Day: November 5, 2021

Hammerle will be responsible for the formation and execution of Intelex’s strategy as it delivers safer, cleaner and more efficient operations for our customers.

Toronto, Canada, Nov. 05, 2021 (GLOBE NEWSWIRE) — Intelex Technologies, ULC, a leading global provider of cloud-based Environmental, Health, Safety and Quality (EHSQ) management software, today announced the appointment of Melissa Hammerle to the role of president of the organization.

“I’m excited to bring Melissa’s deep continuous improvement experience and leadership to the Intelex team. Melissa will be a key driver as we work to help customers drive EHS and ESG performance to levels previously unimaginable,” said Justin McElhattan, Group President of EHS businesses for Intelex parent company Fortive.

Hammerle brings experience driving growth, customer retention and innovation through leadership roles in general management, product, marketing, sales, customer success and the Fortive Business System (FBS). She has led teams to co-create cultures with high engagement, ownership and customer centricity across a range of businesses, from startups to large scale enterprises.

“I’m thrilled to join the Intelex team,” said Hammerle. “We have a profoundly impactful mission and a once-in-a-lifetime growth opportunity as investors, business leaders and customers raise the bar on the practices of EHSQ and help our customers achieve their Environment, Social and Governance (ESG) goals.”

Hammerle joins Intelex from Accruent, where, as the Commercial President, she and her team built new sales and marketing growth engines to sustainably deliver software bookings. Previously, she led the team that created Fluke’s first Internet of Things business to serve customer maintenance workflows, accelerated strategic initiatives across Fortive as the FBS Director of Growth, and delivered strong revenue and employee engagement as the VP & GM of Fluke Calibration.

Prior to joining Fortive, Hammerle served as a Captain in the U.S. Army, where she led a company in Iraq.

She earned an MBA from Harvard University and an BA in Economics from Dartmouth College.

About Intelex Technologies, ULC
Intelex Technologies, ULC is a global leader in environmental, health, safety and quality (EHSQ) management software. Since 1992, Intelex employees across the globe have been committed to innovating and enabling organizations to send their employees home safely every day, leaving behind a more sustainable world to the generations that follow, and manage quality so that only the safest and highest quality products make it to market. Intelex’s scalable, web-based platform and applications have helped clients across all industries improve business performance, mitigate organization-wide risk, and ensure sustained compliance with internationally accepted standards (e.g. ISO 9001, ISO 14001, ISO 45001, and OSHAS 18001) and regulatory requirements. Almost 1,400 customers in 195 countries trust Intelex to power their EHSQ initiatives. Headquartered in Toronto with regional offices and employees around the world, Intelex became an Industrial Scientific company in 2019. In 2020, Intelex acquired ehsAI, provider of a SaaS-based next-wave compliance automation solution that leverages artificial intelligence and machine learning algorithms. For more information about Intelex, visit www.intelex.com.

Attachment

• Melissa Hammerle\

Sandy Smith, Head of Global Content Marketing
Intelex Technologies, ULC
+1 216-375-0484
Sandy.Smith@intelex.com

STAMFORD, Conn., Nov. 05, 2021 (GLOBE NEWSWIRE) — Today, the U.S. Department of Commerce awarded Finacity Corporation, a White Oak Company, (“Finacity”) the 2021 President’s “E” Star Award for Export Service at a ceremony in Washington, D.C. The President’s “E” Award is the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.

“Finacity Corporation has demonstrated a sustained commitment to export expansion. The “E” Awards Committee was very impressed with Finacity’s use of creative financing, factoring, and securitization solutions to support its clients’ export sales. The company’s financing of cross-border supply chains used in distribution of COVID-19 vaccines was also particularly notable. Finacity’s achievements have undoubtedly contributed to national export expansion efforts that support the U.S. economy and create American jobs.” said Secretary Raimondo in her congratulatory letter to the company announcing its selection as an award recipient.

U.S. Senator Richard Blumenthal stated “I congratulate Stamford’s own Finacity for their steadfast dedication to innovation in export expansion and their commitment to ensuring our state remains a national leader in increasing U.S. exports. Finacity’s achievements strengthen our economy, creating good-paying jobs, and I could not be more proud that they call Connecticut their home.”

U.S. Senator Chris Murphy stated “I’m pleased to see the Commerce Department recognize Finacity’s continued efforts to increase U.S. exports, support Connecticut communities, and create good-paying jobs. Since receiving the “E” Award six years ago, their team has remained committed to U.S. export expansion, even stepping up during the pandemic to help fast-track vaccine distribution. Finacity’s work is critical to strengthening our position in the global economy, and I’m proud to see a Connecticut company receive such an honor.”

Finacity, a White Oak Company, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and bond administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $100 billion. With resources in the USA, Europe, Latin America, and Asia, Finacity conducts business throughout the world with obligors in 175 countries. Finacity is affiliated with White Oak Global Advisors, LLC, a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing, and recapitalization of small and medium enterprises. For further information, please visit www.wofinacity.com.

“Finacity is deeply honored to be one of the five select recipients this year to receive the President’s “E” Star Award for Export Service, and we will continue to strive to deliver the highest level of trade finance services to our various global constituents,” said Adrian Katz, President and CEO of Finacity.

In total, the Department honored 70 U.S. companies and organizations from across the country for their role in strengthening the U.S. economy by sharing American ingenuity outside of our borders. The ceremony was held to jointly recognize awardees from 2021, (32 entities) and 2020, (39 entities).

In 1961, President Kennedy signed an executive order reviving the World War II “E” symbol of excellence to honor and provide recognition to America’s exporters. Criteria for the award is based on four years of successive export growth and case studies which demonstrate valuable support to exporters resulting in increased exports for the company’s clients.

U.S. companies are nominated for the “E” Awards through the U.S. Commercial Service, the export promotion arm of the of the Department’s International Trade Administration. With offices in over 100 cities across the United States and in 75 markets around the world, the International Trade Administration is the premier resource for American companies competing in the global marketplace.

For more information about the “E” Awards and the benefits of exporting, visit www.trade.gov.

Contact: Adrian Katz, +1 (203) 428-3540

Carbon sequestration project aims to build a green canopy of more than one billion trees alongside green blockchain and Smart NFT technology

Sapling in Sri Lanka

Sapling in Sri Lanka

GLASGOW, Scotland, Nov. 05, 2021 (GLOBE NEWSWIRE) — Environmental company SavePlanetEarth (SPE) is setting up its very own certified Carbon Credit Smart NFTs to bolster efforts in combating climate change from a cryptocurrency angle.

SPE has partnered with various governments and NGOs worldwide to tackle climate change, successfully contracting over one billion trees to be planted and protected throughout the Maldives, Sri Lanka, and Pakistan. These trees conduct the vital task of sequestering carbon dioxide (CO₂) naturally, which, in turn, lowers the greenhouse gas level in the atmosphere. SPE uses the sequestered carbon as certifiable “carbon credits” — creating a sustainable business model in the emerging cryptocurrency market. Profits from the sales of these credits can be reinvested into even more carbon sequestration efforts.

In a statement, SPE cautioned that the effects of climate change have rapidly emerged during the last century, adding that inaction against climate change is often attributed to necessary funding falling short or being entrapped in bureaucratic processes that stop it from reaching projects promptly. SPE emphasized the need for new and innovative financing to support strategies that combat carbon-emission build-up by funding projects directly and developing innovative funding mechanisms, noting that the emerging cryptocurrency market can help combat these funding issues and help aid in the sequestration processes to combat global warming.

SPE currently has a cryptocurrency called $SPE, primarily created to be the exclusive currency used within its carbon credit exchange. Six months since SPE’s inception, it has gathered a community of over 80,000 investors. SPE’s venture into the crypto market is part of a larger goal in creating a green blockchain entirely powered by renewable energy — an initiative currently in development that will primarily have a carbon-offset utility design. Due to SPE running its environmental initiatives in various countries, it earns carbon credits for every ton of carbon sequestered by its initiatives.

Carbon Consulting Company (CCC) is partnered with SPE to verify SPE’s certified carbon credits to the Gold Standard, allowing it to be listed in the UN registry. Due to SPE project’s legitimacy, it will be producing the first-ever verifiably certified Carbon Credit NFTs (CCNFTs). SPE has decided to partner with popular native blockchain Phantasma, which has an NFT marketplace. Their environmentally friendly portfolio and eagerness to lower their carbon footprint, makes them a suitable partner and an excellent option since SPE’s blockchain and carbon credit exchange are still in production.

Phantasma is home to carbon-neutral Smart NFTs with some of the most advanced NFT capabilities in the industry. The Phantasma blockchain can be used for digital goods and services such as communication, entertainment, on-chain storage and, in SPE’s case, for its green NFT technology and marketplace. As a part of its partnership, SPE will verify Phantasma’s carbon neutrality. Through SPE’s own Carbon Credit NFTs, Phantasma will take its focus on the environment one step further and become carbon negative, making it a provably green blockchain for developers to build their decentralized applications on.

SPE has further plans to reinforce the crypto sphere’s environmental impact, not just through its initiatives but by releasing SPEPad — a launchpad for new carbon sequestration-related cryptocurrency projects that the SPE team has vetted.

CONTACT: Imran Ali – Founder: Admin@SavePlanetEarth.io

WEBSITE: https://SavePlanetEarth.io

WHITEPAPER: https://SavePlanetEarth.io/SPE_WhitePaper.pdf

TELEGRAM: https://t.me/SavePlanetEarthOfficial

DISCORD: https://discord.gg/DRJCrvvuQy

PHANTASMA: https://phantasma.io

Related Images

Image 1: Sapling in Sri Lanka

These distinctive blue nets are used for every tree planted by SavePlanetEarth to protect the saplings until they can fend for themselves.

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• Sapling in Sri Lanka

MYOB and Chaser

MYOB and Chaser

LONDON, Nov. 04, 2021 (GLOBE NEWSWIRE) — Chaser, the global credit control automation platform and service provider, released its integration with MYOB AccountRight and MYOB Essentials, an accounting system for small to midsize companies in Australia and New Zealand. This new integration makes it easy and affordable for businesses to deeply personalise and automate their accounts receivables and credit control processes.

Businesses that integrate Chaser with MYOB will be able to easily carry out automated invoice payment chasing without losing the human touch. This process saves Chaser’s current customers 15+ hours weekly and ensures that no unpaid invoice slips through the cracks. For a full run-through of the integration and features, view the website here: https://www.chaserhq.com/integrations/myob-accountright

Chaser for MYOB features and benefits include:

• Quick, fast and easy-to-implement cloud-to-cloud integration between MYOB and Chaser.
• Automated and personalised invoice payment chasing, ensuring that users maintain great customer relationships whilst getting paid faster.
• The two-way sync reconciles payments in both the Chaser software and users’ MYOB accounts, so that paid invoices are no longer chased.
• Automated “thank you for paying” emails can be sent to customers who have paid.
• Reduced time spent on credit control and accounts receivables management, and no more human errors.
• Chaser makes it easy to track all overdue and outstanding invoices per customer, seeing all payment chasing activity, including customer replies, in one place.
• For the toughest of late payments, invoices can be escalated within the Chaser application directly to Chaser’s debt collection service.
• Each invoice reminder can include links to a payment portal, which provides a dedicated summary of all invoices paid and due, multiple payment options, and the option to request payment plans.
• Users can use the Chaser app to offer payment plans to their customers, and chase these instalments accordingly.
• Credit checking in-app gives MYOB users greater confidence when making decisions on granting credit to customers.

“Chaser is thrilled to offer businesses in Australia and New Zealand an add-on to MYOB for invoice chasing automation,” Sonia Dorais, CEO of Chaser, has said. “We have seen a surge of businesses of all sizes looking for added support with their credit control and accounts receivable processes. We hope by offering integrations like this we are continuing to deliver on our promise to the market: that is to help all businesses have the confidence they will get paid for their work through effective credit control and accounts receivable management.”

MEDIA CONTACT:

marketing@chaserhq.com

ABOUT CHASER

Chaser Technologies Limited helps businesses get paid sooner with its award-winning payment chasing automation platform, debt collections agency and outsourced credit control services. By sending automatic and deeply personalised reminders, the software and service provider effectively gets invoices paid on time without losing the human touch. To date, Chaser has helped users chase over £3 billion in overdue invoices.

https://www.chaserhq.com/
https://twitter.com/chaser_hq

Related Images

Image 1: MYOB and Chaser

MYOB and Chaser

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• MYOB and Chaser

Accelerating Deliveries And Continued Rate Optimization Drive Strong Financial Performance

Four Acquisitions Closed Adding To 2022 Run-Rate

Share Repurchase Authorization Increased To $1.0 Billion

Investor Day To Be Held On November 8

PHOENIX, Nov. 04, 2021 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible work space and portable storage solutions, today announced third quarter 2021 results and provided an update on operations and the current market environment.

The Company will host an investor day on November 8, 2021 to provide an update on the company’s strategic initiatives and growth outlook. The event will take place in New York City and begin at 1:00 p.m. EST. A live webcast of the meeting will be available. To access the webcast, go to the WillScot Mobile Mini Investor Relations site, www.willscotmobilemini.com, and click on “Events & Presentations.” A replay of the webcast and a transcript will be available after the event.

WillScot Mobile Mini Holdings’ Financial Highlights¹
Highlights of Third Quarter Results

• Total revenues of $490.6 million increased by $73.3 million relative to prior year, or 17.6%, driven by increased core leasing revenues across all segments.
  • Modular space monthly rental rates in the NA Modular segment increased by 20.3% year-over-year while delivery volumes increased 8.0% year-over-year.
  • Storage monthly rental rates in the NA Storage segment increased by 6.9% year-over-year while delivery volumes increased 13.3% year-over-year.
• Adjusted EBITDA of $190.1 million increased by $26.5 million, or 16.2% year-over-year.
• Adjusted EBITDA Margin of 38.8% increased by 70 basis points (“bps”) sequentially relative to the second quarter, driven by accelerating lease revenues and sustained increases in delivery volumes in all segments.
• Net income of $61.1 million increased by $67.2 million year-over-year and included $11.1 million of integration, transaction, restructuring and other related charges.
• Generated $78.5 million of free cash flow, representing a free cash flow margin of 16%.
• Repurchased $106.3 million of common stock and warrants.
• Invested $56.3 million in and fully integrated three acquisitions in the third quarter and closed a fourth acquisition in October.
• Maintained leverage at 3.7x our last-twelve-months Adjusted EBITDA of $708.9 million and have the ability to rapidly de-lever.
• Announced new share repurchase authorization of $1.0 billion to replace previous $500 million authorization.

Refer to the Supplemental Pro Forma Financial Information section on Form 10-Q to be filed with the SEC and made available on the WillScot Mobile Mini Holdings Corp. investor relations website for full reconciliations of our reported and pro forma results.

MILPITAS, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) — ISSI’s 4Gb DDR3 with on-chip ECC has been ASIL-B certified by SGS corporation. After over 18 months of collaboration with SGS, ISSI has successfully completed the qualification. The 4Gb DDR3 with on-chip ECC is now in mass production.

ECC (Error Correcting Code) is the procedure of checking and making corrections to the memory cells. ISSI offers 4Gb DDR3 with on-chip ECC in x8 and x16 data widths. The x16 option is IS43TR16256EC (1.5V) or IS43TR16256ECL (1.35V/1.5V) for Industrial grade, and IS46TR16256EC (1.5V) or IS46TR16256ECL (1.35V/1.5V) for Automotive grade. The x8 option is IS43TR85120EC (1.5V) or IS43TR85120ECL (1.35V/1.5V) for Industrial grade, and IS46TR85120EC (1.5V) or IS46TR85120ECL (1.35V/1.5V) for Automotive grade. This 4Gb DDR3 SDRAM is compliant to the industry standard specification, JEDEC JESD79-3, and is compatible with a wide variety of Systems-on-Chip (SoC) and microprocessors (MPU), yet the key feature of this product is on-chip ECC, meaning that it can detect and correct bit errors on-the-fly.

The conventional solution in most applications that already implement ECC is to use an extra DRAM component to store the ECC bits, which is sometimes referred to as “sideband ECC”, meaning that the data lines for the data and ECC are separate. This may cause the width of the data bus to be as large as 72-bits (i.e. 64 bits for standard data + 8 bits for ECC). The SoC or MPU in the application encodes ECC bits during each Write to the DRAM, and decodes ECC bits during each Read from the DRAM, and makes corrections as necessary. However, there are a variety of circumstances where the SoC/MPU does not support ECC, or where the data bus is too narrow, i.e. 8-bit or 16-bit in total, such that sideband ECC is not possible. With application requirements still calling for ECC, designers’ choices may be limited. This is where ISSI’s 4Gb DDR3 with on-chip ECC comes in. It provides advantages of greatly enhancing data robustness and quality, while simplifying system design, saving power, and reducing the memory footprint on the board. This product also includes a register with ECC event data. It is a great fit for a variety of hi-rel industrial and automotive systems. In the latter, safety is especially important, and by using ISSI memory with on-chip ECC, it helps automotive system designers to achieve the functional safety requirements defined by ISO 26262.

ISSI already offers 1Gb DDR3 with on-chip ECC (IS43TR16640ED for x16, and IS43/46TR81280ED for x8). ISSI also offers 2Gb, 4Gb, and 8Gb LPDDR4/4X with on-chip ECC. ISSI’s portfolio of DRAM, SRAM, and Flash with on-chip ECC continues to grow.

ISSI offers a multitude of DRAMs including SDR, DDR2, DDR3, DDR4, and mobile SDR, LPDDR, LPDDR2, and LPDDR4/4X; a complete line of both asynchronous and synchronous SRAMs with densities from 64Kb to 72Mb; and a broad portfolio of SPI/QSPI NOR, SPI NAND and parallel NAND Flash, including eMMC. ISSI also has a range of Known Good Die (KGD) memories in its portfolio. ISSI has been supporting Automotive customers for the last twenty years successfully.

“This is a major milestone of ISSI’s ISO26262 program,” said Ted Chang, project leader for the ISO26262 program at ISSI. “It was a great collaboration with SGS and hard work from various team members at ISSI.”

“4Gb DDR3 is the first of many products that we are working on for ASIL-B Certification,” said ChinFu Huang, Safety Manager at ISSI. “ISSI has been investing in memory products to support Automotive Industry for more than 20 years and this certification shows our continuous commitment to the quality of our memory products being provided to our Automotive customers.”

About Integrated Silicon Solution, Inc. (ISSI)
ISSI is a fabless semiconductor company that designs, develops and markets high performance integrated circuits for the following key markets: (i) automotive, (ii) communications, (iii) industrial, and medical, and (iv) digital consumer. ISSI’s primary products are SRAM, DRAM, Flash memory which includes NOR flash, NAND flash and managed NAND solutions (eMMC), and analog and mixed signal integrated circuits. ISSI provides high-quality semiconductor products and has been a committed long-term supplier of memory products. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com/

New partnership will allow Indonesian mobile operator to bring personal cloud services to a market of more than 170 million subscribers

BRIDGEWATER, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader and innovator of cloud, messaging and digital solutions, today announced it would supply its personal cloud solution to Telkomsel, Indonesia’s largest mobile operator. The addition of the Synchronoss Personal Cloud solution will give Telkomsel’s subscribers the ability to back up and manage their valuable digital content, including photos and videos, from any device.

The white-label Synchronoss Personal Cloud solution—branded “Floudrive” and managed by Telkomsigma—will be made available to Telkomsel’s 170 million subscribers as a premium feature. Subscribers will be able to choose between two different storage tiers and enjoy an initial free 30-day period. The solution gives subscribers a reliable and intuitive cloud storage experience, with the ability to backup and sync digital content, while also introducing advanced tagging and search capabilities.

“We are excited to be partnering with Synchronoss to integrate its personal cloud solutions into our consumer channel,” said Tanto Suratno, Director of Business and Sales, Telkomsigma. “Having outgrown our existing personal cloud offering, now is the perfect time to embrace this opportunity and provide our subscribers with an advanced solution that meets their evolving needs. We look forward to enabling our customers to optimize and manage their precious digital content, and to protect and store it safely and securely. As well as benefiting our customers, this partnership also represents the next step as we move towards offering more digital services.”

The solution will be delivered through Synchronoss’ agreement with Telkomsigma, the IT Services and Data Center arm of Telkomsel and Telkomsigma’s parent company, Telkom Indonesia. Unlike other cloud solutions on the market, the Synchronoss-powered personal cloud allows subscriber data to be stored in-country, a critical requirement for Telkomsel to adhere to Indonesian law.

Anthony Socci, President and General Manager, APAC for Synchronoss, said he is delighted to be working with Telkomsel on its new cloud offering. “As a private cloud solution provider, we are always looking for ways to support telecom partners in their mission to deliver more varied and advanced digital services to their subscribers. This cloud solution will be instrumental to Telkomsel as it facilitates a more integrated experience and promotes a safer handling of personal assets,” he said. “This deal builds on the success we have already experienced with Telkomsigma that impressed and inspired Telkomsel to deliver similar offerings to their mobile subscribers. It will also create greater synergies between the two organizations within the group.”

To learn more about Synchronoss cloud solutions, visit synchronoss.com/solutions/cloud.

About Synchronoss
Synchronoss Technologies (NASDAQ: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services and content they love. That’s why more than 1,500 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. Learn more at www.synchronoss.com.

Media Contacts

For Synchronoss:
Anais Merlin,
CCgroup,
E: synchronoss@ccgrouppr.com

Investor Contact
For Synchronoss: Todd Kehrli/Joo-Hun Kim, MKR Investor Relations, Inc., E: investor@synchronoss.com

Third Quarter 2021 Highlights

• Total revenue of $867.2 million, up 33% year over year
• Product revenue of $337.1 million, up 51% year over year
• Service revenue of $530.1 million, up 24% year over year
• Billings of $1.06 billion, up 42% year over year¹
• Deferred revenue of $3.11 billion, up 30% year over year
• GAAP operating margin of 19.2%
• Non-GAAP operating margin of 25.8%¹
• GAAP diluted net income per share attributable to Fortinet, Inc. common stockholders of $0.97
• Non-GAAP diluted net income per share attributable to Fortinet, Inc. common stockholders of $0.99¹
• Cash flow from operations of $398.8 million
• Free cash flow of $329.8 million¹

SUNNYVALE, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the third quarter ended September 30, 2021.

“We are extremely pleased with our third quarter performance as we exceeded $1 billion in quarterly billings for the first time in Fortinet’s history. Additionally, Gartner again recognized our Secure SD-WAN solution as a Leader in the 2021 Magic Quadrant for WAN Edge Infrastructure while placing highest in its ability to execute,” said Ken Xie, Founder, Chairman, and Chief Executive Officer. “The total addressable market for network security is rapidly expanding from the data center outward to the local and wide-area networks, to the work-from-anywhere environment and to the cloud. We are focused on leveraging our ASIC-supported security fabric platform across this expanding total addressable market to drive better than industry average long-term growth for Fortinet.”

Financial Highlights for the Third Quarter of 2021

• Revenue: Total revenue was $867.2 million for the third quarter of 2021, an increase of 33.2% compared to $651.1 million for the same quarter of 2020.
• Product Revenue: Product revenue was $337.1 million for the third quarter of 2021, an increase of 50.6% compared to $223.8 million for the same quarter of 2020.
• Service Revenue: Service revenue was $530.1 million for the third quarter of 2021, an increase of 24.1% compared to $427.3 million for the same quarter of 2020.
• Billings¹: Total billings were $1.06 billion for the third quarter of 2021, an increase of 41.9% compared to $749.8 million for the same quarter of 2020.
• Deferred Revenue: Total deferred revenue was $3.11 billion as of September 30, 2021, an increase of 29.9% compared to $2.39 billion as of September 30, 2020.
• GAAP Operating Income and Margin: GAAP operating income was $166.4 million for the third quarter of 2021, representing a GAAP operating margin of 19.2%. GAAP operating income was $126.9 million for the same quarter of 2020, representing a GAAP operating margin of 19.5%.
• Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $223.6 million for the third quarter of 2021, representing a non-GAAP operating margin of 25.8%. Non-GAAP operating income was $178.6 million for the same quarter of 2020, representing a non-GAAP operating margin of 27.4%.
• GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc. Common Stockholders: GAAP net income was $163.1 million for the third quarter of 2021, compared to GAAP net income of $123.4 million for the same quarter of 2020. GAAP diluted net income per share was $0.97 for the third quarter of 2021, based on 167.7 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.75 for the same quarter of 2020, based on 165.6 million diluted weighted-average shares outstanding.
• Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc. Common Stockholders¹: Non-GAAP net income was $165.9 million for the third quarter of 2021, compared to non-GAAP net income of $145.4 million for the same quarter of 2020. Non-GAAP diluted net income per share was $0.99 for the third quarter of 2021, based on 167.7 million diluted weighted-average shares outstanding, compared to $0.88 for the same quarter of 2020, based on 165.6 million diluted weighted-average shares outstanding.
• Cash Flow: Cash flow from operations was $398.8 million for the third quarter of 2021, compared to $220.8 million for the same quarter of 2020.
• Free Cash Flow¹: Free cash flow was $329.8 million for the third quarter of 2021, compared to $185.7 million for the same quarter of 2020.
• Share Repurchase Program: In October 2021, Fortinet’s Board of Directors authorized a $1.25 billion increase in the authorized stock repurchase under the Repurchase Program and extended the term of the Repurchase Program to February 28, 2023. As of November 1, 2021, approximately $2 billion remained available for future share repurchases.

Guidance

For the fourth quarter of 2021, Fortinet currently expects:

• Revenue in the range of $940 million to $970 million
• Billings in the range of $1.165 billion to $1.215 billion
• Non-GAAP gross margin in the range of 75.0% to 76.0%
• Non-GAAP operating margin in the range of 27.0% to 28.0%
• Diluted non-GAAP net income per share attributable to Fortinet, Inc. common stockholders in the range of $1.10 to $1.15, assuming a non-GAAP effective tax rate of 21%. This assumes a diluted share count of 168 million to 170 million.

For the fiscal year 2021, Fortinet currently expects:

• Revenue in the range of $3.320 billion to $3.350 billion
• Service revenue in the range of $2.080 billion to $2.090 billion
• Billings in the range of $4.040 billion to $4.090 billion
• Non-GAAP gross margin in the range of 76.5% to 77.5%
• Non-GAAP operating margin in the range of 25.5% to 26.5%
• Diluted non-GAAP net income per share attributable to Fortinet, Inc. common stockholders in the range of $3.85 to $3.95, assuming a non-GAAP effective tax rate of 21%. This assumes a diluted share count of 167 million to 169 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on intellectual property matter. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

¹ A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. The call can be accessed by dialing (877) 303-6913 (domestic) or (224) 357-2188 (international) with conference ID # 2990496. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations. A replay of this conference call can also be accessed through November 11, 2021 by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID # 2990496.

Fourth Quarter 2021 Virtual Conference Participation Schedule:

• Wells Fargo Virtual 5^th Annual TMT Summit
  November 30, 2021

• Nasdaq 45^th Investor Conference
  December 1 – 2, 2021

• UBS Global TMT Virtual Conference
  December 7, 2021

• Barclays Global Technology, Media and Telecommunications Conference
  December 8, 2021

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s web site. To access the most updated information and listen to the webcast of each event, please visit the Investor Relations page of Fortinet’s website at https://investor.fortinet.com. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future. The Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments. Both a technology company and a learning organization, the Fortinet Network Security Institute has one of the largest and broadest cybersecurity training programs in the industry. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2021 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDirector, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiPenTest, FortiPhish, FortiPlanner, FortiPortal, FortiPresence, FortiProxy, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC and FortiWLM. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

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Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding demand for our products and services, guidance and expectations around future financial results, including guidance and expectations for the fourth quarter and full year 2021, statements regarding the momentum in our business and future growth expectations, and statements regarding growth in market demand, the expansion of the total addressable market for network security, and leveraging our ASIC-supported security fabric platform. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by the COVID-19 pandemic; supply chain challenges which are significantly heightened in the current environment; negative impacts from the COVID-19 pandemic on sales, billings, revenue, demand and buying patterns, component supply and ability to manufacture products to meet demand in a timely fashion, and costs such as possible increased costs for shipping and components; global economic conditions, country-specific economic conditions, and foreign currency risks; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; uncertainties around continued success in sales growth and market share gains; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by the COVID-19 pandemic; competition and pricing pressure; product inventory shortages for any reason, including those caused by the COVID-19 pandemic; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses such as the COVID-19 pandemic, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies; any political and government disruption around the world, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (SEC), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

COVID-19 Impact

While the broader implications of the COVID-19 pandemic on our employees and overall financial performance remain uncertain, we have seen certain impacts on our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources. Going forward, the situation is uncertain, rapidly changing and hard to predict, and the COVID-19 pandemic may have a material negative impact on our future periods, including our results for the three months ending December 31, 2021, our annual results for 2021, and beyond. To highlight the uncertainty remaining for the three-month period ending December 31, 2021, it should be noted that, due to customer buying patterns and the efforts of our sales force and channel partners to meet or exceed quarterly quotas, we have historically received a substantial portion of each quarter’s sales orders and generated a substantial portion of each quarter’s billings and revenue during the last two weeks of the quarter. Additionally, supply chain challenges are impacting businesses around the world. If we experience significant changes in our billings growth rates or if we are unable to supply product to meet demand, it will impact product revenue in the current quarter and FortiGuard and FortiCare service revenues in subsequent quarters, as we sell annual and multi-year service contracts that are recognized ratably over the contractual service term. In addition, the broader implications of the pandemic on our business and operations and our financial results, including the extent to which the effects of the pandemic will impact future results and growth in the cybersecurity industry, remain uncertain. The duration and severity of the economic downturn from the pandemic may negatively impact our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources in a material way. As a result, the effects of the pandemic may not be fully reflected in our results of operations until future periods.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period, less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matter. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matter, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matter, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, impairment and amortization of acquired intangible assets, less gain on intellectual property matter and, when applicable, other significant non-recurring items in a given quarter, such as non-recurring gains or losses on litigation-related matters. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share attributable to Fortinet, Inc. common stockholders. We define non-GAAP net income as net income or loss plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for gains or losses on investments in privately held companies, a tax adjustment required for an effective tax rate on a non-GAAP basis and adjustments attributable to non-controlling interests, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income or loss and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions)