Company Cancels Earnings Call in Light of
Transaction with Thoma Bravo
Second Quarter 2022 Highlights
- Annual Recurring Revenue ("ARR") growth accelerated to 22%
year-over-year, growing for the sixth straight quarter on a
year-over-year basis to $341.0
million at June 30, 2022
- Software as a service ("SaaS") ARR now exceeds 30% of total
ARR, surpassing the $100 million
threshold
- Total revenue for the second quarter 2022 of $72.0 million, of which 92% was
subscription-based
- SaaS revenue for the second quarter 2022 grew 69%
year-over-year – accelerating for the fifth straight quarter
DENVER, Aug. 3, 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 June 30,
2022.
"Ongoing ARR growth acceleration and demand for our services led
to a strong first half of the year. We were excited to see SaaS ARR
exceed $100 million, as growth in the
quarter was once again highlighted by expansion of our cloud
solutions," said Andre Durand, Ping
Identity's Chief Executive Officer. "As customers buy in to our
hybrid cloud platform vision, we had a record number of customer
wins that each exceeded half a million dollars in ARR. As we look
to the second half of the year, we remain focused on maturing our
cloud platform, supporting our channel partners, and winning in the
customer use case.
"We are also excited to announce our transaction with
Thoma Bravo," added Durand. "We
believe this is a great outcome for all stakeholders as we
accelerate our vision for securing the Internet through intelligent
identity, while delivering extraordinary experiences for our end
users."
Key Highlights for the Second Quarter 2022
ARR: Ending ARR at June 30,
2022, was $341.0 million and
represented a 22% increase compared with the second quarter 2021.
SaaS ARR exceeded $100 million,
representing 30% of total ending ARR. Ping Identity defines ARR as
the annualized value of all subscription contracts as of the end of
the period.
Revenue: Total revenue for the second quarter 2022 was
$72.0 million. Subscription revenue
was $66.3 million, or 92% of total
revenue. SaaS revenue of $22.7
million grew 69% from $13.4
million in the second quarter 2021, once again accelerating
on a sequential quarter basis, driven by the continued adoption of
Ping Identity's PingOne solutions.
Cash Flow: Net cash used in operating activities was
$3.7 million in the six months ended
June 30, 2022, compared with net cash
provided by operating activities of $44.0
million in the six months ended June
30, 2021. Unlevered Free Cash Flow* was $(8.4) million for the six months ended
June 30, 2022, compared with
$34.5 million for the six months
ended June 30, 2021.
Dollar-Based Net Retention Rate: Ping Identity's
dollar-based net retention rate at June 30,
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 second quarter 2022 with 331
customers with more than $250,000 in
ARR, up 19% 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.
Transaction with Thoma
Bravo
In a separate press release issued today, Ping Identity
announced it has entered into a definitive agreement to be acquired
by Thoma Bravo, a leading software
investment firm, for $28.50 per share
in an all-cash transaction valued at an Enterprise Value of
approximately $2.8 billion. The
transaction is expected to close in the fourth quarter of 2022,
subject to customary closing conditions, including approval by Ping
Identity shareholders and regulatory approvals. Closing of the
transaction is not subject to any financing contingency. Upon
completion of the transaction, Ping Identity's common stock will no
longer be listed on the New York Stock Exchange and Ping Identity
will become a privately held company.
Given the transaction with Thoma
Bravo, Ping Identity will not host an earnings conference
call or provide financial guidance in conjunction with this
earnings release. For further detail and discussion of Ping
Identity's financial performance please refer to Ping Identity's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.
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 conference 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
conference 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 conference 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 Securities and Exchange Commission
("SEC") which include, but are not limited to: uncertainties
associated with the proposed merger with an affiliate of a private
equity fund advised by Thoma Bravo,
L.P. ("Merger"); the occurrence of any event, change or other
circumstances that could give rise to the termination of the
Agreement and Plan of Merger ("Merger Agreement"); the inability to
complete the proposed Merger due to the failure to satisfy closing
conditions; risks related to disruption of management's attention
from our ongoing business operations due to the proposed Merger;
the effects of the announcement of the proposed Merger on our
relationships with our customers, operating results and business
generally; the risk that the proposed Merger will not be
consummated in a timely manner or at all; the costs relating to the
proposed Merger if it is not consummated; restrictions imposed on
our business during the pendency of the proposed Merger; potential
litigation against us or our directors challenging the proposed
Merger; our ability to recruit, retain and develop our senior
management team and key employees, including in light of the
proposed Merger; 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 adverse general and
industry-specific economic and market conditions, as well as
geopolitical events including inflation, slower growth or
recession, new or increased tariffs, changes to fiscal and monetary
policy, higher interest rates, currency fluctuations, the ongoing
conflict in Ukraine and
Russia, geopolitical issues in
Hong Kong and Taiwan, and reductions in IT and identity
spending; the ongoing 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 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 risks associated with our
revenue recognition policy and other factors that 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; 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
dependence on strategic relationships with third parties; the
ability of our platform, solutions and solution packages to
interoperate with our customers' existing or future IT
infrastructures; the impact of real or perceived errors, failures,
vulnerabilities or bugs in our solutions; our reliance on SaaS
vendors to operate certain functions of our business; 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 potentially adverse tax consequences associated with our
international operations; the impact of changes in tax laws or
regulations; our ability to maintain our corporate culture; our
ability to develop and maintain proper and effective internal
control over financial reporting; the risks associated with having
operations and employees located in Israel; the risks associated with doing
business with governmental entities; the impact of catastrophic
events on our business; 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 conference 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.
Additional Information and Where to Find It
This communication is being made in respect of the pending
Merger (as defined below) of Ping Identity and Thoma Bravo. Ping Identity will file with the
SEC a proxy statement on Schedule 14A relating to its special
meeting of stockholders and may file or furnish other documents
with the SEC regarding the pending Merger. When completed, a
definitive proxy statement will be mailed to Ping Identity's
stockholders. INVESTORS ARE URGED TO CAREFULLY READ THE PROXY
STATEMENT REGARDING THE PENDING MERGER AND ANY OTHER RELEVANT
DOCUMENTS IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER.
The definitive proxy statement will be filed with the SEC and
mailed or otherwise made available to Ping Identity's stockholders.
Ping Identity's stockholders may obtain free copies of the
documents Ping Identity files with the SEC from the SEC's website
at www.sec.gov or through the Investors portion of Ping Identity's
website at investor.pingidentity.com under the link "Financials"
and then under the link "SEC Filings" or by contacting the
Company's Investor Relations by e-mail at
investor@pingidentity.com.
Participants in the Solicitation
Ping Identity and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from Ping
Identity's stockholders in connection with the pending Merger.
Information regarding Ping Identity's directors and executive
officers, including a description of their direct interests, by
security holdings or otherwise, is contained in Ping Identity's
2022 annual proxy statement filed with the SEC on March 21, 2022, and in the related amendment
filed on April 20, 2022. Other
information regarding the participants in the proxy solicitation
and a description of their interests will be contained in the proxy
statement for Ping Identity's special meeting of stockholders and
other relevant materials to be filed with the SEC in respect of the
proposed Merger when they become available. These documents can be
obtained free of charge from the sources indicated above.
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.
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PING IDENTITY HOLDING CORP.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(In thousands, except
per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription
|
|
$
|
66,308
|
|
$
|
73,151
|
|
$
|
146,508
|
|
$
|
137,367
|
|
Professional services
and other
|
|
|
5,719
|
|
|
5,753
|
|
|
10,210
|
|
|
10,481
|
|
Total
revenue
|
|
|
72,027
|
|
|
78,904
|
|
|
156,718
|
|
|
147,848
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription (exclusive
of amortization shown below)(1)
|
|
|
14,223
|
|
|
10,185
|
|
|
27,611
|
|
|
19,599
|
|
Professional services
and other (exclusive of amortization shown
below)(1)
|
|
|
6,845
|
|
|
6,142
|
|
|
13,604
|
|
|
11,725
|
|
Amortization
expense
|
|
|
8,743
|
|
|
6,077
|
|
|
17,259
|
|
|
11,886
|
|
Total cost of
revenue
|
|
|
29,811
|
|
|
22,404
|
|
|
58,474
|
|
|
43,210
|
|
Gross profit
|
|
|
42,216
|
|
|
56,500
|
|
|
98,244
|
|
|
104,638
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
|
|
36,712
|
|
|
29,082
|
|
|
67,653
|
|
|
54,631
|
|
Research and
development(1)
|
|
|
22,086
|
|
|
18,692
|
|
|
42,553
|
|
|
40,394
|
|
General and
administrative(1)
|
|
|
19,882
|
|
|
19,545
|
|
|
36,113
|
|
|
34,000
|
|
Depreciation and
amortization
|
|
|
4,448
|
|
|
4,327
|
|
|
8,836
|
|
|
8,692
|
|
Total operating
expenses
|
|
|
83,128
|
|
|
71,646
|
|
|
155,155
|
|
|
137,717
|
|
Loss from
operations
|
|
|
(40,912)
|
|
|
(15,146)
|
|
|
(56,911)
|
|
|
(33,079)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(3,883)
|
|
|
(310)
|
|
|
(7,519)
|
|
|
(706)
|
|
Other income (expense),
net
|
|
|
(2,860)
|
|
|
430
|
|
|
(3,664)
|
|
|
(442)
|
|
Total other income
(expense)
|
|
|
(6,743)
|
|
|
120
|
|
|
(11,183)
|
|
|
(1,148)
|
|
Loss before income
taxes
|
|
|
(47,655)
|
|
|
(15,026)
|
|
|
(68,094)
|
|
|
(34,227)
|
|
Benefit (provision) for
income taxes
|
|
|
(193)
|
|
|
4,047
|
|
|
(12)
|
|
|
7,314
|
|
Net loss
|
|
$
|
(47,848)
|
|
$
|
(10,979)
|
|
$
|
(68,106)
|
|
$
|
(26,913)
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.56)
|
|
$
|
(0.13)
|
|
$
|
(0.81)
|
|
$
|
(0.33)
|
|
Weighted-average shares
used in computing net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
85,295
|
|
|
82,025
|
|
|
84,562
|
|
|
81,684
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Subscription cost of
revenue
|
|
$
|
497
|
|
$
|
513
|
|
$
|
964
|
|
$
|
1,048
|
|
Professional services
and other cost of revenue
|
|
|
230
|
|
|
429
|
|
|
511
|
|
|
1,020
|
|
Sales and
marketing
|
|
|
4,340
|
|
|
4,843
|
|
|
6,520
|
|
|
9,041
|
|
Research and
development
|
|
|
2,879
|
|
|
4,647
|
|
|
6,105
|
|
|
13,159
|
|
General and
administrative
|
|
|
5,539
|
|
|
7,044
|
|
|
7,513
|
|
|
10,147
|
|
Total
|
|
$
|
13,485
|
|
$
|
17,476
|
|
$
|
21,613
|
|
$
|
34,415
|
|
|
|
|
|
|
|
|
PING IDENTITY HOLDING CORP.
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(In
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
210,303
|
|
$
|
220,607
|
|
Accounts receivable,
net of allowances of $608 and $610
|
|
|
78,329
|
|
|
82,969
|
|
Contract assets,
current
|
|
|
46,945
|
|
|
67,540
|
|
Deferred commissions,
current
|
|
|
11,464
|
|
|
10,460
|
|
Prepaid
expenses
|
|
|
19,936
|
|
|
16,654
|
|
Other current
assets
|
|
|
2,956
|
|
|
2,914
|
|
Total current
assets
|
|
|
369,933
|
|
|
401,144
|
|
Noncurrent
assets:
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
8,810
|
|
|
9,396
|
|
Goodwill
|
|
|
526,045
|
|
|
528,548
|
|
Intangible assets,
net
|
|
|
176,131
|
|
|
190,077
|
|
Contract assets,
noncurrent
|
|
|
5,688
|
|
|
3,457
|
|
Deferred commissions,
noncurrent
|
|
|
20,595
|
|
|
19,380
|
|
Deferred income taxes,
net
|
|
|
4,236
|
|
|
6,201
|
|
Operating lease
right-of-use assets
|
|
|
11,769
|
|
|
13,709
|
|
Other noncurrent
assets
|
|
|
8,836
|
|
|
6,121
|
|
Total noncurrent
assets
|
|
|
762,110
|
|
|
776,889
|
|
Total
assets
|
|
$
|
1,132,043
|
|
$
|
1,178,033
|
|
Liabilities and stockholders'
equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
4,919
|
|
$
|
4,528
|
|
Accrued expenses and
other current liabilities
|
|
|
10,439
|
|
|
10,305
|
|
Accrued
compensation
|
|
|
20,178
|
|
|
29,258
|
|
Deferred revenue,
current
|
|
|
81,159
|
|
|
71,957
|
|
Operating lease
liabilities, current
|
|
|
4,305
|
|
|
4,330
|
|
Current portion of
long-term debt
|
|
|
1,882
|
|
|
1,132
|
|
Total current
liabilities
|
|
|
122,882
|
|
|
121,510
|
|
Noncurrent
liabilities:
|
|
|
|
|
|
|
|
Deferred revenue,
noncurrent
|
|
|
3,931
|
|
|
5,584
|
|
Long-term debt, net of
current portion
|
|
|
290,208
|
|
|
291,154
|
|
Deferred income taxes,
net
|
|
|
1,919
|
|
|
4,240
|
|
Operating lease
liabilities, noncurrent
|
|
|
11,717
|
|
|
14,140
|
|
Total noncurrent
liabilities
|
|
|
307,775
|
|
|
315,118
|
|
Total
liabilities
|
|
|
430,657
|
|
|
436,628
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
Common stock
|
|
|
86
|
|
|
84
|
|
Additional paid-in
capital
|
|
|
855,968
|
|
|
824,455
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(2,776)
|
|
|
652
|
|
Accumulated
deficit
|
|
|
(151,892)
|
|
|
(83,786)
|
|
Total stockholders'
equity
|
|
|
701,386
|
|
|
741,405
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,132,043
|
|
$
|
1,178,033
|
|
PING IDENTITY HOLDING CORP.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
(In
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(68,106)
|
|
$
|
(26,913)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
26,095
|
|
|
20,578
|
|
Stock-based
compensation expense
|
|
|
21,613
|
|
|
34,415
|
|
Amortization of
deferred commissions
|
|
|
6,618
|
|
|
4,674
|
|
Amortization of
deferred debt issuance costs
|
|
|
640
|
|
|
124
|
|
Operating leases,
net
|
|
|
(507)
|
|
|
(346)
|
|
Deferred
taxes
|
|
|
(204)
|
|
|
(7,624)
|
|
Foreign currency
transaction net unrealized loss
|
|
|
996
|
|
|
—
|
|
Other
|
|
|
279
|
|
|
63
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
3,729
|
|
|
17,621
|
|
Contract
assets
|
|
|
18,009
|
|
|
5,653
|
|
Deferred
commissions
|
|
|
(8,837)
|
|
|
(8,209)
|
|
Prepaid expenses and
other current assets
|
|
|
(3,476)
|
|
|
3,405
|
|
Other
assets
|
|
|
(2,297)
|
|
|
(426)
|
|
Accounts
payable
|
|
|
805
|
|
|
348
|
|
Accrued
compensation
|
|
|
(6,903)
|
|
|
4,280
|
|
Accrued expenses and
other
|
|
|
315
|
|
|
1,338
|
|
Deferred
revenue
|
|
|
7,549
|
|
|
(5,016)
|
|
Net cash provided by
(used in) operating activities
|
|
|
(3,682)
|
|
|
43,965
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Payments for business
acquisitions, net of cash acquired
|
|
|
(4)
|
|
|
(39,875)
|
|
Purchases of
investments
|
|
|
(500)
|
|
|
-
|
|
Purchases of property
and equipment and other
|
|
|
(2,029)
|
|
|
(1,502)
|
|
Capitalized software
development costs
|
|
|
(9,611)
|
|
|
(8,582)
|
|
Net cash used in
investing activities
|
|
|
(12,144)
|
|
|
(49,959)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Payment of
acquisition-related holdbacks
|
|
|
—
|
|
|
(993)
|
|
Proceeds from stock
option exercises
|
|
|
7,301
|
|
|
1,900
|
|
Payment for tax
withholding on equity awards
|
|
|
(176)
|
|
|
(6,174)
|
|
Proceeds from long-term
debt
|
|
|
—
|
|
|
80,000
|
|
Payment of long-term
debt
|
|
|
(750)
|
|
|
(110,000)
|
|
Net cash provided by
(used in) financing activities
|
|
|
6,375
|
|
|
(35,267)
|
|
Effect of exchange
rates on cash and cash equivalents and restricted cash
|
|
|
(831)
|
|
|
(130)
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
|
|
(10,282)
|
|
|
(41,391)
|
|
Cash and cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
Beginning of
period
|
|
|
220,889
|
|
|
146,499
|
|
End of
period
|
|
$
|
210,607
|
|
$
|
105,108
|
|
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
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Gross profit
|
|
$
|
42,216
|
|
$
|
56,500
|
|
$
|
98,244
|
|
$
|
104,638
|
|
Amortization
expense
|
|
|
8,743
|
|
|
6,077
|
|
|
17,259
|
|
|
11,886
|
|
Stock-based
compensation
|
|
|
727
|
|
|
942
|
|
|
1,475
|
|
|
2,068
|
|
Non-GAAP Gross
Profit
|
|
$
|
51,686
|
|
$
|
63,519
|
|
$
|
116,978
|
|
$
|
118,592
|
|
GAAP Gross Profit
Margin
|
|
|
59 %
|
|
|
72 %
|
|
|
63 %
|
|
|
71 %
|
|
Non-GAAP Gross Profit
Margin
|
|
|
72 %
|
|
|
81 %
|
|
|
75 %
|
|
|
80 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Total operating
expenses
|
|
$
|
83,128
|
|
$
|
71,646
|
|
$
|
155,155
|
|
$
|
137,717
|
|
Stock-based
compensation
|
|
|
(12,758)
|
|
|
(16,534)
|
|
|
(20,138)
|
|
|
(32,347)
|
|
Acquisition related
expenses
|
|
|
—
|
|
|
(445)
|
|
|
—
|
|
|
(447)
|
|
Amortization
expense
|
|
|
(3,451)
|
|
|
(3,449)
|
|
|
(6,908)
|
|
|
(6,893)
|
|
Non-GAAP Operating
Expenses
|
|
$
|
66,919
|
|
$
|
51,218
|
|
$
|
128,109
|
|
$
|
98,030
|
|
GAAP Operating
Margin
|
|
|
(57) %
|
|
|
(19) %
|
|
|
(36) %
|
|
|
(22) %
|
|
Non-GAAP Operating
Margin
|
|
|
(21) %
|
|
|
16 %
|
|
|
(7) %
|
|
|
14 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Net loss
|
|
$
|
(47,848)
|
|
$
|
(10,979)
|
|
$
|
(68,106)
|
|
$
|
(26,913)
|
|
Stock-based
compensation
|
|
|
13,485
|
|
|
17,476
|
|
|
21,613
|
|
|
34,415
|
|
Acquisition related
expenses
|
|
|
—
|
|
|
445
|
|
|
—
|
|
|
447
|
|
Amortization
expense
|
|
|
12,194
|
|
|
9,526
|
|
|
24,167
|
|
|
18,779
|
|
Provision for income
taxes(1)
|
|
|
(6,420)
|
|
|
(6,861)
|
|
|
(11,445)
|
|
|
(13,410)
|
|
Non-GAAP Net Income
(Loss)
|
|
$
|
(28,589)
|
|
$
|
9,607
|
|
$
|
(33,771)
|
|
$
|
13,318
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.56)
|
|
$
|
(0.13)
|
|
$
|
(0.81)
|
|
$
|
(0.33)
|
|
Weighted-average shares
used in computing net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
85,295
|
|
|
82,025
|
|
|
84,562
|
|
|
81,684
|
|
Non-GAAP Net Income
(Loss) per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.34)
|
|
$
|
0.12
|
|
$
|
(0.40)
|
|
$
|
0.16
|
|
Diluted
|
|
$
|
(0.34)
|
|
$
|
0.11
|
|
$
|
(0.40)
|
|
$
|
0.16
|
|
Weighted-average shares
used in computing Non-GAAP Net Income (Loss) per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
85,295
|
|
|
82,025
|
|
|
84,562
|
|
|
81,684
|
|
Diluted
|
|
|
85,295
|
|
|
83,964
|
|
|
84,562
|
|
|
83,954
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The related tax
effects of the adjustments to Non-GAAP Net Income were calculated
using the respective statutory tax rates for applicable
jurisdictions.
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
Net cash provided by
(used in) operating activities
|
|
$
|
(3,682)
|
|
$
|
43,965
|
|
Less:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(2,029)
|
|
|
(1,502)
|
|
Capitalized software
development costs
|
|
|
(9,611)
|
|
|
(8,582)
|
|
Free Cash
Flow
|
|
|
(15,322)
|
|
|
33,881
|
|
Add:
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
|
6,876
|
|
|
584
|
|
Unlevered Free Cash
Flow
|
|
$
|
(8,446)
|
|
$
|
34,465
|
|
Net cash used in
investing activities
|
|
$
|
(12,144)
|
|
$
|
(49,959)
|
|
Net cash provided by
(used in) financing activities
|
|
$
|
6,375
|
|
$
|
(35,267)
|
|
PING IDENTITY
HOLDING CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
KEY BUSINESS METRICS
(In thousands)
|
|
|
|
June 30,
|
|
Change
|
|
|
2022
|
|
2021
|
|
$
|
|
%
|
|
|
(dollars in thousands)
|
|
ARR
|
|
$
|
340,988
|
|
$
|
279,630
|
|
$
|
61,358
|
|
22
|
%
|
Ping Identity Contacts
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Join us on LinkedIn: Ping Identity
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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
View original
content:https://www.prnewswire.com/news-releases/ping-identity-reports-second-quarter-2022-results-301598898.html
SOURCE Ping Identity Corp.
