Balance Sheet Fortinet, Inc.

Equities

FTNT

US34959E1091

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2024-09-06 pm EDT			5-day change	1st Jan Change
75.16 ^USD	-0.85%		-2.03%	+28.40%

Aug. 30	SentinelOne, Inc.: Knowing opacity
Aug. 28	Fortinet Insider Sold Shares Worth $905,465, According to a Recent SEC Filing	MT

0e29f960.h6fxCGFf953B_0NMdUdy-2534Unusprmor74CPGCJBQ.yNawaTELnOSuii4EBz8ivyQglAa61-i22P-OOJbkaFHUlZ85Lmaw0bbJAg

Published financial data: FORTINET, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2.16B	2.59B	3.34B	4.42B	5.3B
Total Revenues	2.16B	2.59B	3.34B	4.42B	5.3B
Cost of Goods Sold, Total	506M	570M	783M	1.08B	1.24B
Gross Profit	1.65B	2.02B	2.56B	3.33B	4.07B
Selling General & Admin Expenses, Total	1.03B	1.19B	1.49B	1.86B	2.22B
R&D Expenses	277M	341M	424M	512M	614M
Other Operating Expenses, Total	1.31B	1.53B	1.91B	2.37B	2.83B
Operating Income	344M	492M	646M	965M	1.24B
Interest Expense, Total	-	-	-14.9M	-18M	-21M
Interest And Investment Income	42.5M	17.7M	4.5M	17.4M	120M
Net Interest Expenses	42.5M	17.7M	-10.4M	-600K	98.7M
Income (Loss) On Equity Invest.	-	-	-7.6M	-68.1M	-42.1M
Currency Exchange Gains (Loss)	-4.7M	-5.5M	-8.2M	-4.6M	-7M
Other Non Operating Income (Expenses)	1M	2M	1.7M	4.2M	5.3M
EBT, Excl. Unusual Items	383M	506M	621M	896M	1.29B
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-3.8M	-4.3M	-5.1M	-13.1M	-4.4M
Gain (Loss) On Sale Of Assets	-	40.2M	4.6M	4.6M	4.6M
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	379M	542M	621M	887M	1.29B
Income Tax Expense	52.7M	53.2M	14.1M	30.8M	144M
Earnings From Continuing Operations	326M	488M	607M	857M	1.15B
Net Income to Company	326M	488M	607M	857M	1.15B
Minority Interest	-	-	100K	700K	-
Net Income - (IS)	326M	488M	607M	857M	1.15B
Net Income to Common Incl Extra Items	326M	488M	607M	857M	1.15B
Net Income to Common Excl. Extra Items	326M	488M	607M	857M	1.15B
Per Share Items
Net EPS - Basic	0.38	0.6	0.74	1.08	1.47
Basic EPS - Continuing Operations	0.38	0.6	0.74	1.08	1.47
Basic Weighted Average Shares Outstanding	855M	821M	816M	791M	779M
Net EPS - Diluted	0.37	0.58	0.73	1.06	1.46
Diluted EPS - Continuing Operations	0.37	0.58	0.73	1.06	1.46
Diluted Weighted Average Shares Outstanding	875M	838M	836M	805M	788M
Normalized Basic EPS	0.28	0.39	0.48	0.71	1.04
Normalized Diluted EPS	0.27	0.38	0.46	0.7	1.02
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	406M	560M	730M	1.07B	1.35B
EBITA	355M	505M	664M	988M	1.26B
EBIT	344M	492M	646M	965M	1.24B
EBITDAR	427M	585M	764M	1.12B	1.41B
Total Revenues (As Reported)	2.16B	2.59B	3.34B	4.42B	5.3B
Effective Tax Rate - (Ratio)	13.9	9.82	2.27	3.47	11.13
Current Domestic Taxes	11.1M	46.7M	83.2M	238M	426M
Current Foreign Taxes	11.4M	13.6M	23.3M	18.8M	24.3M
Total Current Taxes	22.5M	60.3M	106M	256M	450M
Deferred Domestic Taxes	33M	-8.9M	-91.3M	-223M	-300M
Deferred Foreign Taxes	-2.8M	1.8M	-1.1M	-2.4M	-6.7M
Total Deferred Taxes	30.2M	-7.1M	-92.4M	-226M	-307M
Normalized Net Income	239M	316M	388M	561M	807M
Interest on Long-Term Debt	-	-	14.9M	18M	21M
Supplemental Operating Expense Items
Selling and Marketing Expenses	927M	1.07B	1.35B	1.69B	2.01B
General and Administrative Expenses	102M	120M	144M	169M	211M
Research And Development Expense From Footnotes	277M	341M	424M	512M	614M
Net Rental Expense, Total	21.1M	24.6M	33.3M	46.4M	58.1M
Imputed Operating Lease Interest Expense	-	-	7.16M	6.24M	9.05M
Imputed Operating Lease Depreciation	-	-	26.14M	40.16M	49.05M
Stock-Based Comp., COGS (Total)	12.8M	14.5M	17.4M	20.5M	25.1M
Stock-Based Comp., R&D Exp. (Total)	38.7M	47.6M	56.7M	64.2M	76.8M
Stock-Based Comp., S&M Exp. (Total)	102M	108M	110M	105M	112M
Stock-Based Comp., G&A Exp. (Total)	20.9M	23.3M	27.1M	30.1M	37.9M
Total Stock-Based Compensation	174M	194M	211M	220M	252M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.22B	1.06B	1.32B	1.68B	1.4B
Short Term Investments	843M	776M	1.23B	528M	1.04B
Total Cash And Short Term Investments	2.07B	1.84B	2.55B	2.21B	2.44B
Accounts Receivable, Total	544M	720M	808M	1.26B	1.4B
Other Receivables	-	2.8M	-	-	-
Total Receivables	544M	723M	808M	1.26B	1.4B
Inventory	118M	140M	176M	265M	485M
Prepaid Expenses	41.2M	40.5M	65.4M	73.1M	101M
Deferred Tax Assets Current	-	-	-	-	-
Total Current Assets	2.77B	2.74B	3.6B	3.81B	4.43B
Gross Property Plant And Equipment	526M	670M	964M	1.28B	1.47B
Accumulated Depreciation	-137M	-172M	-212M	-280M	-353M
Net Property Plant And Equipment	389M	497M	753M	995M	1.12B
Long-term Investments	150M	119M	441M	45.5M	50.7M
Goodwill	67.2M	93M	125M	128M	126M
Other Intangibles, Total	31.1M	31.6M	63.6M	56M	35.3M
Deferred Tax Assets Long-Term	233M	245M	342M	569M	869M
Deferred Charges Long-Term	237M	305M	423M	518M	606M
Other Long-Term Assets, Total	10.4M	12.9M	171M	106M	23.3M
Total Assets	3.89B	4.04B	5.92B	6.23B	7.26B
Liabilities
Accounts Payable, Total	96.4M	142M	148M	243M	204M
Accrued Expenses, Total	180M	276M	366M	452M	548M
Current Portion of Leases	15.5M	19.1M	26.3M	33.2M	33.4M
Current Income Taxes Payable	4.1M	-	-	-	-
Unearned Revenue Current, Total	1.17B	1.39B	1.78B	2.35B	2.85B
Other Current Liabilities	4.1M	-	-	-	84.7M
Total Current Liabilities	1.47B	1.83B	2.32B	3.08B	3.72B
Long-Term Debt	-	-	988M	990M	992M
Long-Term Leases	30.6M	34M	40.5M	62.5M	45.7M
Unearned Revenue Non Current	962M	1.21B	1.68B	2.29B	2.89B
Other Non Current Liabilities	97.1M	112M	98.2M	87.3M	79M
Total Liabilities	2.56B	3.19B	5.12B	6.51B	7.72B
Common Stock, Total	200K	200K	200K	800K	800K
Additional Paid In Capital	1.18B	1.21B	1.25B	1.28B	1.42B
Retained Earnings	140M	-352M	-468M	-1.55B	-1.86B
Comprehensive Income and Other	1.1M	700K	-4.8M	-20.2M	-18.9M
Total Common Equity	1.32B	856M	782M	-282M	-463M
Minority Interest	-	-	16.7M	-	-
Total Equity	1.32B	856M	798M	-282M	-463M
Total Liabilities And Equity	3.89B	4.04B	5.92B	6.23B	7.26B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	863M	816M	804M	784M	763M
ECS Total Common Shares Outstanding	858M	812M	810M	782M	761M
Book Value / Share	1.54	1.05	0.97	-0.36	-0.61
Tangible Book Value	1.22B	731M	593M	-466M	-625M
Tangible Book Value Per Share	1.43	0.9	0.73	-0.6	-0.82
Total Debt	46.1M	53.1M	1.06B	1.09B	1.07B
Net Debt	-2.02B	-1.78B	-1.5B	-1.12B	-1.37B
Debt Equivalent Oper. Leases	169M	197M	266M	371M	465M
Minority Interest, Total (Incl. Fin. Div)	-	-	16.7M	-	-
Equity Method Investments, Total	-	-	-	-	50.7M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	9.7M	13.8M	40.2M	46.3M	92.1M
Inventories - Work In Process, Total	-	-	9.8M	12M	7.7M
Inventories - Finished Goods, Total	108M	126M	126M	206M	385M
Land - (BS)	93.3M	93.3M	204M	310M	352M
Buildings, Total	147M	151M	416M	490M	596M
Machinery, Total	134M	158M	203M	254M	295M
Full Time Employees	7.08K	8.24K	10.2K	12.6K	13.57K
Accumulated Allowance for Doubtful Accounts (Supple)	1.2M	2.5M	2.4M	3.6M	8.2M
Order Backlog	-	-	162M	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	326M	488M	607M	857M	1.15B
Depreciation & Amortization - CF	50.7M	55.5M	65.9M	81M	94.5M
Amortization of Goodwill and Intangible Assets - (CF)	10.9M	13.3M	18.5M	23.3M	18.9M
Depreciation & Amortization, Total	61.6M	68.8M	84.4M	104M	113M
Amortization of Deferred Charges, Total - (CF)	108M	137M	176M	223M	266M
(Gain) Loss on Sale of Investments - (CF)	-6M	1.3M	6.9M	4.4M	-27.7M
(Income) Loss On Equity Investments - (CF)	-	-	7.6M	68.1M	42.1M
Stock-Based Compensation (CF)	174M	192M	208M	217M	249M
Other Operating Activities, Total	5.7M	6M	7.8M	22.9M	18.5M
Change In Accounts Receivable	-96.7M	-176M	-72.5M	-457M	-146M
Change In Inventories	-48.5M	-42.2M	-19.4M	-109M	-254M
Change In Accounts Payable	7.7M	37.4M	-13.1M	105M	-43.1M
Change in Unearned Revenues	447M	496M	839M	1.18B	1.1B
Change In Income Taxes	-18.8M	-	-	-	-
Change In Deferred Taxes	17.8M	-10.5M	-94M	-226M	-302M
Change in Other Net Operating Assets	-170M	-114M	-238M	-258M	-224M
Cash from Operations	808M	1.08B	1.5B	1.73B	1.94B
Capital Expenditure	-92.2M	-126M	-296M	-281M	-204M
Cash Acquisitions	-34.6M	-40.2M	-74.9M	-30.8M	-
Investment in Marketable and Equity Securities, Total	-376M	92M	-955M	1.08B	-446M
Other Investing Activities, Total	-	1.3M	400K	-	300K
Cash from Investing	-502M	-72.8M	-1.33B	764M	-649M
Long-Term Debt Issued, Total	-	-	989M	-	-
Total Debt Issued	-	-	989M	-	-
Long-Term Debt Repaid, Total	-3.7M	-4.1M	-19.5M	-	-
Total Debt Repaid	-3.7M	-4.1M	-19.5M	-	-
Issuance of Common Stock	49.5M	22.1M	26M	26.1M	43.8M
Repurchase of Common Stock	-241M	-1.19B	-910M	-2.15B	-1.61B
Other Financing Activities, Total	-300K	-1.3M	-3.4M	-4.8M	-1.2M
Cash from Financing	-196M	-1.17B	82.8M	-2.13B	-1.57B
Foreign Exchange Rate Adjustments	-	-	-100K	-400K	-800K
Net Change in Cash	110M	-161M	257M	364M	-285M
Supplemental Items
Cash Income Tax Paid (Refund)	58.7M	39.7M	127M	260M	426M
Levered Free Cash Flow	536M	752M	906M	1.06B	1.44B
Unlevered Free Cash Flow	536M	752M	915M	1.07B	1.45B
Change In Net Working Capital	-69.6M	-170M	-336M	-203M	-252M
Net Debt Issued / Repaid	-3.7M	-4.1M	970M	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.18	7.76	8.1	9.93	11.46
Return on Total Capital	18.09	26.75	29.22	45.38	109.42
Return On Equity %	28	44.44	73.34	331.5	-308.13
Return on Common Equity	28	44.44	74.1	342.85	-308.13
Margin Analysis
Gross Profit Margin %	76.54	78.03	76.57	75.44	76.68
SG&A Margin	47.72	45.92	44.56	42	41.8
EBITDA Margin %	18.82	21.6	21.85	24.21	25.45
EBITA Margin %	16.47	19.46	19.88	22.37	23.67
EBIT Margin %	15.96	18.95	19.32	21.85	23.31
Income From Continuing Operations Margin %	15.14	18.83	18.15	19.39	21.64
Net Income Margin %	15.14	18.83	18.16	19.41	21.64
Net Avail. For Common Margin %	15.14	18.83	18.16	19.41	21.64
Normalized Net Income Margin	11.1	12.18	11.62	12.69	15.21
Levered Free Cash Flow Margin	24.86	28.98	27.09	24.02	27.12
Unlevered Free Cash Flow Margin	24.86	28.98	27.37	24.27	27.37
Asset Turnover
Asset Turnover	0.62	0.65	0.67	0.73	0.79
Fixed Assets Turnover	6.53	5.86	5.35	5.06	5.02
Receivables Turnover (Average Receivables)	4.36	4.1	4.38	4.27	3.98
Inventory Turnover (Average Inventory)	4.87	4.42	4.96	4.93	3.3
Short Term Liquidity
Current Ratio	1.88