F5's Alignment with Hybrid Multicloud Trends Contributes to Record First Quarter Results with 11% Revenue Growth, Including 22% Software Revenue Growth and 18% Systems Revenue Growth
F5 (NASDAQ: FFIV) reported strong first quarter fiscal 2025 results with total revenue reaching $766 million, marking an 11% year-over-year growth. The company saw significant increases across segments, with software revenue growing 22% to $209 million and systems revenue rising 18% to $160 million. Global services revenue increased 3% to $398 million.
The company demonstrated improved profitability with GAAP operating margin expanding to 26.8% from 23.8% year-over-year. Non-GAAP earnings per share reached $3.84, up from $3.43 in the previous year. F5 raised its fiscal year 2025 revenue growth guidance to 6-7% from the previous 4-5%, and increased non-GAAP earnings growth expectations to 6.5-8.5%.
For Q2 FY2025, F5 projects revenue between $705-725 million with non-GAAP earnings of $3.02-3.14 per diluted share.
F5 (NASDAQ: FFIV) ha riportato risultati solidi per il primo trimestre dell'anno fiscale 2025, con un fatturato totale che ha raggiunto 766 milioni di dollari, segnando una crescita dell'11% rispetto all'anno precedente. L'azienda ha registrato significativi aumenti in tutti i segmenti, con il fatturato software in crescita del 22% a 209 milioni di dollari e il fatturato dei sistemi in aumento del 18% a 160 milioni di dollari. Il fatturato dei servizi globali è aumentato del 3% a 398 milioni di dollari.
L'azienda ha dimostrato un miglioramento della redditività, con il margine operativo GAAP che è aumentato al 26,8% rispetto al 23,8% dell'anno precedente. Gli utili per azione non GAAP sono stati pari a 3,84 dollari, in aumento rispetto ai 3,43 dollari dell'anno precedente. F5 ha innalzato le previsioni di crescita del fatturato per l'anno fiscale 2025 al 6-7%, rispetto al precedente 4-5%, e ha aumentato le aspettative di crescita degli utili non GAAP al 6,5-8,5%.
Per il secondo trimestre dell'anno fiscale 2025, F5 prevede un fatturato compreso tra 705 e 725 milioni di dollari, con utili non GAAP di 3,02-3,14 dollari per azione diluita.
F5 (NASDAQ: FFIV) reportó resultados sólidos para el primer trimestre del año fiscal 2025, con ingresos totales que alcanzaron 766 millones de dólares, marcando un crecimiento del 11% interanual. La compañía vio aumentos significativos en todos los segmentos, con los ingresos por software creciendo un 22% hasta 209 millones de dólares y los ingresos por sistemas aumentando un 18% hasta 160 millones de dólares. Los ingresos por servicios globales aumentaron un 3% hasta 398 millones de dólares.
La empresa demostró una rentabilidad mejorada, con el margen operativo GAAP expandiéndose al 26,8% desde el 23,8% del año anterior. Las ganancias por acción no GAAP alcanzaron los 3,84 dólares, en comparación con los 3,43 dólares del año anterior. F5 elevó su guía de crecimiento de ingresos para el año fiscal 2025 a un 6-7% desde el 4-5% anterior, y aumentó sus expectativas de crecimiento de ganancias no GAAP al 6,5-8,5%.
Para el segundo trimestre del año fiscal 2025, F5 proyecta ingresos entre 705 y 725 millones de dólares, con ganancias no GAAP de 3,02-3,14 dólares por acción diluida.
F5 (NASDAQ: FFIV)는 2025 회계 연도 첫 분기 실적을 보고했으며, 총 수익은 7억 6천 6백만 달러에 달하여 전년 대비 11% 성장했습니다. 회사는 모든 부문에서 상당한 증가를 보였으며, 소프트웨어 수익이 22% 증가하여 2억 9백만 달러에 달하고, 시스템 수익이 18% 상승하여 1억 6천만 달러에 도달했습니다. 글로벌 서비스 수익은 3% 증가하여 3억 9천 8백만 달러에 이릅니다.
회사는 GAAP 운영 마진이 전년 대비 23.8%에서 26.8%로 확대되어 수익성이 개선되었음을 보여주었습니다. 비-GAAP 주당 수익은 3.84달러로, 이전 연도의 3.43달러에서 증가했습니다. F5는 2025 회계 연도 매출 성장 가이드를 이전의 4-5%에서 6-7%로 상향 조정했으며, 비-GAAP 이익 성장 기대치를 6.5-8.5%로 늘렸습니다.
2025 회계 연도 2분기 동안 F5는 수익이 7억 5천만 달러에서 7억 2천 5백만 달러 사이가 될 것으로 예상하며, 비-GAAP 주당 3.02-3.14달러의 이익을 예상하고 있습니다.
F5 (NASDAQ: FFIV) a annoncé de solides résultats pour le premier trimestre de l'exercice 2025, avec un chiffre d'affaires total atteignant 766 millions de dollars, marquant une croissance de 11 % par rapport à l'année précédente. La société a enregistré des augmentations significatives dans tous les segments, avec des revenus logiciels en hausse de 22% à 209 millions de dollars et des revenus systèmes en hausse de 18% à 160 millions de dollars. Les revenus des services mondiaux ont augmenté de 3 % pour atteindre 398 millions de dollars.
L'entreprise a démontré une rentabilité améliorée avec une marge opérationnelle GAAP passant de 23,8 % à 26,8 % d'une année sur l'autre. Les bénéfices par action non-GAAP ont atteint 3,84 dollars, contre 3,43 dollars l'année précédente. F5 a relevé ses prévisions de croissance des revenus pour l'exercice 2025 à 6-7 %, contre 4-5 % précédemment, et a augmenté ses attentes de croissance des bénéfices non-GAAP à 6,5-8,5 %.
Pour le deuxième trimestre de l'exercice 2025, F5 prévoit un chiffre d'affaires entre 705 et 725 millions de dollars, avec des bénéfices non-GAAP de 3,02 à 3,14 dollars par action diluée.
F5 (NASDAQ: FFIV) berichtete über starke Ergebnisse im ersten Quartal des Geschäftsjahres 2025, wobei der Gesamtumsatz 766 Millionen Dollar erreichte, was einem Wachstum von 11% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete signifikante Zuwächse in allen Segmenten, wobei der Softwareumsatz um 22% auf 209 Millionen Dollar wuchs und der Systemumsatz um 18% auf 160 Millionen Dollar anstieg. Der Umsatz aus globalen Dienstleistungen stieg um 3% auf 398 Millionen Dollar.
Das Unternehmen zeigte eine verbesserte Rentabilität, da die GAAP-Betriebsmargin von 23,8% auf 26,8% im Jahresvergleich expandierte. Die Non-GAAP-Gewinne pro Aktie erreichten 3,84 Dollar, ein Anstieg von 3,43 Dollar im Vorjahr. F5 hob die Umsatzwachstumsprognose für das Geschäftsjahr 2025 auf 6-7% von zuvor 4-5% an und erhöhte die Erwartungen für das Wachstum der Non-GAAP-Gewinne auf 6,5-8,5%.
Für das 2. Quartal des Geschäftsjahres 2025 plant F5 einen Umsatz zwischen 705 und 725 Millionen Dollar sowie Non-GAAP-Gewinne von 3,02-3,14 Dollar pro verwässerter Aktie.
- Revenue grew 11% YoY to $766 million
- Software revenue increased 22% YoY
- Systems revenue grew 18% YoY
- GAAP operating margin improved to 26.8% from 23.8%
- Non-GAAP EPS increased to $3.84 from $3.43
- Raised FY2025 revenue growth guidance to 6-7%
- Global services revenue showed modest 3% growth
Insights
F5's Q1 FY2025 results reveal a company executing exceptionally well across multiple fronts, with several noteworthy developments that signal strong market positioning:
Revenue Momentum and Mix: The
Margin Expansion Story: The
Strategic Position in Growth Markets: F5's focus on hybrid multicloud complexity management and AI-related data movement positions the company at the intersection of two major enterprise IT trends. The company's ability to address the data movement challenges in AI implementations, particularly for inference and retrieval augmented generation, represents a significant market opportunity as enterprises scale their AI initiatives.
Forward Outlook: The raised FY2025 guidance to
F5's Q1 results highlight the company's evolution into a critical infrastructure provider for next-generation enterprise IT needs. The convergence of hybrid multicloud adoption and AI implementation creates unique technical challenges that play to F5's strengths:
Hybrid Multicloud Advantage: F5's solutions address a critical pain point in hybrid environments - the complexity of managing application delivery and security across multiple clouds and on-premises infrastructure. This capability becomes increasingly valuable as enterprises adopt more sophisticated multicloud strategies, seeking consistent performance and security across diverse environments.
AI Infrastructure Play: The company's expertise in high-performance data movement and application delivery positions it uniquely in the AI infrastructure stack. As enterprises scale their AI implementations, the ability to efficiently and securely move large datasets for inference and RAG (Retrieval Augmented Generation) becomes crucial. F5's solutions address this specific challenge, which is often overlooked in discussions about AI infrastructure requirements.
Technical Moat: The simultaneous growth in software (
“F5’s alignment with significant secular trends, a more stable IT spending environment, and our strong execution led to another record quarter,” said François Locoh-Donou, F5’s President and CEO. “Our first quarter revenue of
"We are seeing new opportunities emerge in two main areas: hybrid multicloud and AI,” continued Locoh-Donou. “F5’s innovation in anticipation of widespread hybrid multicloud adoption means we can simplify the crushing complexity of these environments in ways competitors cannot and is leading to new revenue potential. Additionally, our unique ability to rapidly and securely move the large amounts of enterprise data necessary for AI inferencing and retrieval augmented generation positions F5 as a crucial player as businesses start to implement AI on a large scale."
First Quarter Performance Summary
First quarter fiscal year 2025 revenue totaled
GAAP gross profit for the first quarter of fiscal year 2025 was
GAAP operating profit for the first quarter of fiscal year 2025 was
GAAP net income for the first quarter of fiscal year 2025 was
Performance Summary Tables
| GAAP Measures | Non-GAAP Measures | |||||||||||||
| ($ in millions except EPS) | Q1 FY2025 | Q1 FY2024 | ($ in millions except EPS) | Q1 FY2025 | Q1 FY2024 | |||||||||
| Revenue | $ |
766 |
|
$ |
693 |
|
||||||||
| Gross profit | $ |
626 |
|
$ |
556 |
|
Gross profit | $ |
643 |
|
$ |
575 |
|
|
| Gross margin |
|
81.7 |
% |
|
80.3 |
% |
Gross margin |
|
83.9 |
% |
|
83.1 |
% |
|
| Operating profit | $ |
205 |
|
$ |
165 |
|
Operating profit | $ |
286 |
|
$ |
246 |
|
|
| Operating margin |
|
26.8 |
% |
|
23.8 |
% |
Operating margin |
|
37.4 |
% |
|
35.5 |
% |
|
| Net income | $ |
166 |
|
$ |
138 |
|
Net income | $ |
227 |
|
$ |
205 |
|
|
| EPS | $ |
2.82 |
|
$ |
2.32 |
|
EPS | $ |
3.84 |
|
$ |
3.43 |
|
|
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 second quarter of fiscal year 2025, F5 expects to deliver revenue in the range of
For fiscal year 2025, F5 raised its revenue growth expectations to
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
Live Webcast and Conference Call
F5 will host a live webcast to review its financial results and outlook today, January 28, 2025, 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
Forward Looking Statements
This press release contains forward-looking statements including, among other things, F5’s alignment with significant secular trends, that opportunities are emerging in hybrid multicloud and AI, F5's innovation in anticipation of widespread hybrid multicloud adoption means we can simplify the crushing complexity of these environments in ways competitors cannot and is leading to new revenue potential, F5’s unique ability to rapidly and securely move the large amounts of enterprise data necessary for AI inferencing and retrieval augmented generation positions F5 as a crucial player as businesses start to implement AI on a large scale, 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; 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
SOURCE: F5, Inc.
F5, Inc. |
|||||||
Consolidated Balance Sheets |
|||||||
(unaudited, in thousands) |
|||||||
|
|
|
|
||||
|
|
|
|
||||
|
December 31, |
|
September 30, |
||||
|
2024 |
|
2024 |
||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ |
1,150,907 |
|
$ |
1,074,602 |
|
|
| Accounts receivable, net of allowances of |
|
484,989 |
|
|
389,024 |
|
|
| Inventories |
|
73,239 |
|
|
76,378 |
|
|
| Other current assets |
|
632,893 |
|
|
569,467 |
|
|
| Total current assets |
|
2,342,028 |
|
|
2,109,471 |
|
|
| Property and equipment, net |
|
149,979 |
|
|
150,943 |
|
|
| Operating lease right-of-use assets |
|
198,206 |
|
|
178,180 |
|
|
| Long-term investments |
|
11,177 |
|
|
8,580 |
|
|
| Deferred tax assets |
|
378,334 |
|
|
365,951 |
|
|
| Goodwill |
|
2,312,362 |
|
|
2,312,362 |
|
|
| Other assets, net |
|
508,555 |
|
|
487,517 |
|
|
| Total assets | $ |
5,900,641 |
|
$ |
5,613,004 |
|
|
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ |
53,611 |
|
$ |
67,894 |
|
|
| Accrued liabilities |
|
316,369 |
|
|
300,076 |
|
|
| Deferred revenue |
|
1,217,664 |
|
|
1,121,683 |
|
|
| Total current liabilities |
|
1,587,644 |
|
|
1,489,653 |
|
|
| Deferred tax liabilities |
|
7,702 |
|
|
7,179 |
|
|
| Deferred revenue, long-term |
|
728,596 |
|
|
676,276 |
|
|
| Operating lease liabilities, long-term |
|
242,872 |
|
|
215,785 |
|
|
| Other long-term liabilities |
|
98,076 |
|
|
94,733 |
|
|
| Total long-term liabilities |
|
1,077,246 |
|
|
993,973 |
|
|
| Commitments and contingencies | |||||||
| Shareholders’ equity | |||||||
| Preferred stock, no par value; 10,000 shares authorized, no shares issued and outstanding |
|
- |
|
|
- |
|
|
| Common stock, no par value; 200,000 shares authorized, 58,132 and 58,094 | |||||||
| shares issued and outstanding |
|
9,461 |
|
|
5,889 |
|
|
| Accumulated other comprehensive loss |
|
(24,199 |
) |
|
(20,912 |
) |
|
| Retained earnings |
|
3,250,489 |
|
|
3,144,401 |
|
|
| Total shareholders' equity |
|
3,235,751 |
|
|
3,129,378 |
|
|
| Total liabilities and shareholders' equity | $ |
5,900,641 |
|
$ |
5,613,004 |
|
|
| F5, Inc. | |||||||
| Consolidated Income Statements | |||||||
| (unaudited, in thousands, except per share amounts) | |||||||
Three Months Ended |
|||||||
December 31, |
|||||||
2024 |
|
2023 |
|||||
| Net revenues | |||||||
| Products | $ |
368,497 |
|
$ |
305,859 |
|
|
| Services |
|
397,992 |
|
|
386,738 |
|
|
| Total |
|
766,489 |
|
|
692,597 |
|
|
| Cost of net revenues (1)(2)(3)(4) | |||||||
| Products |
|
82,836 |
|
|
82,708 |
|
|
| Services |
|
57,674 |
|
|
53,681 |
|
|
| Total |
|
140,510 |
|
|
136,389 |
|
|
| Gross profit |
|
625,979 |
|
|
556,208 |
|
|
| Operating expenses (1)(2)(3)(4) | |||||||
| Sales and marketing |
|
206,035 |
|
|
198,927 |
|
|
| Research and development |
|
130,518 |
|
|
119,575 |
|
|
| General and administrative |
|
73,023 |
|
|
64,718 |
|
|
| Restructuring charges |
|
11,321 |
|
|
8,472 |
|
|
| Total |
|
420,897 |
|
|
391,692 |
|
|
| Income from operations |
|
205,082 |
|
|
164,516 |
|
|
| Other income, net |
|
3,962 |
|
|
9,882 |
|
|
| Income before income taxes |
|
209,044 |
|
|
174,398 |
|
|
| Provision for income taxes |
|
42,599 |
|
|
36,016 |
|
|
| Net income | $ |
166,445 |
|
$ |
138,382 |
|
|
| Net income per share - basic | $ |
2.85 |
|
$ |
2.34 |
|
|
| Weighted average shares - basic |
|
58,305 |
|
|
59,122 |
|
|
| Net income per share - diluted | $ |
2.82 |
|
$ |
2.32 |
|
|
| Weighted average shares - diluted |
|
59,058 |
|
|
59,653 |
|
|
| Non-GAAP Financial Measures | |||||||
| Net income as reported | $ |
166,445 |
|
$ |
138,382 |
|
|
| Stock-based compensation expense |
|
57,908 |
|
|
56,002 |
|
|
| Amortization and impairment of purchased intangible assets |
|
10,143 |
|
|
14,315 |
|
|
| Facility-exit costs |
|
1,220 |
|
|
1,538 |
|
|
| Acquisiton-related charges |
|
691 |
|
|
801 |
|
|
| Restructuring charges |
|
11,321 |
|
|
8,472 |
|
|
| Tax effects related to above items |
|
(20,756 |
) |
|
(14,783 |
) |
|
| 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 | $ |
226,972 |
|
$ |
204,727 |
|
|
| 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 | $ |
3.84 |
|
$ |
3.43 |
|
|
| Weighted average shares - diluted |
|
59,058 |
|
|
59,653 |
|
|
| (1) Includes stock-based compensation expense as follows: | |||||||
| Cost of net revenues | $ |
7,400 |
|
$ |
7,684 |
|
|
| Sales and marketing |
|
21,167 |
|
|
21,596 |
|
|
| Research and development |
|
16,481 |
|
|
16,018 |
|
|
| General and administrative |
|
12,860 |
|
|
10,704 |
|
|
$ |
57,908 |
|
$ |
56,002 |
|
||
| (2) Includes amortization and impairment of purchased intangible assets as follows: | |||||||
| Cost of net revenues | $ |
9,284 |
|
$ |
11,233 |
|
|
| Sales and marketing |
|
718 |
|
|
2,788 |
|
|
| Research and development |
|
94 |
|
|
94 |
|
|
| General and administrative |
|
47 |
|
|
200 |
|
|
$ |
10,143 |
|
$ |
14,315 |
|
||
| (3) Includes facility-exit costs as follows: | |||||||
| Cost of net revenues | $ |
124 |
|
$ |
156 |
|
|
| Sales and marketing |
|
414 |
|
|
483 |
|
|
| Research and development |
|
364 |
|
|
542 |
|
|
| General and administrative |
|
318 |
|
|
357 |
|
|
$ |
1,220 |
|
$ |
1,538 |
|
||
| (4) Includes acquisition-related charges as follows: | |||||||
| Cost of net revenues | $ |
- |
|
$ |
20 |
|
|
| Sales and marketing |
|
- |
|
|
65 |
|
|
| Research and development |
|
500 |
|
|
153 |
|
|
| General and administrative |
|
191 |
|
|
563 |
|
|
$ |
691 |
|
$ |
801 |
|
||
F5, Inc. |
|||||||
Consolidated Statements of Cash Flows |
|||||||
(unaudited, in thousands) |
|||||||
|
|
|
|
||||
|
|
|
|
||||
|
Three months ended |
||||||
|
December 31, |
||||||
|
2024 |
|
2023 |
||||
| Operating activities | |||||||
| Net income | $ |
166,445 |
|
$ |
138,382 |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Stock-based compensation |
|
57,908 |
|
|
56,002 |
|
|
| Depreciation and amortization |
|
22,666 |
|
|
29,266 |
|
|
| Non-cash operating lease costs |
|
7,943 |
|
|
8,392 |
|
|
| Deferred income taxes |
|
(11,944 |
) |
|
(11,203 |
) |
|
| Other |
|
1,623 |
|
|
722 |
|
|
| Changes in operating assets and liabilities (excluding effects of the acquisition of businesses): | |||||||
| Accounts receivable |
|
(98,188 |
) |
|
(58,713 |
) |
|
| Inventories |
|
3,139 |
|
|
34 |
|
|
| Other current assets |
|
(57,069 |
) |
|
(32,164 |
) |
|
| Other assets |
|
(34,544 |
) |
|
2,949 |
|
|
| Accounts payable and accrued liabilities |
|
6,554 |
|
|
(13,447 |
) |
|
| Deferred revenue |
|
148,300 |
|
|
54,990 |
|
|
| Lease liabilities |
|
(10,051 |
) |
|
(9,892 |
) |
|
| Net cash provided by operating activities |
|
202,782 |
|
|
165,318 |
|
|
| Investing activities | |||||||
| Purchases of investments |
|
(1,900 |
) |
|
(1,000 |
) |
|
| Maturities of investments |
|
- |
|
|
2,913 |
|
|
| Purchases of property and equipment |
|
(8,073 |
) |
|
(9,048 |
) |
|
| Net cash used in investing activities |
|
(9,973 |
) |
|
(7,135 |
) |
|
| Financing activities | |||||||
| Proceeds from the exercise of stock options and | |||||||
| purchases of stock under employee stock purchase plan |
|
23,695 |
|
|
21,876 |
|
|
| Payments for repurchase of common stock, including excise taxes |
|
(125,010 |
) |
|
(150,018 |
) |
|
| Taxes paid related to net share settlement of equity awards . |
|
(13,368 |
) |
|
(6,830 |
) |
|
| Net cash used in financing activities |
|
(114,683 |
) |
|
(134,972 |
) |
|
| Net increase in cash, cash equivalents and restricted cash |
|
78,126 |
|
|
23,211 |
|
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(3,568 |
) |
|
2,264 |
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
1,078,340 |
|
|
800,835 |
|
|
| Cash, cash equivalents and restricted cash, end of period | $ |
1,152,898 |
|
$ |
826,310 |
|
|
| Supplemental disclosures of cash flow information | |||||||
| Cash paid for amounts included in the measurement of lease liabilities | $ |
10,851 |
|
$ |
12,982 |
|
|
| Supplemental disclosures of non-cash activities | |||||||
| Right-of-use assets obtained in exchange for lease obligations | $ |
35,084 |
|
$ |
4,846 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128512753/en/
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.
FAQ
What was F5's (FFIV) revenue growth in Q1 2025?
How much did F5's (FFIV) software revenue grow in Q1 2025?
What is F5's (FFIV) revenue guidance for Q2 2025?
What is F5's (FFIV) updated revenue growth guidance for FY2025?
What was F5's (FFIV) non-GAAP EPS in Q1 2025?
