FTRMB
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| |||
|
| |||
|
| First Quarter of | ||
|
| 2024 |
| 2023 |
Revenue: |
|
|
|
Product | $ 367.1 |
| $ 434.4 |
Subscription and services | 586.2 |
| 481.0 |
Total revenue | 953.3 |
| 915.4 |
Cost of sales: |
|
|
|
Product | 207.5 |
| 216.2 |
Subscription and services | 124.4 |
| 115.4 |
Amortization of purchased intangible assets | 27.8 |
| 23.0 |
Total cost of sales | 359.7 |
| 354.6 |
Gross margin | 593.6 |
| 560.8 |
Gross margin (%) | 62.3 % |
| 61.3 % |
Operating expense: |
|
|
|
Research and development | 170.2 |
| 159.3 |
Sales and marketing | 146.8 |
| 135.4 |
General and administrative | 134.1 |
| 110.7 |
Restructuring | 6.6 |
| 6.7 |
Amortization of purchased intangible assets | 26.7 |
| 11.7 |
Total operating expense | 484.4 |
| 423.8 |
Operating income | 109.2 |
| 137.0 |
Non-operating income (expense), net: |
|
|
|
Divestitures gain, net | 3.5 |
| 4.0 |
Interest expense, net | (45.2) |
| (19.7) |
Income from equity method investments, net | 5.6 |
| 11.4 |
Other (expense) income, net | (0.1) |
| 27.9 |
Total non-operating (expense) income, net | (36.2) |
| 23.6 |
Income before taxes | 73.0 |
| 160.6 |
Income tax provision | 15.8 |
| 31.8 |
Net income | $ 57.2 |
| $ 128.8 |
Earnings per share: |
|
|
|
| Basic | $ 0.23 |
| $ 0.52 |
| Diluted | $ 0.23 |
| $ 0.52 |
| Shares used in calculating earnings per share: |
|
|
|
| Basic | 245.5 |
| 247.2 |
| Diluted | 247.4 |
| 248.7 |
