EX-99.1 2 ex991-q424earningsreleasef.htm EX-99.1 Document
Q4 FY24業績發佈
第1頁，共5頁
聯繫方式
投資者
Suzanne DuLong
+1 (206) 272-7049
s.dulong@f5.com
媒體
Rob Gruening
+1 (206) 272-6208
r.gruening@f5.com



F5公司報告2024財年第四季度和全年業績強勁。
軟件營業收入增長和2024財年EPS增長兩位數；指導在2025財年加速營收；董事會授權額外10億用於股票回購

華盛頓州西雅圖 - 2024年10月28日 - F5公司（納斯達克：FFIV）今天宣佈其截至2024年9月30日的第四季度和財政年度的財務業績。
「我們第四季度的營業收入爲$74700萬美元，同比增長6％，其中包括軟件收入比2023財年第四季度增長19％，」F5總裁兼首席執行官弗朗索瓦·洛科-多努說。「在2024財年，儘管年初宏觀背景具有挑戰性，我們實現了處於指導範圍的高端收入，超過了我們對軟件增長的預期，並保持了嚴格的運營紀律，年度收益每股增長了兩位數。」
「我們的業務成果反映了我們的產品組合和創新實力，運營模式的強大以及業務的韌性，」 Locoh-Donou繼續說道。「在相對較短的時間內，我們已將F5從一個以硬件爲中心、單一產品的公司，徹底轉變爲當今混合多雲世界中的安防和軟件領導者。我們的轉型重新定義了F5在數據中心以外的作用，增加了我們對客戶的價值，爲我們帶來了多樣化的營業收入，並擴大了我們的總地址市場。」
第四季度業績總結
2024財年第四季度的營業收入爲$74700萬，而2023財年第四季度爲$70700萬。軟件營業收入爲$22800萬，比去年同期增長19%。系統營業收入爲$13000萬，比去年同期下降3%。全球貨幣服務的營業收入爲$38800萬，比去年同期增長2%。
2024財年第四季度依照GAAP標準計算的毛利潤爲60300萬美元，對應的毛利率爲80.8%。相比之下，去年同期GAAP毛利潤爲56600萬美元，毛利率爲80.1%。2024財年第四季度依照非GAAP標準計算的毛利潤爲61900萬美元，對應的毛利率爲83.0%。相比之下，去年同期非GAAP毛利潤爲58500萬美元，毛利率爲82.7%。
第四季度的美國通用會計準則營業利潤爲19100萬美元，表示美國通用會計準則營業利潤率爲25.6%。相比之下，去年同期的美國通用會計準則營業利潤爲17200萬美元，表示美國通用會計準則營業利潤率爲24.3%。非美國通用會計準則營業利潤爲25700萬美元，表示非美國通用會計準則營業利潤率爲34.4%。相比之下，去年同期的非美國通用會計準則營業利潤爲24000萬美元，表示非美國通用會計準則營業利潤率爲33.9%。
2024財年第四季度的GAAP淨利潤爲16500萬美元，每股稀釋後盈利爲2.80美元，而2023財年第四季度的對比數字爲15200萬美元，每股稀釋後盈利爲2.55美元。非GAAP淨利潤爲

Q4 FY24業績發佈
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2024財年第四季度爲21700萬美元，每股攤薄收益爲3.67美元，相比於2023財年第四季度的20900萬美元，每股攤薄收益爲3.50美元。
2024財年績效摘要
2024財年營業收入總額達到28.2億美元，較2023財年的28.1億美元有所增長。軟件營業收入爲73500萬美元，較去年同期增長11%。系統營業收入爲53700萬美元，較去年同期下降20%。全球貨幣服務營業收入爲15.4億美元，較去年同期增長4%。
2024財年的毛利潤按照GAAP標準爲22.6億美元，對應着80.2%的GAAP毛利率。與去年同期的22.2億美元的GAAP毛利相比，其GAAP毛利率爲78.9%。2024財年的非GAAP毛利潤爲23.3億美元，對應着82.8%的非GAAP毛利率。與去年同期的22.9億美元的非GAAP毛利相比，其非GAAP毛利率爲81.5%。
2024財年的營業利潤爲65900萬美元，表示營業利潤率爲23.4%。這與去年同期的營業利潤47300萬美元相比，其營業利潤率爲16.8%。期間的非GAAP營業利潤爲94600萬美元，表示非GAAP營業利潤率爲33.6%。這相比去年同期的非GAAP營業利潤85000萬美元，其非GAAP營業利潤率爲30.2%。
2024財年按照通用會計準則計算的淨利潤爲56700萬美元，每股稀釋收益爲9.55美元，而2023財年爲39500萬美元，每股稀釋收益爲6.55美元。2024財年按照非通用會計準則計算的淨利潤爲79400萬美元，每股稀釋收益爲13.37美元，而2023財年爲70500萬美元，每股稀釋收益爲11.70美元。
績效總結表
GAAP措施
（以百萬美元爲單位，EPS 爲除外）2024財年第四季2023財年第四季2024財年FY2023
營業收入$747$707$2,816$2,813
毛利潤$603$566$2,258$2,220
毛利率80.8%80.1%80.2%78.9%
營業利潤$191$172$659$473
營業利潤率25.6%24.3%23.4%16.8%
淨收入$165$152$567$395
每股收益$2.80$2.55$9.55$6.55
非GAAP措施
（以百萬美元爲單位，EPS 爲除外）2024財年第四季度2023財年第四季度2024財年FY2023
毛利潤$619$585$2,332$2,293
毛利率83.0%82.7%82.8%81.5%
營業利潤$257$240$946$850
營業利潤率34.4%33.9%33.6%30.2%
淨收入$217$209$794$705
每股收益$3.67$3.50$13.37$11.70
附上的合併利潤表中包含了從GAAP到非GAAP措施的調和。關於非GAAP財務信息的更多信息已列入本公告。

Q4 FY24業績發佈
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業務展望
對於2025財政年度，F5預計總營業收入增長4%至5%，非普通會計準則每股收益增長5%至7%，相較於2024財政年度。在稅收中立的基礎上，F5 2025財政年度非GAAP每股收益指引中點反映了同比增長10%。
對於2025財年第一季度，F5預計營業收入將在70500萬美元至72500萬美元的區間內，非GAAP每股攤薄收益範圍爲3.29至3.41美元。
授權回購金額達10億美元
F5還宣佈，其董事會已授權額外的10億美元用於普通股回購計劃。這一新授權是現有計劃剩餘的42200萬美元的增量。

所有前瞻性的非GAAP措施都不包括公司業務展望的無形資產攤銷、股份報酬費用、稅務立法和稅收法規司法或行政解釋的重大影響（包括所得稅改革的影響）、非經常性所得稅調整、遞延稅資產的計提準備、非GAAP排除項目的所得稅影響，並且不包括任何未來收購或剝離、收購相關費用和減記、重組費用、設施退出成本或可能發生在期間的其他一次性費用的影響。F5無法提供非GAAP盈利指導措施與相應的美國通用會計準則或GAAP措施的前瞻性對照表，因爲由於已排除的大多數事項的整體高度變化和低度可見性，這樣做將需要不合理的努力。這些項目中的任何一個發生重大變化都可能對我們的指導和未來的GAAP結果產生重大影響。某些排除項目，例如無形資產的攤銷和股份報酬費用，通常每季度發生，但其金額歷史上有所變化，未來可能繼續在各個季度間顯著變化。
現場網絡轉播和電話會議
F5將於今天，2024年10月28日下午4:30 Et舉行現場網絡廣播，回顧其財務業績和展望。您可以從F5.com的投資者關係頁面訪問此次現場網絡廣播。如欲通過美國和加拿大的電話參與現場看漲，請撥打+1 (877) 407-0312。如在美國和加拿大以外地區，請撥打+1 (201) 389-0899。請至少提前五分鐘致電。本次網絡廣播重播將存檔在F5網站的投資者關係部分。
前瞻性陳述
本新聞稿包含前瞻性陳述，其中包括 F5 在當今多雲世界中作為安防和軟體領導者的地位，F5 在 idc概念之外的角色，F5 對客戶的價值，公司未來的財務表現，包括營業收入、利潤增長、未來客戶需求，以及公司產品的表現和好處。這些以及其他並非歷史事實的陳述屬前瞻性陳述。這些前瞻性陳述受 1995 年私人證券訴訟改革法創建的安全備援條款所約束。實際結果可能因某些風險因素而與前瞻性陳述中的預測有所不同。這些前瞻性陳述涉及風險和不確定性，以及假設和其他因素，如果它們不能完全實現或證明正確，則可能導致公司的實際結果、表現或成就，或行業結果，與任何未來結果、表現或成就在這些前瞻性陳述中所表達或隱含的形成顯著不同。這些因素包括但不限於:客戶對產品的接受程度;全球供應鏈持續受到干擾，導致無法獲得 F5 產品所需的零部件，或者僅能以極大幅度提高價格的方式獲得，從而影響我們的營收和/或利潤;全球經濟環境和地緣政治環境的不確定性;整體信息技術支出;F5 成功將收購業務產品與 F5 技術相整合的能力;F5 的銷售專業人員和分銷合作夥伴推銷新解決方案和服務的能力;F5 或其競爭對手及時開發、推出和接受額外的新產品和功能的能力;競爭因素，包括但不限於價格壓力、行業整合、新競爭對手進入 F5 市場，以及競爭對手的新產品和營銷舉措;銷售折扣增加;收購的業務影響和潛在不利反應或

Q4 FY24 Earnings Release
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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.

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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,
 20242023
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 $3,561389,024 454,832 
Inventories76,378 35,874 
Other current assets569,467 554,744 
Total current assets2,109,471 1,848,773 
Property and equipment, net150,943 170,422 
Operating lease right-of-use assets178,180 195,471 
Long-term investments8,580 5,068 
Deferred tax assets365,951 295,308 
Goodwill2,312,362 2,288,678 
Other assets, net487,517 444,613 
Total assets$5,613,004 $5,248,333 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$67,894 $63,315 
Accrued liabilities300,076 282,890 
Deferred revenue1,121,683 1,126,576 
Total current liabilities1,489,653 1,472,781 
Deferred tax liabilities7,179 4,637 
Deferred revenue, long-term676,276 648,545 
Operating lease liabilities, long-term215,785 239,565 
Other long-term liabilities94,733 82,573 
Total long-term liabilities993,973 975,320 
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 outstanding5,889 24,399 
Accumulated other comprehensive loss(20,912)(23,221)
Retained earnings3,144,401 2,799,054 
Total shareholders’ equity3,129,378 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 EndedYears Ended
September 30,September 30,
 2024202320242023
Net revenues
Products$358,285 $325,324 $1,272,795 $1,334,638 
Services388,389 381,650 1,543,325 1,478,531 
Total746,674 706,974 2,816,120 2,813,169 
Cost of net revenues (1)(2)(3)(4)
Products87,403 88,602 336,237 375,192 
Services56,317 52,362 221,410 218,116 
Total143,720 140,964 557,647 593,308 
Gross profit602,954 566,010 2,258,473 2,219,861 
Operating expenses (1)(2)(3)(4)
Sales and marketing217,002 204,832 832,279 878,215 
Research and development123,951 127,834 490,120 540,285 
General and administrative70,976 61,603 268,828 263,405 
Restructuring charges— — 8,655 65,388 
Total411,929 394,269 1,599,882 1,747,293 
Income from operations191,025 171,741 658,591 472,568 
Other income, net12,489 3,085 36,874 13,420 
Income before income taxes203,514 174,826 695,465 485,988 
Provision for income taxes38,218 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 — basic58,384 59,245 58,720 59,909 
Net income per share — diluted$2.80 $2.55 $9.55 $6.55 
Weighted average shares — diluted59,056 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 expense53,759 53,265 219,108 236,650 
Amortization and impairment of purchased intangible assets10,144 14,304 51,331 53,434 
Facility-exit costs1,439 1,560 3,509 6,626 
Acquisition-related charges505 (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, and 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, and restructuring charges, net of tax effects (non-GAAP) - diluted$3.67 $3.50 $13.37 $11.70 
Weighted average shares - diluted59,056 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 marketing20,720 21,307 84,520 96,478 
Research and development13,981 15,888 60,264 69,416 
General and administrative11,969 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 marketing717 2,788 6,749 10,239 
Research and development93 63 375 63 
General and administrative51 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 marketing451 505 1,442 2,135 
Research and development515 545 478 2,265 
General and administrative332 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 development500 (1,296)1,328 4,035 
General and administrative5 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,
 20242023
Operating activities
Net income$566,778 $394,948 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation219,108 236,650 
Depreciation and amortization106,991 112,702 
Non-cash operating lease costs33,041 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 receivable63,953 16,704 
Inventories(40,504)32,491 
Other current assets(14,038)(64,959)
Other assets(91,964)16,591 
Accounts payable and accrued liabilities40,368 (63,100)
Deferred revenue22,838 81,741 
Lease liabilities(44,667)(45,193)
Net cash provided by operating activities792,419 653,409 
Investing activities
Purchases of investments(2,100)(1,789)
Maturities of investments6,237 111,330 
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(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 cash276,203 36,503 
Effect of exchange rate changes on cash, cash equivalents and restricted cash1,302 2,125 
Cash, cash equivalents and restricted cash, beginning of period800,835 762,207 
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 liabilities53,346 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