F5, Inc 8-K, filed Jul 27, 2020

F5, Inc. (FFIV)

8-K 2020-07-27 For: 2020-07-27

View Original

Added on April 09, 2026

About this 8-K

F5, Inc filed this 8-K on July 27, 2020.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	FFIV	NASDAQ Global Select Market


99.1						Press Release of F5 Networks, Inc. announcing quarterly earnings dated July 27, 2020.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).



Exhibit No.						Description
99.1						Press Release of F5 Networks, Inc. announcing quarterly earnings dated July 27, 2020.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


	June 30,		September 30,
	2020		2019
ASSETS
Current assets
Cash and cash equivalents	$	714,268	$	599,219
Short-term investments	379,303		373,063
Accounts receivable, net of allowances of $3,343 and $3,259	304,874		322,029
Inventories	28,826		34,401
Other current assets	238,163		182,874
Total current assets	1,665,434		1,511,586
Property and equipment, net	228,293		223,426
Operating lease right-of-use assets	316,761		—
Long-term investments	112,928		358,402
Deferred tax assets	47,919		27,701
Goodwill	1,858,966		1,065,379
Other assets, net	343,056		203,781
Total assets	$	4,573,357	$	3,390,275
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	54,389	$	62,627
Accrued liabilities	301,038		235,869
Deferred revenue	888,614		807,030
Current portion of long-term debt	19,275		—
Total current liabilities	1,263,316		1,105,526
Deferred tax liabilities	444		313
Deferred revenue, long-term	386,438		391,086
Operating lease liabilities, long-term	345,577		—
Long-term debt	373,866		—
Other long-term liabilities	49,817		131,853
Total long-term liabilities	1,156,142		523,252
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value; 10,000 shares authorized, no shares outstanding	—		—
Common stock, no par value; 200,000 shares authorized, 61,164 and 60,367 shares issued and outstanding	304,526		142,597
Accumulated other comprehensive loss	(18,495)		(19,190)
Retained earnings	1,867,868		1,638,090
Total shareholders’ equity	2,153,899		1,761,497
Total liabilities and shareholders’ equity	$	4,573,357	$	3,390,275


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Net revenues
Products (1)	$	253,331	$	248,929	$	747,405	$	720,665
Services	329,921		314,465		988,601		931,394
Total	583,252		563,394		1,736,006		1,652,059
Cost of net revenues (2)(3)(4)(5)
Products	57,437		44,336		152,641		130,293
Services	48,603		46,431		143,279		135,366
Total	106,040		90,767		295,920		265,659
Gross profit	477,212		472,627		1,440,086		1,386,400
Operating expenses (2)(3)(4)(5)
Sales and marketing	211,808		195,852		622,799		531,065
Research and development	115,991		116,894		321,024		305,246
General and administrative	61,792		57,141		194,809		146,340
Restructuring charges	—		—		7,800		—
Total	389,591		369,887		1,146,432		982,651
Income from operations	87,621		102,740		293,654		403,749
Other income, net	141		4,722		5,220		19,251
Income before income taxes	87,762		107,462		298,874		423,000
Provision for income taxes	17,890		21,557		69,096		90,103
Net income	$	69,872	$	85,905	$	229,778	$	332,897

Net income per share — basic	$	1.15	$	1.43	$	3.78	$	5.55
Weighted average shares — basic	60,978		59,981		60,831		59,963

Net income per share — diluted	$	1.14	$	1.43	$	3.76	$	5.51
Weighted average shares — diluted	61,415		60,196		61,182		60,372

Non-GAAP Financial Measures
Net income as reported	$	69,872	$	85,905	$	229,778	$	332,897
Acquisition-related write-downs of assumed deferred revenue	2,670		—		4,861		—
Stock-based compensation expense	50,868		40,999		149,751		119,182
Amortization of purchased intangible assets	10,676		3,712		23,884		7,260
Facility-exit costs	2,545		8,704		5,556		13,752
Acquisition-related charges	13,443		30,133		45,162		33,663
Restructuring charges	—		—		7,800		—
Tax effects related to above items	(16,044)		(17,919)		(41,450)		(37,241)
Net income excluding acquisition-related write-downs of assumed deferred revenue, stock-based compensation expense, amortization of purchased intangible assets, facility-exit costs, acquisition-related charges, restructuring charges and non-recurring tax expenses and benefits (non-GAAP) - diluted	$	134,030	$	151,534	$	425,342	$	469,513

Net income per share excluding acquisition-related write-downs of assumed deferred revenue, stock-based compensation expense, amortization of purchased intangible assets, facility-exit costs, acquisition-related charges, restructuring charges and non-recurring tax expenses and benefits (non-GAAP) - diluted	$	2.18	$	2.52	$	6.95	$	7.78

Weighted average shares - diluted	61,415		60,196		61,182		60,372

(1) GAAP net product revenues	$	253,331	$	248,929	$	747,405	$	720,665
Acquisition-related write-downs of assumed deferred revenue	2,670		—		4,861		—
Non-GAAP net product revenues	256,001		248,929		752,266		720,665
GAAP net service revenues	329,921		314,465		988,601		931,394
Acquisition-related write-downs of assumed deferred revenue	—		—		—		—
Non-GAAP net service revenues	329,921		314,465		988,601		931,394
Total non-GAAP net revenues	$	585,922	$	563,394	$	1,740,867	$	1,652,059

(2) Includes stock-based compensation expense as follows:
Cost of net revenues	$	6,771	$	5,118	$	18,694	$	15,152
Sales and marketing	21,784		17,767		66,188		49,645
Research and development	13,145		10,037		36,904		30,598
General and administrative	9,168		8,077		27,965		23,787
	$	50,868	$	40,999	$	149,751	$	119,182

(3) Includes amortization of purchased intangible assets as follows:
Cost of net revenues	$	7,382	$	2,471	$	16,432	$	4,557
Sales and marketing	2,749		710		5,863		1,122
General and administrative	545		531		1,589		1,581
	$	10,676	$	3,712	$	23,884	$	7,260

(4) Includes facility-exit costs as follows:
Cost of net revenues	$	342	$	1,026	$	843	$	1,714
Sales and marketing	751		2,021		1,828		3,632
Research and development	776		3,605		1,929		5,591
General and administrative	676		2,052		956		2,815
	$	2,545	$	8,704	$	5,556	$	13,752

(5) Includes acquisition-related charges as follows:
Cost of net revenues	$	—	$	—	$	13	$	—
Sales and marketing	5,675		6,106		9,448		6,106
Research and development	547		16,116		1,327		16,116
General and administrative	7,221		7,911		34,374		11,441
	$	13,443	$	30,133	$	45,162	$	33,663


Item 2.02			Results of Operations and Financial Condition


Item 9.01			Financial Statements and Exhibits


Q3 FY20 Earnings Release						Page 1 of 4


Q3 FY20 Earnings Release						Page 2 of 4