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.
