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Mar 31, 2021
Fortinet Q1 2021 Earnings Report
Reported strong revenue and billings growth driven by platform of on-premise and cloud security products.
Key Takeaways
Fortinet reported a strong first quarter in 2021, with total revenue reaching $710.3 million, a 23% increase year-over-year. The company's growth was fueled by its platform of on-premise and cloud security products, resulting in the highest quarterly product revenue growth in five years. Fortinet also raised its full-year guidance due to good visibility and strong business momentum.
Total revenue increased by 23% year-over-year to $710.3 million.
Product revenue grew by 25% year-over-year to $240.7 million.
Service revenue increased by 22% year-over-year to $469.6 million.
Billings increased by 27% year-over-year to $850.6 million.
Revenue by Segment
Forward Guidance
For the second quarter of 2021, Fortinet expects revenue in the range of $733 million to $747 million and billings in the range of $860 million to $880 million. The company anticipates a non-GAAP gross margin between 78.5% and 79.5%, and a non-GAAP operating margin between 24.5% and 25.5%. Diluted non-GAAP net income per share is projected to be in the range of $0.83 to $0.88, assuming a non-GAAP effective tax rate of 21% and a diluted share count of 168 million to 170 million.
Positive Outlook
- Revenue in the range of $733 million to $747 million
- Billings in the range of $860 million to $880 million
- Non-GAAP gross margin in the range of 78.5% to 79.5%
- Non-GAAP operating margin in the range of 24.5% to 25.5%
- Diluted non-GAAP net income per share in the range of $0.83 to $0.88
Historical Earnings Impact
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Avg. Return Before/After Earnings
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