Name: Fortinet Inc. (NASDAQ:FTNT) | Liabilities and Stockholders’ Equity (Quarterly)
Creator: Stock Analysis on Net

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.

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

US$ in thousands

	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)

The financial position of the company is characterized by a substantial expansion of total liabilities and a significant volatility in stockholders' equity over the period from March 31, 2018, to March 31, 2023. Total liabilities increased from 1.71 billion USD to 6.82 billion USD, representing a nearly four-fold increase. This growth was primarily driven by a surge in deferred revenue and the introduction of long-term debt in 2021.

Analysis of Liabilities and Obligations: A primary driver of the liability growth is deferred revenue, which reflects prepayments for services and products. Combined current and non-current deferred revenue grew from approximately 1.39 billion USD in March 2018 to 4.88 billion USD by March 2023. This trend indicates a strong growth trajectory in contractual obligations and future revenue recognition. Current liabilities rose from 1.03 billion USD to 3.26 billion USD, mirroring the increase in current deferred revenue and growth in accounts payable, which climbed from 55.7 million USD to 238.4 million USD.; The debt profile shifted in the first quarter of 2021 with the introduction of long-term debt, which remained relatively stable at approximately 987 million to 991 million USD through March 2023. Prior to 2021, the company operated without recorded long-term debt, marking a transition in its financing strategy.
Stockholders' Equity and Retained Earnings: Total stockholders' equity exhibited significant instability, peaking at 1.32 billion USD in December 2019 before entering a period of precipitous decline. Equity plummeted into a deficit position by June 2022, reaching a low of negative 622.8 million USD in September 2022, before recovering to a marginal positive balance of 11.4 million USD by March 2023.; This equity volatility is closely linked to the movement in retained earnings. After a brief period of positive retained earnings in late 2019, the account entered a severe deficit, dropping from negative 589.2 million USD in March 2020 to a low of negative 1.86 billion USD in September 2022. The subsequent recovery to negative 1.29 billion USD by March 2023 suggests a reversal of the trend that drove the deficit.
Capital Structure and Solvency Observations: The company's capital structure has transitioned from one based primarily on equity and organic growth to one heavily weighted toward liabilities. The emergence of a negative equity position for several quarters indicates that liabilities exceeded assets during those periods, a condition often associated with aggressive share buyback programs or significant cumulative losses, although the growth in deferred revenue suggests strong operational demand.; Additional paid-in capital showed a steady upward trend, increasing from 957.9 million USD to 1.32 billion USD, which partially offset the decline in retained earnings.

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Fortinet Inc. (NASDAQ:FTNT)

Balance Sheet: Liabilities and Stockholders’ EquityQuarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data