• Annual Recurring Revenue was $259.1 million, up 15% from 2019
  • Total revenue for the fourth quarter was $63.3 million and for the full year 2020 was $243.6 million, of which 92% was subscription revenue for both periods
  • Ended 2020 with 51 customers with greater than $1.0 million in ARR, up 34% from 2019
  • Ping Identity ranked first in all use cases in the Gartner 2020 Critical Capabilities for Access Management report

Ping Identity Holding Corp. (“Ping Identity,” or the “Company”) (NYSE: PING), the Intelligent Identity solution for the enterprise, today announced its financial results for the three months and year ended December 31, 2020.

“We exceeded our expectations in the quarter related to our Annual Recurring Revenue -- the key measure of our growth,” said Andre Durand, Ping Identity’s Chief Executive Officer. “With the growth and rising demand for our cloud offerings, we now have more than half of our customers accessing our solutions in the cloud and a rapidly growing portion of our ARR from SaaS. This is a key indicator that our investments related to cloud and new product innovations are gaining strong traction in the market.

“As we build our capabilities, it is particularly gratifying to be recognized by Gartner for our leadership in their Magic Quadrant across all use cases,” added Durand. “We continue to roll out new services on our SaaS platform at an accelerated pace. Our latest SaaS service, PingOne Verify, leverages the capabilities of our ShoCard acquisition we completed in 2020. For our most forward-thinking enterprise customers with cloud-first mandates, we’re seeing accelerating demand for our advanced services running on our cloud platform. Helping these enterprises achieve Zero Trust, seamless digital experiences, and passwordless authentication while driving to the cloud is becoming our number one focus and we’re directing our investments into these areas.”

Financial Highlights for the Fourth Quarter of 2020

ARR: Ending ARR at December 31, 2020 was $259.1 million and represented a 15% increase compared with ARR at December 31, 2019. Ping Identity defines ARR as the annualized value of all subscription contracts as of the end of the period.

Revenue: Total revenue for the fourth quarter of 2020 was $63.3 million. Subscription revenue was $57.9 million. Total revenue for the full year 2020 was $243.6 million and total subscription revenue for the full year 2020 was $224.1 million. Given the impact that deployment mix and contract duration have on GAAP revenue, management continues to believe that ARR is the key growth metric of a subscription business.

Cash Flow: Net cash provided by operating activities was $22.4 million for the year ended December 31, 2020 compared with $5.8 million in the year ended December 31, 2019. Unlevered Free Cash Flow was $8.8 million for the year ended December 31, 2020 compared with $(1.2) million for the year ended December 31, 2019.

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

  • In the fourth quarter, Ping Identity was ranked first in all Identity Use Cases (Internal, External and Multiconstitutency) in the Gartner 2020 Critical Capabilities for Access Management report. The Company was also named a leader for the fourth consecutive year in the 2020 Gartner Magic Quadrant for Access Management, increasing its positioning among key competitors.
  • Ended the year with 1,411 customers, of which 51 had more than $1.0 million in ARR, up 34% year-over-year in that cohort of customers, and 260 had more than $250,000 in ARR, representing a 12% year-over-year growth rate in that customer cohort.
  • Recently added Hall of Fame CIO Paul Martin to its board of directors. Martin, an acclaimed IT visionary with international experience, served most recently as CIO and senior vice president for Baxter International, Inc.
  • Introduced PingOne Verify, a new cloud service that helps enterprises make it easy for customers to verify their identity for rapid account onboarding, authentication and fraud prevention. The new PingOne Service is the latest addition to Ping Identity’s suite of cloud services for identity and access management, and leverages its 2020 acquisition of ShoCard, using facial recognition technology to match the live-face capture with the customer’s image on their government ID. In the fourth quarter, the company added PingOne Risk to its PingOne suite, and is seeing strong early traction among new and existing customers.
  • Was honored as a Best Place to Work in 2021 with the Glassdoor Employees’ Choice Award. This award is based solely on the input of employees who provide anonymous feedback about their job, work environment and employer on Glassdoor, the worldwide leader on insights about jobs and companies.
  • Achieved a world-class Net Promoter Score of 65 in the fourth quarter based on a survey of its customers.

Commenting on the company’s financial results, Raj Dani, Ping Identity’s CFO added, “We delivered strong quarterly and annual financial results, even in the face of a challenging economic climate characterized by tempered enterprise spending. With ARR growth of 15%, 2020 cash flow from operations increasing $16.6 million year-over-year, and $10 million in full-year improvement in our Unlevered Free Cash Flow, we feel good about our ability to continue generating profitable growth. In 2021 we expect to put our cash to work investing into cloud and channel solutions that enable zero trust, seamless digital experiences, and passwordless authentication.”

Financial Outlook

Ping Identity provides the following expected financial guidance for the quarter ending March 31, 2021:

Total ARR of $263.0 million to $264.0 million

Total Revenue of $61.5 million to $63.5 million

Unlevered Free Cash Flow of $12.0 million to $14.0 million

The company also reinstated its annual financial outlook, with the following guidance for the year ending December 31, 2021:

Total ARR of $295.5 million to $298.5 million

Total Revenue of $255.0 million to $265.0 million

Unlevered Free Cash Flow of $7.0 million to $11.0 million

Webcast / Conference Call Details

In conjunction with this announcement, Ping Identity will host a webcast conference call today, February 24, 2021, 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 http://www.directeventreg.com/registration/event/4265887. 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 March 3, 2021. The replay dial-in number will be (800) 585-8367 or for international (416) 621-4642, using the replay number pin: 4265887. 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 Net Income, Non-GAAP Net Income Per Share, Levered Free Cash Flow and Unlevered Free Cash Flow. Certain of these non-GAAP measures exclude stock-based compensation, depreciation and amortization expense, loss on extinguishment of debt and acquisition-related expenses. 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: the impact of the COVID-19 outbreak; 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 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 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 risks associated with our revenue recognition policy and other factors may distort our financial results in any given period; the effects on our customer base and business if we are unable to enhance our brand cost-effectively; our ability to comply with anti-corruption, anti-bribery and similar laws; our ability to comply with governmental export and import controls and economic sanctions laws; our ability to comply with HIPAA; the potential adverse impact of legal proceedings; the impact of our frequently long and unpredictable sales cycle; our ability to identify suitable acquisition targets or otherwise successfully implement our growth strategy; the impact of a change in our pricing model; our ability to meet service level commitments under our customer contracts; the impact on our business and reputation if we are unable to provide high-quality customer support; our dependence on strategic relationships with third parties; the impact of adverse general and industry-specific economic and market conditions and reductions in IT and identity spending; the ability of our platform, solutions and solution packages to interoperate with our customers’ existing or future IT infrastructures; our dependence on adequate research and development resources and our ability to successfully complete acquisitions; our dependence on the integrity and scalability of our systems and infrastructures; our reliance on software and services from other parties; the impact of real or perceived errors, failures, vulnerabilities or bugs in our solutions; our ability to protect our proprietary rights; the impact on our business if we are subject to infringement claim or a claim that results in a significant damage award; the risks associated with our use of open source software in our solutions, solution packages and subscriptions; our reliance on SaaS vendors to operate certain functions of our business; the risks associated with indemnity provisions in our agreements; the risks associated with liability claims if we breach our contracts; the impact of the failure by our customers to pay us in accordance with the terms of their agreements; our ability to expand the sales of our solutions and solution packages to customers located outside of the United States; the risks associated with exposure to foreign currency fluctuations; the impact of Brexit; the impact of potentially adverse tax consequences associated with our international operations; the impact of changes in tax laws or regulations; the impact of the Tax Act; our ability to maintain our corporate culture; our ability to develop and maintain proper and effective internal control over financial reporting; our management team’s limited experience managing a public company; the risks associated with having operations and employees located in Israel; the risks associated with doing business with governmental entities; and the impact of catastrophic events on our business. 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 is the Intelligent Identity solution for the enterprise. We enable companies to achieve Zero Trust identity-defined security and more personalized, streamlined user experiences. The Ping Intelligent Identity™ 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 December 31,

 

Year Ended December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

$

57,932

 

 

$

63,958

 

 

$

224,131

 

 

$

225,345

 

Professional services and other

 

 

5,323

 

 

 

4,277

 

 

 

19,458

 

 

 

17,553

 

Total revenue

 

 

63,255

 

 

 

68,235

 

 

 

243,589

 

 

 

242,898

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Subscription (exclusive of amortization shown below)(1)

 

 

8,088

 

 

 

7,216

 

 

 

30,797

 

 

 

24,044

 

Professional services and other (exclusive of amortization shown below)(1)

 

 

4,823

 

 

 

4,320

 

 

 

17,145

 

 

 

15,322

 

Amortization expense

 

 

5,546

 

 

 

4,357

 

 

 

20,269

 

 

 

16,338

 

Total cost of revenue

 

 

18,457

 

 

 

15,893

 

 

 

68,211

 

 

 

55,704

 

Gross profit

 

 

44,798

 

 

 

52,342

 

 

 

175,378

 

 

 

187,194

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing(1)

 

 

24,805

 

 

 

23,736

 

 

 

88,910

 

 

 

78,889

 

Research and development(1)

 

 

13,085

 

 

 

12,422

 

 

 

48,934

 

 

 

46,016

 

General and administrative(1)

 

 

12,968

 

 

 

11,561

 

 

 

47,198

 

 

 

38,293

 

Depreciation and amortization

 

 

4,292

 

 

 

4,305

 

 

 

16,997

 

 

 

16,639

 

Total operating expenses

 

 

55,150

 

 

 

52,024

 

 

 

202,039

 

 

 

179,837

 

Income (loss) from operations

 

 

(10,352

)

 

 

318

 

 

 

(26,661

)

 

 

7,357

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(598

)

 

 

(847

)

 

 

(2,433

)

 

 

(12,914

)

Loss on extinguishment of debt

 

 

 

 

 

(1,382

)

 

 

 

 

 

(4,532

)

Other income (expense), net

 

 

2,231

 

 

 

1,130

 

 

 

2,947

 

 

 

363

 

Total other income (expense)

 

 

1,633

 

 

 

(1,099

)

 

 

514

 

 

 

(17,083

)

Loss before income taxes

 

 

(8,719

)

 

 

(781

)

 

 

(26,147

)

 

 

(9,726

)

Benefit for income taxes

 

 

5,319

 

 

 

2,995

 

 

 

14,256

 

 

 

8,222

 

Net income (loss)

 

$

(3,400

)

 

$

2,214

 

 

$

(11,891

)

 

$

(1,504

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.04

)

 

$

0.03

 

 

$

(0.15

)

 

$

(0.02

)

Diluted

 

$

(0.04

)

 

$

0.03

 

 

$

(0.15

)

 

$

(0.02

)

Weighted-average shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

81,104

 

 

 

79,205

 

 

 

80,430

 

 

 

68,906

 

Diluted

 

 

81,104

 

 

 

81,132

 

 

 

80,430

 

 

 

68,906

 

______________________________________

(1) Includes stock-based compensation as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2020

 

2019

 

2020

 

2019

Subscription cost of revenue

 

$

189

 

$

141

 

$

675

 

$

141

Professional services and other cost of revenue

 

 

116

 

 

80

 

 

397

 

 

80

Sales and marketing

 

 

1,258

 

 

714

 

 

4,467

 

 

1,407

Research and development

 

 

1,506

 

 

706

 

 

5,294

 

 

1,364

General and administrative

 

 

1,572

 

 

894

 

 

5,791

 

 

3,340

Total

 

$

4,641

 

$

2,535

 

$

16,624

 

$

6,332

 

 

 

 

 

 

 

PING IDENTITY HOLDING CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

145,733

 

 

$

67,637

 

Accounts receivable, net of allowances of $828 and $873

 

 

82,335

 

 

 

67,642

 

Contract assets, current

 

 

62,503

 

 

 

70,031

 

Deferred commissions, current

 

 

6,604

 

 

 

5,814

 

Prepaid expenses

 

 

17,608

 

 

 

12,768

 

Other current assets

 

 

1,940

 

 

 

3,774

 

Total current assets

 

 

316,723

 

 

 

227,666

 

Noncurrent assets:

 

 

 

 

 

 

Property and equipment, net

 

 

9,446

 

 

 

11,183

 

Goodwill

 

 

441,150

 

 

 

417,696

 

Intangible assets, net

 

 

180,422

 

 

 

187,868

 

Contract assets, noncurrent

 

 

11,288

 

 

 

15,979

 

Deferred commissions, noncurrent

 

 

9,325

 

 

 

7,856

 

Deferred income taxes, net

 

 

3,962

 

 

 

2,755

 

Operating lease right-of-use assets

 

 

15,619

 

 

 

 

Other noncurrent assets

 

 

2,516

 

 

 

1,808

 

Total noncurrent assets

 

 

673,728

 

 

 

645,145

 

Total assets

 

$

990,451

 

 

$

872,811

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,795

 

 

$

1,118

 

Accrued expenses and other current liabilities

 

 

7,339

 

 

 

9,302

 

Accrued compensation

 

 

17,170

 

 

 

18,126

 

Deferred revenue, current

 

 

49,203

 

 

 

45,446

 

Operating lease liabilities, current

 

 

3,979

 

 

 

 

Total current liabilities

 

 

80,486

 

 

 

73,992

 

Noncurrent liabilities:

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

3,195

 

 

 

2,061

 

Long-term debt, net of current portion

 

 

149,014

 

 

 

50,941

 

Deferred income taxes, net

 

 

17,867

 

 

 

30,571

 

Operating lease liabilities, noncurrent

 

 

17,213

 

 

 

 

Other liabilities, noncurrent

 

 

1,566

 

 

 

4,775

 

Total noncurrent liabilities

 

 

188,855

 

 

 

88,348

 

Total liabilities

 

 

269,341

 

 

 

162,340

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

Common stock

 

 

81

 

 

 

80

 

Additional paid-in capital

 

 

739,051

 

 

 

718,446

 

Accumulated other comprehensive income (loss)

 

 

1,373

 

 

 

(399

)

Accumulated deficit

 

 

(19,395

)

 

 

(7,656

)

Total stockholders' equity

 

 

721,110

 

 

 

710,471

 

Total liabilities and stockholders' equity

 

$

990,451

 

 

$

872,811

 

 

 

 

 

 

 

 

 

PING IDENTITY HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(11,891

)

 

$

(1,504

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

4,532

 

Depreciation and amortization

 

 

37,266

 

 

 

32,977

 

Stock-based compensation expense

 

 

16,624

 

 

 

6,332

 

Amortization of deferred commissions

 

 

8,045

 

 

 

6,423

 

Amortization of deferred debt issuance costs

 

 

250

 

 

 

679

 

Operating leases, net

 

 

(258

)

 

 

 

Deferred taxes

 

 

(14,888

)

 

 

(9,379

)

Other

 

 

376

 

 

 

166

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(14,666

)

 

 

(18,046

)

Contract assets

 

 

13,518

 

 

 

(18,542

)

Deferred commissions

 

 

(10,304

)

 

 

(9,060

)

Prepaid expenses and other current assets

 

 

(3,331

)

 

 

(6,586

)

Other assets

 

 

(664

)

 

 

373

 

Accounts payable

 

 

1,323

 

 

 

(624

)

Accrued compensation

 

 

(3,412

)

 

 

(404

)

Accrued expenses and other

 

 

(504

)

 

 

6,318

 

Deferred revenue

 

 

4,891

 

 

 

12,140

 

Net cash provided by operating activities

 

 

22,375

 

 

 

5,795

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment and other

 

 

(2,595

)

 

 

(8,696

)

Capitalized software development costs

 

 

(13,255

)

 

 

(10,460

)

Payments for business acquisitions, net of cash acquired

 

 

(32,470

)

 

 

 

Other investing activities

 

 

 

 

 

(600

)

Net cash used in investing activities

 

 

(48,320

)

 

 

(19,756

)

Cash flows from financing activities

 

 

 

 

 

 

Payment of Elastic Beam consideration and holdbacks

 

 

(424

)

 

 

(1,136

)

Proceeds from initial public offering, net of underwriting discounts and commissions

 

 

 

 

 

200,531

 

Payment of offering costs

 

 

(295

)

 

 

(5,164

)

Proceeds from stock option exercises

 

 

10,404

 

 

 

1,571

 

Payment for tax withholding on equity awards

 

 

(4,499

)

 

 

 

Proceeds from long-term debt

 

 

97,823

 

 

 

52,177

 

Payment of long-term debt

 

 

 

 

 

(248,750

)

Net cash provided by (used in) financing activities

 

 

103,009

 

 

 

(2,020

)

Effect of exchange rates on cash and cash equivalents and restricted cash

 

 

1,049

 

 

 

224

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

78,113

 

 

 

(15,757

)

Cash and cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

 

68,386

 

 

 

84,143

 

End of period

 

$

146,499

 

 

$

68,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31,

 

Year Ended December 31,

 

 

2020

 

2019

 

2020

 

2019

Gross profit

 

$

44,798

 

$

52,342

 

$

175,378

 

$

187,194

Amortization expense

 

 

5,546

 

 

4,357

 

 

20,269

 

 

16,338

Stock-based compensation

 

 

305

 

 

221

 

 

1,072

 

 

221

Non-GAAP Gross Profit

 

$

50,649

 

$

56,920

 

$

196,719

 

$

203,753

Non-GAAP Gross Profit Margin

 

 

80%

 

 

83%

 

 

81%

 

 

84%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Total operating expenses

 

$

55,150

 

 

$

52,024

 

 

$

202,039

 

 

$

179,837

 

Stock-based compensation

 

 

(4,336

)

 

 

(2,314

)

 

 

(15,552

)

 

 

(6,111

)

Acquisition related expenses

 

 

(1,078

)

 

 

(522

)

 

 

(2,197

)

 

 

(3,321

)

Amortization expense

 

 

(3,412

)

 

 

(3,336

)

 

 

(13,453

)

 

 

(13,652

)

Non-GAAP Operating Expenses

 

$

46,324

 

 

$

45,852

 

 

$

170,837

 

 

$

156,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(3,400

)

 

$

2,214

 

 

$

(11,891

)

 

$

(1,504

)

Stock-based compensation

 

 

4,641

 

 

 

2,535

 

 

 

16,624

 

 

 

6,332

 

Acquisition related expenses

 

 

1,078

 

 

 

522

 

 

 

2,197

 

 

 

3,321

 

Amortization expense

 

 

8,958

 

 

 

7,693

 

 

 

33,722

 

 

 

29,990

 

Loss on extinguishment of debt

 

 

 

 

 

1,382

 

 

 

 

 

 

4,532

 

Provision for income taxes(1)

 

 

(3,669

)

 

 

(3,155

)

 

 

(13,136

)

 

 

(11,486

)

Non-GAAP Net Income

 

$

7,608

 

 

$

11,191

 

 

$

27,516

 

 

$

31,185

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.04

)

 

$

0.03

 

 

$

(0.15

)

 

$

(0.02

)

Diluted

 

$

(0.04

)

 

$

0.03

 

 

$

(0.15

)

 

$

(0.02

)

Weighted-average shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

81,104

 

 

 

79,205

 

 

 

80,430

 

 

 

68,906

 

Diluted

 

 

81,104

 

 

 

81,132

 

 

 

80,430

 

 

 

68,906

 

Non-GAAP Net Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.09

 

 

$

0.14

 

 

$

0.34

 

 

$

0.45

 

Diluted

 

$

0.09

 

 

$

0.14

 

 

$

0.33

 

 

$

0.44

 

Weighted-average shares used in computing Non-GAAP Net Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

81,104

 

 

 

79,205

 

 

 

80,430

 

 

 

68,906

 

Diluted

 

 

83,642

 

 

 

81,132

 

 

 

83,236

 

 

 

70,382

 

 

_____________________________________

(1) The related tax effects of the adjustments to Non-GAAP Net Income were calculated using the respective statutory tax rates for applicable jurisdictions.

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2020

 

 

2019

 

Net cash provided by operating activities

 

$

22,375

 

 

$

5,795

 

Add:

 

 

 

 

 

 

Cash paid for interest

 

 

2,263

 

 

 

12,169

 

Less:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(2,595

)

 

 

(8,696

)

Capitalized software development costs

 

 

(13,255

)

 

 

(10,460

)

Unlevered Free Cash Flow

 

$

8,788

 

 

$

(1,192

)

Net cash used in investing activities

 

$

(48,320

)

 

$

(19,756

)

Net cash provided by (used in) financing activities

 

$

103,009

 

 

$

(2,020

)

Cash paid for Elastic Beam compensation and bonus retention payments

 

$

4,173

 

 

$

4,868

 

Reconciliation of Unlevered Free Cash Flow Guidance for the Three Months and Year Ended December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

March 31, 2021

 

Year Ended

December 31, 2021

 

 

Low

 

High

 

Low

 

High

Net cash provided by operating activities

 

$

16,135

 

 

$

18,135

 

 

$

23,915

 

 

$

27,915

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

 

355

 

 

 

355

 

 

 

1,150

 

 

 

1,150

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(815

)

 

 

(815

)

 

 

(2,315

)

 

 

(2,315

)

Capitalized software development costs

 

 

(3,675

)

 

 

(3,675

)

 

 

(15,750

)

 

 

(15,750

)

Unlevered Free Cash Flow

 

$

12,000

 

 

$

14,000

 

 

$

7,000

 

 

$

11,000

 

 

PING IDENTITY HOLDING CORP.

SUPPLEMENTAL FINANCIAL INFORMATION

KEY BUSINESS METRICS

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

Change

 

 

2020

 

2019

 

$

 

%

 

 

(dollars in thousands)

ARR

 

$

259,090

 

$

224,888

 

$

34,202

 

15

%

 

Investor Relations Contact: David Banks investor@pingidentity.com 303-396-6200

Media Contact: Kristin Miller press@pingidentity.com 720-728-1033

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