F5 (FFIV) 10-Q 6 May 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		58,611,430
Entity Central Index Key	0001048695
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Current assets
Cash and cash equivalents	$ 902,680	$ 797,163
Short-term investments	802	6,160
Accounts receivable, net of allowances of $3,038 and $3,561	388,325	454,832
Inventories	69,760	35,874
Other current assets	589,954	554,744
Total current assets	1,951,521	1,848,773
Property and equipment, net	161,525	170,422
Operating lease right-of-use assets	188,973	195,471
Long-term investments	6,343	5,068
Deferred tax assets	324,875	295,308
Goodwill	2,312,362	2,288,678
Other assets, net	439,071	444,613
Total assets	5,384,670	5,248,333
Current liabilities
Accounts payable	57,702	63,315
Accrued liabilities	266,563	282,890
Deferred revenue	1,178,158	1,126,576
Total current liabilities	1,502,423	1,472,781
Deferred tax liabilities	5,689	4,637
Deferred revenue, long-term	633,818	648,545
Operating lease liabilities, long-term	228,368	239,565
Other long-term liabilities	81,106	82,573
Total long-term liabilities	948,981	975,320
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, 58,609 and 59,207 shares issued and outstanding	19,029	24,399
Accumulated other comprehensive loss	(21,034)	(23,221)
Retained earnings	2,935,271	2,799,054
Total shareholders' equity	2,933,266	2,800,232
Total liabilities and shareholders' equity	$ 5,384,670	$ 5,248,333

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 3,038	$ 3,561
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	58,609,000	59,207,000

Consolidated Income Statements

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Net revenues
Revenue from contract with customer, excluding assessed tax	$ 681,354	$ 703,175	$ 1,373,951	$ 1,403,553
Cost of net revenues
Cost of net revenues	141,113	155,654	277,502	310,661
Gross profit	540,241	547,521	1,096,449	1,092,892
Operating expenses
Sales and marketing	210,800	233,076	409,727	466,181
Research and development	122,207	141,363	241,782	283,686
General and administrative	67,184	67,036	131,902	137,027
Restructuring charges	90	0	8,562	8,740
Total	400,281	441,475	791,973	895,634
Income from operations	139,960	106,046	304,476	197,258
Other income, net	5,974	2,737	15,856	7,439
Income before income taxes	145,934	108,783	320,332	204,697
Provision for income taxes	26,913	27,347	62,929	50,859
Net income	$ 119,021	$ 81,436	$ 257,403	$ 153,838
Net income per share — basic (dollars per share)	$ 2.02	$ 1.35	$ 4.37	$ 2.55
Weighted average shares — basic (shares)	58,788	60,330	58,956	60,211
Net income per share — diluted (dollars per share)	$ 2	$ 1.34	$ 4.32	$ 2.54
Weighted average shares — diluted (shares)	59,580	60,691	59,617	60,537
Product
Net revenues
Revenue from contract with customer, excluding assessed tax	$ 300,162	$ 340,581	$ 606,021	$ 681,139
Cost of net revenues
Cost of net revenues	85,313	99,795	168,021	198,650
Service
Net revenues
Revenue from contract with customer, excluding assessed tax	381,192	362,594	767,930	722,414
Cost of net revenues
Cost of net revenues	$ 55,800	$ 55,859	$ 109,481	$ 112,011

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 119,021	$ 81,436	$ 257,403	$ 153,838
Other comprehensive (loss) income:
Foreign currency translation adjustment	(386)	(266)	2,118	1,984
Available-for-sale securities:
Unrealized gains on securities, net of taxes of $4 and $118 for the three months ended March 31, 2024 and 2023, respectively, and $16 and $232 for the six months ended March 31, 2024 and 2023, respectively	20	1,060	69	1,827
Reclassification adjustment for realized losses included in net income, net of taxes of $0 and $58 for the three months ended March 31, 2024 and 2023, respectively, and $0 and $78 for the six months ended March 31, 2024 and 2023, respectively	0	(552)	0	(612)
Net change in unrealized gains and losses on available-for-sale securities, net of tax	20	508	69	1,215
Total other comprehensive (loss) income	(366)	242	2,187	3,199
Comprehensive income	$ 118,655	$ 81,678	$ 259,590	$ 157,037

Consolidated Statements Of Co_2

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Tax effect of unrealized gain (loss) on securities	$ 4	$ 118	$ 16	$ 232
Tax effect of reclassification adjustment for realized (gains) losses	$ 0	$ 58	$ 0	$ 78

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, 2022		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)		26
Exercise of employee stock options	716	$ 716
Issuance of stock under employee stock purchase plan (in shares)		179
Issuance of stock under employee stock purchase plan	21,745	$ 21,745
Issuance of restricted stock (in shares)		731
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(263)
Repurchase of common stock	(40,005)	$ (40,005)
Taxes paid related to net share settlement of equity awards (in shares)		(68)
Taxes paid related to net share settlement of equity awards	(9,825)	$ (9,825)
Stock-based compensation	126,913	$ 126,913
Net income	153,838			153,838
Other comprehensive income (loss)	3,199		3,199
Ending Balance ( in shares) at Mar. 31, 2023		60,465
Ending Balance at Mar. 31, 2023	2,725,559	$ 190,592	(22,977)	2,557,944
Beginning Balance (in shares) at Dec. 31, 2022		60,117
Beginning Balance at Dec. 31, 2022	2,582,349	$ 129,060	(23,219)	2,476,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		12
Exercise of employee stock options	281	$ 281
Issuance of restricted stock (in shares)		355
Issuance of restricted stock	0
Repurchase of common stock	0
Taxes paid related to net share settlement of equity awards (in shares)		(19)
Taxes paid related to net share settlement of equity awards	(2,788)	$ (2,788)
Stock-based compensation	64,039	$ 64,039
Net income	81,436			81,436
Other comprehensive income (loss)	242		242
Ending Balance ( in shares) at Mar. 31, 2023		60,465
Ending Balance at Mar. 31, 2023	$ 2,725,559	$ 190,592	(22,977)	2,557,944
Beginning Balance (in shares) at Sep. 30, 2023	59,207	59,207
Beginning Balance at Sep. 30, 2023	$ 2,800,232	$ 24,399	(23,221)	2,799,054
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		33
Exercise of employee stock options	1,088	$ 1,088
Issuance of stock under employee stock purchase plan (in shares)		188
Issuance of stock under employee stock purchase plan	21,469	$ 21,469
Issuance of restricted stock (in shares)		701
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(1,465)
Repurchase of common stock	(250,029)
Repurchase of common stock, including excise taxes	(251,589)	$ (130,403)		(121,186)
Taxes paid related to net share settlement of equity awards (in shares)		(55)
Taxes paid related to net share settlement of equity awards	(8,667)	$ (8,667)
Stock-based compensation	111,143	$ 111,143
Net income	257,403			257,403
Other comprehensive income (loss)	$ 2,187		2,187
Ending Balance ( in shares) at Mar. 31, 2024	58,609	58,609
Ending Balance at Mar. 31, 2024	$ 2,933,266	$ 19,029	(21,034)	2,935,271
Beginning Balance (in shares) at Dec. 31, 2023		58,797
Beginning Balance at Dec. 31, 2023	2,860,977	$ 18,348	(20,668)	2,863,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)		19
Exercise of employee stock options	680	$ 680
Issuance of restricted stock (in shares)		346
Issuance of restricted stock	0
Repurchase of common stock (in shares)		(543)
Repurchase of common stock	(100,011)
Repurchase of common stock, including excise taxes	(100,351)	$ (53,304)		(47,047)
Taxes paid related to net share settlement of equity awards (in shares)		(10)
Taxes paid related to net share settlement of equity awards	(1,836)	$ (1,836)
Stock-based compensation	55,141	$ 55,141
Net income	119,021			119,021
Other comprehensive income (loss)	$ (366)		(366)
Ending Balance ( in shares) at Mar. 31, 2024	58,609	58,609
Ending Balance at Mar. 31, 2024	$ 2,933,266	$ 19,029	$ (21,034)	$ 2,935,271

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 257,403	$ 153,838
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	111,143	126,913
Depreciation and amortization	57,284	54,817
Non-cash operating lease costs	16,596	20,231
Deferred income taxes	(28,935)	(49,492)
Other	(2,829)	1,878
Changes in operating assets and liabilities (excluding effects of the acquisition of businesses):
Accounts receivable	66,569	(14,317)
Inventories	(33,886)	17,620
Other current assets	(34,398)	(43,547)
Other assets	(16,203)	9,354
Accounts payable and accrued liabilities	(20,930)	(59,534)
Deferred revenue	36,855	102,933
Lease liabilities	(21,714)	(22,140)
Net cash provided by operating activities	386,955	298,554
Investing activities
Purchases of investments	(1,000)	(689)
Maturities of investments	5,420	95,773
Sales of investments	0	16,085
Acquisition of businesses, net of cash acquired	(32,939)	(35,006)
Purchases of property and equipment	(18,503)	(23,793)
Net cash (used in) provided by investing activities	(47,022)	52,370
Financing activities
Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan	22,557	22,461
Payments for repurchase of common stock	(250,029)	(40,005)
Payments on term debt agreement	0	(350,000)
Taxes paid related to net share settlement of equity awards	(8,667)	(9,825)
Net cash used in financing activities	(236,139)	(377,369)
Net increase (decrease) in cash, cash equivalents and restricted cash	103,794	(26,445)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,779	2,979
Cash, cash equivalents and restricted cash, beginning of period	800,835	762,207
Cash, cash equivalents and restricted cash, end of period	906,408	738,741
Supplemental disclosures of cash flow information
Cash paid for amounts included in the measurement of operating lease liabilities	26,169	27,200
Cash paid for interest on long-term debt	0	2,970
Supplemental disclosures of non-cash activities
Right-of-use assets obtained in exchange for lease obligations	$ 7,267	$ 9,577

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2024
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, 2023. There have been no changes to the Company's significant accounting policies as of and for the three and six months ended March 31, 2024. New Accounting Pronouncements

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 (in thousands): Six months ended 2024 2023 Balance, beginning of period $ 66,468 $ 77,220 Additional capitalized contract acquisition costs 13,851 13,123 Amortization of capitalized contract acquisition costs (18,015) (19,134) Balance, end of period $ 62,304 $ 71,209 Amortization of capitalized contract acquisition costs was $8.9 million and $9.4 million for the three months ended March 31, 2024 and 2023, respectively, and $18.0 million and $19.1 million for the six months ended March 31, 2024 and 2023, 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 six months ended March 31, 2024 and 2023 (in thousands): Six months ended 2024 2023 Balance, beginning of period $ 1,775,121 $ 1,691,580 Amounts added but not recognized as revenues 768,890 785,122 Deferred revenue acquired through acquisition of businesses — 1,800 Revenues recognized related to the opening balance of deferred revenue (732,035) (682,190) Balance, end of period $ 1,811,976 $ 1,796,312 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 March 31, 2024, 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 65.0% of these remaining performance obligations over the next 12 months, 22.0% 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	6 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and September 30, 2023, were as follows (in thousands): Gross Unrealized Classification on Balance Sheet As of March 31, 2024 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 $ 396,387 $ — $ — $ 396,387 $ 396,387 $ — $ — Corporate bonds and notes Level 2 817 — (15) 802 — 802 — Total debt investments $ 397,204 $ — $ (15) $ 397,189 $ 396,387 $ 802 $ — Changes in fair value recorded in other net income (expense) Equity investments * $ 6,343 $ — $ — $ 6,343 Total equity investments 6,343 — — 6,343 Total investments $ 403,532 $ 396,387 $ 802 $ 6,343 * 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, 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 $ 392,592 $ — $ — $ 392,592 $ 392,592 $ — $ — Corporate bonds and notes Level 2 4,412 — (88) 4,324 — 4,324 — Municipal bonds and notes Level 2 1,108 — (9) 1,099 — 1,099 — U.S. government agency securities Level 2 740 — (3) 737 — 737 — Total debt investments $ 398,852 $ — $ (100) $ 398,752 $ 392,592 $ 6,160 $ — Changes in fair value recorded in other net income (expense) Equity investments * $ 5,068 $ — $ — $ 5,068 Total equity investments 5,068 — — 5,068 Total investments $ 403,820 $ 392,592 $ 6,160 $ 5,068 * 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 cash, cash equivalents, and investments was $8.3 million and $2.9 million for the three months ended March 31, 2024 and 2023, respectively, and $16.1 million and $6.1 million for the six months ended March 31, 2024 and 2023, 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, 2024 and September 30, 2023 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, 2024, 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. The Company did not recognize any impairment charges related to non-financial long-lived assets for the three and six months ended March 31, 2024 and 2023.

Business Combinations

Business Combinations	6 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Business Combinations	Business Combinations Fiscal Year 2024 Acquisitions During the second quarter of fiscal 2024, the Company completed two acquisitions. The acquired assets and assumed liabilities of the acquisitions were not material and the Company recorded $23.6 million of goodwill as a result of the acquisitions. The acquisitions did not have a material impact to the Company's operating results.  Fiscal Year 2023 Acquisition In February 2023, the Company acquired Lilac Cloud, Inc. ("Lilac"), a provider of innovative application delivery services. The acquired assets and assumed liabilities of Lilac were not material. The Company recorded $29.4 million of goodwill as a result of the acquisition. The measurement period for the Lilac acquisition lapsed during the second quarter of fiscal 2024. The acquisition did not have a material impact to the Company's operating results.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Mar. 31, 2024
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 $ 902,680 $ 797,163 Restricted cash included in other assets, net 3,728 3,672 Total cash, cash equivalents and restricted cash $ 906,408 $ 800,835 Inventories Inventories consist of the following (in thousands): March 31, September 30, Finished goods $ 17,605 $ 11,699 Raw materials 52,155 24,175 $ 69,760 $ 35,874 Other Current Assets Other current assets consist of the following (in thousands): March 31, September 30, Unbilled receivables $ 379,904 $ 374,113 Prepaid expenses 116,621 84,506 Capitalized contract acquisition costs 30,411 31,206 Other 1 63,018 64,919 $ 589,954 $ 554,744 (1) As of March 31, 2024 and September 30, 2023, includes a deposit of $4.9 million and $36.2 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. As of March 31, 2024 and September 30, 2023, includes income tax receivables of $25.4 million and $5.2 million, respectively. Other Assets Other assets, net consist of the following (in thousands): March 31, September 30, Intangible assets $ 132,243 $ 150,969 Unbilled receivables 219,084 202,838 Capitalized contract acquisition costs 31,893 35,263 Other 55,851 55,543 $ 439,071 $ 444,613 Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, September 30, Payroll and benefits $ 152,574 $ 152,898 Operating lease liabilities, current 38,480 41,421 Income and other tax accruals 26,593 34,504 Other 48,916 54,067 $ 266,563 $ 282,890 Other Long-term Liabilities Other long-term liabilities consist of the following (in thousands): March 31, September 30, Income taxes payable $ 72,110 $ 73,751 Other 8,996 8,822 $ 81,106 $ 82,573

Debt Facilities

Debt Facilities	6 Months Ended
	Mar. 31, 2024
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. 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 six months ended March 31, 2024 were not material.

Leases

Leases	6 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 were as follows (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Operating lease expense $ 10,167 $ 12,181 $ 20,493 $ 24,697 Short-term lease expense 671 744 1,366 1,399 Variable lease expense 5,941 5,650 11,975 10,986 Total lease expense $ 16,779 $ 18,575 $ 33,834 $ 37,082 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, Operating lease right-of-use assets, net $ 188,973 $ 195,471 Operating lease liabilities, current 1 38,480 41,421 Operating lease liabilities, long-term 228,368 239,565 Total operating lease liabilities $ 266,848 $ 280,986 Weighted average remaining lease term (in years) 8.3 8.6 Weighted average discount rate 2.91 % 2.77 % (1) Current portion of operating lease liabilities is included in accrued liabilities on the Company's consolidated balance sheets. As of March 31, 2024, 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 2024 (remainder) $ 23,702 2025 42,189 2026 34,948 2027 32,555 2028 29,502 2029 26,750 Thereafter 112,351 Total lease payments 301,997 Less: imputed interest (35,149) Total lease liabilities $ 266,848 Operating lease liabilities above do not include sublease income. As of March 31, 2024, the Company expects to receive sublease income of approximately $8.6 million, which consists of $2.6 million to be received for the remainder of fiscal 2024 and $6.0 million to be received over the two fiscal years thereafter. As of March 31, 2024, 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, 2024
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 offers warranties of one year for its systems product offerings. Additional warranty coverage can be purchased by customers through service maintenance agreements 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, 2024 and September 30, 2023 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 $10.0 million of component inventory annually, with a total committed amount of $40.0 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 dismissal appeal and the fees appeal were heard by the Ninth Circuit Court of Appeals on December 7, 2023. The Court of Appeals has not yet ruled on the appeals. 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	6 Months Ended
	Mar. 31, 2024
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 18.4% and 19.6% for the three and six months ended March 31, 2024, respectively, compared to 25.1% and 24.8% for the three and six months ended March 31, 2023, respectively. The decrease in the effective tax rate for the three and six months ended March 31, 2024 as compared to the three and six months ended March 31, 2023 is primarily due to the tax impact of stock-based compensation. At March 31, 2024, the Company had $75.4 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.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Mar. 31, 2024
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 Six months ended 2024 2023 2024 2023 Shares repurchased 543 — 1,465 263 Average price per share $ 184.07 — $ 170.59 $ 151.87 Amount repurchased $ 100,011 — $ 250,029 $ 40,005 As of March 31, 2024, the Company had $672.4 million remaining authorized to purchase shares under its share repurchase program.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Mar. 31, 2024
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 2024 2023 2024 2023 Numerator Net income $ 119,021 $ 81,436 $ 257,403 $ 153,838 Denominator Weighted average shares outstanding — basic 58,788 60,330 58,956 60,211 Dilutive effect of common shares from stock options and restricted stock units 792 361 661 326 Weighted average shares outstanding — diluted 59,580 60,691 59,617 60,537 Basic net income per share $ 2.02 $ 1.35 $ 4.37 $ 2.55 Diluted net income per share $ 2.00 $ 1.34 $ 4.32 $ 2.54 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, 2024 and 2023.

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2024
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, research and development, 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 2024 2023 2024 2023 Americas: United States $ 363,847 $ 359,906 $ 713,922 $ 735,654 Other 21,718 23,197 48,033 49,607 Total Americas 385,565 383,103 761,955 785,261 EMEA 178,386 190,439 371,749 374,554 APAC 117,403 129,633 240,247 243,738 $ 681,354 $ 703,175 $ 1,373,951 $ 1,403,553 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 2024 2023 2024 2023 Net product revenues Systems revenue $ 141,654 $ 208,689 $ 277,028 $ 381,721 Software revenue 158,508 131,892 328,993 299,418 Total net product revenue $ 300,162 $ 340,581 $ 606,021 $ 681,139 The following distributors of the Company's products accounted for more than 10% of total net revenue: Three months ended Six months ended 2024 2023 2024 2023 Ingram Micro, Inc. 18.6 % 16.5 % 17.0 % 17.1 % Synnex Corporation 16.5 % 14.7 % 16.0 % 14.2 % 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, Americas: United States $ 119,617 $ 125,736 Other 2,083 2,592 Total Americas 121,700 128,328 EMEA 23,957 24,336 APAC 15,868 17,758 $ 161,525 $ 170,422

Restructuring Charges

Restructuring Charges	6 Months Ended
	Mar. 31, 2024
Restructuring Charges [Abstract]
Restructuring Charges	Restructuring Charges In the first quarter of fiscal 2024, 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. The Company recorded a restructuring charge of $9.8 million and did not record any significant subsequent charges related to the first quarter of fiscal 2024 restructuring plan. 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 and did not record any significant subsequent charges related to the third quarter of fiscal 2023 restructuring plan. In the first quarter of fiscal 2023, 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. The Company recorded a restructuring charge of $8.7 million and did not record any significant subsequent charges related to the first quarter of fiscal 2023 restructuring plan. During the six months ended March 31, 2024 and 2023, the following activity was recorded (in thousands): Six months ended 2024 2023 Employee Severance, Benefits and Related Costs Accrued expenses, beginning of period $ 3,496 $ — Restructuring charges 1 8,562 8,740 Cash payments (11,501) (8,130) Accrued expenses, end of period $ 557 $ 610 (1) Includes relief of unused benefits and foreign currency fluctuations. Charges related to employee severance, benefits, and related costs 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		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 119,021	$ 81,436	$ 257,403	$ 153,838

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 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 March 31, 2024, certain of our officers and directors adopted or terminated Rule 10b5-1 trading arrangements as follows: On March 6, 2024, 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 6, 2025 with respect to the sale of 9,270 Company shares.
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	March 6, 2024
Aggregate Available	9,270

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2024
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, 2023.
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, 2024. New Accounting Pronouncements

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 (in thousands): Six months ended 2024 2023 Balance, beginning of period $ 66,468 $ 77,220 Additional capitalized contract acquisition costs 13,851 13,123 Amortization of capitalized contract acquisition costs (18,015) (19,134) Balance, end of period $ 62,304 $ 71,209
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, 2024 and 2023 (in thousands): Six months ended 2024 2023 Balance, beginning of period $ 1,775,121 $ 1,691,580 Amounts added but not recognized as revenues 768,890 785,122 Deferred revenue acquired through acquisition of businesses — 1,800 Revenues recognized related to the opening balance of deferred revenue (732,035) (682,190) Balance, end of period $ 1,811,976 $ 1,796,312

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2024
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, 2024 and September 30, 2023, were as follows (in thousands): Gross Unrealized Classification on Balance Sheet As of March 31, 2024 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 $ 396,387 $ — $ — $ 396,387 $ 396,387 $ — $ — Corporate bonds and notes Level 2 817 — (15) 802 — 802 — Total debt investments $ 397,204 $ — $ (15) $ 397,189 $ 396,387 $ 802 $ — Changes in fair value recorded in other net income (expense) Equity investments * $ 6,343 $ — $ — $ 6,343 Total equity investments 6,343 — — 6,343 Total investments $ 403,532 $ 396,387 $ 802 $ 6,343 * 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, 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 $ 392,592 $ — $ — $ 392,592 $ 392,592 $ — $ — Corporate bonds and notes Level 2 4,412 — (88) 4,324 — 4,324 — Municipal bonds and notes Level 2 1,108 — (9) 1,099 — 1,099 — U.S. government agency securities Level 2 740 — (3) 737 — 737 — Total debt investments $ 398,852 $ — $ (100) $ 398,752 $ 392,592 $ 6,160 $ — Changes in fair value recorded in other net income (expense) Equity investments * $ 5,068 $ — $ — $ 5,068 Total equity investments 5,068 — — 5,068 Total investments $ 403,820 $ 392,592 $ 6,160 $ 5,068 * The fair value of this equity investment is measured at NAV which approximates fair value and is not classified within the fair value hierarchy .

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Mar. 31, 2024
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 $ 902,680 $ 797,163 Restricted cash included in other assets, net 3,728 3,672 Total cash, cash equivalents and restricted cash $ 906,408 $ 800,835
Inventories	Inventories consist of the following (in thousands): March 31, September 30, Finished goods $ 17,605 $ 11,699 Raw materials 52,155 24,175 $ 69,760 $ 35,874
Other Current Assets	Other current assets consist of the following (in thousands): March 31, September 30, Unbilled receivables $ 379,904 $ 374,113 Prepaid expenses 116,621 84,506 Capitalized contract acquisition costs 30,411 31,206 Other 1 63,018 64,919 $ 589,954 $ 554,744 (1) As of March 31, 2024 and September 30, 2023, includes a deposit of $4.9 million and $36.2 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. As of March 31, 2024 and September 30, 2023, includes income tax receivables of $25.4 million and $5.2 million, respectively.
Other Assets, Noncurrent	Other assets, net consist of the following (in thousands): March 31, September 30, Intangible assets $ 132,243 $ 150,969 Unbilled receivables 219,084 202,838 Capitalized contract acquisition costs 31,893 35,263 Other 55,851 55,543 $ 439,071 $ 444,613
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, September 30, Payroll and benefits $ 152,574 $ 152,898 Operating lease liabilities, current 38,480 41,421 Income and other tax accruals 26,593 34,504 Other 48,916 54,067 $ 266,563 $ 282,890
Noncurrent Liabilities	Other long-term liabilities consist of the following (in thousands): March 31, September 30, Income taxes payable $ 72,110 $ 73,751 Other 8,996 8,822 $ 81,106 $ 82,573

Leases (Tables)

Leases (Tables)	6 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lease, Cost	The components of the Company's operating lease expenses for the three and six months ended March 31, 2024 and 2023 were as follows (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Operating lease expense $ 10,167 $ 12,181 $ 20,493 $ 24,697 Short-term lease expense 671 744 1,366 1,399 Variable lease expense 5,941 5,650 11,975 10,986 Total lease expense $ 16,779 $ 18,575 $ 33,834 $ 37,082
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, Operating lease right-of-use assets, net $ 188,973 $ 195,471 Operating lease liabilities, current 1 38,480 41,421 Operating lease liabilities, long-term 228,368 239,565 Total operating lease liabilities $ 266,848 $ 280,986 Weighted average remaining lease term (in years) 8.3 8.6 Weighted average discount rate 2.91 % 2.77 % (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, 2024, 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 2024 (remainder) $ 23,702 2025 42,189 2026 34,948 2027 32,555 2028 29,502 2029 26,750 Thereafter 112,351 Total lease payments 301,997 Less: imputed interest (35,149) Total lease liabilities $ 266,848

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Mar. 31, 2024
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 Six months ended 2024 2023 2024 2023 Shares repurchased 543 — 1,465 263 Average price per share $ 184.07 — $ 170.59 $ 151.87 Amount repurchased $ 100,011 — $ 250,029 $ 40,005

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Mar. 31, 2024
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 2024 2023 2024 2023 Numerator Net income $ 119,021 $ 81,436 $ 257,403 $ 153,838 Denominator Weighted average shares outstanding — basic 58,788 60,330 58,956 60,211 Dilutive effect of common shares from stock options and restricted stock units 792 361 661 326 Weighted average shares outstanding — diluted 59,580 60,691 59,617 60,537 Basic net income per share $ 2.02 $ 1.35 $ 4.37 $ 2.55 Diluted net income per share $ 2.00 $ 1.34 $ 4.32 $ 2.54

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenues by Geographic Region	The following presents revenues by geographic region (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Americas: United States $ 363,847 $ 359,906 $ 713,922 $ 735,654 Other 21,718 23,197 48,033 49,607 Total Americas 385,565 383,103 761,955 785,261 EMEA 178,386 190,439 371,749 374,554 APAC 117,403 129,633 240,247 243,738 $ 681,354 $ 703,175 $ 1,373,951 $ 1,403,553
Schedule of Product Revenues by Systems and Software	The following presents net product revenues by systems and software (in thousands): Three months ended Six months ended 2024 2023 2024 2023 Net product revenues Systems revenue $ 141,654 $ 208,689 $ 277,028 $ 381,721 Software revenue 158,508 131,892 328,993 299,418 Total net product revenue $ 300,162 $ 340,581 $ 606,021 $ 681,139
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 2024 2023 2024 2023 Ingram Micro, Inc. 18.6 % 16.5 % 17.0 % 17.1 % Synnex Corporation 16.5 % 14.7 % 16.0 % 14.2 %
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, Americas: United States $ 119,617 $ 125,736 Other 2,083 2,592 Total Americas 121,700 128,328 EMEA 23,957 24,336 APAC 15,868 17,758 $ 161,525 $ 170,422

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Mar. 31, 2024
Restructuring Charges [Abstract]
Restructuring and Related Costs	During the six months ended March 31, 2024 and 2023, the following activity was recorded (in thousands): Six months ended 2024 2023 Employee Severance, Benefits and Related Costs Accrued expenses, beginning of period $ 3,496 $ — Restructuring charges 1 8,562 8,740 Cash payments (11,501) (8,130) Accrued expenses, end of period $ 557 $ 610 (1) Includes relief of unused benefits and foreign currency fluctuations.

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, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Changes In Capitalized Contract Cost [Roll Forward]
Beginning Balance			$ 66,468	$ 77,220
Additional capitalized contract acquisition costs			13,851	13,123
Amortization of capitalized contract acquisition costs	$ (8,900)	$ (9,400)	(18,015)	(19,134)
Ending Balance	$ 62,304	$ 71,209	$ 62,304	$ 71,209

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in Contract with Customer, Liability [Roll Forward]
Beginning Balance	$ 1,775,121	$ 1,691,580
Amounts added but not recognized as revenues	768,890	785,122
Deferred revenue acquired through acquisition of businesses	0	1,800
Revenues recognized related to the opening balance of deferred revenue	(732,035)	(682,190)
Ending Balance	$ 1,811,976	$ 1,796,312

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Amortization of capitalized contract acquisition costs	$ 8,900,000	$ 9,400,000	$ 18,015,000	$ 19,134,000
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, 2024 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]: 2024-04-01
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	65%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
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	22%

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, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	$ 396,387	$ 392,592
Cost or amortized cost	397,204	398,852
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(15)	(100)
Fair value	397,189	398,752
Debt Securities, Available-for-sale, Current	802	6,160
Debt Securities, Available-for-sale, Noncurrent	0	0
Equity Securities, FV-NI	6,343	5,068
Equity Securities, FV-NI, Current	0	0
Equity Securities, FV-NI, Noncurrent	6,343	5,068
Available-for-sale Securities	403,532	403,820
Available-for-sale Securities, Current	802	6,160
Long-term investments	6,343	5,068
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Equity Securities, FV-NI	6,343	5,068
Equity Securities, FV-NI, Current	0	0
Equity Securities, FV-NI, Noncurrent	6,343	5,068
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cash equivalents, fair value	396,387	392,592
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	396,387	392,592
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost	817	4,412
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(15)	(88)
Corporate Debt Securities [Member] | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	802	4,324
Debt Securities, Available-for-sale, Current	802	4,324
Debt Securities, Available-for-sale, Noncurrent	$ 0	0
Municipal Bonds And Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Cost or amortized cost		1,108
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(9)
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		1,099
Debt Securities, Available-for-sale, Current		1,099
Debt Securities, Available-for-sale, Noncurrent		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		740
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(3)
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]
Fair value		737
Debt Securities, Available-for-sale, Current		737
Debt Securities, Available-for-sale, Noncurrent		$ 0

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Income, Other	$ 8.3	$ 2.9	$ 16.1	$ 6.1

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Feb. 01, 2023	Mar. 31, 2024
Fiscal Year 2024 Acquisitions
Business Acquisition [Line Items]
Goodwill, Acquired During Period		$ 23,600
Lilac Cloud, Inc.
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 29,400

Balance Sheet Details - Cash an

Balance Sheet Details - Cash and Cash Equivalent (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Balance Sheet Details [Abstract]
Cash and cash equivalents	$ 902,680	$ 797,163
Restricted cash included in other assets, net	3,728	3,672
Total cash, cash equivalents and restricted cash	$ 906,408	$ 800,835	$ 738,741	$ 762,207

Balance Sheet Details - Invento

Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Balance Sheet Details [Abstract]
Finished goods	$ 17,605	$ 11,699
Raw materials	52,155	24,175
Inventories	$ 69,760	$ 35,874

Balance Sheet Details - Other C

Balance Sheet Details - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Balance Sheet Details [Abstract]
Unbilled receivables	$ 379,904	$ 374,113
Prepaid expenses	116,621	84,506
Capitalized contract acquisition costs	30,411	31,206
Other (1)	63,018	64,919
Other Assets, Current	589,954	554,744
(1)Deposit Assets	4,900	36,200
(1)Income Taxes Receivable, Current	$ 25,400	$ 5,200

Balance Sheet Details - Other A

Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Balance Sheet Details [Abstract]
Intangible assets	$ 132,243	$ 150,969
Unbilled receivables	219,084	202,838
Capitalized contract acquisition costs	31,893	35,263
Other	55,851	55,543
Other Assets, Noncurrent	$ 439,071	$ 444,613

Balance Sheet Details - Accrued

Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Balance Sheet Details [Abstract]
Payroll and benefits	$ 152,574	$ 152,898
Operating lease liabilities, current	38,480	41,421
Income and other tax accruals	26,593	34,504
Other	48,916	54,067
Accrued Liabilities, Current	$ 266,563	$ 282,890

Balance Sheet Details - Other L

Balance Sheet Details - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Balance Sheet Details [Abstract]
Income taxes payable	$ 72,110	$ 73,751
Other	8,996	8,822
Other long-term liabilities	$ 81,106	$ 82,573

Debt Facilities - Narrative (De

Debt Facilities - Narrative (Details)					2 Months Ended	6 Months Ended
	May 26, 2023	Dec. 15, 2022 USD ($)	Jan. 31, 2020 USD ($)	Jan. 24, 2020 USD ($)	Dec. 15, 2022	Mar. 31, 2024 USD ($) extension	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Payments on term debt agreement						$ 0	$ 350,000,000
Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 400,000,000
Redemption percentage				1.25%
Debt issuance costs				$ 2,200,000
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%
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
Debt Instrument, Interest Rate, Basis for Effective Rate	0.10
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
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 - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 10,167	$ 12,181	$ 20,493	$ 24,697
Short-term lease expense	671	744	1,366	1,399
Variable lease expense	5,941	5,650	11,975	10,986
Total lease expense	$ 16,779	$ 18,575	$ 33,834	$ 37,082

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 188,973	$ 195,471
Operating lease liabilities, current	38,480	41,421
Operating lease liabilities, long-term	228,368	239,565
Total lease liabilities	$ 266,848	$ 280,986
Weighted average remaining lease term (in years)	8 years 3 months 18 days	8 years 7 months 6 days
Weighted average discount rate	2.91%	2.77%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Leases [Abstract]
2024 (remainder)	$ 23,702
2025	42,189
2026	34,948
2027	32,555
2028	29,502
2029	26,750
Thereafter	112,351
Total lease payments	301,997
Less: imputed interest	(35,149)
Total lease liabilities	$ 266,848	$ 280,986

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	6 Months Ended
	Mar. 31, 2024 USD ($) ft²
Lessee, Lease, Description [Line Items]
Sublease Income	$ 8.6
Sublease income payment remainder of fiscal year	2.6
Lessor, Operating Lease, Payments to be Received, Two To Three Years	$ 6
Office Building
Lessee, Lease, Description [Line Items]
Operating lease, number of square feet | ft²	515

Commitments And Contingencies (

Commitments And Contingencies (Details) - USD ($) $ in Millions			6 Months Ended
	Apr. 11, 2023	Oct. 27, 2022	Mar. 31, 2024
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	$ 20
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		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	18.40%	25.10%	19.60%	24.80%
Unrecognized tax benefit	$ 75.4		$ 75.4

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, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share	$ 184.07	$ 0	$ 170.59	$ 151.87
Stock Repurchased and Retired During Period, Value	$ 100,011	$ 0	$ 250,029	$ 40,005
October Twenty Six Two Thousand Ten Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased and Retired During Period, Shares	543	0	1,465	263

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - October Twenty Six Two Thousand Ten Program - USD ($) $ in Millions	Mar. 31, 2024	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	$ 672.4

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, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income	$ 119,021	$ 81,436	$ 257,403	$ 153,838
Denominator
Weighted average shares outstanding — basic (shares)	58,788	60,330	58,956	60,211
Dilutive effect of common shares from stock options and restricted stock units	792	361	661	326
Weighted average shares outstanding — diluted (shares)	59,580	60,691	59,617	60,537
Basic net income per share (dollars per share)	$ 2.02	$ 1.35	$ 4.37	$ 2.55
Diluted net income per share (dollars per share)	$ 2	$ 1.34	$ 4.32	$ 2.54

Segment Information - Revenues

Segment Information - Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Schedule of Revenues by Geographic Region [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 681,354	$ 703,175	$ 1,373,951	$ 1,403,553
United States
Schedule of Revenues by Geographic Region [Line Items]
Revenue from contract with customer, excluding assessed tax	363,847	359,906	713,922	735,654
Other Americas [Member]
Schedule of Revenues by Geographic Region [Line Items]
Revenue from contract with customer, excluding assessed tax	21,718	23,197	48,033	49,607
Total Americas
Schedule of Revenues by Geographic Region [Line Items]
Revenue from contract with customer, excluding assessed tax	385,565	383,103	761,955	785,261
EMEA
Schedule of Revenues by Geographic Region [Line Items]
Revenue from contract with customer, excluding assessed tax	178,386	190,439	371,749	374,554
APAC
Schedule of Revenues by Geographic Region [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 117,403	$ 129,633	$ 240,247	$ 243,738

Segment Information - Product R

Segment Information - Product Revenues by Systems and Software (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 681,354	$ 703,175	$ 1,373,951	$ 1,403,553
Product
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax	300,162	340,581	606,021	681,139
Systems | Product
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax	141,654	208,689	277,028	381,721
Software | Product
Product Information [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 158,508	$ 131,892	$ 328,993	$ 299,418

Segment Information - Revenue b

Segment Information - Revenue by Major Customers (Details) - Net Revenue - Geographic Concentration	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Ingram Micro, Inc.
Revenue, Major Customer [Line Items]
Concentration risk percentage	18.60%	16.50%	17%	17.10%
Synnex Corporation
Revenue, Major Customer [Line Items]
Concentration risk percentage	16.50%	14.70%	16%	14.20%

Segment Information - Long-live

Segment Information - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Schedule of Long-lived Assets by Geographic Region [Line Items]
Long-lived assets	$ 161,525	$ 170,422
United States
Schedule of Long-lived Assets by Geographic Region [Line Items]
Long-lived assets	119,617	125,736
Other Americas [Member]
Schedule of Long-lived Assets by Geographic Region [Line Items]
Long-lived assets	2,083	2,592
Total Americas
Schedule of Long-lived Assets by Geographic Region [Line Items]
Long-lived assets	121,700	128,328
EMEA
Schedule of Long-lived Assets by Geographic Region [Line Items]
Long-lived assets	23,957	24,336
APAC
Schedule of Long-lived Assets by Geographic Region [Line Items]
Long-lived assets	$ 15,868	$ 17,758

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Mar. 31, 2024 segment geographic_region
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Number of geographic regions | geographic_region	3

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Accrued expenses (Beginning balance)	$ 3,496	$ 0
Severance Costs, Including Other Adjustments	8,562	8,740
Payments for Restructuring	(11,501)	(8,130)
Accrued expenses (Ending balance)	$ 557	$ 610

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) $ in Thousands	3 Months Ended					6 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) Rate	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 90			$ 0		$ 8,562	$ 8,740
Q1 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Severance Costs		$ 9,800
Q3 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 56,700
Severance Costs			53,200
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]
Severance Costs					$ 8,700