Sailpoint (SAIL) reported exceptional F2Q20 results that beat revenue estimate by 34% or by about $23 million. Sailpoint also beat EPS by $0.19, driven by higher than expected revenue, higher gross margin (up about 500bps Y/Y), lower than expected G&A, but offset slightly by higher than anticipated R&D and S&M expenses. Sailpoint also provided guidance that was ahead of estimates for 3Q and reintroduced full-year guidance, which it pulled following 1Q results. Sailpoint is a buy, given our confidence that it is the best solution to manage and administer identities. Sailpoint's focus on