Revenue and Financial Overview
in
GAAP to Non-GAAP Reconciliations
($ in millions)
Total revenue
Q2'23
Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23
Q3'23 Q4'23
$963.6 $954.8 $1,030.1 $1,149.5 $1,283.0 $1,262.3 $1,292.8 $1,334.6 $1,415.1
346.5 205.0 274.1 261.5 446.8 240.6 247.7 156.7 449.7
(10.8)
$1,305.8 $1,159.8 $1,304.2 $1,411.0 $1,719.0 $1,502.9 $1,540.5 $1,491.3 $1,864.8
Add: Change in deferred revenue
Less: Deferred revenue balance acquired in business combination
(1)
Less: ASC 606 transition amount related to deferred revenue
(4.3)
Total billings
GAAP Cash Flow from Operations
Less: Purchases of Property and Equipment
Free Cash Flow (2)
Add: Real Estate Related Add Backs
Adjusted Free Cash Flow (3)
92.7
$366.2
283.5
21.2
$304.7
$366.8 $396.1 $323.4 $483.0 $528.1 $677.5 $515.1 $551.2 $191.7
(151.3) (122.6) (39.9) (87.8) (30.9) (30.3) (76.8) (70.1) (26.9)
215.5 273.5
395.2 497.2 647.2
129.0
68.6
12.6
14.9
$344.5
$463.8 $509.8 $662.1 $497.7 $530.8 $167.7
438.3
59.4
481.1
49.7
164.8
2.9
Notes
(1)
(2)
(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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