F5 Networks, Inc. Condensed Consolidated Balance Sheets (in thousands)
March 31, 2004 (unaudited) Assets Current assets Cash and cash equivalents ....................................................................................... Short-term investments ............................................................................................ Accounts receivable, net of allowances of $3,736 and $3,049................................. Inventories ............................................................................................................... Other current assets.................................................................................................. Total current assets .............................................................................................. Restricted cash ............................................................................................................. Property and equipment, net ........................................................................................ Long-term investments ................................................................................................ Goodwill ...................................................................................................................... Other assets, net ........................................................................................................... Total assets...........................................................................................................
$
$
September 30, 2003
22,162 $ 108,656 19,158 1,905 5,275 157,156
10,351 34,527 19,325 762 4,779 69,744
6,183 10,272 96,450 24,188 3,727 297,976 $
6,000 10,079 34,132 24,188 4,030 148,173
5,397 $ 13,678 24,502 43,577
3,714 13,148 19,147 36,009
Liabilities and Shareholders’ Equity Current liabilities Accounts payable..................................................................................................... Accrued liabilities.................................................................................................... Deferred revenue ..................................................................................................... Total current liabilities.........................................................................................
$
Other long-term liabilities............................................................................................
1,744
Deferred tax liability....................................................................................................
454
Total long-term liabilities ....................................................................................
2,198
1,584 151 1,735
Commitments and contingencies Shareholders’ equity Preferred stock, no par value; 10,000 shares authorized, no shares outstanding...... Common stock, no par value; 100,000 shares authorized 34,168 and 27,403 shares issued and outstanding ......................................................................................... Unearned compensation............................................................................................... Accumulated other comprehensive income ................................................................. Accumulated deficit..................................................................................................... Total shareholders’ equity ....................................................................................... Total liabilities and shareholders’ equity ................................................................
―
$
273,263 ― 647 (21,709) 252,201 297,976 $
― 141,709 (10) 195 (31,465) 110,429 148,173
F5 Networks, Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands, except per share amounts)
Three months ended March 31, 2004 Net revenues: Products ....................................................................... $ Services........................................................................ Total net revenues ................................................ Cost of net revenues: Products ....................................................................... Services........................................................................
29,720 10,927
Six months ended March 31,
2003
$
40,647
20,338 7,679
2004
$
28,017
6,799 2,626
4,203 2,275
56,096 20,632
2003
$
39,839 15,234
76,728
55,073
12,648 5,088
8,260 4,436
Total cost of net revenues ....................................
9,425
6,478
17,736
12,696
Gross profit ..................................................................
31,222
21,539
58,992
42,377
Operating expenses: Sales and marketing ..................................................... Research and development .......................................... General and administrative .......................................... Amortization of unearned compensation ..................... Total operating expenses......................................
15,920 5,900 3,855 __ 25,675
13,061 4,886 2,900 5 20,852
30,874 11,344 7,202 10 49,430
25,820 9,281 6,250 71 41,422
Income from operations ....................................................... Other income, net ................................................................ Income before income taxes ................................................ Provision for income taxes .................................................. Net income...................................................................
5,547 808 6,355 400 $ 5,955
687 312 999 184 815
9,562 992 10,554 798 9,756
955 774 1,729 394 1,335
Net income per share – basic .............................................. $ Weighted average shares – basic ......................................... Net income per share – diluted ............................................ $ Weighted average shares – diluted.......................................
$
0.18 33,768
$
0.16
$
36,946
$
0.03 26,164
$
0.03
$
27,494
$
0.31 31,953
$
0.28
$
35,074
0.05 26,022 0.05 27,230