← Fortinet, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income From Continuing Operations | — | — | — | — | — | — | $856.6m | $1.1b | $1.7b | $1.9b | |
| Net Income (Loss) Attributable to Parent | $32.2m | $31.4m | $332.2m | $326.5m | $488.5m | $606.8m | $857.3m | $1.1b | $1.7b | $1.9b | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | $606.7m | $856.6m | $1.1b | $1.7b | — | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | — | ($100k) | ($700k) | $0 | $0 | — | |
| Depreciation, Depletion and Amortization | $48.5m | $55.5m | $55.7m | $61.6m | $68.8m | $84.4m | $104.3m | $113.4m | $122.8m | $152.0m | |
| Amortization of Intangible Assets | $9.3m | $8.6m | $9.0m | $10.9m | $13.3m | $18.5m | $23.3m | $18.9m | $23.1m | $50.7m | |
| Depreciation | $39.2m | $46.9m | $46.7m | $50.7m | $55.5m | $65.9m | $81.0m | $94.5m | $99.7m | $101.3m | |
| Amortization Cash Flow | — | — | — | — | — | — | $23.3m | $18.9m | $23.1m | $50.7m | |
| Amortization Of Intangibles | — | — | — | — | — | — | $23.3m | $18.9m | $23.1m | $50.7m | |
| Amortization Of Securities | — | — | — | — | — | — | $4.4m | ($27.7m) | ($48.8m) | ($33.7m) | |
| Depreciation Amortization Depletion | — | — | — | — | — | — | $104.3m | $113.4m | $122.8m | $152.0m | |
| Deferred Income Tax Expense (Benefit) | ($15.6m) | $29.4m | ($107.6m) | $30.2m | ($7.1m) | ($92.4m) | ($225.6m) | ($306.7m) | ($222.9m) | $68.3m | |
| Share-based Payment Arrangement, Noncash Expense | $122.4m | $137.2m | $162.9m | $174.1m | $191.7m | $207.9m | $217.3m | $249.0m | $257.9m | $279.5m | |
| Payment, Tax Withholding, Share-based Payment Arrangement | $38.3m | $45.1m | $67.2m | $96.0m | $108.2m | $167.9m | $160.4m | $112.5m | $100.9m | $126.3m | |
| Share-based Payment Arrangement, Expense | $122.4m | $137.2m | $162.9m | $174.1m | $193.8m | $211.2m | $219.8m | $251.6m | $260.2m | $282.1m | |
| Goodwill, Impairment Loss | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | — | — | — | ($7.6m) | ($68.1m) | ($42.1m) | ($29.4m) | — | |
| Income (Loss) from Equity Method Investments | — | — | — | — | — | ($7.6m) | ($68.1m) | ($42.1m) | ($29.4m) | $10.3m | |
| Income Tax Expense (Benefit) | $11.0m | $92.6m | ($81.3m) | $52.7m | $53.2m | $14.1m | $30.8m | $143.8m | $283.9m | $439.1m | |
| Other Nonoperating Income (Expense) | ($7.1m) | $708k | ($6.6m) | ($7.5m) | ($7.8m) | ($11.6m) | ($13.5m) | ($6.1m) | $13.6m | $55.3m | |
| Earnings (Loss)es From Equity Investments | — | — | — | — | — | $7.6m | $68.1m | $42.1m | $29.4m | — | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $57.9m | $38.5m | $82.0m | $96.7m | $176.4m | $72.5m | $456.7m | $146.4m | $45.4m | $215.9m | |
| Increase (Decrease) in Inventories | $43.0m | ($9.4m) | $33.4m | $48.5m | $42.2m | $19.4m | $109.1m | $253.5m | ($131.2m) | $90.6m | |
| Increase (Decrease) in Accounts Payable | $39k | $13.1m | $14.6m | $7.7m | $37.4m | ($13.1m) | $105.2m | ($43.1m) | ($10.2m) | $27.9m | |
| Equity Securities, FV-NI, Realized Gain (Loss) | — | — | — | — | — | ($5.1m) | ($13.1m) | ($4.4m) | $26.4m | $10.8m | |
| Foreign Currency Transaction Gain (Loss), before Tax | ($6.6m) | $1.0m | ($8.2m) | ($4.7m) | ($5.5m) | ($8.2m) | ($4.6m) | ($7.0m) | $16.9m | ($4.9m) | |
| General and Administrative Expense | $81.1m | $87.9m | $93.0m | $102.1m | $119.5m | $143.5m | $169.0m | $211.3m | $237.8m | $233.4m | |
| Goodwill | $14.6m | $14.6m | $38.2m | $67.2m | $93.0m | $125.1m | $128.0m | $126.5m | $235.4m | $257.4m | |
| Inventory Write-down | — | — | — | — | — | — | — | $35.8m | $37.1m | $0 | |
| Operating Expenses | $894.7m | $999.8m | $1.1b | $1.3b | $1.5b | $1.9b | $2.4b | $2.8b | $3.0b | $3.4b | |
| Beginning Cash Position | — | — | — | — | — | — | $1.3b | $1.7b | $1.4b | $2.9b | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | — | ($2.1b) | ($1.6b) | ($50.1m) | ($2.4b) | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | — | $763.9m | ($649.3m) | ($727.4m) | ($599.1m) | |
| Change In Account Payable | — | — | — | — | — | — | $105.2m | ($43.1m) | ($10.2m) | $27.9m | |
| Change In Accrued Expense | — | — | — | — | — | — | $80.2m | $160.8m | ($106.7m) | $68.3m | |
| Change In Inventory | — | — | — | — | — | — | ($109.1m) | ($253.5m) | $131.2m | ($90.6m) | |
| Change In Other Current Assets | — | — | — | — | — | — | ($35.3m) | $17.7m | ($11.0m) | ($16.2m) | |
| Change In Other Current Liabilities | — | — | — | — | — | — | $23.5m | ($21.7m) | ($8.3m) | $6.8m | |
| Change In Other Working Capital | — | — | — | — | — | — | $632.9m | $439.9m | $43.5m | $371.4m | |
| Change In Payable | — | — | — | — | — | — | $105.2m | ($43.1m) | ($10.2m) | $27.9m | |
| Change In Payables And Accrued Expense | — | — | — | — | — | — | $185.4m | $117.7m | ($116.9m) | $96.2m | |
| Change In Prepaid Assets | — | — | — | — | — | — | ($7.7m) | ($27.6m) | ($13.7m) | ($95.9m) | |
| Change In Receivables | — | — | — | — | — | — | ($456.7m) | ($146.4m) | ($45.4m) | ($215.9m) | |
| Change In Working Capital | — | — | — | — | — | — | $233.0m | $126.1m | ($20.6m) | $55.8m | |
| Changes In Account Receivables | — | — | — | — | — | — | ($456.7m) | ($146.4m) | ($45.4m) | ($215.9m) | |
| Changes In Cash | — | — | — | — | — | — | $364.2m | ($284.2m) | $1.5b | ($380.0m) | |
| End Cash Position | — | — | — | — | — | — | $1.7b | $1.4b | $2.9b | $2.5b | |
| Financing Cash Flow | — | — | — | — | — | — | ($2.1b) | ($1.6b) | ($50.1m) | ($2.4b) | |
| Free Cash Flow | — | — | — | — | — | — | $1.4b | $1.7b | $1.9b | $2.2b | |
| Investing Cash Flow | — | — | — | — | — | — | $763.9m | ($649.3m) | ($727.4m) | ($599.1m) | |
| Issuance Of Capital Stock | — | — | — | — | — | — | $26.1m | $43.8m | $63.1m | $44.7m | |
| Net Business Purchase And Sale | — | — | — | — | — | — | ($30.8m) | ($8.5m) | ($275.5m) | ($41.6m) | |
| Net PPE Purchase And Sale | — | — | — | — | — | — | ($281.2m) | ($204.1m) | ($378.9m) | ($364.8m) | |
| Operating Gains Losses | — | — | — | — | — | $7.6m | $68.1m | $42.1m | $29.4m | — | |
| Other Non Cash Items | — | — | — | — | — | — | $246.9m | $326.9m | $201.6m | $283.6m | |
| Purchase Of Business | — | — | — | — | — | — | ($30.8m) | ($8.5m) | ($275.5m) | ($41.6m) | |
| Purchase Of PPE | $67.2m | $135.3m | $53.0m | $92.2m | $125.9m | $295.9m | ($281.2m) | ($204.1m) | ($378.9m) | ($364.8m) | |
| Repurchase Of Capital Stock | — | — | — | — | — | — | ($2.0b) | ($1.5b) | ($600k) | ($2.3b) | |
| Stock Based Compensation | — | — | — | — | — | — | $217.3m | $249.0m | $257.9m | $279.5m | |
| Net Cash Provided by (Used in) Operating Activities | $345.7m | $594.4m | $638.9m | $808.0m | $1.1b | $1.5b | $1.7b | $1.9b | $2.3b | $2.6b | |
| Cash flows from investing activities: | |||||||||||
| Capital Expenditure | — | — | — | — | — | — | ($281.2m) | ($204.1m) | ($378.9m) | ($364.8m) | |
| Payments to Acquire Businesses, Net of Cash Acquired | $22.1m | $0 | $21.7m | $34.6m | $40.2m | $74.9m | $30.8m | $0 | $275.5m | $41.6m | |
| Payments to Acquire Investments | $473.6m | $669.2m | $681.8m | $1.3b | $1.1b | — | — | — | — | — | |
| Net Investment Purchase And Sale | — | — | — | — | — | — | $1.1b | ($437.0m) | ($73.1m) | ($192.8m) | |
| Purchase Of Investment | — | — | — | — | — | — | ($389.1m) | ($1.9b) | ($2.0b) | ($2.0b) | |
| Sale Of Investment | — | — | — | — | — | — | $1.5b | $1.4b | $1.9b | $1.8b | |
| Payments for (Proceeds from) Other Investing Activities | — | — | — | — | ($1.3m) | ($400k) | $0 | ($300k) | ($100k) | ($100k) | |
| Net Other Investing Changes | — | — | — | — | — | $400k | — | $300k | $100k | $100k | |
| Net Cash Provided by (Used in) Investing Activities | ($74.1m) | ($76.8m) | ($134.9m) | ($502.3m) | ($72.8m) | ($1.3b) | $763.9m | ($649.3m) | ($727.4m) | ($599.1m) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | — | — | — | — | — | $989.4m | $0 | $0 | — | — | |
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $460.4m | $427.4m | $578.8m | $925.5m | $1.0b | $1.5b | $1.5b | $1.4b | $1.9b | $1.8b | |
| Issuance Of Debt | — | — | — | — | — | $989.4m | $0 | $0 | — | — | |
| Long Term Debt Issuance | — | — | — | — | — | $989.4m | $0 | $0 | — | — | |
| Net Issuance Payments Of Debt | — | — | — | — | — | $969.9m | $0 | $0 | — | — | |
| Net Long Term Debt Issuance | — | — | — | — | — | $969.9m | $0 | $0 | — | — | |
| Long Term Debt Payments | — | — | — | — | — | ($19.5m) | $0 | $0 | — | — | |
| Repayment Of Debt | — | — | — | — | — | ($19.5m) | $0 | $0 | — | — | |
| Proceeds from Issuance of Common Stock | $44.9m | $75.9m | $86.5m | $49.5m | $22.1m | $26.0m | $26.1m | $43.8m | $63.1m | $44.7m | |
| Common Stock Issuance | — | — | — | — | — | — | $26.1m | $43.8m | $63.1m | $44.7m | |
| Net Common Stock Issuance | — | — | — | — | — | — | ($2.0b) | ($1.5b) | $62.5m | ($2.2b) | |
| Payments for Repurchase of Common Stock | $110.8m | $446.3m | $211.8m | $145.1m | $1.1b | $741.8m | $2.0b | $1.5b | $600k | $2.3b | |
| Common Stock Payments | — | — | — | — | — | — | ($2.0b) | ($1.5b) | ($600k) | ($2.3b) | |
| Proceeds from (Payments for) Other Financing Activities | — | — | — | ($300k) | ($1.3m) | ($1.0m) | ($4.8m) | ($1.2m) | ($11.7m) | ($100k) | |
| Net Other Financing Charges | — | — | — | — | — | — | ($165.2m) | ($113.7m) | ($112.6m) | ($126.4m) | |
| Net Cash Provided by (Used in) Financing Activities | ($105.9m) | ($415.6m) | ($202.6m) | ($195.6m) | ($1.2b) | $82.8m | ($2.1b) | ($1.6b) | ($50.1m) | ($2.4b) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $0 | $0 | ($100k) | ($400k) | ($800k) | ($2.6m) | ($600k) | |
| Effect Of Exchange Rate Changes | — | — | — | — | — | — | ($400k) | ($800k) | ($2.6m) | ($600k) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | $0 | ($160.7m) | $257.3m | $363.8m | ($285.0m) | $1.5b | ($380.6m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | $1.1b | $1.3b | $1.7b | $1.4b | $2.9b | $2.5b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | — | — | $363.8m | ($285.0m) | $1.5b | ($380.6m) | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | — | — | — | $8.4m | $16.0m | $16.0m | — | $16.0m | |
| Income Taxes Paid, Net | $26.6m | $32.2m | $41.4m | $58.7m | $39.7m | $127.4m | $260.2m | $426.3m | $578.9m | $451.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.