PING - Earnings call transcript Q2 2021 | Ping Identity Holding Corp

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Ping Identity Q2 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Also please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Investor of Head Banks, Relations. David Thank you. ahead. go Please

David Banks

financial quarter welcome Thanks, release our Identity Ping the year quarter, the XXXX. XXXX and the the second outlook discuss we everyone, joining us second issued third for outlook close for Shortly to provide update conference full announcing results. for our for the results today and market call, today, after we'll where press a quarter

of call. set through In to presenting the a portal. addition will the financial be These supplemental to webcast we'll our results, live website slides be published following the

You and filed will today would Report forward-looking refer to Relations Ping results the is for measures Exchange Investor Form quarter the quarterly Today's Raj materially will may XXXX to company's me our we statements. section and Please actual report XX-K these with to Form Securities on discussion XX, Durand, that CFO. access include and for CEO; press presentation on XX-Q on the XXXX may you to Annual remind non-GAAP Andre With our could and like Dani, release the of discuss call, that Identity's our I statements. a related June performance. factors pingidentity.com. from see certain our ended cause the the you also differ There during Commission. of discussion

your in one GAAP possible To we as follow-up. posting the to address find second we're the ensure questions measures comparable can reconciliation press please You that our analyst you as can closely a release to of many we measures website. limit ask the call, most questions quarter those our plus on slides during and the

the call With We after call XX turn minutes. will to Andre. end over I'll that, the

Andre Durand

several drove contribution XX% including revenue of results wins. by which metrics year-over-year reflecting from Thank many We we you, sales acquired momentum strong by execution million our all durations. contract Revenue XX%, performance a in lengthening solid grew terrific was sales grew Annual perspectives. further recurring driven against key June. quarter from and and QX a David. outstanding SecuredTouch, $XX.X

to flow. retention Our generated cash improved dollar-based from free $XX two QX, we of million XXX% unlevered net and rate points

about in more we're later, excited Conference, performance Identiverse. about we're hosted within the that June, cover While progress several strategic we Identity Annual improvement and will our growth the Raj other initiatives financial detail the excited made In against business. in XXth key equally Industry

fraud and the help During of my to keynote, products I customer-facing our use cases. SecuredTouch intent new enterprises several in combat acquisition capabilities, including month, their and announced last

initiatives. digital great many experiences, transformation as been which all breaches, we customer on the spotlight recent to than As in avoided shift identity fortify. is our with that Accentuating believe have But gate, security, privacy better must the now a recognized Identity before. of that sense Identity palpable higher, of delivery the and has intensified, centerpiece and identity with customers ever the mindset with of trust, is it's urgency becomes conversations as the the identity security. is moving are of broader, more foundational proliferation could

on on broader announcements, strongly is Ping companies which application the platform four our from delivering we every where our us legacy to of scale. lastly, resource solutions for access one, these authenticated important plane, vision number easy deliver in two, delivering at secure deliver on and our help to platform; our number identity partners enable passwordless the Identiverse, three, authorized centralized, along customer and enabling case themes. themes; mission, highlight any to cybersecurity environments; frictionless identity use commitment Ping this of At the we're control single the user key entire Our irrespective job their at cloud a with embracing experiences; user To IT location. the ecosystem appropriately through solutions secure help to and the is or hybrid made number to to several migration focused

platform unified both our workforce administered First, cloud now from entire to we use our solve new portal can PingOne admin and be cases. announced that customer

Second, PingOne to emerging their last or acquisition reducing discretion, of address personal leverages users for share information while at store This opportunity allow other with businesses compliance the around individuals. we privacy introduced directly the burden individuals ShoCard to regulatory solution enterprises. for and to made the their new year

announced across customer and identity, visibility of intelligence machine teams, fraud provides SecuredTouch, on activity a vital We properties for prior and acquisition customer risk early a our an reducing the SecuredTouch our and Israeli-based fraud vision company, learning, behavioral By frictionless see happening we of new for capability artificial unparalleled this creating the potential Finally, interactions. biometrics, account. as and focused even identity. leveraging user to malicious solution digital into an achieving

of we nation's of been our products on in CDM Homeland to have share security. which two order look of back cyber Department the approved May As program, was excited spotlighted the the to improving under the the Security’s executive XXXX, half XX we're

saw generation. as the advanced sophistication appreciate best steadily to market QX highlight second several customer demand ARR services, to transactions Notably, of our regard, a this with cash of I'd our ever the PingOne some attention like wins our growing significant strong strong this to for quarter begins with quarter is and Now revenue turn of interest and our new and contributing to we offering. in customers our

a improvement as spending we to number of of ARR. shortly, such million $X the XX% addition customers In Avaya, new with our in cover customers, pleased In north which I'll were in with notable year-over-year QX, relationships deepening plus customers. several experienced existing

partnership leveraging zero-trust on more. was strong move milestones interactions. more significant our its customers cloud least services the of leveraging contract recent adopt security to with looking and quarter. than by management half identity expansion future and BXB modernize our of secure the a multi-year a of XX-year to PingOne posture turned three initiative The aerospace giant centered Boeing controls. signing manufacturing the also We at with other BXC than all capabilities irrelevance help Boeing system, two XX% now But two the and accentuates Ping surpassed access key by nothing the Ping or to and to identity advanced to and to BXE, security to the for grow strategic in

globally. and compliance quarter a revenue, broad significant very world from leader Avaya global a in solutions. in leveraging to Avaya. competitive homegrown Another replace is for user In software and help PingOne Itaú Banco standardize company use of two healthcare scalability banking, of solutions. Ping Avaya to Ping will employs open new external scale a of for customers Many communication a a industries our The collaboration. and $X Brazilian solutions use simplify have Ping example financial enhance new with Itaú With serving to expanded to transaction better in worldwide single institution to we cases platform in largest and the and and a customers was architectures up great solutions people others. XX source our These Banco Ping’s contract enable customer able partner, solutions identity which signed They is Itaú. management a advisor. across capabilities AWS. the been including signing match. in was multi-year Unibanco Internationally, PingOne billion customer nearly replace relationship São that requirements array enable to June, America, experiences. strict into combination a homegrown as the became will unsupported in deployments, security annual deployed their combination of we for in among a as serves in the Based case these requirements legacy suite consistent Banco of Netbr, Itaú workforce to create around customer win, leverage This and our has open Avaya full insurance meet million selling trusted and of create of services. Brazil, cloud customers banking as our experiences a and advanced Latin and Paulo, channel create

included use the a use multi-year is business. renewal solution their contract Delta's in Delta significant that the into the We a grew case. Air in Lines customer our our and relationship of case quarter, into also theme with a common customer expansion growth signing a workforce

one As trust customers, often them from we expand the see our to case other. we use of gain the

events This multiple reduce expanded a brought Ping allowed In company solution a to employees solution services The authentication assets their vendor. addition extend launch costs in architecture Way digital plus platform go on for the Identity the on to quarter, Wells unified quarter. this Wells early the Cloud standardization live expanded for quarterly serves all $X has HealthCare Ping's their million vendors, single simplify in from Ping and XXXX, single now customers financial and in We leverages Fargo, customer a our that experience. Your SaaS trillion notable that footprint consolidate we with to year a of competing offerings sales, XX advantages. three its sign-on. migration and we Sharp to Ping’s will had second American expanded XXX,XXX also in serve the XX world-class their some Fortune Also with Ping in live workforce, a to their has in and them relationship nearly Fargo one decided with leveraged households. since

group Act. on requirements. PingDirectory focus data a with Sharp placing sharing CURES their regional In not-for-profit X,XXX added customer and Diego help better to care heavy and to compliance Sharp, in located physicians San a PingAuthorize XX,XXX While and we May, privacy employees. suite with health manage is the

network to program with For officially support growing to as north first half of winning created we number assist and SC ProofID maintenance our example, to Ping far In of continue Awards. a I'd to on in like sales partner under congratulate Jason proud data success experienced of these Revenue into and sales solutions. XXXX and to new of at American Management any these of in record goals the working partner lean certification when has on track continents. both SAP. in leader the for implementation to closing, our different We're patient to new ongoing Officer. In alongside year five Wolf long our a Chief the To is also implementation. exceeded we highly sale, welcome them partners, He partners like accomplished a efforts, our all Jason their pre-sale, we've thank deployments, third capturing Identity the parties. Sharp Solution team consent the certified I'd release work program. our Best of

update and date QX Finally, now over QX details the logistics I'm Investor outlook as And more the on to and in December through our on We'll format I'll plan closer. call hold pleased the QX to turn X. to year. walk Raj? Day in Raj announce with detail our results we full draws for provide upcoming more that, to

Raj Dani

year-over-year. an of QX XXX% and Thanks million accelerating second Andre. our for of added all of We net of was with impressive guided net We $XXX.X had million in up ARR key a ARR XX% quarter of QX ranges up million growth delivered ended with $X.X metrics. ARR XXXX. compared QX $XX.X above

of quarter’s SecuredTouch, contributed XX This million growth. approximately in which from ARR results included points $X.X basis

pre-COVID in to quarter’s a half growth further return the type results year, closed growth in seeing of the close We a to that rate with second run by to the performance deals the contributed the aided rate. very reflected of larger a QX late couple the which large deals. were expecting of This quarter we few were

as the surpassed of ARR quarter increased we Additionally XX% SaaS threshold our experienced in the solutions. SaaS adoption

million primarily revenue adoption of has grown which SaaS revenue of by Second coupled PingOne quarter nicely by XX% We and quarters to in from XX% SaaS periods. subscription, our revenue total six solid was XX% continue across XX% XX% revenue we over was growth in which increased expect maintenance in the with $XX.X subscription-based. driven collectively with Cloud the and SaaS support million, and XX% grew in platform. between future CAGR the Growth board. of XX% past the statements, increased financial to previously quarter. $XX.X to quarter, grew performance

to contributor total that revenue an is revenue. Given meaningful SaaS increasingly

separately to maintenance and provide going as both from have standalone it broken and We continue forward. we metrics will out support,

can You our footnotes these and to find our the supplemental XX-Q metrics presentation. in

strong contract particularly by Additionally multi-year subscription term category, with lengthening deals and driven in term-based QX average the revenue grew XX% durations. in larger growth

contract ARR on business. key deployment that believe that our mix GAAP we duration impact and continue growth revenue, have of to is metric subscription the the Given

calling ARR out SaaS XXXX the difference once ongoing This trailing our been The As have was between the last case quarter, over metrics outpaced XX the for again we transformation those and continue converged has reflects to somewhat revenue. several should converge month time. throughout quarters.

with up a with I Our otherwise $XXX,XXX and net non-GAAP with tracking XX P&L, ARR the retention the remainder quarter again, XXX% Unless in basis We the XX% customers for on month dollar-based to ended rate growth. to up ARR metrics. accelerating consistently QX year-over-year. was than will calculated refer trailing of more XXX stated

these than in in Operating You half higher the well as will in remained strong quarter QX free We at non-GAAP the we driven enter our was We in of remainder in in of another a with position margin acquiring $X.X second profit numbers with $XXX compared to had our quarter. with the XX% flow in general year. us million position XXXX. of cash million unlevered metrics the year-over-year result on in accompanying delivered using of release. the and effect of end cash hand, on with consistent flow were expenses XX% have in quarter purposes. Despite second $XX can gross on $XX unlevered quarter on which of margins quarter in the quarter capital growth ARR revenue, operating the This of strong Gross our free used was net of million. by also GAAP timing cash as collections, as revolver, margin the this the find was flow. working $XX.X we our as expect quarter puts strong out-performed million gross GAAP of was We subscription $XX.X million and subscription the second a reverse reconciliation of SecuredTouch expected were QX for Total of growth strong comparatively the was in XXXX. quarter press the strong million cash cash anticipate $XX cash SaaS we a the which for drawing the QX XX%. which our million cash

and based became incremental quarter like stock a this due $X.XXX awards vesting, recognized over be related in in recognized realizes guidance, I'd pronounced the Before investment to return provide awards compensation the million probable additional were of quarter, I resulted expense to an vest stock that of overview stock-based expense million will which Ping. QX, more awards Vista performance-based turn $X.X of compensation these to $X.X which these comp of billion in XXXX. impacts remainder to its of In when

annual As versus a continue stock will awards, and anticipate result we to between of comp XX% our of represent XXXX these XX% ARR about X% normalized.

to the for million quarter, of XXXX. of we guidance, to now third of Moving project ARR XX% million, growth midpoint QX $XXX the at with $XXX compared

QX $XX at XX% range $XX than this given the wider a expect of metric. to million the revenue quarters midpoint variability slightly quarterly prior growth million, We of in in

timing to free unlevered QX cash of negative QX. negative We in in $XX $XX to expect related the flow million collections of

with XXXX. of $XXX midpoint. the We now million, XXXX year compared midpoint to annual XX% raising of XX% up the ARR $XXX year million our estimate full revenue $XXX full the $XXX project are between growth million, at We million of and to of

With about free optimism market your this first $XX We drives XXXX I'll at over year The up the continue that to performance. the overall their that, closing, and this operator to SecuredTouch to In cash expect relative flow our half return year of normal to million to includes unlevered our it feel questions. XX% we impact the about our and $XX encouraged the of acquisition. half seems the of the midpoint, to for performance. million reflect Note, turn second for beyond.

Operator

of from first RBC. Your from the question Hedberg Instructions] line Matt comes [Operator

is line open. Your

Matt Hedberg

I some the you feels strong to of starting kind as a a spend of sense obviously, with on time come really environment these to a guys. more or trends. Thanks, purchases Thanks some you Congrats of if of that improving, get of to strong certainly these trying guess, post-COVID questions. backdrop, that I'm wonder back And results. urgency? like right. delayed just the my me customers more I renewed quarter. just these could taking for it are guess, may to Andre, what's better I bit these a be see some early. bit with bit on some driving stalled All a of is deals demand little

Andre Durand

we Yes. Matt, that. seeing absolutely are

better-than-expected strong did us, seasonally a rate. is QX So for experience close we but

we As deals reported earlier, back. large are

number seeing is those external of quickly Some of pipeline I where were They environments, also deals we'll recognition tracking posture And to growing now what this in many of as beginning in we're companies a universal assess in their more had closing of in strong this identity those opportunity expected environment which is ended call HX. at year. cyber now an interest of has that of been health to to the almost plan. and maturing the And fund close seems think Combination and identity here of a Ping's have that future The projects. result, up their larger scale to urgency all and macro companies cloud be throughout offering, reflect these with There does QX. threats. security’s security. are a to

Matt Hedberg

That's you and can historically expansion. promoting products? over said and think successful on XX% going guess about even both Ping – two use of time? for call dovetailing with that customer Can customer more are you on your side. you you And customers of you you side. both maybe cross-sell noted do the do some that, Where see the workforce workforce how It be using those Boeing seems and And or great. some Delta I like think the tell I

Andre Durand

you for had cases. platform Historically, was workforce cross-pollination The between one ago, central are back of We’re or serving use if as identity go ARR been our company to was consistent equal split we our long history the with there now. and use the roughly a serving teams successful all theme nearly history both case. of the seeing our And four three while and of customer not use we've both of years level cases, types.

workforce undeniable is with for those of the identity inside dozen customers to now investments customer probably the security responsibility they're So making combination week, the there what and And use call that large an for about two growing I the the I'll and the team case. team. a of roll-up of talk partnerships talking of between a be the and trend

the that number I say that years. use I having, the trend there companies from all that out their number, When I'm get conversations that number technology where of technology using. both that looking will a prior that of for underlying up infrastructure do cases. better partner, is choices and the improve. us are So believe In is they're platforms XX% customers their use and leverage to

consciously to do very we both use So market cases.

pay off. ARR We in aggressively, beginning is fairly do to growth. and use ultimately be are will We leaning case is The to see but growing greenfield, think customer market the that faster, larger. faster we

Matt Hedberg

Andre. super Thanks, That's helpful.

Operator

next from Essex line Brian Goldman the of comes from Sachs. question Your

is Your line open.

Brian Essex

afternoon. volatility on the color primarily that Congratulations the there. so this, term-based that we was the that few types a multi-year? and of you or behind multi-year licenses behind some a results. of the Was contracts and I jumping calls, little back I dig potential question. better one Maybe renewed growth the understand was can dynamics bit there the more was stickiness fantastic and a can set but going of if Hi, for that Thank number. I apologize under year that good missed for taking you – into I maybe between multi-year to

Raj Dani

Sure, you. Brian. Thank

in leading across very new term-based obviously renewals. significant really definitely where revenue growth was XX% the on and the board impact The to was the multi-year license both revenues, revenue quarter So strong growth. the

back trend but durations see did both have we year, saw on as which encouraging, did a of we multi-year the couple than that in quarter up doesn't to last renewals So one and other fairly deals run new multi-year that larger So quarter, ARR but we is end come rate. a – make it drove and the revenue both the in was right? renewals

Brian Essex

the helpful. side SaaS Got it. house. the follow-up Maybe That's of just on to

and parity seeing this what the velocity parity You terms through a or last now feature maybe reached six- in just in pipeline cycles, to I help Any around little point your terms pipeline in we pipeline through hit insight sales in pipeline bit XQ Or your of detail more nine-month that think attraction now around how progressing that is revenue? year. the of in then you see the kind making the in of bit a it how has and into of you're building? little

Andre Durand

on side. cloud improving certainly the it’s Well,

I suggest the been had the always would that has product we Now meet the or there, is demand. that whether demand question to not

well to And So parity you a of the by seeing have growing mentioned, for as that of in with improved both in market, for own while as really is, utilizing demand QX those achieved a understood fully to are posture. lot are customers two respect a things capabilities features. it that in our solution new feature our One interest last who we advanced takes of be existing cloud magnitude migration we as as teams. little But path year.

certain the platform has level The believe a PingOne of piece us, itself, of notable I reached the that been other investment cloud maturity. long-lived a has kind which is also for on some that I maturation now think are representative points is and of going be the of of sophistication And the solid the size of prospects pipeline forward. going to in proof platform, the

been say, our think all there, has and of the that the I is and beginning I to meet it. So platform to posture market our demand maturity competitive now is think

Raj Dani

other SaaS our One we Brian the break first just did I to is revenue would footnote revenue that, SaaS out thing growth disaggregated for or time. in add

the through way its making been pipe. has it so And

to making that in indicative that closer be it's SaaS already of XX%. fact been crossing XX% just XX% SaaS that's rate we quarter, expect above ARR mentioned. revenue that way in system. growth through Andre But of near-term And the SaaS rates the that sustainable over its growth the – in and closing seeing year-over-year have as the We rates stronger total revenue

Brian Essex

helpful. Very right. All Thanks.

Operator

and question comes Company. Needham Cikos the line from of from Mike next Your

is Your line open.

Mike Cikos

Thank Wanted in guys you. XQ to you, me specifically around had I that the the year? at can was today, for very close Thanks XQ, contribution That's you back half ask from guess large all of contribution. helpful. the the looking I'm specifically better access originally in anticipated disclosures deals understand what if help you to

Raj Dani

Yes. the demand environment It’s solutions say completely to testament our and driving clear of or these to I coming customers half just mission It’s identity right? not to but just these alluded and kind more QX was fall cut, critical It's back Mike, as probably timeline of also growth. of here. ARR a projects, point it a things, would into Andre projects QX. expected of We are point a part earlier really importance the the Ping and of

Mike Cikos

specifically identity guess totally of understand, and APL for just products that the if had Department me the cyber I Okay. one as We could, security. Security’s obviously one make sense. of two of were better And guys approved order. That'll other could the I follow-up you you cornerstones view Homeland but help executive

threat to for urgency the provide, of environment you increased orders? color increased are these side on my Thank but well you been Just on is to trying some guys? you. guys what curious, historically seeing wrap revenues also the head, contribution seeing in And given Are I'm executive as front? a any federal federal what you you as their could

Andre Durand

year, effort is fully federal made do significant place. in several have a concerted Beginning customers. we have That pretty historically functional now we this invest to Ping. a two That federal of team on has role fronts. been we for One in said, federal part opportunistic

product is we by XXXX end The second in the to certification federal. that, our CDM support in of getting for Security expect the program do FedRAMP Homeland effort major to that addition efforts the list approved on

been do federal year significant several investing historically not in opportunistic have there. been has customers. So a it. We've This focus. we're We

We results expect year. next yield that to

Mike Cikos

much, you Thank very guys.

Operator

of the DB. Patrick Colville from question next Your comes from line

Your line is open.

Patrick Colville

thank my much versus question, Hey, taking on last so you and year. for turnaround congrats

Is to growth it's close that. you like large of in the I of than saw or these would half outside we that in to this these both the conservatism the second deals slightly impressive suggests deal deals, the like about How year? SecuredTouch? benefit because that the year guess of Just second this then understand, quarter ARR and slower from half feel quarter. is Guidance always

Raj Dani

I'll Patrick, is take that. This Yes, Raj.

where philosophy a into talk rate, adoption did have see rate saw front of been baked where of also at looking overall supplemented right, just bottoms Our change guide that's run the our and we're the what lot in to right? has QX. that's seen us guidance deals each I we what's large buying some environment behavioral now, in top by the looking It's improving always to environment. customer this pent-up down we on demand and returning, And that a with guidance the had to we and of see too are behavior, it we solutions again deals, think to And the what's we given return but I variant when still in a about where confident couple are in call think we're the early it's such. confident, our we're Delta I up. normal But pipeline, the to we happening just in with market, – pre-COVID but my remarks quarter, prepared

Now, do front drivers of we're that now, could and that guiding be see in us. a also Potentially, yes. momentum right nice have trend? But some what to play out. we could we And upside

Patrick Colville

is Is closing deals calendar deal around headwinds back rear-view closed? kind normal. being and Are getting we are deal phased of back to of of the That's size XXXX, typically in around And of mean, to deals urgency less XXXX Ping larger, the mirror? now more saw the pre-COVID? three now there the in. urgency kind and helpful. in are And things know smaller calendar deals so in commentaries we some we I sizes, kind these the the Those then, behind us,

Andre Durand

the that projects, trust, fact It think for one a several back. for said, certainly identity of large way. password feels for plans upon But as possibly is trend, that not months There zero for sense a deals I Raj yet to built but list. quarter now urgency are these had lay they is

living this We distributed in is security of are environment. kind of the new pretty and central that to environment, there's world recognition a it’s new new identity from home certainly

an So return to confidence we projects is to feels of there what similar it COVID. had prior like that to feel these does experienced and urgency a

Patrick Colville

Thank you so much. Okay.

Operator

of line Your next from question comes from Stifel. the Borg Adam

Your line open. is

Adam Borg

look But SaaS, as we so gross that of the in the potential for question. the mix? echo guys. Raj part taking additional obviously forward didn't impact. SaaS becomes thanks of I'll we just and XX% Hey, Thanks about margin to the how on north for hear larger and something as and go for gross from really Maybe impact disclosures think my have should we nice an quarters, it much coming margin a that to was

Raj Dani

is Yes. Raj This Sure, Adam. here.

a us to into would successful really on be we will in least and that nicely, case several gross with grow are massive certainly next deployments. typical their and into people the see over some but sport to over there's our So continue in be growing areas at a customers And we we need there put we prior quarters, you margin And that SaaS right. the think time to the then business, in will and to in their to invest in make pressure that there's as place, infrastructure, there SaaS revenue, critical us future of expect that. our

right, is points downward we'll our there's for instinct better movement we a continue Investor slight come back before here some your in provide And there see QX, think but in I the we data to collect it potential and Day. up. didn't So outlook but

Adam Borg

housekeeping more year? really and that on commentary inorganically acquisition, of any a helpful. expected just on for just the the a great. contribution items, the for follow-up SecuredTouch That's quick maybe That's And full

Raj Dani

Yes. building There making contribution focused in meaningful. this team won't We're may this integrated nothing of and first sure be team order and getting integrated slight And amongst some but least quarter. QX, year. the at much the be really base ramp probably getting the on paying our into pipeline we're That's the customers. and business getting really

critical use this we moat a impact so deeper wider case, and historically of stronger technology XXXX. just very like customer the we'd mind think in strong. and a the use you'll such customer gives of really really and SecuredTouch feel that us just start I where case around much to see top been It's in and

Adam Borg

much. so Thanks Raj. Excellent,

Raj Dani

Sure.

Operator

question from line of Next Stephens. from Colley the Brian comes

open. Your line is

Brian Colley

Hey, my taking guys. Thanks questions. for

I'm shifting in wondering over that the look versus how at your new core customers? growth you when of XX% from growth just So customers existing SaaS, breaks down to kind SaaS software from between your

Andre Durand

see base customers we well is adoption us as – new. say have great Advanced tick pipeline and the migration. at in – We PingOne did from the and platform there's up a increased new of we're seeing that solution of a we're looking are seeing in from SaaS platform our our as our that lot introduction but a now base logos land Services, that customers for I'd a both for

there. So I whereas more to onto platform, think new you're see going more the that we've seen going customers migrations forward, from in beginning

Brian Colley

you higher customers lower could enhancements on particularly to market from SaaS platform these competitive made if That's result of seeing market? to you've you're curious of that the Global XXXX. bound I'm in helpful. expanded environment XXXX improved also with moved, kind some I'm the of and of the as if Global you rates Global win XXXX the rates that target you're curious whether just an Got provide win it. a and seeing update

Andre Durand

the We customers competitive have a are absolutely cloud first increasingly posture. for who

large built Fortune well would XXX. focus. extremely differentiated, and the of market, growing identity So I and back XXXX competitively north by that's market is market a but step where obviously XX pretty trusted now of that the a just an as and We've platform Global we competitive say, within it's

in are see significant by in expansions case some longtime those the pretty offering. cases, as in Wells some customers SaaS who can replaced our competitor of we with You Fargo, a

now you Ping a and I'll provide. So are I has is in competitiveness little ago that should some unwinnable capabilities believe expect as win And distinct months suggest in – can we of advantage rates. deals increased that were six paying cases I some by think the increased what as

have been an there. and theme will our investment, win continue a investment rates improve expect and ourselves the will continue is So for I’d long-lived to improved future that that and into that

Brian Colley

guys. Thanks the I'll that. Great. it at Well, for time leave

Andre Durand

Thanks, Brian.

Operator

question comes the Powell next Your of line BTIG. from from Gray

is line open. Your

Gray Powell

Yeah. Thanks. Great.

that better bake-off win conditions? just was on was like the related to in of in you follow-up better think rates specifically, you just to versus the how the improved was performance QX? Can a bigger of that more of market overall say macro, How wanted part just Ping would specific maybe saw that you're success role, that one. kind So seeing, a much of or you help like that much us was it the

Andre Durand

posture market macro with the to set set. I competitive but we our think to conditions, solution credit an of Ping want give trend improving I do that have improving is that has

that PingOne in scale, security strategic as when cybersecurity said of particular deal, a partner Boeing cloud based introduced of – initiatives. size their our transformation So Boeing Services pretty last and was deal last a of I year. the milestone Advanced posture selects part significant And late Ping a future identity a that's and was the and company upon for

the say be would a credit service and So Boeing to full to been served evolution environment, deal. to ourselves macro to I that be we platform we've cloud our that great how can't not of partner we've and able the giving

in played impact performance both played think have equal QX. probably I the So say would improved in an I an impact. both

Gray Powell

much but security or department? driven lot makes the just how important Got experience purchase department versus stack, digital understands question. customer's the a like is being revenue more the influences marketing decision by your be becoming or it. something curious sense. And my security that think That identities often other something how or of part I directly a everyone then of how And a I'd

Andre Durand

than the the the For norm use exception. case customer more that's

by that sets things security their is a case the certainly as identity whole growing fragmented of teams have Officer, additional user Chief a require different So or a combat user use however that more is security skill business, someone consumer the responsible have the yeah, company the that all that group seen with the user line influence customer needs. title not to properties. experience than digital from What there the identity and Digital the by for buying than we the is a consolidated experience, experience is like common is identity and fraud

And one So that is of describing top five reported a I operations before, was was this X,XXX bank. the he as for and an identity security between then the customer for of how a responsible our case fraud And workforce engineering. four responsible for cyber over all maybe to large workforce talking he use months, and case use the well champions extreme in at last for I was identity. originally people they've consolidated the case,

the that first benefit, sign and leverage gain their Now an scenario an of But customer see where and experiences I against customer don't environment case two between across do of and some does not where identity leverage cases. the identity sitting of look use use both not that's line the groups. a the of underneath have fraud the companies extreme foundation what's defense a I better believe security exceptional to to come. sort themselves understanding reorganized company posture is has to of do

Gray Powell

and congratulations on Understood the that's really helpful. great numbers. Thanks

Andre Durand

you. Thank

Operator

the line Your from Schmidt of next Ben question Piper comes Sandler. from

Your line is open.

Ben Schmidt

the you Owens, question. And the talked Rob wondering to playing about I'm on for progress about and those both SaaS it how if talk time a GSIs just market my out your on Ben thanks on for can taking you partnerships and little with are a the bit Andre, educate offering. takes how front the with bit product. SaaS that guys, Schmidt Hi salesforce

Andre Durand

of our connection we're identity set national and set up our And very who deep and in the general, focus integrators, we we are SaaS on scale. the not channel have in a paying. Maybe products are well. quite and partners many the there have exclusively growing cases of kind with Most on very as exclusively one to focus product of of our step partnerships those a GSI will from if strong you

worked developing interaction GSIs all very the we've worked have been paying. XXX software of focused would many While GSIs, and has with Fortune that I present the GSIs. the and are our in we on historically on partnerships customers the the of say global strong with NC with accounts We're who most GSIs obviously those of have in with all GSIs.

There them good I Those is familiar take of building of in imagine recognition are do strategic cloud become many looking us accounts to upon for of paying additional would growing and SaaS with offering. to stronger but and We are the it that importance see their they for GSIs relationships cyber with successful some our practice. deployments. time will the paying, growing

Ben Schmidt

That's Thanks. all it. guys. me Got for

Operator

Your Gregg next Mizuho. from question the line Moskowitz comes from of

open. is line Your

Gregg Moskowitz

I apologize still you. been putting if Thank new have calls a asked, I place Jason good early Okay. my or And on but very Andre, multiple questions congrats know a is from And had go-to-market today. days, quarter. in anything it's is different perspective? there just that

Andre Durand

a prior several to are that There question. good a That's we company had focuses arrival. as Jason's

use channel, were strong very a and solution grown, And as cases our of kind areas individual there, federal And very international Global products, course, for have important. background of we're growth sets, looking in we portfolio as of selling beyond Of for XXXX into as investment Jason skill is well has moving those strength some and kind into solutions. all us.

changes made any the not major the I'm brings I major any new mindset or Jason call I'll on which outlook impressed will capabilities say to we in land instigated changes not new in with have really the and customer. he great embracing expand that with what just We in has him. organization. new of the a all got looking customer a of a or at the can in He's portfolio appreciating ways

maybe to early But And do go-to market. I'm that built mindset in of some success always mindset. of the see our of bringing good perspective. sure to he's a I it's things no so to major the is kind on design see his career new think. And the that changes

Gregg Moskowitz

customer disclose your And vis-à-vis to the helpful, the at account since directionally end very been Andre. realize halfway say don't mark, and XXXX? I has able the we're you how until in you That's tracking, XXXX Okay. you are what this guys saw of then but Raj, year,

Raj Dani

SaaS considered with nice they're good logos in we're we new not platform we're us. Gregg seeing for nice great of continue can non-regrettable you we've fit land to talk, some But attracting churn are especially growth. And where part push provide And focus by will for Yes, to but fit a a are ideal them that be you're growth pull. there. good continuing our traditional that to see to that we as on customer what we customers logos, the attract And us. cohort, potential the accounts kind course creates we and and capability, detail land and December and offset typically in more and Global that's expand just continue of not the when for a that XXXX directionally that, ARR is in the on

a focus that's of for more us. So

Gregg Moskowitz

Great. very Thank much. you

Operator

from the line of Saket Your Barclays. next question comes Kalia from

line open. Your is

Saket Kalia

a year with guys, is any the Hey apologize great. start the Great my my similarly, the believe maybe beat questions taking Okay, for thanks beat. of than little here. Raj, on going I ARR to see bit been ARR you. up, I'll for less if but questions have this the just I asked. outlook quarter. And

about to else just QX it versus kind projected I'm the anything you deals of of keep compare sort So should of or of is sort in when mind to ARR do anything the rest wondering, beat for there the vis-à-vis think of what timing to that is we year?

Raj Dani

Yes, Saket.

front data in know see of did And we're very we points. QX you always we and what see activity strong triangulating as in So guide to we us. all

bottoms-up on we well last at year, the as have like did right keeping to also making a don't So eye we're keen any but dip as point. that the kind tell macro, and and of we this top-down, variant hard that's Delta sure

that we early if pre-COVID claim saw what in happen? that is not a it's little some call calling about continue bunch Could So that deals excitement run-rate enthusiasm QX. to yet. the But – a in back we're coupled to to and seeing we're we're it just you saw deals will, too Sure. with really like but trend pattern, market certainly and normal of part large not a this and what QX, we're of we in our

Saket Kalia

SaaS mix Got I appreciate in also my here the business for long-term Great yeah, Maybe wondering, business was whether SaaS looks mix, terms it, to it how helpful. I the Can maybe at Andre. just you increasing really That's SaaS see the sort about there. of follow-up there you, it. got it's you see disclosure of like – high I'll Ping level. long-term? of, kind mean sort the of leave it's what whether increased talk

Andre Durand

our multi-cloud not here a think Saket, as the to cloud you stay. are reality And SaaS know large a singular to in going live certainly as is is we're In world. of environments to that or in I to thesis singular hybrid now everyone realizes one enterprise, here hybrid a live world that even well. IT going stay they're

and clouds. So ability come larger more hybrid particular one the real reported IT, The most mandate. multi-generational And front. a or not multiple resiliency. as clouds. that XX in what that surveys have have I to assets in a become just that believe in one resiliency reality up and driving but well-positioned are XX%, our combination believe, companies out going showing just And number with that some in coupled last shift are the that multi-cloud of approach We're strategy. doing it's the extremely cloud, deploy is drawing not in now whole that being on they're I've singular your way I've and cloud customers what guess, doesn't I'll to seen us And any for in days cloud resiliency. of call of on, the with Ping focus A a past has the awareness

that going desired software that lived or growing deployment business I or outcome Global lock-in, two what to multi-cloud a our enterprises. that resiliency, for our in in and But specifically more this for growing to long requirement. clouds is a a and any plane that our lock-in. cloud business rate DevOps deployed cloud-first control optimize large of multi-cloud activity the cloud resiliency down-market identity believe and there's today awareness, of a speed new control in plane, being us the using identity is their serving do part the lot reality I wanting is industries run to to of with regulated a and of XXXX speaks on lock-in of So and anticipate vendor more combat run program awareness for

of our this but that SaaS we're our time, of healthy the you other expect becomes continue, it Ping all But that not SaaS, do healthy. expect very to the that Global We're to long-winded are was certainly rate that to be or be all five ARR going part the that believe anyway, will So we is do in Over a growth the way overnight. SaaS balance. out that. do going expect part in if of our saying, to and experiencing world a four not do years, the grow larger SaaS or business in SaaS XXXX see I play projecting

Saket Kalia

helpful. very Thanks guys. That's fitting for here, in me

Andre Durand

Sure.

Operator

are questions this at Presenters, no more There please time. continue.

Andre Durand

thank in. you as December Thank scheduled very much. So that Day including our to concludes for progresses, today's Investor half providing Want XXXX. year earnings We everyone to for joining call. look second updates X, forward the

Raj Dani

Thank you.

Operator

call. today's concludes This participation. conference you Thank for your

disconnect. You may now

Ping Identity Holding (PING) 5 Aug 212021 Q2 Earnings call transcript