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10-Q Filing

FORTINET, INC. CIK: 1262039 Q1 2017
Filing Information
Form Type 10-Q
Accession Number 0001262039-17-000017
Period End Date 20170331
Filing Date 20170503
Fiscal Year 2017
Fiscal Period Q1
XBRL Instance ftnt-20170331.xml
Filing Contents
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Reserves for sales returns and doubtful accounts AllowanceForDoubtfulAccountsReceivableandSalesReturns $11.69M USD Point-in-time
Reserves for sales returns and doubtful accounts AllowanceForDoubtfulAccountsReceivableandSalesReturns $11.23M USD Point-in-time
Common Stock, par value (dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, par value (dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $568.01M USD Point-in-time
Common Stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $823.25M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $543.28M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $709.00M USD Point-in-time
Common Stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Common Stock, shares issued CommonStockSharesIssued 173.08M shares Point-in-time
Short-term investments ShortTermInvestments $375.42M USD Point-in-time
Short-term investments ShortTermInvestments $376.52M USD Point-in-time
Common Stock, shares issued CommonStockSharesIssued 175.44M shares Point-in-time
Accounts receivableNet of reserves for sales returns and doubtful accounts of $11,685 and $11,235 at March 31, 2017 and December 31, 2016, respectively AccountsReceivableNetCurrent $313.00M USD Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 173.08M shares Point-in-time
Common Stock, shares outstanding CommonStockSharesOutstanding 175.44M shares Point-in-time
Accounts receivableNet of reserves for sales returns and doubtful accounts of $11,685 and $11,235 at March 31, 2017 and December 31, 2016, respectively AccountsReceivableNetCurrent $270.11M USD Point-in-time
Inventory InventoryNet $104.98M USD Point-in-time
Inventory InventoryNet $106.89M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $33.31M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $42.32M USD Point-in-time
Total current assets AssetsCurrent $1.62B USD Point-in-time
Total current assets AssetsCurrent $1.54B USD Point-in-time
LONG-TERM INVESTMENTS LongTermInvestments $242.33M USD Point-in-time
LONG-TERM INVESTMENTS LongTermInvestments $224.98M USD Point-in-time
DEFERRED TAX ASSETS DeferredTaxAssetsNetNoncurrent $182.75M USD Point-in-time
DEFERRED TAX ASSETS DeferredTaxAssetsNetNoncurrent $199.19M USD Point-in-time
PROPERTY AND EQUIPMENTNET PropertyPlantAndEquipmentNet $155.48M USD Point-in-time
PROPERTY AND EQUIPMENTNET PropertyPlantAndEquipmentNet $137.25M USD Point-in-time
OTHER INTANGIBLE ASSETSNET IntangibleAssetsNetExcludingGoodwill $24.83M USD Point-in-time
OTHER INTANGIBLE ASSETSNET IntangibleAssetsNetExcludingGoodwill $22.54M USD Point-in-time
GOODWILL Goodwill $14.55M USD Point-in-time
GOODWILL Goodwill $14.55M USD Point-in-time
OTHER ASSETS OtherAssetsNoncurrent $17.22M USD Point-in-time
OTHER ASSETS OtherAssetsNoncurrent $16.87M USD Point-in-time
TOTAL ASSETS Assets $2.14B USD Point-in-time
TOTAL ASSETS Assets $2.27B USD Point-in-time
Accounts payable AccountsPayableCurrent $56.73M USD Point-in-time
Accounts payable AccountsPayableCurrent $48.69M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $43.45M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $35.64M USD Point-in-time
Accrued payroll and compensation EmployeeRelatedLiabilitiesCurrent $73.20M USD Point-in-time
Accrued payroll and compensation EmployeeRelatedLiabilitiesCurrent $78.14M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $13.59M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $14.13M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $677.11M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $645.34M USD Point-in-time
Total current liabilities LiabilitiesCurrent $829.44M USD Point-in-time
Total current liabilities LiabilitiesCurrent $856.59M USD Point-in-time
DEFERRED REVENUE DeferredRevenueNoncurrent $420.94M USD Point-in-time
DEFERRED REVENUE DeferredRevenueNoncurrent $390.01M USD Point-in-time
INCOME TAX LIABILITIES AccruedIncomeTaxesNoncurrent $68.55M USD Point-in-time
INCOME TAX LIABILITIES AccruedIncomeTaxesNoncurrent $72.99M USD Point-in-time
OTHER LIABILITIES OtherLiabilitiesNoncurrent $18.62M USD Point-in-time
OTHER LIABILITIES OtherLiabilitiesNoncurrent $14.26M USD Point-in-time
Total liabilities Liabilities $1.30B USD Point-in-time
Total liabilities Liabilities $1.37B USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 9) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 9) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.001 par value300,000 shares authorized; 175,443 and 173,078 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively CommonStockValue $175.00K USD Point-in-time
Common stock, $0.001 par value300,000 shares authorized; 175,443 and 173,078 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively CommonStockValue $173.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $800.65M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $850.23M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-489.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-765.00K USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $48.34M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $37.62M USD Point-in-time
Total stockholders equity StockholdersEquity $898.25M USD Point-in-time
Total stockholders equity StockholdersEquity $837.68M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY LiabilitiesAndStockholdersEquity $2.14B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY LiabilitiesAndStockholdersEquity $2.27B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Product SalesRevenueGoodsNet $135.25M USD 1 Quarter
Product SalesRevenueGoodsNet $124.57M USD 1 Quarter
Service SalesRevenueServicesNet $205.32M USD 1 Quarter
Service SalesRevenueServicesNet $160.00M USD 1 Quarter
Total revenue SalesRevenueNet $340.58M USD 1 Quarter
Total revenue SalesRevenueNet $284.58M USD 1 Quarter
Product CostOfGoodsSold $49.31M USD 1 Quarter
Product CostOfGoodsSold $55.30M USD 1 Quarter
Service CostOfServices $35.27M USD 1 Quarter
Service CostOfServices $28.33M USD 1 Quarter
Total cost of revenue CostOfGoodsAndServicesSold $90.56M USD 1 Quarter
Total cost of revenue CostOfGoodsAndServicesSold $77.64M USD 1 Quarter
Product ProductGrossProfit $79.96M USD 1 Quarter
Product ProductGrossProfit $75.26M USD 1 Quarter
Service ServicesGrossProfit $170.06M USD 1 Quarter
Service ServicesGrossProfit $131.67M USD 1 Quarter
Total gross profit GrossProfit $250.01M USD 1 Quarter
Total gross profit GrossProfit $206.93M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $44.75M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $51.20M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $170.40M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $146.10M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $22.58M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $19.44M USD 1 Quarter
Restructuring charges RestructuringCharges $430.00K USD 1 Quarter
Restructuring charges RestructuringCharges $328.00K USD 1 Quarter
Total operating expenses OperatingExpenses $244.60M USD 1 Quarter
Total operating expenses OperatingExpenses $210.62M USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $-3.69M USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $5.41M USD 1 Quarter
INTEREST INCOME InvestmentIncomeNet $1.75M USD 1 Quarter
INTEREST INCOME InvestmentIncomeNet $2.39M USD 1 Quarter
OTHER INCOME (EXPENSE)NET OtherNonoperatingIncomeExpense $-1.31M USD 1 Quarter
OTHER INCOME (EXPENSE)NET OtherNonoperatingIncomeExpense $302.00K USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $8.10M USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-3.26M USD 1 Quarter
BENEFIT FROM INCOME TAXES IncomeTaxExpenseBenefit $-2.61M USD 1 Quarter
BENEFIT FROM INCOME TAXES IncomeTaxExpenseBenefit $-5.38M USD 1 Quarter
NET INCOME NetIncomeLoss $10.72M USD 1 Quarter
NET INCOME NetIncomeLoss $2.12M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.06 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.01 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.01 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.06 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 174.49M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 171.75M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 178.28M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 174.42M shares 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $10.72M USD 1 Quarter
Net income NetIncomeLoss $2.12M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $13.49M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.55M USD 1 Quarter
Amortization of investment premiums AccretionAmortizationOfDiscountsAndPremiumsInvestments $-1.50M USD 1 Quarter
Amortization of investment premiums AccretionAmortizationOfDiscountsAndPremiumsInvestments $-973.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $28.90M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $33.33M USD 1 Quarter
Other non-cash itemsnet OtherNoncashIncomeExpense $372.00K USD 1 Quarter
Other non-cash itemsnet OtherNoncashIncomeExpense $-1.47M USD 1 Quarter
Accounts receivablenet IncreaseDecreaseInAccountsReceivable $-38.92M USD 1 Quarter
Accounts receivablenet IncreaseDecreaseInAccountsReceivable $-42.44M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $3.54M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $527.00K USD 1 Quarter
Deferred tax assets IncreaseDecreaseInDeferredIncomeTaxes $16.71M USD 1 Quarter
Deferred tax assets IncreaseDecreaseInDeferredIncomeTaxes $16.59M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $8.26M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-1.03M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $911.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-653.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-8.29M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-11.43M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $300.00K USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $2.92M USD 1 Quarter
Accrued payroll and compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-2.94M USD 1 Quarter
Accrued payroll and compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-5.27M USD 1 Quarter
Other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-1.06M USD 1 Quarter
Other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-1.33M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $46.11M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $61.78M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $5.39M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $4.98M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $100.59M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $129.75M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $133.01M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $115.67M USD 1 Quarter
Sales of investments ProceedsFromSaleOfAvailableForSaleSecurities $6.00M USD 1 Quarter
Sales of investments ProceedsFromSaleOfAvailableForSaleSecurities $2.87M USD 1 Quarter
Maturities of investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $109.21M USD 1 Quarter
Maturities of investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $108.56M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquireProductiveAssets $29.96M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquireProductiveAssets $13.53M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-31.32M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-34.20M USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromIssuanceOfCommonStock $17.79M USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromIssuanceOfCommonStock $29.52M USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $13.69M USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $9.44M USD 1 Quarter
Repurchase and retirement of common stock PaymentsForRepurchaseOfCommonStock $50.00M USD 1 Quarter
Repurchase and retirement of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-41.66M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $15.82M USD 1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $24.73M USD 1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $114.25M USD 1 Quarter
CASH AND CASH EQUIVALENTSBeginning of period CashAndCashEquivalentsAtCarryingValue $568.01M USD Point-in-time
CASH AND CASH EQUIVALENTSBeginning of period CashAndCashEquivalentsAtCarryingValue $823.25M USD Point-in-time
CASH AND CASH EQUIVALENTSBeginning of period CashAndCashEquivalentsAtCarryingValue $543.28M USD Point-in-time
CASH AND CASH EQUIVALENTSBeginning of period CashAndCashEquivalentsAtCarryingValue $709.00M USD Point-in-time
CASH AND CASH EQUIVALENTSEnd of period CashAndCashEquivalentsAtCarryingValue $568.01M USD Point-in-time
CASH AND CASH EQUIVALENTSEnd of period CashAndCashEquivalentsAtCarryingValue $823.25M USD Point-in-time
CASH AND CASH EQUIVALENTSEnd of period CashAndCashEquivalentsAtCarryingValue $543.28M USD Point-in-time
CASH AND CASH EQUIVALENTSEnd of period CashAndCashEquivalentsAtCarryingValue $709.00M USD Point-in-time
Liability for purchase of property and equipment CapitalExpendituresIncurredButNotYetPaid $18.70M USD 1 Quarter
Liability for purchase of property and equipment CapitalExpendituresIncurredButNotYetPaid $7.84M USD 1 Quarter
Transfers of evaluation units from inventory to property and equipment TransfersofEvaluationUnitsfromInventorytoPropertyandEquipment $5.68M USD 1 Quarter
Transfers of evaluation units from inventory to property and equipment TransfersofEvaluationUnitsfromInventorytoPropertyandEquipment $6.67M USD 1 Quarter
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $10.72M USD 1 Quarter
Net income NetIncomeLoss $2.12M USD 1 Quarter
Change in unrealized loss on investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $1.89M USD 1 Quarter
Change in unrealized loss on investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $425.00K USD 1 Quarter
Tax provision related to change in unrealized loss on investments OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 $149.00K USD 1 Quarter
Tax provision related to change in unrealized loss on investments OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 $661.00K USD 1 Quarter
Other comprehensive incomenet of taxes OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.23M USD 1 Quarter
Other comprehensive incomenet of taxes OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $276.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $10.99M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $3.35M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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