Revenue and Financial Overview
in
GAAP to Non-GAAP Reconciliations
($ in millions)
Total revenue
Add: Change in deferred revenue
Less: Deferred revenue balance acquired in business combination
Less: Adjustment due to adoption of ASU 2021-08 (1)
Total billings
GAAP Cash Flow from Operations
Less: Purchases of Property and Equipment
Free Cash Flow (2)
Add: Real Estate Related Add Backs
Notes
(1)
(2)
(3)
Adjusted Free Cash Flow (3)
2021
$3,342.2
2022
$4,417.4 $5,304.8
2023
847.6
(4.1)
1,187.4 1,094.7
(10.8)
(4.3)
$4,181.4
$5,594.0 $6,399.5
$1,499.7 $1,730.6 $1,935.5
(295.9) (281.2) (204.1)
1,203.8 1,449.4
232.0
$1,435.8
1,731.4
195.1
126.9
$1,644.5 $1,858.3
We early adopted ASU 2021-08 on a retrospective basis and effective for us beginning on January 1, 2021. The adoption of ASU 2021-08 resulted in a $4.3 million adjustment attributable to the
acquisition of Alaxala in 2021, as a result of the revised measurement of deferred revenue for acquisition.
Free Cash Flow is a non-GAAP measure that we define as net cash provided by operating activities minus purchases of property and equipment.
Adjusted Free Cash Flow is a non-GAAP measure that we define as Free Cash Flow plus cash payments associated with real estate purchases and cash payments related to HQ Construction.
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