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F5 Networks, Inc. Consolidated Balance Sheets (unaudited, in thousands)

June 30, 2005 Assets Current assets Cash and cash equivalents........................................................................................ Short-term investments............................................................................................. Restricted cash ......................................................................................................... Accounts receivable, net of allowances of $3,060 and $3,161 ................................ Inventories................................................................................................................ Deferred tax assets ................................................................................................... Other current assets .................................................................................................. Total current assets...............................................................................................

$

Restricted cash ............................................................................................................. Property and equipment, net......................................................................................... Long-term investments................................................................................................. Deferred tax assets ....................................................................................................... Goodwill ...................................................................................................................... Other assets, net ........................................................................................................... Total assets ...........................................................................................................

$

September 30, 2004

11,587 $ 196,530 2,400 37,749 2,288 3,233 9,744 263,531

24,901 115,600 ― 22,665 1,696 4,494 5,776 175,132

3,875 15,563 120,962 42,592 50,067 8,856 505,446 $

6,243 11,954 81,792 26,886 50,067 8,279 360,353

6,201 $ 19,290 36,905 62,396

4,840 17,668 28,064 50,572

Liabilities and Shareholders’ Equity Current liabilities Accounts payable ................................................................................................. Accrued liabilities ................................................................................................ Deferred revenue .................................................................................................. Total current liabilities .....................................................................................

$

Long-term liabilities.....................................................................................................

2,701

2,136

Commitments and contingencies Shareholders’ equity Preferred Stock, no par value; 10,000 shares authorized, no shares outstanding Common Stock, no par value; 100,000 shares authorized 38,387 and 34,772 shares issued and outstanding............................................................................... Accumulated other comprehensive loss ....................................................................... Retained earnings ......................................................................................................... Total shareholders’ equity ................................................................................... Total liabilities and shareholders’ equity .........................................................

$

403,641 (862) 37,570 440,349 505,446 $

― 306,655 (498) 1,488 307,645 360,353


F5 Networks, Inc. Consolidated Income Statements (unaudited, in thousands, except per share data)

Net revenues Products ............................................................... $ Services....................................................................................

Three Months Ended June 30,

Nine Months Ended June 30,

2005

2005

57,112 15,952

Total .................................................................................

73,064

Cost of net revenues Products ................................................................................... Services....................................................................................

12,751 4,306

2004

$

32,537 11,706

$

44,243

7,267 2,832

156,836 43,967

2004

$

88,633 32,338

200,803

120,971

35,099 11,600

19,915 7,920

Total .................................................................................

17,057

10,099

46,699

27,835

Gross profit ..............................................................................

56,007

34,144

154,104

93,136

Operating expenses Sales and marketing ................................................................. Research and development....................................................... General and administrative....................................................... Amortization of unearned compensation.................................. Total ................................................................................

23,207 7,547 5,833 __ 36,587

16,907 6,253 4,069 __ 27,229

63,732 22,310 16,693 __ 102,735

47,781 17,597 11,271 10 76,659

Income from operations ................................................................... Other income, net............................................................................. Income before income taxes............................................................. Provision for income taxes............................................................... Net income ............................................................................... $

19,420 2,123 21,543 7,566 13,977

6,915 848 7,763 347 7,416

51,369 5,151 56,520 20,438 36,082

16,477 1,840 18,317 1,145 17,172

$

$

$

Net income per share – basic .......................................................... $ Weighted average shares – basic......................................................

0.37 37,918

$

0.22 34,382

$

0.98 36,795

$

0.52 32,760

Net income per share – diluted......................................................... $

0.35

$

0.20

$

0.93

$

0.48

Weighted average shares – diluted...................................................

39,418

36,969

35,703

38,739

Reconciliation to pro forma results Net income as reported ................................................................. … Provision for income taxes as reported......................................... Income before income taxes............................................................. Pro forma 37% provision for income taxes.................................. Pro forma net income.......................................................................

$

Pro forma net income per share – diluted......................................... Pro forma weighted average shares – diluted...................................

$

7,416 347 7,763 2,872 4,891

$

17,172 1,145 18,317 6,777 11,540

$

0.13

$

0.32

36,969

$

35,703

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