Fortinet (FTNT) FY2018 results: revenue $1.8 billion, up 20.5% on the year
Fortinet, Inc. (FTNT) reported revenue of $1.8 billion for fiscal 2018, the year ended 31 December 2018, up 20.5% on the year before. Net income was $335 million, up 966.6%, and diluted earnings per share $0.38. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$1.8 billion
+20.5% on the year
FY2011FY2018
Operating margin
13.0%
7.3% a year earlier
FY2011FY2018
Net income
$335 million
+966.6% on the year
FY2011FY2018
Diluted EPS
$0.38
+966.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,801
1,495
1,275
+20.5%
Cost of revenue
450
385
338
+16.9%
Gross profit
1,354
1,110
938
+22.0%
Gross margin
75.2%
74.2%
73.5%
Research and development
244
211
183
+16.1%
Operating income
234
110
42.9
+113.5%
Operating margin
13.0%
7.3%
3.4%
Pre-tax income
254
124
43.1
+105.1%
Income tax
-80.6
92.6
10.9
Effective tax rate
-31.7%
74.7%
25.3%
Net income
335
31.4
32.2
+966.6%
Net margin
18.6%
2.1%
2.5%
Diluted EPS
$0.38
$0.04
$0.04
+966.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
639
594
346
+7.5%
Capital expenditure
53.0
135
67.2
-60.8%
Free cash flow
586
459
279
+27.6%
Free cash flow margin
32.5%
30.7%
21.8%
Cash from investing
-135
-76.8
-74.1
Cash from financing
-203
-416
-106
Depreciation and amortisation
55.7
55.5
48.5
+0.4%
Share-based compensation
163
137
122
+18.7%
Buybacks
212
446
111
-52.5%
Diluted shares, weighted
871m
890m
882m
-2.2%
Shares outstanding at period end
849m
839m
865m
+1.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,026
602
838
+70.3%
Debt
0.0
0.0
0.0
Other liabilities
2,052
1,656
1,302
+23.9%
Total liabilities and equity
3,078
2,258
2,140
+36.3%
Fixed assets
271
245
137
+10.6%
Goodwill
38.2
14.6
14.6
+161.6%
Intangible assets
22.1
16.3
24.8
+35.6%
Investments
604
538
602
+12.2%
Cash and equivalents
1,112
811
709
+37.2%
Receivables
444
348
313
+27.7%
Inventory
90.0
77.3
107
+16.4%
Other assets
495
207
233
+139.4%
Total assets
3,078
2,258
2,140
+36.3%
10-K for the year ended 31 December 2018, filed 26 February 2020: the filing.