⁠Wall St Engine
$FTNT | Fortinet Q1'25 Earnings Highlights

🔹 Revenue: $1.54B (Est. $1.54B) 🟡; +14% YoY
🔹 Adj. EPS: $0.58 (Est. $0.53) 🟢
🔹 Billings: $1.60B; +14% YoY

Q2'25 Guidance
🔹 Revenue: $1.59B–$1.65B (Est. $1.63B) 🟡
🔹 EPS: $0.58–$0.60 (Est. $0.58) 🟢
🔹 Billings: $1.685B–$1.765B
🔹 Non-GAAP Operating Margin: 31.5%–32.5%
🔹 Gross Margin: 80%–81%

FY2025 Guidance
🔹 Revenue: $6.65B–$6.85B (Est. $6.76B) 🟡
🔹 EPS: $2.43–$2.49 (Est. $2.47) 🟡
🔹 Service Revenue: $4.575B–$4.725B
🔹 Billings: $7.2B–$7.4B
🔹 Non-GAAP Operating Margin: 31.5%–33.5%
🔹 Gross Margin: 79%–81%

ARR Metrics
🔹 Unified SASE ARR: $1.15B; +26% YoY
🔹 Security Operations ARR: $434.5M; +30% YoY

Other Key Q1 Metrics:
🔹 Product Revenue: $459M; +12% YoY
🔹 Service Revenue: $1.08B; +14% YoY
🔹 GAAP Operating Margin: 29% (Record Q1)
🔹 Non-GAAP Operating Margin: 34% (Record Q1)
🔹 Free Cash Flow: $783M; +29% YoY

Profitability
🔹 GAAP Net Income: $433.4M (vs. $299.3M YoY)
🔹 Non-GAAP Net Income: $452.3M (vs. $333.9M YoY)
🔹 GAAP EPS: $0.56 (vs. $0.39 YoY)
🔹 Non-GAAP EPS: $0.58 (vs. $0.43 YoY)

Cash Flow
🔹 Operating Cash Flow: $863M
🔹 Free Cash Flow: $783M

CEO Commentary – Ken Xie
🔸 “Non-GAAP operating margin hit a Q1 record of 34%. We’re accelerating investments into Unified SASE and Security Operations while strengthening our Secure Networking leadership. Our AI-driven innovation and FortiOS integration continue to drive differentiation.”
tweet

⁠Wall St Engine
TRUMP: “I can’t predict if we’ll get along with China,” but confirms there’s a big meeting set for Saturday in Switzerland.
tweet

⁠Wall St Engine
Trump’s teased “very big announcement” looks to be a Medicare drug pricing overhaul. Per Politico, he's planning to revive the "most favored nation" model—tying U.S. drug costs to lower international prices. Could be a major swing at Big Pharma ahead of Monday’s reveal. https://t.co/rwXwV8uVTA
tweet

⁠Dimitry Nakhla | Babylon Capital®
MercadoLibre $MELI Reports a Strong Q1 🎯

✅ Rev: $5.93B vs $5.52B (est) | +37% YoY

✅ EPS: $9.74 vs $8.27 (est) | +44% YoY
___

🏷️ GMV: $13.3B | +17% YoY
🧾 Items Sold: 492.2M | +28% YoY
💸 Total TPV: $58.3B | +43% YoY
📲 Fintech MAU: 64.3M | +31% YoY https://t.co/kNTMzECQOj
tweet

⁠Wall St Engine
RT @wallstengine: Happy FOMC Day to those who celebrate!

The Fed’s widely expected to stay put at 2PM ET, and they'll probably do their best not to stir up any headlines during the 2:30PM press conference. https://t.co/Bmkq4DUJoK
tweet

⁠Wall St Engine
BRAZIL RAISES BENCHMARK LENDING RATE 50 BASIS POINTS TO 14.75%
tweet

⁠Wall St Engine
Trump announces Dr. Casey Means will be nominated as the next U.S. Surgeon General.
tweet

⁠Wall St Engine
$UBER CEO says Waymo is “definitely the leader” in the autonomous race—sharing that 100 Waymo vehicles in Austin are completing more trips per day than 99% of human drivers. Plans are in motion to scale to hundreds of cars in Austin before launching in Atlanta later this year. https://t.co/21ToCPblXL
tweet

⁠Wall St Engine
U.S. March consumer credit rose $10.2B, a bit above the $9.4B expected—the biggest monthly gain in 3 months. Still, with Jan and Feb, Q1 was the weakest quarter for borrowing in a year. Revolving credit (mainly credit cards) was up just $1.9B, while non-revolving rose $8.3B. https://t.co/1CnnwJBwmE
tweet

⁠Wall St Engine
BofA says companies are still guiding capex above expectations more than twice as often as they’re guiding below—2.3x over the last 3 months vs a 1.4x historical avg. April is tracking near normal. Mentions of project delays are rising, but still far from COVID levels. https://t.co/Ymmd6kr2aH
tweet