PagerDuty Announces Third Quarter Fiscal 2023 Financial Results
PagerDuty reported strong Q3 FY2023 results, with revenue reaching $94.2 million, up 31.3% year-over-year. The company achieved non-GAAP profitability a quarter early, with non-GAAP operating income of $3.0 million and an improved operating margin of 3.2%. Despite a GAAP operating loss of $32.5 million, their customer base grew to 15,265, marking a significant expansion in high-value clients. The outlook for Q4 forecasts revenue between $98 million and $100 million, reflecting a growth rate of 25-27% year-over-year.
- Revenue increased 31.3% year over year to $94.2 million.
- Achieved non-GAAP operating income of $3.0 million.
- Customer base grew to 15,265, with 710 clients having over $100,000 in annual recurring revenue.
- Non-GAAP operating margin improved by 1,000 basis points to 3.2%.
- GAAP operating loss of $32.5 million with a negative operating margin of 34.5%.
- Operating cash flow was $(0.4) million, with free cash flow of $(2.3) million.
Third quarter revenue increased
Third quarter GAAP operating loss of
"
Third Quarter Fiscal 2023 Financial Highlights
-
Revenue was
, an increase of$94.2 million 31.3% year over year. -
GAAP operating loss was
; GAAP operating margin of negative$32.5 million 34.5% . -
Non-GAAP operating income was
; non-GAAP operating margin of$3.0 million 3.2% . -
GAAP net loss per share attributable to
PagerDuty, Inc. was ; non-GAAP net income per diluted share attributable to$0.36 PagerDuty, Inc. was .$0.04 -
Operating cash flow was
, with free cash flow of$(0.4) million .$(2.3) million -
Cash, cash equivalents and current investments were
as of$459.4 million October 31, 2022 .
The section titled “Non-GAAP Financial Measures” below contains a description of the non-GAAP financial measures and reconciliations between historical GAAP and non-GAAP information.
Third Quarter and Recent Highlights
-
Finished the third quarter with 15,265 total paid customers as of
October 31, 2022 , compared to 14,486 in the year ago period. -
Reported 710 customers with annual recurring revenue over
as of$100,000 October 31, 2022 , compared to 543 in the year ago period.-
Customer wins and expansions in the period included Centene Corporation, Gong, IBM, OSI Systems, PG&E, Samsung,
Solera Holding , Vanguard, Worldline, and Zoom.
-
Customer wins and expansions in the period included Centene Corporation, Gong, IBM, OSI Systems, PG&E, Samsung,
-
Delivered a third quarter dollar-based net retention rate of
123% as ofOctober 31, 2022 , compared to124% in the year ago period. -
Achieved non-GAAP profitability a quarter ahead of previous guidance, expanding non-GAAP operating margin to
3% for the three months endedOctober 31, 2022 , an improvement of 1,000 basis points over the year ago period. -
Reported international revenue of
23% of total revenue for the three months endedOctober 31, 2022 , compared to24% in the year ago period. - Released significant capabilities across the PagerDuty Operations Cloud that will help customers save money and drive operational efficiency, including flexible incident workflows, AIOps-powered alert management, and customer-facing status pages.
-
Released Process Automation for
Amazon Web Services (AWS) to theAWS Marketplace , including prebuilt diagnostic automations for popular AWS products and services. - Named a leader in Incident Response, AIOps, and Workload Automation by G2.
-
Named 2022 AWS Rising Star ISV Partner of the Year for “significant year-over-year growth in business on the
AWS Marketplace .” - Deepened the company’s technical leadership with the appointment of a CIO and CISO.
- Recognized as one of Stevie Awards Employers of the Year for special achievement in workplace health and wellbeing, and best corporate social responsibility strategy.
- Won TrustRadius Tech Cares Award for ongoing commitment to corporate social responsibility.
-
Launched
PagerDuty Impact Labs to deliver full-spectrum philanthropic support to grantees advancing time-critical health and climate equity outcomes.
Financial Outlook
For the fourth quarter of fiscal 2023,
-
Total revenue of
-$98.0 million , representing a growth rate of$100.0 million 25% -27% year over year -
Non-GAAP net income per diluted share attributable to
PagerDuty, Inc. of -$0.02 assuming approximately 102 million diluted shares$0.03
For the full fiscal year 2023,
-
Total revenue of
-$368.0 million , representing a growth rate of$370.0 million 31% -31% year over year -
Non-GAAP net loss per share attributable to
PagerDuty, Inc. of -$0.01 assuming approximately 90 million basic shares and 101 million diluted shares$0.00
These statements are forward-looking and actual results may differ materially. Please refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Conference Call Information:
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed through PagerDuty’s investor relations website at investor.pagerduty.com.
Non-GAAP Financial Measures:
This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) attributable to
The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in PagerDuty’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by PagerDuty’s management about which expenses and income are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP.
Specifically,
Stock-based Compensation:
Employer Taxes Related to Employee Stock Transactions:
Amortization of Acquired Intangible Assets:
Acquisition-Related Expenses:
Amortization of Debt Issuance Costs: The imputed interest rate of the Convertible Senior Notes (the "Notes") was approximately
Income Tax Effect of Non-GAAP Adjustments:
There are a number of limitations related to the use of free cash flow as compared to net cash provided by (used in) operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made.
Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results.
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our future financial performance and outlook and market positioning. Words such as “expect,” “extend,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “accelerate,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks and other factors detailed in our Annual Report on Form 10-K filed with the
Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
About
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenue |
$ |
94,203 |
|
|
$ |
71,760 |
|
|
$ |
269,827 |
|
|
$ |
202,887 |
|
Cost of revenue(1) |
|
18,007 |
|
|
|
12,039 |
|
|
|
52,090 |
|
|
|
34,433 |
|
Gross profit |
|
76,196 |
|
|
|
59,721 |
|
|
|
217,737 |
|
|
|
168,454 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development(1) |
|
35,004 |
|
|
|
24,554 |
|
|
|
100,307 |
|
|
|
68,062 |
|
Sales and marketing(1) |
|
47,118 |
|
|
|
40,176 |
|
|
|
143,001 |
|
|
|
118,224 |
|
General and administrative(1) |
|
26,616 |
|
|
|
19,808 |
|
|
|
77,316 |
|
|
|
56,680 |
|
Total operating expenses |
|
108,738 |
|
|
|
84,538 |
|
|
|
320,624 |
|
|
|
242,966 |
|
Loss from operations |
|
(32,542 |
) |
|
|
(24,817 |
) |
|
|
(102,887 |
) |
|
|
(74,512 |
) |
Interest income |
|
1,382 |
|
|
|
705 |
|
|
|
2,760 |
|
|
|
2,306 |
|
Interest expense |
|
(1,360 |
) |
|
|
(1,350 |
) |
|
|
(4,072 |
) |
|
|
(4,045 |
) |
Other expense, net |
|
(172 |
) |
|
|
(729 |
) |
|
|
(1,326 |
) |
|
|
(1,931 |
) |
Loss before (provision for) benefit from income taxes |
|
(32,692 |
) |
|
|
(26,191 |
) |
|
|
(105,525 |
) |
|
|
(78,182 |
) |
(Provision for) benefit from income taxes |
|
(112 |
) |
|
|
(150 |
) |
|
|
1,302 |
|
|
|
(378 |
) |
Net loss |
$ |
(32,804 |
) |
|
$ |
(26,341 |
) |
|
$ |
(104,223 |
) |
|
$ |
(78,560 |
) |
Net loss attributable to redeemable non-controlling interest |
|
(262 |
) |
|
|
— |
|
|
|
(362 |
) |
|
|
— |
|
Net loss attributable to |
$ |
(32,542 |
) |
|
$ |
(26,341 |
) |
|
$ |
(103,861 |
) |
|
$ |
(78,560 |
) |
Net loss per share, basic and diluted, attributable to |
$ |
(0.36 |
) |
|
$ |
(0.31 |
) |
|
$ |
(1.18 |
) |
|
$ |
(0.94 |
) |
Weighted-average shares used in calculating net loss per share, basic and diluted |
|
89,285 |
|
|
|
85,092 |
|
|
|
88,200 |
|
|
|
83,979 |
(1) |
|
Includes stock-based compensation expense as follows: |
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Cost of revenue |
$ |
1,937 |
|
$ |
861 |
|
$ |
4,948 |
|
$ |
2,560 |
Research and development |
|
10,824 |
|
|
6,183 |
|
|
30,066 |
|
|
16,230 |
Sales and marketing |
|
8,004 |
|
|
4,606 |
|
|
22,533 |
|
|
12,961 |
General and administrative |
|
10,679 |
|
|
6,128 |
|
|
28,931 |
|
|
16,115 |
Total |
$ |
31,444 |
|
$ |
17,778 |
|
$ |
86,478 |
|
$ |
47,866 |
|
|||||||
|
As of |
|
As of |
||||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
262,333 |
|
|
$ |
349,785 |
|
Investments |
|
197,104 |
|
|
|
193,571 |
|
Accounts receivable, net of allowance for credit losses of |
|
72,628 |
|
|
|
75,279 |
|
Deferred contract costs, current |
|
18,007 |
|
|
|
16,672 |
|
Prepaid expenses and other current assets |
|
13,545 |
|
|
|
9,777 |
|
Total current assets |
|
563,617 |
|
|
|
645,084 |
|
Property and equipment, net |
|
18,339 |
|
|
|
18,229 |
|
Deferred contract costs, non-current |
|
26,968 |
|
|
|
26,159 |
|
Lease right-of-use assets |
|
15,141 |
|
|
|
20,227 |
|
|
|
118,862 |
|
|
|
72,126 |
|
Intangible assets, net |
|
40,029 |
|
|
|
23,133 |
|
Other assets |
|
1,054 |
|
|
|
1,490 |
|
Total assets |
$ |
784,010 |
|
|
$ |
806,448 |
|
Liabilities, redeemable non-controlling interest, and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
7,692 |
|
|
$ |
9,505 |
|
Accrued expenses and other current liabilities |
|
12,884 |
|
|
|
13,640 |
|
Accrued compensation |
|
34,955 |
|
|
|
35,327 |
|
Deferred revenue, current |
|
175,380 |
|
|
|
162,881 |
|
Lease liabilities, current |
|
6,438 |
|
|
|
5,637 |
|
Total current liabilities |
|
237,349 |
|
|
|
226,990 |
|
Convertible senior notes, net |
|
282,445 |
|
|
|
281,069 |
|
Deferred revenue, non-current |
|
4,335 |
|
|
|
7,343 |
|
Lease liabilities, non-current |
|
14,155 |
|
|
|
20,912 |
|
Other liabilities |
|
3,826 |
|
|
|
3,159 |
|
Total liabilities |
|
542,110 |
|
|
|
539,473 |
|
Redeemable non-controlling interest |
|
1,551 |
|
|
|
— |
|
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
696,169 |
|
|
|
616,467 |
|
Accumulated other comprehensive loss |
|
(3,136 |
) |
|
|
(669 |
) |
Accumulated deficit |
|
(452,684 |
) |
|
|
(348,823 |
) |
Total stockholders’ equity |
|
240,349 |
|
|
|
266,975 |
|
Total liabilities, redeemable non-controlling interest, and stockholders’ equity |
$ |
784,010 |
|
|
$ |
806,448 |
|
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
||||||||
Net loss attributable to |
$ |
(32,542 |
) |
|
$ |
(26,341 |
) |
|
$ |
(103,861 |
) |
|
$ |
(78,560 |
) |
Net loss attributable to redeemable non-controlling interest |
|
(262 |
) |
|
|
— |
|
|
|
(362 |
) |
|
|
— |
|
Net loss |
|
(32,804 |
) |
|
|
(26,341 |
) |
|
|
(104,223 |
) |
|
|
(78,560 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
4,498 |
|
|
|
2,133 |
|
|
|
12,778 |
|
|
|
6,160 |
|
Amortization of deferred contract costs |
|
4,922 |
|
|
|
3,839 |
|
|
|
14,178 |
|
|
|
10,651 |
|
Amortization of debt issuance costs |
|
461 |
|
|
|
452 |
|
|
|
1,376 |
|
|
|
1,350 |
|
Stock-based compensation |
|
31,444 |
|
|
|
17,778 |
|
|
|
86,478 |
|
|
|
47,866 |
|
Non-cash lease expense |
|
611 |
|
|
|
1,122 |
|
|
|
2,913 |
|
|
|
3,331 |
|
Tax benefit related to release of valuation allowance |
|
— |
|
|
|
— |
|
|
|
(1,330 |
) |
|
|
— |
|
Other |
|
(124 |
) |
|
|
897 |
|
|
|
1,686 |
|
|
|
2,592 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
(13,473 |
) |
|
|
(6,113 |
) |
|
|
3,048 |
|
|
|
360 |
|
Deferred contract costs |
|
(6,290 |
) |
|
|
(7,357 |
) |
|
|
(16,323 |
) |
|
|
(16,842 |
) |
Prepaid expenses and other assets |
|
(1,424 |
) |
|
|
1,905 |
|
|
|
(2,934 |
) |
|
|
(857 |
) |
Accounts payable |
|
1,109 |
|
|
|
2,657 |
|
|
|
(1,117 |
) |
|
|
3,836 |
|
Accrued expenses and other liabilities |
|
(4,593 |
) |
|
|
(3,452 |
) |
|
|
(1,350 |
) |
|
|
(79 |
) |
Accrued compensation |
|
6,034 |
|
|
|
7,590 |
|
|
|
(624 |
) |
|
|
3,760 |
|
Deferred revenue |
|
10,181 |
|
|
|
8,848 |
|
|
|
8,635 |
|
|
|
12,878 |
|
Lease liabilities |
|
(1,000 |
) |
|
|
(1,308 |
) |
|
|
(3,783 |
) |
|
|
(3,812 |
) |
Net cash (used in) provided by operating activities |
|
(448 |
) |
|
|
2,650 |
|
|
|
(592 |
) |
|
|
(7,366 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment |
|
(815 |
) |
|
|
(85 |
) |
|
|
(3,755 |
) |
|
|
(1,376 |
) |
Capitalization of internal-use software costs |
|
(988 |
) |
|
|
(784 |
) |
|
|
(2,725 |
) |
|
|
(2,701 |
) |
Business acquisition, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(66,262 |
) |
|
|
(160 |
) |
Asset acquisition |
|
— |
|
|
|
— |
|
|
|
(1,845 |
) |
|
|
— |
|
Purchases of available-for-sale investments |
|
(59,842 |
) |
|
|
(34,505 |
) |
|
|
(155,310 |
) |
|
|
(150,608 |
) |
Proceeds from maturities of available-for-sale investments |
|
54,425 |
|
|
|
40,466 |
|
|
|
149,625 |
|
|
|
156,616 |
|
Proceeds from sales of available-for-sale investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27,380 |
|
Net cash (used in) provided by investing activities |
|
(7,220 |
) |
|
|
5,092 |
|
|
|
(80,272 |
) |
|
|
29,151 |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
||||||||
Investment from redeemable non-controlling interest holder |
|
— |
|
|
|
— |
|
|
|
1,908 |
|
|
|
— |
|
Proceeds from employee stock purchase plan |
|
— |
|
|
|
— |
|
|
|
5,736 |
|
|
|
4,889 |
|
Proceeds from issuance of common stock upon exercise of stock options |
|
1,899 |
|
|
|
5,087 |
|
|
|
8,459 |
|
|
|
12,517 |
|
Employee payroll taxes paid related to net share settlement of restricted stock units |
|
(9,864 |
) |
|
|
(7,616 |
) |
|
|
(22,187 |
) |
|
|
(18,619 |
) |
Net cash used in financing activities |
|
(7,965 |
) |
|
|
(2,529 |
) |
|
|
(6,084 |
) |
|
|
(1,213 |
) |
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash |
|
(365 |
) |
|
|
— |
|
|
|
(504 |
) |
|
|
— |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
(15,998 |
) |
|
|
5,213 |
|
|
|
(87,452 |
) |
|
|
20,572 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
278,331 |
|
|
|
354,525 |
|
|
|
349,785 |
|
|
|
339,166 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
262,333 |
|
|
$ |
359,738 |
|
|
$ |
262,333 |
|
|
$ |
359,738 |
|
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Reconciliation of gross profit and gross margin |
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
76,196 |
|
|
$ |
59,721 |
|
|
$ |
217,737 |
|
|
$ |
168,454 |
|
Plus: Stock-based compensation |
|
1,937 |
|
|
|
861 |
|
|
|
4,948 |
|
|
|
2,560 |
|
Plus: Employer taxes related to employee stock transactions |
|
38 |
|
|
|
22 |
|
|
|
79 |
|
|
|
78 |
|
Plus: Amortization of acquired intangible assets |
|
1,949 |
|
|
|
280 |
|
|
|
5,314 |
|
|
|
840 |
|
Non-GAAP gross profit |
$ |
80,120 |
|
|
$ |
60,884 |
|
|
$ |
228,078 |
|
|
$ |
171,932 |
|
GAAP gross margin |
|
80.9 |
% |
|
|
83.2 |
% |
|
|
80.7 |
% |
|
|
83.0 |
% |
Non-GAAP adjustments |
|
4.2 |
% |
|
|
1.6 |
% |
|
|
3.8 |
% |
|
|
1.7 |
% |
Non-GAAP gross margin |
|
85.1 |
% |
|
|
84.8 |
% |
|
|
84.5 |
% |
|
|
84.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of operating expenses |
|
|
|
|
|
|
|
||||||||
GAAP research and development |
$ |
35,004 |
|
|
$ |
24,554 |
|
|
$ |
100,307 |
|
|
$ |
68,062 |
|
Less: Stock-based compensation |
|
(10,824 |
) |
|
|
(6,183 |
) |
|
|
(30,066 |
) |
|
|
(16,230 |
) |
Less: Employer taxes related to employee stock transactions |
|
(202 |
) |
|
|
(212 |
) |
|
|
(559 |
) |
|
|
(618 |
) |
Less: Acquisition-related expenses |
|
(738 |
) |
|
|
(442 |
) |
|
|
(3,100 |
) |
|
|
(1,348 |
) |
Less: Amortization of acquired intangible assets |
|
(29 |
) |
|
|
— |
|
|
|
(145 |
) |
|
|
— |
|
Non-GAAP research and development |
$ |
23,211 |
|
|
$ |
17,717 |
|
|
$ |
66,437 |
|
|
$ |
49,866 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing |
$ |
47,118 |
|
|
$ |
40,176 |
|
|
$ |
143,001 |
|
|
$ |
118,224 |
|
Less: Stock-based compensation |
|
(8,004 |
) |
|
|
(4,606 |
) |
|
|
(22,533 |
) |
|
|
(12,961 |
) |
Less: Employer taxes related to employee stock transactions |
|
(148 |
) |
|
|
(175 |
) |
|
|
(468 |
) |
|
|
(533 |
) |
Less: Amortization of acquired intangible assets |
|
(643 |
) |
|
|
(595 |
) |
|
|
(1,936 |
) |
|
|
(1,785 |
) |
Non-GAAP sales and marketing |
$ |
38,323 |
|
|
$ |
34,800 |
|
|
$ |
118,064 |
|
|
$ |
102,945 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative |
$ |
26,616 |
|
|
$ |
19,808 |
|
|
$ |
77,316 |
|
|
$ |
56,680 |
|
Less: Stock-based compensation |
|
(10,679 |
) |
|
|
(6,128 |
) |
|
|
(28,931 |
) |
|
|
(16,115 |
) |
Less: Employer taxes related to employee stock transactions |
|
(195 |
) |
|
|
(286 |
) |
|
|
(650 |
) |
|
|
(857 |
) |
Less: Acquisition-related expenses |
|
(164 |
) |
|
|
— |
|
|
|
(1,454 |
) |
|
|
(8 |
) |
Less: Amortization of acquired intangible assets |
|
(7 |
) |
|
|
— |
|
|
|
(36 |
) |
|
|
— |
|
Non-GAAP general and administrative |
$ |
15,571 |
|
|
$ |
13,394 |
|
|
$ |
46,245 |
|
|
$ |
39,700 |
|
Note: Certain figures may not sum due to rounding. |
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Reconciliation of operating income (loss) and operating margin |
|
|
|
|
|
|
|
||||||||
GAAP operating loss |
$ |
(32,542 |
) |
|
$ |
(24,817 |
) |
|
$ |
(102,887 |
) |
|
$ |
(74,512 |
) |
Plus: Stock-based compensation |
|
31,444 |
|
|
|
17,778 |
|
|
|
86,478 |
|
|
|
47,866 |
|
Plus: Employer taxes related to employee stock transactions |
|
583 |
|
|
|
695 |
|
|
|
1,756 |
|
|
|
2,086 |
|
Plus: Amortization of acquired intangible assets |
|
2,628 |
|
|
|
875 |
|
|
|
7,431 |
|
|
|
2,625 |
|
Plus: Acquisition-related expenses |
|
902 |
|
|
|
442 |
|
|
|
4,554 |
|
|
|
1,356 |
|
Non-GAAP operating income (loss) |
$ |
3,015 |
|
|
$ |
(5,027 |
) |
|
$ |
(2,668 |
) |
|
$ |
(20,579 |
) |
GAAP operating margin |
|
(34.5 |
) % |
|
|
(34.6 |
) % |
|
|
(38.1 |
) % |
|
|
(36.7 |
) % |
Non-GAAP adjustments |
|
37.7 |
% |
|
|
27.6 |
% |
|
|
37.1 |
% |
|
|
26.6 |
% |
Non-GAAP operating margin |
|
3.2 |
% |
|
|
(7.0 |
) % |
|
|
(1.0 |
) % |
|
|
(10.1 |
) % |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net income (loss) |
|
|
|
|
|
|
|
||||||||
GAAP net loss attributable to |
$ |
(32,542 |
) |
|
$ |
(26,341 |
) |
|
$ |
(103,861 |
) |
|
$ |
(78,560 |
) |
Plus: Stock-based compensation |
|
31,444 |
|
|
|
17,778 |
|
|
|
86,478 |
|
|
|
47,866 |
|
Plus: Employer taxes related to employee stock transactions |
|
583 |
|
|
|
695 |
|
|
|
1,756 |
|
|
|
2,086 |
|
Plus: Amortization of debt discount |
|
461 |
|
|
|
452 |
|
|
|
1,376 |
|
|
|
1,350 |
|
Plus: Amortization of acquired intangible assets |
|
2,628 |
|
|
|
875 |
|
|
|
7,431 |
|
|
|
2,625 |
|
Plus: Acquisition-related expenses |
|
902 |
|
|
|
442 |
|
|
|
4,554 |
|
|
|
1,356 |
|
Less: Income tax effect of non-GAAP adjustments |
|
— |
|
|
|
— |
|
|
|
(1,330 |
) |
|
|
— |
|
Non-GAAP net income (loss) attributable to |
$ |
3,476 |
|
|
$ |
(6,099 |
) |
|
$ |
(3,596 |
) |
|
$ |
(23,277 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net income (loss) per share, basic |
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, basic, attributable to |
$ |
(0.36 |
) |
|
$ |
(0.31 |
) |
|
$ |
(1.18 |
) |
|
$ |
(0.94 |
) |
Non-GAAP adjustments to net loss attributable to |
|
0.40 |
|
|
|
0.24 |
|
|
|
1.14 |
|
|
|
0.66 |
|
Non-GAAP net income (loss) per share, basic, attributable to |
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net income (loss) per share, diluted(1) |
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, diluted, attributable to |
$ |
(0.36 |
) |
|
$ |
(0.31 |
) |
|
$ |
(1.18 |
) |
|
$ |
(0.94 |
) |
Non-GAAP adjustments to net loss attributable to |
|
0.40 |
|
|
|
0.24 |
|
|
|
1.14 |
|
|
|
0.66 |
|
Non-GAAP net income (loss) per share, diluted, attributable to |
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used in calculating GAAP net loss per share,
|
|
89,285 |
|
|
|
85,092 |
|
|
|
88,200 |
|
|
|
83,979 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used in calculating non-GAAP net
|
|
|
|
|
|
|
|
||||||||
Basic |
|
89,285 |
|
|
|
85,092 |
|
|
|
88,200 |
|
|
|
83,979 |
|
Diluted |
|
100,941 |
|
|
|
85,092 |
|
|
|
88,200 |
|
|
|
83,979 |
|
Note: Certain figures may not sum due to rounding. |
(1) |
|
The company uses the if-converted method to calculate the non-GAAP net income per diluted share attributable to |
|
|||||||||||||||
Free Cash Flow |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net cash (used in) provided by operating activities |
$ |
(448 |
) |
|
$ |
2,650 |
|
|
$ |
(592 |
) |
|
$ |
(7,366 |
) |
Less: |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment |
|
(815 |
) |
|
|
(85 |
) |
|
|
(3,755 |
) |
|
|
(1,376 |
) |
Capitalization of internal-use software costs |
|
(988 |
) |
|
|
(784 |
) |
|
|
(2,725 |
) |
|
|
(2,701 |
) |
Free cash flow |
$ |
(2,251 |
) |
|
$ |
1,781 |
|
|
$ |
(7,072 |
) |
|
$ |
(11,443 |
) |
Net cash (used in) provided by investing activities |
$ |
(7,220 |
) |
|
$ |
5,092 |
|
|
$ |
(80,272 |
) |
|
$ |
29,151 |
|
Net cash used in financing activities |
$ |
(7,965 |
) |
|
$ |
(2,529 |
) |
|
$ |
(6,084 |
) |
|
$ |
(1,213 |
) |
Free cash flow margin |
|
(2.4 |
) % |
|
|
2.5 |
% |
|
|
(2.6 |
) % |
|
|
(5.6 |
) % |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005940/en/
Investor Relations Contact:
investor@pagerduty.com
SOURCE
Source:
FAQ
What were PagerDuty's Q3 FY2023 financial results?
What is PagerDuty's expected revenue for Q4 FY2023?
What is the non-GAAP net income forecast for PagerDuty in FY2023?