Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

Palo Alto Networks Inc., adjusted current assets

US$ in thousands

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Current assets	6,849,700)	6,048,000)	6,414,900)	4,647,300)	5,129,200)	3,664,800)
Adjustments
Add: Allowance for credit losses	7,500)	7,800)	8,900)	11,200)	2,300)	800)
After Adjustment
Adjusted current assets	6,857,200)	6,055,800)	6,423,800)	4,658,500)	5,131,500)	3,665,600)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

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Palo Alto Networks Inc., adjusted total assets

US$ in thousands

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Total assets	19,990,900)	14,501,100)	12,253,600)	10,241,600)	9,065,400)	6,592,200)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	394,223)
Add: Allowance for credit losses	7,500)	7,800)	8,900)	11,200)	2,300)	800)
Less: Deferred tax assets²	2,399,000)	23,100)	—)	—)	—)	—)
After Adjustment
Adjusted total assets	17,599,400)	14,485,800)	12,262,500)	10,252,800)	9,067,700)	6,987,223)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

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Palo Alto Networks Inc., adjusted current liabilities

US$ in thousands

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Current liabilities	7,682,700)	7,737,500)	8,306,300)	5,116,700)	2,691,700)	2,053,300)
Adjustments
Less: Current deferred revenue	5,541,100)	4,674,600)	3,641,200)	2,741,900)	2,049,100)	1,582,100)
After Adjustment
Adjusted current liabilities	2,141,600)	3,062,900)	4,665,100)	2,374,800)	642,600)	471,200)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

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Palo Alto Networks Inc., adjusted total liabilities

US$ in thousands

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Total liabilities	14,821,200)	12,752,700)	12,043,600)	9,478,000)	7,963,600)	5,005,900)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	394,223)
Less: Deferred tax liabilities²	387,700)	28,100)	—)	—)	—)	—)
Less: Deferred revenue	11,480,500)	9,296,400)	6,994,000)	5,024,000)	3,810,200)	2,888,700)
After Adjustment
Adjusted total liabilities	2,953,000)	3,428,200)	5,049,600)	4,454,000)	4,153,400)	2,511,423)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Palo Alto Networks Inc., adjusted stockholders’ equity

US$ in thousands

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Stockholders’ equity	5,169,700)	1,748,400)	210,000)	634,500)	1,101,800)	1,586,300)
Adjustments
Less: Net deferred tax assets (liabilities)¹	2,011,300)	(5,400)	11,200)	9,100)	9,000)	7,000)
Add: Allowance for credit losses	7,500)	7,800)	8,900)	11,200)	2,300)	800)
Add: Deferred revenue	11,480,500)	9,296,400)	6,994,000)	5,024,000)	3,810,200)	2,888,700)
After Adjustment
Adjusted stockholders’ equity	14,646,400)	11,058,000)	7,201,700)	5,660,600)	4,905,300)	4,468,800)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

¹ Net deferred tax assets (liabilities). See details »

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Palo Alto Networks Inc., adjusted capitalization table

US$ in thousands

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Current portion of convertible senior notes, net	963,900)	1,991,500)	3,676,800)	1,557,900)	—)	—)
Convertible senior notes, net, excluding current portion	—)	—)	—)	1,668,100)	3,084,100)	1,430,000)
Total reported debt	963,900)	1,991,500)	3,676,800)	3,226,000)	3,084,100)	1,430,000)
Stockholders’ equity	5,169,700)	1,748,400)	210,000)	634,500)	1,101,800)	1,586,300)
Total reported capital	6,133,600)	3,739,900)	3,886,800)	3,860,500)	4,185,900)	3,016,300)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	394,223)
Add: Current portion of operating lease liabilities (included in Accrued and other liabilities)²	65,900)	60,200)	62,300)	65,800)	57,900)	—)
Add: Long-term operating lease liabilities³	380,500)	279,200)	276,100)	313,400)	336,600)	—)
Adjusted total debt	1,410,300)	2,330,900)	4,015,200)	3,605,200)	3,478,600)	1,824,223)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	2,011,300)	(5,400)	11,200)	9,100)	9,000)	7,000)
Add: Allowance for credit losses	7,500)	7,800)	8,900)	11,200)	2,300)	800)
Add: Deferred revenue	11,480,500)	9,296,400)	6,994,000)	5,024,000)	3,810,200)	2,888,700)
Adjusted stockholders’ equity	14,646,400)	11,058,000)	7,201,700)	5,660,600)	4,905,300)	4,468,800)
After Adjustment
Adjusted total capital	16,056,700)	13,388,900)	11,216,900)	9,265,800)	8,383,900)	6,293,023)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current portion of operating lease liabilities (included in Accrued and other liabilities). See details »

³ Long-term operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

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Palo Alto Networks Inc., adjusted revenue

US$ in thousands

12 months ended:	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Revenue	8,027,500)	6,892,700)	5,501,500)	4,256,100)	3,408,400)	2,899,600)
Adjustment
Add: Increase (decrease) in deferred revenue	2,184,100)	2,302,400)	1,970,000)	1,213,800)	921,500)	609,400)
After Adjustment
Adjusted revenue	10,211,600)	9,195,100)	7,471,500)	5,469,900)	4,329,900)	3,509,000)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

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Palo Alto Networks Inc., adjusted net income (loss)

US$ in thousands

12 months ended:	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Net income (loss)	2,577,600)	439,700)	(267,000)	(498,900)	(267,000)	(81,900)
Adjustments
Add: Deferred income tax expense (benefit)¹	(2,033,800)	12,500)	(3,100)	(12,400)	(9,100)	(18,000)
Add: Increase (decrease) in allowance for credit losses	(300)	(1,100)	(2,300)	8,900)	1,500)	(400)
Add: Increase (decrease) in deferred revenue	2,184,100)	2,302,400)	1,970,000)	1,213,800)	921,500)	609,400)
Add: Other comprehensive income (loss), net of tax	41,600)	12,400)	(45,700)	(20,400)	14,200)	12,700)
After Adjustment
Adjusted net income (loss)	2,769,200)	2,765,900)	1,651,900)	691,000)	661,100)	521,800)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

¹ Deferred income tax expense (benefit). See details »

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Palo Alto Networks Inc. (NASDAQ:PANW)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income