F5, Inc 8-K, filed Apr 27, 2021

F5, Inc. (FFIV)

8-K 2021-04-27 For: 2021-04-27

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Added on April 09, 2026

About this 8-K

F5, Inc filed this 8-K on April 27, 2021.

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 Networks, Inc. announcing quarterly earnings dated April 27, 2021.
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 April 27, 2021.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


	March 31,		September 30,
	2021		2020
ASSETS
Current assets
Cash and cash equivalents	$	532,166	$	849,556
Short-term investments	111,105		360,333
Accounts receivable, net of allowances of $3,420 and $3,105	374,404		296,183
Inventories	24,571		27,898
Other current assets	293,402		259,506
Total current assets	1,335,648		1,793,476
Property and equipment, net	207,599		229,239
Operating lease right-of-use assets	260,389		300,680
Long-term investments	19,078		102,939
Deferred tax assets	68,624		45,173
Goodwill	2,209,639		1,858,966
Other assets, net	418,215		347,447
Total assets	$	4,519,192	$	4,677,920
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	53,567	$	64,472
Accrued liabilities	324,865		321,398
Deferred revenue	929,397		883,134
Current portion of long-term debt	19,275		19,275
Total current liabilities	1,327,104		1,288,279
Deferred tax liabilities	1,888		602
Deferred revenue, long-term	437,506		389,498
Operating lease liabilities, long-term	320,132		338,715
Long-term debt	359,410		369,047
Other long-term liabilities	65,333		59,511
Total long-term liabilities	1,184,269		1,157,373
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, 60,052 and 61,099 shares issued and outstanding	39,507		305,453
Accumulated other comprehensive loss	(19,194)		(18,716)
Retained earnings	1,987,506		1,945,531
Total shareholders’ equity	2,007,819		2,232,268
Total liabilities and shareholders’ equity	$	4,519,192	$	4,677,920


	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Net revenues
Products (1)	$	309,189	$	259,538	$	597,234	$	494,074
Services	336,098		323,911		672,670		658,680
Total	645,287		583,449		1,269,904		1,152,754
Cost of net revenues (2)(3)(4)(5)(6)
Products	73,289		53,086		140,327		95,204
Services	55,296		48,152		103,237		94,676
Total	128,585		101,238		243,564		189,880
Gross profit	516,702		482,211		1,026,340		962,874
Operating expenses (2)(3)(4)(5)(6)
Sales and marketing	244,908		215,472		459,454		410,991
Research and development	140,453		109,028		254,644		205,033
General and administrative	77,840		74,013		140,993		133,017
Restructuring charges	—		—		—		7,800
Total	463,201		398,513		855,091		756,841
Income from operations	53,501		83,698		171,249		206,033
Other (loss) income, net	(1,377)		(141)		(2,060)		5,079
Income before income taxes	52,124		83,557		169,189		211,112
Provision for income taxes	8,883		22,178		38,270		51,206
Net income	$	43,241	$	61,379	$	130,919	$	159,906

Net income per share — basic	$	0.71	$	1.01	$	2.14	$	2.63
Weighted average shares — basic	60,667		60,869		61,058		60,758

Net income per share — diluted	$	0.70	$	1.00	$	2.10	$	2.62
Weighted average shares — diluted	62,158		61,084		62,292		61,017

Non-GAAP Financial Measures
Net income as reported	$	43,241	$	61,379	$	130,919	$	159,906
Acquisition-related write-downs of assumed deferred revenue	—		2,191		1,283		2,191
Stock-based compensation expense	63,220		51,222		121,289		98,883
Amortization of purchased intangible assets	12,206		8,620		22,912		13,208
Facility-exit costs	5,065		1,254		6,401		3,011
Acquisition-related charges	27,978		23,453		45,643		31,719
Impairment charges	33,825		—		33,825		—
Restructuring charges	—		—		—		7,800
Tax effects related to above items	(30,388)		(12,172)		(45,661)		(25,406)
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, impairment charges and restructuring charges (non-GAAP) - diluted	$	155,147	$	135,947	$	316,611	$	291,312

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, impairment charges and restructuring charges (non-GAAP) - diluted	$	2.50	$	2.23	$	5.08	$	4.77

Weighted average shares - diluted	62,158		61,084		62,292		61,017


(1) GAAP net product revenues	$	309,189	$	259,538	$	597,234	$	494,074
Acquisition-related write-downs of assumed deferred revenue	—		2,191		1,283		2,191
Non-GAAP net product revenues	309,189		261,729		598,517		496,265
GAAP net service revenues	336,098		323,911		672,670		658,680
Acquisition-related write-downs of assumed deferred revenue	—		—		—		—
Non-GAAP net service revenues	336,098		323,911		672,670		658,680
Total non-GAAP net revenues	$	645,287	$	585,640	$	1,271,187	$	1,154,945

(2) Includes stock-based compensation expense as follows:
Cost of net revenues	$	7,352	$	6,434	$	14,694	$	11,923
Sales and marketing	27,040		22,638		52,283		44,404
Research and development	17,717		12,557		32,704		23,759
General and administrative	11,111		9,593		21,608		18,797
	$	63,220	$	51,222	$	121,289	$	98,883

(3) Includes amortization of purchased intangible assets as follows:
Cost of net revenues	$	8,799	$	5,953	$	16,181	$	9,050
Sales and marketing	2,832		2,153		5,581		3,114
General and administrative	575		514		1,150		1,044
	$	12,206	$	8,620	$	22,912	$	13,208

(4) Includes facility-exit costs as follows:
Cost of net revenues	$	984	$	180	$	1,156	$	501
Sales and marketing	1,457		391		1,863		1,077
Research and development	1,544		408		1,878		1,153
General and administrative	1,080		275		1,504		280
	$	5,065	$	1,254	$	6,401	$	3,011

(5) Includes acquisition-related charges as follows:
Cost of net revenues	$	32	$	13	$	2,522	$	13
Sales and marketing	9,917		3,364		14,688		3,773
Research and development	9,046		746		13,439		780
General and administrative	8,983		19,330		14,994		27,153
	$	27,978	$	23,453	$	45,643	$	31,719

(6) Includes impairment charges as follows:
Cost of net revenues	$	4,388	$	—	$	4,388	$	—
Sales and marketing	10,256		—		10,256		—
Research and development	9,845		—		9,845		—
General and administrative	9,336		—		9,336		—
	$	33,825	$	—	$	33,825	$	—


Item 2.02			Results of Operations and Financial Condition


Item 9.01			Financial Statements and Exhibits


Q2 FY21 Earnings Release						Page 1 of 4


Q2 FY21 Earnings Release						Page 2 of 4