Palo Alto Networks reported revenue of $1.2 billion for its fiscal first quarter 2022, ended October 31, 2021, up 32% compared with revenue of $946.0 million for the fiscal first quarter 2021. GAAP net loss for the fiscal first quarter 2022 was $103.6 million, or $1.06 per diluted share, compared with GAAP net loss of $92.2 million, or $0.97 per diluted share, for the fiscal first quarter 2021.
Non-GAAP net income for the fiscal first quarter 2022 was $170.3 million, or $1.64 per diluted share, compared with non-GAAP net income of $158.1 million, or $1.62 per diluted share, for the fiscal first quarter 2021. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
“Q1 was a strong start to fiscal year 2022, driven by strength in both our product and Next-Generation Security businesses, giving us confidence to raise our revenue and billings guidance for the year,” said Nikesh Arora, chairman and CEO of Palo Alto Networks. “We continue to see strong customer demand and have continued to release key innovations which give us confidence in the durable growth we presented at our September Analyst Day.”
“The combination of strong top-line metrics, upside to our profitability goals, and cash conversion for Q1 showcase our focus on total shareholder return,” said Dipak Golechha, chief financial officer of Palo Alto Networks.
Palo Alto Networks provided the following guidance based on current market conditions and expectations for its fiscal second quarter 2022:
- Total billings in the range of $1.51 billion to $1.53 billion, representing year-over-year growth of between 24% and 26%.
- Total revenue in the range of $1.265 billion to $1.285 billion, representing year-over-year growth of between 24% and 26%.
- Diluted non-GAAP net income per share in the range of $1.63 to $1.66, using 105 million to 107 million shares outstanding.
