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Oct 31, 2022
PagerDuty Q3 2023 Earnings Report
PagerDuty's Q3 2023 earnings exceeded expectations with revenue up 31% year-over-year and achieving profitability ahead of schedule.
Key Takeaways
PagerDuty announced strong Q3 fiscal 2023 results, with revenue increasing 31% year-over-year to $94.2 million. The company achieved non-GAAP profitability a quarter ahead of expectations, with a non-GAAP operating margin of 3.2%. PagerDuty finished the quarter with 15,265 total paid customers and a net retention rate of 123%.
Revenue was $94.2 million, an increase of 31.3% year over year.
GAAP operating loss was $32.5 million; GAAP operating margin of negative 34.5%.
Non-GAAP operating income was $3.0 million; non-GAAP operating margin of 3.2%.
The company reported 710 customers with annual recurring revenue over $100,000.
PagerDuty
PagerDuty
Forward Guidance
For the fourth quarter of fiscal 2023, PagerDuty expects total revenue of $98.0 million - $100.0 million, representing a growth rate of 25% - 27% year over year, and non-GAAP net income per diluted share of $0.02 - $0.03.
Positive Outlook
- Total revenue of $98.0 million - $100.0 million, representing a growth rate of 25% - 27% year over year
- Non-GAAP net income per diluted share attributable to PagerDuty, Inc. of $0.02 - $0.03
- Assuming approximately 102 million diluted shares
- Full fiscal year 2023 revenue of $368.0 million - $370.0 million, representing a growth rate of 31% - 31% year over year
- Non-GAAP net loss per share attributable to PagerDuty, Inc. of $0.01 - $0.00
Challenges Ahead
- Actual results may differ materially
- Expectations as to non-GAAP net income (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.
- A reconciliation for forward-looking non-GAAP net income (loss) per share attributable to PagerDuty, Inc. is not available without unreasonable effort.
- Effect of uncertainties related to the COVID-19 pandemic on U.S. and global markets
- General global market, political, economic, and business conditions