Ping Identity delivered better-than-expected fourth quarter earnings results on Thursday, reporting a Q4 revenue of $75.4 million and total revenue for the full year of $299.4 million.
The company, which "delivers intelligent identity solutions for the enterprise," reported a non-GAAP net loss per share of $0.13 for the quarter and a non-GAAP net earning per share of $0.10 for the full year.
Wall Street was expecting a non-GAAP loss of $0.10 a share and a revenue of $71.4 million for the quarter.
"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 CEO.
"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."
For the fourth quarter, the company reported an ARR of $312.7 million, a 21% increase compared to last year. Subscription revenue was $70.4 million, or 93% of total revenue.
SaaS revenue grew 56% to $16.9 million in the fourth quarter, driven by the adoption of Ping Identity's PingOne solutions. For the full year, SaaS revenue was $57.6 million.
The company ended 2021 with 1,468 customers, 71 of which had more than $1.0 million in ARR.
Ping Identity is modeling first quarter revenue between $78 million and $82 million, with a total ARR between $320 million and $324 million.
For the full year, Ping Identity predicted a total ARR between $378 million and $385 million as well as a revenue between $330 million and $340 million.
"We delivered yet another strong quarter including a significant milestone as we surpassed 25% of our ARR coming from SaaS," said Raj Dani, Ping Identity's Chief Financial Officer.
"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."