| Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal fourth quarter and fiscal year ended July 31, 2024.
Total revenue for the fiscal fourth quarter 2024 grew 12% year over year to $2.2 billion, compared with total revenue of $2.0 billion for the fiscal fourth quarter 2023. GAAP net income for the fiscal fourth quarter 2024 was $357.7 million, or $1.01 per diluted share, compared with GAAP net income of $227.7 million, or $0.64 per diluted share, for the fiscal fourth quarter 2023.
Non-GAAP net income for the fiscal fourth quarter 2024 was $522.2 million, or $1.51 per diluted share, compared with non-GAAP net income of $482.5 million, or $1.44 per diluted share, for the fiscal fourth quarter 2023. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
"We finished off the year with strong execution on our platformization strategy in Q4," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "As we look forward to fiscal year 2025 and beyond, we are focused on scaling our Next-Generation Security business through continued innovation and execution."
"Our top-line strength showed through in our remaining performance obligation and Next-Generation Security ARR," said Dipak Golechha, chief financial officer of Palo Alto Networks. "At the same time we successfully balanced profitable growth, as our non-GAAP operating margins increased by more than 300 basis points for the year with strong cash generation, marking one of the best years for Palo Alto Networks." |
Financial Outlook
Palo Alto Networks provides guidance based on current market conditions and expectations.For the fiscal first quarter 2025, we expect:
- Total revenue in the range of $2.10 billion to $2.13 billion, representing year-over-year growth of between 12% and 13%.
- Diluted non-GAAP net income per share in the range of $1.47 to $1.49, representing year-over-year growth of between 7% and 8%.
For the fiscal year 2025, we expect:
- Total revenue in the range of $9.10 billion to $9.15 billion, representing year-over-year growth of between 13% and 14%.
- Non-GAAP operating margin in the range of 27.5% to 28.0%.
- Diluted non-GAAP net income per share in the range of $6.18 to $6.31, representing year-over-year growth of between 9% and 11%.
- Adjusted free cash flow margin in the range of 37% to 38%.
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| The board of directors authorized an additional $500 million for share repurchases, increasing the remaining authorization for future share repurchases to $1 billion, expiring December 31, 2025.
The guidance takes into account the expected financial impact of the pending acquisition of IBM's QRadar SaaS assets. 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 non-GAAP operating margin guidance to GAAP operating margin, 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 operating margin, 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 |
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