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Fortinet sees 34% revenue increase in latest financial results

By Zach Thompson
Mon 9 May 2022

Fortinet has released its financial results for the first quarter ended March 31, 2022, seeing a total revenue increase of 34.4% compared to the same quarter last year.

Fortinet’s total revenue for the first quarter of 2022 is $954.8 million, up from $710.3 million for the same quarter in 2021.

“We delivered better than expected first quarter revenue growth of 34% year over year, driven by record quarterly product revenue growth of 54% year over year,” Fortinet founder, chairman and CEO Ken Xie says.

“The outstanding results we achieved reflect exceptionally strong demand across our broad portfolio of cybersecurity and networking solutions as our teams skilfully navigated the challenging supply chain environment.

“At the same time, we improved visibility to our future business by increasing backlog by $116 million in the first quarter.

“Fortinet’s industry-leading operating system, FortiASIC SPU, and core platform innovations are geared towards making our customers’ entire infrastructure more secure.

“We have prioritised providing integrated security products on a single operating system and converging networking functionality with security capabilities.”

Additional financial highlights for the first quarter of 2022 include:

  • Product revenue

$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

$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.

  • Total billings

$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.

  • Total deferred revenue

$3.66 billion as of March 31, 2022, an increase of 33.2% compared to $2.75 billion as of March 31, 2021.

  • Total bookings

$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

$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

$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

$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

$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

$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

$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 from operations

$396.1 million for the first quarter of 2022, compared to $315.9 million for the same quarter of 2021.

  • Free cash flow

$273.5 million for the first quarter of 2022, compared to $263.8 million for the same quarter of 2021.

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