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PagerDuty (PD) Q4 Earnings Beat Estimates, Revenues Up Y/Y

PagerDuty PD 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, Meta Platforms META and Qualitrics XM in the past year.

PagerDuty Price, Consensus and EPS Surprise

 

PagerDuty Price, Consensus and EPS Surprise
PagerDuty Price, Consensus and EPS Surprise

PagerDuty price-consensus-eps-surprise-chart | PagerDuty Quote

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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.

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