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 Billings (1) $1.306B $1.160B $1.304B $1.411B $1.719B $1.503B $1.541B $1.491B $1.865B Y/Y % Change 35.9% 36.4% 35.7% 32.6% 31.6% 29.6% 18.1% 5.7% 8.5% Revenue $963.6M $954.8M $1.030B $1.150B $1.283B $1.262B $1.293B $1.335B $1.415B Y/Y % Change 28.8% 34.4% 28.6% 32.6% 33.1% 32.2% 25.5% 16.1% 10.3% Product Revenue $378.9M $371.0M $400.7M $468.7M $540.1M $500.7M $472.6M $465.9M $488.1M Y/Y % Change 31.4% 54.1% 34.3% 39.0% 42.5% 35.0% 17.9% (0.6)% (9.6)% Service Revenue $584.7M $583.8M $629.4M $680.8M $742.9M $761.6M $820.2M $868.7M $927.0M Y/Y % Change 27.2% 24.3% 25.2% 28.4% 27.1% 30.5% 30.3% 27.6% 24.8% W Note (1) 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. © Fortinet Inc. All Rights Reserved. 10

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