Stock Analysis on Net
Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

This company has been moved to the archive! The financial data has not been updated since May 8, 2023.

Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Fortinet Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Accounts payable 238,400 243,400 215,100 193,100 174,700 148,400 142,300 132,000 129,500 141,600 95,900 107,200 87,800 96,400 85,900 72,400 69,200 86,400 66,600 63,700 55,700
Accrued liabilities 346,700 266,300 244,800 241,200 261,400 197,300 247,800 168,800 143,200 149,200 127,800 118,200 121,400 101,800 102,000 98,200 113,000 105,700 83,700 80,700 74,600
Accrued payroll and compensation 213,400 219,400 190,700 187,400 181,100 195,000 174,200 164,700 141,900 145,900 121,900 110,700 103,600 101,800 90,400 91,600 81,000 98,400 85,400 91,300 82,300
Current portion of long-term debt — — — — — — 17,600 — — — — — — — — — — — — — —
Deferred revenue 2,463,300 2,349,300 2,129,000 2,013,200 1,893,300 1,777,400 1,616,100 1,533,000 1,465,100 1,392,800 1,300,000 1,275,800 1,230,200 1,173,600 1,063,600 1,031,500 991,100 965,900 876,200 849,500 817,100
Current liabilities 3,261,800 3,078,400 2,779,600 2,634,900 2,510,500 2,318,100 2,198,000 1,998,500 1,879,700 1,829,500 1,645,600 1,611,900 1,543,000 1,473,600 1,341,900 1,293,700 1,254,300 1,256,400 1,111,900 1,085,200 1,029,700
Deferred revenue 2,417,600 2,291,000 2,064,500 1,918,800 1,764,600 1,675,500 1,490,300 1,372,400 1,280,500 1,212,500 1,092,000 1,047,000 996,600 962,300 882,000 835,000 774,700 720,900 668,200 621,300 579,300
Income tax liabilities 70,500 67,800 67,800 67,100 82,700 79,500 96,500 95,200 97,700 90,300 79,300 77,300 81,300 82,800 83,100 82,300 80,700 77,500 80,700 76,800 84,800
Long-term debt, excluding current portion 990,900 990,400 989,900 989,400 988,900 988,400 988,000 987,500 987,000 — — — — — — — — — — — —
Other liabilities 80,100 82,000 56,900 63,900 71,200 59,200 62,200 55,100 56,500 56,200 56,100 50,500 49,000 44,900 38,200 36,100 37,900 13,000 11,100 12,200 13,400
Non-current liabilities 3,559,100 3,431,200 3,179,100 3,039,200 2,907,400 2,802,600 2,637,000 2,510,200 2,421,700 1,359,000 1,227,400 1,174,800 1,126,900 1,090,000 1,003,300 953,400 893,300 811,400 760,000 710,300 677,500
Total liabilities 6,820,900 6,509,600 5,958,700 5,674,100 5,417,900 5,120,700 4,835,000 4,508,700 4,301,400 3,188,500 2,873,000 2,786,700 2,669,900 2,563,600 2,345,200 2,247,100 2,147,600 2,067,800 1,871,900 1,795,500 1,707,200
Common stock, $0.001 par value 800 800 800 800 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200
Additional paid-in capital 1,327,400 1,284,200 1,250,200 1,237,300 1,236,300 1,254,200 1,257,700 1,245,800 1,225,200 1,207,200 1,178,500 1,154,300 1,128,400 1,180,300 1,152,600 1,130,200 1,108,100 1,068,300 1,048,400 996,100 957,900
Accumulated other comprehensive income (loss) (18,100) (20,200) (25,500) (23,400) (15,400) (4,800) (1,200) (100) 300 700 1,400 2,500 (3,100) 1,100 1,100 900 (200) (800) (1,000) (1,400) (2,000)
Retained earnings (accumulated deficit) (1,298,700) (1,546,400) (1,860,200) (1,607,600) (1,003,400) (467,900) (138,600) (195,700) (244,900) (352,100) (466,900) (613,100) (589,200) 140,300 46,500 (9,000) (50,000) (57,500) (156,000) (214,700) (262,600)
Total Fortinet, Inc. stockholders’ equity (deficit) 11,400 (281,600) (634,700) (392,900) 217,700 781,700 1,118,100 1,050,200 980,800 856,000 713,200 543,900 536,300 1,321,900 1,200,400 1,122,300 1,058,100 1,010,200 891,600 780,200 693,500
Non-controlling interests — — 11,900 13,300 15,500 16,700 17,500 — — — — — — — — — — — — — —
Total equity (deficit) 11,400 (281,600) (622,800) (379,600) 233,200 798,400 1,135,600 1,050,200 980,800 856,000 713,200 543,900 536,300 1,321,900 1,200,400 1,122,300 1,058,100 1,010,200 891,600 780,200 693,500
Total liabilities and equity (deficit) 6,832,300 6,228,000 5,335,900 5,294,500 5,651,100 5,919,100 5,970,600 5,558,900 5,282,200 4,044,500 3,586,200 3,330,600 3,206,200 3,885,500 3,545,600 3,369,400 3,205,700 3,078,000 2,763,500 2,575,700 2,400,700

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Accounts payable
Accounts payable showed an overall upward trend over the analyzed periods, increasing from 55,700 thousand USD in March 2018 to 238,400 thousand USD in March 2023. There were periods of acceleration, particularly from mid-2021 onward, suggesting a growing obligation to suppliers or service providers.
Accrued liabilities
Accrued liabilities generally increased from 74,600 thousand USD in March 2018 to 346,700 thousand USD in March 2023. Sharp increases were noted in late 2021 and beyond, particularly between December 2021 and March 2023, indicating rising short-term liabilities possibly due to operational expenses or accruals.
Accrued payroll and compensation
This liability rose moderately from 82,300 thousand USD in March 2018 to 213,400 thousand USD in March 2023. The increase was relatively steady with a few fluctuations, reflecting growth in employee-related payables over time.
Current portion of long-term debt
Reported only in March 2022 at 17,600 thousand USD, there is no prior data. This marks the recognition of a scheduled principal repayment due within the coming year.
Deferred revenue (current)
Current deferred revenue grew consistently from 817,100 thousand USD in March 2018 to 2,463,300 thousand USD in March 2023, illustrating expanded customer prepayments or contract liabilities which signify robust ongoing business activity and revenue recognition deferrals.
Current liabilities
Current liabilities increased from 1,029,700 thousand USD in March 2018 to 3,261,800 thousand USD in March 2023. The growth pattern was generally steady with notable surges in late 2020 and throughout 2022, driven largely by rises in accounts payable, accrued liabilities, and deferred revenue.
Deferred revenue (non-current)
Non-current deferred revenue also showed sustained growth from 579,300 thousand USD in March 2018 to 2,417,600 thousand USD in March 2023. This consistent increase signals a growing backlog of unearned revenue expected to be recognized beyond one year.
Income tax liabilities
Income tax liabilities fluctuated within a range of approximately 67,100 to 97,700 thousand USD with no clear upward or downward long-term trend. This relatively stable behavior suggests tax obligations remained proportionate to earnings or taxable events.
Long-term debt excluding current portion
Starting from December 2020, long-term debt remained nearly constant at about 987,000 to 990,900 thousand USD through March 2023. This stability suggests no significant new borrowings or repayments in the long-term debt category during this period.
Other liabilities
Other liabilities showed a gradual increase from 13,400 thousand USD in March 2018 to 80,100 thousand USD in March 2023. There were fluctuations but an overall upward trend indicating miscellaneous obligations are growing.
Non-current liabilities
Non-current liabilities rose considerably from 677,500 thousand USD in March 2018 to 3,559,100 thousand USD in March 2023. This increase was marked particularly after 2020, driven by growth in deferred revenue and long-term debt, highlighting expansion in long-term obligations.
Total liabilities
Total liabilities increased markedly from 1,707,200 thousand USD in March 2018 to 6,820,900 thousand USD in March 2023, underlining a substantial growth in overall company obligations, reflecting possibly increased scale and financing.
Common stock
Common stock par value remained constant at 200 thousand USD until June 2022 when it increased to 800 thousand USD, indicating a possible stock split or issuance affecting the par value denominator rather than a significant capital influx.
Additional paid-in capital
Additional paid-in capital increased steadily from 957,900 thousand USD in March 2018 to 1,327,400 thousand USD in March 2023. This consistent rise suggests ongoing capital contributions or equity financing activities.
Accumulated other comprehensive income (loss)
The accumulated other comprehensive income (loss) fluctuated in a volatile manner, moving from a loss of 2,000 thousand USD in March 2018 to a loss of 18,100 thousand USD in March 2023. The overall pattern indicates growing unrealized losses or fluctuations in items such as foreign currency translation or other comprehensive components.
Retained earnings (accumulated deficit)
Retained earnings showed significant volatility, moving from a negative balance of 262,600 thousand USD in March 2018 to a much larger negative deficit of 1,298,700 thousand USD in March 2023. This deepening deficit indicates persistent net losses or dividend payments exceeding net income during the period.
Total stockholders’ equity (deficit)
Stockholders’ equity rose from 693,500 thousand USD in March 2018 to a peak of over 1,118,100 thousand USD in September 2021, before subsequently turning negative during 2022 and then recovering slightly to positive territory at 11,400 thousand USD in March 2023. This reflects fluctuations in retained earnings and other comprehensive income impacting overall equity.
Non-controlling interests
Data on non-controlling interests is limited but indicates values around 11,900 to 17,500 thousand USD in the periods reported, suggesting minor external ownership interests.
Total equity (deficit)
Total equity followed a similar pattern to stockholders’ equity, increasing until mid-2021 then declining sharply into negative territory during 2022 before a slight rebound by March 2023, highlighting the effects of operating results and comprehensive income on financial position.
Total liabilities and equity
Total liabilities and equity increased overall from 2,400,700 thousand USD in March 2018 to 6,832,300 thousand USD in March 2023, underlining significant balance sheet growth during the period despite fluctuations in equity components.