FFIV · F5, INC.

338 filings

FFIV SEC Filings

F5, INC. - 338 total filings

Filing record · 2016–202610-K1010-Q338-K108

Showing 1–50 of 338 filings

F5, INC. Quarterly Report for Q3 Ended Jun 30, 2026

F5, INC. (FFIV) reported strong financial performance for the nine months ended June 30, 2026, with total revenues reaching $2.5 billion, an increase of 9.7% year-over-year. This growth was driven by a significant 17.3% rise in product revenues, particularly in systems, which grew 31.6%, alongside a more modest 2.7% increase in services revenue. The company demonstrated improved profitability, with gross profit increasing by 10.5% to $2.04 billion and net income growing 6.8% to $536.0 million. Diluted EPS also saw a healthy increase to $9.29 from $8.54 in the prior year period. The balance sheet remains robust, with total assets growing to $6.83 billion and cash and cash equivalents increasing to $1.61 billion. Despite a substantial increase in share repurchases totaling $501.1 million for the nine-month period, F5 maintained a strong cash position and positive operating cash flow of $841.4 million. The company also made strategic acquisitions, including SurePath AI, Inc., to bolster its AI security capabilities. While facing ongoing legal proceedings and the impact of a previously disclosed cyber incident, F5 appears to be managing these challenges effectively. The company's consistent revenue growth, expanding profitability, and strategic investments position it favorably within the application delivery and security solutions market.

Aug 6, 2026 8-K

F5, INC. 8-K Report, Financial Results (Jul 27, 2026)

F5, Inc. (NASDAQ: FFIV) reported fiscal third-quarter 2026 results (quarter ended June 30, 2026) that were strong on the top line and raised its full-year outlook. Total revenue rose 11% year over year to $865 million (from $780 million), led by Systems revenue of $240 million (up 32%) and Software revenue of $223 million (up 7%), while Services grew 3% to $402 million. Management highlighted 19% product revenue growth and eight consecutive quarters of double-digit product growth, attributing demand to F5's application delivery and security platform as AI-driven threats and hybrid multicloud environments expand. Note that the press release's headline product growth and the segment breakdown in the narrative (Systems plus Software) reconcile to the reported product line of $463 million, up roughly 19% from $389 million. Profitability was solid on a non-GAAP basis: non-GAAP gross margin expanded to 84.2% from 83.1%, non-GAAP operating margin rose to 35.0% from 34.3%, and non-GAAP diluted EPS grew 14% to $4.73 from $4.16. On a GAAP basis, operating margin contracted to 24.7% from 25.2%, and diluted EPS rose to $3.62 from $3.25, with the gap driven largely by higher stock-based compensation ($65.5 million vs. $57.5 million), acquisition-related charges ($10.1 million vs. $2.0 million), and cyber incident costs ($3.0 million, partly offset by $5.3 million of insurance recoveries). Cash generation remained strong, with nine-month operating cash flow of $841 million (up from $742 million) and $501 million in share repurchases, while cash and equivalents reached $1.61 billion. Inventory rose sharply to $127 million from $77 million, consistent with the Systems growth. Management raised FY2026 guidance to 9%-10% revenue growth (from 7%-8%) and non-GAAP EPS of $17.21-$17.33 (from $16.25-$16.55). Q4 guidance calls for revenue of $870-$890 million and non-GAAP diluted EPS of $4.14-$4.26. Investors should note that the company discloses a cyber incident in its non-GAAP adjustments, which remains a monitored item, and that the guidance excludes future acquisition-related charges, cyber costs, and restructuring, which the company cautions can be material and hard to forecast.

Jul 27, 2026 8-K

F5, INC. 8-K Report, Executive Changes (Jun 23, 2026)

F5, Inc. (NASDAQ: FFIV) filed a Form 8-K on June 23, 2026 to disclose the appointment of Gavin Munroe to its Board of Directors. Munroe was appointed effective June 17, 2026, and will serve on the Board's Audit and Risk Committees. The filing is a governance and board-composition update rather than a financial disclosure, and it contains no earnings, guidance, or financial results. Munroe brings substantial experience from the financial services sector. He most recently served as Chief Information Officer and Transformation Head at Commonwealth Bank of Australia, and previously as Global Chief Information Officer at HSBC's Wealth, Private and Retail Banking division. He also held technology leadership roles at Bank of America/Merrill Lynch, Synechron, and Saxon (a Morgan Stanley division). CEO François Locoh-Donou framed the appointment around expertise in technology modernization, operational resilience, AI enablement at enterprise scale, and risk management in regulated environments. Following the appointment, the board expands to 10 members, 9 of whom are independent. For investors, the key quantifiable items are director compensation: a $60,000 annual retainer, a $20,000 annual payment for each of the two committee memberships, and a restricted stock unit grant with an annual value of $275,000 effective July 1, 2026, under the 2026 Incentive Award Plan. These amounts are modest relative to F5's scale and are consistent with standard non-employee director programs. The appointment is best viewed as a incremental addition of financial-services and AI-oriented technology oversight, with no direct impact on near-term financial performance.

Jun 23, 2026 10-Q

F5, INC. Quarterly Report for Q2 Ended Mar 31, 2026

F5, INC. (FFIV) reported solid financial results for the six months ended March 31, 2026, demonstrating continued growth and profitability. Total net revenues increased by 9.1% year-over-year to $1.63 billion, driven by a robust 16.3% rise in product revenues, which benefited from strong demand for both systems and software solutions. Service revenues also saw a modest increase of 2.7%. The company maintained healthy gross margins around 81.5%, reflecting effective cost management. Net income grew to $327.8 million, an increase of 5.1% compared to the prior year's period, with diluted EPS reaching $5.68. The company continues to invest in growth, with R&D expenses up 9.4% and sales and marketing expenses up 9.5%, indicating a strategic focus on innovation and market expansion. Financially, F5, Inc. maintains a strong liquidity position with $1.44 billion in cash, cash equivalents, and restricted cash as of March 31, 2026. Operating activities generated a significant $525.1 million in cash flow, underscoring the company's operational efficiency. However, the company was active in returning capital to shareholders, with $401.1 million used for share repurchases during the six-month period, alongside $18.1 million for taxes related to net share settlements of equity awards. The company also faces ongoing legal proceedings, including a copyright claim related to NGINX and a securities class action lawsuit, alongside the previously disclosed Cyber Incident. While these present uncertainties, management remains confident in its defense and the overall financial stability of the company.

May 5, 2026 8-K

F5, INC. 8-K Report, Executive Changes (Apr 28, 2026)

F5, Inc. (NASDAQ: FFIV) filed an 8-K on April 28, 2026 to disclose the appointment of Anand Eswaran to its Board of Directors. Mr. Eswaran joined the Board effective April 24, 2026, and will serve on the Audit Committee and the Talent and Compensation Committee. He currently serves as CEO of Veeam Software and previously held the role of President and COO at RingCentral, with prior leadership roles at Microsoft, SAP, and Hewlett-Packard. The filing is a governance event rather than a financial disclosure. No financial results, guidance, or material transactions are reported. With this appointment, the Board expands to nine members, eight of whom are independent, which preserves a strong independence profile. Adding a sitting software CEO with deep experience in data security, resilience, and AI-driven growth may be viewed positively by investors, particularly given F5's stated focus on AI-driven application delivery and security. Compensation for Mr. Eswaran follows the standard Non-Employee Director Program: a $60,000 annual cash retainer, plus $20,000 for Audit Committee service and $12,500 for Talent and Compensation Committee service, and a restricted stock unit grant with an annual value of $275,000 under the 2026 Incentive Award Plan, effective May 1, 2026. These amounts are modest relative to F5's scale and do not indicate any change in director pay structure.

Apr 28, 2026 8-K

F5, INC. 8-K Report, Financial Results (Apr 28, 2026)

F5, Inc. (FFIV) reported fiscal Q2 2026 results for the quarter ended March 31, 2026, with revenue of $812 million, up 11% year over year from $731 million. Growth was led by products, which rose 22% to $410.5 million, marking the seventh straight quarter of double-digit product growth. Systems revenue grew 26% to $226 million and software revenue grew 17% to $184 million, while services grew a more modest 2% to $401 million. Management credited hybrid multicloud adoption, an expanding cybersecurity threat landscape, and AI inference demand as structural drivers. Profitability improved on both a GAAP and non-GAAP basis. GAAP operating margin rose to 22.1% from 21.7%, and GAAP diluted EPS was $2.58 versus $2.48. Non-GAAP operating margin expanded to 33.8% from 31.9%, and non-GAAP diluted EPS was $3.90 versus $3.42. Cash generation remained strong, with six-month operating cash flow of $525 million, up from $459 million, and cash and equivalents of $1.44 billion at quarter end. The company repurchased $401 million of stock in the six months, an increase from $252 million a year earlier. F5 raised its fiscal 2026 outlook, now guiding revenue growth of 7% to 8% (up from 5% to 6%) and non-GAAP EPS of $16.25 to $16.55 (up from $15.65 to $16.05). For fiscal Q3 2026, it guided revenue of $820 million to $840 million and non-GAAP EPS of $3.91 to $4.03. Investors should note that non-GAAP results exclude stock-based compensation, which was $68 million in the quarter, and cyber incident costs, which totaled $6 million in the quarter and $23.5 million year to date, and that services growth remains slow relative to product growth.

Apr 28, 2026 8-K

F5, INC. 8-K Report, Executive Changes (Mar 13, 2026)

F5, Inc. (FFIV) filed an 8-K on March 13, 2026, detailing key outcomes from its Annual Shareholder Meeting held on March 12, 2026. The primary focus for investors is the shareholder approval of the F5, Inc. 2026 Incentive Award Plan, which allows for the issuance of 3,500,000 new shares of common stock, in addition to previously available shares. This plan is a critical component for future executive and employee compensation, potentially impacting shareholder dilution and long-term alignment of interests. Additionally, the Board of Directors adopted a new Non-Employee Director Compensation Program. The meeting also saw the election of eight directors, an advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2026. Investors should note the overwhelming support for director elections and executive compensation, alongside strong approval for the auditor, while the Incentive Plan, though approved, received a lower, albeit still favorable, percentage of 'For' votes.

Mar 13, 2026 10-Q

F5, INC. Quarterly Report for Q1 Ended Dec 31, 2025

F5, Inc. (FFIV) reported solid financial results for the quarter ended December 31, 2025. Total revenues increased by 7.3% year-over-year to $822.5 million, driven by a significant 11.3% surge in product revenues to $410.3 million, primarily due to strong performance in systems. Service revenues also saw a modest increase of 3.6% to $412.2 million. Net income grew by 8.2% to $180.1 million, resulting in diluted earnings per share of $3.10, up from $2.82 in the prior year period. The company's gross margin remained strong at 81.5%. The company successfully integrated the acquisition of CalypsoAI Corp. in September 2025, enhancing its AI security offerings. While F5 continues to invest in research and development and sales and marketing, it also executed a substantial share repurchase program, returning capital to shareholders. Management expressed confidence in the company's liquidity and ability to meet its obligations, with cash and equivalents totaling $1.2 billion at quarter-end. Investors should monitor the ongoing legal proceedings and the potential impact of the previously disclosed Cyber Incident.

Feb 5, 2026 8-K

F5, INC. 8-K Report, Financial Results (Jan 27, 2026)

F5, Inc. (NASDAQ: FFIV) reported first quarter fiscal 2026 results (quarter ended December 31, 2025) with revenue of $822.5 million, up 7% year over year from $766.5 million, driven by 11% product revenue growth. Systems revenue rose 37% to $218 million, while software revenue fell 8% to $192 million against a strong prior-year comparison and global services grew 4% to $412 million. Management highlighted this as the sixth consecutive quarter of double-digit product revenue growth. GAAP net income was $180.1 million ($3.10 diluted EPS) versus $166.4 million ($2.82) a year earlier, and non-GAAP EPS was $4.45 versus $3.84, a 16% increase. GAAP operating margin was 26.0% and non-GAAP operating margin was 38.2%, up from 37.4%. GAAP results include $17.5 million of cyber incident costs, which are excluded from non-GAAP figures. F5 raised its fiscal 2026 outlook: revenue growth is now expected at 5% to 6% (previously 0% to 4%), non-GAAP operating margin at 34% to 35% (previously 33.5% to 34.5%), and non-GAAP EPS at $15.65 to $16.05 (previously $14.50 to $15.50). For fiscal Q2 2026, the company guided revenue to $770 million to $790 million and non-GAAP EPS to $3.34 to $3.46. Note that the Q2 guidance range implies sequential revenue at or below Q1's $822 million, reflecting the lumpiness of systems and software revenue. Balance-sheet and cash-flow items warrant attention. Operating cash flow was $159.2 million, down from $202.8 million, with a large increase in accounts receivable ($79.4 million outflow). Cash and equivalents declined to $1.20 billion from $1.34 billion, largely due to $301.1 million of share repurchases, which were more than double the prior-year pace. Total shareholders' equity fell to $3.54 billion from $3.59 billion. Deferred revenue grew to $2.06 billion in total, a positive indicator of future revenue visibility.

Jan 27, 2026 10-K

F5, INC. Annual Report, Year Ended Sep 30, 2025

F5, Inc. (FFIV) demonstrated robust revenue growth in its fiscal year 2025, with total net revenues reaching $3.088 billion, a 9.7% increase year-over-year. This growth was primarily driven by a significant 18.5% surge in product revenues, particularly from systems, alongside a more modest 2.3% increase in services revenue. The company's strategic focus on multicloud application delivery and security solutions, including its F5 BIG-IP, F5 NGINX, and F5 Distributed Cloud Services portfolios, appears to be resonating with customers. Despite strong financial performance, F5 disclosed a significant cyber incident on October 15, 2025, where a threat actor gained persistent access and exfiltrated files, including portions of its BIG-IP source code. While the company stated this incident has not materially impacted operations to date, it anticipates near-term disruptions to sales cycles and potential impacts on operating margins in fiscal year 2026. Management is actively investigating, containing the threat, and implementing enhanced security measures, but the long-term implications for customer trust and financial performance remain a key area to monitor.

Nov 25, 2025 8-K

F5, INC. 8-K Report, Financial Results (Oct 27, 2025)

F5, Inc. (FFIV) reported fourth-quarter fiscal 2025 results (quarter ended September 30, 2025) with revenue of $810 million, up 8% year over year, driven by 16% product revenue growth and 42% growth in systems revenue. Full-year FY25 revenue reached $3.09 billion, up 10%, while non-GAAP operating margin expanded to 35.2% and non-GAAP EPS rose to $15.81 from $13.37. Software revenue was essentially flat in the quarter (up 0.3%), and global services grew only 2%, so the quarter's headline growth leaned heavily on hardware systems. The more important news for investors is guidance. Management attributed near-term sales-cycle disruption to a recent security incident, as customers focus on assessing and remediating their environments. FY26 revenue growth is guided to 0% to 4%, with demand impacts expected to be more pronounced in the first half and normalizing in the second half. FY26 non-GAAP operating margin is guided to 33.5% to 34.5%, and non-GAAP EPS to $14.50 to $15.50. Q1 FY26 revenue is guided to $730 million to $780 million, with non-GAAP EPS of $3.35 to $3.85. Management described the margin and demand effects as likely short-term. Governance changes were also disclosed. On October 24, 2025, the Board determined that CEO and President François Locoh-Donou will become Chair after the Annual Meeting expected in March 2026, succeeding Alan Higginson, who is retiring after nearly 30 years as a director and 20 years as Chair. The Board plans to appoint a lead independent director to maintain independent oversight. The combined CEO/Chair structure, paired with a security incident and a guidance reset, will likely draw investor scrutiny of board oversight.

Oct 27, 2025 8-K

F5, INC. 8-K Report, Cybersecurity Incident (Oct 15, 2025)

F5 (FFIV) filed an 8-K under Item 1.05 disclosing that a nation-state threat actor gained long-term, persistent unauthorized access to certain internal systems, including the BIG-IP product development environment and an engineering knowledge management platform, after the company learned of it on August 9, 2025. Files were exfiltrated, including portions of BIG-IP source code and information about undisclosed BIG-IP vulnerabilities under development. F5 states it has contained the threat, has seen no new unauthorized activity since containment, and reports no evidence of software supply chain tampering (validated by independent firms), no access to CRM, financial, support case, or iHealth systems, and no evidence of impact on NGINX source code or F5 Distributed Cloud Services or Silverline. Some exfiltrated files contained configuration or implementation details for a small percentage of customers, which are under review. Disclosure was delayed at the U.S. Department of Justice's request under Item 1.05(c) until September 12, 2025. The company states the incident has not had a material impact on operations to date, but it is still evaluating potential effects on financial condition and results of operations. Remediation and additional costs, customer relationship effects, and potential regulatory inquiries or litigation are flagged as risks. Separately, director Michael Montoya resigned from the Board on October 9, 2025, with no disagreement cited, and was appointed Chief Technology Operations Officer effective October 13, 2025, to lead enterprise-wide security-centered strategy; the Board reduced its size from eleven to ten members. Exhibit 99.1, a customer-facing statement posted October 15, 2025, provides the detailed incident narrative and remediation actions, including BIG-IP updates and a CrowdStrike Falcon EDR partnership.

Oct 15, 2025 8-K

F5, INC. 8-K Report, Regulation FD Disclosure (Sep 11, 2025)

On September 11, 2025, F5, Inc. (NASDAQ: FFIV) disclosed via Form 8-K (Item 7.01 Regulation FD, with the press release furnished as Exhibit 99.1) that it has entered into an agreement to acquire CalypsoAI Corp, a private, Dublin-based enterprise AI security company. Upon closing, CalypsoAI will become a wholly owned subsidiary of F5. The purchase consideration is $180 million, financed primarily with cash, for all issued and outstanding CalypsoAI shares. Strategically, the deal extends F5's Application Delivery and Security Platform (ADSP) into AI inference security. CalypsoAI offers adversarial threat protection against prompt injection and jailbreak attacks, red-teaming at scale (more than 10,000 new attack prompts monthly), runtime sensitive-data guardrails, and centralized governance and audit logs aimed at GDPR and EU AI Act compliance. F5 positions this as a model-agnostic capability that complements its application delivery and security business as enterprises deploy generative and agentic AI. Financially, management states the transaction is expected to be immaterial to F5's revenue and operating results, which limits its near-term impact on reported figures. The deal is subject to customary closing conditions and is expected to close in F5's fiscal fourth quarter of 2025 (ending September 30, 2025). Note that this filing is dated September 2025, and the closing status as of the current date should be confirmed in subsequent filings.

Sep 11, 2025 10-Q

F5, INC. Quarterly Report for Q3 Ended Jun 30, 2025

F5, INC. (FFIV) reported a strong third quarter for fiscal year 2025, demonstrating robust revenue growth and improved profitability. Total net revenues increased by 12.2% year-over-year to $780.4 million, driven by a significant surge in product revenues, particularly in systems and software. This growth indicates successful market penetration and demand for F5's advanced application delivery and security solutions. The company's profitability also saw a notable improvement, with net income rising to $190 million, a substantial increase from $144 million in the prior year's comparable quarter. This enhanced profitability, coupled with a healthy increase in operating income, reflects effective cost management and the benefits of its revenue growth strategy. For the nine-month period, total net revenues grew by 10.1% to $2.28 billion, and net income reached $501.9 million. The company maintained a strong cash position, with cash and cash equivalents increasing to $1.43 billion. F5 also continued its commitment to shareholder returns through a significant share repurchase program, repurchasing $125 million worth of stock in the quarter. Despite ongoing macroeconomic uncertainties, F5's performance suggests resilience and a positive outlook for its core business.

Aug 6, 2025 8-K

F5, INC. 8-K Report, Financial Results (Jul 30, 2025)

F5 (FFIV) reported strong fiscal Q3 2025 results for the quarter ended June 30, 2025. Revenue rose 12% year over year to $780 million, driven by a 26% increase in product revenue. Systems revenue grew 39% to $181 million and software revenue grew 16% to $208 million, while services grew only 1% to $392 million. GAAP operating margin expanded to 25.2% from 23.4%, and GAAP diluted EPS rose to $3.25 from $2.44. Non-GAAP diluted EPS was $4.16 versus $3.36 a year earlier. Management attributes the results to customer data center modernization, hybrid multicloud adoption, and demand tied to AI, though the filing does not quantify the AI contribution. The company raised its fiscal 2025 outlook. Fiscal Q4 revenue guidance is $780 million to $800 million, and non-GAAP EPS guidance is $3.87 to $3.99. Management now expects full-year revenue growth of about 9% at the midpoint, up from the prior 6.5% to 7.5% range, and non-GAAP EPS growth of 14% to 15%, up from 8% to 10%. Liquidity improved, with cash and equivalents of $1.43 billion at June 30, 2025, up from $1.07 billion at September 30, 2024. Nine-month operating cash flow was $742 million, and the company repurchased $377 million of stock. Deferred revenue increased to about $1.96 billion in total. The 8-K also discloses that Chair Alan J. Higginson will retire and will not stand for re-nomination at the 2026 Annual Meeting. He will remain a director and Chair until then, and the Board's Nominating and ESG Committee will identify a successor. The filing states that the decision was not due to any disagreement with the company. The leadership transition is orderly and does not change the operating outlook, but investors may watch for the identity and profile of the next chair.

Jul 30, 2025 10-Q

F5, INC. Quarterly Report for Q2 Ended Mar 31, 2025

F5, Inc. reported solid financial results for the second quarter of fiscal year 2025, with total net revenues increasing by 7.3% year-over-year to $731.1 million. This growth was driven by a strong performance in product revenues, particularly systems, which saw a 26.7% increase, alongside a more moderate but steady rise in services revenue. The company maintained healthy gross margins, reflecting effective cost management despite increased investments in research and development. Net income also saw a significant increase, up 22.3% to $145.5 million, indicating improved profitability and operational efficiency. The balance sheet remains robust, with total assets growing to $5.9 billion, supported by a substantial increase in cash and cash equivalents. The company continues to actively return capital to shareholders through its share repurchase program, repurchasing $125.0 million in the current quarter. While F5 faces ongoing legal proceedings, management remains confident in its defenses and has not accrued any loss contingencies. The company's strategic focus on application delivery and security solutions, coupled with its diverse customer base and expanding cloud offerings, positions it well for continued growth.

May 6, 2025 8-K

F5, INC. 8-K Report, Financial Results (Apr 28, 2025)

F5, Inc. (FFIV) reported fiscal Q2 2025 results (quarter ended March 31, 2025) that beat on the top line and raised full-year guidance. Revenue rose 7% year over year to $731 million, driven by 12% product revenue growth, including 27% systems revenue growth to $179 million. Software revenue was flat at $158 million, and global services grew 3% to $394 million. GAAP operating margin expanded to 21.7% from 20.5%, and non-GAAP operating margin reached 31.9% versus 30.9% a year earlier. Diluted GAAP EPS was $2.48 (vs. $2.00) and non-GAAP EPS was $3.42 (vs. $2.91). Management raised FY2025 revenue growth guidance to 6.5%–7.5% (from 6%–7%) and non-GAAP EPS growth guidance to 8%–10% (from 6.5%–8.5%). For fiscal Q3 2025, F5 guided revenue to $740–$760 million (about 8% growth at the midpoint) and non-GAAP EPS to $3.41–$3.53. Balance sheet strength continued, with cash and equivalents rising to $1.26 billion from $1.07 billion at fiscal year-end, while the company repurchased $252 million of stock in the first half and generated $459 million of operating cash flow. The filing also disclosed a board change: director Peter Klein resigned effective April 25, 2025, citing personal reasons and not any disagreement with the company, including his Audit Committee seat. He remains as a special advisor through the 2025 annual meeting, Julie Gonzalez was named Audit Committee chair, and the board was reduced from twelve to eleven members. The change is governance-related and not expected to affect operations, though investors may watch for Audit Committee continuity.

Apr 28, 2025 8-K

F5, INC. 8-K Report, Shareholder Vote Results (Mar 17, 2025)

F5, Inc. (FFIV) filed an 8-K on March 17, 2025, detailing the outcomes of its annual shareholder meeting held on March 13, 2025. The primary focus of this filing is the shareholder voting results on key corporate matters, including the election of directors, advisory approval of executive compensation, and ratification of the independent auditor. The meeting saw a strong turnout, with a substantial portion of the company's outstanding shares represented, indicating significant shareholder engagement. Key resolutions overwhelmingly passed, reflecting broad shareholder confidence in the company's leadership and governance. All twelve nominated directors were elected with strong support, and the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2025 was ratified with a significant majority. While the advisory vote on executive compensation also passed, the level of "against" votes warrants attention for future board and compensation committee considerations. Overall, the results suggest a stable governance environment for F5, Inc.

Mar 17, 2025 10-Q

F5, INC. Quarterly Report for Q1 Ended Dec 31, 2024

F5, Inc. (FFIV) reported a strong first quarter for fiscal year 2025, with total net revenues increasing by 10.7% year-over-year to $766.5 million. This growth was primarily driven by a significant 20.5% increase in net product revenues, fueled by both software and systems sales, indicating a rebound in demand for its core offerings. Service revenues also saw a modest increase of 2.9%, supported by maintenance contract renewals. The company's profitability improved, with net income rising to $166.4 million from $138.4 million in the prior year period, resulting in a healthy increase in diluted EPS to $2.82 from $2.32. Financially, F5 maintains a robust balance sheet with total assets growing to $5.9 billion. Cash and cash equivalents increased to $1.15 billion, demonstrating strong operating cash flow generation of $202.8 million for the quarter. The company actively returned capital to shareholders through share repurchases totaling $125 million, while still holding $1.3 billion remaining under its authorized repurchase program. The strong revenue growth, improved profitability, and healthy cash flow position suggest positive momentum for F5 heading into the rest of fiscal year 2025.

Feb 7, 2025 8-K

F5, INC. 8-K Report, Financial Results (Jan 28, 2025)

F5, Inc. (NASDAQ: FFIV) reported record first-quarter fiscal 2025 results for the period ended December 31, 2024, with revenue of $766.5 million, up 11% year over year from $692.6 million. The growth was led by software revenue of $209 million (up 22%) and systems revenue of $160 million (up 18%), while global services revenue of $398 million grew a more modest 3%. Management attributed the strength to alignment with hybrid multicloud trends, a more stable IT spending environment, and emerging AI-related opportunities tied to moving large volumes of enterprise data for AI inferencing and retrieval-augmented generation. Profitability improved meaningfully. GAAP gross margin expanded to 81.7% from 80.3%, and GAAP operating margin rose to 26.8% from 23.8%. GAAP diluted EPS was $2.82 versus $2.32 a year earlier, while non-GAAP diluted EPS was $3.84 versus $3.43, up about 12%. Operating cash flow was $202.8 million, and the company repurchased $125 million of stock during the quarter. Cash and equivalents reached $1.15 billion at quarter end, and deferred revenue (current plus long-term) rose to roughly $1.95 billion, a signal of forward revenue visibility. For the outlook, F5 guided fiscal Q2 2025 revenue to $705 million to $725 million and non-GAAP EPS to $3.02 to $3.14. It raised full-year fiscal 2025 revenue growth expectations to 6% to 7% (from 4% to 5%) and non-GAAP EPS growth to 6.5% to 8.5% (from 5% to 7%). Investors should note that GAAP results remain the primary measure, and the gap between GAAP and non-GAAP figures is driven largely by share-based compensation of about $58 million per quarter. Restructuring charges of $11.3 million were also recorded in the quarter.

Jan 28, 2025 10-K

F5, INC. Annual Report, Year Ended Sep 30, 2024

F5, Inc. (FFIV) reported a modest 0.1% increase in total net revenues for fiscal year 2024, reaching $2.82 billion. This growth was driven by a 4.4% increase in services revenue, primarily from maintenance contract renewals, which helped offset a 4.6% decline in product revenue. The company continues its strategic shift, emphasizing software and SaaS offerings, with software revenue increasing by 10.8% and now representing 57.8% of total product revenue. Despite a decrease in product revenue, particularly in systems, F5 demonstrated strong operational execution with a significant improvement in operating income, which grew by 37.3% year-over-year to $658.6 million, leading to a healthy net income of $566.8 million, a 43.5% increase from the prior year. The company's strategy focuses on addressing the complexity of multicloud application security and delivery, leveraging AI and machine learning across its F5 Distributed Cloud Services, NGINX, and BIG-IP product families. F5 is also prioritizing a unified customer experience and capturing growth in security and SaaS. The balance sheet remains robust with $1.08 billion in cash and cash equivalents, and the company generated strong operating cash flow of $792.4 million. F5 continues to return value to shareholders through its share repurchase program, with $422.4 million remaining authorization as of September 30, 2024, and repurchasing approximately $500 million in fiscal year 2024.

Nov 18, 2024 8-K

F5, INC. 8-K Report, Executive Changes (Nov 5, 2024)

This Form 8-K filing from F5, Inc. (FFIV) details the upcoming retirement of its Executive Vice President and Chief Financial Officer, Frank Pelzer, effective around November 18, 2024, coinciding with the Company's fiscal year 2024 Form 10-K filing. Mr. Pelzer will transition from his role after serving until that date. Following his retirement, Mr. Pelzer is expected to enter into a consulting agreement with F5, Inc., acting as a senior advisor to his successor from approximately December 1, 2024, through May 31, 2025. This transition plan includes a lump sum payment, accelerated vesting of certain restricted stock units, and monthly compensation for his advisory services, in exchange for continued advisory support and adherence to non-disclosure and waiver provisions.

Nov 5, 2024 8-K

F5, INC. 8-K Report, Financial Results (Oct 28, 2024)

F5, Inc. (FFIV) reported fourth quarter and fiscal year 2024 results on October 28, 2024, with total FY2024 revenue of $2.82 billion, essentially flat versus $2.81 billion in FY2023. The growth story is in the mix: software revenue rose 11% to $735 million, and Q4 software revenue grew 19% year over year to $228 million, while systems revenue fell 20% for the year and global services grew 4%. GAAP operating margin expanded sharply to 23.4% from 16.8%, aided by the absence of the prior year's $65 million restructuring charge, and non-GAAP diluted EPS rose 14% to $13.37. Operating cash flow was strong at $792 million, and the company repurchased $501 million of stock during the year. Looking ahead, management guided FY2025 total revenue growth of 4% to 5% and non-GAAP EPS growth of 5% to 7%, with the midpoint representing about 10% growth on a tax-neutral basis. Q1 FY2025 revenue is expected between $705 million and $725 million, with non-GAAP EPS of $3.29 to $3.41. The Board also authorized an incremental $1 billion for share repurchases, on top of roughly $422 million remaining under the existing program, signaling continued capital return. Leadership succession was also announced. The Board appointed Edward Cooper Werner, currently SVP of Finance, as EVP and Chief Financial Officer, succeeding Frank Pelzer, who is retiring. Werner takes office after the filing of the FY2024 Form 10-K. His compensation includes a $500,000 base salary, an 80% target bonus, and an RSU grant with a stated value of $2.4 million, with terms that are standard for an incoming executive and not unusual for a CFO transition.

Oct 28, 2024 8-K

F5, INC. 8-K Report, Executive Changes (Oct 15, 2024)

F5, Inc. (NASDAQ: FFIV) filed an 8-K on October 15, 2024 disclosing the appointment of two new independent directors, Maya McReynolds and Julie Gonzalez, effective October 10, 2024. Both will serve on the Audit Committee. The appointments expand the Board to 12 members, 11 of whom are independent, and the company describes the additions as supporting its next phase of growth, including extending its software and SaaS capabilities. Both directors bring senior finance backgrounds from large technology and software companies. Maya McReynolds is CFO of the Client Solutions Group at Dell Technologies, a business of more than $50 billion, and has deep SEC reporting and accounting experience. Julie Gonzalez is SVP, Business Finance at Workday, with prior senior finance and investor relations roles at VMware. Their expertise in large-scale SaaS financial management and forecasting is directly relevant to F5's strategic shift toward software and subscription revenue. From a financial standpoint, the disclosure is limited in scale. Non-employee director compensation includes a $60,000 annual retainer and a $20,000 annual Audit Committee payment, plus a pro-rata restricted stock unit grant (about $105,770, against a $250,000 annual director grant value) expected to be made November 1, 2024. The filing does not indicate any change to F5's financial guidance, operations, or existing executive leadership. For investors, the event is primarily a governance update that strengthens the Audit Committee's finance expertise.

Oct 15, 2024 8-K

F5, INC. 8-K Report, Executive Changes (Sep 3, 2024)

F5, Inc. (NASDAQ: FFIV) disclosed in an 8-K filed September 3, 2024 a set of executive leadership changes aimed at improving operational agility, go-to-market efficiency, and AI focus. Thomas D. Fountain, previously EVP of Global Services and Chief Strategy Officer, was appointed Chief Operating Officer effective August 30, 2024, and will continue to oversee Global Services while leading F5's digital transformation. Chad Whalen, previously EVP of Worldwide Sales, became Chief Revenue Officer, now overseeing combined sales and marketing functions. Kunal Anand, recently named Chief Technology Officer, expanded his role to Chief Technology and AI Officer with company-wide responsibility for AI strategy. All three report to CEO François Locoh-Donou. The most notable item for investors is the departure of Kara Sprague, EVP and Chief Product Officer, who notified the company on August 27, 2024 that she will resign effective November 2, 2024 to become CEO of a private technology company. F5 has launched an external search for her replacement, so investors should watch for the timing and profile of the new product leader, since product direction matters for a company transitioning toward software-led revenue. The filing contains no financial results, guidance changes, or quantitative impact disclosures. The changes are framed as strategic and operational, with the combined sales and marketing structure intended to support revenue growth, including across software solutions and the land-and-expand strategy with more than 20,000 enterprise, service provider, and government customers. The filing's forward-looking statements flag execution risk from the leadership transitions and retention of key personnel.

Sep 3, 2024 10-Q

F5, INC. Quarterly Report for Q3 Ended Jun 30, 2024

F5, Inc. reported its financial results for the quarter and nine months ended June 30, 2024. The company demonstrated strong profitability with net income increasing significantly year-over-year for both periods, driven by improved operational efficiencies and a strategic focus on higher-margin services. Total net revenues saw a slight decline, primarily due to a decrease in product sales, particularly systems, though this was partially offset by an increase in service revenues, largely from maintenance contract renewals and price realizations. Financially, F5 continues to maintain a robust balance sheet with substantial cash and investments. The company generated strong operating cash flow, which was utilized for significant share repurchases, indicating a commitment to returning value to shareholders. Despite a slight dip in overall revenue, the improved profitability and healthy cash generation position F5 to navigate current market conditions and invest in future growth. Investors should monitor the ongoing shift in revenue mix towards services and the company's ability to reignite product revenue growth in a stabilizing demand environment.

Aug 6, 2024 8-K

F5, INC. 8-K Report, Executive Changes (Jul 30, 2024)

F5, Inc. (FFIV) has announced a significant leadership change, with Executive Vice President and Chief Financial Officer Frank Pelzer planning to retire in the first fiscal quarter of 2025, concluding by December 31, 2024. Mr. Pelzer will remain in his role during this transition period and will support the handover to his successor. Edward Cooper Werner, currently the Senior Vice President of Finance, is designated to assume the CFO position upon Mr. Pelzer's retirement. Further details regarding this transition will be disclosed closer to the actual change. This announcement is important for investors to monitor as CFO transitions can sometimes signal shifts in financial strategy or operational focus, although F5 has indicated Mr. Pelzer will actively participate in the handover.

Jul 30, 2024 8-K

F5, INC. 8-K Report, Financial Results (Jul 29, 2024)

F5, Inc. (NASDAQ: FFIV) reported fiscal Q3 2024 results (quarter ended June 30, 2024) with revenue of $695 million, roughly flat versus $703 million a year earlier, landing at the top end of its guidance range. The mix was uneven: Software revenue grew 3% to $179 million, Global Services grew 3% to $387 million, and Systems revenue fell 16% to $130 million. GAAP operating margin expanded sharply to 23.4% from 14.7%, largely because restructuring charges dropped from $56.6 million to $0.1 million, while non-GAAP operating margin held steady at 33.4%. GAAP diluted EPS rose to $2.44 from $1.48, and non-GAAP diluted EPS rose to $3.36 from $3.21. Management noted that some of the EPS strength reflected favorable tax items in the quarter. Looking ahead, F5 guided Q4 FY2024 revenue to $720-740 million and non-GAAP EPS to $3.38-3.50. For the full fiscal year, management expects revenue of about $2.8 billion, roughly flat with FY2023, toward the top of prior expectations, driven by strong fourth-quarter software demand. It raised its non-GAAP EPS growth outlook to roughly 12% year over year, which investors should weigh against the one-time tax benefit that contributed in Q3. Balance sheet and cash flow remain strong. Cash and equivalents rose to $934.8 million, and nine-month operating cash flow was $545.9 million. F5 returned capital aggressively, repurchasing $400.0 million of common stock year to date, and shares outstanding fell to 58.3 million from 59.2 million at fiscal year-end 2023. Deferred revenue, a key indicator of subscription and services visibility, totaled about $1.77 billion. The main watch items are the Systems decline, which signals softer hardware demand, and the reliance on buybacks and tax items to support EPS growth.

Jul 29, 2024 8-K

F5, INC. 8-K Report, Executive Changes (Jun 21, 2024)

F5, Inc. (FFIV) filed an 8-K on June 21, 2024, reporting the resignation of Sri Shivananda from its Board of Directors, effective June 24, 2024. Mr. Shivananda's departure is attributed to a change in his employment responsibilities, and importantly, the filing explicitly states it was not due to any disagreements with the Company. This transition is being managed with a planned reduction in the Board's size from eleven to ten members, ensuring no immediate vacancies arise.

Jun 21, 2024 10-Q

F5, INC. Quarterly Report for Q2 Ended Mar 31, 2024

F5, Inc. (FFIV) reported its fiscal second-quarter results, showcasing a notable increase in profitability driven by disciplined expense management and a shift in revenue mix. While total net revenues saw a slight decline year-over-year, primarily due to a decrease in systems product sales, the company demonstrated resilience through a significant increase in services revenue, bolstered by maintenance contract renewals and prior period price increases. This shift, coupled with a reduction in operating expenses, particularly in sales, marketing, and R&D, led to a substantial improvement in income from operations and net income. The company's financial health remains robust, with a strong cash position and an undrawn revolving credit facility. F5 continues its commitment to shareholder returns through a significant share repurchase program, demonstrating confidence in its future performance. While macroeconomic uncertainties and customer budget constraints are noted as headwinds affecting product demand, F5 believes these are temporary and rooted in the broader economic environment rather than architectural shifts or competitive pressures. The company is focused on its multi-cloud application security and delivery solutions, expecting continued demand driven by application and API growth.

May 6, 2024 8-K

F5, INC. 8-K Report, Financial Results (Apr 29, 2024)

F5, Inc. (FFIV) reported fiscal Q2 2024 results (quarter ended March 31, 2024) that showed a mixed picture: total revenue fell 3% year over year to $681 million, but profitability improved sharply. GAAP operating margin expanded to 20.5% from 15.1%, and non-GAAP operating margin rose to 30.9% from 27.2%. GAAP diluted EPS was $2.00 versus $1.34 a year earlier, and non-GAAP diluted EPS was $2.91 versus $2.53. The top-line weakness was concentrated in Systems, which declined 32% to $142 million, while Software grew 20% to $159 million on 28% subscription growth and Global Services grew 5% to $381 million. Management signaled a cautious demand environment, noting that customers are forecasting largely flat IT budgets for calendar 2024. Guidance for fiscal 2024 revenue is flat to down 2% versus fiscal 2023, consistent with the prior outlook. The company raised its fiscal 2024 non-GAAP EPS growth outlook to 7% to 9%, up from 6% to 8%. For fiscal Q3 2024, F5 expects revenue of $675 million to $695 million and non-GAAP EPS of $2.89 to $3.01. Capital allocation was active during the first half of fiscal 2024, with $250 million spent on share repurchases versus $40 million a year earlier. Cash and equivalents rose to $903 million, and deferred revenue, which supports future subscription revenue visibility, totaled about $1.8 billion. Investors should weigh the strong margin and subscription trends against the shrinking hardware business and the flat top-line outlook. Non-GAAP figures exclude significant stock-based compensation, so GAAP results remain the primary benchmark.

Apr 29, 2024 8-K

F5, INC. 8-K Report, Shareholder Vote Results (Mar 15, 2024)

F5, Inc. (FFIV) filed an 8-K on March 15, 2024, detailing the results of its 2023 Annual Meeting of Shareholders held on March 14, 2024. The primary focus of the filing is the shareholder votes on key corporate governance matters. Investors will be interested to note the overwhelming approval for the re-election of all eleven director nominees and the ratification of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2024. These outcomes suggest continued shareholder confidence in the current board and the company's financial oversight.

Mar 15, 2024 10-Q

F5, INC. Quarterly Report for Q1 Ended Dec 31, 2023

F5, Inc. reported a net income of $138.4 million for the three months ended December 31, 2023, a significant increase from $72.4 million in the prior year period. This growth was primarily driven by a substantial improvement in operating income, which more than doubled year-over-year, alongside strong service revenue growth. Despite an overall decline in total net revenues (-1.1%), the company demonstrated effective cost management, with operating expenses decreasing significantly as a percentage of net revenue, leading to a robust increase in profitability. The company also continued its share repurchase program, indicating confidence in its financial position and commitment to returning value to shareholders.

Feb 5, 2024 8-K

F5, INC. 8-K Report, Financial Results (Jan 29, 2024)

F5, Inc. (NASDAQ: FFIV) reported first quarter fiscal 2024 results (quarter ended December 31, 2023) that were mixed on the top line but strong on profitability. Revenue declined 1% year over year to $693 million from $700 million, with services revenue up 7% to $387 million offset by a 10% decline in product revenue, including a 22% drop in systems revenue and 2% software growth. Management highlighted that revenue landed near the high end of guidance and non-GAAP EPS came in above the high end of the range. Profitability improved sharply: GAAP operating margin rose to 23.8% from 13.0%, non-GAAP operating margin rose to 35.5% from 26.5%, and GAAP diluted EPS nearly doubled to $2.32 from $1.20 while non-GAAP diluted EPS grew 39% to $3.43. Cash flow from operations was $165 million, and the company repurchased $150 million of stock during the quarter. Looking forward, F5 guided second quarter fiscal 2024 revenue to $675-$695 million and non-GAAP EPS to $2.79-$2.91 per diluted share. The company raised its full-year fiscal 2024 non-GAAP EPS growth outlook to 6%-8% from 5%-7%, attributing the increase to a lower expected tax rate rather than an operating improvement. CEO François Locoh-Donou said customers remain budget-conscious but that demand trends are stabilizing across all major geographies, and he positioned F5's application and API security portfolio as well suited to challenges created by AI-driven application proliferation. Investors should weigh the margin and EPS strength against flat-to-declining revenue and the weakness in systems hardware. The gap between GAAP and non-GAAP results remains significant, driven largely by stock-based compensation of $56 million in the quarter, and the EPS guidance raise is tax-driven rather than reflective of stronger demand. The full-year outlook has been revised upward on the bottom line, while the top-line trajectory will be the key item to monitor in subsequent quarters.

Jan 29, 2024 8-K

F5, INC. 8-K Report, Executive Changes (Jan 5, 2024)

F5, Inc. (FFIV) announced a change in its Board of Directors, with Marie Myers resigning from her position as a director and her role on the Audit & Risk Oversight Committee, effective January 3, 2024. This departure is attributed to Ms. Myers accepting a new employment opportunity that significantly alters her professional responsibilities. Importantly, the company stated that Ms. Myers' resignation was not prompted by any disagreements or disputes with F5, Inc.

Jan 5, 2024 10-K

F5, INC. Annual Report, Year Ended Sep 30, 2023

F5, Inc. (FFIV) reported its annual results for the fiscal year ending September 30, 2023, showcasing a 4.4% increase in total net revenues to $2.81 billion, driven by growth in both product and service segments. Despite a challenging macroeconomic environment impacting customer spending, the company managed to increase its product revenue by 1.3% to $1.33 billion, with a notable shift towards software subscriptions comprising 83.7% of software revenue. Service revenues saw a stronger growth of 7.2% to $1.48 billion, largely due to maintenance contract renewals. The company continued its strategic focus on expanding its multi-cloud application security and delivery solutions, leveraging AI and machine learning to address complex hybrid IT environments. F5 also addressed macroeconomic headwinds by implementing restructuring plans in fiscal year 2023, which included a workforce reduction aimed at achieving significant annualized savings. While net income saw a healthy increase to $395 million, investors should note the company's ongoing commitment to share repurchases and the absence of dividend payouts, prioritizing reinvestment in the business and shareholder returns through buybacks. Key financial and operational highlights include a solid gross margin of 78.9%, improved operating income, and significant cash flow from operations. The company maintains a strong liquidity position with substantial cash reserves and an undrawn revolving credit facility. However, F5 faces ongoing competitive pressures and risks associated with the evolving technology landscape, including cybersecurity threats and the integration of AI, all of which are detailed in the risk factors section.

Nov 14, 2023 8-K

F5, INC. 8-K Report, Executive Changes (Nov 2, 2023)

F5, Inc. (NASDAQ: FFIV) filed an 8-K on November 2, 2023 to disclose the appointment of Tami Erwin to its Board of Directors, effective October 31, 2023. Ms. Erwin, 59, is a 35-year Verizon veteran who most recently served as Executive Vice President and CEO of Verizon Business (2019–2022). She will sit on the Audit & Risk Oversight Committee and the Talent & Compensation Committee. The filing is primarily a governance update rather than a material financial event; it contains no earnings, guidance, or transaction disclosures. From a compensation standpoint, Ms. Erwin will receive the standard non-employee director package: a $60,000 annual cash retainer, $20,000 for Audit & Risk Oversight Committee membership, and $12,500 for Talent & Compensation Committee membership. She also received a pro-rata equity grant of 599 restricted stock units effective November 1, 2023, reflecting a portion of the $250,000 annual director grant value. Her standard indemnification agreement will also apply. These amounts are modest relative to F5's scale and are consistent with its existing director pay practices. The board expands to 12 members, 11 of whom are independent, which the company highlights as a governance strength. Management and the board chair framed Ms. Erwin's telecom, international-markets, and global-risk experience as valuable as F5 continues to evolve and grow. For investors, the appointment signals board refreshment with operational and go-to-market expertise relevant to F5's large enterprise and service-provider customer base, but it does not alter the company's near-term financial outlook.

Nov 2, 2023 8-K

F5, INC. 8-K Report, Financial Results (Oct 24, 2023)

F5, Inc. (NASDAQ: FFIV) reported fourth-quarter fiscal 2023 results (quarter ended September 30, 2023) with revenue of $707 million, up 1% year over year, and non-GAAP EPS of $3.50, up 34% from $2.62. Growth was driven by an 11% increase in software revenue and a 9% increase in global services revenue, partially offset by a 25% decline in systems revenue and a 7% decline in total product revenue. Operating discipline lifted margins: GAAP operating margin rose to 24.3% from 15.4%, and non-GAAP operating margin rose to 33.9% from 27.3%. For the full fiscal year, revenue grew 4% to $2.81 billion, GAAP diluted EPS was $6.55, and non-GAAP diluted EPS was $11.70, versus $10.19 in fiscal 2022. The key forward-looking issue is guidance. For fiscal 2024, F5 expects revenue flat to a low-single-digit percentage decline, reflecting continued customer caution and a $180 million headwind from strong backlog fulfillment in fiscal 2023. Management still expects non-GAAP EPS growth of 5% to 7%, which it characterizes as at least 10% on a tax-neutral basis, and reaffirmed a commitment to returning at least 50% of annual free cash flow through share repurchases. Q1 FY2024 guidance calls for revenue of $675 million to $695 million and non-GAAP EPS of $2.97 to $3.09. Management described the environment as stabilizing, citing solid subscription renewals and encouraging enterprise demand late in the fourth quarter. Balance-sheet and cash-flow data support the capital return story. Operating cash flow for FY2023 was $653 million, up from $443 million, and F5 repurchased $350 million of stock, equal to 58% of free cash flow. The company retired its $350 million term debt during the year, leaving no current portion of long-term debt, and ended the year with $797 million in cash and equivalents and $922 million remaining under its repurchase authorization. Investors should note that GAAP results include $65 million in restructuring charges for the year, and that the non-GAAP measures exclude stock-based compensation, which totaled $237 million in FY2023.

Oct 24, 2023 8-K

F5, INC. 8-K Report, Executive Changes (Oct 5, 2023)

F5, Inc. (NASDAQ: FFIV) filed an 8-K on October 5, 2023 to disclose the appointment of Michel Combes to its Board of Directors, effective September 29, 2023. Combes previously served as an F5 director from July 2018 to March 2021, so this is a return to the board rather than a first-time appointment. He will sit on the Talent and Compensation Committee. The filing is governance-related and does not contain financial results, guidance, or material transaction disclosures. Combes brings more than 30 years of telecommunications and technology leadership, including past CEO roles at Sprint, Altice N.V., Alcatel-Lucent, and Vodafone Europe, plus CFO experience at France Telecom. The Board cited his experience with large telecom operators as valuable given that telecom providers form a significant segment of F5's customer base. His appointment expands the board to 11 members, 10 of whom are independent, which supports the company's board independence profile. From a compensation standpoint, Combes will receive the standard non-employee director package: a $60,000 annual cash retainer, a $12,500 annual payment for committee membership, and a pro-rated restricted stock unit grant valued at $112,534, based on a $250,000 annual director grant value. The grant is expected to be effective November 1, 2023. These amounts are modest relative to F5's scale and do not indicate any change in the company's director pay structure. Overall, the filing is routine and low-impact for investors.

Oct 5, 2023 10-Q

F5, INC. Quarterly Report for Q3 Ended Jun 30, 2023

F5, INC. (FFIV) reported solid financial results for the nine months ended June 30, 2023, demonstrating resilience despite a challenging macroeconomic environment. Total net revenues grew by 5.5% year-over-year, reaching $2.11 billion, driven by an increase in both product and service revenues. Notably, service revenues saw a 6.6% increase, partly attributed to higher maintenance contract renewals as customers delayed new product purchases. Net income for the period also increased by 4.3% to $242.8 million. The company maintained a strong balance sheet with $681.6 million in cash, cash equivalents, and restricted cash as of June 30, 2023, although this represents a decrease from the prior year primarily due to debt prepayment and share repurchases. Despite a reported charge of $56.7 million related to a third-quarter fiscal year 2023 restructuring plan aimed at driving efficiencies and annualized savings of approximately $130 million, the company's operational performance remained robust. Management indicated that the softer demand for new products observed is temporary, stemming from macroeconomic uncertainties and customer budget constraints rather than architectural shifts or competitive pressures. F5's strategic focus on multi-cloud application security and delivery solutions continues to be a core driver for future growth.

Aug 4, 2023 8-K

F5, INC. 8-K Report, Executive Changes (Jul 25, 2023)

F5, Inc. (FFIV) announced in an 8-K filing dated July 25, 2023, a change in its Board of Directors. James Phillips has resigned from his position as a director, effective immediately, due to a new employment role that presents a material change in his professional responsibilities. Importantly, this resignation is not a result of any disagreement with the Company, which is a positive sign for ongoing governance and stability.

Jul 25, 2023 8-K

F5, INC. 8-K Report, Financial Results (Jul 24, 2023)

F5 reported fiscal third-quarter 2023 results (quarter ended June 30, 2023) with revenue of $703 million, up 4% year over year from $674 million, at the midpoint of its guidance range. Services revenue grew 8% and product revenue grew 1%, with systems up 5% and software down 3%. GAAP operating margin contracted to 14.7% from 15.9%, and GAAP gross margin fell to 79.8% from 80.6%, while GAAP diluted EPS rose to $1.48 from $1.37. Management emphasized non-GAAP results: non-GAAP EPS of $3.21 rose about 25% from $2.57 and came in well above the high end of guidance, and non-GAAP operating margin expanded to 33.2% from 28.8%. The gap between GAAP and non-GAAP results is large, so investors should weigh the GAAP figures, which were roughly flat, alongside the adjusted numbers. Quality of the beat warrants scrutiny. GAAP operating profit was $104 million versus $107 million a year earlier, and the company recorded $56.6 million of restructuring charges in the quarter ($65.4 million year to date) that are excluded from non-GAAP results. Stock-based compensation of $56.5 million and acquisition-related and amortization charges are also excluded. Management is guiding fourth-quarter revenue of $690 million to $710 million and non-GAAP diluted EPS of $3.15 to $3.27, and reaffirmed a target of double-digit non-GAAP EPS growth for fiscal 2023. Nine-month non-GAAP EPS of $8.21 compares with $7.58 a year earlier, about 8% growth, so the full-year target depends on sustained fourth-quarter strength. Balance sheet and cash flow were solid. Nine-month operating cash flow was $463.6 million versus $288.3 million a year earlier. The company repaid its $350 million term debt, leaving no current debt on the balance sheet, and repurchased $290 million of stock in the nine months, reducing shares outstanding to 59.3 million from 59.9 million at fiscal year-end 2022. Cash and cash equivalents were $677.5 million at June 30, 2023, and total deferred revenue, including the long-term portion, rose to about $1.79 billion. The filing itself is a routine Item 2.02 earnings furnishing, and the press release is furnished rather than filed under the Exchange Act.

Jul 24, 2023 8-K

F5, INC. 8-K/A Report, Exit or Disposal Costs (Jun 9, 2023)

F5, INC. (FFIV) filed an 8-K on June 9, 2023, to provide an update on its previously announced cost adjustment plan. The company confirmed a workforce reduction affecting approximately 620 employees, representing about 9% of its global headcount as of April 19, 2023. This restructuring aims to align strategic and financial objectives, optimize operations, and drive long-term growth and profitability. The total estimated costs associated with these restructuring efforts are approximately $53 million. This includes $45 million for severance benefits and other charges related to the headcount reduction, and an additional $8 million for reducing leased facilities space. The company anticipates annualized savings of approximately $130 million from these actions. While the company expects to incur these charges in fiscal year 2023, potential position reductions are subject to varying legal requirements by jurisdiction, which could extend the process.

Jun 9, 2023 10-Q

F5, INC. Quarterly Report for Q2 Ended Mar 31, 2023

F5, Inc. reported its financial results for the quarter and six months ended March 31, 2023. The company experienced revenue growth driven by an increase in product revenue, particularly systems sales, and continued growth in service revenue from maintenance contract renewals. Despite an increase in cost of product revenues due to component cost increases and sourcing-related costs, F5 maintained strong gross margins. Operationally, the company saw increases in sales and marketing, and research and development expenses, primarily due to personnel costs, while general and administrative expenses saw a slight decrease. Net income for the period showed a positive trend, supported by increased income from operations and higher interest income. The company's liquidity remains strong, with sufficient cash and investments, and an undrawn revolving credit facility, although cash was utilized for debt prepayment and share repurchases. Management noted a softer demand environment due to macroeconomic uncertainty, impacting customer buying patterns, but believes this is temporary.

May 5, 2023 8-K

F5, INC. 8-K Report, Financial Results (Apr 19, 2023)

F5, Inc. (FFIV) reported fiscal Q2 2023 results (quarter ended March 31, 2023) showing 11% revenue growth to $703 million, driven by a 43% jump in systems revenue and an 8% increase in global services revenue, partly offset by a 13% decline in software revenue. GAAP diluted EPS was $1.34 (vs. $0.92 a year earlier), and non-GAAP diluted EPS was $2.53 (vs. $2.13). Management cut its full-year FY23 outlook to low-to-mid single-digit revenue growth and non-GAAP operating margins of about 30%, citing persistent macroeconomic pressure on customer spending. Non-GAAP earnings growth guidance was lowered to 7%-11%, and Q3 guidance calls for revenue of $690-$710 million and non-GAAP EPS of $2.78-$2.90. Alongside results, F5 announced a cost-reduction plan eliminating roughly 620-623 positions (about 9% of its global workforce). The company expects approximately $130 million in annualized savings and about $45 million in severance and related charges in fiscal 2023. It will also reduce leased facilities, though the cost of those reductions has not been estimated. The plan includes eliminating the CEO's FY23 annual cash bonus, cutting executive bonuses by 70%, and halving the employee MBO bonus pool for the last three quarters of FY23. Some reductions in EMEA and parts of APAC may extend beyond FY23 due to local consultation requirements. For investors, the key takeaways are the sharp guidance cut and the shift toward margin protection and cash returns. The company reaffirmed its commitment to returning at least 50% of annual free cash flow through buybacks, with $1.23 billion remaining under its authorization and at least $250 million planned for repurchases in Q3 FY23. Management's language signals that the demand slowdown is viewed as temporary but uncertain. Investors should weigh the near-term savings against execution risk, the unquantified facility costs, and the possibility that the 'new normal' in customer spending proves weaker than expected.

Apr 19, 2023 8-K

F5, INC. 8-K Report, Executive Changes (Mar 10, 2023)

This 8-K filing from F5, Inc. (FFIV) details the outcomes of its 2022 Annual Shareholder Meeting held on March 9, 2023. The most significant events for investors include the shareholder approval of amendments to the F5, Inc. Incentive Plan and the F5, Inc. Employee Stock Purchase Plan (ESPP). These amendments will increase the number of authorized shares available for issuance under these plans, which is crucial for future equity-based compensation and employee stock purchases. The filing also reports on the election of directors, ratification of the independent auditor, and advisory votes on executive compensation and its frequency. The overwhelming approval for the increased share pools under the Incentive Plan and ESPP indicates shareholder support for F5's long-term equity incentive strategies, which can impact dilution and employee retention.

Mar 10, 2023 10-Q

F5, INC. Quarterly Report for Q1 Ended Dec 31, 2022

F5, Inc. reported total net revenues of $700.4 million for the three months ended December 31, 2022, a 1.9% increase year-over-year. This growth was primarily driven by a 4.6% increase in service revenues, reflecting a larger installed product base and the benefits of price increases. Product revenues remained largely flat, with a slight decrease in systems revenue offset by growth in software revenue. The company's net income for the quarter was $72.4 million, or $1.20 per diluted share, compared to $93.6 million, or $1.51 per diluted share, in the prior year. This decrease was influenced by higher cost of product revenues, increased operating expenses particularly in research and development, and a higher effective tax rate. Financially, F5 significantly reduced its debt by voluntarily prepaying its entire $350 million term loan. The company also maintained a strong liquidity position with $609.9 million in cash, cash equivalents, and restricted cash as of December 31, 2022, and an undrawn $350 million revolving credit facility. Shareholder returns were supported by $40 million in share repurchases during the quarter.

Feb 3, 2023 8-K

F5, INC. 8-K Report, Financial Results (Jan 24, 2023)

F5 reported fiscal Q1 2023 (quarter ended December 31, 2022) revenue of $700.4 million, up about 2% from $687.1 million a year earlier. Growth was driven by services, which rose about 5% to $359.8 million, while product revenue fell about 1% to $340.6 million. Software revenue grew about 3%, offset by a roughly 4% decline in systems revenue. Profitability weakened: GAAP operating income fell to $91.2 million from $114.2 million, GAAP diluted EPS dropped to $1.20 from $1.51, and non-GAAP diluted EPS declined to $2.47 from $2.89. Operating cash flow improved to $157.6 million from $90.4 million, although this was partly a function of working capital timing and deferred revenue growth. Management reaffirmed full-year fiscal 2023 revenue growth guidance of 9% to 11%, but said the revenue mix may differ from its expectations three months earlier, which suggests softer product demand. It also reiterated a commitment to double-digit non-GAAP earnings growth for the year and beyond, and said it will continue evaluating its cost base and take further action as needed. For fiscal Q2 2023, F5 guided to revenue of $690 million to $710 million and non-GAAP diluted EPS of $2.36 to $2.48. Investors should weigh the guidance against the year-over-year earnings decline and the cost actions that may be needed to protect margins. Other items include the repayment of $350 million of term debt, which left the current portion of long-term debt at zero, and share repurchases of $40 million, down from $125 million a year earlier. Cash and short-term investments declined, and F5 signed a definitive agreement on January 22, 2023 to acquire Lilac Cloud, Inc., a provider of CDN technology that F5 already uses in its Distributed Cloud Services. Terms were not disclosed, and management does not expect a material impact on operating results. The deal is expected to close in fiscal Q2 2023.

Jan 24, 2023 8-K

F5, INC. 8-K Report, Executive Changes (Jan 20, 2023)

F5, Inc. (FFIV) filed an 8-K on January 20, 2023, primarily detailing a director's departure. Sandra Bergeron has informed the Board of Directors that she will not seek re-nomination at the upcoming Annual Meeting of Shareholders. Ms. Bergeron has been a director since 2013 and has held a significant role, including Chair of the Talent & Compensation Committee. Her decision is not attributed to any disagreements with the company, and she will continue her service until the Annual Meeting. This transition is being managed proactively, with the Board intending to appoint current director Elizabeth Buse to succeed Ms. Bergeron as Chair of the Talent & Compensation Committee. The Board has expressed gratitude for Ms. Bergeron's decade-long contributions.

Jan 20, 2023 8-K

F5, INC. 8-K Report, Executive Changes (Jan 9, 2023)

This Form 8-K filing from F5, Inc. (FFIV) on January 9, 2023, details the separation arrangement with Haiyan Song, Executive Vice President and General Manager of Security and Distributed Services. The departure was previously announced, and the agreement finalizes her transition plan, which includes providing services through March 15, 2023. Key aspects of the separation for investors include accelerated vesting of 8,914 restricted stock units, subject to committee approval, and a payment of $218,597. This payment covers pro-rata target bonus and six months of COBRA premiums. Ms. Song has agreed to standard non-solicitation and non-disclosure obligations, as well as a waiver of claims. The agreement will become effective after a seven-day revocation period, as per applicable law.

Jan 9, 2023