Core Viewpoint - Fortinet and Crime Stoppers International have launched a pioneering Cybercrime Bounty program aimed at incentivizing the reporting of cybercriminal activities through anonymous tips, enhancing global cyber resilience and collaboration against cybercrime [1][5][6]. Group 1: Partnership and Program Overview - The Cybercrime Bounty program is a first-of-its-kind initiative that combines the resources of Fortinet, a global cybersecurity leader, and CSI, a global crime reporting platform, to combat cybercrime effectively [1][5]. - The program encourages individuals to report cybercriminal activities anonymously, thereby fostering a collaborative approach to enhance cybersecurity for organizations and governments [1][3][6]. Group 2: Objectives and Impact - The initiative aims to accelerate innovation, intelligence sharing, and coordinated responses to cybercrime, ultimately driving deterrence and disruption of cybercriminal operations [2][4]. - By leveraging CSI's anonymous reporting infrastructure and Fortinet's threat intelligence expertise, the program seeks to create a secure channel for reporting cyber threats, leading to actionable investigations and prosecutions [3][4][6]. Group 3: Community Engagement and Accountability - The Cybercrime Bounty program emphasizes the importance of community engagement and the need for strong relationships between private and public sectors to effectively disrupt organized cybercrime [7][8]. - Fortinet's commitment to accountability and collaboration is highlighted, as the company has been working for over 13 years to systematically disrupt cybercriminal operations and enhance global cyber resilience [6][8]. Group 4: Global Leadership and Collaboration - Fortinet's role as a leader in global cybersecurity collaboration is underscored, with insights gained from its participation in initiatives like the World Economic Forum's Cybercrime Atlas [8]. - The partnership with CSI builds on Fortinet's existing collaborations with various organizations, reinforcing its commitment to enhancing global cyber resilience through multi-sector cooperation [8][9].

Core Insights - Fortinet reported strong financial results for Q1 2025, with a non-GAAP operating margin of 34%, up 570 basis points year over year, and billings growth of 14% year over year [3][5][6]. Financial Performance - Total revenue reached $1.54 billion, reflecting a 14% increase from $1.35 billion in Q1 2024 [5][6]. - Product revenue was $459 million, up 12% from $408.9 million in the same quarter last year [5][6]. - Service revenue amounted to $1.08 billion, a 14.4% increase compared to $944.4 million in Q1 2024 [6]. - Total billings were $1.60 billion, marking a 13.5% increase from $1.41 billion in Q1 2024 [6]. - Remaining performance obligations stood at $6.49 billion, up 11.7% year over year, with an expected revenue recognition of approximately $3.38 billion over the next 12 months [6]. Growth Areas - Unified SASE Annual Recurring Revenue (ARR) increased by 26% to $1.15 billion, while Security Operations ARR grew by 30% to $434.5 million [5][6]. - The company continues to invest in Unified SASE and Security Operations markets, aiming to strengthen its leadership in Secure Networking [3]. Profitability Metrics - GAAP operating income was $453.8 million, with a GAAP operating margin of 29.5%, compared to 23.7% in Q1 2024 [6][29]. - Non-GAAP operating income reached $526.2 million, resulting in a non-GAAP operating margin of 34.2%, up from 28.5% in the previous year [6][32]. - GAAP net income was $433.4 million, with diluted net income per share of $0.56, compared to $299.3 million and $0.39 per share in Q1 2024 [6][29][32]. Cash Flow and Liquidity - Cash flow from operations was a record $863 million, compared to $830.4 million in Q1 2024 [5][12]. - Free cash flow also set a record at $783 million, up from $608.5 million in the same quarter last year [12][35]. Guidance - For Q2 2025, Fortinet expects revenue between $1.590 billion and $1.650 billion, and billings between $1.685 billion and $1.765 billion [12]. - For the full fiscal year 2025, revenue is projected to be in the range of $6.650 billion to $6.850 billion [12].