F5 is a leader in application delivery controllers, or ADCs, which it sells to businesses, service providers, and government agencies. F5 has long been the market share leader in hardware-delivered ADCs but has successfully transitioned to a software-focused business model due to a shift in consumption preferences. We think the company is well positioned to remain the market leader in hardware ADCs as it competes in the high-growth software market and grows with SaaS, application and edge security over the next decade.