FTRMB
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) | |||||||
| |||||||
| Fourth Quarter of |
| Year of | ||||
| 2023 |
| 2022 |
| 2023 |
| 2022 |
Revenue: |
|
|
|
|
|
|
|
Product | $ 402.8 |
| $ 415.8 |
| $ 1,771.7 |
| $ 1,986.1 |
Subscription and services | 529.6 |
| 440.7 |
| 2,027.0 |
| 1,690.2 |
Total revenue | 932.4 |
| 856.5 |
| 3,798.7 |
| 3,676.3 |
Cost of sales: |
|
|
|
|
|
|
|
Product | 209.3 |
| 225.3 |
| 875.0 |
| 1,040.8 |
Subscription and services | 118.0 |
| 106.5 |
| 482.2 |
| 444.9 |
Amortization of purchased intangible assets | 27.8 |
| 21.6 |
| 108.7 |
| 85.0 |
Total cost of sales | 355.1 |
| 353.4 |
| 1,465.9 |
| 1,570.7 |
Gross margin | 577.3 |
| 503.1 |
| 2,332.8 |
| 2,105.6 |
Gross margin (%) | 61.9 % |
| 58.7 % |
| 61.4 % |
| 57.3 % |
Operating expense: |
|
|
|
|
|
|
|
Research and development | 167.7 |
| 134.7 |
| 664.3 |
| 542.1 |
Sales and marketing | 146.1 |
| 145.7 |
| 583.0 |
| 553.6 |
General and administrative | 118.3 |
| 104.2 |
| 487.5 |
| 422.2 |
Restructuring charges | 19.5 |
| 9.7 |
| 45.6 |
| 30.2 |
Amortization of purchased intangible assets | 28.8 |
| 12.1 |
| 103.6 |
| 46.6 |
Total operating expense | 480.4 |
| 406.4 |
| 1,884.0 |
| 1,594.7 |
Operating income | 96.9 |
| 96.7 |
| 448.8 |
| 510.9 |
Non-operating income (expense), net: |
|
|
|
|
|
|
|
Divestitures (loss) gain, net | (1.4) |
| (4.1) |
| 9.2 |
| 99.0 |
Interest expense, net | (47.8) |
| (24.2) |
| (161.0) |
| (71.1) |
Income from equity method investments, net | 3.5 |
| 8.8 |
| 28.1 |
| 31.1 |
Other income (expense), net | 8.3 |
| 13.9 |
| 31.9 |
| (0.8) |
Total non-operating income (expense), net | (37.4) |
| (5.6) |
| (91.8) |
| 58.2 |
Income before taxes | 59.5 |
| 91.1 |
| 357.0 |
| 569.1 |
Income tax (benefit) provision | (3.5) |
| 5.5 |
| 45.7 |
| 119.4 |
Net income | $ 63.0 |
| $ 85.6 |
| 311.3 |
| 449.7 |
Earnings per share: |
|
|
|
|
|
|
|
Basic | $ 0.25 |
| $ 0.35 |
| $ 1.26 |
| $ 1.81 |
Diluted | $ 0.25 |
| $ 0.34 |
| $ 1.25 |
| $ 1.80 |
Shares used in calculating earnings per share: |
|
|
|
|
|
|
|
Basic | 247.8 |
| 246.9 |
| 247.9 |
| 248.6 |
Diluted | 249.0 |
| 248.3 |
| 249.1 |
| 250.2 |