Fortinet news: Third Quarter 2020 Financial Results Released

SUNNYVALE, CA (STL.News) Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the third quarter ended September 30, 2020.

“Strong performances by our Secure SD-WAN, cloud, and Security Fabric offerings resulted in solid third-quarter year-over-year total revenue growth.  In the quarter, Secure SD-WAN revenue more than doubled from the same period a year ago.  At the end of the third quarter, Gartner recognized our differentiated SD-WAN offering as a Leader in the 2020 WAN Edge Infrastructure Magic Quadrant,” said Ken Xie, Founder, Chairman, and Chief Executive Officer.  “The pandemic has accelerated digital transformation and cloud migration efforts creating multiple edges that require protection.  Fortinet’s security-driven networking approach protects these edges, whether they are at the branch, cloud, data center, home, network or WAN edge.”

Fortinet Financial Highlights for the Third Quarter of 20202

  1. Revenue: Total revenue was $651.1 million for the third quarter of 2020, an increase of 18.8% compared to $548.1 million for the same quarter of 2019.
  2. Product Revenue: Product revenue was $223.8 million for the third quarter of 2020, an increase of 13.5% compared to $197.1 million for the same quarter of 2019.
  3. Service Revenue: Service revenue was $427.3 million for the third quarter of 2020, an increase of 21.7% compared to $351.0 million for the same quarter of 2019.
  4. Billings: Total billings were $749.8 million for the third quarter of 2020, an increase of 19.7% compared to $626.6 million for the same quarter of 2019.
  5. Deferred Revenue: Total deferred revenue was $2.39 billion as of September 30, 2020, an increase of 24.4% compared to $1.92 billion as of September 30, 2019.
  6. GAAP Operating Income and Margin: GAAP operating income was $126.9 million for the third quarter of 2020, representing a GAAP operating margin of 19.5%.  GAAP operating income was $100.6 million for the same quarter of 2019, representing a GAAP operating margin of 18.4%.
  7. Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $178.6 million for the third quarter of 2020, representing a non-GAAP operating margin of 27.4%.  Non-GAAP operating income was $145.2 million for the third quarter of 2019, representing a non-GAAP operating margin of 26.5%.
  8. GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $123.4 million for the third quarter of 2020, compared to GAAP net income of $80.2 million for the same quarter of 2019.  GAAP diluted net income per share was $0.75 for the third quarter of 2020, based on 165.6 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.46 for the same quarter of 2019, based on 174.8 million diluted weighted-average shares outstanding.
  9. Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $145.4 million for the third quarter of 2020, compared to non-GAAP net income of $117.3 million for the same quarter of 2019.  Non-GAAP diluted net income per share was $0.88 for the third quarter of 2020, based on 165.6 million diluted weighted-average shares outstanding, compared to $0.67 for the same quarter of 2019, based on 174.8 million diluted weighted-average shares outstanding.
  10. Cash Flow and Free Cash Flow1: In the third quarter of 2020, cash flow from operations was $220.8 million compared to $221.2 million in the same quarter of 2019.  Free cash flow was $185.7 million during the third quarter of 2020, compared to $203.7 million for the same quarter of 2019.

NOTE: this is NOT the complete release.

View full release at:

  • https://www.fortinet.com/corporate/about-us/newsroom/press-releases/2020/third-quarter-2020-financial-results?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+fortinet%2Fpress-releases+%28Fortinet+Press+Releases%29

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