Fortinet Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 31, 2012 at 04:15 pm
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Fortinet Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. Total revenue was $120.9 million for the fourth quarter of 2011, an increase of 29% compared to $93.599 million for the fourth quarter of 2010. Within total revenue, product revenue was $57.5 million, an increase of 40% compared to the fourth quarter of 2010. Services revenue was $61.1 million, an increase of 27% compared to the fourth quarter of 2010. Ratable and other revenue was $2.3 million compared to $4.6 million for the fourth quarter of 2010. In the fourth quarter of 2011, free cash flow was $30.7 million, compared to $30.5 million for the fourth quarter of 2010. GAAP operating income was $26.5 million for the fourth quarter of 2011, and $20.7 million for the fourth quarter of 2010. Non-GAAP operating income was $32.4 million for the fourth quarter of 2011, representing a non-GAAP operating margin of 27%, and $23.2 million for the fourth quarter of 2010, representing a non-GAAP operating margin of 25%. GAAP net income was $16.5 million for the fourth quarter of 2011, based on a 40% tax rate for the quarter. This compares to GAAP net income of $16.1 million for the fourth quarter of 2010. GAAP diluted EPS was $0.10 for the fourth quarter of 2011, based on 164.5 million weighted-average diluted shares outstanding, compared to $0.10 for the fourth quarter of 2010, based on 160.7 million weighted-average diluted shares outstanding. Non-GAAP net income was $22.3 million for the fourth quarter of 2011, based on a 33% effective tax rate for the quarter. Non-GAAP net income for the fourth quarter of 2010 was $17.3 million, based on a 27% effective tax rate. Non-GAAP diluted EPS was $0.14 for the fourth quarter of 2011 based on 164.5 million weighted-average diluted shares outstanding, compared to $0.11 for the fourth quarter of 2010, based on 160.7 million weighted-average diluted shares outstanding. Income before income taxes was $27.371 million against $21.082 million of previous year period. Net cash provided by operating activities was $22.559 million versus $31.425 million for the comparable period of last year. Purchase of property and equipment was $839,000 against $876,000 for the corresponding period of last year.
Total revenue was $433.6 million for fiscal 2011, an increase of 34% compared to $324.696 million of fiscal 2010. Within total revenue, product revenue was $197.4 million for fiscal 2011, an increase of 46% compared to fiscal 2010, and services revenue was $220.3 million, an increase of 28% compared to fiscal 2010. Ratable and other revenue was $15.9 million compared to $17.5 million for fiscal 2010. GAAP operating income was $88.9 million for fiscal 2011, representing a GAAP operating margin of 21%, and $55.3 million for fiscal 2010, representing a GAAP operating margin of 17%. Non-GAAP operating income was $106.0 million for fiscal 2011, representing a non-GAAP operating margin of 24%, and $64.7 million for fiscal 2010, representing a non-GAAP operating margin of 20%. GAAP net income was $62.5 million for fiscal 2011, based on a 32% tax rate for the year. This compares to GAAP net income of $41.2 million for fiscal 2010, based on a 27% tax rate for the year. GAAP EPS was $0.38 on 163.8 million weighted-average diluted shares outstanding for fiscal 2011, compared to $0.26 on 156.4 million weighted-average diluted shares outstanding for fiscal 2010. Non-GAAP net income was $73.1 million for fiscal 2011, based on a 33% effective tax rate. Non-GAAP net income for fiscal 2010 was $44.6 million, based on a 32% effective tax rate. Non-GAAP EPS was $0.45 on 163.8 million weighted-average diluted shares outstanding for fiscal 2011, compared to $0.29 on 156.4 million weighted-average diluted shares outstanding for fiscal 2010. Income before income taxes was $92.073 million against $56.341 million of previous year. Net cash provided by operating activities was $132.842 million versus $103.383 million for the comparable period of last year. Purchase of property and equipment was $3.624 million against $3.776 million for the corresponding period of last year.
Fortinet, Inc. specializes in the creation, development and marketing of integrated cybersecurity software and equipment for the protection of networks and information systems infrastructures as well as for the protection of company and government data.
Net sales break down by revenue source into sales of services (59.7%) and products (40.3%).
Net sales are distributed geographically as follows: the United States (30%), Americas (10.4%), Europe/Middle East/Africa (38.3%) and Asia/Pacific (21.3%).