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Fortinet, Inc. (FTNT)

Income Statement Business | Product | Geographic | Customer

Standardized | As Reported Annual | Quarterly | TTM
  Older >>
In millions, except per share itemsDec-31-22Dec-31-21Dec-31-20Dec-31-19Dec-31-18Dec-31-17Dec-31-16Dec-31-15
   8-K10-K10-K10-K10-K10-K10-K10-K
Revenues:  
Total revenues   [+]4,417.43,342.22,594.42,163.01,804.61,494.91,275.41,009.3
            Revenue growth   [+]32.2%28.8%19.9%19.9%20.7%17.2%26.4%31.0%
Cost of goods sold   [+]1,084.9783.0570.0505.9450.4385.31,613.21,296.0
Gross profit  3,332.52,559.22,024.41,657.11,354.21,109.6-337.8-286.8
            Gross margin  75.4%76.6%78.0%76.6%75.0%74.2%-26.5%-28.4%
Selling, general and administrative   [+]1,855.11,489.21,191.41,029.0875.3788.9707.6541.9
Research and development  512.4424.2341.4277.1244.5210.6183.1158.1
Equity in earnings  -68.1-7.6      
Other operating expenses  -4.6-4.6-40.2   -1,275.4-1,009.3
EBITDA   [+]1,005.8727.2600.6412.6290.1165.695.454.1
            EBITDA margin  22.8%21.8%23.1%19.1%16.1%11.1%7.5%5.4%
Depreciation  104.365.955.550.746.746.939.228.4
EBITA  901.5661.3545.1361.9243.4118.756.225.7
            EBITA margin  20.4%19.8%21.0%16.7%13.5%7.9%4.4%2.5%
Amortization of intangibles   18.513.310.99.08.69.33.2
EBIT   [+]901.5642.8531.8351.0234.4110.146.922.5
            EBIT margin  20.4%19.2%20.5%16.2%13.0%7.4%3.7%2.2%
Non-recurring items       0.34.07.6
Interest income, net   [+]-0.6-10.417.742.526.513.57.35.3
Other income (expense), net  54.6-4.0-7.8-7.5-6.60.7-7.1-3.2
Pre-tax income  955.5628.4541.7386.0254.3124.043.117.0
Income taxes  30.814.153.254.3-80.692.610.99.0
            Tax rate  3.2%2.2%9.8%14.1% 74.7%25.3%53.0%
Minority interest   -0.1      
Net income  857.3606.8488.5331.7334.931.432.28.0
            Net margin  19.4%18.2%18.8%15.3%18.6%2.1%2.5%0.8%
   
Basic EPS   [+]$805.30$3.72$2.98$1.94$1.98$0.18$0.19$0.05
Diluted EPS   [+]$791.40$3.63$2.91$1.90$1.92$0.18$0.18$0.05
   
Shares outstanding (basic)   [+]1.1163.2164.2171.0169.1174.3172.6170.4
Shares outstanding (diluted)   [+]1.1167.1167.7175.0174.2178.1176.3176.1
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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