2017 Q2 Form 10-Q Financial Statement

#000104869517000022 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $517.8M $496.5M
YoY Change 4.29% 2.68%
Cost Of Revenue $89.77M $84.34M
YoY Change 6.43% -1.54%
Gross Profit $428.1M $412.2M
YoY Change 3.85% 3.58%
Gross Profit Margin 82.66% 83.01%
Selling, General & Admin $200.3M $190.8M
YoY Change 4.99% 4.0%
% of Gross Profit 46.8% 46.29%
Research & Development $88.60M $83.04M
YoY Change 6.7% 11.71%
% of Gross Profit 20.7% 20.15%
Depreciation & Amortization $15.30M $14.50M
YoY Change 5.52% 12.4%
% of Gross Profit 3.57% 3.52%
Operating Expenses $288.9M $273.3M
YoY Change 5.71% 6.02%
Operating Profit $139.1M $138.9M
YoY Change 0.2% -0.9%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.589M $978.0K
YoY Change 164.72% 35.83%
Pretax Income $141.7M $139.8M
YoY Change 1.35% -0.72%
Income Tax $44.07M $48.05M
% Of Pretax Income 31.09% 34.36%
Net Earnings $97.66M $91.79M
YoY Change 6.4% -1.48%
Net Earnings / Revenue 18.86% 18.49%
Basic Earnings Per Share $1.53 $1.37
Diluted Earnings Per Share $1.52 $1.37
COMMON SHARES
Basic Shares Outstanding 63.94M shares 66.85M shares
Diluted Shares Outstanding 64.36M shares 67.24M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.014B $810.7M
YoY Change 25.1% 1.63%
Cash & Equivalents $690.9M $429.6M
Short-Term Investments $323.3M $381.1M
Other Short-Term Assets $51.51M $50.74M
YoY Change 1.52% 1.05%
Inventory $31.05M $33.81M
Prepaid Expenses
Receivables $295.1M $263.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.446B $1.208B
YoY Change 19.7% 1.89%
LONG-TERM ASSETS
Property, Plant & Equipment $125.1M $115.1M
YoY Change 8.69% 37.87%
Goodwill $556.0M $556.0M
YoY Change 0.0% -0.18%
Intangibles
YoY Change
Long-Term Investments $234.6M $313.5M
YoY Change -25.17% -13.33%
Other Assets $54.93M $60.53M
YoY Change -9.25% -14.93%
Total Long-Term Assets $972.7M $1.046B
YoY Change -6.99% -2.88%
TOTAL ASSETS
Total Short-Term Assets $1.446B $1.208B
Total Long-Term Assets $972.7M $1.046B
Total Assets $2.419B $2.254B
YoY Change 7.31% -0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.54M $37.45M
YoY Change 18.94% -23.55%
Accrued Expenses $178.7M $135.1M
YoY Change 32.26% 17.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $909.3M $799.4M
YoY Change 13.75% 11.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $41.29M $30.76M
YoY Change 34.24% 18.7%
Total Long-Term Liabilities $304.6M $267.3M
YoY Change 13.96% 22.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $909.3M $799.4M
Total Long-Term Liabilities $304.6M $267.3M
Total Liabilities $1.214B $1.067B
YoY Change 13.8% 14.06%
SHAREHOLDERS EQUITY
Retained Earnings $1.203B $1.190B
YoY Change 1.02% -10.8%
Common Stock $17.53M $9.996M
YoY Change 75.39% 66.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.205B $1.187B
YoY Change
Total Liabilities & Shareholders Equity $2.419B $2.254B
YoY Change 7.31% -0.38%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $97.66M $91.79M
YoY Change 6.4% -1.48%
Depreciation, Depletion And Amortization $15.30M $14.50M
YoY Change 5.52% 12.4%
Cash From Operating Activities $162.5M $170.5M
YoY Change -4.69% -1.16%
INVESTING ACTIVITIES
Capital Expenditures -$7.500M -$16.20M
YoY Change -53.7% -23.58%
Acquisitions
YoY Change
Other Investing Activities $200.0K $500.0K
YoY Change -60.0% -99.7%
Cash From Investing Activities -$7.300M -$15.50M
YoY Change -52.9% -110.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.7M -123.6M
YoY Change -2.35% -0.16%
NET CHANGE
Cash From Operating Activities 162.5M 170.5M
Cash From Investing Activities -7.300M -15.50M
Cash From Financing Activities -120.7M -123.6M
Net Change In Cash 34.50M 31.40M
YoY Change 9.87% -83.81%
FREE CASH FLOW
Cash From Operating Activities $162.5M $170.5M
Capital Expenditures -$7.500M -$16.20M
Free Cash Flow $170.0M $186.7M
YoY Change -8.94% -3.61%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">F5 Networks, Inc. (the &#8220;Company&#8221;) is the leading developer and provider of software-defined application services. The Company&#8217;s core technology is a full-proxy, programmable, highly-scalable software platform called TMOS, which supports a broad array of features and functions designed to ensure that applications delivered over Internet Protocol (IP) networks are secure, fast and available. The Company&#8217;s TMOS-based offerings include software products for local and global traffic management, network and application security, access management, web acceleration and a number of other network and application services. These products are available as modules that can run individually or as part of an integrated solution on the Company&#8217;s high-performance, scalable, purpose-built BIG-IP appliances and VIPRION chassis-based hardware, or as software-only Virtual Editions. The Company also offers distributed denial-of-service </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(</font><font style="font-family:inherit;font-size:10pt;">DDoS) protection, application security and other application services by subscription on its cloud-based Silverline platform. In connection with its products, the Company offers a broad range of support services including consulting, training, installation and maintenance.</font></div></div>

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