Palo Alto Networks said its total revenue for fiscal 2024 Q3 was $2.0 billion, up 15.3% from $1.7 billion a year earlier. Product revenue was $391.0 million, or 19.7% of total revenue.

1. 01

   Palo Alto Networks said its total revenue for fiscal 2024 Q3 was $2.0 billion, up 15.3% from $1.7 billion a year earlier. Product revenue was $391.0 million, or 19.7% of total revenue.

2. 02

   The company said that of its 2025 Notes, $661.8 million in principal converted during the 3 months ended April 30, 2024, and $834.1 million converted during the 9 months, and it repaid these in cash. As of April 30, 2024, $1.2 billion remained outstanding.

3. 03

   The company said operating cash flow for the 9 months ended April 30, 2024 was $2.7 billion, up $381.5 million from a year earlier. Cash used in investing activities was $1.3 billion, and cash used in financing activities was $1.2 billion.

4. 04

   The company cited a litigation accrual of $180.5 million related to an ongoing patent infringement lawsuit as the main driver of the increase in general and administrative expense for the 9 months ended April 30, 2024. It said the income tax benefit for the same 9 months was driven mainly by the release of a valuation allowance.

Key figures

Quarter ended April 30, 2024

Revenue

$2.0B

Operating income

$177M

Net income

$279M

EPS

$0.79

Gross profit

$1.5B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.