Palo Alto Networks (PANW) FY2020 results: revenue $3.4 billion, up 17.5% on the year
Palo Alto Networks Inc. (PANW) reported revenue of $3.4 billion for fiscal 2020, the year ended 31 July 2020, up 17.5% on the year before. Net income was -$267 million, and diluted earnings per share $-0.46. The figures are the company's own, from the 10-K it filed with the SEC on 4 September 2020.
Revenue
$3.4 billion
+17.5% on the year
FY2013FY2020
Operating margin
-5.3%
-1.9% a year earlier
FY2013FY2020
Net income
-$267 million
FY2013FY2020
Diluted EPS
-$0.46
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,408
2,900
2,273
+17.5%
Cost of revenue
1,000
808
645
+23.6%
Gross profit
2,409
2,091
1,628
+15.2%
Gross margin
70.7%
72.1%
71.6%
Research and development
768
540
401
+42.4%
Operating income
-179
-54.1
-104
Operating margin
-5.3%
-1.9%
-4.6%
Interest expense
88.7
83.9
29.6
+5.7%
Pre-tax income
-232
-74.6
-105
Income tax
35.2
7.3
16.9
+382.2%
Net income
-267
-81.9
-122
Net margin
-7.8%
-2.8%
-5.4%
Diluted EPS
-$0.46
-$0.14
-$0.27
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,036
1,056
1,037
-1.9%
Capital expenditure
214
131
112
+63.4%
Free cash flow
821
924
925
-11.2%
Free cash flow margin
24.1%
31.9%
40.7%
Cash from investing
288
-1,826
-520
Cash from financing
673
-774
1,246
Depreciation and amortisation
206
154
96.4
+34.0%
Share-based compensation
658
568
497
+16.0%
Buybacks
1,198
330
259
+263.1%
Diluted shares, weighted
581m
567m
n/a
+2.5%
Shares outstanding at period end
578m
581m
562m
-0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,102
1,586
1,160
-30.5%
Redeemable equity
0.0
0.0
21.9
Debt
3,084
1,430
1,920
+115.7%
Operating lease liabilities
337
0.0
n/a
Other liabilities
4,543
3,576
2,847
+27.0%
Total liabilities and equity
9,065
6,592
5,949
+37.5%
Fixed assets
348
296
273
+17.6%
Goodwill
1,813
1,352
523
+34.1%
Intangible assets
358
281
141
+27.7%
Investments
1,344
2,417
1,444
-44.4%
Cash and equivalents
2,958
961
2,507
+207.7%
Receivables
1,037
582
467
+78.1%
Other assets
1,207
702
594
+71.8%
Total assets
9,065
6,592
5,949
+37.5%
10-K for the year ended 31 July 2020, filed 4 September 2020: the filing.