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PANW · Palo Alto Networks Inc

43 filings

10-Q

PANW 10-Q Quarterly Reports

Palo Alto Networks Inc - 43 quarterly reports

Filing record · 2016–202610-K1110-Q328-K110

2026-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2026
Palo Alto Networks, Inc. reported solid revenue growth for the third quarter of fiscal year 2026, with total revenue reaching $3.0 billion, a 31% increase year-over-year. This growth was driven by strong performance across both product and subscription and support segments, with subscription and support revenue now constituting 80.2% of total revenue. The company's strategic focus on platformization, evident in its network security, security operations, observability, and identity security platforms, continues to resonate with customers, as indicated by the substantial remaining performance obligations of $18.4 billion. Despite the robust revenue growth, the company reported a net loss of $177 million for the quarter, a shift from the net income of $262 million in the prior year's comparable period. This loss is largely attributable to significant investments and expenses related to recent large-scale acquisitions, notably CyberArk Software Ltd., which was completed in February 2026. The company's balance sheet reflects a substantial increase in goodwill and intangible assets due to these acquisitions. While operating expenses, particularly in sales and marketing and R&D, have increased, the company generated positive operating cash flow of $3.2 billion for the nine months ended April 30, 2026, indicating underlying operational strength.
Jun 3, 2026
2026-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2026
Palo Alto Networks Inc. (PANW) reported strong revenue growth of 15% year-over-year for the six months ended January 31, 2026, reaching $5.1 billion. This growth was primarily driven by an increase in subscription and support revenue, which now constitutes 81.3% of total revenue, alongside a healthy 22% rise in product revenue. The company also saw a significant increase in operating income to $706 million for the six-month period, up from $527 million in the prior year, contributing to an improved operating margin of 13.9%. The company completed two significant acquisitions during this period: Chronosphere, Inc. for $3.0 billion, bolstering its observability platform, and CyberArk Software Ltd. for $2.3 billion in cash and stock, strengthening its identity security offerings. These strategic moves are expected to expand PANW's platform capabilities and market reach. Despite substantial investments in growth, including R&D and sales and marketing, the company maintained a solid gross margin of 73.9% for the six months. Liquidity remains strong with over $7.8 billion in cash, cash equivalents, and investments as of January 31, 2026.
Feb 18, 2026
2026-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2025
Palo Alto Networks, Inc. (PANW) reported solid revenue growth of 16% year-over-year to $2.47 billion for the first quarter of fiscal year 2026, ending October 31, 2025. This growth was driven by a strong performance in both product revenue, which increased by 23%, and subscription and support revenue, which grew by 14%. The company maintained a consistent gross margin of 74.2%. While operating income saw a slight decrease in margin to 12.5% from 13.4% in the prior year, this was largely due to an increase in general and administrative expenses, including legal accrual adjustments and higher share-based compensation. Financially, PANW demonstrated robust cash flow generation, with net cash provided by operating activities increasing to $1.77 billion. The company's liquidity remains strong, with total cash, cash equivalents, and investments reaching $10.2 billion. Notably, the company announced its definitive agreement to acquire CyberArk Software Ltd. for approximately $25 billion, a significant strategic move expected to close in the third quarter of fiscal year 2026, signaling a major expansion and focus on identity security. This acquisition, funded by cash on hand, represents a substantial investment and potential for future growth and synergy.
Nov 20, 2025
2025-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2025
Palo Alto Networks (PANW) reported robust revenue growth of 15.3% year-over-year for the third quarter of fiscal 2025, reaching $2.3 billion. This growth was driven by strong performance in both product revenue, up 15.8%, and subscription and support revenue, up 15.2%. The company continues to expand its platform offerings, with a particular focus on AI-driven security solutions and cloud security. Remaining Performance Obligations (RPO) increased to $13.5 billion, indicating strong future revenue visibility. Despite increased operating expenses, particularly in R&D and Sales & Marketing to support growth, the company saw an improvement in operating margin to 9.6% from 8.9% in the prior year period, reflecting improved operational leverage. Net income for the quarter was $262.1 million. Financially, PANW ended the quarter with a solid cash position of $2.4 billion in cash and cash equivalents, and a substantial total of $8.5 billion in cash, cash equivalents, and investments. The company successfully addressed the upcoming maturity of its $383.3 million convertible senior notes due June 2025, with substantial conversions already processed and cash reserves sufficient for the remaining principal. An announced acquisition of Protect AI for $700 million is expected to further bolster its AI security capabilities. The company also reported $1.0 billion remaining on its share repurchase authorization, with no shares repurchased in the current quarter.
May 21, 2025
2025-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2025
Palo Alto Networks, Inc. (PANW) reported its fiscal second quarter 2025 results, demonstrating continued revenue growth and a strengthening financial position. Total revenue increased by 14.3% year-over-year to $2.3 billion, driven by robust performance in both product and subscription/support segments. Subscription and support revenue, now representing 81.3% of total revenue, grew 15.9%, highlighting the company's successful shift towards a recurring revenue model. The company also reported a significant increase in operating income to $240.4 million, up from $53.6 million in the prior year's quarter, indicating improved operational efficiency. Key financial metrics show positive momentum, with Next-Generation Security Annualized Recurring Revenue (NGS ARR) reaching $4.8 billion and Remaining Performance Obligations (RPO) standing at $13.0 billion, suggesting strong future revenue visibility. The company also maintained a healthy cash flow from operations, amounting to $2.1 billion for the first six months of fiscal 2025. The acquisition of IBM's QRadar assets in August 2024 is beginning to integrate, contributing to goodwill and intangible assets, and is expected to accelerate growth in the Cortex business. Investors should note the significant increase in goodwill related to the IBM QRadar acquisition, which now stands at $4.05 billion. The company is also actively managing its convertible debt, with a substantial portion converted or submitted for conversion. While the company continues to invest in R&D and sales and marketing, the substantial increase in operating income and continued revenue growth underscore a positive financial trajectory. The company has ample liquidity with over $7.8 billion in cash, cash equivalents, and investments.
Feb 14, 2025
2025-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2024
Palo Alto Networks, Inc. (PANW) reported a solid fiscal first quarter for FY2025, with total revenue reaching $2.14 billion, a 13.9% increase year-over-year. This growth was primarily driven by a strong performance in subscription and support services, which now constitute 83.5% of total revenue, demonstrating continued customer adoption of their platform strategy. The company saw a significant increase in net income to $350.7 million, up from $194.2 million in the prior year quarter, translating to a diluted EPS of $0.99. This robust financial performance reflects successful execution on their strategy to simplify customer security architectures and expand their cybersecurity offerings. The company's balance sheet remains strong, with total assets growing to $20.37 billion and substantial cash and investments totaling $7.51 billion. A notable event during the quarter was the acquisition of certain IBM QRadar assets for $1.1 billion, which is expected to accelerate the growth of their Cortex business. Remaining performance obligations stood at a healthy $12.6 billion, indicating strong future revenue potential, with $5.9 billion expected to be recognized within the next 12 months. Despite a slight increase in cost of goods sold, particularly for subscription and support, the company managed to maintain a strong gross margin of 74.1%. Overall, PANW is demonstrating continued top-line growth, improved profitability, and a strategic approach to market expansion.
Nov 21, 2024
2024-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2024
Palo Alto Networks, Inc. (PANW) reported strong financial results for the quarter ending April 29, 2024, demonstrating robust revenue growth and improved profitability. Total revenue increased by 15.3% year-over-year to $1.98 billion, driven by a significant 19.6% surge in subscription and support revenue, which now constitutes over 80% of total revenue. The company also saw a notable increase in operating income, up from $78.7 million to $176.7 million year-over-year, highlighting improved operational efficiency and margin expansion, with gross margins rising to 74.1% from 72.4% in the prior year period. Financially, PANW maintains a strong liquidity position with cash, cash equivalents, and investments totaling $6.4 billion. The company successfully managed its debt, with a substantial reduction in convertible senior notes outstanding due to conversions. The company also made strategic acquisitions during the period, notably Dig Security Solutions and Talon Cyber Security, which are expected to enhance its cloud security capabilities. Despite ongoing legal proceedings, particularly the Centripetal Networks lawsuit where a jury verdict was rendered, the company has accrued $180.5 million for the potential settlement, indicating proactive risk management.
May 21, 2024
2024-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2024
Palo Alto Networks, Inc. (PANW) reported strong financial results for the fiscal second quarter ended January 31, 2024. Total revenue increased by 19.3% year-over-year to $1.98 billion, driven by robust growth in subscription and support revenue, which now constitutes over 80% of total revenue. The company also saw a significant improvement in profitability, with net income soaring to $1.75 billion compared to $84.2 million in the prior year's quarter. This substantial increase in net income was significantly influenced by a large benefit from income taxes related to the release of a valuation allowance on deferred tax assets. Operationally, the company continues to invest in research and development and sales and marketing, though these expenses as a percentage of revenue have decreased year-over-year. The company also completed two strategic acquisitions in the quarter: Dig Security Solutions Ltd. and Talon Cyber Security Ltd., adding to its goodwill and intangible assets and strengthening its cloud security and SASE offerings. Remaining performance obligations stood at $10.8 billion, indicating strong future revenue visibility.
Feb 21, 2024
2024-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2023
Palo Alto Networks Inc. (PANW) reported strong financial performance for the fiscal first quarter ending October 31, 2023, demonstrating robust revenue growth and significant improvements in profitability. Total revenue increased by 20.1% year-over-year to $1.88 billion, primarily driven by a substantial 24.6% surge in subscription and support revenue. This shift continues to underscore the company's successful transition towards a recurring revenue model. Operating income saw a remarkable increase, reaching $215.2 million compared to $15.2 million in the prior year's quarter, leading to a net income of $194.2 million, a substantial jump from $20.0 million. The company also showcased strong cash flow generation, with operating cash flow increasing by 23.4% to $1.53 billion. This financial strength is supported by a healthy balance sheet, including $2.49 billion in cash and cash equivalents and a substantial $6.88 billion in total cash, cash equivalents, and investments. The company's strategic focus on its integrated cybersecurity platform, including SASE, SSE, and its Cortex portfolio, appears to be resonating well with customers, as evidenced by the continued strong performance in subscription and support services. Investors should note the continued expansion of the subscription and support revenue stream, which now constitutes over 81% of total revenue, indicating sustained demand for its cloud-delivered security solutions. While product revenue saw a modest increase, the significant growth in recurring revenue highlights the company's strategic direction. The company also remains committed to returning capital to shareholders, with $683.3 million available for future share repurchases as of the period end. Overall, the quarter reflects strong execution and continued market leadership in the cybersecurity space.
Nov 17, 2023
2023-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2023
Palo Alto Networks Inc. (PANW) reported a strong third quarter for fiscal year 2023, demonstrating robust top-line growth and a significant improvement in profitability compared to the prior year period. Total revenue increased by 24.1% year-over-year to $1.72 billion, driven by broad adoption across its cybersecurity portfolio, with subscription and support revenue showing particular strength, growing by 28.7%. The company achieved operating income of $78.7 million, a substantial turnaround from the operating loss of $47.6 million in the same quarter last year, indicating improving operational efficiency and cost management. Key financial metrics highlight the company's healthy financial position. Billings grew by 25.6% to $2.26 billion, and operating cash flow surged to $2.36 billion for the nine-month period. The company also maintained a strong liquidity position with $6.7 billion in cash, cash equivalents, and investments. These results reflect the ongoing demand for advanced cybersecurity solutions and Palo Alto Networks' ability to capitalize on market trends, despite broader macroeconomic uncertainties.
May 24, 2023
2023-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2023
Palo Alto Networks, Inc. (PANW) reported strong financial results for the quarter ended January 31, 2023, demonstrating robust revenue growth and a significant improvement in profitability. Total revenue increased by 25.7% year-over-year to $1.7 billion, driven by a 29.1% surge in subscription and support revenue, which now constitutes the majority of the company's top line. This shift towards recurring revenue streams highlights the success of PANW's platform strategy and customer adoption of its comprehensive cybersecurity solutions. The company also achieved a significant operational turnaround, moving from an operating loss of $73.9 million in the prior year period to an operating income of $39.9 million. This improvement was supported by a higher gross margin of 71.8% and improved operating expense management, with operating expenses as a percentage of revenue decreasing from 74.8% to 69.4%. Diluted earnings per share turned positive at $0.25, compared to a loss of $0.32 in the prior year, reflecting enhanced profitability and operational efficiency. Strong cash flow generation from operations, amounting to $1.9 billion for the six-month period, further underscores the company's financial strength and ability to fund its growth initiatives.
Feb 22, 2023
2023-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2022
Palo Alto Networks, Inc. (PANW) reported strong financial results for the fiscal first quarter ended October 31, 2022. Total revenue surged by 25.3% year-over-year to $1.56 billion, driven by robust growth in subscription and support services, which now constitute 78.9% of total revenue. The company achieved operating income of $15.2 million, a significant improvement from a $82.7 million loss in the prior year's comparable quarter, and reported a net income of $20.0 million, a substantial turnaround from a net loss of $103.6 million. Key financial strengths include a substantial increase in cash flow from operations, which more than doubled to $1.24 billion. The company also reported strong billings growth of 26.6% year-over-year. While product revenue saw a moderate increase of 11.7%, the growth in subscription and support revenue (29.6%) highlights the company's successful transition towards a recurring revenue model. The company also noted a $8.3 billion backlog of remaining performance obligations, indicating strong future revenue visibility. Notably, the company announced plans to acquire Cider Security Ltd. for approximately $250 million, demonstrating its commitment to strategic growth.
Nov 18, 2022
2022-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2022
Palo Alto Networks Inc. (PANW) reported strong revenue growth of 29.1% year-over-year for the third quarter of fiscal year 2022, reaching $1.39 billion. This growth was driven by a 21.7% increase in product revenue and a robust 31.9% rise in subscription and support revenue, which now constitutes the majority of their business. The company's strategic focus on a comprehensive cybersecurity portfolio, including Network Security, Secure Access Service Edge (SASE), Cloud Security, and Security Analytics and Automation, continues to resonate with enterprise and government clients, evidenced by significant revenue contributions from the Americas and strong growth across other regions. Despite an operating loss of $47.6 million, a year-over-year improvement from the prior period's loss of $110.4 million, the company demonstrated positive operating leverage as operating expenses as a percentage of revenue decreased. The company also reported strong operating cash flow of $1.46 billion for the nine months ended April 30, 2022, and maintained a healthy cash position of $4.59 billion in cash, cash equivalents, and investments.
May 20, 2022
2022-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2022
Palo Alto Networks, Inc. (PANW) reported its financial results for the quarter ending January 31, 2022. Total revenue for the quarter reached $1.32 billion, a 29.5% increase year-over-year, driven by strong performance in both product and subscription/support segments. The company continues to invest in research and development and sales and marketing to fuel growth. While the company reported a net loss of $93.5 million for the quarter, its cash flow from operations remained robust, totaling $1.07 billion for the six months ended January 31, 2022. Significant items include a substantial increase in convertible senior notes on the balance sheet due to accounting standard adoption and a share repurchase program indicating a commitment to returning capital to shareholders. Key strategic initiatives include the continued expansion of its cloud security offerings with Prisma Cloud 3.0 and Prisma Access 3.0, highlighting the company's focus on innovation and adapting to evolving cybersecurity needs. Management remains optimistic about future growth, driven by increased adoption of its comprehensive security portfolio and a growing installed customer base, despite facing ongoing macroeconomic challenges and supply chain disruptions.
Feb 23, 2022
2022-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2021
Palo Alto Networks (PANW) reported its first quarter fiscal year 2022 results, ending October 31, 2021. The company demonstrated robust top-line growth, with total revenue increasing by 31.9% year-over-year to $1.25 billion. This growth was primarily driven by a 34.3% increase in subscription and support revenue, which now constitutes 76.3% of total revenue, highlighting the company's successful shift towards a recurring revenue model. Product revenue also saw a healthy increase of 24.5%. Despite strong revenue growth, the company reported an operating loss of $82.7 million and a net loss of $103.6 million for the quarter. This was partly due to significant investments in research and development and sales and marketing, which grew by 43.0% and 30.2% respectively, indicating continued focus on innovation and market expansion. Financially, PANW ended the quarter with a strong cash position of $4.4 billion in cash, cash equivalents, and investments. The company's billings, a key indicator of future revenue, grew by 27.6% year-over-year to $1.38 billion, and free cash flow remained healthy at $554.3 million, demonstrating operational efficiency in generating cash. A notable event during the quarter was the adoption of new accounting guidance for convertible senior notes, which resulted in the entire principal amount being classified as a liability. The company also repurchased no shares during the quarter, leaving $1.0 billion available under its share repurchase program. Investors should note the increasing trend of subscription and support revenue as a key driver of future growth and profitability, while keeping an eye on ongoing R&D and sales investments.
Nov 19, 2021
2021-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2021
Palo Alto Networks Inc. (PANW) reported its financial results for the fiscal third quarter ending April 30, 2021. The company demonstrated robust top-line growth, with total revenue increasing by 23.5% year-over-year to $1.07 billion. This growth was primarily driven by a strong performance in subscription and support services, which saw a 33.4% increase, while product revenue experienced a more modest 2.8% rise. Despite revenue growth, the company reported an operating loss of $110.4 million and a net loss of $145.1 million for the quarter, indicating continued investment in growth and operations. The company's balance sheet reflects a significant increase in goodwill, largely due to strategic acquisitions aimed at expanding its cloud security and analytics capabilities. Financially, Palo Alto Networks generated substantial operating cash flow of $1.18 billion for the nine months ended April 30, 2021, and free cash flow of $1.09 billion. The company also maintained a strong liquidity position with $3.83 billion in cash, cash equivalents, and investments. Significant investments were made in acquisitions during the period, including Expanse Inc. and Bridgecrew Inc., totaling over $950 million, which are expected to enhance its Prisma and Cortex offerings. The company's deferred revenue also saw a healthy increase, signaling future revenue potential.
May 21, 2021
2021-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2021
Palo Alto Networks (PANW) reported total revenue of $1,016.9 million for the second quarter of fiscal year 2021, an increase of 24.5% year-over-year. This growth was primarily driven by a 33.7% increase in subscription and support revenue, which now constitutes 75.0% of total revenue. While product revenue saw a modest increase of 3.3%, the company continues its strategic shift towards recurring revenue streams. Despite revenue growth, the company reported an operating loss of $88.8 million and a net loss of $142.3 million for the quarter. The significant increase in operating expenses, particularly in research and development and sales and marketing, along with increased interest expense related to convertible senior notes, contributed to the net loss. The company also made significant strategic acquisitions during the period, including Expanse Inc., Sinefa Group, Inc., and The Crypsis Group, which are expected to enhance its product offerings and market position. The balance sheet shows a strong cash position of $2.1 billion, though it decreased from the prior fiscal year-end. The company's deferred revenue also grew to $4.16 billion, indicating future revenue potential. Investors should note the ongoing investment in R&D and sales and marketing, which is impacting current profitability but is aimed at future growth.
Feb 23, 2021
2021-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2020
Palo Alto Networks (PANW) reported its Q1 FY2021 results for the period ending October 30, 2020. The company saw a significant increase in total revenue, growing 22.6% year-over-year to $946.0 million. This growth was primarily driven by a robust 31.1% increase in subscription and support revenue, which now constitutes 74.9% of total revenue, indicating a successful shift towards recurring revenue models. While product revenue saw a modest increase of 2.6%, the overall revenue growth reflects continued demand for PANW's comprehensive cybersecurity solutions. Despite the top-line growth, the company reported an operating loss of $44.5 million and a net loss of $92.2 million for the quarter. This was influenced by increased investments in research and development, up 39.2% year-over-year, and higher cost of subscription and support revenue, up 41.3%. However, cash flow from operations remained strong, demonstrating healthy cash generation with $534.9 million provided by operating activities. The company also executed a substantial share repurchase program, buying back $500.0 million worth of its common stock during the quarter, indicating confidence in its financial position and a commitment to returning value to shareholders. The acquisition of The Crypsis Group in September 2020 is expected to bolster PANW's capabilities in incident response and strengthen its Cortex strategy.
Nov 19, 2020
2020-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2020
Palo Alto Networks (PANW) reported its fiscal third-quarter 2020 results on May 22, 2020, for the period ending April 30, 2020. The company experienced revenue growth driven primarily by its subscription and support services, which outpaced product revenue. While total revenue increased year-over-year, the company reported an operating loss and a net loss for the quarter and the nine-month period. Significant investments in research and development and sales and marketing contributed to operating expenses. The company also completed several strategic acquisitions during the period, aiming to strengthen its SASE and cloud-native security platforms. Despite the net loss, the company demonstrated a strong positive cash flow from operations, indicating healthy underlying business activity. Management highlighted the shift towards a hybrid SaaS revenue model and expressed confidence in the company's ability to meet future cash needs. However, the report also acknowledged potential impacts from the COVID-19 pandemic on customer spending, sales cycles, and overall economic conditions, emphasizing the dynamic and uncertain nature of the outlook.
May 22, 2020
2020-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2020
Palo Alto Networks (PANW) reported its financial results for the quarter and six months ended January 31, 2020. Total revenue for the quarter increased by 14.8% year-over-year to $816.7 million, driven by strong growth in subscription and support revenue, which rose 29.7%. However, product revenue saw a year-over-year decrease of 9.2%. The company experienced a net loss of $73.7 million for the quarter, a significant increase from the $2.6 million net loss in the prior year period, primarily due to increased operating expenses, particularly in research and development and sales and marketing. The balance sheet reflects substantial cash and cash equivalents of $2.0 billion, an increase from $961.4 million in the prior fiscal year-end, partly due to strong operating cash flow generation. The company also completed two strategic acquisitions, Aporeto and Zingbox, during the first half of fiscal year 2020, adding $159.4 million in goodwill. Despite the net loss, the company's billings, a key metric indicating future revenue, showed healthy growth of 17.2% year-over-year for the quarter, suggesting continued demand for its services.
Feb 25, 2020
2020-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2019
Palo Alto Networks (PANW) reported its fiscal 2020 first-quarter results ending October 31, 2019. The company experienced a year-over-year revenue increase of 17.7% to $771.9 million, driven by strong growth in subscription and support revenue, which rose 30.1% to $540.7 million. This growth in recurring revenue continues to be a key driver for the company. However, product revenue saw a slight decrease of 3.9% to $231.2 million. Despite revenue growth, the company reported a net loss of $59.6 million for the quarter, an increase from the $38.3 million net loss in the prior year's comparable quarter. This wider loss is primarily attributable to a significant increase in Research and Development (R&D) expenses, up 50.4% year-over-year, and increased Sales and Marketing expenses. The company also completed the acquisition of Zingbox, Inc. for $66.4 million, which contributed to goodwill and intangible assets on the balance sheet. Key financial metrics indicate a strengthening of the deferred revenue balance, signaling future recognized revenue. Billings, a key metric for assessing the health of their hybrid SaaS model, grew 18.3% year-over-year. The company maintained a strong cash position with $3.3 billion in cash, cash equivalents, and investments, and generated $225.2 million in cash from operating activities, although free cash flow saw a decrease compared to the prior year.
Nov 26, 2019
2019-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2019
Palo Alto Networks, Inc. (PANW) reported total revenue of $726.6 million for the third quarter of fiscal year 2019, a significant increase of 28.0% year-over-year. This growth was driven by robust performance in both product revenue ($278.4 million, up 27.6%) and subscription and support revenue ($448.2 million, up 28.2%), indicating strong customer adoption of their security platform. While the company reported an operating loss of $18.7 million, this marks an improvement from the prior year's loss of $45.3 million. The balance sheet shows healthy liquidity with $1.3 billion in cash and cash equivalents and substantial investments, although total assets grew to $6.3 billion, partly due to recent acquisitions. The company completed the acquisition of Demisto, Inc. for $474.2 million, enhancing its security orchestration, automation, and response (SOAR) capabilities. This strategic move, along with the earlier acquisition of RedLock Inc., underscores PANW's commitment to expanding its platform's functionality and securing cloud environments. Despite continued investments in R&D and Sales & Marketing, the company's focus on recurring revenue models and platform innovation positions it for continued growth in the cybersecurity market.
May 30, 2019
2019-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2019
Palo Alto Networks (PANW) reported its third quarter fiscal year 2019 financial results, showing continued strong revenue growth, with total revenue reaching $711.2 million, a 30.4% increase year-over-year. The company demonstrated robust product revenue growth of 32.6% and subscription and support revenue growth of 29.0%. While the company reported an operating income of $6.6 million for the quarter, it experienced a net loss of $2.6 million. Despite the net loss, the company's operational efficiency is improving, as indicated by a reduction in operating expenses as a percentage of revenue from 74.9% in the prior year's quarter to 70.6% in the current quarter. Financially, PANW maintained a strong liquidity position with $3.6 billion in cash, cash equivalents, and investments as of January 31, 2019. The company also announced a new $1.0 billion share repurchase program, underscoring its commitment to returning capital to shareholders. The acquisition of RedLock Inc. in October 2018 is expected to enhance cloud security capabilities, contributing to the company's strategic expansion in a key growth area. Investors should note the ongoing investments in research and development and sales and marketing, which are driving top-line growth but also contributing to operating expenses.
Feb 27, 2019
2019-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2018
Palo Alto Networks Inc. (PANW) reported its fiscal first quarter 2019 results for the period ending October 31, 2018. The company demonstrated robust revenue growth, with total revenue increasing by 30.7% year-over-year to $656.0 million. This growth was driven by strong performance in both product revenue (up 30.1%) and subscription and support revenue (up 31.1%), highlighting the continued adoption of their security platform and hybrid SaaS model. Financially, the company posted a net loss of $38.3 million, an improvement from the $63.2 million net loss in the prior year's comparable quarter, indicating progress towards profitability. The company also saw an increase in deferred revenue to $2.38 billion, reflecting strong future revenue potential. During the quarter, Palo Alto Networks completed the acquisition of RedLock Inc., enhancing its cloud security capabilities, and continued to invest in sales and marketing as well as research and development to support future growth.
Nov 30, 2018
2018-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2018
Palo Alto Networks (PANW) reported strong revenue growth of 31.3% year-over-year for the third quarter of fiscal year 2018, reaching $567.1 million. This growth was driven by both product and subscription/support revenue segments, which both saw increases of over 31%. The company also made significant strategic acquisitions during the quarter, including Evident.io for $292.9 million and Cyber Secdo Ltd. for $82.7 million, aimed at expanding its cloud security and endpoint detection and response capabilities. Despite continued investments in R&D and Sales & Marketing, resulting in an operating loss, the company demonstrated robust operating cash flow of $759.1 million for the first nine months of the fiscal year. The balance sheet shows a healthy cash position of $949.0 million and total assets of $3,908.3 million. Key financial developments include a significant increase in deferred revenue to $2,154.9 million, indicating future revenue potential. The company also successfully navigated the early conversion conditions for its convertible senior notes, reclassifying them to current liabilities. While reporting a net loss for the quarter, the underlying operational performance and strategic investments position the company for continued expansion in the cybersecurity market.
Jun 5, 2018
2018-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2018
Palo Alto Networks reported solid revenue growth of 28.3% year-over-year for the second quarter of fiscal 2018, reaching $542.4 million. This growth was driven by both product and subscription/support revenue, with subscription and support revenue showing a stronger increase of 34.0%. The company continues to invest in innovation, launching new cloud-based services and updated firewall hardware and software. Despite revenue growth, the company reported an operating loss of $31.8 million for the quarter, an improvement from the prior year's loss of $54.4 million, indicating progress towards profitability. The balance sheet remains strong with $2.36 billion in cash, cash equivalents, and investments. The company also noted the impact of the Tax Cuts and Jobs Act (TCJA) enacted in December 2017, which resulted in a provisional tax benefit. Key financial highlights include a continued increase in deferred revenue, signaling future revenue streams. While gross margins saw a slight decrease to 70.6% from 73.2% year-over-year, this was attributed to higher product costs for new appliances and increased infrastructure costs for cloud offerings. Operating expenses grew, primarily in sales and marketing and R&D, reflecting ongoing investment in growth. The company maintained a strong cash flow from operations of $517.8 million for the first six months of fiscal 2018.
Feb 27, 2018
2018-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2017
Palo Alto Networks Inc. (PANW) reported its first quarter fiscal year 2018 results, ending October 31, 2017, showcasing continued revenue growth driven by its subscription and support offerings. Total revenue increased by 27.0% year-over-year to $505.5 million, with subscription and support revenue growing 36.2% to $319.0 million, now representing 63.1% of total revenue. Despite this top-line growth, the company reported a net loss of $64.0 million for the quarter, an increase from the prior year's loss of $56.9 million. This loss is influenced by significant investments in sales and marketing, which increased by 17.4% to $258.5 million. The company highlighted a strong operating cash flow of $274.1 million, demonstrating effective cash generation from its business operations. However, the balance sheet shows a significant shift with the reclassification of convertible senior notes into current liabilities due to a met conversion condition, alongside a substantial increase in current liabilities. Investors should monitor the company's ability to manage its increasing operating expenses and the potential impact of convertible note conversions on its capital structure.
Nov 21, 2017
2017-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2017
Palo Alto Networks (PANW) reported its third-quarter fiscal year 2017 results, showcasing continued strong revenue growth driven by its subscription and support offerings, which outpaced product revenue growth. The company saw a significant increase in subscription and support revenue by 45.7% year-over-year, contributing 62.0% of total revenue. Total revenue grew 24.9% to $431.8 million. Despite revenue growth, the company continued to operate at a net loss of $60.9 million for the quarter, reflecting ongoing investments in research and development and sales and marketing to fuel expansion. Key financial highlights include a healthy deferred revenue balance of $1.61 billion, indicating strong future revenue potential. The company also actively managed its capital resources, utilizing $295.1 million for share repurchases during the nine-month period, demonstrating a commitment to returning value to shareholders. The acquisition of LightCyber for $103.1 million in cash was completed, aimed at enhancing the company's behavioral analytics capabilities and expanding its next-generation security platform.
Jun 1, 2017
2017-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2017
Palo Alto Networks (PANW) reported solid revenue growth for the six months ended January 31, 2017, with total revenue increasing by 29.9% year-over-year to $820.7 million. This growth was primarily driven by a substantial 55.3% increase in subscription and support revenue, which now constitutes 59.5% of total revenue, indicating a successful shift towards a recurring revenue model. While product revenue saw a slight decrease year-over-year, the overall revenue growth highlights continued strong demand for the company's next-generation security platform. The company maintained a healthy gross margin of 73.9% for the six-month period. However, operating expenses increased significantly, particularly in sales and marketing, leading to an operating loss of $103.4 million for the six-month period. Despite the operational loss, the company reported positive cash flow from operations of $417.8 million, demonstrating strong cash generation capabilities, and a free cash flow of $352.2 million.
Mar 1, 2017
2017-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2016
Palo Alto Networks Inc. (PANW) reported its first quarter fiscal year 2017 results for the period ending October 30, 2016. The company demonstrated robust top-line growth, with total revenue increasing by 34.0% year-over-year to $398.1 million, driven by a significant expansion in subscription and support revenue (up 56.7%). This strong revenue growth was accompanied by an improvement in gross margin to 74.6%, up from 73.3% in the prior year period. The company continues to invest heavily in sales and marketing, and research and development, leading to an operating loss of $49.9 million for the quarter. Despite the operating loss, cash flow from operations was positive at $203.3 million, and the company ended the quarter with a strong cash and investments position of $2.1 billion.
Nov 22, 2016
2016-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2016
Palo Alto Networks Inc. (PANW) reported strong revenue growth in its third quarter of fiscal year 2016, with total revenue increasing by 47.7% year-over-year to $345.8 million. This growth was driven by a substantial 63.0% increase in services revenue, which now constitutes over half of the company's total revenue, and a solid 33.4% rise in product revenue. The company continues to invest heavily in sales and marketing and research and development to fuel future growth, leading to an operating loss of $58.6 million for the quarter. Despite the ongoing net losses, the company's cash position remains robust, with total cash, cash equivalents, and investments reaching $1.77 billion, and operating cash flow significantly improving. Key financial highlights include a strong billings growth of 52.1% year-over-year to $486.2 million and a consistent gross margin of 72.6%. The company's deferred revenue also saw a substantial increase, indicating strong future revenue potential. While the company is investing aggressively, leading to a net loss of $70.2 million for the quarter, the overall financial health appears strong due to substantial cash reserves and improving operating cash flow, positioning it for continued expansion in the cybersecurity market.
May 27, 2016
2016-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2016
Palo Alto Networks, Inc. (PANW) reported strong revenue growth for the quarter ended January 31, 2016, with total revenue increasing by 53.8% year-over-year to $334.7 million. This growth was driven by both product and, more significantly, services revenue, which saw an acceleration of 61.6%. The company continues to invest heavily in sales and marketing, as well as research and development, which contributed to an operating loss of $55.3 million for the quarter. Despite the loss, the company's cash position remains robust, with $1.6 billion in cash, cash equivalents, and investments, and a positive operating cash flow of $300.5 million for the six-month period. Investors should note the continued expansion of the company's hybrid SaaS revenue model and its growing installed customer base. While the company is experiencing significant top-line growth, the substantial operating expenses reflect ongoing investment in growth initiatives. The company's deferred revenue balance also increased, indicating strong future revenue potential. The company's convertible senior notes remain a significant item on the balance sheet, with a substantial portion classified as temporary equity due to conversion conditions being met.
Feb 26, 2016
2016-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2015
Palo Alto Networks reported a significant increase in revenue for the three months ended October 31, 2015, up 54.5% year-over-year to $297.2 million. This growth was driven by a strong performance in both product revenue (+45.5%) and services revenue (+64.6%), with subscription services showing particularly robust growth of 68.5%. Despite the top-line growth, the company continued to operate at a loss, with a net loss of $38.7 million for the quarter, compared to $30.1 million in the prior year period. This widening loss is primarily due to increased operating expenses, notably in sales and marketing, and research and development, reflecting ongoing investments in growth. The company's balance sheet shows a solid cash position of $275.8 million and significant investments totaling $1.18 billion, providing substantial liquidity. Deferred revenue also grew to $804.5 million, indicating strong future revenue potential. The company highlighted positive operational cash flow and an increase in billings, suggesting healthy underlying business momentum. Key areas of investment and focus include expanding the sales force, developing new subscription services like Aperture and AutoFocus, and managing significant lease commitments for future corporate headquarters. Investors should note the company's ongoing investment in growth initiatives, which are impacting short-term profitability, but are expected to drive long-term revenue expansion.
Nov 24, 2015
2015-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2015
Palo Alto Networks, Inc. (PANW) reported a significant increase in total revenue for the third quarter of fiscal year 2015, reaching $234.2 million, a 55.4% year-over-year increase from $150.7 million in the prior year period. This growth was driven by strong performance across all revenue streams, including product revenue, subscription services, and support and maintenance services. The company's strategic focus on its next-generation security platform appears to be resonating with customers, as evidenced by the continued expansion of its customer base to over 24,000 entities. Despite the robust revenue growth, the company reported an operating loss of $36.7 million for the quarter, indicating ongoing investments in research and development and sales and marketing. However, cash flow from operations remains positive, demonstrating the company's ability to generate cash from its core business activities.
May 28, 2015
2015-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2015
Palo Alto Networks, Inc. (PANW) reported its financial results for the second quarter and first six months of fiscal year 2015, ending January 31, 2015. The company demonstrated strong year-over-year revenue growth of 54.3% in the quarter, reaching $217.7 million, driven by robust performance in both product and service segments. While gross margins remained strong at 72.7%, the company continued to invest heavily in research and development and sales and marketing, leading to an operating loss of $38.5 million for the quarter. Significant investments in growth initiatives, including R&D and sales expansion, are contributing to increased operating expenses. The company ended the period with a solid cash position of over $1.1 billion, supported by healthy operating cash flow of $151.8 million for the six-month period, underscoring its ability to fund ongoing operations and strategic investments. Investors should note the ongoing net losses, which are a result of these growth-oriented investments.
Mar 3, 2015
2015-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2014
Palo Alto Networks (PANW) reported its second quarter fiscal year 2015 results, showing robust top-line growth with total revenue reaching $192.3 million, a 50.1% increase year-over-year. This growth was driven by strong performance across all segments, particularly subscription services which surged by 76.2%. Despite this impressive revenue expansion, the company continues to operate at a loss, with a net loss of $30.1 million for the quarter, widening from $7.9 million in the prior year period. This loss is largely attributed to significant investments in sales and marketing, which increased by 57.9%, and research and development, up 87.5%, as the company focuses on expanding its market share and technological leadership in the competitive cybersecurity landscape. Financially, PANW ended the quarter with a strong liquidity position, holding $1.06 billion in cash, cash equivalents, and investments. The company also generated substantial operating cash flow of $74.9 million, demonstrating the underlying cash-generating capability of its business model. The issuance of convertible senior notes in June 2014 provides additional financial flexibility. Investors should note the company's continued investment in growth initiatives, which is impacting near-term profitability, alongside a solid revenue trajectory and healthy cash reserves.
Nov 25, 2014
2014-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2014
Palo Alto Networks, Inc. (PANW) reported significant year-over-year revenue growth for the nine months ended April 30, 2014, with total revenue increasing by 48.0% to $419.9 million. This growth was driven by both product revenue (up 34.9%) and a strong increase in services revenue (up 70.2%), particularly from subscriptions, indicating a growing recurring revenue model. However, the company experienced a substantial net loss of $194.4 million for the nine-month period, a significant increase from the prior year's $13.4 million loss. This was largely attributable to a $121.2 million legal settlement with Juniper Networks and a $20.0 million settlement with Fortinet, alongside increased operating expenses in research and development and sales and marketing as the company continues to invest in growth and product development. Despite the net loss, cash flow from operations remained positive at $114.6 million for the nine months, and the company ended the period with a strong cash position of $471.9 million, bolstered by a significant increase in deferred revenue.
Jun 3, 2014
2014-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2014
Palo Alto Networks Inc. (PANW) reported strong revenue growth in its second fiscal quarter of 2014, with total revenue increasing by 46.2% year-over-year to $141.1 million. This growth was driven by robust performance in both product revenue (up 30.5%) and services revenue (up 74.3%), indicating strong market adoption of its next-generation security platform. Despite this top-line growth, the company continued to operate at a loss, with a net loss of $39.9 million for the quarter, primarily due to significant investments in sales and marketing, as well as research and development. Key financial highlights include a substantial increase in deferred revenue ($324.6 million), signaling future revenue potential, and positive cash flow from operations of $80.3 million for the six-month period. The company also made a significant $20 million payment related to a mutual release of claims and covenant not to sue, impacting general and administrative expenses. While the company has a solid cash position of $501.3 million, investors should monitor the ongoing operating losses and the significant investment in growth initiatives.
Feb 24, 2014
2014-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2013
Palo Alto Networks Inc. (PANW) reported revenue of $128.2 million for the quarter ended October 31, 2013, a significant 49.2% increase year-over-year, driven by strong growth in both product and service revenues. The company's service revenue, in particular, saw a substantial 73.2% increase, highlighting the growing adoption of its subscription and support services. Despite this robust top-line growth, PANW reported an operating loss of $7.0 million and a net loss of $7.9 million for the quarter. This loss is attributed to increased operating expenses, particularly in sales and marketing, which rose by 58.1%, and research and development, up 49.4%. The company ended the quarter with a strong cash position of $470.4 million, indicating sufficient liquidity to fund operations. Investors should note the ongoing patent litigation with Juniper Networks, which poses a significant risk, and the company's continued investment in growth, which is impacting short-term profitability.
Dec 5, 2013
2013-Q3
Palo Alto Networks Inc Quarterly Report for Q3 Ended Apr 30, 2013
Palo Alto Networks' Form 10-Q for the third quarter of fiscal 2013 (quarter ended April 30, 2013) shows a company growing revenue rapidly while swinging to a small operating loss as it invests heavily in sales, marketing, and headcount. Total revenue for the quarter was $101.3 million, up 54% year over year from $65.7 million, and nine-month revenue reached $283.7 million, up 58%. Gross margin held at roughly 72.7%, but operating expenses rose 70% to $80.0 million, producing an operating loss of $6.5 million (-6.4% operating margin) versus essentially breakeven a year earlier. Net loss for the quarter was $7.3 million, or $0.10 per share. The balance sheet and cash flow profile remain strong. Cash, cash equivalents, and investments totaled $391.5 million, and operating cash flow for the nine months was $72.8 million, producing free cash flow of $56.2 million. Deferred revenue, a leading indicator of future subscription revenue, grew to $219.3 million (up from $135.8 million at fiscal year-end July 2012), driven by multi-year subscription and support sales. Services now represent 40% of quarterly revenue, which supports revenue visibility and recurring margins over time. Investors should weigh several risks. Juniper Networks' patent infringement lawsuit, covering seven patents, has a trial date of February 2014, and the company cannot estimate a possible loss. Share-based compensation has surged to $29.7 million for nine months, roughly four times the prior-year level, weighing on operating margins. Accounts receivable rose to $91.5 million with days sales outstanding at 71 days, and the company's relocation to a new Santa Clara headquarters and its loss of emerging growth company status in July 2013 will add costs. Management expects operating expenses to keep rising in absolute dollars, so near-term profitability depends on sustaining top-line growth.
Jun 4, 2013
2013-Q2-A
Palo Alto Networks Inc Quarterly Report (Amendment) for Q2 Ended Jan 31, 2013
Palo Alto Networks' first 10-Q as a newly public company covers the second quarter of fiscal 2013 (three months ended January 31, 2013) and the first half of the year. Revenue grew strongly, with Q2 revenue of $96.5 million, up 70% year over year, and six-month revenue of $182.4 million, up 60%. Growth was driven by a more than 50% increase in product unit volume, strong adoption of the PA-5000 and PA-3000 Series, and an expanded customer base of more than 11,000 end-customers, up from more than 6,000 a year earlier. Services revenue grew faster than product revenue (91.5% in the quarter), and deferred revenue rose to $188.2 million, which supports future recognized revenue. Profitability moved in the wrong direction. The company posted a GAAP operating loss of $2.2 million in Q2 (a -2.2% operating margin, versus +2.3% a year earlier) and a net loss of $2.6 million, or $0.04 per share. Gross margin slipped to 71.4% from 72.6%, and operating expenses rose 78% to $71.0 million, driven by sales and marketing investment and $7.9 million of share-based compensation, up from $1.9 million. Free cash flow was $47.3 million for the six months, supported by deferred revenue growth, although that cash flow partly reflects subscription prepayments rather than earnings. Cash and investments totaled $368.3 million at quarter-end, and management says this is sufficient for at least 12 months. The main risk flagged is the Juniper Networks patent infringement lawsuit, which alleges that the company's appliances infringe seven patents. A trial is scheduled for February 2014, and management cannot estimate a possible loss. Additional risks include a lockup release on March 2, 2013 that makes roughly seven million shares eligible for sale, and a planned corporate reorganization intended to lower the effective tax rate.
Mar 5, 2013
2013-Q2
Palo Alto Networks Inc Quarterly Report for Q2 Ended Jan 31, 2013
Palo Alto Networks' 10-Q for the second quarter of fiscal 2013 (quarter ended January 31, 2013) shows a company growing very rapidly but not yet profitable on a GAAP basis. Total revenue rose 70% year over year to $96.5 million for the quarter and 60% to $182.4 million for the six months. Product revenue grew 60% and services revenue grew 92%, with services now 36% of six-month revenue. The customer base grew to more than 11,000 end-customers from more than 6,000 a year earlier. Growth was broad across the Americas (+81%), EMEA (+54%) and APAC (+58%) in the quarter. Profitability weakened. The company posted an operating loss of $2.2 million for the quarter (a -2.2% operating margin, versus +2.3% a year earlier) and a net loss of $2.6 million, or $(0.04) per share. Gross margin slipped to 71.4% from 72.6%, and operating expenses rose 78% as sales and marketing (up 79%) and R&D (up 82%) expanded with headcount. Share-based compensation for the quarter was $8.8 million, up from $2.1 million, and the company has $126.0 million of unrecognized share-based compensation to amortize over roughly three years. Free cash flow for the six months was a positive $47.3 million, supported by a $52.4 million increase in deferred revenue, which reached $188.2 million. The balance sheet remains strong after the July 2012 IPO and October 2012 secondary offering. Cash, equivalents and investments totaled $368.3 million, although cash fell to $187.9 million after a shift into investments. Management says existing resources are sufficient for at least 12 months. The main overhang is the Juniper Networks patent suit, which alleges infringement of seven patents, with trial set for February 2014 and no estimate of possible loss. Investors should also watch the lock-up expiry on March 2, 2013, which will free roughly seven million shares for sale.
Mar 4, 2013
2013-Q1
Palo Alto Networks Inc Quarterly Report for Q1 Ended Oct 31, 2012
Palo Alto Networks' first 10-Q as a public company covers the fiscal first quarter ended October 31, 2012, and shows strong top-line momentum alongside a swing to GAAP operating and net losses. Total revenue rose 50% year over year to $85.9 million, driven by a 113% jump in services revenue to $30.4 million (35% of revenue, up from 25%) and product revenue growth of 30% to $55.5 million, with product unit volume up more than 70% (largely the lower-priced PA-200). Gross margin contracted 210 basis points to 71.9%, reflecting product mix shift toward lower-throughput appliances and higher support costs. Profitability deteriorated sharply as operating expenses rose 83% to $64.9 million, with sales and marketing up 91% and R&D up 70%. The company posted an operating loss of $3.1 million (-3.6% margin) versus operating income of $6.9 million a year earlier, and a net loss of $3.5 million, or $(0.05) per share. Share-based compensation nearly quintupled to $8.3 million following the IPO, and management guided that operating expenses will keep rising. Management emphasized that deferred revenue ($160.4 million, up 18% sequentially and 18% from a year ago), operating cash flow of $23.1 million, and free cash flow of $19.1 million are better indicators of the business than GAAP earnings in this period. Balance-sheet liquidity remains solid: cash and investments totaled $342.1 million after the July 2012 IPO, which raised roughly $215 million in net proceeds for the company. Cash fell to $174.5 million only because $168.5 million was shifted into investments, not because of operating burn. Key risks disclosed include the Juniper Networks patent litigation (seven patents asserted, trial set for February 2014, with no estimable loss), intense competition from Cisco, Juniper, Check Point and others, customer concentration in channel partners, and a 57% insider ownership stake that could limit minority shareholder influence.
Dec 10, 2012