Analysts at RBC Capital provided their key takeaways from the investor call with the management of Palo Alto Networks, Inc. (NASDAQ;PANW), noting they came away feeling positive about the demand environment and the company’s positioning.

The analysts believe the company remains well-positioned to consolidate security spend with a fast-growing NGS business in addition to a durable FWaaS business.

Despite supply chain challenges, management noted a healthy product backlog, as trends could improve further as supply chains normalize. Longer-term, management remains committed to driving a mid-single-digit CAGR target for product revenue through fiscal 2024.

Overall, the analysts believe the company has navigated well despite a challenging supply chain environment as they remain impressed with the resiliency of product growth including increased 2022 product revenue guidance to high-teens growth vs. mid-teens previously.