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F5 Reports 4% GAAP and 3% Non-GAAP Revenue Growth for Fiscal Year 2022; Expects 9% to 11% Revenue Growth and Double-Digit Non-GAAP EPS Growth in Fiscal Year 2023

Oct 25, 2022

SEATTLE--(BUSINESS WIRE)-- F5, Inc. (NASDAQ: FFIV) today announced financial results for its fourth quarter and fiscal year ended September 30, 2022.

“Organizations across the globe have embraced and accelerated digital transformation to improve efficiency and to deliver the extraordinary digital experiences that are significant drivers of their businesses. In a challenging macro environment, these efforts take on new importance,” said François Locoh-Donou, F5’s President and CEO. “F5’s solutions automate, secure, and manage our customers’ rapidly expanding application footprints and evolving hybrid IT environments, enabling our customers to focus fewer resources on managing their IT infrastructure and more resources on running and growing their businesses.”

Fiscal Year 2022 Performance Summary

Fiscal year 2022 GAAP revenue grew 4%, to $2.7 billion, up from $2.6 billion in the year ago period. Fiscal year 2022 non-GAAP revenue grew 3%, to $2.7 billion, up from $2.6 billion in fiscal year 2021. Product revenue grew 6% from the year-ago period, including 33% software revenue growth. Systems revenue declined 13% from the year-ago period as a result of ongoing semiconductor shortages. Global services revenue grew 2% from the year-ago period.

GAAP net income for fiscal year 2022 was $322 million, or $5.27 per diluted share, compared to $331 million, or $5.34 per diluted share, in fiscal year 2021.

Non-GAAP net income for fiscal year 2022 was $623 million, or $10.19 per diluted share, compared to $671 million, or $10.81 per diluted share, in fiscal year 2021.

Fourth Quarter Performance Summary

Fourth quarter fiscal year 2022 revenue grew 3% from the year ago period, to $700 million, up from $682 million in fiscal year 2021. Product revenue grew 3% from the year-ago period, including 13% software revenue growth. Systems revenue declined 5% from the year-ago period as a result of ongoing semiconductor shortages. Global services revenue grew 2% from the year-ago period.

GAAP net income for the fourth quarter of fiscal year 2022 was $89 million, or $1.49 per diluted share compared to net income of $111 million, or $1.80 per diluted share, in fiscal year 2021.

Non-GAAP net income for the fourth quarter of fiscal year 2022 was $158 million, or $2.62 per diluted share, compared to $185 million, or $3.01 per diluted share, in fiscal year 2021.

A reconciliation of GAAP to non-GAAP measures is included in the attached Consolidated Income Statements. Additional information about non-GAAP financial information is included in this release.

Business Outlook

“Over the next year, our business is likely to benefit from tailwinds to our systems business as a result of improving component availability and to bear some weight from macroeconomic headwinds. In the balance, we expect to deliver fiscal year 2023 revenue growth of 9% to 11%,” continued Locoh-Donou. “We also expect the combination of revenue growth and operating leverage will enable us to deliver non-GAAP earnings growth in the low-to-mid teens in fiscal year 2023.”

For the first quarter of fiscal year 2023, F5 expects to deliver revenue in the range of $690 million to $710 million, with non-GAAP earnings in the range of $2.25 to $2.37 per diluted share.

All forward-looking non-GAAP measures included in the Company’s business 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, October 25, 2022, at 4:30 pm ET. The live webcast is accessible from the investor relations portion of F5.com. To participate in the live call via telephone in the U.S. and Canada, dial +1 (888) 330-2454. Outside the U.S. and Canada, dial +1 (240) 789-2714. Please use access code 3209415. 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 F5’s future financial performance including revenue, revenue growth and earnings growth; demand for application security and delivery solutions, future customer demand, markets, and the benefits of products. These, and other statements that are not historical facts, 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; continued 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; F5’s ability to successfully integrate acquired businesses’ products with F5 technologies; the ability of F5’s sales professionals and distribution partners to sell new solutions 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 acquisitions and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of completion of acquisitions; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; 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 and impairment 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. On a non-recurring basis, when certain events or circumstances are present, management may also be required to write down the carrying value of its purchased intangible assets and recognize impairment charges. 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. F5 has incurred charges in connection with the exit of facilities 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 is a multi-cloud application services and security company committed to bringing a better digital world to life.​​​​​​​ F5 partners with the world’s largest, most advanced organizations to optimize and secure every app and API anywhere, including on-premises, in the cloud, or at the edge. F5 enables organizations to provide exceptional, secure digital experiences for their customers and continuously stay ahead of threats. For more information, go to f5.com. (NASDAQ: FFIV)

You can also follow @F5 on Twitter or visit us on LinkedIn and Facebook for more information about F5, its partners, and technologies. F5 and BIG-IP are trademarks, service marks, or tradenames of F5, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

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

F5, Inc
Consolidated Balance Sheets
(unaudited, in thousands)
 
September 30, September 30,

 

2022

 

 

2021

 

 
Assets
Current assets
Cash and cash equivalents

$

758,012

 

$

580,977

 

Short-term investments

 

126,554

 

 

329,630

 

Accounts receivable, net of allowances of $6,020 and $3,696

 

469,979

 

 

340,536

 

Inventories

 

68,365

 

 

22,055

 

Other current assets

 

489,314

 

 

337,902

 

Total current assets

 

1,912,224

 

 

1,611,100

 

 
Property and equipment, net

 

168,182

 

 

191,164

 

Operating lease right-of-use assets

 

227,475

 

 

244,934

 

Long-term investments

 

9,544

 

 

132,778

 

Deferred tax assets

 

183,365

 

 

128,193

 

Goodwill

 

2,259,282

 

 

2,216,553

 

Other assets, net

 

516,122

 

 

472,558

 

Total assets

$

5,276,194

 

$

4,997,280

 

 
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable

$

113,178

 

$

62,096

 

Accrued liabilities

 

309,819

 

 

341,487

 

Deferred revenue

 

1,067,182

 

 

968,669

 

Current portion of long-term debt

 

349,772

 

 

19,275

 

Total current liabilities

 

1,839,951

 

 

1,391,527

 

 
Deferred tax liabilities

 

2,781

 

 

2,414

 

Deferred revenue, long-term

 

624,398

 

 

521,173

 

Operating lease liabilities, long-term

 

272,376

 

 

296,945

 

Long-term debt

 

-

 

 

349,772

 

Other long-term liabilities

 

67,710

 

 

75,236

 

Total long-term liabilities

 

967,265

 

 

1,245,540

 

 
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, 59,860 and 60,652 shares issued and outstanding

 

91,048

 

 

192,458

 

Accumulated other comprehensive loss

 

(26,176

)

 

(20,073

)

Retained earnings

 

2,404,106

 

 

2,187,828

 

Total shareholders' equity

 

2,468,978

 

 

2,360,213

 

Total liabilities and shareholders' equity

$

5,276,194

 

$

4,997,280

 

F5, Inc
Consolidated Income Statements
(unaudited, in thousands, except per share amounts)
 
Three Months Ended Years Ended
September 30, September 30,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 
Net revenues
Products (1)

$

349,968

 

$

339,921

 

$

1,317,117

 

$

1,247,084

 

Services

 

350,065

 

 

342,076

 

 

1,378,728

 

 

1,356,332

 

Total

 

700,033

 

 

681,997

 

 

2,695,845

 

 

2,603,416

 

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

 

93,259

 

 

76,992

 

 

319,713

 

 

286,293

 

Services

 

54,203

 

 

51,686

 

 

219,914

 

 

206,853

 

Total

 

147,462

 

 

128,678

 

 

539,627

 

 

493,146

 

Gross profit

 

552,571

 

 

553,319

 

 

2,156,218

 

 

2,110,270

 

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

 

236,999

 

 

233,154

 

 

926,591

 

 

929,983

 

Research and development

 

138,522

 

 

124,700

 

 

543,368

 

 

512,627

 

General and administrative

 

69,520

 

 

69,101

 

 

274,558

 

 

273,635

 

Restructuring charges

 

-

 

 

-

 

 

7,909

 

 

-

 

Total

 

445,041

 

 

426,955

 

 

1,752,426

 

 

1,716,245

 

 
Income from operations

 

107,530

 

 

126,364

 

 

403,792

 

 

394,025

 

Other income, net

 

(7,813

)

 

(2,865

)

 

(18,399

)

 

(7,088

)

Income before income taxes

 

99,717

 

 

123,499

 

 

385,393

 

 

386,937

 

Provision for income taxes

 

10,371

 

 

12,781

 

 

63,233

 

 

55,696

 

Net income

$

89,346

 

$

110,718

 

$

322,160

 

$

331,241

 

 
 
Net income per share - basic

$

1.50

 

$

1.83

 

$

5.34

 

$

5.46

 

Weighted average shares - basic

 

59,751

 

 

60,526

 

 

60,274

 

 

60,707

 

 
Net income per share - diluted

$

1.49

 

$

1.80

 

$

5.27

 

$

5.34

 

Weighted average shares - diluted

 

60,126

 

 

61,606

 

 

61,097

 

 

62,057

 

 
 
Non-GAAP Financial Measures
 
Net income as reported

$

89,346

 

$

110,718

 

$

322,160

 

$

331,241

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

-

 

 

-

 

 

1,283

 

Stock-based compensation expense

 

59,455

 

 

60,522

 

 

249,216

 

 

243,279

 

Amortization and impairment of purchased intangible assets

 

12,701

 

 

12,879

 

 

57,689

 

 

48,722

 

Facility-exit costs

 

2,311

 

 

4,056

 

 

10,321

 

 

14,929

 

Acquisiton-related charges

 

9,329

 

 

16,867

 

 

49,410

 

 

86,094

 

Impairment charges

 

-

 

 

-

 

 

-

 

 

33,825

 

Restructuring charges

 

-

 

 

-

 

 

7,909

 

 

-

 

Tax effects related to above items

 

(15,488

)

 

(19,804

)

 

(74,075

)

 

(88,408

)

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

$

157,654

 

$

185,238

 

$

622,630

 

$

670,965

 

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

$

2.62

 

$

3.01

 

$

10.19

 

$

10.81

 

 
Weighted average shares - diluted

 

60,126

 

 

61,606

 

 

61,097

 

 

62,057

 

 
(1) GAAP net product revenues

$

349,968

 

$

339,921

 

$

1,317,117

 

$

1,247,084

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

-

 

 

-

 

 

1,283

 

Non-GAAP net product revenues

 

349,968

 

 

339,921

 

 

1,317,117

 

 

1,248,367

 

GAAP net service revenues

 

350,065

 

 

342,076

 

 

1,378,728

 

 

1,356,332

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

-

 

 

-

 

 

-

 

Non-GAAP net service revenues

 

350,065

 

 

342,076

 

 

1,378,728

 

 

1,356,332

 

Total non-GAAP net revenues

$

700,033

 

$

681,997

 

$

2,695,845

 

$

2,604,699

 

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

$

7,168

 

$

7,204

 

$

29,257

 

$

29,107

 

Sales and marketing

 

24,347

 

 

25,896

 

 

104,285

 

 

104,578

 

Research and development

 

17,463

 

 

17,109

 

 

71,781

 

 

67,155

 

General and administrative

 

10,477

 

 

10,313

 

 

43,893

 

 

42,439

 

$

59,455

 

$

60,522

 

$

249,216

 

$

243,279

 

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

$

9,959

 

$

9,468

 

$

39,837

 

$

35,156

 

Sales and marketing

 

2,389

 

 

2,836

 

 

16,169

 

 

11,266

 

General and administrative

 

353

 

 

575

 

 

1,683

 

 

2,300

 

$

12,701

 

$

12,879

 

$

57,689

 

$

48,722

 

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

$

274

 

$

678

 

$

1,429

 

$

2,604

 

Sales and marketing

 

628

 

 

1,115

 

 

2,811

 

 

4,166

 

Research and development

 

901

 

 

1,309

 

 

3,656

 

 

4,661

 

General and administrative

 

508

 

 

954

 

 

2,425

 

 

3,498

 

$

2,311

 

$

4,056

 

$

10,321

 

$

14,929

 

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

$

108

 

$

10

 

$

399

 

$

2,532

 

Sales and marketing

 

2,683

 

 

6,513

 

 

14,949

 

 

29,726

 

Research and development

 

5,430

 

 

5,935

 

 

22,600

 

 

31,055

 

General and administrative

 

1,108

 

 

4,409

 

 

11,462

 

 

22,781

 

$

9,329

 

$

16,867

 

$

49,410

 

$

86,094

 

 
(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, Inc
Consolidated Statements of Cash Flows
(unaudited, in thousands)
 
 
Years Ended
September 30,

 

2022

 

 

2021

 

 
Operating activities
Net income

$

322,160

 

$

331,241

 

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

 

249,216

 

 

243,279

 

Depreciation and amortization

 

115,609

 

 

115,424

 

Non-cash operating lease costs

 

38,735

 

 

38,375

 

Deferred income taxes

 

(40,244

)

 

(76,930

)

Impairment of assets

 

6,175

 

 

40,698

 

Non-cash provisions for exit costs

 

-

 

 

-

 

Other

 

1,267

 

 

737

 

Changes in operating assets and liabilities (excluding effects of the acquisition of businesses):
Accounts receivable

 

(130,605

)

 

(46,289

)

Inventories

 

(46,310

)

 

5,843

 

Other current assets

 

(144,628

)

 

(84,328

)

Other assets

 

(87,008

)

 

(110,653

)

Accounts payable and accrued liabilities

 

19,163

 

 

22,933

 

Deferred revenue

 

191,147

 

 

216,431

 

Lease liabilities

 

(52,046

)

 

(51,565

)

Net cash provided by operating activities

 

442,631

 

 

645,196

 

 
Investing activities
Purchases of investments

 

(61,284

)

 

(472,165

)

Maturities of investments

 

260,357

 

 

197,279

 

Sales of investments

 

120,578

 

 

271,521

 

Acquisition of businesses, net of cash acquired

 

(67,911

)

 

(411,319

)

Purchases of property and equipment

 

(33,624

)

 

(30,651

)

Net cash provided by (used in) investing activities

 

218,116

 

 

(445,335

)

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

 

64,540

 

 

65,752

 

Repurchase of common stock

 

(500,023

)

 

(500,000

)

Proceeds from term debt agreement

 

-

 

 

-

 

Payments on term debt agreement

 

(20,000

)

 

(20,000

)

Payments for debt issuance costs

 

-

 

 

-

 

Taxes paid related to net share settlement of equity awards

 

(21,025

)

 

(14,032

)

Net cash used in financing activities

 

(476,508

)

 

(468,280

)

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

 

184,239

 

 

(268,419

)

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

 

(6,365

)

 

(74

)

Cash, cash equivalents and restricted cash, beginning of period

 

584,333

 

 

852,826

 

Cash, cash equivalents and restricted cash, end of period

$

762,207

 

$

584,333

 

 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds

$

110,036

 

$

99,378

 

Cash paid for amounts included in the measurement of lease liabilities

 

58,592

 

 

61,504

 

Cash paid for interest on long-term debt

 

7,981

 

 

5,280

 

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

$

20,778

 

$

13,051

 

SOURCE: F5, Inc.

Investors
Suzanne DuLong
+1 (206) 272-7049
s.dulong@f5.com

Media
Rob Gruening
+1 (206) 272-6208
r.gruening@f5.com

Source: F5, Inc.

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