The newest type of earnings on the network

the newest type of earnings on the network

Prepared Remarks: Operator Hello. Good afternoon, and thank you for joining us on today's conference call to discuss Palo Alto Networks' fiscal third quarter financial results. This call is being broadcast live over the web and can be accessed on the Investors section of our website at investors. This afternoon, we issued a press release announcing our results for the fiscal third quarter ended April 30, If you would like a copy of the release, you can access it online on our website.

We would like to remind you that during the course of this conference call, management will make forward-looking statements, including statements regarding the duration and impacts of COVID on our business, our customers, the enterprise and cybersecurity industry and global economic conditions, our financial guidance and modeling points for the fiscal fourth quarter and full year -- full fiscal yearour competitive position and the demand and market opportunity for our products and subscriptions, benefits and timing of new products, features and subscription offerings, revenue ARR and various billings run rates as well as trends in certain financial results and operating metrics.

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These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, which could cause actual results to differ materially from those anticipated by these statements. These forward-looking statements apply as of today.

You should not rely on them as representing our views in the future, and we undertake no obligation to update these statements after the call. For a more detailed description of factors that could cause actual results to differ, please refer to our quarterly report on Form Q filed with the SEC on February 25,and our earnings release posted a few minutes ago on our website and filed with the SEC on Form 8-K.

the newest type of earnings on the network

Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. For historical periods, we have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in the supplemental financial information that can be found in the Investors section of our website located at investors.

Finally, once we have completed our formal remarks, we will be posting them to our Investor Relations website under the Quarterly Results section.

And with that, I will turn the call over to Nikesh. Good afternoon and thank you to everyone joining our first video earnings call. I appreciate you being patient as we experiment with Zoom earnings call.

the newest type of earnings on the network

Before I comment on our results, I'd like to thank our employees, our partners, suppliers for the tremendous dedication and commitment they've shown over the last three months. I couldn't be proud of our teams who worked tirelessly to ensure the security needs of our customers were met in this uncertain environment. It is important to note, our last month of this quarter saw a majority of the world under lockdown, and to be able to deliver these results in these times is a testament to the strength of our teams than our partner ecosystem.

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As a company, we responded quickly. Focused on the well-being of our employees, we moved to work from home in early March ahead of local ordinances. As a global team whose mission is enabling our customers to work securely no matter where they are, we were well equipped with the tools, technologies and security to work safely from home. Our teams have been hard at work in recent months helping our customers adjust to entire organizations working from home.

While levying a termination charge for off-net calls in OctoberJio had said it would abolish it the day IUC becomes zero. The charge was in-built into its tariffs by way of top-up vouchers of different denominations and was pass through in nature. Honouring its commitment to revert off-net domestic voice-call charges to zero, as soon as IUC charges are abolished, Jio will once again make all off-net domestic voice calls free, starting January 1,

This has -- this change has prompted companies to rethink how they manage data and applications no longer protected by hardened corporate network perimeters.

As always, Palo Alto Networks has served as a trusted partner to our customers. Our teams rallied to help customers secure remote workers and provide expanded infrastructure security quickly, encompassing thousands of workers across multiple locations.

We have over 1, customers just in the past six weeks using our free trials for remote secure access, which we enabled in the middle of March. The feedback we have received from customers has been gratifying, and we look forward to the opportunity to continue to serve them potentially across even more areas of our platform. Additionally, we have offered extended payment terms and financing options to some of our customers that have been financially impacted by COVID In the same vein, we launched Palo Alto Networks Financial Services LLC, or as we will call it, PANFS, a financing company within Palo Alto Networks created to offer flexible financial solutions for our products and services supporting enterprise customers looking for large multiyear engagements.

We closed our first ever financing transaction at the end of the quarter with a large multinational customer, providing the customer with flexible payment terms. Given the current environment and the fundamental changes that are occurring around us, I feel it's important to articulate our view of the path forward.

I have elaborated those views and how we are preparing ourselves as a company in a letter to our stockholders, which we published today and is available on our Investor Relations website.

Let me touch on a few highlights over here. We expect this pandemic shock to last 12 to 18 months before our customers return to a new normal.

And we expect the enterprise and cybersecurity industry will have a bumpy ride over the next three to nine months as strategies for reopening the economy start to emerge, some likely to be more successful than the others.

With FLEXWORK, a few essential employees will be encouraged to come into our office while others will choose how many days they wish to spend in our offices.

The tech IPOs to watch in Get ready for a lot more listings in the new year. Tech's love affair with Wall Street is going to continue into So far, it looks like will be more of the same. Affirm and Roblox, which delayed their listings inare almost certain to go public, and they'll be joined by some of the biggest companies in tech, such as crypto exchange Coinbase.

For employees choosing to work in the office, we will ensure social distancing and all local safety regulations are followed. The health and safety of our employees is our top priority.

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Let's focus on industry trends. These changes in consumer behavior will impact industry, and we will see winners and losers. We believe the largest companies with strong balance sheets are poised to become even larger.

In all the industries, those companies supporting a mobile and cloud-based consumer workforce will surely benefit.

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We will certainly see new businesses emerge which we have not yet envisioned. To ensure their future success, we expect businesses to accelerate their technology investments. A recent survey by Fortune magazine showed that three-fourth of Fortune CEOs believe the crisis will force their companies to accelerate their technological transformation. Businesses that have relied upon physical presence will focus on automation and technology transitions. The cloud transformation should accelerate and remote work infrastructures will become more robust, necessary across most organizations.

As a consequence, networking architecture will need to change to support the transformation to the cloud. Let's talk about the outlook for cybersecurity.

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The accelerated move to the cloud is attracting the attention of cybercriminals. Data breaches in cloud-delivered services will accelerate as many info sec and dev ops organizations, in their rush to the cloud, have not yet brought their cloud security posture to the level of their traditional data centers. This will drive the need for increased cloud security investment, especially in technologies that secure multi-cloud and hybrid cloud environments.

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Moving away from the newest type of earnings on the network primarily on physical offices and physical data centers to emphasizing remote work and the cloud will also prompt the redesign of wide area networks.

This provides an opportunity to finally realize a long-held vision of networking and network security coming together as detailed recently by Gartner in their new SASE or Secure Edge Service Edge framework -- Secure Access Service Edge framework.

The infrastructure changes that are needed to provide effective cybersecurity in this new reality provide an opportunity for organizations to significantly reduce the number of point product solutions and vendors by moving to platforms, implement consistent security across the entire infrastructure, physical, virtual and cloud-delivered as well as across network endpoint and cloud, moving security from physical to software as a service, securing the cloud with a single platform and automating their security operations.

As the largest enterprise security company in the world, our the newest type of earnings on the network proposition, offering more integrated and automated solutions to secure data regardless of where it is, should position us well for the transformation we anticipate.

Our goal is to leverage our advantage and come through this unprecedented event even stronger and more resilient than before.

AMC Networks Inc (AMCX) Q3 2020 Earnings Call Transcript

Let's turn to our Q3 '20 results. As I think about our results in the context of this pandemic, I'm extremely pleased with our performance.

Nonetheless, the company remains at an inflection point heading into What the company will look like on the other side of that shift remains to be seen, but out of economic necessity, ViacomCBS in the future will need to look different than its current incarnation. A ViacomCBS spokesperson said that company executives were not available for interviews. Some, including Viacomsimply set up websites that made their programming available to stream online but only to pay-TV subscribers.

Given that half the quarter was impacted by the COVIDrelated shutdowns, this result is even more exciting. I'd like to share a few key deals in the quarter that illustrate the power of our comprehensive approach to security, as well as the strength in our installed base. A Fortune 10 company demonstrated their commitment to Palo Alto Networks by expanding with an 8-figure deal and a multiyear enterprise support agreement.

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We're also working with this customer on extensive proof of concept for cloud security. We continue to solidify our role as a strategic security partner of this US retailer that we highlighted in the newest type of earnings on the network Q1 and Q2. This quarter, we won another seven figure deal as a part of their continuous large-scale transformation project where they purchased enterprise agreements for VM-Series, additional Cortex XSOAR licenses, again validating their selection of XSOAR for the security operations center.

Let's now look at the three pillars of our security offerings, starting with Strata. We made good progress on the product challenges that we faced in the first six months of our fiscal year.

We now believe those challenges are behind us. So we're delighted with a return to above-industry average growth. A good example of our success in Strata this quarter was a seven figure deal we won that brought together three different ministries of a European government agency to migrate both the state network and the education network to Palo Alto Networks' next-generation firewalls.

In this COVID environment, we saw some of our customers enable remote access by turning on our GlobalProtect solution, an attached subscription to firewall.

the newest type of earnings on the network

In this quarter, we added more than 1, customers to our remote work GlobalProtect subscription. As an example of this solution, a leading clinical research hospital was able to scale their environment to provide remote access securely for their entire user community within 48 hours. The robustness and simplicity of the solution enables them to make this transition quickly and even more importantly, seamlessly.

the newest type of earnings on the network

We continue to innovate in this category. Coming in mid-June, we will launch new features and functionality for a firewall operating system, including some industry-first features that will further differentiate us from the competition, including artificial intelligence, machine learning and a new subscription around IoT. Moving now to Prisma. As you saw in the commercial that we played at the top of this call, we're helping all types of organizations quickly scale and secure remote workers, in some cases in a matter of weeks or days.

Prisma Access, which provides cloud-delivered security for remote workers, had a record quarter in terms of billings, number of deals closed and custom evals. In the last few months, Prisma Access effortlessly scaled over 3 times the aggregate capacity, helping our global enterprise customers enable their remote workforces overnight.

As an example, a large oil and gas company went from a 25, remote user base to 80, users working remotely very quickly, again made possible by Prisma Access.

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SASE, the convergence of network and security capabilities in the cloud delivered as a service. CloudGenix integrated with Prisma Access will prove to be a valuable solution for our customers.

After listening to our combined customer installed base, we believe that bringing the two platforms together is the right approach to deliver the best possible end-to-end SASE solution.

We will further enhance our SASE platform by integrating the CloudGenix SD-WAN product with Prisma Access, expediting the intelligent onboarding of remote branches, remote retail stores and providing a seamless end-to-end solution to our customers. This combination will accelerate the enterprise shift toward the SASE model.

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Our two-pronged strategy for SD-WAN will provide our customers with the flexibility to implement SD-WAN on premise or in the cloud with a thin branch where security is delivered from the cloud or a heavy branch where security is in the branch. Therefore, we'll be able to support whichever SD-WAN architecture our customers believe is right for them.

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