Summary
Palo Alto Networks Inc. (PANW) filed its quarterly report for the period ending April 29, 2013. As an 'emerging growth company,' PANW is leveraging certain exemptions under the JOBS Act, including reduced executive compensation disclosures and potential non-compliance with auditor attestation requirements of Sarbanes-Oxley Act Section 404. However, the company has irrevocably opted out of the extended transition period for new or revised accounting standards, meaning it will adopt them on the same schedule as non-emerging growth companies. This provides clarity for investors regarding financial reporting. Regarding the use of proceeds from its Initial Public Offering (IPO) in July 2012, PANW has made no material changes to its planned use as previously disclosed in its prospectus. The IPO generated gross proceeds of $299.5 million, with approximately $215.4 million in net proceeds after accounting for underwriting discounts, expenses, and proceeds to selling shareholders. No payments were made to directors, officers, 10% shareholders, or affiliates related to the IPO proceeds.
Financial Highlights
49 data points| Revenue | $101.29M |
| Cost of Revenue | $27.69M |
| Gross Profit | $73.60M |
| R&D Expenses | $16.05M |
| Operating Expenses | $80.05M |
| Operating Income | -$6.45M |
| Interest Expense | $18K |
| Net Income | -$7.28M |
| EPS (Basic) | $-0.02 |
| EPS (Diluted) | $-0.02 |
| Shares Outstanding (Basic) | 417.45M |
| Shares Outstanding (Diluted) | 417.45M |
Key Highlights
- 1Palo Alto Networks (PANW) is operating as an 'emerging growth company' and is utilizing JOBS Act exemptions.
- 2The company has opted out of the extended transition period for new/revised accounting standards, demonstrating a commitment to timely adoption.
- 3There have been no material changes in the planned use of IPO proceeds.
- 4The IPO in July 2012 raised approximately $215.4 million in net proceeds for the company.
- 5No payments from IPO proceeds were made to directors, officers, 10% shareholders, or affiliates.