Palo Alto Networks Inc
For the period ended Jul 31, 2024. Filed Sep 6, 2024.
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FY2024 · Filed Sep 6, 2024
PANW$326.36-1.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions) | |||
|---|---|---|---|
| Year Ended July 31, | |||
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income (loss) | $2,577.6 | $439.7 | $(267.0) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Share-based compensation for equity-based awards | 1,075.4 | 1,074.5 | 1,011.1 |
| Deferred income taxes | (2,033.7) | 12.5 | (3.1) |
| Depreciation and amortization | 283.3 | 282.2 | 282.6 |
| Amortization of deferred contract costs | 446.0 | 413.4 | 362.1 |
| Amortization of debt issuance costs | 3.5 | 6.7 | 7.2 |
| Reduction of operating lease right-of-use assets | 55.3 | 49.9 | 54.4 |
| Amortization of investment premiums, net of accretion of purchase discounts | (60.1) | (52.2) | 13.5 |
| Changes in operating assets and liabilities, net of effects of acquisitions: | |||
| Accounts receivable, net | (154.3) | (320.3) | (902.0) |
| Financing receivables, net | (865.9) | (738.7) | (30.1) |
| Deferred contract costs | (489.3) | (431.9) | (458.8) |
| Prepaid expenses and other assets | (134.1) | (270.6) | (110.0) |
| Accounts payable | (15.0) | 1.0 | 69.3 |
| Accrued compensation | 3.8 | 84.4 | 30.4 |
| Accrued and other liabilities | 384.5 | (74.8) | (44.9) |
| Deferred revenue | 2,180.6 | 2,301.7 | 1,970.0 |
| Net cash provided by operating activities | 3,257.6 | 2,777.5 | 1,984.7 |
| Cash flows from investing activities | |||
| Purchases of investments | (3,551.3) | (5,460.4) | (2,271.7) |
| Proceeds from sales of investments | 956.2 | 965.9 | 449.2 |
| Proceeds from maturities of investments | 1,852.6 | 2,811.5 | 1,118.9 |
| Business acquisitions, net of cash and restricted cash acquired | (610.6) | (204.5) | (37.0) |
| Purchases of property, equipment, and other assets | (156.8) | (146.3) | (192.8) |
| Net cash used in investing activities | (1,509.9) | (2,033.8) | (933.4) |
| Cash flows from financing activities | |||
| Repayments of convertible senior notes | (1,033.7) | (1,692.0) | (0.6) |
| Repurchases of common stock | (566.7) | (272.7) | (892.3) |
| Proceeds from sales of shares through employee equity incentive plans | 283.9 | 258.8 | 136.6 |
| Payments for taxes related to net share settlement of equity awards | (26.6) | (20.4) | (50.3) |
| Net cash used in financing activities | (1,343.1) | (1,726.3) | (806.6) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 404.6 | (982.6) | 244.7 |
| Cash, cash equivalents, and restricted cash—beginning of period | 1,142.2 | 2,124.8 | 1,880.1 |
| Cash, cash equivalents, and restricted cash—end of period | $1,546.8 | $1,142.2 | $2,124.8 |
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
| Cash and cash equivalents | $1,535.2 | $1,135.3 | $2,118.5 |
| Restricted cash included in prepaid expenses and other current assets | 11.6 | 6.9 | 6.3 |
| Total cash, cash equivalents, and restricted cash | $1,546.8 | $1,142.2 | $2,124.8 |
| Non-cash investing and financing activities | |||
| Equity consideration for business acquisitions | $(27.4) | $(0.3) | $(2.5) |
| Supplemental disclosures of cash flow information | |||
| Cash paid for income taxes | $342.3 | $147.1 | $34.6 |
| Cash paid for contractual interest | $5.6 | $20.2 | $20.2 |
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