F5 (FFIV) 10-Q 6 May 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-26041
Entity Registrant Name	F5, INC.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1714307
Entity Address, Address Line One	801 5th Avenue
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104
City Area Code	206
Local Phone Number	272-5555
Title of 12(b) Security	Common stock, no par value
Trading Symbol	FFIV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,472,024
Entity Central Index Key	0001048695
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Current assets
Cash and cash equivalents	$ 586,543	$ 580,977
Short-term investments	300,591	329,630
Accounts receivable, net of allowances of $4,336 and $3,696	414,218	340,536
Inventories	27,883	22,055
Other current assets	405,596	337,902
Total current assets	1,734,831	1,611,100
Property and equipment, net	178,742	191,164
Operating lease right-of-use assets	227,576	244,934
Long-term investments	34,911	132,778
Deferred tax assets	158,357	128,193
Goodwill	2,259,951	2,216,553
Other assets, net	482,805	472,558
Total assets	5,077,173	4,997,280
Current liabilities
Accounts payable	69,131	62,096
Accrued liabilities	301,206	341,487
Deferred revenue	1,043,482	968,669
Current portion of long-term debt	359,410	19,275
Total current liabilities	1,773,229	1,391,527
Deferred tax liabilities	2,729	2,414
Deferred revenue, long-term	556,254	521,173
Operating lease liabilities, long-term	276,416	296,945
Long-term debt	0	349,772
Other long-term liabilities	71,417	75,236
Total long-term liabilities	906,816	1,245,540
Commitments and contingencies (Note 8)
Shareholders' equity
Preferred stock, no par value; 10,000 shares authorized, no shares outstanding	0	0
Common stock, no par value; 200,000 shares authorized, 60,465 and 60,652 shares issued and outstanding	82,133	192,458
Accumulated other comprehensive loss	(22,628)	(20,073)
Retained earnings	2,337,623	2,187,828
Total shareholders' equity	2,397,128	2,360,213
Total liabilities and shareholders' equity	$ 5,077,173	$ 4,997,280

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 4,336	$ 3,696
Preferred stock, par value (dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (dollars per share)	$ 0	$ 0
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	60,465,000	60,652,000

Consolidated Income Statements

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Net revenues
Revenue from contract with customer, excluding assessed tax	$ 634,224	$ 645,287	$ 1,321,324	$ 1,269,904
Cost of net revenues
Cost of net revenues	126,359	128,585	261,432	243,564
Gross profit	507,865	516,702	1,059,892	1,026,340
Operating expenses
Sales and marketing	228,826	244,908	462,861	459,454
Research and development	135,838	140,453	266,109	254,644
General and administrative	68,554	77,840	134,215	140,993
Restructuring charges	0	0	7,909	0
Total	433,218	463,201	871,094	855,091
Income from operations	74,647	53,501	188,798	171,249
Other expense, net	(1,934)	(1,377)	(4,365)	(2,060)
Income before income taxes	72,713	52,124	184,433	169,189
Provision for income taxes	16,477	8,883	34,638	38,270
Net income	$ 56,236	$ 43,241	$ 149,795	$ 130,919
Net income per share — basic (dollars per share)	$ 0.93	$ 0.71	$ 2.47	$ 2.14
Weighted average shares — basic (shares)	60,573	60,667	60,693	61,058
Net income per share — diluted (dollars per share)	$ 0.92	$ 0.70	$ 2.43	$ 2.10
Weighted average shares — diluted (shares)	61,405	62,158	61,661	62,292
Product
Net revenues
Revenue from contract with customer, excluding assessed tax	$ 297,518	$ 309,189	$ 640,667	$ 597,234
Cost of net revenues
Cost of net revenues	71,234	73,289	152,896	140,327
Service
Net revenues
Revenue from contract with customer, excluding assessed tax	336,706	336,098	680,657	672,670
Cost of net revenues
Cost of net revenues	$ 55,125	$ 55,296	$ 108,536	$ 103,237

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 56,236	$ 43,241	$ 149,795	$ 130,919
Other comprehensive (loss) income:
Foreign currency translation adjustment	(79)	(841)	(596)	437
Available-for-sale securities:
Unrealized losses on securities, net of taxes of $(148) and $(142) for the three months ended March 31, 2022 and 2021, respectively, and $(222) and $(192) for the six months ended March 31, 2022 and 2021, respectively	(1,294)	(731)	(1,915)	(1,151)
Reclassification adjustment for realized (losses) gains included in net income, net of taxes of $12 and $(61) for the three months ended March 31, 2022 and 2021, respectively, and $14 and $(61) for the six months ended March 31, 2022 and 2021, respectively	(40)	233	(44)	236
Net change in unrealized losses on available-for-sale securities, net of tax	(1,334)	(498)	(1,959)	(915)
Total other comprehensive loss	(1,413)	(1,339)	(2,555)	(478)
Comprehensive income	$ 54,823	$ 41,902	$ 147,240	$ 130,441

Consolidated Statements Of Co_2

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Tax effect of unrealized gain (loss) on securities	$ (148)	$ (142)	$ (222)	$ (192)
Tax effect of reclassification adjustment for realized (gains) losses	$ 12	$ (61)	$ 14	$ (61)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	AOCI Attributable to Parent	Retained Earnings
Beginning Balance (in shares) at Sep. 30, 2020		61,099
Beginning Balance at Sep. 30, 2020	$ 2,232,268	$ 305,453	$ (18,716)	$ 1,945,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		83
Exercise of employee stock options	2,610	$ 2,610
Issuance of stock under employee stock purchase plan (in shares)		231
Issuance of stock under employee stock purchase plan	26,077	$ 26,077
Issuance of restricted stock (in shares)		742
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(2,052)
Repurchase of common stock	(400,000)	$ (311,056)		(88,944)
Adjustments To Additional Paid In Capital, Equity Forward Contract	(100,000)	$ (100,000)
Cost of Issuance of Treasury Stock, Shares		(51)
Taxes paid related to net share settlement of equity awards	(7,928)	$ (7,928)
Stock-based compensation	124,351	$ 124,351
Net income	130,919			130,919
Other comprehensive loss	(478)		(478)
Ending Balance ( in shares) at Mar. 31, 2021		60,052
Ending Balance at Mar. 31, 2021	2,007,819	$ 39,507	(19,194)	1,987,506
Beginning Balance (in shares) at Dec. 31, 2020		61,632
Beginning Balance at Dec. 31, 2020	2,401,590	$ 386,236	(17,855)	2,033,209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		44
Exercise of employee stock options	1,492	$ 1,492
Issuance of restricted stock (in shares)		445
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(2,052)
Repurchase of common stock	(400,000)	$ (311,056)		(88,944)
Adjustments To Additional Paid In Capital, Equity Forward Contract	(100,000)	$ (100,000)
Cost of Issuance of Treasury Stock, Shares		(17)
Taxes paid related to net share settlement of equity awards	(3,447)	$ (3,447)
Stock-based compensation	66,282	$ 66,282
Net income	43,241			43,241
Other comprehensive loss	(1,339)		(1,339)
Ending Balance ( in shares) at Mar. 31, 2021		60,052
Ending Balance at Mar. 31, 2021	$ 2,007,819	$ 39,507	(19,194)	1,987,506
Beginning Balance (in shares) at Sep. 30, 2021	60,652	60,652
Beginning Balance at Sep. 30, 2021	$ 2,360,213	$ 192,458	(20,073)	2,187,828
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		96
Exercise of employee stock options	2,303	$ 2,303
Issuance of stock under employee stock purchase plan (in shares)		169
Issuance of stock under employee stock purchase plan	26,325	$ 26,325
Issuance of restricted stock (in shares)		775
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(1,148)
Repurchase of common stock	(250,023)	$ (250,023)
Cost of Issuance of Treasury Stock, Shares		(79)
Taxes paid related to net share settlement of equity awards	(16,816)	$ (16,816)
Stock-based compensation	127,886	$ 127,886
Net income	149,795			149,795
Other comprehensive loss	$ (2,555)		(2,555)
Ending Balance ( in shares) at Mar. 31, 2022	60,465	60,465
Ending Balance at Mar. 31, 2022	$ 2,397,128	$ 82,133	(22,628)	2,337,623
Beginning Balance (in shares) at Dec. 31, 2021		60,711
Beginning Balance at Dec. 31, 2021	2,405,361	$ 145,189	(21,215)	2,281,387
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		46
Exercise of employee stock options	1,048	$ 1,048
Issuance of restricted stock (in shares)		334
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(610)
Repurchase of common stock	(125,012)	$ (125,012)
Cost of Issuance of Treasury Stock, Shares		(16)
Taxes paid related to net share settlement of equity awards	(3,222)	$ (3,222)
Stock-based compensation	64,130	$ 64,130
Net income	56,236			56,236
Other comprehensive loss	$ (1,413)		(1,413)
Ending Balance ( in shares) at Mar. 31, 2022	60,465	60,465
Ending Balance at Mar. 31, 2022	$ 2,397,128	$ 82,133	$ (22,628)	$ 2,337,623

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 149,795	$ 130,919
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	127,886	121,289
Depreciation and amortization	59,798	56,185
Non-cash operating lease costs	19,363	19,415
Deferred income taxes	(15,832)	(17,962)
Impairment of assets	6,175	40,698
Other	(439)	105
Changes in operating assets and liabilities (excluding effects of the acquisition of businesses):
Accounts receivable	(72,777)	(79,649)
Inventories	(5,828)	3,327
Other current assets	(60,896)	(32,939)
Other assets	(27,893)	(29,066)
Accounts payable and accrued liabilities	(35,649)	(14,529)
Deferred revenue	99,303	93,493
Lease liabilities	(26,131)	(25,447)
Net cash provided by operating activities	216,875	265,839
Investing activities
Purchases of investments	(53,715)	(65,725)
Maturities of investments	96,349	126,711
Sales of investments	78,988	269,986
Acquisition of businesses, net of cash acquired	(67,911)	(411,319)
Purchases of property and equipment	(15,792)	(14,090)
Net cash provided by (used in) investing activities	37,919	(94,437)
Financing activities
Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan	28,628	28,687
Repurchase of common stock	(250,023)	(500,000)
Payments on term debt agreement	(10,000)	(10,000)
Taxes paid related to net share settlement of equity awards	(16,816)	(7,928)
Net cash used in financing activities	(248,211)	(489,241)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,583	(317,839)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(997)	494
Cash, cash equivalents and restricted cash, beginning of period	584,333	852,826
Cash, cash equivalents and restricted cash, end of period	589,919	535,481
Supplemental disclosures of cash flow information
Cash paid for amounts included in the measurement of operating lease liabilities	30,346	30,809
Cash paid for interest on long-term debt	2,383	2,724
Supplemental disclosures of non-cash activities
Right-of-use assets obtained in exchange for lease obligations	$ 818	$ 9,523

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Description of Business F5, Inc. (the "Company") is a leading provider of multi-cloud application security and delivery solutions which enable its customers to develop, deploy, operate, secure, and govern applications in any architecture, from on-premises to the public cloud. The Company's cloud, software, and hardware solutions enable its customers to deliver digital experiences to their customers faster, reliably, and at scale. The Company's enterprise-grade application services are available as cloud-based, software-as-a-service, and software-only solutions optimized for multi-cloud environments, with modules that can run independently, or as part of an integrated solution on its high-performance appliances. In connection with its solutions, the Company offers a broad range of professional services, including consulting, training, installation, maintenance, and other technical support services. On October 1, 2021, the Company completed its acquisition of Threat Stack, Inc. ("Threat Stack"), a provider of cloud security and workload protection solutions. Basis of Presentation The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for their fair statement in conformity with accounting principles generally accepted in the United States of America. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021. There have been no changes to the Company's significant accounting policies as of and for the three and six months ended March 31, 2022, except for the accounting policy for investments, which has been updated to include equity investments. Investments The Company classifies its debt investments as available-for-sale. Debt investments, consisting of certificates of deposit, corporate and municipal bonds and notes, the United States government and agency securities and international government securities are reported at fair value with the related unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses, credit allowances and impairments due to credit losses are included in other income (expense) in the Company’s consolidated income statements. Debt investments with maturities of less than one year or where management’s intent is to use the investments to fund current operations are classified as short-term investments. Debt investments with maturities of greater than one year are classified as long-term investments. As an approximation to fair value, equity investments are measured using net asset value (“NAV”) and are classified as long-term investments. Unrealized and realized gains and losses are recorded in other income (expense) in the Company's consolidated income statements. Recently Adopted Accounting Standards

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Capitalized Contract Acquisition Costs The table below shows significant movements in capitalized contract acquisition costs (current and noncurrent) for the six months ended March 31, 2022 and 2021 (in thousands): Six months ended 2022 2021 Balance, beginning of period $ 77,836 $ 70,396 Additional capitalized contract acquisition costs 18,530 18,614 Amortization of capitalized contract acquisition costs (19,092) (16,590) Balance, end of period $ 77,274 $ 72,420 Amortization of capitalized contract acquisition costs was $9.7 million and $8.4 million for the three months ended March 31, 2022 and 2021, respectively, and $19.1 million and $16.6 million for the six months ended March 31, 2022 and 2021, respectively, and is recorded in Sales and Marketing expense in the accompanying consolidated income statements. There was no impairment of any capitalized contract acquisition costs during any period presented. Contract Balances Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to the Company's contracts with customers. Liabilities are recorded for amounts that the Company has the unconditional right to transfer goods and services under contracts with customers. These liabilities are classified as current and non-current deferred revenue. The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the six months ended March 31, 2022 and 2021 (in thousands): Six months ended 2022 2021 Balance, beginning of period $ 1,489,841 $ 1,272,632 Amounts added but not recognized as revenues 723,631 680,124 Deferred revenue acquired through acquisition of businesses 10,591 779 Revenues recognized related to the opening balance of deferred revenue (624,327) (586,632) Balance, end of period $ 1,599,736 $ 1,366,903 Remaining Performance Obligations Remaining performance obligations represent the amount of the transaction price under contracts with customers that are attributable to performance obligations that are unsatisfied or partially satisfied at the reporting date. As of March 31, 2022, the total non-cancelable remaining performance obligations under the Company's contracts with customers was approximately $1.6 billion and the Company expects to recognize revenues on approximately 65.2% of these remaining performance obligations over the next 12 months, 21.4% in year two, and the remaining balance thereafter. See Note 12, Segment Information, for disaggregated revenue by significant customer and geographic region, as well as disaggregated product revenue by systems and software.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Company determines fair value using a fair value hierarchy that distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances and expands disclosure about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date, essentially the exit price. The levels of fair value hierarchy are: Level 1: Quoted prices in active markets for identical assets and liabilities at the measurement date that the Company has the ability to access. Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Unobservable inputs for which there is little or no market data available. These inputs reflect management's assumptions of what market participants would use in pricing the asset or liability. Level 1 investments are valued based on quoted market prices in active markets and include the Company's cash equivalent investments. Level 2 investments, which include investments that are valued based on quoted prices in markets that are not active, broker or dealer quotations, actual trade data, benchmark yields or alternative pricing sources with reasonable levels of price transparency, include the Company's certificates of deposit, corporate bonds and notes, municipal bonds and notes, U.S. government securities, U.S. government agency securities and international government securities. Fair values for the Company's level 2 investments are based on similar assets without applying significant judgments. In addition, all of the Company's level 2 investments have a sufficient level of trading volume to demonstrate that the fair values used are appropriate for these investments. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company's financial assets measured at fair value on a recurring basis subject to the disclosure requirements at March 31, 2022 and September 30, 2021, were as follows (in thousands): Gross Unrealized Classification on Balance Sheet As of March 31, 2022 Fair Value Level Cost or Amortized Cost Gains Losses Aggregate Cash and Cash Equivalents Short-Term Investments Long-Term Investments Changes in fair value recorded in other comprehensive income Money Market Funds Level 1 $ 8,220 $ — $ — $ 8,220 $ 8,220 $ — $ — Certificates of deposit Level 2 991 — — 991 — 991 — Corporate bonds and notes Level 2 147,313 2 (1,063) 146,252 — 119,576 26,676 Municipal bonds and notes Level 2 18,779 — (143) 18,636 — 16,458 2,178 U.S. government securities Level 2 158,023 — (891) 157,132 — 154,313 2,819 U.S. government agency securities Level 2 11,068 — (77) 10,991 — 9,253 1,738 Total debt investments $ 344,394 $ 2 $ (2,174) $ 342,222 $ 8,220 $ 300,591 $ 33,411 Changes in fair value recorded in other net income (expense) Equity investments * $ 1,500 $ — $ — $ 1,500 Total equity investments 1,500 — — 1,500 Total investments $ 343,722 $ 8,220 $ 300,591 $ 34,911 * The fair value of this equity investment is measured at net asset value (NAV) which approximates fair value and is not classified within the fair value hierarchy . Gross Unrealized Classification on Balance Sheet As of September 30, 2021 Fair Value Level Cost or Amortized Cost Gains Losses Aggregate Cash and Cash Equivalents Short-Term Investments Long-Term Investments Changes in fair value recorded in other comprehensive income Money Market Funds Level 1 $ 17,150 $ — $ — $ 17,150 $ 17,150 $ — $ — Certificates of deposit Level 2 255 — — 255 — 255 — Corporate bonds and notes Level 2 243,568 129 (86) 243,611 4,397 186,107 53,107 Municipal bonds and notes Level 2 24,684 2 (9) 24,677 — 13,566 11,111 U.S. government securities Level 2 162,221 14 (12) 162,223 — 102,615 59,608 U.S. government agency securities Level 2 36,053 — (14) 36,039 — 27,087 8,952 Total investments $ 483,931 $ 145 $ (121) $ 483,955 $ 21,547 $ 329,630 $ 132,778 The Company uses the fair value hierarchy for financial assets and liabilities. The carrying amounts of other current financial assets and other current financial liabilities approximate fair value due to their short-term nature. Interest income from investments was not material for the three and six months ended March 31, 2022 and 2021, respectively. Interest income is included in other income (expense), net on the Company's consolidated income statements. Unrealized losses on investments held for a period greater than 12 months at March 31, 2022 and September 30, 2021 were not material. The Company invests in debt securities that are rated investment grade. The Company reviews the individual debt securities in its portfolio to determine whether a credit loss exists by comparing the extent to which the fair value is less than the amortized cost and considering any changes to ratings of a debt security by a ratings agency. The Company determined that as of March 31, 2022, there were no credit losses on any investments within its portfolio. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis The Company's non-financial assets and liabilities, which include goodwill, intangible assets, and long-lived assets, are not required to be carried at fair value on a recurring basis. These non-financial assets and liabilities are measured at fair value on a non-recurring basis when there is an indicator of impairment, and they are recorded at fair value only when impairment is recognized. The Company reviews goodwill for impairment annually, during the second quarter of each fiscal year, or as circumstances indicate the possibility of impairment. The Company monitors the carrying value of tangible and intangible long-lived assets for impairment whenever events or changes in circumstances indicate its carrying amount may not be recoverable. Included in the Company’s impairment considerations for non-financial assets and liabilities in the current quarter were the potential impacts of the COVID-19 pandemic. As a result of a planned change in the use of the asset, the Company recorded an impairment of $6.2 million against the Shape trade name intangible asset, which was reflected in the Sales and Marketing line item on the Company's consolidated income statement in the first quarter of fiscal 2022. The Company did not recognize any impairment charges related to its intangible assets in the second quarter of fiscal 2022 and for the three and six months ended March 31, 2021. During the three months ended March 31, 2021, the Company recorded an impairment of $23.5 million against the operating lease right-of-use asset related to the permanent exit of six floors in its corporate headquarters. Impairment charges for the second quarter of fiscal 2021 also included $10.3 million for tenant improvements and other fixed assets associated with the permanently exited floors. In the first quarter of fiscal 2021, the Company recorded an impairment of $6.7 million against the operating lease right-of-use asset related to the integration of the former Shape headquarters in Santa Clara, California. Impairment charges for the first quarter of fiscal 2021 also included $0.2 million for other fixed assets associated with the Shape headquarters in Santa Clara, California. The Company calculated the fair value of the right-of-use assets, tenant improvements and other fixed assets based on estimated future discounted cash flows and classified the fair value as a Level 3 measurement due to the significance of unobservable inputs, which included the amount and timing of estimated sublease rental receipts that the Company could reasonably obtain over the remaining lease term and the discount rate. The impairment charges for the three and six months ended March 31, 2021 were allocated to various expense line items on the Company’s consolidated income statements based on the employee base that previously worked out of the exited space. Impairment charges were allocated to the following income statement line items for the three and six months ended March 31, 2022 and 2021 (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Cost of net product revenue $ — $ 897 $ — $ 2,865 Cost of net service revenue — 3,491 — 3,492 Sales and marketing — 10,256 6,175 11,515 Research and development — 9,845 — 12,974 General and administrative — 9,336 — 9,852 Total impairment charges $ — $ 33,825 $ 6,175 $ 40,698 During the three and six months ended March 31, 2022 and 2021, the Company did not recognize any impairment charges related to goodwill.

Business Combinations

Business Combinations	6 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Business Combinations	Business Combinations Fiscal Year 2022 Acquisition of Threat Stack, Inc. In September 2021, the Company entered into a Merger Agreement (the “Threat Stack Merger Agreement”) with Threat Stack, Inc. ("Threat Stack"), a provider of cloud security and workload protection solutions. The transaction closed on October 1, 2021 with Threat Stack becoming a wholly-owned subsidiary of F5. The addition of Threat Stack’s cloud security capabilities to F5’s application and API protection solutions is expected to enhance visibility across application infrastructure and workloads to deliver more actionable security insights for customers. Pursuant to the Threat Stack Merger Agreement, at the effective time of the Merger, the capital stock of Threat Stack and the vested outstanding and unexercised stock options in Threat Stack were cancelled and converted to the right to receive approximately $68.9 million in cash, subject to certain adjustments and conditions set forth in the Threat Stack Merger Agreement. Transaction costs associated with the acquisition were not material. As a result of the acquisition, the Company acquired all the assets and assumed all the liabilities of Threat Stack. The goodwill related to the Threat Stack acquisition is comprised primarily of expected synergies from combining operations and the acquired intangible assets that do not qualify for separate recognition. Goodwill related to the Threat Stack acquisition is not expected to be deductible for tax purposes. The results of operations of Threat Stack have been included in the Company's consolidated financial statements from the date of acquisition.  The allocated purchase consideration to assets acquired and liabilities assumed based on preliminary estimated fair values is presented in the following table (in thousands): Estimated Useful Life Assets acquired Deferred tax assets $ 13,366 Other net tangible assets acquired, at fair value 5,481 Cash, cash equivalents, and restricted cash 912 Identifiable intangible assets: Developed technology 11,400 5 years Customer relationships 4,400 5 years Goodwill 43,956 Total assets acquired $ 79,515 Liabilities assumed Deferred revenue $ (10,591) Total liabilities assumed $ (10,591) Net assets acquired $ 68,924 The initial allocation of the purchase price was based on preliminary valuations and assumptions and is subject to change within the measurement period. The Company expects to finalize the allocation of the purchase price as soon as practicable and no later than one year from the acquisition date. The developed technology intangible asset will be amortized on a straight-line basis over its estimated useful life of five years and included in cost of net product revenues. The customer relationships intangible asset will be amortized on a straight-line basis over its estimated useful life of five years and included in sales and marketing expenses. The weighted-average life of the amortizable intangible assets recognized from the Threat Stack acquisition was five years as of October 1, 2021, the date the transaction closed. The estimated useful lives for the acquired intangible assets were based on the expected future cash flows associated with the respective asset. Since the Threat Stack acquisition was completed on October 1, 2021, the F5 and Threat Stack teams have been executing a plan to integrate ongoing operations. The pro forma financial information, as well as the revenue and earnings generated by Threat Stack, were not material to the Company's operations for the periods presented. Fiscal Year 2021 Acquisition of Volterra, Inc. On January 5, 2021, the Company entered into a Merger Agreement (the “Volterra Merger Agreement”) with Volterra, Inc. ("Volterra"), a provider of edge-as-a-service platform solutions. The transaction closed on January 22, 2021 with Volterra becoming a wholly-owned subsidiary of F5. With the addition of Volterra’s technology platform, F5 is creating an edge platform built for enterprises and service providers that will be security-first and app-driven with unlimited scale. Pursuant to the Volterra Merger Agreement, at the effective time of the Merger, the capital stock of Volterra and the vested outstanding and unexercised stock options in Volterra were cancelled and converted to the right to receive approximately $427.2 million in cash, subject to certain adjustments and conditions set forth in the Volterra Merger Agreement. The unvested stock options and restricted stock units in Volterra held by continuing employees of Volterra were assumed by F5, on the terms and conditions set forth in the Volterra Merger Agreement. The Company incurred $9.5 million of transaction costs associated with the acquisition, which was included in General and Administrative expenses in fiscal 2021. As a result of the acquisition, the Company acquired all the assets and assumed all the liabilities of Volterra. The goodwill related to the Volterra acquisition is comprised primarily of expected synergies from combining operations and the acquired intangible assets that do not qualify for separate recognition. Goodwill related to the Volterra acquisition is not expected to be deductible for tax purposes. The results of operations of Volterra have been included in the Company's consolidated financial statements from the date of acquisition. The allocated purchase consideration to assets acquired and liabilities assumed based on preliminary estimated fair values is presented in the following table (in thousands): Estimated Useful Life Assets acquired Cash, cash equivalents, and restricted cash $ 14,012 Other tangible assets acquired, at fair value 7,499 Identifiable intangible assets: Developed technology 59,500 7 years Customer relationships 500 1 year Goodwill 350,863 Total assets acquired $ 432,374 Liabilities assumed $ (5,233) Net assets acquired $ 427,141 The measurement period for the Volterra acquisition lapsed during the second quarter of fiscal 2022. The Company recorded immaterial adjustments to consideration exchanged for the purchase of Volterra within the post-close measurement period. The developed technology intangible asset is being amortized on a straight-line basis over its estimated useful life of seven years and included in cost of net product revenues. The customer relationships intangible asset is being amortized on a straight-line basis over its estimated useful life of one year and included in sales and marketing expenses. The weighted-average life of the amortizable intangible assets recognized from the Volterra acquisition was 6.95 years as of January 22, 2021, the date the transaction closed. The estimated useful lives for the acquired intangible assets were based on the expected future cash flows associated with the respective asset. The pro forma financial information, as well as the revenue and earnings generated by Volterra, were not material to the Company's operations for the periods presented.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Mar. 31, 2022
Balance Sheet Details [Abstract]
Balance Sheet Details	Balance Sheet Details Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of the Company's cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash shown in the Company's consolidated statements of cash flows for the periods presented (in thousands): March 31, September 30, Cash and cash equivalents $ 586,543 $ 580,977 Restricted cash included in other assets, net 3,376 3,356 Total cash, cash equivalents and restricted cash $ 589,919 $ 584,333 Inventories Inventories consist of the following (in thousands): March 31, September 30, Finished goods $ 11,282 $ 13,081 Raw materials 16,601 8,974 $ 27,883 $ 22,055 Other Current Assets Other current assets consist of the following (in thousands): March 31, September 30, Unbilled receivables $ 251,148 $ 215,396 Prepaid expenses 96,227 59,636 Capitalized contract acquisition costs 34,320 34,265 Other 23,901 28,605 $ 405,596 $ 337,902 Other Assets Other assets, net consist of the following (in thousands): March 31, September 30, Intangible assets $ 224,523 $ 237,178 Unbilled receivables 176,880 158,885 Capitalized contract acquisition costs 42,954 43,571 Other 38,448 32,924 $ 482,805 $ 472,558 Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, September 30, Payroll and benefits $ 162,530 $ 179,147 Operating lease liabilities, current 45,990 49,286 Income and other tax accruals 33,581 44,075 Other 59,105 68,979 $ 301,206 $ 341,487 Other Long-term Liabilities Other long-term liabilities consist of the following (in thousands): March 31, September 30, Income taxes payable $ 61,862 $ 66,081 Other 9,555 9,155 $ 71,417 $ 75,236

Debt Facilities

Debt Facilities	6 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Facilities	Debt Facilities Term Credit Agreement In connection with the acquisition of Shape, on January 24, 2020, the Company entered into a Term Credit Agreement ("Term Credit Agreement") with certain institutional lenders that provides for a senior unsecured term loan facility in an aggregate principal amount of $400.0 million (the "Term Loan Facility"). The proceeds from the Term Loan Facility were primarily used to finance the acquisition of Shape and related expenses. In connection with the Term Loan Facility, the Company incurred $2.2 million in debt issuance costs, which are recorded as a reduction to the carrying value of the principal amount of the debt. Borrowings under the Term Loan Facility bear interest at a rate equal to, at the Company's option, (a) LIBOR, adjusted for customary statutory reserves, plus an applicable margin of 1.125% to 1.75% depending on the Company's leverage ratio, or (b) an alternate base rate determined in accordance with the Term Credit Agreement, plus an applicable margin of 0.125% to 0.750% depending on the Company's leverage ratio. Interest on the outstanding principal of borrowings is currently due quarterly in arrears. As of March 31, 2022, the margin for LIBOR-based loans was 1.125% and the margin for alternate base rate loans was 0.125%. The Term Loan Facility matures on January 24, 2023 with quarterly installments (commencing with the first full fiscal quarter ended after January 24, 2020) equal to 1.25% of the original principal amount of the Term Loan Facility. The remaining outstanding principal of borrowings under the Term Loan Facility is due upon maturity on January 24, 2023. Borrowings under the Term Loan Facility may be voluntarily prepaid, in whole or in part, without penalty or premium. Borrowings repaid or prepaid under the Term Loan Facility may not be reborrowed. Among certain affirmative and negative covenants provided in the Term Credit Agreement, there is a financial covenant that requires the Company to maintain a leverage ratio, calculated as of the last day of each fiscal quarter, of consolidated total indebtedness to consolidated EBITDA. This covenant may result in a higher interest rate on its outstanding principal borrowings on the Term Loan Facility in future periods, depending on the Company's performance. As of March 31, 2022, the Company was in compliance with all covenants. As of March 31, 2022, $360.0 million of principal amount under the Term Loan Facility was outstanding, excluding unamortized debt issuance costs of $0.6 million. The outstanding principal amount was included in current liabilities on the Company's balance sheet as of March 31, 2022. The weighted average interest rate on the principal amount under the Term Loan Facility outstanding balance was 1.282% for the three and six months ended March 31, 2022. The weighted average interest rate on the principal amount under the Term Loan Facility outstanding balance was 1.390% for the three and six months ended March 31, 2021. The following table presents the scheduled principal maturities as of March 31, 2022 (in thousands): Fiscal Years Ending September 30: Amount 2022 (remainder) $ 10,000 2023 350,000 Total $ 360,000 Revolving Credit Agreement On January 31, 2020, the Company entered into a Revolving Credit Agreement (the "Revolving Credit Agreement") that provides for a senior unsecured revolving credit facility in an aggregate principal amount of $350.0 million (the "Revolving Credit Facility"). The Company has the option to increase commitments under the Revolving Credit Facility from time to time, subject to certain conditions, by up to $150.0 million. Borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company's option, (a) LIBOR, adjusted for customary statutory reserves, plus an applicable margin of 1.125% to 1.75% depending on the Company's leverage ratio, or (b) an alternate base rate determined in accordance with the Revolving Credit Agreement, plus an applicable margin of 0.125% to 0.750% depending on the Company's leverage ratio. The Revolving Credit Agreement also requires payment of a commitment fee calculated at a rate per annum of 0.125% to 0.300% depending on the Company's leverage ratio on the undrawn portion of the Revolving Credit Facility. Commitment fees incurred during the three and six months ended March 31, 2022 were not material.

Leases

Leases	6 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The majority of the Company's operating lease payments relate to its corporate headquarters in Seattle, Washington, which includes approximately 515,000 square feet of office space. The lease commenced in April 2019 and expires in 2033 with an option for renewal. The Company also leases additional office and lab space for product development and sales and support personnel in the United States and internationally. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of the Company's operating lease expenses for the three and six months ended March 31, 2022 and 2021 were as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Operating lease expense $ 11,870 $ 12,158 $ 23,784 $ 24,339 Short-term lease expense 619 575 1,175 1,561 Variable lease expense 6,034 5,310 12,278 12,336 Total lease expense $ 18,523 $ 18,043 $ 37,237 $ 38,236 Variable lease expense primarily consists of common area maintenance, real estate taxes and parking expenses. Supplemental balance sheet information related to the Company's operating leases was as follows (in thousands, except lease term and discount rate): March 31, September 30, 2021 Operating lease right-of-use assets, net $ 227,576 $ 244,934 Operating lease liabilities, current 1 45,990 49,286 Operating lease liabilities, long-term 276,416 296,945 Total operating lease liabilities $ 322,406 $ 346,231 Weighted average remaining lease term (in years) 9.6 9.7 Weighted average discount rate 2.64 % 2.60 % (1) Current portion of operating lease liabilities is included in accrued liabilities on the Company's consolidated balance sheets. As of March 31, 2022, the future operating lease payments for each of the next five years and thereafter is as follows (in thousands): Fiscal Years Ending September 30: Operating Lease 2022 (remainder) $ 27,868 2023 50,028 2024 41,469 2025 33,568 2026 26,550 2027 26,194 Thereafter 164,883 Total lease payments 370,560 Less: imputed interest (48,154) Total lease liabilities $ 322,406 Operating lease liabilities above do not include sublease income. As of March 31, 2022, the Company expects to receive sublease income of approximately $16.0 million, which consists of $3.6 million to be received for the remainder of fiscal 2022 and $12.4 million to be received over the three fiscal years thereafter. In the second quarter of fiscal 2021, the Company recorded an impairment of $23.5 million against the operating lease right-of-use asset related to the permanent exit of six floors in its corporate headquarters. In the first quarter of fiscal 2021, the Company recorded an impairment of $6.7 million against the right-of-use asset related to the integration of the former Shape headquarters in Santa Clara, California. There were no impairments against right-of-use assets for the three and six months ended March 31, 2022. As of March 31, 2022, the Company had no significant operating leases that were executed but not yet commenced.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Product Warranties In the normal course of business to facilitate sales of its products, the Company indemnifies other parties, including customers, resellers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. The Company has entered into indemnification agreements with its officers and directors and certain other employees, and the Company's bylaws contain similar indemnification obligations to the Company's agents. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company generally offers warranties of one year for hardware for those customers without service contracts, with the option of purchasing additional warranty coverage in yearly increments. The Company accrues for warranty costs as part of its cost of sales based on associated material product costs and technical support labor costs. Accrued warranty costs as of March 31, 2022 and September 30, 2021 were not material. Commitments As of March 31, 2022, the Company's principal commitments consisted of borrowings under the Term Loan Facility and obligations outstanding under operating leases. Refer to Note 6 for the scheduled principal maturities of the Term Loan Facility as of March 31, 2022. The Company leases its facilities under operating leases that expire at various dates through 2033. There have been no material changes in the Company's lease obligations compared to those discussed in Note 8 to its annual consolidated financial statements. Legal Proceedings Lynwood Investment CY Limited v. F5 Networks et al. On June 8, 2020, Lynwood Investment CY Limited (“Lynwood”) filed a lawsuit in the United States District Court for the Northern District of California against the Company and certain affiliates, along with other defendants. In its complaint, Lynwood claims to be the assignee of all rights and interests of Rambler Internet Holding LLC (“Rambler”), and alleges that the intellectual property in the NGINX software originally released by the co-founder of NGINX in 2004 belongs to Rambler (and therefore Lynwood, by assignment) because the software was created and developed while the co-founder was employed by Rambler. Lynwood asserts 26 causes of action against the various defendants, including copyright infringement, violation of trademark law, tortious interference, conspiracy, and fraud. The complaint seeks damages, disgorgement of profits, fees and costs, declarations of copyright and trademark ownership, trademark cancellations, and injunctive relief. Lynwood also initiated several trademark opposition and cancellation proceedings before the Trademark Trial and Appeal Board of the United States Patent and Trademark Office, which have all since been suspended. In August and October 2020, the Company and the other defendants filed motions to dismiss all claims asserted against them in the lawsuit. While these motions were pending, the Court ordered Lynwood to select ten of its twenty-six claims to litigate through trial while the remaining sixteen claims would be stayed pending resolution of the ten selected claims. On March 25 and 30, 2021, the Court dismissed the ten selected claims and granted Lynwood leave to cure the deficiencies in its complaint though it expressed doubt about Lynwood’s ability to do so. The Court further ruled that Lynwood may not add new causes of action or add new parties without stipulation or leave of court, and that unless Lynwood corrects “all the defects” identified in the Court’s orders and the Company’s and other defendants’ motions to dismiss, the Court will dismiss the ten claims with prejudice. On April 6, 2021, the Court referred the parties to private mediation to be completed by June 1, 2021. Pursuant to the Court’s order, the parties held a private mediation on May 27, 2021. The matter did not resolve. On April 29, 2021, Lynwood filed its amended complaint, seeking the same relief against the Company and other defendants. On May 27, 2021, the Company and other defendants filed a consolidated motion to dismiss the claims Lynwood had selected to proceed to litigate through trial, reserving their right to move to dismiss the 16 stayed claims once the Court lifts the stay. The motion to dismiss was set to be heard by the Court on October 14, 2021, but on October 11, 2021, the Court vacated the hearing and gave notice that it will decide the motion on the papers without oral argument. The Company’s motion to dismiss the amended complaint remains pending. This case was reassigned to a new judge who has yet to indicate when she will issue a ruling on the Company’s motion. In addition to the above matters, the Company is subject to a variety of legal proceedings, claims, investigations, and litigation arising in the ordinary course of business, including intellectual property litigation. Management believes that the Company has meritorious defenses to the allegations made in its pending cases and intends to vigorously defend these lawsuits; however, the Company is unable currently to determine the ultimate outcome of these or similar matters or the potential exposure to loss, if any. There are many uncertainties associated with any litigation and these actions or other third-party claims against the Company may cause it to incur costly litigation and/or substantial settlement charges that could have a material adverse effect on the Company's business, financial condition, results of operations, and cash flows. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company has not recorded any accrual for loss contingencies associated with such legal proceedings or the investigations discussed above.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items in the related period. The effective tax rate was 22.7% and 18.8% for the three and six months ended March 31, 2022, respectively, compared to 17.0% and 22.6% for the three and six months ended March 31, 2021, respectively. The change in the effective tax rate for the three and six months ended March 31, 2022 as compared to the three and six months ended March 31, 2021 is primarily due to the tax impact of stock-based compensation. At March 31, 2022, the Company had $66.2 million of unrecognized tax benefits that, if recognized, would affect the effective tax rate. It is anticipated that the Company’s existing liabilities for unrecognized tax benefits will change within the next twelve months due to audit settlements or the expiration of statutes of limitations. The Company does not expect these changes to be material to the consolidated financial statements. The Company recognizes interest and, if applicable, penalties for any uncertain tax positions as a component of income tax expense. The Company and its subsidiaries are subject to U.S. federal income tax as well as the income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for fiscal years through September 30, 2017. Major jurisdictions where there are wholly owned subsidiaries of F5, Inc. which require income tax filings include the United Kingdom, Singapore, and Israel. The earliest periods open for review by local taxing authorities are fiscal years 2020 for the United Kingdom, 2017 for Singapore, and 2013 for Israel. The Company is currently under audit by various states for fiscal years 2016 through 2020, and by various foreign jurisdictions including Israel for fiscal years 2013 to 2018, Saudi Arabia for fiscal years 2015 to 2020, and India for fiscal years 2019 to 2020. Within the next four fiscal quarters, the statute of limitations will begin to close on the fiscal year 2018 federal income tax return, fiscal years 2017 and 2018 state income tax returns, and fiscal years 2015 to 2020 foreign income tax returns.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity Note Disclosure	Shareholders' Equity Common Stock Repurchase On October 31, 2018, the Company announced that its Board of Directors authorized an additional $1.0 billion for its common stock share repurchase program. This authorization is incremental to the existing $4.4 billion program, initially approved in October 2010 and expanded in subsequent fiscal years. Acquisitions for the share repurchase programs will be made from time to time in private transactions, accelerated share repurchase programs, or open market purchases as permitted by securities laws and other legal requirements. The programs can be terminated at any time. On February 3, 2021, the Company entered into Accelerated Share Repurchase (ASR) agreements with two financial institutions under which the Company paid an aggregate of $500 million. The ASR agreements were accounted for as two separate transactions (1) a repurchase of common stock and (2) an equity-linked contract on the Company's own stock. Upon execution of the ASR agreements, the Company received an initial delivery of 2.1 million shares for an aggregate price of $400 million, based on the market price of $194.91 per share of Company's common stock on the date of the transaction. The initial shares received by the Company were retired immediately upon receipt. The equity-linked contract for the remaining $100 million, representing remaining shares to be delivered by the financial institutions under the ASR agreements, was recorded to common stock as of March 31, 2021 and was settled in the third quarter of fiscal 2021. The shares received by the Company were retired, accounted for as a reduction to stockholder’s equity in the Consolidated Balance Sheets, and treated as a repurchase of common stock for purposes of calculating earnings per share. The Company was not required to make any additional cash payments or delivery of common stock to the financial institutions upon settlement of the agreements. The following table summarizes the Company's repurchases and retirements of its common stock under its Stock Repurchase Program, including the ASR (in thousands, except per share data): Three months ended Six months ended 2022 2021 2022 2021 Shares repurchased 610 2,052 1,148 2,052 Average price per share $ 204.96 $ 194.91 $ 217.71 $ 194.91 Amount repurchased $ 125,012 $ 400,000 $ 250,023 $ 400,000 As of March 31, 2022, the Company had $522 million remaining authorized to purchase shares under its share repurchase program.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Mar. 31, 2022
Net Income Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. The Company's nonvested restricted stock units do not have nonforfeitable rights to dividends or dividend equivalents and are not considered participating securities that should be included in the computation of earnings per share under the two-class method. The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three months ended Six months ended 2022 2021 2022 2021 Numerator Net income $ 56,236 $ 43,241 $ 149,795 $ 130,919 Denominator Weighted average shares outstanding — basic 60,573 60,667 60,693 61,058 Dilutive effect of common shares from stock options and restricted stock units 832 1,491 968 1,234 Weighted average shares outstanding — diluted 61,405 62,158 61,661 62,292 Basic net income per share $ 0.93 $ 0.71 $ 2.47 $ 2.14 Diluted net income per share $ 0.92 $ 0.70 $ 2.43 $ 2.10 Anti-dilutive stock-based awards excluded from the calculations of diluted earnings per share were not material for the three and six months ended March 31, 2022 and 2021.

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Management has determined that the Company is organized as, and operates in, one reportable operating segment: the development, marketing and sale of application security and delivery services across multi-cloud environments. Revenues by Geographic Location and Other Information The Company does business in three main geographic regions: the Americas (primarily the United States); Europe, the Middle East, and Africa (EMEA); and the Asia Pacific region (APAC). The Company's chief operating decision-maker reviews financial information presented on a consolidated basis accompanied by information about revenues by geographic region. The Company's foreign offices conduct sales, marketing and support activities. Revenues are attributed by geographic location based on the location of the customer. The following presents revenues by geographic region (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Americas: United States $ 339,231 $ 323,402 $ 720,520 $ 643,745 Other 19,324 22,650 41,026 45,443 Total Americas 358,555 346,052 761,546 689,188 EMEA 156,374 172,222 318,435 334,306 Asia Pacific 119,295 127,013 241,343 246,410 $ 634,224 $ 645,287 $ 1,321,324 $ 1,269,904 The Company generates revenues from the sale of products and services. The Company continues to offer its products through a range of consumption models, from physical systems to software solutions and managed services. The following presents net product revenues by systems and software (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Net product revenues Systems revenue $ 145,975 $ 200,950 $ 326,132 $ 379,521 Software revenue 151,543 108,239 314,535 217,713 Total net product revenue $ 297,518 $ 309,189 $ 640,667 $ 597,234 The following distributors of the Company's products accounted for more than 10% of total net revenue: Three months ended Six months ended 2022 2021 2022 2021 Ingram Micro, Inc. 20.3 % 17.7 % 19.5 % 17.9 % Synnex Corporation 14.3 % 11.5 % 13.2 % 10.7 % The Company tracks assets by physical location. Long-lived assets consist of property and equipment, net, and are shown below (in thousands): March 31, September 30, United States $ 141,523 $ 153,030 EMEA 20,575 20,526 Other countries 16,644 17,608 $ 178,742 $ 191,164

Restructuring Charges

Restructuring Charges	6 Months Ended
	Mar. 31, 2022
Restructuring Charges [Abstract]
Restructuring Charges	Restructuring Charges In the first quarter of fiscal 2022, the Company initiated a restructuring plan to match strategic and financial objectives and optimize resources for long term growth, including a reduction in force program affecting approximately 70 positions. The Company recorded a restructuring charge of $7.9 million in the first quarter of fiscal 2022. The Company does not expect to record any significant future charges related to the restructuring plan. During the six months ended March 31, 2022, the following activity was recorded (in thousands): Employee Severance, Benefits and Related Costs Accrued expenses, October 1, 2021 $ — Restructuring charges 7,909 Cash payments (6,644) Accrued expenses, March 31, 2022 $ 1,265

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Description of Business	Description of Business F5, Inc. (the "Company") is a leading provider of multi-cloud application security and delivery solutions which enable its customers to develop, deploy, operate, secure, and govern applications in any architecture, from on-premises to the public cloud. The Company's cloud, software, and hardware solutions enable its customers to deliver digital experiences to their customers faster, reliably, and at scale. The Company's enterprise-grade application services are available as cloud-based, software-as-a-service, and software-only solutions optimized for multi-cloud environments, with modules that can run independently, or as part of an integrated solution on its high-performance appliances. In connection with its solutions, the Company offers a broad range of professional services, including consulting, training, installation, maintenance, and other technical support services. On October 1, 2021, the Company completed its acquisition of Threat Stack, Inc. ("Threat Stack"), a provider of cloud security and workload protection solutions.
Basis of Presentation	Basis of Presentation The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for their fair statement in conformity with accounting principles generally accepted in the United States of America. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021.
Recent Accounting Pronouncements	There have been no changes to the Company's significant accounting policies as of and for the three and six months ended March 31, 2022, except for the accounting policy for investments, which has been updated to include equity investments. Investments The Company classifies its debt investments as available-for-sale. Debt investments, consisting of certificates of deposit, corporate and municipal bonds and notes, the United States government and agency securities and international government securities are reported at fair value with the related unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses, credit allowances and impairments due to credit losses are included in other income (expense) in the Company’s consolidated income statements. Debt investments with maturities of less than one year or where management’s intent is to use the investments to fund current operations are classified as short-term investments. Debt investments with maturities of greater than one year are classified as long-term investments. As an approximation to fair value, equity investments are measured using net asset value (“NAV”) and are classified as long-term investments. Unrealized and realized gains and losses are recorded in other income (expense) in the Company's consolidated income statements. Recently Adopted Accounting Standards

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Capitalized Contract Cost	The table below shows significant movements in capitalized contract acquisition costs (current and noncurrent) for the six months ended March 31, 2022 and 2021 (in thousands): Six months ended 2022 2021 Balance, beginning of period $ 77,836 $ 70,396 Additional capitalized contract acquisition costs 18,530 18,614 Amortization of capitalized contract acquisition costs (19,092) (16,590) Balance, end of period $ 77,274 $ 72,420
Contract with Customer, Asset and Liability	The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the six months ended March 31, 2022 and 2021 (in thousands): Six months ended 2022 2021 Balance, beginning of period $ 1,489,841 $ 1,272,632 Amounts added but not recognized as revenues 723,631 680,124 Deferred revenue acquired through acquisition of businesses 10,591 779 Revenues recognized related to the opening balance of deferred revenue (624,327) (586,632) Balance, end of period $ 1,599,736 $ 1,366,903

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	The Company's financial assets measured at fair value on a recurring basis subject to the disclosure requirements at March 31, 2022 and September 30, 2021, were as follows (in thousands): Gross Unrealized Classification on Balance Sheet As of March 31, 2022 Fair Value Level Cost or Amortized Cost Gains Losses Aggregate Cash and Cash Equivalents Short-Term Investments Long-Term Investments Changes in fair value recorded in other comprehensive income Money Market Funds Level 1 $ 8,220 $ — $ — $ 8,220 $ 8,220 $ — $ — Certificates of deposit Level 2 991 — — 991 — 991 — Corporate bonds and notes Level 2 147,313 2 (1,063) 146,252 — 119,576 26,676 Municipal bonds and notes Level 2 18,779 — (143) 18,636 — 16,458 2,178 U.S. government securities Level 2 158,023 — (891) 157,132 — 154,313 2,819 U.S. government agency securities Level 2 11,068 — (77) 10,991 — 9,253 1,738 Total debt investments $ 344,394 $ 2 $ (2,174) $ 342,222 $ 8,220 $ 300,591 $ 33,411 Changes in fair value recorded in other net income (expense) Equity investments * $ 1,500 $ — $ — $ 1,500 Total equity investments 1,500 — — 1,500 Total investments $ 343,722 $ 8,220 $ 300,591 $ 34,911 * The fair value of this equity investment is measured at net asset value (NAV) which approximates fair value and is not classified within the fair value hierarchy . Gross Unrealized Classification on Balance Sheet As of September 30, 2021 Fair Value Level Cost or Amortized Cost Gains Losses Aggregate Cash and Cash Equivalents Short-Term Investments Long-Term Investments Changes in fair value recorded in other comprehensive income Money Market Funds Level 1 $ 17,150 $ — $ — $ 17,150 $ 17,150 $ — $ — Certificates of deposit Level 2 255 — — 255 — 255 — Corporate bonds and notes Level 2 243,568 129 (86) 243,611 4,397 186,107 53,107 Municipal bonds and notes Level 2 24,684 2 (9) 24,677 — 13,566 11,111 U.S. government securities Level 2 162,221 14 (12) 162,223 — 102,615 59,608 U.S. government agency securities Level 2 36,053 — (14) 36,039 — 27,087 8,952 Total investments $ 483,931 $ 145 $ (121) $ 483,955 $ 21,547 $ 329,630 $ 132,778
Property, Plant and Equipment	Impairment charges were allocated to the following income statement line items for the three and six months ended March 31, 2022 and 2021 (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Cost of net product revenue $ — $ 897 $ — $ 2,865 Cost of net service revenue — 3,491 — 3,492 Sales and marketing — 10,256 6,175 11,515 Research and development — 9,845 — 12,974 General and administrative — 9,336 — 9,852 Total impairment charges $ — $ 33,825 $ 6,175 $ 40,698

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocated purchase consideration to assets acquired and liabilities assumed based on preliminary estimated fair values is presented in the following table (in thousands): Estimated Useful Life Assets acquired Deferred tax assets $ 13,366 Other net tangible assets acquired, at fair value 5,481 Cash, cash equivalents, and restricted cash 912 Identifiable intangible assets: Developed technology 11,400 5 years Customer relationships 4,400 5 years Goodwill 43,956 Total assets acquired $ 79,515 Liabilities assumed Deferred revenue $ (10,591) Total liabilities assumed $ (10,591) Net assets acquired $ 68,924 The allocated purchase consideration to assets acquired and liabilities assumed based on preliminary estimated fair values is presented in the following table (in thousands): Estimated Useful Life Assets acquired Cash, cash equivalents, and restricted cash $ 14,012 Other tangible assets acquired, at fair value 7,499 Identifiable intangible assets: Developed technology 59,500 7 years Customer relationships 500 1 year Goodwill 350,863 Total assets acquired $ 432,374 Liabilities assumed $ (5,233) Net assets acquired $ 427,141

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Mar. 31, 2022
Balance Sheet Details [Abstract]
Cash and Cash Equivalents	The following table provides a reconciliation of the Company's cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash shown in the Company's consolidated statements of cash flows for the periods presented (in thousands): March 31, September 30, Cash and cash equivalents $ 586,543 $ 580,977 Restricted cash included in other assets, net 3,376 3,356 Total cash, cash equivalents and restricted cash $ 589,919 $ 584,333
Inventories	Inventories consist of the following (in thousands): March 31, September 30, Finished goods $ 11,282 $ 13,081 Raw materials 16,601 8,974 $ 27,883 $ 22,055
Other Current Assets	Other current assets consist of the following (in thousands): March 31, September 30, Unbilled receivables $ 251,148 $ 215,396 Prepaid expenses 96,227 59,636 Capitalized contract acquisition costs 34,320 34,265 Other 23,901 28,605 $ 405,596 $ 337,902
Other Assets, Noncurrent	Other assets, net consist of the following (in thousands): March 31, September 30, Intangible assets $ 224,523 $ 237,178 Unbilled receivables 176,880 158,885 Capitalized contract acquisition costs 42,954 43,571 Other 38,448 32,924 $ 482,805 $ 472,558
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, September 30, Payroll and benefits $ 162,530 $ 179,147 Operating lease liabilities, current 45,990 49,286 Income and other tax accruals 33,581 44,075 Other 59,105 68,979 $ 301,206 $ 341,487
Noncurrent Liabilities	Other long-term liabilities consist of the following (in thousands): March 31, September 30, Income taxes payable $ 61,862 $ 66,081 Other 9,555 9,155 $ 71,417 $ 75,236

Debt Facilities (Tables)

Debt Facilities (Tables)	6 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the scheduled principal maturities as of March 31, 2022 (in thousands): Fiscal Years Ending September 30: Amount 2022 (remainder) $ 10,000 2023 350,000 Total $ 360,000

Leases (Tables)

Leases (Tables)	6 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lease, Cost	The components of the Company's operating lease expenses for the three and six months ended March 31, 2022 and 2021 were as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Operating lease expense $ 11,870 $ 12,158 $ 23,784 $ 24,339 Short-term lease expense 619 575 1,175 1,561 Variable lease expense 6,034 5,310 12,278 12,336 Total lease expense $ 18,523 $ 18,043 $ 37,237 $ 38,236
Assets And Liabilities Lessee	Supplemental balance sheet information related to the Company's operating leases was as follows (in thousands, except lease term and discount rate): March 31, September 30, 2021 Operating lease right-of-use assets, net $ 227,576 $ 244,934 Operating lease liabilities, current 1 45,990 49,286 Operating lease liabilities, long-term 276,416 296,945 Total operating lease liabilities $ 322,406 $ 346,231 Weighted average remaining lease term (in years) 9.6 9.7 Weighted average discount rate 2.64 % 2.60 % (1) Current portion of operating lease liabilities is included in accrued liabilities on the Company's consolidated balance sheets.
Lessee, Operating Lease, Liability, Maturity	As of March 31, 2022, the future operating lease payments for each of the next five years and thereafter is as follows (in thousands): Fiscal Years Ending September 30: Operating Lease 2022 (remainder) $ 27,868 2023 50,028 2024 41,469 2025 33,568 2026 26,550 2027 26,194 Thereafter 164,883 Total lease payments 370,560 Less: imputed interest (48,154) Total lease liabilities $ 322,406

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Class of Treasury Stock	The following table summarizes the Company's repurchases and retirements of its common stock under its Stock Repurchase Program, including the ASR (in thousands, except per share data): Three months ended Six months ended 2022 2021 2022 2021 Shares repurchased 610 2,052 1,148 2,052 Average price per share $ 204.96 $ 194.91 $ 217.71 $ 194.91 Amount repurchased $ 125,012 $ 400,000 $ 250,023 $ 400,000

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Mar. 31, 2022
Net Income Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data): Three months ended Six months ended 2022 2021 2022 2021 Numerator Net income $ 56,236 $ 43,241 $ 149,795 $ 130,919 Denominator Weighted average shares outstanding — basic 60,573 60,667 60,693 61,058 Dilutive effect of common shares from stock options and restricted stock units 832 1,491 968 1,234 Weighted average shares outstanding — diluted 61,405 62,158 61,661 62,292 Basic net income per share $ 0.93 $ 0.71 $ 2.47 $ 2.14 Diluted net income per share $ 0.92 $ 0.70 $ 2.43 $ 2.10

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Revenues by Geographic Region	The following presents revenues by geographic region (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Americas: United States $ 339,231 $ 323,402 $ 720,520 $ 643,745 Other 19,324 22,650 41,026 45,443 Total Americas 358,555 346,052 761,546 689,188 EMEA 156,374 172,222 318,435 334,306 Asia Pacific 119,295 127,013 241,343 246,410 $ 634,224 $ 645,287 $ 1,321,324 $ 1,269,904
Schedule of Segment Reporting Information, by Segment	The following presents net product revenues by systems and software (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Net product revenues Systems revenue $ 145,975 $ 200,950 $ 326,132 $ 379,521 Software revenue 151,543 108,239 314,535 217,713 Total net product revenue $ 297,518 $ 309,189 $ 640,667 $ 597,234
Schedule of Revenue by Major Customers by Reporting Segments	The following distributors of the Company's products accounted for more than 10% of total net revenue: Three months ended Six months ended 2022 2021 2022 2021 Ingram Micro, Inc. 20.3 % 17.7 % 19.5 % 17.9 % Synnex Corporation 14.3 % 11.5 % 13.2 % 10.7 %
Long-lived Assets by Geographic Areas	The Company tracks assets by physical location. Long-lived assets consist of property and equipment, net, and are shown below (in thousands): March 31, September 30, United States $ 141,523 $ 153,030 EMEA 20,575 20,526 Other countries 16,644 17,608 $ 178,742 $ 191,164

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Mar. 31, 2022
Restructuring Charges [Abstract]
Restructuring and Related Costs	During the six months ended March 31, 2022, the following activity was recorded (in thousands): Employee Severance, Benefits and Related Costs Accrued expenses, October 1, 2021 $ — Restructuring charges 7,909 Cash payments (6,644) Accrued expenses, March 31, 2022 $ 1,265

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Capitalized contract acquisition costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Changes In Capitalized Contract Cost [Roll Forward]
Beginning Balance			$ 77,836	$ 70,396
Additional capitalized contract acquisition costs			18,530	18,614
Amortization of capitalized contract acquisition costs	$ (9,700)	$ (8,400)	(19,092)	(16,590)
Ending Balance	$ 77,274	$ 72,420	$ 77,274	$ 72,420

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in Contract with Customer, Liability [Roll Forward]
Beginning Balance	$ 1,489,841	$ 1,272,632
Amounts added but not recognized as revenues	723,631	680,124
Deferred revenue acquired through acquisition of businesses	10,591	779
Revenues recognized related to the opening balance of deferred revenue	(624,327)	(586,632)
Ending Balance	$ 1,599,736	$ 1,366,903

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Amortization of capitalized contract acquisition costs	$ 9,700,000	$ 8,400,000	$ 19,092,000	$ 16,590,000
Capitalized Contract Cost, Impairment Loss			$ 0	$ 0

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) $ in Billions	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 1.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, percentage	65.20%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, percentage	21.40%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	$ 8,220	$ 21,547
Cost or amortized cost	344,394	483,931
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2	145
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(2,174)	(121)
Fair value	342,222	483,955
Debt Securities, Available-for-sale, Current	300,591	329,630
Debt Securities, Available-for-sale, Noncurrent	33,411	132,778
Equity Securities, FV-NI	1,500
Equity Securities, FV-NI, Current	0
Equity Securities, FV-NI, Noncurrent	1,500
Available-for-sale Securities	343,722
Available-for-sale Securities, Current	300,591	329,630
Long-term investments	34,911	132,778
Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	991	255
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0	0
Corporate Bonds and Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	147,313	243,568
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2	129
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(1,063)	(86)
Municipal Bonds and Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	18,779	24,684
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	2
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(143)	(9)
U.S. Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	158,023	162,221
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	14
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(891)	(12)
U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	11,068	36,053
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(77)	(14)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value		17,150
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Equity Securities, FV-NI	1,500
Equity Securities, FV-NI, Current	0
Equity Securities, FV-NI, Noncurrent	1,500
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	8,220	17,150
Fair Value, Recurring | Level 2 | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	991	255
Debt Securities, Available-for-sale, Current	991	255
Debt Securities, Available-for-sale, Noncurrent	0	0
Fair Value, Recurring | Level 2 | Corporate Bonds and Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	0	4,397
Fair value	146,252	243,611
Debt Securities, Available-for-sale, Current	119,576	186,107
Debt Securities, Available-for-sale, Noncurrent	26,676	53,107
Fair Value, Recurring | Level 2 | Municipal Bonds and Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	18,636	24,677
Debt Securities, Available-for-sale, Current	16,458	13,566
Debt Securities, Available-for-sale, Noncurrent	2,178	11,111
Fair Value, Recurring | Level 2 | U.S. Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	157,132	162,223
Debt Securities, Available-for-sale, Current	154,313	102,615
Debt Securities, Available-for-sale, Noncurrent	2,819	59,608
Fair Value, Recurring | Level 2 | U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	10,991	36,039
Debt Securities, Available-for-sale, Current	9,253	27,087
Debt Securities, Available-for-sale, Noncurrent	$ 1,738	$ 8,952

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Impairment Charges by Income Statement Line Item (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Impairment of assets	$ 0	$ 33,825	$ 6,175	$ 40,698
Cost of net product revenue
Property, Plant and Equipment [Line Items]
Impairment of assets	0	897	0	2,865
Cost of net service revenue
Property, Plant and Equipment [Line Items]
Impairment of assets	0	3,491	0	3,492
Selling and Marketing Expense
Property, Plant and Equipment [Line Items]
Impairment of assets	0	10,256	6,175	11,515
Research and Development Expense
Property, Plant and Equipment [Line Items]
Impairment of assets	0	9,845	0	12,974
General and Administrative Expense
Property, Plant and Equipment [Line Items]
Impairment of assets	$ 0	$ 9,336	$ 0	$ 9,852

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating Lease, Impairment Loss			$ 23.5	$ 6.7
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)					$ 6.2
Fair Value, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating Lease, Impairment Loss	$ 23.5	$ 6.7
Tangible Asset Impairment Charges	$ 10.3	$ 0.2

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Millions	Oct. 01, 2021	Jan. 22, 2021	Sep. 30, 2021
Threat Stack, Inc
Business Acquisition [Line Items]
Total purchase price	$ 68.9
Identifiable intangible assets useful life	5 years
Volterra, Inc.
Business Acquisition [Line Items]
Total purchase price		$ 427.2
Identifiable intangible assets useful life		6 years 11 months 12 days
Volterra, Inc. | General and Administrative Expense
Business Acquisition [Line Items]
Business combination, acquisition related costs			$ 9.5
Developed Technology Rights | Threat Stack, Inc
Business Acquisition [Line Items]
Identifiable intangible assets useful life	5 years
Developed Technology Rights | Volterra, Inc.
Business Acquisition [Line Items]
Identifiable intangible assets useful life		7 years
Customer Relationships | Threat Stack, Inc
Business Acquisition [Line Items]
Identifiable intangible assets useful life	5 years
Customer Relationships | Volterra, Inc.
Business Acquisition [Line Items]
Identifiable intangible assets useful life		1 year

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Jan. 22, 2021	Mar. 31, 2022	Sep. 30, 2021
Assets Acquired
Goodwill			$ 2,259,951	$ 2,216,553
Threat Stack, Inc
Assets Acquired
Cash, cash equivalents, and restricted cash	$ 912
Deferred tax assets	13,366
Other tangible assets acquired, at fair value	$ 5,481
Identifiable intangible assets useful life	5 years
Goodwill	$ 43,956
Total assets acquired	79,515
Liabilities assumed
Deferred revenue	(10,591)
Total liabilities assumed	(10,591)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total	68,924
Threat Stack, Inc | Developed Technology Rights
Assets Acquired
Identifiable intangible assets:	$ 11,400
Identifiable intangible assets useful life	5 years
Threat Stack, Inc | Customer Relationships
Assets Acquired
Identifiable intangible assets:	$ 4,400
Identifiable intangible assets useful life	5 years
Volterra, Inc.
Assets Acquired
Cash, cash equivalents, and restricted cash		$ 14,012
Other tangible assets acquired, at fair value		$ 7,499
Identifiable intangible assets useful life		6 years 11 months 12 days
Goodwill		$ 350,863
Total assets acquired		432,374
Liabilities assumed
Total liabilities assumed		(5,233)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total		427,141
Volterra, Inc. | Developed Technology Rights
Assets Acquired
Identifiable intangible assets:		$ 59,500
Identifiable intangible assets useful life		7 years
Volterra, Inc. | Customer Relationships
Assets Acquired
Identifiable intangible assets:		$ 500
Identifiable intangible assets useful life		1 year

Balance Sheet Details - Cash an

Balance Sheet Details - Cash and Cash Equivalent (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Balance Sheet Details [Abstract]
Cash and cash equivalents	$ 586,543	$ 580,977
Restricted cash included in other assets, net	3,376	3,356
Total cash, cash equivalents and restricted cash	$ 589,919	$ 584,333	$ 535,481	$ 852,826

Balance Sheet Details - Invento

Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Balance Sheet Details [Abstract]
Finished goods	$ 11,282	$ 13,081
Raw materials	16,601	8,974
Inventories	$ 27,883	$ 22,055

Balance Sheet Details - Other C

Balance Sheet Details - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Balance Sheet Details [Abstract]
Unbilled receivables	$ 251,148	$ 215,396
Prepaid expenses	96,227	59,636
Capitalized contract acquisition costs	34,320	34,265
Other	23,901	28,605
Other Assets, Current	$ 405,596	$ 337,902

Balance Sheet Details - Other A

Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Balance Sheet Details [Abstract]
Intangible assets	$ 224,523	$ 237,178
Unbilled receivables	176,880	158,885
Capitalized contract acquisition costs	42,954	43,571
Other	38,448	32,924
Other Assets, Noncurrent	$ 482,805	$ 472,558

Balance Sheet Details - Accrued

Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Balance Sheet Details [Abstract]
Payroll and benefits	$ 162,530	$ 179,147
Operating lease liabilities, current	45,990	49,286
Income and other tax accruals	33,581	44,075
Other	59,105	68,979
Accrued Liabilities, Current	$ 301,206	$ 341,487

Balance Sheet Details - Other L

Balance Sheet Details - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Balance Sheet Details [Abstract]
Income taxes payable	$ 61,862	$ 66,081
Other	9,555	9,155
Other long-term liabilities	$ 71,417	$ 75,236

Debt Facilities - Narrative (De

Debt Facilities - Narrative (Details)	Jan. 31, 2020USD ($)	Jan. 24, 2020USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021	Mar. 31, 2022USD ($)extension	Mar. 31, 2021
Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 400,000,000
Debt issuance costs		$ 2,200,000	$ 600,000		$ 600,000
Redemption percentage		1.25%
Long-term line of credit			$ 360,000,000		$ 360,000,000
Line of Credit Facility, Interest Rate During Period			1.282%	1.39%	1.282%	1.39%
Term Loan Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					1.125%
Term Loan Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Term Loan Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Term Loan Facility | Alternate Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.125%
Term Loan Facility | Alternate Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.125%
Term Loan Facility | Alternate Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount	$ 350,000,000
Long-term line of credit			$ 0		$ 0
Conditional increase in borrowing capacity	$ 150,000,000
Number of extensions | extension					2
Length of extension period					1 year
Outstanding line of credit balance			$ 350,000,000		$ 350,000,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.125%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Alternate Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%
Revolving Credit Facility | Alternate Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%

Debt Facilities - Schedule of D

Debt Facilities - Schedule of Debt Maturities (Details) - Term Loan Facility $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
2022 (remainder)	$ 10,000
2023	350,000
Total	$ 360,000

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2022USD ($)ft²	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2022USD ($)
Lessee, Lease, Description [Line Items]
Sublease Income				$ 16
Sublease income payment remainder of fiscal year	$ 3.6			3.6
Payment to be received between year two through four	$ 12.4			$ 12.4
Operating Lease, Impairment Loss		$ 23.5	$ 6.7
Office Building
Lessee, Lease, Description [Line Items]
Operating lease, number of square feet | ft²	515

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease expense	$ 11,870	$ 12,158	$ 23,784	$ 24,339
Short-term lease expense	619	575	1,175	1,561
Variable lease expense	6,034	5,310	12,278	12,336
Total lease expense	$ 18,523	$ 18,043	$ 37,237	$ 38,236

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 227,576	$ 244,934
Operating lease liabilities, current	45,990	49,286
Operating lease liabilities, long-term	276,416	296,945
Total lease liabilities	$ 322,406	$ 346,231
Weighted average remaining lease term (in years)	9 years 7 months 6 days	9 years 8 months 12 days
Weighted average discount rate	2.64%	2.60%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Leases [Abstract]
2022 (remainder)	$ 27,868
2023	50,028
2024	41,469
2025	33,568
2026	26,550
2027	26,194
Thereafter	164,883
Total lease payments	370,560
Less: imputed interest	(48,154)
Total lease liabilities	$ 322,406	$ 346,231

Commitments And Contingencies (

Commitments And Contingencies (Details)	6 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Product warranty period	1 year

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	22.70%	17.00%	18.80%	22.60%
Unrecognized tax benefit	$ 66.2		$ 66.2

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Feb. 03, 2021	Oct. 31, 2018	Oct. 26, 2010
Equity, Class of Treasury Stock [Line Items]
Accelerated Share Repurchases, Settlement (Payment) or Receipt		$ 400,000		$ 400,000	$ 500,000
Accelerated Share Repurchases, Cash or Stock Settlement		2.1 million
Adjustments To Additional Paid In Capital, Equity Forward Contract		$ 100,000		$ 100,000
Treasury Stock Acquired, Average Cost Per Share	$ 204.96	$ 194.91	$ 217.71	$ 194.91
October Twenty Six Two Thousand Ten Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount						$ 1,000,000	$ 4,400,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 522,000		$ 522,000

Shareholders' Equity - Class of

Shareholders' Equity - Class of Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share	$ 204.96	$ 194.91	$ 217.71	$ 194.91
Stock Repurchased and Retired During Period, Value	$ 125,012	$ 400,000	$ 250,023	$ 400,000
October Twenty Six Two Thousand Ten Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased and Retired During Period, Shares	610	2,052	1,148	2,052

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income	$ 56,236	$ 43,241	$ 149,795	$ 130,919
Denominator
Weighted average shares outstanding — basic (shares)	60,573	60,667	60,693	61,058
Dilutive effect of common shares from stock options and restricted stock units	832	1,491	968	1,234
Weighted average shares outstanding — diluted (shares)	61,405	62,158	61,661	62,292
Basic net income per share (dollars per share)	$ 0.93	$ 0.71	$ 2.47	$ 2.14
Diluted net income per share (dollars per share)	$ 0.92	$ 0.70	$ 2.43	$ 2.10

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)segmentgeographic_region	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			1
Number of geographic regions | geographic_region			3
Net revenues	$ 634,224	$ 645,287	$ 1,321,324	$ 1,269,904
Long-lived assets	$ 178,742		$ 178,742		$ 191,164
Ingram Micro, Inc. | Net Revenue | Geographic Concentration
Segment Reporting Information [Line Items]
Concentration risk percentage	20.30%	17.70%	19.50%	17.90%
Synnex Corporation | Net Revenue | Geographic Concentration
Segment Reporting Information [Line Items]
Concentration risk percentage	14.30%	11.50%	13.20%	10.70%
Product
Segment Reporting Information [Line Items]
Net revenues	$ 297,518	$ 309,189	$ 640,667	$ 597,234
Product | Systems
Segment Reporting Information [Line Items]
Net revenues	145,975	200,950	326,132	379,521
Product | Software
Segment Reporting Information [Line Items]
Net revenues	151,543	108,239	314,535	217,713
United States
Segment Reporting Information [Line Items]
Net revenues	339,231	323,402	720,520	643,745
Long-lived assets	141,523		141,523		153,030
Other
Segment Reporting Information [Line Items]
Net revenues	19,324	22,650	41,026	45,443
Total Americas
Segment Reporting Information [Line Items]
Net revenues	358,555	346,052	761,546	689,188
EMEA
Segment Reporting Information [Line Items]
Net revenues	156,374	172,222	318,435	334,306
Long-lived assets	20,575		20,575		20,526
Asia Pacific
Segment Reporting Information [Line Items]
Net revenues	119,295	$ 127,013	241,343	$ 246,410
Other countries
Segment Reporting Information [Line Items]
Long-lived assets	$ 16,644		$ 16,644		$ 17,608

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)employee	Mar. 31, 2021USD ($)
Restructuring Charges [Abstract]
Number of employees in reduction of force program | employee			70
Restructuring charges | $	$ 0	$ 0	$ 7,909	$ 0

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Accrued expenses (Beginning balance)			$ 0
Restructuring charges	$ 0	$ 0	7,909	$ 0
Cash payments			(6,644)
Accrued expenses (Ending balance)	$ 1,265		$ 1,265