Palo Alto Networks, Inc. (PANW) UBS Global Technology and AI Conference 2025 December 2, 2025 2:15 PM EST
Company Participants
Nikesh Arora – Chairman & CEO
Conference Call Participants
Roger Boyd – UBS Investment Bank, Research Division
Presentation
Roger Boyd
UBS Investment Bank, Research Division
All right. We will get going. Thank you all for being here on day 2 of the UBS Tech and AI Conference. I’m Roger Boyd. I cover cybersecurity. Very happy to have Nikesh Arora, CEO and Chairman of Palo Alto Networks. Thanks for being here.
Nikesh Arora
Chairman & CEO
Thank you for having me.
Question-and-Answer Session
Roger Boyd
UBS Investment Bank, Research Division
I wanted to start with a little fun. I want to rewind back to 2019. You were relatively new to the role, relatively new to Palo Alto Networks. You’re making a lot of acquisitions that I think investors had questions about. And in hindsight, all those played out pretty well, I would say. I think when you look at — if you fast forward to today, you’ve now announced 2 fairly significant acquisitions in the past 6 months and are once again kind of poised to expand the TAM of what Palo Alto looks at. I guess can you compare and contrast these time frames? And at a high level, what’s different? What’s the same? And how much of the cash of 2019 compares to the cash of 2025, ’26?
Nikesh Arora
Chairman & CEO
I don’t know, he’s older. Hopefully, wiser. But look, if you peel back to 2019, we were 1 of 7 cybersecurity companies in the, give or take, $10 billion to $20 billion market cap range. And we had to figure out how do we break out of that over the next 5 years. I believe in enterprise, if you are not aspirational, don’t get to $10 billion in revenue at
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