F5 Networks, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the first quarter, the company announced total revenue of $515,958,000 compared to $489,486,000 a year ago. Income from operations was $137,454,000 compared to $130,949,000 a year ago. Income before income taxes was $140,097,000 compared to $132,084,000 a year ago. Net income was $94,218,000 or $1.44 per diluted share compared to $89,716,000 or $1.28 per diluted share a year ago. Net cash provided by operating activities was $189,312,000 compared to $203,871,000 a year ago. Acquisition of intangible assets was $4,000,000 compared to $3,250,000 a year ago. Purchases of property and equipment were $14,133,000 compared to $13,292,000 a year ago. Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income was $130.3 million or $1.98 per diluted share, compared to $120.6 million or $1.73 per diluted share in the first quarter of last year.

For the second quarter ending March 31, 2017, the company has set a revenue goal of $518 million to $528 million with a GAAP earnings target of $1.41 to $1.44 per diluted share and a non-GAAP earnings target of $1.95 to $1.98 per diluted share. Net income is expected to be $91.6 million compared to $93.6 million a year ago. GAAP gross margin is anticipated at or around 83%, including approximately $5 million of stock-based compensation expense and $2.6 million of amortization of purchased intangible assets. Non-GAAP gross margin is expected to be at or around 84.5%. The company forecasting a GAAP effective tax rate of 34% and a non-GAAP effective tax rate of 32%.