Fortinet Q1 revenue $954.8M (+34% YoY), product revenue +54%; guides Q2 above consensus

Fortinet, Inc.

2022-Q1 EPS reported $0.84 revenue$954,800,000

GAAP diluted EPS $0.84 vs $0.64 YoY; non-GAAP diluted EPS $0.94 vs $0.81.
Product revenue $371.0M (+54% YoY); billings $1.16B (+36%); bookings $1.28B (+50%).
Q2 2022 revenue guidance $1.005B-$1.035B, non-GAAP EPS $1.05-$1.10; FY22 revenue $4.35B-$4.40B.
Deferred revenue $3.66B (+33% YoY); backlog $278M, up $116M from Q4 2021.
GAAP operating margin 15.8% (down from 17.1%); non-GAAP operating margin 22.0% (down from 24.5%).

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