F5, Inc. Q1 FY2024 results: revenue $693 million, down 1.1% on the year

F5, Inc. (FFIV) reported revenue of $693 million for Q1 FY2024, the quarter ended 31 December 2023, down 1.1% on the same quarter a year earlier. Net income was $138 million, up 91.1% on the year, and diluted earnings per share $2.32. The figures are the company's own, from the 10-Q it filed with the SEC on 5 February 2024.

Revenue$693 milliondown 1.1%

Net income$138 millionup 91.1%

Diluted EPS$2.32

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	693	707	n/a	n/a
Cost of revenue	136	141	n/a	n/a
Gross profit	556	566	n/a	n/a
Gross margin	80.3%	80.1%	n/a
Research and development	120	128	n/a	n/a
Operating income	165	172	n/a	n/a
Operating margin	23.8%	24.3%	n/a
Pre-tax income	174	175	n/a	n/a
Income tax	36.0	22.7	n/a	n/a
Effective tax rate	20.7%	13.0%	n/a
Net income	138	152	n/a	n/a
Net margin	20.0%	21.5%	n/a
Diluted EPS	$2.32	$2.53	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	165	190	n/a	n/a
Capital expenditure	9.0	15.4	n/a	n/a
Free cash flow	156	174	n/a	n/a
Free cash flow margin	22.6%	24.7%	n/a
Depreciation and amortisation	29.3	29.5	n/a	n/a
Share-based compensation	56.0	53.3	n/a	n/a
Buybacks	150	60.0	n/a	n/a
Diluted shares, weighted	60m	60m	n/a	n/a
Shares outstanding at period end	59m	59m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	5,349	5,248	n/a	n/a
Cash and equivalents	823	797	n/a	n/a
Receivables	513	455	n/a	n/a
Inventory	35.8	35.9	n/a	n/a
Goodwill	2,289	2,289	n/a	n/a
Operating lease liabilities	235	240	n/a	n/a
Shareholders' equity	2,861	2,800	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	707	693	681	695	747	766	731	780	810	822	812	865
Cost of revenue	141	136	141	136	144	141	141	149	144	152	151	154
Gross profit	566	556	540	559	603	626	590	632	666	671	661	712
Gross margin	80%	80%	79%	80%	81%	82%	81%	81%	82%	82%	81%	82%
R&D	128	120	122	124	124	131	137	136	136	141	151	165
Operating income	172	165	140	163	191	205	159	196	206	214	179	213
Operating margin	24%	24%	21%	23%	26%	27%	22%	25%	25%	26%	22%	25%
Pre-tax income	175	174	146	172	204	209	171	213	215	223	189	226
Tax rate	13%	21%	18%	16%	19%	20%	15%	11%	11%	19%	22%	8%
Net income	152	138	119	144	165	166	146	190	190	180	148	208
Net margin	22%	20%	17%	21%	22%	22%	20%	24%	24%	22%	18%	24%
Diluted EPS	$2.53	$2.32	$2.00	$2.44	$2.79	$2.82	$2.48	$3.25	$3.25	$3.10	$2.58	$3.62
Operating cash flow	190	165	222	159	247	203	257	282	208	159	366	316
Capital expenditure	15.4	9.0	9.5	5.8	6.1	8.1	10.5	8.5	16.1	9.7	18.3	35.6
Free cash flow	174	156	212	153	240	195	246	274	192	149	348	281
Buybacks	60.0	150	100	150	101	n/a	n/a	125	n/a	n/a	n/a	100
Shares outstanding	59m	59m	59m	58m	58m	58m	58m	58m	58m	57m	57m	57m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 5 February 2024, accession 0001048695-24-000012: the filing on EDGAR. All of F5, Inc.'s filings: EDGAR company page.

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