Shares of Fortinet Inc. (NASDAQ: FTNT) surged over 10.25% in pre trading session on Wednesday that it releases that financial results for the fourth quarter and full year ended December 31, 2022. The Founder, Chairman and Chief Executive Officer, Ken Xie stated that total revenue grew 32% in 2022 and year-over-year to $4.42 billion, and they generated GAAP net income of $857.3 million. This marks the 14th consecutive year that we have been GAAP profitable, including every year since our 2009 IPO. Cash flow from operations was $1.73 billion and free cash flow was a Fortinet record of $1.45 billion for the year.
He added that Fortinet’s integrated and single platform approach to cybersecurity, combined with FortiASIC technology, is driving their market share gains, as it lowers management costs and total cost of ownership for organizations. They expect our solid growth trajectory to continue due to their cost-for-performance advantage, the convergence of security and networking, and the consolidation of products and vendors.
These are forward-looking statements, and actual results may differ materially. For information on the factors that could cause our actual results to differ materially from these forward-looking statements, see the Forward-Looking Statements section below.
Our non-GAAP financial guidance excludes stock-based compensation, amortization of acquired intangible assets, and intellectual property gain. We have not reconciled our non-GAAP financial guidance to the corresponding GAAP measures because certain items affecting these measures are uncertain, beyond our control, or cannot be reasonably predicted. As a result, without unreasonable effort, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available.
The financial statement tables included in this press release include a reconciliation of GAAP to non-GAAP measures. Below, under the heading “Non-GAAP Financial Measures,” is an explanation of these measures. All share and per share amounts presented in this document have been retroactively adjusted to reflect the five-for-one forward stock split that went into effect on June 22, 2022.