We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PagerDuty (PD) Q4 Earnings Beat Estimates, Revenues Up Y/Y
Read MoreHide Full Article
PagerDuty (PD - Free Report) reported a fourth-quarter fiscal 2023 non-GAAP earnings of 8 cents per share that crushed the Zacks Consensus Estimate of 2 cents. It reported a loss of 4 cents in the year-ago quarter.
Revenues of $101 million increased 28.6% on a year-over-year basis, primarily driven by strong expansion in the enterprise and mid-market. The figure beat the consensus estimate for revenues by 2.1%.
International revenues accounted for 24% of the total revenues.
PagerDuty shares were up 3.81% in after-hours trading following the results. The company’s shares have underperformed the Zacks Computer and Technology sector, as well as its Zacks Internet Software peers like Fastly (FSLY - Free Report) , Meta Platforms (META - Free Report) and Qualitrics in the past year.
PagerDuty shares have gained 3.7% in the past year against the Computer and Technology sector's fall of 15.3%. Meta Platforms, Qualitrics and Fastly shares have declined 2.9%, 40.5% and 5.6% in the past year, respectively.
Customer Growth Aids Top Line
PagerDuty continued to see strength in the enterprise and mid-market, with a total dollar-based net retention rate of 120% as of Jan 31, 2023.
PD closed the fiscal fourth quarter with 15,244 total paid customers as of Jan 31, 2023, compared with 14,865 at the end of the year-ago period.
Customers with annual recurring revenues (“ARR”) of more than $100,000 were 752 as of Jan 31, 2023, compared with 594 a year ago.
Customers with an ARR of more than $1,000,000 were 50 as of Jan 31, 2023, compared with 43 a year ago.
Quarter Details
In fourth-quarter fiscal 2023, the non-GAAP gross profit rose 31.7% year over year to $87 million. The gross margin expanded 200 basis points to 86.2%.
Non-GAAP research and development expenses increased 19.7% to $23.1 million.
Non-GAAP sales and marketing expenses rose 15.3% year over year to $42.1 million. Non-GAAP general and administrative expenses increased 23% from the year-ago quarter to $15.6 million.
Non-GAAP operating earnings were $6.1 million against the year-ago quarter’s loss of $2.5 million.
Balance Sheet & Cash Flow
As of Jan 31, 2023, PagerDuty had cash and cash equivalents and current investments of $543.4 million.
Net cash provided by operating activities was $1.35 billion compared with $3.39 billion reported in the year-ago quarter.
Guidance
For first-quarter fiscal 2024, revenues are anticipated between $102 million and $104 million, indicating year-over-year growth of 19-22%. Non-GAAP net earnings are expected between 9 cents and 10 cents per share.
For fiscal 2023, PagerDuty expects revenues between $446 million and $452 million. This Zacks Rank #3 (Hold) company expects non-GAAP net earnings between 45 cents and 50 cents per share. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
PagerDuty (PD) Q4 Earnings Beat Estimates, Revenues Up Y/Y
PagerDuty (PD - Free Report) reported a fourth-quarter fiscal 2023 non-GAAP earnings of 8 cents per share that crushed the Zacks Consensus Estimate of 2 cents. It reported a loss of 4 cents in the year-ago quarter.
Revenues of $101 million increased 28.6% on a year-over-year basis, primarily driven by strong expansion in the enterprise and mid-market. The figure beat the consensus estimate for revenues by 2.1%.
International revenues accounted for 24% of the total revenues.
PagerDuty shares were up 3.81% in after-hours trading following the results. The company’s shares have underperformed the Zacks Computer and Technology sector, as well as its Zacks Internet Software peers like Fastly (FSLY - Free Report) , Meta Platforms (META - Free Report) and Qualitrics in the past year.
PagerDuty Price, Consensus and EPS Surprise
PagerDuty price-consensus-eps-surprise-chart | PagerDuty Quote
PagerDuty shares have gained 3.7% in the past year against the Computer and Technology sector's fall of 15.3%. Meta Platforms, Qualitrics and Fastly shares have declined 2.9%, 40.5% and 5.6% in the past year, respectively.
Customer Growth Aids Top Line
PagerDuty continued to see strength in the enterprise and mid-market, with a total dollar-based net retention rate of 120% as of Jan 31, 2023.
PD closed the fiscal fourth quarter with 15,244 total paid customers as of Jan 31, 2023, compared with 14,865 at the end of the year-ago period.
Customers with annual recurring revenues (“ARR”) of more than $100,000 were 752 as of Jan 31, 2023, compared with 594 a year ago.
Customers with an ARR of more than $1,000,000 were 50 as of Jan 31, 2023, compared with 43 a year ago.
Quarter Details
In fourth-quarter fiscal 2023, the non-GAAP gross profit rose 31.7% year over year to $87 million. The gross margin expanded 200 basis points to 86.2%.
Non-GAAP research and development expenses increased 19.7% to $23.1 million.
Non-GAAP sales and marketing expenses rose 15.3% year over year to $42.1 million. Non-GAAP general and administrative expenses increased 23% from the year-ago quarter to $15.6 million.
Non-GAAP operating earnings were $6.1 million against the year-ago quarter’s loss of $2.5 million.
Balance Sheet & Cash Flow
As of Jan 31, 2023, PagerDuty had cash and cash equivalents and current investments of $543.4 million.
Net cash provided by operating activities was $1.35 billion compared with $3.39 billion reported in the year-ago quarter.
Guidance
For first-quarter fiscal 2024, revenues are anticipated between $102 million and $104 million, indicating year-over-year growth of 19-22%. Non-GAAP net earnings are expected between 9 cents and 10 cents per share.
For fiscal 2023, PagerDuty expects revenues between $446 million and $452 million. This Zacks Rank #3 (Hold) company expects non-GAAP net earnings between 45 cents and 50 cents per share. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.