How did WW's Q4 earnings surprise investors?

F5 Networks' (NASDAQ:FFIV) Q4 earnings report revealed revenues of USD 465.27 million, net earnings of USD 94.02 million, and EPS of USD 1.26. The company's performance showed a same period year-on-year change in earnings of 23.34%, which exceeded the change in revenues of 17.69%. This indicates that F5 Networks has been more successful in increasing its bottom line than its top line during the quarter. The gross margins for the company were 82.96% compared to 85.67% in the same period last year, and the EBITDA margins were 31.70% compared to 34.98%.

1. **Revenue and Earnings Growth**: F5 Networks has seen a rise in both its revenues and net earnings, with a 17.7% increase in revenues and a 23.3% increase in net earnings compared to the same period the previous year.
2. **Margin Analysis**: The company's gross margins have decreased slightly to 82.96% from 85.67% year-over-year, and its EBITDA margins have also declined to 31.70% from 34.98%.
3. **Cash Flow and Unusual Items**: The change in operating cash flow has lagged behind the change in earnings, with a 14.78% increase compared to the previous year's 23.34%. This could suggest that while earnings have grown, the company's cash flow has not kept up at the same rate. The earnings growth has been attributed to the contribution of unusual items.

Overall, F5 Networks' Q4 earnings report reflects a company that has seen strong growth in both earnings and revenues, with some decline in margins and cash flow. The company's performance is a testament to its ability to generate profits and cash, despite some challenges in managing its margins and cash flow.