FORTINET, INC. FTNT Cash Flow

Fortinet, inc. (FTNT)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) Attributable to Parent
371,700	326,500	393,900	372,800	349,400	332,200	120,600	88,600	62,300	31,400	85,579	65,170	40,782	32,200	4,487	6,365	8,545	7,987	17,334	13,221	18,510	25,343	30,546	37,519	40,417	44,273	53,764	59,941	64,912	66,836	61,823	62,534	63,078	62,492	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation
175,900	174,100	173,000	173,800	169,400	162,900	154,800	145,900	140,400	137,200	134,758	131,551	126,798	122,400	118,429	113,812	105,110	95,088	83,682	71,873	64,944	58,994	54,438	51,549	47,540	43,909	38,546	35,598	32,743	30,690	30,269	27,173	23,191	19,015	0	0	0
Amortization of deferred contract costs
114,100	107,900	103,100	98,700	95,200	90,900	66,300	43,200	20,800	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
63,500	61,600	60,600	59,800	58,200	55,700	55,300	54,800	55,200	55,500	54,804	54,159	51,450	48,500	44,279	40,048	35,786	31,589	27,715	24,496	23,959	22,028	20,631	19,215	16,509	15,623	14,999	13,809	13,018	11,564	9,951	8,730	7,393	6,989	0	0	0
Loss on disposal of fixed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Amortization of investment premiums (discounts)
5,500	6,000	5,300	3,800	1,800	600	-400	-1,300	-1,600	-2,500	-3,072	-3,406	-4,303	-4,800	-5,515	-6,370	-7,016	-7,457	-7,793	-7,832	-8,128	-8,703	-9,414	-10,497	-11,096	-11,634	-11,860	-12,323	-12,758	-12,962	-13,009	-12,752	-12,509	-12,515	0	0	0
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,795	3,523	2,100	2,974	4,962	8,805	11,202	12,069	20,176	20,496	21,034	19,829	0	0	0
Other
-9,700	-5,700	-5,800	800	900	900	1,100	-2,500	-2,600	-3,800	-954	-3,108	-4,472	-2,600	-5,556	-2,692	-2,860	-3,391	-3,020	-2,482	-4,366	-4,140	-4,242	-5,435	-1,434	-961	-508	75	-322	-881	0	0	0	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable—net
90,700	96,700	59,500	69,400	67,300	82,000	51,800	47,400	31,900	38,400	19,288	22,022	54,420	57,900	74,599	73,965	51,165	66,464	48,105	48,593	51,386	55,888	9,529	19,051	8,708	22,080	17,211	13,092	17,136	12,120	14,007	23,138	13,492	23,246	0	0	0
Inventory
39,200	48,500	39,600	28,100	28,700	33,400	27,300	11,200	-5,600	-9,400	745	25,181	45,973	43,000	31,216	19,190	13,319	19,088	33,791	37,069	42,081	32,459	14,844	22,025	27,247	35,093	27,670	19,726	12,414	11,303	19,533	12,531	9,993	6,034	0	0	0
Prepaid expenses and other current assets
9,100	2,100	3,900	2,100	2,900	-4,200	-4,700	2,600	-2,800	6,700	11,301	3,042	6,729	-2,600	-9,477	-3,304	398	2,630	21,025	14,969	16,916	16,000	3,892	5,172	977	907	-1,066	-685	-919	-791	1,977	2,067	2,750	2,915	0	0	0
Deferred contract costs
0	-	0	0	0	-	0	0	32,500	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred tax assets
-32,900	-17,800	98,100	118,900	126,200	127,800	-38,800	-46,900	-42,800	-35,800	14,895	25,080	27,691	27,800	36,559	43,899	38,642	29,851	7,039	-2,470	-1,130	-9,072	16,130	12,015	9,756	18,750	0	0	0	-	-	-	-	7,874	0	0	0
Other assets
500	1,300	1,300	700	2,800	3,800	3,900	2,400	2,600	1,000	205	-709	789	2,400	1,664	1,229	751	-667	1,407	1,974	840	1,302	-191	-624	-871	-1,243	-5,993	-1,787	-2,318	-2,470	2,715	-2,575	-1,945	-227	0	0	0
Accounts payable
16,700	7,700	13,300	9,100	10,200	14,600	24,700	23,900	7,800	13,100	-14,816	-19,670	3,226	100	5,741	5,736	-2,638	-2,517	4,385	8,397	12,770	18,033	3,237	-2,517	-514	10,485	8,966	10,879	12,237	961	7,336	10,783	4,707	6,801	0	0	0
Accrued liabilities
-2,800	-1,400	10,900	14,400	22,400	14,500	4,400	7,900	6,800	14,400	4,202	5,026	-600	-3,200	4,777	-5,315	4,633	883	1,006	5,348	3,840	7,120	2,790	4,414	3,430	3,602	4,500	3,018	2,404	2,171	-1,801	-2,010	-855	1,765	0	0	0
Accrued payroll and compensation
17,200	-2,700	2,600	-2,400	-4,600	3,500	7,500	9,000	7,900	12,600	8,947	8,621	13,345	15,700	16,449	14,310	11,505	11,301	3,289	7,840	-8,469	10,835	10,264	12,391	24,584	6,013	4,436	3,767	2,730	4,599	4,754	7,535	4,249	4,773	0	0	0
Other liabilities
4,800	-200	1,000	-1,400	-1,100	-800	-4,500	-5,000	-5,000	-5,500	-5,681	-4,842	-4,768	-5,000	129	1,042	2,253	2,016	-1,264	-2,941	11,678	14,318	13,401	14,416	-864	-1,948	0	0	0	-	-	-	-	-	0	0	0
Deferred revenue
-150,400	-162,300	-87,500	-93,000	-121,500	-136,400	25,500	10,900	2,300	0	284,533	257,318	258,694	243,000	229,020	236,272	227,756	222,346	195,603	176,701	149,643	127,416	100,452	90,799	74,663	68,871	59,525	57,743	61,273	68,292	64,898	58,125	48,475	42,177	0	0	0
Income taxes payable
-	-	-	-	-	-6,000	-200	1,500	16,700	29,500	28,011	22,437	12,709	13,100	13,408	15,802	19,968	20,372	13,832	23,249	20,444	-3,771	7,470	-5,804	-203	22,522	23,618	33,861	28,684	28,265	28,400	26,881	35,200	35,964	0	0	0
Net cash provided by operating activities
926,100	808,000	797,800	753,300	700,500	638,900	616,200	601,900	604,400	594,400	537,929	451,668	374,809	345,700	313,229	302,155	318,519	282,547	249,353	240,806	200,299	196,582	207,886	176,752	170,175	147,384	151,009	166,395	173,459	183,866	156,132	151,401	141,184	132,842	0	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments
1,436,100	1,332,300	1,349,000	1,167,600	811,400	681,800	714,800	661,000	671,100	669,200	462,627	513,245	490,928	473,600	500,789	461,279	454,584	459,903	437,963	443,225	497,485	497,084	522,462	561,087	501,862	552,778	496,822	521,091	580,026	601,087	633,185	584,272	579,778	516,906	0	0	0
Sales of investments
150,000	31,300	22,900	29,200	34,600	42,800	329,900	319,000	310,600	300,300	16,495	30,934	31,433	28,300	34,321	32,794	44,088	47,900	49,857	41,363	37,514	41,755	59,691	64,070	54,994	57,897	25,988	-1,296	22,675	26,268	-133,828	-47,505	-9,945	44,503	0	0	0
Sales of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Maturities of investments
975,100	925,500	868,200	719,400	701,700	578,800	503,900	424,500	422,900	427,400	444,641	488,569	461,143	460,500	467,122	464,925	459,613	486,419	450,612	425,604	474,915	458,193	437,644	466,495	402,282	369,659	376,118	382,576	386,432	415,440	0	0	0	-	-	-	-
Purchases of property and equipment
109,600	92,200	56,600	57,300	51,600	53,000	55,100	58,600	133,400	135,300	138,481	122,701	50,744	67,200	58,664	66,069	62,387	37,358	34,408	26,863	25,806	32,197	33,950	31,330	23,661	13,877	8,529	21,797	21,993	22,083	21,122	6,029	4,554	3,624	0	0	0
Payments made in connection with business combination, net of cash acquired
37,700	34,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,673	7,635	8,135	6,684	6,678	1,249	749	550	3,173	2,623	0	0	0
Other
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
-458,700	-502,300	-530,200	-492,000	-148,400	-134,900	57,900	17,900	-71,000	-76,800	-139,985	-117,883	-71,196	-74,100	-80,097	-88,314	-51,295	-967	-9,927	-3,121	-10,862	-29,350	-59,094	-63,519	-69,920	-146,734	-111,380	-168,292	-199,590	-182,711	-209,468	-192,872	-182,191	-166,826	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,795	3,523	2,100	2,974	4,962	8,805	11,202	12,069	20,176	20,496	21,034	19,829	0	0	0
Repurchase and retirement of common stock
974,600	145,100	212,300	188,900	156,700	211,800	439,400	530,300	561,800	446,300	159,800	93,900	60,800	110,800	135,000	110,000	110,000	60,000	5,742	16,810	31,672	43,977	71,764	60,696	45,834	33,529	0	0	0	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
22,300	49,500	46,700	69,400	76,000	86,500	95,500	90,700	91,400	75,800	64,408	63,628	56,515	44,800	46,063	47,639	56,144	67,314	78,338	75,453	69,808	55,324	41,643	32,512	25,591	25,584	26,551	36,027	39,000	38,087	41,956	26,399	26,559	19,968	0	0	0
Taxes paid related to net share settlement of equity awards
101,800	96,000	95,200	91,200	80,000	67,200	57,200	51,700	50,600	45,100	44,314	46,842	42,559	38,300	35,768	34,867	31,712	28,871	25,081	16,439	13,565	10,598	8,992	6,973	5,085	1,452	0	0	0	-	-	-	-	-	-	-	-
Other
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-1,058,200	-195,600	-261,400	-211,300	-170,800	-202,600	-410,600	-500,800	-521,000	-415,600	-139,680	-77,088	-48,444	-105,900	-126,331	-98,854	-85,568	-21,557	43,190	39,761	23,992	749	-34,318	-31,634	-23,228	-6,423	30,547	44,832	50,202	50,156	62,132	46,895	47,593	39,797	0	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-600	-924	-1,120	-1,443	-1,329	-1,096	-693	-1,470	-326	40	-2,217	-784	-682	0	0	0
NET INCREASE IN CASH AND CASH EQUIVALENTS
-	-	-	-	-	301,400	263,500	119,000	12,400	102,000	258,264	256,697	255,169	165,700	106,801	114,987	181,656	260,023	282,616	277,446	213,384	167,381	113,550	80,479	75,584	-7,102	69,080	42,242	22,601	50,985	8,836	3,207	5,802	5,131	0	0	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes—net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,893	17,068	19,215	24,913	40,551	44,479	45,218	39,002	25,445	26,474	22,348	24,657	17,088	10,719	7,092	1,472	-305	0	0	0
Operating lease liabilities arising from obtaining right-of-use assets
19,300	20,400	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid to settle liability incurred for repurchase of common stock
0	4,200	4,200	4,200	4,200	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Transfers of evaluation units from inventory to property and equipment
23,100	21,100	21,700	21,000	21,000	21,600	20,900	20,400	20,200	21,000	21,773	20,751	20,129	21,100	19,327	19,921	20,197	17,395	17,355	15,988	14,295	12,733	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Liability for purchase of property and equipment and asset retirement obligations
34,300	16,000	21,700	8,900	12,300	8,300	6,200	-4,800	-7,000	8,100	8,475	22,783	19,057	8,200	15,952	16,128	15,573	9,870	808	-2,312	-429	3,275	0	0	0	-	-	-	454	398	861	896	903	440	0	0	0
Liability incurred for repurchase of common stock
10,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,799	6,153	6,077	5,420	0	0	0	-	-	-	-	-	-	-	-
Liability incurred in connection with business acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	201	201	400	400	0	0	0	0