Press release
Palo Alto Networks Reports Fiscal First Quarter 2023 Financial Results
Fiscal first quarter revenue grew 25% year over year to $1.6 billionFiscal first quarter billings grew 27% year over year to $1.7 billionRemaining performance
About this update from Palo Alto Networks, Inc.
[{"type":"text","content":"Fiscal first quarter revenue grew 25% year over year to $1.6 billionFiscal first quarter billings grew 27% year over year to $1.7 billionRemaining performance obligation grew 38% year over year to $8.3 billionSANTA CLARA, Calif., Nov. 17, 2022 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal first quarter 2023, ended October 31, 2022.\nTotal revenue for the fiscal first quarter 2023 grew 25% year over year to $1.6 billion, compared with total revenue of $1.2 billion for the fiscal first quarter 2022. GAAP net income for the fiscal first quarter 2023 was $20.0 million, or $0.06 per diluted share, compared with GAAP net loss of $103.6 million, or $0.35 per diluted share, for the fiscal first quarter 2022.\nNon-GAAP net income for the fiscal first quarter 2023 was $266.4 million, or $0.83 per diluted share, compared with non-GAAP net income of $170.3 million, or $0.55 per diluted share, for the fiscal first quarter 2022. A reconciliation between GAAP and non-GAAP information is contained in the tables below.\n\"Our growth in Q1 was driven by customers continuing to increase their commitments to our security platforms as they are able to choose our best-of-breed capability and simplify their security architecture,\" said Nikesh Arora, chairman and CEO of Palo Alto Networks. \"We are focused on expanding the breadth of our offerings and our pace of innovation to continue to drive share gains in the cybersecurity market.\"\n\"We exceeded our top-line guidance while generating $1.2 billion in free cash flow and expanding our operating margins,\" said Dipak Golechha, chief financial officer of Palo Alto Networks. \"We will continue to balance growth with profitability and cash generation to further strengthen our position in the market.\"\nFinancial Outlook\nPalo Alto Networks provides guidance based on current market conditions and expectations.\nFor the fiscal second quarter 2023, we expect:\nTotal billings in the range of $1.94 billion to $1.99 billion, representing year-over-year growth of between 21% and 24%.Total revenue in the range of $1.63 billion to $1.66 billion, representing year-over-year growth of between 24% and 26%.Diluted non-GAAP net income per share in the range of $0.76 to $0.78, using 320 million to 326 million shares outstanding.For...