AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Ping Identity Reports Third Quarter 2019 Results, Provides Outlook for Full Year 2019

November 13, 2019

DENVER--(BUSINESS WIRE)--Nov 13, 2019--

Ping Identity Holding Corp. (“Ping Identity,” or the “Company”) (NYSE: PING), a pioneer in Intelligent Identity, today announced its financial results for the quarter ended September 30, 2019.

“Our strong third quarter results were driven by Ping Identity’s Intelligent Identity leadership in securing customer, employee, partner and IoT identities across the enterprise market, and bolstered by market-wide momentum for identity solutions that enable digital transformation and simultaneously enhance security,” said Andre Durand, Ping Identity’s founder and Chief Executive Officer. “It’s been a momentous year to date for both Ping Identity and our clients. We completed our initial public offering, successfully launched several new identity solutions for securing users, applications and APIs across the hybrid cloud, strengthened our leadership in the customer use case, and landed many new Fortune 1000 corporations. Enterprises continue to partner with Ping Identity to modernize their legacy identity systems and accelerate their cloud transformation and API first initiatives. All of this creates momentum toward our main goal, which is to enable seamless user experiences while balancing the need for security and privacy in a real-time world.”

Financial Highlights for the Third Quarter of 2019

ARR: Ending ARR in the third quarter of 2019 was $206.7 million and represented a 23% increase compared to ending ARR of $167.7 million in 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 was $61.8 million, an increase of 45% year-over-year. Subscription revenue was $57.5 million, an increase of 49% year-over-year.

Cash Flow: Cash provided by operations was $8.5 million in the nine months ended September 30, 2019 compared to $23.7 million in the nine months ended September 30, 2018. Unlevered Free Cash Flow was $8.1 million for the nine months ended September 30, 2019, inclusive of contingent deal consideration in the amount of $4.9 million, compared to $26.9 million in the nine months ended September 30, 2018.

Dollar-Based Net Retention Rate: For the period ended September 30, 2019, Ping Identity’s dollar-based net retention was 115%. The Company has achieved 115% or higher for each of the past eight quarters.

Please refer to the section titled “Use of Non-GAAP Financial Information” and the tables within this press release which contain explanations and reconciliations of the Company’s non-GAAP financial measures.

Recent Business Highlights

“We are pleased with our strong third quarter performance, driven by our continued leadership position in the enterprise market due to the flexibility of our platform and our ability to address multi-generational IT realities,” stated Raj Dani, Chief Financial Officer of Ping Identity. “Total ARR grew 23% versus the prior year period, which we believe provides the best representation of the underlying health of the business. We’ve also been able to effectively balance our commitment to invest in growth and innovation with profitability by delivering operating efficiencies that have resulted in a net loss improvement from $5.6 million in the third quarter of 2018 to a net loss of $0.6 million this quarter. Adjusted EBITDA margins were 22% in the quarter, and year-to-date cash flows from operations as well as Unlevered Free Cash Flow were positive. We believe there are significant whitespace opportunities within our existing customer base by adding identities and use cases and selling new solutions, as we further penetrate an overall $25 billion market opportunity for Identity Access Management software and hybrid cloud solutions.”

Fourth Quarter Financial Outlook

Ping Identity provides the following expected financial guidance for the quarter and fiscal year ending December 31, 2019:

Conference Call Details

In conjunction with this announcement, Ping Identity will host a conference call today, November 13, 2019, at 5:00 p.m. Eastern Time to discuss its financial results. To access this call, dial 844.583.4551 (domestic) or 825.312.2270 (international) and reference conference ID 3167765 to the operator. A live webcast as well as the replay of the conference call will be available on the Investor Relations page of the Company’s website at investor.pingidentity.com. A replay of this conference call can also be accessed by dialing 800.585.8367 (domestic) or 416.621.4642 (international) until November 20, 2019. The replay passcode is 3167765.

Use of Non-GAAP Financial Information

In addition to Ping Identity’s results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income, non-GAAP net income per share, unlevered free cash flow, and adjusted EBITDA. Certain of these non-GAAP measures exclude stock-based compensation, depreciation and amortization expense, loss on extinguishment of debt and acquisition-related expenses. Ping Identity believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Forward-Looking Statements

In addition to historical consolidated financial information, certain statements in this press release and on the related teleconference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical fact included in this press release and on the related teleconference call are forward-looking statements. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements Ping Identity makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results or its plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company’s other filings with the SEC which include, but are not limited to: the Company’s ability to adapt to rapid technological change, evolving industry standards and changing customer needs, requirements or preferences; Ping Identity’s ability to enhance and deploy its cloud-based offerings while continuing to effectively offer its on-premise offerings; the Company’s ability to maintain or improve its competitive position; the impact on Ping Identity’s business of a network or data security incident or unauthorized access to its network or data or its customers’ data; the effects on the Company’s business if it is unable to acquire new customers, if its customers do not renew their arrangements, or if it is unable to expand sales to its existing customers or develop new solutions that achieve market acceptance; Ping Identity’s ability to manage its growth effectively, execute its business plan, maintain high levels of service and customer satisfaction or adequately address competitive challenges; the Company’s dependence on its senior management team and other key employees; the Company’s ability to enhance and expand its sales and marketing capabilities; the Company’s ability to attract and retain highly qualified personnel to execute its growth plan; the risks associated with interruptions or performance problems of Ping Identity’s technology, infrastructure and service providers; the Company’s dependence on Amazon Web Services cloud infrastructure services; the impact of data privacy concerns, evolving regulations of cloud computing, cross-border data transfer restrictions and other domestic and foreign laws and regulations; the impact of volatility in quarterly operating results; the risks associated with the Company’s revenue recognition policy and other factors that may distort its financial results in any given period; the effects on Ping Identity’s customer base and business if it is unable to enhance its brand cost-effectively; the Company’s ability to comply with anti-corruption, anti-bribery and similar laws; the potential adverse impact of legal proceedings; the impact of Ping Identity’s frequently long and unpredictable sales cycle; the Company’s ability to identify suitable acquisition targets or otherwise successfully implement its growth strategy; the impact on Ping Identity’s business and reputation if it is unable to provide high-quality customer support; the Company’s dependence on strategic relationships with third parties; the impact of adverse general and industry-specific economic and market conditions and reductions in IT and identity spending; the ability of Ping Identity’s platform and solutions to interoperate with its customers’ existing or future IT infrastructures; the Company’s dependence on adequate research and development resources and its ability to successfully complete acquisitions; Ping Identity’s dependence on the integrity and scalability of its systems and infrastructures; the Company’s reliance on software and services from other parties; the impact of real or perceived errors, failures, vulnerabilities or bugs in Ping Identity’s solutions; the Company’s ability to protect its proprietary rights; the risks associated with Ping Identity’s use of open source software in its solutions and subscriptions; the Company’s reliance on SaaS vendors to operate certain functions of its business; the risks associated with indemnity provisions in the Company’s agreements; and the risks associated with liability claims if the Company breaches its contracts. Given these factors, as well as other variables that may affect Ping Identity’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related teleconference call relate only to events as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Ping Identity

Ping Identity is pioneering Intelligent Identity. The Company helps enterprises achieve Zero Trust identity-defined security and more personalized, streamlined user experiences. The Ping Intelligent Identity™ platform provides customers, employees, partners and, increasingly, IoT, with access to cloud, mobile, SaaS and on-premises applications and APIs, while also managing identity and profile data at scale. Over half of the Fortune 100 choose Ping Identity for its identity expertise, open standards leadership, and partnership with companies, including Microsoft and Amazon. The Company provides flexible options to extend hybrid IT environments and accelerate digital business initiatives with multi-factor authentication, single sign-on, access management, intelligent API security, directory and data governance capabilities. Visit www.pingidentity.com for more detail.

 

PING IDENTITY HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

$

57,495

 

 

$

38,481

 

 

$

161,387

 

 

$

129,057

 

Professional services and other

 

 

4,270

 

 

 

4,138

 

 

 

13,276

 

 

 

13,012

 

Total revenue

 

 

61,765

 

 

 

42,619

 

 

 

174,663

 

 

 

142,069

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Subscription (exclusive of amortization shown below)

 

 

5,995

 

 

 

4,526

 

 

 

16,828

 

 

 

12,785

 

Professional services and other (exclusive of amortization shown below)

 

 

4,086

 

 

 

3,347

 

 

 

11,002

 

 

 

9,184

 

Amortization expense

 

 

4,159

 

 

 

3,549

 

 

 

11,981

 

 

 

10,613

 

Total cost of revenue

 

 

14,240

 

 

 

11,422

 

 

 

39,811

 

 

 

32,582

 

Gross profit

 

 

47,525

 

 

 

31,197

 

 

 

134,852

 

 

 

109,487

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing (1)

 

 

17,819

 

 

 

13,690

 

 

 

55,153

 

 

 

41,811

 

Research and development (1)

 

 

11,283

 

 

 

9,634

 

 

 

33,594

 

 

 

26,027

 

General and administrative (1)

 

 

10,984

 

 

 

6,411

 

 

 

26,732

 

 

 

19,490

 

Depreciation and amortization

 

 

4,060

 

 

 

3,976

 

 

 

12,334

 

 

 

12,332

 

Total operating expenses

 

 

44,146

 

 

 

33,711

 

 

 

127,813

 

 

 

99,660

 

Income (loss) from operations

 

 

3,379

 

 

 

(2,514

)

 

 

7,039

 

 

 

9,827

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(3,818

)

 

 

(3,959

)

 

 

(12,067

)

 

 

(11,750

)

Loss on extinguishment of debt

 

 

(3,150

)

 

 

 

 

(3,150

)

 

 

(9,785

)

Other income (expense), net

 

 

(992

)

 

 

(131

)

 

 

(767

)

 

 

(1,043

)

Total other income (expense)

 

 

(7,960

)

 

 

(4,090

)

 

 

(15,984

)

 

 

(22,578

)

Loss before income taxes

 

 

(4,581

)

 

 

(6,604

)

 

 

(8,945

)

 

 

(12,751

)

Benefit for income taxes

 

 

3,986

 

 

 

983

 

 

 

5,227

 

 

 

1,374

 

Net loss

 

$

(595

)

 

$

(5,621

)

 

$

(3,718

)

 

$

(11,377

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

(0.01

)

 

 

(0.09

)

 

 

(0.06

)

 

 

(0.18

)

Weighted-average shares used in computing net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

66,269

 

 

 

65,004

 

 

 

65,436

 

 

 

65,002

 

______________________________________

(1) Includes stock-based compensation as follows:

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Sales and marketing

 

$

283

 

$

184

 

$

693

 

$

535

Research and development

 

 

225

 

 

76

 

 

658

 

 

184

General and administrative

 

 

1,190

 

 

444

 

 

2,446

 

 

1,265

Total

 

$

1,698

 

$

704

 

$

3,797

 

$

1,984

 

PING IDENTITY HOLDING CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

September 30,

 

December 31,

 

 

2019

 

2018

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

81,934

 

 

$

83,499

 

Accounts receivable, net of allowances of $735 and $455

 

 

33,760

 

 

 

50,108

 

Contract assets, current

 

 

66,608

 

 

 

53,435

 

Deferred commissions, current

 

 

4,846

 

 

 

3,746

 

Prepaid expenses and other current assets

 

 

14,094

 

 

 

10,644

 

Total current assets

 

 

201,242

 

 

 

201,432

 

Noncurrent assets:

 

 

 

 

 

 

Property and equipment, net

 

 

8,226

 

 

 

5,630

 

Goodwill

 

 

417,696

 

 

 

417,696

 

Intangible assets, net

 

 

192,283

 

 

 

207,043

 

Contract assets, noncurrent

 

 

16,791

 

 

 

14,033

 

Deferred commissions, noncurrent

 

 

7,372

 

 

 

7,287

 

Deferred income taxes, net

 

 

2,622

 

 

 

1,829

 

Other noncurrent assets

 

 

1,866

 

 

 

2,073

 

Total noncurrent assets

 

 

646,856

 

 

 

655,591

 

Total assets

 

$

848,098

 

 

$

857,023

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,839

 

 

$

1,766

 

Accrued expenses and other current liabilities

 

 

10,165

 

 

 

7,906

 

Accrued compensation

 

 

10,808

 

 

 

18,394

 

Deferred revenue, current

 

 

30,613

 

 

 

31,493

 

Current portion of long-term debt

 

 

774

 

 

 

2,500

 

Total current liabilities

 

 

55,199

 

 

 

62,059

 

Noncurrent liabilities:

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

1,594

 

 

 

3,874

 

Long-term debt, net of current portion

 

 

74,810

 

 

 

241,051

 

Deferred income taxes, net

 

 

33,839

 

 

 

39,112

 

Other liabilities, noncurrent

 

 

2,860

 

 

 

1,822

 

Total noncurrent liabilities

 

 

113,103

 

 

 

285,859

 

Total liabilities

 

 

168,302

 

 

 

347,918

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock

 

 

 

 

Common stock

 

 

78

 

 

 

65

 

Additional paid-in capital

 

 

690,170

 

 

 

515,979

 

Accumulated other comprehensive loss

 

 

(582

)

 

 

(787

)

Accumulated deficit

 

 

(9,870

)

 

 

(6,152

)

Total stockholders' equity

 

 

679,796

 

 

 

509,105

 

Total liabilities and stockholders' equity

 

$

848,098

 

 

$

857,023

 

 

PING IDENTITY HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

 

Nine Months Ended September 30,

 

 

2019

 

2018

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(3,718

)

 

$

(11,377

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

3,150

 

 

 

9,785

 

Depreciation and amortization

 

 

24,315

 

 

 

22,945

 

Stock-based compensation expense

 

 

3,797

 

 

 

1,984

 

Amortization of deferred commissions

 

 

4,110

 

 

 

2,716

 

Amortization of deferred debt issuance costs

 

 

626

 

 

 

673

 

Deferred taxes

 

 

(6,910

)

 

 

(1,755

)

Other

 

 

292

 

 

 

(50

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

15,980

 

 

 

10,903

 

Contract assets

 

 

(15,931

)

 

 

(2,710

)

Deferred commissions

 

 

(5,295

)

 

 

(4,543

)

Prepaid expenses and other current assets

 

 

(4,486

)

 

 

(472

)

Other assets

 

 

305

 

 

 

126

 

Accounts payable

 

 

736

 

 

 

111

 

Accrued compensation

 

 

(7,639

)

 

 

(1,828

)

Accrued expenses and other

 

 

2,302

 

 

 

(297

)

Deferred revenue

 

 

(3,160

)

 

 

(2,526

)

Net cash provided by operating activities

 

 

8,474

 

 

 

23,685

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment and other

 

 

(4,517

)

 

 

(2,081

)

Capitalized software development costs

 

 

(7,260

)

 

 

(4,314

)

Acquisition of Elastic Beam, net of cash acquired of $0

 

 

 

 

(17,414

)

Other investing activities

 

 

(300

)

 

 

Net cash used in investing activities

 

 

(12,077

)

 

 

(23,809

)

Cash flows from financing activities

 

 

 

 

 

 

Payment of Elastic Beam contingent consideration

 

 

(1,136

)

 

 

Proceeds from initial public offering, net of underwriting discounts and commissions

 

 

174,375

 

 

 

Payment of deferred offering costs

 

 

(1,093

)

 

 

(52

)

Proceeds from stock option exercises

 

 

1,571

 

 

 

Repurchase of common stock

 

 

 

 

(76

)

Proceeds from long-term debt

 

 

 

 

250,000

 

Issuance costs of long-term debt

 

 

 

 

(5,994

)

Payment of long-term debt

 

 

(171,743

)

 

 

(170,625

)

Payment of debt extinguishment costs

 

 

 

 

(5,085

)

Net cash provided by financing activities

 

 

1,974

 

 

 

68,168

 

Effect of exchange rates on cash and cash equivalents and restricted cash

 

 

168

 

 

 

(310

)

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

(1,461

)

 

 

67,734

 

Cash and cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

 

84,143

 

 

 

21,469

 

End of period

 

$

82,682

 

 

$

89,203

 

 

PING IDENTITY HOLDING CORP.

SUPPLEMENTAL FINANCIAL INFORMATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA

(In thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Gross profit

$

47,525

 

$

31,197

 

$

134,852

 

$

109,487

 

Amortization expense

 

4,159

 

 

3,549

 

 

11,981

 

 

10,613

 

Non-GAAP Gross Profit

$

51,684

 

$

34,746

 

$

146,833

 

$

120,100

 

Non-GAAP Gross Profit Margin

 

84

%

 

82

%

 

84

%

 

85

%

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2019

 

2018

 

2019

 

2018

Total operating expenses

$

44,146

 

$

33,711

 

$

127,813

 

$

99,660

 

Stock-based compensation

 

(1,698

)

 

(704

)

 

(3,797

)

 

(1,984

)

Acquisition related expenses

 

(522

)

 

(1,753

)

 

(2,799

)

 

(4,928

)

Amortization expense

 

(3,361

)

 

(3,462

)

 

(10,316

)

 

(10,842

)

Non-GAAP Operating Expenses

$

38,565

 

$

27,792

 

$

110,901

 

$

81,906

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2019

 

2018

 

2019

 

2018

Net loss

$

(595

)

$

(5,621

)

$

(3,718

)

$

(11,377

)

Stock-based compensation

 

1,698

 

 

704

 

 

3,797

 

 

1,984

 

Acquisition related expenses

 

522

 

 

1,753

 

 

2,799

 

 

4,928

 

Amortization expense

 

7,520

 

 

7,011

 

 

22,297

 

 

21,455

 

Loss on extinguishment of debt

 

3,150

 

 

 

3,150

 

 

9,785

 

Provision for income taxes (1)

 

(3,351

)

 

(2,462

)

 

(8,331

)

 

(9,920

)

Non-GAAP Net Income

$

8,944

 

$

1,385

 

$

19,994

 

$

16,855

 

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.01

)

$

(0.09

)

$

(0.06

)

$

(0.18

)

Weighted-average shares used in computing net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

66,269

 

 

65,004

 

 

65,436

 

 

65,002

 

Non-GAAP Net Income per Share

 

 

 

 

 

 

 

 

Basic

$

0.13

 

$

0.02

 

$

0.31

 

$

0.26

 

Diluted

$

0.13

 

$

0.02

 

$

0.30

 

$

0.26

 

Weighted-average shares used in computing Non-GAAP Net Income per Share:

 

 

 

 

 

 

 

 

Basic

 

66,269

 

 

65,004

 

 

65,436

 

 

65,002

 

Diluted

 

67,978

 

 

65,345

 

 

66,801

 

 

65,019

 

_____________________________________

(1) The related tax effects of the adjustments to Non-GAAP Net Income were calculated using the respective statutory tax rates for applicable jurisdictions.

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Net loss

 

$

(595

)

 

$

(5,621

)

 

$

(3,718

)

 

$

(11,377

)

Interest expense (1)

 

 

3,818

 

 

 

3,959

 

 

 

12,067

 

 

 

11,750

 

Loss on extinguishment of debt

 

 

3,150

 

 

 

 

 

3,150

 

 

 

9,785

 

Benefit for income taxes

 

 

(3,986

)

 

 

(983

)

 

 

(5,227

)

 

 

(1,374

)

Depreciation and amortization

 

 

8,219

 

 

 

7,525

 

 

 

24,315

 

 

 

22,945

 

Stock-based compensation expense

 

 

1,698

 

 

 

704

 

 

 

3,797

 

 

 

1,984

 

Acquisition related expense

 

 

522

 

 

 

1,753

 

 

 

2,799

 

 

 

4,928

 

Other (income) expense, net (2)

 

 

992

 

 

 

131

 

 

 

767

 

 

 

1,043

 

Adjusted EBITDA

 

$

13,818

 

 

$

7,468

 

 

$

37,950

 

 

$

39,684

 

______________________________________

(1) Includes amortization of debt issuance costs.

(2) Includes gains and losses from transactions denominated in a currency other than the functional currency, interest income and other income (expense).

 

 

Nine Months Ended
September 30,

 

 

2019

 

2018

Net cash provided by operating activities

 

$

8,474

 

 

$

23,685

 

Add:

 

 

 

 

 

 

Cash paid for interest

 

 

11,441

 

 

 

9,646

 

Less:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(4,517

)

 

 

(2,081

)

Capitalized software development costs

 

 

(7,260

)

 

 

(4,314

)

Unlevered Free Cash Flow

 

$

8,138

 

 

$

26,936

 

Net cash used in investing activities

 

$

(12,077

)

 

$

(23,809

)

Net cash provided by financing activities

 

$

1,974

 

 

$

68,168

 

Cash paid for Elastic Beam compensation and bonus retention payments

 

$

4,868

 

 

$

Reconciliation of Unlevered Free Cash Flow Guidance for the Three Months and Year Ended December 31, 2019:

 

 

Three Months Ended
December 31, 2019

 

Year Ended
December 31, 2019

 

 

Low

 

High

 

Low

 

High

Net cash provided by (used in) operating activities

 

$

(6,183

)

 

$

(5,083

)

 

$

2,291

 

 

$

3,391

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

 

1,154

 

 

 

1,154

 

 

 

12,595

 

 

 

12,595

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(4,500

)

 

 

(4,500

)

 

 

(9,017

)

 

 

(9,017

)

Capitalized software development costs

 

 

(2,405

)

 

 

(2,405

)

 

 

(9,665

)

 

 

(9,665

)

Unlevered Free Cash Flow

 

$

(11,934

)

 

$

(10,834

)

 

$

(3,796

)

 

$

(2,696

)

Cash paid for Elastic Beam compensation and bonus retention payments

 

$

 

$

 

$

4,868

 

 

$

4,868

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191113005864/en/

CONTACT: Media Contact:

Kevin Sellers

press@pingidentity.com

Investor Relations Contact:

Hugo Doetsch

Tel: 303.396.6213

investor@pingidentity.com

KEYWORD: COLORADO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: DATA MANAGEMENT SECURITY TECHNOLOGY MOBILE/WIRELESS SOFTWARE NETWORKS

SOURCE: Ping Identity

Copyright Business Wire 2019.

PUB: 11/13/2019 04:10 PM/DISC: 11/13/2019 04:10 PM

http://www.businesswire.com/news/home/20191113005864/en