Fortinet, Inc. 10-K form for the fiscal year ended 2023-12-31, page 61: 
2023 and 2022 


Revenue


|    |                                   |                         |             |        |     |             |         |        |         |          |     |       |    |       |    |    |
|---:|:----------------------------------|:------------------------|:------------|:-------|:----|:------------|:--------|:-------|:--------|:---------|:----|:------|:---|:------|:---|:---|
|  1 |                                   | Year Ended December 31, |             |        |     |             |         |        |         |          |     |       |    |       |    |    |
|  2 | 2023                              |                         | 2022        |        |     |             |         |        |         |          |     |       |    |       |    |    |
|  3 | Amount                            |                         | % ofRevenue | Amount |     | % ofRevenue |         | Change |         | % Change |     |       |    |       |    |    |
|  5 | (in millions, except percentages) |                         |             |        |     |             |         |        |         |          |     |       |    |       |    |    |
|  6 | Revenue:                          |                         |             |        |     |             |         |        |         |          |     |       |    |       |    |    |
|  7 | Product                           | $                       | 1,927.3     |        | 36  | %           |         | $      | 1,780.5 |          | 40  | %     | $  | 146.8 | 8  | %  |
|  8 | Service                           | 3,377.5                 |             | 64     |     |             | 2,636.9 |        |         | 60       |     | 740.6 |    | 28    |    |    |
|  9 | Total revenue                     | $                       | 5,304.8     |        | 100 | %           |         | $      | 4,417.4 |          | 100 | %     | $  | 887.4 | 20 | %  |
| 10 | Revenue by geography:             |                         |             |        |     |             |         |        |         |          |     |       |    |       |    |    |
| 11 | Americas                          | $                       | 2,175.2     |        | 41  | %           |         | $      | 1,785.0 |          | 41  | %     | $  | 390.2 | 22 | %  |
| 12 | EMEA                              | 2,072.9                 |             | 39     |     |             | 1,691.8 |        |         | 38       |     | 381.1 |    | 23    |    |    |
| 13 | APAC                              | 1,056.7                 |             | 20     |     |             | 940.6   |        |         | 21       |     | 116.1 |    | 12    |    |    |
| 14 | Total revenue                     | $                       | 5,304.8     |        | 100 | %           |         | $      | 4,417.4 |          | 100 | %     | $  | 887.4 | 20 | %  |

Total revenue increased $887.4 million, or 20%, in 2023 compared to 2022. We continued to experience large organic revenue growth (i.e., revenue growth excluding attribution from recent acquisitions) with diversification of revenue geographically, and across both customer and industry segments. Revenue from all regions grew, with the Americas contributing the largest portion of the increase on an absolute dollar basis and EMEA, contributing the largest portion of the increase on a percentage basis.
Product revenue increased $146.8 million, or 8%, in 2023 compared to 2022. Product revenue growth was impacted by an elevated cyber threat landscape, the convergence of security and networking, the impact of certain historical pricing actions, improving supply chain dynamics, and changes in the backlog balance. Product revenue growth rates decreased from 42% in 2022 to 8% in 2023 partially due to overall softening macroeconomic conditions. 
Service revenue increased $740.6 million, or 28%, in 2023 compared to 2022. Service revenue growth has accelerated over the past three years from 24% in 2021, to 26% in 2022 to 28% in 2023. Compared to 2022, FortiGuard security subscription revenue and other security subscription revenue increased $471.1 million, or 33% and FortiCare, other technical support and other revenues increased $269.5 million, or 22%, in 2023. The increases in service revenue were primarily due to the recognition of revenue from our growing deferred revenue balance related to FortiGuard and other security subscriptions delivered to on-premise and cloud-based environments. Security subscriptions outpaced technical support growth due to strength in secure networking subscriptions, SecOps and SASE. 
Of the service revenue recognized in 2023, 67% was included in the deferred revenue balance as of December 31, 2022. Of the service revenue recognized in 2022, 66% was included in the deferred revenue balance as of December 31, 2021.
Of the service revenue recognized in each quarter of 2023, from 88% to 89% was included in deferred revenue as of the beginning of the respective quarter.
61




, Rapid7, Inc. 10-K form for the fiscal year ended 2023-12-31, page 92: 
Table of Contents


Net revenues by geographic area presented based upon the location of the customer are as follows:

|    |               |                         |                |         |      |         |      |         |         |    |         |
|---:|:--------------|:------------------------|:---------------|:--------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
|  1 |               | Year Ended December 31, |                |         |      |         |      |         |         |    |         |
|  2 |               |                         | 2023           |         | 2022 |         | 2021 |         |         |    |         |
|  3 |               |                         | (in thousands) |         |      |         |      |         |         |    |         |
|  4 | United States |                         | $              | 579,025 |      |         | $    | 515,894 |         | $  | 414,856 |
|  5 | Other         |                         | 198,682        |         |      | 169,189 |      |         | 120,548 |    |         |
|  6 | Total         |                         | $              | 777,707 |      |         | $    | 685,083 |         | $  | 535,404 |

Property and equipment, net by geographic area is presented in the table below:

|    |               |                         |        |                         |        |    |        |
|---:|:--------------|:------------------------|:-------|:------------------------|:-------|:---|:-------|
|  1 |               | As of December 31, 2023 |        | As of December 31, 2022 |        |    |        |
|  2 |               | (in thousands)          |        |                         |        |    |        |
|  3 | United States | $                       | 27,609 |                         |        | $  | 41,570 |
|  4 | Other         | 12,033                  |        |                         | 16,321 |    |        |
|  5 | Total         | $                       | 39,642 |                         |        | $  | 57,891 |


(19)    Restructuring

On August 7, 2023, our board of directors approved a restructuring plan that was designed to improve operational efficiencies, reduce operating costs and better align the Company's workforce with current business needs, top strategic priorities and key growth opportunities (collectively, the "Restructuring Plan"). The Restructuring Plan included a reduction of the Company's workforce by approximately 16%.
In 2023, we incurred $22.2 million of restructuring charges which were recorded within restructuring in the condensed consolidated statements of operations. In addition, we incurred $1.3 million of stock-based compensation expense related to acceleration of share-based awards. 
As of December 31, 2023, the restructuring liability accrued but not paid totaled $3.8 million, which is included within accrued expenses in the condensed consolidated balance sheets. The execution of the Restructuring Plan was substantially complete as of December 31, 2023 and we expect the remaining restructuring liability to be paid by the end of the first quarter of 2024.
Potential position eliminations in each country are subject to local law and consultation requirements, which may extend this process beyond the fourth quarter of 2023 in certain countries. The charges that we expect to incur are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual expenses may differ materially from the estimates disclosed above.
In 2023, we permanently closed certain idle office spaces in Plano, Texas, Los Angeles, California and Toronto, Canada, which resulted in an impairment loss of $3.6 million. Refer to Note 12, Leases, for further details on the impairment of long-lived assets.
The following table presents the activity of the restructuring liability for the year ended December 31, 2023:

|    |                              |                         |       |
|---:|:-----------------------------|:------------------------|:------|
|  1 |                              | Restructuring Liability |       |
|  2 |                              | (in thousands)          |       |
|  3 | Balance at December 31, 2022 | $                       | -     |
|  4 | Charges                      | 22,227                  |       |
|  5 | Payments                     | (18,463)                |       |
|  6 | Balance at December 31, 2023 | $                       | 3,764 |



Question: Compare the geographic revenue distribution of Fortinet Inc. and Rapid7 Inc. for 2023.
Answer: In 2023, Fortinet Inc. reported that the Americas region contributed 41% of total revenue, the EMEA region contributed 39%, and the APAC region contributed 20%. Rapid7 Inc. reported that the increase in total revenue in 2023 compared to 2022 was comprised of $65.6 million generated from sales in North America and $27.0 million generated from sales from the rest of the world. While Fortinet provides a detailed geographic breakdown, Rapid7's data is less specific, but it indicates a significant portion of revenue coming from North America.