Palo Alto Networks Reports Fiscal First Quarter 2024 Financial Results
PR Newswire
Wed, November 15, 2023 at 1:05 PM PST·15 min read
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PANW
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Fiscal first quarter revenue grew 20% year over year to $1.9 billion.
Remaining performance obligation grew 26% year over year to $10.4 billion.
Fiscal first quarter Non-GAAP operating margin and Non-GAAP net income per share ahead of guidance, and raising FY'24 guidance on both metrics.
SANTA CLARA, Calif., Nov. 15, 2023 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal first quarter 2024, ended October 31, 2023.
Total revenue for the fiscal first quarter 2024 grew 20% year over year to $1.9 billion, compared with total revenue of $1.6 billion for the fiscal first quarter 2023. GAAP net income for the fiscal first quarter 2024 was $194.2 million, or $0.56 per diluted share, compared with GAAP net income of $20.0 million, or $0.06 per diluted share, for the fiscal first quarter 2023.
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Non-GAAP net income for the fiscal first quarter 2024 was $466.3 million, or $1.38 per diluted share, compared with non-GAAP net income of $266.4 million, or $0.83 per diluted share, for the fiscal first quarter 2023. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
"An unprecedented level of attacks is fueling strong demand in the cybersecurity market," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "We continue to execute on platformization as customers recognize the benefits we can provide in simplifying security architectures and driving better security outcomes."
"Our revenue, next-generation security ARR, and cRPO metrics best represent our top-line performance in Q1, while our billings were impacted by the cost of money," said Dipak Golechha, chief financial officer of Palo Alto Networks. "Our record cash flow generation and strong Q1 non-GAAP operating margin, illustrate our commitment to driving profitable growth."
Financial Outlook
Palo Alto Networks provides guidance based on current market conditions and expectations.
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For the fiscal second quarter 2024, we expect:
Total billings in the range of $2.335 billion to $2.385 billion, representing year-over-year growth of between 15% and 18%.
Total revenue in the range of $1.955 billion to $1.985 billion, representing year-over-year growth of between 18% and 20%.
Diluted non-GAAP net income per share in the range of $1.29 to $1.31, using 339 million to 342 million shares outstanding.
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