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    "title": "PING IDENTITY HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS",
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    "markdown": "| | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 |\n| --- | --- | --- | --- | --- |\n| Revenue: | | | | |\n| Subscription | $ 66,308 | $ 73,151 | $ 146,508 | $ 137,367 |\n| Professional services and other | 5,719 | 5,753 | 10,210 | 10,481 |\n| Total revenue | 72,027 | 78,904 | 156,718 | 147,848 |\n| Cost of revenue: | | | | |\n| Subscription (exclusive of amortization shown below)(1) | 14,223 | 10,185 | 27,611 | 19,599 |\n| Professional services and other (exclusive of amortization shown below)(1) | 6,845 | 6,142 | 13,604 | 11,725 |\n| Amortization expense | 8,743 | 6,077 | 17,259 | 11,886 |\n| Total cost of revenue | 29,811 | 22,404 | 58,474 | 43,210 |\n| Gross profit | 42,216 | 56,500 | 98,244 | 104,638 |\n| Operating expenses: | | | | |\n| Sales and marketing(1) | 36,712 | 29,082 | 67,653 | 54,631 |\n| Research and development(1) | 22,086 | 18,692 | 42,553 | 40,394 |\n| General and administrative(1) | 19,882 | 19,545 | 36,113 | 34,000 |\n| Depreciation and amortization | 4,448 | 4,327 | 8,836 | 8,692 |\n| Total operating expenses | 83,128 | 71,646 | 155,155 | 137,717 |\n| Loss from operations | (40,912) | (15,146) | (56,911) | (33,079) |\n| Other income (expense): | | | | |\n| Interest expense | (3,883) | (310) | (7,519) | (706) |\n| Other income (expense), net | (2,860) | 430 | (3,664) | (442) |\n| Total other income (expense) | (6,743) | 120 | (11,183) | (1,148) |\n| Loss before income taxes | (47,655) | (15,026) | (68,094) | (34,227) |\n| Benefit (provision) for income taxes | (193) | 4,047 | (12) | 7,314 |\n| Net loss | $ (47,848) | $ (10,979) | $ (68,106) | $ (26,913) |\n| Net loss per share: | | | | |\n| Basic and diluted | $ (0.56) | $ (0.13) | $ (0.81) | $ (0.33) |\n| Weighted-average shares used in computing net loss per share: | | | | |\n| Basic and diluted | 85,295 | 82,025 | 84,562 | 81,684 |",
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    "title": "(1) Includes stock-based compensation as follows:",
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    "markdown": "| | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 |\n| --- | --- | --- | --- | --- |\n| Subscription cost of revenue | $ 497 | $ 513 | $ 964 | $ 1,048 |\n| Professional services and other cost of revenue | 230 | 429 | 511 | 1,020 |\n| Sales and marketing | 4,340 | 4,843 | 6,520 | 9,041 |\n| Research and development | 2,879 | 4,647 | 6,105 | 13,159 |\n| General and administrative | 5,539 | 7,044 | 7,513 | 10,147 |\n| Total | $ 13,485 | $ 17,476 | $ 21,613 | $ 34,415 |",
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    "title": "PING IDENTITY HOLDING CORP. CONDENSED CONSOLIDATED BALANCE SHEETS",
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    "markdown": "| (unaudited) | June 30, 2022 | December 31, 2021 |\n| --- | --- | --- |\n| Assets |  |  |\n| Current assets: |  |  |\n| Cash and cash equivalents | $ 210,303 | $ 220,607 |\n| Accounts receivable, net of allowances of $608 and $610 | 78,329 | 82,969 |\n| Contract assets, current | 46,945 | 67,540 |\n| Deferred commissions, current | 11,464 | 10,460 |\n| Prepaid expenses | 19,936 | 16,654 |\n| Other current assets | 2,956 | 2,914 |\n| Total current assets | 369,933 | 401,144 |\n| Noncurrent assets: |  |  |\n| Property and equipment, net | 8,810 | 9,396 |\n| Goodwill | 526,045 | 528,548 |\n| Intangible assets, net | 176,131 | 190,077 |\n| Contract assets, noncurrent | 5,688 | 3,457 |\n| Deferred commissions, noncurrent | 20,595 | 19,380 |\n| Deferred income taxes, net | 4,236 | 6,201 |\n| Operating lease right-of-use assets | 11,769 | 13,709 |\n| Other noncurrent assets | 8,836 | 6,121 |\n| Total noncurrent assets | 762,110 | 776,889 |\n| Total assets | $ 1,132,043 | $ 1,178,033 |\n| Liabilities and stockholders' equity |  |  |\n| Current liabilities: |  |  |\n| Accounts payable | $ 4,919 | $ 4,528 |\n| Accrued expenses and other current liabilities | 10,439 | 10,305 |\n| Accrued compensation | 20,178 | 29,258 |\n| Deferred revenue, current | 81,159 | 71,957 |\n| Operating lease liabilities, current | 4,305 | 4,330 |\n| Current portion of long-term debt | 1,882 | 1,132 |\n| Total current liabilities | 122,882 | 121,510 |\n| Noncurrent liabilities: |  |  |\n| Deferred revenue, noncurrent | 3,931 | 5,584 |\n| Long-term debt, net of current portion | 290,208 | 291,154 |\n| Deferred income taxes, net | 1,919 | 4,240 |\n| Operating lease liabilities, noncurrent | 11,717 | 14,140 |\n| Total noncurrent liabilities | 307,775 | 315,118 |\n| Total liabilities | 430,657 | 436,628 |\n| Commitments and contingencies |  |  |\n| Stockholders' equity: |  |  |\n| Preferred stock |  |  |\n| Common stock | 86 | 84 |\n| Additional paid-in capital | 855,968 | 824,455 |\n| Accumulated other comprehensive income (loss) | (2,776) | 652 |\n| Accumulated deficit | (151,892) | (83,786) |\n| Total stockholders' equity | 701,386 | 741,405 |\n| Total liabilities and stockholders' equity | $ 1,132,043 | $ 1,178,033 |",
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    "title": "PING IDENTITY HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS",
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    "markdown": "| | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 |\n| --- | --- | --- |\n| Cash flows from operating activities |  |  |\n| Net loss | $ (68,106) | $ (26,913) |\n| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |\n| Depreciation and amortization | 26,095 | 20,578 |\n| Stock-based compensation expense | 21,613 | 34,415 |\n| Amortization of deferred commissions | 6,618 | 4,674 |\n| Amortization of deferred debt issuance costs | 640 | 124 |\n| Operating leases, net | (507) | (346) |\n| Deferred taxes | (204) | (7,624) |\n| Foreign currency transaction net unrealized loss | 996 |  |\n| Other | 279 | 63 |\n| Changes in operating assets and liabilities: |  |  |\n| Accounts receivable | 3,729 | 17,621 |\n| Contract assets | 18,009 | 5,653 |\n| Deferred commissions | (8,837) | (8,209) |\n| Prepaid expenses and other current assets | (3,476) | 3,405 |\n| Other assets | (2,297) | (426) |\n| Accounts payable | 805 | 348 |\n| Accrued compensation | (6,903) | 4,280 |\n| Accrued expenses and other | 315 | 1,338 |\n| Deferred revenue | 7,549 | (5,016) |\n| Net cash provided by (used in) operating activities | (3,682) | 43,965 |\n| Cash flows from investing activities |  |  |\n| Payments for business acquisitions, net of cash acquired | (4) | (39,875) |\n| Purchases of investments | (500) | - |\n| Purchases of property and equipment and other | (2,029) | (1,502) |\n| Capitalized software development costs | (9,611) | (8,582) |\n| Net cash used in investing activities | (12,144) | (49,959) |\n| Cash flows from financing activities |  |  |\n| Payment of acquisition-related holdbacks |  | (993) |\n| Proceeds from stock option exercises | 7,301 | 1,900 |\n| Payment for tax withholding on equity awards | (176) | (6,174) |\n| Proceeds from long-term debt |  | 80,000 |\n| Payment of long-term debt | (750) | (110,000) |\n| Net cash provided by (used in) financing activities | 6,375 | (35,267) |\n| Effect of exchange rates on cash and cash equivalents and restricted cash | (831) | (130) |\n| Net decrease in cash and cash equivalents and restricted cash | (10,282) | (41,391) |\n| Cash and cash equivalents and restricted cash |  |  |\n| Beginning of period | 220,889 | 146,499 |\n| End of period | $ 210,607 | $ 105,108 |",
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    "title": "PING IDENTITY HOLDING CORP. SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA",
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    "markdown": "| | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 |\n| --- | --- | --- | --- | --- |\n| Gross profit | $ 42,216 | $ 56,500 | $ 98,244 | $ 104,638 |\n| Amortization expense | 8,743 | 6,077 | 17,259 | 11,886 |\n| Stock-based compensation | 727 | 942 | 1,475 | 2,068 |\n| Non-GAAP Gross Profit | $ 51,686 | $ 63,519 | $ 116,978 | $ 118,592 |\n| GAAP Gross Profit Margin | 59% | 72% | 63% | 71% |\n| Non-GAAP Gross Profit Margin | 72% | 81% | 75% | 80% |\n| | | | | |\n| Total operating expenses | $ 83,128 | $ 71,646 | $ 155,155 | $ 137,717 |\n| Stock-based compensation | (12,758) | (16,534) | (20,138) | (32,347) |\n| Acquisition related expenses | | (445) | | (447) |\n| Amortization expense | (3,451) | (3,449) | (6,908) | (6,893) |\n| Non-GAAP Operating Expenses | $ 66,919 | $ 51,218 | $ 128,109 | $ 98,030 |\n| GAAP Operating Margin | (57)% | (19)% | (36)% | (22)% |\n| Non-GAAP Operating Margin | (21)% | 16% | (7)% | 14% |\n| | | | | |\n| Net loss | $ (47,848) | $ (10,979) | $ (68,106) | $ (26,913) |\n| Stock-based compensation | 13,485 | 17,476 | 21,613 | 34,415 |\n| Acquisition related expenses | | 445 | | 447 |\n| Amortization expense | 12,194 | 9,526 | 24,167 | 18,779 |\n| Provision for income taxes(1) | (6,420) | (6,861) | (11,445) | (13,410) |\n| Non-GAAP Net Income (Loss) | $ (28,589) | $ 9,607 | $ (33,771) | $ 13,318 |\n| Net loss per share: | | | | |\n| Basic and diluted | $ (0.56) | $ (0.13) | $ (0.81) | $ (0.33) |\n| Weighted-average shares used in computing net loss per share: | | | | |\n| Basic and diluted | 85,295 | 82,025 | 84,562 | 81,684 |\n| Non-GAAP Net Income (Loss) per Share: | | | | |\n| Basic | $ (0.34) | $ 0.12 | $ (0.40) | $ 0.16 |\n| Diluted | $ (0.34) | $ 0.11 | $ (0.40) | $ 0.16 |\n| Weighted-average shares used in computing Non-GAAP Net Income (Loss) per Share: | | | | |\n| Basic | 85,295 | 82,025 | 84,562 | 81,684 |\n| Diluted | 85,295 | 83,964 | 84,562 | 83,954 |",
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    "title": "Six Months Ended June 30,",
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    "markdown": "| | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 |\n| --- | --- | --- |\n| Net cash provided by (used in) operating activities | $ (3,682) | $ 43,965 |\n| Less: |  |  |\n| Purchases of property and equipment | (2,029) | (1,502) |\n| Capitalized software development costs | (9,611) | (8,582) |\n| Free Cash Flow | (15,322) | 33,881 |\n| Add: |  |  |\n| Cash paid for interest | 6,876 | 584 |\n| Unlevered Free Cash Flow | $ (8,446) | $ 34,465 |\n| Net cash used in investing activities | $ (12,144) | $ (49,959) |\n| Net cash provided by (used in) financing activities | $ 6,375 | $ (35,267) |",
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