Revenue and Financial Overview
GAAP to Non-GAAP Reconciliations (Continued)
W
($ in millions)
GAAP provision for income taxes
Tax adjustments related to the above
Non-GAAP provision for income taxes
2022
Non-GAAP effective tax rate
2021
$14.1 $30.8 $143.8
165.1 172.2 128.1
$179.2 $203.0 $271.9
21%
17% 17%
2023
GAAP net income attributable to Fortinet, Inc.
$606.8
$857.3 $1,147.8
Stock-based compensation
211.2
219.8
251.6
Amortization of acquired intangible assets
18.5
23.3
18.9
Gain on IP matter
Tax adjustments
(4.6)
(4.6)
(4.6)
(165.1)
(172.2)
(128.1)
Non-cash charge on equity method investment
39.7
Adjustments attributable non-controlling interests
(0.8)
(1.7)
Non-GAAP net income attributable to Fortinet, Inc.
$666.0
$961.6 $1,285.6
GAAP net income per share attributable to Fortinet, Inc., diluted(1)
$0.73
$1.06
$1.46
Stock-based compensation
0.26
0.27
0.32
Amortization of acquired intangible assets
0.02
0.03
0.02
Gain on IP matter
(0.01) (0.01) (0.01)
Tax adjustments
(0.20)
Non-cash charge on equity method investment
(0.21)
0.1
(0.16)
Adjustments attributable non-controlling interests
Non-GAAP net income per share attributable to Fortinet, Inc., diluted (1)
$0.80
$1.19 $1.63
Shares used in diluted net income per share attributable to Fortinet, Inc. calculations (1)
835.3
805.3
788.2
Note
(1)
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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.View entire presentation