Palo Alto(US:PANW)2024-08-19 20:08Financial Performance - Fiscal fourth quarter revenue grew 12% year over year to $2.2 billion, while fiscal year 2024 revenue increased 16% year over year to $8.0 billion[1] - GAAP net income for the fiscal fourth quarter 2024 was $357.7 million, or $1.01 per diluted share, compared to $227.7 million, or $0.64 per diluted share, for the same quarter last year[1][2] - Non-GAAP net income for the fiscal fourth quarter 2024 was $522.2 million, or $1.51 per diluted share, compared to $482.5 million, or $1.44 per diluted share, for the same quarter last year[2] - Total revenue for the three months ended July 31, 2024, was $2,189.5 million, a 12.1% increase from $1,953.3 million in the same period of 2023[22] - Net income for the three months ended July 31, 2024, was $357.7 million, compared to $227.7 million in the same period of 2023, representing a 57.2% increase[24] - Non-GAAP operating income for the three months ended July 31, 2024, was $588.3 million, up from $554.0 million in the same period of 2023, reflecting a 6.2% increase[24] - The diluted net income per share for the three months ended July 31, 2024, was $1.01, compared to $0.64 in the same period of 2023, an increase of 57.8%[24] - Non-GAAP net income for the three months ended July 31, 2024, was $522.2 million, compared to $482.5 million in the same period of 2023, a growth of 8.2%[24] Revenue Expectations - For fiscal Q1 2025, total revenue is expected to be in the range of $2.10 billion to $2.13 billion, representing year-over-year growth of 12% to 13%[4] - For fiscal year 2025, total revenue is expected to be in the range of $9.10 billion to $9.15 billion, representing year-over-year growth of 13% to 14%[4] - Guidance for fiscal year 2025 includes the expected financial impact of the pending acquisition of IBM's QRadar SaaS assets[5] Operating Metrics - Next-Generation Security ARR grew 43% year over year to $4.2 billion[1] - Remaining performance obligation increased by 20% year over year to $12.7 billion[1] - Subscription and support revenue increased to $1,709.0 million, up 18.2% from $1,445.9 million year-over-year[22] - Total operating expenses for the three months ended July 31, 2024, were $1,377.4 million, compared to $1,193.0 million in the same period of 2023, an increase of 15.4%[22] - Research and development expenses increased to $494.8 million, up from $414.4 million year-over-year, a rise of 19.4%[22] - Non-GAAP operating margin for the three months ended July 31, 2024, was 26.9%, down from 28.4% in the same period of 2023[24] - Non-GAAP operating margin for fiscal year 2025 is expected to be in the range of 27.5% to 28.0%[4] Balance Sheet Highlights - Total assets increased to $19,990.9 million, up from $14,501.1 million, representing a growth of 37.3% year-over-year[26] - Cash and cash equivalents rose to $1,535.2 million, compared to $1,135.3 million, reflecting a 35.2% increase[26] - Total current assets reached $6,849.7 million, an increase of 13.2% from $6,048.0 million[26] - Long-term investments grew to $4,173.2 million, up from $3,047.9 million, marking a 36.9% increase[26] - Total liabilities increased to $14,821.2 million, compared to $12,752.7 million, a rise of 16.3%[26] - Total stockholders' equity surged to $5,169.7 million, up from $1,748.4 million, indicating a growth of 195.5%[26] - Deferred revenue increased to $5,541.1 million, compared to $4,674.6 million, reflecting a growth of 18.5%[26] - Retained earnings improved to $1,350.2 million, compared to an accumulated deficit of $1,227.4 million, showing a significant turnaround[26] - Accounts receivable, net rose to $2,618.6 million, up from $2,463.2 million, a growth of 6.3%[26] - Long-term deferred revenue increased to $5,939.4 million, compared to $4,621.8 million, representing a growth of 28.5%[26] Shareholder Actions - The board authorized an additional $500 million for share repurchases, increasing the total remaining authorization to $1 billion[4]