SailPoint Technologies Holdings, Inc. (NYSE: SAIL) reported Q1 EPS of $0.00, in-line with the analyst estimate of $0.00. Revenue for the quarter came in at $90.76 million versus the consensus estimate of $91.19 million.

“SailPoint’s strong first quarter performance built upon our fiscal year 2020 results. Our performance this quarter was driven by a combination of continued growing demand for the SailPoint Identity Platform and strong execution across all teams,” said Mark McClain, SailPoint CEO and founder.

“As the attack surface continues to grow, there is an increased appreciation and recognition that identity security is fundamental to helping organizations securely deliver access to their workforce applications. This is driving demand for and commitment to SailPoint’s SaaS identity platform. Enterprises of all sizes using the platform are able to implement a simplified, yet sophisticated identity security program at scale to fully address the complexity of their needs. We continue to see growing SaaS identity security adoption and believe SailPoint is well positioned to deliver strong growth going forward.”

Financial Highlights for First Quarter 2021:

• ARR: Total ARR at March 31, 2021 was $270.2 million, a 43% increase year-over-year
• Revenue: Total revenue was $90.8 million, a 20% increase over Q1 2020. Subscription revenue was $59.2 million, a 35% increase over Q1 2020. SaaS revenue was $21.9 million, a 55% increase over Q1 2020.
• Operating Income (Loss): Loss from operations was $15.6 million compared to $5.3 million in Q1 2020. Non-GAAP income from operations was $0.7 million compared to $4.4 million in Q1 2020.
• Net Income (Loss): Net loss was $15.3 million compared to $8.4 million in Q1 2020. Net loss per diluted share was $0.17 compared to $0.09 in Q1 2020. Non-GAAP net income was $0.4 million compared to $4.1 million in Q1 2020. Non-GAAP net income per diluted share was $0.00 compared to $0.04 in Q1 2020.

GUIDANCE:

SailPoint Technologies Holdings, Inc. sees Q2 2021 EPS of ($0.07)-($0.05), versus the consensus of $0.00. SailPoint Technologies Holdings, Inc. sees Q2 2021 revenue of $98-100 million, versus the consensus of $98.75 million.

SailPoint Technologies Holdings, Inc. sees FY2021 EPS of ($0.13)-($0.05), versus the consensus of ($0.03). SailPoint Technologies Holdings, Inc. sees FY2021 revenue of $404-412 million, versus the consensus of $411.1 million.

“We are pleased to be able to raise our outlook for full year total ARR and SaaS revenue,” said Jason Ream, SailPoint CFO, “and the strength of our recurring revenue business allows us to maintain our outlook for full year total revenue despite an acceleration in our shift from license to SaaS.”

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