EX-99.1 2 pagerdutyq1fy24earningspre.htm EX-99.1 Document
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PagerDuty Announces First Quarter Fiscal 2024 Financial Results

First quarter revenue increased 21% year over year to $103.2 million
First quarter GAAP operating loss of $15.8 million, record non-GAAP operating income of $16.1 million

SAN FRANCISCO – (BUSINESS WIRE) – June 1, 2023 – PagerDuty, Inc. (NYSE:PD), a leader in digital operations management, today announced financial results for the first quarter of fiscal 2024, ended April 30, 2023.
“PagerDuty demonstrated balanced growth in Q1 with solid revenue growth of 21% and record 16% non-GAAP operating margin—up 1,800 basis points with 20% free cash flow margin,” said Jennifer Tejada, Chairperson and CEO, PagerDuty. “PagerDuty’s strong fundamentals—a resilient and highly engaged mid market and enterprise customer base, product innovation that sets the Operations Cloud apart, consistently healthy gross margins, and a sustainable cost structure—set the business up for long-term success. Additionally, Generative AI is an intuitive interface to automation that accelerates access to the Operations Cloud for new users across the enterprise.”
First Quarter Fiscal 2024 Financial Highlights

•Revenue was $103.2 million, an increase of 20.9% year over year.
•GAAP operating loss was $15.8 million; GAAP operating margin of negative 15.3%.
•Non-GAAP operating income was $16.1 million; non-GAAP operating margin of 15.5%.
•GAAP net loss per share attributable to PagerDuty, Inc. was $0.13; non-GAAP net income per diluted share attributable to PagerDuty, Inc. was $0.20.
•Operating cash flow was $22.2 million, with free cash flow of $20.8 million.
•Cash, cash equivalents and current investments were $495.1 million as of April 30, 2023.
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.





First Quarter and Recent Highlights

•Total paid customers of 15,089 as of April 30, 2023, compared to 15,040 in the year ago period.
•Customers with annual recurring revenue over $100,000 was 764 as of April 30, 2023, compared to 655 in the year ago period.    
•Dollar-based net retention rate of 116% as of April 30, 2023, compared to 126% in the year ago period.
•Introduced the first three generative AI-supported capabilities for the PagerDuty Operations Cloud: status updates, incident postmortems and process automation. GenAI brings a consumer-style simplicity to enterprise-grade automation and makes the realization of automation’s potential a reality.
•Announced the general availability of PagerDuty AIOps, a game-changing solution, delivering fast time-to-value for our early access customers and eliminating the need for difficult- and expensive-to-implement event management tools and AIOps offerings of the previous generation.
•Released PagerDuty Process AutomationSM as part of the PagerDuty Operations Cloud to enable organizations to orchestrate automation across secure cloud and data center environments.
•New PagerDuty Incident Workflows allowing users to remove toil, take care of rote tasks in incident response, and more quickly focus on problem identification and resolution.
•Published the FY23 Impact Report demonstrating how PagerDuty building a more equitable world by transforming critical work is at the heart of the company’s corporate vision.
•Recognized by Parity.org as both a Best Company for Women to Advance and a Best Company for People of Color to Advance.
•Named a 2023 Inspiring Workplaces Awards finalist for North America for PagerDuty’s creation of an Inspiring Workplace.
•PagerDuty earned a top spot on G2’s 2023 list of the Best Software Products for providing best-in-class products and experience for customers.
•Featured case study: US City Government
•Lands and expands include: 11:11 Systems, Cisco, Docusign, IBM, Palo Alto Networks and Vodafone.

Financial Outlook

For the second quarter of fiscal 2024, PagerDuty currently expects:

•Total revenue of $103.5 million - $105.5 million, representing a growth rate of 15% - 17% year over year
•Non-GAAP net income per diluted share attributable to PagerDuty, Inc. of $0.10 - $0.11 assuming approximately 105 million diluted shares

For the full fiscal year 2024, PagerDuty currently expects:

•Total revenue of $425.0 million - $430.0 million (down from $446.0 million and $452.0 million), representing a growth rate of 15% - 16% year over year
•Non-GAAP net income per diluted share attributable to PagerDuty, Inc. of $0.60 - $0.65 (up from $0.45 and $0.50) assuming approximately 105 million diluted shares

These statements are forward-looking and actual results may differ materially. Please refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

PagerDuty has not reconciled its 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. Accordingly, a reconciliation for forward-looking non-GAAP net income (loss) per share attributable to PagerDuty, Inc. is not available without unreasonable effort.

Conference Call Information:

PagerDuty will host a conference call and live webcast for analysts and investors at 2:00 p.m. Pacific Time on June 1, 2023. This news release with the financial results will be accessible from PagerDuty’s website at investor.pagerduty.com


prior to the conference call. A live webcast of the conference call will be accessible from the PagerDuty investor relations website at investor.pagerduty.com.

Supplemental Financial and Other Information:

Supplemental financial and other information can be accessed through PagerDuty’s investor relations website at investor.pagerduty.com. PagerDuty uses the investor relations section on its website as the means of complying with its disclosure obligations under Regulation FD. Accordingly, we recommend that investors monitor PagerDuty’s investor relations website in addition to following PagerDuty’s press releases, SEC filings, social media, including PagerDuty’s LinkedIn account (https://www.linkedin.com/company/482819), Twitter account (twitter.com/pagerduty), the Twitter account @jenntejada and Facebook page (facebook.com/pagerduty), and public conference calls and webcasts.


Non-GAAP Financial Measures:

This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) attributable to PagerDuty, Inc., non-GAAP net income (loss) per share attributable to PagerDuty, Inc., and free cash flow.

PagerDuty believes that non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance and can assist in comparisons with other companies, some of which use similar non-GAAP financial measures to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in PagerDuty’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by PagerDuty’s management about which expenses and income are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP.

Specifically, PagerDuty excludes the following from its historical and prospective non-GAAP financial measures, as applicable:

Stock-based Compensation: PagerDuty utilizes stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its stockholders and at long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.

Employer Taxes Related to Employee Stock Transactions: PagerDuty views the amount of employer taxes related to its employee stock transactions as an expense that is dependent on its stock price, employee exercise and other award disposition activity, and other factors that are beyond PagerDuty’s control. As a result, employer taxes related to employee stock transactions vary for reasons that are generally unrelated to financial and operational performance in any particular period.

Amortization of Acquired Intangible Assets: PagerDuty views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period.

Acquisition-Related Expenses: PagerDuty views acquisition-related expenses, such as transaction costs, acquisition-related retention payments, and acquisition-related asset impairment, as events that are not necessarily reflective of operational performance during a period. In particular, PagerDuty believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses.

Amortization of Debt Issuance Costs: The imputed interest rate of the Convertible Senior Notes (the "Notes") was approximately 1.93%. This is a result of the debt issuance costs, which reduce the carrying value of the convertible debt instruments. The debt issuance costs are amortized as interest expense. The expense for the amortization of the debt issuance costs is a non-cash item, and we believe the exclusion of this interest expense will provide for a more useful comparison of our operational performance in different periods.



Restructuring costs: PagerDuty views restructuring costs as events that are not necessarily reflective of operational performance during a period. In particular, PagerDuty believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses.

Income Tax Effect of Non-GAAP Adjustments: PagerDuty excludes the related income tax effect of the non-GAAP adjustments described above and eliminates the impact of non-recurring and period specific items, which can vary in size and frequency. In particular, PagerDuty believes the consideration of measures that exclude such impacts can assist in the comparison of operational performance in different periods, which may or may not include items such as acquisition related income tax benefits.

PagerDuty defines non-GAAP gross profit as gross profit adjusted for stock-based compensation expense, employer taxes related to employee stock transactions, amortization of acquired intangible assets, and restructuring costs. PagerDuty defines non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

PagerDuty defines non-GAAP operating income (loss) as GAAP loss from operations excluding stock-based compensation expense, employer taxes related to employee stock transactions, amortization of acquired intangible assets, acquisition-related expenses, and restructuring costs. PagerDuty defines non-GAAP net income (loss) attributable to PagerDuty, Inc. (which is used in calculating non-GAAP net income (loss) per share attributable to PagerDuty, Inc.) as GAAP net loss attributable to PagerDuty, Inc. excluding stock-based compensation expense, employer taxes related to employee stock transactions, amortization of debt issuance costs, amortization of acquired intangible assets, acquisition-related expenses, which include transaction costs and acquisition-related retention payments, which are not necessarily reflective of operational performance during a given period, restructuring costs, and the associated tax impact of these items, where applicable. There are a number of limitations related to the use of these non-GAAP measures as compared to GAAP operating loss and net loss, including that the non-GAAP measures exclude stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in PagerDuty’s business and an important part of its compensation strategy.

PagerDuty defines free cash flow as net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalization of internal-use software costs. In addition to the reasons stated above, PagerDuty believes that free cash flow is useful to investors as a liquidity measure because it measures PagerDuty’s ability to generate or use cash in excess of its capital investments in property and equipment in order to enhance the strength of its balance sheet and further invest in its business and potential strategic initiatives. PagerDuty uses free cash flow in conjunction with traditional GAAP measures as part of its overall assessment of its liquidity, including the preparation of PagerDuty’s annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies, and to assess its liquidity.

There are a number of limitations related to the use of free cash flow as compared to net cash provided by (used in) operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made.

PagerDuty encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate PagerDuty’s business.

Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results.



Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our future financial performance and outlook and market positioning. Words such as “expect,” “extend,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “accelerate,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks and other factors detailed in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 16, 2023. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2023 and other filings and reports that we may file from time to time with the SEC. In particular, the following risks and uncertainties, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the effect of unfavorable conditions in our industry or the global economy, or reductions in information spending on our business and results of operations; our ability to achieve and maintain future profitability; our ability to attract new customers and retain and sell additional functionality and services to our existing customers; our ability to sustain and manage our growth; our dependence on revenue from a single product; our ability to compete effectively in an increasingly competitive market; and general global market, political, economic, and business conditions.

Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

About PagerDuty

PagerDuty, Inc. (NYSE:PD) is a global leader in digital operations management. The PagerDuty Operations Cloud revolutionizes how critical work gets done, and powers the agility that drives digital transformation. Customers rely on the PagerDuty Operations Cloud to compress costs, accelerate productivity, win revenue, sustain seamless digital experiences, and earn customer trust. Nearly half of the Fortune 500 and almost two thirds of the Fortune 100 trust PagerDuty including Cisco, Cox Automotive, DoorDash, Electronic Arts, Genentech, Shopify, Zoom and more. To learn more and try PagerDuty for free, visit www.pagerduty.com. Follow our blog and connect with us on Twitter, LinkedIn, YouTube and Facebook. We’re also hiring, visit https://www.careers.pagerduty.com/ to learn more.

Investor Relations Contact:
Tony Righetti
investor@pagerduty.com




PagerDuty, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended April 30,
20232022
Revenue$103,246 $85,371 
Cost of revenue(1)
17,936 15,716 
Gross profit85,310 69,655 
Operating expenses:
Research and development(1)
33,508 31,289 
Sales and marketing(1)
43,801 45,552 
General and administrative(1)
23,801 25,271 
Total operating expenses101,110 102,112 
Loss from operations(15,800)(32,457)
Interest income3,123 548 
Interest expense(1,334)(1,325)
Other income (expense), net1,067 (790)
Loss before benefit from income taxes(12,944)(34,024)
Benefit from income taxes106 1,204 
Net loss$(12,838)$(32,820)
Net loss attributable to redeemable non-controlling interest(620)— 
Net loss attributable to PagerDuty, Inc.$(12,218)$(32,820)
Net loss per share, basic and diluted, attributable to PagerDuty, Inc.$(0.13)$(0.38)
Weighted-average shares used in calculating net loss per share, basic and diluted91,522 87,127 
(1) Includes stock-based compensation expense as follows:
Three Months Ended April 30,
20232022
Cost of revenue$1,876 $1,224 
Research and development10,101 8,675 
Sales and marketing5,951 6,381 
General and administrative9,617 8,629 
Total$27,545 $24,909 



PagerDuty, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
As of April 30, 2023As of January 31, 2023
Assets
Current assets:
Cash and cash equivalents$300,605 $274,019 
Investments194,527 202,948 
Accounts receivable, net of allowance for credit losses of $1,787 and $2,014 as of April 30, 2023 and January 31, 2023, respectively
61,125 91,345 
Deferred contract costs, current18,582 18,674 
Prepaid expenses and other current assets15,387 13,350 
Total current assets590,226 600,336 
Property and equipment, net18,335 18,390 
Deferred contract costs, non-current26,189 27,715 
Lease right-of-use assets12,806 13,982 
Goodwill118,862 118,862 
Intangible assets, net34,418 37,224 
Other assets995 1,364 
Total assets$801,831 $817,873 
Liabilities, redeemable non-controlling interest, and stockholders’ equity
Current liabilities:
Accounts payable$6,124 $7,398 
Accrued expenses and other current liabilities11,320 11,804 
Accrued compensation24,609 41,834 
Deferred revenue, current197,383 204,137 
Lease liabilities, current5,892 5,904 
Total current liabilities245,328 271,077 
Convertible senior notes, net283,363 282,908 
Deferred revenue, non-current4,422 4,914 
Lease liabilities, non-current11,226 12,704 
Other liabilities4,524 4,184 
Total liabilities548,863 575,787 
Redeemable non-controlling interest492 1,108 
Stockholders’ equity:
Common stock
— — 
Additional paid-in-capital743,218 719,816 
Accumulated other comprehensive loss(1,278)(1,592)
Accumulated deficit(489,464)(477,246)
Total stockholders’ equity252,476 240,978 
Total liabilities, redeemable non-controlling interest, and stockholders’ equity$801,831 $817,873 



PagerDuty, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended April 30,
20232022
Cash flows from operating activities
Net loss attributable to PagerDuty, Inc.$(12,218)$(32,820)
Net loss attributable to redeemable non-controlling interest(620)— 
Net loss(12,838)(32,820)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization4,725 3,591 
Amortization of deferred contract costs4,990 4,465 
Amortization of debt issuance costs455 447 
Stock-based compensation27,545 24,909 
Non-cash lease expense1,176 1,145 
Tax benefit related to release of valuation allowance— (1,330)
Other(852)1,754 
Changes in operating assets and liabilities:
Accounts receivable30,003 15,262 
Deferred contract costs(3,372)(4,998)
Prepaid expenses and other assets(2,207)(1,991)
Accounts payable(1,206)57 
Accrued expenses and other liabilities(244)(634)
Accrued compensation(17,286)(7,678)
Deferred revenue(7,246)(3,771)
Lease liabilities(1,491)(1,393)
Net cash provided by (used in) operating activities22,152 (2,985)
Cash flows from investing activities
Purchases of property and equipment(235)(2,078)
Capitalization of internal-use software costs(1,072)(772)
Business acquisition, net of cash acquired— (66,262)
Purchases of available-for-sale investments(39,085)(41,685)
Proceeds from maturities of available-for-sale investments48,955 40,440 
Net cash provided by (used in) investing activities8,563 (70,357)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options4,751 3,586 
Employee payroll taxes paid related to net share settlement of restricted stock units(8,820)(6,170)
Net cash used in financing activities(4,069)(2,584)
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash(60)— 
Net increase (decrease) in cash, cash equivalents, and restricted cash26,586 (75,926)
Cash, cash equivalents, and restricted cash at beginning of period274,019 349,785 
Cash, cash equivalents, and restricted cash at end of period$300,605 $273,859 



PagerDuty, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

Three Months Ended April 30,
20232022
Reconciliation of gross profit and gross margin
GAAP gross profit$85,310 $69,655 
Plus: Stock-based compensation1,876 1,224 
Plus: Employer taxes related to employee stock transactions72 7 
Plus: Amortization of acquired intangible assets2,087 1,209 
Plus: Restructuring costs137 — 
Non-GAAP gross profit$89,482 $72,095 
GAAP gross margin82.6 %81.6 %
Non-GAAP adjustments4.1 %2.8 %
Non-GAAP gross margin86.7 %84.4 %
Reconciliation of operating expenses
GAAP research and development$33,508 $31,289 
Less: Stock-based compensation(10,101)(8,675)
Less: Employer taxes related to employee stock transactions(517)(181)
Less: Acquisition-related expenses(161)(1,471)
Less: Amortization of acquired intangible assets(87)— 
Less: Restructuring costs3 — 
Non-GAAP research and development$22,645 $20,962 
GAAP sales and marketing$43,801 $45,552 
Less: Stock-based compensation(5,951)(6,381)
Less: Employer taxes related to employee stock transactions(267)(175)
Less: Amortization of acquired intangible assets(610)(633)
Less: Restructuring costs104 — 
Non-GAAP sales and marketing$37,077 $38,363 
GAAP general and administrative$23,801 $25,271 
Less: Stock-based compensation(9,617)(8,629)
Less: Employer taxes related to employee stock transactions(341)(289)
Less: Acquisition-related expenses— (1,282)
Less: Amortization of acquired intangible assets(22)— 
Less: Restructuring costs(114)— 
Non-GAAP general and administrative$13,707 $15,071 

Note: Certain figures may not sum due to rounding.









PagerDuty, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages and per share data)
(unaudited)

Three Months Ended April 30,
20232022
Reconciliation of operating income (loss) and operating margin
GAAP operating loss$(15,800)$(32,457)
Plus: Stock-based compensation27,545 24,909 
Plus: Employer taxes related to employee stock transactions1,197 652 
Plus: Amortization of acquired intangible assets2,806 1,842 
Plus: Acquisition-related expenses161 2,753 
Plus: Restructuring costs144 — 
Non-GAAP operating income (loss)$16,053 $(2,301)
GAAP operating margin(15.3)%(38.0)%
Non-GAAP adjustments30.8 %35.3 %
Non-GAAP operating margin15.5 %(2.7)%
Reconciliation of net income (loss)
GAAP net loss attributable to PagerDuty, Inc.$(12,218)$(32,820)
Plus: Stock-based compensation27,545 24,909 
Plus: Employer taxes related to employee stock transactions1,197 652 
Plus: Amortization of debt discount455 447 
Plus: Amortization of acquired intangible assets2,806 1,842 
Plus: Acquisition-related expenses161 2,753 
Plus: Restructuring costs144 — 
Less: Income tax effect of non-GAAP adjustments
(792)(1,330)
Non-GAAP net income (loss) attributable to PagerDuty, Inc.$19,298 $(3,547)
Reconciliation of net income (loss) per share, basic
GAAP net loss per share, basic, attributable to PagerDuty, Inc.$(0.13)$(0.38)
Non-GAAP adjustments to net loss attributable to PagerDuty, Inc.0.34 0.34 
Non-GAAP net income (loss) per share, basic, attributable to PagerDuty, Inc.$0.21 $(0.04)
Reconciliation of net income (loss) per share, diluted(1)
GAAP net loss per share, diluted, attributable to PagerDuty, Inc.$(0.13)$(0.38)
Non-GAAP adjustments to net loss attributable to PagerDuty, Inc.0.33 0.34 
Non-GAAP net income (loss) per share, diluted, attributable to PagerDuty, Inc.$0.20 $(0.04)
Weighted-average shares used in calculating GAAP net loss per share, basic and diluted91,522 87,127 
Weighted-average shares used in calculating non-GAAP net income (loss) per share
Basic91,522 87,127 
Diluted103,431 87,127 
Note: Certain figures may not sum due to rounding.

(1) The company uses the if-converted method to calculate the non-GAAP net income per diluted share attributable to PagerDuty, Inc. related to the convertible notes. Approximately 7.2 million shares related to the convertible notes were therefore included in the non-GAAP diluted share number, while the numerator used to compute this measure was increased by $0.9 million for after-tax interest expense savings related to our convertible notes for the three months ended April 30, 2023.


PagerDuty, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

Free Cash Flow
Three Months Ended April 30,
20232022
Net cash provided by (used in) operating activities$22,152$(2,985)
Less:
Purchases of property and equipment(235)(2,078)
Capitalization of internal-use software costs(1,072)(772)
Free cash flow$20,845$(5,835)
Net cash provided by (used in) investing activities$8,563$(70,357)
Net cash used in financing activities$(4,069)$(2,584)
Free cash flow margin20.2%(6.8)%