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BW Businessworld

Cybersecurity Firm Fortinet Q2 Revenue Up By 30% To $239

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Fortinet, a global leader in high performance cyber security solutions, announced financial results for the second quarter ended June 30, 2015.

Total billings were $297.2 million for the second quarter of 2015, an increase of 40 per cent compared to $213.0 million in the same quarter of 2014. Total revenue was $239.8 million for the second quarter of 2015, an increase of 30 per cent compared to $184.1 million in the same quarter of 2014. Within total revenue, product revenue was $114.8 million, an increase of 34 per cent compared to $85.4 million in the same quarter of 2014.  Service revenue was $125.0 million, an increase of 27 per cent compared to $98.7 million in the same quarter of 2014.  

Total deferred revenue was $657.6 million as of June 30, 2015, an increase of $57.4 million from $600.2 million as of March 31, 2015. As of June 30, 2015, cash, cash equivalents and investments were $1.15 billion, compared to $1.07 billion as of March 31, 2015. In the second quarter of 2015, cash flow from operations was $84.3 million compared to $43.8 million in the same quarter of 2014. Free cash flow1 was $73.5 million during the second quarter of 2015  compared to $34.1 million in the same quarter of 2014.

GAAP operating income was $3.0 million for the second quarter of 2015, representing a GAAP operating margin of 1 per cent. GAAP operating income was $11.1 million for the same quarter of 2014, representing a GAAP operating margin of 6 per cent.  

GAAP net income was $0.8 million for the second quarter of 2015, compared to GAAP net income of $6.1 million for the same quarter of 2014. GAAP diluted net income per share was break-even for the second quarter of 2015, compared to $0.04 for the same quarter of 2014.

Non-GAAP operating income was $29.3 million for the second quarter of 2015, representing a non-GAAP operating margin of 12%. Non-GAAP operating income was $28.7 million for the same quarter of 2014, representing a non-GAAP operating margin of 16%.  

Non-GAAP net income was $19.4 million for the second quarter of 2015, compared to non-GAAP net income of $18.6 million for the same quarter of 2014.  Non-GAAP diluted net income per share was $0.11 for both periods.

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."

During the second quarter of 2015, there were no shares repurchased under our share repurchase programme.

(BW Online Bureau)


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