SailPoint Announces Strong Fiscal Fourth Quarter and Full Year 2025 Financial Results
SailPoint (SAIL) reported strong Q4 and full year 2025 results, with notable growth in Annual Recurring Revenue (ARR). Total ARR reached $877 million, up 29% year-over-year, while SaaS ARR grew 39% to $540 million. The company saw an 80% increase in customers with over $1 million ARR.
Q4 total revenue was $240 million (+18% YoY) with subscription revenue of $224 million (+22% YoY). While reporting a GAAP operating loss of $30 million, adjusted operating income reached $46 million (19.0% of revenue).
For FY2026, SailPoint projects total ARR between $1,075-$1,085 million (23-24% growth) and revenue of $1,025-$1,035 million (19-20% growth). The company expects adjusted operating income of $151-156 million and adjusted EPS of $0.14-$0.18 per share.
SailPoint (SAIL) ha riportato risultati forti nel quarto trimestre e per l'intero anno 2025, con una crescita notevole nel Ricavo Annuale Ricorrente (ARR). L'ARR totale ha raggiunto $877 milioni, in aumento del 29% rispetto all'anno precedente, mentre l'ARR SaaS è cresciuto del 39% a $540 milioni. L'azienda ha visto un aumento dell'80% dei clienti con oltre $1 milione di ARR.
Il totale del fatturato del Q4 è stato di $240 milioni (+18% su base annua) con un fatturato da abbonamenti di $224 milioni (+22% su base annua). Pur riportando una perdita operativa GAAP di $30 milioni, il reddito operativo rettificato ha raggiunto $46 milioni (19,0% del fatturato).
Per l'anno fiscale 2026, SailPoint prevede un ARR totale compreso tra $1.075-$1.085 milioni (crescita del 23-24%) e un fatturato di $1.025-$1.035 milioni (crescita del 19-20%). L'azienda si aspetta un reddito operativo rettificato di $151-156 milioni e un EPS rettificato di $0,14-$0,18 per azione.
SailPoint (SAIL) reportó resultados sólidos en el cuarto trimestre y para todo el año 2025, con un notable crecimiento en los Ingresos Anuales Recurrentes (ARR). El ARR total alcanzó $877 millones, un aumento del 29% interanual, mientras que el ARR de SaaS creció un 39% hasta $540 millones. La compañía vio un aumento del 80% en los clientes con más de $1 millón de ARR.
Los ingresos totales del Q4 fueron de $240 millones (+18% interanual) con ingresos por suscripción de $224 millones (+22% interanual). A pesar de reportar una pérdida operativa GAAP de $30 millones, el ingreso operativo ajustado alcanzó $46 millones (19,0% de los ingresos).
Para el año fiscal 2026, SailPoint proyecta un ARR total entre $1,075-$1,085 millones (crecimiento del 23-24%) y unos ingresos de $1,025-$1,035 millones (crecimiento del 19-20%). La compañía espera un ingreso operativo ajustado de $151-156 millones y un EPS ajustado de $0,14-$0,18 por acción.
SailPoint (SAIL)는 2025년 4분기 및 연간 실적이 강력하다고 보고했으며, 연간 반복 수익(ARR)에서 주목할 만한 성장을 기록했습니다. 총 ARR은 $877 백만에 달하며, 전년 대비 29% 증가했으며, SaaS ARR은 39% 성장하여 $540 백만에 도달했습니다. 이 회사는 100만 달러 이상의 ARR을 가진 고객이 80% 증가했습니다.
4분기 총 수익은 $240 백만 (+18% 전년 대비)이며, 구독 수익은 $224 백만 (+22% 전년 대비)입니다. GAAP 운영 손실이 $30 백만으로 보고되었지만, 조정된 운영 수익은 $46 백만(수익의 19.0%)에 달했습니다.
2026 회계연도에 대해 SailPoint는 총 ARR을 $1,075-$1,085 백만 (23-24% 성장)으로, 수익을 $1,025-$1,035 백만 (19-20% 성장)으로 예상하고 있습니다. 이 회사는 조정된 운영 수익을 $151-156 백만, 조정된 주당 순이익을 $0.14-$0.18로 예상하고 있습니다.
SailPoint (SAIL) a rapporté de solides résultats pour le quatrième trimestre et pour l'année 2025, avec une croissance notable des Revenus Annuels Récurrents (ARR). L'ARR total a atteint $877 millions, en hausse de 29% par rapport à l'année précédente, tandis que l'ARR SaaS a augmenté de 39% pour atteindre $540 millions. L'entreprise a constaté une augmentation de 80% du nombre de clients avec plus de 1 million de dollars d'ARR.
Le chiffre d'affaires total du Q4 était de $240 millions (+18% par rapport à l'année précédente) avec un chiffre d'affaires d'abonnement de 224 millions de dollars (+22% par rapport à l'année précédente). Bien qu'un perte d'exploitation GAAP de 30 millions de dollars ait été signalée, le revenu opérationnel ajusté a atteint 46 millions de dollars (19,0% du chiffre d'affaires).
Pour l'exercice 2026, SailPoint prévoit un ARR total compris entre $1,075-$1,085 millions (croissance de 23-24%) et un chiffre d'affaires de 1,025 à 1,035 millions de dollars (croissance de 19-20%). L'entreprise s'attend à un revenu opérationnel ajusté de 151 à 156 millions de dollars et un BPA ajusté de 0,14 à 0,18 $ par action.
SailPoint (SAIL) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2025 gemeldet, mit bemerkenswertem Wachstum im jährlichen wiederkehrenden Umsatz (ARR). Der gesamte ARR erreichte $877 Millionen, was einem Anstieg von 29% im Vergleich zum Vorjahr entspricht, während der SaaS ARR um 39% auf $540 Millionen wuchs. Das Unternehmen verzeichnete einen Anstieg von 80% bei den Kunden mit über 1 Million USD ARR.
Der Gesamtumsatz im Q4 betrug $240 Millionen (+18% im Jahresvergleich) mit einem Abonnementumsatz von $224 Millionen (+22% im Jahresvergleich). Während ein GAAP-Betriebsverlust von $30 Millionen gemeldet wurde, erreichte das bereinigte Betriebsergebnis $46 Millionen (19,0% des Umsatzes).
Für das Geschäftsjahr 2026 prognostiziert SailPoint einen gesamten ARR zwischen $1.075-$1.085 Millionen (23-24% Wachstum) und einem Umsatz von $1.025-$1.035 Millionen (19-20% Wachstum). Das Unternehmen erwartet ein bereinigtes Betriebsergebnis von $151-156 Millionen und ein bereinigtes EPS von $0,14-$0,18 pro Aktie.
- Total ARR grew 29% YoY to $877 million
- SaaS ARR increased 39% YoY to $540 million
- 80% YoY increase in customers with >$1M ARR
- Subscription revenue grew 22% YoY to $224 million
- Improved adjusted operating margin to 19.0% from 13.7% in Q4
- Strong FY2026 guidance with ARR expected to reach $1,075-$1,085 million
- GAAP operating loss of $30 million in Q4 2025
- Full year GAAP operating loss of $189 million
- Projected Q1 2026 adjusted EPS between ($0.02) to $0.00
- ARR growth rate expected to slow to 23-24% in FY2026
Insights
SailPoint's Q4 and FY2025 results reflect exceptional SaaS momentum and dramatically improved profitability metrics. The 39% year-over-year growth in SaaS ARR to
The company's operating leverage is particularly impressive. Q4 adjusted operating income reached
The ~80% year-over-year increase in customers exceeding
SailPoint has achieved the coveted "Rule of 40" benchmark (combined growth and profit margin exceeding 40%), positioning it among elite SaaS performers. The FY2026 guidance projecting ARR growth of
SailPoint's strong financial performance reflects the increasing strategic importance of identity security within enterprise cybersecurity frameworks. As organizations' identity landscapes grow more complex with hybrid workforces, cloud migrations, and digital transformation initiatives, the need for sophisticated identity security controls has become critical.
The CEO's comments about identity security becoming "a strategic enterprise security imperative" align with current market dynamics. Organizations increasingly recognize that identity compromise is involved in a majority of breaches, elevating identity from a compliance function to a core security control.
The 80% increase in million-dollar customers indicates that large enterprises are making substantial investments in identity security platforms rather than point solutions. This suggests a shift toward viewing identity as an integrated security layer requiring comprehensive capabilities across governance, administration, and authentication.
The mention of AI agents creating additional identity security challenges represents an emerging frontier. As organizations deploy AI systems with varying levels of access and autonomy, securing these non-human identities presents new governance challenges. SailPoint's positioning as a "central control plane for securing all enterprise identities" suggests they're strategically aligned with this market evolution.
With continued double-digit growth forecasted through 2026, the identity security market clearly remains in expansion mode as enterprises prioritize identity controls within their security architectures.
- Grew ARR
29% year-over-year to$877 million - Expanded SaaS ARR
39% year-over-year to$540 million - Finished the year with an ~
80% year-over-year increase in the number of customers with more than$1 million of ARR
AUSTIN, Texas, March 26, 2025 (GLOBE NEWSWIRE) -- SailPoint, Inc. (Nasdaq: SAIL), a leader in enterprise identity security, today announced financial results for its fiscal fourth quarter and full year, ended January 31, 2025.
“We are very pleased to report our strong fourth quarter and full year 2025 results where our continued pursuit of efficient growth at scale drove a year of greater than ‘rule of 40’ performance. Our relentless focus on innovation and execution enables us to capitalize on the growing market opportunity to help enterprises as they struggle to manage, govern and secure their vast identity landscape,” said Mark McClain, SailPoint Founder and CEO.
“Identity security is increasingly recognized as a strategic enterprise security imperative today. CIOs and CISOs now realize the criticality of a unified, intelligent, and powerful identity security platform that is designed to handle enterprise-class scale, complexity, and velocity of change in fine-grained access needs. This becomes even more important with the rise of AI agents,” McClain continued. “We believe SailPoint’s ability to serve as a central control plane for securing all enterprise identities makes us the ideal partner to solve these critical business challenges for enterprises worldwide.”
Fiscal 2025 Fourth Quarter Financial Highlights
- Annual Recurring Revenue (ARR): Total ARR was
$877 million , an increase of29% year-over-year. SaaS ARR was$540 million , an increase of39% year-over-year. - Revenue: Total revenue was
$240 million , an increase of18% year-over-year. Subscription revenue was$224 million , an increase of22% year-over-year. - Operating Income (Loss): GAAP operating loss was
$30 million , or (12.6)% of revenue, compared to$65 million , or (32.2)% of revenue in fiscal Q4 2024. Adjusted income from operations was$46 million , or19.0% of revenue, compared to$28 million , or13.7% of revenue in fiscal Q4 2024.
Fiscal Full Year 2025 Financial Highlights
- Annual Recurring Revenue: Total ARR was
$877 million , an increase of29% year-over-year. SaaS ARR was$540 million , an increase of39% year-over-year. - Revenue: Total revenue was
$862 million , an increase of23% year-over-year. Subscription revenue was$794 million , an increase of27% year-over-year. - Operating Income (Loss): GAAP operating loss was
$189 million , or (21.9)% of revenue, compared to$333 million , or (47.6)% of revenue in FY 2024. Adjusted income from operations was$133 million , or15.4% of revenue, compared to$54 million , or7.8% of revenue in FY 2024.
Financial Outlook
For the first quarter of fiscal 2026, SailPoint expects:
- Total ARR: In the range of
$896 t o$900 million , representing26% to27% year-over-year growth. - Total Revenue: In the range of
$224 t o$226 million , representing19% to20% year-over-year growth. - Adjusted Income from Operations: In the range of
$14 t o$15 million , representing adjusted operating margin of6.2% to6.7% . - Adjusted EPS: In the range of (
$0.02) t o$0.00 per diluted share.
For the fiscal full year 2026, SailPoint expects:
- Total ARR: In the range of
$1,075 t o$1,085 million , representing23% to24% year-over-year growth. - Total Revenue: In the range of
$1,025 t o$1,035 million , representing19% to20% year-over-year growth. - Adjusted Income from Operations: In the range of
$151 t o$156 million , representing adjusted operating margin of14.6% to15.2% . - Adjusted EPS: In the range of
$0.14 t o$0.18 per diluted share.
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 SailPoint’s 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 and amortization of acquired intangibles as well as acquisition related costs and severance of certain key executives, if applicable. SailPoint has not reconciled its expectations as to adjusted income (loss) from operations and adjusted EPS to their most directly comparable GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to stock-based compensation expense. Stock-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s GAAP income (loss) from operations and GAAP net income (loss) per basic and diluted common share. Accordingly, reconciliations of our forward-looking adjusted income (loss) from operations and adjusted EPS are not available without unreasonable effort.
Investor Conference Call and Webcast
SailPoint will host a conference call today at 8:30 a.m. Eastern Time to discuss the results and outlook. A live webcast of the conference call and a presentation regarding SailPoint’s fiscal fourth quarter and full year 2025 financial results will be available on SailPoint’s website at https://investors.sailpoint.com.
An audio replay of the conference call will be available on the investor relations website for one year.
About SailPoint
SailPoint, Inc. (Nasdaq: SAIL) equips the modern enterprise to seamlessly manage and secure access to applications and data through the lens of identity – at speed and scale. As a category leader, we continuously reinvent identity security as the foundation of the secure enterprise. SailPoint delivers a unified, intelligent, extensible platform built to defend against today’s dynamic, identity-centric cyber threats while enhancing productivity and efficiency. SailPoint helps many of the world’s most complex, sophisticated enterprises create a secure technology ecosystem that fuels business transformation.
Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding of past performance, including the following:
Adjusted income from operations, which we define as income (loss) from operations excluding equity-based compensation expense, amortization of acquired intangible assets which includes impairment charges, impairment of intangible assets, acquisition-related expenses, benefit from amortization related to acquired contract acquisition costs, Thoma Bravo monitoring fees (which are annual service fees for consultation and advice related to corporate strategy, budgeting of future corporate investments, acquisition and divestiture strategies, and debt and equity financings pursuant to an advisory services agreement that was terminated upon the consummation of our initial public offering), and restructuring expenses.
Adjusted operating margin, which we define as adjusted income from operations as a percentage of revenue.
Adjusted EPS (or non-GAAP net income (loss) available to common stockholders per basic and diluted share), which we define as adjusted net income (loss) divided by the weighted average outstanding common shares. We calculate adjusted net income (loss) as net income (loss) on a GAAP basis excluding equity-based compensation expense, amortization of acquired intangible assets which includes impairment charges, impairment of intangible assets, acquisition-related expenses, benefit from amortization related to acquired contract acquisition costs, and Thoma Bravo monitoring fees. Adjusted net income (loss) is adjusted for the effect of income taxes associated with such adjustments.
Our non-GAAP financial measures exclude items that neither relate to our ordinary course of business nor reflect our underlying business performance, such as equity-based compensation, the amortization of acquired intangible assets, and acquisition-related expenses. We believe these adjustments enable management and investors to compare our underlying business performance from period-to-period and provide investors with additional means to evaluate cost and expense trends. We also believe these adjustments enhance comparability of our financial performance against those of other technology companies. Accordingly, our management believes the presentation of our non-GAAP financial measures provides useful information to investors regarding our financial condition and results of operations. In addition, SailPoint’s management uses adjusted income (loss) from operations for budgeting and planning purposes, including with respect to its corporate bonus plan.
Our non-GAAP financial measures are adjusted for the following factors, among others:
Equity-based compensation expense. We believe that the exclusion of equity-based compensation expense is appropriate because it eliminates the impact of equity-based compensation costs that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly due to factors that are unrelated to our core operating performance and that can be outside of our control. Although we exclude equity-based compensation expenses from our non-GAAP measures, equity compensation has been, and will continue to be, an important part of our future compensation strategy and a significant component of our future expenses and may increase in future periods.
Amortization of acquired intangible assets. We exclude amortization charges for our acquisition-related intangible assets and impairment of intangible assets for purposes of calculating certain non-GAAP measures to eliminate the impact of these non-cash charges and provide for a more meaningful comparison 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.
Acquisition related costs. We believe that the exclusion of acquisition-related expenses is appropriate as they represent items that management believes are not indicative of our ongoing operating performance. These expenses are primarily composed of legal, accounting, and professional fees incurred that are not capitalizable and that are included within general and administrative expenses.
Amortization related to acquired contract acquisition costs. On August 16, 2022, our predecessor was acquired in an all-cash take-private transaction by Thoma Bravo (the “Take-Private Transaction”). In accordance with GAAP reporting requirements, we have written off our contract acquisition costs at the time of the Take-Private Transaction. Therefore, GAAP commissions expense related to contract acquisition costs after the Take-Private Transaction do not reflect the commissions expense that would have been reported if the contract acquisition costs were not written off. Accordingly, we believe that presenting the approximate amount of acquisition-related commission expenses (so that the full amount of commission expense is included) provides a more appropriate representation of commission expense in a given period and, therefore, provides readers of our financial statements with a more consistent basis for comparison across accounting periods.
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 in 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. SailPoint urges you to review the reconciliations of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.
Definitions of Certain Key Business and Other Metrics
Annual Recurring Revenue. We define ARR as the annualized value of SaaS, maintenance, term subscription, and other subscription contracts as of the measurement date. To the extent that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in ARR until the customer notifies us that it is not renewing its contract. We calculate ARR by dividing the active contract value by the number of days of the contract and then multiplying by 365. ARR should be viewed independently of revenue, as ARR is an operating metric and is not intended to be combined with or to replace revenue. ARR is not a forecast of future revenue, which can be impacted by ASC 606 allocations, and ARR does not consider other sources of revenue that are not recurring in nature. ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies.
SaaS Annual Recurring Revenue. We define SaaS ARR as the annualized value of SaaS contracts as of the measurement date. To the extent that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in SaaS ARR until the customer notifies us that it is not renewing its contract. We calculate SaaS ARR by dividing the active SaaS contract value by the number of days of the contract and then multiplying by 365. SaaS ARR should be viewed independently of subscription revenue as SaaS ARR is an operating metric and is not intended to be combined with or replace subscription revenue. SaaS ARR is not a forecast of future subscription revenue, which can be impacted by ASC 606 allocations and renewal rates and does not consider other sources of revenue that are not recurring in nature. SaaS ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies.
Subscription Revenue. The majority of our revenue relates to subscription revenue which consists of (i) fees for access to, and related support for, the SaaS offerings, (ii) fees for term subscriptions, (iii) fees for ongoing maintenance and support of perpetual license solutions, and (iv) other subscription services such as cloud managed services, and certain professional services. Term subscriptions include the term licenses and ongoing maintenance and support. Maintenance and support agreements consist of fees for providing software updates on a when and if available basis and for providing technical support for software products for a specified term.
Subscription revenue, including support for term licenses, is recognized ratably over the term of the applicable agreement. Revenue related to term subscription performance obligations, excluding support for term subscriptions, is recognized upfront at the point in time when the customer has taken control of the software license.
The Rule of 40. The Rule of 40 is a common SaaS industry metric used to evaluate the performance of SaaS providers by assessing a company’s balance between growth and profitability and postulates that a SaaS company’s revenue growth rate and profit margin should equal or exceed
Explanatory Note Regarding Our Corporate Conversion
Prior to February 12, 2025, we were a Delaware limited partnership named SailPoint Parent, LP. On February 12, 2025, in connection with our initial public offering, SailPoint Parent, LP converted into a Delaware corporation pursuant to a statutory conversion and changed its name to SailPoint, Inc. References to “SailPoint,” “we, and “our” (i) for periods prior to such corporate conversion are to SailPoint Parent, LP and where appropriate, its consolidated subsidiaries and (ii) for periods after such corporate conversion are to SailPoint, Inc. and where appropriate, its consolidated subsidiaries.
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 statements regarding our strategy, future operations, financial position, 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,” or “continue” or the negative of these words or other similar terms or expressions. 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: our ability to sustain historical growth rates; our ability to attract and retain customers; our ability to deepen our relationships with existing customers; the growth in the market for identity security solutions; our ability to maintain success relationships with each of our partners; the length and unpredictable nature of our sales cycle; our ability to compete successfully against current and future competitors; the increasing complexity of our operations; our ability to maintain and enhance our brand or reputation as an industry leader and innovator; unfavorable conditions in our industry or the global economy; our estimated market opportunity and forecasts of our market and market growth may prove to be inaccurate; our ability to hire, train and motivate our personnel; our ability to maintain our corporate culture; our ability to successfully introduce, use, and integrate artificial intelligence (AI) with our solutions; breaches in our security, cyber attacks, or other cyber risks; interruptions, outages, or other disruptions affecting the delivery of our SaaS solution or any of the third-party cloud-based systems that we use in our operations; our ability to adapt and respond to rapidly changing technology, industry standards, regulations, or customer needs, requirements, or preferences; real or perceived errors, failures, or disruptions in our platform or solutions; the ability of our platform and solutions to effectively interoperate with our customers’ existing or future IT infrastructures; and our ability to comply with our privacy policy or related legal or regulatory requirements. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our upcoming Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other filings. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release or made during the above referenced conference call. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
Any forward-looking statement made in this press release or during the above referenced conference call 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.
Investor Relations Contact
Scott Schmitz, SVP IR
ir@sailpoint.com
Media Relations Contact
Samantha Person, Senior Manager, Corporate Communications
Samantha.person@sailpoint.com
| SAILPOINT PARENT, LP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per unit amounts) | |||||||||||||||
| (Unaudited) | (Audited) | ||||||||||||||
| Three months ended January 31, | Twelve months ended January 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Subscription | $ | 224,379 | $ | 184,288 | $ | 793,919 | $ | 622,830 | |||||||
| Perpetual licenses | 40 | 742 | 400 | 5,842 | |||||||||||
| Services and other | 15,702 | 17,677 | 67,292 | 70,900 | |||||||||||
| Total revenue | 240,121 | 202,707 | 861,611 | 699,572 | |||||||||||
| Cost of revenue | |||||||||||||||
| Subscription | 62,407 | 54,817 | 236,581 | 205,053 | |||||||||||
| Perpetual licenses | 33 | 164 | 154 | 2,227 | |||||||||||
| Services and other | 17,909 | 17,991 | 68,998 | 69,355 | |||||||||||
| Total cost of revenue | 80,349 | 72,972 | 305,733 | 276,635 | |||||||||||
| Gross profit | 159,772 | 129,735 | 555,878 | 422,937 | |||||||||||
| Operating expenses | |||||||||||||||
| Research and development | 45,456 | 45,933 | 169,730 | 180,778 | |||||||||||
| Sales and marketing | 116,865 | 122,837 | 466,903 | 461,187 | |||||||||||
| General and administrative | 27,665 | 26,193 | 107,979 | 113,701 | |||||||||||
| Total operating expenses | 189,986 | 194,963 | 744,612 | 755,666 | |||||||||||
| Loss from operations | (30,214 | ) | (65,228 | ) | (188,734 | ) | (332,729 | ) | |||||||
| Other income (expense), net | |||||||||||||||
| Interest income | 543 | 2,627 | 4,158 | 10,658 | |||||||||||
| Interest expense | (46,527 | ) | (47,569 | ) | (186,652 | ) | (187,059 | ) | |||||||
| Other income (expense), net | (2,202 | ) | (884 | ) | (5,401 | ) | (3,219 | ) | |||||||
| Total other income (expense), net | (48,186 | ) | (45,826 | ) | (187,895 | ) | (179,620 | ) | |||||||
| Loss before income taxes | (78,400 | ) | (111,054 | ) | (376,629 | ) | (512,349 | ) | |||||||
| Income tax benefit (expense) | (1,704 | ) | 23,791 | 60,799 | 116,982 | ||||||||||
| Net loss | $ | (80,104 | ) | $ | (87,263 | ) | $ | (315,830 | ) | $ | (395,367 | ) | |||
| Class A yield | (292,110 | ) | (152,197 | ) | (764,549 | ) | (583,672 | ) | |||||||
| Net loss attributable to Class B unitholders | (372,214 | ) | (239,460 | ) | (1,080,379 | ) | (979,039 | ) | |||||||
| Loss per unit attributable to Class B unitholders - basic and diluted | $ | (4.29 | ) | $ | (2.93 | ) | $ | (12.91 | ) | $ | (12.13 | ) | |||
| Weighted average Class B Units outstanding - basic and diluted | 86,781 | 81,651 | 83,716 | 80,746 | |||||||||||
| SAILPOINT PARENT, LP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except units) | |||||||
| January 31, 2025 | January 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 121,293 | $ | 211,647 | |||
| Accounts receivable, net of allowance | 254,050 | 213,307 | |||||
| Contract acquisition costs | 32,834 | 18,668 | |||||
| Contract assets, net of allowance | 58,335 | 51,703 | |||||
| Prepayments and other current assets | 45,870 | 35,752 | |||||
| Total current assets | 512,382 | 531,077 | |||||
| Property and equipment, net | 22,879 | 16,332 | |||||
| Contract acquisition costs, non-current | 94,270 | 61,657 | |||||
| Contract assets, non-current, net of allowance | 33,788 | 28,717 | |||||
| Other non-current assets | 36,206 | 33,219 | |||||
| Goodwill | 5,151,668 | 5,138,855 | |||||
| Intangible assets, net | 1,560,723 | 1,779,875 | |||||
| Total assets | $ | 7,411,916 | $ | 7,589,732 | |||
| Liabilities, redeemable convertible units and partners' deficit | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 3,515 | $ | 8,820 | |||
| Accrued expenses and other liabilities | 158,135 | 117,570 | |||||
| Deferred revenue | 413,043 | 335,465 | |||||
| Total current liabilities | 574,693 | 461,855 | |||||
| Deferred tax liabilities, non-current | 136,528 | 206,464 | |||||
| Other long-term liabilities | 32,128 | 24,954 | |||||
| Deferred revenue, non-current | 36,399 | 36,575 | |||||
| Long-term debt, net | 1,024,467 | 1,562,215 | |||||
| Total liabilities | 1,804,215 | 2,292,063 | |||||
| Commitments and contingencies | |||||||
| Redeemable convertible units, no par value, unlimited units authorized, 499,052,847 and 454,618,712 units issued and outstanding as of January 31, 2025 and 2024, respectively; aggregate liquidation preference of | 11,196,141 | 5,838,864 | |||||
| Partners' deficit | |||||||
| Additional paid in capital | — | 37,431 | |||||
| Accumulated deficit | (5,588,440 | ) | (578,626 | ) | |||
| Total partners' deficit | (5,588,440 | ) | (541,195 | ) | |||
| Total liabilities, redeemable convertible units and partners' deficit | $ | 7,411,916 | $ | 7,589,732 | |||
| SAILPOINT PARENT, LP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||
| Year ended January 31, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (315,830 | ) | $ | (395,367 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization expense | 237,248 | 263,638 | |||||
| Amortization and write-off of debt discount and issuance costs | 12,685 | 4,152 | |||||
| Amortization of contract acquisition costs | 24,899 | 11,519 | |||||
| (Gain) loss on disposal of property and equipment | — | 36 | |||||
| Provision for credit losses | 2,534 | 1,662 | |||||
| Equity-based compensation expense | 31,714 | 37,469 | |||||
| Deferred taxes | (71,209 | ) | (124,919 | ) | |||
| Net changes in operating assets and liabilities, net of business acquisitions | |||||||
| Accounts receivable | (41,653 | ) | (57,397 | ) | |||
| Contract acquisition costs | (71,678 | ) | (61,716 | ) | |||
| Contract assets | (11,730 | ) | (21,139 | ) | |||
| Prepayments and other current assets | (13,744 | ) | (594 | ) | |||
| Other non-current assets | 6,006 | (87 | ) | ||||
| Operating leases, net | 293 | 335 | |||||
| Accounts payable | (5,346 | ) | 4,232 | ||||
| Accrued expenses and other liabilities | 36,565 | 22,634 | |||||
| Deferred revenue | 72,855 | 65,188 | |||||
| Net cash used in operating activities | (106,391 | ) | (250,354 | ) | |||
| Cash flows from investing activities | |||||||
| Purchase of property and equipment | (5,362 | ) | (2,577 | ) | |||
| Proceeds from sale of property and equipment | 14 | 31 | |||||
| Capitalized software development costs | (8,219 | ) | — | ||||
| Purchase of intangible assets | — | (1,900 | ) | ||||
| Business acquisitions, net of cash acquired | (15,377 | ) | (8,218 | ) | |||
| Net cash used in investing activities | (28,944 | ) | (12,664 | ) | |||
| Cash flows from financing activities | |||||||
| Proceeds from issuance of units | 600,321 | 51,743 | |||||
| Proceeds from revolving line of credit | 25,000 | — | |||||
| Repayments to revolving line of credit | (25,000 | ) | — | ||||
| Repayment of term loan | (550,000 | ) | — | ||||
| Payments of deferred offering costs | (2,892 | ) | — | ||||
| Repurchase of units | (6,172 | ) | (1,311 | ) | |||
| Net cash provided by financing activities | 41,257 | 50,432 | |||||
| Net change in cash, cash equivalents and restricted cash | (94,078 | ) | (212,586 | ) | |||
| Cash, cash equivalents and restricted cash, beginning of period | 218,468 | 431,054 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 124,390 | $ | 218,468 | |||
| SAILPOINT PARENT, LP AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands, except percentages) (Unaudited) | |||||||||||||||
| Three months ended January 31, | Twelve months ended January 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP gross profit | $ | 159,772 | $ | 129,735 | $ | 555,878 | $ | 422,937 | |||||||
| GAAP gross profit margin | 66.5 | % | 64.0 | % | 64.5 | % | 60.5 | % | |||||||
| Equity-based compensation expense | 3,797 | 2,782 | 13,771 | 12,447 | |||||||||||
| Amortization of acquired intangible assets | 25,896 | 25,819 | 103,483 | 102,967 | |||||||||||
| Acquisition-related expenses and Thoma Bravo monitoring fees | — | 58 | — | 58 | |||||||||||
| Restructuring | — | 6 | — | 94 | |||||||||||
| Adjusted gross profit | $ | 189,465 | $ | 158,400 | $ | 673,132 | $ | 538,503 | |||||||
| Adjusted gross profit margin | 78.9 | % | 78.1 | % | 78.1 | % | 77.0 | % | |||||||
| Three months ended January 31, | Twelve months ended January 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP subscription gross profit | $ | 161,972 | $ | 129,471 | $ | 557,338 | $ | 417,777 | |||||||
| GAAP subscription gross profit margin | 72.2 | % | 70.3 | % | 70.2 | % | 67.1 | % | |||||||
| Equity-based compensation expense | 1,999 | 1,391 | 7,119 | 6,675 | |||||||||||
| Amortization of acquired intangible assets | 25,863 | 25,666 | 103,329 | 100,820 | |||||||||||
| Acquisition-related expenses and Thoma Bravo monitoring fees | — | 58 | — | 58 | |||||||||||
| Restructuring | — | 6 | — | 85 | |||||||||||
| Adjusted subscription gross profit | $ | 189,834 | $ | 156,592 | $ | 667,786 | $ | 525,415 | |||||||
| Adjusted subscription gross profit margin | 84.6 | % | 85.0 | % | 84.1 | % | 84.4 | % | |||||||
| Three months ended January 31, | Twelve months ended January 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP income (loss) from operations | $ | (30,214 | ) | $ | (65,228 | ) | $ | (188,734 | ) | $ | (332,729 | ) | |||
| GAAP income (loss) from operations margin | (12.6)% | (32.2)% | (21.9)% | (47.6)% | |||||||||||
| Equity-based compensation expense | 27,375 | 30,588 | 99,569 | 134,819 | |||||||||||
| Amortization of acquired intangible assets | 49,609 | 64,345 | 230,308 | 257,029 | |||||||||||
| Amortization of acquired contract acquisition costs | (6,027 | ) | (6,921 | ) | (25,682 | ) | (28,461 | ) | |||||||
| Acquisition-related expenses and Thoma Bravo monitoring fees | 4,893 | 5,042 | 17,283 | 20,051 | |||||||||||
| Restructuring | — | (18 | ) | — | 3,541 | ||||||||||
| Adjusted income (loss) from operations | $ | 45,636 | $ | 27,808 | $ | 132,744 | $ | 54,250 | |||||||
| Adjusted operating margin | 19.0 | % | 13.7 | % | 15.4 | % | 7.8 | % | |||||||
FAQ
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