Revenue and Financial Overview

in Q1 and 2024 Guidance (Non-GAAP) (1) Q1'24E Billings (2) Actual Q1'23 $1.503B Actual 2023 $1.390 1.450B $6.400B Y/Y Mid-Pt Growth Revenue (GAAP) Y/Y Mid-Pt Growth Service Revenue (GAAP) Y/Y Mid-Pt Growth $1.262B - (5.5)% $1.300 1.360B $5.305B 5.4% $761.6M $3.378B 2024E $6.400 6.600B 1.6% $5.715-5.815B 8.7% $3.920 - 3.970B 16.8% Gross Margin (%) (3) 76.3% 76.5 -77.5% 77.4% 76.0 - 78.0% Operating Margin (%) (3) (4) 26.5% 25.5 - 26.5% 28.4% 25.5 - 27.5% Net Income per Share attributable to Fortinet, Inc. |(3)(4)(5)(6) $0.34 $0.37 -0.39 $1.63 $1.65 -1.70 Weighted Diluted Shares used to Compute Net Income per Share attributable to Fortinet, Inc. 793.4M 775-785M 788.2M 785 - 795M Notes (1) (2) Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on IP and a non-cash charge on equity method investment. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort. Billings is a non-GAAP measure that we define as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) and adjustment due to adoption of new accounting standard during the period. (3) Excludes stock-based compensation and amortization of acquired intangible assets. (4) Excludes gain on IP. (5) Assumes an effective tax rate of 17% for 2023 and 2024. For 2024, we expect cash paid for taxes to be approximately $520 million. (6) Excludes a non-cash charge, primarily comprised of the impairment recognized on our equity method investment in Linksys and other intervening events related to the establishment of a valuation allowance against Linksys deferred tax assets. © Fortinet Inc. All Rights Reserved. | 23

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