Exceeds high end of guidance across all FY24
metrics
Delivers ARR growth of 20% year-over-year on
a constant currency basis
Achieves FY24 GAAP Operating Margin of 9%
and Non-GAAP Operating Margin of 28%
Announces $500 million share repurchase
program
Dynatrace (NYSE: DT), the leader in unified observability and
security, today announced financial results for the fourth quarter
and full year ended March 31, 2024.
“Dynatrace delivered a strong finish to fiscal 2024. Our fourth
quarter results exceeded guidance across all key operating metrics,
fueled in part by a record number of 7-figure deals closed in the
quarter,” said Rick McConnell, Chief Executive Officer. “We
continue to see a growing number of companies looking to
consolidate often ineffective and costly monitoring tools into a
unified observability platform. We believe that our contextual
analytics, AI leadership, and automation differentiate us in the
market and empower us to capture this opportunity.”
Dynatrace also announced today that its Board of Directors has
authorized a share repurchase program for up to $500 million of
common stock.
“The share repurchase program demonstrates our confidence in the
business and conviction in our future growth prospects,” said Jim
Benson, Chief Financial Officer. “While investing in the business
is our foremost priority, this program allows us to leverage our
strong balance sheet and cash flow opportunistically to drive
shareholder return while also allowing us the flexibility to
consider strategic acquisitions to accelerate growth and deliver
business value for our customers.”
All growth rates are compared to the fourth quarter and full
year of fiscal 2023 unless otherwise noted.
Fourth Quarter Fiscal 2024 Financial Highlights:
- Total ARR of $1,504 million, an increase of 21%, or 20% on a
constant currency basis
- Total Revenue of $381 million, an increase of 21%, or 21% on a
constant currency basis
- Subscription Revenue of $360 million, an increase of 23%, or
22% on a constant currency basis
- GAAP Income from Operations of $23 million and Non-GAAP Income
from Operations of $95 million
- GAAP EPS of $0.13 and non-GAAP EPS of $0.30, on a dilutive
basis
Full Year Fiscal 2024 Financial Highlights:
- Total Revenue of $1,431 million, an increase of 23%, or 22% on
a constant currency basis
- Subscription Revenue of $1,359 million, an increase of 25%, or
24% on a constant currency basis
- GAAP Income from Operations of $128 million and Non-GAAP Income
from Operations of $398 million
- GAAP EPS of $0.52 and non-GAAP EPS of $1.20, on a dilutive
basis
- GAAP Operating Cash Flow of $378 million and Free Cash Flow of
$346 million
Business Highlights:
- Go-to-market traction: We closed a record 18 deals
greater than $1 million in annual contract value (ACV) in the
quarter. Fifteen of these deals were in collaboration with
partners, including our first-ever 9-figure total contract value
(TCV) deal, which was an expansion deal closed in conjunction with
Accenture. We also closed our largest new logo win, a nearly
8-figure ACV deal.
- Industry recognition: We were named a Leader in the 2024
GigaOm Radar Report for Cloud Observability Solutions, positioned
as the vendor closest to the center of the radar, reflecting
Dynatrace's industry-leading innovation and ability to deliver the
highest impact for customers.
- Customer recognition: Dynatrace was also recognized as a
Customers' Choice in the 2024 Gartner® Peer Insights™ Voice of the
Customer for Digital Experience Monitoring report, the only vendor
with this distinction.1
- Runecast acquisition: We successfully closed the
acquisition of Runecast, an AI-powered security and compliance
solution provider. We are integrating Runecast technology into the
Dynatrace platform to enable customers to prevent cloud
misconfigurations and compliance issues proactively with automated,
AI-driven, real-time vulnerability assessments.
Share Repurchase Program
Share repurchases under the new $500 million program may be made
from time to time on the open market, pursuant to Rule 10b5-1
trading plans, or other legally permissible means. The share
repurchase program has no time limit, does not obligate Dynatrace
to acquire a specified number of shares, and may be suspended,
modified, or terminated at any time, without prior notice. The
number of shares to be repurchased will depend on market conditions
and other factors. Repurchases under the program are expected to be
funded from a combination of existing cash balances and future cash
flow.
_____________________ 1 Gartner, Peer
Insights Voice of the Customer: Digital Experience Monitoring, 24
April 2024.
Gartner and Gartner Peer Insights™ are
trademarks of Gartner, Inc. and/or its affiliates. All rights
reserved.
Gartner® Peer Insights™ content consists
of the opinions of individual end users based on their own
experiences, and should not be construed as statements of fact, nor
do they represent the views of Gartner or its affiliates. Gartner
does not endorse any vendor, product or service depicted in this
content nor makes any warranties, expressed or implied, with
respect to this content, about its accuracy or completeness,
including any warranties of merchantability or fitness for a
particular purpose.
Fourth Quarter 2024 Financial
Highlights
(Unaudited – In thousands,
except per share data)
Three Months Ended March
31,
2024
2023
Key Operating Metric:
Annual recurring revenue (ARR)
$
1,503,819
$
1,246,681
Year-over-Year Increase
21
%
Year-over-Year Increase - constant
currency (*)
20
%
Total revenue
$
380,848
$
314,475
Year-over-Year Increase
21
%
Year-over-Year Increase - constant
currency (*)
21
%
Subscription revenue
$
360,109
$
293,314
Year-over-Year Increase
23
%
Year-over-Year Increase - constant
currency (*)
22
%
GAAP Financial Measures:
GAAP income from operations
$
23,123
$
19,431
GAAP operating margin
6
%
6
%
GAAP net income
$
37,944
$
80,293
GAAP net income per share - diluted
$
0.13
$
0.27
GAAP shares outstanding - diluted
300,867
293,917
Net cash provided by operating
activities
$
131,672
$
120,427
Non-GAAP Financial Measures:
Non-GAAP income from operations (*)
$
95,093
$
77,935
Non-GAAP operating margin (*)
25
%
25
%
Non-GAAP net income (*)
$
89,401
$
92,459
Non-GAAP net income per share - diluted
(*)
$
0.30
$
0.31
Non-GAAP shares outstanding - diluted
(*)
300,867
293,917
Free Cash Flow (*)
$
121,262
$
114,512
Full Year 2024 Financial
Highlights
(Unaudited – In thousands,
except per share data)
Year Ended March 31,
2024
2023
Revenue:
Total revenue
$
1,430,530
$
1,158,530
Year-over-Year Increase
23
%
Year-over-Year Increase - constant
currency (*)
22
%
Subscription revenue
$
1,359,354
$
1,083,330
Year-over-Year Increase
25
%
Year-over-Year Increase - constant
currency (*)
24
%
GAAP Financial Measures:
GAAP income from operations
$
128,400
$
92,811
GAAP operating margin
9
%
8
%
GAAP net income
$
154,632
$
107,959
GAAP net income per share - diluted
$
0.52
$
0.37
GAAP shares outstanding - diluted
299,280
291,617
Net cash provided by operating
activities
$
378,109
$
354,885
Non-GAAP Financial Measures:
Non-GAAP income from operations (*)
$
398,239
$
291,791
Non-GAAP operating margin (*)
28
%
25
%
Non-GAAP net income (*)
$
358,117
$
282,224
Non-GAAP net income per share - diluted
(*)
$
1.20
$
0.97
Non-GAAP shares outstanding - diluted
(*)
299,280
291,617
Free Cash Flow (*)
346,382
333,345
* Use of Non-GAAP Financial Measures
In our earnings press releases, conference calls, slide
presentations, and webcasts, we may use or discuss non-GAAP
financial measures, as defined by Regulation G. The GAAP financial
measure most directly comparable to each non-GAAP financial measure
used or discussed, and a reconciliation of the differences between
each non-GAAP financial measure and the comparable GAAP financial
measure, are included in this press release after the consolidated
financial statements. Our earnings press releases containing such
non-GAAP reconciliations can be found in the Investor Relations
section of our website at ir.dynatrace.com.
Financial Outlook
Based on information available as of May 15, 2024, Dynatrace is
issuing guidance for the first quarter and full year fiscal 2025 in
the table below. This guidance is based on foreign exchange rates
as of April 30, 2024. The total foreign exchange headwind for
fiscal 2025 is expected to be approximately $10 million on ARR and
revenue.
Growth rates for ARR, Total revenue, and Subscription revenue
are presented in constant currency to provide better visibility
into the underlying growth of the business.
All growth rates are compared to the first quarter and full year
of fiscal 2024 unless otherwise noted.
(In millions, except per share data)
First Quarter
Fiscal 2025
Full Year
Fiscal 2025*
ARR
-
$1,720 - $1,735
As reported
-
14% - 15%
Constant currency
-
15% - 16%
Total revenue
$391 - $393
$1,644 - $1,658
As reported
17% - 18%
15% - 16%
Constant currency
18% - 19%
16% - 17%
Subscription revenue
$374 - $376
$1,571 - $1,585
As reported
18% - 19%
16% - 17%
Constant currency
19%
16% - 17%
Non-GAAP income from operations
$105 - $108
$459 - $467
Non-GAAP operating margin
27% - 27.5%
28%
Non-GAAP net income
$86 - $89
$383 - $392
Non-GAAP net income per diluted share
$0.29 - $0.30
$1.26 - $1.29
Diluted weighted average shares
outstanding
301 - 302
303 - 305
Free cash flow
-
$386 - $398
Free cash flow margin
-
23.5% - 24%
*Guidance growth rates rounded to the
nearest percentage point.
Reconciliations of non-GAAP income from operations, non-GAAP net
income, non-GAAP net income per diluted share and free cash flow
guidance to the most directly comparable GAAP measures are not
available without unreasonable efforts on a forward-looking basis
due to the high variability, complexity and low visibility with
respect to the charges excluded from these non-GAAP measures; in
particular, the measures and effects of share-based compensation
expense, employer taxes and tax deductions specific to equity
compensation awards that are directly impacted by future hiring,
turnover and retention needs, as well as unpredictable fluctuations
in our stock price. We expect the variability of the above charges
to have a significant, and potentially unpredictable, impact on our
future GAAP financial results.
Conference Call and Webcast Information
Dynatrace will host a conference call and live webcast to
discuss its results and business outlook at 8:00 a.m. Eastern Time
today, May 15, 2024. To access the conference call from the U.S.
and Canada, dial (866) 405-1247, or internationally, dial (201)
689-8045 with event confirmation #: 13746345. The call will also be
available live via webcast on the company’s website,
ir.dynatrace.com.
An audio replay of the call will also be available until 11:59
p.m. Eastern Time on July 15, 2024, by dialing (877) 660-6853 from
the U.S. or Canada, or for international callers by dialing (201)
612-7415 and entering event confirmation #: 13746345. In addition,
an archived webcast will be available at ir.dynatrace.com.
We announce material financial information to our investors
using our Investor Relations website, press releases, SEC filings
and public conference calls and webcasts. We also use these
channels to disclose information about the company, our planned
financial and other announcements, attendance at upcoming investor
and industry conferences, and for complying with our disclosure
obligations under Regulation FD.
Non-GAAP Financial Measures & Key Metrics
In addition to disclosing financial measures prepared in
accordance with GAAP, this press release and the accompanying
tables contain certain non-GAAP financial measures.
Non-GAAP financial measures do not have any standardized meaning
and are therefore unlikely to be comparable to similarly titled
measures presented by other companies. Dynatrace considers these
non-GAAP financial measures to be important because they provide
useful indicators of its performance and liquidity measures. These
are key measures used by our management and Board of Directors to
understand and evaluate our core operating performance and trends,
to prepare and approve our annual budget and to develop short and
long-term operational plans. In addition, investors often use
similar measures to evaluate the performance of a company. Non-GAAP
financial measures are presented for supplemental informational
purposes only for understanding the company’s operating
performance. The non-GAAP financial measures should not be
considered a substitute for financial information presented in
accordance with GAAP, and may be different from non-GAAP financial
measures presented by other companies. The GAAP financial measure
most directly comparable to each non-GAAP financial measure used or
discussed, and a reconciliation of the differences between each
non-GAAP financial measure and the comparable GAAP financial
measure, are included in this press release after the consolidated
financial statements.
Dynatrace presents constant currency amounts for Revenue and
Annual Recurring Revenue to provide a framework for assessing how
our underlying businesses performed excluding the effect of foreign
currency rate fluctuations. Dynatrace provides this non-GAAP
financial information to aid investors in better understanding our
performance.
Annual Recurring Revenue (ARR) is defined as the daily
revenue of all subscription agreements that are actively generating
revenue as of the last day of the reporting period multiplied by
365. We exclude from our calculation of Total ARR any revenues
derived from month-to-month agreements and/or product usage overage
billings.
Constant Currency amounts for ARR, Total Revenue and
Subscription Revenue are presented to provide a framework for
assessing how our underlying businesses performed excluding the
effect of foreign exchange rate fluctuations. To present this
information, current and comparative prior period results for
entities reporting in currencies other than United States dollars
are converted into United States dollars using the average exchange
rates from the comparative period rather than the actual exchange
rates in effect during the respective periods. All growth
comparisons relate to the corresponding period in the last fiscal
year.
Dynatrace Customers are defined as accounts, as
identified by a unique account identifier, that generate at least
$10,000 of Dynatrace ARR as of the reporting date. In infrequent
cases, a single large organization may comprise multiple customer
accounts when there are distinct divisions, departments or
subsidiaries that operate and make purchasing decisions
independently from the parent organization. In cases where multiple
customer accounts exist under a single organization, each customer
account is counted separately based on a mutually exclusive
accounting of ARR.
Free Cash Flow is defined as net cash provided by (used
in) operating activities less capital expenditures (reflected as
"purchase of property and equipment" and "capitalized software
additions" in our financial statements).
About Dynatrace
Dynatrace (NYSE: DT) exists to make the world’s software work
perfectly. Our unified platform combines broad and deep
observability and continuous runtime application security with
Davis® hypermodal AI to provide answers and intelligent automation
from data at an enormous scale. This enables innovators to
modernize and automate cloud operations, deliver software faster
and more securely, and ensure flawless digital experiences. That’s
why the world’s largest organizations trust the Dynatrace® platform
to accelerate digital transformation.
Cautionary Language Concerning Forward-Looking
Statements
This press release includes certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding management’s expectations
related to industry trends, future financial and operational
performance and operational expenditures and investments, the share
repurchase program and sources and uses of capital, expected
growth, and business outlook, including our financial outlook for
the first quarter and full year of fiscal 2025. These
forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions and other statements
contained in this press release that are not historical facts and
statements identified by words such as “will,” “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates”
or words of similar meaning. These forward-looking statements
reflect our current views about our plans, intentions,
expectations, strategies and prospects, which are based on the
information currently available to us and on assumptions we have
made. Although we believe that our plans, intentions, expectations,
strategies and prospects as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance
that the plans, intentions, expectations or strategies will be
attained or achieved. Furthermore, actual results may differ
materially from those described in the forward-looking statements
and will be affected by a variety of risks and factors that are
beyond our control including, without limitation, our ability to
maintain our revenue growth rates in future periods; market
adoption of our product offerings; continued demand for, and
spending on, our solutions; our ability to innovate and develop
solutions that meet customer needs, including through Davis AI; the
ability of our platform and solutions to effectively interoperate
with customers’ IT infrastructures; our ability to acquire new
customers and retain and expand our relationships with existing
customers; our ability to expand our sales and marketing
capabilities; our ability to compete; our ability to maintain
successful relationships with partners; security breaches, other
security incidents and any real or perceived errors, failures,
defects or vulnerabilities in our solutions; our ability to protect
our intellectual property; our ability to hire and retain necessary
qualified employees to grow our business and expand our operations;
our ability to successfully complete acquisitions and to integrate
newly acquired businesses and offerings; the effect on our business
of the macroeconomic environment, associated global economic
conditions and geopolitical disruption; and other risks set forth
under the caption “Risk Factors” in our Form 10-Q filed on February
8, 2024 and our other SEC filings, including our Annual Report on
Form 10-K for the fiscal year ended March 31, 2024, which we plan
to file later this month. We assume no obligation to update any
forward-looking statements contained in this document as a result
of new information, future events or otherwise.
DYNATRACE, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per
share data)
Three Months Ended March
31,
Twelve Months Ended March
31,
2024
2023
2024
2023
(unaudited)
Revenue:
Subscription
$
360,109
$
293,314
$
1,359,354
$
1,083,330
Service
20,739
21,161
71,176
75,200
Total revenue
380,848
314,475
1,430,530
1,158,530
Cost of revenue:
Cost of subscription
50,181
39,052
184,765
144,445
Cost of service
17,462
16,618
65,423
62,882
Amortization of acquired technology
4,230
3,895
16,265
15,564
Total cost of revenue
71,873
59,565
266,453
222,891
Gross profit
308,975
254,910
1,164,077
935,639
Operating expenses:
Research and development
84,271
61,502
304,739
218,349
Sales and marketing
148,788
124,702
534,233
448,015
General and administrative
47,338
42,702
174,412
150,172
Amortization of other intangibles
5,455
6,573
22,293
26,292
Total operating expenses
285,852
235,479
1,035,677
842,828
Income from operations
23,123
19,431
128,400
92,811
Interest income (expense), net
11,024
4,066
37,284
(3,409
)
Other (expense) income, net
(4,045
)
2,412
(10,769
)
565
Income before income taxes
30,102
25,909
154,915
89,967
Income tax benefit (expense)
7,842
54,384
(283
)
17,992
Net income
$
37,944
$
80,293
$
154,632
$
107,959
Net income per share:
Basic
$
0.13
$
0.28
$
0.53
$
0.38
Diluted
$
0.13
$
0.27
$
0.52
$
0.37
Weighted average shares outstanding:
Basic
296,264
289,751
294,051
287,700
Diluted
300,867
293,917
299,280
291,617
SHARE-BASED
COMPENSATION
Three Months Ended March
31,
Twelve Months Ended March
31,
2024
2023
2024
2023
(unaudited)
Cost of revenue
$
6,962
$
4,973
$
26,622
$
18,383
Research and development
19,424
12,067
69,543
41,406
Sales and marketing
16,939
13,748
65,762
51,147
General and administrative
12,273
11,233
46,969
35,938
Total share-based compensation expense
$
55,598
$
42,021
$
208,896
$
146,874
DYNATRACE, INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
data)
March 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
778,983
$
555,348
Short-term investments
57,891
—
Accounts receivable, net
602,739
442,518
Deferred commissions, current
98,935
83,029
Prepaid expenses and other current
assets
66,749
37,289
Total current assets
1,605,297
1,118,184
Long-term investments
46,350
—
Property and equipment, net
53,325
53,576
Operating lease right-of-use asset,
net
61,390
68,074
Goodwill
1,335,494
1,281,812
Intangible assets, net
50,995
63,599
Deferred tax assets, net
138,836
79,822
Deferred commissions, non-current
93,310
86,232
Other assets
24,782
14,048
Total assets
$
3,409,779
$
2,765,347
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable
$
21,410
$
21,953
Accrued expenses, current
233,675
188,380
Deferred revenue, current
987,953
811,058
Operating lease liabilities, current
15,513
15,652
Total current liabilities
1,258,551
1,037,043
Deferred revenue, non-current
62,308
34,423
Accrued expenses, non-current
18,404
29,212
Operating lease liabilities,
non-current
54,013
59,520
Deferred tax liabilities
1,013
280
Total liabilities
1,394,289
1,160,478
Shareholders' equity:
Common shares, $0.001 par value,
600,000,000 shares authorized, 296,962,547 and 290,411,108 shares
issued and outstanding at March 31, 2024 and 2023, respectively
297
290
Additional paid-in capital
2,249,349
1,989,797
Accumulated deficit
(198,757
)
(353,389
)
Accumulated other comprehensive loss
(35,399
)
(31,829
)
Total shareholders' equity
2,015,490
1,604,869
Total liabilities and shareholders'
equity
$
3,409,779
$
2,765,347
DYNATRACE, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Year Ended March 31,
2024
2023
Cash flows from operating
activities:
Net income
$
154,632
$
107,959
Adjustments to reconcile net income to
cash provided by operations:
Depreciation
15,499
12,541
Amortization
39,441
42,070
Share-based compensation
208,896
146,874
Loss on extinguishment of debt
—
5,925
Deferred income taxes
(59,915
)
(53,534
)
Other
11,216
988
Net change in operating assets and
liabilities:
Accounts receivable
(161,888
)
(94,910
)
Deferred commissions
(23,520
)
(45,191
)
Prepaid expenses and other assets
(47,401
)
26,753
Accounts payable and accrued expenses
37,896
58,680
Operating leases, net
1,026
1,186
Deferred revenue
202,227
145,544
Net cash provided by operating
activities
378,109
354,885
Cash flows from investing
activities:
Purchase of property and equipment
(26,459
)
(21,540
)
Capitalized software additions
(5,268
)
—
Acquisition of businesses, net of cash
acquired
(57,111
)
—
Purchases of investments
(104,210
)
—
Net cash used in investing activities
(193,048
)
(21,540
)
Cash flows from financing
activities:
Repayment of term loans
—
(281,125
)
Debt issuance costs
—
(1,949
)
Proceeds from employee stock purchase
plan
19,472
17,806
Proceeds from exercise of stock
options
31,191
32,939
Equity repurchases
—
(15
)
Net cash used in financing activities
50,663
(232,344
)
Effect of exchange rates on cash and cash
equivalents
(12,089
)
(8,620
)
Net increase in cash and cash
equivalents
223,635
92,381
Cash and cash equivalents, beginning of
year
555,348
462,967
Cash and cash equivalents, end of year
$
778,983
$
555,348
DYNATRACE, INC.
GAAP to Non-GAAP
Reconciliations
(Unaudited - In
thousands)
Three Months Ended March 31,
2024
GAAP
Share-based
compensation
Employer payroll taxes on
employee stock transactions
Amortization of
intangibles
Restructuring &
other
Non-GAAP
Non-GAAP income from
operations:
Cost of revenue
$
71,873
$
(6,962
)
$
(542
)
$
(4,230
)
$
—
$
60,139
Gross profit
308,975
6,962
542
4,230
—
320,709
Gross margin
81
%
84
%
Research and development
84,271
(19,424
)
(1,055
)
—
(26
)
63,766
Sales and marketing
148,788
(16,939
)
(1,626
)
—
(615
)
129,608
General and administrative
47,338
(12,273
)
(392
)
—
(2,431
)
32,242
Amortization of other intangibles
5,455
—
—
(5,455
)
—
—
Income from operations
$
23,123
$
55,598
$
3,615
$
9,685
$
3,072
$
95,093
Operating margin
6
%
25
%
Three Months Ended March 31,
2023
GAAP
Share-based
compensation
Employer payroll taxes on
employee stock transactions
Amortization of
intangibles
Restructuring &
other
Non-GAAP
Non-GAAP income from
operations:
Cost of revenue
$
59,565
$
(4,973
)
$
(272
)
$
(3,895
)
$
—
$
50,425
Gross profit
254,910
4,973
272
3,895
—
264,050
Gross margin
81
%
84
%
Research and development
61,502
(12,067
)
(445
)
—
—
48,990
Sales and marketing
124,702
(13,748
)
(1,143
)
—
(1,332
)
108,479
General and administrative
42,702
(11,233
)
(841
)
—
(1,982
)
28,646
Amortization of other intangibles
6,573
—
—
(6,573
)
—
—
Income from operations
$
19,431
$
42,021
$
2,701
$
10,468
$
3,314
$
77,935
Operating margin
6
%
25
%
DYNATRACE, INC.
GAAP to Non-GAAP
Reconciliations
(Unaudited - In thousands,
except per share data)
Three Months Ended March
31,
2024
2023
Non-GAAP net income:
Net income
$
37,944
$
80,293
Income tax benefit
(7,842
)
(54,384
)
Non-GAAP effective cash tax
(16,618
)
10,084
Interest income, net
(11,024
)
(4,066
)
Cash received from interest, net
10,926
4,440
Share-based compensation
55,598
42,021
Employer payroll taxes on employee stock
transactions
3,615
2,701
Amortization of other intangibles
5,455
6,573
Amortization of acquired technology
4,230
3,895
Transaction, restructuring, and other
3,072
3,314
Loss (gain) on currency translation
4,045
(2,412
)
Non-GAAP net income
$
89,401
$
92,459
Share count:
Weighted-average shares outstanding -
basic
296,264
289,751
Weighted-average shares outstanding -
diluted
300,867
293,917
Shares used in non-GAAP per share
calculations:
Weighted-average shares outstanding -
basic
296,264
289,751
Weighted-average shares outstanding -
diluted
300,867
293,917
Non-GAAP net income per share:
Net income per share - basic
$
0.13
$
0.28
Net income per share - diluted
$
0.13
$
0.27
Non-GAAP net income per share - basic
$
0.30
$
0.32
Non-GAAP net income per share -
diluted
$
0.30
$
0.31
Three Months Ended March
31,
2024
2023
Free Cash Flow:
Net cash provided by operating
activities
$
131,672
$
120,427
Purchase of property and equipment
(9,797
)
(5,915
)
Capitalized software additions
(613
)
—
Free Cash Flow
$
121,262
$
114,512
DYNATRACE, INC.
GAAP to Non-GAAP
Reconciliations
(Unaudited - In
thousands)
Year Ended March 31,
2024
GAAP
Share-based
compensation
Employer payroll taxes on
employee stock transactions
Amortization of
intangibles
Restructuring &
other
Non-GAAP
Non-GAAP income from
operations:
Cost of revenue
$
266,453
$
(26,622
)
$
(2,058
)
$
(16,265
)
$
—
$
221,508
Gross profit
1,164,077
26,622
2,058
16,265
—
1,209,022
Gross margin
81
%
85
%
Research and development (1)
304,739
(69,543
)
(5,446
)
—
(26
)
229,724
Sales and marketing (1)
534,233
(65,762
)
(4,967
)
—
(216
)
463,288
General and administrative (1)
174,412
(46,969
)
(1,517
)
—
(8,155
)
117,771
Amortization of other intangibles
22,293
—
—
(22,293
)
—
—
Income from operations
$
128,400
$
208,896
$
13,988
$
38,558
$
8,397
$
398,239
Operating margin
9
%
28
%
Year Ended March 31,
2023
GAAP
Share-based
compensation
Employer payroll taxes on
employee stock transactions
Amortization of
intangibles
Restructuring &
other
Non-GAAP
Non-GAAP income from
operations:
Cost of revenue
$
222,891
$
(18,383
)
$
(798
)
$
(15,564
)
$
(380
)
$
187,766
Gross profit
935,639
18,383
798
15,564
380
970,764
Gross margin
81
%
84
%
Research and development
218,349
(41,406
)
(1,704
)
—
—
175,239
Sales and marketing
448,015
(51,147
)
(2,338
)
—
(1,332
)
393,198
General and administrative
150,172
(35,938
)
(1,351
)
—
(2,347
)
110,536
Amortization of other intangibles
26,292
—
—
(26,292
)
—
—
Income from operations
$
92,811
$
146,874
$
6,191
$
41,856
$
4,059
$
291,791
Operating margin
8
%
25
%
DYNATRACE, INC.
GAAP to Non-GAAP
Reconciliations
(Unaudited - In thousands,
except per share data)
Year Ended March 31,
2024
2023
Non-GAAP net income:
Net income
$
154,632
$
107,959
Income tax expense (benefit)
283
(17,992
)
Non-GAAP effective cash tax
(75,604
)
(13,370
)
Interest (income) expense, net
(37,284
)
3,409
Cash received from interest, net
35,482
3,803
Share-based compensation
208,896
146,874
Employer payroll taxes on employee stock
transactions
13,988
6,191
Amortization of other intangibles
22,293
26,292
Amortization of acquired technology
16,265
15,564
Transaction, restructuring, and other
8,397
4,059
Loss (gain) on currency translation
10,769
(565
)
Non-GAAP net income
$
358,117
$
282,224
Share count:
Weighted-average shares outstanding -
basic
294,051
287,700
Weighted-average shares outstanding -
diluted
299,280
291,617
Shares used in non-GAAP per share
calculations:
Weighted-average shares outstanding -
basic
294,051
287,700
Weighted-average shares outstanding -
diluted
299,280
291,617
Non-GAAP net income per share:
Net income per share - basic
$
0.53
$
0.38
Net income per share - diluted
$
0.52
$
0.37
Non-GAAP net income per share - basic
$
1.22
$
0.98
Non-GAAP net income per share -
diluted
$
1.20
$
0.97
Year Ended March 31,
2024
2023
Free Cash Flow:
Net cash provided by operating
activities
$
378,109
$
354,885
Purchase of property and equipment
(26,459
)
(21,540
)
Capitalized software additions
(5,268
)
—
Free Cash Flow
346,382
333,345
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240515870566/en/
Investor Contact: Noelle Faris VP, Investor Relations
Noelle.Faris@dynatrace.com
Media Relations: Jerome Stewart VP, Marketing
Jerome.Stewart@dynatrace.com
Grafico Azioni Dynatrace (NYSE:DT)
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