Fortinet has announced its financial results for the first quarter ended March 31, 2010.
While the total billings were $79.4 million for the first quarter of 2010, an increase of 32% compared to the first quarter of 2009, the total revenue was $69.8 million for the first quarter of 2010, an increase of 29% compared to the first quarter of 2009. Deferred revenue was $211.5 million as of March 31, 2010, an increase of 19% compared to deferred revenue as of March 29, 2009 and up $9.6 million from December 31, 2009. As of March 31, 2010, cash, cash equivalents and investments were $280.9 million, compared to $260.3 million as of December 31, 2009. Cash flow from operations was $21.8 million for the first quarter of 2010, compared to $15.6 million for the first quarter of 2009.
GAAP operating income was $6.7 million and Non-GAAP operating income was $8.9 million for the first quarter of 2010, representing a non-GAAP operating GAAP net income was $4.2 million for the first quarter of 2010, compared to $3.8 million for the first quarter of 2009. GAAP EPS was $0.06 based on 74.9 million weighted-average diluted shares outstanding. Non-GAAP net income was $5.8 million for the first quarter of 2010, based on a 35% tax rate. Non-GAAP EPS was $0.08 for the first quarter of 2010 based on 74.9 million weighted-average diluted shares outstanding.
Ken Goldman, Chief Financial Officer of Fortinet, stated, “We reported solid results in the first quarter, which met or exceeded our expectations across key metrics, including billings, revenue, operating profitability and cash flow. Looking ahead, we will continue to invest in our business to support growth as the economic environment improves. At the same time, we remain focussed on continuing to drive productivity improvements to deliver against our goals of long-term operating margin expansion.”
