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Exam Code: NSE7_EFW-6.4 Practice test 2022 by Killexams.com team
Fortinet NSE 7 - Enterprise Firewall 6.4
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Killexams : Fortinet Enterprise student - BingNews https://killexams.com/pass4sure/exam-detail/NSE7_EFW-6.4 Search results Killexams : Fortinet Enterprise student - BingNews https://killexams.com/pass4sure/exam-detail/NSE7_EFW-6.4 https://killexams.com/exam_list/Fortinet Killexams : Product Review: Securing Remote Campuses with the Fortinet FortiGate 60E

Most colleges and universities these days boast more than a few buildings, if not multiple locations. Urban campuses might consist of facilities spread across a city, while rural systems might serve students in remote locations throughout a county or state. No matter what the location, however, all of these assets require advanced cybersecurity protection for networks and students alike.

The Fortinet FortiGate 60E security appliance offers that protection. This tiny, sub-1U appliance is designed for installation at the gateway to a smaller or remote facility. It can protect anything from a single building’s network to a medium-sized department’s entire infrastructure and users. It offers anti-virus analysis, application filtering, application-specific integrated circuit VPN, firewall protection, an intrusion prevention system, URL filtering, VPN support and web threat protection.

Unlike most next-generation security appliances, which can be difficult to manage, the FortiGate 60E is practically designed for plug-and-play — a boon for remote facilities without dedicated, onsite information technology support. Fortinet has simplified security functions using a unified operating system called FortiOS 5, which drives each component, paired with a graphical user interface that is easy to control. Moreover, it works almost as soon as you connect it to a wired gateway.

MORE FROM EDTECH: 8 Must-Have Features for Next-Generation Firewalls

FortiGate also knows that one size doesn’t fit all. Remote classrooms might require special protection rules to properly function. Fortunately, the 60E stores up to 5,000 of them. Meanwhile, with each security function sharing a common interface, learning to create rules for one program results in proficiency with the others.

The FortiGate 60E proved more than capable of handling the traffic generated by a remote campus facility and its students. In stress testing, it could process 25,000 new sessions per second and over half a million concurrent TCP sessions with no hint of slowdown — and it’s actually rated to go higher.

Its total maximum throughput is 3 gigabits per second, which is probably more than any single remote facility will ever need. Given the capacity, it’s no wonder that you can configure and protect up to 10 virtual domains as well. This works particularly well if different departments share space in the same remote facility and need tightly configured protection for their specific classrooms.

In terms of robust protection and ease of use, you won’t find a better solution for remote campus facilities than the Fortinet FortiGate 60E.

SUBSCRIBE: Become an Insider for access to exclusive EdTech product reviews, videos and articles.

FortiGate 60E is a powerful defensive tool from Fortinet. It’s also part of a family that shares a common architecture and operating system, which means it plays with others. Here’s how:

The Fortinet FortiGate 60E next-generation security appliance is designed to be dropped into remote campus networks to provide solid cybersecurity against a variety of threats — and it succeeds, delivering a host of benefits: anti-virus analysis, application filtering, application-specific integrated circuit VPN, firewall protection, an intrusion prevention system, URL filtering, VPN support and web threat protection. But it’s also one in a family of appliances designed to work together for even greater security.

I happened to have some Fortinet gear in the lab from previous reviews, including an email gateway appliance and a full network sandboxing tool. Both of them are specialized, powerful tools that a remote campus might require. Thankfully, like the FortiGate 60E, they are built around a common architecture that streamlines throughput and prioritizes quick protection actions.

MORE FROM EDTECH: Hackers Evolve Attack Methods in Higher Education Breaches

Using the graphical interface on the FortiGate 60E, it was easy to set up an automatic process that sent certain files to the sandbox for deeper analysis. It was similarly simple to send them back once complete, or to program automatic actions on the 60E if any threats were detected. The 60E even recognized that the presence of other FortiGate tools, simplifying the integration process.

The commonality between Fortinet devices these days makes it so that installing whole new appliances is no harder than adding software modules. The 60E is specifically designed with a plug-and-play level of simplicity, but the other devices aren’t much more difficult to manage. Integrating them all through the 60E is easy. 

Remote facilities that can sacrifice a bit of the baseline easiness of the FortiGate 60E can easily add even more protection to their defenses with other Fortinet appliances. That would give even the most distant learning site the same powerful protection as the core campus.

FORTINET FORTIGATE 60E

Data Transfer Rate: 3Gbps
Max Concurrent TCP Sessions: 1.3 million
Supported New Sessions: 30,000 per second
Firewall Rules Capacity: 5,000
Max Concurrent SSL VPN Sessions: 100
Dimensions: 6.3x8.5x1.5 inches
Weight: 1.98 pounds 

Sun, 26 Jun 2022 12:00:00 -0500 John Breeden II en text/html https://edtechmagazine.com/higher/higher/k12/article/2020/03/product-review-securing-remote-campuses-fortinet-fortigate-60e
Killexams : Comcast partners with Fortinet to offer security solutions to enterprises

PHILADELPHIA—Cable and service provider Comcast Business has announced a strategic partnership with cybersecurity company Fortinet to enhance its offerings.

Comcast said that the partnership would allow clients to choose the vendor mix and cloud architecture that is right for them while building on Comcast Business’s managed services expertise.

“In today’s dynamic world, no two companies are alive and very few are the same as they were just two years ago,” said Amit Verma, Comcast Business CTO, Enterprise Solutions. “By expanding our relationship with Fortinet, we are offering our clients more choice and the flexibility to choose a solution that works for them – while providing some of the latest security solutions to help keep them ready for the day – today and tomorrow.”

Comcast’s new options provided through Comcast Business Secure Gateways provides secure access service edge (SASE) or security service edge (SSE) solutions with a broad assortment of tools that offer a secure network service for enterprises. Some of those solutions include Firewall-as-a-Service (FWAAS), Intrusion Prevention (IPS), Data Loss Prevention (DLP) and more.

Founded in 2002, Fortinet provides cybersecurity solutions to over 580,000 customers and some of the world’s largest service providers, enterprises, and governments.

“In order to enhance user experience, reduce complexity, and Strengthen their security posture against today’s most advanced and persistent threats, organizations must adopt solutions that converge networking and security,” noted Fortinet EVP of products and CMO John Maddison. “We’re pleased to work closely with Comcast Business to build SASE services that support customers at any stage of digital innovation with Fortinet’s industry leading security-driven networking technology.”

For more info, visit https://business.comcast.com/enterprise/products-services/managed-services/managed-connectivity.

Tue, 02 Aug 2022 04:59:00 -0500 en text/html https://www.securitysystemsnews.com/article/comcast-partners-with-fortinet-to-offer-security-solutions-to-enterprises
Killexams : Comcast Business, Fortinet Partner to Deliver Enterprises New SASE & SSE Solutions

Comcast Business announced a strategic partnership with Fortinet, a global leader in broad, integrated and automated cybersecurity solutions, to deliver enterprises a new set of secure access service edge (SASE), and security service edge (SSE) solutions to help enterprises protect their distributed workforces using a cloud-delivered approach to security policy enforcement. 

This collaboration expands Comcast Business’s managed services expertise, while giving enterprises greater flexibility to choose the cloud architecture and vendor mix that is right for them.

In today’s work-from-anywhere world, IT leaders are challenged with balancing employee convenience with securing their networks. New security architectures, such as SASE, which converges networking and security via SD-WAN and cloud-delivered security, and SSE, the security foundation of SASE, enable enterprises to strengthen their security posture while enhancing employees’ experience, regardless of their location. In fact, according to a latest Foundry CIO research study sponsored by Masergy (a Comcast Business company) and Fortinet, the overwhelming majority (98%) of enterprise IT leaders surveyed cited the convergence of network and security as critical or very important, while 94% said their adoption of SASE solutions has accelerated.

The new Comcast Business offerings — delivered through Comcast Business Secure Gateways —

give enterprises the option to choose from either SASE or SSE solutions backed by Fortinet’s security-driven networking technology and Equinix’s flexible cloud connection Equinix FabricÔ for a complete secure network service. Enterprises wanting to enable safe access to cloud and web services can take advantage of the Comcast Business SSE solution, which brings together multiple cloud-delivered network security technologies in a fully-hosted environment. The Comcast Business SASE solution provides this hosted SSE security architecture combined with zero trust capabilities and any of Comcast Business’s SD-WAN solutions.

Comcast Business Secure Gateways provide a fully-hosted set of SASE or SSE services covering a broad range of security networking solutions for Firewall-as-a-Service (FWaaS), Intrusion Prevention (IPS), Data Loss Prevention (DLP), Cloud Access Security Brokers (CASB), and Zero Trust Network Access (ZTNA). Comcast Business Secure Gateways are hosted across the United States at Equinix data centers, offering up to 10 gigabits per second (Gbps) of cloud connectivity for public, private, or hybrid cloud deployments. The Equinix FabricÔ enables support of Amazon Web Services, Microsoft Azure, Google Cloud, IBM and more than 200 SaaS providers.

Amit Verma, Chief Technology Officer, Enterprise Solutions, Comcast Business
By expanding our relationship with Fortinet, we are offering our clients more choice and the flexibility to choose a solution that works for them – while providing some of the latest security solutions to help keep them ready for the day – today and tomorrow.

John Maddison, EVP of products and CMO, Fortinet
In order to enhance user experience, reduce complexity, and Strengthen their security posture against today’s most advanced and persistent threats, organizations must adopt solutions that converge networking and security. We’re pleased to work closely with Comcast Business to build SASE services that support customers at any stage of digital innovation with Fortinet’s industry leading security-driven networking technology.

Tue, 02 Aug 2022 13:05:00 -0500 en text/html https://www.thefastmode.com/technology-solutions/26621-comcast-business-fortinet-partner-to-deliver-enterprises-new-sase-sse-solutions
Killexams : Fortinet Reports Second Quarter 2022 Financial Results

Second Quarter 2022 Highlights

  • Product revenue of $400.7 million, up 34% year over year
  • Total revenue of $1.03 billion, up 29% year over year
  • Bookings of $1.38 billion, up 42% year over year1
  • Billings of $1.30 billion, up 36% year over year2
  • Deferred revenue of $3.93 billion, up 35% year over year
  • GAAP operating margin of 19.0%
  • Non-GAAP operating margin of 24.8%2
  • GAAP diluted net income per share attributable to Fortinet, Inc. of $0.213
  • Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.242,3
  • Cash flow from operations of $323.4 million
  • Free cash flow of $283.5 million2
  • Cash paid for share repurchases of $800.0 million 

SUNNYVALE, Calif., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the second quarter ended June 30, 2022.

“We delivered strong revenue and billings growth in the second quarter driven by an over 50% year-over-year increase in the number of transactions larger than one million dollars. Large enterprise companies continue to favor Fortinet’s industry leading cost for performance advantage and integrated platform strategy,” said Ken Xie, Founder, Chairman, and Chief Executive Officer. “Fortinet’s market share gains are being driven by the convergence of networking and security and an accelerating focus on vendor consolidation with our Core Platform and Platform Extension solutions designed to secure our customers’ entire infrastructure from the data center to the cloud.”

Financial Highlights for the Second Quarter of 2022

  • Revenue: Total revenue was $1.03 billion for the second quarter of 2022, an increase of 28.6% compared to $801.1 million for the same quarter of 2021.
  • Product Revenue: Product revenue was $400.7 million for the second quarter of 2022, an increase of 34.3% compared to $298.3 million for the same quarter of 2021.
  • Service Revenue: Service revenue was $629.4 million for the second quarter of 2022, an increase of 25.2% compared to $502.8 million for the same quarter of 2021.
  • Bookings1: Total bookings were $1.38 billion for the second quarter of 2022, an increase of 42.1% compared to $967.9 million for the same quarter of 2021. Backlog was $349.9 million as of June 30, 2022, an increase of $188.0 million compared to $161.9 million as of December 31, 2021.
  • Billings2: Total billings were $1.30 billion for the second quarter of 2022, an increase of 35.7% compared to $960.9 million for the same quarter of 2021.
  • Deferred Revenue: Total deferred revenue was $3.93 billion as of June 30, 2022, an increase of 35.3% compared to $2.91 billion as of June 30, 2021.
  • GAAP Operating Income and Margin: GAAP operating income was $195.3 million for the second quarter of 2022, representing a GAAP operating margin of 19.0%. GAAP operating income was $147.5 million for the same quarter of 2021, representing a GAAP operating margin of 18.4%.
  • Non-GAAP Operating Income and Margin2: Non-GAAP operating income was $255.4 million for the second quarter of 2022, representing a non-GAAP operating margin of 24.8%. Non-GAAP operating income was $203.3 million for the same quarter of 2021, representing a non-GAAP operating margin of 25.4%.
  • GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.3: GAAP net income was $173.5 million for the second quarter of 2022, compared to GAAP net income of $137.5 million for the same quarter of 2021. GAAP diluted net income per share was $0.21 for the second quarter of 2022, based on 810.1 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.16 for the same quarter of 2021, based on 835.4 million diluted weighted-average shares outstanding.
  • Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.2,3: Non-GAAP net income was $194.1 million for the second quarter of 2022, compared to non-GAAP net income of $158.7 million for the same quarter of 2021. Non-GAAP diluted net income per share was $0.24 for the second quarter of 2022, based on 810.1 million diluted weighted-average shares outstanding, compared to $0.19 for the same quarter of 2021, based on 835.4 million diluted weighted-average shares outstanding.
  • Cash Flow: Cash flow from operations was $323.4 million for the second quarter of 2022, compared to $418.2 million for the same quarter of 2021.
  • Free Cash Flow2: Free cash flow was $283.5 million for the second quarter of 2022, compared to $394.7 million for the same quarter of 2021.
  • Share Repurchase Program3: During the three and six months ended June 30, 2022, Fortinet repurchased 14.4 million and 25.8 million shares of its common stock at an average price of $55.45 and $57.82 per share and for an aggregate purchase price of $800.0 million and $1.49 billion, respectively. During the three and six months ended June 30, 2021, Fortinet repurchased 2.3 million shares of its common stock at an average price of $40.28 per share and for an aggregate purchase price of $91.6 million. In July 2022, Fortinet’s board of directors authorized a $1.0 billion increase in the authorized stock repurchase under our share repurchase program. As of August 1, 2022, approximately $1.03 billion remained available for future share repurchases.

Guidance

For the third quarter of 2022, Fortinet currently expects:

  • Revenue in the range of $1.105 billion to $1.135 billion
  • Billings in the range of $1.385 billion to $1.415 billion
  • Non-GAAP gross margin in the range of 75.0% to 76.0%
  • Non-GAAP operating margin in the range of 25.0% to 26.0%
  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.26 to $0.28, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 810 million to 820 million.

For the fiscal year 2022, Fortinet currently expects:

  • Revenue in the range of $4.350 billion to $4.400 billion
  • Service revenue in the range of $2.620 billion to $2.670 billion
  • Billings in the range of $5.560 billion to $5.640 billion
  • Non-GAAP gross margin in the range of 75.0% to 76.0%
  • Non-GAAP operating margin in the range of 25.0% to 26.0%
  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.01 to $1.06, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 810 million to 820 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on intellectual property matters. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

1 Bookings represents the total value of all orders received during the period. Backlog represents orders received but not fulfilled and excludes Alaxala Networks Corporation. When an order is fulfilled, billings and revenue are recognized.
2 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
3 All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com  and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Third Quarter 2022 Conference Participation Schedule:

  • KeyBanc Technology Leadership Conference
    August 8, 2022
  • Stifel Tech Executive Summit Deer Valley
    August 29-31, 2022
  • Citibank Investor Conference
    September 7, 2022
  • Evercore Investor Conference
    September 8, 2022
  • Goldman Sachs Communicopia Conference
    September 12, 2022

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s web site. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet ( www.fortinet.com )

Fortinet (NASDAQ: FTNT) makes possible a digital world that we can trust through its mission to protect people, devices and data everywhere. This is why many of the world’s largest enterprises, service providers and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Core Platform and Platform Extension products deliver broad, integrated and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. The Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda, provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog  or FortiGuard Labs.

Copyright © 2022 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently Verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

FTNT-F

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future market share gains, guidance and expectations around future financial results, including guidance and expectations for the third quarter and full year 2022, statements regarding the momentum in our business and future growth expectations, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by the COVID-19 pandemic, the war in Ukraine, economic challenges, fears of a recession, and any actual recession, and the effects of increased inflation in certain geographies; significantly heightened supply chain challenges due to the current global environment; negative impacts from the COVID-19 pandemic on sales, billings, revenue, demand and buying patterns, component supply and ability to manufacture products to meet demand in a timely fashion, and costs such as possible increased costs for shipping and components; global economic conditions, country-specific economic conditions, and foreign currency risks; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by the COVID-19 pandemic; competition and pricing pressure; product inventory shortages for any reason, including those caused by the COVID-19 pandemic, the war in Ukraine and the effects of increased inflation in certain geographies; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses such as the COVID-19 pandemic, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies; any political and government disruption around the world, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most latest Annual Report on Form 10-K, our most latest Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (SEC), copies of which are available free of charge at the SEC’s website at www.sec.gov  or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

COVID-19 Impact

While the broader implications of the COVID-19 pandemic on our employees and overall financial performance remain uncertain, we have seen certain impacts on our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources. Going forward, the situation is uncertain, rapidly changing and hard to predict, and the COVID-19 pandemic may have a material negative impact on our future periods, including our results for the three months ending September 30, 2022, our annual results for 2022, and beyond. To highlight the uncertainty remaining for the three-month period ending September 30, 2022, it should be noted that, due to customer buying patterns and the efforts of our sales force and channel partners to meet or exceed quarterly quotas, we have historically received a substantial portion of each quarter’s sales orders and generated a substantial portion of each quarter’s billings and revenue during the last two weeks of the quarter. Additionally, significantly heightened supply chain challenges are impacting businesses around the globe. If we experience significant changes in our billings growth rates or if we are unable to supply product to meet demand, it will impact product revenue in the current quarter and FortiGuard and FortiCare service revenues in subsequent quarters, as we sell annual and multi-year service contracts that are recognized ratably over the contractual service term. In addition, the broader implications of the pandemic on our business and operations and our financial results, including the extent to which the effects of the pandemic will impact future results and growth in the cybersecurity industry, remain uncertain. The duration and severity of the economic downturn from the pandemic may negatively impact our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources in a material way. As a result, the effects of the pandemic may not be fully reflected in our results of operations until future periods.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period, less any deferred revenue balances acquired from business combination(s) and adjustment due to adoption of new accounting standard during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matter. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matter, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matter, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most latest Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, impairment and amortization of acquired intangible assets, less gain on intellectual property matter and, when applicable, other significant non-recurring items in a given quarter, such as non-recurring gains or losses on litigation-related matters. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share attributable to Fortinet, Inc. We define non-GAAP net income as net income or loss plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for gains or losses on investments in privately held companies, a tax adjustment required for an effective tax rate on a non-GAAP basis and adjustments attributable to non-controlling interests, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income or loss and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions)

  June 30,
2022
  December 31,
2021
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $ 710.0     $ 1,319.1  
Short-term investments   1,020.6       1,194.0  
Marketable equity securities   24.3       38.6  
Accounts receivable—net   919.5       807.7  
Inventory   195.2       175.8  
Prepaid expenses and other current assets   83.3       65.4  
Total current assets   2,952.9       3,600.6  
LONG-TERM INVESTMENTS   188.5       440.8  
PROPERTY AND EQUIPMENT—NET   814.6       687.6  
DEFERRED CONTRACT COSTS   456.9       423.3  
DEFERRED TAX ASSETS   480.2       342.3  
GOODWILL AND OTHER INTANGIBLE ASSETS—NET   166.7       188.7  
OTHER ASSETS   234.7       235.8  
TOTAL ASSETS $ 5,294.5     $ 5,919.1  
LIABILITIES AND EQUITY (DEFICIT)      
CURRENT LIABILITIES:      
Accounts payable $ 193.1     $ 148.4  
Accrued liabilities   241.2       197.3  
Accrued payroll and compensation   187.4       195.0  
Deferred revenue   2,013.2       1,777.4  
Total current liabilities   2,634.9       2,318.1  
DEFERRED REVENUE   1,918.8       1,675.5  
INCOME TAX LIABILITIES   67.1       79.5  
LONG-TERM DEBT   989.4       988.4  
OTHER LIABILITIES   63.9       59.2  
Total liabilities   5,674.1       5,120.7  
COMMITMENTS AND CONTINGENCIES      
EQUITY (DEFICIT):      
Common stock   0.8       0.8  
Additional paid-in capital   1,237.3       1,253.6  
Accumulated other comprehensive loss   (23.4 )     (4.8 )
Accumulated deficit   (1,607.6 )     (467.9 )
Total Fortinet, Inc. stockholders’ equity (deficit)   (392.9 )     781.7  
Non-controlling interests   13.3       16.7  
Total equity (deficit)   (379.6 )     798.4  
TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 5,294.5     $ 5,919.1  
               

FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in millions, except per share amounts)

  Three Months Ended   Six Months Ended
  June 30,
2022
  June 30,
2021
  June 30,
2022
  June 30,
2021
REVENUE:              
Product $ 400.7     $ 298.3     $ 771.7     $ 539.0  
Service   629.4       502.8       1,213.2       972.4  
Total revenue   1,030.1       801.1       1,984.9       1,511.4  
COST OF REVENUE:              
Product   155.2       115.6       316.2       206.9  
Service   95.6       71.3       188.4       136.6  
Total cost of revenue   250.8       186.9       504.6       343.5  
GROSS PROFIT:              
Product   245.5       182.7       455.5       332.1  
Service   533.8       431.5       1,024.8       835.8  
Total gross profit   779.3       614.2       1,480.3       1,167.9  
OPERATING EXPENSES:              
Research and development   124.3       106.6       249.2       203.8  
Sales and marketing   415.5       326.9       803.1       630.9  
General and administrative   45.4       34.4       84.0       66.4  
Gain on intellectual property matter   (1.2 )     (1.2 )     (2.3 )     (2.3 )
Total operating expenses   584.0       466.7       1,134.0       898.8  
OPERATING INCOME   195.3       147.5       346.3       269.1  
INTEREST INCOME   2.4       1.2       3.7       2.3  
INTEREST EXPENSE   (4.5 )     (4.5 )     (9.0 )     (5.8 )
OTHER INCOME (EXPENSE)—NET   (9.3 )     0.8       (18.4 )     (1.2 )
INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY METHOD INVESTMENT   183.9       145.0       322.6       264.4  
PROVISION FOR (BENEFIT FROM) INCOME TAXES   2.4       7.5       (5.7 )     19.7  
LOSS FROM EQUITY METHOD INVESTMENT   (8.1 )           (16.6 )      
NET INCOME INCLUDING NON-CONTROLLING INTERESTS   173.4       137.5       311.7       244.7  
Less: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS, NET OF TAX   (0.1 )           (0.2 )      
NET INCOME ATTRIBUTABLE TO FORTINET, INC. $ 173.5     $ 137.5     $ 311.9     $ 244.7  
Net income per share attributable to Fortinet, Inc.(a):              
Basic $ 0.22     $ 0.17     $ 0.39     $ 0.30  
Diluted $ 0.21     $ 0.16     $ 0.38     $ 0.29  
Weighted-average shares used to compute net income per share attributable to Fortinet, Inc.(a):              
Basic   795.4       816.7       799.4       815.9  
Diluted   810.1       835.4       815.4       833.7  
                               

(a) All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

  Six Months Ended
  June 30,
2022
  June 30,
2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income including non-controlling interests $ 311.7     $ 244.7  
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation   107.9       102.1  
Amortization of deferred contract costs   107.1       81.8  
Depreciation and amortization   50.6       36.2  
Amortization of investment premiums   2.8       2.9  
Loss from equity method investment   16.6        
Other   22.8       0.3  
Changes in operating assets and liabilities, net of impact of business combinations:      
Accounts receivable—net   (119.3 )     135.6  
Inventory   (31.2 )     (20.1 )
Prepaid expenses and other current assets   (18.2 )     (16.4 )
Deferred contract costs   (140.6 )     (124.8 )
Deferred tax assets   (136.3 )     (25.8 )
Other assets   (16.7 )     (11.8 )
Accounts payable   52.7       (9.5 )
Accrued liabilities   30.1       21.3  
Accrued payroll and compensation   (6.8 )     18.7  
Other liabilities   5.7       (1.2 )
Deferred revenue   480.6       300.1  
     Net cash provided by operating activities   719.5       734.1  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of investments   (389.1 )     (1,262.5 )
Sales of investments   3.0       71.4  
Maturities of investments   797.3       600.3  
Purchases of property and equipment   (162.5 )     (75.6 )
Purchases of investment in privately held company         (75.0 )
Payments made in connection with business combinations, net of cash acquired         (10.3 )
     Net cash provided by (used in) investing activities   248.7       (751.7 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from long-term borrowings, net of discount and underwriting fees         989.4  
Payments for debt issuance costs         (2.4 )
Repurchase and retirement of common stock   (1,491.2 )     (91.6 )
Proceeds from issuance of common stock   15.9       15.8  
Taxes paid related to net share settlement of equity awards   (99.9 )     (76.0 )
Other   (1.1 )     (0.1 )
     Net cash provided by (used in) financing activities   (1,576.3 )     835.1  
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS   (1.0 )      
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (609.1 )     817.5  
CASH AND CASH EQUIVALENTS—Beginning of period   1,319.1       1,061.8  
CASH AND CASH EQUIVALENTS—End of period $ 710.0     $ 1,879.3  
               

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Unaudited, in millions, except per share amounts)

Reconciliation of net cash provided by operating activities to free cash flow

  Three Months Ended
  June 30,
2022
  June 30,
2021
Net cash provided by operating activities $ 323.4     $ 418.2  
Less: Purchases of property and equipment   (39.9 )     (23.5 )
Free cash flow $ 283.5     $ 394.7  
Net cash provided by (used in) investing activities $ 294.1     $ (278.2 )
Net cash used in financing activities $ (830.3 )   $ (120.9 )
               

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income attributable to Fortinet, Inc. and diluted net income per share attributable to Fortinet, Inc.

  Three Months Ended June 30, 2022   Three Months Ended June 30, 2021
  GAAP Results   Adjustments   Non-GAAP Results   GAAP Results   Adjustments   Non-GAAP Results
Operating income $ 195.3     $ 60.1   (a) $ 255.4     $ 147.5     $ 55.8   (b) $ 203.3  
Operating margin   19.0 %         24.8 %     18.4 %         25.4 %
Adjustments:                      
Stock-based compensation       55.3               53.5      
Amortization of acquired intangible assets       6.0               3.5      
Gain on intellectual property matter       (1.2 )             (1.2 )    
Tax adjustment       (39.1 ) (c)           (34.6 ) (c)  
Adjustments attributable non-controlling interests       (0.4 ) (d)                
Net income attributable to Fortinet, Inc. $ 173.5     $ 20.6     $ 194.1     $ 137.5     $ 21.2     $ 158.7  
Diluted net income per share attributable to Fortinet, Inc.(e) $ 0.21         $ 0.24     $ 0.16         $ 0.19  
Shares used in diluted net income per share attributable to Fortinet, Inc. calculations(e)   810.1           810.1       835.4           835.4  
                                       

(a) To exclude $55.3 million of stock-based compensation and $6.0 million of amortization of acquired intangible assets, offset by a $1.2 million gain on intellectual property matter in the three months ended June 30, 2022.
(b) To exclude $53.5 million of stock-based compensation and $3.5 million of amortization of acquired intangible assets, offset by a $1.2 million gain on intellectual property matter in the three months ended June 30, 2021.
(c) Non-GAAP financial information is adjusted to an effective tax rate of 17% and 21% in the three months ended June 30, 2022 and 2021, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(d) Adjustments related to the non-GAAP results attributable to non-controlling interests, which were adjusted to an effective tax rate of 31% for the subsidiary of Alaxala Networks Corporation in the three months ended June 30, 2022.
(e) All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

Reconciliation of total revenue to total billings

  Three Months Ended
  June 30,
2022
  June 30,
2021
Total revenue $ 1,030.1   $ 801.1
Add: Change in deferred revenue   274.1     159.8
Total billings $ 1,304.2   $ 960.9
           
Investor Contact:   Media Contact:
     
Peter Salkowski   Sandra Wheatley
Fortinet, Inc.   Fortinet, Inc.
408-331-4595   408-391-9408
psalkowski@fortinet.com   swheatley@fortinet.com
Wed, 03 Aug 2022 08:07:00 -0500 en text/html https://apnews.com/press-release/GlobeNewswire/russia-ukraine-covid-technology-health-33c9a3c8faaabe190bcf4d606075fed1
Killexams : IT services company brings its tech expertise, relationship-focused culture to central Ohio No result found, try new keyword!People Driven Technology, an information technology consulting firm, is making its first foray into the Ohio market. Tue, 09 Aug 2022 00:56:00 -0500 text/html https://www.bizjournals.com/columbus/news/2022/08/09/it-services-company-brings-its-tech-expertise.html Killexams : Comcast Business Partners with Fortinet to Secure Enterprise Application Access with New SASE and SSE Solutions

Comcast Business today announced a strategic partnership with Fortinet® (NASDAQ: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, to deliver enterprises a new set of secure access service edge (SASE), and security service edge (SSE) solutions to help enterprises protect their distributed workforces using a cloud-delivered approach to security policy enforcement. This collaboration expands Comcast Business's managed services expertise, while giving enterprises greater flexibility to choose the cloud architecture and vendor mix that is right for them.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220801005097/en/

In today's work-from-anywhere world, IT leaders are challenged with balancing employee convenience with securing their networks. New security architectures, such as SASE, which converges networking and security via SD-WAN and cloud-delivered security, and SSE, the security foundation of SASE, enable enterprises to strengthen their security posture while enhancing employees' experience, regardless of their location. In fact, according to a latest Foundry CIO research study sponsored by Masergy (a Comcast Business company) and Fortinet, the overwhelming majority (98%) of enterprise IT leaders surveyed cited the convergence of network and security as critical or very important, while 94% said their adoption of SASE solutions has accelerated.

The new Comcast Business offerings - delivered through Comcast Business Secure Gateways - give enterprises the option to choose from either SASE or SSE solutions backed by Fortinet's security-driven networking technology and Equinix's flexible cloud connection Equinix Fabric™ for a complete secure network service. Enterprises wanting to enable safe access to cloud and web services can take advantage of the Comcast Business SSE solution, which brings together multiple cloud-delivered network security technologies in a fully-hosted environment. The Comcast Business SASE solution provides this hosted SSE security architecture combined with zero trust capabilities and any of Comcast Business's SD-WAN solutions.

"In today's dynamic world, no two companies are alike and very few are the same as they were just two years ago," said Amit Verma, Chief Technology Officer, Enterprise Solutions, Comcast Business. "By expanding our relationship with Fortinet, we are offering our clients more choice and the flexibility to choose a solution that works for them - while providing some of the latest security solutions to help keep them ready for the day - today and tomorrow."

Comcast Business Secure Gateways povide a fully-hosted set of SASE or SSE services covering a broad range of security networking solutions for Firewall-as-a-Service (FWaaS), Intrusion Prevention (IPS), Data Loss Prevention (DLP), Cloud Access Security Brokers (CASB), and Zero Trust Network Access (ZTNA). Comcast Business Secure Gateways are hosted across the United States at Equinix data centers, offering up to 10 gigabits per second (Gbps) of cloud connectivity for public, private, or hybrid cloud deployments. The Equinix Fabric™ enables support of Amazon Web Services, Microsoft Azure, Google Cloud, IBM and more than 200 SaaS providers.

"In order to enhance user experience, reduce complexity, and Strengthen their security posture against today's most advanced and persistent threats, organizations must adopt solutions that converge networking and security," said John Maddison, EVP of products and CMO, Fortinet. "We're pleased to work closely with Comcast Business to build SASE services that support customers at any stage of digital innovation with Fortinet's industry leading security-driven networking technology."

To learn more about Comcast Business SD-WAN solutions, please visit: https://business.comcast.com/enterprise/products-services/managed-services/managed-connectivity.

About Comcast Business
Comcast Business offers a suite of Connectivity, Communications, Networking, Cybersecurity, Wireless, and Managed Solutions to help organizations of different sizes prepare for what's next. Powered by the nation's largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nation's largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest growing providers of Ethernet services.

For more information, call 866-429-3085. Follow on Twitter @ComcastBusiness and on other social media networks at http://business.comcast.com/social.

About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.

About Fortinet
Fortinet (NASDAQ: FTNT) makes possible a digital world that we can always trust through its mission to protect people, devices, and data everywhere. This is why the world's largest enterprises, service providers, and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Security Fabric platform delivers broad, integrated, and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. Ranking #1 in the most security appliances shipped worldwide, more than 580,000 customers trust Fortinet to protect their businesses. And the Fortinet NSE Training Institute, an initiative of Fortinet's Training Advancement Agenda (TAA), provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

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Mon, 01 Aug 2022 03:46:00 -0500 text/html https://www.tmcnet.com/usubmit/-comcast-business-partners-with-fortinet-secure-enterprise-application-/2022/08/01/9648209.htm
Killexams : Fortinet Inc No result found, try new keyword!These stocks provide a great mix of capital appreciation and dividend growth. Thu, 28 Jul 2022 12:00:00 -0500 text/html https://money.usnews.com/investing/stocks/ftnt-fortinet-inc/vitals Killexams : Fortinet Empowers Teams to Proactively Manage Cloud Risk with New Cloud-native Protection ...

SUNNYVALE, Calif., July 26, 2022 (GLOBE NEWSWIRE) -- AWS re:Inforce

News Summary

Fortinet ® (NASDAQ: FTNT), a global leader in broad, integrated, and automated cybersecurity solutions, today announced FortiCNP, a new built-in-the-cloud offering that correlates security findings from across an organization’s cloud footprint to facilitate friction-free cloud security operations. FortiCNP’s patented Resource Risk Insights (RRI)TM technology produces context-rich, actionable insights that help teams prioritize the remediation and mitigation of risks with the highest potential impact on cloud workload security without slowing down the business.

Also announced today, Fortinet is an Amazon Web Services (AWS) Launch Partner for Amazon GuardDuty Malware Protection, which provides agentless malware detection capabilities across AWS data stores, disk volumes, and workload images. FortiCNP supports Amazon GuardDuty Malware Protection, delivering near-real-time threat protection with zero-permission capabilities to actively scan running workloads with no impact or delays to operations.

The rapid pace of cloud adoption as part of a hybrid IT architecture allows organizations to achieve faster time to market and increased responsiveness to customer needs. However, the cloud can increase overall security risk, which is often addressed by adding new security solutions to an organization’s existing infrastructure. Each of these solutions comes with a litany of alerts that often require manual analysis and can quickly compound across an organization’s cloud deployment.

“Without the proper tools, security professionals must manually sift through hundreds, if not thousands, of security alerts on a daily basis,” said Doug Cahill, Vice President, Analyst Services and Senior Analyst at Enterprise Strategy Group (ESG). “Inundated with alerts, teams can face decreased productivity, inefficient workflows, and security risks accumulating faster than they can be addressed. FortiCNP helps cut through the noise, pointing teams to the security alerts that matter most.”

Customers are already experiencing the benefits of FortiCNP’s approach to cloud-native risk management:

“FortiCNP gives us comprehensive cloud visibility with an intuitive dashboard that allows us to easily track risk management over time,” said Caio Hyppolito, Chief Technology Officer (CTO) at BK Bank. “Most importantly, it enables our team to focus on securing high-priority resources instead of spending time working through long lists of security findings. Integrations with the products we already have allow us to get even more value out of our deployment and allow broader visibility and easier, more proactive cloud security management.”

Partners are also leveraging FortiCNP to enhance their offerings:

“As an AWS Level 1 MSSP Competency Partner, Observian is dedicated to ensuring our service offerings support customers in building scalable, secure cloud deployments. Observian is thrilled to deliver a new service featuring Fortinet’s new Cloud-Native Protection solution, FortiCNP, with Observian’s trusted and proven managed detection and response services,” said Scott Plamondon, Co-Founder and VP of Architecture at Observian. “FortiCNP allows customers to easily integrate, more quickly operationalize, and immediately benefit from AWS’s native-cloud security services with more targeted and actionable alerts tuned to their needs and less noise. Our customers that rely on Observian’s Security Operations team will benefit from our ability to even better triage and report on those alerts 24/7.”

A defining feature of FortiCNP is integration with AWS security products and services, and the Fortinet Security Fabric, which helps organizations more effectively secure their cloud environments and maximize their cloud security investments.

"At AWS, we provide our customers with smarter tools to easily take action and mitigate risk faster,” said Jon Ramsey, Vice President (VP) AWS Security. "Security Partners like Fortinet with their FortiCNP offering built on AWS and integrated with our security services like Amazon GuardDuty give customers a choice to simplify and accelerate their cloud journey with cloud-native security services."

FortiCNP delivers the following features that allow security teams to effectively manage risk in the cloud:

  • FortiCNP Resource Risk Insights (RRI)TM leverages a patented risk score algorithm to contextualize security findings from Fortinet Cloud Security solutions and AWS products and services to provide teams with prioritized, context-rich, and actionable insights about resources that present the highest risk and need immediate attention.
  • By analyzing, correlating, and contextualizing security findings from AWS cloud security services with FortiCNP, customers maximize the value and benefit from easy deployment capabilities offered by Amazon GuardDuty Malware Protection, Amazon Inspector, AWS Security Hub, AWS CloudTrail, and AWS Organizations.
  • Integrations with Amazon GuardDuty Malware Protection leverage a zero-permission, agentless approach for detecting malware throughout the data supply chain by scanning cloud data stores, disk volumes, and workload images.
  • Integrations with digital workflow solutions turn FortiCNP RRIs into intuitively actionable workflow tasks as part of the cloud infrastructure lifecycle.
  • For customers utilizing Fortinet Cloud Security solutions such as FortiGate-VM and FortiWeb, RRIs will be able to trigger stop-gap remediations to block high-impact threats.
  • FortiCNP continuously scans and monitors changes to cloud data with industry-leading threat intelligence and content scanning powered by FortiGuard Labs.

FortiCNP will be continually expanded to ingest more types of cloud security findings to provide broader context across more cloud workloads. Enabling consistent workflows that scale security across the public cloud helps teams Strengthen security coverage, productivity, and risk mitigation—at the speed of the cloud. Cloud-native integrations facilitate reduced friction from deployment through operations. With consistent workflows utilizing cloud-native services across multiple clouds, security teams will no longer be required to master the intricacies of each cloud platform’s security service operational model. This will help security teams increase productivity by effectively working through cloud security backlog, mitigating risk, and quantifiably improving cloud security over time.

“FortiCNP is the latest example of Fortinet’s commitment to delivering Fabric solutions that extend enterprise security with cloud-native integrations,” said John Maddison, EVP of Products and CMO at Fortinet. “We’re pleased to continue to deliver solutions that allow security professionals to transition from time-consuming triage and manual analysis processes to proactively securing their cloud workloads and easily understand their cloud security risk.”

Today’s announcement builds on Fortinet and AWS’ relationship to support customers in accelerating their journey to AWS. Fortinet has also been named an AWS Security Competency Partner, with FortiCNP serving as the latest example of Fortinet’s commitment to delivering purpose-built cloud security solutions that integrate with AWS products and solutions. Fortinet delivers one of the broadest sets of use cases with comprehensive security for AWS workloads including firewall, security gateway, intrusion prevention, and web application security. With flexible procurement options in AWS Marketplace, including contract and consumption offerings, and a range of available form factors, including Software-as-a-Service (SaaS), virtual machine (VM), container, and application programming interface (API) based protection, customers can address a broad variety of AWS security and procurement requirements to protect their AWS workloads.

Get a free trial of FortiCNP at AWS Marketplace:https://www.forticnp-aws.com

Additional Resources

About Fortinet

Fortinet (NASDAQ: FTNT) makes possible a digital world that we can always trust through its mission to protect people, devices, and data everywhere. This is why the world’s largest enterprises, service providers, and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Security Fabric platform delivers broad, integrated, and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. Ranking #1 in the most security appliances shipped worldwide, more than 580,000 customers trust Fortinet to protect their businesses. And the Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda (TAA), provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at  https://www.fortinet.com, the  Fortinet Blog, or  FortiGuard Labs.

FTNT-O

Copyright © 2022 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAP, FortiAppEngine, FortiAppMonitor, FortiAuthenticator, FortiBalancer, FortiBIOS, FortiBridge, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCenter, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCNP, FortiDB, FortiDDoS, FortiDeceptor, FortiDirector, FortiDNS, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLocator, FortiLog, FortiMeter, FortiMoM, FortiMonitor, FortiNAC, FortiPartner, FortiPenTest, FortiPhish, FortiPortal, FortiPresence , FortiProtect, FortiProxy, FortiRecorder, FortiReporter, FortiSASE, FortiScan, FortiSDNConnector, FortiSIEM, FortiSDWAN, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiVoIP, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM.

Other trademarks belong to their respective owners. Fortinet has not independently Verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release may contain forward-looking statements that involve uncertainties and assumptions, such as statements regarding technology releases among others. Changes of circumstances, product release delays, or other risks as stated in our filings with the Securities and Exchange Commission, located at  www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialize or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements. 

Tue, 26 Jul 2022 02:49:00 -0500 en text/html https://www.bakersfield.com/ap/news/fortinet-empowers-teams-to-proactively-manage-cloud-risk-with-new-cloud-native-protection/article_8181f694-8ed7-588b-9cde-42073bfd9398.html
Killexams : Fortinet Reports Second Quarter 2022 Financial Results

Fortinet, Inc.

Second Quarter 2022 Highlights

  • Product revenue of $400.7 million, up 34% year over year

  • Total revenue of $1.03 billion, up 29% year over year

  • Bookings of $1.38 billion, up 42% year over year1

  • Billings of $1.30 billion, up 36% year over year2

  • Deferred revenue of $3.93 billion, up 35% year over year

  • GAAP operating margin of 19.0%

  • Non-GAAP operating margin of 24.8%2

  • GAAP diluted net income per share attributable to Fortinet, Inc. of $0.213

  • Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.242,3

  • Cash flow from operations of $323.4 million

  • Free cash flow of $283.5 million2

  • Cash paid for share repurchases of $800.0 million 

SUNNYVALE, Calif., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the second quarter ended June 30, 2022.

“We delivered strong revenue and billings growth in the second quarter driven by an over 50% year-over-year increase in the number of transactions larger than one million dollars. Large enterprise companies continue to favor Fortinet’s industry leading cost for performance advantage and integrated platform strategy,” said Ken Xie, Founder, Chairman, and Chief Executive Officer. “Fortinet’s market share gains are being driven by the convergence of networking and security and an accelerating focus on vendor consolidation with our Core Platform and Platform Extension solutions designed to secure our customers’ entire infrastructure from the data center to the cloud.”

Financial Highlights for the Second Quarter of 2022

  • Revenue: Total revenue was $1.03 billion for the second quarter of 2022, an increase of 28.6% compared to $801.1 million for the same quarter of 2021.

  • Product Revenue: Product revenue was $400.7 million for the second quarter of 2022, an increase of 34.3% compared to $298.3 million for the same quarter of 2021.

  • Service Revenue: Service revenue was $629.4 million for the second quarter of 2022, an increase of 25.2% compared to $502.8 million for the same quarter of 2021.

  • Bookings1: Total bookings were $1.38 billion for the second quarter of 2022, an increase of 42.1% compared to $967.9 million for the same quarter of 2021. Backlog was $349.9 million as of June 30, 2022, an increase of $188.0 million compared to $161.9 million as of December 31, 2021.

  • Billings2: Total billings were $1.30 billion for the second quarter of 2022, an increase of 35.7% compared to $960.9 million for the same quarter of 2021.

  • Deferred Revenue: Total deferred revenue was $3.93 billion as of June 30, 2022, an increase of 35.3% compared to $2.91 billion as of June 30, 2021.

  • GAAP Operating Income and Margin: GAAP operating income was $195.3 million for the second quarter of 2022, representing a GAAP operating margin of 19.0%. GAAP operating income was $147.5 million for the same quarter of 2021, representing a GAAP operating margin of 18.4%.

  • Non-GAAP Operating Income and Margin2: Non-GAAP operating income was $255.4 million for the second quarter of 2022, representing a non-GAAP operating margin of 24.8%. Non-GAAP operating income was $203.3 million for the same quarter of 2021, representing a non-GAAP operating margin of 25.4%.

  • GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.3: GAAP net income was $173.5 million for the second quarter of 2022, compared to GAAP net income of $137.5 million for the same quarter of 2021. GAAP diluted net income per share was $0.21 for the second quarter of 2022, based on 810.1 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.16 for the same quarter of 2021, based on 835.4 million diluted weighted-average shares outstanding.

  • Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.2,3: Non-GAAP net income was $194.1 million for the second quarter of 2022, compared to non-GAAP net income of $158.7 million for the same quarter of 2021. Non-GAAP diluted net income per share was $0.24 for the second quarter of 2022, based on 810.1 million diluted weighted-average shares outstanding, compared to $0.19 for the same quarter of 2021, based on 835.4 million diluted weighted-average shares outstanding.

  • Cash Flow: Cash flow from operations was $323.4 million for the second quarter of 2022, compared to $418.2 million for the same quarter of 2021.

  • Free Cash Flow2: Free cash flow was $283.5 million for the second quarter of 2022, compared to $394.7 million for the same quarter of 2021.

  • Share Repurchase Program3: During the three and six months ended June 30, 2022, Fortinet repurchased 14.4 million and 25.8 million shares of its common stock at an average price of $55.45 and $57.82 per share and for an aggregate purchase price of $800.0 million and $1.49 billion, respectively. During the three and six months ended June 30, 2021, Fortinet repurchased 2.3 million shares of its common stock at an average price of $40.28 per share and for an aggregate purchase price of $91.6 million. In July 2022, Fortinet’s board of directors authorized a $1.0 billion increase in the authorized stock repurchase under our share repurchase program. As of August 1, 2022, approximately $1.03 billion remained available for future share repurchases.

Guidance

For the third quarter of 2022, Fortinet currently expects:

  • Revenue in the range of $1.105 billion to $1.135 billion

  • Billings in the range of $1.385 billion to $1.415 billion

  • Non-GAAP gross margin in the range of 75.0% to 76.0%

  • Non-GAAP operating margin in the range of 25.0% to 26.0%

  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.26 to $0.28, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 810 million to 820 million.

For the fiscal year 2022, Fortinet currently expects:

  • Revenue in the range of $4.350 billion to $4.400 billion

  • Service revenue in the range of $2.620 billion to $2.670 billion

  • Billings in the range of $5.560 billion to $5.640 billion

  • Non-GAAP gross margin in the range of 75.0% to 76.0%

  • Non-GAAP operating margin in the range of 25.0% to 26.0%

  • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.01 to $1.06, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 810 million to 820 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on intellectual property matters. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

1 Bookings represents the total value of all orders received during the period. Backlog represents orders received but not fulfilled and excludes Alaxala Networks Corporation. When an order is fulfilled, billings and revenue are recognized.
2 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
3 All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Third Quarter 2022 Conference Participation Schedule:

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s web site. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (NASDAQ: FTNT) makes possible a digital world that we can trust through its mission to protect people, devices and data everywhere. This is why many of the world’s largest enterprises, service providers and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Core Platform and Platform Extension products deliver broad, integrated and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. The Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda, provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2022 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently Verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

FTNT-F

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future market share gains, guidance and expectations around future financial results, including guidance and expectations for the third quarter and full year 2022, statements regarding the momentum in our business and future growth expectations, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by the COVID-19 pandemic, the war in Ukraine, economic challenges, fears of a recession, and any actual recession, and the effects of increased inflation in certain geographies; significantly heightened supply chain challenges due to the current global environment; negative impacts from the COVID-19 pandemic on sales, billings, revenue, demand and buying patterns, component supply and ability to manufacture products to meet demand in a timely fashion, and costs such as possible increased costs for shipping and components; global economic conditions, country-specific economic conditions, and foreign currency risks; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by the COVID-19 pandemic; competition and pricing pressure; product inventory shortages for any reason, including those caused by the COVID-19 pandemic, the war in Ukraine and the effects of increased inflation in certain geographies; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses such as the COVID-19 pandemic, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies; any political and government disruption around the world, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most latest Annual Report on Form 10-K, our most latest Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (SEC), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

COVID-19 Impact

While the broader implications of the COVID-19 pandemic on our employees and overall financial performance remain uncertain, we have seen certain impacts on our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources. Going forward, the situation is uncertain, rapidly changing and hard to predict, and the COVID-19 pandemic may have a material negative impact on our future periods, including our results for the three months ending September 30, 2022, our annual results for 2022, and beyond. To highlight the uncertainty remaining for the three-month period ending September 30, 2022, it should be noted that, due to customer buying patterns and the efforts of our sales force and channel partners to meet or exceed quarterly quotas, we have historically received a substantial portion of each quarter’s sales orders and generated a substantial portion of each quarter’s billings and revenue during the last two weeks of the quarter. Additionally, significantly heightened supply chain challenges are impacting businesses around the globe. If we experience significant changes in our billings growth rates or if we are unable to supply product to meet demand, it will impact product revenue in the current quarter and FortiGuard and FortiCare service revenues in subsequent quarters, as we sell annual and multi-year service contracts that are recognized ratably over the contractual service term. In addition, the broader implications of the pandemic on our business and operations and our financial results, including the extent to which the effects of the pandemic will impact future results and growth in the cybersecurity industry, remain uncertain. The duration and severity of the economic downturn from the pandemic may negatively impact our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources in a material way. As a result, the effects of the pandemic may not be fully reflected in our results of operations until future periods.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period, less any deferred revenue balances acquired from business combination(s) and adjustment due to adoption of new accounting standard during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matter. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matter, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matter, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most latest Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, impairment and amortization of acquired intangible assets, less gain on intellectual property matter and, when applicable, other significant non-recurring items in a given quarter, such as non-recurring gains or losses on litigation-related matters. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share attributable to Fortinet, Inc. We define non-GAAP net income as net income or loss plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for gains or losses on investments in privately held companies, a tax adjustment required for an effective tax rate on a non-GAAP basis and adjustments attributable to non-controlling interests, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income or loss and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions)

June 30,
2022

December 31,
2021

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

710.0

$

1,319.1

Short-term investments

1,020.6

1,194.0

Marketable equity securities

24.3

38.6

Accounts receivable—net

919.5

807.7

Inventory

195.2

175.8

Prepaid expenses and other current assets

83.3

65.4

Total current assets

2,952.9

3,600.6

LONG-TERM INVESTMENTS

188.5

440.8

PROPERTY AND EQUIPMENT—NET

814.6

687.6

DEFERRED CONTRACT COSTS

456.9

423.3

DEFERRED TAX ASSETS

480.2

342.3

GOODWILL AND OTHER INTANGIBLE ASSETS—NET

166.7

188.7

OTHER ASSETS

234.7

235.8

TOTAL ASSETS

$

5,294.5

$

5,919.1

LIABILITIES AND EQUITY (DEFICIT)

CURRENT LIABILITIES:

Accounts payable

$

193.1

$

148.4

Accrued liabilities

241.2

197.3

Accrued payroll and compensation

187.4

195.0

Deferred revenue

2,013.2

1,777.4

Total current liabilities

2,634.9

2,318.1

DEFERRED REVENUE

1,918.8

1,675.5

INCOME TAX LIABILITIES

67.1

79.5

LONG-TERM DEBT

989.4

988.4

OTHER LIABILITIES

63.9

59.2

Total liabilities

5,674.1

5,120.7

COMMITMENTS AND CONTINGENCIES

EQUITY (DEFICIT):

Common stock

0.8

0.8

Additional paid-in capital

1,237.3

1,253.6

Accumulated other comprehensive loss

(23.4

)

(4.8

)

Accumulated deficit

(1,607.6

)

(467.9

)

Total Fortinet, Inc. stockholders’ equity (deficit)

(392.9

)

781.7

Non-controlling interests

13.3

16.7

Total equity (deficit)

(379.6

)

798.4

TOTAL LIABILITIES AND EQUITY (DEFICIT)

$

5,294.5

$

5,919.1

FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in millions, except per share amounts)

Three Months Ended

Six Months Ended

June 30,
2022

June 30,
2021

June 30,
2022

June 30,
2021

REVENUE:

Product

$

400.7

$

298.3

$

771.7

$

539.0

Service

629.4

502.8

1,213.2

972.4

Total revenue

1,030.1

801.1

1,984.9

1,511.4

COST OF REVENUE:

Product

155.2

115.6

316.2

206.9

Service

95.6

71.3

188.4

136.6

Total cost of revenue

250.8

186.9

504.6

343.5

GROSS PROFIT:

Product

245.5

182.7

455.5

332.1

Service

533.8

431.5

1,024.8

835.8

Total gross profit

779.3

614.2

1,480.3

1,167.9

OPERATING EXPENSES:

Research and development

124.3

106.6

249.2

203.8

Sales and marketing

415.5

326.9

803.1

630.9

General and administrative

45.4

34.4

84.0

66.4

Gain on intellectual property matter

(1.2

)

(1.2

)

(2.3

)

(2.3

)

Total operating expenses

584.0

466.7

1,134.0

898.8

OPERATING INCOME

195.3

147.5

346.3

269.1

INTEREST INCOME

2.4

1.2

3.7

2.3

INTEREST EXPENSE

(4.5

)

(4.5

)

(9.0

)

(5.8

)

OTHER INCOME (EXPENSE)—NET

(9.3

)

0.8

(18.4

)

(1.2

)

INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY METHOD INVESTMENT

183.9

145.0

322.6

264.4

PROVISION FOR (BENEFIT FROM) INCOME TAXES

2.4

7.5

(5.7

)

19.7

LOSS FROM EQUITY METHOD INVESTMENT

(8.1

)

(16.6

)

NET INCOME INCLUDING NON-CONTROLLING INTERESTS

173.4

137.5

311.7

244.7

Less: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS, NET OF TAX

(0.1

)

(0.2

)

NET INCOME ATTRIBUTABLE TO FORTINET, INC.

$

173.5

$

137.5

$

311.9

$

244.7

Net income per share attributable to Fortinet, Inc.(a):

Basic

$

0.22

$

0.17

$

0.39

$

0.30

Diluted

$

0.21

$

0.16

$

0.38

$

0.29

Weighted-average shares used to compute net income per share attributable to Fortinet, Inc.(a):

Basic

795.4

816.7

799.4

815.9

Diluted

810.1

835.4

815.4

833.7

(a) All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

Six Months Ended

June 30,
2022

June 30,
2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income including non-controlling interests

$

311.7

$

244.7

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation

107.9

102.1

Amortization of deferred contract costs

107.1

81.8

Depreciation and amortization

50.6

36.2

Amortization of investment premiums

2.8

2.9

Loss from equity method investment

16.6

Other

22.8

0.3

Changes in operating assets and liabilities, net of impact of business combinations:

Accounts receivable—net

(119.3

)

135.6

Inventory

(31.2

)

(20.1

)

Prepaid expenses and other current assets

(18.2

)

(16.4

)

Deferred contract costs

(140.6

)

(124.8

)

Deferred tax assets

(136.3

)

(25.8

)

Other assets

(16.7

)

(11.8

)

Accounts payable

52.7

(9.5

)

Accrued liabilities

30.1

21.3

Accrued payroll and compensation

(6.8

)

18.7

Other liabilities

5.7

(1.2

)

Deferred revenue

480.6

300.1

   Net cash provided by operating activities

719.5

734.1

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of investments

(389.1

)

(1,262.5

)

Sales of investments

3.0

71.4

Maturities of investments

797.3

600.3

Purchases of property and equipment

(162.5

)

(75.6

)

Purchases of investment in privately held company

(75.0

)

Payments made in connection with business combinations, net of cash acquired

(10.3

)

   Net cash provided by (used in) investing activities

248.7

(751.7

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from long-term borrowings, net of discount and underwriting fees

989.4

Payments for debt issuance costs

(2.4

)

Repurchase and retirement of common stock

(1,491.2

)

(91.6

)

Proceeds from issuance of common stock

15.9

15.8

Taxes paid related to net share settlement of equity awards

(99.9

)

(76.0

)

Other

(1.1

)

(0.1

)

   Net cash provided by (used in) financing activities

(1,576.3

)

835.1

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(1.0

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(609.1

)

817.5

CASH AND CASH EQUIVALENTS—Beginning of period

1,319.1

1,061.8

CASH AND CASH EQUIVALENTS—End of period

$

710.0

$

1,879.3

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Unaudited, in millions, except per share amounts)

Reconciliation of net cash provided by operating activities to free cash flow

Three Months Ended

June 30,
2022

June 30,
2021

Net cash provided by operating activities

$

323.4

$

418.2

Less: Purchases of property and equipment

(39.9

)

(23.5

)

Free cash flow

$

283.5

$

394.7

Net cash provided by (used in) investing activities

$

294.1

$

(278.2

)

Net cash used in financing activities

$

(830.3

)

$

(120.9

)

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income attributable to Fortinet, Inc. and diluted net income per share attributable to Fortinet, Inc.

Three Months Ended June 30, 2022

Three Months Ended June 30, 2021

GAAP Results

Adjustments

Non-GAAP Results

GAAP Results

Adjustments

Non-GAAP Results

Operating income

$

195.3

$

60.1

(a)

$

255.4

$

147.5

$

55.8

(b)

$

203.3

Operating margin

19.0

%

24.8

%

18.4

%

25.4

%

Adjustments:

Stock-based compensation

55.3

53.5

Amortization of acquired intangible assets

6.0

3.5

Gain on intellectual property matter

(1.2

)

(1.2

)

Tax adjustment

(39.1

)

(c)

(34.6

)

(c)

Adjustments attributable non-controlling interests

(0.4

)

(d)

Net income attributable to Fortinet, Inc.

$

173.5

$

20.6

$

194.1

$

137.5

$

21.2

$

158.7

Diluted net income per share attributable to Fortinet, Inc.(e)

$

0.21

$

0.24

$

0.16

$

0.19

Shares used in diluted net income per share attributable to Fortinet, Inc. calculations(e)

810.1

810.1

835.4

835.4

(a) To exclude $55.3 million of stock-based compensation and $6.0 million of amortization of acquired intangible assets, offset by a $1.2 million gain on intellectual property matter in the three months ended June 30, 2022.
(b) To exclude $53.5 million of stock-based compensation and $3.5 million of amortization of acquired intangible assets, offset by a $1.2 million gain on intellectual property matter in the three months ended June 30, 2021.
(c) Non-GAAP financial information is adjusted to an effective tax rate of 17% and 21% in the three months ended June 30, 2022 and 2021, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(d) Adjustments related to the non-GAAP results attributable to non-controlling interests, which were adjusted to an effective tax rate of 31% for the subsidiary of Alaxala Networks Corporation in the three months ended June 30, 2022.
(e) All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.

Reconciliation of total revenue to total billings

Three Months Ended

June 30,
2022

June 30,
2021

Total revenue

$

1,030.1

$

801.1

Add: Change in deferred revenue

274.1

159.8

Total billings

$

1,304.2

$

960.9

Investor Contact:

Media Contact:

Peter Salkowski

Sandra Wheatley

Fortinet, Inc.

Fortinet, Inc.

408-331-4595

408-391-9408

psalkowski@fortinet.com

swheatley@fortinet.com

Wed, 03 Aug 2022 08:45:00 -0500 en-AU text/html https://au.news.yahoo.com/fortinet-reports-second-quarter-2022-200500161.html Killexams : Fortinet Empowers Teams to Proactively Manage Cloud Risk with New Cloud-native Protection Offering, Available Now on AWS

Fortinet(R) (NASDAQ: FTNT), a global leader in broad, integrated, and automated cybersecurity solutions, today announced FortiCNP, a new built-in-the-cloud offering that correlates security findings from across an organization's cloud footprint to facilitate friction-free cloud security operations. FortiCNP's patented Resource Risk Insights (RRI)TM technology produces context-rich, actionable insights that help teams prioritize the remediation and mitigation of risks with the highest potential impact on cloud workload security without slowing down the business.

Also announced today, Fortinet is an Amazon Web Services (AWS) Launch Partner for Amazon GuardDuty Malware Protection, which provides agentless malware detection capabilities across AWS data stores, disk volumes, and workload images. FortiCNP supports Amazon GuardDuty Malware Protection, delivering near-real-time threat protection with zero-permission capabilities to actively scan running workloads with no impact or delays to operations.

The rapid pace of cloud adoption as part of a hybrid IT architecture allows organizations to achieve faster time to market and increased responsiveness to customer needs. However, the cloud can increase overall security risk, which is often addressed by adding new security solutions to an organization's existing infrastructure. Each of these solutions comes with a litany of alerts that often require manual analysis and can quickly compound across an organization's cloud deployment.

"Without the proper tools, security professionals must manually sift through hundreds, if not thousands, of security alerts on a daily basis," said Doug Cahill, Vice President, Analyst Services and Senior Analyst at Enterprise Strategy Group (ESG). "Inundated with alerts, teams can face decreased productivity, inefficient workflows, and security risks accumulating faster than they can be addressed. FortiCNP helps cut through the noise, pointing teams to the security alerts that matter most."

Customers are already experiencing the benefits of FortiCNP's approach to cloud-native risk management:

"FortiCNP gives us comprehensive cloud visibility with an intuitive dashboard that allows us to easily track risk management over time," said Caio Hyppolito, Chief Technology Officer (CTO) at BK Bank. "Most importantly, it enables our team to focus on securing high-priority resources instead of spending time working through long lists of security findings. Integrations with the products we already have allow us to get even more value out of our deployment and allow broader visibility and easier, more proactive cloud security management."

Partners are also leveraging FortiCNP to enhance their offerings:

"As an AWS Level 1 MSSP Competency Partner, Observian is dedicated to ensuring our service offerings support customers in building scalable, secure cloud deployments. Observian is thrilled to deliver a new service featuring Fortinet's new Cloud-Native Protection solution, FortiCNP, with Observian's trusted and proven managed detection and response services," said Scott Plamondon, Co-Founder and VP of Architecture at Observian. "FortiCNP allows customers to easily integrate, more quickly operationalize, and immediately benefit from AWS's native-cloud security services with more targeted and actionable alerts tuned to their needs and less noise. Our customers that rely on Observian's Security Operations team will benefit from our ability to even better triage and report on those alerts 24/7."

A defining feature of FortiCNP is integration with AWS security products and services, and the Fortinet Security Fabric, which helps organizations more effectively secure their cloud environments and maximize their cloud security investments.

"At AWS, we provide our customers with smarter tools to easily take action and mitigate risk faster," said Jon Ramsey, Vice President (VP) AWS Security. "Security Partners like Fortinet with their FortiCNP offering built on AWS and integrated with our security services like Amazon GuardDuty give customers a choice to simplify and accelerate their cloud journey with cloud-native security services."

FortiCNP delivers the following features that allow security teams to effectively manage risk in the cloud:

  • FortiCNP Resource Risk Insights (RRI)TM leverages a patented risk score algorithm to contextualize security findings from Fortinet Cloud Security solutions and AWS products and services to provide teams with prioritized, context-rich, and actionable insights about resources that present the highest risk and need immediate attention.
  • By analyzing, correlating, and contextualizing security findings from AWS cloud security services with FortiCNP, customers maximize the value and benefit from easy deployment capabilities offered by Amazon GuardDuty Malware Protection, Amazon Inspector, AWS Security Hub, AWS CloudTrail, and AWS Organizations.
  • Integrations with Amazon GuardDuty Malware Protection leverage a zero-permission, agentless approach for detecting malware throughout the data supply chain by scanning cloud data stores, disk volumes, and workload images.
  • Integrations with digital workflow solutions turn FortiCNP RRIs into intuitively actionable workflow tasks as part of the cloud infrastructure lifecycle.
  • For customers utilizing Fortinet Cloud Security solutions such as FortiGate-VM and FortiWeb, RRIs will be able to trigger stop-gap remediations to block high-impact threats.
  • FortiCNP continuously scans and monitors changes to cloud data with industry-leading threat intelligence and content scanning powered by FortiGuard Labs.

FortiCNP will be continually expanded to ingest more types of cloud security findings to provide broader context across more cloud workloads. Enabling consistent workflows that scale security across the public cloud helps teams Strengthen security coverage, productivity, and risk mitigation—at the speed of the cloud. Cloud-native integrations facilitate reduced friction from deployment through operations. With consistent workflows utilizing cloud-native services across multiple clouds, security teams will no longer be required to master the intricacies of each cloud platform's security service operational model. This will help security teams increase productivity by effectively working through cloud security backlog, mitigating risk, and quantifiably improving cloud security over time.

"FortiCNP is the latest example of Fortinet's commitment to delivering Fabric solutions that extend enterprise security with cloud-native integrations," said John Maddison, EVP of Products and CMO at Fortinet. "We're pleased to continue to deliver solutions that allow security professionals to transition from time-consuming triage and manual analysis processes to proactively securing their cloud workloads and easily understand their cloud security risk."

Today's announcement builds on Fortinet and AWS' relationship to support customers in accelerating their journey to AWS. Fortinet has also been named an AWS Security Competency Partner, with FortiCNP serving as the latest example of Fortinet's commitment to delivering purpose-built cloud security solutions that integrate with AWS products and solutions. Fortinet delivers one of the broadest sets of use cases with comprehensive security for AWS workloads including firewall, security gateway, intrusion prevention, and web application security. With flexible procurement options in AWS Marketplace, including contract and consumption offerings, and a range of available form factors, including Software-as-a-Service (SaaS), virtual machine (VM), container, and application programming interface (API) based protection, customers can address a broad variety of AWS security and procurement requirements to protect their AWS workloads.

Get a free trial of FortiCNP at AWS Marketplace: https://www.forticnp-aws.com

Source: Communication Arts

Wed, 03 Aug 2022 16:11:00 -0500 en text/html https://www.newswit.com/en/Ljpi
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