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Fortinet Reports 2Q19 Financial Results

Fortinet recently announced financial results for its second quarter which ended June 30, 2019.

Here are the highlights from the report:

  • Revenue: Total revenue was $521.7 million for the second quarter of 2019, an increase of 18% compared to $441.3 million for the same quarter of 2018.
  • Product revenue was $189.9 million for the second quarter of 2019, an increase of 14% compared to $166.3 million for the same quarter of 2018.
  • Service revenue was $331.8 million for the second quarter of 2019, an increase of 21% compared to $275.0 million for the same quarter of 2018.
  • Billings: Total billings were $622.4 million for the second quarter of 2019, an increase of 21% compared to $513.4 million for the same quarter of 2018.
  • Deferred Revenue: Total deferred revenue was $1.87 billion as of June 30, 2019, an increase of 27% compared to $1.47 billion as of June 30, 2018.
  • GAAP Operating Income and Margin: GAAP operating income was $75.2 million for the second quarter of 2019, representing a GAAP operating margin of 14%. GAAP operating income was $50.7 million for the same quarter of 2018, representing a GAAP operating margin of 11%.
  • Non-GAAP Operating Income and Margin: Non-GAAP operating income was $123.1 million for the second quarter of 2019, representing a non-GAAP operating margin of 24%. Non-GAAP operating income was $93.1 million for the second quarter of 2018, representing a non-GAAP operating margin of 21%.
  • GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $72.7 million for the second quarter of 2019, compared to GAAP net income of $49.3 million for the same quarter of 2018. GAAP diluted net income per share was $0.42 for the second quarter of 2019, based on 175.1 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.28 for the same quarter of 2018, based on 173.5 million diluted weighted-average shares outstanding.
  • Non-GAAP Net Income and Diluted Net Income Per Share: Non-GAAP net income was $101.6 million for the second quarter of 2019, compared to non-GAAP net income of $71.4 million for the same quarter of 2018. Non-GAAP diluted net income per share was $0.58 for the second quarter of 2019, based on 175.1 million diluted weighted-average shares outstanding, compared to $0.41 for the same quarter of 2018, based on 173.5 million diluted weighted-average shares outstanding.
  • Cash Flow and Free Cash Flow: In the second quarter of 2019, cash flow from operations was $195.1 million compared to $142.2 million in the same quarter of 2018. Free cash flow was $177.8 million during the second quarter of 2019, compared to $130.6 million for the same quarter of 2018.

To access the full report, click here.

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