Palo Alto Networks (PANW) FY2019 results: revenue $2.9 billion, up 27.6% on the year
Palo Alto Networks Inc. (PANW) reported revenue of $2.9 billion for fiscal 2019, the year ended 31 July 2019, up 27.6% on the year before. Net income was -$82 million, and diluted earnings per share $-0.14. The figures are the company's own, from the 10-K it filed with the SEC on 9 September 2019.
Revenue
$2.9 billion
+27.6% on the year
FY2012FY2019
Operating margin
-1.9%
-4.6% a year earlier
FY2012FY2019
Net income
-$82 million
FY2012FY2019
Diluted EPS
-$0.14
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,900
2,273
1,755
+27.6%
Cost of revenue
808
645
477
+25.3%
Gross profit
2,091
1,628
1,279
+28.5%
Gross margin
72.1%
71.6%
72.9%
Research and development
540
401
347
+34.6%
Operating income
-54.1
-104
-166
Operating margin
-1.9%
-4.6%
-9.4%
Interest expense
83.9
29.6
24.5
+183.4%
Pre-tax income
-74.6
-105
-180
Income tax
7.3
16.9
22.9
-56.8%
Net income
-81.9
-122
-203
Net margin
-2.8%
-5.4%
-11.6%
Diluted EPS
-$0.14
-$0.27
-$0.40
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,056
1,037
868
+1.8%
Capital expenditure
131
112
163
+17.1%
Free cash flow
924
925
705
-0.1%
Free cash flow margin
31.9%
40.7%
40.2%
Cash from investing
-1,826
-520
-473
Cash from financing
-774
1,246
-386
Depreciation and amortisation
154
96.4
59.8
+59.5%
Share-based compensation
568
497
474
+14.3%
Buybacks
330
259
411
+27.4%
Diluted shares, weighted
567m
n/a
n/a
Shares outstanding at period end
581m
562m
549m
+3.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,586
1,160
760
+36.7%
Non-controlling interest
n/a
n/a
168
Redeemable equity
0.0
21.9
0.0
Debt
1,430
1,920
525
-25.5%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
3,576
2,847
1,986
+25.6%
Total liabilities and equity
6,592
5,949
3,438
+10.8%
Fixed assets
296
273
211
+8.4%
Goodwill
1,352
523
239
+158.7%
Intangible assets
281
141
53.7
+99.3%
Investments
2,417
1,444
1,420
+67.4%
Cash and equivalents
961
2,507
744
-61.6%
Receivables
582
467
432
+24.6%
Other assets
702
594
338
+18.2%
Total assets
6,592
5,949
3,438
+10.8%
10-K for the year ended 31 July 2019, filed 9 September 2019: the filing.