Fortinet Q4 2022 Earnings Report
Key Takeaways
Fortinet reported strong Q4 2022 results with a 33% increase in total revenue to $1.28 billion. The company's GAAP net income was $313.8 million, and free cash flow reached $497.2 million. For the full year 2022, revenue grew by 32% to $4.42 billion, with a GAAP net income of $857.3 million.
Total revenue increased by 33% year-over-year to $1.28 billion.
Product revenue grew by 43% year-over-year to $540.1 million.
Service revenue increased by 27% year-over-year to $742.9 million.
GAAP operating income increased by 66% year-over-year to $357.8 million.
Fortinet
Fortinet
Fortinet Revenue by Segment
Forward Guidance
For the first quarter of 2023, Fortinet expects revenue in the range of $1.180 billion to $1.220 billion and billings in the range of $1.415 billion to $1.465 billion. For the fiscal year 2023, the company expects revenue in the range of $5.370 billion to $5.430 billion and service revenue in the range of $3.335 billion to $3.365 billion.
Positive Outlook
- Revenue in the range of $1.180 billion to $1.220 billion for Q1 2023
- Billings in the range of $1.415 billion to $1.465 billion for Q1 2023
- Non-GAAP gross margin in the range of 75.0% to 76.0% for Q1 2023
- Non-GAAP operating margin in the range of 23.0% to 24.0% for Q1 2023
- Diluted non-GAAP net income per share in the range of $0.27 to $0.29 for Q1 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income