F5, Inc.

Good afternoon and welcome to the F5 Fourth Quarter Fiscal 2021 Financial Assault Conference Call. At this time, all participants are in a listen-only mode. After the speaker 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. If you require any further assistance, please press star 0. 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 Locot-Denoux, F5's President and CEO, and Frank Pelzer, 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 A copy of today's press release is available on our website at F5.com, where an archived version of today's call will be available through January 25th, 2022. 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. To access the replay of today's call by phone, dial 800-585-8367 or 416-621-4642 and use meeting ID 6879935. The telephonic replay of this call will be available through midnight Pacific time, October 27th. 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. With that, I will turn the call over to Francois.

Thank you, Suzanne, and hello, everyone. Thank you for joining us today. Under pandemic conditions that have persisted far longer than anyone initially expected, the F5 team delivered another very strong quarter, closing out a robust year for us. Customer demand for application security and delivery amid skyrocketing application growth and heightened application security awareness are driving strong demand for F5 solutions. This demand spanned our portfolio and our regional theaters in Q4, driving 11% revenue growth and our fourth consecutive quarter of double-digit revenue growth. We delivered 35% software growth 12% systems growth, and 2% global services growth in the quarter. With software revenue representing 45% of product revenue in the quarter and 80% of our software coming from subscriptions, we continue to mark milestone after milestone in our rapid transformation to a more software-led business. I will speak more about our business drivers and customer highlights from the quarter after Franck reviews our Q4 and FY21 results and our outlook for Q1 and FY22.