F5, Inc. (FFIV) Q1 2023 Earnings Call Transcript
F5, Inc. (NASDAQ:FFIV) Q1 2023 Earnings Conference Call January 24, 2023 4:30 PM ET
Company Participants
Suzanne DuLong - Head of IR
François Locoh-Donou - President and CEO
Frank Pelzer - Executive Vice President and CFO
Conference Call Participants
Sami Badri - Credit Suisse
Tim Long - Barclays
Alex Henderson - Needham & Company
Samik Chatterjee - JPMorgan
Amit Daryanani - Evercore ISI
Meta Marshall - Morgan Stanley
James Fish - Piper Sandler
Victor Chiu - Raymond James
Thomas Blakey - KeyBanc Capital Markets
Jim Suva - Citigroup
Fahad Najam - Loop Capital Markets
Ray McDonough - Guggenheim Securities
Operator
Greetings, and welcome to the F5, Inc. First Quarter Fiscal Year 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Suzanne DuLong. Thank you, Suzanne. You may begin.
Suzanne DuLong
Hello, and welcome. I am Suzanne DuLong, F5's Vice President of Investor Relations. François Locoh-Donou, 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A copy of today's press release is available on our website at f5.com, or an archived version of today's audio will be available through April 24, 2023. Visuals accompanying today's discussion are viewable on the webcast and will be posted to our IR site at the conclusion of our call. To access the replay of today's webcast by phone, dial (877) 660-6853 or (201) 612-7415, and use meeting ID 13735357. A telephonic replay will be available through midnight Pacific Time, January 25, 2023. For additional information or follow-up questions, please reach out to me directly at s.dulong@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 François.
François Locoh-Donou
Thank you, Suzanne, and hello, everyone. Thank you for joining us today. Against the backdrop of a continued tough environment, our team delivered first quarter revenue at the midpoint of our guidance range and earnings per share above the high end of our range. We came into Q1, expecting we would see deteriorating close rates and that the dynamics concentrated in EMEA and APAC in Q4 would spread to North America. In Q1, we experienced heightened budget scrutiny and more pervasive deal delays across all geographies.