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PagerDuty Shares Rise On Q2 Report

September 6, 2021

PagerDuty shares rose 11% after reporting financial results for the second quarter of fiscal 2022, ended July 31, 2021. The firm noted an adjusted loss of 13 cents per share with 11 cents loss expected, but issued a strong outlook for current-quarter revenue.

"Q2 was an inflection point for PagerDuty. We delivered strong financial results and demonstrated increasing market share leadership. The durability of our growth, the long term potential for our platform and the legacy we are building are clear. Our solid topline beat was driven by accelerating demand for both our new Automation offering and our comprehensive Digital Operations plan, especially in the enterprise and mid-market segments,” said Jennifer Tejada, CEO at PagerDuty. "Nearly 18,000 companies now run on our platform and as the world’s greatest enterprises transform into digital leaders, PagerDuty is becoming the Operations Cloud for the modern enterprise."

Second Quarter Fiscal 2022 Financial Highlights
  • Revenue: Total revenue was $67.5 million, up 33.2% year over year.
  • Gross Margin: GAAP gross margin was 82.3% compared to 86.9% in the second quarter of fiscal 2021. Non-GAAP gross margin was 84.2% compared to 87.4% in the second quarter of fiscal 2021.
  • Operating Loss: GAAP operating loss was $28.5 million, or GAAP operating margin of negative 42.1%, compared to a $13.4 million GAAP operating loss, or GAAP operating margin of negative 26.5%, in the second quarter of fiscal 2021. Non-GAAP operating loss was $9.9 million, or non-GAAP operating margin of negative 14.7%, compared to a $3.2 million non-GAAP operating loss, or non-GAAP operating margin of negative 6.4%, in the second quarter of fiscal 2021.
  • Net Loss: GAAP net loss was $29.7 million, compared to $14.7 million in the second quarter of fiscal 2021. GAAP net loss per share was $0.35, compared to $0.19 in the second quarter of fiscal 2021. Non-GAAP net loss was $10.7 million, compared to $3.2 million in the second quarter of fiscal 2021. Non-GAAP net loss per share was $0.13, compared to $0.04 in the second quarter of fiscal 2021.
  • Cash Flow: Net cash used in operations was $11.6 million, or negative 17.2% of revenue, compared to net cash provided by operating activities of $2.0 million, or 4.0% of revenue, in the second quarter of fiscal 2021. Free cash flow was negative $12.9 million, or negative 19.1% of revenue, compared to $1.4 million, or 2.7% of revenue, in the second quarter of fiscal 2021.
  • Cash and Cash Equivalents and Current Investments were $546.8 million as of July 31, 2021.

Recent Highlights

  • Land and expand: PagerDuty expanded with customers across the globe including Anheuser-Busch, Autodesk, Datadog, Nvidia, Snowflake and Ultimate Kronos Group. In the quarter, international revenue accounted for nearly 25% of total revenue.
  • Companies on the platform: New PagerDuty customers including Alkeon Capital Management, Citigroup, EnterpriseDB Corporation, Mattress Firm, Via Varejo S.A., and Selfridges, were part of PagerDuty’s total customer base of almost 18,000 companies, as of July 31, 2021.
  • Platform Integration: PagerDuty continues to build its leading integration ecosystem with over 600 direct integrations across security, workflow, data observability, digital experience, and other use cases.

Financial Outlook

For the third quarter of fiscal 2022, PagerDuty currently expects:

  • Total revenue of $69.0 million - $71.0 million, representing a growth rate of 28% - 32% year over year
  • Non-GAAP net loss per share of $0.10 - $0.09 assuming approximately 85 million shares

For the full fiscal year 2022, PagerDuty currently expects:

  • Total revenue of $273.0 million - $276.0 million, representing a growth rate of 28% - 29% year over year
  • Non-GAAP net loss per share of $0.39 - $0.35 assuming approximately 84 million shares

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