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    SailPoint Announces Second Quarter 2022 Financial Results

    8/9/22 4:15:00 PM ET
    $SAIL
    Computer Software: Prepackaged Software
    Technology
    Get the next $SAIL alert in real time by email
    • Total ARR of $429.5 million, up 47% year-over-year
    • Second quarter 2022 subscription revenue of $92.3 million, up 43% year-over-year
    • Second quarter 2022 total revenue of $134.3 million, up 31% year-over-year

    SailPoint Technologies Holdings, Inc. (NYSE:SAIL) ("SailPoint," the "Company" or "we"), the leader in identity security, today announced financial results for the second quarter ended June 30, 2022.

    "The SailPoint team executed well to address the consistently strong global demand we continue to see in our business, delivering 47% total ARR growth and 83% SaaS revenue growth in Q2. We believe this demand is largely driven by broad recognition from global enterprises in our identity security platform as core to the security of their business today," said Mark McClain, SailPoint CEO and Founder.

    Financial Highlights for Second Quarter 2022:

    • ARR: Total ARR at June 30, 2022 was $429.5 million, a 47% increase year-over-year.
    • Revenue: Total revenue was $134.3 million, a 31% increase over Q2 2021. Subscription revenue was $92.3 million, a 43% increase over Q2 2021, of which SaaS revenue was $46.4 million, an 83% increase over Q2 2021.
    • Operating Income (Loss): Loss from operations was $(26.8) million compared to loss from operations of $(17.0) million in Q2 2021. Non-GAAP loss from operations was $(2.8) million compared to non-GAAP income from operations of $0.8 million in Q2 2021.
    • Net Income (Loss): Net loss was $(29.4) million compared to net loss of $(16.7) million in Q2 2021. Net loss per diluted share was $(0.31) compared to net loss per diluted share of $(0.18) in Q2 2021. Non-GAAP net loss was $(2.2) million compared to non-GAAP net income of $0.1 million in Q2 2021. Non-GAAP net loss per diluted share was $(0.02) compared to non-GAAP net income per diluted share of $0.00 in Q2 2021.

    The tables included in this press release present a reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations, GAAP net loss to non-GAAP net income (loss) and GAAP to non-GAAP weighted average outstanding shares, each for the three and six months ended June 30, 2022 and 2021. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures." In addition, see "Operating Metrics" for more information regarding Total ARR.

    Transaction with Thoma Bravo

    As announced on April 11, 2022, SailPoint has entered into a definitive agreement to be acquired by Thoma Bravo. In light of this transaction, SailPoint will not be hosting an earnings conference call or live webcast to discuss its second quarter 2022 financial results and SailPoint will not be providing guidance for the third quarter or full fiscal year 2022.

    Operating Metrics

    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 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, which was filed with the Securities and Exchange Commission (the "SEC") on August 9, 2022 (our "Second Quarter Quarterly Report"), for more information regarding SailPoint's utilization of the Total ARR metric.

    Non-GAAP Financial Measures

    In addition to SailPoint's financial information presented in accordance with generally accepted accounting principles in the United States ("GAAP"), this press release includes certain non-GAAP financial measures to clarify and enhance investors' understanding of SailPoint's past performance and future prospects. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flow that includes or excludes amounts that are included or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. SailPoint's management believes the non-GAAP financial measures described below provide useful information to investors regarding the Company's financial condition and results of operations because they facilitate comparisons of SailPoint's core operating results from period to period. In addition, SailPoint's management uses non-GAAP income (loss) from operations for budgeting and planning purposes.

    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 issuance costs. The expense for the amortization of debt 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. See Note 1 "Description of Business and Summary of Significant Accounting Policies" and Note 4 "Business Combinations" in the notes to the consolidated financial statements included in our Second Quarter Quarterly Report for information about our pending transaction with Thoma Bravo and recent acquisitions.

    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. SailPoint urges you to review the reconciliations of its 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.

    Non-GAAP income (loss) from operations. SailPoint believes that the use of non-GAAP income (loss) from operations is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP income (loss) from operations is calculated as income (loss) from operations on a GAAP basis excluding (i) stock-based compensation expense, (ii) amortization of acquired intangibles, (iii) acquisition related costs and (iv) impairment of intangible assets.

    Non-GAAP net income (loss) and non-GAAP net income (loss) per basic and diluted share. SailPoint believes that the use of non-GAAP net income (loss) and non-GAAP net income (loss) per basic and diluted share is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP net income (loss) is calculated as net income (loss) on a GAAP basis (a) excluding (i) stock-based compensation expense, (ii) amortization of acquired intangibles, (iii) amortization of debt issuance costs, (iv) acquisition related costs and (v) impairment of intangible assets, and (b) adjusted for the effect of income taxes associated with such non-GAAP adjustments. SailPoint defines non-GAAP net income (loss) per basic and diluted share as non-GAAP net income (loss) divided by the non-GAAP basic and diluted weighted average outstanding common shares.

    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 SailPoint currently operates. Non-GAAP estimated income taxes may change for a variety of reasons, including global tax environment, significant changes to geographic earnings mix, acquisitions, or other changes to SailPoint's strategy or business operations. SailPoint re-evaluates its non-GAAP estimated income taxes at least annually, or more frequently if significant events occur, which may materially impact our non-GAAP income tax calculation.

    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 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, objectives of management, growth rate and our expectations regarding future revenue, ARR, 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. The 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 SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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. 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 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 SailPoint

    SailPoint is the leader in identity security for the modern enterprise. Harnessing the power of AI and machine learning, SailPoint automates the management and control of access, delivering only the required access to the right identities and technology resources at the right time. Our sophisticated identity platform seamlessly integrates with existing systems and workflows, providing the singular view into all identities and their access. We meet customers where they are with an intelligent identity solution that matches the scale, velocity and environmental needs of the modern enterprise. SailPoint empowers the most complex enterprises worldwide to build a security foundation grounded in identity security.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

    (Unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

    2022

     

    June 30,

    2021

     

    June 30,

    2022

     

    June 30,

    2021

    Revenue

     

     

     

     

     

     

     

    Licenses

    $

    25,743

     

     

    $

    24,450

     

     

    $

    41,014

     

     

    $

    43,685

     

    Subscription (1)

     

    92,289

     

     

     

    64,355

     

     

     

    177,880

     

     

     

    123,597

     

    Services and other

     

    16,251

     

     

     

    13,681

     

     

     

    30,809

     

     

     

    25,966

     

    Total revenue

     

    134,283

     

     

     

    102,486

     

     

     

    249,703

     

     

     

    193,248

     

    Cost of revenue

     

     

     

     

     

     

     

    Licenses (2)

     

    1,290

     

     

     

    1,355

     

     

     

    2,668

     

     

     

    2,602

     

    Subscription (2)(3)

     

    22,680

     

     

     

    13,716

     

     

     

    42,646

     

     

     

    25,020

     

    Services and other (3)

     

    15,723

     

     

     

    12,519

     

     

     

    29,560

     

     

     

    24,318

     

    Total cost of revenue

     

    39,693

     

     

     

    27,590

     

     

     

    74,874

     

     

     

    51,940

     

    Gross profit

     

    94,590

     

     

     

    74,896

     

     

     

    174,829

     

     

     

    141,308

     

    Operating expenses

     

     

     

     

     

     

     

    Research and development (2)(3)

     

    33,363

     

     

     

    23,033

     

     

     

    64,409

     

     

     

    42,599

     

    General and administrative (3)

     

    13,047

     

     

     

    10,461

     

     

     

    27,034

     

     

     

    21,728

     

    Sales and marketing (2)(3)

     

    74,973

     

     

     

    58,408

     

     

     

    140,703

     

     

     

    109,570

     

    Total operating expenses

     

    121,383

     

     

     

    91,902

     

     

     

    232,146

     

     

     

    173,897

     

    Loss from operations

     

    (26,793

    )

     

     

    (17,006

    )

     

     

    (57,317

    )

     

     

    (32,589

    )

    Other expense, net:

     

     

     

     

     

     

     

    Interest income

     

    140

     

     

     

    212

     

     

     

    164

     

     

     

    412

     

    Interest expense

     

    (615

    )

     

     

    (632

    )

     

     

    (1,514

    )

     

     

    (1,421

    )

    Other expense, net

     

    (1,128

    )

     

     

    (219

    )

     

     

    (1,788

    )

     

     

    (220

    )

    Total other expense, net

     

    (1,603

    )

     

     

    (639

    )

     

     

    (3,138

    )

     

     

    (1,229

    )

    Loss before income taxes

     

    (28,396

    )

     

     

    (17,645

    )

     

     

    (60,455

    )

     

     

    (33,818

    )

    Income tax (expense) benefit

     

    (975

    )

     

     

    903

     

     

     

    (2,000

    )

     

     

    1,785

     

    Net loss

    $

    (29,371

    )

     

    $

    (16,742

    )

     

    $

    (62,455

    )

     

    $

    (32,033

    )

    Net loss per share

     

     

     

     

     

     

     

    Basic

    $

    (0.31

    )

     

    $

    (0.18

    )

     

    $

    (0.66

    )

     

    $

    (0.35

    )

    Diluted

    $

    (0.31

    )

     

    $

    (0.18

    )

     

    $

    (0.66

    )

     

    $

    (0.35

    )

    Weighted average shares outstanding

     

     

     

     

     

     

     

    Basic

     

    94,469

     

     

     

    92,464

     

     

     

    94,206

     

     

     

    92,076

     

    Diluted

     

    94,469

     

     

     

    92,464

     

     

     

    94,206

     

     

     

    92,076

     

    (1) Subscription revenue is further disaggregated as follows:

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

    2022

     

    June 30,

    2021

     

    June 30,

    2022

     

    June 30,

    2021

    Subscription revenue

     

     

     

     

     

     

     

    SaaS

    $

    46,362

     

    $

    25,369

     

    $

    87,489

     

    $

    47,258

    Maintenance and support

     

    43,799

     

     

    37,304

     

     

    86,131

     

     

    72,778

    Other subscription services

     

    2,128

     

     

    1,682

     

     

    4,260

     

     

    3,561

    Total subscription revenue

    $

    92,289

     

    $

    64,355

     

    $

    177,880

     

    $

    123,597

    (2) Includes amortization of acquired intangibles as follows:

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

    2022

     

    June 30,

    2021

     

    June 30,

    2022

     

    June 30,

    2021

    Cost of revenue - licenses

    $

    829

     

    $

    1,008

     

    $

    1,658

     

    $

    2,016

    Cost of revenue - subscription

     

    1,557

     

     

    1,557

     

     

    3,109

     

     

    2,414

    Research and development

     

    169

     

     

    169

     

     

    338

     

     

    337

    Sales and marketing

     

    1,627

     

     

    1,626

     

     

    3,254

     

     

    2,846

    Total amortization expense

    $

    4,182

     

    $

    4,360

     

    $

    8,359

     

    $

    7,613

    (3) Includes stock-based compensation expense and the related employer payroll tax expense as follows:

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

    2022

     

    June 30,

    2021

     

    June 30,

    2022

     

    June 30,

    2021

    Cost of revenue - subscription

    $

    1,480

     

    $

    893

     

    $

    2,797

     

    $

    1,639

    Cost of revenue - services and other

     

    1,420

     

     

    953

     

     

    2,606

     

     

    1,835

    Research and development

     

    4,921

     

     

    3,310

     

     

    9,564

     

     

    5,764

    General and administrative

     

    2,987

     

     

    2,579

     

     

    5,652

     

     

    4,882

    Sales and marketing

     

    7,847

     

     

    5,439

     

     

    14,475

     

     

    10,195

    Total stock-based compensation expense

    $

    18,655

     

    $

    13,174

     

    $

    35,094

     

    $

    24,315

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except per share data)

     

     

    As of

     

    June 30, 2022

     

    December 31, 2021

     

    (Unaudited)

     

     

    Assets

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    $

    402,447

     

     

    $

    435,445

     

    Restricted cash

     

    6,690

     

     

     

    6,719

     

    Accounts receivable, net of allowances of $334 and $564

     

    144,185

     

     

     

    147,156

     

    Deferred contract acquisition costs, current

     

    29,460

     

     

     

    25,966

     

    Contract assets, current

     

    34,035

     

     

     

    31,640

     

    Prepayments and other current assets

     

    20,782

     

     

     

    17,806

     

    Income taxes receivable

     

    504

     

     

     

    506

     

    Total current assets

     

    638,103

     

     

     

    665,238

     

    Deferred tax asset - non-current

     

    4,048

     

     

     

    4,047

     

    Property and equipment, net

     

    17,280

     

     

     

    17,151

     

    Right-of-use assets, net

     

    23,885

     

     

     

    23,806

     

    Deferred contract acquisition costs, non-current

     

    72,689

     

     

     

    68,725

     

    Contract assets, non-current, net of allowances of $2,376 and $2,386

     

    14,825

     

     

     

    16,991

     

    Other non-current assets

     

    1,307

     

     

     

    983

     

    Goodwill

     

    289,430

     

     

     

    289,430

     

    Intangible assets, net

     

    65,110

     

     

     

    73,469

     

    Total assets

    $

    1,126,677

     

     

    $

    1,159,840

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities

     

     

     

    Accounts payable

     

    11,192

     

     

     

    6,097

     

    Accrued expenses and other liabilities

     

    60,830

     

     

     

    89,972

     

    Income taxes payable

     

    799

     

     

     

    1,413

     

    Convertible senior notes, net

     

    386,028

     

     

     

    385,172

     

    Deferred revenue

     

    226,667

     

     

     

    218,937

     

    Total current liabilities

     

    685,516

     

     

     

    701,591

     

    Long-term operating lease liabilities

     

    28,259

     

     

     

    28,817

     

    Deferred revenue - non-current

     

    30,533

     

     

     

    25,193

     

    Other non-current liabilities

     

    34

     

     

     

    —

     

    Total liabilities

     

    744,342

     

     

     

    755,601

     

    Commitments and contingencies

     

     

     

    Stockholders' equity

     

     

     

    Common stock, $0.0001 par value

     

    9

     

     

     

    9

     

    Preferred stock, $0.0001 par value

     

    —

     

     

     

    —

     

    Additional paid in capital

     

    522,461

     

     

     

    481,910

     

    Accumulated deficit

     

    (140,135

    )

     

     

    (77,680

    )

    Total stockholders' equity

     

    382,335

     

     

     

    404,239

     

    Total liabilities and stockholders' equity

    $

    1,126,677

     

     

    $

    1,159,840

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

    Six Months Ended

     

    June 30, 2022

     

    June 30, 2021

    Operating activities

     

     

     

    Net loss

    $

    (62,455

    )

     

    $

    (32,033

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

    Depreciation and amortization expense

     

    11,391

     

     

     

    10,733

     

    Amortization of debt issuance costs

     

    856

     

     

     

    1,100

     

    Amortization of contract acquisition costs

     

    14,366

     

     

     

    9,002

     

    Loss on disposal of fixed assets

     

    14

     

     

     

    25

     

    Provision for credit losses

     

    104

     

     

     

    268

     

    Stock-based compensation expense

     

    33,901

     

     

     

    22,945

     

    Operating leases, net

     

    (709

    )

     

     

    (279

    )

    Deferred taxes

     

    (1

    )

     

     

    —

     

    Net changes in operating assets and liabilities, net of assets acquired and

    liabilities assumed in business acquisitions:

     

     

     

    Accounts receivable

     

    2,857

     

     

     

    2,223

     

    Deferred contract acquisition costs

     

    (21,824

    )

     

     

    (16,598

    )

    Contract assets

     

    (219

    )

     

     

    (7,443

    )

    Prepayments and other current assets

     

    (2,659

    )

     

     

    (1,261

    )

    Other non-current assets

     

    (324

    )

     

     

    1,095

     

    Accounts payable

     

    5,095

     

     

     

    1,934

     

    Accrued expenses and other liabilities

     

    (29,036

    )

     

     

    (15,415

    )

    Income taxes

     

    (612

    )

     

     

    (3,577

    )

    Deferred revenue

     

    13,070

     

     

     

    2,675

     

    Net cash used in operating activities

     

    (36,185

    )

     

     

    (24,606

    )

    Investing activities

     

     

     

    Purchase of property and equipment

     

    (3,501

    )

     

     

    (1,991

    )

    Proceeds from sale of property and equipment

     

    9

     

     

     

    12

     

    Purchase of intangibles

     

    —

     

     

     

    (40

    )

    Business acquisitions, net of cash acquired

     

    —

     

     

     

    (70,960

    )

    Net cash used in investing activities

     

    (3,492

    )

     

     

    (72,979

    )

    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

     

    (1,571

    )

     

     

    (3,062

    )

    Proceeds from employee stock purchase plan contributions

     

    5,435

     

     

     

    5,234

     

    Exercise of stock options

     

    2,786

     

     

     

    2,967

     

    Net cash provided by (used in) financing activities

     

    6,650

     

     

     

    (5,021

    )

    Net decrease in cash, cash equivalents and restricted cash

     

    (33,027

    )

     

     

    (102,606

    )

    Cash, cash equivalents and restricted cash, beginning of period

     

    442,164

     

     

     

    516,644

     

    Cash, cash equivalents and restricted cash, end of period

    $

    409,137

     

     

    $

    414,038

     

    RECONCILIATION OF NON-GAAP INCOME (LOSS) FROM OPERATIONS

    (In thousands)

    (Unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

    2022

     

    June 30,

    2021

     

    June 30,

    2022

     

    June 30,

    2021

    Loss from operations on a GAAP basis

    $

    (26,793

    )

     

    $

    (17,006

    )

     

    $

    (57,317

    )

     

    $

    (32,589

    )

    Add back:

     

     

     

     

     

     

     

    Stock-based compensation expense (1)

     

    18,655

     

     

     

    13,174

     

     

     

    35,094

     

     

     

    24,315

     

    Amortization of acquired intangibles

     

    4,182

     

     

     

    4,360

     

     

     

    8,359

     

     

     

    7,613

     

    Acquisition related costs (2)

     

    1,163

     

     

     

    288

     

     

     

    1,763

     

     

     

    2,151

     

    Impairment of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Non-GAAP income (loss) from operations

    $

    (2,793

    )

     

    $

    816

     

     

    $

    (12,101

    )

     

    $

    1,490

     

    (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. The 2022 costs pertain to the pending recently announced go-private transaction with Thoma Bravo. The 2021 costs pertain to the prior year acquisitions of Intello Inc. ("Intello") and ERP Maestro, Inc. ("ERP Maestro").

    RECONCILIATION OF NON-GAAP NET INCOME (LOSS)

    (In thousands, except per share data)

    (Unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

    2022

     

    June 30,

    2021

     

    June 30,

    2022

     

    June 30,

    2021

    Net loss on a GAAP basis

    $

    (29,371

    )

     

    $

    (16,742

    )

     

    $

    (62,455

    )

     

    $

    (32,033

    )

    Add back:

     

     

     

     

     

     

     

    Stock-based compensation expense (1)

     

    18,655

     

     

     

    13,174

     

     

     

    35,094

     

     

     

    24,315

     

    Amortization of acquired intangibles

     

    4,182

     

     

     

    4,360

     

     

     

    8,359

     

     

     

    7,613

     

    Amortization of debt issuance costs

     

    388

     

     

     

    467

     

     

     

    856

     

     

     

    1,100

     

    Acquisition related costs (2)

     

    1,163

     

     

     

    288

     

     

     

    1,763

     

     

     

    2,151

     

    Impairment of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Effect of income taxes associated with the above adjustments (3)

     

    2,794

     

     

     

    (1,445

    )

     

     

    6,117

     

     

     

    (2,595

    )

    Non-GAAP net income (loss)

    $

    (2,189

    )

     

    $

    102

     

     

    $

    (10,266

    )

     

    $

    551

     

    Non-GAAP net income (loss) per share

     

     

     

     

     

     

     

    Basic

    $

    (0.02

    )

     

    $

    0.00

     

     

    $

    (0.11

    )

     

    $

    0.01

     

    Diluted

    $

    (0.02

    )

     

    $

    0.00

     

     

    $

    (0.11

    )

     

    $

    0.01

     

    Non-GAAP weighted average outstanding shares

     

     

     

     

     

     

     

    Basic

     

    94,469

     

     

     

    92,464

     

     

     

    94,206

     

     

     

    92,076

     

    Diluted

     

    94,469

     

     

     

    94,936

     

     

     

    94,206

     

     

     

    95,077

     

    (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. The 2022 costs pertain to the pending recently announced go-private transaction with Thoma Bravo. The 2021 costs pertain to the prior year acquisitions of Intello and ERP Maestro.

    (3)

    The GAAP effective tax rates were (3.3)% and 5.3% for the six months ended June 30, 2022 and 2021, respectively, compared to non-GAAP effective tax rates of 28.6% and 59.5% for the six months ended June 30, 2022 and 2021, respectively.

    RECONCILIATION OF NON-GAAP WEIGHTED AVERAGE OUTSTANDING SHARES

    (In thousands)

    (Unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

    June 30,

    2022

     

    June 30,

    2021

     

    June 30,

    2022

     

    June 30,

    2021

    Weighted average outstanding shares used to compute net loss per share, basic and diluted, on a GAAP basis

     

     

     

     

     

     

     

    Basic

    94,469

     

    92,464

     

    94,206

     

    92,076

    Diluted

    94,469

     

    92,464

     

    94,206

     

    92,076

    Non-GAAP weighted average outstanding shares

     

     

     

     

     

     

     

    Basic

    94,469

     

    92,464

     

    94,206

     

    92,076

    Effect of potentially dilutive securities

    —

     

    2,472

     

    —

     

    3,001

    Diluted

    94,469

     

    94,936

     

    94,206

     

    95,077

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005818/en/

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