PRESS RELEASE

F5 Reports Third Quarter Fiscal Year 2021 Results Delivering Double-Digit Annual Revenue Growth for the Third Sequential Quarter

Published July 26, 2021

PRESS CONTACTS

Suzanne DuLong
VP, Investor Relations
(206) 272-7049
s.dulong@f5.com

Rob Gruening
F5 Corporate Communications
(206) 272-6208
r.gruening@f5.com

SEATTLE -- F5 Networks, Inc. (NASDAQ: FFIV) today announced financial results for its fiscal third quarter ended June 30, 2021.

“Our very strong third quarter results demonstrate the powerful alignment of F5’s expanded solution portfolio and our customers’ most important application needs,” said François Locoh-Donou, F5’s President and CEO. “Robust software growth and resilient demand for systems drove 12% GAAP revenue growth in our third quarter, and 11% revenue growth versus the prior year’s third quarter non-GAAP revenue.”

Locoh-Donou continued, “Customers’ traditional applications are generating more revenue and more engagement than ever before. At the same time, customers also are accelerating adoption of modern application architectures, like Kubernetes, for new applications. With our expanded application security and delivery portfolio, we are uniquely positioned to solve our customers’ most significant modern and traditional application challenges on premises, in the cloud, and across multiple clouds.”

Third Quarter Performance Summary

Third quarter fiscal year 2021 GAAP revenue was $652 million, up 12% from GAAP revenue of $583 million and up 11% from non-GAAP revenue of $586 million in the third quarter of fiscal year 2020. Third quarter fiscal year 2021 non-GAAP revenue growth was driven by 21% product revenue growth and 4% global services revenue growth over the prior year. Non-GAAP product revenue was driven by 34% software revenue growth and 13% systems revenue growth compared to the year ago period.

GAAP net income for the third quarter of fiscal year 2021 was $90 million, or $1.46 per diluted share compared to third quarter fiscal year 2020 GAAP net income of $70 million, or $1.14 per diluted share.

Non-GAAP net income for the third quarter of fiscal year 2021 was $169 million, or $2.76 per diluted share, compared to $134 million, or $2.18 per diluted share, in the third quarter of fiscal year 2020. Non-GAAP net income for the third quarter of fiscal year 2021 excludes $61 million in stock-based compensation, $24 million in acquisition-related charges, $13 million in amortization of purchased intangible assets, and $4 million in facility-exit costs.

A reconciliation of revenue, net income, earnings per share, and other measures on a GAAP to non-GAAP basis is included in the attached Consolidated Income Statements. Additional information about non-GAAP financial information is included in this release.

Business Outlook

For the fourth quarter of fiscal year 2021 ending September 30, 2021, F5 expects to deliver revenue in the range of $660 million to $680 million, with non-GAAP earnings in the range of $2.68 to $2.80 per diluted share.

All forward-looking non-GAAP measures included in the outlook exclude estimates for amortization of intangible assets, share-based compensation expenses, significant effects of tax legislation and judicial or administrative interpretation of tax regulations (including the impact of income tax reform), non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of any future acquisitions or divestitures, acquisition-related charges and write-downs, restructuring charges, facility exit costs, or other non-recurring charges that may occur in the period. F5 is unable to provide a reconciliation of non-GAAP earnings guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically varied and may continue to vary significantly from quarter to quarter.

Live Webcast and Conference Call

F5 will host a live webcast and conference call to review its financial results and outlook today, July 26, 2021, at 4:30 pm ET. The live webcast can be accessed from the investor relations portion of F5.com. To participate in the live call via telephone in the U.S. and Canada, dial (833) 714-0927. Outside the U.S. and Canada, dial +1 (778) 560-2886. Reference Meeting ID 529-4198. Please call at least 5 minutes prior to the call start time. The webcast replay will be archived on the investor relations portion of F5’s website.

Forward Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding the continuing strength and momentum of F5’s business, past and future financial performance including revenue, operating targets, earnings and earnings per share ranges, demand for application security and delivery services, SaaS, and software products, expectations regarding future services and products, expectations regarding future customers, markets and the benefits of products, and other statements that are not historical facts and which are forward-looking statements. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors. Such forward-looking statements involve risks and uncertainties, as well as assumptions and other factors that, if they do not fully materialize or prove correct, could cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: customer acceptance of offerings; potential disruptions to F5’s business and distraction of management as F5 integrates acquired businesses, teams, and technologies; F5’s ability to successfully integrate acquired businesses’ products with F5 technologies; the ability of F5’s sales professionals and distribution partners to sell acquired businesses’ product and service offerings; the timely development, introduction and acceptance of additional new products and features by F5 or its competitors; competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into F5’s markets, and new product and marketing initiatives by our competitors; increased sales discounts; the business impact of the acquisition of Volterra and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of completion of the acquisition; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; potential disruptions to the global supply chain resulting in inability to source required parts for F5’s products or the ability to only do so at greatly increased prices thereby impacting our revenues and/or margins; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; litigation involving patents, intellectual property, shareholder and other matters, and governmental investigations; potential security flaws in the Company’s networks, products or services; cybersecurity attacks on its networks, products or services; natural catastrophic events; a pandemic or epidemic; F5’s ability to sustain, develop and effectively utilize distribution relationships; F5’s ability to attract, train and retain qualified product development, marketing, sales, professional services and customer support personnel; F5’s ability to expand in international markets; the unpredictability of F5’s sales cycle; the ability of F5 to execute on its share repurchase program including the timing of any repurchases; future prices of F5’s common stock; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K and other documents that we may file or furnish from time to time, which could cause actual results to vary from expectations. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in F5’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. All forward-looking statements in this press release are based on information available as of the date hereof and qualified in their entirety by this cautionary statement. F5 assumes no obligation to revise or update these forward-looking statements.

GAAP to non-GAAP Reconciliation

F5’s management evaluates and makes operating decisions using various operating measures. These measures are generally based on the revenues of its products, services operations, and certain costs of those operations, such as cost of revenues, research and development, sales and marketing and general and administrative expenses. One such measure is GAAP net income excluding, as applicable, stock-based compensation, amortization of purchased intangible assets, acquisition-related charges, net of taxes, restructuring charges, facility-exit costs, significant litigation and other contingencies and certain non-recurring tax expenses and benefits, which is a non-GAAP financial measure under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. This measure of non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the company would accrue if it used non-GAAP results instead of GAAP results to calculate the company’s tax liability.

The non-GAAP adjustments, and F5's basis for excluding them from non-GAAP financial measures, are outlined below:

Acquisition-related write-downs of assumed deferred revenue.Included in its GAAP financial statements, F5 records acquisition-related write-downs of assumed deferred revenue to fair value, which results in lower recognized revenue over the term of the contract. F5 includes revenue associated with acquisition-related write-downs of assumed deferred revenue in its non-GAAP financial measures as management believes it provides a more accurate depiction of revenue arising from our strategic acquisitions.

Stock-based compensation. Stock-based compensation consists of expense for stock options, restricted stock, and employee stock purchases through the company’s Employee Stock Purchase Plan. Although stock-based compensation is an important aspect of the compensation of F5’s employees and executives, management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of the company’s core business and to facilitate comparison of the company’s results to those of peer companies.

Amortization of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Management does not believe these charges accurately reflect the performance of the company’s ongoing operations, therefore, they are not considered by management in making operating decisions. However, investors should note that the use of intangible assets contributed to F5’s revenues earned during the periods presented and will contribute to F5’s future period revenues as well.

Facility-exit costs.In fiscal year 2019, F5 relocated its headquarters in Seattle, Washington, and recorded charges in connection with this facility exit as well as other non-recurring lease activity. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.

Acquisition-related charges, net. F5 does not acquire businesses on a predictable cycle and the terms and scope of each transaction can vary significantly and are unique to each transaction. F5 excludes acquisition-related charges from its non-GAAP financial measures to provide a useful comparison of the company’s operating results to prior periods and to its peer companies. Acquisition-related charges consist of planning, execution and integration costs incurred directly as a result of an acquisition.

Impairment charges.In fiscal year 2021, F5 recorded impairment charges related to the permanent exit of certain floors at its Seattle headquarters. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.

Restructuring charges. F5 has incurred restructuring charges that are included in its GAAP financial statements, primarily related to workforce reductions and costs associated with exiting facility-lease commitments. F5 excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business.

Management believes that non-GAAP net income per share provides useful supplemental information to management and investors regarding the performance of the company’s core business operations and facilitates comparisons to the company’s historical operating results. Although F5’s management finds this non-GAAP measure to be useful in evaluating the performance of the core business, management’s reliance on this measure is limited because items excluded from such measures could have a material effect on F5’s earnings and earnings per share calculated in accordance with GAAP. Therefore, F5’s management will use its non-GAAP earnings and earnings per share measures, in conjunction with GAAP earnings and earnings per share measures, to address these limitations when evaluating the performance of the company’s core business. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP.

F5 believes that presenting its non-GAAP measures of earnings and earnings per share provides investors with an additional tool for evaluating the performance of the company’s core business and is used by management in its own evaluation of the company’s performance. Investors are encouraged to look at GAAP results as the best measure of financial performance. However, while the GAAP results are more complete, the company provides investors these supplemental measures since, with reconciliation to GAAP, it may provide additional insight into the company’s operational performance and financial results.

For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section in our attached Condensed Consolidated Income Statements entitled “Non-GAAP Financial Measures.”

About F5

F5 (NASDAQ: FFIV) is a multi-cloud application security and delivery company that enables our customers—which include the world’s largest enterprises, financial institutions, service providers, and governments—to bring extraordinary digital experiences to life. For more information, go to f5.com. You can also follow @F5 on Twitter or visit us on LinkedIn and Facebook for more information about F5, its partners, and technologies.

F5 is a trademark, service mark, or tradename of F5 Networks, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

F5, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)
       
       
  March 31,   September 30,
 

 

2022

 

 

 

2021

 

       
Assets      
Current assets      
Cash and cash equivalents

$

586,543

 

 

$

580,977

 

Short-term investments

 

300,591

 

 

 

329,630

 

Accounts receivable, net of allowances of $4,336 and $3,696 .

 

414,218

 

 

 

340,536

 

Inventories

 

27,883

 

 

 

22,055

 

Other current assets

 

405,596

 

 

 

337,902

 

Total current assets

 

1,734,831

 

 

 

1,611,100

 

       
Property and equipment, net

 

178,742

 

 

 

191,164

 

Operating lease right-of-use assets

 

227,576

 

 

 

244,934

 

Long-term investments

 

34,911

 

 

 

132,778

 

Deferred tax assets

 

158,357

 

 

 

128,193

 

Goodwill

 

2,259,951

 

 

 

2,216,553

 

Other assets, net

 

482,805

 

 

 

472,558

 

Total assets

$

5,077,173

 

 

$

4,997,280

 

       
Liabilities and Shareholders’ Equity      
Current liabilities      
Accounts payable

$

69,131

 

 

$

62,096

 

Accrued liabilities

 

301,206

 

 

 

341,487

 

Deferred revenue

 

1,043,482

 

 

 

968,669

 

Current portion of long-term debt

 

359,410

 

 

 

19,275

 

Total current liabilities

 

1,773,229

 

 

 

1,391,527

 

       
Deferred tax liabilities

 

2,729

 

 

 

2,414

 

Deferred revenue, long-term

 

556,254

 

 

 

521,173

 

Operating lease liabilities, long-term

 

276,416

 

 

 

296,945

 

Long-term debt

 

-

 

 

 

349,772

 

Other long-term liabilities

 

71,417

 

 

 

75,236

 

Total long-term liabilities

 

906,816

 

 

 

1,245,540

 

       
Commitments and contingencies      
       
Shareholders’ equity      
Preferred stock, no par value; 10,000 shares authorized, no shares outstanding

 

-

 

 

 

-

 

Common stock, no par value; 200,000 shares authorized, 60,465 and 60,652 shares issued and outstanding

 

82,133

 

 

 

192,458

 

Accumulated other comprehensive loss

 

(22,628)

 

 

 

(20,073)

 

Retained earnings

 

2,337,623

 

 

 

2,187,828

 

Total shareholders' equity

 

2,397,128

 

 

 

2,360,213

 

Total liabilities and shareholders' equity

$

5,077,173

 

 

$

4,997,280

 

 

F5, Inc.

Consolidated Income Statements
(unaudited, in thousands, except per share amounts)
               
               
  Three Months Ended   Six Months Ended
  March 31,   March 31,
 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

               
Net revenues              
Products (1)

$

297,518

 

 

$

309,189

 

 

$

640,667

 

 

$

597,234

 

Services

 

336,706

 

 

 

336,098

 

 

 

680,657

 

 

 

672,670

 

Total

 

634,224

 

 

 

645,287

 

 

 

1,321,324

 

 

 

1,269,904

 

               
Cost of net revenues (2)(3)(4)(5)(6)              
Products

 

71,234

 

 

 

73,289

 

 

 

152,896

 

 

 

140,327

 

Services

 

55,125

 

 

 

55,296

 

 

 

108,536

 

 

 

103,237

 

Total

 

126,359

 

 

 

128,585

 

 

 

261,432

 

 

 

243,564

 

Gross profit

 

507,865

 

 

 

516,702

 

 

 

1,059,892

 

 

 

1,026,340

 

               
Operating expenses (2)(3)(4)(5)(6)              
Sales and marketing

 

228,826

 

 

 

244,908

 

 

 

462,861

 

 

 

459,454

 

Research and development

 

135,838

 

 

 

140,453

 

 

 

266,109

 

 

 

254,644

 

General and administrative

 

68,554

 

 

 

77,840

 

 

 

134,215

 

 

 

140,993

 

Restructuring charges

 

-

 

 

 

-

 

 

 

7,909

 

 

 

-

 

Total

 

433,218

 

 

 

463,201

 

 

 

871,094

 

 

 

855,091

 

               
Income from operations

 

74,647

 

 

 

53,501

 

 

 

188,798

 

 

 

171,249

 

Other expense, net

 

(1,934)

 

 

 

(1,377)

 

 

 

(4,365)

 

 

 

(2,060)

 

Income before income taxes

 

72,713

 

 

 

52,124

 

 

 

184,433

 

#

 

169,189

 

Provision for income taxes

 

16,477

 

 

 

8,883

 

 

 

34,638

 

 

 

38,270

 

Net income

$

56,236

 

 

$

43,241

 

 

$

149,795

 

 

$

130,919

 

               
               
Net income per share - basic

$

0.93

 

 

$

0.71

 

 

$

2.47

 

 

$

2.14

 

Weighted average shares - basic

 

60,573

 

 

 

60,667

 

 

 

60,693

 

 

 

61,058

 

               
Net income per share - diluted

$

0.92

 

 

$

0.70

 

 

$

2.43

 

 

$

2.10

 

Weighted average shares - diluted

 

61,405

 

 

 

62,158

 

 

 

61,661

 

 

 

62,292

 

               
               
Non-GAAP Financial Measures              
               
Net income as reported

$

56,236

 

 

$

43,241

 

 

$

149,795

 

 

$

130,919

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

 

-

 

 

 

-

 

 

 

1,283

 

Stock-based compensation expense

 

64,129

 

 

 

63,220

 

 

 

127,886

 

 

 

121,289

 

Amortization and impairment of purchased intangible assets

 

12,850

 

 

 

12,206

 

 

 

32,287

 

 

 

22,912

 

Facility-exit costs

 

3,518

 

 

 

5,065

 

 

 

6,260

 

 

 

6,401

 

Acquisiton-related charges

 

12,966

 

 

 

27,978

 

 

 

29,857

 

 

 

45,643

 

Impairment charges

 

-

 

 

 

33,825

 

 

 

-

 

 

 

33,825

 

Restructuring charges

 

-

 

 

 

-

 

 

 

7,909

 

 

 

-

 

Tax effects related to above items

 

(18,896)

 

 

 

(30,388)

 

 

 

(44,160)

 

 

 

(45,661)

 

Net income excluding acquisition-related write-downs of assumed deferred revenue, stock-based compensation expense, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, impairment charges and restructuring charges (non-GAAP) - diluted

$

130,803

 

 

$

155,147

 

 

$

309,834

 

 

$

316,611

 

               
Net income per share excluding acquisition-related write-downs of assumed deferred revenue, stock-based compensation expense, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, impairment charges and restructuring charges (non-GAAP) - diluted

$

2.13

 

 

$

2.50

 

 

$

5.02

 

 

$

5.08

 

               
Weighted average shares - diluted

 

61,405

 

 

 

62,158

 

 

 

61,661

 

 

 

62,292

 

               
(1) GAAP net product revenues

$

297,518

 

 

$

309,189

 

 

$

640,667

 

 

$

597,234

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

 

-

 

 

 

-

 

 

 

1,283

 

Non-GAAP net product revenues

 

297,518

 

 

 

309,189

 

 

 

640,667

 

 

 

598,517

 

GAAP net service revenues

 

336,706

 

 

 

336,098

 

 

 

680,657

 

 

 

672,670

 

Acquisition-related write-downs of assumed deferred revenue

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Non-GAAP net service revenues

 

336,706

 

 

 

336,098

 

 

 

680,657

 

 

 

672,670

 

Total non-GAAP net revenues

$

634,224

 

 

$

645,287

 

 

$

1,321,324

 

 

$

1,271,187

 

               
(2) Includes stock-based compensation expense as follows:              
Cost of net revenues

$

7,341

 

 

$

7,352

 

 

$

14,886

 

 

$

14,694

 

Sales and marketing

 

27,613

 

 

 

27,040

 

 

 

54,366

 

 

 

52,283

 

Research and development

 

18,233

 

 

 

17,717

 

 

 

36,816

 

 

 

32,704

 

General and administrative

 

10,942

 

 

 

11,111

 

 

 

21,818

 

 

 

21,608

 

 

$

64,129

 

 

$

63,220

 

 

$

127,886

 

 

$

121,289

 

               
(3) Includes amortization and impairment of purchased intangible assets as follows:              
Cost of net revenues

$

9,959

 

 

$

8,799

 

 

$

19,918

 

 

$

16,181

 

Sales and marketing

 

2,476

 

 

 

2,832

 

 

 

11,391

 

 

 

5,581

 

General and administrative

 

415

 

 

 

575

 

 

 

978

 

 

 

1,150

 

 

$

12,850

 

 

$

12,206

 

 

$

32,287

 

 

$

22,912

 

               
(4) Includes facility-exit costs as follows:              
Cost of net revenues

$

611

 

 

$

984

 

 

$

1,093

 

 

$

1,156

 

Sales and marketing

 

888

 

 

 

1,457

 

 

 

1,637

 

 

 

1,863

 

Research and development

 

1,216

 

 

 

1,544

 

 

 

2,128

 

 

 

1,878

 

General and administrative

 

803

 

 

 

1,080

 

 

 

1,402

 

 

 

1,504

 

 

$

3,518

 

 

$

5,065

 

 

$

6,260

 

 

$

6,401

 

               
(5) Includes acquisition-related charges as follows:              
Cost of net revenues

$

108

 

 

$

32

 

 

$

195

 

 

$

2,522

 

Sales and marketing

 

3,609

 

 

 

9,917

 

 

 

9,773

 

 

 

14,688

 

Research and development

 

5,697

 

 

 

9,046

 

 

 

11,691

 

 

 

13,439

 

General and administrative

 

3,552

 

 

 

8,983

 

 

 

8,198

 

 

 

14,994

 

 

$

12,966

 

 

$

27,978

 

 

$

29,857

 

 

$

45,643

 

               
(6) Includes impairment charges as follows:              
Cost of net revenues

$

-

 

 

$

4,388

 

 

$

-

 

 

$

4,388

 

Sales and marketing

 

-

 

 

 

10,256

 

 

 

-

 

 

 

10,256

 

Research and development

 

-

 

 

 

9,845

 

 

 

-

 

 

 

9,845

 

General and administrative

 

-

 

 

 

9,336

 

 

 

-

 

 

 

9,336

 

 

$

-

 

 

$

33,825

 

 

$

-

 

 

$

33,825

 

 

F5, Inc.

Consolidated Statements of Cash Flows
(unaudited, in thousands)
       
       
  Six Months Ended
  March 31,
 

 

2022

 

 

 

2021

 

       
Operating activities      
Net income

$

149,795

 

 

$

130,919

 

Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation

 

127,886

 

 

 

121,289

 

Depreciation and amortization

 

59,798

 

 

 

56,185

 

Non-cash operating lease costs

 

19,363

 

 

 

19,415

 

Deferred income taxes

 

(15,832)

 

 

 

(17,962)

 

Impairment of assets

 

6,175

 

 

 

40,698

 

Other

 

(439)

 

 

 

105

 

Changes in operating assets and liabilities (excluding effects of the acquisition of businesses):    
Accounts receivable

 

(72,777)

 

 

 

(79,649)

 

Inventories

 

(5,828)

 

 

 

3,327

 

Other current assets

 

(60,896)

 

 

 

(32,939)

 

Other assets

 

(27,893)

 

 

 

(29,066)

 

Accounts payable and accrued liabilities

 

(35,649)

 

 

 

(14,529)

 

Deferred revenue

 

99,303

 

 

 

93,493

 

Lease liabilities

 

(26,131)

 

 

 

(25,447)

 

Net cash provided by operating activities

 

216,875

 

 

 

265,839

 

       
Investing activities      
Purchases of investments

 

(53,715)

 

 

 

(65,725)

 

Maturities of investments

 

96,349

 

 

 

126,711

 

Sales of investments

 

78,988

 

 

 

269,986

 

Acquisition of businesses, net of cash acquired

 

(67,911)

 

 

 

(411,319)

 

Purchases of property and equipment

 

(15,792)

 

 

 

(14,090)

 

Net cash provided by (used in) investing activities

 

37,919

 

 

 

(94,437)

 

       
Financing activities      
Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan

 

28,628

 

 

 

28,687

 

Repurchase of common stock

 

(250,023)

 

 

 

(500,000)

 

Payments on term debt agreement

 

(10,000)

 

 

 

(10,000)

 

Taxes paid related to net share settlement of equity awards

 

(16,816)

 

 

 

(7,928)

 

Net cash used in financing activities

 

(248,211)

 

 

 

(489,241)

 

       
Net increase (decrease) in cash, cash equivalents and restricted cash

 

6,583

 

 

 

(317,839)

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(997)

 

 

 

494

 

Cash, cash equivalents and restricted cash, beginning of period

 

584,333

 

 

 

852,826

 

Cash, cash equivalents and restricted cash, end of period

$

589,919

 

 

$

535,481

 

       
Supplemental disclosures of cash flow information      
Cash paid for amounts included in the measurement of lease liabilities

$

30,346

 

 

$

30,809

 

Cash paid for interest on long-term debt

 

2,383

 

 

 

2,724

 

Supplemental disclosures of non-cash activities      
Right-of-use assets obtained in exchange for lease obligations

$

818

 

 

$

9,523

 

# # #

This press release may contain forward looking statements relating to future events or future financial performance that involve risks and uncertainties. Such statements can be identified by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or comparable terms. These statements are only predictions and actual results could differ materially from those anticipated in these statements based upon a number of factors including those identified in the company's filings with the SEC.