Fortinet® (NASDAQ: FTNT), leader mondiale nelle soluzioni di cybersicurezza integrate e automatizzate, annuncia i risultati finanziari per il primo trimestre, conclusosi il 31 marzo 2021.

Highlights primo quarter 2021

 

  • Entrate pari a $710.3 milioni, in aumento del 23% anno su anno
  • Ricavi collaterali pari a $7 milioni, in crescita del 25% anno su anno
  • Service revenue pari a $469.6 milioni, in crescita del 22% anno su anno
  • Fatturato di $850.6 milioni, in aumento del 27% anno su anno1
  • Ricavi differiti pari a $2.75 miliardi, su di 25% anno su anno
  • Margine operativo GAAP pari al 17.1%, giù di 310 punti base anno su anno
  • Margine operativo non-GAAP del 24.5%, più 210 punti base anno su anno1
  • Reddito netto GAAP diluito per azione di $0.64
  • Reddito netto non-GAAP diluito per azione di $0.811
  • Flusso di cassa derivante dalle attività pari a $315.9 milioni
  • Flusso di cassa libero di $263.8 milioni1

“Abbiamo ottenuto un’importante crescita di fatturato nel primo trimestre. Continuiamo a investire per aumentare la quota di mercato nelle nostre attività esistenti e guidare la crescita in nuovi ambiti come 5G, SASE e SD-WAN”, ha dichiarato Ken Xie, fondatore, presidente e CEO di Fortinet. “La nostra piattaforma di soluzioni di sicurezza on-premise e cloud sta riscontrando successo presso clienti nuovi e già consolidati, il che è confermato anche dalla più elevata crescita trimestrale di fatturato prodotti registrata negli ultimi cinque anni. Con un’ampia visibilità e un forte slancio a livello commerciale, siamo davvero felici di guardare avanti e guidare la crescita per il resto dell’anno”.

 

Financial Highlights for the First Quarter of 2021

 

  1. Revenue: Total revenue was $710.3 million for the first quarter of 2021, an increase of 23.0% compared to $577.7 million for the same quarter of 2020.

 

  1. Product Revenue: Product revenue was $240.7 million for the first quarter of 2021, an increase of 25.2% compared to $192.3 million for the same quarter of 2020.

 

  1. Service Revenue: Service revenue was $469.6 million for the first quarter of 2021, an increase of 21.8% compared to $385.4 million for the same quarter of 2020.

 

  1. Billings1: Total billings were $850.6 million for the first quarter of 2021, an increase of 27.4% compared to $667.8 million for the same quarter of 2020.

 

  1. Deferred Revenue: Total deferred revenue was $2.75 billion as of March 31, 2021, an increase of 24.8% compared to $2.20 billion as of March 31, 2020.

 

  1. GAAP Operating Income and Margin: GAAP operating income was $121.6 million for the first quarter of 2021, representing a GAAP operating margin of 17.1%. GAAP operating income was $116.7 million for the same quarter of 2020, representing a GAAP operating margin of 20.2%.

 

  1. Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $173.9 million for the first quarter of 2021, representing a non-GAAP operating margin of 24.5%. Non-GAAP operating income was $129.2 million for the same quarter of 2020, representing a non-GAAP operating margin of 22.4%.

 

  1. GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $107.2 million for the first quarter of 2021, compared to GAAP net income of $104.6 million for the same quarter of 2020. GAAP diluted net income per share was $0.64 for the first quarter of 2021, based on 166.4 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.60 for the same quarter of 2020, based on 174.2 million diluted weighted-average shares outstanding.

 

  1. Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $135.6 million for the first quarter of 2021, compared to non-GAAP net income of $105.1 million for the same quarter of 2020. Non-GAAP diluted net income per share was $0.81 for the first quarter of 2021, based on 166.4 million diluted weighted-average shares outstanding, compared to $0.60 for the same quarter of 2020, based on 174.2 million diluted weighted-average shares outstanding.

 

  1. Cash Flow: In the first quarter of 2021, cash flow from operations was $315.9 million compared to $319.4 million in the same quarter of 2020.

 

  1. Free Cash Flow1: Free cash flow was $263.8 million during the first quarter of 2021, compared to $241.8 million for the same quarter of 2020.

 

Guidance

 

For the second quarter of 2021, Fortinet currently expects:

 

  1. Revenue in the range of $733 million to $747 million
  2. Billings in the range of $860 million to $880 million
  3. Non-GAAP gross margin in the range of 78.5% to 79.5%
  4. Non-GAAP operating margin in the range of 24.5% to 25.5%
  5. Diluted non-GAAP net income per share in the range of $0.83 to $0.88, assuming a non-GAAP effective tax rate of 21%. This assumes a diluted share count of 168 million to 170 million.

 

For the fiscal year 2021, Fortinet currently expects:

 

  1. Revenue in the range of $3.080 billion to $3.130 billion
  2. Service revenue in the range of $2.020 billion to $2.050 billion
  3. Billings in the range of $3.685 billion to $3.745 billion
  4. Non-GAAP gross margin in the range of 78.0% to 80.0%
  5. Non-GAAP operating margin in the range of 25.0% to 27.0%
  6. Diluted non-GAAP net income per share in the range of $3.65 to $3.80, assuming a non-GAAP effective tax rate of 21%. This assumes a diluted share count of 170 million to 172 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 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 # 1998423. 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 6 by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID #1998423.

 

Second Quarter 2021 Virtual Conference Participation Schedule:

 

  1. J.P. Morgan Virtual 49th Annual Global Technology, Media and Communications Conference

May 25, 2021

 

  1. Bernstein’s Virtual 37th Annual Strategic Decisions Conference

June 2, 2021

 

  1. Bank of America’s Virtual 2021 Global Technology Conference

June 8, 2021

 

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 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.