Fortinet (FTNT) FY2017 results: revenue $1.5 billion, up 17.2% on the year
Fortinet, Inc. (FTNT) reported revenue of $1.5 billion for fiscal 2017, the year ended 31 December 2017, up 17.2% on the year before. Net income was $31 million, down 2.4%, and diluted earnings per share $0.04. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$1.5 billion
+17.2% on the year
FY2010FY2017
Operating margin
7.3%
3.4% a year earlier
FY2010FY2017
Net income
$31 million
-2.4% on the year
FY2010FY2017
Diluted EPS
$0.04
0.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,495
1,275
1,009
+17.2%
Cost of revenue
385
338
287
+14.0%
Gross profit
1,110
938
722
+18.3%
Gross margin
74.2%
73.5%
71.6%
Research and development
211
183
158
+15.0%
Operating income
110
42.9
14.9
+155.7%
Operating margin
7.3%
3.4%
1.5%
Pre-tax income
124
43.1
17.0
+187.4%
Income tax
92.6
10.9
9.0
+749.5%
Effective tax rate
74.7%
25.3%
53.0%
Net income
31.4
32.2
8.0
-2.4%
Net margin
2.1%
2.5%
0.8%
Diluted EPS
$0.04
$0.04
$0.01
0.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
594
346
283
+71.9%
Capital expenditure
135
67.2
37.4
+101.4%
Free cash flow
459
279
245
+64.8%
Free cash flow margin
30.7%
21.8%
24.3%
Cash from investing
-76.8
-74.1
-1.0
Cash from financing
-416
-106
-21.6
Depreciation and amortisation
55.5
48.5
31.6
+14.3%
Share-based compensation
137
122
95.1
+12.1%
Buybacks
446
111
60.0
+302.7%
Diluted shares, weighted
890m
882m
881m
+1.0%
Shares outstanding at period end
839m
865m
857m
-3.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
602
838
755
-28.1%
Debt
0.0
0.0
0.0
Other liabilities
1,656
1,302
1,035
+27.2%
Total liabilities and equity
2,258
2,140
1,791
+5.5%
Fixed assets
245
137
91.1
+78.8%
Goodwill
14.6
14.6
4.7
+0.3%
Intangible assets
16.3
24.8
17.6
-34.3%
Investments
538
602
621
-10.5%
Cash and equivalents
811
709
543
+14.4%
Receivables
348
313
260
+11.2%
Inventory
77.3
107
83.9
-27.7%
Other assets
207
233
169
-11.2%
Total assets
2,258
2,140
1,791
+5.5%
10-K for the year ended 31 December 2017, filed 26 February 2020: the filing.