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Press Release


Fortinet Reports Fourth Quarter and Full Year 2018 Financial Results

Fourth Quarter 2018 Highlights

Revenue of $507.0 million, up 22% year over year
Billings of $649.2 million, up 22% year over year1 
GAAP operating margin of 17%
Non-GAAP operating margin of 26%1 
GAAP diluted net income per share of $1.04
Non-GAAP diluted net income per share of $0.591 
Cash flow from operations of $180.2 million
Free cash flow of $168.6 million1 
$92.0 million in share repurchases

Full Year 2018 Highlights

Revenue of $1.80 billion, up 20% year over year
Billings of $2.15 billion, up 20% year over year1 
Deferred revenue of $1.69 billion, up 26% year over year
GAAP operating margin of 13%
Non-GAAP operating margin of 22%1
GAAP diluted net income per share of $1.91
Non-GAAP diluted net income per share of $1.841 
Cash flow from operations of $638.9 million
Free cash flow grew 28% year over year to $585.9 million1 
$209.1 million in share repurchases

SUNNYVALE, Calif. - February 6, 2019
- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the fourth quarter and full year ended December 31, 2018.

“Our strong fourth quarter results drove a solid finish to 2018, demonstrating demand for our product and services and illustrating our ability to drive disciplined growth with solid margin improvement,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “We are well-positioned to achieve another year of better than industry growth in 2019, driven by business momentum and strong customer demand for our broad, integrated, and automated security solutions across their entire network infrastructure.”

Financial Highlights for the Fourth Quarter of 2018

Revenue: Total revenue was $507.0 million for the fourth quarter of 2018, an increase of 22% compared to $416.6 million in the same quarter of 2017.

Product revenue was $200.8 million for the fourth quarter of 2018, an increase of 24% compared to $162.1 million in the same quarter of 2017.



The following information was filed by Fortinet Inc (FTNT) on Wednesday, February 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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