Ping Identity (PING) Tops Q3 EPS by 9c, Revenues Beat; Offers 4Q Revenue Guidance

Ping Identity (NYSE: PING) reported Q3 EPS of $0.11, $0.09 better than the analyst estimate of $0.02. Revenue for the quarter came in at $59.94 million versus the consensus estimate of $55.81 million.

• ARR was $242.6 million, up 17% from the prior year period
• Total revenue was $59.9 million, of which 92% was subscription revenue
• Acquired Symphonic, a leader in Dynamic Authorization, to accelerate Zero Trust security and address growing regulation and privacy mandates

“We were pleased to deliver outperformance across all guidance metrics for the third quarter. Our continued execution is a testament to the importance enterprise CIOs and CISOs place on security, digital transformation, and partnering with Ping Identity. As we turn to the fourth quarter and beyond, our focus is to continue to build on this momentum and deliver world-class enterprise identity solutions,” said Andre Durand, Ping Identity’s Chief Executive Officer.

“Identity remains at the nexus of both digital and security transformations. As we establish a new working norm, Ping Identity continues to partner closely with enterprises along their hybrid and multi-cloud journey. As a result, we have focused intently on speed of deployment, providing customers with technology and services to assist with enterprise migrations, and unifying our platform through a simple and elegant administrative experience,” Durand concluded.

GUIDANCE:

Ping Identity sees Q4 2020 revenue of $67-70 million, versus the consensus of $68.75 million.

Ping Identity provides the following expected financial guidance for the quarter ending December 31, 2020:

• Total ARR of $255.0 million to $257.0 million
• Total Revenue of $67.0 million to $70.0 million
• Unlevered Free Cash Flow of $(5.0) million to $(3.0) million

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

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