Fortinet (FTNT) FY2014 results: revenue $770 million, up 25.2% on the year
Fortinet, Inc. (FTNT) reported revenue of $770 million for fiscal 2014, the year ended 31 December 2014, up 25.2% on the year before. Net income was $25 million, down 42.8%, and diluted earnings per share $0.03. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$770 million
+25.2% on the year
FY2009FY2014
Operating margin
7.7%
11.7% a year earlier
FY2009FY2014
Net income
$25 million
-42.8% on the year
FY2009FY2014
Diluted EPS
$0.03
-42.3% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
770
615
534
+25.2%
Cost of revenue
231
181
147
+27.9%
Gross profit
539
435
386
+24.1%
Gross margin
70.0%
70.6%
72.4%
Research and development
123
103
81.1
+19.7%
Operating income
59.3
72.1
100
-17.7%
Operating margin
7.7%
11.7%
18.8%
Pre-tax income
61.5
75.9
105
-19.0%
Income tax
36.2
31.7
38.2
+14.3%
Effective tax rate
58.8%
41.7%
36.3%
Net income
25.3
44.3
66.8
-42.8%
Net margin
3.3%
7.2%
12.5%
Diluted EPS
$0.03
$0.05
$0.08
-42.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
197
147
184
+33.4%
Capital expenditure
32.2
13.9
22.1
+132.0%
Free cash flow
164
134
162
+23.1%
Free cash flow margin
21.3%
21.7%
30.3%
Cash from investing
-29.4
-147
-183
Cash from financing
0.7
-6.4
50.2
Depreciation and amortisation
22.0
15.6
11.6
+41.0%
Share-based compensation
59.0
43.9
30.7
+34.4%
Buybacks
44.0
33.5
0.0
+31.2%
Diluted shares, weighted
846m
841m
832m
+0.7%
Shares outstanding at period end
832m
808m
802m
+3.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
676
586
511
+15.4%
Debt
0.0
0.0
0.0
Other liabilities
749
583
465
+28.5%
Total liabilities and equity
1,425
1,168
975
+21.9%
Fixed assets
58.9
36.7
25.6
+60.8%
Goodwill
2.8
2.9
0.0
-1.7%
Intangible assets
2.8
6.8
2.1
-58.6%
Investments
708
727
617
-2.6%
Cash and equivalents
283
116
123
+144.5%
Receivables
185
130
108
+41.6%
Inventory
69.5
48.7
21.1
+42.7%
Other assets
114
99.9
79.5
+14.3%
Total assets
1,425
1,168
975
+21.9%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.