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UAE, Dubai - October 24, 2013 - Fortinet® (NASDAQ: FTNT) - a leader in high-performance network security - today announced financial results for the third quarter ended September 30, 2013. “We were very pleased with our solid execution during the third quarter, particularly our ability to exceed the high end of our billings, revenue and earnings per share expectations,' said Ken Xie, founder, president and chief executive officer. “Our performance highlights the underlying strength of our technology and market adoption of Fortinet's solutions across the globe. We are excited about the innovation we delivered with our latest FortiASIC NP-6 processor, which enables the fastest firewall and IPS performance in the industry and brings with it meaningful benefits to customers.” Financial Highlights for the Third Quarter of 2013 - Billings1: Total billings were $165.2 million for the third quarter of 2013, an increase of 14% compared to $145.0 million in the same quarter of 2012.
- Revenue: Total revenue was $154.7 million for the third quarter of 2013, an increase of 14% compared to $136.3 million in the same quarter of 2012. Within total revenue, product revenue was $69.7 million, an increase of 11% compared to the same quarter of 2012. Services revenue was $83.9 million, an increase of 20% compared to the same quarter of 2012.
- Deferred Revenue: Deferred revenue was $400.2 million as of September 30, 2013, an increase of 18% compared to deferred revenue of $340.1 million as of September 30, 2012, and an increase of $10.5 million from $389.7 million as of June 30, 2013.
- Cash and Cash Flow: As of September 30, 2013, cash, cash equivalents and investments were $841.0 million, compared to $814.4 million as of June 30, 2013. In the third quarter of 2013, cash flow from operations was $25.4 million and free cash flow was $22.2 million1.
- GAAP Operating Income: GAAP operating income was $18.3 million for the third quarter of 2013, representing a GAAP operating margin of 12%. GAAP operating income was $25.8 million for the same quarter of 2012, representing a GAAP operating margin of 19%.
- GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $11.0 million for the third quarter of 2013, based on a 40% effective tax rate for the quarter. This compared to GAAP net income of $17.2 million for the same quarter of 2012, based on a 36% effective tax rate for the quarter. GAAP diluted net income per share was $0.07 for the third quarter of 2013, based on 168.7 million weighted-average diluted shares outstanding, compared to $0.10 for the same quarter of 2012, based on 166.8 million weighted-average diluted shares outstanding.
- Non-GAAP Operating Income1: Non-GAAP operating income was $30.0 million for the third quarter of 2013, representing a non-GAAP operating margin of 19%. Non-GAAP operating income was $34.3 million for the same quarter of 2012, representing a non-GAAP operating margin of 25%.
- Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $20.2 million for the third quarter of 2013, based on a 33% effective tax rate for the quarter. Non-GAAP net income for the same quarter of 2012 was $23.3 million, based on a 34% effective tax rate. Non-GAAP diluted net income per share was $0.12 for the third quarter of 2013 based on 168.7 million weighted-average diluted shares outstanding, compared to $0.14 for the same quarter of 2012, based on 166.8 million weighted-average diluted shares outstanding.
1 A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
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