Press release
Fortinet Reports Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter 2019 Highlights Total revenue of $614.4 million, up 21% year over yearProduct revenue of $238.8 million, up 19% year over yearBillings of
About this update from Fortinet, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Highlights\n Total revenue of $614.4 million, up 21% year over yearProduct revenue of $238.8 million, up 19% year over yearBillings of $802.3 million, up 24% year over year1GAAP operating margin of 19%, up 250 basis points year over yearNon-GAAP operating margin of 27%, up 110 basis points year over year1GAAP diluted net income per share of $0.66Non-GAAP diluted net income per share of $0.761Cash flow from operations of $190.4 millionFree cash flow of $143.2 million1 Full Year 2019 Highlights Total revenue of $2.16 billion, up 20% year over yearProduct revenue of $788.5 million, up 17% year over yearBillings of $2.60 billion, up 21% year over year1Deferred revenue of $2.14 billion, up 27% year over yearGAAP operating margin of 16%, up 310 basis points year over yearNon-GAAP operating margin of 25%, up 220 basis points year over year1GAAP diluted net income per share of $1.87Non-GAAP diluted net income per share of $2.471Cash flow from operations of $808.0 millionFree cash flow of $715.8 million1 SUNNYVALE, Calif., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the fourth quarter and full year ended December 31, 2019. “Our advanced architecture with proprietary SPU technology gives us a significant capacity advantage over our competition as indicated by our security compute ratings and enables us to add additional functionality into our products. Our strong fourth quarter product revenue growth was driven by our ability to include cutting-edge security and networking functionality, including SD-WAN, in our products,” said Ken Xie, Founder, Chairman, and Chief Executive Officer. “We are focused on continuing to gain market share by investing in network security, the build out of our Security Fabric platform, and innovations in the areas of 5G, IoT, edge and cloud security.” Financial Highlights for the Fourth Quarter of 2019 Revenue: Total revenue was $614.4 million for the fourth quarter of 2019, an increase of 21% compared to $507.0 million for the same quarter of 2018. Product Revenue: Product revenue was $238.8 million for the fourth quarter of 2019, an increase of 19% compared to $200.8 million for the same quarter of 2018. Service Revenue: Service revenue was $375.6 million for th...