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Palo Alto Networks, Inc. (PANW) Morgan Stanley Technology, Media & Telecom Conference Call Transcript

Palo Alto Networks, Inc. (NASDAQ:PANW) Morgan Stanley Technology, Media & Telecom Conference Call March 5, 2024 2:45 PM ET

Company Participants

Nikesh Arora – Chief Executive Officer and Chairman

Conference Call Participants

Hamza Fodderwala – Morgan Stanley

Hamza Fodderwala

Good morning, or almost good afternoon, everybody. I hope you’re doing well. My name is Hamza Fodderwala. I’m the cybersecurity analyst here at Morgan Stanley. And with me this afternoon, we have Mr. Nikesh Arora, Chairman and CEO of Palo Alto Networks.

Nikesh, thank you so much for joining.

Nikesh Arora

Thank you for having me.

Hamza Fodderwala

All right. Great. So before I begin, just a brief programming note. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures.

With that, Nikesh, let’s dive right into it. So I think you set up here five or six years ago, and you wanted to go on this journey of building the first evergreen cybersecurity platform. If you look at what’s happened over the last five years, the revenue base has gone up multiple times. Market cap has, I think, almost 5x. The $100 billion or as of the yesterday’s close at least. And you’re a leader in over 20 categories, whereas five years ago, you were largely in firewalls. It seems like now there’s a little bit more skepticism now.

Nikesh Arora

There should have been skepticism then.

Hamza Fodderwala

So I’m curious, just one takes off on the last five years, and what do you think you have to do for the next five years to maintain this sort of evergreen platform strategy?

Nikesh Arora

Well, first of all, thank you for having me. And yes, five years ago, we set out on a — the journey to see if we could actually adjust the paradigm in cybersecurity to see if companies can survive

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