8-KEarnings & ResultsLeadership ChangesExhibits & Filings

Fortinet, Inc. 8-K Report, Financial Results (Feb 5, 2018)

Filed February 5, 2018For Securities:FTNT

Summary

Fortinet, Inc. (FTNT) filed an 8-K on February 5, 2018, primarily to report its fourth quarter and full-year 2017 financial results and to announce a change in its Chief Financial Officer role. The company provided an update on its financial performance for the period ending December 31, 2017, with the detailed press release furnished as an exhibit. Investors should review this press release for specific figures regarding revenue, profitability, and other key financial metrics to understand the company's performance trajectory at the close of 2017. In addition to the financial results, the filing disclosed the resignation of Andrew Del Matto as CFO, effective February 16, 2018. Fortinet's board subsequently appointed Keith Jensen as Interim CFO, also effective February 16, 2018. Mr. Jensen brings extensive financial leadership experience to the interim role, having served as the company's Chief Accounting Officer and holding previous CFO positions at other technology companies. His compensation package as interim CFO includes a base salary, a target bonus, and an additional quarterly bonus for the duration of his interim appointment.

Key Highlights

  • 1Fortinet reported its Q4 and full-year 2017 financial results, detailed in a press release furnished with the 8-K.
  • 2Andrew Del Matto resigned as Chief Financial Officer, with his departure effective February 16, 2018.
  • 3Keith Jensen was appointed as Interim Chief Financial Officer, effective February 16, 2018.
  • 4Mr. Jensen's prior experience includes serving as Fortinet's Chief Accounting Officer and holding CFO roles at other public companies.
  • 5The interim CFO role comes with a base salary of $320,000 annually, a 30% target bonus, and an additional $40,000 quarterly bonus.
  • 6The filing includes a press release as Exhibit 99.1 containing the financial results, which is incorporated by reference.

Frequently Asked Questions

The 8-K filing on February 5, 2018, refers to a press release (Exhibit 99.1) that contains the company's financial results for the fourth quarter and year ended December 31, 2017. Investors should consult this press release for specific details on revenue, earnings, and other performance metrics.

The filing states that Andrew Del Matto resigned as CFO, effective February 16, 2018. The company has appointed Keith Jensen as Interim CFO starting the same date. No permanent CFO replacement has been announced in this filing; the focus is on the interim appointment and Mr. Jensen's extensive experience.

Keith Jensen has been Fortinet's Chief Accounting Officer since July 2015 and has prior CFO and CAO experience at companies like Sybase and Dorado Network Systems. As Interim CFO, he will receive an annual base salary of $320,000, a 30% target bonus, and an additional quarterly bonus of $40,000 for the duration of his interim role.

This particular 8-K filing focuses on reporting historical financial results and announcing an executive change. The press release furnished as an exhibit typically contains forward-looking statements and guidance. Investors should carefully read the press release for any such forward-looking information and associated risks and uncertainties.