Exhibit 99.1
SailPoint Announces First Quarter 2019 Financial Results
First quarter 2019 total revenue of $60.6 million up 24% year over year
AUSTIN, May 8, 2019 – SailPoint Technologies Holdings, Inc. (NYSE: SAIL), the leader in enterprise identity governance, today announced financial results for the first quarter ending March 31, 2019.
“Our Q1 results were in-line with our guidance, with total revenue increasing 24% year-over-year. We added 46 net new customers during the quarter with solid partner contribution and ongoing success with legacy replacements. As organizations of all sizes move along their digital transformation journey, identity governance is increasing in strategic importance and our leading solutions are well positioned to meet the needs of our customers,” said Mark McClain, SailPoint’s CEO and Co-founder.
“We continue to be excited about the identity governance market and our best-in-class solutions, but we’ve seen some recent changes in our pipeline that are impacting our expectations for the second quarter and remainder of 2019. We believe we have identified the challenges and are making changes in our go-to-market initiatives. We are confident that we are on a path that sets us up well for the future.”
Financial Highlights for First Quarter 2019:
• | Revenue: Total revenue was $60.6 million, a 24% increase over Q1 2018. License revenue was $18.7 million, a 11% increase over Q1 2018. Subscription revenue was $31.8 million, a 41% increase over Q1 2018. Services and other revenue was $10.1 million, a 5% increase over Q1 2018. |
• | Operating Loss: Loss from operations was $(6.7) million, compared to $(3.7) million in Q1 2018. Non-GAAP income from operations was $0.5 million, compared to $3.6 million in Q1 2018. |
• | Adjusted EBITDA: Adjusted EBITDA was $1.1 million, compared to $3.9 million in Q1 2018. |
The tables included in this press release present reconciliations of non-GAAP income from operations to GAAP loss from operations, non-GAAP net income (loss) to GAAP net loss, non-GAAP to GAAP weighted average shares outstanding and adjusted EBITDA to GAAP net loss for the three months ended March 31, 2019 and 2018. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Financial Outlook:
For the second quarter of 2019, SailPoint expects:
| • | Revenue in the range of $59.7 million to $61.2 million |
| • | Non-GAAP loss from operations in the range of $(3.5) million to $(3.0) million |
| • | Non-GAAP net loss per basic and diluted common share of $(0.05), based on estimated cash income tax payments of $0.8 million and 89.0 million basic and diluted common shares outstanding. Expectations of non-GAAP income (loss) from operations and non-GAAP net (loss) per basic and diluted common share exclude items outlined in the “Non-GAAP Financial Measures” section below. |
For the full year 2019, SailPoint now expects:
| • | Revenue in the range of $277.0 million to $281.5 million |
| • | Non-GAAP income from operations in the range of $17.1 million to $18.6 million |
These statements regarding SailPoint’s expectations of its financial outlook are forward-looking and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause its actual results to differ materially from these forward-looking statements.
All of SailPoint’s forward-looking non-GAAP financial measures exclude estimates for stock-based compensation expense and amortization of acquired intangibles. SailPoint has not reconciled its expectations as to non-GAAP income (loss) from operations and non-GAAP net income (loss) per basic and diluted common shares to their most directly comparable GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to stock-based compensation expense. Stock-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s GAAP income (loss) from operations and GAAP net income (loss) per basic and diluted common share. Accordingly, reconciliations of our forward-looking non-GAAP income (loss) from operations and non-GAAP net income (loss) per basic and diluted common shares are not available without unreasonable effort.
Conference Call and Webcast:
SailPoint will host a conference call today, May 8, 2019, at 5:00 p.m. Eastern Time to discuss its first quarter 2019 financial results. The dial-in number will be 877-407-0792 or 201-689-8263. Additionally, a live webcast of the conference call will be available on SailPoint’s website at https://investors.sailpoint.com.
Following the conference call, a replay will be available until midnight on May 22, 2019. The replay dial-in number will be 844-512-2921 or 412-317-6671, using the replay pin number: 13689391. An archived webcast of the call will also be available at https://investors.sailpoint.com.
Non-GAAP Financial Measures:
In addition to SailPoint’s financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), SailPoint uses certain non-GAAP financial measures to clarify and enhance SailPoint’s understanding of past performance and future prospects. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flow that includes or excludes amounts that are included or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. SailPoint monitors the non-GAAP financial measures described below, and SailPoint’s management believes they are helpful to investors because they provide an additional tool to use in evaluating SailPoint’s financial and business trends and operating results. In addition, SailPoint’s management uses these non-GAAP measures to compare SailPoint’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. In particular, SailPoint believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) available to common stockholders per basic share and per diluted share, and adjusted EBITDA, are important measures for evaluating SailPoint’s performance because they facilitate comparisons of SailPoint’s core operating results from period to period by removing, where applicable, the impact of SailPoint’s capital structure (net interest income or expense from SailPoint’s outstanding debt, as well as amortization of debt issuance costs, asset base (depreciation and amortization), income taxes, purchase accounting adjustments and stock-based compensation expense.
SailPoint’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry because they may calculate non-GAAP financial results differently than we do. In addition, there are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. SailPoint urges you to review the reconciliations of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.
Non-GAAP income from operations. SailPoint believes that the use of non-GAAP income from operations is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP income from operations is calculated as income (loss) from operations on a GAAP basis excluding (i) stock-based compensation expense and (ii) amortization of acquired intangibles.
Non-GAAP net income (loss) and non-GAAP net income (loss) available to common stockholders per basic and diluted share. SailPoint believes that the use of non-GAAP net income (loss) and non-GAAP net income (loss) available to common stockholders
per basic and diluted share is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP net income (loss) is calculated as net loss (a) excluding (i) stock-based compensation expense, (ii) amortization of acquired intangibles, (iii) amortization of debt issuance costs and (iv) income tax expense (benefit) and (b) including cash paid for income taxes. SailPoint defines non-GAAP net income (loss) available to common stockholders per basic and diluted share as non-GAAP net income (loss) divided by the non-GAAP weighted average outstanding common shares.
Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure that SailPoint calculates as net loss adjusted to exclude stock-based compensation expense, amortization and depreciation, purchase accounting adjustments, net interest (income) expense and income taxes.
The accompanying tables have more details on the reconciliations of non-GAAP financial measures to their nearest comparable GAAP measures.
Forward-Looking Statements:
This press release and statements made during the above referenced conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and its expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.
Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: our ability to attract and retain customers, including larger organizations; our ability to deepen our relationships with existing customers; our expectations regarding our customer growth rate; our business plan and beliefs and objectives for future operations; trends associated with our industry and potential market; benefits associated with use of our platform and services; our ability to develop or acquire new solutions, improve our platform and solutions and increase the value of our platform and solutions; our ability to compete successfully against current and future competitors; our ability to further develop strategic relationships; our ability to achieve positive returns on investments; our plans to acquire complementary businesses, products or technology; our plans to further invest in and grow our business, and our ability to effectively manage our growth and associated investments; our ability to timely and effectively scale and adapt our existing technology, our ability to increase our revenue, our revenue growth rate and gross margin; our ability to generate sufficient revenue to achieve and sustain profitability; our future financial performance, including trends in revenue, cost of revenue, operating expenses, other income and expenses, income taxes, billings and customers; the sufficiency of our cash and cash equivalents and cash generated from operations to meet our working capital and capital expenditure requirements; our ability to raise capital and the loans of those financings; our ability to attract, train and retain qualified employees and key personnel; our ability to maintain and benefit from our corporate culture; our ability to successfully identify, acquire and integrate companies and assets; our ability to successfully enter new markets and manage our international expansion; and our ability to maintain, protect and enhance our intellectual property and not infringe upon others’ intellectual property. These and other important risk factors are described more fully in our reports and other documents filed with the Securities and Exchange Commission (“the SEC”) including (i) under “Risk Factors” in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on March 18, 2019, and (ii) under “Risk Factors” in Part II, Item 1A. in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, which was filed with the SEC on May 8, 2019. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.
About SailPoint
SailPoint, the leader in enterprise identity governance, brings the Power of Identity to customers around the world. SailPoint’s open identity platform gives organizations the power to enter new markets, scale their workforces, embrace new technologies, innovate
faster and compete on a global basis. As both an industry pioneer and market leader in identity governance, SailPoint delivers security, operational efficiency and compliance to enterprises with complex IT environments. SailPoint’s customers are among the world’s largest companies in a wide range of industries, including: 8 of the top 15 banks, 4 of the top 6 healthcare insurance and managed care providers, 9 of the top 15 property and casualty insurance providers, 5 of the top 13 pharmaceutical companies, and 11 of the largest 15 federal agencies.
More information on SailPoint is available at: www.sailpoint.com.
Investor Relations:
Staci Mortenson
ICR for SailPoint
investor@sailpoint.com
512-664-8916
Media Relations:
Jessica Sutera
Jessica.Sutera@sailpoint.com
978-278-5411
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands, except per share data) |
| |||||
|
| (Unaudited) |
| |||||
Revenue |
|
|
|
|
|
|
|
|
Licenses |
| $ | 18,669 |
|
| $ | 16,808 |
|
Subscription |
|
| 31,835 |
|
|
| 22,505 |
|
Services and other |
|
| 10,079 |
|
|
| 9,628 |
|
Total revenue |
|
| 60,583 |
|
|
| 48,941 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
Licenses (1) |
|
| 1,059 |
|
|
| 1,138 |
|
Subscription (1)(2) |
|
| 5,813 |
|
|
| 4,658 |
|
Services and other (2) |
|
| 7,997 |
|
|
| 6,974 |
|
Total cost of revenue |
|
| 14,869 |
|
|
| 12,770 |
|
Gross profit |
|
| 45,714 |
|
|
| 36,171 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development (1)(2) |
|
| 12,772 |
|
|
| 9,762 |
|
General and administrative (2) |
|
| 9,137 |
|
|
| 7,657 |
|
Sales and marketing (1)(2) |
|
| 30,488 |
|
|
| 22,459 |
|
Total operating expenses |
|
| 52,397 |
|
|
| 39,878 |
|
Loss from operations |
|
| (6,683 | ) |
|
| (3,707 | ) |
Other expense, net: |
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
| 11 |
|
|
| (1,178 | ) |
Other, net |
|
| (417 | ) |
|
| (147 | ) |
Total other expense, net |
|
| (406 | ) |
|
| (1,325 | ) |
Loss before income taxes |
|
| (7,089 | ) |
|
| (5,032 | ) |
Income tax (expense) benefit |
|
| (1,301 | ) |
|
| 2,730 |
|
Net loss |
| $ | (8,390 | ) |
| $ | (2,302 | ) |
Net loss available to common stockholders |
| $ | (8,390 | ) |
| $ | (2,302 | ) |
Net loss per share |
|
|
|
|
|
|
|
|
Basic |
| $ | (0.10 | ) |
| $ | (0.03 | ) |
Diluted |
| $ | (0.10 | ) |
| $ | (0.03 | ) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
| 88,295 |
|
|
| 85,719 |
|
Diluted |
|
| 88,295 |
|
|
| 85,719 |
|
| (1) | Includes amortization of acquired intangibles as follows: |
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands) |
| |||||
Cost of revenue – license |
| $ | 1,008 |
|
| $ | 1,008 |
|
Cost of revenue – subscription |
|
| 96 |
|
|
| 96 |
|
Research and development |
|
| 159 |
|
|
| 34 |
|
Sales and marketing |
|
| 1,068 |
|
|
| 1,068 |
|
Total amortization of acquired intangibles |
| $ | 2,331 |
|
| $ | 2,206 |
|
| (2) | Includes stock-based compensation expense and the related employer payroll tax expense as follows: |
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands) |
| |||||
Cost of revenue – subscription |
| $ | 282 |
|
| $ | 121 |
|
Cost of revenue – services and other |
|
| 379 |
|
|
| 375 |
|
Research and development |
|
| 969 |
|
|
| 641 |
|
General and administrative |
|
| 1,404 |
|
|
| 2,340 |
|
Sales and marketing |
|
| 1,836 |
|
|
| 1,662 |
|
Total stock-based compensation expense |
| $ | 4,870 |
|
| $ | 5,139 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
| As of |
| |||||
|
| March 31, 2019 |
|
| December 31, 2018 |
| ||
|
| (In thousands, except share data) |
| |||||
|
| (Unaudited) |
|
|
|
|
| |
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 86,223 |
|
| $ | 70,964 |
|
Restricted cash |
|
| 6,289 |
|
|
| 6,272 |
|
Accounts receivable |
|
| 71,156 |
|
|
| 101,469 |
|
Prepayments and other current assets |
|
| 22,691 |
|
|
| 21,850 |
|
Total current assets |
|
| 186,359 |
|
|
| 200,555 |
|
Property and equipment, net |
|
| 21,452 |
|
|
| 19,268 |
|
Right-of-use assets |
|
| 32,243 |
|
|
| — |
|
Other non-current assets |
|
| 22,488 |
|
|
| 20,374 |
|
Goodwill |
|
| 219,377 |
|
|
| 219,377 |
|
Intangible assets, net |
|
| 72,529 |
|
|
| 74,860 |
|
Total assets |
| $ | 554,448 |
|
| $ | 534,434 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 3,395 |
|
| $ | 4,636 |
|
Accrued expenses and other liabilities |
|
| 18,655 |
|
|
| 21,731 |
|
Income taxes payable |
|
| 3,263 |
|
|
| 2,143 |
|
Deferred revenue |
|
| 92,630 |
|
|
| 95,919 |
|
Total current liabilities |
|
| 117,943 |
|
|
| 124,429 |
|
Deferred tax liability - non-current |
|
| 4,142 |
|
|
| 4,142 |
|
Long-term operating lease liabilities |
|
| 39,696 |
|
|
| 9,788 |
|
Deferred revenue - non-current |
|
| 17,516 |
|
|
| 18,382 |
|
Total liabilities |
|
| 179,297 |
|
|
| 156,741 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value |
|
| 9 |
|
|
| 9 |
|
Preferred stock, $0.0001 par value |
|
| — |
|
|
| — |
|
Additional paid in capital |
|
| 383,321 |
|
|
| 377,473 |
|
(Accumulated deficit) retained earnings |
|
| (8,179 | ) |
|
| 211 |
|
Total stockholders' equity |
|
| 375,151 |
|
|
| 377,693 |
|
Total liabilities and stockholders’ equity |
| $ | 554,448 |
|
| $ | 534,434 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands) |
| |||||
|
| (Unaudited) |
| |||||
Operating activities |
|
|
|
|
|
|
|
|
Net loss |
| $ | (8,390 | ) |
| $ | (2,302 | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
| 3,303 |
|
|
| 2,628 |
|
Amortization of debt issuance costs |
|
| 10 |
|
|
| 108 |
|
Amortization of contract acquisition costs |
|
| 2,166 |
|
|
| 1,675 |
|
Gain on disposal of fixed assets |
|
| (3 | ) |
|
| (4 | ) |
Stock-based compensation expense |
|
| 4,639 |
|
|
| 5,139 |
|
Operating lease liabilities, net |
|
| 251 |
|
|
| — |
|
Net changes in operating assets and liabilities |
|
| 15,252 |
|
|
| 8,078 |
|
Net cash provided by operating activities |
|
| 17,228 |
|
|
| 15,322 |
|
Investing activities |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
| (2,306 | ) |
|
| (530 | ) |
Proceeds from sale of property and equipment |
|
| 11 |
|
|
| 4 |
|
Net cash used in investing activities |
|
| (2,295 | ) |
|
| (526 | ) |
Financing activities |
|
|
|
|
|
|
|
|
Debt issuance costs |
|
| (829 | ) |
|
| — |
|
Exercise of stock options |
|
| 1,172 |
|
|
| 62 |
|
Net cash provided by financing activities |
|
| 343 |
|
|
| 62 |
|
Net increase in cash, cash equivalents and restricted cash |
|
| 15,276 |
|
|
| 14,858 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
| 77,236 |
|
|
| 116,127 |
|
Cash, cash equivalents and restricted cash, end of period |
| $ | 92,512 |
|
| $ | 130,985 |
|
RECONCILIATION OF NON-GAAP INCOME FROM OPERATIONS
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands) |
| |||||
Loss from operations |
| $ | (6,683 | ) |
| $ | (3,707 | ) |
Add back: |
|
|
|
|
|
|
|
|
Stock-based compensation expense (1) |
|
| 4,870 |
|
|
| 5,139 |
|
Amortization of acquired intangibles |
|
| 2,331 |
|
|
| 2,206 |
|
Non-GAAP income from operations |
| $ | 518 |
|
| $ | 3,638 |
|
| (1) | Stock-based compensation expense includes employer related payroll tax expense. |
RECONCILIATION OF NON-GAAP NET INCOME (LOSS)
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands, except per share data) |
| |||||
Net loss on a GAAP basis |
| $ | (8,390 | ) |
| $ | (2,302 | ) |
Add back: |
|
|
|
|
|
|
|
|
Stock-based compensation expense (1) |
|
| 4,870 |
|
|
| 5,139 |
|
Amortization of acquired intangibles |
|
| 2,331 |
|
|
| 2,206 |
|
Amortization of debt issuance costs |
|
| 10 |
|
|
| 108 |
|
Income tax expense (benefit) |
|
| 1,301 |
|
|
| (2,730 | ) |
Less: |
|
|
|
|
|
|
|
|
Cash income taxes paid |
|
| 210 |
|
|
| 94 |
|
Non-GAAP net income (loss) |
| $ | (88 | ) |
| $ | 2,327 |
|
Non-GAAP net income (loss) per common share |
|
|
|
|
|
|
|
|
Basic |
| $ | (0.00 | ) |
| $ | 0.03 |
|
Diluted |
| $ | (0.00 | ) |
| $ | 0.03 |
|
Non-GAAP weighted average number of common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
| 88,295 |
|
|
| 85,719 |
|
Diluted |
|
| 88,295 |
|
|
| 88,931 |
|
| (1) | Stock-based compensation expense includes employer related payroll tax expense. |
Reconciliation of non-GAAP weighted average OUTSTANDING COMMON SHARES
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands) |
| |||||
Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted, on a GAAP basis |
|
|
|
|
|
|
|
|
Basic |
|
| 88,295 |
|
|
| 85,719 |
|
Diluted |
|
| 88,295 |
|
|
| 85,719 |
|
Non-GAAP weighted average outstanding common shares |
|
|
|
|
|
|
|
|
Basic |
|
| 88,295 |
|
|
| 85,719 |
|
Effect of potentially dilutive securities |
|
| — |
|
|
| 3,212 |
|
Diluted |
|
| 88,295 |
|
|
| 88,931 |
|
RECONCILIATION OF ADJUSTED EBITDA
|
| Three Months Ended |
| |||||
|
| March 31, 2019 |
|
| March 31, 2018 |
| ||
|
| (In thousands) |
| |||||
Net loss |
| $ | (8,390 | ) |
| $ | (2,302 | ) |
Stock-based compensation (1) |
|
| 4,870 |
|
|
| 5,139 |
|
Amortization of acquired intangibles |
|
| 2,331 |
|
|
| 2,206 |
|
Depreciation |
|
| 972 |
|
|
| 421 |
|
Purchase price accounting adjustment (2) |
|
| — |
|
|
| 13 |
|
Interest (income) expense, net |
|
| (11 | ) |
|
| 1,178 |
|
Income tax expense (benefit) |
|
| 1,301 |
|
|
| (2,730 | ) |
Adjusted EBITDA |
| $ | 1,073 |
|
| $ | 3,925 |
|
| (1) | Stock-based compensation expense includes employer related payroll tax expense. |
| (2) | Purchase accounting adjustment related to the fair value write down of deferred revenue from the acquisition of SailPoint Technologies, Inc. on September 8, 2014. |