F5, Inc 8-K, filed Jan 29, 2024

F5, Inc. (FFIV)

8-K 2024-01-29 For: 2024-01-29

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Added on April 09, 2026

About this 8-K

F5, Inc filed this 8-K on January 29, 2024.

Items reported

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

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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, Inc. announcing quarterly earnings dated January 29, 2024.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).



Exhibit No.						Description
99.1						Press Release of F5, Inc. announcing quarterly earnings dated January 29, 2024.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


GAAP Measures			Non-GAAP Measures
($ in millions except EPS)	Q1 FY2024	Q1 FY2023	($ in millions except EPS)	Q1 FY2024	Q1 FY2023
Revenue	$693	$700
Gross profit	$556	$545	Gross profit	$575	$563
Gross margin	80.3%	77.9%	Gross margin	83.1%	80.4%
Operating profit	$165	$91	Operating profit	$246	$185
Operating margin	23.8%	13.0%	Operating margin	35.5%	26.5%
Net income	$138	$72	Net income	$205	$149
EPS	$2.32	$1.20	EPS	$3.43	$2.47


	December 31,		September 30,
	2023		2023
ASSETS
Current assets
Cash and cash equivalents	$	822,572	$	797,163
Short-term investments	3,287		6,160
Accounts receivable, net of allowances of $3,879 and $3,561	513,176		454,832
Inventories	35,840		35,874
Other current assets	586,876		554,744
Total current assets	1,961,751		1,848,773
Property and equipment, net	167,113		170,422
Operating lease right-of-use assets	192,174		195,471
Long-term investments	6,170		5,068
Deferred tax assets	307,119		295,308
Goodwill	2,288,678		2,288,678
Other assets, net	425,850		444,613
Total assets	$	5,348,855	$	5,248,333
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	60,084	$	63,315
Accrued liabilities	278,920		282,890
Deferred revenue	1,185,456		1,126,576

Total current liabilities	1,524,460		1,472,781
Deferred tax liabilities	5,210		4,637
Deferred revenue, long-term	644,654		648,545
Operating lease liabilities, long-term	235,001		239,565

Other long-term liabilities	78,553		82,573
Total long-term liabilities	963,418		975,320
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, 58,797 and 59,207 shares issued and outstanding	18,348		24,399
Accumulated other comprehensive loss	(20,668)		(23,221)
Retained earnings	2,863,297		2,799,054
Total shareholders’ equity	2,860,977		2,800,232
Total liabilities and shareholders’ equity	$	5,348,855	$	5,248,333


	Three Months Ended
	December 31,
	2023		2022
Net revenues
Products	$	305,859	$	340,558
Services	386,738		359,820
Total	692,597		700,378
Cost of net revenues (1)(2)(3)(4)
Products	82,708		98,855
Services	53,681		56,152
Total	136,389		155,007
Gross profit	556,208		545,371
Operating expenses (1)(2)(3)(4)
Sales and marketing	198,927		233,105
Research and development	119,575		142,323
General and administrative	64,718		69,991
Restructuring charges	8,472		8,740
Total	391,692		454,159
Income from operations	164,516		91,212
Other income, net	9,882		4,702
Income before income taxes	174,398		95,914
Provision for income taxes	36,016		23,512
Net income	$	138,382	$	72,402

Net income per share — basic	$	2.34	$	1.20
Weighted average shares — basic	59,122		60,096

Net income per share — diluted	$	2.32	$	1.20
Weighted average shares — diluted	59,653		60,387

Non-GAAP Financial Measures
Net income as reported	$	138,382	$	72,402
Stock-based compensation expense	56,002		62,874
Amortization and impairment of purchased intangible assets	14,315		12,685
Facility-exit costs	1,538		2,006
Acquisition-related charges	801		7,737
Restructuring charges	8,472		8,740
Tax effects related to above items	(14,783)		(17,170)
Net income excluding stock-based compensation expense, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, and restructuring charges, net of tax effects (non-GAAP) - diluted	$	204,727	$	149,274

Net income per share excluding stock-based compensation expense, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, and restructuring charges, net of tax effects (non-GAAP) - diluted	$	3.43	$	2.47

Weighted average shares - diluted	59,653		60,387

(1) Includes stock-based compensation expense as follows:
Cost of net revenues	$	7,684	$	7,636
Sales and marketing	21,596		25,721
Research and development	16,018		18,542
General and administrative	10,704		10,975
	$	56,002	$	62,874

(2) Includes amortization and impairment of purchased intangible assets as follows:
Cost of net revenues	$	11,233	$	9,959
Sales and marketing	2,788		2,389
Research and development	94		—
General and administrative	200		337
	$	14,315	$	12,685

(3) Includes facility-exit costs as follows:
Cost of net revenues	$	156	$	201
Sales and marketing	483		663
Research and development	542		641
General and administrative	357		501
	$	1,538	$	2,006

(4) Includes acquisition-related charges as follows:
Cost of net revenues	$	20	$	93
Sales and marketing	65		1,315
Research and development	153		3,768
General and administrative	563		2,561
	$	801	$	7,737


Item 2.02			Results of Operations and Financial Condition


Item 9.01			Financial Statements and Exhibits


Q1 FY24 Earnings Release						Page 1 of 4


Q1 FY24 Earnings Release						Page 2 of 4