Total revenue for the fiscal third quarter 2024 grew 15% year over year to $2.0 billion, compared with total revenue of $1.7 billion for the fiscal third quarter 2023. GAAP net income for the fiscal third quarter 2024 was $278.8 million, or $0.79 per diluted share, compared with GAAP net income of $107.8 million, or $0.31 per diluted share, for the fiscal third quarter 2023.
Non-GAAP net income for the fiscal third quarter 2024 was $454.9 million, or $1.32 per diluted share, compared with non-GAAP net income of $359.4 million, or $1.10 per diluted share, for the fiscal third quarter 2023. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
"We are pleased with the enthusiastic response to platformization from our customers in Q3. Platformization is a long-term strategy that addresses the increasing sophistication and volume of threats, and the need for AI-infused security outcomes," said Nikesh Arora, chairman and CEO of Palo Alto Networks.
"We have remained disciplined in our execution while investing in go-to-market and innovation," said Dipak Golechha, chief financial officer of Palo Alto Networks. "We delivered consistent, profitable growth yet again in Q3 and look forward to executing against our strategic goals and financial targets as we close out the year."
Financial Outlook
Palo Alto Networks provides guidance based on current market conditions and expectations.
For the fiscal fourth quarter 2024, we expect:
• Total billings in the range of $3.43 billion to $3.48 billion, representing year-over-year growth of between 9% and 10%.
• Total revenue in the range of $2.15 billion to $2.17 billion, representing year-over-year growth of between 10% and 11%.
• Diluted non-GAAP net income per share in the range of $1.40 to $1.42, using 345 million to 347 million shares outstanding.
For the fiscal year 2024, we are updating guidance and expect:
• Total billings in the range of $10.13 billion to $10.18 billion, representing year-over-year growth of between 10% and 11%.
• Total revenue in the range of $7.99 billion to $8.01 billion, representing year-over-year growth of 16%.
• Non-GAAP operating margin in the range of 26.8% to 27.0%.
• Diluted non-GAAP net income per share in the range of $5.56 to $5.58, using 343 million to 344 million shares outstanding.
• Adjusted free cash flow margin in the range of 38.5% to 39.0%.
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