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F5 Reports Third Quarter Fiscal Year 2021 Results Delivering Double-Digit Annual Revenue Growth for the Third Sequential Quarter

Jul 26, 2021

SEATTLE--(BUSINESS WIRE)-- F5 Networks, Inc. (NASDAQ: FFIV) today announced financial results for its fiscal third quarter ended June 30, 2021.

“Our very strong third quarter results demonstrate the powerful alignment of F5’s expanded solution portfolio and our customers’ most important application needs,” said François Locoh-Donou, F5’s President and CEO. “Robust software growth and resilient demand for systems drove 12% GAAP revenue growth in our third quarter, and 11% revenue growth versus the prior year’s third quarter non-GAAP revenue.”

Locoh-Donou continued, “Customers’ traditional applications are generating more revenue and more engagement than ever before. At the same time, customers also are accelerating adoption of modern application architectures, like Kubernetes, for new applications. With our expanded application security and delivery portfolio, we are uniquely positioned to solve our customers’ most significant modern and traditional application challenges on premises, in the cloud, and across multiple clouds.”

Third Quarter Performance Summary

Third quarter fiscal year 2021 GAAP revenue was $652 million, up 12% from GAAP revenue of $583 million and up 11% from non-GAAP revenue of $586 million in the third quarter of fiscal year 2020. Third quarter fiscal year 2021 non-GAAP revenue growth was driven by 21% product revenue growth and 4% global services revenue growth over the prior year. Non-GAAP product revenue was driven by 34% software revenue growth and 13% systems revenue growth compared to the year ago period.

GAAP net income for the third quarter of fiscal year 2021 was $90 million, or $1.46 per diluted share compared to third quarter fiscal year 2020 GAAP net income of $70 million, or $1.14 per diluted share.

Non-GAAP net income for the third quarter of fiscal year 2021 was $169 million, or $2.76 per diluted share, compared to $134 million, or $2.18 per diluted share, in the third quarter of fiscal year 2020. Non-GAAP net income for the third quarter of fiscal year 2021 excludes $61 million in stock-based compensation, $24 million in acquisition-related charges, $13 million in amortization of purchased intangible assets, and $4 million in facility-exit costs.

A reconciliation of revenue, net income, earnings per share, and other measures on a GAAP to non-GAAP basis is included in the attached Consolidated Income Statements. Additional information about non-GAAP financial information is included in this release.

Business Outlook

For the fourth quarter of fiscal year 2021 ending September 30, 2021, F5 expects to deliver revenue in the range of $660 million to $680 million, with non-GAAP earnings in the range of $2.68 to $2.80 per diluted share.

All forward-looking non-GAAP measures included in the outlook exclude estimates for amortization of intangible assets, share-based compensation expenses, significant effects of tax legislation and judicial or administrative interpretation of tax regulations (including the impact of income tax reform), non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of any future acquisitions or divestitures, acquisition-related charges and write-downs, restructuring charges, facility exit costs, or other non-recurring charges that may occur in the period. F5 is unable to provide a reconciliation of non-GAAP earnings guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically varied and may continue to vary significantly from quarter to quarter.

Live Webcast and Conference Call

F5 will host a live webcast and conference call to review its financial results and outlook today, July 26, 2021, at 4:30 pm ET. The live webcast can be accessed from the investor relations portion of F5.com. To participate in the live call via telephone in the U.S. and Canada, dial (833) 714-0927. Outside the U.S. and Canada, dial +1 (778) 560-2886. Reference Meeting ID 529-4198. Please call at least 5 minutes prior to the call start time. The webcast replay will be archived on the investor relations portion of F5’s website.

Forward Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding the continuing strength and momentum of F5’s business, past and future financial performance including revenue, operating targets, earnings and earnings per share ranges, demand for application security and delivery services, SaaS, and software products, expectations regarding future services and products, expectations regarding future customers, markets and the benefits of products, and other statements that are not historical facts and which are forward-looking statements. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors. Such forward-looking statements involve risks and uncertainties, as well as assumptions and other factors that, if they do not fully materialize or prove correct, could cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: customer acceptance of offerings; potential disruptions to F5’s business and distraction of management as F5 integrates acquired businesses, teams, and technologies; F5’s ability to successfully integrate acquired businesses’ products with F5 technologies; the ability of F5’s sales professionals and distribution partners to sell acquired businesses’ product and service offerings; the timely development, introduction and acceptance of additional new products and features by F5 or its competitors; competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into F5’s markets, and new product and marketing initiatives by our competitors; increased sales discounts; the business impact of the acquisition of Volterra and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of completion of the acquisition; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; potential disruptions to the global supply chain resulting in inability to source required parts for F5’s products or the ability to only do so at greatly increased prices thereby impacting our revenues and/or margins; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; litigation involving patents, intellectual property, shareholder and other matters, and governmental investigations; potential security flaws in the Company’s networks, products or services; cybersecurity attacks on its networks, products or services; natural catastrophic events; a pandemic or epidemic; F5’s ability to sustain, develop and effectively utilize distribution relationships; F5’s ability to attract, train and retain qualified product development, marketing, sales, professional services and customer support personnel; F5’s ability to expand in international markets; the unpredictability of F5’s sales cycle; the ability of F5 to execute on its share repurchase program including the timing of any repurchases; future prices of F5’s common stock; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K and other documents that we may file or furnish from time to time, which could cause actual results to vary from expectations. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in F5’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. All forward-looking statements in this press release are based on information available as of the date hereof and qualified in their entirety by this cautionary statement. F5 assumes no obligation to revise or update these forward-looking statements.

GAAP to non-GAAP Reconciliation

F5’s management evaluates and makes operating decisions using various operating measures. These measures are generally based on the revenues of its products, services operations, and certain costs of those operations, such as cost of revenues, research and development, sales and marketing and general and administrative expenses. One such measure is GAAP net income excluding, as applicable, stock-based compensation, amortization of purchased intangible assets, acquisition-related charges, net of taxes, restructuring charges, facility-exit costs, significant litigation and other contingencies and certain non-recurring tax expenses and benefits, which is a non-GAAP financial measure under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. This measure of non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the company would accrue if it used non-GAAP results instead of GAAP results to calculate the company’s tax liability.

The non-GAAP adjustments, and F5's basis for excluding them from non-GAAP financial measures, are outlined below:

Acquisition-related write-downs of assumed deferred revenue. Included in its GAAP financial statements, F5 records acquisition-related write-downs of assumed deferred revenue to fair value, which results in lower recognized revenue over the term of the contract. F5 includes revenue associated with acquisition-related write-downs of assumed deferred revenue in its non-GAAP financial measures as management believes it provides a more accurate depiction of revenue arising from our strategic acquisitions.

Stock-based compensation. Stock-based compensation consists of expense for stock options, restricted stock, and employee stock purchases through the company’s Employee Stock Purchase Plan. Although stock-based compensation is an important aspect of the compensation of F5’s employees and executives, management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of the company’s core business and to facilitate comparison of the company’s results to those of peer companies.

Amortization of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Management does not believe these charges accurately reflect the performance of the company’s ongoing operations, therefore, they are not considered by management in making operating decisions. However, investors should note that the use of intangible assets contributed to F5’s revenues earned during the periods presented and will contribute to F5’s future period revenues as well.

Facility-exit costs. In fiscal year 2019, F5 relocated its headquarters in Seattle, Washington, and recorded charges in connection with this facility exit as well as other non-recurring lease activity. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.

Acquisition-related charges, net. F5 does not acquire businesses on a predictable cycle and the terms and scope of each transaction can vary significantly and are unique to each transaction. F5 excludes acquisition-related charges from its non-GAAP financial measures to provide a useful comparison of the company’s operating results to prior periods and to its peer companies. Acquisition-related charges consist of planning, execution and integration costs incurred directly as a result of an acquisition.

Impairment charges. In fiscal year 2021, F5 recorded impairment charges related to the permanent exit of certain floors at its Seattle headquarters. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.

Restructuring charges. F5 has incurred restructuring charges that are included in its GAAP financial statements, primarily related to workforce reductions and costs associated with exiting facility-lease commitments. F5 excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business.

Management believes that non-GAAP net income per share provides useful supplemental information to management and investors regarding the performance of the company’s core business operations and facilitates comparisons to the company’s historical operating results. Although F5’s management finds this non-GAAP measure to be useful in evaluating the performance of the core business, management’s reliance on this measure is limited because items excluded from such measures could have a material effect on F5’s earnings and earnings per share calculated in accordance with GAAP. Therefore, F5’s management will use its non-GAAP earnings and earnings per share measures, in conjunction with GAAP earnings and earnings per share measures, to address these limitations when evaluating the performance of the company’s core business. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP.

F5 believes that presenting its non-GAAP measures of earnings and earnings per share provides investors with an additional tool for evaluating the performance of the company’s core business and is used by management in its own evaluation of the company’s performance. Investors are encouraged to look at GAAP results as the best measure of financial performance. However, while the GAAP results are more complete, the company provides investors these supplemental measures since, with reconciliation to GAAP, it may provide additional insight into the company’s operational performance and financial results.

For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section in our attached Condensed Consolidated Income Statements entitled “Non-GAAP Financial Measures.”

About F5

F5 (NASDAQ: FFIV) is a multi-cloud application security and delivery company that enablesour customers—which include the world’s largest enterprises, financial institutions, service providers, and governments—to bring extraordinary digital experiences to life. For more information, go to f5.com. You can also follow @F5 on Twitter or visit us on LinkedIn and Facebook for more information about F5, its partners, and technologies.

F5 is a trademark, service mark, or tradename of F5 Networks, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

Source: F5 Networks

 
F5 Networks, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)
 
 

June 30,

 

September 30,

 

2021

 

 

 

2020

 

 
Assets
Current assets
Cash and cash equivalents

$

583,811

 

$

849,556

 

Short-term investments

 

184,108

 

 

360,333

 

Accounts receivable, net of allowances of $3,866 and $3,105

 

382,897

 

 

296,183

 

Inventories

 

22,649

 

 

27,898

 

Other current assets

 

293,246

 

 

259,506

 

Total current assets

 

1,466,711

 

 

1,793,476

 

 
Property and equipment, net

 

196,780

 

 

229,239

 

Operating lease right-of-use assets

 

253,163

 

 

300,680

 

Long-term investments

 

95,222

 

 

102,939

 

Deferred tax assets

 

128,809

 

 

45,173

 

Goodwill

 

2,209,639

 

 

1,858,966

 

Other assets, net

 

434,797

 

 

347,447

 

Total assets

$

4,785,121

 

$

4,677,920

 

 
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable

$

49,372

 

$

64,472

 

Accrued liabilities

 

334,288

 

 

321,398

 

Deferred revenue

 

952,029

 

 

883,134

 

Current portion of long-term debt

 

19,275

 

 

19,275

 

Total current liabilities

 

1,354,964

 

 

1,288,279

 

 
Deferred tax liabilities

 

1,923

 

 

602

 

Deferred revenue, long-term

 

488,581

 

 

389,498

 

Operating lease liabilities, long-term

 

308,156

 

 

338,715

 

Long-term debt

 

354,591

 

 

369,047

 

Other long-term liabilities

 

84,737

 

 

59,511

 

Total long-term liabilities

 

1,237,988

 

 

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, 60,299 and 61,099 shares issued and outstanding

 

133,994

 

 

305,453

 

Accumulated other comprehensive loss

 

(18,935

)

 

(18,716

)

Retained earnings

 

2,077,110

 

 

1,945,531

 

Total shareholders' equity

 

2,192,169

 

 

2,232,268

 

Total liabilities and shareholders' equity

$

4,785,121

 

$

4,677,920

 

 
F5 Networks, Inc.
Consolidated Income Statements
(unaudited, in thousands, except per share amounts)
 
 

Three Months Ended

 

Nine Months Ended

June 30,

 

June 30,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 
Net revenues
Products (1)

$

309,929

 

$

253,331

 

$

907,163

 

$

747,405

 

Services

 

341,586

 

 

329,921

 

 

1,014,256

 

 

988,601

 

Total

 

651,515

 

 

583,252

 

 

1,921,419

 

 

1,736,006

 

 
Cost of net revenues (2)(3)(4)(5)(6)
Products

 

68,974

 

 

57,437

 

 

209,301

 

 

152,641

 

Services

 

51,930

 

 

48,603

 

 

155,167

 

 

143,279

 

Total

 

120,904

 

 

106,040

 

 

364,468

 

 

295,920

 

Gross profit

 

530,611

 

 

477,212

 

 

1,556,951

 

 

1,440,086

 

 
Operating expenses (2)(3)(4)(5)(6)
Sales and marketing

 

237,375

 

 

211,808

 

 

696,829

 

 

622,799

 

Research and development

 

133,283

 

 

115,991

 

 

387,927

 

 

321,024

 

General and administrative

 

63,541

 

 

61,792

 

 

204,534

 

 

194,809

 

Restructuring charges

 

-

 

 

-

 

 

-

 

 

7,800

 

Total

 

434,199

 

 

389,591

 

 

1,289,290

 

 

1,146,432

 

 
Income from operations

 

96,412

 

 

87,621

 

 

267,661

 

 

293,654

 

Other income, net

 

(2,163

)

 

141

 

 

(4,223

)

 

5,220

 

Income before income taxes

 

94,249

 

 

87,762

 

 

263,438

 

 

298,874

 

Provision for income taxes

 

4,645

 

 

17,890

 

 

42,915

 

 

69,096

 

Net income

$

89,604

 

$

69,872

 

$

220,523

 

$

229,778

 

 
 
Net income per share - basic

$

1.49

 

$

1.15

 

$

3.63

 

$

3.78

 

Weighted average shares - basic

 

60,186

 

 

60,978

 

 

60,768

 

 

60,831

 

 
Net income per share - diluted

$

1.46

 

$

1.14

 

$

3.55

 

$

3.76

 

Weighted average shares - diluted

 

61,351

 

 

61,415

 

 

62,064

 

 

61,182

 

 
 
Non-GAAP Financial Measures
 
Net income as reported

$

89,604

 

$

69,872

 

$

220,523

 

$

229,778

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

2,670

 

 

1,283

 

 

4,861

 

Stock-based compensation expense

 

61,468

 

 

50,868

 

 

182,757

 

 

149,751

 

Amortization of purchased intangible assets

 

12,931

 

 

10,676

 

 

35,843

 

 

23,884

 

Facility-exit costs

 

4,472

 

 

2,545

 

 

10,873

 

 

5,556

 

Acquisiton-related charges

 

23,584

 

 

13,443

 

 

69,227

 

 

45,162

 

Impairment charges

 

-

 

 

-

 

 

33,825

 

 

-

 

Restructuring charges

 

-

 

 

-

 

 

-

 

 

7,800

 

Tax effects related to above items

 

(22,943

)

 

(16,044

)

 

(68,604

)

 

(41,450

)

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

$

169,116

 

$

134,030

 

$

485,727

 

$

425,342

 

 
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

$

2.76

 

$

2.18

 

$

7.83

 

$

6.95

 

 
Weighted average shares - diluted

 

61,351

 

 

61,415

 

 

62,064

 

 

61,182

 

 
(1) GAAP net product revenues

$

309,929

 

$

253,331

 

$

907,163

 

$

747,405

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

2,670

 

 

1,283

 

 

4,861

 

Non-GAAP net product revenues

 

309,929

 

 

256,001

 

 

908,446

 

 

752,266

 

GAAP net service revenues

 

341,586

 

 

329,921

 

 

1,014,256

 

 

988,601

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

-

 

 

-

 

 

-

 

Non-GAAP net service revenues

 

341,586

 

 

329,921

 

 

1,014,256

 

 

988,601

 

Total non-GAAP net revenues

$

651,515

 

$

585,922

 

$

1,922,702

 

$

1,740,867

 

 
(2) Includes stock-based compensation expense as follows:
Cost of net revenues

$

7,209

 

$

6,771

 

$

21,903

 

$

18,694

 

Sales and marketing

 

26,399

 

 

21,784

 

 

78,682

 

 

66,188

 

Research and development

 

17,342

 

 

13,145

 

 

50,046

 

 

36,904

 

General and administrative

 

10,518

 

 

9,168

 

 

32,126

 

 

27,965

 

$

61,468

 

$

50,868

 

$

182,757

 

$

149,751

 

 
(3) Includes amortization of purchased intangible assets as follows:
Cost of net revenues

$

9,507

 

$

7,382

 

$

25,688

 

$

16,432

 

Sales and marketing

 

2,849

 

 

2,749

 

 

8,430

 

 

5,863

 

General and administrative

 

575

 

 

545

 

 

1,725

 

 

1,589

 

$

12,931

 

$

10,676

 

$

35,843

 

$

23,884

 

 
(4) Includes facility-exit costs as follows:
Cost of net revenues

$

770

 

$

342

 

$

1,926

 

$

843

 

Sales and marketing

 

1,188

 

 

751

 

 

3,051

 

 

1,828

 

Research and development

 

1,474

 

 

776

 

 

3,352

 

 

1,929

 

General and administrative

 

1,040

 

 

676

 

 

2,544

 

 

956

 

$

4,472

 

$

2,545

 

$

10,873

 

$

5,556

 

 
(5) Includes acquisition-related charges as follows:
Cost of net revenues

$

-

 

$

-

 

$

2,522

 

$

13

 

Sales and marketing

 

8,525

 

 

5,675

 

 

23,213

 

 

9,448

 

Research and development

 

11,681

 

 

547

 

 

25,120

 

 

1,327

 

General and administrative

 

3,378

 

 

7,221

 

 

18,372

 

 

34,374

 

$

23,584

 

$

13,443

 

$

69,227

 

$

45,162

 

 
(6) Includes impairment charges as follows:
Cost of net revenues

$

-

 

$

-

 

$

4,388

 

$

-

 

Sales and marketing

 

-

 

 

-

 

 

10,256

 

 

-

 

Research and development

 

-

 

 

-

 

 

9,845

 

 

-

 

General and administrative

 

-

 

 

-

 

 

9,336

 

 

-

 

$

-

 

$

-

 

$

33,825

 

$

-

 

 
F5 Networks, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)
 
 

Nine Months Ended

June 30,

 

2021

 

 

 

2020

 

 
Operating activities
Net income

$

220,523

 

$

229,778

 

Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation

 

182,757

 

 

149,315

 

Depreciation and amortization

 

84,985

 

 

69,337

 

Non-cash operating lease costs

 

28,937

 

 

29,731

 

Deferred income taxes

 

(78,092

)

 

4,357

 

Impairment of assets

 

40,698

 

 

-

 

Non-cash provisions for exit costs

 

-

 

 

-

 

Other

 

604

 

 

168

 

Changes in operating assets and liabilities:
Accounts receivable

 

(88,685

)

 

38,024

 

Inventories

 

5,249

 

 

5,575

 

Other current assets

 

(32,670

)

 

(33,572

)

Other assets

 

(58,565

)

 

(5,659

)

Accounts payable and accrued liabilities

 

13,586

 

 

(1,538

)

Deferred revenue

 

167,199

 

 

37,934

 

Lease liabilities

 

(38,383

)

 

(38,456

)

Net cash provided by operating activities

 

448,143

 

 

484,994

 

 
Investing activities
Purchases of investments

 

(255,259

)

 

(390,696

)

Maturities of investments

 

164,900

 

 

322,271

 

Sales of investments

 

271,521

 

 

309,040

 

Acquisition of businesses, net of cash acquired

 

(411,319

)

 

(955,574

)

Purchases of property and equipment

 

(23,534

)

 

(47,857

)

Net cash used in investing activities

 

(253,691

)

 

(762,816

)

 
Financing activities
Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan

 

64,698

 

 

51,999

 

Repurchase of common stock

 

(500,000

)

 

(50,009

)

Proceeds from term debt agreement

 

-

 

 

400,000

 

Payments on term debt agreement

 

(15,000

)

 

(5,000

)

Payments for debt issuance costs

 

-

 

 

(3,040

)

Taxes paid related to net share settlement of equity awards

 

(10,920

)

 

-

 

Net cash (used in) provided by financing activities

 

(461,222

)

 

393,950

 

 
Net (decrease) increase in cash, cash equivalents and restricted cash

 

(266,770

)

 

116,128

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

1,107

 

 

(856

)

Cash, cash equivalents and restricted cash, beginning of period

 

852,826

 

 

602,254

 

Cash, cash equivalents and restricted cash, end of period

$

587,163

 

$

717,526

 

 
Supplemental disclosures of cash flow information
Cash paid for amounts included in the measurement of lease liabilities

$

46,178

 

$

45,399

 

Cash paid for interest on long-term debt

$

4,003

 

$

4,330

 

Supplemental disclosures of non-cash activities
Right-of-use assets obtained in exchange for lease obligations

$

11,622

 

$

399,203

 

 

Investors
Suzanne DuLong
(206) 272-7049
s.dulong@f5.com

Media
Rob Gruening
(206) 272-6208
r.gruening@f5.com

Source: F5 Networks

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