防特网 2025年季度报告

FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter)______________________________________ 77-0560389 Delaware(State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.) 909 Kifer RoadSunnyvale,California94086(Address of principal executive offices, including zip code) (408)235-7700(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $0.001 Par ValueFTNTThe Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 (“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒As of May7, 2025, there were765,416,456shares of the registrant’s common stock outstanding. FORTINET, INC.QUARTERLY REPORT ON FORM 10-QFor the Quarter Ended March31, 2025Table of Contents PART I—FINANCIAL INFORMATION Item 1.Financial Statements (unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statements of IncomeCondensed Consolidated Statements of Comprehensive IncomeCondensed Consolidated Statements of Stockholders’ Equity (Deficit)Condensed Consolidated Statements of Cash FlowsNotes to Condensed Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures about Market RiskItem 4.Controls and Procedures PART II—OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity SecuritiesItem 5.Other InformationItem 6.ExhibitsExhibit IndexSignatures Summary of Risk Factors Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A, “Risk Factors” in thisQuarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties when investing in our common stock.Some of the principal risks and uncertainties include: •Our operating results are likely to vary significantly and be unpredictable.•Adverse economic conditions, such as a possible economic downturn or recession, and possible impacts of inflation orstagflation, tariffs, trade policies or other trade disruptions, changing interest rates, changes in government spending orregulation or reduced information technology (“IT”) spending, including firewall spending, may adversely impact ourbusiness.•We have been, and may in the future be, susceptible to supply chain constraints, supply shortages and disruptions, long or lesspredictable lead times for components and finished goods and supply changes because some of the key components in ourproducts come from limited sources of supply.•As a result of supply chain disruptions in previous periods, we increased our purchase order commitments in previous periodsand, were in some instances required to and may in the future be required to accept or pay for components and finished goodsregardless of our level of sales in a particular period, which may negatively or unpredictably impact our operating results andfinancial condition.•Our billings, revenue, and free cash flow growth may slow or may not continue to grow, and our operating margins maydecline.•Our real estate assets, including construction, acquisitions, improvements, leasing activity, and ongoing maintenance andm