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1、Q2FY25 ResultsQ2FY25 ResultsPERIOD ENDING March 31,2025Published April 28,20252025 F52ForwardForward-looking statementslooking statementsThis presentation contains forward-looking statements including,among other things,F5s ability to alleviate the high costs,crushing complexity,and escalating cyber

2、 risks IT teams face in an AI-driven hybrid multicloud world,the capabilities of the recently introduced F5 Application Delivery and Security Platform,F5s ability to enable consistent policies,full visibility,and AI-driven insights all from a single platform that is flexible to deploy,F5s ability to

3、 provide new capabilities that give CISOs the visibility,compliance,and protection they need to deliver and secure any app,any API,anywhere,the Companys future financial performance including revenue growth,earnings growth,future customer demand,and the performance and benefits of the Companys produ

4、cts.These,and other statements that are not historical facts,are forward-looking statements.These forward-looking statements are subjectto the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995.Actual results could differ materially from those projected in the for

5、ward-looking statements as a result of certain risk factors.Such forward-looking statements involve risks and uncertainties,as well as assumptions and other factors that,if they do not fully materialize or prove correct,couldcause the actual results,performance or achievements of the Company,or indu

6、stry results,to be materially different from any future results,performance or achievements expressed or implied by such forward-looking statements.Such factors include,but are not limited to:customer acceptance of offerings;disruptions to the global supply chain resulting in inability to source req

7、uired parts for F5s products or the ability to only do so at greatly increased prices thereby impacting our revenues and/or margins;global economic conditions and uncertainties in the geopolitical environment;overall information technology spending;F5s ability to successfully integrate acquired busi

8、nesses products with F5 technologies;the ability of F5s sales professionals and distribution partners to sell new solutions and service offerings;the timely development,introduction and acceptance of additional new products and features by F5 or its competitors;competitive factors,including but not

9、limited to pricing pressures,industry consolidation,entry of new competitors into F5s markets,and new product and marketing initiatives by our competitors;increased sales discounts;the business impact of the acquisitions and potential adverse reactions or changes to business or employee relationship

10、s,including those resulting from the announcement ofcompletion 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 ot

11、her matters,and governmental investigations;potential security flaws in the Companys networks,products or services;cybersecurity attacks on its networks,products or services;natural catastrophic events;a pandemic or epidemic;F5s ability to sustain,develop and effectively utilize distribution relatio

12、nships;F5s ability to attract,train and retain qualified product development,marketing,sales,professional services and customer support personnel;F5s ability to expand in international markets;the unpredictability of F5s sales cycle;the ability of F5 to execute on its share repurchase program includ

13、ing the timing of any repurchases;future prices of F5s 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 Form8-K an

14、d 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 F5s most recent report

15、s 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 reviseor update these forward-looki

16、ng statements.2025 F53In addition to financial information prepared in accordance with U.S.GAAP,this presentation also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comp

17、arisons between periods and with respect to projected information.These adjusted financial measures are non-GAAP and should be considered in addition to,but not as a substitute for,the information prepared in accordance with U.S.GAAP.We typically exclude certain GAAP items that management does not b

18、elieve affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items.Other companies may define these measures in different ways.Further information relevant to the interpretation of adjusted financial measures,and reconciliations of these adjusted financial

19、measures for historical data to the most comparable GAAP measures,may be found on F5s website at in the“Investor Relations”section.A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis due to the high variability and low visibility

20、with respect to the charges which are excluded from thesenon-GAAP measures.For additional information,please see the appendix of this presentation.GAAP to nonGAAP to non-GAAP presentationGAAP presentation2025 F54Todays speakersTodays speakersFranois Franois LocohLocoh-DonouDonouCEO,PresidentIntro&Bu

21、siness OverviewCooper WernerCooper WernerChief Financial Officer,EVPQ2FY25 Results&Business Outlook2025 F55Business OverviewBusiness OverviewFranois Locoh-Donou,President&CEO2025 F56GAAP&nonGAAP&non-GAAP resultsGAAP resultsQ2FY25 Q2FY25 Q2FY24Q2FY24RevenueRevenue$731M$731M$681M$681MGross profit$590M

22、$540MGross margin80.7%79.3%Income from operations$159M$140MOperating margin21.7%20.5%Net income$146M$119MEPSEPS$2.48$2.48$2.00$2.00Q2FY25 Q2FY25 Q2FY24Q2FY24Revenue$731M$681MGross profit$607M$559MGross margin83.1%82.1%Income from operations$233M$210MOperating margin31.9%30.9%Net income$201M$173MEPS$

23、3.42$2.91GAAP resultsNon-GAAP resultsSee appendix for GAAP to non-GAAP reconciliation2025 F57Q2FY25 performance highlightsQ2FY25 performance highlights7%Total revenue growth Y/Y27%Systems revenue growth Y/Y12%Product revenue growth Y/Y18%Non-GAAP EPS growth Y/YSee appendix for GAAP to non-GAAP recon

24、ciliation2025 F58$740 to$760MQ3FY25 total revenue6.5%to 7.5%Total revenue growth Y/Y(from 6%to 7%previously)8%Growth Y/Y at midpoint8%to 10%Non-GAAP EPS growth Y/Y(from 6.5%to 8.5%previously)Q3FY25 OutlookQ3FY25 OutlookFY25 OutlookFY25 OutlookWe are providing Q3FY25 guidance and raising our FY25 rev

25、enue We are providing Q3FY25 guidance and raising our FY25 revenue and EPS outlookand EPS outlook2025 F59Crushing complexityEscalating cyber risksHigh costsSaaSColocationData CentersTraditional&Private CloudEdgeAWSGoogleCloudAzureAt At AppWorldAppWorld,we showcased innovation addressing,we showcased

26、 innovation addressing our customers Ball of Fire challengesour customers Ball of Fire challenges2025 F510EndpointsEndpoints(EPP)Network accessNetwork access(SASE)Cloud workloadsCloud workloads(CNAPP)Until nowUntil nowA platform for application delivery and security doesnt existA platform for applic

27、ation delivery and security doesnt exist2025 F511The F5 Application The F5 Application Delivery and Security Delivery and Security Platform uniquely address Platform uniquely address the Ball of Firethe Ball of Fire2025 F512Comprehensive delivery and security for every app and APISeamless deployment

28、 across any environment and form factorUnified management with a single,consistent policy frameworkDeep analytics and actionable insightsProgrammable data planes for maximum flexibilityEnd-to-end lifecycle automation1 14 42 25 53 36 62025 F513At AppWorld,we unveiled a suite of groundbreaking innovat

29、ionsADC for AIADC for AIInnovations that make it easier for customers to harness the power of F5.Innovations to enable AI-driven applications,particularly inference workloads and model interactions.AI for ADCAI for ADC2025 F514AI for ADC innovations AI for ADC innovations iRuleiRule Code GeneratorCo

30、de GeneratorEnables customers to leverage F5s unmatched programmable capabilities with greater ease and sophisticationAI Assistant FunctionalityAI Assistant FunctionalityContextual,intelligent guidance that reduces time to resolution,improves operational efficiency,enhances visibilityApplication Stu

31、dy ToolApplication Study ToolEnables customers to monitor and optimize performance with unprecedented clarity and precisionAvailable later this yearDeveloped by F5 AI Center of ExcellenceAnalyzes existing iRules and configurations to summarize their purpose,components,and structureGenerates new iRul

32、es based on business or application requirementsOptimizes existing iRules to boost performance,reduce resource usage,and accelerate delivery+50%of F5 Distributed Cloud Services customers are leveraging AI Assistant todayAI Assistant for NGINX One launched at AppWorldAI Assistant for BIG-IP coming la

33、ter this yearAvailable nowUnmatched visibility into app and API behaviorDeep insights into feature usage,app types,quality of service and system utilizationThis tool has given us insights we never thought possible.Its like turning on the lights in a room weve been navigating in the dark.2025 F515ADC

34、 for AI innovationsADC for AI innovationsF5 AI GatewayF5 AI GatewayPurpose built to secure and manage the new frontier of enterprise AINative Support for Model Context Native Support for Model Context Protocol(MCP)Protocol(MCP)Generally available in Q2FY25 Inspects prompts and responses to prevent d

35、ata leakage,enforce policies,reduce risk of unpredictable model behaviorStrong early interest with customers who need to scale AI adoption without compromising trust or complianceMCP is a foundational standard that enables agents and models to share memory,context and objectives across interactions,

36、powering persistent multi-turn reasoning and coordinationBy bringing MCP support to BIG-IP,we are enabling our customers to route,observe,and enforce policy across agentic workflows turning BIG-IP into a trusted control plane for AI agents operating at scaleCOMING SOONF5 is building the infrastructu

37、re foundation to support the next era of intelligent computing2025 F516F5s early AI opportunities are concentrated on three F5s early AI opportunities are concentrated on three areas of high performance data delivery and securityareas of high performance data delivery and securityAI AI appapp&model

38、security&model securityData delivery for AI modelsData delivery for AI modelsAI factory load balancingAI factory load balancingAI Model Training:AI Model Training:F5 BIG-IP moving incredible amounts of data at high speed to and from data stores,providing greater efficiency for trainingAI application

39、s:AI applications:F5 provides web app and API protection for all AI-powered appsWithin AI factories:Within AI factories:F5 is partnering with Nvidia to provide improved performance,multi-tenancy,and observabilityAI Inference:AI Inference:F5 BIG-IP deployed in front of data stores to scale to handle

40、vast and increasing amounts of queries related to RAGAcross AI factories:Across AI factories:F5 BIG-IP improving efficiency and performance of data going to/from GPU clustersAI models:AI models:F5 protects sensitive data and secures AI model inferencing2025 F517F5s early AI opportunities are concent

41、rated on three F5s early AI opportunities are concentrated on three areas of high performance data delivery and securityareas of high performance data delivery and securityService provider Customer aims to establish central governance controls and robust security guardrails within their AI infrastru

42、cture F5 protects their ChatGPT interface from prompt injections and abuse F5 enables cost effecting scaling for multilingual customer support and government regulation complianceRetailer F5 BIG-IP enabling responsive,real-time AI-powered consumer voice interactions at scale Ensuring fast,accurate,a

43、nd low-latency performance by optimizing traffic and load balancing across the customers GPUs Delivering robust security to protect consumer data and scalability to handle growing AI workloadsAI AAI Apppp&Model&Model S SecurityecurityAI Factory Load BalancingAI Factory Load Balancing2025 F518Custome

44、rs rely on F5 for their“Ball of Fire”challenges Customers rely on F5 for their“Ball of Fire”challenges F5 has the industrys most effective and comprehensive app and API security platform in the industry F5 streamlines operations with consistent policies,comprehensive automation,and rich analyticsF5s

45、 hybrid multicloud strategy enables consolidation on a single vendor for app security and deliveryApp&API SecurityApp&API SecurityConsolidationConsolidationStandardization Standardization&Automation&Automation2025 F519Customers rely on F5 for their“Ball of Fire”challenges Customers rely on F5 for th

46、eir“Ball of Fire”challenges App&API SecurityF5 has the industrys most comprehensive app and API security platform ConsolidationF5 enables consolidation on a single vendor for application security and deliveryInsuranceHealth insurer Customer initially pursued a cloud-native strategy Selected F5 to co

47、nsolidate and unify security posture across its hybrid on-premises and cloud environments F5 delivered greater operational efficiency and enhanced observabilityF5 delivers solutions that extend from on-premises,across public clouds,to the edge F5 simplifies connecting disparate infrastructure enviro

48、nments and the apps deployed in and across themIntegrated and comprehensive suite of best-in-class app&API security capabilitiesF5 enables customers to consolidate multiple point products onto a single,integrated platform Customer required modern,flexible,scalable API security solution to support th

49、eir rapidly growing API landscape F5 also ensures high availability between primary and secondary data centers Deployed F5 in combination of systems and SaaS 2025 F520Customers rely on F5 for their“Ball of Fire”challenges Customers rely on F5 for their“Ball of Fire”challenges Standardization&Automat

50、ionF5 streamlines operations with consistent policies,comprehensive automation,and rich analytics F5 enables customers to simplify operational management across all environments Financial institution Customer modernizing its network required scalability with enhanced security F5 automating using inf

51、rastructure as code,removing manual processes and lifecycle risk Leveraging F5 to support multi-cloud strategies2025 F521F5s differentiated hybrid multicloud approach continues to drive competitive displacement momentum Customers rely on F5 for their“Ball of Fire”challenges Customers rely on F5 for

52、their“Ball of Fire”challenges Insurance F5s superior ADC capabilities and exceptional responsiveness capitalized on growing concerns about the incumbent provider Supporting the customers internal application and delivery solutionService provider Underscoring F5s value as a strategic provider,F5 repl

53、aced incumbent DDoS provider F5 selected for its robust DDoS capabilities F5s ability to consolidate multiple functionalities enabling the customer to streamline vendor management2025 F522Q2FY25 ResultsQ2FY25 ResultsCooper Werner,CFO&EVP2025 F523Revenue mix and yearRevenue mix and year-overover-year

54、 changeyear change$381$387$388$398$394$142$130$130$160$179$159$179$228$209$158$0$100$200$300$400$500$600$700$800Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Global ServicesSystemsSoftware$681$681Revenue mixRevenue mixYear/Year changeYear/Year changeRevenue$in millionsRevenue$in millionsTotals may not add due to ro

55、unding.$695$695$747$7470%Software27%Systems3%Global services$766$766$731$7317%Total revenue2025 F524$140$155$204$162$138$18$24$24$46$20$0$50$100$150$200$250Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25SubscriptionPerpetual Licenses$228$228$179$179$158$158Software revenue mixSoftware revenue mixRevenue$in millionsR

56、evenue$in millions$159$159$209$20987%of Q2FY25 total software revenue from subscriptionsTotals may not add due to rounding.Subscription software revenue includes term subscriptions,both multi-year and annual,as well as SaaS&managed services and utility-based revenue.2025 F525Recurring revenue(subscr

57、iption,SaaS&Recurring revenue(subscription,SaaS&managed services,and maintenance)managed services,and maintenance)28%72%72%25%75%75%Q2FY24Recurring Non-recurring Q2FY25$512M$512MRecurringrevenue$525M$525MRecurring revenueRecurring revenue includes term subscriptions,SaaS&managed services,utility-bas

58、ed revenue and the maintenance portion of our global services revenue.2025 F526Revenue contribution by geographyRevenue contribution by geography57%55%58%56%54%26%27%26%27%29%17%18%16%17%17%Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25AmericasEMEAAPAC3%Growth APAC20%Growth EMEA3%Growth AMERY/Y growth by region Q2F

59、Y25Y/Y growth by region Q2FY25%of revenue by geo%of revenue by geoTotals may not add to 100%due to rounding.2025 F527Customer verticals as a%of product bookingsCustomer verticals as a%of product bookings69%67%72%71%69%19%21%18%16%20%13%12%10%13%11%Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25EnterpriseGovernmentSe

60、rvice Provider%of total product bookings%of total product bookingsTotals may not add to 100%due to rounding.2025 F528NonNon-GAAP gross and operating marginsGAAP gross and operating margins30.9%30.9%33.4%34.4%37.4%31.9%31.9%10.0%20.0%30.0%40.0%Q2FY24Q3FY24Q4FY24Q1FY25Q2FY2582.1%82.1%83.1%83.0%83.9%83

61、.1%83.1%60.0%70.0%80.0%90.0%Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25NonNon-GAAP gross marginGAAP gross marginNonNon-GAAP operating marginGAAP operating margin%of non%of non-GAAP revenueGAAP revenue%of non%of non-GAAP revenueGAAP revenue+103+103BPS Y/Y+98+98BPS Y/YSee appendix for GAAP to non-GAAP reconciliati

62、on2025 F529NonNon-GAAP net income and EPSGAAP net income and EPSEPS reflects 18.1%Q2FY25 and 20.0%Q2FY24 non-GAAP effective tax rate$2.91$2.91$3.36$3.67$3.84$3.42$3.42$0.00$1.00$2.00$3.00$4.00Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25$173$173$199$217$227$201$201$0$50$100$150$200$250Q2FY24Q3FY24Q4FY24Q1FY25Q2FY2

63、5NonNon-GAAP net incomeGAAP net incomeNonNon-GAAP EPSGAAP EPS$in millions$in millions+18%+18%Y/YSee appendix for GAAP to non-GAAP reconciliation2025 F530Cash flow from operationsCash flow from operations$222$159$247$203$257$257$0$40$80$120$160$200$240$280Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25$in millions$in

64、 millions2025 F531$910$943$1,083$1,162$1,272$0$250$500$750$1,000$1,250$1,500Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Cash and investmentsCash and investments$in millions$in millions2025 F532Deferred revenueDeferred revenue$in millions$in millions$1,812$1,812$1,773$1,798$1,946$1,923$1,923$0$500$1,000$1,500$2,00

65、0$2,500Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25+6%+6%Y/YKey insightsKey insightsDeferred revenue consists predominantly of global services maintenance renewals and also includes term-based software subscriptions.2025 F533Key insightsKey insightsWe are committed to returning cash to shareholders via We are com

66、mitted to returning cash to shareholders via share repurchasesshare repurchases We repurchased$125 million in FFIV shares during Q2FY25 We have used 57%of our$441M free cash flow*YTD for share repurchases We are committed to using at least 50%of our annual free cash flow for share repurchases As of

67、March 31,2025,there was$1.2 billion remaining under our authorized stock repurchase program$500$500$500$500$350$350$500$500$250$250$0$100$200$300$400$500$600FY21FY22FY23FY24FY25 YTDCommitted buyback level FY21 Committed buyback level FY21 FY24 FY24 50%of 50%of annual annual FCFFCFShare repurchases($

68、in millions)Share repurchases($in millions)57%57%of FY25 YTD free cash flow*used towardrepurchases*Free cash flow defined as cash flow from operations less capital expenditures2025 F534Expect low tariff impact to costs and supply chain in FY25Expect low tariff impact to costs and supply chain in FY2

69、5CostsCostsLow tariff exposure across systems businessMajority of finished goods are USMCA compliant and duty free on import into the U.SSmall amount of tariff exposure related to peripherals and other internal-use goods imported from various countries SupplySupplyWe do not expect any material impac

70、ts to lead times or availability as a result of our resilient and diversified global supply chainWe estimate our FY25 tariff-related costs will be in the low single-digit millions,which we expect to offset through ongoing efficiency gains in our manufacturing and support operations2025 F535Business

71、OutlookBusiness Outlook2025 F536Our Q3FY25 outlookOur Q3FY25 outlookQ3FY25 outlookQ3FY25 outlookTotal revenueTotal revenue$740 to$760M$740 to$760MNon-GAAP gross margin83%to 83.5%Non-GAAP operating expenses$366 to$378MShare-based compensation$57 to$59MNon-GAAP EPS$3.41 to$3.532025 F537FY24AFY24AFY25

72、outlookFY25 outlookTotal revenueTotal revenue$2.82B$2.82B6.5%to 7.5%growth6.5%to 7.5%growth(from 6%to 7%previously)Software revenue growth11%10%Non-GAAP gross margin82.8%83%to 84%Non-GAAP operating margin33.6%35%Effective non-GAAP tax rate19.2%20%to 22%(from 21%to 23%previously)NonNon-GAAP EPSGAAP E

73、PS14%growth8%to 10%growth Y/Y8%to 10%growth Y/Y(from 6.5%to 8.5%previously)(On a tax-neutral basis,midpoint is 10%from FY24)Capital return as%of annual free cash flow*66%At least 50%of annual FCF*Our FY25 outlookOur FY25 outlook*Free cash flow(FCF)defined as cash flow from operations less capital ex

74、penditures2025 F538ConclusionConclusionFranois Locoh-Donou,President&CEO2025 F539Alleviating the high costs,crushing complexity,and escalating cyber risks IT teams face in an increasingly AI-driven hybrid multicloud world.Enabling consistent policies,full visibility,and AI-driven insights from a sin

75、gle platform that is flexible to deploy.Delivering new capabilities that give CISOs the visibility,compliance,and protection they need to deliver and secure any app,any API,anywhere.Claiming a growing role across the broader hybrid multicloud landscape and building the infrastructure foundation to s

76、upport the next era of intelligent computing.F5 is the only company that secures,delivers,and F5 is the only company that secures,delivers,and optimizes any app,any API,anywhereoptimizes any app,any API,anywhere2025 F540F5 is the only company that F5 is the only company that secures,delivers,and opt

77、imizes any app,secures,delivers,and optimizes any app,any API,anywhere.any API,anywhere.2025 F541AppendixAppendix2025 F542GAAP to nonGAAP to non-GAAP reconciliationGAAP reconciliation(in thousands except percentages and per share amounts)Net revenues.731,123$681,354$1,497,612$1,373,951$Gross profit

78、and gross margin:GAAP gross profit and gross margin.590,164$80.7%540,241$79.3%1,216,143$81.2%1,096,449$79.8%Adjustments to gross profit and gross margin:Stock-based compensation.7,393$1.0%7,447$1.1%14,793$1.0%15,131$1.1%Amortization and impairment of purchased intangible assets.9,283 1.3%11,633 1.7%

79、18,567 1.2%22,866 1.7%Facility-exit costs.437 0.1%(50)0.0%561 0.0%106 0.0%Acquisition-related charges.-20 0.0%Non-GAAP gross profit and gross margin.607,277$83.1%559,271$82.1%1,250,064$83.5%1,134,572$82.6%Income from operations and operating margin:GAAP income from operations and operating margin.15

80、8,897$21.7%139,960$20.5%363,979$24.3%304,476$22.2%Adjustments to income from operations and operating margin:Stock-based compensation.58,884$8.1%55,141$8.1%116,792$7.8%111,143$8.1%Amortization and impairment of purchased intangible assets.10,095 1.4%13,622 2.0%20,238 1.4%27,937 2.0%Facility-exit cos

81、ts.4,264 0.6%(732)-0.1%5,484 0.4%806 0.1%Acquisition-related charges.1,214 0.2%2,390 0.4%1,905 0.1%3,191 0.2%Restructuring charges.-90 0.0%11,321 0.8%8,562 0.6%Non-GAAP income from operations and operating margin.233,354$31.9%210,471$30.9%519,719$34.7%456,115$33.2%Net income:GAAP net income.145,530$

82、119,021$311,975$257,403$Adjustments to net income:Stock-based compensation.58,884$55,141$116,792$111,143$Amortization and impairment of purchased intangible assets.10,095 13,622 20,238 27,937 Facility-exit costs.4,264 (732)5,484 806 Acquisition-related charges.1,214 2,390 1,905 3,191 Restructuring c

83、harges.-90 11,321 8,562 Tax effects related to above items.(18,893)(16,369)(39,649)(31,152)Non-GAAP net income.201,094$173,163$428,066$377,890$Net income per share-diluted:GAAP net income per share diluted.2.48$2.00$5.30$4.32$Adjustments to GAAP net income per share diluted:Stock-based compensation.

84、1.00$0.93$1.98$1.86$Amortization and impairment of purchased intangible assets.0.17 0.23 0.34 0.47 Facility-exit costs.0.07 (0.01)0.09 0.01 Acquisition-related charges.0.02 0.04 0.03 0.05 Restructuring charges.-0.00 0.19 0.14 Tax effects related to above items.(0.32)(0.27)(0.67)(0.52)Non-GAAP net in

85、come per share diluted.3.42$2.91$7.27$6.34$Weighted average shares diluted.58,764 59,580 58,913 59,617 Note:Numbers and percentages are rounded for presentation purposes and may not foot.2025202420252024Three Months EndedMarch 31,Six Months EndedMarch 31,2025 F543GAAP to nonGAAP to non-GAAP reconcil

86、iation(contd)GAAP reconciliation(contd)2025202420252024GAAP cost of net revenues.140,959$141,113$281,469$277,502$Adjustments to GAAP cost of net revenues:Stock-based compensation.7,393 7,447 14,793 15,131 Amortization and impairment of purchased intangible assets.9,283 11,633 18,567 22,866 Facility-

87、exit costs.437 (50)561 106 Acquisition-related charges.-20 Non-GAAP cost of net revenues.123,846$122,083$247,548$239,379$GAAP sales and marketing expense.218,061$210,800$424,096$409,727$Adjustments to GAAP sales and marketing expense:Stock-based compensation.21,835 21,421 43,002 43,017 Amortization

88、and impairment of purchased intangible assets.718 1,839 1,436 4,627 Facility-exit costs.1,503 111 1,917 594 Acquisition-related charges.-(22)-43 Non-GAAP sales and marketing expense.194,005$187,451$377,741$361,446$GAAP research and development expense.136,561$122,207$267,079$241,782$Adjustments to G

89、AAP research and development expense:Stock-based compensation.16,441 15,513 32,922 31,531 Amortization and impairment of purchased intangible assets.94 94 188 188 Facility-exit costs.1,147 (1,026)1,511 (484)Acquisition-related charges.500 174 1,000 327 Non-GAAP research and development expense.118,3

90、79$107,452$231,458$210,220$GAAP general and administrative expense.76,645$67,184$149,668$131,902$Adjustments to GAAP general and administrative expense:Stock-based compensation.13,215 10,760 26,075 21,464 Amortization and impairment of purchased intangible assets.-56 47 256 Facility-exit costs.1,177

91、 233 1,495 590 Acquisition-related charges.714 2,238 905 2,801 Non-GAAP general and administrative expense.61,539$53,897$121,146$106,791$March 31,March 31,F5,Inc.GAAP to Non-GAAP Reconciliation(unaudited,in thousands)Three Months EndedSix Months Ended2025 F544The non-GAAP adjustments,and F5s basis f

92、or 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 Companys Employee Stock Purchase Plan.Although stock-based compensation is an import

93、ant aspect of the compensation of F5s employees and executives,management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of the Companys core business and to facilitate comparison of the Companys results to those of peer companies.Am

94、ortization 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

95、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 Companys ongoing operations,therefore,they are not considered by management in making operatin

96、g decisions.However,investors should note that the use of intangible assets contributed to F5s revenues earned during the periods presented and will contribute to F5s future period revenues as well.Facility-exit costs.F5 has incurred charges in connection with the exit of facilities as well as other

97、 non-recurring lease activity.These charges are not representative of ongoing costs to the business and are not expected to recur.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,n

98、et.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 Companys operating results

99、 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.GAAP to nonGAAP to non-GAAP reconciliation(continued)GAAP reconciliation(continued)Restructuring charges.F5 has incurred restruc

100、turing 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

101、 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 in

102、come per share provides useful supplemental information to management and investors regarding the performance of the Companys core business operations and facilitates comparisons to the Companys historical operating results.Although F5s management finds this non-GAAP measure to be useful in evaluati

103、ng the performance of the core business,managements reliance on this measure is limited because items excluded from such measures could have a material effect on F5s earnings and earnings per share calculated in accordance with GAAP.Therefore,F5s management will use its non-GAAP earnings and earning

104、s per share measures,in conjunction with GAAP earnings and earnings per share measures,to address these limitations when evaluating the performance of the Companys core business.Investors should consider these non-GAAP measures in addition to,and not as a substitute for,financial performance measure

105、s 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 Companys core business and is used by management in its own evaluation of the Companys performance.Investors

106、 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 Companys operational performance and financial results.