Sailpoint’s latest quarterly report, as filed with the SEC was released in November 2019. Let’s take a look inside.

As per the Business Overview section of the 10Q for those who don’t know:

“SailPoint is the leading provider of enterprise identity governance solutions. Our open identity platform provides organizations with critical visibility into who currently has access to which resources, who should have access to those resources and how that access is being used.”

SEC 10Q, Nov 2019

They offer both an on-prem and cloud offering, and “As of September 30, 2019, 1,341 customers across a wide variety of industries” use their products.

From a numbers perspective, straight from the 10Q, we can see:

  • 3 months to September 30, 2019 – revenue was $75.9 million
  • 3 months to September 30, 2018 – revenue was $65.7 million
  • 9 months to September 30, 2019 – revenue was $199.5 million
  • 9 months to September 30, 2018 – revenue was $168.3 million

That represents, something close to a 15.5% year on year increase in revenue for the quarter.

With regards to the number of customers, they list:

  • 3 months to September 30, 2019 – customers at 1341
  • 3 months to September 30, 2018 – customers at 1090

That represents, something close to a 23% year on year increase in net new logo’s for the quarter.

They also note that subscription revenue, accounts for nearly 50% of all revenue. Subscription revenue is for the IdentityNow SaaS offering.

Quoting the 10Q – “License revenue increased by $0.4 million, or 1%, for the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018. Consistent with prior periods, license revenue from new customers was higher than license revenue from existing customers for the nine months ended September 30, 2019. This increase is primarily attributable to increased revenue from new customers, with a 10% year-over-year increase, partially offset by a 13% year-over-year decrease in follow-on license revenue from existing customers. During the nine months ended September 30, 2019 and 2018, license revenue from new customers was $41.7 million and $38.0 million, respectively, and license revenue from existing customers was $23.1 million and $26.5 million for the respective periods.”

SEC 10Q, Nov 2019

The vast majority (74% for last 3 months to September 30th 2019 and 70% last 9 months to September 2019) was attributable to US market.

And finally, with respect to R&D: “Research and development expenses increased by $9.0 million, or 29%, for the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018. Approximately 93% of this increase was the result of an increase in headcount and related allocated overhead to optimize and expand our product offerings as well as pursue innovation in identity governance.”

SEC 10Q, Nov 2019

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