FFIV F5 Inc

 

F5, Inc. (NASDAQ: FFIV) today announced financial results for its fourth quarter and fiscal year ended September 30, 2024.

“Our fourth quarter revenue of $747 million reflects 6% growth year over year and includes a 19% increase in software revenue from the fourth quarter of fiscal year 2023,” said François Locoh-Donou, F5’s President and CEO. “In fiscal year 2024, despite a challenging macro backdrop to the start of the year, we achieved revenue at the high end of our guidance, surpassed our software growth expectations, and maintained rigorous operational discipline, culminating in double-digit earnings per share growth for the year.”

“Our results speak to the power of our portfolio and innovation, the strength of our operating model, and the resilience of our business,” continued Locoh-Donou. “In a relatively short period of time, we have substantially reshaped F5 from a hardware-centric, single-product company into a security and software leader in today’s hybrid multicloud world. Our transformation has redefined F5’s role beyond the data center, increasing our value to customers, diversifying our revenue, and expanding our total addressable market.”

Fourth Quarter Performance Summary

Fourth quarter fiscal year 2024 revenue totaled $747 million, compared with $707 million in the fourth quarter of fiscal year 2023. Software revenue of $228 million grew 19% from the year-ago period. Systems revenue of $130 million represented a decline of 3% from the prior year. Global services revenue of $388 million grew 2% from the year-ago period.

GAAP gross profit for the fourth quarter of fiscal year 2024 was $603 million, representing GAAP gross margin of 80.8%. This compares with GAAP gross profit of $566 million in the year-ago period, which represented GAAP gross margin of 80.1%. Non-GAAP gross profit for the fourth quarter of fiscal year 2024 was $619 million, representing non-GAAP gross margin of 83.0%. This compares with non-GAAP gross profit of $585 million in the year-ago period, which represented non-GAAP gross margin of 82.7%.

GAAP operating profit for the fourth quarter was $191 million, representing GAAP operating margin of 25.6%. This compares with GAAP operating profit of $172 million in the year-ago period, which represented GAAP operating margin of 24.3%. Non-GAAP operating profit for the period was $257 million, representing non-GAAP operating margin of 34.4%. This compares to non-GAAP operating profit of $240 million in the year-ago period, which represented non-GAAP operating margin of 33.9%.

GAAP net income for the fourth quarter of fiscal year 2024 was $165 million, or $2.80 per diluted share compared to $152 million, or $2.55 per diluted share, in the fourth quarter of fiscal year 2023. Non-GAAP net income for the fourth quarter of fiscal year 2024 was $217 million, or $3.67 per diluted share, compared to $209 million, or $3.50 per diluted share, in the fourth quarter of fiscal year 2023.

Fiscal Year 2024 Performance Summary

Fiscal year 2024 revenue totaled $2.82 billion, compared with $2.81 billion in fiscal year 2023. Software revenue of $735 million grew 11% from the year-ago period. Systems revenue of $537 million represented a decline of 20% from the prior year. Global services revenue of $1.54 billion grew 4% from the year-ago period.

GAAP gross profit for the fiscal year 2024 was $2.26 billion, representing GAAP gross margin of 80.2%. This compares with GAAP gross profit of $2.22 billion in the year-ago period, which represented GAAP gross margin of 78.9%. Non-GAAP gross profit for fiscal year 2024 was $2.33 billion, representing non-GAAP gross margin of 82.8%. This compares with non-GAAP gross profit of $2.29 billion in the year-ago period, which represented non-GAAP gross margin of 81.5%.

GAAP operating profit for fiscal year 2024 was $659 million, representing GAAP operating margin of 23.4%. This compares with GAAP operating profit of $473 million in the year-ago period, which represented GAAP operating margin of 16.8%. Non-GAAP operating profit for the period was $946 million, representing non-GAAP operating margin of 33.6%. This compares to non-GAAP operating profit of $850 million in the year-ago period, which represented non-GAAP operating margin of 30.2%.

GAAP net income for fiscal year 2024 was $567 million, or $9.55 per diluted share compared to $395 million, or $6.55 per diluted share, in fiscal year 2023. Non-GAAP net income for fiscal year 2024 was $794 million, or $13.37 per diluted share, compared to $705 million, or $11.70 per diluted share, in fiscal year 2023.

Performance Summary Tables

GAAP Measures Non-GAAP Measures ($ in millions except EPS) Q4 FY2024 Q4 FY2023 FY2024 FY2023 ($ in millions except EPS) Q4 FY2024 Q4 FY2023 FY2024 FY2023 Revenue

$

747

$

707

$

2,816

$

2,813

Gross profit

$

603

$

566

$

2,258

$

2,220

Gross profit

$

619

$

585

$

2,332

$

2,293

Gross margin

 

80.8%

 

80.1%

 

80.2%

 

78.9%

Gross margin

 

83.0%

 

82.7%

 

82.8%

 

81.5%

Operating profit

$

191

$

172

$

659

$

473

Operating profit

$

257

$

240

$

946

$

850

Operating margin

 

25.6%

 

24.3%

 

23.4%

 

16.8%

Operating margin

 

34.4%

 

33.9%

 

33.6%

 

30.2%

Net income

$

165

$

152

$

567

$

395

Net income

$

217

$

209

$

794

$

705

EPS

$

2.80

$

2.55

$

9.55

$

6.55

EPS

$

3.67

$

3.50

$

13.37

$

11.70

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 fiscal year 2025, F5 expects to deliver total revenue growth of 4% to 5%, and non-GAAP earnings per share growth of 5% to 7% over fiscal year 2024. On a tax-neutral basis, the midpoint of F5’s fiscal year 2025 non-GAAP earnings per share guidance reflects 10% growth year over year.

For the first quarter of fiscal year 2025, F5 expects to deliver revenue in the range of $705 million to $725 million, with non-GAAP earnings in the range of $3.29 to $3.41 per diluted share.

$1 Billion Authorized for Share Repurchases

F5 also announced today that its Board of Directors has authorized an additional $1 billion for its common stock repurchase program. This new authorization is incremental to the $422 million remaining in the existing program.

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, October 28, 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 position as a security and software leader in today’s multicloud world, F5’s role beyond the data center, F5’s value to customers, , 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)    

September 30,

 

September 30,

 

2024

 

 

 

2023

 

  Assets Current assets Cash and cash equivalents

$

1,074,602

 

$

797,163

 

Short-term investments

 

-

 

 

6,160

 

Accounts receivable, net of allowances of $4,585 and $3,561

 

389,024

 

 

454,832

 

Inventories

 

76,378

 

 

35,874

 

Other current assets

 

569,467

 

 

554,744

 

Total current assets

 

2,109,471

 

 

1,848,773

 

  Property and equipment, net

 

150,943

 

 

170,422

 

Operating lease right-of-use assets

 

178,180

 

 

195,471

 

Long-term investments

 

8,580

 

 

5,068

 

Deferred tax assets

 

365,951

 

 

295,308

 

Goodwill

 

2,312,362

 

 

2,288,678

 

Other assets, net

 

487,517

 

 

444,613

 

Total assets

$

5,613,004

 

$

5,248,333

 

  Liabilities and Shareholders’ Equity Current liabilities Accounts payable

$

67,894

 

$

63,315

 

Accrued liabilities

 

300,076

 

 

282,890

 

Deferred revenue

 

1,121,683

 

 

1,126,576

 

Total current liabilities

 

1,489,653

 

 

1,472,781

 

  Deferred tax liabilities

 

7,179

 

 

4,637

 

Deferred revenue, long-term

 

676,276

 

 

648,545

 

Operating lease liabilities, long-term

 

215,785

 

 

239,565

 

Other long-term liabilities

 

94,733

 

 

82,573

 

Total long-term liabilities

 

993,973

 

 

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, 58,094 and 59,207 shares issued and outstanding

 

5,889

 

 

24,399

 

Accumulated other comprehensive loss

 

(20,912

)

 

(23,221

)

Retained earnings

 

3,144,401

 

 

2,799,054

 

Total shareholders' equity

 

3,129,378

 

 

2,800,232

 

Total liabilities and shareholders' equity

$

5,613,004

 

$

5,248,333

 

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

Three Months Ended

 

Years Ended

September 30,

 

September 30,

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

  Net revenues Products

$

358,285

 

$

325,324

 

$

1,272,795

 

$

1,334,638

 

Services

 

388,389

 

 

381,650

 

 

1,543,325

 

 

1,478,531

 

Total

 

746,674

 

 

706,974

 

 

2,816,120

 

 

2,813,169

 

  Cost of net revenues (1)(2)(3)(4) Products

 

87,403

 

 

88,602

 

 

336,237

 

 

375,192

 

Services

 

56,317

 

 

52,362

 

 

221,410

 

 

218,116

 

Total

 

143,720

 

 

140,964

 

 

557,647

 

 

593,308

 

Gross profit

 

602,954

 

 

566,010

 

 

2,258,473

 

 

2,219,861

 

  Operating expenses (1)(2)(3)(4) Sales and marketing

 

217,002

 

 

204,832

 

 

832,279

 

 

878,215

 

Research and development

 

123,951

 

 

127,834

 

 

490,120

 

 

540,285

 

General and administrative

 

70,976

 

 

61,603

 

 

268,828

 

 

263,405

 

Restructuring charges

 

-

 

 

-

 

 

8,655

 

 

65,388

 

Total

 

411,929

 

 

394,269

 

 

1,599,882

 

 

1,747,293

 

  Income from operations

 

191,025

 

 

171,741

 

 

658,591

 

 

472,568

 

Other income, net

 

12,489

 

 

3,085

 

 

36,874

 

 

13,420

 

Income before income taxes

 

203,514

 

 

174,826

 

 

695,465

 

 

485,988

 

Provision for income taxes

 

38,218

 

 

22,692

 

 

128,687

 

 

91,040

 

Net income

$

165,296

 

$

152,134

 

$

566,778

 

$

394,948

 

    Net income per share - basic

$

2.83

 

$

2.57

 

$

9.65

 

$

6.59

 

Weighted average shares - basic

 

58,384

 

 

59,245

 

 

58,720

 

 

59,909

 

  Net income per share - diluted

$

2.80

 

$

2.55

 

$

9.55

 

$

6.55

 

Weighted average shares - diluted

 

59,056

 

 

59,699

 

 

59,359

 

 

60,270

 

    Non-GAAP Financial Measures   Net income as reported

$

165,296

 

$

152,134

 

$

566,778

 

$

394,948

 

Stock-based compensation expense

 

53,759

 

 

53,265

 

 

219,108

 

 

236,650

 

Amortization and impairment of purchased intangible assets

 

10,144

 

 

14,304

 

 

51,331

 

 

53,434

 

Facility-exit costs

 

1,439

 

 

1,560

 

 

3,509

 

 

6,626

 

Acquisiton-related charges

 

505

 

 

(1,073

)

 

4,352

 

 

15,036

 

Restructuring charges

 

-

 

 

-

 

 

8,655

 

 

65,388

 

Tax effects related to above items

 

(14,204

)

 

(11,421

)

 

(60,065

)

 

(66,758

)

Net income excluding stock-based compensation expense, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, restructuring charges, net of tax effects (non-GAAP) - diluted

$

216,939

 

$

208,769

 

$

793,668

 

$

705,324

 

  Net income per share excluding stock-based compensation expense, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, restructuring charges, net of tax effects (non-GAAP) - diluted

$

3.67

 

$

3.50

 

$

13.37

 

$

11.70

 

  Weighted average shares - diluted

 

59,056

 

 

59,699

 

 

59,359

 

 

60,270

 

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

$

7,089

 

$

7,142

 

$

29,409

 

$

29,658

 

Sales and marketing

 

20,720

 

 

21,307

 

 

84,520

 

 

96,478

 

Research and development

 

13,981

 

 

15,888

 

 

60,264

 

 

69,416

 

General and administrative

 

11,969

 

 

8,928

 

 

44,915

 

 

41,098

 

$

53,759

 

$

53,265

 

$

219,108

 

$

236,650

 

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

$

9,283

 

$

11,234

 

$

43,848

 

$

42,136

 

Sales and marketing

 

717

 

 

2,788

 

 

6,749

 

 

10,239

 

Research and development

 

93

 

 

63

 

 

375

 

 

63

 

General and administrative

 

51

 

 

219

 

 

359

 

 

996

 

$

10,144

 

$

14,304

 

$

51,331

 

$

53,434

 

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

$

141

 

$

152

 

$

372

 

$

653

 

Sales and marketing

 

451

 

 

505

 

 

1,442

 

 

2,135

 

Research and development

 

515

 

 

545

 

 

478

 

 

2,265

 

General and administrative

 

332

 

 

358

 

 

1,217

 

 

1,573

 

$

1,439

 

$

1,560

 

$

3,509

 

$

6,626

 

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

$

-

 

$

32

 

$

20

 

$

244

 

Sales and marketing

 

-

 

 

155

 

 

72

 

 

2,668

 

Research and development

 

500

 

 

(1,296

)

 

1,328

 

 

4,035

 

General and administrative

 

5

 

 

36

 

 

2,932

 

 

8,089

 

$

505

 

$

(1,073

)

$

4,352

 

$

15,036

 

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

Years Ended

September 30,

 

2024

 

 

 

2023

 

  Operating activities Net income

$

566,778

 

$

394,948

 

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

 

219,108

 

 

236,650

 

Depreciation and amortization

 

106,991

 

 

112,702

 

Non-cash operating lease costs

 

33,041

 

 

38,528

 

Deferred income taxes

 

(68,523

)

 

(108,521

)

Impairment of assets

 

-

 

 

3,455

 

Other

 

(962

)

 

1,372

 

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

 

63,953

 

 

16,704

 

Inventories

 

(40,504

)

 

32,491

 

Other current assets

 

(14,038

)

 

(64,959

)

Other assets

 

(91,964

)

 

16,591

 

Accounts payable and accrued liabilities

 

40,368

 

 

(63,100

)

Deferred revenue

 

22,838

 

 

81,741

 

Lease liabilities

 

(44,667

)

 

(45,193

)

Net cash provided by operating activities

 

792,419

 

 

653,409

 

  Investing activities Purchases of investments

 

(2,100

)

 

(1,789

)

Maturities of investments

 

6,237

 

 

111,330

 

Sales of investments

 

-

 

 

16,085

 

Acquisition of businesses, net of cash acquired

 

(32,939

)

 

(35,049

)

Purchases of property and equipment

 

(30,412

)

 

(54,184

)

Net cash (used in) provided by investing activities

 

(59,214

)

 

36,393

 

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

 

55,079

 

 

59,959

 

Payments for repurchase of common stock, including excise taxes paid

 

(500,558

)

 

(350,049

)

Payments on term debt agreement

 

-

 

 

(350,000

)

Taxes paid related to net share settlement of equity awards

 

(11,523

)

 

(13,209

)

Net cash used in financing activities

 

(457,002

)

 

(653,299

)

  Net increase in cash, cash equivalents and restricted cash

 

276,203

 

 

36,503

 

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

 

1,302

 

 

2,125

 

Cash, cash equivalents and restricted cash, beginning of period

 

800,835

 

 

762,207

 

Cash, cash equivalents and restricted cash, end of period

$

1,078,340

 

$

800,835

 

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

$

181,635

 

$

191,569

 

Cash paid for amounts included in the measurement of lease liabilities

 

53,346

 

 

52,893

 

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

$

12,927

 

$

10,544

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241028710777/en/

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

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