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Palo Alto Networks, Inc. (PANW) CEO Nikesh Arora Presents at Credit Suisse 25th Annual Technology Conference Call (Transcript)

Dec. 01, 2021 5:37 PM ETPalo Alto Networks, Inc. (PANW)
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Palo Alto Networks, Inc. (NASDAQ:PANW) Credit Suisse 25th Annual Technology Conference December 1, 2021 12:30 PM ET

Company Participants

Nikesh Arora - CEO

Conference Call Participants

Philip Winslow - Credit Suisse

Philip Winslow

All right. Good afternoon, everyone. I take it it's not afternoon yet. Good morning still everyone. Very excited to have Nikesh Arora coming down. First off, thank you just for being here in person. I appreciate you coming down.

Nikesh Arora

My pleasure. It’s my first in person conference after -- can I say Morgan Stanley?

Philip Winslow

But actually we were just talking about this outside and I know we’ve talked about some questions. But we were saying when you joined as CEO, there's this debate about, hey, could there actually be a $20 billion market cap in a security company? And so the question now, I think, is kind of be $100 billion. It's the market cap security company. Well, my bets on you guys. So you have to get there.

Nikesh Arora

Just write a note and send it to everyone and that way we're done, right? No, look, three years ago when I came, I want to talk about just CIOs, I knew nothing about cybersecurity, I still know just enough to be dangerous. And the challenge, if you think about it, if you step back and think on a macro level, just $10 trillion of IT plant embedded in companies today, roughly, give or take and cyber is about 6% to 8% of that. So $600 billion, $800 billion of cyber plant in there. And that needs to get referred, because a lot of that is [cyber]. So IT, you can have a server that’s eight years old and run with it. If you have a cybersecurity product that's eight years old, you're pretty much hacked, you're done. So this plant has to regenerate much faster than the IT plant, if you will. So I got to change my cybersecurity firewall as

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