Fortinet (FTNT) FY2019 results: revenue $2.2 billion, up 20.1% on the year
Fortinet, Inc. (FTNT) reported revenue of $2.2 billion for fiscal 2019, the year ended 31 December 2019, up 20.1% on the year before. Net income was $332 million, down 1.0%, 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
$2.2 billion
+20.1% on the year
FY2012FY2019
Operating margin
16.2%
13.0% a year earlier
FY2012FY2019
Net income
$332 million
-1.0% on the year
FY2012FY2019
Diluted EPS
$0.38
-1.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,163
1,801
1,495
+20.1%
Cost of revenue
506
450
385
+12.3%
Gross profit
1,657
1,354
1,110
+22.4%
Gross margin
76.6%
75.2%
74.2%
Research and development
277
244
211
+13.3%
Operating income
351
234
110
+49.7%
Operating margin
16.2%
13.0%
7.3%
Interest expense
0.0
n/a
n/a
Pre-tax income
386
254
124
+51.8%
Income tax
54.3
-80.6
92.6
Effective tax rate
14.1%
-31.7%
74.7%
Net income
332
335
31.4
-1.0%
Net margin
15.3%
18.6%
2.1%
Diluted EPS
$0.38
$0.38
$0.04
-1.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
808
639
594
+26.5%
Capital expenditure
92.2
53.0
135
+74.0%
Free cash flow
716
586
459
+22.2%
Free cash flow margin
33.1%
32.5%
30.7%
Cash from investing
-502
-135
-76.8
Cash from financing
-196
-203
-416
Depreciation and amortisation
61.6
55.7
55.5
+10.6%
Share-based compensation
174
163
137
+6.9%
Buybacks
145
212
446
-31.5%
Diluted shares, weighted
875m
871m
890m
+0.5%
Shares outstanding at period end
858m
849m
839m
+1.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,342
1,026
602
+30.9%
Debt
0.0
0.0
0.0
Operating lease liabilities
30.6
n/a
n/a
Other liabilities
2,512
2,052
1,656
+22.4%
Total liabilities and equity
3,886
3,078
2,258
+26.2%
Fixed assets
344
271
245
+26.9%
Goodwill
67.2
38.2
14.6
+75.9%
Intangible assets
31.1
22.1
16.3
+40.7%
Investments
987
604
538
+63.4%
Cash and equivalents
1,222
1,112
811
+9.9%
Receivables
544
444
348
+22.5%
Inventory
118
90.0
77.3
+31.0%
Other assets
571
495
207
+15.3%
Total assets
3,886
3,078
2,258
+26.2%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.