also continued to strengthen its financial position, generating $145 million in cash from operations. After repurchasing 555,243 shares of outstanding common stock the company ended the quarter with $1.29 billion in cash and investments.
For the current quarter, ending March 31, management has set a revenue goal of $370 million to $380 million with a GAAP earnings target of $0.93 to $0.96 per diluted share and a non-GAAP earnings target of $1.21 to $1.24 per diluted share.
A reconciliation of the company’s expected GAAP and non-GAAP earnings is provided in the following table:
|Three months ended|
|March 31, 2013|
|Reconciliation of Expected Non-GAAP Second Quarter Earnings||Low||High|
|Stock-based compensation expense||$||28.5||$||28.5|
|Amortization of purchased intangible assets||$||1.0||$||1.0|
|Tax effects related to above items||($||7.5||)||($||7.5||)|
|Non-GAAP net income excluding stock-based compensation expense and amortization of purchased intangible assets||$||96.0||$||98.4|
|Net income per share - diluted||$||0.9||3||$||0.9||6|
|Non-GAAP net income per share - diluted||$||1.2||1||$||1.2||4|
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