Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

Fortinet Inc., adjusted current assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current assets	3,810,400)	3,600,600)	2,740,400)	2,769,000)	2,220,900)
Adjustments
Add: Allowance for credit losses	3,600)	2,400)	2,500)	1,200)	900)
After Adjustment
Adjusted current assets	3,814,000)	3,603,000)	2,742,900)	2,770,200)	2,221,800)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Fortinet Inc., adjusted total assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total assets	6,228,000)	5,919,100)	4,044,500)	3,885,500)	3,078,000)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	50,100)
Add: Allowance for credit losses	3,600)	2,400)	2,500)	1,200)	900)
Less: Deferred tax assets²	569,400)	342,300)	245,200)	232,600)	255,000)
After Adjustment
Adjusted total assets	5,662,200)	5,579,200)	3,801,800)	3,654,100)	2,874,000)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

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Fortinet Inc., adjusted current liabilities

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current liabilities	3,078,400)	2,318,100)	1,829,500)	1,473,600)	1,256,400)
Adjustments
Less: Current deferred revenue	2,349,300)	1,777,400)	1,392,800)	1,173,600)	965,900)
After Adjustment
Adjusted current liabilities	729,100)	540,700)	436,700)	300,000)	290,500)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Fortinet Inc., adjusted total liabilities

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total liabilities	6,509,600)	5,120,700)	3,188,500)	2,563,600)	2,067,800)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	50,100)
Less: Deferred tax liabilities²	8,100)	8,000)	8,000)	5,000)	9,000)
Less: Deferred revenue	4,640,300)	3,452,900)	2,605,300)	2,135,900)	1,686,800)
After Adjustment
Adjusted total liabilities	1,861,200)	1,659,800)	575,200)	422,700)	422,100)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Fortinet Inc., adjusted total Fortinet, Inc. stockholders’ equity (deficit)

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total Fortinet, Inc. stockholders’ equity (deficit)	(281,600)	781,700)	856,000)	1,321,900)	1,010,200)
Adjustments
Less: Net deferred tax assets (liabilities)¹	561,300)	334,300)	237,200)	227,600)	246,000)
Add: Allowance for credit losses	3,600)	2,400)	2,500)	1,200)	900)
Add: Deferred revenue	4,640,300)	3,452,900)	2,605,300)	2,135,900)	1,686,800)
Add: Non-controlling interests	—)	16,700)	—)	—)	—)
After Adjustment
Adjusted total equity (deficit)	3,801,000)	3,919,400)	3,226,600)	3,231,400)	2,451,900)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Net deferred tax assets (liabilities). See details »

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Fortinet Inc., adjusted capitalization table

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Long-term debt	990,400)	988,400)	—)	—)	—)
Total reported debt	990,400)	988,400)	—)	—)	—)
Total Fortinet, Inc. stockholders’ equity (deficit)	(281,600)	781,700)	856,000)	1,321,900)	1,010,200)
Total reported capital	708,800)	1,770,100)	856,000)	1,321,900)	1,010,200)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	50,100)
Add: Operating lease liabilities, current (classification: Accrued liabilities)²	33,200)	26,300)	19,100)	15,500)	—)
Add: Operating lease liabilities, non-current (classification: Other liabilities)³	62,500)	40,500)	34,000)	30,600)	—)
Adjusted total debt	1,086,100)	1,055,200)	53,100)	46,100)	50,100)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	561,300)	334,300)	237,200)	227,600)	246,000)
Add: Allowance for credit losses	3,600)	2,400)	2,500)	1,200)	900)
Add: Deferred revenue	4,640,300)	3,452,900)	2,605,300)	2,135,900)	1,686,800)
Add: Non-controlling interests	—)	16,700)	—)	—)	—)
Adjusted total equity (deficit)	3,801,000)	3,919,400)	3,226,600)	3,231,400)	2,451,900)
After Adjustment
Adjusted total capital	4,887,100)	4,974,600)	3,279,700)	3,277,500)	2,502,000)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liabilities, current (classification: Accrued liabilities). See details »

³ Operating lease liabilities, non-current (classification: Other liabilities). See details »

⁴ Net deferred tax assets (liabilities). See details »

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Fortinet Inc., adjusted revenue

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Revenue	4,417,400)	3,342,200)	2,594,400)	2,156,200)	1,801,200)
Adjustment
Add: Increase (decrease) in deferred revenue	1,187,400)	847,600)	496,200)	449,100)	350,500)
After Adjustment
Adjusted revenue	5,604,800)	4,189,800)	3,090,600)	2,605,300)	2,151,700)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Fortinet Inc., adjusted net income attributable to Fortinet, Inc.

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Net income attributable to Fortinet, Inc.	857,300)	606,800)	488,500)	326,500)	332,200)
Adjustments
Add: Deferred income tax expense (benefit)¹	(225,600)	(92,400)	(7,100)	30,200)	(107,600)
Add: Increase (decrease) in allowance for credit losses	1,200)	(100)	1,300)	300)	—)
Add: Increase (decrease) in deferred revenue	1,187,400)	847,600)	496,200)	449,100)	350,500)
Add: Other comprehensive income (loss)	(14,500)	(6,500)	(400)	2,000)	—)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	200)	(1,100)	—)	—)	—)
After Adjustment
Adjusted net income including non-controlling interests	1,806,000)	1,354,300)	978,500)	808,100)	575,100)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Deferred income tax expense (benefit). See details »

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Fortinet Inc. (NASDAQ:FTNT)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income