Press release
Fortinet Reports Third Quarter 2021 Financial Results
Third Quarter 2021 Highlights Total revenue of $867.2 million, up 33% year over yearProduct revenue of $337.1 million, up 51% year over yearService revenue of
About this update from Fortinet, Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights Total revenue of $867.2 million, up 33% year over yearProduct revenue of $337.1 million, up 51% year over yearService revenue of $530.1 million, up 24% year over yearBillings of $1.06 billion, up 42% year over year1Deferred revenue of $3.11 billion, up 30% year over yearGAAP operating margin of 19.2%Non-GAAP operating margin of 25.8%1GAAP diluted net income per share attributable to Fortinet, Inc. common stockholders of $0.97Non-GAAP diluted net income per share attributable to Fortinet, Inc. common stockholders of $0.991Cash flow from operations of $398.8 millionFree cash flow of $329.8 million1 SUNNYVALE, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the third quarter ended September 30, 2021. “We are extremely pleased with our third quarter performance as we exceeded $1 billion in quarterly billings for the first time in Fortinet’s history. Additionally, Gartner again recognized our Secure SD-WAN solution as a Leader in the 2021 Magic Quadrant for WAN Edge Infrastructure while placing highest in its ability to execute,” said Ken Xie, Founder, Chairman, and Chief Executive Officer. “The total addressable market for network security is rapidly expanding from the data center outward to the local and wide-area networks, to the work-from-anywhere environment and to the cloud. We are focused on leveraging our ASIC-supported security fabric platform across this expanding total addressable market to drive better than industry average long-term growth for Fortinet.” Financial Highlights for the Third Quarter of 2021 Revenue: Total revenue was $867.2 million for the third quarter of 2021, an increase of 33.2% compared to $651.1 million for the same quarter of 2020. Product Revenue: Product revenue was $337.1 million for the third quarter of 2021, an increase of 50.6% compared to $223.8 million for the same quarter of 2020.Service Revenue: Service revenue was $530.1 million for the third quarter of 2021, an increase of 24.1% compared to $427.3 million for the same quarter of 2020.Billings1: Total billings were $1.06 billion for the third quarter of 2021, an increase of 41.9% compared to $749.8 million for the same quarter of 2020.Deferred Revenue: Total deferred revenue was...