Palo Alto Networks
Q1 2023 Earnings Call
Nov 17, 2022, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Clay Bilby
Good day, everyone, and welcome to Palo Alto Networks fiscal first quarter 2023 earnings conference call. I am Clay Bilby, head of Palo Alto Networks investor relations. Please note that this call is being recorded today, Thursday, November 17, 2022, 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. Our chief product officer, Lee Klarich, will join us in the Q&A session following the prepared remarks. You can find the press release and 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 company's business operations and financial performance. These statements are subject to risks and uncertainties that are made as of today. We assume no obligation to update them. Please review the press release and our recent SEC filings for a discussion of these risks and uncertainties.
We will also refer to non-GAAP financial measures. These measures should not be considered as a substitute for financial measures prepared in accordance with GAAP. The most directly comparable GAAP financial measures and reconciliations are included in the press release and the appendix of this investor presentation. All comparisons are on a year-over-year basis unless specifically noted otherwise.
Please also note that the three-for-one stock split announced during our Q4 was completed with share and per-share numbers now reflecting this. I will now turn the call over to Nikesh.
Nikesh Arora -- Chairman and Chief Executive Officer
Thank you, Clay. Good afternoon, and thank you, everyone, for joining us for our earnings call. As you can see, we had a solid first quarter where we showed balanced top-line growth and a demonstrable focus on profitability. Early in the quarter, we saw some customer behavior changes and have adapted our operations to align with the changing market conditions.
On the top line, billings grew 27% year over year, while RPO grew 38%. We have consistently maintained that cybersecurity is the most innovative sector of the technology industry. Demonstrate progress on our transformation, we have shared how our new cloud delivered and cloud-enabled offerings are contributing to our business via our NGS ARR. In that context, this quarter, our NGS ARR hit a key milestone.