F5 (FFIV) FY2020 results: revenue $2.4 billion, up 4.8% on the year
F5, Inc. (FFIV) reported revenue of $2.4 billion for fiscal 2020, the year ended 30 September 2020, up 4.8% on the year before. Net income was $307 million, down 28.1%, and diluted earnings per share $5.01. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2020.
Revenue
$2.4 billion
+4.8% on the year
FY2013FY2020
Operating margin
16.7%
23.1% a year earlier
FY2013FY2020
Net income
$307 million
-28.1% on the year
FY2013FY2020
Diluted EPS
$5.01
-29.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,351
2,242
2,161
+4.8%
Cost of revenue
408
357
361
+14.4%
Gross profit
1,943
1,886
1,800
+3.0%
Gross margin
82.6%
84.1%
83.3%
Research and development
441
408
366
+8.2%
Operating income
392
518
591
-24.3%
Operating margin
16.7%
23.1%
27.3%
Pre-tax income
396
541
604
-26.7%
Income tax
89.0
113
150
-21.5%
Effective tax rate
22.4%
21.0%
24.9%
Net income
307
428
454
-28.1%
Net margin
13.1%
19.1%
21.0%
Diluted EPS
$5.01
$7.08
$7.32
-29.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
661
748
761
-11.6%
Capital expenditure
59.9
104
53.5
-42.1%
Free cash flow
601
644
708
-6.7%
Free cash flow margin
25.6%
28.7%
32.7%
Cash from investing
-747
-415
-456
Cash from financing
337
-155
-551
Depreciation and amortisation
95.9
68.5
59.5
+39.9%
Share-based compensation
202
163
158
+24.0%
Buybacks
100
201
600
-50.3%
Diluted shares, weighted
61m
60m
62m
+1.5%
Shares outstanding at period end
61m
60m
60m
+1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,232
1,761
1,285
+26.7%
Debt
388
0.0
0.0
Operating lease liabilities
339
0.0
n/a
Other liabilities
1,719
1,629
1,320
+5.5%
Total liabilities and equity
4,678
3,390
2,605
+38.0%
Fixed assets
229
223
145
+2.6%
Goodwill
1,859
1,065
556
+74.5%
Intangible assets
226
109
31.3
+107.4%
Investments
463
731
1,026
-36.7%
Cash and equivalents
850
599
425
+41.8%
Receivables
296
322
295
-8.0%
Inventory
27.9
34.4
30.6
-18.9%
Other assets
727
305
96.7
+138.0%
Total assets
4,678
3,390
2,605
+38.0%
10-K for the year ended 30 September 2020, filed 19 November 2020: the filing.