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Palo Alto Networks
🇺🇸 NYSE:PANW
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Jul 31, 2023

Palo Alto Networks Q4 2023 Earnings Report

Palo Alto Networks reported strong Q4 2023 results with revenue growth and increased profitability.

Key Takeaways

Palo Alto Networks announced its fiscal fourth quarter and fiscal year 2023 financial results. The company's Q4 revenue grew 26% year-over-year to $2.0 billion. GAAP net income for the quarter was $227.7 million, or $0.64 per diluted share, while non-GAAP net income was $482.5 million, or $1.44 per diluted share. The company's remaining performance obligation grew 30% year-over-year to $10.6 billion.

Fiscal fourth quarter revenue grew 26% year over year to $2.0 billion.

Fiscal fourth quarter billings grew 18% year over year to $3.2 billion.

Remaining performance obligation grew 30% year over year to $10.6 billion.

GAAP net income for the fiscal fourth quarter 2023 was $227.7 million, or $0.64 per diluted share.

Total Revenue
$1.95B
Previous year: $1.55B
+25.9%
EPS
$1.44
Previous year: $0.8
+80.0%
Gross Profit
$1.45B
Previous year: $1.06B
+36.7%
Cash and Equivalents
$1.14B
Previous year: $2.12B
-46.4%
Total Assets
$14.5B
Previous year: $12.3B
+18.3%

Palo Alto Networks

Palo Alto Networks

Palo Alto Networks Revenue by Segment

Forward Guidance

Palo Alto Networks provided guidance for the fiscal first quarter 2024 and fiscal year 2024. For the fiscal first quarter 2024, the company expects total revenue in the range of $1.82 billion to $1.85 billion, representing year-over-year growth of between 16% and 18%. For the fiscal year 2024, the company expects total revenue in the range of $8.15 billion to $8.20 billion, representing year-over-year growth of 18% and 19%.

Positive Outlook

  • Total billings in the range of $2.05 billion to $2.08 billion, representing year-over-year growth of between 17% and 19% for Q1 2024.
  • Total revenue in the range of $1.82 billion to $1.85 billion, representing year-over-year growth of between 16% and 18% for Q1 2024.
  • Diluted non-GAAP net income per share in the range of $1.15 to $1.17, representing year-over-year growth of between 39% and 41% for Q1 2024.
  • Total billings in the range of $10.9 billion to $11.0 billion, representing year-over-year growth of between 19% and 20% for fiscal year 2024.
  • Total revenue in the range of $8.15 billion to $8.20 billion, representing year-over-year growth of 18% and 19% for fiscal year 2024.

Challenges Ahead

  • Guidance excludes share-based compensation-related charges.
  • Guidance excludes acquisition-related costs.
  • Guidance excludes amortization expense of acquired intangible assets.
  • Guidance excludes litigation-related charges.
  • Guidance excludes restructuring and other costs.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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