SailPoint Inc(US:SAIL)2025-06-12 20:26Financial Performance - As of April 30, 2025, the company reported an Annual Recurring Revenue (ARR) of $924.7 million, up from $709.5 million as of April 30, 2024, reflecting a year-over-year growth of approximately 30.3%[135] - Total revenue for the three months ended April 30, 2025, was $230,468,000, compared to $187,656,000 in the same period of 2024, reflecting a growth of approximately 22.8%[164] - Subscription revenue for the three months ended April 30, 2025, was $215,323,000, representing 93% of total revenue, up from $170,092,000 (91%) in the same period of 2024[164] - The net loss for the three months ended April 30, 2025, was $187,312,000, representing an 81% increase in losses compared to $89,176,000 in the same period of 2024[164] - The company reported a net cash used in operating activities of $96.8 million for the three months ended April 30, 2025, compared to $55.4 million in 2024[214] Customer Growth - The number of customers with $250,000 or more in ARR increased by 28% year-over-year, while customers with over $1,000,000 in ARR grew by 62% year-over-year[123] - The dollar-based net retention rate improved from 114% as of April 30, 2024, to 115% as of April 30, 2025, demonstrating effective customer relationship expansion[139] IPO and Financing - The company completed its IPO on February 14, 2025, raising approximately $1,248.2 million in net proceeds from the sale of 60.0 million shares at an initial offering price of $23.00 per share[119] - The company repaid a total of $1.04 billion in Term Loans using proceeds from the IPO, recording a $15.3 million loss from extinguishment of debt[121] - Cash provided by financing activities for the three months ended April 30, 2025, was $210.6 million, primarily from IPO proceeds of $1,259.7 million, offset by Term Loan repayments of $1,040.0 million[219] Revenue Composition - The share of SaaS ARR to total ARR increased from 58% to 62% from April 30, 2024, to April 30, 2025, indicating a successful transition to a SaaS-first subscription model[136] - The company expects subscription revenue to continue increasing as a percentage of total revenue as it focuses on its SaaS offerings[147] Operating Expenses - Operating expenses increased significantly to $312,620,000 for the three months ended April 30, 2025, compared to $183,683,000 in the same period of 2024[164] - Research and development expenses rose to $67,270,000, accounting for 29% of total revenue, compared to $41,917,000 (22%) in the same period of 2024[164] - Sales and marketing expenses increased to $164,530,000, representing 71% of total revenue, up from $114,887,000 (61%) in the same period of 2024[164] - General and administrative expenses rose to $80,820,000, accounting for 35% of total revenue, compared to $26,879,000 (14%) in the same period of 2024[164] Profitability Metrics - Gross profit margin decreased to 55% for the three months ended April 30, 2025, down from 62% in the same period of 2024[164] - Adjusted gross profit for the same period was $175.9 million, resulting in an adjusted gross profit margin of 76%, slightly down from 77% in 2024[194] - GAAP gross profit for the three months ended April 30, 2025, was $127.7 million, with a gross profit margin of 55%, compared to $115.5 million and 62% in 2024[194] Cash and Liquidity - As of April 30, 2025, cash and cash equivalents totaled $228.1 million, with $125.0 million available under the Credit Agreement[204][213] - The company believes existing cash and cash equivalents will be sufficient to meet liquidity and capital requirements for at least the next 12 months[205] Market and Risk Factors - Market risk exposure remains primarily due to fluctuations in foreign currency exchange rates, with no material changes noted for the three months ended April 30, 2025[226]