Fortinet, inc. (FTNT)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) Attributable to Parent

104,000

115,200

79,800

72,700

58,800

182,600

58,700

49,300

41,600

-29,000

26,700

23,000

10,700

25,179

6,291

-1,388

2,118

-2,534

8,169

792

1,560

6,813

4,056

6,081

8,393

12,016

11,029

8,979

12,249

21,507

17,206

13,950

14,173

16,494

17,917

14,494

13,587

Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation

44,800

43,700

42,400

45,000

43,000

42,600

43,200

40,600

36,500

34,500

34,300

35,100

33,300

32,058

31,093

30,347

28,902

28,087

26,476

21,645

18,880

16,681

14,667

14,716

12,930

12,125

11,778

10,707

9,299

6,762

8,830

7,852

7,246

6,341

5,734

3,870

3,070

Amortization of deferred contract costs

31,300

29,400

27,500

25,900

25,100

24,600

23,100

22,400

20,800

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

17,600

15,700

15,000

15,200

15,700

14,700

14,200

13,600

13,200

14,300

13,700

14,000

13,500

13,604

13,055

11,291

10,550

9,383

8,824

7,029

6,353

5,509

5,605

6,492

4,422

4,112

4,189

3,786

3,536

3,488

2,999

2,995

2,082

1,875

1,778

1,658

1,678

Loss on disposal of fixed assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Amortization of investment premiums (discounts)

600

1,300

1,700

1,900

1,100

600

200

-100

-100

-400

-700

-400

-1,000

-972

-1,034

-1,297

-1,497

-1,687

-1,889

-1,943

-1,938

-2,023

-1,928

-2,239

-2,513

-2,734

-3,011

-2,838

-3,051

-2,960

-3,474

-3,273

-3,255

-3,007

-3,217

-3,030

-3,261

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,882

1,864

579

470

610

441

1,453

2,458

4,453

2,838

2,320

10,565

4,773

3,376

1,115

Other

-4,300

-700

-4,500

-200

-300

-800

2,100

-100

-300

-600

-1,500

-200

-1,500

2,246

-3,654

-1,564

372

-710

-790

-1,732

-159

-339

-252

-3,616

67

-441

-1,445

385

540

12

-862

-12

-19

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable—net

-69,600

157,200

-19,000

22,100

-63,600

120,000

-9,100

20,000

-48,900

89,800

-13,500

4,500

-42,400

70,688

-10,766

36,898

-38,920

87,387

-11,400

14,098

-23,621

69,028

-10,912

16,891

-19,119

22,669

-1,390

6,548

-5,747

17,800

-5,509

10,592

-10,763

19,687

3,622

946

-1,009

Inventory

-6,700

23,300

19,700

2,900

2,600

14,400

8,200

3,500

7,300

8,300

-7,900

-13,300

3,500

18,445

16,536

7,492

527

6,661

4,510

1,621

6,296

21,364

7,788

6,633

-3,326

3,749

14,969

11,855

4,520

-3,674

7,025

4,543

3,409

4,556

23

2,005

-550

Prepaid expenses and other current assets

12,900

-4,200

900

-500

5,900

-2,400

-900

300

-1,200

-2,900

6,400

-5,100

8,300

1,701

-1,859

-1,413

-1,029

-5,176

4,314

2,289

1,203

13,219

-1,742

4,236

287

1,111

-462

41

217

-862

-81

-193

345

1,906

9

490

510

Deferred contract costs

43,000

-

40,700

39,500

32,900

-

32,100

34,200

32,500

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred tax assets

-7,100

-7,200

-15,000

-3,600

8,000

108,700

5,800

3,700

9,600

-57,900

-2,300

7,800

16,600

-7,205

7,885

10,411

16,709

1,554

15,225

5,154

7,918

-21,258

5,716

6,494

-24

3,944

1,601

4,235

8,970

-

-

-

-

2,328

0

5,529

17

Other assets

-900

500

3,200

-2,300

-100

500

2,600

-200

900

600

1,100

0

-700

-195

186

1,498

911

-931

-249

1,020

-507

1,143

318

-114

-45

-350

-115

-361

-417

-5,100

4,091

-892

-569

85

-1,199

-262

1,149

Accounts payable

-9,000

13,900

8,400

3,400

-18,000

19,500

4,200

4,500

-13,600

29,600

3,400

-11,600

-8,300

1,684

-1,454

11,296

-11,426

7,325

-1,459

2,922

-11,305

14,227

2,553

7,295

-6,042

-569

-3,201

9,298

4,957

-2,088

-1,288

10,656

-6,319

4,287

2,159

4,580

-4,225

Accrued liabilities

1,800

4,200

-800

-8,000

3,200

16,500

2,700

0

-4,700

6,400

6,200

-1,100

2,900

-3,798

7,024

-6,726

300

4,179

-3,068

3,222

-3,450

4,302

1,274

1,714

-170

-28

2,898

730

2

870

1,416

116

-231

-3,102

1,207

1,271

2,389

Accrued payroll and compensation

1,800

6,800

-1,600

10,200

-18,100

12,100

-6,600

8,000

-10,000

16,100

-5,100

6,900

-5,300

12,447

-5,426

11,624

-2,945

13,196

-7,565

8,819

-3,149

5,184

-3,014

-7,490

16,155

4,613

-887

4,703

-2,416

3,036

-1,556

3,666

-547

3,191

1,225

380

-23

Other liabilities

4,100

800

1,800

-1,900

-900

2,000

-600

-1,600

-600

-1,700

-1,100

-1,600

-1,100

-1,881

-261

-1,526

-1,332

3,248

652

-315

-1,569

-32

-1,025

14,304

1,071

-949

-10

-976

-13

-

-

-

-

-

-506

-453

3,623

Deferred revenue

90,900

-421,100

79,100

100,700

79,000

-346,300

73,600

72,200

64,100

-184,400

59,000

63,600

61,800

100,133

31,785

64,976

46,106

86,153

39,037

56,460

40,696

59,410

20,135

29,402

18,469

32,446

10,482

13,266

12,677

23,100

8,700

16,796

19,696

19,706

1,927

7,146

13,398

Income taxes payable

-

-

-

-

-

2,000

5,200

-5,400

-7,800

7,800

6,900

9,800

5,000

6,311

1,326

72

5,391

6,619

3,720

4,238

5,795

79

13,137

1,433

-18,420

11,320

-137

7,034

4,305

12,416

10,106

1,857

3,886

12,551

8,587

10,176

4,650

Net cash provided by operating activities

319,400

190,400

221,200

195,100

201,300

180,200

176,700

142,300

139,700

157,500

162,400

144,800

129,700

101,029

76,139

67,941

100,591

68,558

65,065

84,305

64,619

35,364

56,518

43,798

60,902

46,668

25,384

37,221

38,111

50,293

40,770

44,285

48,518

22,559

36,039

34,068

40,176

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments

368,300

259,900

324,300

483,600

264,500

276,600

142,900

127,400

134,900

309,600

89,100

137,500

133,000

103,027

139,718

115,183

115,672

130,216

100,208

108,488

120,991

108,276

105,470

162,748

120,590

133,654

144,095

103,523

171,506

77,698

168,364

162,458

192,567

109,796

119,451

157,964

129,695

Sales of investments

126,800

11,600

4,600

7,000

8,100

3,200

10,900

12,400

16,300

290,300

0

4,000

6,000

6,495

14,439

4,499

2,867

12,516

12,912

15,793

6,679

14,473

4,418

11,944

10,920

32,409

8,797

2,868

13,823

500

-18,487

26,839

17,416

-159,596

67,836

64,399

71,864

Sales of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-63,991

-11,591

Maturities of investments

277,200

230,500

310,100

157,300

227,600

173,200

161,300

139,600

104,700

98,300

81,900

138,000

109,200

115,541

125,828

110,574

108,557

122,163

123,631

105,262

135,363

86,356

98,623

154,573

118,641

65,807

127,474

90,360

86,018

72,266

133,932

94,216

115,026

-

-

-

-

Purchases of property and equipment

27,600

47,200

17,500

17,300

10,200

11,600

18,200

11,600

11,600

13,700

21,700

86,400

13,500

16,881

5,920

14,443

29,956

8,345

13,325

10,761

4,927

5,395

5,780

9,704

11,318

7,148

3,160

2,035

1,534

1,800

16,428

2,231

1,624

839

1,335

756

694

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

3,100

34,600

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17

0

1,650

6

5,979

500

199

0

550

0

0

2,623

0

Other

400

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

4,600

-99,600

-27,100

-336,600

-39,000

-127,500

11,100

7,000

-25,500

65,300

-28,900

-81,900

-31,300

2,115

-6,798

-35,213

-34,204

-3,882

-15,015

1,806

16,124

-12,842

-8,209

-5,935

-2,364

-42,586

-12,634

-12,336

-79,178

-7,232

-69,546

-43,634

-62,299

-33,989

-52,950

-32,953

-46,934

CASH FLOWS FROM FINANCING ACTIVITIES:
Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,882

1,864

579

470

610

441

1,453

2,458

4,453

2,838

2,320

10,565

4,773

3,376

1,115

Repurchase and retirement of common stock

889,900

27,500

23,400

33,800

60,400

94,700

0

1,600

115,500

322,300

90,900

33,100

0

35,800

25,000

0

50,000

60,000

0

0

0

5,742

11,068

14,862

12,305

33,529

0

0

0

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock

7,400

7,700

2,200

5,000

34,600

4,900

24,900

11,600

45,100

13,900

20,100

12,300

29,500

2,508

19,320

5,187

17,785

3,771

20,896

13,692

28,955

14,795

18,011

8,047

14,471

1,114

8,880

1,126

14,464

2,081

18,356

4,099

13,551

5,950

2,799

4,259

6,960

Taxes paid related to net share settlement of equity awards

37,800

20,000

19,500

24,500

32,000

19,200

15,500

13,300

19,200

9,200

10,000

12,200

13,700

8,414

12,528

7,917

9,441

5,882

11,627

4,762

6,600

2,092

2,985

1,888

3,633

486

966

0

0

-

-

-

-

-

-

-

-

Other

-100

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-920,400

-43,800

-40,700

-53,300

-57,800

-109,600

9,400

-12,800

-89,600

-317,600

-80,800

-33,000

15,800

-41,680

-18,208

-4,356

-41,656

-62,111

9,269

8,930

22,355

2,636

5,840

-6,839

-888

-32,431

8,524

1,567

15,917

4,539

22,809

6,937

15,871

16,515

7,572

7,635

8,075

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

-596,400

-

-

-

104,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-45

-555

-324

-196

-368

-441

-91

207

-1,145

703

275

-2,050

288

805

NET INCREASE IN CASH AND CASH EQUIVALENTS

-

-

-

-

-

-56,900

197,200

136,500

24,600

-94,800

52,700

29,900

114,200

61,464

51,133

28,372

24,731

2,565

59,319

95,041

103,098

25,158

54,149

30,979

57,095

-28,673

21,078

26,084

-25,591

47,509

-5,760

6,443

2,793

5,360

-11,389

9,038

2,122

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes—net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,621

5,195

3,579

6,498

1,796

7,342

9,277

22,136

5,724

8,081

3,061

8,579

6,753

3,955

5,370

1,010

384

328

-250

-767

Operating lease liabilities arising from obtaining right-of-use assets

2,400

7,800

7,700

1,400

3,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid to settle liability incurred for repurchase of common stock

0

0

0

0

4,200

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

NON-CASH INVESTING AND FINANCING ACTIVITIES:
Transfers of evaluation units from inventory to property and equipment

6,300

4,800

6,400

5,600

4,300

5,400

5,700

5,600

4,900

4,700

5,200

5,400

5,700

5,473

4,178

4,778

6,671

3,700

4,772

5,054

3,869

3,660

3,405

3,361

2,307

-

-

-

-

-

-

-

-

-

-

-

-

Liability for purchase of property and equipment and asset retirement obligations

25,900

-4,100

10,200

2,300

7,600

1,600

-2,600

5,700

3,600

-500

-13,600

3,500

18,700

-125

708

-226

7,843

7,627

884

-781

2,140

-1,435

-2,236

1,102

5,844

-

-

-

744

-324

142

-108

688

139

177

-101

225

Liability incurred for repurchase of common stock

10,000

-4,000

3,000

1,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-354

76

657

5,420

0

0

0

-

-

-

-

-

-

-

-

Liability incurred in connection with business acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-199

0

400

0

0

0

0