01—Abstract
Summary
Summary of the 10-K/A filed March 28, 2012. Cited figures are marked; the original filing is the authoritative source.
Fortinet, Inc. is filing an amendment (10-K/A) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, primarily to furnish Interactive Data as required by SEC regulations.
This amendment does not introduce new substantive financial information or updates to the original disclosures made in the Form 10-K filed on February 28, 2012. Investors should refer to the original Form 10-K for comprehensive financial statements, management's discussion and analysis, and risk factors pertinent to the 2011 fiscal year. As of the reporting period, Fortinet was a well-known seasoned issuer, an accelerated filer, and not a shell company, indicating a mature public company with established reporting practices.
The market capitalization of non-affiliates as of June 30, 2011, was significant at over $2.9 billiona, suggesting substantial investor interest and a substantial float. The company's common stock is listed on the NASDAQ Global Select Market.
02—Key points
Key Highlights
- This filing is an amendment (10-K/A) to the original Form 10-K for the fiscal year ended December 31, 2011, for the sole purpose of filing Interactive Data (Exhibit 101).
- No substantive changes or updates to the original financial statements or disclosures from the February 28, 2012, Form 10-K are presented in this amendment.
- Fortinet is classified as a 'well-known seasoned issuer' and an 'accelerated filer', indicating its status as a large, established public company with a history of SEC filings.
- The aggregate market value of non-affiliate common stock held was approximately $2.98 billion as of June 30, 2011.
- The company had 156,363,007 shares of common stock outstanding as of February 17, 2012.
- Fortinet's common stock is traded on the NASDAQ Global Select Market.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2011, Fortinet, Inc. kept $0.14.
- Revenue$433.6M100.0%
- Cost of revenue−$113.6M26.2%
- Gross profit$320.0M73.8%
- Operating costs−$231.1M53.3%
- Operating income$88.9M20.5%
- Interest, other & tax−$26.4M6.1%
- Net income$62.5M14.4%
Where FY2011 revenue went
$433.6M- Other operating costs: $167.5M, 39% of revenue
- Cost of revenue: $113.6M, 26% of revenue
- R&D: $63.6M, 15% of revenue
- Net income: $62.5M, 14% of revenue
- Interest, other & tax: $26.4M, 6.1% of revenue
Kept 14% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2011filed March 28, 2012Financial Statements
FY2011 against FY2010
| Line item | FY2011FY2010 | Change |
|---|---|---|
| Revenue | $433.58M$324.70M | +33.5% |
| Cost of Revenue | $113.60M$85.21M | +33.3% |
| Gross Profit | $319.98M$239.49M | +33.6% |
| R&D Expenses | $63.58M$49.80M | +27.7% |
| Operating Expenses | $231.07M$184.15M | +25.5% |
| Operating Income | $88.90M$55.34M | +60.6% |
| Net Income | $62.49M$41.24M | +51.5% |
| EPS (Basic) | $0.08$0.06 | +41.4% |
| EPS (Diluted) | $0.08$0.05 | +46.2% |
| Shares Outstanding (Basic) | 762.90M703.63M | +8.4% |
| Shares Outstanding (Diluted) | 818.90M782.03M | +4.7% |
05—Questions
Frequently Asked Questions
What is the primary purpose of this Form 10-K/A filing?
The primary purpose of this Amendment No. 1 (Form 10-K/A) is to furnish the Interactive Data file as required by Rule 405(a)(2) of Regulation S-T. It does not contain new financial information or substantive changes to the original Form 10-K filed on February 28, 2012.
Does this filing contain updated financial results for 2011?
No, this filing is an amendment to provide required data formatting (Interactive Data). It does not update or modify the financial statements or disclosures from the original Form 10-K for the year ended December 31, 2011, which was filed on February 28, 2012.
What does Fortinet's classification as a 'well-known seasoned issuer' and 'accelerated filer' mean for investors?
These classifications indicate that Fortinet is a large, established public company with a significant market capitalization and a history of timely SEC filings. This typically suggests a level of transparency and maturity in financial reporting.
Where can I find the detailed financial information for Fortinet for the fiscal year ended December 31, 2011?
Investors should refer to the original Form 10-K for the fiscal year ended December 31, 2011, filed on February 28, 2012. This document contains the complete financial statements, management's discussion and analysis, and other critical disclosures.
06—Continue