Revenue and Financial Overview
GAAP to Non-GAAP Reconciliations (Continued)
($ in millions
Q4'21
GAAP provision for (benefit from) income taxes
Q1'22
$3.7 $(8.1) $2.4
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
$27.3
$9.2
$21.3
$27.6
$(0.3) $95.2
Tax adjustments related to the above
52.4
41.7
39.1
27.8
63.6
38.5
35.0
67.6
(13.0)
Non-GAAP provision for income taxes
Non-GAAP effective tax rate
Net income attributable to Fortinet, Inc.
Stock-based compensation
Amortization of acquired intangible assets
Gain on IP matter
Tax adjustments
$56.1
$33.6
$41.5
$55.1
$72.8
$59.8
$62.6
$67.3
$82.2
21%
17%
17%
17%
17%
17%
17%
17%
17%
$199.0
$138.4 $173.5 $231.6
$313.8
$247.7
$266.3
$322.9 $310.9
54.2
53.9
55.3
55.3
55.3
57.0
65.7
64.9
64.0
6.8
6.4
6.0
5.2
5.7
4.7
4.5
4.4
5.3
(1.2)
(1.1)
(1.2)
(1.1)
(1.2)
(1.2)
(1.1)
(1.1)
(1.2)
(52.4)
(41.7)
(39.1) (27.8)
(63.6)
(38.5)
(35.0) (67.6)
13.0
Non-cash charge on equity method investment
39.7
Adjustments attributable to non-controlling interests
(0.6)
(0.8)
(0.4)
Non-GAAP net income attributable to Fortinet, Inc.
$205.8
$155.1
$194.1
(0.5)
$262.7
$349.7 $269.7
$300.4
$323.5
$392.0
GAAP net income per share attributable to Fortinet, Inc., diluted (1)
$0.24
$0.17
$0.21
$0.29
$0.40
$0.31
$0.33
$0.41
$0.40
Stock-based compensation
0.06
0.06
0.07
0.07
0.07
0.07
0.08
0.08
0.08
Amortization of acquired intangible assets
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Gain on IP matter
—
-
-
-
Tax adjustments
(0.06)
(0.05)
(0.05)
(0.04)
Non-cash charge on equity method investment
(0.08)
0.05
(0.05) (0.04) (0.09)
0.02
Adjustments attributable non-controlling interests
Non-GAAP net income per share attributable to Fortinet, Inc., diluted (1)
$0.25
$0.19
$0.24
$0.33
$0.44
$0.34
$0.38
$0.41
$0.51
(1)
Shares used in diluted net income per share attributable to Fortinet, Inc.
calculations
835.0
820.8
810.1
798.6
791.8
793.4
795.9
791.2
772.3
W
Note
(1)
All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.
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