Fortinet сообщает о результатах своей деятельности за четвертый квартал и за весь 2019 финансовый год

Москва - 10 февраля 2020
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Компания Fortinet® (NASDAQ: FTNT), мировой лидер в области глобальных интегрированных и автоматизированных решений для обеспечения кибербезопасности,  объявила финансовые результаты за 4 квартал, завершившийся 31 декабря, и за весь 2019 год.

Основные результаты четвертого квартала 2019 года:

  • Общая выручка составила 614,4 млн. долларов США, увеличившись на 21% по сравнению с аналогичным периодом прошлого года
  • Выручка от продуктовых продаж составила 238,8 млн. долларов США, что на 19% выше по сравнению с аналогичным показателем прошлого года
  • Объем заказов (billings) составил 802,3 млн. долларов США, что на 24% выше по сравнению с аналогичным периодом прошлого года[1]
  • Операционная рентабельность по GAAP составила 19%, что на 250 базисных пунктов выше прошлогоднего показателя
  • Необщепринятая (non-GAAP) операционная рентабельность составила 27%, что на 110 базисных пунктов выше прошлогоднего показателя1
  • Разводненная чистая прибыль на акцию по GAAP составила 0,66 долларов США
  • Необщепринятая (non-GAAP) разводненная чистая прибыль на акцию составила 0,76 долларов США1
  • Операционный денежный поток составил 190,4 млн. долларов США
  • Свободный денежный поток составил 143,2 млн. долларов США

Основные результаты 2019 года:

  • Общая выручка составила 2,16 млрд. долларов США, увеличившись на 20% по сравнению с показателем прошлого года
  • Выручка от продуктовых продаж составила 788,5 млн. долларов США, что на 17% выше по сравнению с аналогичным показателем 2018 года
  • Объем заказов (billings) составил 2,6 млрд. долларов США, что на 21% выше по сравнению с 2018 годом1
  • Отложенная выручка достигла 2,14 млрд. долларов США, увеличившись на 27% по сравнению с прошлым годом
  • Операционная рентабельность по GAAP составила 16%, что на 310 базисных пунктов выше показателя 2018 года
  • Необщепринятая (non-GAAP) операционная рентабельность составила 25%, что на 220 базисных пунктов выше прошлогоднего показателя1
  • Разводненная чистая прибыль на акцию по GAAP составила 1,87 долларов США
  • Необщепринятая (non-GAAP) разводненная чистая прибыль на акцию составила 2,47 доллара США1
  • Операционный денежный поток составил 808,0 млн. долларов США
  • Свободный денежный поток составил 715,8 млн. долларов США

Financial Highlights for the Fourth Quarter of 2019

  • Revenue: Total revenue was $614.4 million for the fourth quarter of 2019, an increase of 21% compared to $507.0 million for the same quarter of 2018.

  • Product Revenue: Product revenue was $238.8 million for the fourth quarter of 2019, an increase of 19% compared to $200.8 million for the same quarter of 2018.

  • Service Revenue: Service revenue was $375.6 million for the fourth quarter of 2019, an increase of 23% compared to $306.2 million for the same quarter of 2018.

  • Billings1: Total billings were $802.3 million for the fourth quarter of 2019, an increase of 24% compared to $649.2 million for the same quarter of 2018.

  • GAAP Operating Income and Margin: GAAP operating income was $118.4 million for the fourth quarter of 2019, representing a GAAP operating margin of 19%. GAAP operating income was $85.1 million for the same quarter of 2018, representing a GAAP operating margin of 17%.

  • Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $164.9 million for the fourth quarter of 2019, representing a non-GAAP operating margin of 27%. Non-GAAP operating income was $130.6 million for the fourth quarter of 2018, representing a non-GAAP operating margin of 26%.

  • GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $115.2 million for the fourth quarter of 2019, compared to GAAP net income of $182.6 million for the same quarter of 2018. GAAP diluted net income per share was $0.66 for the fourth quarter of 2019, based on 175.2 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $1.04 for the same quarter of 2018, based on 175.8 million diluted weighted-average shares outstanding.

  • Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $132.4 million for the fourth quarter of 2019, compared to non-GAAP net income of $104.6 million for the same quarter of 2018. Non-GAAP diluted net income per share was $0.76 for the fourth quarter of 2019, based on 175.2 million diluted weighted-average shares outstanding, compared to $0.59 for the same quarter of 2018, based on 175.8 million diluted weighted-average shares outstanding.

  • Cash Flow and Free Cash Flow1: In the fourth quarter of 2019, cash flow from operations was $190.4 million compared to $180.2 million in the same quarter of 2018. Free cash flow was $143.2 million during the fourth quarter of 2019, compared to $168.6 million for the same quarter of 2018.

Financial Highlights for the Full Year 2019

  • Revenue: Total revenue was $2.16 billion for 2019, an increase of 20% compared to $1.80 billion in 2018.

  • Product Revenue: Product revenue was $788.5 million for 2019, an increase of 17% compared to $674.4 million in 2018.

  • Service Revenue: Service revenue was $1.37 billion for 2019, an increase of 21% compared to $1.13 billion in 2018.

  • Billings1: Total billings were $2.60 billion for 2019, an increase of 21% compared to $2.15 billion in 2018.

  • Deferred Revenue: Total deferred revenue was $2.14 billion as of December 31, 2019, an increase of 27% compared to $1.69 billion as of December 31, 2018.

  • GAAP Operating Income and Margin: GAAP operating income was $344.2 million for 2019, representing a GAAP operating margin of 16%. GAAP operating income was $231.0 million for 2018, representing a GAAP operating margin of 13%.

  • Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $529.2 million for 2019, representing a non-GAAP operating margin of 25%. Non-GAAP operating income was $402.9 million for 2018, representing a non-GAAP operating margin of 22%.

  • GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $326.5 million for 2019, compared to GAAP net income of $332.2 million for 2018. GAAP diluted net income per share was $1.87 for 2019, based on 175.0 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $1.91 for 2018, based on 174.2 million diluted weighted-average shares outstanding.

  • Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $431.7 million for 2019, compared to non-GAAP net income of $319.7 million for 2018. Non-GAAP diluted net income per share was $2.47 for 2019, based on 175.0 million diluted weighted-average shares outstanding, compared to Non-GAAP diluted net income per share of $1.84 for 2018, based on 174.2 million diluted weighted-average shares outstanding.

  • Cash Flow and Free Cash Flow1: In 2019, cash flow from operations was $808.0 million, compared to $638.9 million in 2018. Free cash flow was $715.8 million in 2019, compared to $585.9 million in 2018.

Guidance

For the first quarter of 2020, Fortinet currently expects:

  • Revenue in the range of $555 million to $565 million
  • Billings in the range of $635 million to $655 million
  • Non-GAAP gross margin in the range of 77.5% to 78.5%
  • Non-GAAP operating margin in the range of 19.0% to 20.0%
  • Diluted non-GAAP net income per share in the range of $0.50 to $0.52, assuming a non-GAAP effective tax rate of 24%. This assumes a diluted share count of 175 million to 177 million.

For the fiscal year 2020, Fortinet currently expects:

  • Revenue in the range of $2.525 billion to $2.555 billion
  • Service revenue in the range of $1.635 billion to $1.655 billion
  • Billings in the range of $3.025 billion to $3.075 billion
  • Non-GAAP gross margin in the range of 77.5% to 78.5%
  • Non-GAAP operating margin in the range of 23.5% to 24.5%
  • Diluted non-GAAP net income per share in the range of $2.70 to $2.73, assuming a non-GAAP effective tax rate of 24%. This assumes a diluted share count of 180 million to 182 million.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation and amortization of acquired intangible assets. 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.

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 # 6479557. 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 February 13, 2020, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID #6479557.

First Quarter 2020 Conference Participation Schedule:

  • Goldman Sachs Technology & Internet Conference 2020
    February 11, 2020 – San Francisco, CA

  • Morgan Stanley Technology, Media & Telecom Conference
    March 3, 2020 – San Francisco, CA

  • Credit Suisse – Software Investor Day (Meetings Only)
    March 12, 2020 – New York, NY

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 listen to these presentations and access the most updated information and listen to the webcast of each event, please visit the Investor Relations page of Fortinet’s website at https://investor.fortinet.com. The schedule is subject to change.

Read the full press release (includes financial tables)

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[1] В таблицах финансовой отчетности, включенных в настоящий пресс-релиз ниже, представлена сверка общепринятой операционной рентабельности (GAAP) с показателями необщепринятой операционной рентабельности (non-GAAP). Разъяснение этих мер также приводится ниже в разделе «Финансовые меры необщепринятой операционной рентабельности (non-GAAP) (Non-GAAP Financial Measures).

Подробнее о Fortinet

Компания Fortinet (NASDAQ: FTNT) обеспечивает безопасность крупнейших корпораций, поставщиков услуг и государственных организаций по всему миру. Fortinet предлагает систему безопасности, предназначенную для обеспечения всесторонней интеллектуальной защиты от постоянно появляющихся угроз. Продукты нашей компании легко подстраиваются под растущие требования к производительности, что соответствует последней тенденции развития сетей, не ограниченных никакими рамками. Инновационная архитектура экосистемы Fortinet Security Fabric позволяет обеспечить безопасность без компромиссов и решить наиболее важные вопросы, связанные с защитой сетевых сред, приложений, облачных сетей и мобильных устройств. Компания Fortinet занимает 1-е место по количеству проданных средств безопасности и обеспечивает защиту более 415 000 клиентов по всему миру. Подробнее см. на сайте https://www.fortinet.com/ru, в блогах Fortinet Blog или FortiGuard Labs.

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