Document And Entity Information
Document And Entity Information (USD $)
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12 Months Ended | ||
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Sep. 30, 2011
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Nov. 17, 2011
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Mar. 31, 2011
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Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2011 | ||
Document Fiscal Year Focus | 2011 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | F5 NETWORKS INC | ||
Entity Central Index Key | 0001048695 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 8,230,608,207 | ||
Entity Common Stock, Shares Outstanding | 79,484,124 |
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data |
Sep. 30, 2011
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Sep. 30, 2010
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Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 2,898 | $ 4,319 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 79,145 | 80,355 |
Common stock, shares outstanding | 79,145 | 80,355 |
Consolidated Income Statements
Consolidated Income Statements (USD $)
In Thousands, except Per Share data |
3 Months Ended | 12 Months Ended | ||||||||||
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2009
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Mar. 31, 2009
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Net revenues | ||||||||||||
Products | $ 197,446 | $ 179,327 | $ 173,710 | $ 171,492 | $ 164,972 | $ 147,393 | $ 129,559 | $ 119,218 | $ 721,975 | $ 561,142 | $ 406,529 | |
Services | 117,169 | 111,386 | 103,862 | 97,442 | 89,302 | 83,081 | 76,509 | 71,938 | 429,859 | 320,830 | 246,550 | |
Total | 314,615 | 290,713 | 277,572 | 268,934 | 254,274 | 230,474 | 206,068 | 191,156 | 1,151,834 | 881,972 | 653,079 | |
Cost of net revenues | ||||||||||||
Products | 34,485 | 31,803 | 31,423 | 31,614 | 31,045 | 29,328 | 27,419 | 26,042 | 129,325 | 113,834 | 95,209 | |
Services | 21,435 | 20,645 | 19,250 | 17,349 | 15,783 | 15,251 | 13,997 | 13,087 | 78,679 | 58,118 | 47,517 | |
Total | 55,920 | 52,448 | 50,673 | 48,963 | 46,828 | 44,579 | 41,416 | 39,129 | 208,004 | 171,952 | 142,726 | |
Gross profit | 258,695 | 238,265 | 226,899 | 219,971 | 207,446 | 185,895 | 164,652 | 152,027 | 943,830 | 710,020 | 510,353 | |
Operating expenses | ||||||||||||
Sales and marketing | 100,945 | 93,633 | 89,332 | 86,825 | 80,696 | 77,219 | 69,644 | 65,642 | 370,735 | 293,201 | 225,193 | |
Research and development | 36,552 | 35,245 | 34,507 | 32,606 | 31,571 | 30,889 | 29,134 | 26,720 | 138,910 | 118,314 | 103,664 | |
General and administrative | 21,867 | 21,126 | 19,846 | 20,684 | 18,876 | 17,658 | 16,016 | 15,953 | 83,523 | 68,503 | 55,243 | |
Restructuring charges | 4,300 | 4,329 | ||||||||||
Total | 159,364 | 150,004 | 143,685 | 140,115 | 131,143 | 125,766 | 114,794 | 108,315 | 593,168 | 480,018 | 388,429 | |
Income from operations | 99,331 | 88,261 | 83,214 | 79,856 | 76,303 | 60,129 | 49,858 | 43,712 | 350,662 | 230,002 | 121,924 | |
Other income, net | 4,087 | 1,889 | 1,568 | 2,545 | 68 | 3,561 | 2,291 | 1,705 | 10,089 | 7,625 | 9,724 | |
Income before income taxes | 103,418 | 90,150 | 84,782 | 82,401 | 76,371 | 63,690 | 52,149 | 45,417 | 360,751 | 237,627 | 131,648 | |
Provision for income taxes | 35,808 | 27,601 | 29,207 | 26,738 | 28,136 | 23,195 | 19,005 | 16,138 | 119,354 | 86,474 | 40,113 | |
Net income | $ 67,610 | $ 62,549 | $ 55,575 | $ 55,663 | $ 48,235 | $ 40,495 | $ 33,144 | $ 29,279 | $ 241,397 | $ 151,153 | $ 91,535 | |
Net income per share - basic | $ 0.84 | $ 0.77 | $ 0.69 | $ 0.69 | $ 0.60 | $ 0.51 | $ 0.42 | $ 0.37 | $ 2.99 | $ 1.90 | $ 1.16 | |
Weighted average shares - basic | 80,317 | 80,866 | 80,809 | 80,644 | 80,268 | 79,864 | 79,394 | 78,906 | 80,658 | 79,609 | 78,842 | |
Net income per share - diluted | $ 0.84 | $ 0.77 | $ 0.68 | $ 0.68 | $ 0.59 | $ 0.50 | $ 0.41 | $ 0.36 | $ 2.96 | $ 1.86 | $ 1.14 | |
Weighted average shares - diluted | 80,766 | 81,497 | 81,622 | 81,648 | 81,253 | 81,031 | 80,737 | 80,333 | 81,482 | 81,049 | 80,073 |
Consolidated Statements Of Shareholders' Equity And Comprehensive Income
Consolidated Statements Of Cash Flows
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies
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Sep. 30, 2011
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Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | 1. Summary of Significant Accounting Policies The Company F5 Networks, Inc. (the "Company") provides products and services to help companies manage their Internet Protocol (IP) traffic and file storage infrastructure efficiently and securely. The Company's application delivery networking products improve the performance, availability and security of applications on Internet-based networks. Internet traffic between network-based applications and clients passes through these devices where the content is inspected to ensure that it is safe and modified as necessary to ensure that it is delivered securely and in a way that optimizes the performance of both the network and the applications. The Company's storage virtualization products simplify and reduce the cost of managing files and file storage devices, and ensure fast, secure, easy access to files for users and applications. The Company also offers a broad range of services that include consulting, training, maintenance and other technical support services. Accounting Principles The Company's consolidated financial statements and accompanying notes are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America (GAAP). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Reclassifications Certain reclassifications have been made to prior year balances to conform to the current period presentation. Such reclassifications did not affect total revenues, operating income or net income. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for revenue recognition, reserves for doubtful accounts, product returns, obsolete and excess inventory and valuation allowances on deferred tax assets. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company invests its cash and cash equivalents in deposits with four major financial institutions, which, at times, exceed federally insured limits. The Company has not experienced any losses on its cash and cash equivalents. Investments The Company classifies its investment securities as available-for-sale. Investment securities, consisting of corporate and municipal bonds and notes and United States government and agency securities, are reported at fair value with the related unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized gains and losses and declines in value of securities judged to be other than temporary are included in other income (expense). The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. Investments in securities with maturities of less than one year or where management's intent is to use the investments to fund current operations are classified as short-term investments. Investments with maturities of greater than one year, as well as certain auction rate securities (ARS) that the Company believes it will not be able to liquidate in the next twelve months, are classified as long-term investments.
The Company has ARS that are classified as available-for-sale securities and are reported as long-term. The Company has no intent to sell, won't be required to sell, and believes it will hold these securities until recovery. The Company uses the income approach to estimate the fair value of ARS. The assumptions the Company used in preparing the discounted cash flow model include estimates for interest rates; estimates for discount rates using yields of comparable traded instruments adjusted for illiquidity and other risk factors, amount of anticipated future cash flows and expected holding periods for the ARS. Concentration of Credit Risk The Company extends credit to customers and is therefore subject to credit risk. The Company performs initial and ongoing credit evaluations of its customers' financial condition and does not require collateral. An allowance for doubtful accounts is recorded to account for potential bad debts. Estimates are used in determining the allowance for doubtful accounts and are based upon an assessment of selected accounts and as a percentage of remaining accounts receivable by aging category. In determining these percentages, the Company evaluates historical write-offs, and current trends in customer credit quality, as well as changes in credit policies. At September 30, 2011, Avnet Technology Solutions and Ingram Micro, Inc. accounted for 15.0% and 14.5% of the Company's accounts receivable, respectively. At September 30, 2010, Avnet Technology Solutions, Ingram Micro, Inc. and Tech Data accounted for 13.2%, 13.2% and 11.8% of the Company's accounts receivable, respectively. The Company maintains its cash and investment balances with high credit quality financial institutions. Included within the Company's investment portfolio are investments in ARS. The Company's ARS investments are currently not liquid as a result of continued auction failures. If the issuers are not able to meet their payment obligations or if the Company sells its ARS investments before they recover, the Company may lose some or all of its principal invested or may be required to further reduce the carrying value. Fair Value of Financial Instruments Short-term and long-term investments are recorded at fair value as the underlying securities are classified as available-for-sale with any unrealized gain or loss being recorded to other comprehensive income. The fair value for securities held is determined using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency with the exception of ARS, which fair market value is estimated using a discounted cash flow model. Inventories The Company outsources the manufacturing of its pre-configured hardware platforms to contract manufacturers, who assemble each product to the Company's specifications. As protection against component shortages and to provide replacement parts for its service teams, the Company also stocks limited supplies of certain key product components. The Company reduces inventory to net realizable value based on excess and obsolete inventories determined primarily by historical usage and forecasted demand. Inventories consist of hardware and related component parts and are recorded at the lower of cost or market (as determined by the first-in, first-out method). Inventories consist of the following (in thousands):
Property and Equipment Property and equipment is stated at cost. Depreciation of property and equipment are provided using the straight-line method over the estimated useful lives of the assets, ranging from two to five years. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the improvements. The cost of normal maintenance and repairs is charged to expense as incurred and expenditures for major improvements are capitalized at cost. Gains or losses on the disposition of assets are reflected in the income statements at the time of disposal. Property and equipment consist of the following (in thousands):
Depreciation and amortization expense totaled approximately $16.6 million, $17.8 million, and $18.4 million for the fiscal years ended September 30, 2011, 2010 and 2009, respectively. Goodwill Goodwill represents the excess purchase price over the estimated fair value of net assets acquired as of the acquisition date. The Company tests goodwill for impairment on an annual basis and between annual tests when impairment indicators are identified, and goodwill is written down when impaired. Goodwill was recorded in connection with the acquisition of Acopia Networks, Inc. in fiscal year 2007, Swan Labs, Inc. in fiscal year 2006, MagniFire Websystems, Inc. in fiscal year 2004 and uRoam, Inc. in fiscal year 2003. The Company performs its annual goodwill impairment test during the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The first step of the test identifies whether potential impairment may have occurred, while the second step of the test measures the amount of the impairment, if any. Impairment is recognized when the carrying amount of goodwill exceeds its fair value. For its annual goodwill impairment analysis, the Company operates under one reporting unit. The Company determined the fair value of its reporting unit based on the Company's enterprise value. In March 2011, the Company completed its annual impairment test and concluded there was no impairment of goodwill. The Company also considered potential impairment indicators at September 30, 2011 and noted no indicators of impairment. Other Assets Other assets primarily consist of software development costs, acquired and developed technology and customer relationships. Software development costs are charged to research and development expense in the period incurred until technological feasibility is established. Thereafter, until the product is released for sale, software development costs are capitalized and reported at the lower of unamortized cost or net realizable value of each product. Capitalized software development costs are amortized over the remaining estimated economic life of the product. The establishment of technological feasibility and the ongoing assessment of recoverability of costs require considerable judgment by the Company with respect to certain internal and external factors, including, but not limited to, anticipated future gross product revenues, estimated economic life and changes in hardware and software technology. The Company did not capitalize any software development costs in fiscal years 2011, 2010 and 2009. Amortization expense related to capitalized software development was immaterial for fiscal years 2011, 2010, and 2009. Acquired and developed technology and customer relationship assets are recorded at cost and amortized over their estimated useful lives of five years. The estimated useful life of these assets is assessed and evaluated for reasonableness periodically. Acquired technology of $15.0 million in fiscal 2007 and $8.0 million in fiscal 2006 was recorded in connection with the acquisitions of Acopia and Swan Labs, respectively. Amortization expense related to acquired technology, which is charged to cost of product revenues, totaled $3.1 million, $4.6 million and $5.3 million during the fiscal years 2011, 2010 and 2009, respectively. Amortization expense of all other intangible assets, including customer relationships, patents and trademarks was not material during the fiscal years 2011, 2010 and 2009. Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be recoverable. When such events occur, management determines whether there has been impairment by comparing the anticipated undiscounted net future cash flows to the related asset's carrying value. If impairment exists, the asset is written down to its estimated fair value. No impairment of long-lived assets was noted as of and for the year ended September 30, 2011.
Revenue Recognition The Company sells products through distributors, resellers, and directly to end users. Revenue is recognized provided that all of the following criteria have been met:
In certain regions where the Company does not have the ability to reasonably estimate returns, the Company defers revenue on sales to its distributors until they have received information from the channel partner indicating that the product has been sold to the end-user customer. Payment terms to domestic customers are generally net 30 days to net 45 days. Payment terms to international customers range from net 30 days to net 120 days based on normal and customary trade practices in the individual markets. The Company offers extended payment terms to certain customers, in which case, revenue is recognized when payments are due. Whenever product, training services and post-contract customer support (PCS) elements are sold together, a portion of the sales price is allocated to each element based on their respective fair values as determined when the individual elements are sold separately. Revenue from the sale of products is recognized when the product has been shipped and the customer is obligated to pay for the product. When rights of return are present and the Company cannot estimate returns, it recognizes revenue when such rights of return lapse. Revenues for PCS are recognized on a straight-line basis over the service contract term. PCS includes a limited period of telephone support updates, repair or replacement of any failed product or component that fails during the term of the agreement, bug fixes and rights to upgrades, when and if available. Consulting services are customarily billed at fixed hourly rates, plus out-of-pocket expenses, and revenues are recognized when the consulting has been completed. Training revenue is recognized when the training has been completed. In October 2009, the Financial Accounting Standards Board (FASB) amended the accounting standards for revenue recognition to remove from the scope of industry-specific software revenue recognition guidance any tangible products containing software components and non-software components that operate together to deliver the products essential functionality. In addition, the FASB amended the accounting standards for certain multiple element revenue arrangements to:
The Company adopted this guidance in the first quarter of fiscal year 2011 on a prospective basis for applicable arrangements originating or materially modified after October 1, 2010. The impact of this adoption was not material to the Company's financial position and results of operations for the fiscal year ended September 30, 2011. The majority of the Company's products are hardware appliances which contain software essential to the overall functionality of the products. Accordingly, the Company no longer recognizes revenue on sales of these products in accordance with the industry-specific software revenue recognition guidance. For all transactions entered into prior to the first quarter of fiscal year 2011 and for sales of nonessential and stand-alone software after October 1, 2010, the Company allocates revenue for arrangements with multiple elements based on the software revenue recognition guidance. Software revenue recognition guidance requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on the relative fair values of those elements. The fair value of an element must be based on VSOE. Where fair value of certain elements is not available, revenue is recognized on the "residual method" based on the fair value of undelivered elements. If evidence of the fair value of one or more undelivered elements does not exist, all revenue is deferred and recognized at the earlier of the delivery of those elements or the establishment of fair value of the remaining undelivered elements. For transactions entered into subsequent to the adoption of the amended revenue recognition standards that are multiple-element arrangements, the arrangement consideration is allocated to each element based on the relative selling prices of all of the elements in the arrangement using the fair value hierarchy in the amended revenue recognition guidance. Consistent with the methodology used under the previous accounting guidance, the Company establishes VSOE for its products, training services, PCS and consulting services based on the sales price charged for each element when sold separately. The sales price is discounted from the applicable list price based on various factors including the type of customer, volume of sales, geographic region and program level. The Company's list prices are generally not fair value as discounts may be given based on the factors enumerated above. The Company believes that the fair value of its consulting services is represented by the billable consulting rate per hour, based on the rates they charge customers when they purchase standalone consulting services. The price of consulting services is not based on the type of customer, volume of sales, geographic region or program level. The Company uses historical sales transactions to determine whether VSOE can be established for each of the elements. In most instances, VSOE is the sales price of actual standalone (unbundled) transactions within the past 12 month period that are priced within a reasonable range, which the Company has determined to be plus or minus 15% of the median sales price of each respective price list. VSOE of PCS is based on standalone sales since the Company does not provide stated renewal rates to its customers. In accordance with the Company's PCS pricing practice (supported by standalone renewal sales), renewal contracts are priced as a percentage of the undiscounted product list price. The PCS renewal percentages may vary, depending on the type and length of PCS purchased. The Company offers standard and premium PCS, and the term generally ranges from one to three years. The Company employs a bell-shaped-curve approach in evaluating VSOE of fair value of PCS. Under this approach, the Company considers VSOE of the fair value of PCS to exist when a substantial majority of its standalone PCS sales fall within a narrow range of pricing. The Company is typically not able to determine TPE for its products or services. TPE is based on competitor prices for similar elements when sold separately. Generally, the Company's go-to-market strategy differs from that of other competitive products or services in its markets and the Company's offerings contain a significant level of differentiation such that the comparable pricing of products with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine the selling prices on a stand-alone basis of similar products offered by its competitors. When the Company is unable to establish the selling price of its non-software elements using VSOE or TPE, the Company uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The Company is generally not able to establish VSOE for non-software product sales. Under software revenue recognition guidance, these product sales were accounted for utilizing the residual method. With the adoption of the new revenue recognition guidance, the Company has been able to establish BESP for non-software product sales through the list price, less a discount deemed appropriate to maintain a reasonable gross margin. Management regularly reviews the gross margin information. Non-software product BESP is determined through our review of historical sales transactions within the past 12 month period. Additional factors considered in determining an appropriate BESP include, but are not limited to, cost of products, pricing practices, geographies, customer classes, and distribution channels. The Company has established and regularly validates the VSOE of fair value and BESP for elements in its multiple element arrangements. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excluded from revenues.
Shipping and Handling Shipping and handling fees charged to the Company's customers are recognized as product revenue in the period shipped and the related costs for providing these services are recorded as a cost of sale. 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 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 hardware for those customers without service contracts, with the option of purchasing additional warranty coverage in yearly increments. The Company accrues for warranty costs as part of its cost of sales based on associated material product costs and technical support labor costs. Accrued warranty costs as of September 30, 2011, 2010 and 2009 were not considered material. Research and Development Research and development expenses consist of salaries and related benefits of product development personnel, prototype materials and expenses related to the development of new and improved products, and an allocation of facilities and depreciation expense. Research and development expenses are reflected in the statements of income as incurred. Advertising Advertising costs are expensed as incurred. The Company incurred $2.2 million, $2.1 million and $1.3 million in advertising costs during the fiscal years 2011, 2010 and 2009, respectively. Income Taxes Deferred income tax assets and liabilities are determined based upon differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The realization of deferred tax assets is based on historical tax positions and estimates of future taxable income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. The Company assesses whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits to be recognized in the financial statements from such a position is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The new guidance also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. Foreign Currency The functional currency for the Company's foreign subsidiaries is the local currency in which the respective entity is located, with the exception of F5 Networks, Ltd., in the United Kingdom that uses the U.S. dollar as its functional currency. An entity's functional currency is determined by the currency of the economic environment in which the majority of cash is generated and expended by the entity. The financial statements of all majority-owned subsidiaries and related entities, with a functional currency other than the U.S. dollar, have been translated into U.S. dollars. All assets and liabilities of the respective entities are translated at year-end exchange rates and all revenues and expenses are translated at average rates during the respective period. Translation adjustments are reported as a separate component of accumulated other comprehensive income (loss) in shareholders' equity.
Foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency, including U.S. dollars. Gains and losses on those foreign currency transactions are included in determining net income or loss for the period of exchange. The net effect of foreign currency gains and losses was not significant during the fiscal years ended September 30, 2011, 2010 and 2009. Segments Management has determined that the Company was organized as, and operated in, one reportable operating segment for fiscal year 2011 and prior years: the development, marketing and sale of application delivery networking products that optimize the security, performance and availability of network applications, servers and storage systems. Stock-Based Compensation The Company accounts for stock-based compensation using the straight-line attribution method for recognizing compensation expense. The Company recognized $89.7 million, $70.8 million and $56.1 million of stock-based compensation expense for the fiscal years ended September 30, 2011, 2010 and 2009, respectively. As of September 30, 2011, there was $105.5 million of total unrecognized stock-based compensation cost, the majority of which will be recognized over the next two years. Going forward, stock-based compensation expenses may increase as the Company issues additional equity-based awards to continue to attract and retain key employees. The Company issues incentive awards to its employees through stock-based compensation consisting of restricted stock units (RSUs). On July 29, 2011, the Company's Compensation Committee approved 833,739 RSUs to employees and executive officers pursuant to the Company's annual equity awards program. The value of RSUs is determined using the fair value method, which in this case, is based on the number of shares granted and the quoted price of the Company's common stock on the date of grant. No stock options were granted in fiscal years 2011, 2010 and 2009. In determining the fair value of shares issued under the Employee Stock Purchase Plan (ESPP), the Company uses the Black-Scholes option pricing model that employs the following key assumptions.
The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate declaring dividends in the foreseeable future. Expected volatility is based on the annualized daily historical volatility of the Company's stock price commensurate with the expected life of the ESPP option. Expected term of the ESPP option is based on an offering period of six months. The assumptions above are based on management's best estimates at that time, which impact the fair value of the ESPP option calculated under the Black-Scholes methodology and, ultimately, the expense that will be recognized over the life of the ESPP option. The Company recognizes compensation expense for only the portion of restricted stock units that are expected to vest. Therefore, the Company applies estimated forfeiture rates that are derived from historical employee termination behavior. Based on historical differences with forfeitures of stock-based awards granted to the Company's executive officers and Board of Directors versus grants awarded to all other employees, the Company has developed separate forfeiture expectations for these two groups. The estimated forfeiture rate for grants awarded to the Company's executive officers and Board of Directors was approximately 3% and the estimated forfeiture rate for grants awarded to all other employees was approximately 9% in fiscal 2011. If the actual number of forfeitures differs from those estimated by management, additional adjustments to compensation expense may be required in future periods. In August 2011, the Company granted 170,390 RSUs to certain current executive officers as part of the annual equity awards program. Fifty percent of the aggregate number of RSUs granted as part of the annual equity awards program vest in equal quarterly increments over three years, until such portion of the grant is fully vested on August 1, 2014. One-sixth of the annual equity awards RSU grant, or a portion thereof, is subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2011 through the third quarter of fiscal year 2012. In each case, 50% of the quarterly performance stock grant is based on achieving at least 80% of the quarterly revenue goal and the other 50% is based on achieving at least 80% of the quarterly EBITDA goal. The quarterly performance stock grant is paid linearly above 80% of the targeted goals. At least 100% of both goals must be attained in order for the quarterly performance stock grant to be awarded over 100%. Each goal is evaluated individually and subject to the 80% achievement threshold and 100% over-achievement threshold. The remaining 33.33% of this annual equity awards RSU grant shall be subject to performance based vesting for each of the four quarter periods beginning with the fourth quarters of fiscal years 2012 and 2013 (16.66% in each period). The Compensation Committee of the Board of Directors will set applicable performance targets and vesting formulas for each of these periods. In August 2010, the Company granted 181,334 and 83,000 RSUs to certain current executive officers as part of the annual equity and retention awards programs, respectively. Fifty percent of the aggregate number of RSUs granted as part of the annual equity awards program vest in equal quarterly increments over three years, until such portion of the grant is fully vested on August 1, 2013. One-sixth of the annual equity awards RSU grant, or a portion thereof, was subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2010 through the third quarter of fiscal year 2011. In each case, 50% of the quarterly performance stock grant is based on achieving at least 80% of the quarterly revenue goal and the other 50% is based on achieving at least 80% of the quarterly EBITDA goal. The quarterly performance stock grant is paid linearly above 80% of the targeted goals. At least 100% of both goals must be attained in order for the quarterly performance stock grant to be awarded over 100%. Each goal is evaluated individually and subject to the 80% achievement threshold and 100% over-achievement threshold. The remaining 33.33% of this annual equity awards RSU grant shall be subject to performance based vesting for each of the four quarter periods beginning with the fourth quarters of fiscal years 2011 and 2012 (16.66% in each period). The Compensation Committee of the Board of Directors will set applicable performance targets and vesting formulas for each of these periods. All RSUs granted as part of the retention awards program fully vest on August 1, 2013. In August 2009, the Company granted 420,000 RSUs to certain current executive officers. Fifty percent of the aggregate number of RSUs granted at such time vest in equal quarterly increments over two years, until such portion of the grant is fully vested on August 1, 2011. Twenty-five percent of the RSU grant, or a portion thereof, was subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2009 through the third quarter of fiscal year 2010 and the remaining twenty-five percent was subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2010 through the third quarter of fiscal year 2011. In each case, 50% of the quarterly performance stock grant is based on achieving at least 80% of the quarterly revenue goal and the other 50% is based on achieving at least 80% of the quarterly EBITDA goal. The quarterly performance stock grant is paid linearly above 80% of the targeted goals. At least 100% of both goals must be attained in order for the quarterly performance stock grant to be awarded over 100%. Each goal is evaluated individually and subject to the 80% achievement threshold and 100% over-achievement threshold. The Company recognizes compensation costs for awards with performance conditions when it concludes it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each balance sheet date and adjusts compensation costs based on the probability assessment. In November 2011, as part of the annual review of executive compensation by the Compensation Committee of the Board of Directors and a change in the grant date for the Company's annual equity awards program for the executive officers, the Company granted 82,968 RSUs to certain current executive officers. Earnings 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 awards and restricted stock units do not have nonforfeitable rights to dividends or dividend equivalents. The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data):
An immaterial amount of common shares potentially issuable from stock options for the years ended September 30, 2011, 2010 and 2009 are excluded from the calculation of diluted earnings per share because the exercise price was greater than the average market price of common stock for the respective period. Recent Accounting Pronouncements In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS (ASU 2011-04), which amends current fair value measurement and disclosure guidance to converge with International Financial Reporting Standards (IFRS) and provides increased transparency around valuation inputs and investment categorization. The amendments in this standard are effective for fiscal years, and interim periods within those years beginning after December 15, 2011. The Company will adopt ASU 2011-04 in the first quarter of fiscal 2013 and does not expect the adoption of this standard to have an impact on its consolidated financial statements. In June 2011, the FASB issued ASU 2011-05, Comprehensive Income, Presentation of Comprehensive Income (ASU 2011-05), which eliminates the option of presenting other comprehensive income as part of the statement of changes in stockholders' equity and instead requires the entity to present other comprehensive income as either a single statement of comprehensive income combined with net income or as two separate but continuous statements. The amendments in this standard are to be applied retrospectively and are effective for fiscal years, and interim periods within those years beginning after December 15, 2011. The Company will adopt ASU 2011-05 in the first quarter of fiscal 2013 and does not expect the adoption of this standard to have an impact on its consolidated financial statements. In September 2011, the FASB issued ASU 2011-08, Intangibles – Goodwill and Other, Testing Goodwill for Impairment (ASU 2011-08), which simplifies how an entity tests goodwill for impairment by allowing the entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. If an entity determines, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. The Company is likely to early adopt this standard for the goodwill impairment test to be performed in fiscal 2012. This standard will impact how the Company assesses goodwill for impairment but will not change the measurement or recognition of a potential goodwill impairment charge. |
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Policy)
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Summary Of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles Of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
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Reclassifications | Reclassifications Certain reclassifications have been made to prior year balances to conform to the current period presentation. Such reclassifications did not affect total revenues, operating income or net income. |
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Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for revenue recognition, reserves for doubtful accounts, product returns, obsolete and excess inventory and valuation allowances on deferred tax assets. Actual results could differ from those estimates. |
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Cash And Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company invests its cash and cash equivalents in deposits with four major financial institutions, which, at times, exceed federally insured limits. The Company has not experienced any losses on its cash and cash equivalents. |
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Investments | Investments The Company classifies its investment securities as available-for-sale. Investment securities, consisting of corporate and municipal bonds and notes and United States government and agency securities, are reported at fair value with the related unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized gains and losses and declines in value of securities judged to be other than temporary are included in other income (expense). The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. Investments in securities with maturities of less than one year or where management's intent is to use the investments to fund current operations are classified as short-term investments. Investments with maturities of greater than one year, as well as certain auction rate securities (ARS) that the Company believes it will not be able to liquidate in the next twelve months, are classified as long-term investments.
The Company has ARS that are classified as available-for-sale securities and are reported as long-term. The Company has no intent to sell, won't be required to sell, and believes it will hold these securities until recovery. The Company uses the income approach to estimate the fair value of ARS. The assumptions the Company used in preparing the discounted cash flow model include estimates for interest rates; estimates for discount rates using yields of comparable traded instruments adjusted for illiquidity and other risk factors, amount of anticipated future cash flows and expected holding periods for the ARS. |
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Concentration Of Credit Risk | Concentration of Credit Risk The Company extends credit to customers and is therefore subject to credit risk. The Company performs initial and ongoing credit evaluations of its customers' financial condition and does not require collateral. An allowance for doubtful accounts is recorded to account for potential bad debts. Estimates are used in determining the allowance for doubtful accounts and are based upon an assessment of selected accounts and as a percentage of remaining accounts receivable by aging category. In determining these percentages, the Company evaluates historical write-offs, and current trends in customer credit quality, as well as changes in credit policies. At September 30, 2011, Avnet Technology Solutions and Ingram Micro, Inc. accounted for 15.0% and 14.5% of the Company's accounts receivable, respectively. At September 30, 2010, Avnet Technology Solutions, Ingram Micro, Inc. and Tech Data accounted for 13.2%, 13.2% and 11.8% of the Company's accounts receivable, respectively. The Company maintains its cash and investment balances with high credit quality financial institutions. Included within the Company's investment portfolio are investments in ARS. The Company's ARS investments are currently not liquid as a result of continued auction failures. If the issuers are not able to meet their payment obligations or if the Company sells its ARS investments before they recover, the Company may lose some or all of its principal invested or may be required to further reduce the carrying value. |
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Fair Value Of Financial Instruments | Fair Value of Financial Instruments Short-term and long-term investments are recorded at fair value as the underlying securities are classified as available-for-sale with any unrealized gain or loss being recorded to other comprehensive income. The fair value for securities held is determined using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency with the exception of ARS, which fair market value is estimated using a discounted cash flow model. |
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Inventories | Inventories The Company outsources the manufacturing of its pre-configured hardware platforms to contract manufacturers, who assemble each product to the Company's specifications. As protection against component shortages and to provide replacement parts for its service teams, the Company also stocks limited supplies of certain key product components. The Company reduces inventory to net realizable value based on excess and obsolete inventories determined primarily by historical usage and forecasted demand. Inventories consist of hardware and related component parts and are recorded at the lower of cost or market (as determined by the first-in, first-out method). Inventories consist of the following (in thousands):
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Property And Equipment | Property and Equipment Property and equipment is stated at cost. Depreciation of property and equipment are provided using the straight-line method over the estimated useful lives of the assets, ranging from two to five years. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the improvements. The cost of normal maintenance and repairs is charged to expense as incurred and expenditures for major improvements are capitalized at cost. Gains or losses on the disposition of assets are reflected in the income statements at the time of disposal. Property and equipment consist of the following (in thousands):
Depreciation and amortization expense totaled approximately $16.6 million, $17.8 million, and $18.4 million for the fiscal years ended September 30, 2011, 2010 and 2009, respectively. |
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Goodwill | Goodwill Goodwill represents the excess purchase price over the estimated fair value of net assets acquired as of the acquisition date. The Company tests goodwill for impairment on an annual basis and between annual tests when impairment indicators are identified, and goodwill is written down when impaired. Goodwill was recorded in connection with the acquisition of Acopia Networks, Inc. in fiscal year 2007, Swan Labs, Inc. in fiscal year 2006, MagniFire Websystems, Inc. in fiscal year 2004 and uRoam, Inc. in fiscal year 2003. The Company performs its annual goodwill impairment test during the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The first step of the test identifies whether potential impairment may have occurred, while the second step of the test measures the amount of the impairment, if any. Impairment is recognized when the carrying amount of goodwill exceeds its fair value. For its annual goodwill impairment analysis, the Company operates under one reporting unit. The Company determined the fair value of its reporting unit based on the Company's enterprise value. In March 2011, the Company completed its annual impairment test and concluded there was no impairment of goodwill. The Company also considered potential impairment indicators at September 30, 2011 and noted no indicators of impairment. |
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Other Assets | Other Assets Other assets primarily consist of software development costs, acquired and developed technology and customer relationships. Software development costs are charged to research and development expense in the period incurred until technological feasibility is established. Thereafter, until the product is released for sale, software development costs are capitalized and reported at the lower of unamortized cost or net realizable value of each product. Capitalized software development costs are amortized over the remaining estimated economic life of the product. The establishment of technological feasibility and the ongoing assessment of recoverability of costs require considerable judgment by the Company with respect to certain internal and external factors, including, but not limited to, anticipated future gross product revenues, estimated economic life and changes in hardware and software technology. The Company did not capitalize any software development costs in fiscal years 2011, 2010 and 2009. Amortization expense related to capitalized software development was immaterial for fiscal years 2011, 2010, and 2009. Acquired and developed technology and customer relationship assets are recorded at cost and amortized over their estimated useful lives of five years. The estimated useful life of these assets is assessed and evaluated for reasonableness periodically. Acquired technology of $15.0 million in fiscal 2007 and $8.0 million in fiscal 2006 was recorded in connection with the acquisitions of Acopia and Swan Labs, respectively. Amortization expense related to acquired technology, which is charged to cost of product revenues, totaled $3.1 million, $4.6 million and $5.3 million during the fiscal years 2011, 2010 and 2009, respectively. Amortization expense of all other intangible assets, including customer relationships, patents and trademarks was not material during the fiscal years 2011, 2010 and 2009. |
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Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be recoverable. When such events occur, management determines whether there has been impairment by comparing the anticipated undiscounted net future cash flows to the related asset's carrying value. If impairment exists, the asset is written down to its estimated fair value. No impairment of long-lived assets was noted as of and for the year ended September 30, 2011. |
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Revenue Recognition | Revenue Recognition The Company sells products through distributors, resellers, and directly to end users. Revenue is recognized provided that all of the following criteria have been met:
In certain regions where the Company does not have the ability to reasonably estimate returns, the Company defers revenue on sales to its distributors until they have received information from the channel partner indicating that the product has been sold to the end-user customer. Payment terms to domestic customers are generally net 30 days to net 45 days. Payment terms to international customers range from net 30 days to net 120 days based on normal and customary trade practices in the individual markets. The Company offers extended payment terms to certain customers, in which case, revenue is recognized when payments are due. Whenever product, training services and post-contract customer support (PCS) elements are sold together, a portion of the sales price is allocated to each element based on their respective fair values as determined when the individual elements are sold separately. Revenue from the sale of products is recognized when the product has been shipped and the customer is obligated to pay for the product. When rights of return are present and the Company cannot estimate returns, it recognizes revenue when such rights of return lapse. Revenues for PCS are recognized on a straight-line basis over the service contract term. PCS includes a limited period of telephone support updates, repair or replacement of any failed product or component that fails during the term of the agreement, bug fixes and rights to upgrades, when and if available. Consulting services are customarily billed at fixed hourly rates, plus out-of-pocket expenses, and revenues are recognized when the consulting has been completed. Training revenue is recognized when the training has been completed. In October 2009, the Financial Accounting Standards Board (FASB) amended the accounting standards for revenue recognition to remove from the scope of industry-specific software revenue recognition guidance any tangible products containing software components and non-software components that operate together to deliver the products essential functionality. In addition, the FASB amended the accounting standards for certain multiple element revenue arrangements to:
The Company adopted this guidance in the first quarter of fiscal year 2011 on a prospective basis for applicable arrangements originating or materially modified after October 1, 2010. The impact of this adoption was not material to the Company's financial position and results of operations for the fiscal year ended September 30, 2011. The majority of the Company's products are hardware appliances which contain software essential to the overall functionality of the products. Accordingly, the Company no longer recognizes revenue on sales of these products in accordance with the industry-specific software revenue recognition guidance. For all transactions entered into prior to the first quarter of fiscal year 2011 and for sales of nonessential and stand-alone software after October 1, 2010, the Company allocates revenue for arrangements with multiple elements based on the software revenue recognition guidance. Software revenue recognition guidance requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on the relative fair values of those elements. The fair value of an element must be based on VSOE. Where fair value of certain elements is not available, revenue is recognized on the "residual method" based on the fair value of undelivered elements. If evidence of the fair value of one or more undelivered elements does not exist, all revenue is deferred and recognized at the earlier of the delivery of those elements or the establishment of fair value of the remaining undelivered elements. For transactions entered into subsequent to the adoption of the amended revenue recognition standards that are multiple-element arrangements, the arrangement consideration is allocated to each element based on the relative selling prices of all of the elements in the arrangement using the fair value hierarchy in the amended revenue recognition guidance. Consistent with the methodology used under the previous accounting guidance, the Company establishes VSOE for its products, training services, PCS and consulting services based on the sales price charged for each element when sold separately. The sales price is discounted from the applicable list price based on various factors including the type of customer, volume of sales, geographic region and program level. The Company's list prices are generally not fair value as discounts may be given based on the factors enumerated above. The Company believes that the fair value of its consulting services is represented by the billable consulting rate per hour, based on the rates they charge customers when they purchase standalone consulting services. The price of consulting services is not based on the type of customer, volume of sales, geographic region or program level. The Company uses historical sales transactions to determine whether VSOE can be established for each of the elements. In most instances, VSOE is the sales price of actual standalone (unbundled) transactions within the past 12 month period that are priced within a reasonable range, which the Company has determined to be plus or minus 15% of the median sales price of each respective price list. VSOE of PCS is based on standalone sales since the Company does not provide stated renewal rates to its customers. In accordance with the Company's PCS pricing practice (supported by standalone renewal sales), renewal contracts are priced as a percentage of the undiscounted product list price. The PCS renewal percentages may vary, depending on the type and length of PCS purchased. The Company offers standard and premium PCS, and the term generally ranges from one to three years. The Company employs a bell-shaped-curve approach in evaluating VSOE of fair value of PCS. Under this approach, the Company considers VSOE of the fair value of PCS to exist when a substantial majority of its standalone PCS sales fall within a narrow range of pricing. The Company is typically not able to determine TPE for its products or services. TPE is based on competitor prices for similar elements when sold separately. Generally, the Company's go-to-market strategy differs from that of other competitive products or services in its markets and the Company's offerings contain a significant level of differentiation such that the comparable pricing of products with similar functionality cannot be obtained. Furthermore, the Company is unable to reliably determine the selling prices on a stand-alone basis of similar products offered by its competitors. When the Company is unable to establish the selling price of its non-software elements using VSOE or TPE, the Company uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. The Company is generally not able to establish VSOE for non-software product sales. Under software revenue recognition guidance, these product sales were accounted for utilizing the residual method. With the adoption of the new revenue recognition guidance, the Company has been able to establish BESP for non-software product sales through the list price, less a discount deemed appropriate to maintain a reasonable gross margin. Management regularly reviews the gross margin information. Non-software product BESP is determined through our review of historical sales transactions within the past 12 month period. Additional factors considered in determining an appropriate BESP include, but are not limited to, cost of products, pricing practices, geographies, customer classes, and distribution channels. The Company has established and regularly validates the VSOE of fair value and BESP for elements in its multiple element arrangements. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excluded from revenues. |
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Shipping And Handling | Shipping and Handling Shipping and handling fees charged to the Company's customers are recognized as product revenue in the period shipped and the related costs for providing these services are recorded as a cost of sale. |
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Guarantees And Product Warranties | 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 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 hardware for those customers without service contracts, with the option of purchasing additional warranty coverage in yearly increments. The Company accrues for warranty costs as part of its cost of sales based on associated material product costs and technical support labor costs. Accrued warranty costs as of September 30, 2011, 2010 and 2009 were not considered material. |
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Research And Development | Research and Development Research and development expenses consist of salaries and related benefits of product development personnel, prototype materials and expenses related to the development of new and improved products, and an allocation of facilities and depreciation expense. Research and development expenses are reflected in the statements of income as incurred. |
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Advertising | Advertising Advertising costs are expensed as incurred. The Company incurred $2.2 million, $2.1 million and $1.3 million in advertising costs during the fiscal years 2011, 2010 and 2009, respectively. |
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Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined based upon differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The realization of deferred tax assets is based on historical tax positions and estimates of future taxable income. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. The Company assesses whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits to be recognized in the financial statements from such a position is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The new guidance also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. |
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Foreign Currency | Foreign Currency The functional currency for the Company's foreign subsidiaries is the local currency in which the respective entity is located, with the exception of F5 Networks, Ltd., in the United Kingdom that uses the U.S. dollar as its functional currency. An entity's functional currency is determined by the currency of the economic environment in which the majority of cash is generated and expended by the entity. The financial statements of all majority-owned subsidiaries and related entities, with a functional currency other than the U.S. dollar, have been translated into U.S. dollars. All assets and liabilities of the respective entities are translated at year-end exchange rates and all revenues and expenses are translated at average rates during the respective period. Translation adjustments are reported as a separate component of accumulated other comprehensive income (loss) in shareholders' equity.
Foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency, including U.S. dollars. Gains and losses on those foreign currency transactions are included in determining net income or loss for the period of exchange. The net effect of foreign currency gains and losses was not significant during the fiscal years ended September 30, 2011, 2010 and 2009. |
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Segments | Segments Management has determined that the Company was organized as, and operated in, one reportable operating segment for fiscal year 2011 and prior years: the development, marketing and sale of application delivery networking products that optimize the security, performance and availability of network applications, servers and storage systems. |
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Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation using the straight-line attribution method for recognizing compensation expense. The Company recognized $89.7 million, $70.8 million and $56.1 million of stock-based compensation expense for the fiscal years ended September 30, 2011, 2010 and 2009, respectively. As of September 30, 2011, there was $105.5 million of total unrecognized stock-based compensation cost, the majority of which will be recognized over the next two years. Going forward, stock-based compensation expenses may increase as the Company issues additional equity-based awards to continue to attract and retain key employees. The Company issues incentive awards to its employees through stock-based compensation consisting of restricted stock units (RSUs). On July 29, 2011, the Company's Compensation Committee approved 833,739 RSUs to employees and executive officers pursuant to the Company's annual equity awards program. The value of RSUs is determined using the fair value method, which in this case, is based on the number of shares granted and the quoted price of the Company's common stock on the date of grant. No stock options were granted in fiscal years 2011, 2010 and 2009. In determining the fair value of shares issued under the Employee Stock Purchase Plan (ESPP), the Company uses the Black-Scholes option pricing model that employs the following key assumptions.
The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate declaring dividends in the foreseeable future. Expected volatility is based on the annualized daily historical volatility of the Company's stock price commensurate with the expected life of the ESPP option. Expected term of the ESPP option is based on an offering period of six months. The assumptions above are based on management's best estimates at that time, which impact the fair value of the ESPP option calculated under the Black-Scholes methodology and, ultimately, the expense that will be recognized over the life of the ESPP option. The Company recognizes compensation expense for only the portion of restricted stock units that are expected to vest. Therefore, the Company applies estimated forfeiture rates that are derived from historical employee termination behavior. Based on historical differences with forfeitures of stock-based awards granted to the Company's executive officers and Board of Directors versus grants awarded to all other employees, the Company has developed separate forfeiture expectations for these two groups. The estimated forfeiture rate for grants awarded to the Company's executive officers and Board of Directors was approximately 3% and the estimated forfeiture rate for grants awarded to all other employees was approximately 9% in fiscal 2011. If the actual number of forfeitures differs from those estimated by management, additional adjustments to compensation expense may be required in future periods. In August 2011, the Company granted 170,390 RSUs to certain current executive officers as part of the annual equity awards program. Fifty percent of the aggregate number of RSUs granted as part of the annual equity awards program vest in equal quarterly increments over three years, until such portion of the grant is fully vested on August 1, 2014. One-sixth of the annual equity awards RSU grant, or a portion thereof, is subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2011 through the third quarter of fiscal year 2012. In each case, 50% of the quarterly performance stock grant is based on achieving at least 80% of the quarterly revenue goal and the other 50% is based on achieving at least 80% of the quarterly EBITDA goal. The quarterly performance stock grant is paid linearly above 80% of the targeted goals. At least 100% of both goals must be attained in order for the quarterly performance stock grant to be awarded over 100%. Each goal is evaluated individually and subject to the 80% achievement threshold and 100% over-achievement threshold. The remaining 33.33% of this annual equity awards RSU grant shall be subject to performance based vesting for each of the four quarter periods beginning with the fourth quarters of fiscal years 2012 and 2013 (16.66% in each period). The Compensation Committee of the Board of Directors will set applicable performance targets and vesting formulas for each of these periods. In August 2010, the Company granted 181,334 and 83,000 RSUs to certain current executive officers as part of the annual equity and retention awards programs, respectively. Fifty percent of the aggregate number of RSUs granted as part of the annual equity awards program vest in equal quarterly increments over three years, until such portion of the grant is fully vested on August 1, 2013. One-sixth of the annual equity awards RSU grant, or a portion thereof, was subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2010 through the third quarter of fiscal year 2011. In each case, 50% of the quarterly performance stock grant is based on achieving at least 80% of the quarterly revenue goal and the other 50% is based on achieving at least 80% of the quarterly EBITDA goal. The quarterly performance stock grant is paid linearly above 80% of the targeted goals. At least 100% of both goals must be attained in order for the quarterly performance stock grant to be awarded over 100%. Each goal is evaluated individually and subject to the 80% achievement threshold and 100% over-achievement threshold. The remaining 33.33% of this annual equity awards RSU grant shall be subject to performance based vesting for each of the four quarter periods beginning with the fourth quarters of fiscal years 2011 and 2012 (16.66% in each period). The Compensation Committee of the Board of Directors will set applicable performance targets and vesting formulas for each of these periods. All RSUs granted as part of the retention awards program fully vest on August 1, 2013. In August 2009, the Company granted 420,000 RSUs to certain current executive officers. Fifty percent of the aggregate number of RSUs granted at such time vest in equal quarterly increments over two years, until such portion of the grant is fully vested on August 1, 2011. Twenty-five percent of the RSU grant, or a portion thereof, was subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2009 through the third quarter of fiscal year 2010 and the remaining twenty-five percent was subject to the Company achieving specified quarterly revenue and EBITDA goals during the period beginning in the fourth quarter of fiscal year 2010 through the third quarter of fiscal year 2011. In each case, 50% of the quarterly performance stock grant is based on achieving at least 80% of the quarterly revenue goal and the other 50% is based on achieving at least 80% of the quarterly EBITDA goal. The quarterly performance stock grant is paid linearly above 80% of the targeted goals. At least 100% of both goals must be attained in order for the quarterly performance stock grant to be awarded over 100%. Each goal is evaluated individually and subject to the 80% achievement threshold and 100% over-achievement threshold. The Company recognizes compensation costs for awards with performance conditions when it concludes it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each balance sheet date and adjusts compensation costs based on the probability assessment. In November 2011, as part of the annual review of executive compensation by the Compensation Committee of the Board of Directors and a change in the grant date for the Company's annual equity awards program for the executive officers, the Company granted 82,968 RSUs to certain current executive officers. |
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Earnings Per Share | Earnings 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 awards and restricted stock units do not have nonforfeitable rights to dividends or dividend equivalents. The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data):
An immaterial amount of common shares potentially issuable from stock options for the years ended September 30, 2011, 2010 and 2009 are excluded from the calculation of diluted earnings per share because the exercise price was greater than the average market price of common stock for the respective period. |
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Summary Of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventories |
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Schedule Of Property And Equipment |
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Schedule Of Assumptions In Determining The Fair Value Of Shares Issued Under The Employee Stock Purchase Plan |
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Schedule Of Computation Of Basic And Diluted Net Income Per Share |
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Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $)
|
1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2011
|
Aug. 31, 2010
|
Aug. 31, 2009
|
Sep. 30, 2011
years
|
Sep. 30, 2010
|
Sep. 30, 2009
|
Sep. 30, 2007
Acopia [Member]
Acquired Technology [Member]
|
Sep. 30, 2006
Swan Labs [Member]
Acquired Technology [Member]
|
Sep. 30, 2011
Acquired Technology [Member]
|
Sep. 30, 2010
Acquired Technology [Member]
|
Sep. 30, 2009
Acquired Technology [Member]
|
Sep. 30, 2011
Customer Relationships, Patents And Trademarks [Member]
|
Sep. 30, 2010
Customer Relationships, Patents And Trademarks [Member]
|
Sep. 30, 2009
Customer Relationships, Patents And Trademarks [Member]
|
Sep. 30, 2011
Avnet Technology Solutions [Member]
|
Sep. 30, 2010
Avnet Technology Solutions [Member]
|
Sep. 30, 2011
Ingram Micro, Inc. [Member]
|
Sep. 30, 2010
Ingram Micro, Inc. [Member]
|
Sep. 30, 2010
Tech Data [Member]
|
Sep. 30, 2011
Minimum [Member]
|
Sep. 30, 2011
Maximum [Member]
|
Sep. 30, 2011
Restricted Stock Unit [Member]
|
Nov. 30, 2011
Annual Equity Program [Member]
|
Aug. 31, 2011
Annual Equity Program [Member]
|
Aug. 31, 2010
Annual Equity Program [Member]
|
Sep. 30, 2011
Annual Equity Program [Member]
|
Aug. 31, 2010
Retention Awards Program [Member]
|
Sep. 30, 2011
Executive Officers And Board Of Directors [Member]
|
Sep. 30, 2011
Other Employees [Member]
|
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Schedule Of Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||
Accounts receivable from major customers, percentage | 15.00% | 13.20% | 14.50% | 13.20% | 11.80% | ||||||||||||||||||||||||
Estimated useful lives of the assets, minimum, in years | 2 | ||||||||||||||||||||||||||||
Estimated useful lives of the assets, maximum, in years | 5 | ||||||||||||||||||||||||||||
Depreciation and amortization | $ 16,600,000 | $ 17,800,000 | $ 18,400,000 | ||||||||||||||||||||||||||
Capitalized software development costs | 0 | 0 | 0 | ||||||||||||||||||||||||||
Acquired and developed technology and customer relationship assets estimated useful lives | 5 | ||||||||||||||||||||||||||||
Acquired technology in connection with the acquisitions | 15,000,000 | 8,000,000 | |||||||||||||||||||||||||||
Amortization expense related to acquired technology | 3,100,000 | 4,600,000 | 5,300,000 | ||||||||||||||||||||||||||
Amortization expense of all other intangible assets | 0 | 0 | 0 | ||||||||||||||||||||||||||
Domestic accounts receivable terms of payment | 30 | 45 | |||||||||||||||||||||||||||
International accounts receivable terms of payment | 30 | 120 | |||||||||||||||||||||||||||
Range of VSOE to median sales price | 15.00% | ||||||||||||||||||||||||||||
Advertising costs | 2,200,000 | 2,100,000 | 1,300,000 | ||||||||||||||||||||||||||
Stock-based compensation | 89,747,000 | 70,773,000 | 56,064,000 | ||||||||||||||||||||||||||
Unrecognized stock-based compensation cost | $ 105,500,000 | ||||||||||||||||||||||||||||
Unrecognized stock-based compensation cost, period for recognition, years | 2 | ||||||||||||||||||||||||||||
Rate for grant awarded | 3.00% | 9.00% | |||||||||||||||||||||||||||
Stock options granted | 0 | 0 | 0 | ||||||||||||||||||||||||||
Approved RSUs to employees and executive officers by compensation committee | 1,718,042 | 833,739 | |||||||||||||||||||||||||||
Approved RSUs to employees and executive officers pursuant to the Company's annual equity awards program | 420,000 | 908,757 | 82,968 | 170,390 | 181,334 | 83,000 | |||||||||||||||||||||||
Annual equity awards program vesting period | two years | two-year | two-year | two-year | three years | three years | |||||||||||||||||||||||
RSU vesting date for annual equity and retention awards programs | August 1, 2013 | August 1, 2011 | |||||||||||||||||||||||||||
Percentage of quarterly performance stock grant based on achieving quarterly revenue goal | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Percentage of quarterly performance stock grant based on achieving EBITDA goal | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Percentage of quarterly revenue goal to be achieved for performance stock grant | 80.00% | 80.00% | 80.00% | ||||||||||||||||||||||||||
Percentage of achievement threshold to which the goals are entitled | 80.00% | 80.00% | 80.00% | ||||||||||||||||||||||||||
Percentage of over-achievement threshold to which the goals are entitled | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||
Percentage of annual equity awards RSU grant subject to performance based vesting | 33.33% | 33.33% | |||||||||||||||||||||||||||
Percentage of annual equity awards RSU grant subject to performance based vesting in each period | 16.66% | 16.66% | |||||||||||||||||||||||||||
Percentage of the aggregate number of RSUs granted that vest in equal quarterly increments | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Annual equity awards RSU grant subject to achieving specified quarterly revenue and EBITDA goal | twenty-five percent |
Summary Of Significant Accounting Policies (Schedule Of Inventories) (Details)
Summary Of Significant Accounting Policies (Schedule Of Inventories) (Details) (USD $)
In Thousands |
Sep. 30, 2011
|
Sep. 30, 2010
|
---|---|---|
Summary Of Significant Accounting Policies [Abstract] | ||
Finished goods | $ 12,917 | $ 14,949 |
Raw materials | 4,232 | 3,866 |
Inventories, Total | $ 17,149 | $ 18,815 |
Summary Of Significant Accounting Policies (Schedule Of Property And Equipment) (Details)
Summary Of Significant Accounting Policies (Schedule Of Property And Equipment) (Details) (USD $)
In Thousands |
Sep. 30, 2011
|
Sep. 30, 2010
|
---|---|---|
Summary Of Significant Accounting Policies [Abstract] | ||
Computer equipment | $ 77,899 | $ 59,557 |
Office furniture and equipment | 11,243 | 9,793 |
Leasehold improvements | 41,344 | 36,462 |
Property and equipment, gross | 130,486 | 105,812 |
Accumulated depreciation and amortization | (82,488) | (71,655) |
Property and equipment, net | $ 47,998 | $ 34,157 |
Summary Of Significant Accounting Policies (Schedule Of Assumptions In Determining The Fair Value Of Shares Issued Under The Employee Stock Purchase Plan) (Details)
Summary Of Significant Accounting Policies (Schedule Of Assumptions In Determining The Fair Value Of Shares Issued Under The Employee Stock Purchase Plan) (Details)
|
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2011
years
|
Sep. 30, 2010
years
|
Sep. 30, 2009
years
|
|
Summary Of Significant Accounting Policies [Abstract] | |||
Risk-free interest rate | 0.10% | 0.25% | 0.31% |
Expected term | 0.5 | 0.5 | 0.5 |
Expected volatility | 53.87% | 41.04% | 47.00% |
Summary Of Significant Accounting Policies (Schedule Of Computation Of Basic And Diluted Net Income Per Share) (Details)
Summary Of Significant Accounting Policies (Schedule Of Computation Of Basic And Diluted Net Income Per Share) (Details) (USD $)
In Thousands, except Per Share data |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2009
|
Sep. 30, 2011
|
Sep. 30, 2010
|
Sep. 30, 2009
|
|
Summary Of Significant Accounting Policies [Abstract] | |||||||||||
Net income | $ 67,610 | $ 62,549 | $ 55,575 | $ 55,663 | $ 48,235 | $ 40,495 | $ 33,144 | $ 29,279 | $ 241,397 | $ 151,153 | $ 91,535 |
Weighted average shares outstanding - basic | 80,317 | 80,866 | 80,809 | 80,644 | 80,268 | 79,864 | 79,394 | 78,906 | 80,658 | 79,609 | 78,842 |
Dilutive effect of common shares from stock options and restricted stock units | 824 | 1,440 | 1,231 | ||||||||
Weighted average shares outstanding - diluted | 80,766 | 81,497 | 81,622 | 81,648 | 81,253 | 81,031 | 80,737 | 80,333 | 81,482 | 81,049 | 80,073 |
Basic net income per share | $ 0.84 | $ 0.77 | $ 0.69 | $ 0.69 | $ 0.60 | $ 0.51 | $ 0.42 | $ 0.37 | $ 2.99 | $ 1.90 | $ 1.16 |
Diluted net income per share | $ 0.84 | $ 0.77 | $ 0.68 | $ 0.68 | $ 0.59 | $ 0.50 | $ 0.41 | $ 0.36 | $ 2.96 | $ 1.86 | $ 1.14 |
Fair Value Measurements
Fair Value Measurements
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Sep. 30, 2011
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 2. 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. 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 corporate bonds and notes, municipal bonds and notes, U.S. government securities and U.S. government agency 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. The Company's financial assets measured at fair value on a recurring basis subject to the disclosure requirements at September 30, 2011, were as follows (in thousands):
The Company's financial assets measured at fair value on a recurring basis subject to the disclosure requirements at September 30, 2010, were as follows (in thousands):
Due to the auction failures of the Company's auction rate securities (ARS) that began in the second quarter of fiscal year 2008, there are still no quoted prices in active markets for similar assets as of September 30, 2011. Therefore, the Company has classified its ARS as level 3 financial assets. The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) (in thousands):
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable or there is limited market activity such that the determination of fair value requires significant judgment or estimation. Level 3 investment securities primarily include certain ARS for which there was a decrease in the observation of market pricing. At September 30, 2011, the values of these securities were estimated primarily using discounted cash flow analysis that incorporated transaction details such as contractual terms, maturity, timing and amount of future cash flows, as well as assumptions about liquidity and credit valuation adjustments of marketplace participants at September 30, 2011. The Company uses the fair value hierarchy for financial assets and liabilities. The Company's non-financial assets and liabilities, which include goodwill, intangible assets, and long-lived assets, are not required to be carried at fair value on a recurring basis. These non-financial assets and liabilities are measured at fair value on a non-recurring basis when there is an indicator of impairment, and they are recorded at fair value only when impairment is recognized. The Company reviews goodwill and intangible assets 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 long-lived assets for impairment whenever events or changes in circumstances indicate its carrying amount may not be recoverable. During the year ended September 30, 2011, the Company did not recognize any impairment charges related to goodwill, intangible assets, or long-lived assets. |
Fair Value Measurements (Tables)
Fair Value Measurements (Tables)
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Sep. 30, 2011
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Assets Measured At Fair Value on A Recurring Basis |
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Schedule Of Reconciliation Of Items Measured At Fair Value On A Recurring Basis That Used Significant Unobservable Inputs (Level 3) |
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Fair Value Measurements (Schedule Of Financial Assets Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Schedule Of Reconciliation Of Items Measured At Fair Value On A Recurring Basis That Used Significant Unobservable Inputs (Level 3)) (Details)
Fair Value Measurements (Schedule Of Reconciliation Of Items Measured At Fair Value On A Recurring Basis That Used Significant Unobservable Inputs (Level 3)) (Details) (USD $)
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Sep. 30, 2011
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Sep. 30, 2010
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Fair Value Measurements [Abstract] | ||
Balance, beginning of period | $ 16,043 | $ 41,595 |
Total gains realized or unrealized: Included in earnings (other income, net) | 1,491 | |
Total gains realized or unrealized: Included in other comprehensive income | 967 | 498 |
Recognition of put option to earnings | (1,491) | |
Settlements | (4,000) | (26,050) |
Balance, end of period | 13,010 | 16,043 |
Gains attributable to assets still held as of the end of the period | $ 967 | $ 498 |
Short-Term And Long-Term Investments
Short-Term And Long-Term Investments
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Short-Term And Long-Term Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term And Long-Term Investments | 3. Short-Term and Long-Term Investments Short-term investments consist of the following (in thousands):
Long-term investments consist of the following (in thousands):
The amortized cost and fair value of fixed maturities at September 30, 2011, by contractual years-to-maturity, are presented below (in thousands):
The cost or amortized cost values of the Company's fixed maturities include $15.0 million and $19.0 million of available-for-sale ARS as of September 30, 2011 and 2010, respectively. The following table summarizes investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months as of September 30, 2011 (in thousands):
The Company invests in securities that are rated investment grade or better. The unrealized losses on investments for fiscal year 2011 were primarily caused by reductions in the values of the ARS due to the illiquid markets and were partially offset by unrealized gains related to interest rate decreases. ARS are variable-rate debt securities. The Company limits its investments in ARS to securities that carry an AAA/A- (or equivalent) rating from recognized rating agencies and limits the amount of credit exposure to any one issuer. At the time of the Company's initial investment and at the date of this report, all ARS were in compliance with the Company's investment policy. In the past, the auction process allowed investors to obtain immediate liquidity if so desired by selling the securities at their face amounts. Liquidity for these securities has historically been provided by an auction process that resets interest rates on these investments on average every 7-35 days. However, as has been reported in the financial press, the disruptions in the credit markets adversely affected the auction market for these types of securities. |
Short-Term And Long-Term Investments (Tables)
Short-Term And Long-Term Investments (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Sep. 30, 2010
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Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Amortized Cost And Fair Value Of Fixed Maturities By Contractual Years-To-Maturity |
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Schedule Of Investments That Have Been In A Continuous Unrealized Loss Position |
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Short-Term Investments [Member]
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Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Short-Term And Long-Term Investments |
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Long-Term Investments [Member]
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Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Short-Term And Long-Term Investments |
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Short-Term And Long-Term Investments (Schedule Of Short-Term And Long-Term Investments) (Details)
Short-Term And Long-Term Investments (Schedule Of Short-Term And Long-Term Investments) (Details) (USD $)
In Thousands |
Sep. 30, 2011
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Sep. 30, 2010
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | $ 797,847 | |
Fair Value | 795,969 | |
Short-Term Investments [Member] | Corporate Bonds And Notes [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 137,087 | 119,829 |
Gross Unrealized Gains | 251 | 318 |
Gross Unrealized Losses | (182) | (23) |
Fair Value | 137,156 | 120,124 |
Long-Term Investments [Member] | Corporate Bonds And Notes [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 141,315 | 172,493 |
Gross Unrealized Gains | 415 | 1,582 |
Gross Unrealized Losses | (580) | (22) |
Fair Value | 141,150 | 174,053 |
Short-Term Investments [Member] | Municipal Bonds And Notes [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 82,687 | 76,886 |
Gross Unrealized Gains | 62 | 182 |
Gross Unrealized Losses | (34) | (5) |
Fair Value | 82,715 | 77,063 |
Long-Term Investments [Member] | Municipal Bonds And Notes [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 30,575 | 22,045 |
Gross Unrealized Gains | 151 | 67 |
Gross Unrealized Losses | (12) | (18) |
Fair Value | 30,714 | 22,094 |
Long-Term Investments [Member] | Auction Rate Securities [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 15,000 | 19,000 |
Gross Unrealized Losses | (1,990) | (2,957) |
Fair Value | 13,010 | 16,043 |
Short-Term Investments [Member] | U.S. Government Securities [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 799 | |
Fair Value | 799 | |
Short-Term Investments [Member] | U.S. Government Agency Securities [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 105,050 | 62,390 |
Gross Unrealized Gains | 55 | 165 |
Gross Unrealized Losses | (9) | |
Fair Value | 105,096 | 62,555 |
Long-Term Investments [Member] | U.S. Government Agency Securities [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 285,334 | 221,262 |
Gross Unrealized Gains | 164 | 200 |
Gross Unrealized Losses | (169) | (82) |
Fair Value | 285,329 | 221,380 |
Short-Term Investments [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 325,623 | 259,105 |
Gross Unrealized Gains | 368 | 665 |
Gross Unrealized Losses | (225) | (28) |
Fair Value | 325,766 | 259,742 |
Long-Term Investments [Member]
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Schedule of Investments [Line Items] | ||
Cost or Amortized Cost | 472,224 | 434,800 |
Gross Unrealized Gains | 730 | 1,849 |
Gross Unrealized Losses | (2,751) | (3,079) |
Fair Value | $ 470,203 | $ 433,570 |
Short-Term And Long-Term Investments (Schedule Of Amortized Cost And Fair Value Of Fixed Maturities By Contractual Years-To-Maturity) (Details)
Short-Term And Long-Term Investments (Schedule Of Amortized Cost And Fair Value Of Fixed Maturities By Contractual Years-To-Maturity) (Details) (USD $)
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Sep. 30, 2011
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Sep. 30, 2010
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Short-Term And Long-Term Investments [Abstract] | ||
Cost or Amortized Cost, Fixed Maturities, One year or less | $ 325,623,000 | |
Cost or Amortized Cost, Fixed Maturities, Over one year | 472,224,000 | |
Cost or Amortized Cost | 797,847,000 | |
Fair Value, Fixed Maturities, One year or less | 325,766,000 | |
Fair Value, Fixed Maturities, Over one year | 470,203,000 | |
Fair Value | 795,969,000 | |
Cost or amortized cost value of fixed maturities available-for-sale ARS | $ 15,000,000 | $ 19,000,000 |
Short-Term And Long-Term Investments (Schedule Of Investments That Have Been In A Continuous Unrealized Loss Position) (Details)
Balance Sheet Details
Balance Sheet Details
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Balance Sheet Details [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Details | 4. Balance Sheet Details Other Assets Other assets consist of the following (in thousands):
Amortization expense related to other assets was approximately $4.3 million, $6.0 million, and $6.7 million for the fiscal years ended September 30, 2011, 2010 and 2009, respectively. Intangible assets consist of the following (in thousands):
Estimated amortization expense for intangible assets for the five succeeding fiscal years is as follows (in thousands):
Accrued Liabilities Accrued liabilities consist of the following (in thousands):
Other Long Term Liabilities Other long term liabilities consist of the following (in thousands):
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Balance Sheet Details (Tables)
Balance Sheet Details (Tables)
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Sep. 30, 2011
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Balance Sheet Details [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Assets |
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Schedule Of Intangible Assets |
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Schedule Of Estimated Amortization Expense For Intangible Assets |
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Schedule Of Accrued Liabilities |
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Schedule Of Other Long Term Liabilities |
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Balance Sheet Details (Schedule Of Other Assets) (Details)
Balance Sheet Details (Schedule Of Other Assets) (Details) (USD $)
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12 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Balance Sheet Details [Abstract] | |||
Acquired and developed technology and software development cost | $ 8,520,000 | $ 6,374,000 | |
Deposits and other | 8,540,000 | 9,377,000 | |
Restricted cash | 162,000 | 195,000 | |
Other assets | 17,222,000 | 15,946,000 | |
Amortization expense related to other assets | $ 4,300,000 | $ 6,000,000 | $ 6,700,000 |
Balance Sheet Details (Schedule Of Intangible Assets) (Details)
Balance Sheet Details (Schedule Of Estimated Amortization Expense For Intangible Assets) (Details)
Balance Sheet Details (Schedule Of Estimated Amortization Expense For Intangible Assets) (Details) (USD $)
In Thousands |
12 Months Ended |
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Sep. 30, 2011
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Balance Sheet Details [Abstract] | |
2012 | $ 4,428 |
2013 | 934 |
2014 | 867 |
2015 | 867 |
2016 | 867 |
Total estimated amortization expense, intangible assets | $ 7,963 |
Balance Sheet Details (Schedule Of Accrued Liabilities) (Details)
Balance Sheet Details (Schedule Of Accrued Liabilities) (Details) (USD $)
In Thousands |
Sep. 30, 2011
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Sep. 30, 2010
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Balance Sheet Details [Abstract] | ||
Payroll and benefits | $ 47,824 | $ 40,904 |
Sales and marketing | 5,062 | 2,522 |
Income tax accruals | 4,860 | 2,458 |
Other | 10,156 | 15,884 |
Total accrued liabilities | $ 67,902 | $ 61,768 |
Balance Sheet Details (Schedule Of Other Long Term Liabilities) (Details)
Balance Sheet Details (Schedule Of Other Long Term Liabilities) (Details) (USD $)
In Thousands |
Sep. 30, 2011
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Sep. 30, 2010
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Balance Sheet Details [Abstract] | ||
Income tax accrual | $ 5,675 | $ 7,029 |
Deferred rent and other | 12,713 | 9,124 |
Total other long-term liabilities | $ 18,388 | $ 16,153 |
Income Taxes
Income Taxes
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Sep. 30, 2011
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | 5. Income Taxes The United States and international components of income before income taxes are as follows (in thousands):
The provision for income taxes (benefit) consists of the following (in thousands):
The effective tax rate differs from the U.S. federal statutory rate as follows (in thousands):
The tax effects of the temporary differences that give rise to the deferred tax assets and liabilities are as follows (in thousands):
At September 30, 2011, the Company had U.S. net operating loss carry-forwards of approximately $1.2 million. All U.S. net operating loss carry-forwards relate to entities acquired by the Company and are limited in use by I.R.C. Sec. 382. United States income and foreign withholding taxes have not been provided on approximately $28.7 million of undistributed earnings from the Company's international subsidiaries. The Company has not recognized a deferred tax liability for the undistributed earnings of its foreign subsidiaries because the Company currently does not expect to remit those earnings in the foreseeable future. Determination of the amount of unrecognized deferred tax liability related to undistributed earnings of foreign subsidiaries is not practicable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. The decrease in the effective tax rate from fiscal year 2010 to fiscal year 2011 was primarily due to an increased benefit resulting from the United States Domestic Production Activities Deduction, the reinstatement of the federal research and development credit on December 17, 2010 and a change in the Company's uncertain tax positions as a result of the settlement of audits and expiration of statutes of limitation in various jurisdictions. The Company recognizes the financial statement impact of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest impact that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits in fiscal years 2011, 2010 and 2009:
The Company recognizes interest and, if applicable, penalties (not included in the "unrecognized tax benefits" table above) for any uncertain tax positions. This interest and penalty expense will be a component of income tax expense. In the years ended September 30, 2011, 2010 and 2009 the Company accrued approximately $283,000, $390,000 and $193,000, respectively, of interest expense related to its liability for unrecognized tax benefits. No penalties were recognized in fiscal years 2011, 2010 and 2009 or accrued for at September 30, 2011, 2010 and 2009. All unrecognized tax benefits, if recognized, would affect the effective tax rate. The Company does not anticipate that total unrecognized tax benefits will significantly change within the next twelve months. The Company and its subsidiaries are subject to U.S. federal income tax as well as the income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for fiscal years through September 30, 2007. Major jurisdictions where there are wholly owned subsidiaries of F5 Networks, Inc. which require income tax filings include the United Kingdom, Japan, Australia and Germany. The earliest periods open for review by local taxing authorities are fiscal years 2010, 2010, 2007 and 2007 for the United Kingdom, Japan, Australia and Germany, respectively. Within the next four fiscal quarters, the statute of limitations will begin to close on the fiscal years ended 2007 and 2008 tax returns filed in various states and the fiscal year ended 2008 federal income tax return. |
Income Taxes (Tables)
Income Taxes (Tables)
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Sep. 30, 2011
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Income Before Income Taxes |
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Schedule Of Provision For Income Taxes (Benefit) |
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Schedule Of Effective Tax Rate Differs From The U.S. Federal Statutory Rate |
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Schedule Of Tax Effects To Deferred Tax Assets And Liabilities |
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Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits |
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Income Taxes (Narrative) (Details)
Income Taxes (Narrative) (Details) (USD $)
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Tax Credit Carryforward [Line Items] | |||
Undistributed earnings from international subsidiaries | $ 28,700,000 | ||
Unrecognized tax benefits, interest expenses accrued | 283,000,000 | 390,000,000 | 193,000,000 |
Unrecognized tax benefits, penalties accrued | 0 | 0 | 0 |
U.S. [Member]
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Tax Credit Carryforward [Line Items] | |||
Operating loss carry-forwards, net | $ 1,200,000 |
Income Taxes (Components Of Income Before Income Taxes) (Details)
Income Taxes (Components Of Income Before Income Taxes) (Details) (USD $)
In Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2009
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Income Taxes [Abstract] | |||||||||||
United States | $ 342,741 | $ 225,698 | $ 128,537 | ||||||||
International | 18,010 | 11,929 | 3,111 | ||||||||
Income before income taxes | $ 103,418 | $ 90,150 | $ 84,782 | $ 82,401 | $ 76,371 | $ 63,690 | $ 52,149 | $ 45,417 | $ 360,751 | $ 237,627 | $ 131,648 |
Income Taxes (Schedule Of Provision For Income Taxes (Benefit)) (Details)
Income Taxes (Schedule Of Provision For Income Taxes (Benefit)) (Details) (USD $)
In Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2009
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Income Taxes [Abstract] | |||||||||||
Current, U.S. federal | $ 103,620 | $ 79,802 | $ 41,948 | ||||||||
Current, State | 7,397 | 4,722 | 1,631 | ||||||||
Current, Foreign | 5,743 | 3,230 | 1,790 | ||||||||
Current, income taxes (benefit) | 116,760 | 87,754 | 45,369 | ||||||||
Deferred, U.S. federal | 3,070 | (2,049) | (3,317) | ||||||||
Deferred, State | (144) | (1,091) | 25 | ||||||||
Deferred, Foreign | (332) | 1,860 | (1,964) | ||||||||
Deferred, income taxes (benefit) | 2,594 | (1,280) | (5,256) | ||||||||
Income taxes (benefit) | $ 35,808 | $ 27,601 | $ 29,207 | $ 26,738 | $ 28,136 | $ 23,195 | $ 19,005 | $ 16,138 | $ 119,354 | $ 86,474 | $ 40,113 |
Income Taxes (Schedule Of Effective Tax Rate Differs From The U.S. Federal Statutory Rate) (Details)
Income Taxes (Schedule Of Effective Tax Rate Differs From The U.S. Federal Statutory Rate) (Details) (USD $)
In Thousands |
12 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Income Taxes [Abstract] | |||
Income tax provision at statutory rate | $ 126,263 | $ 83,170 | $ 46,075 |
State taxes, net of federal benefit | 5,999 | 2,871 | 2,121 |
Impact of foreign income taxes | (892) | 915 | (1,262) |
Research and development and other credits | (5,486) | (2,124) | (5,954) |
Domestic manufacturing deduction | (9,844) | (3,766) | (3,346) |
Impact of stock compensation | 5,310 | 2,825 | 2,411 |
Other | (1,996) | 2,583 | 68 |
Income taxes (benefit) | $ 119,354 | $ 86,474 | $ 40,113 |
Income Taxes (Schedule Of Tax Effects To Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Tax Effects To Deferred Tax Assets And Liabilities) (Details) (USD $)
In Thousands |
Sep. 30, 2011
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Sep. 30, 2010
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Income Taxes [Abstract] | ||
Net operating loss carry-forwards | $ 452 | $ 5,672 |
Allowance for doubtful accounts | 898 | 1,644 |
Accrued compensation and benefits | 4,879 | 4,003 |
Inventories and related reserves | 1,564 | 2,063 |
Stock-based compensation | 8,969 | 6,247 |
Deferred revenue | 19,400 | 16,260 |
Other accruals and reserves | 9,629 | 7,829 |
Depreciation | 1,403 | 5,239 |
Tax credit carry-forwards | 1,657 | 4,065 |
Total deferred tax assets before deferred liabilities | 48,851 | 53,022 |
Deferred tax liabilities, Purchased intangibles and other | (5,698) | (6,391) |
Net deferred tax assets | $ 43,153 | $ 46,631 |
Income Taxes (Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (USD $)
In Thousands |
12 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Income Taxes [Abstract] | |||
Balance, beginning of period | $ 6,568 | $ 5,841 | $ 4,075 |
Gross increases related to prior period tax positions | 1,198 | 442 | 642 |
Gross increases related to current period tax positions | 1,659 | 432 | 1,124 |
Decreases relating to settlements with tax authorities | (243) | ||
Reductions due to lapses of statute of limitations | (3,230) | (147) | |
Balance, end of period | $ 5,952 | $ 6,568 | $ 5,841 |
Stock-Based Compensation
Stock-Based Compensation
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Stock-Based Compensation | 6. Stock-based Compensation The majority of awards consist of restricted stock units and to a lesser degree, stock options. Employees vest in restricted stock units and stock options ratably over the corresponding service term, generally one to four years. The Company's stock options expire 10 years from the date of grant. Restricted stock units are payable in shares of the Company's common stock as the periodic vesting requirements are satisfied. The value of a restricted stock unit is based upon the fair market value of the Company's common stock on the date of grant. The value of restricted stock units is determined using the intrinsic value method and is based on the number of shares granted and the quoted price of the Company's common stock on the date of grant. Alternatively, the Company used the Black-Scholes option pricing model to determine the fair value of its stock options. Compensation expense related to restricted stock units and stock options is recognized over the vesting period. The Company has adopted a number of stock-based compensation plans as discussed below. 1998 Equity Incentive Plan. In November 1998, the Company adopted the 1998 Equity Incentive Plan, or the 1998 Plan, which provided for discretionary grants of non-qualified and incentive stock options, stock purchase awards and stock bonuses for employees and other service providers. The 1998 Plan expired on November 11, 2008 and no shares remain available for awards under the 1998 Plan. Upon certain changes in control of the Company, all outstanding and unvested options or stock awards under the 1998 Plan will vest at the rate of 50%, unless assumed or substituted by the acquiring entity. During the fiscal years 2011 and 2010, the Company issued no stock options, stock purchase awards or stock bonuses under this plan. As of September 30, 2011, there were options to purchase 132,459 shares outstanding under the 1998 Plan. 2011 Employee Stock Purchase Plan. In July 2011, the board of directors amended and restated the Company's 1999 Employee Stock Purchase Plan, or the Employee Stock Purchase Plan. A total of 6,000,000 shares of common stock have been reserved for issuance under the Employee Stock Purchase Plan. The Employee Stock Purchase Plan permits eligible employees to acquire shares of the Company's common stock through periodic payroll deductions of up to 15% of base compensation. No employee may purchase more than $25,000 worth of stock, determined at the fair market value of the shares at the time such option is granted, in one calendar year. The Employee Stock Purchase Plan has been implemented in a series of offering periods, each 6 months in duration. The price at which the common stock may be purchased is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable offering period or on the last day of the respective purchase period. As of September 30, 2011 there were 1,718,042 shares available for awards under the Employee Stock Purchase Plan. 2000 Equity Incentive Plan. In July 2000, the Company adopted the 2000 Employee Equity Incentive Plan, or the 2000 Plan, which provides for discretionary grants of non-qualified stock options, stock purchase awards and stock bonuses for non-executive employees and other service providers. A total of 7,000,000 shares of common stock were reserved for issuance under the 2000 Plan. Upon certain changes in control of the Company, all outstanding and unvested options or stock awards under the 2000 Plan will vest at the rate of 50%, unless assumed or substituted by the acquiring entity. As of September 30, 2011, there were options to purchase 165,088 shares outstanding and no shares available for awards under the 2000 Plan. The Company terminated the 2000 Plan effective November 1, 2008 and no additional shares may be issued from the 2000 Plan. Acquisition Incentive Plans. In connection with the Company's acquisition of Acopia, the Company assumed the Acopia 2001 Stock Incentive Plan, or the Acopia Plan. Unvested options to acquire Acopia's common stock were converted into options to acquire the Company's common stock in connection with the acquisition. A total of 2,230,703 shares of common stock were reserved for issuance under the Acopia Plan. The plan provides for discretionary grants of non-qualified and incentive stock options, restricted stock awards and other stock-based awards to persons who were employees, officers, directors, consultants or advisors to Acopia on or prior to September 12, 2007. During the fiscal year 2011, the Company issued no stock options or restricted stock units under the Acopia Plan. As of September 30, 2011, there were options to purchase 26,287 shares outstanding and no shares available for awards under the Acopia Plan. The Company terminated the Acopia Plan effective November 1, 2008 and no additional shares may be issued from the Acopia Plan. 2005 Equity Incentive Plan. In December 2004, the Company adopted the 2005 Equity Incentive Plan, or the 2005 Plan, which provides for discretionary grants of non-statutory stock options and stock units for employees, including officers, and other service providers. A total of 12,400,000 shares of common stock have been reserved for issuance under the 2005 Plan. Upon certain changes in control of the Company, all outstanding and unvested options or stock awards under the 2005 Plan will vest at the rate of 50%, unless assumed or substituted by the acquiring entity. During the fiscal year 2011, the Company issued no stock options and 908,757 restricted stock units under the 2005 Plan. As of September 30, 2011, there were no options outstanding and 3,501,586 shares available for new awards under the 2005 Plan. A majority of the restricted stock units granted in fiscal years 2011, 2010 and 2009 vest quarterly over a two-year period. The restricted stock units were granted during fiscal years 2011, 2010 and 2009 with a per-share weighted average fair value of $94.99, $86.32 and $36.31, respectively. The fair value of restricted stock vested during fiscal years 2011, 2010 and 2009 was $145.0 million, $116.4 million and $41.0 million, respectively. A summary of restricted stock unit activity under the 2005 Plan is as follows:
A summary of stock option activity under all of the Company's plans is as follows:
No stock options were granted in fiscal years 2011, 2010 and 2009. The total intrinsic value of options exercised during fiscal 2011, 2010 and 2009 was $15.2 million, $36.6 million and $8.4 million, respectively.
As of September 30, 2011, equity based awards (including stock options and restricted stock units) are available for future issuance as follows:
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Stock-Based Compensation (Tables)
Stock-Based Compensation (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Summary Of Restricted Stock Unit Activity |
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Schedule Of Stock Option Activity |
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Schedule Of Outstanding Stock Options Currently Exercisable, Vested And Expected To Vest |
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Schedule Of Equity Based Awards (Including Stock Options And Restricted Stock Units) |
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Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Narrative) (Details) (USD $)
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1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
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Aug. 31, 2009
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
|
Sep. 30, 2011
1998 Equity Incentive Plan [Member]
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Sep. 30, 2011
2011 Employee Stock Purchase Plan [Member]
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May 31, 1999
2011 Employee Stock Purchase Plan [Member]
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Sep. 30, 2011
2000 Equity Incentive Plan [Member]
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Sep. 30, 2011
2005 Equity Incentive Plan [Member]
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Dec. 31, 2004
2005 Equity Incentive Plan [Member]
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Sep. 30, 2011
Acopia Plan [Member]
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Sep. 30, 2011
Stock Options [Member]
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Sep. 30, 2011
Restricted Stock Unit [Member]
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Sep. 30, 2010
Restricted Stock Unit [Member]
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Sep. 30, 2009
Restricted Stock Unit [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Restricted stock units and stock options vesting period in years, minimum | one | ||||||||||||||
Restricted stock units and stock options vesting period in years, maximum | four | ||||||||||||||
Restricted stock units vesting period in years | two years | two-year | two-year | two-year | |||||||||||
Stock option expiration period from date of grant | 10 years | ||||||||||||||
Vesting rate of stock options and awards upon certain changes in ownership control | 50.00% | 50.00% | 50.00% | ||||||||||||
Shares available for award | 1,718,042 | 0 | 3,501,586 | 0 | |||||||||||
Shares available for purchase under stock option plan | 132,459 | 165,088 | 0 | 26,287 | |||||||||||
Common stock reserved for issuance | 6,000,000 | 7,000,000 | 12,400,000 | 2,230,703 | |||||||||||
Percentage of base compensation for which employees can acquire shares of common stock | 15.00% | ||||||||||||||
Maximum aggregate fair value of stock that an employee may purchase | $ 25,000 | ||||||||||||||
Percentage of common stock lesser of the fair market value | 85.00% | ||||||||||||||
Restricted stock units issued | 908,757 | ||||||||||||||
Weighted average fair value of restricted stock units granted | $ 94.99 | $ 86.32 | $ 36.31 | ||||||||||||
Fair market value of restricted stock vested | 145,000,000 | 116,400,000 | 41,000,000 | ||||||||||||
Total intrinsic value of options exercised | $ 15,200,000 | $ 36,600,000 | $ 8,400,000 |
Stock-Based Compensation (Schedule Of Summary Of Restricted Stock Unit Activity) (Details)
Stock-Based Compensation (Schedule Of Summary Of Restricted Stock Unit Activity) (Details) (USD $)
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1 Months Ended | 12 Months Ended |
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Aug. 31, 2009
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Sep. 30, 2011
Restricted Stock Unit [Member]
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Schedule Of Summary Of Restricted Stock Unit Activity [Line Items] | ||
Outstanding Stock Units, Beginning balance | 1,985,325 | |
Outstanding Stock Units, Units granted | 420,000 | 908,757 |
Outstanding Stock Units, Units vested | (1,316,253) | |
Outstanding Stock Units, Units cancelled | (121,143) | |
Outstanding Stock Units, Ending balance | 1,456,686 | |
Weighted Average Grant Date Fair Value, Beginning balance | $ 62.52 | |
Weighted average grant date fair value, Units granted | $ 94.99 | |
Weighted Average Grant Date Fair Value, Units vested | $ 105.59 | |
Weighted Average Grant Date Fair Value, Units cancelled | $ 56.04 | |
Weighted Average Grant Date Fair Value, Ending balance | $ 44.40 |
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details)
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $)
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12 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Stock-Based Compensation [Abstract] | |||
Number of Shares, Beginning balance | 483,040 | ||
Number of Shares, Options exercised | (150,416) | ||
Number of Shares, Options cancelled | (1,200) | ||
Number of Shares, Ending balance | 331,424 | 483,040 | |
Weighted Average Exercise Price per Share, Beginning balance | $ 13.51 | ||
Weighted Average Exercise Price per Share, Options exercised | $ 15.24 | ||
Weighted Average Exercise Price per Share, Options cancelled | $ 33.92 | ||
Weighted Average Exercise Price per Share, Ending balance | $ 12.66 | $ 13.51 | |
Number of Shares, Options granted | 0 | 0 | 0 |
Stock-Based Compensation (Schedule Of Outstanding Stock Options Currently Exercisable, Vested And Expected To Vest) (Details)
Stock-Based Compensation (Schedule Of Equity Based Awards (Including Stock Options And Restricted Stock Units)) (Details)
Stock-Based Compensation (Schedule Of Equity Based Awards (Including Stock Options And Restricted Stock Units)) (Details)
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1 Months Ended | 12 Months Ended |
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Aug. 31, 2009
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Sep. 30, 2011
Equity Based Awards [Member]
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Schedule Of Equity Based Awards Including Stock Options And Restricted Stock Units [Line Items] | ||
Awards Available for Grant, Beginning balance | 4,289,200 | |
Awards Available for Grant, Granted | (420,000) | (908,757) |
Awards Available for Grant, Cancelled | 125,156 | |
Additional shares reserved (terminated), net | (4,013) | |
Awards Available for Grant, Ending balance | 3,501,586 |
Commitments And Contingencies
Commitments And Contingencies
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Commitments And Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | 7. Commitments and Contingencies Operating Leases The majority of the Company's operating lease payments relate to the Company's three building corporate headquarters in Seattle, Washington. The lease for all three buildings was amended and restated in April of 2010. This lease will now expire in 2022 with an option for renewal. One of the buildings has been partially subleased through 2012. The Company also leases additional office space for product development and sales and support personnel in the United States and internationally. In October 2006, the Company entered into an agreement to lease a total of approximately 137,000 square feet of office space in a building known as 333 Elliott West, which is adjacent to the three buildings that serve as the Company's corporate headquarters. The lease expires in 2018. During 2008, the Company entered into two separate sublease agreements to sublease approximately 112,500 square feet of building 333 Elliott West. One sublease will expire in 2013. In March 2010, the Company amended the second sublease, which expanded the subleased space by approximately 11,700 square feet and extended the term of the sublease to 2018. Future minimum operating lease payments, net of sublease income, are as follows (in thousands):
Rent expense under non-cancelable operating leases amounted to approximately $19.0 million, $17.5 million, and $15.6 million for the fiscal years ended September 30, 2011, 2010, and 2009, respectively. Purchase Obligations Purchase obligations are comprised of purchase commitments with the Company's contract manufacturers. The agreement with the Company's primary contract manufacturer allows them to procure component inventory on the Company's behalf based on the Company's production forecast. The Company is obligated to purchase component inventory that the contract manufacturer procures in accordance with the forecast, unless cancellation is given within applicable lead times. As of September 30, 2011, the Company's purchase obligations were $13.6 million. Litigation The Company is not aware of any pending legal proceedings that, individually or in the aggregate, are reasonably possible to have a material adverse effect on the Company's business, operating results, or financial condition. The Company may in the future be party to litigation arising in the ordinary course of business, including claims that we allegedly infringe upon third-party intellectual property rights. Such claims, even if not meritorious, could result in the expenditure of significant financial and managerial resources. |
Commitment And Contingencies (Tables)
Commitment And Contingencies (Tables)
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Sep. 30, 2011
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Commitments And Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Future Minimum Operating Lease Payments, Net Of Sublease Income |
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Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Oct. 31, 2006
333 Elliott West [Member]
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Sep. 30, 2008
333 Elliott West [Member]
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Mar. 31, 2010
Second Sublease [Member]
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Sep. 30, 2011
Second Sublease [Member]
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Sep. 30, 2011
Partially Subleased [Member]
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Sep. 30, 2008
One Sublease [Member]
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Commitments And Contingencies [Line Items] | |||||||||
Office space occupied under lease agreement | 137,000 | ||||||||
Area of building subject to sublease agreement | 112,500 | ||||||||
Expanded area under amended second sublease | 11,700 | ||||||||
Rent expense under non-cancelable operating leases | $ 19.0 | $ 17.5 | $ 15.6 | ||||||
Contract manufacturers' purchase obligations | $ 13.6 | ||||||||
Year lease expires | 2022 | 2018 | 2018 | 2012 | 2013 |
Commitments And Contingencies (Schedule Of Future Minimum Operating Lease Payments, Net Of Sublease Income) (Details)
Commitments And Contingencies (Schedule Of Future Minimum Operating Lease Payments, Net Of Sublease Income) (Details) (USD $)
In Thousands |
Sep. 30, 2011
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Commitments And Contingencies [Abstract] | |
Gross Lease Payments, in year 2012 | $ 42,317 |
Gross Lease Payments, in year 2013 | 17,673 |
Gross Lease Payments, in year 2014 | 16,185 |
Gross Lease Payments, in year 2015 | 15,786 |
Gross Lease Payments, in year 2016 | 15,072 |
Gross Lease Payments, Thereafter | 65,370 |
Gross Lease Payments, Total | 172,403 |
Sublease Income, in, year 2012 | 4,321 |
Sublease Income, in, year 2013 | 2,611 |
Sublease Income, in, year 2014 | 338 |
Sublease Income, in, year 2015 | 85 |
Sublease Income, Total | 7,355 |
Net Lease Payments, in year 2012 | 37,996 |
Net Lease Payments, in year 2013 | 15,062 |
Net Lease Payments, in year 2014 | 15,847 |
Net Lease Payments, in year 2015 | 15,701 |
Net Lease Payments, in year 2016 | 15,072 |
Net Lease Payments, Thereafter | 65,370 |
Net Lease Payments, Total | $ 165,048 |
Restructuring Charges
Restructuring Charges
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12 Months Ended |
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Sep. 30, 2011
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Restructuring Charges [Abstract] | |
Restructuring Charges | 8. Restructuring Charges In January 2009, the Company initiated a restructuring plan to reduce its operating expenses which included the consolidation of facilities, accelerated depreciation on tenant improvements and a reduction in workforce. These initiatives are intended to conserve or generate cash in response to the uncertainties associated with the recent deterioration in the global economy. As a result of these initiatives, the Company recorded a restructuring charge of $4.3 million in the second quarter of fiscal 2009. All accrued restructuring costs had been incurred as of September 30, 2011. |
Restructuring Charges (Details)
Restructuring Charges (Details) (USD $)
In Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2009
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Sep. 30, 2009
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Restructuring Charges [Abstract] | ||
Restructuring charge | $ 4,300 | $ 4,329 |
Employee Benefit Plans
Employee Benefit Plans
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12 Months Ended |
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Sep. 30, 2011
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Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 9. Employee Benefit Plans The Company has a 401(k) savings plan whereby eligible employees may voluntarily contribute a percentage of their compensation. The Company may, at its discretion, match a portion of the employees' eligible contributions. Contributions by the Company to the plan during the years ended September 30, 2011, 2010, and 2009 were approximately $4.7 million, $3.8 million and $3.3 million, respectively. Contributions made by the Company vest over four years. |
Employee Benefit Plans (Details)
Employee Benefit Plans (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Employee Benefit Plans [Abstract] | |||
Contributions by the Company to the plan | $ 4.7 | $ 3.8 | $ 3.3 |
Vesting period, in years | 4 |
Geographic Sales And Significant Customers
Geographic Sales And Significant Customers
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Geographic Sales And Significant Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Sales And Significant Customers | 10. Geographic Sales and Significant Customers 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. The Company does business in four main geographic regions: the Americas (primarily the United States); Europe, the Middle East, and Africa (EMEA); Japan; and the Asia Pacific region (APAC). The Company's chief operating decision-making group reviews financial information presented on a consolidated basis accompanied by information about revenues by geographic region. The Company's foreign offices conduct sales, marketing and support activities. Revenues are attributed by geographic location based on the location of the customer. The Company's assets are primarily located in the United States and not allocated to any specific region. Therefore, geographic information is presented only for net revenue. The following presents revenues by geographic region (in thousands):
One worldwide distributor accounted for 18.1%, 14.5% and 15.4% of total net revenues in fiscal years 2011, 2010 and 2009, respectively. Another worldwide distributor accounted for 10.7% of total net revenues in fiscal year 2011. Another worldwide distributor accounted for 10.2% of total net revenues in fiscal year 2010. |
Geographic Sales And Significant Customers (Tables)
Geographic Sales And Significant Customers (Tables)
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Sep. 30, 2011
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Geographic Sales And Significant Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Revenues By Geographic Region |
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Geographic Sales And Significant Customers (Schedule Of Revenues By Geographic Region) (Details)
Geographic Sales And Significant Customers (Schedule Of Revenues By Geographic Region) (Details) (USD $)
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3 Months Ended | 12 Months Ended | |||||||||
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2009
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Net | $ 314,615,000 | $ 290,713,000 | $ 277,572,000 | $ 268,934,000 | $ 254,274,000 | $ 230,474,000 | $ 206,068,000 | $ 191,156,000 | $ 1,151,834,000 | $ 881,972,000 | $ 653,079,000 |
Worldwide Distributor 1 [Member]
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Segment Reporting Information [Line Items] | |||||||||||
Net revenues from worldwide distributor, percent | 18.10% | 14.50% | 15.40% | ||||||||
Worldwide Distributor 2 [Member]
|
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Segment Reporting Information [Line Items] | |||||||||||
Net revenues from worldwide distributor, percent | 10.70% | ||||||||||
Worldwide Distributor 3 [Member]
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Segment Reporting Information [Line Items] | |||||||||||
Net revenues from worldwide distributor, percent | 10.20% | ||||||||||
Americas [Member]
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Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Net | 676,868 | 517,269 | 361,230 | ||||||||
EMEA [Member]
|
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Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Net | 240,453 | 201,259 | 150,776 | ||||||||
Japan [Member]
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Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Net | 74,824 | 59,151 | 56,792 | ||||||||
Asia Pacific [Member]
|
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Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Net | $ 159,689 | $ 104,293 | $ 84,281 |
Quarterly Results Of Operations
Quarterly Results Of Operations
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Quarterly Results Of Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results Of Operations | 11. Quarterly Results of Operations The following presents the Company's unaudited quarterly results of operations for the eight quarters ended September 30, 2011. The information should be read in conjunction with the Company's financial statements and related notes included elsewhere in this report. This unaudited information has been prepared on the same basis as the audited financial statements and includes all adjustments, consisting only of normal recurring adjustments that were considered necessary for a fair statement of the Company's operating results for the quarters presented.
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Quarterly Results Of Operations (Tables)
Quarterly Results Of Operations (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Quarterly Results Of Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Results Of Operations |
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Quarterly Results Of Operations (Schedule Of Quarterly Results Of Operations) (Details)
Quarterly Results Of Operations (Schedule Of Quarterly Results Of Operations) (Details) (USD $)
In Thousands, except Per Share data |
3 Months Ended | 12 Months Ended | |||||||||
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2009
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2009
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Quarterly Results Of Operations [Abstract] | |||||||||||
Products | $ 197,446 | $ 179,327 | $ 173,710 | $ 171,492 | $ 164,972 | $ 147,393 | $ 129,559 | $ 119,218 | $ 721,975 | $ 561,142 | $ 406,529 |
Services | 117,169 | 111,386 | 103,862 | 97,442 | 89,302 | 83,081 | 76,509 | 71,938 | 429,859 | 320,830 | 246,550 |
Total | 314,615 | 290,713 | 277,572 | 268,934 | 254,274 | 230,474 | 206,068 | 191,156 | 1,151,834 | 881,972 | 653,079 |
Products | 34,485 | 31,803 | 31,423 | 31,614 | 31,045 | 29,328 | 27,419 | 26,042 | 129,325 | 113,834 | 95,209 |
Services | 21,435 | 20,645 | 19,250 | 17,349 | 15,783 | 15,251 | 13,997 | 13,087 | 78,679 | 58,118 | 47,517 |
Total | 55,920 | 52,448 | 50,673 | 48,963 | 46,828 | 44,579 | 41,416 | 39,129 | 208,004 | 171,952 | 142,726 |
Gross profit | 258,695 | 238,265 | 226,899 | 219,971 | 207,446 | 185,895 | 164,652 | 152,027 | 943,830 | 710,020 | 510,353 |
Sales and marketing | 100,945 | 93,633 | 89,332 | 86,825 | 80,696 | 77,219 | 69,644 | 65,642 | 370,735 | 293,201 | 225,193 |
Research and development | 36,552 | 35,245 | 34,507 | 32,606 | 31,571 | 30,889 | 29,134 | 26,720 | 138,910 | 118,314 | 103,664 |
General and administrative | 21,867 | 21,126 | 19,846 | 20,684 | 18,876 | 17,658 | 16,016 | 15,953 | 83,523 | 68,503 | 55,243 |
Total | 159,364 | 150,004 | 143,685 | 140,115 | 131,143 | 125,766 | 114,794 | 108,315 | 593,168 | 480,018 | 388,429 |
Income from operations | 99,331 | 88,261 | 83,214 | 79,856 | 76,303 | 60,129 | 49,858 | 43,712 | 350,662 | 230,002 | 121,924 |
Other income, net | 4,087 | 1,889 | 1,568 | 2,545 | 68 | 3,561 | 2,291 | 1,705 | 10,089 | 7,625 | 9,724 |
Income before income taxes | 103,418 | 90,150 | 84,782 | 82,401 | 76,371 | 63,690 | 52,149 | 45,417 | 360,751 | 237,627 | 131,648 |
Provision for income taxes | 35,808 | 27,601 | 29,207 | 26,738 | 28,136 | 23,195 | 19,005 | 16,138 | 119,354 | 86,474 | 40,113 |
Net income | $ 67,610 | $ 62,549 | $ 55,575 | $ 55,663 | $ 48,235 | $ 40,495 | $ 33,144 | $ 29,279 | $ 241,397 | $ 151,153 | $ 91,535 |
Net income per share - basic | $ 0.84 | $ 0.77 | $ 0.69 | $ 0.69 | $ 0.60 | $ 0.51 | $ 0.42 | $ 0.37 | $ 2.99 | $ 1.90 | $ 1.16 |
Weighted average shares - basic | 80,317 | 80,866 | 80,809 | 80,644 | 80,268 | 79,864 | 79,394 | 78,906 | 80,658 | 79,609 | 78,842 |
Net income per share - diluted | $ 0.84 | $ 0.77 | $ 0.68 | $ 0.68 | $ 0.59 | $ 0.50 | $ 0.41 | $ 0.36 | $ 2.96 | $ 1.86 | $ 1.14 |
Weighted average shares outstanding - diluted | 80,766 | 81,497 | 81,622 | 81,648 | 81,253 | 81,031 | 80,737 | 80,333 | 81,482 | 81,049 | 80,073 |