Fortinet (FTNT) FY2013 results: revenue $615 million, up 15.3% on the year
Fortinet, Inc. (FTNT) reported revenue of $615 million for fiscal 2013, the year ended 31 December 2013, up 15.3% on the year before. Net income was $44 million, down 33.8%, and diluted earnings per share $0.05. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2014.
Revenue
$615 million
+15.3% on the year
FY2009FY2013
Operating margin
11.7%
18.8% a year earlier
FY2009FY2013
Net income
$44 million
-33.8% on the year
FY2009FY2013
Diluted EPS
$0.05
-35.0% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
615
534
434
+15.3%
Cost of revenue
181
147
114
+22.5%
Gross profit
435
386
320
+12.5%
Gross margin
70.6%
72.4%
73.8%
Research and development
103
81.1
63.6
+26.6%
Operating income
72.1
100
88.9
-28.3%
Operating margin
11.7%
18.8%
20.5%
Pre-tax income
75.9
105
92.1
-27.7%
Income tax
31.7
38.2
29.6
-17.0%
Effective tax rate
41.7%
36.3%
32.1%
Net income
44.3
66.8
62.5
-33.8%
Net margin
7.2%
12.5%
14.4%
Diluted EPS
$0.05
$0.08
$0.08
-35.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
147
184
133
-19.8%
Capital expenditure
13.9
22.1
3.6
-37.2%
Free cash flow
134
162
129
-17.5%
Free cash flow margin
21.7%
30.3%
29.8%
Cash from investing
-147
-183
-167
Cash from financing
-6.4
50.2
39.8
Depreciation and amortisation
15.6
11.6
7.0
+35.1%
Share-based compensation
43.9
30.7
19.0
+43.1%
Buybacks
33.5
0.0
0.0
Diluted shares, weighted
841m
832m
819m
+1.1%
Shares outstanding at period end
808m
802m
775m
+0.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
586
511
358
+14.6%
Debt
0.0
0.0
0.0
Other liabilities
583
465
376
+25.4%
Total liabilities and equity
1,168
975
735
+19.8%
Fixed assets
36.7
25.6
8.0
+43.0%
Goodwill
2.9
0.0
n/a
Intangible assets
6.8
2.1
1.4
+223.1%
Investments
727
617
467
+17.9%
Cash and equivalents
116
123
72.0
-5.8%
Receivables
130
108
95.5
+21.2%
Inventory
48.7
21.1
16.2
+131.1%
Other assets
99.9
79.5
74.9
+25.7%
Total assets
1,168
975
735
+19.8%
10-K for the year ended 31 December 2013, filed 3 March 2014: the filing.