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paloalto Palo Alto Networks Reports Fiscal Second Quarter 2021 Financial Results February 22 , 2021 - Fiscal second quarter revenue grows 25 % year over year to $ 1.0 billion - Fiscal second quarter billings grows 22 % year over year to $ 1.2 billion - Deferred revenue grows 30 % year over year to $ 4.2 billion NETWORKS SANTA CLARA , Calif . , Feb. 22 , 2021 / PRNewswire / -- Palo Alto Networks ( NYSE : PANW ) , the global cybersecurity leader , announced today financial results for its fiscal second quarter 2021 , ended January 31 , 2021 . Total revenue for the fiscal second quarter 2021 grew 25 % year over year to $ 1.0 billion , compared with total revenue of $ 816.7 million for the fiscal second quarter 2020. GAAP net loss for the fiscal second quarter 2021 was $ 142.3 million , or $ 1.48 per diluted share , compared with GAAP net loss of $ 73.7 million , or $ 0.75 per diluted share , for the fiscal second quarter 2020 . Non - GAAP net income for the fiscal second quarter 2021 was $ 154.2 million , or $ 1.55 per diluted share , compared with non - GAAP net income of $ 120.3 million , or $ 1.19 per diluted share , for the fiscal second quarter 2020. A reconciliation between GAAP and non - GAAP information is contained in the tables below . " The momentum in the business continues to be strong , with second quarter revenue growth of 25 % year over year to over 1 billion USD , driven by strong execution across the board , " said Nikesh Arora , chairman and CEO of Palo Alto Networks . " Events like the SolarStorm attack highlight the importance of cybersecurity , and Palo Alto Networks is well positioned to protect our customers with best - of - breed solutions . We are excited about the bets that we have made in SASE , Cloud and Al . Our three - platform strategy is paying off . " Financial Outlook Palo Alto Networks provides guidance based on current market conditions and expectations . For the fiscal third quarter 2021 , the company expects : • Total billings in the range of $ 1.22 billion to $ 1.24 billion , representing year - over - year growth of between 20 % and 22 % . ● Total revenue in the range of $ 1.05 billion to $ 1.06 billion , representing year - over - year growth of between 21 % and 22 % . • Diluted non - GAAP net income per share in the range of $ 1.27 to $ 1.29 , which incorporates net expenses related to the proposed acquisition of Bridgecrew , using 100 million to 102 million shares . For the fiscal year 2021 , the company is raising guidance and expects : • Total billings in the range of $ 5.13 billion to $ 5.18 billion , representing year - over - year growth of between 19 % and 20 % . • Total revenue in the range of $ 4.15 billion to $ 4.20 billion , representing year - over - year growth of between 22 % and 23 % . • Diluted non - GAAP net income per share in the range of $ 5.80 to $ 5.90 , which incorporates net expenses related to the proposed acquisition of Bridgecrew , using 99 million to 101 million shares . • Adjusted free cash flow margin of approximately 29 % , which includes net expenses and acquisition transaction costs attributable to the proposed acquisition of Bridgecrew . Guidance for non - GAAP financial measures excludes share - based compensation - related charges , including share - based payroll tax expense , acquisition - related costs , amortization expense of acquired intangible assets , litigation - related charges , including legal settlements , gains ( losses ) related to facility exit , non - cash charges related to convertible notes , foreign currency gains ( losses ) , and income and other tax effects associated with these items , along with certain non - recurring expenses . We have not reconciled diluted non - GAAP net income per share guidance to GAAP net income ( loss ) per diluted share because we do not provide guidance on GAAP net income ( loss ) and would not be able to present the various reconciling cash and non - cash items between GAAP net income ( loss ) and non - GAAP net income , including share - based compensation expense , without unreasonable effort . Share - based compensation expense is impacted by the company's future hiring and retention needs and , to a lesser extent , the future fair market value of the company's common stock , all of which is difficult to predict and subject to constant change . The actual amounts of such reconciling items will have a significant impact on the company's GAAP net income ( loss ) per diluted share . Earnings Call Information Palo Alto Networks will host a video webcast for analysts and investors to discuss the company's fiscal second quarter 2021 results as well as the outlook for its fiscal third quarter 2021 today at 4:30 p.m. Eastern time / 1 : 30 p.m. Pacific time . Open to the public , investors may access the webcast , supplemental financial information and earnings slides from the " Investors " section of the company's website at investors.paloaltonetworks.com . A replay will be available three hours after the conclusion of the webcast and archived for one year . Forward - Looking Statements This press release contains forward - looking statements that involve risks , uncertainties , and assumptions including statements regarding our financial outlook for the fiscal third quarter 2021 and fiscal year 2021 , including the expected impact of our proposed acquisition of Bridgecrew , and our proposed acquisition of Bridgecrew , including the timing of the closing and the benefits to us and our end - customers once the transaction closes and we integrate Bridgecrew into our operations . There are a significant number of factors that could cause actual results to differ materially from statements made in this press release , including : developments and changes in general market , political , economic , and business conditions ; the duration and global impact of COVID - 19 , including the timeframes for and severity of social distancing and other mitigation requirements , the impact of