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Ping Identity Reports First Quarter 2020 Results, Provides Outlook for Second Quarter

05/06/2020
  • ARR was $230.0 million, up 21% from the prior year period
  • First quarter total revenue was $61.4 million, up 22% from the prior year period
  • First quarter subscription revenue was $56.8 million, or 93% of total revenue

DENVER--(BUSINESS WIRE)-- 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 quarter ended March 31, 2020.

“In this uncertain and challenging time, our thoughts are with those impacted by COVID-19 and our priority remains the health of our employees and the stability of services for customers and partners. Despite rapidly changing economic conditions, our first quarter performance was strong. We have quickly pivoted our focus to helping our customers solve their immediate needs of enabling their employees to work remotely. This pandemic and the shock to traditional ways of doing business is proving the essential nature of identity as the foundation of the digital economy,” said Andre Durand, Ping Identity’s founder and Chief Executive Officer.

“Looking forward, our visibility into the remainder of 2020 is not as clear as it was prior to the onset of the pandemic, but Ping Identity has weathered difficult times in the past. Our track record lasts nearly two decades and has taught us the importance of investing prudently in innovation while tightly managing non-essential costs. Our investments in key technologies and go-to-market initiatives will position us well for strong growth when the economy recovers,” Durand concluded.

Financial Highlights for the First Quarter of 2020

ARR: Ending ARR at March 31, 2020 was $230.0 million and represented a 21% increase compared to the same period last year. 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 of 2020 was $61.4 million, an increase of 22% year-over-year. Subscription revenue was $56.8 million, an increase of 19% year-over-year.

Cash Flow: Net cash provided by operating activities was $13.5 million in the quarter ended March 31, 2020 compared to $3.8 million in the quarter ended March 31, 2019. Unlevered Free Cash Flow was $9.6 million for the quarter ended March 31, 2020 compared to $4.2 million in the quarter ended March 31, 2019.

Dollar-Based Net Retention Rate: For the period ended March 31, 2020, Ping Identity’s dollar-based net retention rate was 114%.

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

  • Established a new client relationship with one of the world’s largest providers of financial market data and infrastructure, which made a seven figure investment with PingCloud to secure all customer identities.
  • Made its cloud multi-factor authentication (“MFA”) offering available to customers on the AWS marketplace, allowing them to quickly deploy strong authentication within their AWS instance.
  • Ended the quarter with 240 customers over $250,000 in ARR, representing a 15% year-over-year growth rate in that cohort of customers.

“We closed a strong quarter highlighted by positive proof points with a number of our new solutions, while continuing to balance both growth and profitability,” stated Raj Dani, Chief Financial Officer of Ping Identity. “Total ARR grew 21% versus the prior year period, which we believe provides the best representation of the underlying health of the business. We saw an improvement in our cash flows from operations, from a net inflow of $3.8 million in the first quarter of 2019 to a net inflow of $13.5 million this quarter. Our Adjusted EBITDA margin was 14% for the quarter.”

“We continue to see strong interest from both new and existing customers, have continued to close new deals throughout April, and believe in the strength and resiliency of our market. Our subscription business model, strong cash position, and the mission critical nature of our solutions keep us well positioned to successfully execute through these turbulent times.”

Financial Outlook

Ping Identity provides the following expected financial guidance for the quarter ending June 30, 2020:

  • Quarter Ending June 30, 2020:

Total ARR of $231.5 million to $234.5 million

Total Revenue of $49.0 million to $53.0 million

Unlevered Free Cash Flow of $0.0 million to $2.0 million

  • Year Ending December 31, 2020:

Given uncertainties related to the COVID-19 pandemic and the rapidly changing macro-economic environment, Ping Identity is withdrawing its previously issued full year guidance provided March 4, 2020

Conference Call Details

In conjunction with this announcement, Ping Identity will host a conference call today, May 6, 2020, at 5:30 p.m. Eastern Time to discuss its financial results. To access this call, dial 844.583.4551 (domestic) or 825.312.2270 (international) and reference conference ID 9454249 to the operator. A live webcast as well as the replay of the conference call will be available on the Investor Relations page of the Company’s website at investor.pingidentity.com. A replay of this conference call can also be accessed by dialing 800.585.8367 (domestic) or 416.621.4642 (international) until May 13, 2020. The replay passcode is 9454249.

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, Unlevered Free Cash Flow, and Adjusted EBITDA. 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: 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 emerging COVID-19 outbreak; 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 March 31,

 

 

2020

 

2019

Revenue:

 

 

 

 

 

 

Subscription

 

$

56,818

 

 

$

47,620

 

Professional services and other

 

 

4,594

 

 

 

2,818

 

Total revenue

 

 

61,412

 

 

 

50,438

 

Cost of revenue:

 

 

 

 

 

 

Subscription (exclusive of amortization shown below)(1)

 

 

7,109

 

 

 

5,181

 

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

 

 

4,013

 

 

 

3,241

 

Amortization expense

 

 

4,602

 

 

 

3,866

 

Total cost of revenue

 

 

15,724

 

 

 

12,288

 

Gross profit

 

 

45,688

 

 

 

38,150

 

Operating expenses:

 

 

 

 

 

 

Sales and marketing(1)

 

 

22,190

 

 

 

17,308

 

Research and development(1)

 

 

12,214

 

 

 

11,454

 

General and administrative(1)

 

 

11,389

 

 

 

7,084

 

Depreciation and amortization

 

 

4,249

 

 

 

4,121

 

Total operating expenses

 

 

50,042

 

 

 

39,967

 

Loss from operations

 

 

(4,354

)

 

 

(1,817

)

Other income (expense):

 

 

 

 

 

 

Interest expense

 

 

(506

)

 

 

(4,116

)

Other income (expense), net

 

 

(1,250

)

 

 

(9

)

Total other income (expense)

 

 

(1,756

)

 

 

(4,125

)

Loss before income taxes

 

 

(6,110

)

 

 

(5,942

)

Benefit for income taxes

 

 

1,944

 

 

 

1,063

 

Net loss

 

$

(4,166

)

 

$

(4,879

)

Net loss per share:

 

 

 

 

 

 

Basic and diluted

 

$

(0.05

)

 

$

(0.08

)

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

 

 

 

 

 

 

Basic and diluted

 

 

79,743

 

 

 

65,006

 

______________________________________
(1) Includes stock-based compensation as follows:

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

2019

Subscription cost of revenue

 

$

146

 

$

Professional services and other cost of revenue

 

 

84

 

 

Sales and marketing

 

 

797

 

 

222

Research and development

 

 

888

 

 

215

General and administrative

 

 

942

 

 

622

Total

 

$

2,857

 

$

1,059

 

 

 

 

 

 

 

PING IDENTITY HOLDING CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

169,022

 

 

$

67,637

 

Accounts receivable, net of allowances of $953 and $873

 

 

54,456

 

 

 

67,642

 

Contract assets, current

 

 

67,966

 

 

 

70,031

 

Deferred commissions, current

 

 

5,303

 

 

 

5,814

 

Prepaid expenses

 

 

9,032

 

 

 

12,768

 

Other current assets

 

 

1,570

 

 

 

3,774

 

Total current assets

 

 

307,349

 

 

 

227,666

 

Noncurrent assets:

 

 

 

 

 

 

Property and equipment, net

 

 

11,029

 

 

 

11,183

 

Goodwill

 

 

418,711

 

 

 

417,696

 

Intangible assets, net

 

 

186,936

 

 

 

187,868

 

Contract assets, noncurrent

 

 

17,247

 

 

 

15,979

 

Deferred commissions, noncurrent

 

 

7,801

 

 

 

7,856

 

Deferred income taxes, net

 

 

2,532

 

 

 

2,755

 

Operating lease right-of-use assets

 

 

14,461

 

 

 

 

Other noncurrent assets

 

 

1,745

 

 

 

1,808

 

Total noncurrent assets

 

 

660,462

 

 

 

645,145

 

Total assets

 

$

967,811

 

 

$

872,811

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,858

 

 

$

1,118

 

Accrued expenses and other current liabilities

 

 

9,377

 

 

 

9,302

 

Accrued compensation

 

 

11,931

 

 

 

18,126

 

Deferred revenue, current

 

 

35,168

 

 

 

45,446

 

Operating lease liabilities, current

 

 

2,957

 

 

 

 

Total current liabilities

 

 

63,291

 

 

 

73,992

 

Noncurrent liabilities:

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

3,175

 

 

 

2,061

 

Long-term debt, net of current portion

 

 

148,826

 

 

 

50,941

 

Deferred income taxes, net

 

 

27,603

 

 

 

30,571

 

Operating lease liabilities, noncurrent

 

 

16,891

 

 

 

 

Other liabilities, noncurrent

 

 

 

 

 

4,775

 

Total noncurrent liabilities

 

 

196,495

 

 

 

88,348

 

Total liabilities

 

 

259,786

 

 

 

162,340

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

Common stock

 

 

80

 

 

 

80

 

Additional paid-in capital

 

 

721,181

 

 

 

718,446

 

Accumulated other comprehensive loss

 

 

(1,414

)

 

 

(399

)

Accumulated deficit

 

 

(11,822

)

 

 

(7,656

)

Total stockholders' equity

 

 

708,025

 

 

 

710,471

 

Total liabilities and stockholders' equity

 

$

967,811

 

 

$

872,811

 

 

 

 

 

 

 

 

PING IDENTITY HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

2019

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(4,166

)

 

$

(4,879

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

8,851

 

 

 

7,987

 

Stock-based compensation expense

 

 

2,857

 

 

 

1,059

 

Amortization of deferred commissions

 

 

2,102

 

 

 

1,396

 

Amortization of deferred debt issuance costs

 

 

62

 

 

 

211

 

Operating leases, net

 

 

59

 

 

 

 

Deferred taxes

 

 

(2,050

)

 

 

(1,270

)

Other

 

 

156

 

 

 

141

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

13,030

 

 

 

6,098

 

Contract assets

 

 

797

 

 

 

(2,832

)

Deferred commissions

 

 

(1,536

)

 

 

(1,298

)

Prepaid expenses and other current assets

 

 

4,822

 

 

 

1,300

 

Other assets

 

 

49

 

 

 

75

 

Accounts payable

 

 

2,734

 

 

 

(335

)

Accrued compensation

 

 

(6,222

)

 

 

(5,257

)

Accrued expenses and other

 

 

1,104

 

 

 

(1,203

)

Deferred revenue

 

 

(9,164

)

 

 

2,608

 

Net cash provided by operating activities

 

 

13,485

 

 

 

3,801

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment and other

 

 

(1,094

)

 

 

(1,428

)

Capitalized software development costs

 

 

(3,299

)

 

 

(2,004

)

Acquisition of ShoCard, net of cash acquired of $0

 

 

(4,703

)

 

 

 

Net cash used in investing activities

 

 

(9,096

)

 

 

(3,432

)

Cash flows from financing activities

 

 

 

 

 

 

Payment of deferred offering costs

 

 

(295

)

 

 

(7

)

Proceeds from stock option exercises

 

 

1,309

 

 

 

 

Payment for tax withholding on equity awards

 

 

(1,205

)

 

 

 

Proceeds from long-term debt

 

 

97,823

 

 

 

 

Payment of long-term debt

 

 

 

 

 

(625

)

Net cash provided by (used in) financing activities

 

 

97,632

 

 

 

(632

)

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

 

 

(645

)

 

 

133

 

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

 

 

101,376

 

 

 

(130

)

Cash and cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

 

68,386

 

 

 

84,143

 

End of period

 

$

169,762

 

 

$

84,013

 

 

 

 

 

 

 

 

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,

 

 

2020

 

2019

Gross profit

 

$

45,688

 

 

$

38,150

 

Amortization expense

 

 

4,602

 

 

 

3,866

 

Stock-based compensation

 

 

230

 

 

 

 

Non-GAAP Gross Profit

 

$

50,520

 

 

$

42,016

 

Non-GAAP Gross Profit Margin

 

 

82

%

 

 

83

%

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

2019

Total operating expenses

 

$

50,042

 

 

$

39,967

 

Stock-based compensation

 

 

(2,627

)

 

 

(1,059

)

Acquisition related expenses

 

 

(1,069

)

 

 

(1,732

)

Amortization expense

 

 

(3,344

)

 

 

(3,480

)

Non-GAAP Operating Expenses

 

$

43,002

 

 

$

33,696

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

2019

Net loss

 

$

(4,166

)

 

$

(4,879

)

Stock-based compensation

 

 

2,857

 

 

 

1,059

 

Acquisition related expenses

 

 

1,069

 

 

 

1,732

 

Amortization expense

 

 

7,946

 

 

 

7,346

 

Provision for income taxes(1)

 

 

(2,968

)

 

 

(2,636

)

Non-GAAP Net Income

 

$

4,738

 

 

$

2,622

 

Net loss per share:

 

 

 

 

 

 

Basic and diluted

 

$

(0.05

)

 

$

(0.08

)

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

 

 

 

 

 

 

Basic and diluted

 

 

79,743

 

 

 

65,006

 

Non-GAAP Net Income per Share:

 

 

 

 

 

 

Basic

 

$

0.06

 

 

$

0.04

 

Diluted

 

$

0.06

 

 

$

0.04

 

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

 

 

 

 

 

 

Basic

 

 

79,743

 

 

 

65,006

 

Diluted

 

 

82,220

 

 

 

65,926

 

_____________________________________
(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,

 

 

2020

 

2019

Net loss

 

$

(4,166

)

 

$

(4,879

)

Interest expense(1)

 

 

506

 

 

 

4,116

 

(Benefit) provision for income taxes

 

 

(1,944

)

 

 

(1,063

)

Depreciation and amortization

 

 

8,851

 

 

 

7,987

 

Stock-based compensation expense

 

 

2,857

 

 

 

1,059

 

Acquisition related expense

 

 

1,069

 

 

 

1,732

 

Other (income) expense, net(2)

 

 

1,250

 

 

 

9

 

Adjusted EBITDA

 

$

8,423

 

 

$

8,961

 

Adjusted EBITDA Margin

 

 

14

%

 

 

18

%

______________________________________
(1) Includes amortization of debt issuance costs.
(2) Includes gains and losses from transactions denominated in a currency other than the functional currency, interest income and other income (expense).

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

2019

Net cash provided by operating activities

 

$

13,485

 

 

$

3,801

 

Add:

 

 

 

 

 

 

Cash paid for interest

 

 

514

 

 

 

3,819

 

Less:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,094

)

 

 

(1,428

)

Capitalized software development costs

 

 

(3,299

)

 

 

(2,004

)

Unlevered Free Cash Flow

 

$

9,606

 

 

$

4,188

 

Net cash used in investing activities

 

$

(9,096

)

 

$

(3,432

)

Net cash provided by (used in) financing activities

 

$

97,632

 

 

$

(632

)

Reconciliation of Unlevered Free Cash Flow Guidance for the Three Months Ended June 30, 2020:

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

Low

 

High

Net cash provided by operating activities

 

$

2,610

 

 

$

4,610

 

Add:

 

 

 

 

 

 

Cash paid for interest

 

 

975

 

 

 

975

 

Less:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(596

)

 

 

(596

)

Capitalized software development costs

 

 

(2,989

)

 

 

(2,989

)

Unlevered Free Cash Flow

 

$

 

 

$

2,000

 

Cash paid for Elastic Beam compensation and bonus retention payments

 

$

4,223

 

 

$

4,223

 

PING IDENTITY HOLDING CORP.

SUPPLEMENTAL FINANCIAL INFORMATION

KEY BUSINESS METRICS

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

Change

 

 

 

2020

 

2019

 

$

 

%

 

 

 

(dollars in thousands)

ARR

 

$

229,957

 

$

190,476

 

$

39,481

 

21

%

 

Investor Relations Contact:
Nick Allen
Tel: 720.728.1007
investor@pingidentity.com

Media Contact:
Kristin Miller
press@pingidentity.com

Source: Ping Identity

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