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Fortinet stories First Quarter 2021 economic outcomes | NSE5_FAZ-6-0 PDF Dumps and exam dumps

First Quarter 2021 Highlights

total income of $710.3 million, up 23% yr over year

Product profits of $240.7 million, up 25% 12 months over yr

service revenue of $469.6 million, up 22% 12 months over 12 months

Billings of $850.6 million, up 27% year over year1

Deferred salary of $2.seventy five billion, up 25% yr over yr

GAAP working margin of 17.1%, down 310 basis points year over year

Non-GAAP working margin of 24.5%, up 210 foundation features yr over year1

GAAP diluted web profits per share of $0.sixty four

Non-GAAP diluted net revenue per share of $0.811

money move from operations of $315.9 million

Free cash circulate of $263.8 million1

SUNNYVALE, Calif., April 29, 2021 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global chief in large, built-in and automated cybersecurity solutions, nowadays introduced economic effects for the first quarter ended March 31, 2021.

“We delivered robust income and billings boom within the first quarter while investing to raise market share throughout our existing businesses and force growth in newer product areas reminiscent of 5G, SASE, and SD-WAN,” spoke of Ken Xie, Founder, Chairman, and Chief govt Officer. “Fortinet’s platform of on-premise and cloud protection products is resonating with new and current consumers, proven by means of our maximum quarterly product salary increase in five years. With good visibility and strong business momentum, we are happy to elevate our full yr assistance.”

economic Highlights for the first Quarter of 2021

profits: total revenue changed into $710.three million for the primary quarter of 2021, a rise of 23.0% compared to $577.7 million for the same quarter of 2020.

Product salary: Product profits was $240.7 million for the first quarter of 2021, a rise of 25.2% in comparison to $192.3 million for the same quarter of 2020.

carrier salary: service income became $469.6 million for the primary quarter of 2021, an increase of 21.8% compared to $385.four million for a similar quarter of 2020.

Billings1: total billings were $850.6 million for the first quarter of 2021, a rise of 27.four% in comparison to $667.eight million for the same quarter of 2020.

Deferred income: complete deferred profits changed into $2.seventy five billion as of March 31, 2021, a rise of 24.8% compared to $2.20 billion as of March 31, 2020.

GAAP working salary and Margin: GAAP working revenue become $121.6 million for the first quarter of 2021, representing a GAAP working margin of 17.1%. GAAP operating earnings became $116.7 million for a similar quarter of 2020, representing a GAAP working margin of 20.2%.

Non-GAAP working revenue and Margin1: Non-GAAP operating revenue was $173.9 million for the primary quarter of 2021, representing a non-GAAP operating margin of 24.5%. Non-GAAP working income turned into $129.2 million for a similar quarter of 2020, representing a non-GAAP operating margin of twenty-two.4%.

GAAP web profits and Diluted web earnings Per Share: GAAP web income turned into $107.2 million for the first quarter of 2021, compared to GAAP internet salary of $104.6 million for the same quarter of 2020. GAAP diluted web revenue per share become $0.sixty four for the primary quarter of 2021, according to 166.four million diluted weighted-standard shares astounding, compared to GAAP diluted net profits per share of $0.60 for the same quarter of 2020, in accordance with 174.2 million diluted weighted-regular shares superb.

Non-GAAP internet revenue and Diluted internet profits Per Share1: Non-GAAP net revenue become $a hundred thirty five.6 million for the first quarter of 2021, compared to non-GAAP internet revenue of $a hundred and five.1 million for a similar quarter of 2020. Non-GAAP diluted web revenue per share turned into $0.81 for the first quarter of 2021, in keeping with 166.four million diluted weighted-standard shares astonishing, compared to $0.60 for the same quarter of 2020, based on 174.2 million diluted weighted-standard shares stunning.

money movement: within the first quarter of 2021, cash flow from operations was $315.9 million in comparison to $319.4 million in the equal quarter of 2020.

Free money Flow1: Free cash movement become $263.8 million during the first quarter of 2021, compared to $241.8 million for a similar quarter of 2020.

assistance

Story continues

For the 2d quarter of 2021, Fortinet presently expects:

earnings within the range of $733 million to $747 million

Billings in the latitude of $860 million to $880 million

Non-GAAP gross margin within the latitude of 78.5% to seventy nine.5%

Non-GAAP working margin within the range of 24.5% to 25.5%

Diluted non-GAAP internet earnings per share in the latitude of $0.83 to $0.88, assuming a non-GAAP positive tax price of 21%. This assumes a diluted share count number of 168 million to a hundred and seventy million.

For the fiscal year 2021, Fortinet presently expects:

salary within the range of $3.080 billion to $three.a hundred thirty billion

service salary within the range of $2.020 billion to $2.050 billion

Billings in the latitude of $three.685 billion to $three.745 billion

Non-GAAP gross margin in the latitude of seventy eight.0% to eighty.0%

Non-GAAP working margin within the latitude of 25.0% to 27.0%

Diluted non-GAAP internet salary per share within the latitude of $three.sixty five to $three.80, assuming a non-GAAP valuable tax price of 21%. This assumes a diluted share count number of 170 million to 172 million.

These statements are ahead looking and precise outcomes may vary materially. consult with the ahead-looking Statements part beneath for advice on the components that might trigger our specific consequences to vary materially from these ahead-searching statements.

Our counsel with admire to non-GAAP fiscal measures excludes inventory-based compensation, amortization of bought intangible property and benefit on intellectual property count. We haven't reconciled our information with appreciate to non-GAAP economic measures to the corresponding GAAP measures as a result of definite items that influence these measures are uncertain or out of our manage, or can not be moderately anticipated. therefore, a reconciliation of those non-GAAP monetary measures to the corresponding GAAP measures isn't attainable with out unreasonable effort.

1 A reconciliation of GAAP to non-GAAP measures has been supplied within the financial statement tables included in this press unencumber. a proof of these measures is additionally blanketed below under the heading “Non-GAAP economic Measures”.

conference name particulars

Fortinet will host a conference call nowadays at 1:30 p.m. Pacific Time (four:30 p.m. japanese Time) to talk about the profits outcomes. The name can be accessed via dialing (877) 303-6913 (home) or (224) 357-2188 (international) with convention id # 1998423. A live webcast of the conference call and supplemental slides might be available from the Investor relations web page of Fortinet’s site at https://investor.fortinet.com and a replay could be archived and obtainable at https://investor.fortinet.com/pursuits-and-displays. A replay of this conference name can also be accessed through may additionally 6 via dialing (855) 859-2056 (domestic) or (404) 537-3406 (overseas) with convention id #1998423.

2nd Quarter 2021 virtual convention Participation schedule:

members of Fortinet’s administration group are expected to existing at these conferences and focus on the latest company techniques and initiatives. Fortinet’s conference displays are anticipated to be available by the use of webcast on the company’s internet website. To entry probably the most up to date advice and hearken to the webcast of each and every experience, please discuss with the Investor family members web page of Fortinet’s web site at https://investor.fortinet.com. The schedule is area to alternate.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) secures the largest commercial enterprise, service company, and executive businesses worldwide. Fortinet empowers its customers with finished visibility and handle across the expanding attack floor and the energy to tackle ever-expanding performance necessities nowadays and into the long run. The Fortinet protection material platform can tackle the most critical safety challenges and protect facts throughout the entire digital infrastructure, even if in networked, utility, multi-cloud or area environments. each a technology enterprise and a gaining knowledge of firm, the Fortinet network safety Institute has one of the crucial largest and broadest cybersecurity training programs in the business. be taught extra at https://www.fortinet.com, the Fortinet blog or FortiGuard Labs.

Copyright © 2021 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and customary legislation emblems of Fortinet, Inc., its subsidiaries and associates. Fortinet’s logos include, however aren't restricted to, right here: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAP, FortiAppEngine, FortiAppMonitor, FortiAuthenticator, FortiBalancer, FortiBIOS, FortiBridge, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCenter, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDirector, FortiDNS, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLocator, FortiLog, FortiMeter, FortiMoM, FortiMonitor, FortiNAC, FortiPartner, FortiPenTest, FortiPhish, FortiPortal, FortiPresence , FortiProtect, FortiProxy, FortiRecorder, FortiReporter, FortiSASE, FortiScan, FortiSDNConnector, FortiSIEM, FortiSDWAN, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiVoIP, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM. different logos belong to their respective homeowners. Fortinet has not independently confirmed statements or certifications herein attributed to 3rd events and Fortinet does not independently advise such statements. in spite of the fact that the rest to the contrary herein, nothing herein constitutes a guaranty, guarantee, contract, binding specification or different binding commitment by using Fortinet or any indication of intent regarding a binding dedication, and performance and other specification advice herein could be unique to definite environments.

FTNT-F

ahead-looking Statements

This press free up consists of ahead-searching statements that involve risks and uncertainties. These ahead-searching statements encompass statements related to demand for our items and services, suggestions and expectations around future economic consequences, including suggestions and expectations for the second quarter and whole year 2021, statements related to the momentum in our company and future increase expectations and objectives and statements regarding boom in market demand. despite the fact we attempt to be correct in making ahead-looking statements, it is feasible that future cases may fluctuate from the assumptions on which such statements are based mostly such that precise consequences are materially distinctive from our ahead-searching statements in this unlock. essential components that could trigger effects to vary materially from the statements herein encompass right here: time-honored financial hazards, including those brought about by using the COVID-19 pandemic; bad affects from the COVID-19 pandemic on sales, billings, profits, demand and purchasing patterns, component supply and skill to manufacture items to satisfy demand in a well timed trend, and fees akin to possible accelerated fees for transport and components; global economic situations, nation-selected financial conditions, and overseas foreign money risks; competitiveness in the protection market; the dynamic nature of the protection market and its items and capabilities; specific financial risks international and in distinctive geographies, and among diverse client segments; uncertainty involving demand and expanded company and renewals from current valued clientele; uncertainties round endured success in income boom and market share features; precise or perceived vulnerabilities in our provide chain, items or services, and any precise or perceived breach of our network or our shoppers’ networks; longer sales cycles, particularly for larger enterprise, provider providers, executive and other significant organization customers; the effectiveness of our salesforce and failure to transform sales pipeline into final earnings; hazards associated with a hit implementation of dissimilar integrated application products and other product performance dangers; risks linked to integrating acquisitions and alterations in cases and plans associated therewith, including, amongst other risks, alterations in plans concerning product and features integrations, product and features plans and sales innovations; income and advertising execution hazards; execution risks around new product construction and introductions and innovation; litigation and disputes and the potential cost, distraction and harm to income and recognition caused thereby or by way of different factors; cybersecurity threats, breaches and different disruptions; market acceptance of new products and functions; the potential to appeal to and retain personnel; adjustments in approach; hazards associated with management of increase; prolonged sales and implementation cycles, specially in bigger groups; technological changes that make our items and functions much less competitive; risks associated with the adoption of, and demand for, our items and functions in widespread and with the aid of selected consumer segments, including those caused by the COVID-19 pandemic; competition and pricing pressure; product stock shortages for any reason, together with those caused by way of the COVID-19 pandemic; risks associated with business disruption caused through herbal mess ups and health emergencies reminiscent of earthquakes, fires, vigour outages, typhoons, floods, fitness epidemics and viruses such as the COVID-19 pandemic, and by using artifical activities corresponding to civil unrest, labor disruption, foreign trade disputes, foreign conflicts, terrorism, wars, and important infrastructure assaults; tariffs, alternate disputes and other change obstacles, and poor have an effect on on revenue in accordance with geo-political dynamics and disputes and protectionist policies; any political and government disruption around the world, including the have an effect on of any future shutdowns of the U.S. government; and the different chance factors set forth occasionally in our most contemporary Annual record on kind 10-okay, our most fresh Quarterly report on kind 10-Q and our different filings with the Securities and exchange commission (SEC), copies of which can be found free of cost at the SEC’s web page at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions best as of the date of this release, and we undertake no obligation, and expressly disclaim any responsibility, to update forward-looking statements herein in gentle of exact guidance or future movements.

COVID-19 impact

while the broader implications of the COVID-19 pandemic on our employees and average economic performance remain doubtful, we have viewed definite affects on our company and operations, results of operations, financial condition, cash flows, liquidity and capital and fiscal components. Going ahead, the circumstance is uncertain, hastily altering and difficult to foretell, and the COVID-19 pandemic may also have a cloth terrible influence on our future durations, together with our effects for the three months ending June 30, 2021, our annual consequences for 2021, and past. To highlight the uncertainty closing for the three month length ending June 30, 2021, it should be referred to that, due to consumer purchasing patterns and the efforts of our earnings force and channel companions to satisfy or exceed quarterly quotas, we have historically obtained a substantial component of each and every quarter’s sales orders and generated a substantial element of each quarter’s billings and income all through the closing two weeks of the quarter. If we adventure significant adjustments in our billings growth charges, it is going to impact product salary within the existing quarter and FortiGuard and FortiCare provider revenues in subsequent quarters, as we sell annual and multi-year carrier contracts which are identified ratably over the contractual provider time period. additionally, the broader implications of the pandemic on our company and operations and our fiscal results, including the extent to which the outcomes of the pandemic will affect future results and growth within the cybersecurity trade, continue to be uncertain. The period and severity of the financial downturn from the pandemic may also negatively affect our enterprise and operations, results of operations, monetary condition, money flows, liquidity and capital and monetary supplies in a fabric way. subsequently, the outcomes of the pandemic may additionally now not be totally reflected in our outcomes of operations except future periods.

Non-GAAP economic Measures

we now have provided during this unlock financial suggestions that has no longer been organized based on U.S. generally authorised Accounting principles (GAAP). These non-GAAP monetary and liquidity measures are not in accordance with any standardized methodology prescribed through GAAP and aren't necessarily akin to an identical measures introduced by means of other organizations. We use these non-GAAP monetary measures internally in analyzing our monetary consequences and trust they're helpful to buyers, as a complement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for traders to make use of in evaluating ongoing operating effects and trends and in evaluating our financial consequences with peer agencies, lots of which existing equivalent non-GAAP monetary measures to traders.

Non-GAAP economic measures may still now not be considered in isolation from, or as an alternative choice to, economic assistance prepared in keeping with GAAP. traders are inspired to evaluation the reconciliation of those non-GAAP fiscal measures to their most without delay comparable GAAP economic measures offered in the financial plan tables below.

Billings (non-GAAP). We outline billings as earnings identified in response to GAAP plus the alternate in deferred profits from the starting to the end of the length, less any deferred profits balances bought from business combination(s) during the length. We consider billings to be a useful metric for administration and buyers as a result of billings pressure existing and future profits, which is a crucial indicator of the fitness and viability of our company. There are a number of boundaries regarding the use of billings as an alternative of GAAP revenue. First, billings consist of amounts that have not yet been identified as salary and are impacted through the term of protection and support agreements. 2nd, we may calculate billings in a manner it really is different from peer organizations that document equivalent fiscal measures. administration bills for these boundaries by way of presenting certain assistance related to GAAP income and evaluating billings along with GAAP salary.

Free cash circulation (non-GAAP). We define free cash circulation as net cash offered by using operating activities minus purchases of property and machine and apart from any massive non-recurring gadgets, comparable to proceeds from highbrow property remember. We agree with free cash move to be a liquidity measure that provides beneficial tips to management and traders concerning the amount of money generated via the company that, after capital bills and web of proceeds from intellectual property rely, may also be used for strategic alternatives, together with repurchasing superb common inventory, investing in our company, making strategic acquisitions and strengthening the balance sheet. A obstacle of using free cash movement as opposed to the GAAP measures of cash supplied via or used in operating activities, investing activities, and financing activities is that free cash movement does not characterize the overall enhance or decrease within the cash and cash equivalents balance for the duration since it excludes cash flows from enormous non-routine items, equivalent to proceeds from highbrow property rely, investing activities other than capital fees and money flows from financing activities. administration money owed for this difficulty via featuring tips about our capital expenditures and other investing and financing actions on the face of the cash movement statement and below the caption “management’s dialogue and evaluation of fiscal condition and effects of Operations—Liquidity and Capital materials” in our most exact Quarterly file on form 10-Q and Annual record on form 10-k and with the aid of featuring cash flows from investing and financing activities in our reconciliation of free cash stream. furthermore, it's critical to observe that other corporations, together with organizations in our industry, might also no longer use free cash circulate, may also calculate free money circulate in a unique manner than we do or may also use different monetary measures to evaluate their efficiency, all of which could cut back the usefulness of free money flow as a comparative measure.

Non-GAAP operating profits and working margin. We outline non-GAAP operating income as operating profits plus inventory-based compensation, impairment and amortization of received intangible assets, less gain on highbrow property remember and, when applicable, other colossal non-ordinary objects in a given quarter, corresponding to non-habitual gains or losses on litigation-related matters. Non-GAAP working margin is described as non-GAAP operating income divided with the aid of GAAP salary. We agree with these non-GAAP monetary measures to be helpful metrics for management and investors because they exclude the items referred to above in order that our management and traders can examine our ordinary core company working consequences over numerous intervals. There are a couple of obstacles involving using non-GAAP operating income instead of working profits calculated in accordance with GAAP. First, non-GAAP operating revenue excludes the items mentioned above. second, the accessories of the expenses that we exclude from our calculation of non-GAAP operating revenue may differ from the accessories that peer agencies exclude after they document their non-GAAP outcomes of operations. management debts for these barriers via offering particular guidance regarding the GAAP amounts excluded from non-GAAP operating revenue and evaluating non-GAAP operating revenue at the side of operating income calculated in line with GAAP.

Non-GAAP web salary and diluted web earnings per share. We outline non-GAAP net salary as web income or loss plus the gadgets stated above under non-GAAP working income and operating margin. in addition, we adjust non-GAAP web salary and diluted web income per share for beneficial properties or losses on investments in privately held corporations and a tax adjustment required for an outstanding tax rate on a non-GAAP basis, which differs from the GAAP positive tax rate. We define non-GAAP diluted net salary per share as non-GAAP net revenue divided by the non-GAAP diluted weighted-general shares stunning. We trust these non-GAAP monetary measures to be useful metrics for administration and investors for the same reasons that we use non-GAAP working salary and non-GAAP working margin. despite the fact, in an effort to provide a greater finished picture of our routine core enterprise working effects, we encompass in non-GAAP web earnings and non-GAAP diluted internet profits per share, the tax adjustment required leading to a superior tax cost on a non-GAAP foundation, which often differs from the GAAP tax rate. We agree with the non-GAAP positive tax charges we use are cost effective estimates of normalized tax fees for our current and prior fiscal years under our international operating structure. The equal obstacles described above regarding our use of non-GAAP working earnings and non-GAAP operating margin observe to our use of non-GAAP web income and non-GAAP diluted internet profits per share. We account for these barriers by way of providing specific counsel concerning the GAAP quantities excluded from non-GAAP net salary and non-GAAP diluted web salary per share and evaluating non-GAAP web earnings and non-GAAP diluted net earnings per share along side web earnings or loss and diluted web earnings per share calculated in keeping with GAAP.

FORTINET, INC.CONDENSED CONSOLIDATED stability SHEETS(Unaudited, in millions)

March 31,2021

December 31,2020

property

latest assets:

money and cash equivalents

$

1,860.2

$

1,061.8

brief-time period investments

1,076.7

775.5

accounts receivable—web

637.three

720.0

inventory

149.6

139.eight

pay as you go fees and different existing belongings

57.four

43.3

complete existing assets

3,781.2

2,740.4

long-time period INVESTMENTS

151.1

118.three

PROPERTY AND equipment—internet

494.2

448.0

DEFERRED CONTRACT prices

320.2

304.8

DEFERRED TAX property

260.6

245.2

GOODWILL AND different INTANGIBLE belongings—web

131.5

124.6

different assets

143.4

63.2

total assets

$

5,282.2

$

4,044.5

LIABILITIES AND STOCKHOLDERS’ equity

current LIABILITIES:

debts payable

$

129.5

$

141.6

collected liabilities

143.2

149.2

collected payroll and compensation

141.9

145.9

Deferred revenue

1,465.1

1,392.8

total present liabilities

1,879.7

1,829.5

DEFERRED earnings

1,280.5

1,212.5

income TAX LIABILITIES

97.7

ninety.three

lengthy-term DEBT

987.0

—

different LIABILITIES

56.5

fifty six.2

total liabilities

four,301.4

3,188.5

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ equity:

normal stock

0.2

0.2

additional paid-in capital

1,225.2

1,207.2

amassed different complete income

0.3

0.7

amassed deficit

(244.9

)

(352.1

)

complete stockholders’ fairness

980.8

856.0

total LIABILITIES AND STOCKHOLDERS’ fairness

$

5,282.2

$

4,044.5

FORTINET, INC.CONDENSED CONSOLIDATED STATEMENTS OF profits(Unaudited, in thousands and thousands, except per share quantities)

Three Months Ended

March 31,2021

March 31,2020

salary:

Product

$

240.7

$

192.3

service

469.6

385.four

complete salary

710.three

577.7

cost OF profits:

Product

91.three

seventy six.three

service

sixty five.three

fifty two.4

total can charge of profits

156.6

128.7

GROSS income:

Product

149.four

116.0

carrier

404.three

333.0

complete gross income

553.7

449.0

operating costs:

research and development

97.2

80.three

income and advertising

304.0

260.0

regularly occurring and administrative

32.0

28.eight

benefit on intellectual property count

(1.1

)

(36.eight

)

total operating charges

432.1

332.3

operating revenue

121.6

116.7

interest earnings (fee) —net

(0.2

)

9.2

other rate—internet

(2.0

)

(eight.0

)

salary earlier than profits TAXES

119.four

117.9

PROVISION FOR revenue TAXES

12.2

13.3

internet income

$

107.2

$

104.6

internet revenue per share:

primary

$

0.66

$

0.sixty one

Diluted

$

0.sixty four

$

0.60

Weighted-common shares fabulous:

fundamental

163.0

a hundred and seventy.6

Diluted

166.four

174.2

FORTINET, INC.CONDENSED CONSOLIDATED STATEMENTS OF money FLOWS(Unaudited, in tens of millions)

Three Months Ended

March 31,2021

March 31,2020

money FLOWS FROM operating actions:

internet earnings

$

107.2

$

104.6

changes to reconcile web income to web money offered by means of operating activities:

inventory-based mostly compensation

49.5

forty four.eight

Amortization of deferred contract fees

39.7

31.3

Depreciation and amortization

17.3

17.6

Amortization of investment top rate (coupon codes)

1.2

(0.6

)

different

0.4

4.three

changes in working assets and liabilities:

bills receivable—net

82.5

69.6

stock

(14.7

)

6.7

pay as you go fees and different current assets

(13.4

)

(12.9

)

Deferred contract prices

(55.2

)

(43.0

)

Deferred tax belongings

(15.2

)

7.3

other assets

(four.8

)

0.9

bills payable

(12.4

)

(9.0

)

gathered liabilities

(2.8

)

1.eight

collected payroll and compensation

(three.9

)

1.eight

other liabilities

0.2

4.1

Deferred profits

a hundred and forty.3

ninety.1

net cash supplied by working actions

315.9

319.four

money FLOWS FROM INVESTING actions:

Purchases of investments

(647.1

)

(368.three

)

income of investments

18.6

126.eight

Maturities of investments

292.four

277.2

Purchases of property and machine

(52.1

)

(27.6

)

buy of investment in privately held company

(75.0

)

—

funds made in connection with company aggregate, web of money received

(10.3

)

(3.1

)

other

—

(0.4

)

internet cash offered with the aid of (utilized in) investing actions

(473.5

)

4.6

money FLOWS FROM FINANCING actions:

Proceeds from lengthy-time period debt, net of cut price and underwriting costs

989.four

—

funds for debt issuance prices

(1.9

)

Repurchase and retirement of usual stock

—

(889.9

)

Proceeds from issuance of commonplace inventory

9.9

7.4

Taxes paid involving internet share agreement of equity awards

(41.four

)

(37.eight

)

different

—

(0.1

)

web money provided with the aid of (utilized in) financing actions

956.0

(920.4

)

net boost (decrease) IN money AND money EQUIVALENTS

798.four

(596.four

)

money AND money EQUIVALENTS—starting of length

1,061.eight

1,222.5

cash AND money EQUIVALENTS—conclusion of length

$

1,860.2

$

626.1

Reconciliations of non-GAAP results of operations measures to the nearest related GAAP measures(Unaudited, in tens of millions, except per share quantities)Reconciliation of net money supplied by means of operating actions to free money circulation

Three Months Ended

March 31,2021

March 31,2020

internet money provided by working actions

$

315.9

$

319.4

much less: Purchases of property and device

(fifty two.1

)

(27.6

)

much less: Proceeds from intellectual property count number

—

(50.0

)

Free money move

$

263.8

$

241.eight

net money offered by way of (utilized in) investing actions

$

(473.5

)

$

four.6

web cash provided by means of (utilized in) financing actions

$

956.0

$

(920.four

)

Reconciliation of GAAP working profits to non-GAAP operating revenue, working margin, net earnings and diluted internet income per share

Three Months Ended March 31, 2021

Three Months Ended March 31, 2020

GAAPResults

adjustments

Non-GAAPResults

GAAPResults

adjustments

Non-GAAPResults

operating revenue

$

121.6

$

fifty two.3

(a)

$

173.9

$

116.7

$

12.5

(b)

$

129.2

operating margin

17.1

%

24.5

%

20.2

%

22.four

%

changes:

inventory-basedcompensation

50.0

45.3

Amortization ofacquired intangible belongings

three.four

4.0

profit on intellectualproperty remember

(1.1

)

(36.8

)

Loss on investments inprivately-heldcompanies

—

four.three

(c)

Tax adjustment

(23.9

)

(d)

(16.three

)

(d)

net earnings

$

107.2

$

28.four

$

a hundred thirty five.6

$

104.6

$

0.5

$

one zero five.1

Diluted net salary per share

$

0.sixty four

$

0.81

$

0.60

$

0.60

Shares used in diluted netincome per sharecalculations

166.4

166.4

174.2

174.2

(a)

To exclude $50.0 million of inventory-based compensation and $three.four million of amortization of bought intangible belongings, offset by a $1.1 million profit on intellectual property count, within the three months ended March 31, 2021.

(b)

To exclude $45.three million of stock-based mostly compensation and $four.0 million of amortization of acquired intangible assets, offset by way of a $36.8 million profit on intellectual property remember, in the three months ended March 31, 2020.

(c)

To exclude a $four.3 million impairment cost on an investment in a privately held business within the three months ended March 31, 2020.

(d)

Non-GAAP fiscal information is adjusted to an effective tax cost of 21% and 22% within the three months ended March 31, 2021 and 2020, respectively, on a non-GAAP groundwork, which differs from the GAAP advantageous tax price.

Reconciliation of total profits to complete billings

Three Months Ended

March 31,2021

March 31,2020

total revenue

$

710.3

$

577.7

Add: trade in deferred revenue

a hundred and forty.3

ninety.1

much less: Deferred income stability got in company acquisition

—

—

complete billings

$

850.6

$

667.8

Investor Contact:

Media Contact:

Peter Salkowski

Sandra Wheatley

Fortinet, Inc.

Fortinet, Inc.

408-331-4595

408-391-9408

psalkowski@fortinet.com

swheatley@fortinet.com

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