
Fortinet Reports First Quarter 2024 Financial Results
First Quarter 2024 Highlights
- Total revenue of $1.35 billion, up 7% year over year
- Service revenue of $944 million, up 24% year over year
- GAAP operating margin of 23.7%
- Non-GAAP operating margin of 28.5%
- Cash flow from operations of $830 million
- Free cash flow of $609 million
Riyadh:
Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2024.
Financial Highlights for the First Quarter of 2024
Total revenue was $1.35 billion for the first quarter of 2024, an increase of 7.2% compared to $1.26 billion for the same quarter of 2023. Product revenue was $408.9 million for the first quarter of 2024, a decrease of 18.3% compared to $500.7 million for the same quarter of 2023. Service revenue was $944.4 million for the first quarter of 2024, an increase of 24.0% compared to $761.6 million for the same quarter of 2023.
Total billings were $1.41 billion for the first quarter of 2024, a decrease of 6.4% compared to $1.50 billion for the same quarter of 2023. Total deferred revenue was $5.79 billion as of March 31, 2024, an increase of 18.6% compared to $4.88 billion as of March 31, 2023.
GAAP operating income was $321.2 million for the first quarter of 2024, representing a GAAP operating margin of 23.7%. This compares to GAAP operating income of $273.5 million for the same quarter of 2023, representing a GAAP operating margin of 21.7%. Non-GAAP operating income was $386.1 million for the first quarter of 2024, representing a non-GAAP operating margin of 28.5%. This compares to non-GAAP operating income of $334.0 million for the same quarter of 2023, representing a non-GAAP operating margin of 26.5%.
GAAP net income was $299.3 million for the first quarter of 2024, compared to GAAP net income of $247.7 million for the same quarter of 2023. GAAP diluted net income per share was $0.39 for the first quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.31 for the same quarter of 2023, based on 793.4 million diluted weighted-average shares outstanding. Non-GAAP net income was $333.9 million for the first quarter of 2024, compared to non-GAAP net income of $269.7 million for the same quarter of 2023. Non-GAAP diluted net income per share was $0.43 for the first quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding, compared to $0.34 for the same quarter of 2023, based on 793.4 million diluted weighted-average shares outstanding.
Cash flow from operations was $830.4 million for the first quarter of 2024, compared to $677.5 million for the same quarter of 2023. Free cash flow was $608.5 million for the first quarter of 2024, compared to $647.2 million for the same quarter of 2023.
'We are diligently executing on our strategy announced six months ago to leverage our scale, go-to-market capabilities, customer-first focus, and engineering expertise to capitalize on the fast-growing Unified SASE and Security Operations markets while continuing to gain market share in Secure Networking,' said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. 'We believe our Unified SASE offering is the most comprehensive in the industry and we are well-positioned to lead in our three core growth areas by leveraging our expertise in converging networking and security, our history of AI innovation, and our ability to integrate products across our FortiOS operating system. We're pleased to have executed with strong financial discipline in the first quarter leading to outperforming on Non-GAAP operating margin and free cash flow.'
Home >> Business and Economy Section
Passenger Growth Hits 5% in May
João Almeida: Racing for Glory and Riding for the Team
May Air Cargo Demand Up 2.2% Despite Trade Disruptions
UAE Team Emirates-XRG take home five National Championship victories
Jeddah e-prix double-header becomes most-watched formula e weekend in history, d ...
In the Presence of H.E. Al-Jasser … Mawani Signs Privatization Contracts for Mu ...
Hibrid and Alibaba Cloud Sign MoU to Deliver Advanced Streaming and Comprehensiv ...
Get Ready for Fabulous Summer Looks with BADgal BANG! Power Blue Mascara!
Make the Most of the Summer with an Unforgettable Stay at The Hotel Galleria Jed ...
UK Clinical Rotations Enriches SGU's students Medical Career
Equivator Invests SAR 30 million in Related to Drive MENA's Loyalty and Rewards ...
Bigger Thrills and Better Rewards Await You This Dubai Summer Surprises at Merca ...
CASIO Middle East & Africa Marks Six Decades of Calculator Legacy
SRMG Labs triumphs at Cannes Lions with Gold and Silver for The Second Release, ...
HSA Group Appoints Mr. Dirhem Abdo Saeed as Chairman of the Board
EASA and IATA publish comprehensive plan to mitigate risks of GNSS interference
Cluster 2 signs an agreement to advance smart airport operations in Saudi Arabia
African Energy Week (AEW) 2025 to Host Dedicated Energy Finance Track
EGYPTAIR discloses order for an additional six Airbus A350 aircraft
Riyadh Air places firm order for 25 Airbus A350-1000 aircraft