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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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