PING - Ping Identity slides after earnings fall short of expectations soft guidance

Ping Identity (NYSE:PING) is down 8%, Thursday, after lower-end of the guidance range lands below the consensus estimate in first quarter results where Non-GAAP EPS of -$0.06 missed consensus by $0.05. Revenue of $84.7M (+22.9% Y/Y) beats by $4.1M.  SaaS revenue of $20.2M grew 68% from $12M in Q1 2021.  Ending Annual Recurring Revenue at March 31, 2022, was $323.5M and represented a 21% Y/Y increase. "In addition to driving continued ARR and revenue growth, we also announced important partnerships in the quarter aimed at extending our services to sectors in need and improving our footprint with channel partners. Additionally, with some early sales momentum related to the February launch of PingOne DaVinci, we're continuing to build our robust platform," said Andre Durand, Ping Identity's Chief Executive Officer. Net cash used in operating activities was $3.3M in the three months ended March 31, 2022, compared with net cash provided by operating activities of $24.1M  in prior year

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Ping Identity slides after earnings fall short of expectations, soft guidance