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, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Current assets	6,048,000)	6,414,900)	4,647,300)	5,129,200)	3,664,800)	4,132,000)
Adjustments
Add: Allowance for credit losses	7,800)	8,900)	11,200)	2,300)	800)	1,200)
After Adjustment
Adjusted current assets	6,055,800)	6,423,800)	4,658,500)	5,131,500)	3,665,600)	4,133,200)

Based on: 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), 10-K (reporting date: 2018-07-31).

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Palo Alto Networks Inc., adjusted total assets

US$ in thousands

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Total assets	14,501,100)	12,253,600)	10,241,600)	9,065,400)	6,592,200)	5,823,000)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	394,223)	429,632)
Add: Allowance for credit losses	7,800)	8,900)	11,200)	2,300)	800)	1,200)
Less: Noncurrent deferred tax assets, net²	—)	11,200)	9,100)	9,000)	7,000)	8,500)
After Adjustment
Adjusted total assets	14,508,900)	12,251,300)	10,243,700)	9,058,700)	6,980,223)	6,245,332)

Based on: 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), 10-K (reporting date: 2018-07-31).

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

² Noncurrent deferred tax assets, net. See details »

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Palo Alto Networks Inc., adjusted current liabilities

US$ in thousands

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Current liabilities	7,737,500)	8,306,300)	5,116,700)	2,691,700)	2,053,300)	2,139,400)
Adjustments
Less: Current deferred revenue	4,674,600)	3,641,200)	2,741,900)	2,049,100)	1,582,100)	1,268,900)
After Adjustment
Adjusted current liabilities	3,062,900)	4,665,100)	2,374,800)	642,600)	471,200)	870,500)

Based on: 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), 10-K (reporting date: 2018-07-31).

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Palo Alto Networks Inc., adjusted total liabilities

US$ in thousands

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Total liabilities	12,752,700)	12,043,600)	9,478,000)	7,963,600)	5,005,900)	4,834,700)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	394,223)	429,632)
Less: Noncurrent deferred tax liabilities²	5,400)	—)	—)	—)	—)	—)
Less: Deferred revenue	9,296,400)	6,994,000)	5,024,000)	3,810,200)	2,888,700)	2,364,900)
After Adjustment
Adjusted total liabilities	3,450,900)	5,049,600)	4,454,000)	4,153,400)	2,511,423)	2,899,432)

Based on: 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), 10-K (reporting date: 2018-07-31).

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

² Noncurrent deferred tax liabilities. See details »

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Palo Alto Networks Inc., adjusted stockholders’ equity

US$ in thousands

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Stockholders’ equity	1,748,400)	210,000)	634,500)	1,101,800)	1,586,300)	966,400)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(5,400)	11,200)	9,100)	9,000)	7,000)	8,500)
Add: Allowance for credit losses	7,800)	8,900)	11,200)	2,300)	800)	1,200)
Add: Deferred revenue	9,296,400)	6,994,000)	5,024,000)	3,810,200)	2,888,700)	2,364,900)
After Adjustment
Adjusted stockholders’ equity	11,058,000)	7,201,700)	5,660,600)	4,905,300)	4,468,800)	3,324,000)

Based on: 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), 10-K (reporting date: 2018-07-31).

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

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Palo Alto Networks Inc., adjusted capitalization table

US$ in thousands

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Current portion of convertible senior notes, net	1,991,500)	3,676,800)	1,557,900)	—)	—)	550,400)
Convertible senior notes, net, excluding current portion	—)	—)	1,668,100)	3,084,100)	1,430,000)	1,369,700)
Total reported debt	1,991,500)	3,676,800)	3,226,000)	3,084,100)	1,430,000)	1,920,100)
Stockholders’ equity	1,748,400)	210,000)	634,500)	1,101,800)	1,586,300)	966,400)
Total reported capital	3,739,900)	3,886,800)	3,860,500)	4,185,900)	3,016,300)	2,886,500)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	394,223)	429,632)
Add: Current portion of operating lease liabilities (included in Accrued and other liabilities)²	60,200)	62,300)	65,800)	57,900)	—)	—)
Add: Long-term operating lease liabilities³	279,200)	276,100)	313,400)	336,600)	—)	—)
Adjusted total debt	2,330,900)	4,015,200)	3,605,200)	3,478,600)	1,824,223)	2,349,732)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(5,400)	11,200)	9,100)	9,000)	7,000)	8,500)
Add: Allowance for credit losses	7,800)	8,900)	11,200)	2,300)	800)	1,200)
Add: Deferred revenue	9,296,400)	6,994,000)	5,024,000)	3,810,200)	2,888,700)	2,364,900)
Adjusted stockholders’ equity	11,058,000)	7,201,700)	5,660,600)	4,905,300)	4,468,800)	3,324,000)
After Adjustment
Adjusted total capital	13,388,900)	11,216,900)	9,265,800)	8,383,900)	6,293,023)	5,673,732)

Based on: 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), 10-K (reporting date: 2018-07-31).

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, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Revenue	6,892,700)	5,501,500)	4,256,100)	3,408,400)	2,899,600)	2,273,100)
Adjustment
Add: Increase (decrease) in deferred revenue	2,302,400)	1,970,000)	1,213,800)	921,500)	609,400)	591,400)
After Adjustment
Adjusted revenue	9,195,100)	7,471,500)	5,469,900)	4,329,900)	3,509,000)	2,864,500)

Based on: 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), 10-K (reporting date: 2018-07-31).

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

US$ in thousands

12 months ended:	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Net income (loss)	439,700)	(267,000)	(498,900)	(267,000)	(81,900)	(147,900)
Adjustments
Add: Deferred income tax expense (benefit)¹	12,500)	(3,100)	(12,400)	(9,100)	(18,000)	(6,600)
Add: Increase (decrease) in allowance for credit losses	(1,100)	(2,300)	8,900)	1,500)	(400)	500)
Add: Increase (decrease) in deferred revenue	2,302,400)	1,970,000)	1,213,800)	921,500)	609,400)	591,400)
Add: Other comprehensive income (loss), net of tax	12,400)	(45,700)	(20,400)	14,200)	12,700)	(13,000)
After Adjustment
Adjusted net income (loss)	2,765,900)	1,651,900)	691,000)	661,100)	521,800)	424,400)

Based on: 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), 10-K (reporting date: 2018-07-31).

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