EX-99.1 2 ex991-q424earningsreleasef.htm EX-99.1 Document
Q4 FY24财报发布
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联系方式
投资者
Suzanne DuLong
+1 (206) 272-7049
s.dulong@f5.com
媒体
Rob Gruening
+1 (206) 272-6208
r.gruening@f5.com



F5公司报告2024财年第四季度和全年业绩强劲。
软件营业收入增长和2024财年EPS增长两位数；指导在2025财年加速营收；董事会授权额外10亿用于股票回购

华盛顿州西雅图 - 2024年10月28日 - F5公司（纳斯达克：FFIV）今天宣布其截至2024年9月30日的第四季度和财政年度的财务业绩。
“我们第四季度的营业收入为$74700万美元，同比增长6％，其中包括软件收入比2023财年第四季度增长19％，”F5总裁兼首席执行官弗朗索瓦·洛科-多努说。“在2024财年，尽管年初宏观背景具有挑战性，我们实现了处于指导范围的高端收入，超过了我们对软件增长的预期，并保持了严格的运营纪律，年度收益每股增长了两位数。”
“我们的业务成果反映了我们的产品组合和创新实力，运营模式的强大以及业务的韧性，” Locoh-Donou继续说道。“在相对较短的时间内，我们已将F5从一个以硬件为中心、单一产品的公司，彻底转变为当今混合多云世界中的安防和软件领导者。我们的转型重新定义了F5在数据中心以外的作用，增加了我们对客户的价值，为我们带来了多样化的营业收入，并扩大了我们的总地址市场。”
第四季度业绩总结
2024财年第四季度的营业收入为$74700万，而2023财年第四季度为$70700万。软件营业收入为$22800万，比去年同期增长19%。系统营业收入为$13000万，比去年同期下降3%。全球货币服务的营业收入为$38800万，比去年同期增长2%。
2024财年第四季度依照GAAP标准计算的毛利润为60300万美元，对应的毛利率为80.8%。相比之下，去年同期GAAP毛利润为56600万美元，毛利率为80.1%。2024财年第四季度依照非GAAP标准计算的毛利润为61900万美元，对应的毛利率为83.0%。相比之下，去年同期非GAAP毛利润为58500万美元，毛利率为82.7%。
第四季度的美国通用会计准则营业利润为19100万美元，表示美国通用会计准则营业利润率为25.6%。相比之下，去年同期的美国通用会计准则营业利润为17200万美元，表示美国通用会计准则营业利润率为24.3%。非美国通用会计准则营业利润为25700万美元，表示非美国通用会计准则营业利润率为34.4%。相比之下，去年同期的非美国通用会计准则营业利润为24000万美元，表示非美国通用会计准则营业利润率为33.9%。
2024财年第四季度的GAAP净利润为16500万美元，每股稀释后盈利为2.80美元，而2023财年第四季度的对比数字为15200万美元，每股稀释后盈利为2.55美元。非GAAP净利润为

Q4 FY24财报发布
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2024财年第四季度为21700万美元，每股摊薄收益为3.67美元，相比于2023财年第四季度的20900万美元，每股摊薄收益为3.50美元。
2024财年绩效摘要
2024财年营业收入总额达到28.2亿美元，较2023财年的28.1亿美元有所增长。软件营业收入为73500万美元，较去年同期增长11%。系统营业收入为53700万美元，较去年同期下降20%。全球货币服务营业收入为15.4亿美元，较去年同期增长4%。
2024财年的毛利润按照GAAP标准为22.6亿美元，对应着80.2%的GAAP毛利率。与去年同期的22.2亿美元的GAAP毛利相比，其GAAP毛利率为78.9%。2024财年的非GAAP毛利润为23.3亿美元，对应着82.8%的非GAAP毛利率。与去年同期的22.9亿美元的非GAAP毛利相比，其非GAAP毛利率为81.5%。
2024财年的营业利润为65900万美元，表示营业利润率为23.4%。这与去年同期的营业利润47300万美元相比，其营业利润率为16.8%。期间的非GAAP营业利润为94600万美元，表示非GAAP营业利润率为33.6%。这相比去年同期的非GAAP营业利润85000万美元，其非GAAP营业利润率为30.2%。
2024财年按照通用会计准则计算的净利润为56700万美元，每股稀释收益为9.55美元，而2023财年为39500万美元，每股稀释收益为6.55美元。2024财年按照非通用会计准则计算的净利润为79400万美元，每股稀释收益为13.37美元，而2023财年为70500万美元，每股稀释收益为11.70美元。
绩效总结表
GAAP措施
（以百万美元为单位，EPS 为除外）2024财年第四季2023财年第四季2024财年FY2023
营业收入$747$707$2,816$2,813
毛利润$603$566$2,258$2,220
毛利率80.8%80.1%80.2%78.9%
营业利润$191$172$659$473
营业利润率25.6%24.3%23.4%16.8%
净收入$165$152$567$395
每股收益$2.80$2.55$9.55$6.55
非GAAP措施
（以百万美元为单位，EPS 为除外）2024财年第四季度2023财年第四季度2024财年FY2023
毛利润$619$585$2,332$2,293
毛利率83.0%82.7%82.8%81.5%
营业利润$257$240$946$850
营业利润率34.4%33.9%33.6%30.2%
净收入$217$209$794$705
每股收益$3.67$3.50$13.37$11.70
附上的合并利润表中包含了从GAAP到非GAAP措施的调和。关于非GAAP财务信息的更多信息已列入本公告。

Q4 FY24财报发布
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业务展望
对于2025财政年度，F5预计总营业收入增长4%至5%，非普通会计准则每股收益增长5%至7%，相较于2024财政年度。在税收中立的基础上，F5 2025财政年度非GAAP每股收益指引中点反映了同比增长10%。
对于2025财年第一季度，F5预计营业收入将在70500万美元至72500万美元的区间内，非GAAP每股摊薄收益范围为3.29至3.41美元。
授权回购金额达10亿美元
F5还宣布，其董事会已授权额外的10亿美元用于普通股回购计划。这一新授权是现有计划剩余的42200万美元的增量。

所有前瞻性的非GAAP措施都不包括公司业务展望的无形资产摊销、股份报酬费用、税务立法和税收法规司法或行政解释的重大影响（包括所得税改革的影响）、非经常性所得税调整、递延税资产的计提准备、非GAAP排除项目的所得税影响，并且不包括任何未来收购或剥离、收购相关费用和减记、重组费用、设施退出成本或可能发生在期间的其他一次性费用的影响。F5无法提供非GAAP盈利指导措施与相应的美国通用会计准则或GAAP措施的前瞻性对照表，因为由于已排除的大多数事项的整体高度变化和低度可见性，这样做将需要不合理的努力。这些项目中的任何一个发生重大变化都可能对我们的指导和未来的GAAP结果产生重大影响。某些排除项目，例如无形资产的摊销和股份报酬费用，通常每季度发生，但其金额历史上有所变化，未来可能继续在各个季度间显著变化。
现场网络转播和电话会议
F5将于今天，2024年10月28日下午4:30 Et举行现场网络广播，回顾其财务业绩和展望。您可以从F5.com的投资者关系页面访问此次现场网络广播。如欲通过美国和加拿大的电话参与现场看涨，请拨打+1 (877) 407-0312。如在美国和加拿大以外地区，请拨打+1 (201) 389-0899。请至少提前五分钟致电。本次网络广播重播将存档在F5网站的投资者关系部分。
前瞻性陈述
本新闻稿包含前瞻性陈述，其中包括 F5 在当今多云世界中作为安防和软体领导者的地位，F5 在 idc概念之外的角色，F5 对客户的价值，公司未来的财务表现，包括营业收入、利润增长、未来客户需求，以及公司产品的表现和好处。这些以及其他并非历史事实的陈述属前瞻性陈述。这些前瞻性陈述受 1995 年私人证券诉讼改革法创建的安全备援条款所约束。实际结果可能因某些风险因素而与前瞻性陈述中的预测有所不同。这些前瞻性陈述涉及风险和不确定性，以及假设和其他因素，如果它们不能完全实现或证明正确，则可能导致公司的实际结果、表现或成就，或行业结果，与任何未来结果、表现或成就在这些前瞻性陈述中所表达或隐含的形成显著不同。这些因素包括但不限于:客户对产品的接受程度;全球供应链持续受到干扰，导致无法获得 F5 产品所需的零部件，或者仅能以极大幅度提高价格的方式获得，从而影响我们的营收和/或利润;全球经济环境和地缘政治环境的不确定性;整体信息技术支出;F5 成功将收购业务产品与 F5 技术相整合的能力;F5 的销售专业人员和分销合作伙伴推销新解决方案和服务的能力;F5 或其竞争对手及时开发、推出和接受额外的新产品和功能的能力;竞争因素，包括但不限于价格压力、行业整合、新竞争对手进入 F5 市场，以及竞争对手的新产品和营销举措;销售折扣增加;收购的业务影响和潜在不利反应或

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.

Q4 FY24 Earnings Release
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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