Broad, integrated and automated cybersecurity solutions provider, Fortinet announced strong financial results for the fourth quarter and full-year. Fortinet’s total revenue was $963.6 million for the fourth quarter of 2021, with an increase of 28.8% compared to $748.0 million for the same quarter of 2020. The company stated that the company is expecting a revenue between $865 million and $895 million for the first quarter of 2022 and between $4.275 billion and $4.325 billion for the fiscal year 2022.
Financial highlights
Fourth Quarter 2021 Highlights:
- Revenue: Total revenue was $963.6 million for the fourth quarter of 2021, an increase of 28.8% compared to $748.0 million for the same quarter of 2020.
- Product Revenue: Product revenue was $378.9 million for the fourth quarter of 2021, an increase of 31.4% compared to $288.4 million for the same quarter of 2020.
- Service Revenue: Service revenue was $584.7 million for the fourth quarter of 2021, an increase of 27.2% compared to $459.6 million for the same quarter of 2020.
- Billings: Total billings were $1.31 billion for the fourth quarter of 2021, an increase of 35.9% compared to $960.9 million for the same quarter of 2020.
- Bookings: Total bookings were $1.43 billion for the fourth quarter of 2021, an increase of 48.7% compared to $960.3 million for the same quarter of 2020. Backlog was $161.9 million as of December 31, 2021 an increase of $149.7 million compared to $12.2 million as of December 31, 2020.
Financial Highlights for the Full Year 2021
- Revenue: Total revenue was $3.34 billion for 2021, an increase of 28.8% compared to $2.59 billion in 2020.
- Product Revenue: Product revenue was $1.26 billion for 2021, an increase of 36.9% compared to $916.4 million in 2020.
- Service Revenue: Service revenue was $2.09 billion for 2021, an increase of 24.4% compared to $1.68 billion in 2020.
- Billings: Total billings were $4.18 billion for 2021, an increase of 35.3% compared to $3.09 billion in 2020.
- Bookings: Total bookings were $4.33 billion for 2021, an increase of 40.2% compared to $3.09 billion in 2020.
- Deferred Revenue: Total deferred revenue was $3.45 billion as of December 31, 2021, an increase of 32.5% compared to $2.61 billion as of December 31, 2020.
Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet said,
« Revenue growth accelerated to 29% in 2021, after three consecutive years with revenue growth of 20% or more. Cash flow from operations was $1.5 billion and free cash flow was a record $1.2 billion for the year. Our 2021 performance was driven by increased demand for our cybersecurity solutions and exceptional execution from our global operations and sales teams and excellent support from our channel partners and distributors. Fortinet’s integrated and single platform approach to security is resonating with customers that want to effectively protect their corporate networks from a wide range of attack vectors. Given our robust pipeline and strong business momentum, we expect several more years of solid growth as Fortinet is well positioned to address our $174 billion market opportunity. »