The company said total revenue rose $887.4 million (20%) in 2023 from 2022. Product revenue increased $146.8 million (8%), and service revenue rose $740.6 million (28%).

1. 01

   The company said total revenue rose $887.4 million (20%) in 2023 from 2022. Product revenue increased $146.8 million (8%), and service revenue rose $740.6 million (28%).

2. 02

   Fortinet said total gross profit for 2023 was $4.07 billion, up 22% from $3.33 billion in 2022. Operating income rose $271.5 million (28%) to $1.24 billion, and its operating margin was 23.4%, compared with 21.9% in 2022.

3. 03

   The company said operating cash flow for 2023 rose $204.9 million (12%) to $1.94 billion. During the same year, it repurchased 27.2 million shares for a total of $1.50 billion, and as of December 31, 2023, $529.1 million remained under its repurchase program.

4. 04

   The company said deferred revenue rose $1.09 billion (24%) to $5.74 billion as of December 31, 2023. On the same day, its inventory purchase commitments were $637.3 million, down $697.7 million from $1.34 billion as of December 31, 2022.

Key figures

Fiscal year ended December 31, 2023

Revenue

$5.3B

Operating income

$1.2B

Net income

$1.1B

EPS

$1.46

Gross profit

$4.1B

Operating cash flow

$1.9B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.