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    F5 Inc (FFIV)

    CFO Change

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    F5, Inc. is a leading provider of multi-cloud application security and delivery solutions, enabling customers to develop, deploy, operate, secure, and govern applications across various architectures, from on-premises to the public cloud . The company's enterprise-grade application services are available as cloud-based, software-as-a-service (SaaS), and software-only solutions optimized for multi-cloud environments, with modules that can run independently or as part of an integrated solution on high-performance appliances . F5 markets and sells its products primarily through indirect sales channels across the Americas, Europe, the Middle East, and Africa (EMEA), and the Asia Pacific region (APAC) .

    1. Application Security and Delivery Solutions - Provides comprehensive solutions for securing and delivering applications, including BIG-IP software and systems, which are available on both a perpetual license and subscription basis.
      • BIG-IP Software - Offers a range of application services that enhance security, performance, and availability.
    2. F5 NGINX Software - Delivers high-performance application delivery and API management solutions, sold on a subscription basis.
    3. F5 Distributed Cloud Services - Offers security, multi-cloud networking, and edge-based computing solutions under a unified SaaS platform, available on a subscription basis.
    4. Global Services - Includes annual maintenance contracts, training, and consulting services to support and enhance the use of F5 products.
    NamePositionStart DateShort Bio
    François Locoh-DonouPresident, CEO, and DirectorApril 2017François Locoh-Donou has been leading F5, Inc. since April 2017. He previously served as COO at Ciena Corporation and has a strong background in enterprise technology, particularly in security, networking, and telecommunications. Under his leadership, F5 has shifted to a software-first approach with over 70% recurring revenues .
    Tom FountainExecutive Vice President and COOAugust 30, 2024Tom Fountain became COO on August 30, 2024. He joined F5 in January 2018 as EVP and Chief Strategy Officer, later serving as EVP of Global Services and Chief Strategy Officer from June 2020. He has held senior roles at McAfee, Intel, and Juniper Networks .
    Frank PelzerExecutive Vice President and CFOMay 2018Frank Pelzer oversees F5's financial operations since May 2018. He was previously President and COO of the Cloud Business Group at SAP and CFO of Concur Technologies. He has also worked at Deutsche Bank and Credit Suisse Group .
    Scot RogersExecutive Vice President and General CounselJanuary 2014Scot Rogers has been with F5 since 2005, becoming EVP and General Counsel in January 2014. He was previously General Counsel for Xpediate Consulting and spent eight years in private practice as a commercial litigator .
    Chad WhalenExecutive Vice President and Chief Revenue OfficerSeptember 2024Chad Whalen has been CRO since September 2024. He joined F5 in 2017, leading the Cloud Sales team, and served as EVP of Worldwide Sales from July 2018 to August 2024. He has held leadership roles at Fortinet, Jasper, Ciena, and World Wide Packets .
    Lyra SchrammExecutive Vice President and Chief People OfficerApril 2024Lyra Schramm joined F5 in April 2024. She previously spent nine years at Google in various leadership roles, including VP of Strategy & Innovation, where she led Google's enterprise-wide people strategy .
    Kunal AnandExecutive Vice President and Chief Innovation OfficerSeptember 2024Kunal Anand joined F5 in April 2024 as CTO and became Chief Innovation Officer in September 2024. He was previously CTO and CISO at Imperva and co-founded Prevoty. He has worked at BBC Worldwide, Gravity, MySpace, and NASA Jet Propulsion Lab .
    Edward Cooper WernerExecutive Vice President and CFO (upcoming)Future DateEdward Cooper Werner is set to become CFO following the filing of F5's Form 10-K for the 2024 fiscal year, expected in mid-November 2024. He has been with F5 since 2001, serving as SVP of Finance for 12 years .
    1. Are you experiencing increased attrition in your sales team due to competitors poaching your staff, and how is this affecting your go-to-market strategy?

    2. The shift from hardware to software seems slower than expected, with customers preferring hardware solutions; do you anticipate a more rapid shift to software in the upcoming upgrade cycle, or will hardware continue to be a significant part of your revenue mix?

    3. With the $65 million headwind from retiring legacy SaaS businesses and migrating Silverline to Distributed Cloud Services, are you on track with this transition, and how are you mitigating the associated revenue impact?

    4. Given the challenges in your bot manager business, including customer churn due to preference for lower-cost or platform-based solutions, what strategies are you implementing to improve its performance and address competitive pressures?

    5. While you expect hardware demand to stabilize or grow next year due to tech refresh cycles and AI opportunities, how confident are you in this outlook considering industry trends toward software and cloud solutions, and what risks could affect this hardware demand?

    Program DetailsProgram 1Program 2Program 3
    Approval DateOctober 2010 July 25, 2022 October 25, 2024
    End Date/DurationN/AN/AN/A
    Total Additional Amount$5.4 billion $1.0 billion $1.0 billion
    Remaining Authorization$0$0$422.4 million
    DetailsCan be terminated at any time Can be terminated at any time Incremental to existing unused amount

    Competitors mentioned in the company's latest 10K filing.

    • Citrix and Broadcom: Compete against F5's BIG-IP offerings in application delivery .
    • Amazon Web Services (AWS), Google Cloud Platform, Envoy, and HAProxy: Compete against F5's NGINX offerings in optimizing Kubernetes traffic management and load balancing cloud-native and hybrid cloud applications .
    • Akamai, Cisco, Cloudflare, Fortinet, Juniper Networks, Palo Alto, Radware, and Thales: Compete in application security, offering web application firewall, bot detection and mitigation, API protection, carrier-grade firewall, carrier-grade network address translation (NAT), SSL orchestration, access policy management, and DDoS mitigation .
    • Akamai, Cloudflare, Fastly: Traditional edge players competing with F5 Distributed Cloud Services in application and API security delivered as SaaS, as well as multicloud networking .
    • Broadcom and Cisco: Networking vendors competing with F5 Distributed Cloud Services .
    • Aviatrix: Pure-play vendor competing with F5 Distributed Cloud Services .
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1996 PresentCurrent auditor

    Recent developments and announcements about FFIV.

    Financial Reporting

      Earnings Call

      ·
      8 days ago

      F5 Networks has released its Q1 fiscal year 2025 earnings call transcript, highlighting several key points:

      • Revenue and Profit Performance: F5 reported an 11% increase in total revenue, reaching $766 million. This growth was driven by a 20% increase in product revenue and a 3% increase in global services revenue. Software revenue grew by 22%, and systems revenue increased by 18%.

      • Management’s Forward Guidance: The company has raised its fiscal year 2025 revenue growth forecast to 6% to 7%, up from the initial guidance of 4% to 5%. This adjustment reflects the strong Q1 performance and a healthy pipeline heading into Q2. F5 also expects its software revenue to grow at least 10% in fiscal year 2025.

      • Market Conditions and Strategic Initiatives: F5 is benefiting from trends such as the expansion of software subscriptions and increased technology refresh activity. The company is also seeing opportunities in AI, particularly in moving data securely and at speed for AI model training and inferencing.

      • Analyst Questions and Management Responses: Analysts inquired about the sustainability of growth and the impact of price increases. Management indicated that while there was some demand pull-in due to price increases, the underlying growth drivers are sustainable, particularly the expansion in software subscriptions and the hybrid multi-cloud environment.

      • Significant Comments: F5 emphasized its unique position in addressing the complexity of hybrid multi-cloud environments, which is a significant growth driver. The company is also seeing strong demand for its distributed cloud services, with over 1,000 customers now using these services.

      Earnings Report

      ·
      8 days ago

      F5, Inc. (FFIV) Q1 FY2025 Earnings Results

      F5, Inc. has released its financial results for the first quarter of fiscal year 2025, ending December 31, 2024. Below are the key highlights:

      Financial Performance

      • Revenue: $766 million, an 11% increase year-over-year, driven by:
        • Software Revenue: $209 million (22% growth).
        • Systems Revenue: $160 million (18% growth).
        • Global Services Revenue: $398 million (3% growth).
      • GAAP Gross Profit: $626 million (81.7% gross margin), up from $556 million (80.3% gross margin) in Q1 FY2024.
      • Non-GAAP Gross Profit: $643 million (83.9% gross margin), up from $575 million (83.1% gross margin) in Q1 FY2024.
      • GAAP Net Income: $166 million ($2.82 per diluted share), compared to $138 million ($2.32 per diluted share) in Q1 FY2024.
      • Non-GAAP Net Income: $227 million ($3.84 per diluted share), compared to $205 million ($3.43 per diluted share) in Q1 FY2024.

      Business Outlook

      • Q2 FY2025 Guidance:
        • Revenue: $705 million to $725 million.
        • Non-GAAP EPS: $3.02 to $3.14.
      • FY2025 Guidance:
        • Revenue Growth: Revised to 6%-7% (up from 4%-5%).
        • Non-GAAP EPS Growth: Revised to 6.5%-8.5% (up from 5%-7%).
        • On a tax-neutral basis, the midpoint reflects better than 10% year-over-year growth.

      Key Trends and Strategic Focus

      • Hybrid Multicloud and AI: F5 is capitalizing on opportunities in hybrid multicloud environments and AI, positioning itself as a leader in simplifying complex environments and enabling secure, large-scale enterprise data movement for AI applications.

      Conference Call Details

      • A live webcast to discuss the results will be held on January 28, 2025, at 4:30 PM ET. The webcast can be accessed via the investor relations page on F5's website.

      For more details, visit F5's official website or refer to the full earnings release.

    Corporate Leadership

      CFO Change

      ·
      Nov 5, 2024, 12:00 AM

      Frank Pelzer, the Executive Vice President and Chief Financial Officer of F5, Inc., is set to retire. His official resignation will occur at the end of the day when the company files its Form 10-K for the 2024 fiscal year, expected around November 18, 2024. Following his resignation, Pelzer will transition to a consulting role, acting as a senior advisor to his successor from December 1, 2024, through May 31, 2025 .