F5, INC. (FFIV): restructuring charge — F5 Q2 revenue up 11% to $703M; cuts 9% of workforce, lowers FY revenue growth guidance

F5, INC.

2023-Q2 EPS reported $2.54 revenue$1,403,553,000

Q2 revenue $703M (+11% YoY); GAAP EPS $1.34, non-GAAP $2.53; systems +43%, software -13%.
Reduces headcount by ~620 employees (~9%); expects annualized savings ~$130M and $45M severance in FY23.
Revises FY23 outlook: low-to-mid single-digit revenue growth, ~30% non-GAAP margins, 7%-11% EPS growth.
Q3 guidance: revenue $690M-$710M, non-GAAP EPS $2.78-$2.90; plans $250M+ in share repurchases.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

F5, INC. reported second quarter ended March 31, 2023 results: revenue $703 million, net income $81 million, EPS $1.34 per diluted share. Guidance lowered.

Period: second quarter ended March 31, 2023
Revenue: $703 million
Net income: $81 million
EPS: $1.34 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

their hybrid and multi cloud application environments.” Second Quarter Performance Summary Second quarter fiscal year 2023 revenue grew 11% from the year ago period, to $703 million, up from $634 million in fiscal year 2022. Global services revenue grew 8% from the year-ago period while product revenue grew 14%, reflecting 43% systems revenue growth and

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

F5, INC. announced a restructuring with charges of approximately $45 million in severance benefits costs (approximately 620 employees).

Type: restructuring
Charge: approximately $45 million in severance benefits costs
Headcount: approximately 620 employees

Exact text from the filing

estimates the expenses associated with the headcount reductions will result in annualized savings of approximately $130 million. The Company expects it will incur approximately $45 million in severance benefits costs related to restructuring and other charges related to these actions in fiscal year 2023. The Company will also reduce some of its leased facilities

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F5, INC. filing history →

Source: SEC EDGAR

accession 0001048695-23-000016

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