Second quarter revenue increased 19% year over
year to $107.6 million Second quarter GAAP operating loss of $26.2
million, non-GAAP operating income of $14.3 million Named Leader in
the 2023 Forrester Wave for AIOps
PagerDuty, Inc. (NYSE:PD), a leader in digital operations
management, today announced financial results for the second
quarter of fiscal 2024, ended July 31, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230831051394/en/
PagerDuty Q2 FY24 Infographic (Graphic:
PagerDuty)
“PagerDuty delivered durable growth with continued improvement
in operational efficiency, exceeding our guidance on both the top
and bottom line,” said Jennifer Tejada, Chairperson and CEO,
PagerDuty. “Revenue grew 19% in the quarter with 13% non-GAAP
operating margin, a 1,700 basis point improvement. We accelerated
momentum with our new products in our enterprise customer segment,
which remains both resilient and engaged. PagerDuty advanced our
generative AI offerings in the quarter to include AI-generated
runbooks, expanding the Operations Cloud to address our customers’
top priorities – to protect and grow revenue, reduce operating
costs and mitigate risk.”
Second Quarter Fiscal 2024 Financial Highlights
- Revenue was $107.6 million, an increase of 19.2% year over
year.
- GAAP operating loss was $26.2 million; GAAP operating margin of
negative 24.3%.
- Non-GAAP operating income was $14.3 million; non-GAAP operating
margin of 13.3%.
- GAAP net loss per share attributable to PagerDuty, Inc. common
stockholders was $0.26; non-GAAP net income per diluted share
attributable to PagerDuty, Inc. common stockholders was $0.19.
- Operating cash flow was $10.8 million, with free cash flow of
$8.7 million.
- Cash, cash equivalents and current investments were $504.5
million as of July 31, 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.
Second Quarter and Recent Highlights
- Annual recurring revenue grew 17% year over year to $431.0
million.
- Customers with annual recurring revenue over $100,000 grew 12%
to 773 as of July 31, 2023, compared to 689 in the year ago
period.
- Dollar-based net retention rate of 114% as of July 31, 2023,
compared to 124% in the year ago period.
- Total free and paid customers of more than 26,000 as of July
31, 2023 representing approximately 19% growth year over year.
- Total paid customers of 15,146 as of July 31, 2023, compared to
15,174 in the year ago period.
- Lands and expands include: Banco Santander, Cisco Systems,
Confluent, Docusign, Grammarly, Hubspot, and Nvidia.
- Named a Leader in The Forrester WaveTM: Process-Centric AI For
IT Operations (AIOps), Q2 2023 report.
- Achieved FedRAMP® “In Process” milestone bringing value to
government agencies and enterprises.
- Expanded generative AI offering through AI-generated runbooks
that accelerate automation efforts to drive cost optimization and
efficiency.
- Named as a 2023 Top 50 Inspiring Workplaces announced in North
America based on Culture and Purpose, Leadership, Wellbeing,
Inclusion & Diversity, Communication, and Employee
Experience.
- Recognized again as the Fortune Best Workplaces in the Bay Area
for Small and Medium Companies and Fortune Best Workplaces for
Millennials for Small and Medium companies based on survey feedback
from nearly 100,000 U.S. employees.
Financial Outlook
For the third quarter of fiscal 2024, PagerDuty currently
expects:
- Total revenue of $106.5 million - $108.5 million, representing
a growth rate of 13% - 15% year over year
- Non-GAAP net income per diluted share attributable to
PagerDuty, Inc. common stockholders of $0.13 - $0.14 assuming
approximately 105 million diluted shares
For the full fiscal year 2024, PagerDuty currently
expects:
- Total revenue of $426.0 million - $430.0 million, representing
a growth rate of 15% - 16% year over year
- Non-GAAP net income per diluted share attributable to
PagerDuty, Inc. common stockholders of $0.60 - $0.65 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. common
stockholders to GAAP net loss per share attributable to PagerDuty,
Inc. common stockholders 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. common stockholders 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 August 31,
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), X (formerly Twitter)
account @pagerduty, the X 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. common stockholders,
non-GAAP net income (loss) per share attributable to PagerDuty,
Inc. common stockholders, 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, such
as employee severance-related costs and real estate impairment
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.
Adjustment Attributable to Redeemable Non-Controlling Interest:
PagerDuty adjusts the value of redeemable non-controlling interest
of its joint venture PagerDuty K.K. according to the operating
agreement. PagerDuty believes this adjustment is not reflective of
operational performance during a period and exclusion of such
adjustments can assist in comparison of operational performance in
different periods.
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. common stockholders (which is used
in calculating non-GAAP net income (loss) per share attributable to
PagerDuty, Inc. common stockholders) as GAAP net loss attributable
to PagerDuty, Inc. common stockholders 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, adjustment
attributable to redeemable non-controlling interest, 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 July 31, 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 LinkedIn, X, 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 July
31,
Six Months Ended July
31,
2023
2022
2023
2022
Revenue
$
107,616
$
90,253
$
210,862
$
175,624
Cost of revenue(1)
19,833
18,367
37,769
34,083
Gross profit
87,783
71,886
173,093
141,541
Operating expenses:
Research and development(1)
36,441
34,014
69,949
65,303
Sales and marketing(1)
49,724
50,331
93,525
95,883
General and administrative(1)
27,791
25,429
51,592
50,700
Total operating expenses
113,956
109,774
215,066
211,886
Loss from operations
(26,173
)
(37,888
)
(41,973
)
(70,345
)
Interest income
3,655
830
6,778
1,378
Interest expense
(1,396
)
(1,387
)
(2,730
)
(2,712
)
Other income (expense), net
1,242
(364
)
2,309
(1,154
)
Loss before benefit from income taxes
(22,672
)
(38,809
)
(35,616
)
(72,833
)
Benefit from income taxes
50
210
156
1,414
Net loss
$
(22,622
)
$
(38,599
)
$
(35,460
)
$
(71,419
)
Net loss attributable to redeemable
non-controlling interest
(569
)
(100
)
(1,189
)
(100
)
Net loss attributable to PagerDuty,
Inc.
$
(22,053
)
$
(38,499
)
$
(34,271
)
$
(71,319
)
Adjustment attributable to redeemable
non-controlling interest
1,729
—
1,729
—
Net loss attributable to PagerDuty, Inc.
common stockholders
$
(23,782
)
$
(38,499
)
$
(36,000
)
$
(71,319
)
Net loss per share, basic and diluted,
attributable to PagerDuty, Inc. common stockholders
$
(0.26
)
$
(0.44
)
$
(0.39
)
$
(0.81
)
Weighted-average shares used in
calculating net loss per share, basic and diluted
92,542
88,153
92,041
87,648
(1) Includes stock-based compensation expense as follows:
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
Cost of revenue
$
2,164
$
1,787
$
4,040
$
3,011
Research and development
12,773
10,567
22,874
19,242
Sales and marketing
8,317
8,148
14,268
14,529
General and administrative
12,283
9,623
21,900
18,252
Total
$
35,537
$
30,125
$
63,082
$
55,034
PagerDuty, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
As of July 31, 2023
As of January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
298,558
$
274,019
Investments
205,919
202,948
Accounts receivable, net of allowance for
credit losses of $2,485 and $2,014 as of July 31, 2023 and January
31, 2023, respectively
65,633
91,345
Deferred contract costs, current
18,442
18,674
Prepaid expenses and other current
assets
14,336
13,350
Total current assets
602,888
600,336
Property and equipment, net
17,894
18,390
Deferred contract costs, non-current
24,549
27,715
Lease right-of-use assets
11,225
13,982
Goodwill
118,862
118,862
Intangible assets, net
31,612
37,224
Other assets
4,868
1,364
Total assets
$
811,898
$
817,873
Liabilities, redeemable non-controlling
interest, and stockholders’ equity
Current liabilities:
Accounts payable
$
7,145
$
7,398
Accrued expenses and other current
liabilities
10,982
11,804
Accrued compensation
23,125
41,834
Deferred revenue, current
192,302
204,137
Lease liabilities, current
6,021
5,904
Total current liabilities
239,575
271,077
Convertible senior notes, net
283,841
282,908
Deferred revenue, non-current
4,303
4,914
Lease liabilities, non-current
9,944
12,704
Other liabilities
4,917
4,184
Total liabilities
542,580
575,787
Redeemable non-controlling interest
3,431
1,108
Stockholders’ equity:
Common stock
—
—
Additional paid-in-capital
779,192
719,816
Accumulated other comprehensive loss
(1,788
)
(1,592
)
Accumulated deficit
(511,517
)
(477,246
)
Total stockholders’ equity
265,887
240,978
Total liabilities, redeemable
non-controlling interest, and stockholders’ equity
$
811,898
$
817,873
PagerDuty, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
Cash flows from operating
activities
Net loss attributable to PagerDuty, Inc.
common stockholders
$
(23,782
)
$
(38,499
)
$
(36,000
)
$
(71,319
)
Net loss and adjustment attributable to
redeemable non-controlling interest
1,160
(100
)
540
(100
)
Net loss
(22,622
)
(38,599
)
(35,460
)
(71,419
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
5,266
4,689
9,991
8,280
Amortization of deferred contract
costs
5,173
4,791
10,163
9,256
Amortization of debt issuance costs
478
468
933
915
Stock-based compensation
35,537
30,125
63,082
55,034
Non-cash lease expense
1,143
1,157
2,319
2,302
Tax benefit related to release of
valuation allowance
—
—
—
(1,330
)
Other
950
56
98
1,810
Changes in operating assets and
liabilities:
Accounts receivable
(5,599
)
1,259
24,404
16,521
Deferred contract costs
(3,393
)
(5,035
)
(6,765
)
(10,033
)
Prepaid expenses and other assets
822
481
(1,385
)
(1,510
)
Accounts payable
961
(2,283
)
(245
)
(2,226
)
Accrued expenses and other liabilities
229
3,877
(15
)
3,243
Accrued compensation
(1,506
)
1,020
(18,792
)
(6,658
)
Deferred revenue
(5,182
)
2,225
(12,428
)
(1,546
)
Lease liabilities
(1,507
)
(1,390
)
(2,998
)
(2,783
)
Net cash provided by (used in)
operating activities
10,750
2,841
32,902
(144
)
Cash flows from investing
activities
Purchases of property and equipment
(713
)
(862
)
(948
)
(2,940
)
Capitalization of internal-use software
costs
(1,299
)
(965
)
(2,371
)
(1,737
)
Business acquisition, net of cash
acquired
—
—
—
(66,262
)
Asset acquisition
—
(1,845
)
—
(1,845
)
Purchases of available-for-sale
investments
(68,972
)
(53,783
)
(108,057
)
(95,468
)
Proceeds from maturities of
available-for-sale investments
58,609
54,760
107,564
95,200
Purchases of non-marketable equity
investments
(200
)
—
(200
)
—
Net cash used in investing
activities
(12,575
)
(2,695
)
(4,012
)
(73,052
)
Cash flows from financing
activities
Investment from redeemable non-controlling
interest holder
1,781
1,908
1,781
1,908
Proceeds from employee stock purchase
plan
6,292
5,736
6,292
5,736
Proceeds from issuance of common stock
upon exercise of stock options
2,666
2,974
7,417
6,560
Employee payroll taxes paid related to net
share settlement of restricted stock units
(7,166
)
(6,153
)
(15,986
)
(12,323
)
Net cash provided by (used in)
financing activities
3,573
4,465
(496
)
1,881
Effects of foreign currency exchange rates
on cash, cash equivalents, and restricted cash
(214
)
(139
)
(274
)
(139
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
1,534
4,472
28,120
(71,454
)
Cash, cash equivalents, and restricted
cash at beginning of period
300,605
273,859
274,019
349,785
Cash, cash equivalents, and restricted
cash at end of period
$
302,139
$
278,331
$
302,139
$
278,331
PagerDuty, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(in thousands, except
percentages)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
Reconciliation of gross profit and
gross margin
GAAP gross profit
$
87,783
$
71,886
$
173,093
$
141,541
Plus: Stock-based compensation
2,164
1,787
4,040
3,011
Plus: Employer taxes related to employee
stock transactions
45
34
117
41
Plus: Amortization of acquired intangible
assets
2,086
2,156
4,173
3,365
Plus: Restructuring costs
—
—
137
—
Non-GAAP gross profit
$
92,078
$
75,863
$
181,560
$
147,958
GAAP gross margin
81.6
%
79.6
%
82.1
%
80.6
%
Non-GAAP adjustments
4.0
%
4.5
%
4.0
%
3.6
%
Non-GAAP gross margin
85.6
%
84.1
%
86.1
%
84.2
%
Reconciliation of operating
expenses
GAAP research and development
$
36,441
$
34,014
$
69,949
$
65,303
Less: Stock-based compensation
(12,773
)
(10,567
)
(22,874
)
(19,242
)
Less: Employer taxes related to employee
stock transactions
(203
)
(176
)
(720
)
(357
)
Less: Acquisition-related expenses
(162
)
(891
)
(323
)
(2,362
)
Less: Amortization of acquired intangible
assets
(87
)
(116
)
(174
)
(116
)
Less: Restructuring costs
2
—
5
—
Non-GAAP research and development
$
23,218
$
22,264
$
45,863
$
43,226
GAAP sales and marketing
$
49,724
$
50,331
$
93,525
$
95,883
Less: Stock-based compensation
(8,317
)
(8,148
)
(14,268
)
(14,529
)
Less: Employer taxes related to employee
stock transactions
(283
)
(145
)
(550
)
(320
)
Less: Amortization of acquired intangible
assets
(610
)
(660
)
(1,220
)
(1,293
)
Less: Restructuring costs
(56
)
—
48
—
Non-GAAP sales and marketing
$
40,458
$
41,378
$
77,535
$
79,741
GAAP general and administrative
$
27,791
$
25,429
$
51,592
$
50,700
Less: Stock-based compensation
(12,283
)
(9,623
)
(21,900
)
(18,252
)
Less: Employer taxes related to employee
stock transactions
(172
)
(166
)
(513
)
(455
)
Less: Acquisition-related expenses
—
(8
)
—
(1,290
)
Less: Amortization of acquired intangible
assets
(22
)
(29
)
(44
)
(29
)
Less: Restructuring costs
(1,204
)
—
(1,318
)
—
Non-GAAP general and administrative
$
14,110
$
15,603
$
27,817
$
30,674
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 July
31,
Six Months Ended July
31,
2023
2022
2023
2022
Reconciliation of operating income
(loss) and operating margin
GAAP operating loss
$
(26,173
)
$
(37,888
)
$
(41,973
)
$
(70,345
)
Plus: Stock-based compensation
35,537
30,125
63,082
55,034
Plus: Employer taxes related to employee
stock transactions
703
521
1,900
1,173
Plus: Amortization of acquired intangible
assets
2,805
2,961
5,611
4,803
Plus: Acquisition-related expenses
162
899
323
3,652
Plus: Restructuring costs
1,258
—
1,402
—
Non-GAAP operating income (loss)
$
14,292
$
(3,382
)
$
30,345
$
(5,683
)
GAAP operating margin
(24.3
)%
(42.0
)%
(19.9
)%
(40.1
)%
Non-GAAP adjustments
37.6
%
38.3
%
34.3
%
36.9
%
Non-GAAP operating margin
13.3
%
(3.7
)%
14.4
%
(3.2
)%
Reconciliation of net income
(loss)
GAAP net loss attributable to PagerDuty,
Inc. common stockholders
$
(23,782
)
$
(38,499
)
$
(36,000
)
$
(71,319
)
Plus: Stock-based compensation
35,537
30,125
63,082
55,034
Plus: Employer taxes related to employee
stock transactions
703
521
1,900
1,173
Plus: Amortization of debt issuance
costs
478
468
933
915
Plus: Amortization of acquired intangible
assets
2,805
2,961
5,611
4,803
Plus: Acquisition-related expenses
162
899
323
3,652
Plus: Restructuring costs
1,258
—
1,402
—
Plus: Adjustment attributable to
redeemable non-controlling interest
1,729
—
1,729
—
Less: Income tax effect of non-GAAP
adjustments
(662
)
—
(1,454
)
(1,330
)
Non-GAAP net income (loss) attributable to
PagerDuty, Inc. common stockholders
$
18,228
$
(3,525
)
$
37,526
$
(7,072
)
Reconciliation of net income (loss) per
share, basic
GAAP net loss per share, basic,
attributable to PagerDuty, Inc. common stockholders
$
(0.26
)
$
(0.44
)
$
(0.39
)
$
(0.81
)
Non-GAAP adjustments to net loss
attributable to PagerDuty, Inc. common stockholders
0.46
0.40
0.80
0.73
Non-GAAP net income (loss) per share,
basic, attributable to PagerDuty, Inc. common stockholders
$
0.20
$
(0.04
)
$
0.41
$
(0.08
)
Reconciliation of net income (loss) per
share, diluted(1)
GAAP net loss per share, diluted,
attributable to PagerDuty, Inc. common stockholders
$
(0.26
)
$
(0.44
)
$
(0.39
)
$
(0.81
)
Non-GAAP adjustments to net loss
attributable to PagerDuty, Inc. common stockholders
0.45
0.40
0.77
0.73
Non-GAAP net income (loss) per share,
diluted, attributable to PagerDuty, Inc. common stockholders
$
0.19
$
(0.04
)
$
0.38
$
(0.08
)
Weighted-average shares used in
calculating GAAP net loss per share, basic and diluted
92,542
88,153
92,041
87,648
Weighted-average shares used in
calculating non-GAAP net income (loss) per share
Basic
92,542
88,153
92,041
87,648
Diluted
103,235
88,153
103,342
87,648
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 and $1.8 million for after-tax interest expense savings
related to our convertible notes for the three and six months ended
July 31, 2023, respectively.
PagerDuty, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(in thousands, except
percentages)
(unaudited)
Free Cash Flow
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
Net cash provided by (used in) operating
activities
$
10,750
$
2,841
$
32,902
$
(144
)
Less:
Purchases of property and equipment
(713
)
(862
)
(948
)
(2,940
)
Capitalization of internal-use software
costs
(1,299
)
(965
)
(2,371
)
(1,737
)
Free cash flow
$
8,738
$
1,014
$
29,583
$
(4,821
)
Net cash used in investing activities
$
(12,575
)
$
(2,695
)
$
(4,012
)
$
(73,052
)
Net cash provided by (used in) financing
activities
$
3,573
$
4,465
$
(496
)
$
1,881
Free cash flow margin
8.1
%
1.1
%
14.0
%
(2.7
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230831051394/en/
Investor Relations Contact: Tony Righetti
investor@pagerduty.com Press Contact: Debbie O'Brien
media@pagerduty.com
SOURCE PagerDuty
PagerDuty (NYSE:PD)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
PagerDuty (NYSE:PD)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024