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Thursday, 04 August 2022 23:42

Fortinet buoyed by ‘strong’ quarterly revenue, billings growth Featured

By Staff Writer
Ken Xie, Fortinet founder, chairman, and chief executive officer Ken Xie, Fortinet founder, chairman, and chief executive officer

Cybersecurity firm Fortinet has recorded strong revenue and billings growth for the three months to the end of June 2022.

Total revenue was US$1.03 billion for the second quarter of 2022, an increase of 28.6 per cent compared to US$801.1 million for the same quarter of 2021. 

Announcing Fortinet’s second quarter financial results on Thursday, Ken Xie, founder, chairman, and chief executive officer said “Fortinet’s market share gains are being driven by the convergence of networking and security and an accelerating focus on vendor consolidation with our core platform and platform extension solutions designed to secure our customers’ entire infrastructure from the data centre to the cloud.” 

“We delivered strong revenue and billings growth in the second quarter driven by an over 50 per cent year-over-year increase in the number of transactions larger than one million dollars.

“Large enterprise companies continue to favour Fortinet’s industry leading cost for performance advantage and integrated platform strategy.” 

Fortinet lists other financial highlights for the second quarter of 2022 as:

  • Product revenue: Product revenue was US$400.7 million for the second quarter of 2022, an increase of 34.3 per cent compared to US$298.3 million for the same quarter of 2021. 
  • Service revenue: Service revenue was US$629.4 million for the second quarter of 2022, an increase of 25.2 per cent compared to US$502.8 million for the same quarter of 2021. 
  • Bookings (1): Total bookings were US$1.38 billion for the second quarter of 2022, an increase of 42.1 per cent compared to US$967.9 million for the same quarter of 2021. Backlog was US$349.9 million as of June 30, 2022, an increase of US$188.0 million compared to US$161.9 million as of December 31, 2021. 
  • Billings (2): Total billings were US$1.30 billion for the second quarter of 2022, an increase of 35.7 per cent compared to US$960.9 million for the same quarter of 2021. 
  • Deferred revenue: Total deferred revenue was US$3.93 billion as of June 30, 2022, an increase of 35.3 per cent compared to US$2.91 billion as of June 30, 2021. 
  • GAAP operating income and margin: GAAP operating income was US$195.3 million for the second quarter of 2022, representing a GAAP operating margin of 19.0 per cent. GAAP operating income was US$147.5 million for the same quarter of 2021, representing a GAAP operating margin of 18.4 per cent. 
  • Non-GAAP operating income and margin (2): Non-GAAP operating income was US$255.4 million for the second quarter of 2022, representing a non-GAAP operating margin of 24.8 per cent. Non-GAAP operating income was US$203.3 million for the same quarter of 2021, representing a non-GAAP operating margin of 25.4 per cent. 
  • GAAP net income and diluted net income per share attributable to Fortinet, Inc. (3): GAAP net income was US$173.5 million for the second quarter of 2022, compared to GAAP net income of US$137.5 million for the same quarter of 2021. GAAP diluted net income per share was US$0.21 for the second quarter of 2022, based on 810.1 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of US$0.16 for the same quarter of 2021, based on 835.4 million diluted weighted-average shares outstanding. 
  • Non-GAAP net income and diluted net income per share attributable to Fortinet, Inc. (2) (3): Non-GAAP net income was US$194.1 million for the second quarter of 2022, compared to non-GAAP net income of US$158.7 million for the same quarter of 2021. Non-GAAP diluted net income per share was US$0.24 for the second quarter of 2022, based on 810.1 million diluted weighted-average shares outstanding, compared to US$0.19 for the same quarter of 2021, based on 835.4 million diluted weighted-average shares outstanding. 
  • Cash flow: Cash flow from operations was US$323.4 million for the second quarter of 2022, compared to US$418.2 million for the same quarter of 2021. 
  • Free cash flow (2): Free cash flow was US$283.5 million for the second quarter of 2022, compared to US$394.7 million for the same quarter of 2021. 
  • Share repurchase program (3): During the three and six months ended June 30, 2022, Fortinet repurchased 14.4 million and 25.8 million shares of its common stock at an average price of US$55.45 and US$57.82 per share and for an aggregate purchase price of US$800.0 million and US$1.49 billion, respectively. During the three and six months ended June 30, 2021, Fortinet repurchased 2.3 million shares of its common stock at an average price of US$40.28 per share and for an aggregate purchase price of US$91.6 million.
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