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Fortinet Reports First Quarter 2022 Financial Results

SUNNYVALE, Calif. - 2022년 5월 4일


First Quarter 2022 Highlights

  • Product revenue of $371.0 million, up 54% year over year
  • Total revenue of $954.8 million, up 34% year over year
  • Bookings of $1.28 billion, up 50% year over year1
  • Billings of $1.16 billion, up 36% year over year2
  • Deferred revenue of $3.66 billion, up 33% year over year
  • GAAP operating margin of 15.8%
  • Non-GAAP operating margin of 22.0%2
  • GAAP diluted net income per share attributable to Fortinet, Inc. of $0.84
  • Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.942
  • Cash flow from operations of $396.1 million
  • Free cash flow of $273.5 million2
SUNNYVALE, Calif. - May 4, 2022 - Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the first quarter ended March 31, 2022.

“We delivered better than expected first quarter revenue growth of 34% year over year, driven by record quarterly product revenue growth of 54% year over year. The outstanding results we achieved reflect exceptionally strong demand across our broad portfolio of cybersecurity and networking solutions as our teams skillfully navigated the challenging supply chain environment. At the same time, we improved visibility to our future business by increasing backlog by $116 million in the first quarter,” said Ken Xie, Founder, Chairman, and Chief Executive Officer. “Fortinet’s industry leading operating system, FortiASIC SPU, and core platform innovations are geared towards making our customers’ entire infrastructure more secure. We have prioritized providing integrated security products on a single operating system and converging networking functionality with security capabilities.”

Financial Highlights for the First Quarter of 2022

  • Revenue: Total revenue was $954.8 million for the first quarter of 2022, an increase of 34.4% compared to $710.3 million for the same quarter of 2021.
  • Product Revenue: Product revenue was $371.0 million for the first quarter of 2022, an increase of 54.1% compared to $240.7 million for the same quarter of 2021.
  • Service Revenue: Service revenue was $583.8 million for the first quarter of 2022, an increase of 24.3% compared to $469.6 million for the same quarter of 2021.
  • Billings2: Total billings were $1.16 billion for the first quarter of 2022, an increase of 36.4% compared to $850.6 million for the same quarter of 2021.
  • Deferred Revenue: Total deferred revenue was $3.66 billion as of March 31, 2022, an increase of 33.2% compared to $2.75 billion as of March 31, 2021.
  • Bookings1: Total bookings were $1.28 billion for the first quarter of 2022, an increase of 49.9% compared to $851.6 million for the same quarter of 2021. Backlog was $278.3 million as of March 31, 2022, an increase of $116.4 million compared to $161.9 million as of December 31, 2021.
  • GAAP Operating Income and Margin: GAAP operating income was $151.0 million for the first quarter of 2022, representing a GAAP operating margin of 15.8%. GAAP operating income was $121.6 million for the same quarter of 2021, representing a GAAP operating margin of 17.1%.
  • Non-GAAP Operating Income and Margin2: Non-GAAP operating income was $210.2 million for the first quarter of 2022, representing a non-GAAP operating margin of 22.0%. Non-GAAP operating income was $173.9 million for the same quarter of 2021, representing a non-GAAP operating margin of 24.5%.
  • GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.: GAAP net income was $138.4 million for the first quarter of 2022, compared to GAAP net income of $107.2 million for the same quarter of 2021. GAAP diluted net income per share was $0.84 for the first quarter of 2022, based on 164.2 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.64 for the same quarter of 2021, based on 166.4 million diluted weighted-average shares outstanding.
  • Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.2: Non-GAAP net income was $155.1 million for the first quarter of 2022, compared to non-GAAP net income of $135.6 million for the same quarter of 2021. Non-GAAP diluted net income per share was $0.94 for the first quarter of 2022, based on 164.2 million diluted weighted-average shares outstanding, compared to $0.81 for the same quarter of 2021, based on 166.4 million diluted weighted-average shares outstanding.
  • Cash Flow: Cash flow from operations was $396.1 million for the first quarter of 2022, compared to $315.9 million for the same quarter of 2021.
  • Free Cash Flow2: Free cash flow was $273.5 million for the first quarter of 2022, compared to $263.8 million for the same quarter of 2021.

Guidance

For the second quarter of 2022, Fortinet currently expects:

  • Revenue in the range of $1.005 billion to $1.035 billion
  • Billings in the range of $1.225 billion to $1.265 billion
  • Non-GAAP gross margin in the range of 74.5% to 76.0%
  • Non-GAAP operating margin in the range of 22.0% to 23.5%
  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.05 to $1.10, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 165 million to 167 million.
For the fiscal year 2022, Fortinet currently expects:
  • Revenue in the range of $4.350 billion to $4.400 billion
  • Service revenue in the range of $2.640 billion to $2.700 billion
  • Billings in the range of $5.500 billion to $5.580 billion
  • Non-GAAP gross margin in the range of 74.0% to 76.0%
  • Non-GAAP operating margin in the range of 24.0% to 26.0%
  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $5.00 to $5.15, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 166 million to 168 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on intellectual property matter. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

1 Bookings represents the total value of all orders received during the period. Backlog represents orders received but not fulfilled and excludes Alaxala. When an order is fulfilled, billings and revenue are recognized.

2 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. The call can be accessed by dialing (877) 303-6913 (domestic) or (224) 357-2188 (international) with conference ID # 7041149. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations. A replay of this conference call can also be accessed through May 10, 2022 by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID # 7041149.

Second Quarter 2022 Conference Participation Schedule:

  • Fortinet Accelerate 2022 Management Keynotes & Analyst Day
    • May 10, 2022
  • J.P. Morgan 50th Annual Global Technology, Media and Communications Conference
    • May 23, 2022
  • Bank of America 2022 Global Technology Conference
    • June 7, 2022
Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s web site. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet

Fortinet (NASDAQ: FTNT) makes possible a digital world that we can always trust through its mission to protect people, devices, and data everywhere. This is why the world’s largest enterprises, service providers, and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Security Fabric platform delivers broad, integrated, and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. Ranking #1 in the most security appliances shipped worldwide, more than 565,000 customers trust Fortinet to protect their businesses. And the Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda (TAA), provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

Copyright © 2022 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiCare, FortiManager, FortiAnalyzer, FortiOS, FortiADC, FortiAP, FortiAppMonitor, FortiASIC, FortiAuthenticator, FortiBridge, FortiCache, FortiCamera, FortiCASB, FortiClient, FortiCloud, FortiConnect, FortiController, FortiConverter, FortiDB, FortiDDoS, FortiExplorer, FortiExtender, FortiFone, FortiCarrier, FortiHypervisor, FortiIsolator, FortiMail, FortiMonitor, FortiNAC, FortiPlanner, FortiPortal, FortiPresence , FortiProxy, FortiRecorder, FortiSandbox, FortiSIEM, FortiSwitch, FortiTester, FortiToken, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM.

Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release may contain forward-looking statements that involve uncertainties and assumptions, such as statements regarding technology releases among others. Changes of circumstances, product release delays, or other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialize or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements.