F5 (FFIV) 10-Q 4 Aug 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		59,306,423
Entity Central Index Key	0001048695
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Current assets
Cash and cash equivalents	$ 677,498	$ 758,012
Short-term investments	13,109	126,554
Accounts receivable, net of allowances of $5,172 and $6,020	439,518	469,979
Inventories	46,102	68,365
Other current assets	537,557	489,314
Total current assets	1,713,784	1,912,224
Property and equipment, net	171,147	168,182
Operating lease right-of-use assets	204,196	227,475
Long-term investments	5,887	9,544
Deferred tax assets	271,171	183,365
Goodwill	2,288,678	2,259,282
Other assets, net	464,293	516,122
Total assets	5,119,156	5,276,194
Current liabilities
Accounts payable	65,499	113,178
Accrued liabilities	274,255	309,819
Deferred revenue	1,149,787	1,067,182
Current portion of long-term debt	0	349,772
Total current liabilities	1,489,541	1,839,951
Deferred tax liabilities	3,883	2,781
Deferred revenue, long-term	641,647	624,398
Operating lease liabilities, long-term	250,077	272,376
Other long-term liabilities	76,505	67,710
Total long-term liabilities	972,112	967,265
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, 59,296 and 59,860 shares issued and outstanding	32,519	91,048
Accumulated other comprehensive loss	(21,936)	(26,176)
Retained earnings	2,646,920	2,404,106
Total shareholders' equity	2,657,503	2,468,978
Total liabilities and shareholders' equity	$ 5,119,156	$ 5,276,194

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 5,172	$ 6,020
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	59,296,000	59,860,000

Consolidated Income Statements

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net revenues
Revenue from contract with customer, excluding assessed tax	$ 702,642	$ 674,488	$ 2,106,195	$ 1,995,812
Cost of net revenues
Cost of net revenues	141,683	130,733	452,344	392,165
Gross profit	560,959	543,755	1,653,851	1,603,647
Operating expenses
Sales and marketing	207,202	226,731	673,383	689,592
Research and development	128,765	138,737	412,451	404,846
General and administrative	64,775	70,823	201,802	205,038
Restructuring charges	56,648	0	65,388	7,909
Total	457,390	436,291	1,353,024	1,307,385
Income from operations	103,569	107,464	300,827	296,262
Other income (expense), net	2,896	(6,221)	10,335	(10,586)
Income before income taxes	106,465	101,243	311,162	285,676
Provision for income taxes	17,489	18,224	68,348	52,862
Net income	$ 88,976	$ 83,019	$ 242,814	$ 232,814
Net income per share — basic (dollars per share)	$ 1.48	$ 1.38	$ 4.04	$ 3.85
Weighted average shares — basic (shares)	59,977	59,965	60,133	60,450
Net income per share — diluted (dollars per share)	$ 1.48	$ 1.37	$ 4.02	$ 3.80
Weighted average shares — diluted (shares)	60,314	60,460	60,463	61,345
Product
Net revenues
Revenue from contract with customer, excluding assessed tax	$ 328,175	$ 326,482	$ 1,009,314	$ 967,149
Cost of net revenues
Cost of net revenues	87,940	73,558	286,590	226,454
Service
Net revenues
Revenue from contract with customer, excluding assessed tax	374,467	348,006	1,096,881	1,028,663
Cost of net revenues
Cost of net revenues	$ 53,743	$ 57,175	$ 165,754	$ 165,711

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 88,976	$ 83,019	$ 242,814	$ 232,814
Other comprehensive income (loss):
Foreign currency translation adjustment	884	(1,910)	2,868	(2,506)
Available-for-sale securities:
Unrealized gains (losses) on securities, net of taxes of $30 and $42 for the three months ended June 30, 2023 and 2022, respectively, and $262 and $(180) for the nine months ended June 30, 2023 and 2022, respectively	157	20	1,984	(1,895)
Reclassification adjustment for realized losses included in net income, net of taxes of $0 and $34 for the three months ended June 30, 2023 and 2022, respectively, and $78 and $48 for the nine months ended June 30, 2023 and 2022, respectively	0	(108)	(612)	(152)
Net change in unrealized gains (losses) on available-for-sale securities, net of tax	157	(88)	1,372	(2,047)
Total other comprehensive income (loss)	1,041	(1,998)	4,240	(4,553)
Comprehensive income	$ 90,017	$ 81,021	$ 247,054	$ 228,261

Consolidated Statements Of Co_2

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Tax effect of unrealized gain (loss) on securities	$ 30	$ 42	$ 262	$ (180)
Tax effect of reclassification adjustment for realized (gains) losses	$ 0	$ 34	$ 78	$ 48

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, 2021		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)		115
Exercise of employee stock options	2,753	$ 2,753
Issuance of stock under employee stock purchase plan (in shares)		412
Issuance of stock under employee stock purchase plan	60,927	$ 60,927
Issuance of restricted stock (in shares)		1,080
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(2,611)
Repurchase of common stock	(500,023)	$ (394,141)		(105,882)
Taxes paid related to net share settlement of equity awards (in shares)		(92)
Taxes paid related to net share settlement of equity awards	(18,907)	$ (18,907)
Stock-based compensation	189,761	$ 189,761
Net income	232,814			232,814
Other comprehensive income (loss)	(4,553)		(4,553)
Ending Balance ( in shares) at Jun. 30, 2022		59,556
Ending Balance at Jun. 30, 2022	2,322,985	$ 32,851	(24,626)	2,314,760
Beginning Balance (in shares) at Mar. 31, 2022		60,465
Beginning Balance at Mar. 31, 2022	2,397,128	$ 82,133	(22,628)	2,337,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		19
Exercise of employee stock options	450	$ 450
Issuance of stock under employee stock purchase plan (in shares)		243
Issuance of stock under employee stock purchase plan	34,602	$ 34,602
Issuance of restricted stock (in shares)		305
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(1,463)
Repurchase of common stock	(250,000)	$ (144,118)		(105,882)
Taxes paid related to net share settlement of equity awards (in shares)		(13)
Taxes paid related to net share settlement of equity awards	(2,091)	$ (2,091)
Stock-based compensation	61,875	$ 61,875
Net income	83,019			83,019
Other comprehensive income (loss)	(1,998)		(1,998)
Ending Balance ( in shares) at Jun. 30, 2022		59,556
Ending Balance at Jun. 30, 2022	$ 2,322,985	$ 32,851	(24,626)	2,314,760
Beginning Balance (in shares) at Sep. 30, 2022	59,860	59,860
Beginning Balance at Sep. 30, 2022	$ 2,468,978	$ 91,048	(26,176)	2,404,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		39
Exercise of employee stock options	1,029	$ 1,029
Issuance of stock under employee stock purchase plan (in shares)		500
Issuance of stock under employee stock purchase plan	58,468	$ 58,468
Issuance of restricted stock (in shares)		1,051
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(2,075)
Repurchase of common stock	(290,041)	$ (290,041)
Taxes paid related to net share settlement of equity awards (in shares)		(79)
Taxes paid related to net share settlement of equity awards	(11,369)	$ (11,369)
Stock-based compensation	183,384	$ 183,384
Net income	242,814			242,814
Other comprehensive income (loss)	$ 4,240		4,240
Ending Balance ( in shares) at Jun. 30, 2023	59,296	59,296
Ending Balance at Jun. 30, 2023	$ 2,657,503	$ 32,519	(21,936)	2,646,920
Beginning Balance (in shares) at Mar. 31, 2023		60,465
Beginning Balance at Mar. 31, 2023	2,725,559	$ 190,592	(22,977)	2,557,944
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		13
Exercise of employee stock options	313	$ 313
Issuance of stock under employee stock purchase plan (in shares)		321
Issuance of stock under employee stock purchase plan	36,723	$ 36,723
Issuance of restricted stock (in shares)		320
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(1,812)
Repurchase of common stock	(250,036)	$ (250,036)
Taxes paid related to net share settlement of equity awards (in shares)		(11)
Taxes paid related to net share settlement of equity awards	(1,545)	$ (1,545)
Stock-based compensation	56,472	$ 56,472
Net income	88,976			88,976
Other comprehensive income (loss)	$ 1,041		1,041
Ending Balance ( in shares) at Jun. 30, 2023	59,296	59,296
Ending Balance at Jun. 30, 2023	$ 2,657,503	$ 32,519	$ (21,936)	$ 2,646,920

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 242,814	$ 232,814
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	183,384	189,761
Depreciation and amortization	83,173	88,398
Non-cash operating lease costs	29,977	29,071
Deferred income taxes	(85,091)	(28,956)
Impairment of assets	3,455	6,175
Other	2,137	585
Changes in operating assets and liabilities (excluding effects of the acquisition of businesses):
Accounts receivable	31,507	(116,137)
Inventories	22,263	(21,732)
Other current assets	(47,488)	(106,070)
Other assets	13,231	(50,400)
Accounts payable and accrued liabilities	(79,608)	(33,398)
Deferred revenue	98,054	136,872
Lease liabilities	(34,200)	(38,707)
Net cash provided by operating activities	463,608	288,276
Investing activities
Purchases of investments	(1,789)	(58,514)
Maturities of investments	103,513	178,372
Sales of investments	16,085	120,564
Acquisition of businesses, net of cash acquired	(35,049)	(67,911)
Purchases of property and equipment	(38,802)	(25,117)
Net cash provided by investing activities	43,958	147,394
Financing activities
Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan	59,497	63,681
Repurchase of common stock	(290,041)	(500,023)
Payments on term debt agreement	(350,000)	(15,000)
Taxes paid related to net share settlement of equity awards	(11,369)	(18,907)
Net cash used in financing activities	(591,913)	(470,249)
Net decrease in cash, cash equivalents and restricted cash	(84,347)	(34,579)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,729	(3,633)
Cash, cash equivalents and restricted cash, beginning of period	762,207	584,333
Cash, cash equivalents and restricted cash, end of period	681,589	546,121
Supplemental disclosures of cash flow information
Cash paid for amounts included in the measurement of operating lease liabilities	40,619	44,115
Cash paid for interest on long-term debt	2,970	4,287
Supplemental disclosures of non-cash activities
Right-of-use assets obtained in exchange for lease obligations	$ 10,544	$ 614

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2023
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, maintenance, and other technical support services. 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, 2022. There have been no changes to the Company's significant accounting policies as of and for the three and nine months ended June 30, 2023. New Accounting Pronouncements

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Jun. 30, 2023
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 nine months ended June 30, 2023 and 2022 (in thousands): Nine months ended 2023 2022 Balance, beginning of period $ 77,220 $ 77,836 Additional capitalized contract acquisition costs 19,384 27,620 Amortization of capitalized contract acquisition costs (28,514) (28,782) Balance, end of period $ 68,090 $ 76,674 Amortization of capitalized contract acquisition costs was $9.4 million and $9.7 million for the three months ended June 30, 2023 and 2022, respectively, and $28.5 million and $28.8 million for the nine months ended June 30, 2023 and 2022, 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 are collected in advance of the satisfaction of performance obligations, or for contracts with customers that contain the Company's unconditional rights to consideration, for which the customer has not been billed. 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 nine months ended June 30, 2023 and 2022 (in thousands): Nine months ended 2023 2022 Balance, beginning of period $ 1,691,580 $ 1,489,841 Amounts added but not recognized as revenues 1,012,441 973,673 Deferred revenue acquired through acquisition of businesses 1,800 10,591 Revenues recognized related to the opening balance of deferred revenue (914,387) (836,800) Balance, end of period $ 1,791,434 $ 1,637,305 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. The composition of unsatisfied performance obligations consists mainly of deferred service revenue, and to a lesser extent, deferred product revenue, for which the Company has an obligation to perform, and has not yet recognized as revenue in the consolidated financial statements. As of June 30, 2023, the total non-cancelable remaining performance obligations under the Company's contracts with customers was $1.8 billion and the Company expects to recognize revenues on approximately 64.2% of these remaining performance obligations over the next 12 months, 23.1% 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 Measures and Disclos

Fair Value Measures and Disclosures	9 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	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 June 30, 2023 and September 30, 2022, were as follows (in thousands): Gross Unrealized Classification on Balance Sheet As of June 30, 2023 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 (loss) Money Market Funds Level 1 $ 186,499 $ — $ — $ 186,499 $ 186,499 $ — $ — Corporate bonds and notes Level 2 7,271 — (144) 7,127 — 6,354 773 Municipal bonds and notes Level 2 2,156 — (31) 2,125 — 2,125 — U.S. government securities Level 2 2,899 — (34) 2,865 — 2,865 — U.S. government agency securities Level 2 1,785 — (20) 1,765 — 1,765 — Total debt investments $ 200,610 $ — $ (229) $ 200,381 $ 186,499 $ 13,109 $ 773 Changes in fair value recorded in other net income (expense) Equity investments * $ 5,114 $ — $ — $ 5,114 Total equity investments 5,114 — — 5,114 Total investments $ 205,495 $ 186,499 $ 13,109 $ 5,887 * 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, 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 (loss) Money Market Funds Level 1 $ 276,294 $ — $ — $ 276,294 $ 276,294 $ — $ — Corporate bonds and notes Level 2 50,828 — (950) 49,878 912 44,356 4,610 Municipal bonds and notes Level 2 5,018 — (102) 4,916 — 3,812 1,104 U.S. government securities Level 2 84,734 — (660) 84,074 10,120 73,954 — U.S. government agency securities Level 2 5,825 — (75) 5,750 606 4,432 712 Total debt investments $ 422,699 $ — $ (1,787) $ 420,912 $ 287,932 $ 126,554 $ 6,426 Changes in fair value recorded in other net income (expense) Equity investments * $ 3,118 $ — $ — $ 3,118 Total equity investments 3,118 — — 3,118 Total investments $ 424,030 $ 287,932 $ 126,554 $ 9,544 * The fair value of this equity investment is measured at NAV which approximates fair value and is not classified within the fair value hierarchy . 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 nine months ended June 30, 2023 and 2022. 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 June 30, 2023 and September 30, 2022 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 June 30, 2023, 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 long-lived assets, which include goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis. These non-financial assets 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. During the three months ended June 30, 2023, the Company recorded an impairment of $3.5 million against the operating lease right-of-use asset related to its third quarter of fiscal 2023 restructuring plan, see Note 13, Restructuring Charges. The charge was reflected in the Restructuring Charges line item on the Company's consolidated income statement. In the first quarter of fiscal 2022, 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. The Company did not recognize any other impairment charges related to non-financial long-lived assets for the three and nine months ended June 30, 2023 and 2022.

Business Combinations

Business Combinations	9 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Business Combinations	Business Combinations Fiscal Year 2023 Acquisition of Lilac Cloud, Inc. On January 22, 2023, the Company entered into a Merger Agreement (the “Lilac Merger Agreement”) with Lilac Cloud, Inc. ("Lilac"), a provider of innovative application delivery services. The transaction closed on February 1, 2023 with Lilac becoming a wholly-owned subsidiary of F5. The addition of Lilac’s Content Delivery Network ("CDN") technologies enhances F5’s portfolio of solutions that secure and optimize any application and Application Programming Interface ("API") anywhere. The acquisition of Lilac was not material and did not have a material impact to the Company's operating results.  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 enhances 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 was not 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 $ 14,041 Other net tangible assets acquired, at fair value 5,481 Cash, cash equivalents, and restricted cash 911 Identifiable intangible assets: Developed technology 11,400 5 years Customer relationships 4,400 5 years Goodwill 43,282 Total assets acquired $ 79,515 Liabilities assumed Deferred revenue $ (10,591) Total liabilities assumed $ (10,591) Net assets acquired $ 68,924 The measurement period for the Threat Stack acquisition lapsed during the first quarter of fiscal 2023. The Company recorded immaterial adjustments to consideration exchanged for the purchase of Threat Stack within the post-close measurement period. The developed technology intangible asset is 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 is 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.

Balance Sheet Details

Balance Sheet Details	9 Months Ended
	Jun. 30, 2023
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): June 30, September 30, Cash and cash equivalents $ 677,498 $ 758,012 Restricted cash included in other assets, net 4,091 4,195 Total cash, cash equivalents and restricted cash $ 681,589 $ 762,207 Inventories Inventories consist of the following (in thousands): June 30, September 30, Finished goods $ 10,115 $ 10,164 Raw materials 35,987 58,201 $ 46,102 $ 68,365 Other Current Assets Other current assets consist of the following (in thousands): June 30, September 30, Unbilled receivables $ 366,511 $ 319,707 Prepaid expenses 76,678 57,340 Capitalized contract acquisition costs 31,992 34,658 Other 1 62,376 77,609 $ 537,557 $ 489,314 (1) As of June 30, 2023 and September 30, 2022, includes a deposit of $36.2 million and $57.0 million, respectively, used to support the working capital needs of the Company’s primary contract manufacturer's procurement of components used in the manufacturing of system hardware. Other Assets Other assets, net consist of the following (in thousands): June 30, September 30, Intangible assets $ 163,995 $ 200,288 Unbilled receivables 212,749 224,780 Capitalized contract acquisition costs 36,098 42,561 Other 51,451 48,493 $ 464,293 $ 516,122 Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, September 30, Payroll and benefits $ 136,462 $ 165,437 Operating lease liabilities, current 42,155 42,523 Income and other tax accruals 36,510 41,217 Other 59,128 60,642 $ 274,255 $ 309,819 Other Long-term Liabilities Other long-term liabilities consist of the following (in thousands): June 30, September 30, Income taxes payable $ 68,001 $ 59,553 Other 8,504 8,157 $ 76,505 $ 67,710

Debt Facilities

Debt Facilities	9 Months Ended
	Jun. 30, 2023
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 Term Loan Facility had an original maturity date of January 24, 2023 with quarterly installments equal to 1.25% of the original principal amount. Borrowings under the Term Loan Facility bore interest at a rate equal to LIBOR, plus an applicable margin of 1.125% to 1.75% depending on the Company's leverage ratio. 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 were recorded as a reduction to the carrying value of the principal amount of the debt. On December 15, 2022, the Company voluntarily prepaid, in full, all borrowings under the Term Loan Facility, including the outstanding principal balance of $350.0 million, and all accrued, but unpaid interest outstanding of $3.0 million. All remaining debt issuance costs were amortized to interest expense associated with the prepayment. As a result of the payoff of its Term Loan Facility, the Company was released of any and all obligations, maintenance of covenants, and indebtedness under the Term Credit Agreement. The weighted average interest rate on the principal amount under the Term Loan Facility outstanding balance was 4.072% for the period of October 1, 2022 to December 15, 2022. As of September 30, 2022, $350.0 million of principal amount under the Term Loan Facility was outstanding, excluding unamortized debt issuance costs of $0.2 million. The weighted average interest rate on the principal amount under the Term Loan Facility outstanding balance was 2.092% and 1.553% for the three and nine months ended June 30, 2022, respectively. 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. Historically, borrowings under the Revolving Credit Facility bore 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. On May 26, 2023, the Company amended the Revolving Credit Agreement as a result of the cessation of the LIBOR borrowing reference rate. The amendment modified and directly replaced the LIBOR borrowing reference rate within the Revolving Credit Agreement to the Secured Overnight Financing Rate (SOFR). After the amendment, borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company's option, (a) SOFR plus 0.10%, 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 nine months ended June 30, 2023 were not material.

Leases

Leases	9 Months Ended
	Jun. 30, 2023
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 nine months ended June 30, 2023 and 2022 were as follows (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Operating lease expense $ 11,801 $ 11,810 $ 36,498 $ 35,594 Short-term lease expense 872 683 2,271 1,858 Variable lease expense 5,895 5,208 16,881 17,486 Total lease expense $ 18,568 $ 17,701 $ 55,650 $ 54,938 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): June 30, September 30, 2022 Operating lease right-of-use assets, net $ 204,196 $ 227,475 Operating lease liabilities, current 1 42,155 42,523 Operating lease liabilities, long-term 250,077 272,376 Total operating lease liabilities $ 292,232 $ 314,899 Weighted average remaining lease term (in years) 8.7 9.2 Weighted average discount rate 2.75 % 2.66 % (1) Current portion of operating lease liabilities is included in accrued liabilities on the Company's consolidated balance sheets. As of June 30, 2023, 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 2023 (remainder) $ 12,364 2024 49,024 2025 41,307 2026 31,727 2027 30,530 2028 28,396 Thereafter 138,797 Total lease payments 332,145 Less: imputed interest (39,913) Total lease liabilities $ 292,232 Operating lease liabilities above do not include sublease income. As of June 30, 2023, the Company expects to receive sublease income of approximately $16.2 million, which consists of $1.8 million to be received for the remainder of fiscal 2023 and $14.4 million to be received over the three fiscal years thereafter. As of June 30, 2023, the Company had no significant operating leases that were executed but not yet commenced.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and September 30, 2022 were not material. Commitments In October 2022, the Company entered into an unconditional purchase commitment with one of its suppliers for the delivery of systems components. Under the terms of the agreement, the Company is obligated to purchase $10 million of component inventory annually, with a total committed amount of $40 million over a four 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 7 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 asserted 26 causes of action against the various defendants, including copyright infringement, violation of trademark law, tortious interference, conspiracy, and fraud. The complaint sought damages, disgorgement of profits, 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 Lynwood’s case. On March 25 and 30, 2021, the Court granted the Company’s and the other defendants’ motions to dismiss with leave to amend. Lynwood filed its amended complaint on April 29, 2021, 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 Court granted the consolidated motion to dismiss without leave to amend on August 16, 2022 and entered final judgment against Lynwood on September 9, 2022. On September 14, 2022, Lynwood filed a notice of appeal to the Ninth Circuit Court of Appeals to appeal the dismissal. Lynwood filed its opening brief on December 16, 2022. The Company filed its opening appellate brief on April 10, 2023 and Lynwood filed its reply on May 31, 2023. Following the Court’s order granting the consolidated motion to dismiss and final judgment in the Company’s favor, the Court subsequently granted the Company attorneys' fees of over $0.8 million, which Lynwood appealed to the Ninth Circuit Court of Appeals. The Appeal is ongoing. 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 to currently determine if an unfavorable outcome is probable or estimate any potential amount or range of possible loss of these or similar matters. 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	9 Months Ended
	Jun. 30, 2023
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 16.4% and 22.0% for the three and nine months ended June 30, 2023, respectively, compared to 18.0% and 18.5% for the three and nine months ended June 30, 2022, respectively. The decrease in the effective tax rate for the three months ended June 30, 2023 as compared to the three months ended June 30, 2022 is primarily due to a discrete impact from filing the Company’s fiscal year 2022 U.S. federal income tax return during the period ended June 30, 2023. The increase in the effective tax rate for the nine months ended June 30, 2023 as compared to the nine months ended June 30, 2022 is primarily due to the tax impact of stock-based compensation and foreign operations, partially offset by a discrete impact from filing the Company’s fiscal year 2022 U.S. federal income tax return during the period ended June 30, 2023. At June 30, 2023, the Company had $73.2 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. On July 21, 2023, the IRS issued Notice 2023-55 (the “Notice”) which provides guidance to taxpayers in determining whether a foreign tax is eligible for a U.S. foreign tax credit, specifically delaying until 2024 the application of foreign tax credit regulations that were issued in 2022. The Company is currently evaluating the impact of the Notice on its FY23 effective tax rate.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity Note Disclosure	Shareholders' Equity Common Stock Repurchase On July 25, 2022, 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 $5.4 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. The following table summarizes the Company's repurchases and retirements of its common stock under its Stock Repurchase Program (in thousands, except per share data): Three months ended Nine months ended 2023 2022 2023 2022 Shares repurchased 1,812 1,463 2,075 2,611 Average price per share $ 137.99 $ 170.88 $ 139.75 $ 191.47 Amount repurchased $ 250,036 $ 250,000 $ 290,041 $ 500,023 As of June 30, 2023, the Company had $982 million remaining authorized to purchase shares under its share repurchase program.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Jun. 30, 2023
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 Nine months ended 2023 2022 2023 2022 Numerator Net income $ 88,976 $ 83,019 $ 242,814 $ 232,814 Denominator Weighted average shares outstanding — basic 59,977 59,965 60,133 60,450 Dilutive effect of common shares from stock options and restricted stock units 337 495 330 895 Weighted average shares outstanding — diluted 60,314 60,460 60,463 61,345 Basic net income per share $ 1.48 $ 1.38 $ 4.04 $ 3.85 Diluted net income per share $ 1.48 $ 1.37 $ 4.02 $ 3.80 Anti-dilutive stock-based awards excluded from the calculations of diluted earnings per share were not material for the three and nine months ended June 30, 2023 and 2022.

Segment Information

Segment Information	9 Months Ended
	Jun. 30, 2023
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. 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 net product revenues and 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 Nine months ended 2023 2022 2023 2022 Americas: United States $ 374,023 $ 364,333 $ 1,109,676 $ 1,084,853 Other 24,257 22,797 73,864 63,824 Total Americas 398,280 387,130 1,183,540 1,148,677 EMEA 181,147 156,471 555,701 474,906 APAC 123,215 130,887 366,954 372,229 $ 702,642 $ 674,488 $ 2,106,195 $ 1,995,812 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 Nine months ended 2023 2022 2023 2022 Net product revenues Systems revenue $ 154,659 $ 147,540 $ 536,379 $ 473,671 Software revenue 173,516 178,942 472,935 493,478 Total net product revenue $ 328,175 $ 326,482 $ 1,009,314 $ 967,149 The following distributors of the Company's products accounted for more than 10% of total net revenue: Three months ended Nine months ended 2023 2022 2023 2022 Ingram Micro, Inc. 14.3 % 20.7 % 16.1 % 19.9 % Synnex Corporation 15.8 % 13.4 % 14.7 % 13.3 % Carahsoft Technology Corporation 10.7 % — — — The Company tracks assets by physical location. Long-lived assets consist of property and equipment, net, and are shown below (in thousands): June 30, September 30, Americas: United States $ 126,155 $ 134,699 Other 2,951 1,773 Total Americas 129,106 136,472 EMEA 24,626 17,376 APAC 17,415 14,334 $ 171,147 $ 168,182

Restructuring Charges

Restructuring Charges	9 Months Ended
	Jun. 30, 2023
Restructuring Charges [Abstract]
Restructuring Charges	Restructuring Charges In the third quarter of fiscal 2023, the Company initiated a restructuring plan to better align strategic and financial objectives, optimize operations, and drive efficiencies for long-term growth and profitability, including a reduction in force affecting approximately 620 employees, or approximately 9% of the Company’s global workforce as of April 19, 2023. This included $53.2 million in severance benefits costs and related employer payroll taxes, and $3.5 million in charges related to the reduction of its leased facility space. The Company incurred $56.7 million in restructuring costs in the third quarter of fiscal 2023. The Company does not expect to record any significant future charges related to the third quarter of fiscal 2023 restructuring plan. In the first quarters of fiscal 2023 and 2022, the Company initiated restructuring plans to match strategic and financial objectives and optimize resources for long term growth, including a reduction in force program. In the first quarter of fiscal 2023, the Company recorded a restructuring charge of $8.7 million. The Company did not record any significant future charges related to the first quarter of fiscal 2023 restructuring plan. In the first quarter of fiscal 2022, the Company recorded a restructuring charge of $7.9 million. The Company did not record any significant subsequent charges related to the first quarter of fiscal 2022 restructuring plan. During the nine months ended June 30, 2023 and 2022, the following activity was recorded (in thousands): Nine months ended 2023 2022 Employee Severance, Benefits and Related Costs Accrued expenses, beginning of period $ — $ — Restructuring charges: Q1 8,740 7,909 Q3 53,193 — Cash payments: Q1 (8,740) (7,689) Q3 (44,820) — Accrued expenses, end of period $ 8,373 $ 220 Charges related to employee severance, benefits, and related costs; as well as charges related to the reduction of the Company’s leased facilities are reflected in the restructuring charges line item on the Company's consolidated income statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 88,976	$ 83,019	$ 242,814	$ 232,814

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements During the three months ended June 30, 2023, certain of our officers and directors adopted or terminated Rule 10b5-1 trading arrangements as follows: On May 1, 2023, Scot Rogers, EVP, General Counsel, adopted a written plan intended to satisfy the affirmative defense of Rule 10b5-1(c) that is designed to be in effect until March 15, 2024 with respect to the sale of 4,500 Company shares. On May 1, 2023, Chad Whalen, EVP, Worldwide Sales, adopted a written plan intended to satisfy the affirmative defense of Rule 10b5-1(c) that is designed to be in effect until April 29, 2024 with respect to the sale of 5,585 Company shares (assuming the vesting of the maximum number of shares under certain performance-based equity awards based on maximum performance).
Rule 10b5-1 Arrangement Adopted	true
Rule 10b5-1 Arrangement Terminated	false
Scot Rogers [Member]
Trading Arrangements, by Individual
Name	Scot Rogers
Title	EVP, General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 1, 2023
Aggregate Available	4,500
Chad Whalen [Member]
Trading Arrangements, by Individual
Name	Chad Whalen
Title	EVP, Worldwide Sales
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 1, 2023
Aggregate Available	5,585

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2023
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, maintenance, and other technical support services.
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, 2022.
Recent Accounting Pronouncements	There have been no changes to the Company's significant accounting policies as of and for the three and nine months ended June 30, 2023. New Accounting Pronouncements

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Jun. 30, 2023
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 nine months ended June 30, 2023 and 2022 (in thousands): Nine months ended 2023 2022 Balance, beginning of period $ 77,220 $ 77,836 Additional capitalized contract acquisition costs 19,384 27,620 Amortization of capitalized contract acquisition costs (28,514) (28,782) Balance, end of period $ 68,090 $ 76,674
Contract with Customer, Asset and Liability	The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the nine months ended June 30, 2023 and 2022 (in thousands): Nine months ended 2023 2022 Balance, beginning of period $ 1,691,580 $ 1,489,841 Amounts added but not recognized as revenues 1,012,441 973,673 Deferred revenue acquired through acquisition of businesses 1,800 10,591 Revenues recognized related to the opening balance of deferred revenue (914,387) (836,800) Balance, end of period $ 1,791,434 $ 1,637,305

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and September 30, 2022, were as follows (in thousands): Gross Unrealized Classification on Balance Sheet As of June 30, 2023 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 (loss) Money Market Funds Level 1 $ 186,499 $ — $ — $ 186,499 $ 186,499 $ — $ — Corporate bonds and notes Level 2 7,271 — (144) 7,127 — 6,354 773 Municipal bonds and notes Level 2 2,156 — (31) 2,125 — 2,125 — U.S. government securities Level 2 2,899 — (34) 2,865 — 2,865 — U.S. government agency securities Level 2 1,785 — (20) 1,765 — 1,765 — Total debt investments $ 200,610 $ — $ (229) $ 200,381 $ 186,499 $ 13,109 $ 773 Changes in fair value recorded in other net income (expense) Equity investments * $ 5,114 $ — $ — $ 5,114 Total equity investments 5,114 — — 5,114 Total investments $ 205,495 $ 186,499 $ 13,109 $ 5,887 * 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, 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 (loss) Money Market Funds Level 1 $ 276,294 $ — $ — $ 276,294 $ 276,294 $ — $ — Corporate bonds and notes Level 2 50,828 — (950) 49,878 912 44,356 4,610 Municipal bonds and notes Level 2 5,018 — (102) 4,916 — 3,812 1,104 U.S. government securities Level 2 84,734 — (660) 84,074 10,120 73,954 — U.S. government agency securities Level 2 5,825 — (75) 5,750 606 4,432 712 Total debt investments $ 422,699 $ — $ (1,787) $ 420,912 $ 287,932 $ 126,554 $ 6,426 Changes in fair value recorded in other net income (expense) Equity investments * $ 3,118 $ — $ — $ 3,118 Total equity investments 3,118 — — 3,118 Total investments $ 424,030 $ 287,932 $ 126,554 $ 9,544 * The fair value of this equity investment is measured at NAV which approximates fair value and is not classified within the fair value hierarchy .

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Jun. 30, 2023
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 $ 14,041 Other net tangible assets acquired, at fair value 5,481 Cash, cash equivalents, and restricted cash 911 Identifiable intangible assets: Developed technology 11,400 5 years Customer relationships 4,400 5 years Goodwill 43,282 Total assets acquired $ 79,515 Liabilities assumed Deferred revenue $ (10,591) Total liabilities assumed $ (10,591) Net assets acquired $ 68,924

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	9 Months Ended
	Jun. 30, 2023
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): June 30, September 30, Cash and cash equivalents $ 677,498 $ 758,012 Restricted cash included in other assets, net 4,091 4,195 Total cash, cash equivalents and restricted cash $ 681,589 $ 762,207
Inventories	Inventories consist of the following (in thousands): June 30, September 30, Finished goods $ 10,115 $ 10,164 Raw materials 35,987 58,201 $ 46,102 $ 68,365
Other Current Assets	Other current assets consist of the following (in thousands): June 30, September 30, Unbilled receivables $ 366,511 $ 319,707 Prepaid expenses 76,678 57,340 Capitalized contract acquisition costs 31,992 34,658 Other 1 62,376 77,609 $ 537,557 $ 489,314 (1) As of June 30, 2023 and September 30, 2022, includes a deposit of $36.2 million and $57.0 million, respectively, used to support the working capital needs of the Company’s primary contract manufacturer's procurement of components used in the manufacturing of system hardware.
Other Assets, Noncurrent	Other assets, net consist of the following (in thousands): June 30, September 30, Intangible assets $ 163,995 $ 200,288 Unbilled receivables 212,749 224,780 Capitalized contract acquisition costs 36,098 42,561 Other 51,451 48,493 $ 464,293 $ 516,122
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, September 30, Payroll and benefits $ 136,462 $ 165,437 Operating lease liabilities, current 42,155 42,523 Income and other tax accruals 36,510 41,217 Other 59,128 60,642 $ 274,255 $ 309,819
Noncurrent Liabilities	Other long-term liabilities consist of the following (in thousands): June 30, September 30, Income taxes payable $ 68,001 $ 59,553 Other 8,504 8,157 $ 76,505 $ 67,710

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Lease, Cost	The components of the Company's operating lease expenses for the three and nine months ended June 30, 2023 and 2022 were as follows (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Operating lease expense $ 11,801 $ 11,810 $ 36,498 $ 35,594 Short-term lease expense 872 683 2,271 1,858 Variable lease expense 5,895 5,208 16,881 17,486 Total lease expense $ 18,568 $ 17,701 $ 55,650 $ 54,938
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): June 30, September 30, 2022 Operating lease right-of-use assets, net $ 204,196 $ 227,475 Operating lease liabilities, current 1 42,155 42,523 Operating lease liabilities, long-term 250,077 272,376 Total operating lease liabilities $ 292,232 $ 314,899 Weighted average remaining lease term (in years) 8.7 9.2 Weighted average discount rate 2.75 % 2.66 % (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 June 30, 2023, 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 2023 (remainder) $ 12,364 2024 49,024 2025 41,307 2026 31,727 2027 30,530 2028 28,396 Thereafter 138,797 Total lease payments 332,145 Less: imputed interest (39,913) Total lease liabilities $ 292,232

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Jun. 30, 2023
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 (in thousands, except per share data): Three months ended Nine months ended 2023 2022 2023 2022 Shares repurchased 1,812 1,463 2,075 2,611 Average price per share $ 137.99 $ 170.88 $ 139.75 $ 191.47 Amount repurchased $ 250,036 $ 250,000 $ 290,041 $ 500,023

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Jun. 30, 2023
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 Nine months ended 2023 2022 2023 2022 Numerator Net income $ 88,976 $ 83,019 $ 242,814 $ 232,814 Denominator Weighted average shares outstanding — basic 59,977 59,965 60,133 60,450 Dilutive effect of common shares from stock options and restricted stock units 337 495 330 895 Weighted average shares outstanding — diluted 60,314 60,460 60,463 61,345 Basic net income per share $ 1.48 $ 1.38 $ 4.04 $ 3.85 Diluted net income per share $ 1.48 $ 1.37 $ 4.02 $ 3.80

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenues by Geographic Region	The following presents revenues by geographic region (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Americas: United States $ 374,023 $ 364,333 $ 1,109,676 $ 1,084,853 Other 24,257 22,797 73,864 63,824 Total Americas 398,280 387,130 1,183,540 1,148,677 EMEA 181,147 156,471 555,701 474,906 APAC 123,215 130,887 366,954 372,229 $ 702,642 $ 674,488 $ 2,106,195 $ 1,995,812
Schedule of Segment Reporting Information, by Segment	The following presents net product revenues by systems and software (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Net product revenues Systems revenue $ 154,659 $ 147,540 $ 536,379 $ 473,671 Software revenue 173,516 178,942 472,935 493,478 Total net product revenue $ 328,175 $ 326,482 $ 1,009,314 $ 967,149
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 Nine months ended 2023 2022 2023 2022 Ingram Micro, Inc. 14.3 % 20.7 % 16.1 % 19.9 % Synnex Corporation 15.8 % 13.4 % 14.7 % 13.3 % Carahsoft Technology Corporation 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): June 30, September 30, Americas: United States $ 126,155 $ 134,699 Other 2,951 1,773 Total Americas 129,106 136,472 EMEA 24,626 17,376 APAC 17,415 14,334 $ 171,147 $ 168,182

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Jun. 30, 2023
Restructuring Charges [Abstract]
Restructuring and Related Costs	During the nine months ended June 30, 2023 and 2022, the following activity was recorded (in thousands): Nine months ended 2023 2022 Employee Severance, Benefits and Related Costs Accrued expenses, beginning of period $ — $ — Restructuring charges: Q1 8,740 7,909 Q3 53,193 — Cash payments: Q1 (8,740) (7,689) Q3 (44,820) — Accrued expenses, end of period $ 8,373 $ 220

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Capitalized contract acquisition costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Changes In Capitalized Contract Cost [Roll Forward]
Beginning Balance			$ 77,220	$ 77,836
Additional capitalized contract acquisition costs			19,384	27,620
Amortization of capitalized contract acquisition costs	$ (9,400)	$ (9,700)	(28,514)	(28,782)
Ending Balance	$ 68,090	$ 76,674	$ 68,090	$ 76,674

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in Contract with Customer, Liability [Roll Forward]
Beginning Balance	$ 1,691,580	$ 1,489,841
Amounts added but not recognized as revenues	1,012,441	973,673
Deferred revenue acquired through acquisition of businesses	1,800	10,591
Revenues recognized related to the opening balance of deferred revenue	(914,387)	(836,800)
Ending Balance	$ 1,791,434	$ 1,637,305

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Amortization of capitalized contract acquisition costs	$ 9,400,000	$ 9,700,000	$ 28,514,000	$ 28,782,000
Capitalized Contract Cost, Impairment Loss			$ 0	$ 0

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) $ in Billions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
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, percentage	64.20%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
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, percentage	23.10%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	$ 186,499	$ 287,932
Cost or amortized cost	200,610	422,699
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(229)	(1,787)
Fair value	200,381	420,912
Debt Securities, Available-for-sale, Current	13,109	126,554
Debt Securities, Available-for-sale, Noncurrent	773	6,426
Equity Securities, FV-NI	5,114	3,118
Equity Securities, FV-NI, Current	0	0
Equity Securities, FV-NI, Noncurrent	5,114	3,118
Available-for-sale Securities	205,495	424,030
Available-for-sale Securities, Current	13,109	126,554
Long-term investments	5,887	9,544
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Equity Securities, FV-NI	5,114	3,118
Equity Securities, FV-NI, Current	0	0
Equity Securities, FV-NI, Noncurrent	5,114	3,118
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	186,499	276,294
Money Market Funds | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	186,499	276,294
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	7,271	50,828
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(144)	(950)
Corporate Debt Securities [Member] | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value		912
Fair value	7,127	49,878
Debt Securities, Available-for-sale, Current	6,354	44,356
Debt Securities, Available-for-sale, Noncurrent	773	4,610
Municipal Bonds And Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	2,156	5,018
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(31)	(102)
Municipal Bonds And Notes [Member] | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	2,125	4,916
Debt Securities, Available-for-sale, Current	2,125	3,812
Debt Securities, Available-for-sale, Noncurrent	0	1,104
U.S. Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	2,899	84,734
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(34)	(660)
U.S. Government Securities | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value		10,120
Fair value	2,865	84,074
Debt Securities, Available-for-sale, Current	2,865	73,954
Debt Securities, Available-for-sale, Noncurrent	0	0
U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	1,785	5,825
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(20)	(75)
U.S. Government Agency Securities | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value		606
Fair value	1,765	5,750
Debt Securities, Available-for-sale, Current	1,765	4,432
Debt Securities, Available-for-sale, Noncurrent	$ 0	$ 712

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Q3 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	$ 3.5
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)		$ 6.2

Business Combinations - Narrati

Business Combinations - Narrative (Details) - Threat Stack, Inc $ in Millions	Oct. 01, 2021 USD ($)
Business Acquisition [Line Items]
Total purchase price	$ 68.9
Identifiable intangible assets useful life	5 years
Developed Technology Rights
Business Acquisition [Line Items]
Identifiable intangible assets useful life	5 years
Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets useful life	5 years

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Jun. 30, 2023	Sep. 30, 2022
Assets Acquired
Goodwill		$ 2,288,678	$ 2,259,282
Threat Stack, Inc
Assets Acquired
Deferred tax assets	$ 14,041
Other net tangible assets acquired, at fair value	5,481
Cash, cash equivalents, and restricted cash	$ 911
Identifiable intangible assets useful life	5 years
Goodwill	$ 43,282
Total assets acquired	79,515
Liabilities assumed
Deferred revenue	(10,591)
Total liabilities assumed	(10,591)
Net assets acquired	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

Balance Sheet Details - Cash an

Balance Sheet Details - Cash and Cash Equivalent (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Balance Sheet Details [Abstract]
Cash and cash equivalents	$ 677,498	$ 758,012
Restricted cash included in other assets, net	4,091	4,195
Total cash, cash equivalents and restricted cash	$ 681,589	$ 762,207	$ 546,121	$ 584,333

Balance Sheet Details - Invento

Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Balance Sheet Details [Abstract]
Finished goods	$ 10,115	$ 10,164
Raw materials	35,987	58,201
Inventories	$ 46,102	$ 68,365

Balance Sheet Details - Other C

Balance Sheet Details - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Balance Sheet Details [Abstract]
Unbilled receivables	$ 366,511	$ 319,707
Prepaid expenses	76,678	57,340
Capitalized contract acquisition costs	31,992	34,658
Other1	62,376	77,609
Other Assets, Current	537,557	489,314
Deposit Assets	$ 36,200	$ 57,000

Balance Sheet Details - Other A

Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Balance Sheet Details [Abstract]
Intangible assets	$ 163,995	$ 200,288
Unbilled receivables	212,749	224,780
Capitalized contract acquisition costs	36,098	42,561
Other	51,451	48,493
Other Assets, Noncurrent	$ 464,293	$ 516,122

Balance Sheet Details - Accrued

Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Balance Sheet Details [Abstract]
Payroll and benefits	$ 136,462	$ 165,437
Operating lease liabilities, current	42,155	42,523
Income and other tax accruals	36,510	41,217
Other	59,128	60,642
Accrued Liabilities, Current	$ 274,255	$ 309,819

Balance Sheet Details - Other L

Balance Sheet Details - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Balance Sheet Details [Abstract]
Income taxes payable	$ 68,001	$ 59,553
Other	8,504	8,157
Other long-term liabilities	$ 76,505	$ 67,710

Debt Facilities - Narrative (De

Debt Facilities - Narrative (Details)					2 Months Ended	3 Months Ended	9 Months Ended
	May 26, 2023	Dec. 15, 2022 USD ($)	Jan. 31, 2020 USD ($)	Jan. 24, 2020 USD ($)	Dec. 15, 2022	Jun. 30, 2022	Jun. 30, 2023 USD ($) extension	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Payments on term debt agreement							$ 350,000,000	$ 15,000,000
Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 400,000,000
Redemption percentage				1.25%
Debt issuance costs				$ 2,200,000					$ 200,000
Long-Term Debt									$ 350,000,000
Payments on term debt agreement		$ 350,000,000
Interest Expense, Long-Term Debt		$ 3,000,000
Line of Credit Facility, Interest Rate During Period					4.072%	2.092%		1.553%
Term Loan Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.125%
Term Loan Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 350,000,000
Conditional increase in borrowing capacity			$ 150,000,000
Number of extensions | extension							2
Length of extension period							1 year
Long-term line of credit							$ 0
Outstanding line of credit balance							$ 350,000,000
Debt Instrument, Interest Rate, Basis for Effective Rate	0.10
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%		1.125%
Commitment fee percentage			0.125%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%		1.75%
Commitment fee percentage			0.30%
Revolving Credit Facility | Alternate Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%		0.125%
Revolving Credit Facility | Alternate Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%		0.75%

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	9 Months Ended
	Jun. 30, 2023 USD ($) ft²
Lessee, Lease, Description [Line Items]
Sublease Income	$ 16.2
Sublease income payment remainder of fiscal year	1.8
Payment to be received between year two through four	$ 14.4
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		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 11,801	$ 11,810	$ 36,498	$ 35,594
Short-term lease expense	872	683	2,271	1,858
Variable lease expense	5,895	5,208	16,881	17,486
Total lease expense	$ 18,568	$ 17,701	$ 55,650	$ 54,938

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 204,196	$ 227,475
Operating lease liabilities, current	42,155	42,523
Operating lease liabilities, long-term	250,077	272,376
Total lease liabilities	$ 292,232	$ 314,899
Weighted average remaining lease term (in years)	8 years 8 months 12 days	9 years 2 months 12 days
Weighted average discount rate	2.75%	2.66%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Leases [Abstract]
2023 (remainder)	$ 12,364
2024	49,024
2025	41,307
2026	31,727
2027	30,530
2028	28,396
Thereafter	138,797
Total lease payments	332,145
Less: imputed interest	(39,913)
Total lease liabilities	$ 292,232	$ 314,899

Commitments And Contingencies (

Commitments And Contingencies (Details) - USD ($) $ in Millions			9 Months Ended
	Apr. 11, 2023	Oct. 27, 2022	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Product warranty period			1 year
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One		$ 10
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two		10
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three		10
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four		10
Unrecorded Unconditional Purchase Obligation		$ 40	$ 30
Unrecorded Unconditional Purchase Obligation, Term		4 years
Unrecorded Unconditional Purchase Obligation, to be Paid, Remainder of Fiscal Year			$ 0
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded from Other Party	$ 0.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	16.40%	18%	22%	18.50%
Unrecognized tax benefit	$ 73.2		$ 73.2

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - October Twenty Six Two Thousand Ten Program - USD ($) $ in Millions	Jun. 30, 2023	Jul. 22, 2022	Oct. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 1,000	$ 5,400
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 982

Shareholders' Equity - Class of

Shareholders' Equity - Class of Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share	$ 137.99	$ 170.88	$ 139.75	$ 191.47
Stock Repurchased and Retired During Period, Value	$ 250,036	$ 250,000	$ 290,041	$ 500,023
October Twenty Six Two Thousand Ten Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased and Retired During Period, Shares	1,812	1,463	2,075	2,611

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net income	$ 88,976	$ 83,019	$ 242,814	$ 232,814
Denominator
Weighted average shares outstanding — basic (shares)	59,977	59,965	60,133	60,450
Dilutive effect of common shares from stock options and restricted stock units	337	495	330	895
Weighted average shares outstanding — diluted (shares)	60,314	60,460	60,463	61,345
Basic net income per share (dollars per share)	$ 1.48	$ 1.38	$ 4.04	$ 3.85
Diluted net income per share (dollars per share)	$ 1.48	$ 1.37	$ 4.02	$ 3.80

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment geographic_region	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			1
Number of geographic regions | geographic_region			3
Net revenues	$ 702,642	$ 674,488	$ 2,106,195	$ 1,995,812
Long-lived assets	$ 171,147		$ 171,147		$ 168,182
Ingram Micro, Inc. | Net Revenue | Geographic Concentration
Segment Reporting Information [Line Items]
Concentration risk percentage	14.30%	20.70%	16.10%	19.90%
Synnex Corporation | Net Revenue | Geographic Concentration
Segment Reporting Information [Line Items]
Concentration risk percentage	15.80%	13.40%	14.70%	13.30%
Carahsoft Technology Corporation | Net Revenue | Geographic Concentration
Segment Reporting Information [Line Items]
Concentration risk percentage	10.70%
Product
Segment Reporting Information [Line Items]
Net revenues	$ 328,175	$ 326,482	$ 1,009,314	$ 967,149
Product | Systems
Segment Reporting Information [Line Items]
Net revenues	154,659	147,540	536,379	473,671
Product | Software
Segment Reporting Information [Line Items]
Net revenues	173,516	178,942	472,935	493,478
United States
Segment Reporting Information [Line Items]
Net revenues	374,023	364,333	1,109,676	1,084,853
Long-lived assets	126,155		126,155		134,699
Other
Segment Reporting Information [Line Items]
Net revenues	24,257	22,797	73,864	63,824
Long-lived assets	2,951		2,951		1,773
Total Americas
Segment Reporting Information [Line Items]
Net revenues	398,280	387,130	1,183,540	1,148,677
Long-lived assets	129,106		129,106		136,472
EMEA
Segment Reporting Information [Line Items]
Net revenues	181,147	156,471	555,701	474,906
Long-lived assets	24,626		24,626		17,376
APAC
Segment Reporting Information [Line Items]
Net revenues	123,215	$ 130,887	366,954	$ 372,229
Long-lived assets	$ 17,415		$ 17,415		$ 14,334

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Rate	Jun. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 56,648	$ 0	$ 65,388	$ 7,909
Q3 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			56,700
Severance Costs			53,193
Other Restructuring Costs			$ 3,500
Restructuring and Related Cost, Number of Positions Eliminated			620
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | Rate			9%
Q1 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 8,700
Severance Costs			$ 8,740
Q1 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges				7,900
Severance Costs				$ 7,909

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Accrued expenses (Beginning balance)	$ 0	$ 0
Accrued expenses (Ending balance)	8,373	220
Q1 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Severance Costs	8,740
Cash payments:	(8,740)
Q3 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Severance Costs	53,193
Cash payments:	$ (44,820)
Q1 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Severance Costs		7,909
Cash payments:		$ (7,689)