|
| GAAP TO NON-GAAP RECONCILIATION
| |||||||||||||
|
|
| |||||||||||||
|
|
|
|
| Fourth Quarter of |
| Years | ||||||||
|
|
|
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||
|
|
|
|
| Dollar
| % of
|
| Dollar
| % of
|
| Dollar
| % of
|
| Dollar
| % of
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| GAAP revenue: |
|
| $ 856.5 |
|
| $ 926.0 |
|
| $ 3,676.3 |
|
| $ 3,659.1 |
| |
|
| Purchase accounting adjustments | (A) |
| — |
|
| — |
|
| — |
|
| 0.3 |
|
| Non-GAAP revenue: |
|
| $ 856.5 |
|
| $ 926.0 |
|
| $ 3,676.3 |
|
| $ 3,659.4 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| GAAP gross margin: |
|
| $ 503.1 | 58.7 % |
| $ 511.5 | 55.2 % |
| $ 2,105.6 | 57.3 % |
| $ 2,034.7 | 55.6 % | |
|
| Purchase accounting adjustments | (A) |
| 21.6 |
|
| 21.6 |
|
| 85.0 |
|
| 88.0 |
|
|
| Acquisition / divestiture items | (B) |
| 0.2 |
|
| — |
|
| 0.2 |
|
| — |
|
|
| Stock-based compensation /
| (C) |
| 3.4 |
|
| 2.5 |
|
| 12.1 |
|
| 9.8 |
|
|
| Restructuring and other costs | (D) |
| 0.7 |
|
| — |
|
| 1.7 |
|
| 0.2 |
|
| Non-GAAP gross margin: |
|
| $ 529.0 | 61.8 % |
| $ 535.6 | 57.8 % |
| $ 2,204.6 | 60.0 % |
| $ 2,132.7 | 58.3 % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| GAAP operating expenses: |
|
| $ 406.4 | 47.4 % |
| $ 383.7 | 41.4 % |
| $ 1,594.7 | 43.4 % |
| $ 1,473.7 | 40.3 % | |
|
| Purchase accounting adjustments | (A) |
| (12.1) |
|
| (10.9) |
|
| (46.6) |
|
| (46.5) |
|
|
| Acquisition / divestiture items | (B) |
| (12.3) |
|
| (11.5) |
|
| (32.6) |
|
| (21.8) |
|
|
| Stock-based compensation /
| (C) |
| (25.7) |
|
| (27.0) |
|
| (99.9) |
|
| (118.8) |
|
|
| Restructuring and other costs | (D) |
| (15.1) |
|
| (3.2) |
|
| (52.5) |
|
| (10.9) |
|
| Non-GAAP operating expenses: |
|
| $ 341.2 | 39.8 % |
| $ 331.1 | 35.8 % |
| $ 1,363.1 | 37.1 % |
| $ 1,275.7 | 34.9 % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| GAAP operating income: |
|
| $ 96.7 | 11.3 % |
| $ 127.8 | 13.8 % |
| $ 510.9 | 13.9 % |
| $ 561.0 | 15.3 % | |
|
| Purchase accounting adjustments | (A) |
| 33.7 |
|
| 32.5 |
|
| 131.6 |
|
| 134.5 |
|
|
| Acquisition / divestiture items | (B) |
| 12.5 |
|
| 11.5 |
|
| 32.8 |
|
| 21.8 |
|
|
| Stock-based compensation /
| (C) |
| 29.1 |
|
| 29.5 |
|
| 112.0 |
|
| 128.6 |
|
|
| Restructuring and other costs | (D) |
| 15.8 |
|
| 3.2 |
|
| 54.2 |
|
| 11.1 |
|
| Non-GAAP operating income: |
|
| $ 187.8 | 21.9 % |
| $ 204.5 | 22.1 % |
| $ 841.5 | 22.9 % |
| $ 857.0 | 23.4 % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-OPERATING INCOME (EXPENSE), NET: |
|
|
|
|
|
|
|
|
|
| |||||
| GAAP non-operating income
|
|
| $ (5.6) |
|
| $ (9.7) |
|
| $ 58.2 |
|
| $ 13.6 |
| |
|
| Acquisition / divestiture items | (B) |
| (4.5) |
|
| (0.3) |
|
| (107.5) |
|
| (42.1) |
|
|
| Deferred compensation | (C) |
| (2.0) |
|
| (2.1) |
|
| 8.5 |
|
| (6.1) |
|
|
| Restructuring and other costs | (D) |
| 5.9 |
|
| — |
|
| 6.0 |
|
| — |
|
| Non-GAAP non-operating expense,
|
|
| $ (6.2) |
|
| $ (12.1) |
|
| $ (34.8) |
|
| $ (34.6) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP and
|
|
| GAAP and
|
|
| GAAP and
|
|
| GAAP and
|
|
|
|
|
|
| (H) |
|
| (H) |
|
| (H) |
|
| (H) |
INCOME TAX PROVISION: |
|
|
|
|
|
|
|
|
|
| |||||
| GAAP income tax provision: |
|
| $ 5.5 | 6.0 % |
| $ 2.8 | 2.4 % |
| $ 119.4 | 21.0 % |
| $ 81.8 | 14.2 % | |
|
| Non-GAAP items tax effected | (E) |
| 15.2 |
|
| 11.8 |
|
| 49.9 |
|
| 41.4 |
|
|
| Difference in GAAP and Non-
| (F) |
| 11.0 |
|
| 5.6 |
|
| (22.9) |
|
| 7.5 |
|
|
| IP restructuring and tax law
| (G) |
| — |
|
| 14.4 |
|
| — |
|
| 14.4 |
|
| Non-GAAP income tax provision: |
|
| $ 31.7 | 17.5 % |
| $ 34.6 | 18.0 % |
| $ 146.4 | 18.2 % |
| $ 145.1 | 17.6 % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| GAAP net income attributable to
|
|
| $ 85.6 |
|
| $ 115.3 |
|
| $ 449.7 |
|
| $ 492.7 |
| |
|
| Purchase accounting adjustments | (A) |
| 33.7 |
|
| 32.5 |
|
| 131.6 |
|
| 134.5 |
|
|
| Acquisition / divestiture items | (B) |
| 8.0 |
|
| 11.2 |
|
| (74.7) |
|
| (20.3) |
|
|
| Stock-based compensation /
| (C) |
| 27.1 |
|
| 27.4 |
|
| 120.5 |
|
| 122.5 |
|
|
| Restructuring and other costs | (D) |
| 21.7 |
|
| 3.2 |
|
| 60.2 |
|
| 11.1 |
|
|
| Non-GAAP tax adjustments | (E) - (G) |
| (26.2) |
|
| (31.8) |
|
| (27.0) |
|
| (63.3) |
|
| Non-GAAP net income attributable
|
|
| $ 149.9 |
|
| $ 157.8 |
|
| $ 660.3 |
|
| $ 677.2 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED NET INCOME PER SHARE: |
|
|
|
|
|
|
|
|
|
| |||||
| GAAP diluted net income per share
|
|
| $ 0.34 |
|
| $ 0.45 |
|
| $ 1.80 |
|
| $ 1.94 |
| |
|
| Purchase accounting adjustments | (A) |
| 0.14 |
|
| 0.13 |
|
| 0.53 |
|
| 0.53 |
|
|
| Acquisition / divestiture items | (B) |
| 0.03 |
|
| 0.04 |
|
| (0.30) |
|
| (0.08) |
|
|
| Stock-based compensation /
| (C) |
| 0.11 |
|
| 0.11 |
|
| 0.48 |
|
| 0.48 |
|
|
| Restructuring and other costs | (D) |
| 0.09 |
|
| 0.01 |
|
| 0.24 |
|
| 0.04 |
|
|
| Non-GAAP tax adjustments | (E) - (G) |
| (0.11) |
|
| (0.12) |
|
| (0.11) |
|
| (0.25) |
|
| Non-GAAP diluted net income per
|
|
| $ 0.60 |
|
| $ 0.62 |
|
| $ 2.64 |
|
| $ 2.66 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA: |
|
|
|
|
|
|
|
|
|
| |||||
| GAAP net income attributable to
|
|
| $ 85.6 |
|
| $ 115.3 |
|
| $ 449.7 |
|
| $ 492.7 |
| |
|
| Non-operating income (expense),
|
|
| 11.1 |
|
| 12.5 |
|
| 61.2 |
|
| 68.3 |
|
| GAAP operating income: |
|
| 96.7 |
|
| 127.8 |
|
| 510.9 |
|
| 561.0 |
| |
|
| Purchase accounting adjustments | (A) |
| 33.7 |
|
| 32.5 |
|
| 131.6 |
|
| 134.5 |
|
|
| Acquisition / divestiture items | (B) |
| 12.5 |
|
| 11.5 |
|
| 32.8 |
|
| 21.8 |
|
|
| Stock-based compensation /
| (C) |
| 29.1 |
|
| 29.5 |
|
| 112.0 |
|
| 128.6 |
|
|
| Restructuring and other costs | (D) |
| 15.8 |
|
| 3.2 |
|
| 54.2 |
|
| 11.1 |
|
| Non-GAAP operating income: |
|
| 187.8 |
|
| 204.5 |
|
| 841.5 |
|
| 857.0 |
| |
|
| Depreciation expense and cloud
|
|
| 11.8 |
|
| 11.0 |
|
| 44.7 |
|
| 42.2 |
|
|
| Income from equity method
|
|
| 8.8 |
|
| 7.4 |
|
| 31.1 |
|
| 37.7 |
|
| Adjusted EBITDA: |
|
| $ 208.4 | 24.3 % |
| $ 222.9 | 24.1 % |
| $ 917.3 | 25.0 % |
| $ 936.9 | 25.6 % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year 2023 |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Low End | High End |
|
|
|
|
|
|
|
|
|
FORECASTED DILUTED NET INCOME PER SHARE: |
|
|
|
|
|
|
|
|
| ||||||
| Forecasted GAAP diluted net
|
|
| $ 1.59 | $ 1.79 |
|
|
|
|
|
|
|
|
| |
|
| Purchase accounting adjustments | (A) |
| 0.53 | 0.53 |
|
|
|
|
|
|
|
|
|
|
| Acquisition / divestiture items | (B) |
| 0.04 | 0.04 |
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation /
| (C) |
| 0.62 | 0.62 |
|
|
|
|
|
|
|
|
|
|
| Restructuring and other costs | (D) |
| 0.07 | 0.07 |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP tax adjustments | (E) - (G) |
| (0.19) | (0.19) |
|
|
|
|
|
|
|
|
|
| Forecasted non-GAAP diluted net income per
|
| $ 2.66 | $ 2.86 |
|
|
|
|
|
|
|
|
|