Palo Alto Networks
Q3 2023 Earnings Call
May 23, 2023, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Walter Pritchard
Good day, everyone, and welcome to Palo Alto Networks' fiscal third quarter 2023 earnings conference call. I am Walter Pritchard, senior vice president of investor relations and corporate development. Please note that this call is being recorded today, Tuesday, May 23, 2023, at 1:30 p.m. Pacific time.
With me on today's call are Nikesh Arora, our chairman and chief executive officer; and Dipak Golechha, our chief financial officer. Following the prepared remarks, our chief product officer, Lee Klarich, will join us in the Q&A session. You can find the press release and other information to supplement today's discussion on our website at investors.paloaltonetworks.com. While there, please click on the link for events and presentations, where you will find the investor presentation and supplemental information.
During the course of today's call, we will make forward-looking statements and projections regarding the company's business operations and financial performance. These statements made today are subject to risks and uncertainties. We assume no obligation to update them. Please review the press release and our recent SEC filings to see these risks and uncertainties.
We will also refer to non-GAAP financial measures. These measures should not be considered a substitute for financial measures prepared in accordance with GAAP. The most directly comparable GAAP financial metrics and reconciliations are in the press release and the appendix of the investor presentation. Unless specifically noted otherwise, all results in comparisons are on a fiscal year-over-year basis.
We also note that management is participating at the Bank of America Global Technology Conference on June 6th. I will now turn the call over to Nikesh.
Nikesh Arora -- Chairman and Chief Executive Officer
Thank you for joining us.
Walter Pritchard
Good day, everyone, and welcome to Palo --
Nikesh Arora -- Chairman and Chief Executive Officer
Oops. There's a bit of a little repeat AI action there. Thank you, Walter. Good afternoon, everyone, and thank you for joining us today for our earnings call.
As you can see, once again, our teams have delivered a balanced quarter between our top- and bottom-line performance in the current macroeconomic environment. In Q3, our billings grew 26% year over year and revenue grew 24%, while RPO grew ahead of these at 35%. Our Q3 non-GAAP operating income and our trailing 12-month adjusted free cash flow both grew about 60% year over year, while we achieved our fourth consecutive quarter of profitability on a GAAP basis. Let's talk about the macro environment.