Fourth Quarter 2021 Highlights
Total revenue of $963.6 million, up 29% year over year
Product revenue of $378.9 million, up 31% year over year
Service revenue of $584.7 million, up 27% year over year
Billings of $1.31 billion, up 36% year over year1
Bookings of $1.43 billion, up 49% year over year
2GAAP operating margin of 22.3% Non-GAAP operating margin of 28.5%
1Cash paid for share repurchases of $571.8 million
Full Year 2021 Highlights
Total revenue of $3.34 billion, up 29% year over year
Product revenue of $1.26 billion, up 37% year over year
Service revenue of $2.09 billion, up 24% year over year
Billings of $4.18 billion, up 35% year over year
1Bookings of $4.33 billion, up 40% year over year
2Deferred revenue of $3.45 billion, up 33% year over year
GAAP operating margin of 19.5%
Non-GAAP operating margin of 26.2%
1Cash flow from operations of $1.50 billion
Cash paid for share repurchases of $741.8 millionFree cash flow of $1.20 billion1 S
San Francisco, NFAPost: Fortinet (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, announced financial results for the fourth quarter and full-year ended December 31, 2021.
Fortinet Founder, Chairman and Chief Executive Officer Ken Xie said revenue growth accelerated to 29% in 2021, after three consecutive years with revenue growth of 20% or more.
“Cash flow from operations was $1.5 billion and free cash flow was a record $1.2 billion for the year,” said Ken Xie.
He also said the company 2021 performance was driven by increased demand for cybersecurity solutions and exceptional execution from our global operations and sales teams and excellent support from channel partners and distributors.
“Fortinet’s integrated and single platform approach to security is resonating with customers that want to effectively protect their corporate networks from a wide range of attack vectors. Given our robust pipeline and strong business momentum, we expect several more years of solid growth as Fortinet is well positioned to address our $174 billion market opportunity,” said Fortinet Founder, Chairman and Chief Executive Officer Ken Xie.
Financial Highlights for the Fourth Quarter of 2021 Revenue: Total revenue was $963.6 million for the fourth quarter of 2021, an increase of 28.8% compared to $748.0 million for the same quarter of 2020.
Product Revenue: Product revenue was $378.9 million for the fourth quarter of 2021, an increase of 31.4% compared to $288.4 million for the same quarter of 2020.
Service Revenue: Service revenue was $584.7 million for the fourth quarter of 2021, an increase of 27.2% compared to $459.6 million for the same quarter of 2020.
Billings1: Total billings were $1.31 billion for the fourth quarter of 2021, an increase of 35.9% compared to $960.9 million for the same quarter of 2020.
Bookings2: Total bookings were $1.43 billion for the fourth quarter of 2021, an increase of 48.7% compared to $960.3 million for the same quarter of 2020. Backlog2 was $161.9 million as of December 31, 2021 an increase of $149.7 million compared to $12.2 million as of December 31, 2020.
GAAP Operating Income and Margin: GAAP operating income was $214.9 million for the fourth quarter of 2021, representing a GAAP operating margin of 22.3%. GAAP operating income was $169.4 million for the same quarter of 2020, representing a GAAP operating margin of 22.6%.
Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $274.7 million for the fourth quarter of 2021, representing a non-GAAP operating margin of 28.5%. Non-GAAP operating income was $219.9 million for the same quarter of 2020, representing a non-GAAP operating margin of 29.4%.
GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.: GAAP net income was $199.0 million for the fourth quarter of 2021, compared to GAAP net income of $146.7 million for the same quarter of 2020.
GAAP diluted net income per share was $1.19 for the fourth quarter of 2021, based on 167.0 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.89 for the same quarter of 2020, based on 165.5 million diluted weighted-average shares outstanding.
About Fortinet (www.fortinet.com)
Fortinet (Nasdaq: FTNT) secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future.
The Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments.
Both a technology company and a learning organization, the Fortinet Network Security Institute has one of the largest and broadest cybersecurity training programs in the industry.
Investor Contact: Media Contact: Peter Salkowski Sandra Wheatley Fortinet, Inc. Fortinet, Inc.408-331-4595 408-391-9408
