Fortinet Inc (NASDAQ:FTNT) stock rose 2.87% (As on Feb 4, 12:14:18 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. Product revenue in the quarter rose 31%, to $378.8 million, and service revenue rose 27%, to $584.7 million. Billings jumped 36%, to $1.31 billion. 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. 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. 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%. 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. 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 flow was $215.5 million for the fourth quarter of 2021, compared to $264.2 million for the same quarter of 2020.

FTNT in the fourth quarter of FY 21 has reported the adjusted earnings per share of $1.23, beating the analysts’ estimates for the adjusted earnings per share of $1.15, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 28.8 percent to $963.6 million in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $960.5 million.

Looking forward, Fortinet is predicting adjusted earnings of 75 cents to 80 cents per share in the first quarter on revenue of $865 million to $895 million. For the first quarter of 2022, Fortinet expects Billings to be in the range of $1.050 billion to $1.090 billion and Non-GAAP gross margin to be in the range of 75.5% to 76.5%.

For the full year, the company is estimating adjusted earnings of $4.85 to $5 per share on revenue of $4.275 billion to $4.325 billion. Analysts had projected full-year earnings of $4.62 per share on revenue of $3.965 billion.