Fortinet maakt sterke derdekwartaalcijfers bekend

Utrecht, 7 november 2024 - Fortinet (Nasdaq: FTNT), een wereldwijde leider op het gebied van cyberbeveiliging die de convergentie van netwerken en beveiliging stimuleert, heeft vandaag de financiële resultaten bekendgemaakt voor het derde kwartaal dat eindigde op 30 september 2024. De totale omzet bedroeg $1,51 miljard voor het derde kwartaal van 2024, dat is een stijging van 13,0% vergeleken met $1,33 miljard voor hetzelfde kwartaal van 2023.

De productopbrengsten bedroegen $473,9 miljoen voor het derde kwartaal van 2024. De inkomsten uit diensten bedroegen $1,03 miljard voor het derde kwartaal van 2024, een stijging van 19,1% vergeleken met $868,7 miljoen voor hetzelfde kwartaal van 2023.

“We zijn verheugd opnieuw een sterk kwartaal te kunnen rapporteren, aangezien de non-GAAP operationele marge jaar op jaar met 830 basispunten is gestegen naar een bedrijfsrecord van 36%”, aldus Ken Xie, oprichter, voorzitter en Chief Executive Officer van Fortinet. “Onze investeringen in de snelgroeiende Unified SASE- en Security Operations-markten zorgden voor goede resultaten, en we hebben ons marktaandeel in Secure Networking verder vergroot. Onze expertise in het convergeren van netwerken en beveiliging en onze staat van dienst op het gebied van innovatie en naadloze productintegratie binnen FortiOS en FortiASIC, bieden ons een goed uitgangspunt om onze drie belangrijkste groeimarkten, en onze duurzame groei, verder te ontwikkelen.”

### - ###

Het volledige, Engelstalige bericht vindt u hieronder:

---

Fortinet Reports Third Quarter 2024 Financial Results

Highlights

• Total revenue up 13% year over year; service revenue up 19% year over year
• Billings¹and product revenue returns to growth
• Strong billings growth in Unified SASE and Security Operations
• Record GAAP operating margin of 31.2%
• Record Non-GAAP operating margin of 36.1%¹
• Cash flow from operations of $608 million; Free cash flow of $572 million¹
• Raising 2024 revenue and non-GAAP operating margin guidance
• Share repurchase authorization increased by $1billion; remaining authorization of $2billion
  

SUNNYVALE, Calif. - November7, 2024- Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the third quarter ended September30, 2024.

“We are pleased to report another strong quarter as non-GAAP operating margin increased 830 basis points year over year to a company record of 36%, while revenue exceeded the high end of our guidance range, with growth of 13% year over year,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “Our investments in the fast-growing markets of Unified SASE and Security Operations generated strong results as we continued to gain market share in Secure Networking. With our expertise in converging networking and security, a proven track record of innovation, and seamless product integration within our FortiOS and FortiASIC, we are well-positioned to lead in our three core growth areas and drive sustained growth.”

Financial Highlights for the Third Quarter of 2024

• Revenue:Total revenue was $1.51 billion for the third quarter of 2024, an increase of 13.0% compared to $1.33 billion for the same quarter of 2023.
• Product Revenue:Product revenue was $473.9 million for the third quarter of 2024, an increase of 1.7% compared to $465.9 million for the same quarter of 2023.
• Service Revenue:Service revenue was $1.03 billion for the third quarter of 2024, an increase of 19.1% compared to $868.7 million for the same quarter of 2023.
• Billings¹:Total billings were $1.58 billion for the third quarter of 2024, an increase of 6.1% compared to $1.49 billion for the same quarter of 2023.
• Deferred Revenue:Total deferred revenue was $6.01 billion as of September30, 2024, an increase of 13.7% compared to $5.29 billion as of September30, 2023.
• GAAP Operating Income and Margin:GAAP operating income was $470.9 million for the third quarter of 2024, representing a GAAP operating margin of 31.2%. GAAP operating income was $303.2 million for the same quarter of 2023, representing a GAAP operating margin of 22.7%.
• Non-GAAPOperating Incomeand Margin¹:Non-GAAP operating income was $544.7 million for the third quarter of 2024, representing a non-GAAP operating margin of 36.1%. Non-GAAP operating income was $371.4 million for the same quarter of 2023, representing a non-GAAP operating margin of 27.8%.
• GAAP Net Income and Diluted Net Income Per Share:GAAP net income was $539.9 million for the third quarter of 2024, compared to GAAP net income of $322.9 million for the same quarter of 2023. GAAP diluted net income per share was $0.70 for the third quarter of 2024, based on 771.9million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.41 for the same quarter of 2023, based on 791.2million diluted weighted-average shares outstanding.
• Non-GAAPNet Income and Diluted Net Income Per Share¹:Non-GAAP net income was $487.6 million for the third quarter of 2024, compared to non-GAAP net income of $323.5 million for the same quarter of 2023. Non-GAAP diluted net income per share was $0.63 for the third quarter of 2024, based on 771.9million diluted weighted-average shares outstanding, compared to $0.41 for the same quarter of 2023, based on 791.2million diluted weighted-average shares outstanding.
• Cash Flow:Cash flow from operations was $608.1 million for the third quarter of 2024, compared to $551.2 million for the same quarter of 2023.
• Free Cash Flow¹:Free cash flow was $571.8 million for the third quarter of 2024, compared to $481.1 million for the same quarter of 2023.
• Share Repurchase Program:In October 2024, Fortinet’s board of directors authorized a $1.0billion increase in the authorized stock repurchase under our share repurchase program. As of November 7, 2024, approximately $2.03 billion remained available for future share repurchases.

Guidance
For the fourth quarter of 2024, Fortinet currently expects:

• Revenue in the range of $1.560 billion to $1.620 billion
• Billings in the range of $1.900 billion to $2.000 billion
• Non-GAAP gross margin in the range of 79.5% to 80.5%
• Non-GAAP operating margin in the range of 33.0% to 34.0%
• Diluted non-GAAP net income per share in the range of $0.58 to $0.62, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 768 million to 778 million.

For the fiscal year 2024, Fortinet currently expects:

• Revenue in the range of $5.856 billion to $5.916 billion
• Service revenue in the range of $4.015 billion to $4.045 billion
• Billings in the range of $6.430 billion to $6.530 billion
• Non-GAAP gross margin in the range of 80.3% to 81.3%
• Non-GAAP operating margin in the range of 32.9% to 33.9%
• Diluted non-GAAP net income per share in the range of $2.20 to $2.28, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 766 million to 776 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, charges in connection with litigation settlement, gain on intellectual property matters, gain on bargain purchase related to acquisition, and non-cash charge of impairment on an equity method investment. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

¹A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Conference Call Details
Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Fourth Quarter 2024 Conference Participation Schedule:

• Fortinet Analyst Day
  November 18, 2024
• Needham Security, Networking, & Communications Conference
  November 19, 2024
• Wells Fargo TMT Summit
  December 4, 2024
• Scotiabank Global Technology Conference
  December 10, 2024
• Barclays Global Technology Conference
  December 11, 2024

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

Over Fortinet
Fortinet (NASDAQ: FTNT) is een drijvende kracht in de evolutie van cyberbeveiliging en de convergentie van netwerken en beveiliging. Onze missie is om overal mensen, apparaten en gegevens te beveiligen. We leveren cyberbeveiliging overal waar je het nodig hebt dankzij het grootste geïntegreerde portfolio van meer dan 50 enterprise-grade producten. Meer dan een half miljoen klanten vertrouwen op de oplossingen van Fortinet, die tot de meest toegepaste, gepatenteerde en gevalideerde in de industrie behoren. Het Fortinet Training Institute, een van de grootste en breedste trainingsprogramma's in de industrie, richt zich op het beschikbaar maken van cyberbeveiligingstraining en nieuwe carrièremogelijkheden voor iedereen. Samenwerking met vooraanstaande organisaties uit zowel de publieke als private sector, met inbegrip van CERT's, overheidsinstanties en de academische wereld, is een fundamenteel aspect van Fortinet's inzet om cyberweerbaarheid wereldwijd te verbeteren. FortiGuard Labs, Fortinet's elite threat intelligence en onderzoeksorganisatie, ontwikkelt en gebruikt machine learning en AI-technologieën om klanten te voorzien van tijdige en consistente top-rated bescherming en bruikbare threat intelligence. Ga voor meer informatie naar https://www.fortinet.com, het blog van Fortinet en FortiGuard Labs.