Společnost Fortinet oznámila hospodářské výsledky za 4. čtvrtletí a celý rok 2023

Společnost Fortinet® (NASDAQ: FTNT), světový lídr v oblasti kybernetické bezpečnosti a průkopník konvergence sítí a zabezpečení, oznámila finanční výsledky za čtvrté čtvrtletí a celý rok 2023.

„Ve čtvrtém čtvrtletí roku 2023 vzrostl počet fakturovaných služeb Security Operations meziročně o 44 % a počet fakturovaných služeb SASE meziročně o 19 %, a to díky úspěšné změně prodejní strategie a lepšímu výkonu našich prodejních týmů,“ řekl Ken Xie, zakladatel, předseda představenstva a generální ředitel společnosti Fortinet. „Strategie naší platformy nachází odezvu u podniků po celém světě, protože jsme lídrem v oblasti zabezpečených sítí a jsme největším dodavatelem firewallů podle počtu dodaných zařízení, více než polovinu z celosvětového objemu představují produkty FortiGate. Fortinet má dobrou pozici pro konsolidaci bezpečnostních funkcí našich více než půl milionu zákazníků do našeho integrovaného operačního systému FortiOS. Ten zahrnuje více než 30 síťových a bezpečnostních funkcí pokrývajících on-premise i cloudová prostředí.“

Dále pokračuje znění tiskové zprávy v angličtině:

Financial Highlights for the Fourth Quarter of 2023

• Revenue: Total revenue was $1.42 billion for the fourth quarter of 2023, an increase of 10.3% compared to $1.28 billion for the same quarter of 2022.
• Service Revenue: Service revenue was $927.0 million for the fourth quarter of 2023, an increase of 24.8% compared to $742.9 million for the same quarter of 2022.
• Product Revenue: Product revenue was $488.1 million for the fourth quarter of 2023, a decrease of 9.6% compared to $540.1 million for the same quarter of 2022.
• Billings¹: Total billings were $1.86 billion for the fourth quarter of 2023, an increase of 8.5% compared to $1.72 billion for the same quarter of 2022.
• GAAP Operating Income and Margin: GAAP operating income was $385.4 million for the fourth quarter of 2023, representing a GAAP operating margin of 27.2%. GAAP operating income was $357.8 million for the same quarter of 2022, representing a GAAP operating margin of 27.9%.
• Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $453.5 million for the fourth quarter of 2023, representing a non-GAAP operating margin of 32.0%. Non-GAAP operating income was $417.6 million for the same quarter of 2022, representing a non-GAAP operating margin of 32.5%.
• GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.: GAAP net income was $310.9 million for the fourth quarter of 2023, compared to GAAP net income of $313.8 million for the same quarter of 2022. GAAP diluted net income per share was $0.40 for the fourth quarter of 2023, based on 772.3 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.40 for the same quarter of 2022, based on 791.8 million diluted weighted-average shares outstanding.
• Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.¹: Non-GAAP net income was $392.0 million for the fourth quarter of 2023, compared to non-GAAP net income of $349.7 million for the same quarter of 2022. Non-GAAP diluted net income per share was $0.51 for the fourth quarter of 2023, based on 772.3 million diluted weighted-average shares outstanding, compared to $0.44 for the same quarter of 2022, based on 791.8 million diluted weighted-average shares outstanding.
• Cash Flow: Cash flow from operations was $191.7 million for the fourth quarter of 2023, compared to $528.1 million for the same quarter of 2022.
• Free Cash Flow¹: Free cash flow was $164.8 million for the fourth quarter of 2023, compared to $497.2 million for the same quarter of 2022.
• Share Repurchase Program: During the three months ended December 31, 2023, Fortinet repurchased 16.8 million shares of its common stock at an average price of $53.29 per share and for an aggregate purchase price of $895.3 million. In January 2024, Fortinet’s board of directors authorized a $500.0 million increase in the authorized share repurchase amount under our share repurchase program. As of February 6, 2024, approximately $1.03 billion remained available for future share repurchases under our share repurchase program.

Financial Highlights for the Full Year 2023

• Revenue: Total revenue was $5.30 billion for 2023, an increase of 20.1% compared to $4.42 billion in 2022.
• Service Revenue: Service revenue was $3.38 billion for 2023, an increase of 28.1% compared to $2.64 billion in 2022.
• Product Revenue: Product revenue was $1.93 billion for 2023, an increase of 8.2% compared to $1.78 billion in 2022.
• Billings¹: Total billings were $6.40 billion for 2023, an increase of 14.4% compared to $5.59 billion in 2022.
• Deferred Revenue: Total deferred revenue was $5.74 billion as of December 31, 2023, an increase of 23.6% compared to $4.64 billion as of December 31, 2022.
• GAAP Operating Income and Margin: GAAP operating income was $1.24 billion for 2023, representing a GAAP operating margin of 23.4%. GAAP operating income was $969.6 million for 2022, representing a GAAP operating margin of 21.9%.
• Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $1.51 billion for 2023, representing a non-GAAP operating margin of 28.4%. Non-GAAP operating income was $1.21 billion for 2022, representing a non-GAAP operating margin of 27.3%.
• GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.: GAAP net income was $1.15 billion for 2023, compared to GAAP net income of $857.3 million for 2022. GAAP diluted net income per share was $1.46 for 2023, based on 788.2 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $1.06 for 2022, based on 805.3 million diluted weighted-average shares outstanding.
• Non-GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc.¹: Non-GAAP net income was $1.29 billion for 2023, compared to non-GAAP net income of $961.6 million for 2022. Non-GAAP diluted net income per share was $1.63 for 2023, based on 788.2 million diluted weighted-average shares outstanding, compared to $1.19 for 2022, based on 805.3 million diluted weighted-average shares outstanding.
• Cash Flow: Cash flow from operations was $1.94 billion in 2023 compared to $1.73 billion in 2022.
• Free Cash Flow¹: Free cash flow was $1.73 billion in 2023, compared to $1.45 billion in 2022.
• Share Repurchase Program: During the years ended December 31, 2023 and 2022, Fortinet repurchased 27.2 million and 36.0 million shares of its common stock at an average price of $55.25 and $55.37 per share, respectively, and for an aggregate purchase price of $1.50 billion and $1.99 billion, respectively. Since the beginning of 2020, Fortinet repurchased 134.6 million shares of its common stock at an average price of $39.47 per share for an aggregate purchase price of $5.31 billion.

Guidance

For the first quarter of 2024, Fortinet currently expects:

• Revenue in the range of $1.300 billion to $1.360 billion
• Billings in the range of $1.390 billion to $1.450 billion
• Non-GAAP gross margin in the range of 76.5% to 77.5%
• Non-GAAP operating margin in the range of 25.5% to 26.5%
• Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.37 to $0.39, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 775 million to 785 million.

For the fiscal year 2024, Fortinet currently expects:

• Revenue in the range of $5.715 billion to $5.815 billion
• Service revenue in the range of $3.920 billion to $3.970 billion
• Billings in the range of $6.400 billion to $6.600 billion
• Non-GAAP gross margin in the range of 76.0% to 78.0%
• Non-GAAP operating margin in the range of 25.5% to 27.5%
• Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.65 to $1.70, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 785 million to 795 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on intellectual property matters. 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.

¹ A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.