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Fortinet | 8-K: Fortinet Reports Fourth Quarter and Full Year 2023 Financial Results

SEC announcement ·  Feb 6 16:15
Summary by Moomoo AI
On February 6, 2024, Fortinet, Inc., a global leader in cybersecurity, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company announced a total revenue of $1.42 billion for the fourth quarter, marking a 10.3% increase year over year, and a full-year revenue of $5.30 billion, up by 20%. Service revenue saw a significant rise of 28% year over year, reaching $3.38 billion. Fortinet's GAAP operating income for the year was $1.24 billion, a 28% increase from the previous year, with a GAAP operating margin of 23.4%. Non-GAAP operating income was $1.51 billion, up 25% year over year, with a non-GAAP operating margin of 28.4%. The company also reported a GAAP diluted net income per share of $1.46, a 38% increase, and a non-GAAP diluted net...Show More
On February 6, 2024, Fortinet, Inc., a global leader in cybersecurity, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company announced a total revenue of $1.42 billion for the fourth quarter, marking a 10.3% increase year over year, and a full-year revenue of $5.30 billion, up by 20%. Service revenue saw a significant rise of 28% year over year, reaching $3.38 billion. Fortinet's GAAP operating income for the year was $1.24 billion, a 28% increase from the previous year, with a GAAP operating margin of 23.4%. Non-GAAP operating income was $1.51 billion, up 25% year over year, with a non-GAAP operating margin of 28.4%. The company also reported a GAAP diluted net income per share of $1.46, a 38% increase, and a non-GAAP diluted net income per share of $1.63, up 37% year over year. Cash flow from operations was reported at $1.94 billion, and free cash flow at $1.73 billion. Fortinet repurchased 27.2 million shares of its common stock for $1.50 billion. The company provided guidance for the first quarter of 2024, expecting revenue between $1.300 billion and $1.360 billion, and billings between $1.390 billion and $1.450 billion. For the fiscal year 2024, revenue is expected to be in the range of $5.715 billion to $5.815 billion, with service revenue between $3.920 billion and $3.970 billion. The company's board of directors authorized a $500.0 million increase in the share repurchase program, with approximately $1.03 billion remaining available for future repurchases as of February 6, 2024.

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