Highlights Primo trimestre 2022

  • Product revenue pari a 371,0 milioni di dollari, in crescita del 54% anno su anno
  • Entrate totali pari a 954,8 milioni di dollari, in aumento del 34% anno su anno
  • Bookings per 1.28 miliardi di dollari, in aumento 50% anno su anno1
  • Fatturato pari a 1,16 miliardi di dollari, in aumento del 36% anno su anno2
  • Ricavi differiti pari a 3,66 miliardi di dollari, in aumento del 33% anno su anno2
  • Margine operativo GAAP del 15,8%
  • Margine operativo non GAAP del 22,0%2
  • Utile netto diluito GAAP per azione attribuibile a Fortinet, Inc. di 0.84 dollari
  • Utile netto diluito non GAAP per azione attribuibile a Fortinet, Inc. di 0.94 dollari2
  • Flusso di cassa derivante dalle attività pari a 396.1 milioni di dollari
  • Flusso di cassa libero pari a 273.5 milioni di dollari2

Milano, 5 maggio 2022 – Fortinet® (Nasdaq: FTNT), leader globale nelle soluzioni di cybersicurezza integrate e automatizzate, ha annunciato oggi i risultati finanziari per il primo trimestre conclusosi il 31 marzo 2022.

“Abbiamo ottenuto una crescita dei ricavi del primo trimestre migliore del previsto, del 34% anno su anno, guidata da una crescita record del fatturato trimestrale del 54% anno su anno. I risultati eccezionali che abbiamo raggiunto riflettono una domanda eccezionalmente forte relativa al nostro ampio portafoglio di soluzioni di sicurezza informatica e networking, mentre i nostri team si sono mossi abilmente nel difficile ambiente della supply chain. Allo stesso tempo, abbiamo migliorato la visibilità della nostra attività futura aumentando il backlog di 116 milioni di dollari nel primo trimestre”, ha affermato Ken Xie, fondatore, Chairman e CEO di Fortinet. “Il sistema operativo leader del settore di Fortinet, l’SPU FortiASIC, e le innovazioni della piattaforma core sono orientati a rendere più sicura l’intera infrastruttura dei nostri clienti. Abbiamo dato la priorità alla fornitura di prodotti di sicurezza integrati su un unico sistema operativo e alla convergenza delle funzionalità di rete con quelle di sicurezza”.

 

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.