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PagerDuty Tops Forecasts - Revenue Surges 33%

June 8, 2020

PagerDuty reported financial results for the first quarter of fiscal 2021 ended April 30, 2020. PagerDuty noted a quarterly loss of $0.04 per share versus the expected loss of $0.09. Looking at the last four quarters, the firm topped EPS estimates three times. PagerDuty had revenues of $49.79 million with only $48.33 million expected.

“PagerDuty is pleased to report a strong start to the fiscal year, with a 33% year-on-year revenue increase to $49.8 million for the quarter, demonstrating the continued trust our customers place in the PagerDuty platform. We believe that PagerDuty is uniquely positioned to be a trusted partner in this environment. Our cloud-native platform is designed to enable proactive response capabilities to prevent outages, and gain predictive insights so our customers can automate repetitive work and improve collaboration across virtual teams,” said Jennifer Tejada, CEO at PagerDuty.

First Quarter Fiscal 2021 Financial Highlights

  • Revenue: Total revenue was $49.8 million, up 33% year-over-year.
  • Gross Margin: GAAP gross margin was 86.0%. Non-GAAP gross margin was 86.7% compared to non-GAAP gross margin of 85.7% in the first quarter of fiscal 2020.
  • Operating Loss: GAAP operating loss was $12.6 million, or GAAP operating margin of negative 25.3%, compared to a $12.7 million GAAP loss, or GAAP operating margin of negative 34.1%, in the first quarter of fiscal 2020. Non-GAAP operating loss was $4.3 million, or non-GAAP operating margin of negative 8.6%, compared to a $7.9 million non-GAAP loss, or non-GAAP operating margin of negative 21.2%, in the first quarter of fiscal 2020.
  • Net Loss: GAAP net loss was $11.5 million, compared to $12.1 million in the first quarter of fiscal 2020. GAAP net loss per share was $0.15, compared to $0.37 in the first quarter of fiscal 2020. Non-GAAP net loss was $3.2 million, compared to $7.3 million in the first quarter of fiscal 2020. Non-GAAP net loss per share was $0.04, compared to $0.22 in the first quarter of fiscal 2020.
  • Cash Flow: Net cash used in operations was $0.2 million, or 0.4% of revenue, compared to net cash used in operations of $7.6 million, or 20.3% of revenue, in the first quarter of fiscal 2020. Free cash flow was negative $2.9 million, or 5.8% of revenue, compared to negative $8.8 million, or 23.5% of revenue, in the first quarter of fiscal 2020.
  • Cash and Cash Equivalents and Current Investments were $350.8 million as of April 30, 2020.

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.

Recent Highlights

  • Leadership team bolstered: We recently hired Manjula Talreja as our Chief Customer Officer. We also added several new go to market leaders.
  • Customer Growth: PagerDuty had 13,060 customers as of April 30, 2020. New and expansion customers include LabCorp, Toyota Motor North America, NBCUniversal, SlingTV, Nextdoor Inc., Nvidia, CHANEL, Domino’s Pizza, PGA Tour, Crocs, TD Bank and Sephora.
  • Product Innovation: We recently announced new automation and intelligence capabilities in Dynamic Service Directory, Business Response and Intelligent Triage solutions, to help teams reduce manual work, prevent outages and improve remote collaboration. These advances in our platform are designed to equip teams with proactive response capabilities to prevent outages, and gain predictive insights so they can automate repetitive work and improve collaboration across virtual teams. The general release of Intelligent Triage, now available on mobile, advances PagerDuty’s AIOps solution, Event Intelligence, by providing new automation and intelligence to eliminate repetitive manual tasks. Service Directory gives developer teams access to a central knowledge base that’s always up-to-date, and clearly shows owners and experts for each service and their associated run books. Our Business Response capability, now has a new mobile status dashboard. This functionality allows remote teams to collaborate effectively when incidents arise.
  • Platform Expansion: PagerDuty customers can now use the Microsoft Teams integration to drive real-time operations across their organization. PagerDuty’s integration allows users to not only view critical incident details from within the Microsoft Teams interface, but also perform key incident actions. This integration also allows users to work from where they are, eliminating the need for responders to switch to another platform in order to communicate with their team while resolving an incident. We also recently launched integrations with three automation tools — Pliant.io, Rundeck, and Ayehu — strengthening our position at the center of the digital ecosystem. The new integrations, built for PagerDuty by Pliant.io, Rundeck, and Ayehu, join our successful AWS Eventbridge integration, to allow our customers to use their preferred tool when automating incident response work and to give us the most complete offer for automating incident resolution.

Financial Outlook

For the second quarter of fiscal 2021, PagerDuty currently expects:

  • Total revenue of $50.0 million – $51.0 million, representing a growth rate of 24% – 26% year-over-year
  • Non-GAAP net loss per share of $0.07 – $0.06 assuming approximately 79 million shares

For the full fiscal year 2021, PagerDuty currently expects:

  • Total revenue of $204.0 million – $213.0 million, representing a growth rate of 23% – 28% year-over-year
    Non-GAAP net loss per share of $0.30 – $0.25 assuming approximately 79 million shares

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