filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following table presents our selected consolidated financial data and should be read in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Financial Statements and Supplementary Data,” and other financial data included elsewhere in this Annual Report on Form 10-K. Our historical results of operations are not indicative of our future results of operations.
| Year Ended December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 (1) | 2018 (1) | 2017 (2) | 2016 (2) | |||||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||||||||
| Consolidated Statements of Income Data: | |||||||||||||||||||||||||||||
| Total revenue | $ | 2,594.4 | $ | 2,163.0 | $ | 1,804.6 | $ | 1,497.7 | $ | 1,278.5 | |||||||||||||||||||
| Total gross profit | $ | 2,024.4 | $ | 1,657.1 | $ | 1,354.2 | $ | 1,112.4 | $ | 940.7 | |||||||||||||||||||
| Operating income | $ | 531.8 | $ | 351.0 | $ | 234.4 | $ | 112.6 | $ | 46.0 | |||||||||||||||||||
| Net income | $ | 488.5 | $ | 331.7 | $ | 334.9 | $ | 35.4 | $ | 34.1 | |||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||||||||
| Basic | $ | 2.98 | $ | 1.94 | $ | 1.98 | $ | 0.20 | $ | 0.20 | |||||||||||||||||||
| Diluted | $ | 2.91 | $ | 1.90 | $ | 1.92 | $ | 0.20 | $ | 0.19 | |||||||||||||||||||
| Weighted-average shares outstanding: | |||||||||||||||||||||||||||||
| Basic | 164.2 | 171.0 | 169.1 | 174.3 | 172.6 | ||||||||||||||||||||||||
| Diluted | 167.7 | 175.0 | 174.2 | 178.1 | 176.3 |
| As of December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 (1) | 2018 (1) | 2017 (2) | 2016 (2) | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Consolidated Balance Sheet Data: | |||||||||||||||||||||||||||||
| Cash, cash equivalents and investments | $ | 1,955.6 | $ | 2,209.9 | $ | 1,716.6 | $ | 1,349.3 | $ | 1,310.5 | |||||||||||||||||||
| Total assets | $ | 4,044.5 | $ | 3,879.2 | $ | 3,073.3 | $ | 2,253.9 | $ | 2,134.7 | |||||||||||||||||||
| Total stockholders’ equity | $ | 856.0 | $ | 1,342.4 | $ | 1,025.5 | $ | 602.0 | $ | 846.3 |
(1) We identified an immaterial error related to the commencement of revenue recognition for certain FortiCare support service contracts, which resulted in an understatement of revenue during the year ended December 31, 2019 and 2018, respectively. See Note 2 of our consolidated financial statements in Part II, Item 8 for further detail.
(2) We identified an immaterial error related to the commencement of revenue recognition for certain FortiCare support service contracts, which resulted in an understatement of revenue during the year ended December 31, 2017 and 2016, respectively. The following tables show the affected line items within our consolidated financial statements:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2017 | 2016 | ||||||||||||||||||||||||||||||||||
| As Previously Reported | Corrections | As Corrected | As Previously Reported | Corrections | As Corrected | ||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
| Consolidated Statements of Income Data: | |||||||||||||||||||||||||||||||||||
| Total revenue | $ | 1,494.9 | $ | 2.8 | $ | 1,497.7 | $ | 1,275.4 | $ | 3.1 | $ | 1,278.5 | |||||||||||||||||||||||
| Total gross profit | $ | 1,109.6 | $ | 2.8 | $ | 1,112.4 | $ | 937.6 | $ | 3.1 | $ | 940.7 | |||||||||||||||||||||||
| Operating income | $ | 109.8 | $ | 2.8 | $ | 112.6 | $ | 42.9 | $ | 3.1 | $ | 46.0 | |||||||||||||||||||||||
| Net income | $ | 31.4 | $ | 4.0 | $ | 35.4 | $ | 32.2 | $ | 1.9 | $ | 34.1 | |||||||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||||||||||||||
| Basic | $ | 0.18 | $ | 0.02 | $ | 0.20 | $ | 0.19 | $ | 0.01 | $ | 0.20 | |||||||||||||||||||||||
| Diluted | $ | 0.18 | $ | 0.02 | $ | 0.20 | $ | 0.18 | $ | 0.01 | $ | 0.19 |
| As of December 31, | |||||||||||||||||||||||||||||||||||
| 2017 | 2016 | ||||||||||||||||||||||||||||||||||
| As Previously Reported | Corrections | As Corrected | As Previously Reported | Corrections | As Corrected | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Consolidated Balance Sheet Data: | |||||||||||||||||||||||||||||||||||
| Total assets | $ | 2,257.9 | $ | (4.0) | $ | 2,253.9 | $ | 2,139.9 | $ | (5.2) | $ | 2,134.7 | |||||||||||||||||||||||
| Total stockholders’ equity | $ | 589.4 | $ | 12.6 | $ | 602.0 | $ | 837.7 | $ | 8.6 | $ | 846.3 |
Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations