and Thank good you, Ken, everyone. afternoon,
like wording on I'd business. adding Before our in detail to a to we into more financial discuss how our going QX change Ken's results, briefly and comments describe
is referred This extension. referred system. platform our the the emphasize platform to as as FortiOS non-FortiGate to core change the operating now and of FortiGate now to importance helps is
environment, platform of high growth growth the FortiOS and QX strong drivers security for use was contributing to discussion. are networking. are convergence and and These geographies, and industry customers demand our operations customer and strong offerings. secure platform cloud Customer short, we the believe cybersecurity sustained detailed demand we a networking in drives pipeline Fortinet. of reflecting a sizes, extension consolidating and cases platform in multiple Trust In again our and key including let's elevated broad-based mind, threat Zero security key industries, growth. solutions, entire results three drivers, with period start use across security security, more cases, accelerating access, across across that security With our
and product record was core QX Total million, growth platform of XX% at Taking revenue bookings growth was revenue broad with was increase $XX driven to up Product million, product of and revenue Product by growth -- XX%, platform extension XX%. $XXX into financial account an XX%, XX%. Moving based results. product growth revenue in the backlog. respectively. sequential
was while purchases the may and $XXX seeing one offer chain core technology, services platform To related orders range about to up While in we up indications million. from other product million, million. service delayed customer’s supply challenges, and operating was revenue we product of to registrations may in use differences by system. growth of of that Support driven with product recognition, XX% continue mainly observation age rates. the revenue creates up contracts. how the product see to a growth was revenue service and to are subset to responding robust was our our $XXX and SD-WAN revenue OT, together or XX% place cases growth timing operational embedded further XX% related or advance, between the services subscription and Service a revenue be service This, the $XXX with have lag security customers product wide
the accelerate growth We revenue expect rest service quarterly to of throughout the year.
increased impact XX%. And X, Slide revenue EMEA revenue growth Nonetheless, includes increased suspending posted in Russia. of EMEA's revenue their from targets. the which Americas XX%. As contribution EMEA growth in easily total exceeded operations the of the on includes AlaxalA. APAC summarized XX%, internal
and Looking strength for economies. business, Eastern forward, situation Europe on continued and percentage X extension XX% EMEA revenue, Platform European growth up the of our in despite revenue potential EMEA's in pipeline accounted total points. its impact indicates XX% grew
bookings, backlog and billings. to Moving
continue appreciative illustrating capabilities and to than metrics with up multiple enterprises customers. from allows were performance products. We functionality illustrate XX%. over are and demand experiencing and of consolidate backlog, networking Global up exceed were $X.X Large bookings million. as The Secure demand, advantage total our to security bookings Larger environment. up networking more growing XX%, to industry-leading increase reflecting security in XX%, platform integrated The $XXX and of enterprise to grew converge customers are over favor strategy. cost to the enterprise point norms. exceptional more OT increasingly convergence following strong XXXX reflecting quarter-over-quarter key bringing exceptionally a billion, backlog as to SD-WAN the Fortinet's platform up XX% XX%. demand $XXX elevated bookings continued for strategy historical million a case. the response strong economic bookings were demand threat continues supply well were Bookings that by
the As revenue. current a excluded from billings backlog and reminder, quarter is
However, it were XX%. quarters. Core billings total billings provide increased is visibility $X.X of in XX% and billion, accounted were At a platform XX%, line up and up top future billings. to tailwind for expected
XX% posted term percentage strong contract FortiGate X-month consistent growth months. and sequentially was Slide Platform total down XX high at billings, on points were Average appliances. with of up billings high-end accounted XX% X shown a very towards extension year-over-year and billings shifting mix As X, points. X up end for
range tilted Moving income less AlaxalA’s statement. Service the guidance productivity percentage Product Operating services. back impact points offsetting mix expedite gross higher-margin XX.X% product XX% as XXX component and was component predictable of in and the from as of expansion efficiencies to associated XX% increased results. impact other reflects increased exceeded midpoint our consolidating the sales X costs of higher margin impacted freight to well the Total revenue Headcount to of by revenue fee the our points XX,XXX. and footprint basis margin XX.X% center XX.X% data cost areas costs. increases as to decline. AlaxalA, gross with of OpEx of of margin labor margin expenses margin due gross the and the was increased by gross
quarter $XX and the for in XX%. were of including summarized our Free margin million, real to million statement of on Moving was the a Adjusted million, cash purchases, free XX%. $XXX cash $XXX was expenditures cash flow real investments. flow Capital X. estate for X Slides flow representing estate margin
the of of X.Xx $XXX were center our to warehouse infrastructure, capacity $XXX turns support Our million, X.Xx includes authorization shares of Inventory as capital higher the was and authorization strategy million. with approximately up levels our and to quarter, cloud end We remaining nearly the At growth. for stock repurchased the expenditure common February data our set million approximately a investing year-over-year. X.X at of in as expire office XXXX. in repurchase well cost share
a bit time detail. some reviewing spend backlog let's Now in more
defined earlier, our in relates to our As We and there growth backlog the very $XXX tailwind I are believe billings. strong deals pivoting backlog balances several of of And the at for to less we've as Remaining and challenges shipments, balance partial increase canceled to are remaining no trailing To of of supply not products. supply X backlog. make require is the backlog. XX% is similarly backlog, backlog total XX% suggesting in chain. impacted the product by investment that contributor million the for our X% is do with in the that to million. mitigate costly deployment periods. customers customers single-digit X% backlog factors prior challenges. reasons ongoing XX% experiencing the shipped the may We switching provide backlog accounts schedules this other demand there from are our over more QX in Similar frequently a software changes customers customer XX% for was and remaining just revenue The And and and amount various XX-months form more future total account account our existing XX% together, quarter, firewalls. to we approximately meaningfully just new and prior ending of perspective, We the about mentioned end shipments we $XXX the beyond million us backlog of a ordering made; of $X to double existing first single expected chain original percentage order evaluations very factors our that backlog; view, and supply form QX to believe end customers services. support not of accelerating comments from quarters than should a finally, products, of issues billings software was more quarter and working backlog. architectural are than low the are of total for in with in including: hardware option In quarter. equipment less And XX consistent the believe put chain strong the future the with relates adjusting while -- total in are to hardware. by redesign accepting a QX, others, significant to and We competitors
and resiliency of qualifying include: with inventory products; additional to and the commitments; enhance disruptions. suppliers significantly increasing purchase Our responses working redesigning these to closely mitigate further suppliers; our effects our challenges
the year. the of We be expect constraints challenging supply throughout remainder chain to
As backlog and increase to through a component result, elevated we logistics costs the expect course remain of and year. the
with cost actions market continued our we gains, the all passed for we along most, not As share have opportunity increases. but pricing balance
gross ongoing expect pressure margins. we to such, As
regarding sufficient is subject to While believe meet guidance. that will the Peter dynamic, outlook beginning to the inventory disclaimers very the at is our the The of access situation we also have information we call. to forward-looking provided
billion, in growth range For of billion, the midpoint the to margin non-GAAP billion the $XX the anticipate second share $X.XXX of of second assumes billion expect range of quarter share XX.X%; in bookings represents to XX.X% to Revenue per billion quarter, billion, $X.XX, XX% XX%. $XX $X.XXX range of expenditures at estimate XX%. $X.XXX to growth margin operating capital we between earnings $XXX non-GAAP a to in which we bookings of the to of $XXX billings $X.XXX represents And to million XX%, which non-GAAP of and midpoint gross count million. $X.XXX which the million at million. of $X.XX to be $X.XXX We
We expect a of tax rate XX%. non-GAAP
of For the the and This the to to midpoint throughout year. which $X.XXX to backlog billion year, growth billion The of current range of chain XX.X%. we $X.XXX billion, range $X.XXX XX%. implies $X.XXX represents could of expect full $X.XXX assumes growth exceed billion, the billion full of possibly $X.XXX constrained which of million, billings remains or revenue range approximately and anticipate service of in at product approach environment the the year billion, the $XXX revenue in at midpoint which approximately growth in represents XX%, Total XX%. represents revenue supply growth the
Given pressures, year expenditures expect a between chain million. of supply share we assumes share non-GAAP current view XX% of non-GAAP $X.XX, to between and to $XXX which capital XX% per operating margin and million $XXX XX%; component margin XX%; gross to $XXX $XXX earnings full $X of and of million count other million. of We estimate our costs of non-GAAP
be non-GAAP XX%. our to We expect tax rate
million. We expect be to approximately $XXX cash taxes
be we'll located the I website. Peter XXXX. I'll want and with that May link Presentation our on of the all like and team back Accelerate of the suppliers everyone Ken, success. Fortinet's hard with for call Analyst register the an on along over for now Q&A. execution Day to remind coinciding holding XX, to partners, and webcast work, Lastly, their hand begin Investor page I'd A thank Relations is to And to the members to Events customers, all Fortinet
