Exhibit 99.1

Ping Identity Reports Fourth Quarter and Full-year 2021 Results,
Provides Outlook for First Quarter and Full Year 2022

● Annual Recurring Revenue (“ARR”) growth of 21% year-over-year accelerated for the fourth straight quarter on a year-over-year basis to $312.7 million at December 31, 2021

● Total revenue for the fourth quarter 2021 grew 19% year-over-year to $75.4 million with full year 2021 growth of 23% year-over-year to $299.4 million

● Software as a service (“SaaS”) revenue for the fourth quarter 2021 grew 56% year-over-year – accelerating for the third straight quarter on a year-over-year basis – with full year 2021 growth of 51% year-over-year

● Net cash provided by operating activities for 2021 grew 86% year-over-year to a record of $41.7 million for the full year 2021

● Ended 2021 with 71 customers with more than $1 million in ARR, up 39% from 2020

DENVER – February 24, 2022– Ping Identity Holding Corp. (“Ping Identity,” or the “Company”) (NYSE: PING), which delivers intelligent identity solutions for the enterprise, today announced its financial results for the three months and year ended December 31, 2021, and provided its outlook for the first quarter and full year 2022.

“As the identity market continues to grow and evolve, we remain focused on inventing a new future, one that’s faster, smarter and capable of delivering improved user experiences. We and our customers are building a new security perimeter focused on identity and Zero Trust, one that aims to do away with the data-center perimeter that permeated the past,” said Andre Durand, Ping Identity's Chief Executive Officer. “In 2022, we are centered on four strategic growth pillars: further driving our cloud transformation, extending our leadership in the customer use case, deepening our channel relationships and ensuring our solutions drive accelerating demand among our enterprise customers in existing and new markets.”

Key Highlights for the Fourth Quarter and Full-year 2021

ARR: Ending ARR at December 31, 2021 was $312.7 million and represented a 21% increase compared with ARR at December 31, 2020. Ping Identity defines ARR as the annualized value of all subscription contracts as of the end of the period.

Revenue: Total revenue for the fourth quarter 2021 was $75.4 million. Subscription revenue was $70.4 million, or 93% of total revenue. SaaS revenue of $16.9 million grew 56% from $10.8 million in the fourth quarter 2020 driven by the rapid adoption of Ping Identity’s PingOne solutions.

Total revenue for the full year 2021 was $299.4 million and total subscription revenue for the full year 2021 was $279.3 million. SaaS revenue of $57.6 million grew 51% from $38.1 million in the full year 2020. Given the impact that deployment mix and contract duration have on GAAP revenue, management continues to believe that ARR is the key growth metric of a subscription business.

Cash Flow: Net cash provided by operating activities was $41.7million for the full year 2021 compared with $22.4 million for the full year 2020. Unlevered Free Cash Flow* was $21.0million for the full year 2021, compared with $8.8 million for the full year 2020.

Dollar-Based Net Retention Rate: Ping Identity’s dollar-based net retention rate at December 31, 2021 was 112%. The Company calculates dollar-based net retention rate as ending ARR for the current reporting period from customers with associated ending ARR for the same period last year, divided by ending ARR for the same period last year.

Customers: Ended 2021 with 1,468 customers, of which 71 had more than $1.0 million in ARR, up 39% year-over-year in that customer cohort, and 315 had more than $250,000 in ARR, up 21% year-over-year in that customer cohort.

*Please refer to the section titled “Use of Non-GAAP Financial Information” and the tables within this press release which contain explanations and reconciliations of the Company’s non-GAAP financial measures.

Recent Business Highlights

● Launched PingOne DaVinci, a new no-code identity orchestration service that enables organizations to improve the user experience with drag-and drop simplicity. DaVinci is vendor-agnostic, allowing organizations to integrate and orchestrate identity services from a wide range of vendors. It features a library of 100+ out-of-the-box connectors for a range of identity, IT and automation services.

● Named a Leader by Gartner, Inc. in the 2021 Magic Quadrant for Access Management for the fifth consecutive year. The Magic Quadrant is designed to help companies evaluate technology providers’ completeness of vision and ability to execute.

● Launched PingOne Authorize, introducing cloud-based dynamic authorization capabilities for the enterprise identity security market. The new technology extends the PingOne Cloud Platform’s cybersecurity protection, beyond authenticating users to controlling what users can see and do within applications, allowing organizations to better reduce fraud, comply with privacy regulations and improve the user experience.

● Achieved "In Process" designation for the Federal Risk and Authorization Management Program (“FedRAMP”), for Ping Identity’s cloud Identity and Access Management (IAM) service offering PingOne for Government. The FedRAMP “In Process” designation is the next-to-last step in enabling federal agencies working through Ping Identity’s reseller and distribution partners to use the Company’s cloud IAM solutions to enable secure telework while also empowering federal IT departments to accelerate the adoption of Zero Trust, a modern approach to cybersecurity, and cloud resources.

● Entered into a new credit agreement in November 2021 consisting of a $300 million, seven-year Term Loan B and $150 million, five-year revolving credit facility. These financing activities improve Ping Identity’s optionality to drive growth through both internal investment and M&A.

● Honored as a 2022 Best Place to Work in Denver and Austin by Built In. The Built In annual awards program includes companies of all sizes, from startups to the enterprise, and honors both remote-first employers as well as companies in the eight largest tech markets across the U.S.

● Named Shalini Sharma as the company’s new Chief Legal Officer. Sharma has more than 23 years of international corporate legal experience and 15 years of global financial technology expertise. Sharma will head Ping Identity’s legal department and serve as the primary source of legal advice for issues spanning governance, intellectual property, compliance, privacy, labor, commercial and strategic transactions.

Commenting on the Company’s financial results, Raj Dani, Ping Identity’s Chief Financial Officer, said, “We delivered yet another strong quarter including a significant milestone as we surpassed 25% of our ARR coming from SaaS. With year-over-year ARR growth of 21%, we’ve now seen four quarters of sequential accelerating ARR growth and expect this trend to continue on the glidepath towards our long-term goal of $1 billion in ARR.”

2022 Financial Outlook

Ping Identity provides the following expected financial guidance for the quarter ending March 31, 2022:

Total ARR of $320.0 million to $324.0 million

Total Revenue of $78.0 million to $82.0 million

Unlevered Free Cash Flow* of ($5.0 million) to $0.0 million

Ping Identity provides the following expected financial guidance for the year ending December 31, 2022:

Total ARR of $378.0 million to $385.0 million

Total Revenue of $330.0 million to $340.0 million

Unlevered Free Cash Flow* of approximately breakeven

* Please refer to the section titled “Use of Non-GAAP Financial Information” and the tables within this press release which contain explanations and reconciliations of the Company’s non-GAAP financial measures.

Webcast / Conference Call Details

In conjunction with this announcement, Ping Identity will host a webcast conference call today, February 24, 2022, at 5:00 p.m. Eastern Time to discuss its financial results. The listen-only webcast is available at https://investor.pingidentity.com. Investors and participants can register for the telephonic version of the conference call in advance by visiting http://www.directeventreg.com/registration/event/1477587. After registering, instructions will be shared on how to join the call including dial-in information as well as a unique passcode and registrant ID. At the time of the call, registered participants will dial in using the numbers from the confirmation email, and upon entering their unique passcode and ID, will be entered directly into the conference.

Following the conference call, a replay will be available until 11:59 p.m. Eastern time on March 3, 2022. The replay dial-in number will be (800) 585-8367 or for international (416) 621-4642, using the replay number pin: 1477587. An archived webcast of the call will also be available at https://investor.pingidentity.com.

Use of Non-GAAP Financial Information

In addition to Ping Identity’s results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: Non-GAAP Gross Profit, Non-GAAP Gross Profit Margin, Non-GAAP Operating Expenses, Non-GAAP Net Income, Non-GAAP Net Income Per Share, Free Cash Flow and Unlevered Free Cash Flow. Certain of these non-GAAP measures exclude stock-based compensation, depreciation and/or amortization expense and acquisition-related expenses, as noted in the reconciliation. Ping Identity believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Forward-Looking Statements

In addition to historical consolidated financial information, certain statements in this press release and on the related teleconference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical fact included in this press release and on the related teleconference call are forward-looking statements. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements Ping Identity makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results or its plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include,

but are not limited to, those disclosed previously in the Company’s other filings with the SEC which include, but are not limited to: our ability to adapt to rapid technological change, evolving industry standards and changing customer needs, requirements or preferences; our ability to enhance and deploy our cloud-based offerings while continuing to effectively offer our on-premise offerings; our ability to maintain or improve our competitive position; the impact of the COVID-19 pandemic; the impact on our business of a network or data security incident or unauthorized access to our network or data or our customers’ data; the effects on our business if we are unable to acquire new customers, if our customers do not renew their arrangements with us, or if we are unable to expand sales to our existing customers or develop new solutions or solution packages that achieve market acceptance; our ability to manage our growth effectively, execute our business plan, maintain high levels of service and customer satisfaction or adequately address competitive challenges; our dependence on our senior management team and other key employees; our ability to enhance and expand our sales and marketing capabilities; our ability to attract and retain highly qualified personnel to execute our growth plan; the risks associated with interruptions or performance problems of our technology, infrastructure and service providers; our dependence on third-party cloud infrastructure services, such as Amazon Web Services; the impact of data privacy and cybersecurity concerns, evolving regulations of cloud computing, cross-border data transfer restrictions and other domestic and foreign laws and regulations; the impact of volatility in quarterly operating results; the impact of our existing indebtedness could adversely affect our business and growth prospects; the fact that we may still be able to incur substantially more indebtedness or make certain restricted payments, which could further exacerbate the risks associated with our substantial indebtedness, despite our current indebtedness levels and restrictive covenants; our ability to generate sufficient cash flow to service all of our indebtedness, and actions we may be forced to take to satisfy our obligations under such indebtedness, which may not be successful; the risks associated with the financing documents governing our 2021 Credit Facilities, as defined below, which restrict our current and future operations, particularly our ability to respond to changes or to take certain actions; our ability to refinance our indebtedness; the risks associated with the provisions of our corporate governance documents that could make an acquisition of us more difficult and may prevent attempts by our shareholders to replace or remove our current management, even if beneficial to our shareholders; Vista Equity Partners’ (“Vista”) influence on certain of our corporate actions, which may conflict with our or your interests in the future; the risks associated with the designation of the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our shareholders in our certificate of incorporation, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us; the potential that an active, liquid trading market for our common stock may not be sustained, which may limit your ability to sell your shares; and the potential volatility of our operating results and stock price, and the potential that the market price of our common stock may drop below the price you paid; and other factors disclosed in the section entitled ‘‘Risk Factors’’ in our most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. Given these factors, as well as other variables that may affect Ping Identity’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related teleconference call relate only to events as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Ping Identity

Ping Identity delivers intelligent identity solutions for the enterprise. We enable companies to achieve Zero Trust identity-defined security and more personalized, streamlined user experiences. The PingOne Cloud Platform provides customers, workforce, and partners with access to cloud, mobile, SaaS and on-premises applications across the hybrid enterprise. Over half of the Fortune 100 choose us for our identity expertise, open standards, and partnerships with companies including Microsoft and Amazon. We provide flexible identity solutions that accelerate digital business initiatives, delight customers, and secure the enterprise through multi-factor authentication, single sign-on, access management, intelligent API security, directory, and data governance capabilities. For more information, visit www.pingidentity.com.

PING IDENTITY HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Revenue:
Subscription	$	70,396	$	57,932	$	279,294	$	224,131
Professional services and other		5,021		5,323		20,155		19,458
Total revenue		75,417		63,255		299,449		243,589
Cost of revenue:
Subscription (exclusive of amortization shown below)(1)		12,550		8,088		43,515		30,797
Professional services and other (exclusive of amortization shown below)(1)		6,381		4,823		24,420		17,145
Amortization expense		8,250		5,546		26,947		20,269
Total cost of revenue		27,181		18,457		94,882		68,211
Gross profit		48,236		44,798		204,567		175,378
Operating expenses:
Sales and marketing(1)		32,449		24,805		117,459		88,910
Research and development(1)		19,642		13,085		78,512		48,934
General and administrative(1)		20,303		12,968		71,581		47,198
Depreciation and amortization		4,405		4,292		17,437		16,997
Gain on asset disposition		(1,397)		—		(1,397)		—
Total operating expenses		75,402		55,150		283,592		202,039
Loss from operations		(27,166)		(10,352)		(79,025)		(26,661)
Other income (expense):
Interest expense		(1,814)		(598)		(3,010)		(2,433)
Loss on extinguishment of debt		(153)		—		(153)		—
Other income (expense), net		99		2,231		(1,148)		2,947
Total other income (expense)		(1,868)		1,633		(4,311)		514
Loss before income taxes		(29,034)		(8,719)		(83,336)		(26,147)
Benefit for income taxes		3,007		5,319		18,945		14,256
Net loss	$	(26,027)	$	(3,400)	$	(64,391)	$	(11,891)
Net loss per share:
Basic and diluted	$	(0.31)	$	(0.04)	$	(0.78)	$	(0.15)
Weighted-average shares used in computing net loss per share:
Basic and diluted		83,648		81,104		82,302		80,430

______________________________________

(1) Includes stock-based compensation as follows:

	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Subscription cost of revenue	$	269	$	189	$	1,735	$	675
Professional services and other cost of revenue		293		116		1,711		397
Sales and marketing		2,235		1,258		14,921		4,467
Research and development		3,727		1,506		20,702		5,294
General and administrative		2,895		1,572		16,731		5,791
Total	$	9,419	$	4,641	$	55,800	$	16,624

PING IDENTITY HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
	December 31,		December 31,
	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	220,607	$	145,733
Accounts receivable, net of allowances of $610 and $828		82,969		82,335
Contract assets, current		67,540		62,503
Deferred commissions, current		10,460		6,604
Prepaid expenses		16,654		17,608
Other current assets		2,914		1,940
Total current assets		401,144		316,723
Noncurrent assets:
Property and equipment, net		9,396		9,446
Goodwill		528,548		441,150
Intangible assets, net		190,077		180,422
Contract assets, noncurrent		3,457		11,288
Deferred commissions, noncurrent		19,380		9,325
Deferred income taxes, net		6,201		3,962
Operating lease right-of-use assets		13,709		15,619
Other noncurrent assets		6,121		2,516
Total noncurrent assets		776,889		673,728
Total assets	$	1,178,033	$	990,451
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	4,528	$	2,795
Accrued expenses and other current liabilities		10,305		7,339
Accrued compensation		29,258		17,170
Deferred revenue, current		71,957		49,203
Operating lease liabilities, current		4,330		3,979
Current portion of long-term debt		1,132		—
Total current liabilities		121,510		80,486
Noncurrent liabilities:
Deferred revenue, noncurrent		5,584		3,195
Long-term debt, net of current portion		291,154		149,014
Deferred income taxes, net		4,240		17,867
Operating lease liabilities, noncurrent		14,140		17,213
Other liabilities, noncurrent		—		1,566
Total noncurrent liabilities		315,118		188,855
Total liabilities		436,628		269,341
Commitments and contingencies
Stockholders' equity:
Preferred stock		—		—
Common stock		84		81
Additional paid-in capital		824,455		739,051
Accumulated other comprehensive income (loss)		652		1,373
Accumulated deficit		(83,786)		(19,395)
Total stockholders' equity		741,405		721,110
Total liabilities and stockholders' equity	$	1,178,033	$	990,451

PING IDENTITY HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
	Year Ended December 31,
	2021		2020
Cash flows from operating activities
Net loss	$	(64,391)	$	(11,891)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on extinguishment of debt		153		—
Depreciation and amortization		44,384		37,266
Stock-based compensation expense		55,800		16,624
Amortization of deferred commissions		10,823		8,045
Amortization of deferred debt issuance costs		357		250
Operating leases, net		(812)		(258)
Deferred taxes		(19,806)		(14,888)
Gain on asset disposition		(1,397)		—
Other		507		376
Changes in operating assets and liabilities:
Accounts receivable		(922)		(14,666)
Contract assets		2,702		13,518
Deferred commissions		(24,734)		(10,304)
Prepaid expenses and other current assets		556		(3,331)
Other assets		(2,695)		(664)
Accounts payable		1,538		1,323
Accrued compensation		12,417		(3,412)
Accrued expenses and other		2,370		(504)
Deferred revenue		24,806		4,891
Net cash provided by operating activities		41,656		22,375
Cash flows from investing activities
Payments for business acquisitions, net of cash acquired		(79,967)		(32,470)
Purchases of property and equipment and other		(4,153)		(2,595)
Capitalized software development costs		(18,997)		(13,255)
Net cash used in investing activities		(103,117)		(48,320)
Cash flows from financing activities
Payment of acquisition-related holdbacks		(993)		(424)
Payment of offering costs		—		(295)
Proceeds from stock option exercises		3,158		10,404
Payment for tax withholding on equity awards		(8,576)		(4,499)
Proceeds from long-term debt		380,000		97,823
Issuance costs of long-term debt		(8,085)		—
Payment of long-term debt		(230,000)		—
Net cash provided by financing activities		135,504		103,009
Effect of exchange rates on cash and cash equivalents and restricted cash		347		1,049
Net increase in cash and cash equivalents and restricted cash		74,390		78,113
Cash and cash equivalents and restricted cash
Beginning of period		146,499		68,386
End of period	$	220,889	$	146,499

PING IDENTITY HOLDING CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA
(In thousands, except per share amounts)
(unaudited)
	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Gross profit	$	48,236	$	44,798	$	204,567	$	175,378
Amortization expense		8,250		5,546		26,947		20,269
Stock-based compensation		562		305		3,446		1,072
Non-GAAP Gross Profit	$	57,048	$	50,649	$	234,960	$	196,719
Non-GAAP Gross Profit Margin		76%		80%		78%		81%

	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Total operating expenses	$	75,402	$	55,150	$	283,592	$	202,039
Stock-based compensation		(8,857)		(4,336)		(52,354)		(15,552)
Acquisition related expenses		(94)		(1,078)		(1,281)		(2,197)
Amortization expense		(3,457)		(3,412)		(13,800)		(13,453)
Non-GAAP Operating Expenses	$	62,994	$	46,324	$	216,157	$	170,837

	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Net loss	$	(26,027)	$	(3,400)	$	(64,391)	$	(11,891)
Stock-based compensation		9,419		4,641		55,800		16,624
Acquisition related expenses		94		1,078		1,281		2,197
Amortization expense		11,707		8,958		40,747		33,722
Gain on asset disposition		(1,397)		—		(1,397)		—
Loss on extinguishment of debt		153		—		153		—
Provision for income taxes(1)		(4,994)		(3,669)		(24,146)		(13,136)
Non-GAAP Net Income (Loss)	$	(11,045)	$	7,608	$	8,047	$	27,516
Net loss per share:
Basic and diluted	$	(0.31)	$	(0.04)	$	(0.78)	$	(0.15)
Weighted-average shares used in computing net loss per share:
Basic and diluted		83,648		81,104		82,302		80,430
Non-GAAP Net Income (Loss) per Share:
Basic	$	(0.13)	$	0.09	$	0.10	$	0.34
Diluted	$	(0.13)	$	0.09	$	0.10	$	0.33
Weighted-average shares used in computing Non-GAAP Net Income (Loss) per Share:
Basic		83,648		81,104		82,302		80,430
Diluted		83,648		83,642		84,574		83,236

_____________________________________

(1) The related tax effects of the adjustments to Non-GAAP Net Income were calculated using the respective statutory tax rates for applicable jurisdictions.

	Year Ended December 31,
	2021		2020
Net cash provided by operating activities	$	41,656	$	22,375
Less:
Purchases of property and equipment		(4,153)		(2,595)
Capitalized software development costs		(18,997)		(13,255)
Free Cash Flow		18,506		6,525
Add:
Cash paid for interest		2,486		2,263
Unlevered Free Cash Flow	$	20,992	$	8,788
Net cash used in investing activities	$	(103,117)	$	(48,320)
Net cash provided by financing activities	$	135,504	$	103,009
Cash paid for Elastic Beam compensation and bonus retention payments	$	—	$	4,173

Reconciliation of Unlevered Free Cash Flow Guidance for the Three Months Ended March 31, 2022 and Year Ended December 31, 2022:

	Three Months Ended March 31, 2022				Year Ended December 31, 2022
	Low		High		Low		High
Net cash provided by (used in) operating activities	$	(2,100)	$	2,900	$	12,900	$	12,900
Less:
Purchases of property and equipment		(700)		(700)		(2,700)		(2,700)
Capitalized software development costs		(5,500)		(5,500)		(24,000)		(24,000)
Free Cash Flow		(8,300)		(3,300)		(13,800)		(13,800)
Add:
Cash paid for interest		3,300		3,300		13,800		13,800
Unlevered Free Cash Flow	$	(5,000)	$	—	$	—	$	—

PING IDENTITY HOLDING CORP.

SUPPLEMENTAL FINANCIAL INFORMATION

KEY BUSINESS METRICS

(In thousands)

	December 31,				Change
	2021		2020		$		%
	(dollars in thousands)
ARR	$	312,726	$	259,090	$	53,636	21	%

Ping Identity Contacts

Follow Us on Twitter: @PingIdentityJoin us on LinkedIn: Ping IdentitySubscribe to our YouTube Channel: PingIdentityTVLike Us on Facebook: PingIdentityPage

Investor Relations Contact:

David Banks

Tel: 303.396.6200

investor@pingidentity.com

Media Contact:

Kristin Miller

Tel: 720.728.1033 

press@pingidentity.com

Source: Ping Identity