F5 Reports Third Quarter Fiscal Year 2024 Revenue at the Top End of its Guidance Range; Expects Fiscal Year 2024 Revenue of ~$2.8 Billion Based on Software Strength; Raises Earnings Growth Outlook

Rhea-AI Summary

F5 (NASDAQ: FFIV) reported strong Q3 FY2024 results, with revenue of $695 million at the top end of guidance. Software revenue grew 3% to $179 million, while systems revenue declined 16% to $130 million. Global services revenue increased 3% to $387 million. GAAP net income rose to $144 million ($2.44 per share), up from $89 million ($1.48 per share) in Q3 FY2023. Non-GAAP net income reached $199 million ($3.36 per share), compared to $194 million ($3.21 per share) last year.

F5 raised its FY2024 outlook, expecting revenue of approximately $2.8 billion and 12% non-GAAP EPS growth. The company's strong performance is driven by software growth, global services expansion, and operational discipline. F5 is positioning itself as a key partner for large enterprises modernizing IT infrastructure and preparing for AI integration at scale.

Positive

• Revenue of $695 million at the top end of guidance range
• Software revenue grew 3% year-over-year to $179 million
• Global services revenue increased 3% to $387 million
• GAAP net income rose to $144 million, up from $89 million in Q3 FY2023
• Non-GAAP net income reached $199 million, compared to $194 million last year
• Raised FY2024 outlook, expecting revenue of ~$2.8 billion
• Forecasting 12% non-GAAP EPS growth for FY2024

Negative

• Systems revenue declined 16% year-over-year to $130 million
• Overall revenue slightly decreased from $703 million in Q3 FY2023 to $695 million in Q3 FY2024

Insights

Financial Analyst

F5's Q3 FY2024 results demonstrate resilience in a challenging market, with revenue reaching $695 million, at the top end of guidance. The company's strategic focus on software and services is paying off, with software revenue growing 3% year-over-year to $179 million and global services revenue increasing 3% to $387 million.

The standout metric is the improvement in GAAP operating margin, which jumped to 23.4% from 14.7% in the year-ago period. This significant increase, coupled with a non-GAAP operating margin of 33.4%, underscores F5's ability to maintain profitability while navigating market headwinds.

F5's earnings per share performance is particularly noteworthy. GAAP EPS of $2.44 and non-GAAP EPS of $3.36 both represent substantial year-over-year growth, reflecting the company's operational efficiency and cost management efforts.

Looking ahead, F5's updated guidance for FY2024 revenue of approximately $2.8 billion and projected 12% non-GAAP EPS growth indicate management's confidence in the company's trajectory. The focus on software strength and partnerships with large enterprises for AI infrastructure readiness positions F5 well for future growth in the evolving IT landscape.

Tech Expert

F5's Q3 results highlight the company's successful pivot towards software and services in the application delivery and security market. The 3% growth in software revenue, despite a challenging macro environment, underscores the increasing demand for F5's software-based solutions.

The decline in systems revenue by 16% is not surprising, as it aligns with the industry-wide shift from hardware to software-defined networking and cloud-native applications. F5's ability to grow its software and services segments while managing this transition is commendable.

Of particular interest is F5's mention of partnering with large enterprises to prepare IT infrastructure for AI at scale. This strategic move positions F5 at the forefront of a potentially massive market opportunity. As AI workloads increase, the demand for robust application delivery, security and performance optimization solutions will likely grow exponentially.

F5's focus on optimizing application security, delivery, management and performance across hybrid, multicloud environments with enhanced automation aligns well with current enterprise IT trends. This approach not only helps F5 retain its existing customer base but also positions it to capture new opportunities as organizations modernize their IT infrastructures.

SEATTLE--(BUSINESS WIRE)-- F5, Inc. (NASDAQ: FFIV) today announced financial results for its third quarter ended June 30, 2024.

“We delivered third quarter revenue at the top end of our guidance range fueled by software growth and continued growth of our global services offerings,” said François Locoh-Donou, F5’s President and CEO. “In addition, our continued operating discipline enabled us to deliver earnings per share well above the high end of our guidance.”

“F5 is proving itself an invaluable partner as large enterprises across the globe modernize their IT infrastructures and drive IT cost savings,” said Locoh-Donou. “F5 is optimizing application security, delivery, management, and performance across hybrid, multicloud environments with enhanced automation and meaningful operational efficiencies. We are also partnering with several large enterprise customers as they begin to ready their IT infrastructure to leverage AI at scale.”

Third Quarter Performance Summary

Third quarter fiscal year 2024 revenue totaled $695 million, compared with $703 million in the third quarter of fiscal year 2023. Software revenue of $179 million grew 3% from the year-ago period. Systems revenue of $130 million represented a decline of 16% from the prior year. Global services revenue of $387 million grew 3% from the year-ago period.

GAAP gross profit for the third quarter of fiscal year 2024 was $559 million, representing GAAP gross margin of 80.4%. This compares with GAAP gross profit of $561 million in the year-ago period, which represented GAAP gross margin of 79.8%. Non-GAAP gross profit for the third quarter of fiscal year 2024 was $578 million, representing non-GAAP gross margin of 83.1%. This compares with non-GAAP gross profit of $579 million in the year-ago period, which represented non-GAAP gross margin of 82.5%.

GAAP operating profit for the third quarter was $163 million, representing GAAP operating margin of 23.4%. This compares with GAAP operating profit of $104 million in the year-ago period, which represented GAAP operating margin of 14.7%. Non-GAAP operating profit for the period was $233 million, representing non-GAAP operating margin of 33.4%. This compares to non-GAAP operating profit of $233 million in the year-ago period, which represented non-GAAP operating margin of 33.2%.

GAAP net income for the third quarter of fiscal year 2024 was $144 million, or $2.44 per diluted share compared to $89 million, or $1.48 per diluted share, in the third quarter of fiscal year 2023. Non-GAAP net income for the third quarter of fiscal year 2024 was $199 million, or $3.36 per diluted share, compared to $194 million, or $3.21 per diluted share, in the third quarter of fiscal year 2023.

Performance Summary Tables

GAAP Measures						Non-GAAP Measures
($ in millions except EPS)	Q3 FY2024		Q3 FY2023			($ in millions except EPS)	Q3 FY2024		Q3 FY2023
Revenue	$	695	$	703
Gross profit	$	559	$	561		Gross profit	$	578	$	579
Gross margin		80.4%		79.8%		Gross margin		83.1%		82.5%
Operating profit	$	163	$	104		Operating profit	$	233	$	233
Operating margin		23.4%		14.7%		Operating margin		33.4%		33.2%
Net income	$	144	$	89		Net income	$	199	$	194
EPS	$	2.44	$	1.48		EPS	$	3.36	$	3.21

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

For the fourth quarter of fiscal year 2024, F5 expects to deliver revenue in the range of $720 million to $740 million, with non-GAAP earnings in the range of $3.38 to $3.50 per diluted share.

“Based on our visibility to strong fourth quarter software demand, we now expect fiscal year 2024 revenue toward the top end of our prior expectations, at approximately $2.8 billion, or roughly flat with last year,” said Locoh-Donou. “As a result of continued operating discipline, and with some tax favorability in our third quarter, we also are raising our earnings growth expectations for the year. We now expect to deliver approximately 12% non-GAAP earnings per share growth compared to fiscal year 2023.”

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 to review its financial results and outlook today, July 29, 2024, at 4:30 pm ET. The live webcast is accessible from the investor relations page of F5.com. To participate in the live call via telephone in the U.S. and Canada, dial +1 (877) 407-0312. Outside the U.S. and Canada, dial +1 (201) 389-0899. Please call at least five 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, F5’s role as a partner with large enterprises, F5’s visibility to strong fourth quarter software demand, the Company’s future financial performance including revenue, earnings growth, future customer demand, and the performance and benefits of the Company's 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, and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, net of taxes, restructuring charges, 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:

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 certain non-recurring right-of-use asset impairment charges, and other related recurring costs in connection with the exit of its leased facilities. These charges are not representative of the ongoing activity or costs to the business. 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.

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 multicloud application security and delivery company committed to bringing a better digital world to life.​​​​​​​ F5 partners with the world’s largest, most advanced organizations to secure every app — on premises, in the cloud, or at the edge. F5 enables businesses to continuously stay ahead of threats while delivering exceptional, secure digital experiences for their customers. For more information, go to f5.com. (NASDAQ: FFIV)

You can also follow @F5 on X (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, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

SOURCE: F5, Inc.

F5, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)
		June 30,				September 30,
		2024				2023
Assets
Current assets
Cash and cash equivalents		$	934,809			$	797,163
Short-term investments			812				6,160
Accounts receivable, net of allowances of $3,685 and $3,561			419,986				454,832
Inventories			78,537				35,874
Other current assets			552,023				554,744
Total current assets			1,986,167				1,848,773
Property and equipment, net			154,238				170,422
Operating lease right-of-use assets			185,253				195,471
Long-term investments			7,298				5,068
Deferred tax assets			343,611				295,308
Goodwill			2,312,362				2,288,678
Other assets, net			425,521				444,613
Total assets		$	5,414,450			$	5,248,333
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable		$	53,618			$	63,315
Accrued liabilities			259,874				282,890
Deferred revenue			1,142,090				1,126,576
Total current liabilities			1,455,582				1,472,781
Deferred tax liabilities			6,146				4,637
Deferred revenue, long-term			630,494				648,545
Operating lease liabilities, long-term			222,486				239,565
Other long-term liabilities			88,997				82,573
Total long-term liabilities			948,123				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, 58,284 and 59,207 shares issued and outstanding			17,898				24,399
Accumulated other comprehensive loss			(22,257	)			(23,221	)
Retained earnings			3,015,104				2,799,054
Total shareholders' equity			3,010,745				2,800,232
Total liabilities and shareholders' equity		$	5,414,450			$	5,248,333

F5, Inc.
Consolidated Income Statements
(unaudited, in thousands, except per share amounts)
	Three Months Ended								Nine Months Ended
	June 30,								June 30,
	2024				2023				2024				2023
Net revenues
Products	$	308,489			$	328,175			$	914,510			$	1,009,314
Services		387,006				374,467				1,154,936				1,096,881
Total		695,495				702,642				2,069,446				2,106,195
Cost of net revenues (1)(2)(3)(4)
Products		80,813				87,940				248,834				286,590
Services		55,612				53,743				165,093				165,754
Total		136,425				141,683				413,927				452,344
Gross profit		559,070				560,959				1,655,519				1,653,851
Operating expenses (1)(2)(3)(4)
Sales and marketing		205,550				207,202				615,277				673,383
Research and development		124,387				128,765				366,169				412,451
General and administrative		65,950				64,775				197,852				201,802
Restructuring charges		93				56,648				8,655				65,388
Total		395,980				457,390				1,187,953				1,353,024
Income from operations		163,090				103,569				467,566				300,827
Other income, net		8,529				2,896				24,385				10,335
Income before income taxes		171,619				106,465				491,951				311,162
Provision for income taxes		27,540				17,489				90,469				68,348
Net income	$	144,079			$	88,976			$	401,482			$	242,814
Net income per share - basic	$	2.46			$	1.48			$	6.82			$	4.04
Weighted average shares - basic		58,584				59,977				58,832				60,133
Net income per share - diluted	$	2.44			$	1.48			$	6.75			$	4.02
Weighted average shares - diluted		59,147				60,314				59,461				60,463
Non-GAAP Financial Measures
Net income as reported	$	144,079			$	88,976			$	401,482			$	242,814
Stock-based compensation expense		54,206				56,472				165,349				183,385
Amortization and impairment of purchased intangible assets		13,250				13,876				41,187				39,130
Facility-exit costs		1,264				1,527				2,070				5,066
Acquisiton-related charges		656				1,327				3,847				16,109
Restructuring charges		93				56,648				8,655				65,388
Tax effects related to above items		(14,709	)			(25,173	)			(45,861	)			(55,337	)
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	$	198,839			$	193,653			$	576,729			$	496,555
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	$	3.36			$	3.21			$	9.70			$	8.21
Weighted average shares - diluted		59,147				60,314				59,461				60,463
(1) Includes stock-based compensation expense as follows:
Cost of net revenues	$	7,189			$	7,297			$	22,320			$	22,516
Sales and marketing		20,783				22,561				63,800				75,171
Research and development		14,752				16,297				46,283				53,528
General and administrative		11,482				10,317				32,946				32,170
	$	54,206			$	56,472			$	165,349			$	183,385
(2) Includes amortization and impairment of purchased intangible assets as follows:
Cost of net revenues	$	11,699			$	10,984			$	34,565			$	30,902
Sales and marketing		1,405				2,672				6,032				7,451
Research and development		94				-				282				-
General and administrative		52				220				308				777
	$	13,250			$	13,876			$	41,187			$	39,130
(3) Includes facility-exit costs as follows:
Cost of net revenues	$	125			$	150			$	231			$	501
Sales and marketing		397				481				991				1,630
Research and development		447				542				(37	)			1,720
General and administrative		295				354				885				1,215
	$	1,264			$	1,527			$	2,070			$	5,066
(4) Includes acquisition-related charges as follows:
Cost of net revenues	$	-			$	45			$	20			$	212
Sales and marketing		29				349				72				2,513
Research and development		501				330				828				5,331
General and administrative		126				603				2,927				8,053
	$	656			$	1,327			$	3,847			$	16,109

F5, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)
		Nine months ended
		June 30,
		2024				2023
Operating activities
Net income		$	401,482			$	242,814
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation			165,349				183,384
Depreciation and amortization			84,062				83,173
Non-cash operating lease costs			24,776				29,977
Deferred income taxes			(47,237	)			(85,091	)
Impairment of assets			-				3,455
Other			(3,059	)			2,137
Changes in operating assets and liabilities (excluding effects of the acquisition of businesses):
Accounts receivable			34,700				31,507
Inventories			(42,663	)			22,263
Other current assets			3,246				(47,488	)
Other assets			(17,513	)			13,231
Accounts payable and accrued liabilities			(22,353	)			(79,608	)
Deferred revenue			(2,537	)			98,054
Lease liabilities			(32,339	)			(34,200	)
Net cash provided by operating activities			545,914				463,608
Investing activities
Purchases of investments			(1,600	)			(1,789	)
Maturities of investments			5,420				103,513
Sales of investments			-				16,085
Acquisition of businesses, net of cash acquired			(32,939	)			(35,049	)
Purchases of property and equipment			(24,352	)			(38,802	)
Net cash (used in) provided by investing activities			(53,471	)			43,958
Financing activities
Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan			54,868				59,497
Payments for repurchase of common stock			(400,047	)			(290,041	)
Payments on term debt agreement			-				(350,000	)
Taxes paid related to net share settlement of equity awards			(9,952	)			(11,369	)
Net cash used in financing activities			(355,131	)			(591,913	)
Net increase (decrease) in cash, cash equivalents and restricted cash			137,312				(84,347	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			376				3,729
Cash, cash equivalents and restricted cash, beginning of period			800,835				762,207
Cash, cash equivalents and restricted cash, end of period		$	938,523			$	681,589
Supplemental disclosures of cash flow information
Cash paid for amounts included in the measurement of lease liabilities		$	38,193			$	40,619
Cash paid for interest on long-term debt			-				2,970
Supplemental disclosures of non-cash activities
Right-of-use assets obtained in exchange for lease obligations		$	11,772			$	10,544

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240729735046/en/

Investors

Suzanne DuLong

+1 (206) 272-7049

s.dulong@f5.com

Media

Dan Sorensen

+1 (650) 228-4842

d.sorensen@f5.com

Source: F5, Inc.

FAQ

What was F5's (FFIV) revenue for Q3 FY2024?

F5 reported revenue of $695 million for Q3 FY2024, which was at the top end of their guidance range.

How much did F5's (FFIV) software revenue grow in Q3 FY2024?

F5's software revenue grew 3% year-over-year to $179 million in Q3 FY2024.

What is F5's (FFIV) revenue forecast for fiscal year 2024?

F5 expects revenue of approximately $2.8 billion for fiscal year 2024, which is at the top end of their previous guidance.

How much did F5's (FFIV) GAAP net income increase in Q3 FY2024?

F5's GAAP net income increased to $144 million in Q3 FY2024, up from $89 million in the same quarter of the previous year.

What is F5's (FFIV) earnings growth outlook for fiscal year 2024?

F5 raised its earnings growth outlook and now expects approximately 12% non-GAAP earnings per share growth for fiscal year 2024 compared to fiscal year 2023.