Revenue and Financial Overview
Q4 2023 Non-GAAP Results
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Gross Profit (1)
Gross Margin (1)
Operating Income (1)(2)
Operating Margin
(1)(2)
Net Income attributable to Fortinet, Inc. (1)(2)(3)(4)(5)
Diluted Net Income per Share Attributable to
Fortinet, Inc. (1)(2)(3)(4)(5)(6)
$0.25
$0.19
$744.4M $710.2M $788.5M $875.5M $996.0M $963.6M $1.01B
77.3% 74.4% 76.5% 76.2% 77.6% 76.3% 77.9%
$274.7M $210.2M $255.4M $324.9M $417.6M $334.0M $348.1M
28.5% 22.0% 24.8% 28.3% 32.5% 26.5% 26.9%
$205.8M $155.1M $194.1M $262.7M $349.7M $269.7M $300.4M
$0.24
$0.34
$0.38
$1.03B
$1.11B
76.9%
78.5%
$371.4M $453.5M
27.8% 32.0%
$323.5M $392.0M
$0.33
$0.44
$0.41
$0.51
Weighted Diluted Shares Used to Compute Net
Income per Share Attributable to Fortinet, Inc. (6)
835.0M
820.8M
810.1M
798.6M
791.8M
793.4M
795.9M
791.2M
772.3M
Deferred Revenue
$3.45B
$3.66B
$3.93B
$4.19B
$4.64B
$4.88B
$5.13B
$5.29B
$5.74B
Cash, Investments and Marketable Equity
Securities(7
(7)
Cash Paid for Stock Repurchases
$2.99B
$2.50B
$1.94B
$1.81B $2.26B
$2.89B
$3.32B
$3.17B $2.44B
$571.8M
$691.2M
$800.0M
$500.0M
$604.3M $896.2M
Days Sales Outstanding
75
75
80
75
89
78
75
68
89
Inventory Turns
2.7
3.5
3.1
3.4
2.8
2.3
1.6
1.2
1.3
Headcount
10,195
10,860
11,508
12,091
12,595
13,202
13,677
13,618
13,568
Notes
NOG FW NE :
(1)
Excludes stock-based compensation and amortization of acquired intangible assets.
(2) Excludes gain on intellectual property ("IP").
(4)
(5)
(3) Assumes a quarterly effective tax rate of 21% for Q4' 21. Assumes a quarterly effective tax rate of 17% for 2022 and 2023.
Excludes a non-cash charge, primarily comprised of the impairment recognized on our equity method investment in Linksys Holdings Inc. ("Linksys") and other intervening events related to the
establishment of a valuation allowance against Linksys deferred tax assets.
Excludes the adjustments attributable to non-controlling interests.
(6)
All share and per share amounts presented herein have been retroactively adjusted to reflect the five-for-one forward stock split which was effective June 22, 2022.
Excludes investments in privately held companies, which are recorded in other assets.
W
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