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Paris. – Jan. 28, 2010

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Fortinet® (NASDAQ: FTNT) – a leading network security provider and worldwide leader of unified threat management (UTM) solutions – today announced financial results for the fourth quarter and full year 2009, ended December 31, 2009.


Financial Highlights for the Fourth Quarter of 2009


- Billings: Total billings were $82.3 million for the fourth quarter of 2009, an increase of 13% compared to the fourth quarter of 2008. We define billings as revenue recognized plus the change in deferred revenue from the beginning to the end of the period.



- Revenue: Total revenue was $70.7 million for the fourth quarter of 2009, an increase of 20% compared to the fourth quarter of 2008. Within total revenue, product revenue was $29.4 million, an increase of 12% compared to the fourth quarter of 2008. Services revenue was $37.4 million, an increase of 25% compared to the fourth quarter of 2008. Ratable product and services revenue was $3.9 million, an increase of 32% compared to the fourth quarter of 2008.


- Deferred Revenue: Deferred revenue was $201.9 million as of December 31, 2009, an increase of 18% compared to deferred revenue as of December 31, 2008.


- Cash and Cash flow: As of December 31, 2009, cash and cash equivalents and short-term investments were $260.3 million, an increase from $152.4 million as of September 30, 2009. Cash flow from operations was $16.6 million. Net proceeds of $87.4 million from the Company´s initial public offering contributed to the strong increase in cash and cash equivalents and short-term investments during the fourth quarter.



- GAAP Operating Income: GAAP operating income was $7.5 million for the fourth quarter of 2009, representing a GAAP operating margin of 11% and an increase of 19% compared to the fourth quarter of 2008.



- Non-GAAP1 Operating Income: Non-GAAP operating income was $11.3 million for the fourth quarter of 2009, representing a non-GAAP operating margin of 16% and an increase of 46% compared to the fourth quarter of 2008. Non-GAAP operating income and operating margin exclude non-cash stock-based compensation and non-cash acquisition related charges. Non-cash acquisition related charges consist of intangible asset write-offs but exclude ongoing amortization of intangible assets.



- GAAP Net Income and EPS: GAAP net income was $43.9 million for the fourth quarter of 2009 (which includes a $37.8 million tax benefit from the reversal of our valuation allowance), compared to $7.9 million for the fourth quarter of 2008. GAAP EPS was $0.62 on 70.8 million weighted-average diluted shares outstanding, compared to $0.12 on 66.9 million weighted-average diluted shares outstanding for the fourth quarter of 2008.


- Non-GAAP1 Net Income and EPS: Non-GAAP net income was $9.2 million for the fourth quarter of 2009, based on a 21% tax rate. This compares to $9.1 million for the fourth quarter of 2008, based on at 9% tax rate, and included a $1.2 million foreign currency gain. Non-GAAP EPS was $0.13 for the fourth quarter of 2009 on 70.8 million weighted-average diluted shares outstanding, compared to $0.14 in the fourth quarter of 2008 on 66.9 million weighted-average diluted shares outstanding. Non-GAAP net income and EPS exclude non-cash stock-based compensation and non-cash acquisition related charges, and the related tax effects and, for the fourth quarter and full year 2009, the reversal of the tax-related valuation allowance.



1A reconciliation of GAAP to non-GAAP financial 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.”


Full Year 2009 Results

- Billings: Total billings were $282.4 million for fiscal 2009, an increase of 12% compared to fiscal 2008.


- Revenue: Total revenue was $252.1 million for fiscal 2009, an increase of 19% compared to fiscal 2008. Within total revenue, product revenue was $98.7 million for fiscal 2009, an increase of 4% compared to fiscal 2008, and services revenue was $139.2 million for fiscal 2009, an increase of 32% compared to fiscal 2008. Ratable product and services revenue was $14.3 million, an increase of 20% compared to fiscal 2008.


- GAAP Operating Income: GAAP operating income was $25.3 million for fiscal 2009, representing a GAAP operating margin of 10% and an increase of 414% compared to fiscal 2008.


- Non-GAAP1 Operating Income: Non-GAAP operating income was $35.2 million for fiscal 2009, representing a non-GAAP operating margin of 14% and an increase of 244% compared to fiscal 2008.


- GAAP Net Income and EPS: GAAP net income was $60.2 million for fiscal 2009 (which includes a $37.8 million tax benefit from the reversal of our valuation allowance), compared to $7.4 million for 2008. GAAP EPS, based on net income attributable to common shareholders of $50.9 million, was $0.78 on 65.2 million weighted-average diluted shares outstanding for fiscal 2009, compared with $0.11 on 67.1 million weighted-average diluted shares outstanding for fiscal 2008.


- Non-GAAP1 Net Income and EPS: Non-GAAP net income was $30.5 million for fiscal 2009 compared to $11.6 million for fiscal 2008. Non-GAAP EPS was $0.47 on 65.2 million weighted-average diluted shares outstanding for fiscal 2009, compared to $0.17 on 67.1 million weighted-average diluted shares outstanding for fiscal 2008.



1A reconciliation of GAAP to non-GAAP financial 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.”



Management Commentary:

Ken Xie, founder, president and chief executive officer of Fortinet, stated: “The fourth quarter of 2009 was a milestone for Fortinet as we successfully completed our IPO and had a strong finish to the year. Our focus on innovation and providing an end-to-end IT security portfolio utilizing our custom ASICs continues to drive Fortinet´s market share gains and new customer acquisitions.”



Ken Goldman, chief financial officer of Fortinet, stated: “We are very pleased with the company´s performance during our first quarter as a public company. In addition to reporting record total revenue, strong billings growth and cash collections led to fourth quarter and full year cash flow that was ahead of our expectations. While cognizant of the volatile economic environment, we remain focused on growing our global market share, delivering strong profits and cash flow, and continuing to introduce innovative, high-performance products.”


Conference Call Details

Fortinet will host a conference call today, January 27, 2010, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the Company´s financial results. To access this call, dial 888-601-3860 (domestic) or 913-312-1437 (international) with conference ID #2125684. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet´s website at http://investor.fortinet.com, and a replay will be archived and accessible at: http://investor.fortinet.com/events.cfm. A replay of this conference call can also be accessed until February 5, 2010, by dialing 888-203-1112 (domestic) or 719-457-0820 (international). The replay passcode is 2125684.

Following Fortinet´s earnings conference call, the Company will host an additional question-and-answer session at 3:30 p.m., Pacific Time (6:30 p.m. Eastern Time), to provide an opportunity for financial analysts to ask more detailed product and financial questions. To access this call, dial 800-215-2540 (domestic) or 913-312-0943 (international) with conference ID #8493298. This follow-up call will be webcast live and accessible at http://investor.fortinet.com, and will be archived and available after the call at http://investor.fortinet.com/events.cfm. A replay of this conference call will also be available through February 5, 2010 at 888-203-1112 (domestic) or 719-457-0820 (international). The replay passcode is 8493298.



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