Fortinet, Inc. · NASDAQ:FTNT
Fortinet — Investor Day (November 2024)
72 slides from Fortinet's investor day presentation, Nov 18, 2024
Slide 1: 2024 Analyst Day
2024 Analyst Day November 18, 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement Information, statements and projections contained in these presentation slides and related conference call concerning Fortinet’s business outlook, the fourth quarter and full year 2024 guidance, mid-term financial targets, and future prospects and expectations are forward-looki
Slide 3: Today's Agenda
Today’s Agenda 10:15 AM Welcome Aaron Ovadia, Senior Director, Investor Relations Foundations for Growth: 10:20 AM Leading. Long-Term. Loyalty. Ken Xie, Founder, Chairman, and CEO Market Opportunity, Technology Trends, John Maddison, CMO 10:45 AM Customer Journey, and Technology Vision Robert May,
Slide 4: Foundations for Growth: Leading. Long-Term. Loyalty.
Foundations for Growth: Leading. Long-Term. Loyalty. Ken Xie – Founder, Chairman of the Board and Chief Executive Officer
Slide 5: Leading Network & Security Convergence
Leading Network & Security Convergence Leading Long-term Loyalty Networking and Security Technology and Infrastructure to Customers, Shareholders, Convergence Investments Partners and Employees Network SD-WAN Fortinet Fortinet Firewall Customers Shareholders Silicon Cloud SASE OT Security Converged
Slide 6: The Convergence of Networking & Security: A Strategic Evolution
The Convergence of Networking & Security: A Strategic Evolution The secure networking market will exceed traditional networking by 2026 $62B Tipping Point $56B $49B $50B $47B Traditional Networking $43B Secure Networking $29B $25B $19B $16B $9B $7B 2000 2010 2020 2025 2026 2030 Source: Fortinet comp
Slide 7: Unmatched Leadership in Network Firewall Security
Unmatched Leadership in Network Firewall Security Unprecedented performance, unrivaled security Firewall Units Shipped Product Revenue Most Customers Leader Growth YoY 800,000+ Lifetime 900,000 $2,500 800,000 $2,000 700,000 50% 600,000 $1,500 40% 500,000 30% $1,000 400,000 20% 300,000 $500 10% 200,0
Slide 8: Leading with the Only Internally Developed ASIC-powered SD-WAN
Leading with the Only Internally Developed ASIC-powered SD-WAN Unprecedented Leadership SD-WAN Leadership Native SASE Integration Highest in execution 14,400 SD-WAN customers Powered by FortiOS added in last 4 years SSE FortiSASE SD-WAN FortiGate 2021 2022 2023 2024 © Fortinet Inc. All Rights Reserv
Slide 9: Leading the Future of Operational Technology Security
Leading the Future of Operational Technology Security Fortinet is the only Operational Technology Leader in the Westlands Advisory Report Westlands Advisory Growing Business Navigator Leader YoY Revenue Growth Exceeds Market OT Cyber & Networking Expenditure 2019-2031 40,000 25% 35,000 20% LEADER 30
Slide 10: Leading Innovator with Large Investment in Innovation
Leading Innovator with Large Investment in Innovation 500+ Issued and Pending AI Patents with 2x more total patents than comparable cybersecurity companies US Patents Innovation Across Pillars 1,027 548 Palo Alto Networks Secure Networking 235 Zscaler AI 108 Check Point 1,816 Security SASE 94 CrowdS
Slide 11: Leading Network & Security Convergence
Leading Network & Security Convergence Leading Long-term Loyalty Networking and Security Technology and Infrastructure to Customers, Shareholders, Convergence Investments Partners and Employees Network Firewall Fortinet Fortinet Customers Shareholders Silicon Cloud SASE OT Security Converged OS AI P
Slide 12: The Most Integrated Operating System
The Most Integrated Operating System Single OS with leadership in five network security Gartner Magic Quadrants FortiOS Operating System Network Firewall SD-WAN Wired & Wireless LAN Single-Vendor SASE Secure Service Edge (SSE) No Customers’ Choice Avai l a b le LEADER LEADER LEADER For This Mar k e
Slide 13: The Only Purpose-built Proprietary ASIC
The Only Purpose-built Proprietary ASIC FortiASIC accelerates FortiOS functions – supports 2x more applications than the previous generation Content Network Security Processor 9 Processor 7 Processor 5 14 apps SD-Branch Zero Trust OT Delivers low latency, All-in-one ASIC 5G Offload resource intensiv
Slide 14: Investing in SASE for Unmatched Flexibility & Performance
Investing in SASE for Unmatched Flexibility & Performance Data Center Internet SaaS Public Cloud Private Cloud Remote Digital Experience FWaaS CASB/DLP SWG ZTNA Browser Isol ation Monitoring 1 Local Private SASE 2 FortiOS Sovereign SASE Run FortiOS across cloud & In addition to cloud, you can hardwa
Slide 15: Investing in Owned Global Infrastructure
Investing in Owned Global Infrastructure Only one to deliver global reach providing flexible connectivity and cost savings 3.3M+ Owned Cost savings FortiStack Cloud Locations 1.0M+ Leased drive competitive Organically built 150+ superior user 4.3M+ Total sq ft advantage integrated solutions experien
Slide 16: Positioning for Future Growth Through Strategic Investment
Positioning for Future Growth Through Strategic Investment AI Edge Computing and Quantum Security AI driving security and automation OT Security Quantum-Secure Future AI Big Data AI ML Process and analyze trillions of events using AI/ML Container OS Contextual Gen AI Quantum Key Distribution Generat
Slide 17: Leading Network & Security Convergence
Leading Network & Security Convergence Leading Long-term Loyalty Networking and Security Technology and Infrastructure to Customers, Shareholders, Convergence Investments Partners and Employees Network SD-WAN Fortinet Fortinet Firewall Customers Shareholders Silicon Cloud SASE OT Security Converged
Slide 18: Fostering Customer Loyalty Through Exceptional Service
Fostering Customer Loyalty Through Exceptional Service Building trust and lasting relationships for sustainable growth CSAT Retention Community Platform 62,000+ 130,000+ Discussions Community Members 9.2/10 112% 400%+ Customer NRR Increase in Community satisfaction 114% Large Enterprise Platform usa
Slide 19: Strengthening Loyalty with the Largest Cybersecurity Training Offering
Strengthening Loyalty with the Largest Cybersecurity Training Offering NSE Certification Program 1,695,800+ Certifications Training and 763 Academic Partners Education Security Awareness 50 Education Outreach and Training Service and Veterans Program Partners © Fortinet Inc. All Rights Reserved. 19
Slide 20: Channel Loyalty to Drive Success & Shared Value
Channel Loyalty to Drive Success & Shared Value Technology Alliance Channel Loyalty and Commitment to and Ecosystem 113,000+ Global Partners Technology Alliance Growth 450 417 400 381 333 87% 81% 350 300 273 250 217 200 138 150 100 44 82 Global Partners engaged Global Enterprise Partners 50 with us
Slide 21: Investor Loyalty – FTNT up Over 7,400% Since 2009 IPO
Investor Loyalty – FTNT up Over 7,400% Since 2009 IPO Shareholder value is a primary directive of the company Fortinet Shareholder Return Since IPO 2009 – 2024 CAGR: 33% +7,436% 80 $94.20/sh 70 60 50 40 30 20 10 $1.25/sh 0 1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 22: 35% Increase in Earnings Per Share Due to Share Repurchases
35% Increase in Earnings Per Share Due to Share Repurchases Returned $6.4 billion to shareholders via share repurchases Robust Share Buyback Program Cash Paid for Stock Repurchases $ In millions $1,991 $6.4B 266M $1,501 cash returned to shares repurchased shareholders $1,080 $742 35% $2B $446 $209 $
Slide 23: Investor Loyalty
Investor Loyalty Shareholder value is a primary directive of the company GAAP Profitable Fortinet Rule of 40 – Consistent Every Year Since IPO Management of Growth and Profits $7,000 45% 60% 58% $6,400 55% 40% $6,000 49% 48% 35% 47% 47% $5,000 44% 45% 44% 43% $4,181 30% 41% 42% Rule of 40 $4,000 23%
Slide 24: Fortinet Long Term Investments
Fortinet Long Term Investments Leading Long-term Loyalty Networking and Security Technology and Infrastructure to Customers, Shareholders, Convergence Investments Partners and Employees Network SD-WAN Fortinet Fortinet Firewall Customers Shareholders Silicon Cloud SASE OT Security Converged OS AI Pa
Slide 25: Market Opportunity, Technology Trends, and Customer Journey
Market Opportunity, Technology Trends, and Customer Journey John Maddison – Chief Marketing Officer
Slide 26: A Large & Growing Total Addressable Market
A Large & Growing Total Addressable Market Worldwide TAM growing from $183B in 2024 to $284B in 2028, a +12% CAGR Secure Unified AI-Driven Security Networking SASE Operations $75B $46B $163B ’24-’28 CAGR: +7% ’24-’28 CAGR: +16% ’24-’28 CAGR: +13% Added CNAPP TAM of $17B–Lacework acquisition Added DL
Slide 27: Market Subsegments & Major Trends
Market Subsegments & Major Trends Resiliency is a major focus for all customers Secure Networking Unified SASE AI-Driven Security Operations SWG Strategy CSPM Policy WLAN Cloud vFW 14% SSE 5% 4% 4% 27% 6% SIEM WAF 5% 7% ZTNA CWPP 11% CNS 7% 8% CASB Access Management 7% Network 10% Campus Firewalls A
Slide 28: Each Fortinet Business Growing Faster Than The Market
Each Fortinet Business Growing Faster Than The Market Secure Unified AI-Driven Security Networking SASE Operations Converge security and Secure users anywhere and AI-driven security operations networking to protect every applications on any cloud to detect, investigate, and respond edge and device t
Slide 29: Accelerating Secure Networking Market Leadership
Accelerating Secure Networking Market Leadership Analyst Recognition Business Business Growth* Growth* 700,000+ New Edge Firewalls shipped 11,000+ New secure LAN/W LAN 3,000+ New OT Security customers last 12 months customers YoY last 12 months Typical Customer Journey Leader in Magic Leader in Magi
Slide 30: Triple Digit SASE Growth with Large Increasing Pipeline
Triple Digit SASE Growth with Large Increasing Pipeline $100,00 Analyst Recognition Business Growth* Challenger in Leader in SD- 40,000+ 300% 100% Single Vendor WAN Magic SD-WAN installed base Y/Y growth for SSE deals SSE Pipeline increase to nine figures in 2024 SASE & SSE Quadrant Magic Quadrants
Slide 31: Most Comprehensive Security Operations Portfolio
Most Comprehensive Security Operations Portfolio $100,00 Analyst Recognition Business Growth* MAGIC WAVES 34,000+ 144% 7+ QUADRANTS FortiAnalyzer customers 3-year billings CAGR for SOCaaS FortiAI enabled products 4 5 Typical Customer Journey Firewall Analytics Advanced AI-Driven Security Data Lake S
Slide 32: Technology Vision
Technology Vision Robert May – EVP, Technology and Product Management
Slide 33: Technology Investments for the Long Term
Technology Investments for the Long Term FortiOS FortiASIC FortiCloud FortiGuard FortiAI Unified OS across on- Hardware acceleration Data center investment Threat research & AI-guided, scalable & prem, public cloud and delivers fastest NGFW plus a global hybrid intelligence delivering automated SecO
Slide 34: Unified Adoption Strategy for Enterprises
Unified Adoption Strategy for Enterprises 50+ Products 3 Work Streams across Fortinet operations Infrastructure & Networking Global IT Manage all aspects of office 14,000 Users networks, plus all remote user NGFW LAN SD-WAN ZTNA SASE DEM AI-Ops ASIC Switch Branch Private Apps Retail & SASE Agent W
Slide 35: Proven Advantage of Single OS
Proven Advantage of Single OS Single OS Advantage Easy to Adopt Infrastructure Market Leadership & Networking Global MIS Proven Manage all aspects of office 14,000 Users networks, plus all remote user NGFW LAN SD-WAN ZTNA SASE DEM AI-Ops ASIC Switch Branch Private Apps Retail & SASE Agent Wireless 1
Slide 36: Single OS for SASE
Single OS for SASE FortiSASE Advantage Single OS SD-WAN ASIC Infrastructure & Networking Global MIS Manage all aspects of office 14,000 Users networks, plus all remote user NGFW LAN SD-WAN ZTNA SASE DEM AI-Ops ASIC Switch Branch Private Apps Retail & SASE Agent Wireless 120+ Offices security and rem
Slide 37: SASE Evolution
SASE Evolution Single Vendor SASE Single OS Advantage Single Management Present Single Logs Past Unified No Skills Gap Basic Deploy in 5 Min Single Vendor SASE Advantage Manual SD-WAN Edge ASIC MSSP Reduce “tech debt” Sovereign Simplest License 2018 2023 © Fortinet © Fortinet Inc. Inc. All Rights Al
Slide 38: SASE Evolution
SASE Evolution Universal SASE SASE Cloud ASIC Future Quantum Safe Universal Integrated DSPM Present Platform Endpoint Past Unified Unified Agent Basic DLP Single Vendor Deception / Decoys Manual Edge Productivity Firmware Control Distributed ASIC Edge Orchestration AI-Managed ASICs 2018 2023 2026 ©
Slide 39: AI Data Center Advantage
AI Data Center Advantage Customer OS Journey Infrastructure & Networking Global MIS Manage all aspects of office 14,000 Users networks, plus all remote user NGFW LAN SD-WAN ZTNA SASE DEM AI-Ops ASIC Switch Branch Private Apps Retail & SASE Agent Wireless 120+ Offices security and remote access. Wire
Slide 40: Investing in Owned Global Infrastructure
Investing in Owned Global Infrastructure Only one to deliver global reach providing flexible connectivity and cost savings. 4.3M Total Sq Ft Cost Savings FortiStack Cloud Locations 3.3M Owned Drive Competitive Organically built 150+ superior user 1.0M Leased Advantage private CSP experience Vancouve
Slide 41: Flexible SASE Deployments
Flexible SASE Deployments FortiSASE FortiSASE (White Label) Sovereign SASE DIY SASE Cloud-delivered service Private Customer DC Portal Fortinet Cloud Fortinet White Label Fortinet Cloud Customer Data Center Management Fortinet Cloud Fortinet Cloud Customer Data Center Customer Data Center Logs / Dat
Slide 42: SecOps Consolidation with Unified Data Lake
SecOps Consolidation with Unified Data Lake Customer OS Journey Infrastructure & Networking Global MIS Manage all aspects of office 14,000 Users networks, plus all remote user NGFW LAN SD-WAN ZTNA SASE DEM AI-Ops ASIC Switch Branch Private Apps Retail & SASE Agent Wireless 120+ Offices security and
Slide 43: Unified Data Lake
Unified Data Lake AI-Powered SecOps Platform AI Technology & Infrastructure Investments Threat Intel Outbreaks IOCs Data Lake FortiTIP FortiAI Big Data AIOps LLMs 3rd Party Tools sprawl Traditional Limited resources + shortage SOC DevOps maintenance FortiGate Logs FortiSASE FortiEndpoint Built-in Co
Slide 44: Extensive Products Portfolio
Extensive Products Portfolio Secure Unified AI-Driven Security Networking SASE Operations FortiGate (SD-WAN) FortiAnalyzer FortiGate FortiSASE (SSE) FortiCNAPP FortiManager FortiClient (ZTNA) FortiDLP FortiSwitch FortiMonitor (DEM) FortiSIEM FortiAP FortiGate VM FortiEDR FortiExtender FortiGate CNF
Slide 45: Go-To-Market Strategy
Go-To-Market Strategy John Whittle, COO Matthew Pley, EVP, America Sales Joe Sarno, EVP, International Sales Trevor Pagliara, SVP, Sales Pedro Paixao, SVP, Sales
Slide 46: Go-to-Market Panel
Go-to-Market Panel John Whittle Joe Sarno Matthew Pley Trevor Pagliara Pedro Paixao COO EVP, International EVP, America Sales SVP, Sales SVP, Sales MODERATOR Sales © Fortinet Inc. All Rights Reserved. 46
Slide 47: Secure Networking
Secure Networking #1 in Enterprise $75B TOP TOP TOP TOP TOP TOP TOP 77% of Fortune 100 and 71% of Global 2000 depend on 10/10 9/10 9/10 10/10 10/10 9/10 10/10 Banking Business Healthcare & Life Manufacturing Retail & Technology Telcos & Fortinet to stay secure Services Sciences Wholesale Carriers ’2
Slide 48: Break
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Slide 49: Financial Outlook
Financial Outlook Keith Jensen, Chief Financial Officer Christiane Ohlgart, Chief Accounting Officer
Slide 50: Consistent Execution – Rule of 40
Consistent Execution – ‘ ule of 40’ Exceeding the Target 12 Times in 14 Years 60% 58% 55% 49% 48% 47% 47% 44% 45% 44% 42% 43% 41% Rule of 40 34% 35% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E (1) Non-GAAP Operating Margin Revenue Growth Fortinet defines the Rule of 4
Slide 51: Strategic Investments & Capital Allocation Since 2020
Strategic Investments & Capital Allocation Since 2020 $4B+ Innovation Investments Since IPO Innovation: $2.5B Capital Return: $5.7B $2.1B spent on R&D Repurchased 135M Shares for $5.3B M&A M&A 7% 16% R&D Hardware Share 84% Repurchases 3,200+ Engineers 93% Software © Fortinet Inc. All Rights Reserved
Slide 52: Highly Diversified Business
Highly Diversified Business Across Customer Types, Geographies and Industries Customer Types Geographies Industries 9% 10% 9% 22% 26% 100+ Other Other Countries Industries Industries 10% 41% 40% 51% 27% 12% 18% Large Enterprise Mid Enterprise 100+ Countries France Worldwide Gov't Fin Serv Small Ente
Slide 53: Rich Cash Flow Margins Powering Innovation & S/H Returns
Rich Cash Flow Margins Powering Innovation & S/H Returns Contract Duration Remains Stable Total Billings Adj. Free Cash Flow $6,400 $6,480 $1,858 $5,594 $1,645 $ in Millions $ in Millions 28 mos. 28 mos. 28 mos. 37% 35% (1) 2022 2023 2024E 2022 2023 2024E Free Cash Flow Real Estate Adj. Free Cash Fl
Slide 54: Revenue Mix Shifts to Higher Margin Service Revenue
Revenue Mix Shifts to Higher Margin Service Revenue cRPO Growth is 16% YoY Revenue RPO $6.1B $5.89B 15% Y/Y +11% Y/Y $5.3B $5.31B +20% Y/Y +26% Y/Y $4.42B +32% Y/Y $4.2B +35% Y/Y 68% 64% 60% (1) 2022 2023 2024E Q3'22 Q3'23 Q3'24 Current RPO Long-term RPO Service Revenue Product Revenue (1) Based on
Slide 55: Significantly Expanded Gross & Operating Margins
Significantly Expanded Gross & Operating Margins Gross Margin Stabilizing at a Higher Level Non-GAAP Gross Margin Non-GAAP Operating Margin 80.8% 33.4% 28.4% 77.4% 2023 2024 Actual Guide As Reported 77.4% 80.8% Freight / Expedite Fees 0.6% - Extra Reserves 2.0% (0.8%) Mix Shift - (0.5%) Normalized 8
Slide 56: Unified SASE and SecOps Billings Mix, Growth Rates and ARR
Unified SASE and SecOps Billings Mix, Growth Rates and ARR SSE ARR Growth is Over 500% Billings Growth YoY RPO ARR Unified Security Unified Security Unified Security SASE Operations SASE Operations SASE Operations 32% $1,326 $984 +22% +18% $ in Millions Y/Y $ in Millions Y/Y 14% 12% $624 11% $444 +4
Slide 57: Consolidation – SD-WAN & SSE
Consolidation – SD-WAN & SSE 70% of Large Enterprise Customers Have Expanded to SD-WAN Functionality, leveraging the Single OS Branch & Cloud edge Universal ZTNA Secure SD-WAN SASE Data Center Consistent Branch and Secure Services Edge Firewall Enforcement Campus SD-WAN Large Enterprise Hybrid VM Ex
Slide 58: Convergence – Switch & APs
Convergence – Switch & APs Over 70% of Large Enterprise Customers have Converged Firewalls, Switches, and APs Edge Cyber-Physical Switch AP Advanced Firewall Security Security Subscriptions OT Penetration in Large Enterprise Large Enterprise Expansion to Switches Large Enterprise Expansion to AP 75%
Slide 59: Secure Networking – Upgrade
Secure Networking – Upgrade 2026 Upgrade is Underway, Adding Product Revenue and Service Upsell/Expansion Retiring FortiGate Units 700,000 350,000 1/4 of install base EOS by 2026 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 # of EOS 4 1 0 1 1 2 5 1 8 1 2 11 3 Models Average Cum
Slide 60: Moving to the Rule of 45
Moving to the ‘ ule of 45’ Met the Rule of 45 Five Times in the Last Seven Years 60% 55% 48% 47% 43% 45% 44% Rule of 45 33% 27% 26% 27% 28% 23% 25% (1) 2018 2019 2020 2021 2022 2023 2024E Non-GAAP Operating Margin Revenue Growth Fortinet defines the Rule of 45 as GAAP revenue Y/Y growth plus Non-GAA
Slide 61: Financial Targets
Financial Targets Long-term Target: Achieve the Rule of 45 (1) 3 – 5 Year 2023 2024E Targets YoY Growth Billings 14% 1% >12% CAGR Faster than market Revenue (GAAP) 20% 11% >12% CAGR Faster than market Operating Margin 28% 33% >30% Rule of 45 48 44 45+ Adjusted Free Cash Flow 35% mid-to-high 30%’s (1
Slide 62: Q4'24 and 2024 Guidance
Q4’24 and 2024 Guidance As of November 7, 2024 Actual Q4'24E Actual 2023 2024E Q4'23 Billings $1.865B $1.900 - 2.000B $6.400B $6.430 - 6.530B Y/Y Mid-Pt Growth 4.6% 1.3% Revenue (GAAP) $1.415B $1.560 - 1.620B $5.305B $5.856 - 5.916B Y/Y Mid-Pt Growth 12.4% 10.9% Service Revenue (GAAP) $927.0M $3.378
Slide 63: Additional Modeling Points
Additional Modeling Points As of November 7, 2024 Actual Actual Actual Actual Actual Q4’24 2024E Q4'23 2023 Q1'24 Q2'24 Q3'24 Cash Paid for Taxes $341M $426M $31M $252M $140M $127 - $177M $550 - $600M Capital Expenditures $27M $204M $222M $23M $36M $100 - $120M $380 - $400M Non-GAAP Tax Rate 17% 17%
Slide 64: Key Takeaways
Key Takeaways Growing TAM Foundations for Large Upsell Strong Growth of $284B Growth Opportunity and Profitability • Delivering continuous • Billions of investment in • Continuous innovation and • Strong shareholder return innovation addressing the FortiASIC / OS to improve OS integration creates th
Slide 65: Executive Q&A
F:-SRTINET Executive Q&A
Slide 66: Thank You!
F:-SRTINET Thank You!
Slide 67: Appendix
F:-SRTINET Appendix
Slide 68: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results $ in millions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total revenue $252.1 $324.7 $433.6 $533.6 $615.3 $770.4$1,009.3$1,278.5$1,497.7$1,804.6$2,163.0$2,594.4$3,342.2 $4,417.4$5,304.8 Add change in deferred revenue
Slide 69: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results $ in millions 2020 2021 2022 2023 Q3’24 YTD GAAP research and development expense $341.4 $424.2 $512.4 $613.8 $525.7 Stock‐based compensation (47.6) (56.7) (64.2) (76.8) (63.0) Non‐GAAP research and development expense $293.8 $367.5 $448.2 $537.0 $4
Slide 70: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results $ in millions 2022 2023 GAAP Cash Flow from Operations $1,703.6 $1,935.5 Less: Purchases of Property and Equipment (281.2) (204.1) Free Cash Flow $1,449.4 $1,731.4 Add: Real Estate Related Add Backs 195.1 126.9 Adjusted Free Cash Flow $1,644.5 $1,85
Slide 71: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results (1) (1) (1) (1) (1) (1) (1) $ in millions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 GAAP operating income $25.3 $55.3 $88.9 $100.5 $72.1 $59.3 $14.9 $46.0 $112.6 $234.4 $351.0 $531.8 $650.4 $969.6 $1,241.1 GAAP opera
Slide 72: F=-RTINET
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