Palo Alto Networks, Inc. Financial Statements — PANW Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	49	119	255	396	598	928	1,378	1,755	2,274	2,900	3,408	4,256	5,502	6,893	8,028
- Cost of Revenue	16	32	71	110	160	252	370	476	645	808	1,000	1,275	1,719	1,910	2,059
+ Cost of Goods & Services	16	32	71	110	160	252	370	476	645	808	1,000	1,275	1,719	1,910	2,059
+ Sales & Services Revenue	49	119	255	396	598	928	1,378	1,755	2,274	2,900	3,408	4,256	5,502	6,893	8,028
Gross Profit	33	86	185	286	439	677	1,008	1,279	1,628	2,091	2,409	2,981	3,783	4,983	5,968
- Operating Expenses	54	97	181	305	513	776	1,166	1,444	1,733	2,145	2,588	3,285	3,972	4,596	5,284
+ Research & Development	13	21	39	62	105	186	284	347	401	540	768	1,140	1,418	1,604	1,809
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	41	75	142	242	408	591	882	1,097	1,332	1,606	1,820	2,145	2,554	2,992	3,475
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	-21	-10	4	-19	-74	-100	-157	-166	-104	-54	-179	-304	-189	387	684
- Non-Operating (Income) Loss	- -	2	1	- -	148	22	15	14	1	20	53	161	18	-179	-304
+ Interest Expense, Net	- -	- -	- -	- -	2	18	15	10	2	14	44	150	5	-204	-313
+ Interest Expense	- -	- -	- -	- -	2	22	23	24	30	84	85	158	20	20	5
- Interest Income	- -	- -	- -	- -	- -	4	9	15	27	70	41	8	16	224	318
+ Other Non-Op (Income) Loss	- -	2	1	- -	146	4	- -	4	-1	6	9	11	14	25	9
Pretax Income	-21	-12	3	-19	-222	-122	-172	-180	-105	-75	-232	-465	-207	566	988
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	- -	- -	2	11	4	9	20	23	17	7	35	34	60	127	-1,589
Income (Loss) from Cont Ops	-21	-13	1	-29	-226	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-21	-13	1	-29	-226	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-21	-13	1	-29	-226	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-21	-13	1	-29	-226	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
Basic Weighted Avg Shares	332	351	117	412	446	490	523	544	550	567	581	578	591	606	638
Basic EPS, GAAP	-0.06	-0.04	0.01	-0.07	-0.51	-0.27	-0.37	-0.37	-0.22	-0.14	-0.46	-0.86	-0.45	0.73	4.04
Basic EPS from Cont Ops	-0.06	-0.04	0.01	-0.07	-0.51	-0.27	-0.37	-0.37	-0.22	-0.14	-0.46	-0.86	-0.45	0.73	4.04
Diluted Weighted Avg Shares	332	386	117	412	446	490	523	544	550	567	581	578	591	685	708
Diluted EPS, GAAP	-0.06	-0.03	0.01	-0.07	-0.51	-0.27	-0.37	-0.37	-0.22	-0.14	-0.46	-0.86	-0.45	0.64	3.64
Diluted EPS from Cont Ops	-0.06	-0.03	0.01	-0.07	-0.51	-0.27	-0.37	-0.37	-0.22	-0.14	-0.46	-0.86	-0.45	0.64	3.64
EBITDA	-20	-8	10	-9	-55	-71	-114	-106	-8	100	27	-44	94	670	967
EBITDA Margin (%)	-40.04	-6.93	3.93	-2.2	-9.14	-7.64	-8.31	-6.04	-0.34	3.44	0.8	-1.03	1.7	9.71	12.05
EBITA	-21	-10	4	-19	-74	-100	-157	-166	-104	-54	-179	-304	-189	387	684
EBIT	-21	-10	4	-19	-74	-100	-157	-166	-104	-54	-179	-304	-189	387	684
Gross Margin (%)	67.95	72.79	72.35	72.29	73.32	72.9	73.16	72.86	71.63	72.12	70.68	70.05	68.76	72.29	74.35
Operating Margin (%)	-42.35	-8.77	1.53	-4.7	-12.39	-10.75	-11.41	-9.45	-4.58	-1.87	-5.25	-7.15	-3.43	5.62	8.52
Profit Margin (%)	-43.32	-10.56	0.29	-7.38	-37.86	-14.15	-13.98	-11.57	-5.37	-2.82	-7.83	-11.72	-4.85	6.38	32.11
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	1	2	6	10	19	29	43	60	96	154	206	260	283	282	283

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	36	77	382	530	958	1,074	1,774	1,976	4,138	3,665	5,129	4,647	6,415	6,048	6,850
+ Accounts & Notes Receiv	14	30	46	87	136	212	349	432	467	582	1,037	1,240	2,254	2,852	3,344
+ Accounts Receivable, Net	14	30	46	87	136	212	349	432	467	582	1,037	1,240	2,142	2,463	2,619
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	111	389	726
+ Cash, Cash Equivalents & STI	19	41	323	420	773	789	1,286	1,375	3,403	2,803	3,748	2,901	3,634	2,390	2,579
+ Cash & Cash Equivalents	19	41	323	311	654	376	734	744	2,507	961	2,958	1,874	2,118	1,135	1,535
+ ST Investments	- -	- -	- -	109	119	413	551	631	896	1,842	790	1,027	1,516	1,255	1,044
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	3	7	13	23	50	73	140	169	268	279	344	506	527	806	926
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2	14	26	56	520	891	1,084	1,462	1,810	2,927	3,936	5,594	5,839	8,453	13,141
+ LT Investments & Receivables	- -	- -	- -	17	202	539	653	789	548	575	554	888	1,052	3,048	4,173
+ LT Investments	- -	- -	- -	17	202	539	653	789	548	575	554	888	1,052	3,048	4,173
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	2	13	21	32	49	63	117	211	273	296	607	581	600	618	747
- Accumulated Depreciation	3	5	11	19	31	48	78	102	162	244	321	399	470	528	559
+ Property, Plant & Equip	5	18	32	52	79	111	195	313	435	540	928	980	1,070	1,146	1,306
+ Other LT Assets	1	2	5	7	270	290	314	462	990	2,056	2,775	4,125	4,187	4,787	8,221
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	- -	- -	- -	1	203	216	208	292	664	1,633	2,171	3,209	3,132	3,242	3,725
+ Goodwill	- -	- -	- -	- -	155	164	164	239	523	1,352	1,813	2,710	2,748	2,927	3,350
+ Other Intangible Assets	- -	- -	- -	1	48	53	44	54	141	281	358	499	384	315	375
+ Misc LT Assets	1	2	5	5	67	73	107	169	326	423	604	916	1,055	1,545	4,496
Total Assets	38	91	408	586	1,478	1,965	2,858	3,438	5,949	6,592	9,065	10,242	12,254	14,501	19,991
+ Payables & Accruals	7	9	22	27	40	41	69	115	174	236	320	386	527	523	623
+ Other Payables & Accruals	4	4	11	9	25	28	39	80	125	162	257	329	399	391	507
+ Accounts Payable	3	5	9	16	15	13	30	36	49	73	64	57	128	132	116
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	1	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	- -	- -	- -	- -	487	- -	- -	550	- -	- -	1,558	3,677	1,992	964
+ ST Borrowings	- -	- -	- -	- -	- -	487	- -	- -	550	- -	- -	1,558	3,677	1,992	964
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	21	58	100	179	309	504	777	1,086	1,377	1,818	2,371	3,172	4,102	5,223	6,096
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	5	12	14	25	49	80	74	118	164	236	322	431	461	548	555
+ Deferred Revenue	17	45	86	154	260	424	704	968	1,214	1,582	2,049	2,742	3,641	4,675	5,541
Total Current Liabilities	29	67	122	206	348	1,032	847	1,201	2,102	2,053	2,692	5,117	8,306	7,738	7,683
+ LT Debt	- -	- -	- -	- -	467	- -	500	525	1,370	1,430	3,421	1,982	276	279	380
+ LT Borrowings	- -	- -	- -	- -	467	- -	500	525	1,370	1,430	3,084	1,668	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	337	313	276	279	380
+ Other LT Liabilities	75	96	57	107	195	357	616	953	1,295	1,523	1,851	2,380	3,461	4,736	6,758
+ Accrued Liabilities	8	22	50	95	163	290	537	805	1,066	1,307	1,761	2,282	3,353	4,650	6,327
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	68	74	7	12	32	67	79	148	230	216	90	98	108	86	431
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	75	96	57	107	662	357	1,116	1,477	2,665	2,953	5,272	4,361	3,737	5,015	7,138
Total Liabilities	104	163	179	313	1,010	1,389	1,963	2,679	4,767	5,006	7,964	9,478	12,044	12,753	14,821
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	3	9	309	382	804	1,977	1,516	1,600	1,967	2,491	2,259	2,311	1,933	3,019	3,821
+ Additional Paid in Capital	3	9	309	382	804	989	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Common Stock	- -	- -	- -	- -	- -	989	1,516	1,600	1,967	2,491	2,259	2,311	1,933	3,019	3,821
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-68	-81	-80	-109	-336	-501	-622	-837	-791	-901	-1,168	-1,667	-1,667	-1,227	1,350
+ Other Equity	- -	- -	- -	- -	- -	- -	1	-3	-16	-4	10	-10	-56	-43	-2
Equity Before Minority Interest	-66	-71	229	272	469	576	895	760	1,182	1,586	1,102	764	210	1,748	5,170
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	-66	-71	229	272	469	576	895	760	1,182	1,586	1,102	764	210	1,748	5,170
Total Liabilities & Equity	38	91	408	586	1,478	1,965	2,858	3,438	5,949	6,592	9,065	10,242	12,254	14,501	19,991
Shares Outstanding	400	400	407	430	477	509	543	549	562	581	578	584	598	617	650
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	337	313	276	279	380
Net Debt	-19	-41	-323	-311	-187	111	-234	-220	-587	469	126	1,352	1,558	856	-571
Net Debt to Equity	28.69	56.7	-140.85	-114.02	-39.89	19.33	-26.17	-28.91	-49.64	29.54	11.44	177.03	742.05	48.97	-11.05
Tangible Common Equity Ratio	-172.22	-78.37	56.17	46.4	20.82	20.56	25.93	14.85	9.81	-0.94	-15.51	-34.77	-32.04	-13.27	8.88
Current Ratio	1.24	1.15	3.13	2.57	2.75	1.04	2.09	1.65	1.97	1.78	1.91	0.91	0.77	0.78	0.89
Cash Conversion Cycle	21.75	21.57	15.98	20.16	33.64	48.29	52.88	56.02	48.15	38.35	61.72	80.41	92.59	97.07	93.5
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	-21	-13	1	-29	-226	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
+ Depreciation & Amortization	1	2	6	10	19	29	43	60	96	154	206	260	283	282	283
+ Non-Cash Items	1	6	15	39	154	247	419	630	717	756	1,025	1,393	1,445	1,505	-514
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	21	41	7	-3	- -	- -	- -	- -
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3	12	-2,034
+ Other Non-Cash Adj	- -	2	1	-5	54	26	26	135	179	182	370	498	437	418	445
+ Stock-Based Compensation	1	5	14	44	100	221	393	474	497	568	658	894	1,011	1,074	1,075
+ Chg in Non-Cash Work Cap	16	36	56	95	141	208	389	382	347	228	72	349	524	551	910
+ (Inc) Dec in Accts Receiv	-11	-15	-16	-42	-48	-77	-136	-42	-34	-109	-436	-445	-932	-1,059	-1,020
+ Inc (Dec) in Accts Payable	9	9	14	32	26	63	30	103	97	78	23	65	55	11	373
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-1	-5	-11	-9	-10	-69	-31	-175	-299	29	-2	-26	-110	-271	-134
+ Inc (Dec) in Other	19	48	69	113	173	291	527	497	583	229	486	755	1,511	1,870	1,691
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-3	32	77	115	88	353	659	869	1,038	1,056	1,036	1,503	1,985	2,778	3,258
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-2	-13	-15	-22	-36	-34	-72	-163	-112	-131	-214	-116	-193	-146	-157
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-2	-13	-15	-22	-36	-34	-72	-163	-112	-131	-214	-116	-193	-146	-157
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	-129	-198	-630	-266	-218	-34	-921	1,086	-587	-704	-1,683	-742
+ Dec in LT Investment	- -	- -	- -	216	308	358	771	777	692	2,064	2,267	1,372	1,568	3,777	2,809
+ Inc in LT Investment	- -	- -	- -	-345	-507	-988	-1,037	-996	-726	-2,985	-1,181	-1,959	-2,272	-5,460	-3,551
+ Net Cash From Acq & Div	- -	- -	- -	- -	-86	-15	- -	-91	-374	-774	-584	-777	-37	-204	-611
+ Cash for Acq of Subs	- -	- -	- -	- -	-86	-15	- -	-91	-374	-774	-584	-777	-37	-204	-611
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-2	-13	-15	-152	-320	-679	-339	-473	-520	-1,826	288	-1,481	-933	-2,034	-1,510
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	- -	- -	- -	560	- -	- -	- -	1,682	-477	1,979	-2	-1	-3,384	-2,067
+ Cash From Debt	- -	- -	- -	- -	560	- -	- -	- -	1,682	- -	1,979	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	-477	- -	-2	-1	-3,384	-2,067
+ Cash (Repurchase) of Equity	- -	- -	215	-3	- -	- -	- -	-411	-259	-330	-1,198	-1,178	-892	-273	-567
+ Decrease in Capital Stock	- -	- -	- -	-3	- -	- -	- -	-411	-259	-330	-1,198	-1,178	-892	-273	-567
+ Increase in Capital Stock	- -	- -	215	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	2	3	4	28	15	48	39	25	-178	34	-108	76	87	1,930	1,291
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	2	3	219	25	575	48	39	-386	1,246	-774	673	-1,104	-807	-1,726	-1,343
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-3	22	282	-12	343	-278	359	10	1,764	-1,544	1,997	-1,082	245	-983	405
Capital Expenditures	-2	-13	-15	-22	-36	-34	-72	-163	-112	-131	-214	-116	-193	-146	-157
EBITDA	-20	-8	10	-9	-55	-71	-114	-106	-8	100	27	-44	94	670	967
EBITDA Margin (%)	-40.04	-6.93	3.93	-2.2	-9.14	-7.64	-8.31	-6.04	-0.34	3.44	0.8	-1.03	1.7	9.71	12.05
Net Cash Paid for Acquisitions	- -	- -	- -	- -	86	15	- -	91	374	774	584	777	37	204	611
Free Cash Flow	-4	19	63	92	52	319	586	705	926	924	821	1,387	1,792	2,631	3,101
Free Cash Flow to Firm	- -	- -	63	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,647	- -
Free Cash Flow to Equity	-4	19	63	92	613	319	586	705	2,608	447	2,800	1,385	1,791	-753	1,033
Free Cash Flow per Basic Share	-0.01	0.05	0.53	0.22	0.12	0.65	1.12	1.3	1.68	1.63	1.41	2.4	3.03	4.34	4.86
Price/Free Cash Flow	- -	- -	12.16	24.55	48.27	39.22	15.59	11.57	15.81	18.04	19.84	23.75	22.58	29.26	33.67
Cash Flow to Net Income	0.13	-2.56	104.98	-3.92	-0.39	-2.69	-3.42	-4.28	-8.5	-12.89	-3.88	-3.01	-7.43	6.32	1.26

Palo Alto Networks, Inc.

Income Statement

Balance Sheet

Cash Flow Statement