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Oct 31, 2022
Palo Alto Networks Q1 2023 Earnings Report
Palo Alto Networks' Q1 2023 financial results were reported, demonstrating strong growth and profitability.
Key Takeaways
Palo Alto Networks reported a strong fiscal first quarter 2023, with revenue growing 25% year over year to $1.6 billion. The company exceeded top-line guidance, generated $1.2 billion in free cash flow, and expanded operating margins.
Fiscal first quarter revenue grew 25% year over year to $1.6 billion.
Fiscal first quarter billings grew 27% year over year to $1.7 billion.
Remaining performance obligation grew 38% year over year to $8.3 billion.
GAAP net income for the fiscal first quarter 2023 was $20.0 million, or $0.06 per diluted share.
Palo Alto Networks
Palo Alto Networks
Palo Alto Networks Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comSubscription and Support Revenue
CapyFin.com Forward Guidance
Palo Alto Networks provided guidance for the fiscal second quarter 2023 and raised guidance for the fiscal year 2023.
Positive Outlook
- Total billings in the range of $1.94 billion to $1.99 billion, representing year-over-year growth of between 21% and 24% for Q2 2023.
- Total revenue in the range of $1.63 billion to $1.66 billion, representing year-over-year growth of between 24% and 26% for Q2 2023.
- 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 Q2 2023.
- Total billings in the range of $8.95 billion to $9.10 billion, representing year-over-year growth of between 20% and 22% for fiscal year 2023.
- Total revenue in the range of $6.85 billion to $6.91 billion, representing year-over-year growth of between 25% and 26% for fiscal year 2023.
Challenges Ahead
- Guidance for non-GAAP financial measures excludes share-based compensation-related charges.
- Guidance excludes acquisition-related costs.
- Guidance excludes amortization expense of acquired intangible assets.
- Guidance excludes litigation-related charges, including legal settlements.
- Guidance excludes restructuring and other costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income