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SailPoint Technologies Holdings, Inc. (SAIL) Tops Q4 EPS by 7c, Revenues Beat; Offers FY20 EPS/Revenue Guidance Above Consensus

February 24, 2020 4:20 PM EST
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SailPoint Technologies Holdings, Inc. (NYSE: SAIL) reported Q4 EPS of $0.15, $0.07 better than the analyst estimate of $0.08. Revenue for the quarter came in at $89 million versus the consensus estimate of $85.67 million.

Financial Highlights for Fourth Quarter 2019:

  • Revenue: Total revenue was $89.0 million, a 10% increase over Q4 2018. Subscription revenue was $40.5 million, a 37% increase over Q4 2018. License revenue was $38.0 million, a 6% decrease from Q4 2018. Services and other revenue was $10.6 million, consistent with Q4 2018.
  • Operating Income: Income from operations was $6.0 million compared to $11.2 million in Q4 2018. Non-GAAP income from operations was $15.2 million compared to $18.4 million in Q4 2018.
  • Net Income: Net income was $5.4 million compared to $5.1 million in Q4 2018. Net income available to common stockholders per diluted share was $0.06, consistent with Q4 2018. Non-GAAP net income was $13.3 million compared to $13.4 million in Q4 2018. Non-GAAP net income per diluted share was $0.15, consistent with Q4 2018.

“SailPoint finished 2019 with a strong fourth quarter, exceeding our revenue expectations, driven by customers’ growing recognition that they need a modern identity governance solution, like the SailPoint Predictive Identity platform, that simplifies governance of on-premise and cloud applications,” said Mark McClain, SailPoint CEO and Co-founder.

“In 2020, we are accelerating the pace of innovation in the identity governance market with Predictive Identity, making SailPoint the most powerful and intuitive approach to IGA for enterprise customers. And we are very excited about the new cloud governance capabilities that we are bringing to market this quarter, delivering critical new capabilities to both new and existing SailPoint customers.”

GUIDANCE:

SailPoint Technologies Holdings, Inc. sees Q1 2020 EPS of ($0.03)-($0.02), versus the consensus of ($0.02). SailPoint Technologies Holdings, Inc. sees Q1 2020 revenue of $71-72 million, versus the consensus of $70.13 million.

SailPoint Technologies Holdings, Inc. sees FY2020 EPS of $0.02-$0.03, versus the consensus of $0.21. SailPoint Technologies Holdings, Inc. sees FY2020 revenue of $320-325 million, versus the consensus of $329.25 million.

“We saw strong sales momentum in the fourth quarter, with SaaS bookings coming in ahead of our expectations,” said Jason Ream, SailPoint CFO. “Based on the market demand that we are seeing, our expectation is that the shift in our business towards SaaS, which has been underway for several years, will accelerate in 2020.”

For the first quarter of 2020, SailPoint expects:

  • Revenue in the range of $71.0 million to $72.0 million
  • Non-GAAP loss from operations in the range of $4.5 million to $3.5 million
  • Non-GAAP net loss per basic and diluted common share in the range of $0.03 to $0.02, based on estimated non-GAAP income tax benefit of $0.6 million and 90.0 million basic and diluted common shares outstanding. Expectations of non-GAAP loss from operations and non-GAAP net loss per basic and diluted common share exclude items outlined in the “Non-GAAP Financial Measures” section below.

For the full year 2020, SailPoint expects:

  • Revenue in the range of $320.0 million to $325.0 million
  • Breakeven non-GAAP income (loss) from operations
  • Non-GAAP net income per diluted common share in the range of $0.02 to $0.03, based on estimated non-GAAP income tax expense of $1.0 million and 93.0 million diluted common shares outstanding. Expectations of non-GAAP income from operations and non-GAAP net income per basic and diluted common share exclude items outlined in the “Non-GAAP Financial Measures” section below.

For earnings history and earnings-related data on SailPoint Technologies Holdings, Inc. (SAIL) click here.



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