Fortinet said quarterly revenue for Q4 2023 was $1.42 billion, up 10.3% from a year earlier, and full-year revenue was $5.30 billion, up 20.1%. The company also said full-year service revenue was $3.38 billion and billings were $6.40 billion.

1. 01

   Fortinet said quarterly revenue for Q4 2023 was $1.42 billion, up 10.3% from a year earlier, and full-year revenue was $5.30 billion, up 20.1%. The company also said full-year service revenue was $3.38 billion and billings were $6.40 billion.

2. 02

   The company said GAAP operating income for 2023 was $1.24 billion, with a GAAP operating margin of 23.4%, and that 2022 was 21.9% of $969.6 million. It also said the full-year non-GAAP operating margin was 28.4%.

3. 03

   The company said cash flow from operations for 2023 was $1.94 billion, 2022 $1.73 billion, and free cash flow was $1.73 billion, 2022 $1.45 billion.

4. 04

   The company said it repurchased 27.2 million shares of common stock for a total of $1.50 billion in 2023. It also said it expects full-year 2024 revenue of $5.715 billion to $5.815 billion and billings of $6.400 billion to $6.600 billion.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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