F5 (FFIV) FY2022 results: revenue $2.7 billion, up 3.6% on the year

F5, Inc. (FFIV) reported revenue of $2.7 billion for fiscal 2022, the year ended 30 September 2022, up 3.6% on the year before. Net income was $322 million, down 2.7%, and diluted earnings per share $5.27. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2022.

Revenue

$2.7 billion

+3.6% on the year

FY2015FY2022

Operating margin

15.0%

15.1% a year earlier

FY2015FY2022

Net income

$322 million

-2.7% on the year

FY2015FY2022

Diluted EPS

$5.27

-1.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,696	2,603	2,351	+3.6%
Cost of revenue	540	493	408	+9.4%
Gross profit	2,156	2,110	1,943	+2.2%
Gross margin	80.0%	81.1%	82.6%
Research and development	543	513	441	+6.0%
Operating income	404	394	392	+2.5%
Operating margin	15.0%	15.1%	16.7%
Pre-tax income	385	387	396	-0.4%
Income tax	63.2	55.7	89.0	+13.5%
Effective tax rate	16.4%	14.4%	22.4%
Net income	322	331	307	-2.7%
Net margin	12.0%	12.7%	13.1%
Diluted EPS	$5.27	$5.34	$5.01	-1.3%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	443	645	661	-31.4%
Capital expenditure	33.6	30.7	59.9	+9.7%
Free cash flow	409	615	601	-33.4%
Free cash flow margin	15.2%	23.6%	25.6%
Cash from investing	218	-445	-747
Cash from financing	-477	-468	337
Depreciation and amortisation	116	115	95.9	+0.2%
Share-based compensation	249	243	202	+2.4%
Buybacks	500	500	100	+0.0%
Diluted shares, weighted	61m	62m	61m	-1.5%
Shares outstanding at period end	60m	61m	61m	-1.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,469	2,360	2,232	+4.6%
Debt	350	369	388	-5.2%
Operating lease liabilities	272	297	339	-8.3%
Other liabilities	2,185	1,971	1,719	+10.9%
Total liabilities and equity	5,276	4,997	4,678	+5.6%
Fixed assets	168	191	229	-12.0%
Goodwill	2,259	2,217	1,859	+1.9%
Intangible assets	200	237	226	-15.6%
Investments	136	462	463	-70.6%
Cash and equivalents	758	581	850	+30.5%
Receivables	470	341	296	+38.0%
Inventory	68.4	22.1	27.9	+210.0%
Other assets	1,216	946	727	+28.5%
Total assets	5,276	4,997	4,678	+5.6%

10-K for the year ended 30 September 2022, filed 15 November 2022: the filing.