As we can see from the chart in the thread header, the stock is in a prolonged downtrend. Today's boost appears to be from FTNT's earnings/revenue beat.
Fortinet Reports Fourth Quarter and Full Year 2012 Financial ResultsCompany Exceeds Its Expectations Across
SUNNYVALE, CA--(Marketwire - Jan 30, 2013) - Fortinet® ( NASDAQ : FTNT )
Fourth Quarter 2012 Highlights
Revenues of $151.2 million, up 25% year over year2 Billings of $174.3 million, up 24% year over year1,2 GAAP diluted net income per share of $0.13 Non-GAAP diluted net income per share of $0.171 Cash flow from operations of $50.3 million Free cash flow of $48.5 million1,2 Cash, cash equivalents and investments of $739.6 million4, with no debt Full Year 2012 Highlights
Revenues of $533.6 million, up 23% year over year3 Billings of $602.0 million, up 27% year over year1,3 GAAP diluted net income per share of $0.40 Non-GAAP diluted net income per share of $0.531 Cash flow from operations of $183.9 million Free cash flow of $161.8 million1,3,4 Fortinet® ( NASDAQ : FTNT ) -- a leader in high-performance network security -- today announced financial results for the fourth quarter and full year ended December 31, 2012.
Financial Highlights for the Fourth Quarter of 2012
Revenue2: Total revenue was $151.2 million for the fourth quarter of 2012, an increase of 25% compared to $120.9 million in the same quarter of 2011. Within total revenue, product revenue was $71.0 million, an increase of 24% compared to the same quarter of 2011. Services revenue was $76.7 million, an increase of 26% compared to the same quarter of 2011.
Billings1,2: Total billings were $174.3 million for the fourth quarter of 2012, an increase of 24% compared to $140.6 million in the same quarter of 2011.
Deferred Revenue: Deferred revenue was $363.2 million as of December 31, 2012, up $23.1 million from $340.1 million as of September 30, 2012.
Cash and Cash Flow1,2: As of December 31, 2012, cash, cash equivalents and investments were $739.6 million, compared to $690.3 million as of September 30, 2012. In the fourth quarter of 2012, cash flow from operations was $50.3 million and free cash flow was $48.5 million.
GAAP Operating Income2,5: GAAP operating income was $35.0 million for the fourth quarter of 2012, representing a GAAP operating margin of 23%. GAAP operating income was $26.5 million for the same quarter of 2011, representing a GAAP operating margin of 22%.
GAAP Net Income and Diluted Net Income Per Share2,5: GAAP net income was $21.5 million for the fourth quarter of 2012, based on a 41% tax rate for the quarter. This compares to GAAP net income of $16.5 million for the same quarter of 2011, based on a 40% tax rate for the quarter. GAAP diluted net income per share was $0.13 for the fourth quarter of 2012, based on 167.0 million weighted-average diluted shares outstanding, compared to $0.10 for the same quarter of 2011, based on 164.5 million weighted-average diluted shares outstanding.
Non-GAAP Operating Income1,2: Non-GAAP operating income was $41.3 million for the fourth quarter of 2012, representing a non-GAAP operating margin of 27%. Non-GAAP operating income was $32.4 million for the same quarter of 2011, representing a non-GAAP operating margin of 27%.
Non-GAAP Net Income and Diluted Net Income Per Share1,2: Non-GAAP net income was $28.1 million for the fourth quarter of 2012, based on a 34% effective tax rate for the quarter. Non-GAAP net income for the same quarter of 2011 was $22.3 million, based on a 33% effective tax rate. Non-GAAP diluted net income per share was $0.17 for the fourth quarter of 2012 based on 167.0 million weighted-average diluted shares outstanding, compared to $0.14 for the same quarter of 2011, based on 164.5 million weighted-average diluted shares outstanding.
Financial Highlights for the Full Year 2012
Revenue3: Total revenue was $533.6 million for fiscal 2012, an increase of 23% compared to $433.6 million for fiscal 2011. Within total revenue, |
