Ping Identity Holding Corp.

pingidentity.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 4, 2022. Its latest SEC filing is a 15-12G from Oct 28, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Provides identity software that helps enterprises authenticate users and manage access to applications, services and connected devices.

How Did They Make Money?

Enterprise customers buy identity software through subscription contracts, priced by solution, use case and number of identities; substantially all customers pay annually in advance.

FY2021 revenue by product or service revenue

Segment	Share	Revenue
Subscription	93% FY2018: 92%
Professional services and other	6.7% FY2018: 8.2%

Who Were Their Customers?

Ping sells mainly directly to enterprise customers, while channel partners and resellers also refer leads and resell its solutions; system integrators help implement some complex deployments.

Did Revenues Turn Into Profits?

Not on paper. It lost $64.4M in FY2021, but brought in more cash than it spent: $37.5M of free cash flow.

Operating income, FY2021

−26% of revenue

▼ −196% (Loss) vs FY2020 (−$26.7M, −11%)

Net income, FY2021

−22% of revenue

▼ −442% (Loss) vs FY2020 (−$11.9M, −5%)

Free cash flow, FY2021

13% of revenue

▲ +90% vs FY2020 ($19.8M, 8%)

How Were They Changing?

Since the FY2021 annual report

Latest quarter: Q2 FY2022, the three months to Jun 30, 2022

Revenue: ▼ −9%; vs $78.9M in Q2 FY2021
Net income: ▼ −336% (Loss); vs −$11M in Q2 FY2021

Subscription share of revenue vs 92.7% in Q2 FY2021

Oct 18, 2022 Thoma Bravo completed its acquisition of Ping Identity The all-cash deal closed, and the stock ceased trading and was delisted.

Revenue over time

Subscription Professional services and other Multi-year subscription term-based licenses Subscription SaaS and support and maintenance 1-year subscription term-based licenses

$500M$250M$0

FY2017 FY2018 FY2019 FY2020 FY2021

Who Did They Compete With?

Competes with Broadcom, IBM, Oracle, Okta, One Identity, Microsoft, and ForgeRock

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