Revenue and Financial Overview
in
GAAP to Non-GAAP Reconciliations (Continued)
($ in millions)
GAAP product gross profit
Stock-based compensation
Amortization of acquired intangible assets
2021
$767.3
2022
2023
$1,089.2 $1,163.7
1.7
1.7
1.8
5.7
7.8
7.1
Non-GAAP product gross profit
Non-GAAP product gross margin
$774.7 $1,098.7 $1,172.6
61.7% 61.7% 60.8%
GAAP service gross profit
Stock-based compensation
15.7
Amortization of acquired intangible assets
7.2
$1,791.9 $2,243.3 $2,903.9
23.3
7.8
Non-GAAP service gross profit
Non-GAAP service gross margin
GAAP total gross profit
Stock-based compensation
Amortization of acquired intangible assets
18.8
9.4
$1,814.8 $2,271.5 $2,935.0
86.9% 86.1% 86.9%
$2,559.2 $3,332.5 $4,067.6
17.4
12.9
20.5
25.1
17.2
14.9
Non-GAAP total gross profit
Non-GAAP gross margin
GAAP research and development expense
Stock-based compensation
$2,589.5 $3,370.2 $4,107.6
77.5% 76.3% 77.4%
$424.2 $512.4 $613.8
Non-GAAP research and development expense
Non-GAAP research and development expense as a percentage of revenue
GAAP sales and marketing expense
Stock-based compensation
Amortization of acquired intangible assets
Non-GAAP sales and marketing expense
Non-GAAP sales and marketing expense as a percentage of revenue
(56.7) (64.2) (76.8)
$367.5 $448.2 $537.0
11.0% 10.1% 10.1%
$1,345.7 $1,686.1 $2,006.0
(110.0) (105.0) (111.8)
(5.6) (6.1) (4.0)
$1,230.1 $1,575.0 $1,890.2
36.8% 35.7% 35.6%
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