Fortinet, Inc. Annual Report, Year Ended Dec 31, 2014

Fortinet, Inc. reported strong revenue growth of 25% in fiscal year 2014, reaching $770.4 million, up from $615.3 million in fiscal year 2013. This growth was driven by a 30% increase in product revenue and a 22% increase in services and other revenue. The company's core FortiGate product line, enhanced by its proprietary FortiASIC technology and FortiOS operating system, continues to be a primary revenue driver, with particular strength in high-end appliance sales to large enterprises and service providers. Fortinet also saw a significant increase in deferred revenue, growing 29% to $558.8 million, indicating strong future revenue potential from its subscription and support services. Financially, Fortinet maintained a healthy balance sheet with cash, cash equivalents, and investments reaching $991.7 million. Operating cash flow also increased by 33% to $196.6 million. The company continued its investment in sales and marketing to expand market share, particularly in the enterprise segment, which is expected to support sustained growth. Despite increased operating expenses due to these investments, Fortinet's financial performance demonstrates a robust growth trajectory and a solid market position in the cybersecurity landscape.