Palo Alto Networks (NYSE: PANW), the global cybersecurity leader, has announced that its board of directors has named Amit K. Singh as president, effective November 1, 2018. As president, Singh succeeds Mark Anderson, who will move into an advisory role until May 1, 2019, to facilitate a smooth transition of responsibilities. Singh will report to Nikesh Arora, Palo Alto Networks CEO.
Previously, Singh was the president of Google Cloud and, most recently, Google's vice president of business and operations in emerging computing platforms, including augmented and virtual reality. He established and helped scale the Google Cloud business, leading several thousand people and growing it into a multibillion-dollar business. Prior to joining Google, Singh spent 20 years with Oracle in various product, engineering, sales and strategy roles. He helped Oracle acquire and successfully integrate PeopleSoft, Agile and Demantra, helping them accelerate their growth rate post-acquisition.
"I'm pleased to welcome Amit to Palo Alto Networks," said Nikesh Arora, CEO of Palo Alto Networks. "I have been continually impressed by Amit's leadership and believe his experience growing cloud businesses and driving revenue at scale will help us strengthen our position as the clear leader in cybersecurity."
Singh said, "I'm excited and honored to join Nikesh and the team at Palo Alto Networks. After extensive discussions with the leadership team and the board, I am convinced that Palo Alto Networks is best positioned to help companies protect their information. I look forward to applying my cloud experience to the challenges facing cybersecurity."
On behalf of the Palo Alto Networks executive leadership team and board of directors, Arora said, "We thank Mark for doing a tremendous job of putting Palo Alto Networks in a strong position for continued success as we focus on the application of artificial intelligence and machine learning to cybersecurity and help our customers make a seamless transition to the cloud."
Anderson said, "I'm proud of the incredible progress we have made over the past six years to become the world's cybersecurity leader. I'm grateful for the support of my colleagues and the talented team at Palo Alto Networks and am fully committed to ensuring a smooth transition."
Reiterates Fiscal First Quarter 2019 Guidance
Palo Alto Networks reiterated its fiscal first quarter 2019 guidance under ASC 606, which was previously announced on September 6, 2018. For the fiscal first quarter 2019, ending October 31, 2018, the company expects:
- Total revenue in the range of $625 to $635 million, representing year-over-year growth between 25 percent and 27 percent on an ASC 606 basis.
- Diluted non-GAAP net income per share in the range of $1.04 to $1.06 using 98 to 100 million shares on an ASC 606 basis.
Guidance for non-GAAP financial measures excludes share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, facility exit costs, non-cash interest expense related to our convertible senior notes, foreign currency gains (losses), and income and other tax effects associated with these items, along with certain non-recurring expenses. We have not reconciled diluted non-GAAP net income per share guidance to GAAP net income (loss) per diluted share because we do not provide guidance on GAAP net income (loss) and would not be able to present the various reconciling cash and non-cash items between GAAP net income (loss) and non-GAAP net income, including share-based compensation expense, without unreasonable effort. Share-based compensation expense is impacted by the company's future hiring and retention needs and, to a lesser extent, the future fair market value of the company's common stock, all of which is difficult to predict and subject to constant change. The actual amounts of such reconciling items will have a significant impact on the company's GAAP net income (loss) per diluted share.