GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Technology

 
  Share

Second Quarter 2019 Highlights

• Revenue of $521.7 million, up 18% year over year

• Billings of $622.4 million, up 21% year over year1

• Deferred revenue of $1.87 billion, up 27% year over year

• GAAP operating margin of 14%

• Non-GAAP operating margin of 24%1

• GAAP diluted net income per share of $0.42

• Non-GAAP diluted net income per share of $0.581

• Cash flow from operations of $195.1 million

• Free cash flow of $177.8 million1

Dubai, UAE. - August 4, 2019 - Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the second quarter ended June 30, 2019.

“Our strong performance in the United States contributed to second quarter billings growth that outpaced our competitors. Our Fortinet Security Fabric, SD-WAN and cloud offerings contributed to our 21% year-over-year billings growth,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “We expect 2019 to be another year of better-than-industry growth, driven by our advanced security processing technology, new products and services offerings, and new market opportunities.”

Financial Highlights for the Second Quarter of 2019

• 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.

• Billings1: 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 Margin1: 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 Share1: 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 Flow1: 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.

Guidance

For the third quarter of 2019, Fortinet currently expects:

• Revenue in the range of $525 million to $540 million

• Billings in the range of $600 million to $615 million

• Non-GAAP gross margin in the range of 75.5% to 76.5%

• Non-GAAP operating margin in the range of 23.0% to 23.5%

• Diluted non-GAAP net income per share in the range of $0.55 to $0.57, assuming a non-GAAP effective tax rate of 24%. This assumes a diluted share count of 177 million to 179 million

For the fiscal year 2019, Fortinet currently expects:

• Revenue in the range of $2.10 billion to $2.12 billion

• Service revenue in the range of $1.34 billion to $1.36 billion

• Billings in the range of $2.51 billion to $2.54 billion

• Non-GAAP gross margin in the range of 75.5% to 76.5%

• Non-GAAP operating margin in the range of 23.0% to 23.5%

• Diluted non-GAAP net income per share in the range of $2.23 to $2.26, assuming a non-GAAP effective tax rate of 24%. This assumes a diluted share count of 177 million to 179 million

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation and amortization of acquired intangible assets. 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.

1 A 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. The call can be accessed by dialing (877) 303-6913 (domestic) or (224) 357-2188 (international) with conference ID # 8583905. 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. A replay of this conference call can also be accessed through August 8, 2019, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID #8583905.

Third Quarter 2019 Investor Conference Participation Schedule:

• Oppenheimer 22nd Annual Technology, Internet & Communications Conference

August 7, 2019 - Boston, MA

• Raymond James SMID Conference (Meetings Only)

August 21, 2019 - Chicago, IL

• Dougherty Institutional Investors Conference (Meetings Only)

September 5, 2019 - Minneapolis, MN

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 web site. To listen to these presentations and access the most updated information and listen to the webcast of each event, please visit the Investor Relations page of Fortinet's website at http://investor.fortinet.com. The schedule is subject to change.



Posted by : GoDubai Editorial Team
Viewed 3947 times
Posted on : Monday, August 5, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : du Announces New Roaming Solutions for UAE Customers Travelling for Hajj or Visiting GCC Countries
Next Story : Hub71 Welcomes Seven New Startups from Six Sectors
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Drops of Youth
Foreo Reveals the Ultimate Valentine's Gift List for Women
Kanz Jewels proves to be a lucky destination for jewellery shoppers during DSF 2020.
Show your Support for Australia alongside THT – That Hair Tho
Zeitun Cosmetics Launch in UAE
Eberhard & Co. Gilda timepiece makes an extraordinary Valentine's Day gift
Corum And Joachim Horsley Light Up The Folies Bergère
Elegant diamond-swathed Kalpa Kalparisma set to dazzle fine watch enthusiasts
160 Years Young: Tag Heuer Kicks Off a Milestone Anniversary With the Re-edition...
Beleaf's Top 5 Vegan Supplements
Foreo Reveals the Ultimate Valentine's Gift List for Men
Seha Leads Discussions in Pediatric Medicine
Oris pays tribute to the world's greatest jazz musicians with Art Blakey Limited...
Traversetolo Vitre in blue dial makes stunning impact
Spice It Up With Szechuan! Shake Shack is Celebrating the Chinese New Year With ...
Why this is the right time for TMCs to automate their processes?
Beleaf Opens its Fifth Store in Springs Souk
UAE Falconers League Kick Starts Competition with 10 teams in Al Ruwayyah
The Data Center Market in 2020: What to Expect
Lg to Join Forces With Cerence on Ai-powered Connected Car Platform
Head to Freddy's for the Ultimate Frozen Custard Party
HONOR Wins Big at CES 2020 with Growing Momentum of Wearables
C Central Resort The Palm Welcomes 2020 with its Grand Opening in Dubai
MoHAP's Training & Development Center Receives the Silver Award from the America...
Secure Technologies and Artificial Intelligence in Focus for Airbus at Intersec 2020
Medical software company Evolucare Technologies presents its high-performance so...
HINO trucks dominate the UAE's fuel delivery sector
Filipino finds respite from a rare eye condition and poor vision
AU Offers 20% Discount to Ajman Government Staff
ETIHAD GUEST AND AIR MILES MIDDLE EAST PARTNER TO OFFER MORE WAYS TO EARN GUEST MILES
Dalma Mall to Host Musical Evening With Takkat
Laetitia Casta in Ralph Lauren
World security, safety and fire protection experts converge in Dubai for Intersec
Drive away in a brand-new Toyota for just AED 29 a day
MBRU faculty performs pioneering surgery at Mediclinic to treat rare swallowing ...
Sanad Powertech Awarded Shams Power Company Maintenance Contract
SteelFab 2020 introduces the latest Laser Metal Cutting Machine & the world's fi...
Lenovo and Nasr Esports partner to champion gaming talent in MENA
DHA Drives Forward Patient Care with Pioneering 3D Printing Lab
Volvo Cars and China Unicom collaborate on 5G communication technology developme...
The best crossbody bags for spring
Skullcandy- PUSH Wireless Earbuds.
Plaza Premium Lounge Dubai Creates a Lasting Impression for Travellers Departing...
Grohe's “Green Mosque” Initiative Ranks Fourth in The Best PR Campaigns for This...
Tabreed Energy Services Launched
Union Coop Signs two MoUs with Dubai Foundation for Women and Children
Al Majid Motors marks 25th edition of DSF with value deals across models
Maserati presents the Royale special series: a contemporary homage to the herit...
New Year, New IKEA!
Eaton adds to cybersecurity portfolio with industry-first dual UL and IEC produc...