Ping Identity (PING) Tops Q2 EPS by 7c, Revenues Beat; Offers 3Q Revenue Guidance Below Consensus

Ping Identity (NYSE: PING) reported Q2 EPS of $0.08, $0.07 better than the analyst estimate of $0.01. Revenue for the quarter came in at $59 million versus the consensus estimate of $53.79 million.

Financial Highlights for the Second Quarter of 2020

• ARR: Ending ARR at June 30, 2020 was $235.2 million and represented a 19% increase compared to the same period last year. Ping Identity defines ARR as the annualized value of all subscription contracts as of the end of the period.
• Revenue: Total revenue for the second quarter of 2020 was $59.0 million. Subscription revenue was $54.3 million.
• Cash Flow: Net cash provided by operating activities was $21.2 million in the six months ended June 30, 2020 compared to $8.1 million in the six months ended June 30, 2019. Unlevered Free Cash Flow was $14.3 million for the six months ended June 30, 2020 compared to $9.0 million for the six months ended June 30, 2019.
• Dollar-Based Net Retention Rate: For the period ended June 30, 2020, Ping Identity’s dollar-based net retention rate was 111%.

“Ping closed the quarter with great momentum, exceeding our expectations across all key metrics. Our customers are leveraging Ping’s offerings to provide comprehensive and advanced hybrid cloud identity solutions for their digital transformation strategies,” said Andre Durand, Ping Identity’s Chief Executive Officer.

"Identity-based security has become a critical capability for enterprises in this new business environment. Remote work for employees brings with it increased security threats and consumers are demanding contact-less, digital means of transacting for goods and services. Ping is well positioned for continued growth and leadership in this new business climate," Durand concluded.

GUIDANCE:

Ping Identity sees Q3 2020 revenue of $54-57 million, versus the consensus of $59.56 million.

For earnings history and earnings-related data on Ping Identity (PING) click here.

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