F5's Continued Focus on Software and Security Growth Beneficial to Navigating Supply Chain Headwinds

F5 is a leader in application delivery controllers, or ADCs, sells to enterprises, service providers, and government entities. F5 has long been the market share leader for hardware-delivered ADCs, but due to a change in consumption preferences, successfully pivoted to a software-focused business model. We think the company is well positioned to remain the share leader in hardware ADCs while competing in the higher growth software market and grow along with SaaS, application, and edge security over the next decade.