First quarter revenue increased 21% year over
year to $103.2 million
First quarter GAAP operating loss of $15.8
million, record non-GAAP operating income of $16.1 million
PagerDuty, Inc. (NYSE:PD), a leader in digital operations
management, today announced financial results for the first quarter
of fiscal 2024, ended April 30, 2023.
“PagerDuty demonstrated balanced growth in Q1 with solid revenue
growth of 21% and record 16% non-GAAP operating margin—up 1,800
basis points with 20% free cash flow margin,” said Jennifer Tejada,
Chairperson and CEO, PagerDuty. “PagerDuty’s strong fundamentals—a
resilient and highly engaged mid market and enterprise customer
base, product innovation that sets the Operations Cloud apart,
consistently healthy gross margins, and a sustainable cost
structure—set the business up for long-term success. Additionally,
Generative AI is an intuitive interface to automation that
accelerates access to the Operations Cloud for new users across the
enterprise.”
First Quarter Fiscal 2024 Financial Highlights
- Revenue was $103.2 million, an increase of 20.9% year over
year.
- GAAP operating loss was $15.8 million; GAAP operating margin of
negative 15.3%.
- Non-GAAP operating income was $16.1 million; non-GAAP operating
margin of 15.5%.
- GAAP net loss per share attributable to PagerDuty, Inc. was
$0.13; non-GAAP net income per diluted share attributable to
PagerDuty, Inc. was $0.20.
- Operating cash flow was $22.2 million, with free cash flow of
$20.8 million.
- Cash, cash equivalents and current investments were $495.1
million as of April 30, 2023.
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.
First Quarter and Recent Highlights
- Total paid customers of 15,089 as of April 30, 2023, compared
to 15,040 in the year ago period.
- Customers with annual recurring revenue over $100,000 was 764
as of April 30, 2023, compared to 655 in the year ago period.
- Dollar-based net retention rate of 116% as of April 30, 2023,
compared to 126% in the year ago period.
- Introduced the first three generative AI-supported capabilities
for the PagerDuty Operations Cloud: status updates, incident
postmortems and process automation. GenAI brings a consumer-style
simplicity to enterprise-grade automation and makes the realization
of automation’s potential a reality.
- Announced the general availability of PagerDuty AIOps, a
game-changing solution, delivering fast time-to-value for our early
access customers and eliminating the need for difficult- and
expensive-to-implement event management tools and AIOps offerings
of the previous generation.
- Released PagerDuty Process AutomationSM as part of the
PagerDuty Operations Cloud to enable organizations to orchestrate
automation across secure cloud and data center environments.
- New PagerDuty Incident Workflows allowing users to remove toil,
take care of rote tasks in incident response, and more quickly
focus on problem identification and resolution.
- Published the FY23 Impact Report demonstrating how PagerDuty
building a more equitable world by transforming critical work is at
the heart of the company’s corporate vision.
- Recognized by Parity.org as both a Best Company for Women to
Advance and a Best Company for People of Color to Advance.
- Named a 2023 Inspiring Workplaces Awards finalist for North
America for PagerDuty’s creation of an Inspiring Workplace.
- PagerDuty earned a top spot on G2’s 2023 list of the Best
Software Products for providing best-in-class products and
experience for customers.
- Featured case study: US City Government
- Lands and expands include: 11:11 Systems, Cisco, Docusign, IBM,
Palo Alto Networks and Vodafone.
Financial Outlook
For the second quarter of fiscal 2024, PagerDuty currently
expects:
- Total revenue of $103.5 million - $105.5 million, representing
a growth rate of 15% - 17% year over year
- Non-GAAP net income per diluted share attributable to
PagerDuty, Inc. of $0.10 - $0.11 assuming approximately 105 million
diluted shares
For the full fiscal year 2024, PagerDuty currently
expects:
- Total revenue of $425.0 million - $430.0 million (down from
$446.0 million and $452.0 million), representing a growth rate of
15% - 16% year over year
- Non-GAAP net income per diluted share attributable to
PagerDuty, Inc. of $0.60 - $0.65 (up from $0.45 and $0.50) assuming
approximately 105 million diluted shares
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.
PagerDuty has not reconciled its expectations as to non-GAAP net
income (loss) per share attributable to PagerDuty, Inc. to GAAP net
loss per share attributable to PagerDuty, Inc. because certain
items are out of its control or cannot be reasonably predicted.
Accordingly, a reconciliation for forward-looking non-GAAP net
income (loss) per share attributable to PagerDuty, Inc. is not
available without unreasonable effort.
Conference Call Information:
PagerDuty will host a conference call and live webcast for
analysts and investors at 2:00 p.m. Pacific Time on June 1, 2023.
This news release with the financial results will be accessible
from PagerDuty’s website at investor.pagerduty.com prior to the
conference call. A live webcast of the conference call will be
accessible from the PagerDuty investor relations website at
investor.pagerduty.com.
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed
through PagerDuty’s investor relations website at
investor.pagerduty.com. PagerDuty uses the investor relations
section on its website as the means of complying with its
disclosure obligations under Regulation FD. Accordingly, we
recommend that investors monitor PagerDuty’s investor relations
website in addition to following PagerDuty’s press releases, SEC
filings, social media, including PagerDuty’s LinkedIn account
(https://www.linkedin.com/company/482819), Twitter account
(twitter.com/pagerduty), the Twitter account @jenntejada and
Facebook page (facebook.com/pagerduty), and public conference calls
and webcasts.
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 PagerDuty, Inc., non-GAAP net income
(loss) per share attributable to PagerDuty, Inc., and free cash
flow.
PagerDuty believes that non-GAAP financial measures, when taken
collectively, may be helpful to investors because they provide
consistency and comparability with past financial performance and
can assist in comparisons with other companies, some of which use
similar non-GAAP financial measures to supplement their GAAP
results. The non-GAAP financial information is presented for
supplemental informational purposes only, should not be considered
a substitute for financial information presented in accordance with
GAAP, and may be different from similarly-titled non-GAAP measures
used by other companies.
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, PagerDuty excludes the following from its
historical and prospective non-GAAP financial measures, as
applicable:
Stock-based Compensation: PagerDuty utilizes stock-based
compensation to attract and retain employees. It is principally
aimed at aligning their interests with those of its stockholders
and at long-term retention, rather than to address operational
performance for any particular period. As a result, stock-based
compensation expenses vary for reasons that are generally unrelated
to financial and operational performance in any particular
period.
Employer Taxes Related to Employee Stock Transactions: PagerDuty
views the amount of employer taxes related to its employee stock
transactions as an expense that is dependent on its stock price,
employee exercise and other award disposition activity, and other
factors that are beyond PagerDuty’s control. As a result, employer
taxes related to employee stock transactions vary for reasons that
are generally unrelated to financial and operational performance in
any particular period.
Amortization of Acquired Intangible Assets: PagerDuty views
amortization of acquired intangible assets as items arising from
pre-acquisition activities determined at the time of an
acquisition. While these intangible assets are evaluated for
impairment regularly, amortization of the cost of purchased
intangibles is an expense that is not typically affected by
operations during any particular period.
Acquisition-Related Expenses: PagerDuty views
acquisition-related expenses, such as transaction costs,
acquisition-related retention payments, and acquisition-related
asset impairment, as events that are not necessarily reflective of
operational performance during a period. In particular, PagerDuty
believes the consideration of measures that exclude such expenses
can assist in the comparison of operational performance in
different periods which may or may not include such expenses.
Amortization of Debt Issuance Costs: The imputed interest rate
of the Convertible Senior Notes (the "Notes") was approximately
1.93%. This is a result of the debt issuance costs, which reduce
the carrying value of the convertible debt instruments. The debt
issuance costs are amortized as interest expense. The expense for
the amortization of the debt issuance costs is a non-cash item, and
we believe the exclusion of this interest expense will provide for
a more useful comparison of our operational performance in
different periods.
Restructuring costs: PagerDuty views restructuring costs as
events that are not necessarily reflective of operational
performance during a period. In particular, PagerDuty believes the
consideration of measures that exclude such expenses can assist in
the comparison of operational performance in different periods
which may or may not include such expenses.
Income Tax Effect of Non-GAAP Adjustments: PagerDuty excludes
the related income tax effect of the non-GAAP adjustments described
above and eliminates the impact of non-recurring and period
specific items, which can vary in size and frequency. In
particular, PagerDuty believes the consideration of measures that
exclude such impacts can assist in the comparison of operational
performance in different periods, which may or may not include
items such as acquisition related income tax benefits.
PagerDuty defines non-GAAP gross profit as gross profit adjusted
for stock-based compensation expense, employer taxes related to
employee stock transactions, amortization of acquired intangible
assets, and restructuring costs. PagerDuty defines non-GAAP gross
margin as non-GAAP gross profit as a percentage of revenue.
PagerDuty defines non-GAAP operating income (loss) as GAAP loss
from operations excluding stock-based compensation expense,
employer taxes related to employee stock transactions, amortization
of acquired intangible assets, acquisition-related expenses, and
restructuring costs. PagerDuty defines non-GAAP net income (loss)
attributable to PagerDuty, Inc. (which is used in calculating
non-GAAP net income (loss) per share attributable to PagerDuty,
Inc.) as GAAP net loss attributable to PagerDuty, Inc. excluding
stock-based compensation expense, employer taxes related to
employee stock transactions, amortization of debt issuance costs,
amortization of acquired intangible assets, acquisition-related
expenses, which include transaction costs and acquisition-related
retention payments, which are not necessarily reflective of
operational performance during a given period, restructuring costs,
and the associated tax impact of these items, where applicable.
There are a number of limitations related to the use of these
non-GAAP measures as compared to GAAP operating loss and net loss,
including that the non-GAAP measures exclude stock-based
compensation expense, which has been, and will continue to be for
the foreseeable future, a significant recurring expense in
PagerDuty’s business and an important part of its compensation
strategy.
PagerDuty defines free cash flow as net cash provided by (used
in) operating activities, less cash used for purchases of property
and equipment and capitalization of internal-use software costs. In
addition to the reasons stated above, PagerDuty believes that free
cash flow is useful to investors as a liquidity measure because it
measures PagerDuty’s ability to generate or use cash in excess of
its capital investments in property and equipment in order to
enhance the strength of its balance sheet and further invest in its
business and potential strategic initiatives. PagerDuty uses free
cash flow in conjunction with traditional GAAP measures as part of
its overall assessment of its liquidity, including the preparation
of PagerDuty’s annual operating budget and quarterly forecasts, to
evaluate the effectiveness of its business strategies, and to
assess its liquidity.
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.
PagerDuty encourages investors to review the related GAAP
financial measures and the reconciliation of these non-GAAP
financial measures to their most directly comparable GAAP financial
measures, which it includes in press releases announcing quarterly
financial results, including this press release, and not to rely on
any single financial measure to evaluate PagerDuty’s business.
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
Securities and Exchange Commission (SEC) on March 16, 2023.
Additional information will be made available in our Quarterly
Report on Form 10-Q for the quarter ended April 30, 2023 and other
filings and reports that we may file from time to time with the
SEC. In particular, the following risks and uncertainties, among
others, could cause results to differ materially from those
expressed or implied by such forward-looking statements: the effect
of unfavorable conditions in our industry or the global economy, or
reductions in information spending on our business and results of
operations; our ability to achieve and maintain future
profitability; our ability to attract new customers and retain and
sell additional functionality and services to our existing
customers; our ability to sustain and manage our growth; our
dependence on revenue from a single product; our ability to compete
effectively in an increasingly competitive market; and general
global market, political, economic, and business conditions.
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 PagerDuty
PagerDuty, Inc. (NYSE:PD) is a global leader in digital
operations management. The PagerDuty Operations Cloud
revolutionizes how critical work gets done, and powers the agility
that drives digital transformation. Customers rely on the PagerDuty
Operations Cloud to compress costs, accelerate productivity, win
revenue, sustain seamless digital experiences, and earn customer
trust. Nearly half of the Fortune 500 and almost two thirds of the
Fortune 100 trust PagerDuty including Cisco, Cox Automotive,
DoorDash, Electronic Arts, Genentech, Shopify, Zoom and more. To
learn more and try PagerDuty for free, visit www.pagerduty.com.
Follow our blog and connect with us on Twitter, LinkedIn, YouTube
and Facebook. We’re also hiring, visit
https://www.careers.pagerduty.com/ to learn more.
PagerDuty, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per share
data)
(unaudited)
Three Months Ended April
30,
2023
2022
Revenue
$
103,246
$
85,371
Cost of revenue(1)
17,936
15,716
Gross profit
85,310
69,655
Operating expenses:
Research and development(1)
33,508
31,289
Sales and marketing(1)
43,801
45,552
General and administrative(1)
23,801
25,271
Total operating expenses
101,110
102,112
Loss from operations
(15,800
)
(32,457
)
Interest income
3,123
548
Interest expense
(1,334
)
(1,325
)
Other income (expense), net
1,067
(790
)
Loss before benefit from income taxes
(12,944
)
(34,024
)
Benefit from income taxes
106
1,204
Net loss
$
(12,838
)
$
(32,820
)
Net loss attributable to redeemable
non-controlling interest
(620
)
—
Net loss attributable to PagerDuty,
Inc.
$
(12,218
)
$
(32,820
)
Net loss per share, basic and diluted,
attributable to PagerDuty, Inc.
$
(0.13
)
$
(0.38
)
Weighted-average shares used in
calculating net loss per share, basic and diluted
91,522
87,127
(1) Includes stock-based compensation
expense as follows:
Three Months Ended April
30,
2023
2022
Cost of revenue
$
1,876
$
1,224
Research and development
10,101
8,675
Sales and marketing
5,951
6,381
General and administrative
9,617
8,629
Total
$
27,545
$
24,909
PagerDuty, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
As of April 30, 2023
As of January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
300,605
$
274,019
Investments
194,527
202,948
Accounts receivable, net of allowance for
credit losses of $1,787 and $2,014 as of April 30, 2023 and January
31, 2023, respectively
61,125
91,345
Deferred contract costs, current
18,582
18,674
Prepaid expenses and other current
assets
15,387
13,350
Total current assets
590,226
600,336
Property and equipment, net
18,335
18,390
Deferred contract costs, non-current
26,189
27,715
Lease right-of-use assets
12,806
13,982
Goodwill
118,862
118,862
Intangible assets, net
34,418
37,224
Other assets
995
1,364
Total assets
$
801,831
$
817,873
Liabilities, redeemable non-controlling
interest, and stockholders’ equity
Current liabilities:
Accounts payable
$
6,124
$
7,398
Accrued expenses and other current
liabilities
11,320
11,804
Accrued compensation
24,609
41,834
Deferred revenue, current
197,383
204,137
Lease liabilities, current
5,892
5,904
Total current liabilities
245,328
271,077
Convertible senior notes, net
283,363
282,908
Deferred revenue, non-current
4,422
4,914
Lease liabilities, non-current
11,226
12,704
Other liabilities
4,524
4,184
Total liabilities
548,863
575,787
Redeemable non-controlling interest
492
1,108
Stockholders’ equity:
Common stock
—
—
Additional paid-in-capital
743,218
719,816
Accumulated other comprehensive loss
(1,278
)
(1,592
)
Accumulated deficit
(489,464
)
(477,246
)
Total stockholders’ equity
252,476
240,978
Total liabilities, redeemable
non-controlling interest, and stockholders’ equity
$
801,831
$
817,873
PagerDuty, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended April
30,
2023
2022
Cash flows from operating
activities
Net loss attributable to PagerDuty,
Inc.
$
(12,218
)
$
(32,820
)
Net loss attributable to redeemable
non-controlling interest
(620
)
—
Net loss
(12,838
)
(32,820
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
4,725
3,591
Amortization of deferred contract
costs
4,990
4,465
Amortization of debt issuance costs
455
447
Stock-based compensation
27,545
24,909
Non-cash lease expense
1,176
1,145
Tax benefit related to release of
valuation allowance
—
(1,330
)
Other
(852
)
1,754
Changes in operating assets and
liabilities:
Accounts receivable
30,003
15,262
Deferred contract costs
(3,372
)
(4,998
)
Prepaid expenses and other assets
(2,207
)
(1,991
)
Accounts payable
(1,206
)
57
Accrued expenses and other liabilities
(244
)
(634
)
Accrued compensation
(17,286
)
(7,678
)
Deferred revenue
(7,246
)
(3,771
)
Lease liabilities
(1,491
)
(1,393
)
Net cash provided by (used in)
operating activities
22,152
(2,985
)
Cash flows from investing
activities
Purchases of property and equipment
(235
)
(2,078
)
Capitalization of internal-use software
costs
(1,072
)
(772
)
Business acquisition, net of cash
acquired
—
(66,262
)
Purchases of available-for-sale
investments
(39,085
)
(41,685
)
Proceeds from maturities of
available-for-sale investments
48,955
40,440
Net cash provided by (used in)
investing activities
8,563
(70,357
)
Cash flows from financing
activities
Proceeds from issuance of common stock
upon exercise of stock options
4,751
3,586
Employee payroll taxes paid related to net
share settlement of restricted stock units
(8,820
)
(6,170
)
Net cash used in financing
activities
(4,069
)
(2,584
)
Effects of foreign currency exchange rates
on cash, cash equivalents, and restricted cash
(60
)
—
Net increase (decrease) in cash, cash
equivalents, and restricted cash
26,586
(75,926
)
Cash, cash equivalents, and restricted
cash at beginning of period
274,019
349,785
Cash, cash equivalents, and restricted
cash at end of period
$
300,605
$
273,859
PagerDuty, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(in thousands, except
percentages)
(unaudited)
Three Months Ended April
30,
2023
2022
Reconciliation of gross profit and
gross margin
GAAP gross profit
$
85,310
$
69,655
Plus: Stock-based compensation
1,876
1,224
Plus: Employer taxes related to employee
stock transactions
72
7
Plus: Amortization of acquired intangible
assets
2,087
1,209
Plus: Restructuring costs
137
—
Non-GAAP gross profit
$
89,482
$
72,095
GAAP gross margin
82.6
%
81.6
%
Non-GAAP adjustments
4.1
%
2.8
%
Non-GAAP gross margin
86.7
%
84.4
%
Reconciliation of operating
expenses
GAAP research and development
$
33,508
$
31,289
Less: Stock-based compensation
(10,101
)
(8,675
)
Less: Employer taxes related to employee
stock transactions
(517
)
(181
)
Less: Acquisition-related expenses
(161
)
(1,471
)
Less: Amortization of acquired intangible
assets
(87
)
—
Less: Restructuring costs
3
—
Non-GAAP research and development
$
22,645
$
20,962
GAAP sales and marketing
$
43,801
$
45,552
Less: Stock-based compensation
(5,951
)
(6,381
)
Less: Employer taxes related to employee
stock transactions
(267
)
(175
)
Less: Amortization of acquired intangible
assets
(610
)
(633
)
Less: Restructuring costs
104
—
Non-GAAP sales and marketing
$
37,077
$
38,363
GAAP general and administrative
$
23,801
$
25,271
Less: Stock-based compensation
(9,617
)
(8,629
)
Less: Employer taxes related to employee
stock transactions
(341
)
(289
)
Less: Acquisition-related expenses
—
(1,282
)
Less: Amortization of acquired intangible
assets
(22
)
—
Less: Restructuring costs
(114
)
—
Non-GAAP general and administrative
$
13,707
$
15,071
Note: Certain figures may not sum due to rounding.
PagerDuty, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(in thousands, except percentages
and per share data)
(unaudited)
Three Months Ended April
30,
2023
2022
Reconciliation of operating income
(loss) and operating margin
GAAP operating loss
$
(15,800
)
$
(32,457
)
Plus: Stock-based compensation
27,545
24,909
Plus: Employer taxes related to employee
stock transactions
1,197
652
Plus: Amortization of acquired intangible
assets
2,806
1,842
Plus: Acquisition-related expenses
161
2,753
Plus: Restructuring costs
144
—
Non-GAAP operating income (loss)
$
16,053
$
(2,301
)
GAAP operating margin
(15.3
)%
(38.0
)%
Non-GAAP adjustments
30.8
%
35.3
%
Non-GAAP operating margin
15.5
%
(2.7
)%
Reconciliation of net income
(loss)
GAAP net loss attributable to PagerDuty,
Inc.
$
(12,218
)
$
(32,820
)
Plus: Stock-based compensation
27,545
24,909
Plus: Employer taxes related to employee
stock transactions
1,197
652
Plus: Amortization of debt discount
455
447
Plus: Amortization of acquired intangible
assets
2,806
1,842
Plus: Acquisition-related expenses
161
2,753
Plus: Restructuring costs
144
—
Less: Income tax effect of non-GAAP
adjustments
(792
)
(1,330
)
Non-GAAP net income (loss) attributable to
PagerDuty, Inc.
$
19,298
$
(3,547
)
Reconciliation of net income (loss) per
share, basic
GAAP net loss per share, basic,
attributable to PagerDuty, Inc.
$
(0.13
)
$
(0.38
)
Non-GAAP adjustments to net loss
attributable to PagerDuty, Inc.
0.34
0.34
Non-GAAP net income (loss) per share,
basic, attributable to PagerDuty, Inc.
$
0.21
$
(0.04
)
Reconciliation of net income (loss) per
share, diluted(1)
GAAP net loss per share, diluted,
attributable to PagerDuty, Inc.
$
(0.13
)
$
(0.38
)
Non-GAAP adjustments to net loss
attributable to PagerDuty, Inc.
0.33
0.34
Non-GAAP net income (loss) per share,
diluted, attributable to PagerDuty, Inc.
$
0.20
$
(0.04
)
Weighted-average shares used in
calculating GAAP net loss per share, basic and diluted
91,522
87,127
Weighted-average shares used in
calculating non-GAAP net income (loss) per share
Basic
91,522
87,127
Diluted
103,431
87,127
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 PagerDuty,
Inc. related to the convertible notes. Approximately 7.2 million
shares related to the convertible notes were therefore included in
the non-GAAP diluted share number, while the numerator used to
compute this measure was increased by $0.9 million for after-tax
interest expense savings related to our convertible notes for the
three months ended April 30, 2023.
PagerDuty, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(in thousands, except
percentages)
(unaudited)
Free Cash Flow
Three Months Ended April
30,
2023
2022
Net cash provided by (used in) operating
activities
$
22,152
$
(2,985
)
Less:
Purchases of property and equipment
(235
)
(2,078
)
Capitalization of internal-use software
costs
(1,072
)
(772
)
Free cash flow
$
20,845
$
(5,835
)
Net cash provided by (used in) investing
activities
$
8,563
$
(70,357
)
Net cash used in financing activities
$
(4,069
)
$
(2,584
)
Free cash flow margin
20.2
%
(6.8
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230601005984/en/
Investor Relations Contact: Tony Righetti
investor@pagerduty.com
SOURCE PagerDuty
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