F5, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>F5, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

F5, INC. (FFIV) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. F5, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal second quarter of 2024. The company was formerly known as F5 NETWORKS, INC. F5, Inc. is incorporated in Washington state. The company's business address is 801 5TH AVENUE, SEATTLE, WA 98104.

Why It Matters

For investors and stakeholders tracking F5, INC., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing F5, Inc.'s current financial health and future prospects.

Risk Assessment

Risk Level: low — F5, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for public companies and does not contain immediate, significant new risks.

Analyst Insight

Review the financial statements and management's discussion and analysis within the 10-Q to understand F5, Inc.'s performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-06 — Filing Date (Date the report was filed)
• 000-26041 — SEC File Number (SEC registration number)
• 98104 — ZIP Code (Business address ZIP code)

Key Players & Entities

• F5, INC. (company) — Filer name
• FFIV (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filing date
• F5 NETWORKS, INC. (company) — Former company name
• WA (location) — State of incorporation
• 801 5TH AVENUE (address) — Business street address
• SEATTLE (location) — Business city

FAQ

Industry Context

F5, Inc. operates in the technology sector, specifically in computer communications equipment.

Regulatory Implications

The filing is a standard 10-Q, a required periodic report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis for insights into business trends and risks.
3. Check for any updates on legal proceedings or significant contractual obligations.

Year-Over-Year Comparison

This is a 10-Q filing, which is a quarterly report, and does not directly compare to a prior period's filing in the same way an annual report (10-K) might.

Filing Documents

• ffiv-20240331.htm (10-Q) — 1032KB
• ffiv10qex3113312024.htm (EX-31.1) — 10KB
• ffiv10qex3123312024.htm (EX-31.2) — 10KB
• ffiv10qex3213312024.htm (EX-32.1) — 7KB
• 0001048695-24-000079.txt (&nbsp;) — 5873KB
• ffiv-20240331.xsd (EX-101.SCH) — 39KB
• ffiv-20240331_cal.xml (EX-101.CAL) — 70KB
• ffiv-20240331_def.xml (EX-101.DEF) — 154KB
• ffiv-20240331_lab.xml (EX-101.LAB) — 530KB
• ffiv-20240331_pre.xml (EX-101.PRE) — 352KB
• ffiv-20240331_htm.xml (XML) — 836KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 4 Consolidated Balance Sheets 4 Consolidated Income Statements 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Shareholders' Equity 7 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements F5, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) March 31, 2024 September 30, 2023 ASSETS Current assets Cash and cash equivalents $ 902,680 $ 797,163 Short-term investments 802 6,160 Accounts receivable, net of allowances of $ 3,038 and $ 3,561 388,325 454,832 Inventories 69,760 35,874 Other current assets 589,954 554,744 Total current assets 1,951,521 1,848,773 Property and equipment, net 161,525 170,422 Operating lease right-of-use assets 188,973 195,471 Long-term investments 6,343 5,068 Deferred tax assets 324,875 295,308 Goodwill 2,312,362 2,288,678 Other assets, net 439,071 444,613 Total assets $ 5,384,670 $ 5,248,333 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 57,702 $ 63,315 Accrued liabilities 266,563 282,890 Deferred revenue 1,178,158 1,126,576 Total current liabilities 1,502,423 1,472,781 Deferred tax liabilities 5,689 4,637 Deferred revenue, long-term 633,818 648,545 Operating lease liabilities, long-term 228,368 239,565 Other long-term liabilities 81,106 82,573 Total long-term liabilities 948,981 975,320 Commitments and contingencies (Note 8) Shareholders' equity Preferred stock, no par value; 10,000 shares authorized, no shares outstanding — — Common stock, no par value; 200,000 shares authorized, 58,609 and 59,207 shares issued and outstanding 19,029 24,399 Accumulated other comprehensive loss ( 21,034 ) ( 23,221 ) Retained earnings 2,935,271 2,799,054 Total shareholders' equity 2,933,266 2,800,232 Total liabilities and shareholders' equity $ 5,384,670 $ 5,248,333 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents F5, INC. CONSOLIDATED INCOME STATEMENTS (unaudited, in thousands, except per share data) Three months ended March 31, Six months ended March 31, 2024 2023 2024 2023 Net revenues Products $ 300,162 $ 340,581 $ 606,021 $ 681,139 Services 381,192 362,594 76

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Summary of Significant Accounting Policies Description of Business F5, Inc. (the "Company") is a leading provider of multi-cloud application security and delivery solutions which enable its customers to develop, deploy, operate, secure, and govern applications in any architecture, from on-premises to the public cloud. The Company's cloud, software, and hardware solutions enable its customers to deliver digital experiences to their customers faster, reliably, and at scale. The Company's enterprise-grade application services are available as cloud-based, software-as-a-service, and software-only solutions optimized for multi-cloud environments, with modules that can run independently, or as part of an integrated solution on its high-performance appliances. In connection with its solutions, the Company offers a broad range of professional services, including consulting, training, maintenance, and other technical support services. Basis of Presentation The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for their fair statement in conformity with accounting principles generally accepted in the United States of America. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The information included in this Form 10-Q should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in the Company's Annual Report on

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