SailPoint Announces Fourth Quarter and Full Year 2021 Financial Results
SailPoint Technologies reported a record fourth quarter and full year for 2021, with total revenue reaching $135.6 million and $439.0 million, marking increases of 31% and 20% year-over-year, respectively. Subscription revenue surged to $78.8 million in Q4, a 41% increase, with total ARR at $370.4 million, up 48% year-over-year. However, the company experienced net losses of $9.7 million in Q4 and $61.6 million for the year. Moving forward, SailPoint anticipates ARR between $393.0 million and $395.0 million for Q1 2022, and expects full-year revenue between $513.0 million and $521.0 million.
- Q4 total revenue of $135.6 million, up 31% year-over-year.
- Full year revenue of $439.0 million, a 20% increase year-over-year.
- Subscription revenue for Q4 reached $78.8 million, a 41% increase.
- Total ARR at $370.4 million, up 48% year-over-year.
- Guidance for 2022 projects ARR of $516.0 million to $524.0 million.
- Net loss of $9.7 million in Q4 2021, compared to a loss of $4.7 million in Q4 2020.
- Full year net loss of $61.6 million, significantly higher than $10.8 million in 2020.
- Non-GAAP income from operations decreased to $13.5 million in 2021 from $48.3 million in 2020.
-
Total ARR of
, up$370.4 million 48% year-over-year -
Fourth quarter and full year 2021 total revenue of
and$135.6 million , up$439.0 million 31% and20% year-over-year, respectively -
Fourth quarter and full year 2021 subscription revenue of
and$78.8 million , up$273.2 million 41% and39% year-over-year, respectively
“SailPoint’s fourth quarter performance was a record-breaking finish to a terrific year. Revenue and ARR were well above our expectations, driven by strong demand for our SaaS identity security platform and excellent execution by the
“Our performance throughout 2021 has reinforced our belief that SaaS-based identity security is a top investment priority for enterprises that is growing even faster than we anticipated. We expect another strong year of growth in 2022 and will be investing in our product development and go-to-market teams to enable us to fully capitalize on our market opportunity over the long-term.”
Financial Highlights for Fourth Quarter 2021:
-
Revenue: Total revenue was
, a$135.6 million 31% increase over Q4 2020. Subscription revenue was , a$78.8 million 41% increase over Q4 2020. License revenue was , a$43.2 million 27% increase from Q4 2020. Services and other revenue was , a$13.6 million 3% increase over Q4 2020. -
Operating Income (Loss): Loss from operations was
compared to loss from operations of$7.8 million in Q4 2020. Non-GAAP income from operations was$2.9 million compared to$11.1 million in Q4 2020.$13.4 million -
Net Income (Loss): Net loss was
compared to net loss of$9.7 million in Q4 2020. Net loss per diluted share was$4.7 million compared to net loss per diluted share of$0.10 in Q4 2020. Non-GAAP net income was$0.05 compared to$10.0 million in Q4 2020. Non-GAAP net income per diluted share was$10.3 million compared to$0.09 in Q4 2020.$0.10
Financial Highlights for Full Year 2021:
-
ARR: Total ARR at
December 31, 2021 was , a$370.4 million 48% increase year-over-year -
Revenue: Total revenue was
, a$439.0 million 20% increase year-over-year. Subscription revenue was , a$273.2 million 39% increase year-over-year. License revenue was , a$113.0 million 7% decrease year-over-year. Services and other revenue was , an$52.8 million 11% increase year-over-year. -
Operating Income (Loss): Loss from operations was
compared to income from operations of$59.1 million in 2020. Non-GAAP income from operations was$0.9 million compared to$13.5 million in 2020.$48.3 million -
Net Income (Loss): Net loss was
compared to$61.6 million in 2020. Net loss per diluted share was$10.8 million compared to$0.67 in 2020. Non-GAAP net income was$0.12 compared to$10.3 million in 2020. Non-GAAP net income per diluted share was$38.3 million compared to$0.10 in 2020.$0.41
The tables included in this press release present a reconciliation of non-GAAP income from operations to GAAP income (loss) from operations, non-GAAP net income to GAAP net loss and non-GAAP to GAAP weighted average outstanding shares, each for the three months and year ended
Financial Outlook:
As of
For the first quarter of 2022,
-
Total ARR in the range of
to$393.0 million $395.0 million -
Revenue in the range of
to$110.5 million $112.5 million -
Non-GAAP loss from operations in the range of
to$(14.0) million $(12.0) million -
Non-GAAP net loss per basic and diluted common share in the range of
to$(0.11) , based on an estimated non-GAAP income tax rate of$(0.10) 26% and 94.0 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 2022,
-
Total ARR in the range of
to$516.0 million $524.0 million -
Revenue in the range of
to$513.0 million $521.0 million -
SaaS revenue in the range of
to$197.0 million $201.0 million -
Non-GAAP loss from operations in the range of
to$(35.0) million $(27.0) million -
Non-GAAP net loss per basic and diluted common share in the range of
to$(0.29) , based on an estimated non-GAAP income tax rate of$(0.23) 24% and 95.5 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.
These statements regarding SailPoint’s expectations of its financial outlook are forward-looking and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause its actual results to differ materially from these forward-looking statements.
All of SailPoint’s forward-looking non-GAAP financial measures exclude estimates for stock-based compensation expense, amortization of acquired intangibles, acquisition related costs, impairment of intangible assets and amortization of debt discount and issuance costs.
Conference Call and Webcast:
Following the conference call, a replay will be available until midnight on
Operating Metric:
Total annual recurring revenue (“Total ARR”) represents the annualized value of the active portion of SaaS, term-based license, maintenance and support contracts and other subscription services at the end of the reporting period. We calculate Total ARR by dividing the active contract value by the number of days in the active portion of the overall contract term and then multiplying by 365. See Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended
Non-GAAP Financial Measures:
In addition to SailPoint’s financial information presented in accordance with generally accepted accounting principles in
Our non-GAAP financial measures are adjusted for the following factors:
Stock-based compensation expense. We exclude stock-based compensation expense because of varying available valuation methodologies, the use of assumptions and the variety of equity instruments that can impact our non-cash expense. We believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between our operating results from period to period.
Amortization of acquired intangible assets. We believe that excluding the impact of amortization of acquired intangible assets allows for more meaningful comparisons between operating results from period to period as the intangible assets are valued at the time of acquisition and are amortized over the useful life, which can be several years after the acquisition.
Amortization of debt discount and issuance costs. The expense for the amortization of debt discount and issuance costs, which relate to SailPoint’s credit agreement (which is undrawn) and the convertible senior notes issued in 2019, is a non-cash item, and we believe the exclusion of this component of interest expense provides a more useful comparison of our operational performance from period to period.
Acquisition related costs and impairment of intangible assets. We exclude these expenses because they are unrelated to our current operations and are neither comparable to the prior period nor indicative of future results.
SailPoint’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry because they may calculate non-GAAP financial results differently. In addition, there are limitations to using non-GAAP financial measures because they are not prepared in accordance with GAAP and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.
Non-GAAP income from operations.
Non-GAAP net income and non-GAAP net income per basic and diluted share.
SailPoint’s presentation of non-GAAP net income (loss) includes the effect of income taxes associated with the non-GAAP adjustments, which is calculated using an estimated effective income tax rate that is commensurate with our non-GAAP pre-tax income (loss). The non-GAAP effective income tax rate is adjusted from the GAAP effective income tax rate to reflect the impact of non-GAAP income (loss) adjustments. Due to the adjustments, the non-GAAP estimated income taxes may differ from GAAP estimated income taxes and actual tax liabilities. Estimated income taxes and tax liabilities reflect currently available information, as well as other factors and assumptions, including current operating structure, existing tax positions in various jurisdictions and key tax legislation in jurisdictions where
The accompanying tables have more details on the reconciliations of non-GAAP financial measures to their nearest comparable GAAP measures.
Forward-Looking Statements:
This press release and statements made during the above referenced conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding our strategy, future operations, financial position, business outlook, prospects, plans and objectives of management, growth rate and our expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook,” “look forward” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.
Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: the effect of the COVID-19 global pandemic and its aftermath, as well as governmental, business and other actions in response, on the global economy and on our business; our ability to achieve and sustain profitability; our ability to sustain historical growth rates; our ability to attract and retain customers and to deepen our relationships with existing customers; an increased focus in our business from selling licenses to selling subscriptions; breaches in our security, cyber-attacks or other cyber-risks; interruptions with the delivery of our SaaS solutions or third-party cloud-based systems that we use in our operations; our ability to compete successfully against current and future competitors; the length and unpredictable nature of our sales cycle; delayed effects on our operating results from ratably recognizing some of our revenue; fluctuations in our quarterly results; our ability to maintain successful relationships with our channel partners; the increasing complexity of our operations; real or perceived errors, failures or disruptions in our platform or solutions; our ability to adapt and respond to rapidly changing technology, industry standards, regulations or customer needs, requirements or preferences; our ability to achieve and maintain an effective system of disclosure controls and internal control over financial reporting; our ability to comply with our privacy policy or related legal or regulatory requirements; our ability to accurately forecast our estimated annual effective tax rate for financial accounting purposes; our ability to successfully identify, acquire and integrate companies and assets; our ability to maintain high-quality customer satisfaction; and our ability to maintain and enhance our brand or reputation as an industry leader. More information on these risks and other potential factors that could affect our financial results is included in our filings with the
Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.
About
Stay up-to-date on
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(In thousands, except per share data) |
||||||||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
Licenses |
$ |
43,232 |
|
|
$ |
34,126 |
|
|
$ |
113,004 |
|
|
$ |
120,874 |
|
Subscription (1) |
|
78,804 |
|
|
|
56,010 |
|
|
|
273,197 |
|
|
|
196,817 |
|
Services and other |
|
13,560 |
|
|
|
13,205 |
|
|
|
52,753 |
|
|
|
47,563 |
|
Total revenue |
|
135,596 |
|
|
|
103,341 |
|
|
|
438,954 |
|
|
|
365,254 |
|
Cost of revenue |
|
|
|
|
|
|
|
||||||||
Licenses (2) |
|
616 |
|
|
|
1,198 |
|
|
|
5,212 |
|
|
|
4,467 |
|
Subscription (2)(3) |
|
18,059 |
|
|
|
10,717 |
|
|
|
58,790 |
|
|
|
37,644 |
|
Services and other (3) |
|
12,760 |
|
|
|
10,920 |
|
|
|
50,486 |
|
|
|
38,517 |
|
Impairment of intangible assets |
|
744 |
|
|
|
5,119 |
|
|
|
744 |
|
|
|
5,119 |
|
Total cost of revenue |
|
32,179 |
|
|
|
27,954 |
|
|
|
115,232 |
|
|
|
85,747 |
|
Gross profit |
|
103,417 |
|
|
|
75,387 |
|
|
|
323,722 |
|
|
|
279,507 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Research and development (2)(3) |
|
28,777 |
|
|
|
18,416 |
|
|
|
98,255 |
|
|
|
71,191 |
|
General and administrative (3) |
|
15,059 |
|
|
|
10,052 |
|
|
|
48,979 |
|
|
|
37,783 |
|
Sales and marketing (2)(3) |
|
67,370 |
|
|
|
49,770 |
|
|
|
235,564 |
|
|
|
169,656 |
|
Total operating expenses |
|
111,206 |
|
|
|
78,238 |
|
|
|
382,798 |
|
|
|
278,630 |
|
Income (loss) from operations |
|
(7,789 |
) |
|
|
(2,851 |
) |
|
|
(59,076 |
) |
|
|
877 |
|
Other income (expense), net |
|
|
|
|
|
|
|
||||||||
Interest income |
|
140 |
|
|
|
229 |
|
|
|
775 |
|
|
|
2,019 |
|
Interest expense |
|
(629 |
) |
|
|
(4,855 |
) |
|
|
(2,680 |
) |
|
|
(18,612 |
) |
Other income (expense), net |
|
(125 |
) |
|
|
255 |
|
|
|
(467 |
) |
|
|
33 |
|
Total other expense, net |
|
(614 |
) |
|
|
(4,371 |
) |
|
|
(2,372 |
) |
|
|
(16,560 |
) |
Loss before income taxes |
|
(8,403 |
) |
|
|
(7,222 |
) |
|
|
(61,448 |
) |
|
|
(15,683 |
) |
Income tax (expense) benefit |
|
(1,302 |
) |
|
|
2,510 |
|
|
|
(186 |
) |
|
|
4,920 |
|
Net loss |
$ |
(9,705 |
) |
|
$ |
(4,712 |
) |
|
$ |
(61,634 |
) |
|
$ |
(10,763 |
) |
Net loss per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.10 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.12 |
) |
Diluted |
$ |
(0.10 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.12 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
93,454 |
|
|
|
91,083 |
|
|
|
92,664 |
|
|
|
90,512 |
|
Diluted |
|
93,454 |
|
|
|
91,083 |
|
|
|
92,664 |
|
|
|
90,512 |
|
(1) Subscription revenue is further disaggregated as follows: |
|||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
|
|
|
|
||||
|
(In thousands) |
||||||||||
Subscription revenue |
|
|
|
|
|
|
|
||||
SaaS |
$ |
35,620 |
|
$ |
20,133 |
|
$ |
112,720 |
|
$ |
66,913 |
Maintenance and support |
|
41,482 |
|
|
35,057 |
|
|
153,621 |
|
|
126,792 |
Other subscription services |
|
1,702 |
|
|
820 |
|
|
6,856 |
|
|
3,112 |
Total subscription revenue |
$ |
78,804 |
|
$ |
56,010 |
|
$ |
273,197 |
|
$ |
196,817 |
(2) Includes amortization of acquired intangibles as follows: |
|||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
|
|
|
|
||||
|
(In thousands) |
||||||||||
Cost of revenue - licenses |
$ |
829 |
|
$ |
1,008 |
|
$ |
3,674 |
|
$ |
4,031 |
Cost of revenue - subscription |
|
1,563 |
|
|
807 |
|
|
5,539 |
|
|
3,549 |
Research and development |
|
168 |
|
|
160 |
|
|
674 |
|
|
703 |
Sales and marketing |
|
1,627 |
|
|
1,068 |
|
|
6,101 |
|
|
4,274 |
Total amortization expense |
$ |
4,187 |
|
$ |
3,043 |
|
$ |
15,988 |
|
$ |
12,557 |
(3) Includes stock-based compensation expense and the related employer payroll tax expense as follows: |
|||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
|
|
|
|
||||
|
(In thousands) |
||||||||||
Cost of revenue - subscription |
$ |
1,110 |
|
$ |
500 |
|
$ |
3,824 |
|
$ |
1,809 |
Cost of revenue - services and other |
|
1,000 |
|
|
596 |
|
|
3,886 |
|
|
2,026 |
Research and development |
|
3,876 |
|
|
1,609 |
|
|
13,301 |
|
|
6,395 |
General and administrative |
|
3,194 |
|
|
1,965 |
|
|
11,015 |
|
|
6,969 |
Sales and marketing |
|
5,520 |
|
|
3,372 |
|
|
21,673 |
|
|
12,520 |
Total stock-based compensation expense |
$ |
14,700 |
|
$ |
8,042 |
|
$ |
53,699 |
|
$ |
29,719 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
|
As of |
||||||
|
|
|
|
||||
|
(In thousands, except per share data) |
||||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
435,445 |
|
|
$ |
510,289 |
|
Restricted cash |
|
6,719 |
|
|
|
6,355 |
|
Accounts receivable, net of allowance |
|
147,156 |
|
|
|
112,255 |
|
Deferred contract acquisition costs |
|
25,966 |
|
|
|
15,592 |
|
Prepayments and other current assets |
|
49,446 |
|
|
|
25,904 |
|
Income taxes receivable |
|
506 |
|
|
|
123 |
|
Total current assets |
|
665,238 |
|
|
|
670,518 |
|
Deferred tax asset - non-current |
|
4,047 |
|
|
|
— |
|
Property and equipment, net |
|
17,151 |
|
|
|
19,443 |
|
Right-of-use assets, net |
|
23,806 |
|
|
|
27,048 |
|
Deferred contract acquisition costs, non-current |
|
68,725 |
|
|
|
38,510 |
|
Other non-current assets, net of allowance |
|
17,974 |
|
|
|
15,016 |
|
|
|
289,430 |
|
|
|
241,103 |
|
Intangible assets, net |
|
73,469 |
|
|
|
63,962 |
|
Total assets |
$ |
1,159,840 |
|
|
$ |
1,075,600 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
6,097 |
|
|
$ |
4,753 |
|
Accrued expenses and other liabilities |
|
89,972 |
|
|
|
59,460 |
|
Income taxes payable |
|
1,413 |
|
|
|
978 |
|
Convertible senior notes, net |
|
385,172 |
|
|
|
326,672 |
|
Deferred revenue |
|
218,937 |
|
|
|
165,995 |
|
Total current liabilities |
|
701,591 |
|
|
|
557,858 |
|
Deferred tax liability - non-current |
|
— |
|
|
|
1,329 |
|
Long-term operating lease liabilities |
|
28,817 |
|
|
|
33,080 |
|
Deferred revenue - non-current |
|
25,193 |
|
|
|
18,723 |
|
Total liabilities |
|
755,601 |
|
|
|
610,990 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock, |
|
9 |
|
|
|
9 |
|
Preferred stock, |
|
— |
|
|
|
— |
|
Additional paid in capital |
|
481,910 |
|
|
|
484,012 |
|
Accumulated deficit |
|
(77,680 |
) |
|
|
(19,411 |
) |
Total stockholders' equity |
|
404,239 |
|
|
|
464,610 |
|
Total liabilities and stockholders’ equity |
$ |
1,159,840 |
|
|
$ |
1,075,600 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
Year Ended |
||||||
|
|
|
|
||||
|
(In thousands) |
||||||
Operating activities |
|
|
|
||||
Net loss |
$ |
(61,634 |
) |
|
$ |
(10,763 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
22,376 |
|
|
|
18,290 |
|
Amortization of debt discount and issuance costs |
|
2,038 |
|
|
|
17,787 |
|
Amortization of contract acquisition costs |
|
20,210 |
|
|
|
13,684 |
|
Loss on disposal of fixed assets |
|
35 |
|
|
|
158 |
|
Provision for credit losses |
|
3,015 |
|
|
|
586 |
|
Impairment of intangible assets |
|
744 |
|
|
|
5,119 |
|
Stock-based compensation expense |
|
51,757 |
|
|
|
29,057 |
|
Operating leases, net |
|
(707 |
) |
|
|
(415 |
) |
Deferred taxes |
|
(3,463 |
) |
|
|
(7,553 |
) |
Net changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions |
|
|
|
||||
Accounts receivable |
|
(34,579 |
) |
|
|
(6,772 |
) |
Deferred contract acquisition costs |
|
(60,799 |
) |
|
|
(32,634 |
) |
Prepayments and other current assets |
|
(23,378 |
) |
|
|
(9,119 |
) |
Other non-current assets |
|
(3,978 |
) |
|
|
(8,875 |
) |
Accounts payable |
|
1,344 |
|
|
|
1,529 |
|
Accrued expenses and other liabilities |
|
28,335 |
|
|
|
16,262 |
|
Income taxes |
|
51 |
|
|
|
(1,077 |
) |
Deferred revenue |
|
57,676 |
|
|
|
32,685 |
|
Net cash provided by (used in) operating activities |
|
(957 |
) |
|
|
57,949 |
|
Investing activities |
|
|
|
||||
Purchase of property and equipment |
|
(4,060 |
) |
|
|
(3,945 |
) |
Proceeds from sale of property and equipment |
|
39 |
|
|
|
29 |
|
Purchase of intangibles |
|
(40 |
) |
|
|
(57 |
) |
Business acquisitions, net of cash acquired |
|
(70,960 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(75,021 |
) |
|
|
(3,973 |
) |
Financing activities |
|
|
|
||||
Payments for partial conversion of convertible senior notes |
|
(10,160 |
) |
|
|
— |
|
Taxes associated with net issuances of shares upon vesting of restricted stock units |
|
(6,056 |
) |
|
|
(797 |
) |
Proceeds from employee stock purchase plan contributions |
|
10,099 |
|
|
|
7,378 |
|
Exercise of stock options |
|
7,615 |
|
|
|
5,967 |
|
Net cash provided by financing activities |
|
1,498 |
|
|
|
12,548 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(74,480 |
) |
|
|
66,524 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
516,644 |
|
|
|
450,120 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
442,164 |
|
|
$ |
516,644 |
|
RECONCILIATION OF NON-GAAP INCOME FROM OPERATIONS |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
|
|
|
|
|
|
|||||||
|
(In thousands) |
|||||||||||||
Income (loss) from operations on a GAAP basis |
$ |
(7,789 |
) |
|
$ |
(2,851 |
) |
|
$ |
(59,076 |
) |
|
$ |
877 |
Add back: |
|
|
|
|
|
|
|
|||||||
Stock-based compensation expense (1) |
|
14,700 |
|
|
|
8,042 |
|
|
|
53,699 |
|
|
|
29,719 |
Amortization of acquired intangibles |
|
4,187 |
|
|
|
3,043 |
|
|
|
15,988 |
|
|
|
12,557 |
Acquisition related costs (2) |
|
— |
|
|
|
— |
|
|
|
2,151 |
|
|
|
— |
Impairment of intangible assets |
|
— |
|
|
|
5,119 |
|
|
|
744 |
|
|
|
5,119 |
Non-GAAP income from operations |
$ |
11,098 |
|
|
$ |
13,353 |
|
|
$ |
13,506 |
|
|
$ |
48,272 |
(1) |
Stock-based compensation expense includes employer related payroll tax expense. |
(2) |
Acquisition related costs are transaction costs, which include legal, accounting and consulting professional service fees. |
RECONCILIATION OF NON-GAAP NET INCOME |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(In thousands) |
||||||||||||||
Net income (loss) on a GAAP basis |
$ |
(9,705 |
) |
|
$ |
(4,712 |
) |
|
$ |
(61,634 |
) |
|
$ |
(10,763 |
) |
Add back: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense (1) |
|
14,700 |
|
|
|
8,042 |
|
|
|
53,699 |
|
|
|
29,719 |
|
Amortization of acquired intangibles |
|
4,187 |
|
|
|
3,043 |
|
|
|
15,988 |
|
|
|
12,557 |
|
Amortization of debt discount and issuance costs (2) |
|
469 |
|
|
|
4,527 |
|
|
|
2,038 |
|
|
|
17,787 |
|
Acquisition related costs (3) |
|
— |
|
|
|
— |
|
|
|
2,151 |
|
|
|
— |
|
Impairment of intangible assets |
|
— |
|
|
|
5,119 |
|
|
|
744 |
|
|
|
5,119 |
|
Effect of income taxes associated with the above adjustments (4) |
|
331 |
|
|
|
(5,707 |
) |
|
|
(2,693 |
) |
|
|
(16,142 |
) |
Non-GAAP net income |
$ |
9,982 |
|
|
$ |
10,312 |
|
|
$ |
10,293 |
|
|
$ |
38,277 |
|
Non-GAAP net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.42 |
|
Diluted |
$ |
0.09 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.41 |
|
Non-GAAP weighted average outstanding shares |
|
|
|
|
|
|
|
||||||||
Basic |
|
93,454 |
|
|
|
91,083 |
|
|
|
92,664 |
|
|
|
90,512 |
|
Diluted |
|
109,235 |
|
|
|
99,867 |
|
|
|
109,046 |
|
|
|
94,136 |
|
(1) |
Stock-based compensation expense includes employer related payroll tax expense. |
(2) |
Amortization of debt discount and issuance costs includes approximately |
(3) |
Acquisition related costs are primarily transaction costs, which include legal, accounting and consulting professional service fees. |
(4) |
The GAAP effective tax rates were (0.3)% and |
RECONCILIATION OF NON-GAAP WEIGHTED AVERAGE OUTSTANDING SHARES |
|||||||
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
|
|
|
(In thousands) |
||||||
Weighted average outstanding shares used to compute net loss per share, basic and diluted, on a GAAP basis |
|
|
|
|
|
|
|
Basic |
93,454 |
|
91,083 |
|
92,664 |
|
90,512 |
Diluted |
93,454 |
|
91,083 |
|
92,664 |
|
90,512 |
Non-GAAP weighted average outstanding shares |
|
|
|
|
|
|
|
Basic |
93,454 |
|
91,083 |
|
92,664 |
|
90,512 |
Effect of potentially dilutive securities |
15,781 |
|
8,784 |
|
16,382 |
|
3,624 |
Diluted |
109,235 |
|
99,867 |
|
109,046 |
|
94,136 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220228005991/en/
Investor Relations
ICR for
investor@sailpoint.com
512-664-8916
Media Relations
Natalie.reina@sailpoint.com
956-878-9176
Source:
FAQ
What were SailPoint's total revenues in Q4 2021?
How much did SailPoint's subscription revenue increase in Q4 2021?
What is SailPoint's total ARR for 2021?
What is SailPoint's financial outlook for Q1 2022?