Fortinet Reports Third Quarter 2016 Financial Results
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SUNNYVALE, CA -- (Marketwired) -- 10/27/16 --
Fortinet® (NASDAQ: FTNT)
- Revenue of $316.6 million, up 22% year over year
- Billings of $347.5 million, up 16% year over year1
- GAAP diluted net income per share $0.04
- Non-GAAP diluted net income per share of $0.181
- Cash flow from operations of $76.1 million
- Free cash flow of $70.2 million1
- Cash, cash equivalents and investments of $1.27 billion2
- Deferred revenue of $934.8 million, up 32% year over year
Fortinet® (NASDAQ: FTNT), a global leader in high performance cyber security solutions, today announced financial results for the third quarter ended September 30, 2016.
"While our third quarter results were impacted by a moderated spending environment, extended sales cycles and sales execution challenges, we continued to outgrow the market, as well as add 9,000 new customers," stated Ken Xie, founder, chairman and chief executive officer. "Fortinet remains in a position to benefit from key secular trends such as security vendor consolidation and next generation cloud architectures. We have a strong technology advantage and visionary roadmap in place to help us continue to grow our market position, address our large opportunity, and make progress towards achieving our long term margin targets."
Financial Highlights for the Third Quarter of 2016
- Revenue: Total revenue was $316.6 million for the third quarter of 2016, an increase of 22% compared to $260.1 million in the same quarter of 2015. Within total revenue, product revenue was $128.0 million, an increase of 7% compared to $119.7 million in the same quarter of 2015. Service revenue was $188.7 million, an increase of 34% compared to $140.3 million in the same quarter of 2015.
- Billings1: Total billings were $347.5 million for the third quarter of 2016, an increase of 16% compared to $299.6 million in the same quarter of 2015.
- Deferred Revenue: Total deferred revenue was $934.8 million as of September 30, 2016, an increase of 32% compared to $706.9 million in the same quarter of 2015. Total deferred revenue increased by $30.8 million compared to $904.0 million as of June 30, 2016.
- Cash2 and Cash Flow: As of September 30, 2016, cash, cash equivalents and investments were $1.27 billion, compared to $1.22 billion as of June 30, 2016. In the third quarter of 2016, cash flow from operations was $76.1 million compared to $65.1 million in the same quarter of 2015. Free cash flow1 was $70.2 million during the third quarter of 2016 compared to $51.7 million in the same quarter of 2015.
- GAAP Operating Income or Loss: GAAP operating income was $5.5 million for the third quarter of 2016, representing a GAAP operating margin of 2%. GAAP operating loss was $1.8 million in the same quarter of 2015, representing a GAAP operating margin of -1%.
- Non-GAAP Operating Income1: Non-GAAP operating income was $45.9 million for the third quarter of 2016, representing a non-GAAP operating margin of 15%. Non-GAAP operating income was $36.4 million in the same quarter of 2015, representing a non-GAAP operating margin of 14%.
- GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $6.3 million for the third quarter of 2016, compared to GAAP net income of $8.2 million for the same quarter of 2015. GAAP diluted net income per share was $0.04 for the third quarter of 2016. GAAP diluted net income per share was $0.05 in the third quarter of 2015.
- Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $32.2 million for the third quarter of 2016, compared to non-GAAP net income of $24.1 million for the same quarter of 2015. Non-GAAP diluted net income per share was $0.18 for the third quarter of 2016, compared to $0.14 in the same quarter of 2015.
1 A reconciliation of GAAP to non-GAAP financial and liquidity 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."
2 During the third quarter of 2016, we repurchased $25.0 million of our common stock under our share repurchase program. During the third quarter of 2015, there were no shares repurchased under our share repurchase program.
Conference Call Details
Fortinet will host a conference call today, October 27, 2016, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its financial results. To access this call, dial (877) 303-6913 (domestic) or (224) 357-2188 (international) with conference ID # 92898989. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet's website at http://investor.fortinet.com and a replay will be archived and accessible at http://investor.fortinet.com/events.cfm. A replay of this conference call can also be accessed through November 3, 2016, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID# 92898989.
Following Fortinet's financial results conference call, the Company will host an additional question-and-answer session at 3:30 p.m. Pacific Time (6:30 p.m. Eastern Time) to provide an opportunity for financial analysts and investors to ask more detailed questions. To access this call, dial (877) 303-6913 (domestic) or (224) 357-2188 (international) with conference ID # 92905958. This follow-up call will be webcast live and accessible at http://investor.fortinet.com, and a replay will be archived and available after the call at http://investor.fortinet.com/events.cfm. A replay of this conference call will also be available through November 3, 2016 by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID # 92905958.
About Fortinet (www.fortinet.com)
Fortinet (NASDAQ: FTNT) secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with intelligent, seamless protection across the expanding attack surface and the power to take on ever-increasing performance requirements of the borderless network -- today and into the future. Only the Fortinet Security Fabric architecture can deliver security without compromise to address the most critical security challenges, whether in networked, application, cloud or mobile environments. More than 290,000 customers worldwide trust Fortinet to protect their businesses. Learn more at http://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.
Copyright © 2016 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and unregistered trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail, FortiClient, FortiCloud, FortiCare, FortiAnalyzer, FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP, FortiBIOS, FortiLog, FortiResponse, FortiCarrier, FortiScan, FortiAP, FortiDB, FortiVoice and FortiWeb. Other trademarks belong to their respective owners.
FTNT-F
Forward-looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our positions to benefit from market trends, to continue to grow our market position, address our market opportunity, and make progress towards achieving our long term margin targets. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks; global economic conditions, including in Great Britain and Latin America, and foreign currency risks; increasing competitiveness in the security market; the dynamic nature of the security market; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding increased business and renewals from existing customers; uncertainties around continued success in sales growth and market share gains; longer sales cycles, particularly for larger enterprise customers; failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; sales and marketing execution risks, particularly in North America; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments; competition and pricing pressure; risks related to integrating acquisitions; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the SEC, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.
Non-GAAP Financial Measures
We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.
Billings (Non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.
Free cash flow (Non-GAAP). We define free cash flow as net cash provided by operating activities minus capital expenditures such as purchases of real estate and other property and equipment. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, repurchasing outstanding common stock, and strengthening the balance sheet. Analysis of free cash flow facilitates management's comparison of our operating results to those of our peer companies. A limitation of using free cash flow rather than the GAAP measure of net cash provided by operating activities as a means for evaluating liquidity is that free cash flow does not represent the total increase or decrease in the cash, cash equivalents and investments balance for the period because it excludes cash provided by or used for other investing and financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Liquidity and Capital Resources" in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income or loss plus stock-based compensation, business acquisition-related charges, purchase accounting adjustments, impairment and amortization of acquired intangible assets, restructuring charges, expenses associated with the implementation of a new Enterprise Resource Planning (ERP) system, and, when applicable, any other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income or loss calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Stock-based compensation has been and will continue to be, for the foreseeable future, a significant recurring expense in our business. Second, stock-based compensation is an important part of our employees' compensation and may impact their performance. Third, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income or loss calculated in accordance with GAAP.
Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin, adjusted for the impact of the tax adjustment resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the effective tax rates we used are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP.
FORTINET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
September 30, December 31,
2016 2015
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 647,513 $ 543,277
Short-term investments 382,909 348,074
Accounts receivable-net 238,988 259,563
Inventory 93,731 83,868
Prepaid expenses and other current assets 31,732 35,761
------------- -------------
Total current assets 1,394,873 1,270,543
LONG-TERM INVESTMENTS 240,228 272,959
DEFERRED TAX ASSETS 189,434 119,216
PROPERTY AND EQUIPMENT-net 126,109 91,067
OTHER INTANGIBLE ASSETS-net 27,849 17,640
GOODWILL 14,553 4,692
OTHER ASSETS 17,114 14,393
------------- -------------
TOTAL ASSETS $ 2,010,160 $ 1,790,510
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 57,530 $ 61,500
Accrued liabilities 37,280 33,028
Accrued payroll and compensation 65,610 61,111
Income taxes payable 7,795 8,379
Deferred revenue 582,145 514,652
------------- -------------
Total current liabilities 750,360 678,670
DEFERRED REVENUE 352,647 276,651
INCOME TAX LIABILITIES 67,996 60,624
OTHER LIABILITIES 16,069 19,188
------------- -------------
Total liabilities 1,187,072 1,035,133
STOCKHOLDERS' EQUITY:
Common stock 173 171
Additional paid-in capital 779,669 687,658
Accumulated other comprehensive income (loss) 153 (933)
Retained earnings 43,093 68,481
------------- -------------
Total stockholders' equity 823,088 755,377
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,010,160 $ 1,790,510
============= =============
FORTINET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2016 2015 2016 2015
------------- ------------- ------------- -------------
REVENUE:
Product $ 127,972 $ 119,737 $ 389,185 $ 332,023
Service 188,674 140,331 523,428 380,716
------------- ------------- ------------- -------------
Total revenue 316,646 260,068 912,613 712,739
------------- ------------- ------------- -------------
COST OF REVENUE:
Product 1 50,267 46,167 152,368 134,932
Service 1 34,532 25,534 94,578 69,869
------------- ------------- ------------- -------------
Total cost of
revenue 84,799 71,701 246,946 204,801
------------- ------------- ------------- -------------
GROSS PROFIT:
Product 77,705 73,570 236,817 197,091
Service 154,142 114,797 428,850 310,847
------------- ------------- ------------- -------------
Total gross profit 231,847 188,367 665,667 507,938
------------- ------------- ------------- -------------
OPERATING EXPENSES:
Research and
development 1 47,239 42,110 137,495 115,315
Sales and marketing
1 154,831 120,994 463,628 333,531
General and
administrative 1 22,006 21,220 63,629 51,199
Restructuring
charges 2,283 5,883 3,164 5,883
------------- ------------- ------------- -------------
Total operating
expenses 226,359 190,207 667,916 505,928
------------- ------------- ------------- -------------
OPERATING INCOME
(LOSS) 5,488 (1,840) (2,249) 2,010
INTEREST INCOME 1,888 1,333 5,339 4,119
OTHER EXPENSE-net (787) (653) (3,449) (2,160)
------------- ------------- ------------- -------------
INCOME (LOSS) BEFORE
INCOME TAXES 6,589 (1,160) (359) 3,969
PROVISION FOR
(BENEFIT FROM)
INCOME TAXES 298 (9,329) (7,380) (6,552)
------------- ------------- ------------- -------------
NET INCOME $ 6,291 $ 8,169 $ 7,021 $ 10,521
============= ============= ============= =============
Net income per
share:
Basic $ 0.04 $ 0.05 $ 0.04 $ 0.06
============= ============= ============= =============
Diluted $ 0.04 $ 0.05 $ 0.04 $ 0.06
============= ============= ============= =============
Weighted-average
shares outstanding:
Basic 173,335 171,648 172,212 169,898
============= ============= ============= =============
Diluted 177,938 177,897 176,046 175,963
============= ============= ============= =============
1 Includes stock-
based compensation
as follows:
Cost of product
revenue $ 309 $ 291 $ 887 $ 641
Cost of service
revenue 2,238 1,849 6,495 5,141
Research and
development 7,648 6,663 22,249 17,361
Sales and marketing 17,378 13,904 50,183 34,482
General and
administrative 3,520 3,612 10,528 9,376
------------- ------------- ------------- -------------
$ 31,093 $ 26,319 $ 90,342 $ 67,001
============= ============= ============= =============
FORTINET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2016 2015 2016 2015
------------- ------------- ------------- -------------
Net income $ 6,291 $ 8,169 $ 7,021 $ 10,521
Other comprehensive
income (loss):
Unrealized gains
(losses) on
investments (879) 337 1,670 400
Tax provision
(benefit) related
to items of other
comprehensive
income (308) 118 584 141
------------- ------------- ------------- -------------
Other comprehensive
income (loss)-net
of taxes (571) 219 1,086 259
------------- ------------- ------------- -------------
Comprehensive income $ 5,720 $ 8,388 $ 8,107 $ 10,780
============= ============= ============= =============
FORTINET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended
---------------------------
September 30, September 30,
2016 2015
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 7,021 $ 10,521
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 34,896 22,206
Amortization of investment premiums 3,828 5,770
Stock-based compensation 90,342 67,001
Other non-cash items-net 4,846 2,681
Changes in operating assets and liabilities:
Accounts receivable-net 12,788 20,923
Inventory (24,555) (12,427)
Deferred tax assets (35,005) (28,297)
Prepaid expenses and other current assets 4,301 (7,806)
Other assets (2,595) (264)
Accounts payable (1,584) (9,842)
Accrued liabilities 598 (3,296)
Accrued payroll and compensation 3,253 (1,895)
Other liabilities (3,119) (1,232)
Deferred revenue 142,867 136,193
Income taxes payable 6,789 13,753
------------- -------------
Net cash provided by operating activities 244,671 213,989
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments (370,573) (329,687)
Sales of investments 21,805 35,384
Maturities of investments 344,959 364,256
Purchases of property and equipment (50,319) (29,013)
Payments made in connection with business
acquisition, net of cash acquired (22,087) (38,025)
------------- -------------
Net cash provided by (used in) investing
activities (76,215) 2,915
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock 42,292 63,543
Taxes paid related to net share settlement of
equity awards (29,886) (22,989)
Repurchase and retirement of common stock (75,000) -
Payments of debt assumed in connection with
business acquisition (1,626) -
------------- -------------
Net cash provided by (used in) financing
activities (64,220) 40,554
------------- -------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 104,236 257,458
CASH AND CASH EQUIVALENTS-Beginning of period 543,277 283,254
------------- -------------
CASH AND CASH EQUIVALENTS-End of period $ 647,513 $ 540,712
============= =============
Reconciliations of non-GAAP results of operations measures to the nearest
comparable GAAP measures
(Unaudited, in thousands, except per share amounts)
Reconciliation of net cash provided by operating activities to free cash
flow
Three Months Ended
---------------------------
September 30, September 30,
2016 2015
------------- -------------
Net cash provided by operating activities $ 76,139 $ 65,065
Less purchases of property and equipment (5,920) (13,325)
------------- -------------
Free cash flow $ 70,219 $ 51,740
============= =============
Reconciliation of GAAP operating income or loss to Non-GAAP operating
income, operating margin, net income and diluted net income per share
Three Months Ended September 30, 2016
------------------------------------------------
Non-GAAP
GAAP Results Adjustments Results
-------------- --------------- --------------
Operating income (loss) $ 5,488 $ 40,447(a) $ 45,935
============== =============== ==============
Operating margin 2 % 15 %
============== ==============
Adjustments:
Stock-based compensation 31,093
Amortization of acquired
intangible assets 2,839
ERP-related expenses 4,060
Acquisition-related
charges -
Inventory fair value
adjustment amortization 172
Restructuring charges 2,283
Tax adjustment (14,555)(c)
---------------
Net income $ 6,291 $ 25,892 $ 32,183
============== =============== ==============
Diluted net income per
share $ 0.04 $ 0.18
============== ==============
Shares used in diluted
net income per share
calculations 177,938 177,938
============== ==============
Reconciliation of GAAP operating income or loss to Non-GAAP operating
income, operating margin, net income and diluted net income per share
Three Months Ended September 30, 2015
--------------------------------------------------
Non-GAAP
GAAP Results Adjustments Results
--------------- --------------- ---------------
Operating income (loss) $ (1,840) $ 38,230(b) $ 36,390
=============== =============== ===============
Operating margin (1 )% 14 %
=============== ===============
Adjustments:
Stock-based compensation 26,319
Amortization of acquired
intangible assets 1,319
ERP-related expenses 2,473
Acquisition-related
charges 934
Inventory fair value
adjustment amortization 1,302
Restructuring charges 5,883
Tax adjustment (22,304)(c)
---------------
Net income $ 8,169 $ 15,926 $ 24,095
=============== =============== ===============
Diluted net income per
share $ 0.05 $ 0.14
=============== ===============
Shares used in diluted
net income per share
calculations 177,897 177,897
=============== ===============
(a) To exclude $31.1 million of stock-based compensation, $2.8 million of amortization of acquired intangible assets, $4.1 million of ERP-related expenses, $0.2 million of inventory fair value adjustment amortization recorded pursuant to our business acquisition and $2.3 million of restructuring charges in the three months ended September 30, 2016.
(b) To exclude $26.3 million of stock-based compensation, $1.3 million of amortization of acquired intangible assets, $2.5 million of ERP-related expenses, and $0.9 million in acquisition-related charges, $1.3 million of inventory fair value adjustment amortization recorded pursuant to our business acquisition, and $5.9 million of restructuring charges in the three months ended September 30, 2015.
(c) Non-GAAP financial information is adjusted to achieve an overall 33% and 35% effective tax rate in 2016 and 2015, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
Billings Reconciliation
Three Months Ended
---------------------------
September 30, September 30,
2016 2015
------------- -------------
Total revenue $ 316,646 $ 260,068
Add increase in deferred revenue 30,811 49,350
Less deferred revenue balance acquired in
business acquisition - (9,800)
------------- -------------
Total billings $ 347,457 $ 299,618
============= =============
Investor Contact:Michelle SpolverFortinet, [email protected] Contact:Sandra WheatleyFortinet, [email protected]
Source: Fortinet
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