Colombia. Fortinet announced its financial results for the second quarter of the year, which ended June 30.
"We are pleased with our revenue and revenue, as well as the performance and ability to achieve our expense and profitability goals, as we continue to invest in our growth," said Ken Xie, founder, director and CEO of Fortinet. "The threat landscape and network architectures are evolving and shifting to end-to-end integrated platforms, which is the vision On which Fortinet was founded. Our strong innovation and ability to provide an intelligent, uninterrupted and tightly integrated Security Fabric that protects all network access points – from ioT to the cloud – puts us in a good position to continue our sustained growth and generate share gains for 2016 and beyond."
Outstanding Financial Information for the Second Quarter of 2016
•Revenue: During the second quarter of 2016, total revenue was $311.4 million, an increase of 30% compared to $114.8 million reflected in the same period in 2015. Within total revenue, earnings per product were $136.6 million, an increase of 19% compared to $114.8 million in the same quarter last year. Service revenue was $174.8 million, an increase of 40% compared to the same period in 2015.
•Turnover1: Total turnover was USD$373.8 million for the second quarter of 2016, an increase of 26% compared to USD$297.2 million in the same period in 2015.
•Deferred Income: Total deferred income was $904 million as of June 30, 2016, an increase of $66.8 million compared to $837.2 million as of March 31, 2016.
•Cash and Cash Flow: As of June 30, 2016, cash, cash equivalent and investments were $1.22 billion, compared to $1.19 billion as of March 31 of this year. In the second quarter of 2016, cash flow from operations was $67.9 million compared to $84.3 million in the same period in 2015. Free cash flow1 was $53.5 million, compared to $73.5 million in the same quarter last year.
•GAAP Operating Income or Loss: GAAP operating losses were $4.0 million for the second quarter of 2016, representing a GAAP operating margin
of -1%. GAAP operating income was $3.0 million for the same period in 2015, representing an operating margin of 1%.
•Non-GAAP Operating Income: Non-GAAP operating income was $36 million for the second quarter of 2016, representing a margin of 12%. During the same period last year, this revenue was USD$29.3 million, with a margin of 12%.
•GAAP Net Income or Loss and Diluted Net Income or Loss per Share: GAAP net loss was $1.4 million in the second quarter of 2016, compared to $0.8 million in the same period of 2015. GAAP net loss per share was $0.01 in the second quarter of 2016. GAAP diluted net income per share was the same as in the second quarter of 2015.
•Non-GAAP Net Income and Diluted Net Income per Share1: Non-GAAP net income was $24 million for the second quarter of 2016, compared to $19.4 million in the same period last year. Non-GAAP diluted net income per share was $0.14, compared to $0.11 for the same period in 2015.
