Fortinet reports Q4 and Full Year 2013 Financial Results

Fortinet has announced its financial results for the fourth quarter and full year ended December 31, 2013. Financial highlights for the fourth quarter of 2013 included total billings of $209.8 million for the fourth quarter of 2013, showing an increase of 20% compared to $174.3 million in the same quarter of 2012.  Within total revenue, product revenue was $83.9 million and services revenue was $90.3 million. 

Ken Xie, Founder, Chairman & Chief Executive Officer, Fortinet, stated, "We had a strong finish to 2013, meeting or exceeding our expectations across our key non-GAAP operating metrics during the fourth quarter. Looking forward, we expect the advanced persistent threat opportunity, continued execution in the data center with 100Gbps deployments, and next-generation firewall displacements, to be the key drivers of our business." 

As of December 31, 2013, cash, cash equivalents and investments were $843.0 million, compared to $839.0 million as of September 30, 2013. In the fourth quarter of 2013, cash flow from operations was $46.7 million and free cash flow was $39.5 million.GAAP operating income was $24.6 million for the fourth quarter of 2013, representing a GAAP operating margin of 14%. GAAP operating income was $35.0 million for the same quarter of 2012, representing a GAAP operating margin of 23%. 

On the other hand, the key financial highlights for the full year 2013 included total billings at $684.2 million for fiscal 2013 with an increase of 14% compared to $602.0 million in fiscal 2012. The total revenue was $615.3 million for fiscal 2013, an increase of 15% compared to $533.6 million for fiscal 2012.