Stock Analysis on Net
Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 8, 2023.

Adjustments to Financial Statements

Microsoft Excel

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Adjustments to Current Assets

Fortinet Inc., adjusted current assets

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current assets
Adjustments
Add: Allowance for credit losses
After Adjustment
Adjusted current assets

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).

Adjustments to Total Assets

Fortinet Inc., adjusted total assets

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total assets
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for credit losses
Less: Deferred tax assets2
After Adjustment
Adjusted total assets

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 »

Adjustments to Current Liabilities

Fortinet Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current liabilities
Adjustments
Less: Current deferred revenue
After Adjustment
Adjusted current liabilities

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).

Adjustments to Total Liabilities

Fortinet Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total liabilities
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities2
Less: Deferred revenue
After Adjustment
Adjusted total liabilities

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 »

Adjustments to Stockholders’ Equity

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

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total Fortinet, Inc. stockholders’ equity (deficit)
Adjustments
Less: Net deferred tax assets (liabilities)1
Add: Allowance for credit losses
Add: Deferred revenue
Add: Non-controlling interests
After Adjustment
Adjusted total equity (deficit)

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 »

Adjustments to Capitalization Table

Fortinet Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Long-term debt
Total reported debt
Total Fortinet, Inc. stockholders’ equity (deficit)
Total reported capital
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liabilities, current (classification: Accrued liabilities)2
Add: Operating lease liabilities, non-current (classification: Other liabilities)3
Adjusted total debt
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4
Add: Allowance for credit losses
Add: Deferred revenue
Add: Non-controlling interests
Adjusted total equity (deficit)
After Adjustment
Adjusted total capital

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 »

Adjustments to Revenues

Fortinet Inc., adjusted revenue

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Revenue
Adjustment
Add: Increase (decrease) in deferred revenue
After Adjustment
Adjusted revenue

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).

Adjustments to Reported Income

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

US$ in thousands

Microsoft Excel
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.
Adjustments
Add: Deferred income tax expense (benefit)1
Add: Increase (decrease) in allowance for credit losses
Add: Increase (decrease) in deferred revenue
Add: Other comprehensive income (loss)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest
After Adjustment
Adjusted net income including non-controlling interests

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 »