Palo Alto Networks Announces Financial Results for Fourth Quarter and Fiscal Year 2019

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Additional risks and uncertainties that may affect our financial results are shown below. "Risk Factors" and "Management Discussion of Financial Condition and Results of Operations" in our quarterly report on Form 10-Q filed with the SEC on May 30, 2019, available on our website at investisseurs.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be included in other documents that we file with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date of this press release. We undertake no obligation to update the forward-looking statements provided to reflect events or circumstances subsequent to the date of the. "data-reactid =" 26 "> Other risks and uncertainties that may affect our financial results are presented under the headings" Risk Factors "and" Management's Discussion and Analysis of Financial Condition and Results of Operations ". of our quarterly publication Report on Form 10-Q filed with the SEC on May 30, 2019, available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be included in other documents that we file with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date of this press release. We undertake no obligation to update the forward-looking statements provided to reflect events or circumstances subsequent to the date of the. who they were made.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Non-GAAP Financial Measures and Other Key Indicators"data-reactid =" 27 ">Non-GAAP Financial Measures and Other Key Indicators

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Palo Alto Networks provided in this press release information financial information which has not been prepared in accordance with generally accepted accounting principles United States (GAAP). The Company uses these non-GAAP financial measures and other key indicators internally to analyze its financial results and is satisfied that the use of these non-GAAP financial measures and key metrics. is useful for investors as an additional tool for evaluating operating results and current trends, and comparing the company's financial results with those of other companies in its sector, many of which feature measures financial or non-GAAP key indicators. "data-reactid =" 28 "> Palo Alto Networks has provided in this news release financial information which has not been prepared in accordance with generally accepted accounting principles. United States (GAAP). The Company uses these non-GAAP financial measures and other key indicators internally to analyze its financial results and is satisfied that the use of these non-GAAP financial measures and key metrics. is useful for investors as an additional tool for evaluating operating results and current trends, and comparing the company's financial results with other companies in its sector, many of which feature financial measures not defined by similar GAAP or key indicators.

The presentation of these non-GAAP financial measures and key indicators should not be considered in isolation or as a substitute for comparable financial measures under GAAP. It should be read only with the Company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the Company's historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review this reconciliation.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Net income and net earnings per share, non-GAAP, diluted. Palo Alto Networks defines non-GAAP net income as net income plus share-based compensation expenses, including payroll expense, acquisition-related costs, employee expense, and non-GAAP net income. Amortization of intangible assets acquired, litigation expenses, legal settlements, exit costs of facilities, non-cash charges related to convertible notes and expenses related to the restructuring of intellectual property. The Company also excludes from non-GAAP net income the foreign exchange gains (losses) and tax effects associated with these items in order to provide a complete picture of the Company's recurring operating results. The Company defines non-GAAP diluted net income per share as non-GAAP net income divided by the weighted average number of diluted shares outstanding, which includes the potentially dilutive effect of the Corporation's attributions. employee incentive plan for the company and the company's senior convertible bonds. and the related warrants, after taking into account the anti-dilutive effect of the Company's note hedging arrangements, which reduces the potential economic dilution that would otherwise occur upon the conversion of the Senior Notes. convertibles of the company. Under GAAP, the anti-dilutive effect of the hedge of the Notes is not reflected in the diluted shares outstanding. The Company believes that excluding these non-GAAP earnings and earnings per share items gives management and investors greater visibility into the underlying performance of the Company's results of operations, which means its operational performance excluding these elements and, from time to time, other discrete loads of infrequent nature, over several periods. "data-reactid =" 30 ">Net income and net earnings per share, non-GAAP, diluted. Palo Alto Networks defines non-GAAP net income as net income plus share-based compensation expenses, including payroll expense, acquisition-related costs, employee expense, and non-GAAP net income. Amortization of intangible assets acquired, litigation expenses, legal settlements, exit costs of facilities, non-cash charges related to convertible notes and expenses related to the restructuring of intellectual property. The Company also excludes from non-GAAP net income the foreign exchange gains (losses) and tax effects associated with these items in order to provide a complete picture of the Company's recurring operating results. The Company defines non-GAAP diluted net income per share as non-GAAP net income divided by the weighted average number of diluted shares outstanding, which includes the potentially dilutive effect of the Corporation's attributions. employee incentive plan for the company and the company's senior convertible bonds. and the related warrants, after taking into account the anti-dilutive effect of the Company's note hedging arrangements, which reduces the potential economic dilution that would otherwise occur upon the conversion of the Senior Notes. convertibles of the company. Under GAAP, the anti-dilutive effect of the hedge of the Notes is not reflected in the diluted shares outstanding. The Company believes that excluding these non-GAAP earnings and earnings per share items gives management and investors greater visibility into the underlying performance of the Company's results of operations, which means its operational performance excluding these elements and, from time to time, other discrete charges that are infrequent over a period of time.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Billings. Palo Alto Networks defines invoicing as the total revenue plus the change in total deferred revenue, net of deferred revenue earned, during the period. The company believes that billing is a key measure used by management to manage the company's business, given its hybrid SaaS revenue model. She believes that billing provides investors with an important indicator of the health and visibility of the Company's business, as it includes underwriting and support. the revenue, which is prorated over the period of contractual service, and the revenue, which is recognized at the time of shipment, provided that all other conditions for revenue recognition have been met met. The company believes that billing is a useful indicator for management and investors, especially if subscription sales continue to increase and the company is experiencing high renewal rates for subscriptions and support. "Data-reactid =" 31 ">Billings. Palo Alto Networks defines invoicing as the total revenue plus the change in total deferred revenue, net of deferred revenue earned, during the period. The company believes that billing is a key measure used by management to manage the company's business, given its hybrid SaaS revenue model. She believes that billing provides investors with an important indicator of the health and visibility of the Company's business, as it includes underwriting and support. the revenue, which is prorated over the period of contractual service, and the revenue, which is recognized at the time of shipment, provided that all other conditions for revenue recognition have been met met. The company sees billing as a useful indicator for management and investors, especially if subscription sales continue to increase and the company is recording high renewal rates for subscriptions and support.

Investors are cautioned that the use of non-GAAP financial measures and key metrics as tools of analysis is subject to a number of limitations. In particular, the billing measure reported by the company includes amounts that have not yet been recognized as revenue. In addition, many adjustments to the Company's GAAP financial measures take into account the exclusion of recurring items and will be reflected in the Company's financial results for the foreseeable future, such as stock-based compensation, which is a significant part of Palo Alto Networks. compensation of employees and impact on their performance. In addition, these non-GAAP financial measures are not based on any standard GAAP methodology, and components excluded by Palo Alto Networks in its calculation of non-GAAP financial measures may differ from those of its counterpart companies. exclude when presenting their results. non-GAAP results of operations. Palo Alto Networks compensates for these limitations by providing specific information on the GAAP amounts excluded from these non-GAAP financial measures. In the future, the company could also exclude non-recurring expenses and other expenses that do not reflect the operating results of its core business.

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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "About Palo Alto Networks"data-reactid =" 44 ">About Palo Alto Networks

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Palo Alto Networks, world leader in cybersecurity, is We build a cloud-based future with technology that transforms the way people and organizations operate – our mission is to be the partner of choice for cybersecurity, protecting our digital way of life. Artificial intelligence, analysis, automation and orchestration.By providing an integrated platform and empowering a growing ecosystem of partners, we are at the forefront the protection of tens of thousands of organizations via the cloud, networks and mobile devices – a world where every day is safer and safer than today. www.paloaltonetworks.com. "data-reactid =" 45 "> Palo Alto Networks, a global leader in cybersecurity, is shaping the cloud-centric future with technology that transforms the way people and organizations operate – our mission is to be a partner choosing cybersecurity, protecting our digital way of life: we help address the world's most important security challenges through continuous innovation that harnesses the latest advances in artificial intelligence, analytics , automating and orchestrating By providing an integrated platform and empowering a growing ecosystem of partners, we are protecting it from tens of thousands of businesses in clouds, networks and devices. Mobile: Our vision is to create a world where every day is safer and more secure than the last.For more information, visit www.paloaltonetworks.com.

<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Palo Alto Networks, Prisma, Cortex and the The logo Palo Alto Networks are trademarks of Palo Alto Networks, Inc. at United States and in jurisdictions around the world. All other trademarks, trade names or service marks used or mentioned herein are the property of their respective owners. "Data-reactid =" 46 "> Palo Alto Networks, Prisma, Cortex and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in United States and in jurisdictions around the world. All other trademarks, trade names, or service marks used or mentioned herein are the property of their respective owners.

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