Tag: ASEAN

TES joins the UN Global Compact, another critical step towards its mission of making a decade of difference.

SINGAPORE, Feb. 04, 2022 (GLOBE NEWSWIRE) — Global leader in sustainable technology lifecycle services aligns itself with 19,000 signatories who have pledged to uphold the compact’s 10 principles and accompanying sustainable development goals.

TES, a global leader in sustainable technology lifecycle services, has been accepted as a participant in the United Nations Global Compact. TES now joins a global network of more than 15,000 companies and 4,000 nonbusiness participants committed to building a sustainable future.

The UN Global Compact, a special initiative of the UN secretary-general’s office, is a call to action for companies around the world to align their operations and strategies with 10 principles in the areas of human rights, labor, the environment, and anti-corruption.

The widespread adoption of the Compact, including the sustainable development goals that accompany its 10 principles, is intended to channel the efforts of the global business community to bring about a more sustainable future.

As a UN Global Compact signatory, TES claims yet another groundbreaking first within the sustainable technology lifecycle solutions industry. The move is in line with TES’s long-time commitment to sustainability.

“It is our mission to lead action on sustainable development and climate change,” says Alvin Piadasa, TES’s group sustainability director. “TES, being a young company, was not in existence when the United Nations Global Compact was formed 21 years ago. We are now the largest sustainable technology lifecycle services provider globally,” adds Piadasa. “As a leader in this industry, we feel duty-bound to commit to the UN Global Compact’s 10 principles and add TES’s brand to the thousands of other leading companies united in the business of building a better world for future generations.”

As part of its UN Global Compact efforts, TES will engage with some of the 69 local networks created to support and uphold the principles and goals of the compact. More information on the compact can be found on the UN Global Compact website (globalcompact.org) and across its social media platforms.

Moving the needle on sustainability and climate change are embedded in TES’s vision, mission, and core values, and such changes are key performance indicators (KPIs) for the company. Claims supporting the evolution of a circular economy ring hollow if there is limited focus on actions to address human rights, labor, anti-corruption, and environmental issues.

TES’s mission is to make a decade of difference, and the company has included this as part of its mission statement since 2020. Its new UN Global Compact status is another critical step on that journey.

About TES – https://www.tes-amm.com

Since its formation in 2005, TES has grown to become a global leader in sustainable technology services and bespoke solutions that help clients manage the commissioning, deployment, and retirement of technology devices and components.

It provides comprehensive services for technology devices throughout their lifecycle—from deployment to decommissioning to disposition—all the way through to recycling and end-of-life repurposing. This includes innovating new processes to leverage the value of locked-in assets if they are to be recycled, such as its proprietary lithium battery recycling process, which extracts scarce materials from used batteries at purity rates high enough that they can be reused in the manufacturing supply chain.

TES’s mission is to make a decade of difference by securely, safely, and sustainably transforming and repurposing 1 billion kg of assets by 2030. The 42 owned facilities in 21 countries offer unmatched service-level consistency, consistent commercials, lower logistics costs, local in-region compliance experts, support in local time zones and languages, and a deep understanding of transboundary movement globally.

TES creates outstanding value for its clients, employees, stakeholders, and the global community by leveraging a unique combination of security, value recovery, and environmental expertise. It focuses exclusively on eliminating the risks surrounding data security, compliance, and environmental impact while maximizing value recovery for businesses around the world.

More information on the UN Global Compact Announcement

A complete media toolkit accompanying the announcement can be accessed here: Download PDF

A video that can be used in press coverage can be accessed here: video.

The UN Global Compact website is here: https://www.unglobalcompact.org

More information about the wider TES mission can be found at https://www.tes-amm.com.

Email us at newsletter@tes-amm.com or visit our website www.tes-amm.com for more information.

This content was issued through the press release distribution service at Newswire.com.

NEW YORK, Feb. 03, 2022 (GLOBE NEWSWIRE) — On February 2, 2022, Exelon Corp. (Nasdaq: EXC) announced it completed the separation of Constellation Energy Corp. (Nasdaq: CEG), Exelon’s former power generation and competitive energy business. Upon the completion of this spin-off transaction, Constellation Energy Corp. was added to the NASDAQ-100 Index® (Nasdaq: NDX), the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) and the NASDAQ-100 Ex-Technology Index (Nasdaq: NDXX) on February 2, 2022.

After review, Nasdaq has determined that Constellation Energy Corp. will remain as a component of the NASDAQ-100 Index®, the NASDAQ-100 Equal Weighted Index and the NASDAQ-100 Ex-Technology Index.

For more information about the company, go to https://www.constellationenergy.com/

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.Nasdaq.com.

Media Contact
Emily Pan
emily.pan@Nasdaq.com
+1 (646) 637-3964

Issuer & Investor Contact
Index Client Services
Indexservices@Nasdaq.com

The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Neither The NASDAQ OMX Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Statements regarding Nasdaq’s proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

– NDAQG –

Fourth Quarter 2021 Highlights

• Total revenue of $963.6 million, up 29% year over year
• Product revenue of $378.9 million, up 31% year over year
• Service revenue of $584.7 million, up 27% year over year
• Billings of $1.31 billion, up 36% year over year¹
• Bookings of $1.43 billion, up 49% year over year²
• GAAP operating margin of 22.3%
• Non-GAAP operating margin of 28.5%¹
• Cash paid for share repurchases of $571.8 million

Full Year 2021 Highlights

• Total revenue of $3.34 billion, up 29% year over year
• Product revenue of $1.26 billion, up 37% year over year
• Service revenue of $2.09 billion, up 24% year over year
• Billings of $4.18 billion, up 35% year over year¹
• Bookings of $4.33 billion, up 40% year over year²
• Deferred revenue of $3.45 billion, up 33% year over year
• GAAP operating margin of 19.5%
• Non-GAAP operating margin of 26.2%¹
• Cash flow from operations of $1.50 billion
• Cash paid for share repurchases of $741.8 million
• Free cash flow of $1.20 billion¹

SUNNYVALE, Calif., Feb. 03, 2022 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the fourth quarter and full year ended December 31, 2021.

“Revenue growth accelerated to 29% in 2021, after three consecutive years with revenue growth of 20% or more. Cash flow from operations was $1.5 billion and free cash flow was a record $1.2 billion for the year,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “Our 2021 performance was driven by increased demand for our cybersecurity solutions and exceptional execution from our global operations and sales teams and excellent support from our channel partners and distributors. Fortinet’s integrated and single platform approach to security is resonating with customers that want to effectively protect their corporate networks from a wide range of attack vectors. Given our robust pipeline and strong business momentum, we expect several more years of solid growth as Fortinet is well positioned to address our $174 billion market opportunity.”

Financial Highlights for the Fourth Quarter of 2021

• Revenue: Total revenue was $963.6 million for the fourth quarter of 2021, an increase of 28.8% compared to $748.0 million for the same quarter of 2020.
• Product Revenue: Product revenue was $378.9 million for the fourth quarter of 2021, an increase of 31.4% compared to $288.4 million for the same quarter of 2020.
• Service Revenue: Service revenue was $584.7 million for the fourth quarter of 2021, an increase of 27.2% compared to $459.6 million for the same quarter of 2020.
• Billings¹: Total billings were $1.31 billion for the fourth quarter of 2021, an increase of 35.9% compared to $960.9 million for the same quarter of 2020.
• Bookings²: Total bookings were $1.43 billion for the fourth quarter of 2021, an increase of 48.7% compared to $960.3 million for the same quarter of 2020. Backlog² was $161.9 million as of December 31, 2021 an increase of $149.7 million compared to $12.2 million as of December 31, 2020.
• GAAP Operating Income and Margin: GAAP operating income was $214.9 million for the fourth quarter of 2021, representing a GAAP operating margin of 22.3%. GAAP operating income was $169.4 million for the same quarter of 2020, representing a GAAP operating margin of 22.6%.
• Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $274.7 million for the fourth quarter of 2021, representing a non-GAAP operating margin of 28.5%. Non-GAAP operating income was $219.9 million for the same quarter of 2020, representing a non-GAAP operating margin of 29.4%.
• GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.: GAAP net income was $199.0 million for the fourth quarter of 2021, compared to GAAP net income of $146.7 million for the same quarter of 2020. GAAP diluted net income per share was $1.19 for the fourth quarter of 2021, based on 167.0 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.89 for the same quarter of 2020, based on 165.5 million diluted weighted-average shares outstanding.
• Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.¹: Non-GAAP net income was $205.8 million for the fourth quarter of 2021, compared to non-GAAP net income of $175.5 million for the same quarter of 2020. Non-GAAP diluted net income per share was $1.23 for the fourth quarter of 2021, based on 167.0 million diluted weighted-average shares outstanding, compared to $1.06 for the same quarter of 2020, based on 165.5 million diluted weighted-average shares outstanding.
• Cash Flow: Cash flow from operations was $366.8 million for the fourth quarter of 2021, compared to $296.5 million for the same quarter of 2020.
• Free Cash Flow¹: Free cash flow was $215.5 million for the fourth quarter of 2021, compared to $264.2 million for the same quarter of 2020.

Financial Highlights for the Full Year 2021

• Revenue: Total revenue was $3.34 billion for 2021, an increase of 28.8% compared to $2.59 billion in 2020.
• Product Revenue: Product revenue was $1.26 billion for 2021, an increase of 36.9% compared to $916.4 million in 2020.
• Service Revenue: Service revenue was $2.09 billion for 2021, an increase of 24.4% compared to $1.68 billion in 2020.
• Billings¹: Total billings were $4.18 billion for 2021, an increase of 35.3% compared to $3.09 billion in 2020.
• Bookings²: Total bookings were $4.33 billion for 2021, an increase of 40.2% compared to $3.09 billion in 2020.
• Deferred Revenue: Total deferred revenue was $3.45 billion as of December 31, 2021, an increase of 32.5% compared to $2.61 billion as of December 31, 2020.
• GAAP Operating Income and Margin: GAAP operating income was $650.4 million for 2021, representing a GAAP operating margin of 19.5%. GAAP operating income was $531.8 million for 2020, representing a GAAP operating margin of 20.5%.
• Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $875.5 million for 2021, representing a non-GAAP operating margin of 26.2%. Non-GAAP operating income was $698.0 million for 2020, representing a non-GAAP operating margin of 26.9%.
• GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.: GAAP net income was $606.8 million for 2021, compared to GAAP net income of $488.5 million for 2020. GAAP diluted net income per share was $3.63 for 2021, based on 167.1 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $2.91 for 2020, based on 167.7 million diluted weighted-average shares outstanding.
• Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.¹: Non-GAAP net income was $666.0 million for 2021, compared to non-GAAP net income of $562.6 million for 2020. Non-GAAP diluted net income per share was $3.99 for 2021, based on 167.1 million diluted weighted-average shares outstanding, compared to $3.35 for 2020, based on 167.7 million diluted weighted-average shares outstanding.
• Cash Flow: In 2021, cash flow from operations was $1.50 billion compared to $1.08 billion in 2020.
• Free Cash Flow¹: Free cash flow was $1.20 billion during 2021, compared to $907.8 million in 2020.

Guidance

For the first quarter of 2022, Fortinet currently expects:

• Revenue in the range of $865 million to $895 million
• Billings in the range of $1.050 billion to $1.090 billion
• Non-GAAP gross margin in the range of 75.5% to 76.5%
• Non-GAAP operating margin in the range of 19.5% to 20.5%
• Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.75 to $0.80, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 166 million to 168 million.

For the fiscal year 2022, Fortinet currently expects:

• Revenue in the range of $4.275 billion to $4.325 billion
• Service revenue in the range of $2.685 billion to $2.715 billion
• Billings in the range of $5.400 billion to $5.480 billion
• Non-GAAP gross margin in the range of 74.0% to 76.0%
• Non-GAAP operating margin in the range of 24.0% to 26.0%
• Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $4.85 to $5.00, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 169 million to 171 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”.
² Bookings represents the total value of all orders received during the fiscal period. Backlog represents orders received but not fulfilled and excludes Alaxala. When an order is fulfilled, billings and revenue are recognized.

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 #1957267. 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 February 10, 2022, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID #1957267.

First Quarter 2022 Virtual Conference Participation Schedule:

• Morgan Stanley Technology, Media & Telecom Conference
  March 9, 2022 – San Francisco, CA

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 © 2022 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, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. 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.

FTNT-F

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 first quarter and full year 2022, statements regarding the momentum in our business and future growth expectations, and statements regarding our robust pipeline, market opportunity and market size, strong business momentum, and expectations of several more years of solid growth. 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; significantly heightened supply chain challenges due to the current global 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; uncertainties in market opportunities and the market size; 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 March 31, 2022, our annual results for 2022, and beyond. To highlight the uncertainty remaining for the three-month period ending March 31, 2022, 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, significantly heightened supply chain challenges are impacting businesses around the globe. 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) and adjustment due to adoption of new accounting standard 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. 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)

The latest financing supports LeddarTech’s accelerated growth and development efforts for its unique proprietary sensor fusion and perception automotive solutions.

QUEBEC CITY, Feb. 03, 2022 (GLOBE NEWSWIRE) — LeddarTech^®, a global leader in providing the most flexible, robust and accurate ADAS and AD sensing technology, is pleased to announce a successful financing round with an investment of US$ 140M, which comprises a Series D first close of US$ 116M and debt facility of US$ 24M.

FS Investors led the financing round with the participation of Investissement Québec, BDC Capital, Go Capital, certain funds managed by Fidelity Investments Canada ULC, Fonds de solidarité FTQ, Export Development Canada, ams OSRAM, Desjardins Capital, UI Investissement, Cowen Investment II LLC and other LeddarTech management. The debt facility was secured with Desjardins Group.

This investment will accelerate the development and commercialization of LeddarTech solutions. In addition, LeddarTech will use the funds to augment engineering resources to meet the demands from global OEM and Tier 1-2 automotive customers actively engaged with the company for sensor fusion and perception sensing solutions.

“Our decision to partner with LeddarTech began with our introduction to the corporate senior management team. Individually, the senior team possess decades of experience in the technology industry. In addition, many have worked with major global automotive and sensing technology companies,” stated Nick Stone, founder and partner of FS Investors. “An extensive due diligence process coupled with strong customer validation confirmed that LeddarTech’s unique solution is the best positioned in the market to unlock mass adoption of ADAS and AD by breaking typical software dependency on hardware in sensing,” according to Mr. Stone, concluding that: “The LeddarTech solution, called LeddarVision™, provides customers with the flexibility to quickly scale across vehicle models and deliver faster to market with greater performance at a lower cost.”

“The success of this round is a testament to the growth and industry recognition LeddarTech has achieved. I am delighted to welcome FS Investors as our most recent investors, who bring vast experience and expertise in the deep tech sector,” stated Charles Boulanger, CEO of LeddarTech. “I was impressed by the quality and thoroughness of their due diligence and their exceptional understanding of the ADAS and AD market, which confirms the value of our unique software solution. Our team and I look forward to working with FS Investors, our other new investors and our existing partners to enable our customers to significantly deploy our reliable and cost-effective ADAS and AD solutions across their brands and markets,” Mr. Boulanger concluded.

Cowen and Desjardins Capital Markets acted as co-advisors in this investment round.

About LeddarTech

Founded in 2007, LeddarTech has evolved to become a comprehensive end-to-end environmental sensing company by enabling customers to solve critical sensing, fusion and perception challenges across the entire value chain. The company offers cost-effective and scalable solutions such as LeddarVision™, a raw-data sensor fusion and perception platform that generates a comprehensive 3D environmental model with multi-sensor configurations to support Level 2+ to Level 5 full autonomy. It is scalable to support all vehicle automation levels. In addition, LeddarTech supports LiDAR makers and Tier 1-2 automotive system integrators with LeddarSteer™, a digital beam steering device, and the LiDAR XLRator development solution for automotive-grade solid-state LiDAR development based on the LeddarEngine™ and core components from global semiconductor partners. The company is responsible for several innovations in cutting-edge automotive and mobility remote-sensing applications, with over 100 patented technologies (granted or pending) enhancing ADAS and autonomous driving capabilities.

Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter, Facebook and YouTube.

Contact:
Daniel Aitken, Vice-President of Global Marketing, Communications and Investor Relations, LeddarTech Inc.
Tel.: + 1-418-653-9000 ext. 232
daniel.aitken@leddartech.com

Leddar, LeddarTech, LeddarSteer, LeddarEngine, LeddarVision, LeddarSP, LeddarCore, LeddarEcho, VAYADrive, VayaVision, XLRator and related logos are trademarks or registered trademarks of LeddarTech Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Top prize includes highly coveted floor seats to every UFC Pay-Per-View event for an entire year, and behind-the-scenes access with UFC Broadcaster Jon Anik

CHICAGO, Feb. 03, 2022 (GLOBE NEWSWIRE) — Modelo, the Official Beer of UFC, knows that UFC fans are as passionate as they come. To reward their Fighting Spirit, Modelo is providing unprecedented access and experiences to the sport they love. With the help of DraftKings Inc. (Nasdaq: DKNG), UFC enthusiasts will have a shot to compete and win cash prizes and the “golden ticket” grand prize: floor seats, travel and accommodations, to the year’s biggest UFC Pay-Per-View events in Las Vegas and other cities across the United States for a full year*.

The unique prizes don’t end there. In addition to a pair of gold tickets to sit in floor seats for the biggest fights of the year, the grand prize winner will get to be a guest of UFC broadcaster, Jon Anik during fight week, where they can take part in Jon’s pre-fight announcer rituals, receive exclusive behind-the-scenes access to pre-fight weigh-ins, and participate in meet-and-greets with iconic UFC personalities. Anik will also lend his trademark high-energy voice to reward the grand prize winners with special walkout announcement videos, which are normally reserved for UFC fighters as they enter the Octagon on fight night, while the winner and their guest walk to their seats, along with much more!

“Modelo and UFC are offering the ultimate fighting experience for our passionate fans – giving an opportunity to win unparalleled and close-up access to all of the best action,” Anik said. “I just knew I wanted to be part of that fan experience, especially because of the sheer number of times I have delivered Modelo’s ‘Brewed for those with the Fighting Spirit,’ tagline over the years.”

The contest will run through DraftKings, and fans 21+ can enter for their shot to win by visiting draftkings.com/modelo. Fans will have the opportunity to compete for prizes for each PPV event- February 12, March 5 and April 9. The best lineups from the first two contests will win cash prizes and the top score from the final week will win the Modelo “golden ticket” grand prize. The contest opens February 1, 2022 and runs until April 9, 2022.

“As we continue our ongoing partnership with the UFC, Modelo is always thinking about how to bring one-of-a-kind experiences to our passionate, shared fanbase,” said Greg Gallagher, Vice President of Brand Marketing, Modelo. “We can’t wait to reward the Fighting Spirit of fans with what we’re calling the ‘gold standard’ of experiences and our biggest UFC prizing yet – an opportunity to immerse themselves into UFC in a big way that hasn’t been done before.”

*Pick winning fighters and you could win Grand Prize tickets to 10 UFC PPV fights in the U.S., June 2022 – May 2023. No purchase or payment necessary to enter. Must be 21 years or older to enter with verified age. 50 U.S./DC only. Void where prohibited. Contest series to begin 2/1/22 and end 4/15/22. Exact Contest dates are subject to change, pending UFC fight schedules. Eligibility restrictions apply. See draftkings.com for details and Official Rules. No alcohol is awarded with any prize.

ABOUT MODELO^® 
Born in 1925 in the small town of Tacuba, Mexico, Modelo has been bringing distinctive high-quality beer to people ever since, including Modelo Especial®, Modelo Negra®, and a flavorful lineup of Modelo Cheladas. Modelo Especial is a golden, full-flavored Pilsner-style Lager with a clean, crisp finish. As the #1 imported beer in the U.S., Modelo Especial recently surpassed 150MM cases sold in 2021. The Modelo family of beers are exclusively brewed, imported and marketed for the U.S. by Constellation Brands.

About UFC^® 
UFC^® is the world’s premier mixed martial arts organization (MMA), with more than 625 million fans and 187 million social media followers. The organization produces more than 40 live events annually in some of the most prestigious arenas around the world, while broadcasting to approximately 900M TV households across more than 175 countries. UFC’s athlete roster features the world’s best MMA athletes representing more than 75 countries. The organization’s digital offerings include UFC FIGHT PASS^®, one of the world’s leading streaming services for combat sports. UFC is owned by global entertainment, sports and content company Endeavor, and is headquartered in Las Vegas, Nevada. For more information, visit UFC.com and follow UFC at Facebook.com/UFC, Twitter, Snapchat, Instagram and TikTok: @UFC.

Press Contact:
Stephanie McGuane
Stephanie.McGuane@Cbrands.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc7f867a-8667-4158-b6fe-11f78f2df421

Fueled by a Successful Series D Funding Round and Hiring Campaign, FloQast Continues Building Momentum Throughout Q4 with Massive YoY Growth Rate

LOS ANGELES, Feb. 03, 2022 (GLOBE NEWSWIRE) — FloQast, a provider of accounting workflow automation software created by accountants for accountants, today announced its Q4 and 2021 metrics, concluding a milestone year highlighted by international expansion, new product and company initiatives, industry accolades, and the biggest growth the company has seen since its launch. The company reported 97% year-over-year growth in annual recurring revenue (ARR) for the quarter, as well as 153% year-over-year growth in net new ARR for 2021. Further, with more than 1,500 customers globally, FloQast added 171 new customers in Q4. These milestones stem from the recent $110 million Series D funding, led by Meritech Capital, and further the company’s leadership role in workflow automation technology.

“This past year, FloQast experienced exceptional growth across the board – including funding, product and platform launches, customer acquisition and more – making this one of the most important and successful years for the company since we were founded,” says Mike Whitmire, inactive CPA, co-founder and CEO at FloQast. “This growth is a testament to the critical advances taking root across the accounting industry and highlights FloQast’s ability to deliver next-generation technology to usher in a new era of modernization and change.”

Over the course of 2021, FloQast experienced milestones in several key areas:

• A successful $110 million Series D funding round, led by Meritech Capital, and a valuation of $1.2 billion, making the company a “unicorn workflow solution provider.”
• The receipt of 36 G2 badges in 2021, including:
  • #1 Leader in the G2 Momentum Grid, Fall 2021 and Winter 2022 Leader, Users Love Us, High Performer in Enterprise, Leader in Mid Market, and Winter 2022 Momentum Leader.
• Notable Q4 customer acquisition includes prominent names such as Atmosphere TV, Demandbase, Valo Health, BioLegend Inc., Black Rock Coffee, Shenandoah Valley Organic, and more.
• The launch of several new initiatives, tools and programs, including:
  • FloQast Ops, a new workflow manager solution that addresses upstream and downstream financial functions to deliver greater control and transparency across accounting operations.
  • FloQast ReMind, a new request management workflow add-on that automates manual tasks and delivers new levels of visibility across the close process.
  • FloQast Studios, a full-scale production arm of FloQast designed to create entertaining, engaging, and educational content by accountants for accountants.
  • Partnership with Donnelley Financial Solutions (NYSE: DFIN) to transform the financial close and reporting processes, especially for companies planning to go public.
• Notable growth in EMEA including:
  • The opening of FloQast’s London-based office.
  • 68 new customers – notable Q4 logos include Revolut, Babylon Health, Watches of Switzerland, and Ironsource.
• The appointment of several new executives to drive FloQast’s success in 2022 and beyond, including:
  • Chief Financial Officer, Razzak Jallow
  • Vice President of Customer Success, Justin Smith
  • Chief Marketing Officer, C. Edward Brice
    
• The hosting of TakeControl 2021 in September, FloQast’s third-annual user conference, drawing more than 2,000 industry professionals and recognizing world-class accounting professionals and FloQast customers excelling in their pursuit of operational excellence.
• The receipt of several high caliber awards and accolades, such as inclusion in Built In’s Best Place to Work list for the fourth year in a row, being named one of the Best Workplaces in the Country by Inc. Magazine, and one of the Best Places to Work by the Los Angeles Business Journal.
• Reaching 1,000 users in the FloVerse, an online community platform for FloQast customers to network and collaborate.

This growth and momentum is made possible by FloQast’s community of employees who are committed to making accountants and financial leaders’ lives easier and more productive. Despite the challenges faced over the past two years during the pandemic, the company continues to excel in its performance, a credit to the team’s commitment to customer service and excellence in pursuit of FloQast’s overarching vision.

About FloQast
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 1,500 accounting teams – including Twilio, coinbase, Los Angeles Lakers, Zoom, and snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests, and other workflows that impact the month-end close, financial reporting, and payroll, and is consistently rated #1 across all user review sites. Learn more at FloQast.com.

Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
kyle.cabodi@floqast.com

Top prize includes highly coveted floor seats to every UFC Pay-Per-View event for an entire year, and behind-the-scenes access with UFC Broadcaster Jon Anik

CHICAGO, Feb. 03, 2022 (GLOBE NEWSWIRE) — Modelo, the Official Beer of UFC, knows that UFC fans are as passionate as they come. To reward their Fighting Spirit, Modelo is providing unprecedented access and experiences to the sport they love. With the help of DraftKings Inc. (Nasdaq: DKNG), UFC enthusiasts will have a shot to compete and win cash prizes and the “golden ticket” grand prize: floor seats, travel and accommodations, to the year’s biggest UFC Pay-Per-View events in Las Vegas and other cities across the United States for a full year*.

The unique prizes don’t end there. In addition to a pair of gold tickets to sit in floor seats for the biggest fights of the year, the grand prize winner will get to be a guest of UFC broadcaster, Jon Anik during fight week, where they can take part in Jon’s pre-fight announcer rituals, receive exclusive behind-the-scenes access to pre-fight weigh-ins, and participate in meet-and-greets with iconic UFC personalities. Anik will also lend his trademark high-energy voice to reward the grand prize winners with special walkout announcement videos, which are normally reserved for UFC fighters as they enter the Octagon on fight night, while the winner and their guest walk to their seats, along with much more!

“Modelo and UFC are offering the ultimate fighting experience for our passionate fans – giving an opportunity to win unparalleled and close-up access to all of the best action,” Anik said. “I just knew I wanted to be part of that fan experience, especially because of the sheer number of times I have delivered Modelo’s ‘Brewed for those with the Fighting Spirit,’ tagline over the years.”

The contest will run through DraftKings, and fans 21+ can enter for their shot to win by visiting draftkings.com/modelo. Fans will have the opportunity to compete for prizes for each PPV event- February 12, March 5 and April 9. The best lineups from the first two contests will win cash prizes and the top score from the final week will win the Modelo “golden ticket” grand prize. The contest opens February 1, 2022 and runs until April 9, 2022.

“As we continue our ongoing partnership with the UFC, Modelo is always thinking about how to bring one-of-a-kind experiences to our passionate, shared fanbase,” said Greg Gallagher, Vice President of Brand Marketing, Modelo. “We can’t wait to reward the Fighting Spirit of fans with what we’re calling the ‘gold standard’ of experiences and our biggest UFC prizing yet – an opportunity to immerse themselves into UFC in a big way that hasn’t been done before.”

*Pick winning fighters and you could win Grand Prize tickets to 10 UFC PPV fights in the U.S., June 2022 – May 2023. No purchase or payment necessary to enter. Must be 21 years or older to enter with verified age. 50 U.S./DC only. Void where prohibited. Contest series to begin 2/1/22 and end 4/15/22. Exact Contest dates are subject to change, pending UFC fight schedules. Eligibility restrictions apply. See draftkings.com for details and Official Rules. No alcohol is awarded with any prize.

ABOUT MODELO^® 
Born in 1925 in the small town of Tacuba, Mexico, Modelo has been bringing distinctive high-quality beer to people ever since, including Modelo Especial®, Modelo Negra®, and a flavorful lineup of Modelo Cheladas. Modelo Especial is a golden, full-flavored Pilsner-style Lager with a clean, crisp finish. As the #1 imported beer in the U.S., Modelo Especial recently surpassed 150MM cases sold in 2021. The Modelo family of beers are exclusively brewed, imported and marketed for the U.S. by Constellation Brands.

About UFC^® 
UFC^® is the world’s premier mixed martial arts organization (MMA), with more than 625 million fans and 187 million social media followers. The organization produces more than 40 live events annually in some of the most prestigious arenas around the world, while broadcasting to approximately 900M TV households across more than 175 countries. UFC’s athlete roster features the world’s best MMA athletes representing more than 75 countries. The organization’s digital offerings include UFC FIGHT PASS^®, one of the world’s leading streaming services for combat sports. UFC is owned by global entertainment, sports and content company Endeavor, and is headquartered in Las Vegas, Nevada. For more information, visit UFC.com and follow UFC at Facebook.com/UFC, Twitter, Snapchat, Instagram and TikTok: @UFC.

Press Contact:
Stephanie McGuane
Stephanie.McGuane@Cbrands.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70d134d1-5e43-41e9-a490-5561763b1940