Press release
Palo Alto Networks Reports Fiscal Second Quarter 2023 Financial Results
Fiscal second quarter revenue and billings each grew 26% year over year to $1.7 billion and $2.0 billion, respectivelyTrailing 12-months GAAP net income
About this update from Palo Alto Networks, Inc.
[{"type":"text","content":"Fiscal second quarter revenue and billings each grew 26% year over year to $1.7 billion and $2.0 billion, respectivelyTrailing 12-months GAAP net income positive for period ending January 31, 2023Remaining performance obligation grew 39% year over year to $8.8 billionSANTA CLARA, Calif., Feb. 21, 2023 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal second quarter 2023, ended January 31, 2023.\nTotal revenue for the fiscal second quarter 2023 grew 26% year over year to $1.7 billion, compared with total revenue of $1.3 billion for the fiscal second quarter 2022. GAAP net income for the fiscal second quarter 2023 was $84.2 million, or $0.25 per diluted share, compared with GAAP net loss of $93.5 million, or $0.32 per diluted share, for the fiscal second quarter 2022.\nNon-GAAP net income for the fiscal second quarter 2023 was $331.7 million, or $1.05 per diluted share, compared with non-GAAP net income of $185.0 million, or $0.58 per diluted share, for the fiscal second quarter 2022. A reconciliation between GAAP and non-GAAP information is contained in the tables below.\n\"We continue to see our teams execute well in the midst of macroeconomic challenges, helping customers consolidate their security architectures,\" said Nikesh Arora, chairman and CEO of Palo Alto Networks. \"The performance of our software-based and cloud-delivered portfolio validates the significant investments we have made over the last several years and has enabled us to raise our billings and NGS ARR guidance.\"\n\"Our focus on driving profitable growth is reflected in our Q2 results,\" said Dipak Golechha, chief financial officer of Palo Alto Networks. \"As a result, we are raising our cash flow margin and operating profitability targets as we remain focused on driving efficiency in our business.\"\nFinancial OutlookPalo Alto Networks provides guidance based on current market conditions and expectations.\nFor the fiscal third quarter 2023, we expect:\nTotal billings in the range of $2.20 billion to $2.25 billion, representing year-over-year growth of between 22% and 25%.Total revenue in the range of $1.695 billion to $1.725 billion, representing year-over-year growth of between 22% and 24%.Diluted non-GAAP net income per share in the range of $0.90 to $0.94, using 321 millio...