Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2009
- Return on Equity (ROE) since 2009
- Current Ratio since 2009
- Price to Book Value (P/BV) since 2009
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Fortinet Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
- Net Income
- The net income generally shows a strong upward trend over the periods with notable volatility. Initial quarters from 2018 to 2019 reflect consistent growth, while the last few quarters, especially post-2021, demonstrate significant increases, peaking at $313.8 million in December 2022, followed by a slight decrease in March 2023 to $247.7 million.
- Stock-based Compensation
- This expense has steadily increased from $36.5 million in early 2018 to around $56.3 million by March 2023, indicating rising costs related to equity incentives which could be associated with company growth or employee retention strategies.
- Amortization of Deferred Contract Costs
- There is a clear upward trend from $20.8 million in early 2018 to $62.5 million by March 2023, suggesting increased capitalization of contract-related costs and/or expansion of contract portfolios.
- Depreciation and Amortization
- Depreciation and amortization expenses increased moderately from $13.2 million to about $27.5 million over the analyzed period, indicating increased investment in fixed assets or intangible assets.
- Loss from Equity Method Investment
- Reported only from March 2022 onward, this loss reached as high as $45.2 million in March 2023, implying significant impacts from equity investments in associate companies.
- Accounts Receivable, Net
- Accounts receivable data is highly volatile and irregular, with extreme negative values in some quarters (e.g., -$294 million in March 2023) and positive spikes, suggesting either large collections, write-offs, or unusual timing in billing or cash collection processes. This volatility could signal challenges in receivables management or accounting adjustments.
- Inventory
- Inventory levels fluctuate significantly with some negative values early on and generally increasing negative trends in later periods, reaching a low of -$49.4 million in December 2022. This pattern may indicate write-downs or returns rather than physical inventory decreases.
- Prepaid Expenses and Other Current Assets
- These assets reflect volatility with wide fluctuations and appear negative in many quarters, suggesting variable prepayments or impairments.
- Deferred Contract Costs
- Displayed as negative values throughout, these costs deepen from approximately -$32.5 million in early 2018 to about -$81.2 million by March 2023, reinforcing the trend of increasing capitalized contract-related costs.
- Deferred Tax Assets
- These fluctuate significantly with large negative swings and occasional positive values, indicating changes in deferred tax recognition related to profits/losses and perhaps tax planning strategies.
- Accounts Payable
- Accounts payable figures are volatile, varying between negative and positive values with spikes in certain quarters such as $41.6 million in December 2020, which may reflect timing differences in payments or changes in procurement cycles.
- Accrued Liabilities and Payroll
- Accrued liabilities show sharp fluctuations with periods of both significant increases and decreases, as do accrued payroll and compensation figures, indicating variability in expense recognition timing or adjustments in compensation liabilities.
- Deferred Revenue
- Deferred revenue exhibits a strong increasing trend over time, rising from $64.1 million in early 2018 to a peak of $434.7 million in December 2022, then moderate decrease in March 2023. This reflects growing customer prepayments, likely tied to subscription or service contract growth.
- Operating Assets and Liabilities Changes
- These changes show large fluctuations quarter-to-quarter, with some very high positive values such as $165.5 million in June 2021 and $257.9 million in March 2023, indicating the company’s working capital components are highly dynamic and can significantly impact cash flows.
- Net Cash Provided by Operating Activities
- Operating cash flows generally trend upward from $139.7 million in March 2018 to $677.5 million in March 2023, with some fluctuations. This increase exceeds net income growth, which may indicate strong collection efficiency or favorable working capital movements.
- Investing Activities
- Investing cash flows are highly negative in most quarters, dominated by substantial purchases of investments and property & equipment, particularly large investments in 2019 and 2020. Proceeds from maturities and sales partially offset outflows. The volatility, with occasional positive quarters, reflects active capital allocation and acquisitions.
- Financing Activities
- Financing cash flows are characterized by heavy stock repurchases, with significant cash outflows noted in several quarters (e.g., -$920.4 million in March 2020). Proceeds from issuance of common stock are much smaller, indicating a net return of capital to shareholders. A major debt issuance in 2020 ($989.4 million) contrasts with substantial repayments and costs in other periods.
- Cash and Cash Equivalents Changes
- The net changes in cash and cash equivalents show high volatility with large inflows and outflows, notably a sharp decline in early 2020 followed by substantial positive inflows in subsequent periods. The overall trajectory suggests increasing liquidity by early 2023 despite interim pressures.