Security vendor Palo Alto Networks reported accelerated growth and increased market share over legacy leaders like Cisco and Check Point in the company’s fiscal Q1 2018 earnings call with investors.

Palo Alto reported $505.5 million in revenue, a 27 percent year-over-year increase. The company reported non-GAAP net income of $69.8 million in the quarter, or $0.74 per share, up 35 percent from $51.2 million in the first quarter of the previous fiscal year.

Additionally, the company added 2,500 new customers, bringing its global total customer base to 45,000. This is only slightly less than last quarter, in which the company added 3,000 new customers, the most in its history.

Palo Alto’s ongoing shift to subscription models for its Software-as-a-Service (SaaS) and support revenue accounted for a 63 percent share of total revenue.

In last quarter's call with investors, Palo Alto announced its CFO, Steffan Tomlinson, would retire once they found his replacement. In yesterday’s earnings call, CEO Mark McLaughin announced that Kathy Bonanno — currently the senior vice president of finance — would serve as Tomlinson’s replacement, effective this week.

The company attributed its growth in the quarter to a number of things including customer wins and competitive displacements from legacy leaders. The main displacement, McLaughlin noted, was its “seven-figure competitive win against Cisco in a virtualized data center deal with the U.S. military organization,” according to the Seeking Alpha transcript.

McLaughlin also noted that Palo Alto was selected over Cisco as the standard security vendor at an airport in EMEA, and picked over Check Point to be a technology company’s global security platform and in its payment processors data center. It also was selected over Symantec in an “endpoint deal for 10,000 workstations at a U.S. federal agency,” said McLaughlin in the transcript.

In an analyst report, Silicon Valley Insights noted that the company was taking long-term customers from both Cisco and Check Point.

Palo Alto introduced two new products into its mix in the last quarter. The first was its GlobalProtect cloud service, launched in September, enabling the deployment of its security infrastructure for remote offices and mobile users as a cloud based service. The second, also released in September, was its logging service, which stores context rich logs generated by the company’s security platform and serves as the foundation of its Application Framework. The Application Framework is expected to come to market sometime next year.

“We expect our Application Framework to provide a new model for the delivery of security applications that it can apply advanced analytics to massive data sets and have automated workflow decisions enforced through already deployed capabilities in the network on the endpoint and in the cloud,” said McLaughlin.

Also this fiscal quarter, the company released version 4.1 of its endpoint protection offering, Traps, added a number of AWS capabilities to its cloud access security broker, Aperture, and partnered with Telefónica to provide cloud-security SaaS over customers’ Internet access and collaborate on the Cyber Threat Alliance.