Palo Alto Networks Reports Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results
Palo Alto Networks (NASDAQ: PANW) reported strong financial results for Q4 and fiscal year 2024. Q4 revenue grew 12% year-over-year to $2.2 billion, while fiscal year 2024 revenue increased 16% to $8.0 billion. The company's Next-Generation Security ARR saw impressive growth of 43% year-over-year, reaching $4.2 billion. GAAP net income for Q4 2024 was $357.7 million, or $1.01 per diluted share, up from $227.7 million in Q4 2023. Non-GAAP net income for Q4 2024 reached $522.2 million, or $1.51 per diluted share. The company provided a positive outlook for fiscal year 2025, expecting total revenue between $9.10 billion and $9.15 billion, representing 13-14% year-over-year growth.
Palo Alto Networks (NASDAQ: PANW) ha riportato risultati finanziari solidi per il Q4 e l'anno fiscale 2024. Le entrate del Q4 sono aumentate del 12% rispetto all'anno precedente, raggiungendo i 2,2 miliardi di dollari, mentre le entrate dell'anno fiscale 2024 sono aumentate del 16%, arrivando a 8,0 miliardi di dollari. L'ARR della sicurezza di nuova generazione dell'azienda ha mostrato una crescita impressionante del 43% anno su anno, raggiungendo i 4,2 miliardi di dollari. Il reddito netto GAAP per il Q4 2024 è stato di 357,7 milioni di dollari, ovvero 1,01 dollari per azione diluita, in aumento rispetto ai 227,7 milioni di dollari del Q4 2023. Il reddito netto Non-GAAP per il Q4 2024 ha raggiunto i 522,2 milioni di dollari, corrispondente a 1,51 dollari per azione diluita. L'azienda ha fornito una prospettiva positiva per l'anno fiscale 2025, prevedendo entrate totali tra 9,10 miliardi e 9,15 miliardi di dollari, che rappresentano una crescita del 13-14% anno su anno.
Palo Alto Networks (NASDAQ: PANW) reportó resultados financieros sólidos para el Q4 y el año fiscal 2024. Los ingresos del Q4 crecieron un 12% interanual, alcanzando los 2.2 mil millones de dólares, mientras que los ingresos del año fiscal 2024 aumentaron un 16% hasta 8.0 mil millones de dólares. El ARR de seguridad de próxima generación de la empresa experimentó un impresionante crecimiento del 43% interanual, alcanzando los 4.2 mil millones de dólares. La ganancia neta GAAP para el Q4 2024 fue de 357.7 millones de dólares, o 1.01 dólares por acción diluida, en comparación con los 227.7 millones de dólares en el Q4 2023. La ganancia neta No-GAAP para el Q4 2024 alcanzó los 522.2 millones de dólares, o 1.51 dólares por acción diluida. La empresa ofreció una perspectiva positiva para el año fiscal 2025, esperando ingresos totales entre 9.10 mil millones y 9.15 mil millones de dólares, lo que representa un crecimiento del 13-14% interanual.
Palo Alto Networks(NASDAQ: PANW)는 2024 회계연도 4분기 및 전체 재무 결과를 발표했습니다. 4분기 수익은 전년 대비 12% 증가하여 22억 달러에 달했습니다, 반면 2024 회계연도 수익은 16% 증가한 80억 달러에 달했습니다. 회사의 차세대 보안 ARR은 전년 대비 43% 성장하여 42억 달러에 도달했습니다. 2024년 4분기의 GAAP 순이익은 3억 5770만 달러, 즉 희석 주당 1.01달러로, 2023년 4분기의 2억 2770만 달러에서 증가했습니다. 2024년 4분기 Non-GAAP 순이익은 5억 2220만 달러, 즉 희석 주당 1.51달러에 달했습니다. 이 회사는 2025 회계연도에 대한 긍정적인 전망을 제시하며, 총 수익을 91억 달러에서 91억 5000만 달러로 예상하며, 이는 전년 대비 13-14% 성장에 해당합니다.
Palo Alto Networks (NASDAQ: PANW) a annoncé de solides résultats financiers pour le 4ème trimestre et l'exercice fiscal 2024. Les revenus du 4ème trimestre ont augmenté de 12 % par rapport à l'année précédente, atteignant 2,2 milliards de dollars, tandis que les revenus de l'exercice fiscal 2024 ont augmenté de 16 % pour atteindre 8,0 milliards de dollars. Le chiffre d'affaires récurrent annuel (ARR) de la sécurité de nouvelle génération de l'entreprise a connu une croissance impressionnante de 43 % d'une année sur l'autre, atteignant 4,2 milliards de dollars. Le bénéfice net GAAP pour le 4ème trimestre 2024 s'est élevé à 357,7 millions de dollars, soit 1,01 dollar par action diluée, en hausse par rapport à 227,7 millions de dollars au 4ème trimestre 2023. Le bénéfice net non-GAAP pour le 4ème trimestre 2024 a atteint 522,2 millions de dollars, soit 1,51 dollar par action diluée. L'entreprise a fourni une prévision positive pour l'exercice fiscal 2025, prévoyant des revenus totaux compris entre 9,10 milliards et 9,15 milliards de dollars, ce qui représente une croissance de 13 à 14 % par rapport à l'année précédente.
Palo Alto Networks (NASDAQ: PANW) hat starke finanzielle Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 gemeldet. Die Einnahmen im 4. Quartal stiegen um 12 % im Jahresvergleich auf 2,2 Milliarden Dollar, während die Einnahmen im Geschäftsjahr 2024 um 16 % auf 8,0 Milliarden Dollar zunahmen. Der ARR der nächste Generation Sicherheit des Unternehmens verzeichnete ein beeindruckendes Wachstum von 43 % im Jahresvergleich und erreichte 4,2 Milliarden Dollar. Der GAAP-Reingewinn für das 4. Quartal 2024 betrug 357,7 Millionen Dollar oder 1,01 Dollar pro verwässerter Aktie, im Vergleich zu 227,7 Millionen Dollar im 4. Quartal 2023. Der Non-GAAP-Reingewinn für das 4. Quartal 2024 betrug 522,2 Millionen Dollar oder 1,51 Dollar pro verwässerter Aktie. Das Unternehmen gab einen positiven Ausblick für das Geschäftsjahr 2025 und erwartete Gesamteinnahmen zwischen 9,10 Milliarden und 9,15 Milliarden Dollar, was einem Wachstum von 13-14 % im Jahresvergleich entspricht.
- Q4 revenue grew 12% year-over-year to $2.2 billion
- Fiscal year 2024 revenue increased 16% to $8.0 billion
- Next-Generation Security ARR grew 43% year-over-year to $4.2 billion
- GAAP net income for Q4 2024 increased to $357.7 million from $227.7 million in Q4 2023
- Non-GAAP operating margins increased by more than 300 basis points for the year
- Board authorized an additional $500 million for share repurchases
- Positive outlook for fiscal year 2025 with expected revenue growth of 13-14%
- None.
Insights
Palo Alto Networks' Q4 and FY2024 results demonstrate solid growth and profitability. The 12% YoY revenue growth to
Profitability has improved, with GAAP net income rising
Looking ahead, the FY2025 guidance of
Palo Alto Networks' strong performance underscores the growing demand for advanced cybersecurity solutions. The impressive 43% YoY growth in Next-Generation Security ARR to
The company's focus on "platformization" is a strategic move in the evolving cybersecurity landscape. By integrating various security functions into a unified platform, Palo Alto Networks is addressing the complexity challenges faced by organizations in managing multiple point solutions. This approach not only enhances security effectiveness but also improves operational efficiency for clients.
The pending acquisition of IBM's QRadar SaaS assets is a significant move. It will likely strengthen Palo Alto Networks' position in the Security Information and Event Management (SIEM) market, complementing their existing offerings and potentially accelerating their AI and machine learning capabilities in threat detection and response.
- Fiscal fourth quarter revenue grew
12% year over year to$2.2 billion 16% year over year to$8.0 billion - Next-Generation Security ARR grew
43% year over year to$4.2 billion - Remaining performance obligation grew
20% year over year to$12.7 billion
Total revenue for the fiscal fourth quarter 2024 grew
Non-GAAP net income for the fiscal fourth quarter 2024 was
"We finished off the year with strong execution on our platformization strategy in Q4," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "As we look forward to fiscal year 2025 and beyond, we are focused on scaling our Next-Generation Security business through continued innovation and execution."
"Our top-line strength showed through in our remaining performance obligation and Next-Generation Security ARR," said Dipak Golechha, chief financial officer of Palo Alto Networks. "At the same time we successfully balanced profitable growth, as our non-GAAP operating margins increased by more than 300 basis points for the year with strong cash generation, marking one of the best years for Palo Alto Networks."
Financial Outlook
Palo Alto Networks provides guidance based on current market conditions and expectations.
For the fiscal first quarter 2025, we expect:
- Total revenue in the range of
$2.10 billion $2.13 billion 12% and13% . - Diluted non-GAAP net income per share in the range of
$1.47 $1.49 7% and8% .
For the fiscal year 2025, we expect:
- Total revenue in the range of
$9.10 billion $9.15 billion 13% and14% . - Non-GAAP operating margin in the range of
27.5% to28.0% . - Diluted non-GAAP net income per share in the range of
$6.18 $6.31 9% and11% . - Adjusted free cash flow margin in the range of
37% to38% .
The board of directors authorized an additional
Guidance takes into account the expected financial impact of the pending acquisition of IBM's QRadar SaaS assets. Guidance for non-GAAP financial measures excludes share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, restructuring and other costs, non-cash charges related to convertible notes, foreign currency gains (losses), and income tax and other tax adjustments related to our long-term non-GAAP effective tax rate, along with certain non-recurring expenses and certain non-recurring cash flows. We have not reconciled non-GAAP operating margin guidance to GAAP operating margin, diluted non-GAAP net income per share guidance to GAAP net income per diluted share or adjusted free cash flow margin guidance to GAAP net cash from operating activities because we do not provide guidance on GAAP operating margin, GAAP net income or net cash from operating activities and would not be able to present the various reconciling cash and non-cash items between GAAP and non-GAAP financial measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted, including share-based compensation expense, without unreasonable effort. The actual amounts of such reconciling items will have a significant impact on the company's GAAP net income per diluted share and GAAP net cash from operating activities.
Earnings Call Information
Palo Alto Networks will host a video webcast for analysts and investors to discuss the company's fiscal fourth quarter and fiscal year 2024 results as well as the outlook for its fiscal first quarter and fiscal year 2025 today at 4:30 p.m. Eastern time/1:30 p.m. Pacific time. Open to the public, investors may access the webcast, supplemental financial information and earnings slides from the "Investors" section of the company's website at investors.paloaltonetworks.com. A replay will be available three hours after the conclusion of the webcast and archived for one year.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our platformization strategy and financial outlook for the fiscal first quarter 2025 and fiscal year 2025. In addition, the financial outlook for the fiscal first quarter 2025 and fiscal year 2025 assumes consummation of the pending acquisition of IBM's QRadar SaaS assets during the fiscal first quarter of 2025, and reflects revenue contribution and ongoing expenses from such acquisition. There are a significant number of factors that could cause actual results to differ materially from forward-looking statements made in this press release, including: developments and changes in general market, political, economic, and business conditions; failure of our platformization product offerings; failure to achieve the expected benefits of our strategic partnerships and acquisitions; risks associated with managing our growth; risks associated with new product, subscription and support offerings, including our efforts to leverage AI; shifts in priorities or delays in the development or release of new offerings, or the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing product, subscription and support offerings; failure of our business strategies; rapidly evolving technological developments in the market for security products, subscriptions and support offerings; defects, errors, or vulnerabilities in our products, subscriptions or support offerings; our customers' purchasing decisions and the length of sales cycles; our competition; our ability to attract and retain new customers; our ability to acquire and integrate other companies, products, or technologies in a successful manner; our debt repayment obligations; and our share repurchase program, which may not be fully consummated or enhance shareholder value, and any share repurchases which could affect the price of our common stock.
Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q filed with the SEC on May 21, 2024, which is available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Non-GAAP Financial Measures and Other Key Metrics
Palo Alto Networks has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in
The presentation of these non-GAAP financial measures and key metrics are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
Non-GAAP operating margin. Palo Alto Networks defines non-GAAP operating margin as non-GAAP operating income divided by total revenue. The company defines non-GAAP operating income as operating income plus share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, and restructuring and other costs. The company believes that non-GAAP operating margin provides management and investors with greater visibility into the underlying performance of the company's core business operating results.
Non-GAAP net income and net income per share, diluted. Palo Alto Networks defines non-GAAP net income as net income plus share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, restructuring and other costs, and non-cash charges related to convertible notes. The company also excludes from non-GAAP net income foreign currency gains (losses) and tax adjustments related to our long-term non-GAAP effective tax rate in order to provide a complete picture of the company's recurring core business operating results. The company defines non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average diluted shares outstanding, which includes the potentially dilutive effect of the company's employee equity incentive plan awards and the company's convertible senior notes outstanding and related warrants, after giving effect to the anti-dilutive impact of the company's note hedge agreements, which reduces the potential economic dilution that otherwise would occur upon conversion of the company's convertible senior notes. Under GAAP, the anti-dilutive impact of the note hedge is not reflected in diluted shares outstanding. The company considers these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that it uses non-GAAP operating margin.
Next-Generation Security ARR. Palo Alto Networks defines Next-Generation Security ARR as the annualized allocated revenue of all active contracts as of the final day of the reporting period for Prisma and Cortex offerings inclusive of the VM-Series and related services, and certain cloud-delivered security services. The company considers Next-Generation Security ARR to be a useful metric for management and investors to evaluate the performance of the company because Next-Generation Security is where the company has focused its innovation and the company expects its overall revenue to be disproportionately driven by this Next-Generation Security portfolio. Because Next-Generation Security ARR does not have the effect of providing a numerical measure that is different from any comparable GAAP measure, the company does not consider it a non-GAAP measure.
Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Many of the adjustments to the company's GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in the company's financial results for the foreseeable future, such as share-based compensation, which is an important part of Palo Alto Networks employees' compensation and impacts their performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that Palo Alto Networks excludes in its calculation of non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP results of operations. Palo Alto Networks compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. In the future, the company may also exclude non-recurring expenses and other expenses that do not reflect the company's core business operating results.
About Palo Alto Networks
Palo Alto Networks is the global cybersecurity leader, committed to making each day safer than the one before with industry-leading, AI-powered solutions in network security, cloud security and security operations. Powered by Precision AI, our technologies deliver precise threat detection and swift response, minimizing false positives and enhancing security effectiveness. Our platformization approach integrates diverse security solutions into a unified, scalable platform, streamlining management and providing operational efficiencies with comprehensive protection. From defending network perimeters to safeguarding cloud environments and ensuring rapid incident response, Palo Alto Networks empowers businesses to achieve Zero Trust security and confidently embrace digital transformation in an ever-evolving threat landscape. This unwavering commitment to security and innovation makes us the cybersecurity partner of choice.
At Palo Alto Networks, we're committed to bringing together the very best people in service of our mission, so we're also proud to be the cybersecurity workplace of choice, recognized among Newsweek's Most Loved Workplaces (2021-2024), with a score of 100 on the Disability Equality Index (2024, 2023, 2022), and HRC Best Places for LGBTQ+ Equality (2022). For more information, visit www.paloaltonetworks.com.
Palo Alto Networks, the Palo Alto Networks logo, and Precision AI are trademarks of Palo Alto Networks, Inc. in
Palo Alto Networks, Inc. | |||||||
Preliminary Condensed Consolidated Statements of Operations | |||||||
(In millions, except per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
July 31, | July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue: | |||||||
Product | $ 480.5 | $ 507.4 | $ 1,603.3 | $ 1,578.4 | |||
Subscription and support | 1,709.0 | 1,445.9 | 6,424.2 | 5,314.3 | |||
Total revenue | 2,189.5 | 1,953.3 | 8,027.5 | 6,892.7 | |||
Cost of revenue: | |||||||
Product | 104.7 | 104.3 | 348.2 | 418.3 | |||
Subscription and support | 469.0 | 402.5 | 1,711.0 | 1,491.4 | |||
Total cost of revenue | 573.7 | 506.8 | 2,059.2 | 1,909.7 | |||
Total gross profit | 1,615.8 | 1,446.5 | 5,968.3 | 4,983.0 | |||
Operating expenses: | |||||||
Research and development | 494.8 | 414.4 | 1,809.4 | 1,604.0 | |||
Sales and marketing | 742.3 | 664.0 | 2,794.5 | 2,544.0 | |||
General and administrative | 140.3 | 114.6 | 680.5 | 447.7 | |||
Total operating expenses | 1,377.4 | 1,193.0 | 5,284.4 | 4,595.7 | |||
Operating income | 238.4 | 253.5 | 683.9 | 387.3 | |||
Interest expense | (0.3) | (5.7) | (8.3) | (27.2) | |||
Other income, net | 80.9 | 68.7 | 312.7 | 206.2 | |||
Income before income taxes | 319.0 | 316.5 | 988.3 | 566.3 | |||
Provision for (benefit from) income taxes | (38.7) | 88.8 | (1,589.3) | 126.6 | |||
Net income | $ 357.7 | $ 227.7 | $ 2,577.6 | $ 439.7 | |||
Net income per share, basic | $ 1.10 | $ 0.74 | $ 8.07 | $ 1.45 | |||
Net income per share, diluted | $ 1.01 | $ 0.64 | $ 7.28 | $ 1.28 | |||
Weighted-average shares used to compute net income per share, basic | 324.4 | 306.9 | 319.2 | 303.2 | |||
Weighted-average shares used to compute net income per share, diluted | 353.9 | 354.5 | 354.0 | 342.3 | |||
Palo Alto Networks, Inc. | |||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||
(In millions, except per share amounts) | |||||||
(Unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
July 31, | July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP operating income | $ 238.4 | $ 253.5 | $ 683.9 | $ 387.3 | |||
Share-based compensation-related charges | 287.1 | 274.1 | 1,161.7 | 1,145.1 | |||
Acquisition-related costs(1) | 3.5 | — | 13.6 | 19.5 | |||
Amortization expense of acquired intangible assets | 33.7 | 24.7 | 119.0 | 103.1 | |||
Litigation-related charges(2) | 25.6 | 1.7 | 211.5 | 7.1 | |||
Restructuring and other costs(3) | — | — | — | (2.2) | |||
Non-GAAP operating income | $ 588.3 | $ 554.0 | $ 2,189.7 | $ 1,659.9 | |||
Non-GAAP operating margin | 26.9 % | 28.4 % | 27.3 % | 24.1 % | |||
GAAP net income | $ 357.7 | $ 227.7 | $ 2,577.6 | $ 439.7 | |||
Share-based compensation-related charges | 287.1 | 274.1 | 1,161.7 | 1,145.1 | |||
Acquisition-related costs(1) | 3.5 | — | 13.6 | 19.5 | |||
Amortization expense of acquired intangible assets | 33.7 | 24.7 | 119.0 | 103.1 | |||
Litigation-related charges(2) | 25.6 | 1.7 | 211.5 | 7.1 | |||
Restructuring and other costs(3) | — | — | — | (2.2) | |||
Non-cash charges related to convertible notes(4) | 0.6 | 1.5 | 3.5 | 6.8 | |||
Foreign currency loss associated with non-GAAP adjustments | — | — | — | 0.5 | |||
Income tax and other tax adjustments(5) | (186.0) | (47.2) | (2,138.8) | (279.6) | |||
Non-GAAP net income | $ 522.2 | $ 482.5 | $ 1,948.1 | $ 1,440.0 | |||
GAAP net income per share, diluted | $ 1.01 | $ 0.64 | $ 7.28 | $ 1.28 | |||
Share-based compensation-related charges | 0.85 | 0.86 | 3.44 | 3.59 | |||
Acquisition-related costs(1) | 0.01 | 0.00 | 0.04 | 0.06 | |||
Amortization expense of acquired intangible assets | 0.10 | 0.07 | 0.34 | 0.30 | |||
Litigation-related charges(2) | 0.07 | 0.00 | 0.60 | 0.02 | |||
Restructuring and other costs(3) | 0.00 | 0.00 | 0.00 | (0.01) | |||
Non-cash charges related to convertible notes(4) | 0.00 | 0.00 | 0.01 | 0.02 | |||
Foreign currency loss associated with non-GAAP adjustments | 0.00 | 0.00 | 0.00 | 0.00 | |||
Income tax and other tax adjustments(5) | (0.53) | (0.13) | (6.04) | (0.82) | |||
Non-GAAP net income per share, diluted | $ 1.51 | $ 1.44 | $ 5.67 | $ 4.44 | |||
GAAP weighted-average shares used to compute net income per share, diluted | 353.9 | 354.5 | 354.0 | 342.3 | |||
Weighted-average anti-dilutive impact of note hedge agreements | (7.4) | (19.3) | (10.4) | (17.9) | |||
Non-GAAP weighted-average shares used to compute net income per share, diluted | 346.5 | 335.2 | 343.6 | 324.4 | |||
(1) | Consists of acquisition transaction costs, share-based compensation related to the cash settlement of certain equity awards, and costs to terminate certain employment, operating lease, and other contracts of the acquired companies. |
(2) | Consists of the amortization of intellectual property licenses and covenant not to sue. During the three months and fiscal year ended July 31, 2024, it also includes a legal contingency charge and a litigation settlement charge. |
(3) | Consists of adjustments to restructuring and other costs. |
(4) | Consists of non-cash interest expense for amortization of debt issuance costs related to the company's convertible senior notes. |
(5) | Consists of income tax adjustments related to our long-term non-GAAP effective tax rate. During fiscal year 2024, it included a tax benefit from a release of our valuation allowance on |
Palo Alto Networks, Inc. | |||
Preliminary Condensed Consolidated Balance Sheets | |||
(In millions) | |||
July 31, 2024 | July 31, 2023 | ||
(unaudited) | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 1,535.2 | $ 1,135.3 | |
Short-term investments | 1,043.6 | 1,254.7 | |
Accounts receivable, net | 2,618.6 | 2,463.2 | |
Short-term financing receivables, net | 725.9 | 388.8 | |
Short-term deferred contract costs | 369.0 | 339.2 | |
Prepaid expenses and other current assets | 557.4 | 466.8 | |
Total current assets | 6,849.7 | 6,048.0 | |
Property and equipment, net | 361.1 | 354.5 | |
Operating lease right-of-use assets | 385.9 | 263.3 | |
Long-term investments | 4,173.2 | 3,047.9 | |
Long-term financing receivables, net | 1,182.1 | 653.3 | |
Long-term deferred contract costs | 562.0 | 547.1 | |
Goodwill | 3,350.1 | 2,926.8 | |
Intangible assets, net | 374.9 | 315.4 | |
Deferred tax assets | 2,399.0 | 23.1 | |
Other assets | 352.9 | 321.7 | |
Total assets | $ 19,990.9 | $ 14,501.1 | |
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Accounts payable | $ 116.3 | $ 132.3 | |
Accrued compensation | 554.7 | 548.3 | |
Accrued and other liabilities | 506.7 | 390.8 | |
Deferred revenue | 5,541.1 | 4,674.6 | |
Convertible senior notes, net | 963.9 | 1,991.5 | |
Total current liabilities | 7,682.7 | 7,737.5 | |
Long-term deferred revenue | 5,939.4 | 4,621.8 | |
Deferred tax liabilities | 387.7 | 28.1 | |
Long-term operating lease liabilities | 380.5 | 279.2 | |
Other long-term liabilities | 430.9 | 86.1 | |
Total liabilities | 14,821.2 | 12,752.7 | |
Stockholders' equity: | |||
Preferred stock | — | — | |
Common stock and additional paid-in capital | 3,821.1 | 3,019.0 | |
Accumulated other comprehensive loss | (1.6) | (43.2) | |
Retained earnings (accumulated deficit) | 1,350.2 | (1,227.4) | |
Total stockholders' equity | 5,169.7 | 1,748.4 | |
Total liabilities and stockholders' equity | $ 19,990.9 | $ 14,501.1 | |
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SOURCE Palo Alto Networks, Inc.
FAQ
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