Press release
Palo Alto Networks Reports Fiscal Second Quarter 2020 Financial Results
- Fiscal second quarter revenue grows 15% year over year to $816.7 million - Billings increase 17% year over year to $998.9 million - Deferred revenue grows
About this update from Palo Alto Networks, Inc.
[{"type":"text","content":"- Fiscal second quarter revenue grows 15% year over year to $816.7 million\n - Billings increase 17% year over year to $998.9 million\n - Deferred revenue grows 27% year over year to $3.2 billion\n - Announces proposed $1 billion accelerated share repurchase transaction\n\n\nSANTA CLARA, Calif., Feb. 24, 2020 /PRNewswire/ -- Palo Alto Networks (NYSE: PANW), the global cybersecurity leader, announced today financial results for its fiscal second quarter 2020, ended January 31, 2020.\nTotal revenue for the fiscal second quarter 2020 grew 15% year over year to $816.7 million, compared with total revenue of $711.2 million for the fiscal second quarter 2019. GAAP net loss for the fiscal second quarter 2020 was $73.7 million, or $0.75 per diluted share, compared with GAAP net loss of $2.6 million, or $0.03 per diluted share, for the fiscal second quarter 2019.\nNon-GAAP net income for the fiscal second quarter 2020 was $120.3 million, or $1.19 per diluted share, compared with non-GAAP net income of $147.0 million, or $1.51 per diluted share, for the fiscal second quarter 2019. A reconciliation between GAAP and non-GAAP information is contained in the tables below.\n\"Our fiscal second quarter displayed many signs of positive momentum; notably billings for our Next-Generation Security offerings continued to perform very well. As customers progress on their journey to the cloud and elevate cybersecurity as an integral part of network transformations, Palo Alto Networks remains a trusted partner to organizations worldwide,\" said Nikesh Arora, chairman and CEO of Palo Alto Networks. \"Fiscal second quarter revenue was below our expectations primarily as a result of continued impact of sales incentives related to our Next-Generation Security products from our prior fiscal year. We have made progress to address this and have implemented several go-to-market programs to reignite our firewall sales growth.\"\nAccelerated Share RepurchaseThe Company's board of directors authorized the Company to enter into a $1 billion accelerated share repurchase (\"ASR\") transaction. The Company intends to enter into an ASR transaction with a financial institution during its fiscal third quarter 2020, subject to market conditions. The ASR transaction is in addition to the Company's $1 billion share repurchase program that was announced in February 2019. As...