Fortinet (FTNT) FY2015 results: revenue $1.0 billion, up 31.0% on the year
Fortinet, Inc. (FTNT) reported revenue of $1.0 billion for fiscal 2015, the year ended 31 December 2015, up 31.0% on the year before. Net income was $8 million, down 68.5%, and diluted earnings per share $0.01. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$1.0 billion
+31.0% on the year
FY2009FY2015
Operating margin
1.5%
7.7% a year earlier
FY2009FY2015
Net income
$8 million
-68.5% on the year
FY2009FY2015
Diluted EPS
$0.01
-66.7% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,009
770
615
+31.0%
Cost of revenue
287
231
181
+24.1%
Gross profit
722
539
435
+34.0%
Gross margin
71.6%
70.0%
70.6%
Research and development
158
123
103
+28.7%
Operating income
14.9
59.3
72.1
-74.9%
Operating margin
1.5%
7.7%
11.7%
Pre-tax income
17.0
61.5
75.9
-72.4%
Income tax
9.0
36.2
31.7
-75.1%
Effective tax rate
53.0%
58.8%
41.7%
Net income
8.0
25.3
44.3
-68.5%
Net margin
0.8%
3.3%
7.2%
Diluted EPS
$0.01
$0.03
$0.05
-66.7%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
283
197
147
+43.7%
Capital expenditure
37.4
32.2
13.9
+16.0%
Free cash flow
245
164
134
+49.2%
Free cash flow margin
24.3%
21.3%
21.7%
Cash from investing
-1.0
-29.4
-147
Cash from financing
-21.6
0.7
-6.4
Depreciation and amortisation
31.6
22.0
15.6
+43.4%
Share-based compensation
95.1
59.0
43.9
+61.2%
Buybacks
60.0
44.0
33.5
+36.4%
Diluted shares, weighted
881m
846m
841m
+4.0%
Shares outstanding at period end
857m
832m
808m
+3.0%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
755
676
586
+11.7%
Debt
0.0
0.0
0.0
Other liabilities
1,035
749
583
+38.2%
Total liabilities and equity
1,791
1,425
1,168
+25.7%
Fixed assets
91.1
58.9
36.7
+54.6%
Goodwill
4.7
2.8
2.9
+66.1%
Intangible assets
17.6
2.8
6.8
+522.9%
Investments
621
708
727
-12.3%
Cash and equivalents
543
283
116
+91.8%
Receivables
260
185
130
+40.5%
Inventory
83.9
69.5
48.7
+20.7%
Other assets
169
114
99.9
+48.3%
Total assets
1,791
1,425
1,168
+25.7%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.