Press release
Fortinet Reports Second Quarter 2020 Financial Results
Second Quarter 2020 Highlights Total revenue of $615.5 million, up 18% year over yearProduct revenue of $211.9 million, up 12% year over yearBillings of
About this update from Fortinet, Inc.
[{"type":"text","content":"Second Quarter 2020 Highlights\n Total revenue of $615.5 million, up 18% year over yearProduct revenue of $211.9 million, up 12% year over yearBillings of $711.5 million, up 14% year over year1Deferred revenue of $2.32 billion, up 24% year over yearGAAP operating margin of 19.0%, up 460 basis points year over yearNon-GAAP operating margin of 27.3%, up 370 basis points year over year1GAAP diluted net income per share of $0.68Non-GAAP diluted net income per share of $0.821Cash flow from operations of $247.0 millionFree cash flow of $216.1 million, up $38.3 million year over year1Cash paid for share repurchases of $156.1 million SUNNYVALE, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the second quarter ended June 30, 2020. “Strong demand for secure SD-WAN and work-from-home capabilities helped power 18% second quarter revenue growth. Secure SD-WAN billings were approximately 12% of second quarter billings, making this the first time in which SD-WAN represented over 10% of quarterly billings,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “With the network edge stretched across the entire digital infrastructure, we believe networking and security will continue to converge. Recent Secure Access Service Edge, or SASE, market momentum further validates our security-driven networking approach. Our OPAQ Networks acquisition means Fortinet will have one of the most comprehensive SASE platforms.” Financial Highlights for the Second Quarter of 2020 Revenue: Total revenue was $615.5 million for the second quarter of 2020, an increase of 18.0% compared to $521.7 million for the same quarter of 2019. Product Revenue: Product revenue was $211.9 million for the second quarter of 2020, an increase of 11.6% compared to $189.9 million for the same quarter of 2019. Service Revenue: Service revenue was $403.6 million for the second quarter of 2020, an increase of 21.6% compared to $331.8 million for the same quarter of 2019. Billings1: Total billings were $711.5 million for the second quarter of 2020, an increase of 14.3% compared to $622.4 million for the same quarter of 2019. Deferred Revenue: Total deferred revenue was $2.32 billion as of June 30, 2020, an increase of 24.4% compared to $1.87 billio...