F5, Inc.

Good afternoon and welcome to the F5 Network's first quarter fiscal 2021 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Also, today's conference is being recorded. If anyone has any objections, please disconnect at this time. I'll now turn the call over to Ms. Suzanne Dulong. Ma'am, you may begin.

Hello and welcome. I'm Suzanne Dulong, F5's Vice President of Investor Relations. Francois Locodinou, F5's President and CEO, and Frank Peltscher, F5's Executive Vice President and CFO, will be making prepared remarks on today's call. Other members of the F5 executive team are also on hand to answer questions during the Q&A session. A copy of today's press release is available on our website at F5.com, or an archived version of today's call will be available through April 27th, 2021. Today's live discussion is supported by slides, which are viewable on the webcast and will be posted to our IR site at the conclusion of today's discussion. The replay of today's call will be available through Midnight Pacific Time, January 27th, by dialing 800-585-7000. 8367 or 416-621-4642. Use meeting ID 605-5259. For additional information or follow-up questions, please reach out to me directly at s.dulong at f5.com. Our discussion today will contain forward-looking statements, which include words such as believe, anticipate, expect, and target. These forward-looking statements involve uncertainties and risks 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 the press release announcing our financial results and described in detail in our SEC filings. Please note that F5 has no duty to update any information presented in this call. And with that, I'll turn the call over to Francois.

Thank you, Suzanne, and good afternoon, everyone. Thank you for joining us today. Our first quarter results show the strong momentum in our business. We delivered Q1 non-GAAP revenue of $626 million, representing revenue growth of 10%. We also delivered 70% non-GAAP software revenue growth, systems growth of 5%, and global services growth of 1%. Several quarters into the pandemic, several things are becoming clearer from a macro perspective. First, the realities of the pandemic have accelerated our customers' digital transformation and both business and consumer dependency on applications. At the same time, consumers' expectations about their application experience have increased significantly. As a result of higher volumes and higher consumer expectations, our customers are ramping their investments in their applications and the infrastructure needed to securely deliver them. In addition, incumbency is a significant advantage for F5 in the current environment. Customers want a trusted and operationalized partner they know they can count on. These micro drivers play to our strengths including our strategy to invest over the last several years in pursuit of our adaptive applications vision. Our continued investments in big IP for multi-cloud deployments and the deliberate and early investments in both NGINX and Shape are enabling us to rapidly grow our application security and delivery footprint in modern application environments. I will speak more to our business growth drivers and momentum including some customer highlights from the quarter after Franck reviews our first quarter financial results and our outlook for Q2. Franck?