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Was it you recently suggesting $PANW? I notice it fell today all the way back to its support. May be a buy now that its down $100?
Earning projections to the future look good. Currently $268

Palo Alto Networks Reports Fiscal Second Quarter 2024 Financial Results
PR Newswire4:05 PM (UTC-05:00) Eastern Time (US & Canada) Feb 20, 2024


Palo Alto Networks Reports Fiscal Second Quarter 2024 Financial Results

PR Newswire

SANTA CLARA, Calif., Feb. 20, 2024



• Fiscal second quarter revenue grew 19% year over year to $2.0 billion



• Remaining performance obligation grew 22% year over year to $10.8 billion



• Non-GAAP operating margin grew 580 bps year over year to 29%


SANTA CLARA, Calif., Feb. 20, 2024 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal second quarter 2024, ended January 31, 2024.

Total revenue for the fiscal second quarter 2024 grew 19% year over year to $2.0 billion, compared with total revenue of $1.7 billion for the fiscal second quarter 2023. GAAP net income for the fiscal second quarter 2024 was $1.7 billion, or $4.89 per diluted share, compared with GAAP net income of $0.1 billion, or $0.25 per diluted share, for the fiscal second quarter 2023. GAAP net income for the fiscal second quarter 2024 included a $1.5 billion net tax benefit from a release of the company's valuation allowance.

Non-GAAP net income for the fiscal second quarter 2024 was $0.5 billion, or $1.46 per diluted share, compared with non-GAAP net income of $0.3 billion, or $1.05 per diluted share, for the fiscal second quarter 2023. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

"Our leadership across all of our three platforms and growing cross-platform adoption puts us in a strong and unique position," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "With this backdrop, we are activating our accelerated platformization and consolidation strategy, as well as our AI leadership strategy."

"Our disciplined execution on profitable growth gives us the confidence to maintain FY'24 non-GAAP EPS and free cash flow guidance, while making significant additional investments in our platformization and consolidation strategies to accelerate our long-term growth trajectory," said Dipak Golechha, chief financial officer of Palo Alto Networks.

Financial Outlook
Palo Alto Networks provides guidance based on current market conditions and expectations.

For the fiscal third quarter 2024, we expect:


• Total billings in the range of $2.30 billion to $2.35 billion, representing year-over-year growth of between 2% and 4%.



• Total revenue in the range of $1.95 billion to $1.98 billion, representing year-over-year growth of between 13% and 15%.



• Diluted non-GAAP net income per share in the range of $1.24 to $1.26, using 347 million to 351 million shares outstanding.


For the fiscal year 2024, we are updating guidance and expect:


• Total billings in the range of $10.10 billion to $10.20 billion, representing year-over-year growth of between 10% and 11%.



• Total revenue in the range of $7.95 billion to $8.00 billion, representing year-over-year growth of between 15% and 16%.



• Non-GAAP operating margin in the range of 26.5% to 27.0%.



• Diluted non-GAAP net income per share in the range of $5.45 to $5.55, using 345 million to 347 million shares outstanding.



• Adjusted free cash flow margin in the range of 38.0% to 39.0%.


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 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 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.