PING - Earnings call transcript Q4 2021 | Ping Identity Holding Corp

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Operator

Good day and thank you for standing by. Welcome to the Ping Identity Q4 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, David Banks. you. Thank ahead. go Please

David Banks

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

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

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

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

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

Andre Durand

David. you, Thank

throughout year year year. with quarter of the sales recurring our XXXX by reenergized with full outlook solid against revenue initial above solid We year metrics. durations growth XX% key lengthening finish this year-over-year. have We results for fourth and revenue annual straight of by We Well ended XX% the this and all XX%. performance grew strong contract our to accelerating

revenue the of We XXXX coming our taking have of compared ARR one XX% SaaS XX% solution. XXXX is with quarter. XX% more straight customers now accelerated than for Our from SaaS now our SaaS at solutions. grew and least third

Our footprints improved largest deepen customers retention, to with or XX% Ping, more growth their in driving in continued of net with $XXX,XXX ARR. and customers

into the Finally, great was of unlevered we X% it December, free $XX financials flow for short, Ping. ARR. billion driven strong be a our coming focus very cash Investor refer year out ARR guidance a of by a million the shortly. hosted and years, on and year, to the more In detail $X Day supported will go In three increasingly for drove the Raj market. or first by our as to as C's areas our laid large growing public will three in roadmap journey key company, over important of will we

cloud. First,

fraud, low platform We have of extraordinary no experiences. user code identity cloud unified end delivery increasingly and our a by investments AI in code differentiated maturing

laser now are leadership customer which focused and case, on use our we in Second, case, is expanding use the growing customer use fastest our case. largest the

our as to solutions experiences. the on in made cloud our SaaS. XXXX. value, XXX% the significant three we key products aims transformation to to Salesforce. and drive solutions our from Third, platform, as to shift ecosystem each rapid focus year business our We now customer PingOne Unified and partner in offered channel enhanced of a expanded areas by Platform, significantly our a marked Cloud exceptional reach to the drive delivery underpinned in the Last and channel, our milestone are These a progress commitment of and of

case, use to our strengthen several orchestration the expanded zero trust and of in extraordinary authentication, also areas user differentiated highly and position less experiences. solutions password We customer our the in

we multifactor recent on, identity differentiated platform a customers for platform PingOne sign verification, While reflected and maturing areas journey positioned no legacy migration, code in API accelerated as All provider, are authentication. investments security, our legacy which acquisitions. and and quickly our a this market fraud, for their begin orchestration. on is single growth, in focused identity many given identity the A now on is risk, into program focus and accelerates results. The cloud modernization authorization, evolved

PingOne $X.X now businesses agreement XX%. growing company multi-year mobile to at a the cloud, advanced and XXXX, and use from in PingOne SaaS of the to cloud with XX% ARR on- billion signed of in north and acceleration Our will advanced mandate of to us approached with this a services since premise to In support computing leverage workforce firm migrate customer both we migrate for services, XXXX now total our cases. business, a a customer

taken our deals customers, tripled off, we our our an XXXX services nearly offering XXXX included ARR, really of largest in complex in customers services our customer. For average of about advanced X.Xx most largest and six services. advanced average has sales with five our enterprise And PingOne advanced

case. makes digital to XX% now growing With leading faster and workforce the continue ARR as pandemic, of leadership rising extend than to good case and relative channels from the facing for it's customer of up our the a the we more solutions through use identity provider for our customer acceleration importance ARR use reason.

following accounts our early with a just $X.X the of and in in great fraudulent wagering improved TransUnion, In Sign-On lockdowns as new customer plus leverage added use company, use use avoid scale multiple insights an XXXX consists user workforce our Sportsbet, than purchased was we're this and Single Ping about COVID X revenue. secure hundreds north mid-XXXX, to Sportsbet expansion versus individuals directory and case, who highlight customer identity by and million edition MFA and unified concerned platform is X their trend. A one customer and significantly their a this Solutions spikes consumer use competitor, an experience. and employee. our Australian global Risk workforce information solutions this was a relationships, solution their small cases. the XXXX, personal increasingly on to Your creating purchased online ability in case customers. Many a and incumbent against experienced customers’ who customers as Sportsbet company of more million their sales to volume billion This quite expanded leading multiple largest starting behavior quarter who case customer win cases common across significantly both XX% our capability amongst customers for accounts. use better quarter of an of

lending, a but $XX than over CO a signers. to private to million leader student a Sallie competitive Single running competitor directory Mae solution, the They Sign-On were Sallie to access, addition X new As PingOne more in our highly and Ping In portal. customer selected legacy migrate upgraded through to deal, loans onto portal Mae in solutions their customers trillion and MFA. experience experience borrowers customer

office patient became experiences Mae and health our PingOne of the care one for partner create was channel involved from As transactions. for abandonment ProofID medical QX, parks, closely in XX one reduce integrated XXX customer up WellStar in health a rates off digital and Sallie more provides signing login seamless Our to WellStar and six in to log customer largest to Georgia systems solution and both new than In the most pink across WellStar locations. hospitals, Georgians five

TCS, sales Year, to we dedicated our the will direct Partner and and customer the as than more in partners. ProofID in as delivery growing While year. we kickoff welcomed global to to our partners hosted early a North sales for event, which Partner honored Security Rising engaged XXX solve are the Integrator and accelerated of of drove a Partner in Star our annual Ping we Optive At working Partner as always our challenges. the of XXX. digital North those business building America, sourced our EMEA, American Guidepoint to partners increasingly, fivefold fourth they of of with prioritizing year Among and as recognizing KPMG Systems our Year. be as source the addition February, Global the the base, opportunities Year APAC critical is in our a In is Year, increase channel growth. International the of as were consecutive

QX, DaVinci new innovation Ping a introduction the and embodiment through more announce I implies, as the PingOne certified modified our pleased to represents name offer install the integration reps as for XXXX, to and to the have our entered than from than drag now our our we availability kickoff, in solutions, structure simple and our capability. activity. driving the of of era technical no the acquired DaVinci incentives more required. show to which provides was drop integrate commitment of At DaVinci increasing unlocking To connectors. to general in we XXX Recall Little Key customers of Singular orchestration architects we Ping the and unleashing blank to allow integrations. sell no and can potential solutions canvas approved pace for with partners individual them. code identity compensation identity create identity to and sales channel, coding of XXX of sales As and now and identity for XXX partner delivery than additional XXXX developers accelerating ease. and we've new confidence more

simply services DaVinci solutions of tool purchase wide and from a our identity automation of for range of range allows plus a QX, global In orchestration. not agnostic identity, and integrate two It Ping. XXX features vendor IT by out-of-the-box As to whole a organizations connectors led services. library vendors, brands a orchestrate

recognized among most is these brands world of sporting the One over. associated global the world's with events

and and identity go-to-market XX for end greatly The of of experience, DaVinci expanding organization hundreds streamlining while in around and transforming Thank identity millions quarter all improve in users believe the We of also of the solutions our to integration, to boundaries years A come. few other languages digital customers world. proliferates thoughts. great way final the customer another our will you people improving security. companies to the experience partners velocity

team. Sharma than Legal legal secretary Counsel our as to that many also recently our as experience, as our board pleased for directors. with General corporate Shalini act She's XX most important of more leadership to years And welcome Shalini Vantage new will I'm before Chief Data with international Financial to Officer an First, Centers. Solutions. Shalini addition Broadridge of has years

also FedRAMP, report for a we pleased targeting year, the of and in and Authorization designation in our Management I'm Program, to currently the under Federal that received Risk our mid-year late completion authorization the Second, process moderate are program. or

also our and late federal actively in for PingOne contracting pipeline December, distribution live and through our opportunities of working are partners. took resellers government solution We our

Work we by to Best our both delighted were employment Denver largest Built Place recently in centers, and I'm In. Third, a Austin, recognized XXXX as two

is attitude our important where Our philosophy, both in as performance exhibited equally XXXX. in on culture is based a XX:XX people

as our Finally, passed today. our of heard XX financial $X the exiting years Raj? now to talk Raj me I we'll more never detail honestly excited billion bit excited over about XXXX, results I a With company. in about arc We provide it turn be you've north couldn't I XX% we our a more know grand say three to year I'll can ARR our about on that the outlook. walk recently future. path mark before next way decades, to through star. a about be over of and two objective to our movie Ping. growth as our XX% Raj more are to over of taking toward past where And been trajectory I've the the And will reaching route we ARR the on move

Raj Dani

Andre. Thanks

being along live. our before follow to started, As webcast a presentation, encourage I I is supplemental which with you reminder, get

to in driven few we've is guided As outpaced results delivered consecutive refer important growth, guidance. accelerating quarter once our fourth ranges a during for key I We the which metrics. ARR discussion. will above our all initial again my slides strong This which

the generated XX% the total up Our quarter year ARR than in ARR subscription crossed with XX% net fourth of in another of total quarter, SaaS with year-over-year, ending record support. Growth SaaS up XX% ARR. grew as XXXX. a continuing milestone and We strong in This SaaS with We growth was ARR trends threshold million more representing quarter Fourth $XX.X and XXXX. was year-over-year growth maintenance consistent QX. million by year-over-year the QX important $XX.X to of of our now revenue ARR $XXX.X ARR had quarter just million, of XX% drove revenue the of SaaS of crossed the was based. of $XX.X which quarter, XX% compared highlights driven and in XX% we XX% million SaaS in

As versus was ARR new than was half the case in software. QX, SaaS of QX more our from in

We year-over-year versus revenue XX This least total with XX, indicative term contract licensed bringing customers at XXXX average grew growth. in up growth very XXX reduction license of term and with million year grew quarter, with SaaS support ARR, XXXX. the was performance million. seen year license quarter in in In year-over-year. is ended $X throughout XXXX. customers more we a Maintenance up than the XXXX, durations longer and XX% by with $XXX,XXX our QX, in revenue QX line revenue the the of to with we've to also revenue added up ARR the XX% year-over-year, in the ARR, strong in XX% XX% in single to $XX.X XX% offset revenue For XX% multi-year license year due single in

rates these our improvements of existing at ability two drive our adopted the value more our to three or ended to XX% of our of continue customers penetration customers. more. solutions base having customer year and with reflect with XX% least All to large deeply We to Ping

now have one more X% QX in logos customer we QX XXXX. XXX customers XX% least base added now more than totals new year-over-year. since than XX,XXX, year-over-year. of using We Our We have at SaaS solution up

XXXX. of Services nearly we leveraging new PingOne in XX% addition, in the at SaaS More solution. XXXX customers least Advanced In purchase one number tripled than of customers our

even of to this though basis. QX a metrics. rounded refer compared calculated I retention to stated remainder improvement XXX% the QX, otherwise based P&L, for rate will Note net GAAP figures was with the Our that Unless a both on trailing sequential dollar XXX%. XX-month was non-

M&A. press more flow unlevered, This year-over-year. new growth, year, non-GAAP the in in a up the ended and our successfully liquidity by subscription and We improves SaaS margin million year year the for margin by GAAP our in million term for year Full Gross primarily our gross growth year seven than $XXX flexibility of of fourth $XX.X You QX XX%. strong flow were than investment operating innovation of Total five nearly compared continued quarter in cash executed accompanying revolver million, enter can debt. operating growth the We to This XXXX extremely fourth release. our a cash, million our B find late cash non-GAAP XX% and million, our to drive $XX as improving $XX.X loan a million, optionality adding expectation investments $XX in with XXXX. to expenses collections first cash better million. QX remain quarter were our to position November. both numbers was cash internal with the reconciliation $XXX the and refinancing in profit was free XX% of XX% we and the GAAP quarter in high and driven strong. with Even with we compared drive as resulted $XXX

guidance. to turning Now

acceleration increased mentioned achieved which we about gives are forward. confidence XXXX, in comments, we in Andre the growth excited us we his going As

annual recurring midpoint revenue the to $XXX million XX% versus expect first of at in million quarter of We $XXX XXXX. growth the QX of

We Investor of million and million for year-over-year preliminary full at year, also Day. midpoint ARR we $XXX rate $XXX expect plus growth at the provided XX% the of above to the XX%

increasing we growth SaaS chiefly expect solutions. be due of our The adoption GAAP XXXX, than in is when to market ARR faster in growth lower growth enter SaaS and As was accelerating SaaS investment growth. case the we reported adoption and revenue reflective to

of have in been support investing also We software. and our maintenance

begin a versus we contract ratably over increasing we the recognizing of will of an percentage such, upfront. that life revenue As now expect

also of that disaggregated see in going reflected in the you revenue forward footnote, supplemental our can which change find presentation. You'll appendix our earnings

revenue, and expect as this reported QX, a and our we total revenue term of composition, $XXX result expectation license XX% full $XX of QX a at and XXXX, shift revenue our revenue M&S SaaS million, license percentage subscription beyond. we increasing We under support overall of In SaaS In of between over just our year just subscription at SaaS XXXX, with in for XX% versus will year-over-year maintenance of $XXX of declining expect of just in and growth XXXX. and M&S made or XXXX expect over percentages midpoint shift revenue, revenue. is revenue with the to The the XX% licenses, of XX%. term million this and term percentage both to and revenue support as maintenance growth up million, this the XX% million range midpoint, $XX a

in revenue that XXXX growth QX, $XX revenue Recall with multi-year expect million our shift ARR revenue this more preliminary that trailing Over is becomes within rates estimate converging. of million. our especially impact our was $XX of XX-month time, apparent strong, will between to the difference QX we term category. As QX roughly license exceptionally and shrink

several for the our for the within said Revenue revenue with quarters growth that continue measuring and ongoing in use ARR belief strong in our a demand SaaS mature we or fluctuations we've customer metric our plan invest further case SaaS growth our to and platform Recurring Ping’s go-to-market As environment. Annual best is investments cloud support growing these and performance, trajectory,

result, and breakeven. expect free cash for breakeven flow year cash between approximately to free our unlevered we be $X with the unlevered negative flow As first a of quarter million

is factors. predicated Our cash several outlook flow XXXX on for

This QX have primarily by million First, for which QX performance into strong $XX forward driven roughly XXXX, also our XXXX. view. we collections, over shifted and affects

time. targeted about In invest free it questions. much multi-year earlier expectation in feel we your impact cash maturity our in period seeing by trajectory, expect revenue our recent over our improvements leverage I'll multiyear over for to is the want performance turn and to operator and acceleration improving that cloud XXXX Similar based signals we strong competitiveness we our with growth With Second, acquisitions improving are these closing, great this bolstered to of ARR flow our with that, XXXX. yields for to spending.

Operator

have Instructions] Hedberg first our RBC we from question, Matt [Operator Capital Markets. For

Anushtha Mittal

investments guidance. Hedberg. gives Anushtha on Thanks Matt guide. congratulations for a talk quarter this more for think the Thank to assumptions, beyond? and follow drive XX% should Hi, question. a through I is we the accelerate a you impressive then XXXX up growth and my year? which ability taking go-to-market you. to faster confidence the strong had And in XXXX, how your in question really the you to And this the about as potentially about on in Could

Raj Dani

Sure, hey, I'll is take that. Raj, this

in and So confidence, have our or beating guidance, our high philosophy terms of to we of we a guidance. to consistent a is numbers do have guide that record of track degree meeting where

is that So gives what foremost us first confidence. with and

are And Secondly, around channel. terms see initiatives and C's second spending please? driving and on great those important. just was on well. focused They've go-to-market historical case the prepared repeat future backdrop have few the the use important growth. I We've continue really see question around of believe sort remarks me, growth out for his improving that with to Could you last And that. the we in of as cloud, demand our to investments. of one customer that our our we're three been to we we are And really signs in the that our environment. out that laid is thing biggest Andre quarters, continue And focus a on the call strategic

Anushtha Mittal

we the ‘XX potentially growth how go-to-market drive think about should investments XXXX, beyond. in in just Yes, and faster to

Andre Durand

the pipeline strike maturing we've the so take offering upon that and generation Okay, go seen the and we in that that. the we've cloud that seen channel, had the ahead our XXXX. yes, both in in Well, on the platform, numbers I'll performance built

marketing the going and seeing our advantage in investing now both based capacity in take where and confidence platform. years, to our position upon and this the to is taking go-to-market pipeline that suggest I'm that are we're opportunity. and that of time We are we sales in cloud generation first results now numbers the some And

Operator

Nowinski Fargo. next Wells we question, our For have Andrew from

Andrew Nowinski

on close I you XXXX. $X start know have nice thank think if as want well. in to Good I sort that you. of to maybe any spent I'm wondering activity. customers I might your large a and deal question had abnormally driving afternoon, large you you added larger a XX had particularly uptick what Wonderful, in over with million deals customers. QX But be in XXXX XX

Andre Durand

a on we've This take experience act transformation. is to digital accelerated the speaking. together years been people new year on and I'll awareness Andre is prior series historically year QX of And had around as we seen number deals off in side, have for We throughout a nice in heard is and transformation the flushing, their wanting that that projects. are those growing start number trust. what that. then zero budget sized of of that with a A getting customer you've foundational projects customer the consistent digital

consistent So numbers acceleration of skewed, case, of sizable all a to channel. that themes of is direction, forced from large sourced the consistent. in that deals a mix of skewed There was no were new, has or cloud use was customer the QX the the were customers, sourced by both historically material migration, that few say, say the deal, it relatively shall channel deals in have cloud transformation, -- I the those directly one healthy with been one and

Andrew Nowinski

know That's great to contribution. focus on channel that a you growing hear. have I

to some Microsoft your certainly into competition up So seem more to maybe relates concerned ones through the security maybe pushing see as a investors made it's a space, great to large space. with question coming identity the identity acquisition follow customer it and have large AuthX in be there. I

results, your extremely growing seem if So any high. be it subscription having on doesn't I'm wondering you're certainly to impact

if wondering the changed you if could in anything. comment maybe landscape, competitive on, just I'm what's So

Andre Durand

start Microsoft. It's with I'll a good question,

enterprises we're the several pursuing We enterprises Microsoft. not cloud large that very in our very obviously is necessarily with strategy. neither have exclusively strengths on identity on particular nor And and just so with They succeed and ecosystem. do helping hybrid important do fronts, focused with a Microsoft, a are security strategically Microsoft of part partner the workforce multi Microsoft case, use

over has for is for a And given is that a have where hearing strengthening, the hybrid value their am of go And resiliency Microsoft perceived has With strategy. are good a cloud strategy now large course upon the hundreds I've taken viewing months. That regularly to of companies where strength incoming So strength. last trend or multi and nine centric And built do multi is and Microsoft strategic. vision mandate. approach as is where that entire a future cloud I enterprises they see with Microsoft extremely an a regularly. particular is enough sessions respect companies solution to we shift, cloud that to Ping both I'm hearing realized. either AuthX,

If experience. that to value the board realized a would cloud to capture cloud not uptick a siloed through going who focus important first directly extremely not across applications, or plays to be go were enterprises process, APIs. to identity so large large consolidate identity developer shifting different led we the with the and create into enterprises efficiency, top tend to needs mandate, to back our the business developers to up looking their user level AuthX better be see that first but with first focused clean significant up bottom mandates to that units of X-XX the on essentially on segment in down say AuthX, market initiatives, do you decision not consolidate making do centralized initiatives. and the Those the future respect experience embed led years, wheelhouse. is of developers the of pretty It's identity first, systems in believe the I aren't in meant say We we So to

Operator

have For next we & Company. Needham question our Mike from Cikos

Mike Cikos

Hey, taking the here. guys, questions thanks for

is be on as in I are to of commentary about some know guess I we revenue the ‘XX you revenue that growth guys thinking degradation we're calendar that SaaS versus help then as further calendar that Raj, guys SaaS headwind ‘XX? part to talking a the SaaS what pressures shifting, and of this expect Should from place result that the scales. about us levels? Can mix of be seeing would term when licenses. spoke margin the two you in think current to. And you that this gross a to good seeing, For we're are we Or is question

Raj Dani

in of tell that percent functionality more the the in side the more because durations the quantifying be so we're on in fact terms would SaaS revenue side. software is into of deployment support the headwind, we is that to the not goes SaaS do the that software the the little of and we're certainly you think on it. be, There's and impact new and what plus accelerating of of difficult house really that just would I your would feature investing a posting the around have up quarter-over-quarter, to it's complete, Sure, much so what maintenance be. XX terms what those, Mike, point tend a sort growth to there mostly impact mix and But right also, on on our stack is

do the at longer were on about out gross our in then, growing margin to we're, an to rate fact SaaS ahead projections building And our and degradation, the when guidance. of this terms that the of your curve. our that's super capabilities are, infrastructure we over term. you're certainly the more And question ratability that the excited into our -- and we're expect we baked and will So lead more impact predictability but we

the we growth And Because looking in we point at And just next, accommodate of eventual here but we want charts Ping to going we of So over that some weeks of we true do. time, on it, back that's understand -- to I we're earnings gross graphic. that of really margin that to hitch. year bit growth of get, the will then a to think that's wave that's in is little thing without expect do expect continue really a compression to build important out. and One put of would as movie to we kind we important that those normalize levels. up terms to really and at the current this the terms in impacts revenue convergence important what's I on the think presentations, SaaS

Mike Cikos

ago, from Andre, a then know quick it you a sense. us maybe we we your call so were real does is of key XX% today case, obviously that think the how a out that ARR that it yours? of a ARR on basis customer today, help know have was of that I Great, to would where relative I compare year been lot that something makes just has because XX% to focus to a use just to, of coming or for quarter I compare total And ago

Andre Durand

since fairly been of we've the beginning Ping. Well, balanced

So of always our the a situation. small on use focused there's partner case been percentage

So this from pulling memory. is

this years, partner. of XX% So don't exact But like XX% think to number. we to number hold me a and X% workforce, were XX% I customer for

it I that growing. we we market we that are both message is think faster and larger, the in experiencing for story is ultimately is believe customer opportunity believe, the

doesn't built case, anchor appreciate us we've an enterprises. made in the strength incumbent also that large like XXX with and Azure particular we platform the have in the market We workforce made customer the differentiate use their Microsoft we've in investments long think term for that that a that office tenants say around acquisitions

up So for use grabs. is case the really customer largely

analysis, opportunity, the exciting well very, seen speak metrics very we've say positioned. the to there, experiencing, is market external is all that to this investments with all, that all very our the we're that So being internal market

Operator

For have question, our Sachs. from Goldman next Essex Brian we

Brian Essex

about what in the years, to maybe rule line, leaving down in framework. to not But as of I thinking kind and you're bottom just may multi-year next Great, on trickle how let of touch just for transition relative growth year. the growth was terms wondering nice you, kind right to about think of balance you taking a maybe results. in business of set how the our guidance investment of the as that fine get of throttling profitability kind we thanks the to thank thumb question ballpark kind you just a direction. and of out for tune next into the maybe like if of could we And several models

Raj Dani

Raj. Yes, sure. question. take that. great is Brian, This I'll

what a generating ago and just for We let's significantly a that provided for year. than cash rewind record drove to XX% had expected growth flow operating did when guidance XXXX So higher the while right. we year minute, we

can really it's we're high at a been we're where responsible the investment. you, profitability. that things of into side, confident ARR and everything press and very R&D prepare And refer That's feel do drive there, pressing into that a have And you impact earnings like in the on see that as wave we're to back So and where of we And ourselves you we you've into mantra if we wave time continue basis. point return, invest going on take sales we just to we're to we see I to our for seen ROI to growth is sort free a and us, here also time and flow growth growth if you where the press on growth an time, acceleration. for for the unlevered that with very side seriously. have the and presentation, long it, chart continue we'll cash can for marketing our us line innovate

curve near next for only, for which is leverage to will expect as illustrative that's the shows, what on in XXXX. and in year that XX%, operating purposes XX% our we Investor into in eventual So laid out it. but more have press around target Day then to we the term, model of we our And

Andre Durand

Got And to up. follow that's helpful. maybe super it,

this term is for the base to I visibility to with your based maybe customers regard those may before SaaS looks let's you in had conversion question but think installed we've migrate potential what outlook and know and quarters, the like previous what there. in came on

Andre Durand

that. I'll take

north SaaS So us increasingly an here growing at of of and reiterate, performance XX% I'll you obviously XX%. at from Ping, strong coming ARR of is SaaS, highlighting north see cloud it's our

healthy the grow customers. booking, bookings both an taking services, very quarter with and north customers tremendous solution. quarter company this of least on see our of our was one are opportunity of SaaS we've customers XX% very, migrating Second balance in uptake SaaS our uplift had And and And do software, our the seen of a advanced actually ARR, we new we existing outpaced at second to and a where both.

to looking of they since terms played a new are that to make significant strongest or role now as are services, it's of In with customers logos, to was combination in QX they an advanced been once of leap, entire services logos significant cloud And which journey the a SaaS offerings they say customers new seeing SaaS. the commitment XXXX, our And at the PingOne, of Ping. for QX And advanced XXX% migrating make that. uplift. offered our and that of start existing portfolio we are

Brian Essex

in impact What of is maybe Or the a upfront, there? case Is of kind what years? taking period on that a of they're over lift breakeven couple up ACV? over more it is there

Raj Dani

the here like something to like Brian, Yes, a little because more get just comparison, bit give bigger. they it's deals, I so you because do of difficult can of anecdotal for much a nature anecdotal, an the really

we're so the you go of software a ARR seeing almost what doubling Advanced PingOne to And if Services. is from

are basis. why of and like seeing that is reason like customer kind so when a solutions that migration puts-and-takes and best makes Xx on we're what more for there's approaching our to because of caveat that the the products bit I there's that is little the in bundle a Now, we're ability,

Operator

Brian Our next question, form we have Stephens. Colley

Brian Colley

in on channel about continuing and channel Hey, a congrats to the SaaS ask just then Should partners my expect logo mature role. And I question. playing taking to customers coming thanks pace the expect XXXX? the quarter. of should also new of platform to a adds this bigger the accelerate great of increase with new year from for to And logo wins mix new pace a we well? we new ARR in as wanted

Andre Durand

beginning at is platform take now that, of a to the logo SaaS approaching on level we now adds that and part customer our least are so focus new first our I'll of maturity.

believe customers starting cloud. new So that unquestionably we in are journey beginning the their often do

get the have capabilities capabilities to didn't would in us And so SaaS. our eliminated cloud competitive if makes years, having prior be we every offered in of XXX% all to we increasingly of our deal, in

new is expect b, it SaaS. answer result the are, see and absolutely a, customer So acquisition on we on of improvement as focus a to

part but facilitating strong deploy second channel, cycle. cycle, the of with The we've the necessarily that been very us and both not the systems sales during into introducing succeed was integrators and helping customers sales

influence, we now, KPI so look channel metrics, influence. matured, has has too don't or at our as So program channel our

channel our And are at about. sourced very we metric. look channel two partners we there as sole of are optimistic types or areas Now two that

the kind had relationships the the deployment The set a global of first on integrators, of number large have one we relationships well, integrators equation the as VARS. in is and a side large product say the GSIs. focus and moving the downstream we've are they're the essentially both And growing have growing of on I'll that with of second we kind typical And of then both advisors, upstream, ends of the bars. systems

you're to which with of those channel invest the at beginning on combined our leads us doing investments growth look seeing SaaS directions. of the and making both growth want from are year. the this the That maturity, in part we us So at to

Brian Colley

there follow market was provide update Thank Got expand an a you. could success mean, a today going year versus you just are on that penetration I what then there? any more to seeing with as are on the if your I it. are share could up, That's ago? efforts helpful. how looks say you improving And X,XXX? wondering down penetration stats, Global you like And

Andre Durand

as have the team sharing on X,XXX. the not of we've we below focused penetration do stats. cohort customers growth But reported a the We're before,

greater. new we've for that exceptional as year or cloud of an had years So GXXXX came down last fact is last now invest us our to team, is wanting market. as year, our from companies optimistic when and roughly our as $XXX had two -- matter our this team logos we over made of say of million matured increasingly And that has a a in ability year, revenue in to again lot go product both

GXXXX. are below say enterprises Now market the down don't think all I just enterprises these to when be They're clear. SMB, solidly

Operator

John For Mayer the we Blair next have and Co. William question from

Jon White

in for going four Hi, sales yes, extent recently for this and am cycle, quarter been But I Jonathon the et see about you which Very answered. have historically, or is that if through channel investing quarters. next the of sales our question. quarter. Ho. talk lot my cycles, Thanks cetera, questions two strong Jon to the the last A here can taking you the compared two change how to it's more, might over you're White.

Andre Durand

improved this for as tooling, throughout as look rates. with different do material Again, I and piece how to is actually we looking materially the traditionally trained, cycles and hour's been used is impact environment, a us essentially now that has we sales than targeted, a has pretty the cycle. heavily in XXXX. month The has POCs invested can experienced. And motion is technology, sales to customer that and SaaS legitimately we've of changer the accomplish believe drop do and to enablement game or take as a our that's in been orchestrated going have very to just delivering of technology as that demos, both sales not as the and to deploy solutions, terms that if result improved what feel very same into how terms to can what of POC the a do is cycles never last on a have of our able also a We've the been win the more to also we a in digital how DaVinci of organization and improving of land ease our well that demonstration Sales we've in demo weeks, personalized our drag the sell in channel all that solutions partially sales well maturing cycle. before.

Jon White

investments well, for question And like not and you in is last the my sounds Thank it Excellent. certainly elaboration. like, sales on marketing. it's

Can more you investment done sounds anticipate on So more such. investing bit Do clearly, lot of process more this a people you're you and but process, cost and change I'm going little investing in, in structure. elaborate year channel you've or your obviously, just like you that? or in curious, continued be to process a more channel? it

Andre Durand

going especially see think channel you're investment capacity, investments on channel, in date, in around marketing We've investments a carrying made and infrastructure and a the lot to process of to heavier programs. I quota and

Operator

For Colville next DB. we our have from Patrick question,

Patrick Colville

so that emphasis message about ask for a much Thank channel this guys. channel, been the fiscal what on the like clear. the has two that, on such to congrats understand for kind I conversation we end years been because channel, of management, you that a there's loud the is channel you buying channel, is That this is impressive this has great vector of customer has channel I It's, were having changed into there's pretty channel, the why identity and has taking now pivot, if for me, mean, and so Can behaviors now. question. just important, really my us lent a just why year. call, throughout very out And come ago, real kind slight to help there's change

Andre Durand

court moment and programs it, our which and going never Ping. Global the half X,XXX, enterprises but size to was speaking undertake as and we scale of the duration penetrate not to the companies that grew. commitment grew, Global to X,XXX, it much do were there to at by the Ping’s grew, with a became And it looking platform no for years. time alone, way of time in clear that to less to sophistication two the the that solutions Ping channel prior was back had and years at and very on ability were there that as our the go large ago, to sophistication size you committing If And played

to I'm journey, going as that's completely a the a to make We had committed be channel. the had to build really, court, we train channel. so made two to And and ago, we going to years couple least, that to you point play not half we to your at decision. a were you of And team, know, when decision

towards of in paying scale aren't by we like market, undergoing, transformations I with a also zero upon to experience, dedicated that number they to commitment proven I towards the solutions larger for the would providers, us. just driven customer has they say the succeed that them certainly Because one, have So the two, number these years that that the channel that would can they channel say they're are that's enterprises And come see moved that to trust, significant. there know these channel, come.

it's commitment accounts. we've was see success years and they the the based us in starting demonstrated our that our a and to ago, them market platform, couple their it So of then to with maturing, upon large coming enterprises that

that that we of now matriculated this time moment So has all commitment. where to are are to to seeing that in the we of beginning see results

Patrick Colville

about mostly us that about is the of important, talking about we the VAR in like And or be help just also any we just click of kind is channel? truly of to would if double the integrators big interesting. kind or And four, terms are focus when global space systems yes, is color of kind integrators are it kind the channel, extremely we systems channel of understand in That’s talk talking the where helpful.

Andre Durand

to had the Historically, The definitely actually been vernacular. integrators you kind big national or a extends teams same to Ping four, have the big our their in to and significant they last VARs of are last the say, the but and us or time, would that beyond very come on making more four the want the we've and that four, six as regional it our like of now in so, say, represent XX-months, train to big At I significant solutions. number to I said products. train well, salesforce their especially months would investments come in

we come on been is in both solutions. on So both and and have strong focused essentially the to our that both big four. programs integrator up with to sides enable to identity traditionally both now sides, of the responding are And national -- channel, and will to are Ping that identity sell integration has us, companies they the building those with, them

Operator

we next Bench from question, Sandler. our For have Piper Minch

Unidentified Analyst

taking our for thanks Owens, Rob for on guys, Hey, questions.

First, at increase of guess a quarter? I Is function the that bit into the in But than I quarter-over-quarter should about really we half new quarter the ARR have linearity conversion to revenue, Or how in higher SaaS. SaaS net think guess that more that? looking expected a with, of in see revenue. would there strong from we

Andre Durand

the thesis Yes, the of your the keep to kind ratable mind model. your right? in around ARR outpace revenue, That's going that core is

of quarter. have on your doesn't point bookings more in the actual the the So later [Indiscernible] quarter, lot or in a that to linearity you

going but into visibility So do you get full. that

Unidentified Analyst

customers. cohort and we some Makes growth penetration in large into can okay. of Sign-On Wondering penetration year-over-year the add great And if that million color sense, the $X to enterprise SaaS do customers? upsell see we that and Is SaaS lot wondering that about big a as Sign-On SaaS? a Or opportunity capacity deployments group already still in there? well, of conversion for

Andre Durand

deals, the to hybrid more the of of deal, apt that's Well, the element some have are larger you've they PingOne deployment. emblematic Advanced also Services typically got larger

we're may has So And which been us highly customer use the case, are investing there. there. they certainly budgets And going also as customer in there. been software faster differentiated for we've also there, have growing

bigger around Advanced of still us think cloud center room case use solution. customer parody a there's the them solutions SaaS the customers of deals, customer and PingOne around lot Services and do additional the of we certainly use plenty with But penetrate So case. to on our for when or

Unidentified Analyst

a thanks it, lot. Got

Andre Durand

of going our in keep both I was if use you focusing I us were million, would was customers and a Yes, say north case customer. mind, use imagine for are a case, chances XX% customer to use watch it that, one just of our workforce

of both is they're a unified use kind we've unique differentiator to essentially as So the of also for use a platform. and from now one the those lot I'm which expanded platform a case cases, sure designed both way using, platform they're using the of have

Operator

question, next Raymond Frankiewicz James. from have Alexander our we For

Alexander Frankiewicz

adoption helps click of you in to using I after up I was moving? concepts, this is it And help customers against a just you Thank double workflows? want of also on proof for stacks can of are said, wondering taking my second. sort PingOne questions. kind then for how just it, how DaVinci

Andre Durand

will a by DaVinci to identity foundational to in so strength and win, is Singular Yes, two attempting essentially was customers an the hold the begin secure this in prospect we we and wanting create it, their the future Key. platform. every the think really to mean flow, experience platform, did integrate going customer And workforce we are to that if about for we future of When attribute experience, spoken DaVinci that of our to acquisition becoming essentially design a makes announce wins that that the every we've sense. and to QX workflow, a

And the even now services. one the way, that their just that of identity Singular on and an going service, was so product every to really things sat above and Key about we products beyond But the liked DaVinci by focus focus extends of I'm identity that. layer integration on

that every of piece technology nearly providers identity So the within had sits of out-of-box they XXX a to existing multiple stack. connectors,

any years. a drop customer that with one it's them a environment, customers tool, do into really And legacy, in the history their of complex sales any DaVinci So in don't it's the technology seen a end an integration leveraging nearly technologies which unbelievable. go-to-market. here for play for that overall users. that and they drag the pretty more role I don't go ease, think design but company not to significant trying engineers extremely seen strong solution hours, speed for of can as The cloud demonstrate into Ping, the we've in excited our about at Ping in will I've matter is just other for experience and integrate Ping last with think can you or XX because I it to the an

Alexander Frankiewicz

in Do of of Fantastic. here? And thing for might M&A, and looking then on sort just technology technology kind of at in revenue, adding increasing terms are targets to be just you any type looking what more liquidity. last one you mind of or have then

Andre Durand

strategy. on that revenue you roadmap divulge to purchasing, going history haven't and revenue, any of the we're that we at our organic know per definitely M&A But acquired se. don't in I if look Well,

ability a that that platform of building customers We login perceive not single the that believe collection We is and value identity the do cloud that building control when identity of technology that cohesive to are we we're work in everything market, to hard integrating our platform. will a platform, a log a in companies unified off serve from between. into

they So have to it. don't do

leverages course we acquisitions of have this, made so we've entire however, an fraud or with And I months, intelligent appropriately the the orchestrated vision that any code largely code. to risk the identity And authenticate over and have any user user into say last no have environment. realized strongly of that will to that signals XX thing to authorize platform that low

the integrated done with So vision plane said ease of we've way, real way be it's control systems. time legacy been relative identity made that extreme to acquisitions a the largely another that the with complete can

Operator

question, next we our have [Indiscernible] For Stifel. from

Unidentified Analyst

the Maybe interest thanks. Were ‘XX? for for maybe most you seeing where Adam from on investing the the Borg. success Hi, and most just Andre, international in one is [Indiscernible] on front. me, This quick you calendar in a internationally do

Andre Durand

for EMEA, in in markets. those one UK, have headquartered those of efforts in efforts the well not we and both out we of performed Well, us. have We're markets of either have both done Australia,

been to is right won't have in we're both markets. to still of That year-over-year. now now in QX. APAC conversations to both And region. expand. those XX% our Australian international has in both just continue we we is let's those we'll EMEA invest growth kind say revenue and of Great, efforts. our But XX% into revenue invest go I looking some in in of where markets. primary up in the opportunity So There of continue of details

Operator

at I’ll questions time. to for remarks. Andre handed this have don't further we And back any closing Durand

Andre Durand

thank Yes, you.

we'll especially for really us. In XXXX we So to regards We Thank SaaS joining And as earnings XXXX. continued year today. for here spoke we move keep as progress in today's that acceleration you of our throughout to year. forward with everyone maturing growth Ping, you was call. exciting summary, growth look about a and concludes the on platform updated

Operator

today's call. you Ladies gentlemen, Thank for conference this and all concludes participating.

may disconnect. now You

Ping Identity Holding (PING) 25 Feb 222021 Q4 Earnings call transcript