Press release
Palo Alto Networks Reports Fiscal Third Quarter 2022 Financial Results
Fiscal third quarter revenue grew 29% year over year to $1.4 billionFiscal third quarter billings grew 40% year over year to $1.8 billionRemaining performance
About this update from Palo Alto Networks, Inc.
[{"type":"text","content":"Fiscal third quarter revenue grew 29% year over year to $1.4 billionFiscal third quarter billings grew 40% year over year to $1.8 billionRemaining performance obligation grew 40% year over year to $6.9 billionSANTA CLARA, Calif., May 19, 2022 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal third quarter 2022, ended April 30, 2022.\nTotal revenue for the fiscal third quarter 2022 grew 29% year over year to $1.4 billion, compared with total revenue of $1.1 billion for the fiscal third quarter 2021. GAAP net loss for the fiscal third quarter 2022 was $73.2 million, or $0.74 per diluted share, compared with GAAP net loss of $145.1 million, or $1.50 per diluted share, for the fiscal third quarter 2021.\nNon-GAAP net income for the fiscal third quarter 2022 was $193.1 million, or $1.79 per diluted share, compared with non-GAAP net income of $139.5 million, or $1.38 per diluted share, for the fiscal third quarter 2021. A reconciliation between GAAP and non-GAAP information is contained in the tables below.\n\"We saw strong top-line growth in Q3, which is a testament to our teams' consistent execution in capitalizing on the strong cybersecurity demand trends,\" said Nikesh Arora, chairman and CEO of Palo Alto Networks. \"On the back of this strength across our portfolio, we are again raising our guidance for the year across revenue, billings and earnings per share.\"\n\"Our drive to deliver strong total shareholder return in Q3 was headlined by our revenue growth, while we also balanced operating margin expansion and free cash flow conversion,\" said Dipak Golechha, chief financial officer of Palo Alto Networks. \"We look forward to continuing this balance as we close out the year and look to FY23.\"\nFinancial Outlook\nPalo Alto Networks provides guidance based on current market conditions and expectations.\nFor the fiscal fourth quarter 2022, we expect:\nTotal billings in the range of $2.32 billion to $2.35 billion, representing year over year growth of between 24% and 26%.Total revenue in the range of $1.53 billion to $1.55 billion, representing year over year growth of between 25% and 27%.Diluted non-GAAP net income per share in the range of $2.26 to $2.29, using 106 million to 108 million shares outstanding.For the fiscal year 2022, we are broadly ...