- Annual Recurring Revenue ("ARR") growth of 21%
year-over-year accelerated for the fifth straight quarter on a
year-over-year basis to $323.5
million at March 31,
2022
- Total revenue for the first quarter 2022 grew 23%
year-over-year to $84.7
million
- Software as a service ("SaaS") revenue for the first
quarter 2022 grew 68% year-over-year – accelerating for the fourth
straight quarter on a year-over-year basis
DENVER, May 4, 2022 /PRNewswire/ -- Ping Identity Holding
Corp. ("Ping Identity," or the "Company") (NYSE: PING), which
delivers intelligent identity solutions for the enterprise, today
announced its financial results for the three months ended
March 31, 2022, and provided its
outlook for the second quarter and full year 2022.
![Ping Logo (PRNewsfoto/PING IDENTITY CORP.) Ping Logo (PRNewsfoto/PING IDENTITY CORP.)](https://mma.prnewswire.com/media/1720866/Ping_Logo.jpg)
"We started the year strong, despite a volatile market and
geopolitical environment. In addition to driving continued ARR and
revenue growth, we also announced important partnerships in the
quarter aimed at extending our services to sectors in need and
improving our footprint with channel partners. Additionally, with
some early sales momentum related to the February launch of PingOne
DaVinci, we're continuing to build our robust platform," said
Andre Durand, Ping Identity's Chief
Executive Officer. "We remain focused on driving success on our
'3Cs' in 2022: further driving our cloud transformation,
extending our leadership in the customer use case, and
deepening our channel relationships, all of which will help
to further strengthen the business."
Key Highlights for the First Quarter 2022
ARR:
Ending ARR at March 31, 2022, was
$323.5 million and represented a 21%
increase compared with the first quarter 2021. Ping Identity
defines ARR as the annualized value of all subscription contracts
as of the end of the period.
Revenue: Total revenue for the first quarter 2022 was
$84.7 million. Subscription revenue
was $80.2 million, or 95% of total
revenue. SaaS revenue of $20.2
million grew 68% from $12.0
million in the first quarter 2021 driven by the continued
adoption of Ping Identity's PingOne solutions.
Cash Flow: Net cash used in operating activities was
$3.3 million in the three months
ended March 31, 2022, compared with
net cash provided by operating activities of $24.1 million in the three months ended
March 31, 2021. Unlevered Free Cash
Flow* was ($5.7) million for the
three months ended March 31, 2022,
compared with $19.5 million for the
three months ended March 31,
2021.
Dollar-Based Net Retention Rate: Ping Identity's
dollar-based net retention rate at March 31,
2022, was 114%. The Company calculates dollar-based net
retention rate as ending ARR for the current reporting period from
customers with associated ending ARR for the same period last year,
divided by ending ARR for the same period last year.
Customers: Ended the first quarter 2022 with 321
customers with more than $250,000 in
ARR, up 21% year-over-year in that customer cohort.
*Please refer to the section titled "Use of Non-GAAP Financial
Information" and the tables within this press release which contain
explanations and reconciliations of the Company's non-GAAP
financial measures.
Recent Business Highlights
- Announced the Critical Infrastructure Defense Project with
Cloudflare (NYSE: NET) and CrowdStrike Holdings (Nasdaq: CRWD) to
provide free cybersecurity services to particularly vulnerable
industries, including U.S. hospitals and water and power
utilities.
- Announced a strategic partnership with TD SYNNEX, a leading
distributor and solutions aggregator for the IT industry, to bring
best-in-class identity security solutions to customers in the U.S.
and Canada. TD SYNNEX will become
a major global distribution resource in the Ping Identity Global
Partner Network, providing identity and access management ("IAM")
solutions that help enterprises prevent security breaches, increase
productivity and provide seamless digital experiences for their
workforces and customers.
- In April, named Rakesh Thaker as
the company's new Senior Vice President of Research and
Development. Thaker has been a successful leader of numerous large
scale, global engineering organizations.
- In April, published Ping Identity's first annual Environmental,
Social and Governance report which highlights the Company's efforts
to promote diversity and inclusion in the workplace, strong
corporate governance, and social and environmental
stewardship.
- In May, the board of directors appointed Anil Arora and
Vikram Verma to Ping Identity's
board of directors. Arora has been a pioneer in the Fintech space
and was CEO of Yodlee and Envestnet|Yodlee from 2000-2019. Verma is
a seasoned executive with over 30 years of leadership experience
with technology companies of all sizes.
Commenting on the Company's financial results, Raj Dani, Ping
Identity's Chief Financial Officer, said, "We started 2022 with
continuing momentum, highlighted by our fifth straight quarter of
accelerating ARR growth and our highest year-over-year SaaS revenue
growth rate since the fourth quarter 2018. Even in the face of
market and geopolitical uncertainty, these results strengthen our
confidence in our 2022 growth trajectory and provide positive
momentum as we continue on the glidepath toward our long-term goal
of $1 billion in ARR."
2022 Financial Outlook
Ping Identity provides the following expected financial guidance
for the quarter ending June 30,
2022:
Total ARR of $337.0 million
to $340.0 million
Total Revenue of $70.0 million
to $75.0 million
Unlevered Free Cash Flow* of $(12.0)
million to $(8.0) million
Ping Identity provides the following expected financial guidance
for the year ending December 31,
2022:
Total ARR of $380.0 million
to $385.0 million
Total Revenue of $332.0
million to $342.0 million
Unlevered Free Cash Flow* of approximately breakeven
* Please refer to the section titled "Use of Non-GAAP Financial
Information" and the tables within this press release which contain
explanations and reconciliations of the Company's non-GAAP
financial measures.
Webcast / Conference Call Details
In conjunction with
this announcement, Ping Identity will host a webcast conference
call today, May 4, 2022, at
5:00 p.m. Eastern Time to discuss its
financial results. The listen-only webcast is available at
https://investor.pingidentity.com. Investors and participants can
register for the telephonic version of the conference call in
advance by visiting https://conferencingportals.com/event/fLIOaEMp.
After registering, instructions will be shared on how to join
the call including dial-in information as well as a unique passcode
and registrant ID. At the time of the call, registered participants
will dial in using the numbers from the confirmation email, and
upon entering their unique passcode and ID, will be entered
directly into the conference.
Following the conference call, a replay will be available until
11:59 p.m. Eastern time on
May 11, 2022. The replay dial-in
number will be (800) 770-2030 or for international (647) 362-9199,
using the replay number pin: 60455. An archived webcast of the call
will also be available at https://investor.pingidentity.com.
Use of Non-GAAP Financial Information
In addition to
Ping Identity's results determined in accordance with generally
accepted accounting principles in the
United States ("GAAP"), the Company believes the following
non-GAAP measures presented in this press release and discussed on
the related teleconference call are useful in evaluating its
operating performance: Non-GAAP Gross Profit, Non-GAAP Gross Profit
Margin, Non-GAAP Operating Expenses, Non-GAAP Operating Margin,
Non-GAAP Net Income, Non-GAAP Net Income Per Share, Free Cash Flow
and Unlevered Free Cash Flow. Certain of these non-GAAP measures
exclude stock-based compensation, depreciation and/or amortization
expense and acquisition-related expenses, as noted in the
reconciliation. Ping Identity believes that non-GAAP financial
information, when taken collectively, may be helpful to investors
because it provides consistency and comparability with past
financial performance and assists in comparisons with other
companies, some of which use similar non-GAAP financial information
to supplement their GAAP results. The non-GAAP financial
information is presented for supplemental informational purposes
only, and 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. A
reconciliation is provided herein for each non-GAAP financial
measure to the most directly comparable financial measure stated in
accordance with GAAP. Investors are encouraged to review the
related GAAP financial measures and the reconciliation of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures.
Forward-Looking Statements
In addition to historical
consolidated financial information, certain statements in this
press release and on the related teleconference call may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve substantial
risks and uncertainties. All statements other than statements of
historical fact included in this press release and on the related
teleconference call are forward-looking statements. These
statements may include words such as "anticipate," "estimate,"
"expect," "project," "plan," "intend," "believe," "may," "will,"
"should," "can have," "likely" and other words and terms of similar
meaning in connection with any discussion of the timing or nature
of future operating or financial performance or other events. For
example, all statements Ping Identity makes relating to its
estimated and projected costs, expenditures, cash flows, growth
rates and financial results or its plans and objectives for future
operations, growth initiatives, or strategies are forward-looking
statements. All forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those that the Company expected. Specific factors that could
cause such a difference include, but are not limited to, those
disclosed previously in the Company's other filings with the SEC
which include, but are not limited to: our ability to adapt to
rapid technological change, evolving industry standards and
changing customer needs, requirements or preferences; our ability
to enhance and deploy our cloud-based offerings while continuing to
effectively offer our on-premise offerings; our ability to maintain
or improve our competitive position; the impact of the novel
Coronavirus Disease 2019 (COVID-19) pandemic; the impact on our
business of a network or data security incident or unauthorized
access to our network or data or our customers' data; the effects
on our business if we are unable to acquire new customers, if our
customers do not renew their arrangements with us, or if we are
unable to expand sales to our existing customers or develop new
solutions or solution packages that achieve market acceptance; our
ability to manage our growth effectively, execute our business
plan, maintain high levels of service and customer satisfaction or
adequately address competitive challenges; our dependence on our
senior management team and other key employees; our ability to
enhance and expand our sales and marketing capabilities; our
ability to attract and retain highly qualified personnel to execute
our growth plan; the risks associated with interruptions or
performance problems of our technology, infrastructure and service
providers; our dependence on Amazon Web Services cloud
infrastructure services; the impact of data privacy and
cybersecurity concerns, evolving regulations of cloud computing,
cross-border data transfer restrictions and other domestic and
foreign laws and regulations; the impact of volatility in quarterly
operating results; the impact of our existing indebtedness could
adversely affect our business and growth prospects; the fact that
we may still be able to incur substantially more indebtedness or
make certain restricted payments, which could further exacerbate
the risks associated with our substantial indebtedness, despite our
current indebtedness levels and restrictive covenants; our ability
to generate sufficient cash flow to service all of our
indebtedness, and actions we may be forced to take to satisfy our
obligations under such indebtedness, which may not be successful;
the impact of adverse general and industry-specific economic and
market conditions, including any impact from ongoing conflict in
Ukraine and Russia, and reductions in IT and identity
spending; the risks associated with the financing documents
governing our 2021 Credit Facilities, as defined below, which
restrict our current and future operations, particularly our
ability to respond to changes or to take certain actions; our
ability to refinance our indebtedness; the risks associated with
the provisions of our corporate governance documents that could
make an acquisition of us more difficult and may prevent attempts
by our shareholders to replace or remove our current management,
even if beneficial to our shareholders; Vista Equity Partners'
("Vista") influence on certain of our corporate actions, which may
conflict with our or your interests in the future; the risks
associated with the designation of the Court of Chancery of the
State of Delaware as the exclusive
forum for certain litigation that may be initiated by our
shareholders in our certificate of incorporation, which could limit
our shareholders' ability to obtain a favorable judicial forum for
disputes with us; the potential that an active, liquid trading
market for our common stock may not be sustained, which may limit
your ability to sell your shares; and the potential volatility of
our operating results and stock price, and the potential that the
market price of our common stock may drop below the price you paid;
and other factors disclosed in the section entitled ''Risk
Factors'' in our most recent Annual Report on Form 10-K and
subsequent reports filed with the SEC. Given these factors, as well
as other variables that may affect Ping Identity's operating
results, you should not rely on forward-looking statements, assume
that past financial performance will be a reliable indicator of
future performance, or use historical trends to anticipate results
or trends in future periods. The forward-looking statements
included in this press release and on the related teleconference
call relate only to events as of the date hereof. The Company
undertakes no obligation to update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as otherwise required by law.
About Ping Identity
Ping Identity delivers intelligent
identity solutions for the enterprise. We enable companies to
achieve Zero Trust identity-defined security and more personalized,
streamlined user experiences. The PingOne Cloud Platform provides
customers, workforce, and partners with access to cloud, mobile,
SaaS and on-premises applications across the hybrid enterprise.
Over half of the Fortune 100 choose us for our identity expertise,
open standards, and partnerships with companies including Microsoft
and Amazon. We provide flexible identity solutions that accelerate
digital business initiatives, delight customers, and secure the
enterprise through multi-factor authentication, single sign-on,
access management, intelligent API security, directory, and data
governance capabilities. For more information, visit
www.pingidentity.com.
PING IDENTITY
HOLDING CORP.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
Subscription
|
|
$
|
80,200
|
|
$
|
64,216
|
Professional services
and other
|
|
|
4,491
|
|
|
4,728
|
Total
revenue
|
|
|
84,691
|
|
|
68,944
|
Cost of
revenue:
|
|
|
|
|
|
|
Subscription (exclusive
of amortization shown below)(1)
|
|
|
13,388
|
|
|
9,414
|
Professional services
and other (exclusive of amortization shown
below)(1)
|
|
|
6,759
|
|
|
5,583
|
Amortization
expense
|
|
|
8,516
|
|
|
5,809
|
Total cost of
revenue
|
|
|
28,663
|
|
|
20,806
|
Gross
profit
|
|
|
56,028
|
|
|
48,138
|
Operating
expenses:
|
|
|
|
|
|
|
Sales and
marketing(1)
|
|
|
30,941
|
|
|
25,549
|
Research and
development(1)
|
|
|
20,467
|
|
|
21,702
|
General and
administrative(1)
|
|
|
16,231
|
|
|
14,455
|
Depreciation and
amortization
|
|
|
4,388
|
|
|
4,365
|
Total operating
expenses
|
|
|
72,027
|
|
|
66,071
|
Loss from
operations
|
|
|
(15,999)
|
|
|
(17,933)
|
Other
expense:
|
|
|
|
|
|
|
Interest
expense
|
|
|
(3,636)
|
|
|
(396)
|
Other expense,
net
|
|
|
(804)
|
|
|
(872)
|
Total other
expense
|
|
|
(4,440)
|
|
|
(1,268)
|
Loss before income
taxes
|
|
|
(20,439)
|
|
|
(19,201)
|
Benefit for income
taxes
|
|
|
181
|
|
|
3,267
|
Net loss
|
|
$
|
(20,258)
|
|
$
|
(15,934)
|
Net loss per
share:
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.24)
|
|
$
|
(0.20)
|
Weighted-average
shares used in computing net loss per share:
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
83,822
|
|
|
81,339
|
______________________________________
(1) Includes
stock-based compensation as follows:
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2022
|
|
2021
|
Subscription cost of
revenue
|
|
$
|
467
|
|
$
|
535
|
Professional services
and other cost of revenue
|
|
|
281
|
|
|
591
|
Sales and
marketing
|
|
|
2,180
|
|
|
4,198
|
Research and
development
|
|
|
3,226
|
|
|
8,512
|
General and
administrative
|
|
|
1,974
|
|
|
3,103
|
Total
|
|
$
|
8,128
|
|
$
|
16,939
|
PING IDENTITY
HOLDING CORP.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
213,286
|
|
$
|
220,607
|
Accounts receivable,
net of allowances of $526 and $610
|
|
|
74,265
|
|
|
82,969
|
Contract assets,
current
|
|
|
61,468
|
|
|
67,540
|
Deferred commissions,
current
|
|
|
10,829
|
|
|
10,460
|
Prepaid
expenses
|
|
|
21,084
|
|
|
16,654
|
Other current
assets
|
|
|
2,055
|
|
|
2,914
|
Total current
assets
|
|
|
382,987
|
|
|
401,144
|
Noncurrent
assets:
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
8,955
|
|
|
9,396
|
Goodwill
|
|
|
527,933
|
|
|
528,548
|
Intangible assets,
net
|
|
|
183,289
|
|
|
190,077
|
Contract assets,
noncurrent
|
|
|
5,565
|
|
|
3,457
|
Deferred commissions,
noncurrent
|
|
|
19,411
|
|
|
19,380
|
Deferred income taxes,
net
|
|
|
3,089
|
|
|
6,201
|
Operating lease
right-of-use assets
|
|
|
12,937
|
|
|
13,709
|
Other noncurrent
assets
|
|
|
8,962
|
|
|
6,121
|
Total noncurrent
assets
|
|
|
770,141
|
|
|
776,889
|
Total
assets
|
|
$
|
1,153,128
|
|
$
|
1,178,033
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
9,665
|
|
$
|
4,528
|
Accrued expenses and
other current liabilities
|
|
|
9,822
|
|
|
10,305
|
Accrued
compensation
|
|
|
16,796
|
|
|
29,258
|
Deferred revenue,
current
|
|
|
70,446
|
|
|
71,957
|
Operating lease
liabilities, current
|
|
|
4,372
|
|
|
4,330
|
Current portion of
long-term debt
|
|
|
1,882
|
|
|
1,132
|
Total current
liabilities
|
|
|
112,983
|
|
|
121,510
|
Noncurrent
liabilities:
|
|
|
|
|
|
|
Deferred revenue,
noncurrent
|
|
|
4,298
|
|
|
5,584
|
Long-term debt, net of
current portion
|
|
|
290,680
|
|
|
291,154
|
Deferred income taxes,
net
|
|
|
777
|
|
|
4,240
|
Operating lease
liabilities, noncurrent
|
|
|
13,077
|
|
|
14,140
|
Total noncurrent
liabilities
|
|
|
308,832
|
|
|
315,118
|
Total
liabilities
|
|
|
421,815
|
|
|
436,628
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
Common stock
|
|
|
84
|
|
|
84
|
Additional paid-in
capital
|
|
|
835,454
|
|
|
824,455
|
Accumulated other
comprehensive income (loss)
|
|
|
(181)
|
|
|
652
|
Accumulated
deficit
|
|
|
(104,044)
|
|
|
(83,786)
|
Total stockholders'
equity
|
|
|
731,313
|
|
|
741,405
|
Total liabilities and
stockholders' equity
|
|
$
|
1,153,128
|
|
$
|
1,178,033
|
|
|
|
|
|
|
|
PING IDENTITY
HOLDING CORP.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2022
|
|
2021
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net loss
|
|
$
|
(20,258)
|
|
$
|
(15,934)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
12,904
|
|
|
10,174
|
Stock-based
compensation expense
|
|
|
8,128
|
|
|
16,939
|
Amortization of
deferred commissions
|
|
|
3,316
|
|
|
2,329
|
Amortization of
deferred debt issuance costs
|
|
|
318
|
|
|
62
|
Operating leases,
net
|
|
|
(249)
|
|
|
(142)
|
Deferred
taxes
|
|
|
(286)
|
|
|
(3,546)
|
Other
|
|
|
96
|
|
|
(10)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
8,574
|
|
|
16,640
|
Contract
assets
|
|
|
4,006
|
|
|
4,128
|
Deferred
commissions
|
|
|
(3,716)
|
|
|
(2,934)
|
Prepaid expenses and
other current assets
|
|
|
(3,891)
|
|
|
2,466
|
Other
assets
|
|
|
(3,707)
|
|
|
(820)
|
Accounts
payable
|
|
|
5,274
|
|
|
(2,013)
|
Accrued
compensation
|
|
|
(10,583)
|
|
|
(1,865)
|
Accrued expenses and
other
|
|
|
(413)
|
|
|
1,659
|
Deferred
revenue
|
|
|
(2,797)
|
|
|
(3,046)
|
Net cash provided by
(used in) operating activities
|
|
|
(3,284)
|
|
|
24,087
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Payments for business
acquisitions, net of cash acquired
|
|
|
(4)
|
|
|
—
|
Purchases of property
and equipment and other
|
|
|
(809)
|
|
|
(953)
|
Capitalized software
development costs
|
|
|
(4,908)
|
|
|
(3,974)
|
Net cash used in
investing activities
|
|
|
(5,721)
|
|
|
(4,927)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Payment of
acquisition-related holdbacks
|
|
|
—
|
|
|
(993)
|
Proceeds from stock
option exercises
|
|
|
1,093
|
|
|
1,770
|
Payment for tax
withholding on equity awards
|
|
|
(81)
|
|
|
(565)
|
Payment of long-term
debt
|
|
|
—
|
|
|
(110,000)
|
Net cash provided by
(used in) financing activities
|
|
|
1,012
|
|
|
(109,788)
|
Effect of exchange
rates on cash and cash equivalents and restricted cash
|
|
|
717
|
|
|
(111)
|
Net decrease in cash
and cash equivalents and restricted cash
|
|
|
(7,276)
|
|
|
(90,739)
|
Cash and cash
equivalents and restricted cash
|
|
|
|
|
|
|
Beginning of
period
|
|
|
220,889
|
|
|
146,499
|
End of
period
|
|
$
|
213,613
|
|
$
|
55,760
|
PING IDENTITY
HOLDING CORP.
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL DATA
|
(In thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2022
|
|
2021
|
Gross
profit
|
|
$
|
56,028
|
|
$
|
48,138
|
Amortization
expense
|
|
|
8,516
|
|
|
5,809
|
Stock-based
compensation
|
|
|
748
|
|
|
1,126
|
Non-GAAP Gross
Profit
|
|
$
|
65,292
|
|
$
|
55,073
|
GAAP Gross Profit
Margin
|
|
|
66%
|
|
|
70%
|
Non-GAAP Gross Profit
Margin
|
|
|
77%
|
|
|
80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2022
|
|
2021
|
Total operating
expenses
|
|
$
|
72,027
|
|
$
|
66,071
|
Stock-based
compensation
|
|
|
(7,380)
|
|
|
(15,813)
|
Acquisition related
expenses
|
|
|
—
|
|
|
(2)
|
Amortization
expense
|
|
|
(3,457)
|
|
|
(3,444)
|
Non-GAAP Operating
Expenses
|
|
$
|
61,190
|
|
$
|
46,812
|
GAAP Operating
Margin
|
|
|
(19)%
|
|
|
(26)%
|
Non-GAAP Operating
Margin
|
|
|
5%
|
|
|
12%
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2022
|
|
2021
|
Net loss
|
|
$
|
(20,258)
|
|
$
|
(15,934)
|
Stock-based
compensation
|
|
|
8,128
|
|
|
16,939
|
Acquisition related
expenses
|
|
|
—
|
|
|
2
|
Amortization
expense
|
|
|
11,973
|
|
|
9,253
|
Provision for income
taxes(1)
|
|
|
(5,025)
|
|
|
(6,549)
|
Non-GAAP Net Income
(Loss)
|
|
$
|
(5,182)
|
|
$
|
3,711
|
Net loss per
share:
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.24)
|
|
$
|
(0.20)
|
Weighted-average
shares used in computing net loss per share:
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
83,822
|
|
|
81,339
|
Non-GAAP Net Income
(Loss) per Share:
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.06)
|
|
$
|
0.05
|
Diluted
|
|
$
|
(0.06)
|
|
$
|
0.04
|
Weighted-average
shares used in computing Non-GAAP Net Income (Loss) per
Share:
|
|
|
|
|
|
|
Basic
|
|
|
83,822
|
|
|
81,339
|
Diluted
|
|
|
83,822
|
|
|
83,940
|
|
|
|
|
|
|
|
_____________________________________
(1)
The related tax effects of the adjustments to Non-GAAP Net Income
were calculated using the respective statutory tax rates for
applicable jurisdictions.
|
|
|
Three Months
Ended
March 31,
|
|
|
2022
|
|
2021
|
Net cash provided by
(used in) operating activities
|
|
$
|
(3,284)
|
|
$
|
24,087
|
Less:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(809)
|
|
|
(953)
|
Capitalized software
development costs
|
|
|
(4,908)
|
|
|
(3,974)
|
Free Cash
Flow
|
|
|
(9,001)
|
|
|
19,160
|
Add:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
|
3,320
|
|
|
339
|
Unlevered Free Cash
Flow
|
|
$
|
(5,681)
|
|
$
|
19,499
|
Net cash used in
investing activities
|
|
$
|
(5,721)
|
|
$
|
(4,927)
|
Net cash provided by
(used in) financing activities
|
|
$
|
1,012
|
|
$
|
(109,788)
|
Reconciliation of
Unlevered Free Cash Flow Guidance for the Three Months Ended June
30, 2022 and Year Ended December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30, 2022
|
|
Year
Ended
December 31, 2022
|
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net cash provided by
(used in) operating activities
|
|
$
|
(9,100)
|
|
$
|
(5,100)
|
|
$
|
9,500
|
|
$
|
9,500
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(1,000)
|
|
|
(1,000)
|
|
|
(2,900)
|
|
|
(2,900)
|
Capitalized software
development costs
|
|
|
(5,500)
|
|
|
(5,500)
|
|
|
(22,300)
|
|
|
(22,300)
|
Free Cash
Flow
|
|
|
(15,600)
|
|
|
(11,600)
|
|
|
(15,700)
|
|
|
(15,700)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
|
3,600
|
|
|
3,600
|
|
|
15,700
|
|
|
15,700
|
Unlevered Free Cash
Flow
|
|
$
|
(12,000)
|
|
$
|
(8,000)
|
|
$
|
—
|
|
$
|
—
|
PING IDENTITY
HOLDING CORP.
SUPPLEMENTAL FINANCIAL
INFORMATION KEY BUSINESS
METRICS (In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
Change
|
|
|
2022
|
|
2021
|
|
$
|
|
%
|
|
|
(dollars in
thousands)
|
ARR
|
|
$
|
323,494
|
|
$
|
266,274
|
|
$
|
57,220
|
|
21
|
%
|
Ping Identity Contacts
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Investor Relations Contact:
David Banks
Tel: 303.396.6200
investor@pingidentity.com
Media Contact:
Megan
Johnson
Tel: 757.635.2807
press@pingidentity.com
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SOURCE Ping Identity Corp.