Second quarter revenue increased 34% year over
year to $90.3 million
Second quarter GAAP operating loss of $37.9
million, non-GAAP operating loss of $3.4 million
PagerDuty, Inc. (NYSE:PD), a leader in digital operations
management, today announced financial results for the second
quarter of fiscal 2023, ended July 31, 2022.
“In the second quarter, we again exceeded our guidance ranges
while extending our lead through innovations across PagerDuty's
Operations Cloud,” said Jennifer Tejada, Chairperson and CEO at
PagerDuty. “We continued to see strong demand across regions and
verticals, where our immediate, high ROI is welcome by customers
seeking to improve productivity and efficiency. As essential
infrastructure for modern enterprises, trusted by developers and
leadership alike to orchestrate and drive digital acceleration,
cloud adoption, and DevOps transformation, we are especially well
positioned in an uncertain macro environment. We remain confident
in our ability to continue to execute well as we progress towards
profitability.”
Second Quarter Fiscal 2023 Financial Highlights
- Revenue was $90.3 million, an increase of 33.6% year over
year.
- GAAP operating loss was $37.9 million; GAAP operating margin of
negative 42.0%.
- Non-GAAP operating loss was $3.4 million; non-GAAP operating
margin of negative 3.7%.
- GAAP net loss per share attributable to PagerDuty, Inc. was
$0.44; non-GAAP net loss per share attributable to PagerDuty, Inc.
was $0.04.
- Operating cash flow was $2.8 million, with free cash flow of
$1.0 million.
- Cash, cash equivalents and current investments were $470.8
million as of July 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.
Second Quarter and Recent Highlights
- Total paid customers of 15,174 as of July 31, 2022, compared to
14,169 in the year ago period.
- Customers with annual recurring revenue over $100,000 was 689
as of July 31, 2022, compared to 501 in the year ago period.
- Dollar-based net retention rate of 124% as of July 31, 2022,
compared to 126% in the year ago period.
- International revenue was 23% of total revenue as of July 31,
2022, compared to 24% in the year ago period.
- Held 2022 Global Summit Series.
- Expanded international presence to Japan.
- Appointed Bill Losch to Board of Directors.
- Featured case study: Freedom Pay.
- Lands and Expands include: Booking Holdings, Lumen
Technologies, Public Storage, Toyota and Zoom
Financial Outlook
For the third quarter of fiscal 2023, PagerDuty currently
expects:
- Total revenue of $92.0 million - $94.0 million, representing a
growth rate of 28% - 31% year over year
- Non-GAAP net loss per share attributable to PagerDuty, Inc. of
$0.04 - $0.03 assuming approximately 89 million shares
For the full fiscal year 2023, PagerDuty currently
expects:
- Total revenue of $365.0 million - $370.0 million, representing
a growth rate of 30% - 31% year over year
- Non-GAAP net loss per share attributable to PagerDuty, Inc. of
$0.12 - $0.10 assuming approximately 89 million 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
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 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 September 1,
2022. 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 loss, non-GAAP operating margin, non-GAAP net loss
attributable to PagerDuty, Inc., non-GAAP net 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.
Acquisition-Related Income Tax Benefit: PagerDuty views
acquisition-related income tax benefits as events that are not
necessarily reflective of operational performance during a period.
In particular, PagerDuty believes the consideration of measures
that exclude such benefits can assist in the comparison of
operational performance in different periods which may or may not
include such benefits.
PagerDuty defines non-GAAP operating loss as GAAP loss from
operations excluding stock-based compensation expense, employer
taxes related to employee stock transactions, amortization of
acquired intangible assets, and acquisition-related expenses.
PagerDuty defines non-GAAP net loss attributable to PagerDuty, Inc.
(which is used in calculating non-GAAP net loss per share
attributable to PagerDuty, Inc.) as GAAP net loss attributable to
PagerDuty, Inc. excluding amortization of debt issuance costs and
debt discount, stock-based compensation expense, employer taxes
related to employee stock transactions, amortization of acquired
intangible assets, acquisition-related expenses, and
acquisition-related income tax benefits. 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 capitalized internal-use software. 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 to strengthen 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 17, 2022.
Additional information will be made available in our Quarterly
Report on Form 10-Q for the quarter ended July 31, 2022 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 uncertainties related to the COVID-19 pandemic on U.S. and
global markets, our business, operations, revenue results, cash
flow, operating expenses, demand for our solutions, sales cycles,
customer retention and our customers’ businesses; 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 leader in digital operations
management. In an always-on world, organizations of all sizes trust
PagerDuty to help them deliver a perfect digital experience to
their customers, every time. Teams use PagerDuty to identify issues
and opportunities in real time and bring together the right people
to fix problems faster and prevent them in the future. Notable
customers include Cisco, DocuSign, 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.pagerduty.com/careers/ 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,
2022
2021
2022
2021
Revenue
$
90,253
$
67,536
$
175,624
$
131,127
Cost of revenue(1)
18,367
11,976
34,083
22,394
Gross profit
71,886
55,560
141,541
108,733
Operating expenses:
Research and development(1)
34,014
22,909
65,303
43,508
Sales and marketing(1)
50,331
40,814
95,883
78,048
General and administrative(1)
25,429
20,294
50,700
36,872
Total operating expenses
109,774
84,017
211,886
158,428
Loss from operations
(37,888
)
(28,457
)
(70,345
)
(49,695
)
Interest income
830
783
1,378
1,601
Interest expense
(1,387
)
(1,378
)
(2,712
)
(2,695
)
Other expense, net
(364
)
(586
)
(1,154
)
(1,202
)
Loss before benefit from (provision for)
income taxes
(38,809
)
(29,638
)
(72,833
)
(51,991
)
Benefit from (provision for) income
taxes
210
(23
)
1,414
(228
)
Net loss
$
(38,599
)
$
(29,661
)
$
(71,419
)
$
(52,219
)
Net loss attributable to redeemable
non-controlling interest
(100
)
—
(100
)
—
Net loss attributable to PagerDuty,
Inc.
$
(38,499
)
$
(29,661
)
$
(71,319
)
$
(52,219
)
Net loss per share, basic and diluted,
attributable to PagerDuty, Inc.
$
(0.44
)
$
(0.35
)
$
(0.81
)
$
(0.63
)
Weighted-average shares used in
calculating net loss per share, basic and diluted
88,153
83,895
87,648
83,413
(1) Includes stock-based compensation expense as follows:
Three Months Ended July
31,
Six Months Ended July
31,
2022
2021
2022
2021
Cost of revenue
$
1,787
$
1,023
$
3,011
$
1,699
Research and development
10,567
5,607
19,242
10,047
Sales and marketing
8,148
4,401
14,529
8,355
General and administrative
9,623
5,445
18,252
9,987
Total
$
30,125
$
16,476
$
55,034
$
30,088
PagerDuty, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
As of July 31, 2022
As of January 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
278,331
$
349,785
Investments
192,464
193,571
Accounts receivable, net of allowance for
credit losses of $1,727 and $1,809 as of July 31, 2022 and January
31, 2022, respectively
59,305
75,279
Deferred contract costs, current
17,397
16,672
Prepaid expenses and other current
assets
12,087
9,777
Total current assets
559,584
645,084
Property and equipment, net
18,502
18,229
Deferred contract costs, non-current
26,211
26,159
Lease right-of-use assets
17,925
20,227
Goodwill
118,862
72,126
Intangible assets, net
42,658
23,133
Other assets
1,021
1,490
Total assets
$
784,763
$
806,448
Liabilities, redeemable non-controlling
interest, and stockholders’ equity
Current liabilities:
Accounts payable
$
6,600
$
9,505
Accrued expenses and other current
liabilities
18,268
13,640
Accrued compensation
28,857
35,327
Deferred revenue, current
166,501
162,881
Lease liabilities, current
5,838
5,637
Total current liabilities
226,064
226,990
Convertible senior notes, net
281,984
281,069
Deferred revenue, non-current
3,033
7,343
Lease liabilities, non-current
17,928
20,912
Other liabilities
3,671
3,159
Total liabilities
532,680
539,473
Redeemable non-controlling interest
1,811
—
Stockholders’ equity:
Common stock
—
—
Additional paid-in-capital
672,126
616,467
Accumulated other comprehensive loss
(1,712
)
(669
)
Accumulated deficit
(420,142
)
(348,823
)
Total stockholders’ equity
250,272
266,975
Total liabilities, redeemable
non-controlling interest, and stockholders’ equity
$
784,763
$
806,448
PagerDuty, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2022
2021
2022
2021
Cash flows from operating
activities
Net loss attributable to PagerDuty,
Inc.
$
(38,499
)
$
(29,661
)
$
(71,319
)
$
(52,219
)
Net loss attributable to redeemable
non-controlling interest
(100
)
—
(100
)
—
Net loss
(38,599
)
(29,661
)
(71,419
)
(52,219
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
4,689
2,055
8,280
4,027
Amortization of deferred contract
costs
4,791
3,562
9,256
6,812
Amortization of debt issuance costs
468
460
915
898
Stock-based compensation
30,125
16,476
55,034
30,088
Non-cash lease expense
1,157
1,112
2,302
2,209
Tax benefit related to release of
valuation allowance
—
—
(1,330
)
—
Other
56
892
1,810
1,695
Changes in operating assets and
liabilities:
Accounts receivable
1,259
(10,892
)
16,521
6,473
Deferred contract costs
(5,035
)
(5,753
)
(10,033
)
(9,485
)
Prepaid expenses and other assets
481
(1,189
)
(1,510
)
(2,762
)
Accounts payable
(2,283
)
2,743
(2,226
)
1,179
Accrued expenses and other liabilities
3,877
1,441
3,243
3,373
Accrued compensation
1,020
581
(6,658
)
(3,830
)
Deferred revenue
2,225
7,946
(1,546
)
4,030
Lease liabilities
(1,390
)
(1,368
)
(2,783
)
(2,504
)
Net cash provided by (used in)
operating activities
2,841
(11,595
)
(144
)
(10,016
)
Cash flows from investing
activities
Purchases of property and equipment
(862
)
(364
)
(2,940
)
(1,291
)
Capitalization of internal-use software
costs
(965
)
(915
)
(1,737
)
(1,917
)
Business acquisition, net of cash
acquired
—
—
(66,262
)
(160
)
Asset acquisition
(1,845
)
—
(1,845
)
—
Purchases of available-for-sale
investments
(53,783
)
(38,572
)
(95,468
)
(116,103
)
Proceeds from maturities of
available-for-sale investments
54,760
49,146
95,200
116,150
Proceeds from sales of available-for-sale
investments
—
27,380
—
27,380
Net cash (used in) provided by
investing activities
(2,695
)
36,675
(73,052
)
24,059
Cash flows from financing
activities
Investment from redeemable non-controlling
interest holder
1,908
—
1,908
—
Proceeds from employee stock purchase
plan
5,736
4,889
5,736
4,889
Proceeds from issuance of common stock
upon exercise of stock options
2,974
4,596
6,560
7,430
Employee payroll taxes paid related to net
share settlement of restricted stock units
(6,153
)
(6,073
)
(12,323
)
(11,003
)
Net cash provided by financing
activities
4,465
3,412
1,881
1,316
Effects of foreign currency exchange rates
on cash, cash equivalents, and restricted cash
(139
)
—
(139
)
—
Net increase (decrease) in cash, cash
equivalents, and restricted cash
4,472
28,492
(71,454
)
15,359
Cash, cash equivalents, and restricted
cash at beginning of period
273,859
326,033
349,785
339,166
Cash, cash equivalents, and restricted
cash at end of period
$
278,331
$
354,525
$
278,331
$
354,525
PagerDuty, Inc.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands, except percentages
and per share data)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2022
2021
2022
2021
Reconciliation of gross profit and
gross margin
GAAP gross profit
$
71,886
$
55,560
$
141,541
$
108,733
Plus: Stock-based compensation
1,787
1,023
3,011
1,699
Plus: Employer taxes related to employee
stock transactions
34
30
41
56
Plus: Amortization of acquired intangible
assets
2,156
280
3,365
560
Non-GAAP gross profit
$
75,863
$
56,893
$
147,958
$
111,048
GAAP gross margin
79.6
%
82.3
%
80.6
%
82.9
%
Non-GAAP adjustments
4.5
%
1.9
%
3.6
%
1.8
%
Non-GAAP gross margin
84.1
%
84.2
%
84.2
%
84.7
%
Reconciliation of operating
expenses
GAAP research and development
$
34,014
$
22,909
$
65,303
$
43,508
Less: Stock-based compensation
(10,567
)
(5,607
)
(19,242
)
(10,047
)
Less: Employer taxes related to employee
stock transactions
(176
)
(208
)
(357
)
(406
)
Less: Acquisition-related expenses
(891
)
(457
)
(2,362
)
(906
)
Less: Amortization of acquired intangible
assets
(116
)
—
(116
)
—
Non-GAAP research and development
$
22,264
$
16,637
$
43,226
$
32,149
GAAP sales and marketing
$
50,331
$
40,814
$
95,883
$
78,048
Less: Stock-based compensation
(8,148
)
(4,401
)
(14,529
)
(8,355
)
Less: Employer taxes related to employee
stock transactions
(145
)
(157
)
(320
)
(358
)
Less: Amortization of acquired intangible
assets
(660
)
(595
)
(1,293
)
(1,190
)
Non-GAAP sales and marketing
$
41,378
$
35,661
$
79,741
$
68,145
GAAP general and administrative
$
25,429
$
20,294
$
50,700
$
36,872
Less: Stock-based compensation
(9,623
)
(5,445
)
(18,252
)
(9,987
)
Less: Employer taxes related to employee
stock transactions
(166
)
(315
)
(455
)
(571
)
Less: Acquisition-related expenses
(8
)
2
(1,290
)
(8
)
Less: Amortization of acquired intangible
assets
(29
)
—
(29
)
—
Non-GAAP general and administrative
$
15,603
$
14,536
$
30,674
$
26,306
Note: Certain figures may not sum due to rounding.
PagerDuty, Inc.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands, except percentages
and per share data)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2022
2021
2022
2021
Reconciliation of operating loss and
operating margin
GAAP operating loss
$
(37,888
)
$
(28,457
)
$
(70,345
)
$
(49,695
)
Plus: Stock-based compensation
30,125
16,476
55,034
30,088
Plus: Employer taxes related to employee
stock transactions
521
710
1,173
1,391
Plus: Amortization of acquired intangible
assets
2,961
875
4,803
1,750
Plus: Acquisition-related expenses
899
455
3,652
914
Non-GAAP operating loss
$
(3,382
)
$
(9,941
)
$
(5,683
)
$
(15,552
)
GAAP operating margin
(42.0
) %
(42.1
) %
(40.1
) %
(37.9
) %
Non-GAAP adjustments
38.3
%
27.4
%
36.9
%
26.0
%
Non-GAAP operating margin
(3.7
) %
(14.7
) %
(3.2
) %
(11.9
) %
Reconciliation of net loss
GAAP net loss attributable to PagerDuty,
Inc.
$
(38,499
)
$
(29,661
)
$
(71,319
)
$
(52,219
)
Plus: Stock-based compensation
30,125
16,476
55,034
30,088
Plus: Employer taxes related to employee
stock transactions
521
710
1,173
1,391
Plus: Amortization of debt discount
468
460
915
898
Plus: Amortization of acquired intangible
assets
2,961
875
4,803
1,750
Plus: Acquisition-related expenses
899
455
3,652
914
Less: Tax benefit associated with
acquisition
—
—
(1,330
)
—
Non-GAAP net loss attributable to
PagerDuty, Inc.
$
(3,525
)
$
(10,685
)
$
(7,072
)
$
(17,178
)
Reconciliation of net loss per share,
basic and diluted
GAAP net loss per share, basic and
diluted, attributable to PagerDuty, Inc.
$
(0.44
)
$
(0.35
)
$
(0.81
)
$
(0.63
)
Non-GAAP adjustments to net loss
attributable to PagerDuty, Inc.
0.40
0.23
0.73
0.42
Non-GAAP net loss per share, basic and
diluted, attributable to PagerDuty, Inc.
$
(0.04
)
$
(0.13
)
$
(0.08
)
$
(0.21
)
Weighted-average shares used in
calculating net loss per share, basic and diluted
88,153
83,895
87,648
83,413
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)
Free Cash Flow
Three Months Ended July
31,
Six Months Ended July
31,
2022
2021
2022
2021
Net cash provided by (used in) operating
activities
$
2,841
$
(11,595
)
$
(144
)
$
(10,016
)
Less:
Purchases of property and equipment
(862
)
(364
)
(2,940
)
(1,291
)
Capitalization of internal-use software
costs
(965
)
(915
)
(1,737
)
(1,917
)
Free cash flow
$
1,014
$
(12,874
)
$
(4,821
)
$
(13,224
)
Net cash (used in) provided by investing
activities
$
(2,695
)
$
36,675
$
(73,052
)
$
24,059
Net cash provided by financing
activities
$
4,465
$
3,412
$
1,881
$
1,316
Free cash flow margin
1.1
%
(19.1
) %
(2.7
) %
(10.1
) %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220901005765/en/
Investor Relations Contact: Tony Righetti
investor@pagerduty.com
SOURCE PagerDuty
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