Investor Presentaiton
Reconciliation of Non-GAAP Results to GAAP Results
$ in millions
2009 (1) 2010 (1) 2011 (1) 2012 (
2(1) 2013 (1) 2014 (1) 2015 (1) 2016 2017
2018
2019
2020
GAAP operating income
GAAP operating margin
$25.3 $55.3 $88.9 $100.5
10% 17% 21%
$72.1 $59.3 $14.9
$46.0 $112.6 $234.4 $351.0 $531.8
19%
12%
8%
1%
4%
8%
13%
16%
20%
Stock-based compensation
7.4
9.3 19.0
30.7
44.4
59.0
95.0
122.4
137.2 162.9 174.1 193.8
Amortization of acquired
intangible assets
1.6
1.4
3.1
9.3
8.6
9.0
10.9
13.3
Impairment of intangible assets
0.5
2.4
1.6
Write-off of intangible asset
2.4
ERP-related expenses
W
m
II
Acquisition-related charges
Restructuring charges
Inventory fair value adjustment
amortization
Litigation settlement expenses
Gain on IP matter
Non-GAAP operating income
Non-GAAP operating margin
$35.1
14%
5.4
13.4
2.7
0.3
I
7.6
4.0
0.3
2.9
0.8
(1.9)
(1.9) (1.9)
1.5
(0.7)
(40.2)
$64.6 $106.0 $129.3 $116.7 $122.1 $133.2 $196.2 $260.2 $406.3 $536.0 $698.0
20% 24% 24%
16%
15% 17% 23% 25% 27%
19%
13%
O Fortinet, Inc. All Rights Reserved.
2009-2015 have not been adjusted for an immaterial error related to the commencement of revenue recognition for certain FortiCare support service contracts.
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