Non-GAAP Financial Measures and Other Key Metrics

This unaudited supplemental financial information contains financial statements that have not been prepared in accordance with generally accepted accounting principles in the United States ('GAAP'). We use these non-GAAP financial measures and key metrics internally in analyzing our financial results and believe that the disclosure of these non-GAAP financial measures and key metrics will be useful to investors as an additional tool to evaluate our ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures or key metrics.

Non-GAAP financial measures and key metrics are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our non-GAAP financial measures and key metrics to the most directly comparable GAAP measures has been provided in the financial statement tables included in this supplemental financial information, and investors are encouraged to review these reconciliations. We have not provided a reconciliation of forward-looking non-GAAP measures to the corresponding GAAP measures as they are not available without unreasonable effort.

Palo Alto Networks, Inc.

Condensed Consolidated Statements of Operations - Fiscal Quarters (In millions, except percentages)

Palo Alto Networks, Inc.

Non-GAAP Condensed Consolidated Statements of Operations - Fiscal Quarters (In millions, except percentages)

Palo Alto Networks, Inc.

GAAP to Non-GAAP Reconciliations and Disaggregation of Revenue by Type - Fiscal Quarters (In millions, except percentages and per share amounts)

Palo Alto Networks, Inc.

GAAP to Non-GAAP Reconciliations and Disaggregation of Revenue by Type - Fiscal Quarters (Continued) (In millions, except percentages and per share amounts)

Palo Alto Networks, Inc.

GAAP to Non-GAAP Reconciliations and Disaggregation of Revenue by Type - Fiscal Quarters (Continued) (In millions, except percentages and per share amounts)

Palo Alto Networks, Inc.

GAAP to Non-GAAP Reconciliations and Disaggregation of Revenue by Type - Fiscal Quarters (Continued) (In millions, except percentages and per share amounts)

Palo Alto Networks, Inc. Other Key Metrics - Fiscal Quarters (In billions, except percentages)

Palo Alto Networks, Inc.

Condensed Consolidated Balance Sheets - Fiscal Quarters (In millions)

Q223

Q323

Q423

Q124

Q224

Q324

Q424

Q125

Palo Alto Networks, Inc.

Condensed Consolidated Statements of Cash Flows - Fiscal Quarters (In millions)