Greetings and welcome to our first-ever Ping Identity Investor Day. I'm David Banks, Head of Investor Relations here at Ping Identity. Today, we'll share our excitement about the ways Ping is inventing the future through the eyes of our leaders, through the stories of our customers, and through the power of our platform. We expect our presentations will run about 1 hour and 45 minutes with a short break halfway through. We'll reserve time at the end for questions. Throughout the day, you can submit questions using the chat feature on the portal. Following the event, we'll post a PDF of the presentation on the investor relations section of www.pingidentity.com. A replay of the webcast will be available until December 8. Today's discussion may include forward-looking statements. Please refer to our annual report on Form 10-K for 2020 and our quarterly report on Form 10-Q for the quarter ended September 30, 2021, both filed with the Securities and Exchange Commission. There, you'll see a discussion of factors that could cause the company's actual results to differ materially from these statements. I would also like to remind you that during the call, we will discuss certain non-GAAP measures related to Ping Identity's performance. You can find the reconciliation of those measures to the most closely comparable GAAP measures in our third quarter press release and the slides we're posting on our website. Welcome. With that, I'll turn it over to Andre. Thank you, David. I'm Andre Durand, founder and CEO of Ping Identity. It's great to have you here today as we share this opportunity that we call identity. We're going to talk about our path to a billion, how our platform is differentiated within the enterprise market, and then hear from several special guests, including Boeing, on their journey to zero trust. Let's get right into it. This identity opportunity is enormous. We are connecting everyone to everything. We envision a borderless world secured through identity. While we're at it, this notion of connecting everyone to everything, it's not that simple. At the same time, companies need to figure out how to go faster. They need to reduce costs. They're trying to improve the end user experience, all the while figuring out how to get to the cloud. They're being told, "Trust no one." This notion of zero trust, everyone authenticated, everyone authorized on trusted or managed devices. This is an entirely new security paradigm. Identity is one of those unique technologies where we get to improve the user experience while also making things more secure. Enterprises want identity to be frictionless. This isn't just about passwordless experiences or self-service onboarding of applications toward their identity infrastructure. We're trying to create a fabric of security that sits underneath everything but is seamless to end users. With that, I would love to share what is propelling Ping into the future and why this is such an exciting time for us. I'm going to start with the market drivers. The entire world is being driven to digitize everything. Digital channels and the omni-channel are more important than ever. This digital transformation is driving new ways of thinking. It's driving new investments in the infrastructure that begins with the identity foundation and the foundation of security. At the same time, we're excited to share that we ourselves, over the course of the last several years, have undergone a cloud transformation. It's right now at this moment that we're ready to propel ourselves into the future with a unified cloud platform. Let's talk about our unified cloud platform. We're not focused on the past. We're focused on the future. Every journey in identity begins with authentication, single sign-on, and multi-factor authentication. Ping is one of the world's leaders serving the enterprise in this mission-critical tier zero infrastructure, and we're trusted by some of the largest global enterprises. Authentication will only get you so far. The point of identity is not simply to strongly authenticate who's accessing your network, but giving enterprises the control to appropriately authorize what people have access to. It's all about strongly authenticated users appropriately authorized to access any application or resource seamlessly, frictionlessly. Who has access to what is a quintessential question that identity answers for these large enterprises. It also is foundational to zero trust. Everyone strongly authenticated, everyone appropriately authorized, coming in on managed or trusted devices. From there, we must address the weak link. Identity is only as good as its weakest link. Recently, our authentication and authorization systems have become stronger than our ability to remotely verify the real identity of users. We must create a way to ensure that we're talking to the right people prior to authenticating them. That's where proofing and identity verification is so important. You can't secure what you can't identify, and we must make it easy for us to know that we're dealing with the right people remotely. From identity verification, our vision is to leverage risk and fraud and new techniques in artificial intelligence and machine learning to strengthen not just the security, but also the user experience of the entire identity platform. Risk and fraud will be used in a virtuous feedback loop with the identity control plane. Informing it when to step up authentication, when to just let users in, or when behavior is not recognized, and we need to block access in real time. From there, it's about ensuring that our APIs are secure. APIs sit at the foundation of every digital transformation. Everything we are looking to protect, all of our data is being accessed through our APIs. We must have complete visibility into the API transactions. We also have to recognize that the hackers aren't coming in through our interfaces or our applications. They're hitting and exposing weaknesses in our APIs directly. Leveraging identity security in our APIs and building visibility and control over what data flows through our APIs is critical. Let's not forget about orchestration. Identity is an enormous integration challenge. We're only trying to integrate everyone into everything, and the speed with which we do that is paramount. Orchestration allows us to focus on end user experiences and not hard coding identity point to point through all of our APIs. It's going to drastically improve the way in which companies experience identity. It gives us a unified administration and configuration capability. We are very, very focused on this integration challenge, and I'll talk more about that later. All of this adds up to an enormous market opportunity, one that is growing and one in which leading industry analysts estimate is at least $50 billion. This is a market that is being driven by incredible tailwinds. It's not just cyber or regulation and compliance, it's a desire to enable a better user experience, and ultimately, identity will have to address the privacy opportunity. So let's talk a little bit about this market and the various swim lanes and the competitors, and where Ping positions in this market. We're focused on the largest and fastest-growing segment of this market, modernizing 20 years of legacy infrastructure. This is the access management market, growing at an estimated 13% CAGR. This is one of the largest and fastest-growing segments of identity. More specifically, we're focused on the enterprise side of this market. We believe this market to be the most durable and the stickiest of all of the market segments. Within this market, we are delivering a unified platform that addresses both the customer and the workforce use case. Now, within that, we have particular focus on the customer use case. This is a market that is growing at an estimated 16% CAGR. It's a market that is greenfield and not dominated by any one player. There's a lot of homegrown infrastructure in the customer use case, but it's the place that companies care about the most. It's not commoditized. It's about driving new revenues and better customer experiences and propelling the business forward in this digital era. Our strategy is to not focus on the past. While our competition is busy consolidating the past, we're focused on inventing a new future, one that's faster, smarter, with better user experiences. This is a future that is being propelled and accelerated by our recent acquisitions, our focus on the customer use case, and our ability now to deliver user experiences without coding. This is a future where we will connect everyone to everything. This is a massive opportunity for us, but it is also a massive integration challenge for our customers. I wanted to talk a little bit about the evolution of integration within our marketplace. It all began with open standards for identity, and here Ping has led the way from the beginning. We've authored or co-authored many of the standards within the identity space. Think of this as the TCP of identity. This is the stack of protocols which allow identity to interoperate with all other identity systems. It's important to our customers, but it is also important to the industry at large. Where identity standards don't get the job done, turnkey integrations take over. Think of this as the first and last mile connecting the identity control plane to all of the applications which end users want to access. Here we've developed thousands of integrations over the years. Hundreds of these integrations with non-standard infrastructure that didn't have modern APIs or talk the new modern protocols. It doesn't stop there. Phase III of the evolution of integration is going to an entire new playing field. Here we're excited to introduce Singular Key, a company that we acquired about a month ago that has a vision of integrating identity, not just the identity control plane itself, but identity into everything around it without the need to code. This is a 10x opportunity where we're focused on revolution, not simply evolution. Drastically simplifying identity integration and providing the missing steel thread in a consistent user experience that spans all identity technologies, not simply Ping. It's not just about speed or simplicity or customization without coding. It's about inventing the future and changing the narrative. At Ping, we're focused on what's next. Cloud, check. Developers, let's get you focused on revolutionizing your markets. Experience, this is where the future of true competitive differentiation happens. This is where the business derives value, where users experience loyalty, and where frictionless becomes possible and not simply a vision. With Ping, we're not about constraints, so you can experience Ping in your cloud where you have control, or outsource identity to our cloud, where we maintain identity on your behalf. Best yet, a single platform that enables you to solve both your customer and workforce use cases. This leverage of partnership of technology and skills will help you improve security and reduce cost and complexity into the future. This single unified cloud platform, it isn't just about legacy modernization. We've had that covered for years. It's about a more intelligent, more secure, and faster to integrate future. It's about leveraging risk, fraud, and API security to provide even better security and even better user experiences. It's about orchestration to speed integration and the end-to-end goal of frictionless experiences. I was having lunch with a friend the other day. He made a comment that really caught me. He said, "Andre, it's not lost on us that Ping is building a very deep and very wide moat." We're excited about that because when you serve 60% of the Fortune 100, you have to be constantly innovating. We're doing that across all of our industries, protecting nearly 3 billion identities. It's this focus that has led us to this moment. A market on the rise, and a platform now ready to propel us to $1 billion. Enabled by our cloud transformation, the focus on the customer use case differentiation, growing channel relationships, new products, and new markets. Let's take a look at these. Let's begin with our cloud transformation. Our SaaS business is now greater than 25% of our total ARR, and it's growing at north of 50%. Our customer use case relative to the workforce use case is now north of 50% and growing at a faster pace than workforce. This is by design. With over 150 certified sellers, we're more committed than ever to working with partners. Winning an identity is a team sport, and we're happy to be an integral part of that winning team with our partners. We never stand still, and in the past few years we've expanded our product portfolio significantly into API security, identity verification, risk and fraud, authorization, and now no-code/low-code orchestration. Because the future doesn't stand still, and identity is critical. Now more than ever, companies demand highly integrated platforms to simplify what was a complex security challenge. We're excited to announce that we're now in process with FedRAMP, not simply to serve a new federal market, but to serve our private sector clients who serve the federal government. This new solution is coming in 2022. Speaking of changing the security landscape and the role of identity, I had the pleasure of sitting down with Brian Jeffords of Boeing. Brian, thank you for joining us today. I know you run an enormous identity and security program at Boeing. Tell us a little bit about your journey. You know, kinda to introduce myself, so I do lead the Identity and Access Management group in Boeing, which is a part of our overall cybersecurity group. You know, we're responsible for all the credentials, all the identities and all the access to Boeing resources. Being as big a company as Boeing is, it is pretty massive. It is certainly a task. Yeah, I think that could be an understatement. Right? Yeah, Boeing is changing. I mean, certainly the past even just couple months, couple of years, you know, Boeing has had to face some severe challenges in the travel industry. But even prior to that, really trying to transform into a global company and doing that effectively. From a cybersecurity standpoint, what that means is putting some of the data that we used to not like going anywhere, putting that everywhere. You know, we certainly have commercial side of our business as well as defense and tightly aligned to the U.S., and so that presents a lot of challenges when it comes to data security. Really the transformation of the business and wanting to get out into those global domains is really forcing us to challenge previous assumptions about where to host the data, how to protect it, legacy controls versus what's out there now. It's a very interesting time. As Boeing transforms into a global company, I'm sure cloud is a part of that journey. I would imagine zero trust is a part of that journey. Maybe just elaborate a little bit more on how you guys are thinking about that. What we're really bringing to the forefront is the access policies and the identity policies that are starting to be a lot more important in relation to perimeter controls. You know, in the past it was take all your data, shove it in a data center, lock it down. Right. Well, when you do that, it's very easy to control, but it's pretty hard to get global access to it. We deal with a lot of engineering data, a lot of engineering modeling. Simulations and modeling don't work very well when you're trying to reach back into one U.S. domestic data center from everywhere in the world. It's hard to leverage as sort of a traditional company. You know, we have some of these cloud-native companies that grew up doing that, and they're much more swift to be able to leverage the new technologies. We're really trying to transform in the right way to, you know, not throw out all of our old stuff, but build upon the new and really make sure we're doing that securely because the data that we protect is very high value. Talk to me a little bit about supporting the business velocity and speed. We need to really take a risk-based approach to assessing development in our environment and when it is ready. There's certainly foundational pieces that we are not gonna compromise on, right? We need to make sure we're right-sizing the risk, right? It doesn't necessarily make sense to put military-level DoD NIST type controls around maybe public data, and you know, public or Boeing proprietary non-sensitive types of data. Brian, there's a lot of talk these days around the shift from traditional perimeter-based thinking to this notion of zero trust, where we don't wanna trust the user, the network, or the device. We wanna verify always. We wanna leverage risk and other signals to help us make appropriate security decisions. Tell me how you and Boeing are thinking about this shift and the entire notion that identity is becoming the new perimeter. Yeah. You know, I think that's spot on. First of all, zero trust meaning let's make sure that we are verifying everything, and that we don't create these dependencies that these dependency zones, if you will, right? I think we are getting past that. The dependency zones of the past used to be a perimeter around a data center, right? That if you're in there and we validated you can get in there, you're good to go. Now we're going global. There really are no boundaries anymore for data. We don't want there to be boundaries. We wanna share data that's able to be shared. I think the continuous validation, the continuous authentication, authorization, and assessment of risk around identity and authentication patterns is really the new perimeter. The scale at which we grow globally, I think that what we used to call an insider threat problem, now everybody's an insider, right? It's just a threat problem that we have to constantly validate. That's a powerful concept. Everybody is an insider, and we need to redefine the boundary. We wanna live in a boundaryless world, but we need to maintain security, and identity is going to be key. Brian. Right. Thank you so much for joining us. Thank you. We're happy to be a partner with Boeing on their journey to zero trust. To support Boeing and all of our global customers, we've developed three core themes which guide our strategy into the future. The first of this is our cloud strategy and our cloud transformation, and I'm happy to report we now support 100% feature parity with our most advanced software capabilities. We've also completely rearchitected our SaaS platform for the rapid delivery of new services. Secondly, we're focused on leading in the customer use case. This is the largest and fastest-growing segment of access management, and it is the place that our customers struggle the most, delivering exceptional user experiences across what has historically been a very complex legacy infrastructure. What's so important about customer identity? It's how you know who your customers are. It helps you acquire and retain customers, build loyalty and trust, and it drives cross-sales and revenue. Recognizing these results starts with aligning your business around customer identity. Let's take a look. Here's a business with an identity management divide. The IT professionals understand the security impact of knowing who customers are but are having trouble communicating how this can enhance customer experience and revenue to the business leaders. Because without knowing who your customers are, they're nothing but a blur to you. If your online registration is too difficult, how many of your potential customers will just abandon you and walk away with their money and any future business? Imagine a returning customer trying to place an order. Their shopping cart is full, but they're struggling to remember their username, password, or both. How long before they decide not to bother, and you lose them for good? Imagine the frustration of a customer calling your support line and waiting on hold, only to be asked multiple times for long-forgotten PIN numbers, pet names, or other obscure information. How quickly will they abandon you and take their money somewhere else? With identity at the heart of your business, you instantly know who your customers are, making it easy to drive seamless, personalized experiences, whether they're registering for the first time, signing on to order again, calling customer service, or simply ordering a movie on their smart TV. Result? They're happy to spend their money with you and nowhere else. IT and business working together to invest in customer identity will drive registration rates and successful sign-ups, attract new customers, and seamlessly welcome existing ones back, ultimately improving your top-line growth. Lastly, we're focused on transcending traditional access management. This is all about speed to integration, the ability to orchestrate user experiences without coding. Ultimately about transcending the entire notion of enterprise identity into personal identity, where individuals will have better control over their privacy. Let's dive into the customer use case, and in particular, on how we can know the unknown by extending the reach of identity to users who haven't yet registered or authenticated. We're doing this through a recent acquisition of SecuredTouch, which leverages risk signals to detect fraud or the intent of fraud even before users register. We call this unknown to known, and it gets at one of the biggest challenges facing all customer deployments, which is the plague of bots creating synthetic accounts, leveraging stolen credentials to take over accounts, and abusing stolen credit cards which cost companies billions. It's all about better security and reduced friction, and the journey begins early. Let's take a look at our customer identity solutions. Good morning, I'm Chris. I'm joined here by Gavin Carey and Tom Mayger from London Stock Exchange. Great to see you guys. Look forward to talking to you this morning. Tom, maybe you first. If you could tell us about London Stock Exchange and your role and how you are using identity to solve some of your business challenges and problems. Sure. Thanks, Chris, for having us. LSEG is a leading financial markets and infrastructure and data provider. We operate across the value chain for financial markets, from capital formation through pre-trade, trade execution, post-trade. We have a fairly wide mandate. Our purpose is really to drive stability, financial stability, by empowering economies and enabling customers to create sustainable growth. Not to overplay it, but we do play this critical social and economic role in the world's financial system. We really understand the importance of stable and reliable infrastructure, robust data, and we take an open approach to the financial markets. My role in shared technologies is to provide that sort of bedrock around the platform. And it... In that context, it's vital that we have a secure front door. Once you're through it, our customers can move seamlessly between our products. As Tom said, naturally, given the industry we operate in and the customers that we serve, the security and privacy bar of our systems is already set pretty high. It's just table stakes really for the customer base that we work with. The driving force behind the investment that we've been making is modernization. We need to gain support for more advanced and modern standards. We need to simplify our interoperability with our customers' own identity providers, and of course, we need to align with our cloud strategy. You operate in a pretty unique regulatory environment. Can either of you kind of expand upon that, and the requirements associated with that? Yeah, I'll touch on it. I mean, our regulators are critical stakeholders in the ecosystem. They are also interested in the controls and standards that we have set for ourselves. I would consider it more additive to our goals than different. We already set that high standard, as Gavin mentioned, and the regulators, you know, ensure we stick by it. Ping's platform enables interoperability with open industry standards, like OpenID Connect, like SAML, like SCIM. That allows us to move beyond security and privacy and lay the foundation for compelling user experiences. I guess as Tom mentioned up front, we span the full financial markets value chain, and we've come together as a company over an extended period of time through organic growth and inorganic growth, and as such, we operate across a vast content and technology estate. That estate's a tremendous asset to us, but the scale of it, the complexity of it, that means the foundational changes like the one we're making with our identity and access management platform, they're complex, they're really challenging, and it's desperately important we don't break anything or pass on the complexity of the change to our customers. If we think about kind of your future strategic direction, Tom, the business's future strategic direction, how do you think about identity security fitting into that strategic direction? I'd say first and foremost it's about our providing an exceptional customer experience. You know, we have an ambitious goals around growth and resilience and efficiency and so forth, but you know, critical to all of that is that our customers can, as I mentioned before, get to the data and the capabilities that they need to and want to, and they do that in a consistent and very convenient way. That means stability and availability, of course, but it also means that our products, which provide enormous value throughout the value chain, you know, can be integrated and enabled through, as customers click through and manage their goals and how they wanna get their work done, we need to make that as easy as possible. As Tom mentioned, everything is about customer experience. Really important for us to be flexible. Our customers will evolve. They'll change how they consume our product, how they integrate them with our cloud platform. We really expect our customers' consumption patterns will change, and it's important that we have a platform that allows us to flex and change with them so that we continue to make accessing these content sets, these products, these capabilities as easy as possible and as seamless as possible. It would be fantastic to hear from your perspective on why you chose Ping originally as a part of your RFP process a couple of years ago. Sure. When going through that process, we obviously took a look at the Gartner Magic Quadrant, and we saw Ping as a market leader in that space, so obviously very keen to talk to you. When talking with you, we talked a lot about taking advantage of a managed service offering, and one specifically that was built to meet our needs, but built importantly using established and proven capability. Doing that allows us to focus our own engineering resources on delivering the real differentiators that we need in our flagship product while knowing that this key foundational capability is taken care of. Yeah, I would just add that, you know, as we're shifting to the cloud economy, which is a big part of our platform play, we're leveraging Ping to enable our products to be consistent, available, of high quality, convenient to access, and consume. Ping just fit in very well to our overall strategy. Perfect. Well, great. Well, thank you both very much for your time this morning. I'd like to thank the London Stock Exchange for sharing their story. Now I'd like to switch gears and talk about the third of our strategic themes, transcending access management. To us, it's a three-part story. Part one was making identity intelligent, leveraging risk signals and fraud signals and artificial intelligence to create better user experiences and a more secure environment. Secondly, it's about leveraging orchestration to create beautiful end user experiences without the need for a lot of hard coding. Thirdly, it's about personal identity. Today, you and I as individuals, we lack privacy. We lack control over our identity. All of that is changing with ShoCard. Now, we are going to put individuals in control of their own identity. We're gonna give them the ability to put their identity, proof of insurance, proof of employment, proof of loyalty, proof of membership, put those identity attributes onto their phone so that they can choose when, where, and how they share identity. Let's take a look. From the onset of the digital era, individuals have been second-class citizens, subservient to the governments and institutions that control their data and how it's shared. As individuals, we're required to share personal information every day, credit scores, vaccination records, and more. How we share this data is often inefficient and puts us as users at risk. We're left to ask, "How do we regain control of our own data?" The foundation of personal identity is the digital wallet, where we as individuals, not just users, can store and share our personal data directly through our mobile devices, where it remains in our control. The ShoCard digital wallet from Ping Identity is a container for our digital credentials. In the ShoCard wallet, individuals keep digital IDs tied to verified data about themselves with valid credentials such as driver's licenses or passports. They can add information about themselves to the ShoCard wallet with a simple QR code scan and choose to share that data with whomever they want. For enterprises, the PingOne Cloud Platform provides a no-code method to quickly customize and issue digital cards that individuals can store in their ShoCard wallet. Those same enterprises can revoke the validity of a card to ensure identity data is correct. Personal identity is a win for everyone. Individuals regain control, and enterprises create seamless user experiences by simplifying their data collection process while lowering risk. Now is the time to let individuals take back control of their sensitive information with personal identity. Hello, I'm Candace Worley, Chief Product Officer for Ping Identity. The business challenges our customers face are often exacerbated by the need to make difficult trade-offs, sometimes on a daily basis. I'll touch on some of these compromises today, and then how Ping is moving in a direction to hopefully help our customers make less or fewer trade-offs as it relates to their identity practice. In addition, I'm going to present how our services and products are going to help organizations deliver a seamless user experience across the entire identity user journey. Now, for as long as man has existed, we've been forced to make compromises. In the earliest days of human existence, around 10,000 BC, the trade-offs were a little difficult or harder to swallow than they are today. It was run faster than anyone else or be eaten by lions. Now, luckily, our compromises today are a little less dire. The sports car or the beach vacation next year. Have dessert after dinner or fit in your suit. Or is a word that we've all become accustomed to. In fact, we might say we've resigned ourselves to the word or. Companies, just like most of us personally, wrestle with this word and what it means for their business. In the digital age or means trade-offs that limit their ability to reimagine how they respond to changing business and market requirements. Now, the majority of organizations are deep into their digital transformation and have made or will be making many trade-offs associated with the agility, scalability, and efficiency of the cloud or the control, familiarity, and data isolation of on-prem infrastructure. How they deal with their various user populations also poses challenges, whether that's employees, B2B, B2C, or B2B2C. They must choose between all customer and workforce identity on a single platform to drive both efficiency and consistency or diversify their identity footprint across multiple platforms to mitigate single point of failure and attack risk. In the age of digital delivery, the natural tension between great digital experiences for the customer and the need to ensure the security of both the customer and the company has increased. The choice is often about softening security restrictions in order to deliver the best possible user experience or maintaining a stringent security posture at the expense of customer dissatisfaction and potentially account abandonment. Now, finally, they must make the choice between the single platform that delivers efficiency but limits capabilities to good enough or best of breed, knowing that the organization will get the best possible solution for the task but will suffer vendor sprawl and likely operational inefficiency. Getting it wrong is likely to render trade-off results more reminiscent of 10,000 BC than 2021 AD. Making this easier for our customers is a major focus at Ping. Now, what organizations need and want is the power of "and". Many of the solutions that we've delivered historically allow our customers to embrace the power of "and" already. Our cloud strategy, adaptive technologies, leveraging artificial intelligence and machine learning, and a strong ethos around open standards and integration are all part of how Ping has already enabled the power of "and" for our customers. In 2022, we'll be bringing all of our capabilities together with orchestration to enable our customers to deliver identity through the lens of business process. Examples of those processes are things like employee onboarding, customer registration, or password resets. Now, our recent acquisition of Singular Key is the fuel that we need to elevate identity from IT overhead to business enablement. Our efforts in 2021 and carrying throughout 2022 are focused on transporting our customers from acceptance of "or" to the power of "and". Now, Ping understands that organizations are at different stages in their digital transformation, and that they may require a hybrid solution or a hybrid approach for the long term. To that end, we deliver our products in the cloud and in DevOps form, allowing them to leverage our cloud, the cloud of their choice, or continue with their identity on premises. This flexibility enables them to not only address the needs of their organization right now, but it positions them very well to handle anything that their business environment may throw at them in the future. Now, companies need to move fast, and they can't do that if they're weighed down with supporting two different platforms for customer and workforce. Now, historically, the risk-efficiency trade-off was significant enough that they were willing to live with that burden. We're seeing the attitudes of organizations change. With the introduction of our capabilities that deliver four nines reliability in our cloud services, regional data centers that support local privacy legislation as well as failover, a digital gateway that connects our cloud and our on-prem solutions to support hybrid requirements, and unified administration that reaches across the cloud and software solutions has mitigated much of the risk of an "and" decision, paving the way for organizations to deliver both customer and workforce solutions from the same platform. Now, we started to see this change in 2021, and we've now got approximately 25% of our customers with both workforce and customer identity on the Ping platform. Now, in a time when cyberattacks are becoming more sophisticated, choosing between security and user experience is a lose-lose proposition. Historically, you either made the identity process difficult but highly secure, for example, multiple steps to get into your bank account or to order your Christmas gifts, or you made it super easy, and that carried with it a higher risk that users would be impersonated and fraud would ensue. The only way to be secure and deliver great experiences is by permeating intelligence throughout your platform and the products and services that reside on it. Many of our solutions already incorporate intelligence in the form of adaptive capabilities. MFA, risk, fraud, authorize, and API intelligence are all great examples of where we've introduced intelligence into the identity stack. For example, the kinds of things that identity or intelligence helps with are identifying an unusual device or geography at login and then requiring a step up in authentication to kind of make sure that this person really is who we think they are. The addition of adaptive technologies leveraging AI and machine learning, woven directly into the business process workflow with orchestration, is going to enable our customers to create frictionless and secure user experiences. Identity technology and the business challenges it solves change frequently. As a result, there's a constant stream of disruptive startups that deliver new ways of solving old problems and innovative solutions for emerging problems. As these technologies get adopted, it disrupts the platform efficiency paradigm by stimulating a best of breed trade-off. Companies have been living with this trade-off for years. Many experience the pendulum swing from one option to the other every three to five years. Ping Identity has unlocked a path to and by delivering both efficiency and an ecosystem focus. We will deliver a platform that facilitates frictionless user experiences with Ping products and services, while also enabling customers to incorporate third parties into their workflows. Our orchestration acquisition, Singular Key, came with over 100 connectors in place already, and we've got an aggressive roadmap to materially increase that number in 2022. With this roadmap, customers get the efficiency of a single platform and best of breed identity delivered through a no-code/low-code orchestration platform. Now let me shift gears and frame the user journey that we will support by orchestrating the services we and our partners deliver. The growth of any digital business comes down to the experiences they provide their users and their customers. This includes how and what they buy, how and where they work, and how they interact with others. A critical element to the delivery of exceptional experiences is founded on the five key stages of the modern user journey. Detect is the first stage, and it canonizes our vision for intelligence, fraud, and risk. Detect focuses on watching the behavior of users and the devices they use to access high-value applications, data, and services. Now, what makes Detect so important in improving user experiences is our ability to track a user and the devices they use well before they're authenticated. Now, what that means is we're doing that before we even know who they are. This lets enterprises go from unknown to known very quickly through end-to-end session monitoring. Now, with over 25 data points, our risk and fraud services quickly detect malicious bots and account takeover attempts. Making the identity control plane intelligent with capabilities like risk and fraud is the instantiation of our vision. You cannot have a seamless and secure user experience without having intelligence as a core tenet of your identity strategy. The fusing of identity and intelligence is what allows Ping to deliver better security, frictionless user experiences, and real-time access control. Now let's take a look at how Ping is expanding the scope of identity by adding fraud signals and mitigation across the entire customer journey. As more transactions move online, the cost of online fraud is rising and fraudsters are getting smarter. Fraud prevention needs to happen throughout the customer journey, and it needs to be invisible to legitimate users. If providers, our customers, get it wrong, they risk losing trust, market share, and millions of dollars. With the PingOne Cloud Platform, fraud detection starts at the first interaction and continues through the entire customer journey. Fraud signals feed into authentication and authorization decisions to stop fraudsters from creating accounts, logging in, and completing transactions. Enterprises can orchestrate multiple fraud signals to ensure that they prevent fraud, but don't create friction for real users. The PingOne Cloud Platform provides actionable intelligence throughout the user journey. Detection begins before registration and continues through authentication by analyzing dozens of signals to distinguish real users from bots and bad actors. These signals help identify bot attacks, new account fraud, and account takeover. The signals evaluate and mitigate fraud in real time, leveraging dynamic authorization to safeguard transactions and sensitive data. As known users sign on, the PingOne Cloud Platform assesses the risk and steps up authentication when needed. Enterprises can even leverage identity verification as needed to confirm a user's actual identity. Multiple fraud signals from Ping and beyond can be orchestrated, stopping fraudsters in their tracks and delivering extraordinary experiences to real customers. Detect fraudulent activity as it happens. Mitigate risk and shut down fraudsters before loss occurs. Apply learnings and reinforce your defenses, all while legitimate users transact with ease and confidence. The identity control plane is only as good as its weakest link, and to date, proofing and verification have been that link. We haven't seen a lot of organizations adopt this particular stage in this journey, primarily because it's really slow and it's difficult to get it right. We see this stage as critical to the identity journey because it is the first opportunity for an organization to establish trust. Our verification solution fills this gap by seamlessly verifying the identity of a real person via a liveness check and government or corporate issued credentials. The best part, it does it in 60 seconds or less. Today, the credentials we support are U.S. and international driver's licenses, passports, and E.U. ID cards. In 2022, we'll be expanding the types of credentials we support across the verification process. It can be seamlessly embedded into mobile and desktop applications. The reason that's important is it allows enterprise to insert simple and performant verification wherever they need it, at registration, with device and multi-factor enrollment, with high-value transactions, or wherever they require a live verification of a user to make sure it really is who they think it is. Now, the profile stage enables enterprises to deliver on the digital experiences their consumers expect by not only protecting their data, but tailoring their user's experience to their preferences and their multi-channel frictionless access points. What's a frictionless access point? That could be anything from a cell phone, a laptop, a game console, a kiosk, or a television. Now, we work with many enterprises that are ready to take a broader, more holistic approach to personal profile data to help establish trust with their customers. We do this with phenomenal scale, performance, and agility as we manage over 3 billion profiles today. Many of our customers manage over 400 million user profiles for the customers they have that are accessing their digital business. Now, with these profile management services, we help customers unify profile data securely across multiple data stores and SaaS applications. This provides a central plane for streamlining application development and managing privacy and consent. Now, the next stage is authentication, and authentication is the cornerstone of user experience. It's where enterprises establish trust so they can grant access and personalize the experiences they have related to resources they provide to their consumers and employees. Today, enterprises not only want to provide secure and seamless access through things like single sign-on to a broad range of, like, applications or a variety of devices, but they also want to do this through adaptive authentication methods, delivering a truly passwordless experience for their users. This is where the orchestration of risk, verify, and multi-factor authentication methods become key in enabling enterprises to adapt in real time to the multi-channel access points consumers use to access protected resources. Our authentication services are proven to handle the depth and breadth needs of thousands of the largest global enterprises in a broad range of industries. In addition, it's nimble enough to support emerging enterprises as they rapidly grow. Ping Identity was born in authentication. Our roots are in single sign-on and MFA. With this as a strong foundation, we believe our future is evolving to orchestration and passwordless. Now, at the heart of our PingOne platform is authentication and authorization. The focus of the industry has been on authentication for many years, but we see a significant change in the perceived importance of authorization today. Authorization is about access to data and allowing or denying that access based on intelligence. You have no zero trust without authorization. Authorization is key to our user journey as it provides adaptive, fine-grained controls before a user is granted access. Our authorization services span the spectrum of access controls by monitoring and enforcing access requests from coarse-grained access policies to applications and APIs to fine-grained access, and it does it by providing central controls on how data is provided to an application. Think of it as we protect all access requests coming in and all data going out. Our authorization services are well integrated with Ping and third-party risk and intelligence services, and this allows us to ensure real-time information is available before granting access. It also has a lightweight integration for enabling enforcement of policies by network and application gateways. Bringing together orchestration with the broader portfolio allows our customers to focus on their business. They no longer have to write code to integrate applications or focus resources on making third-party applications play well together. Let's face it, companies don't want to do identity. They just want to move money, fly people to grandma's house for Christmas, and delight children with the perfect toy. Identity is a necessary element in doing these things securely. The resources that had been writing code to integrate with business applications like ServiceNow or Workday can now be redeployed to projects that directly drive corporate revenue. No longer is 20,000 lines of code required to create a great user experience. Now let's take a look at how that actually works. With Singular Key, Ping Identity customers can now craft the digital experiences their users expect without the need for cumbersome and costly development. Identity orchestration is the fabric that ties it together, seamlessly weaving identity services to achieve integration nirvana through a vendor-agnostic platform, providing organizations with the agility to focus on user experiences and accelerate the integration of new applications and services without the need for thousands of lines of code. The key to Ping's orchestration capability is its no-code integrations library, where hundreds of pre-built integrations reside. Pre-built threat detection, risk identification, provisioning, authentication, and MFA capabilities to name a few. Integration becomes as simple as dragging and dropping services into a flow. With Ping's new orchestration capabilities, if you can whiteboard it, we can orchestrate it. Unleash the power of identity experiences and speed up your business growth. Ping is uniquely positioned to provide highly orchestrated critical identity services. This will enable enterprises to think business first, while leveraging identity to address a broad range of initiatives with the scale, performance, agility, capabilities, and most importantly, the experience their stakeholders demand. In summary, these five services in concert with orchestration allow for a more holistic approach that fundamentally changes the way businesses engage and interact with their customers and employees. It does it in a way that both delights and secures them. Coming up next, we're gonna hear from Jason Wolf. First, let's take a brief five-minute break. Welcome back. At Ping Identity, we simply want to securely connect everybody and everything to everyone. Thank you for joining us, and welcome to our path to becoming a $1 billion company. My name is Jason Wolf, and I am Ping's Chief Revenue Officer. I've worked in the enterprise software space for greater than 20 years. This spans the largest enterprises to growth enterprises. I've personally sold and/or delivered solutions in 85+ countries, not virtually, but physically. My most recent position was as the Chief Revenue Officer for SAP's Spend Management and Business Network Group. I spent nearly 17 years there, and it was an amazing run. My family and I had the opportunity to not only work but live on four continents, ranging from the United Kingdom, to the time I spent in Johannesburg, South Africa, to moving to São Paulo, Brazil, to run Latin America, then to Singapore to run Asia-Pacific, Japan, and then finally back to the U.S. What brought me to Ping? Have you met our Chief Identity Champion? Terry Crews is amazing. Ping was creative. They sent him to my house. This guy is convincing. Just kidding. Let's talk about why I came to Ping. Let's start with the enterprise market itself. From small business to large business, I love solving tough business problems and evolving with my customers for the long term. The enterprise market for cybersecurity, and in particular, the solutions and adjacencies to the enterprise identity and access management space, it is rapidly changing. Beyond this meta call for digital transformations dominating many of our text discussions, there's an implicit reality of the need for security identity planes for companies, for machines, and for people to be connected to. The reality is people, machines, and companies, they must connect, and they must collaborate. Orchestrating these connections across myriads of technical landscapes and solutions, it matters. Speed is important, as is security. This market is definitely great, and solving it differently across unique identity and access core connections in the right adjacencies, well, that makes it interesting. Next, it's the people of Ping. There is an ethos of this company that is simply sublime. You bet this matters because identities are unique. They're focused on customers, they're focused on teaming and creating success. Importantly, and inevitably, when you speak to anyone at this company, their favorite thing about Ping, well, it's the people. It's not hallway talk, but it's core, and it's a part of the person. I feel deeply lucky and certainly honored to work for the employees of Ping. The enduring value proposition. Much like the picture on this slide, there must be something alluring and majestic about the long term to be fascinated. This one is both personal and business to me. On the personal side, I take privacy seriously. As the father of three, I also worry about what this means as we all evolve. Our digital selves are more available than they were when I grew up. I think deeply about protecting my family and the families of the customers now and in the future. On the business side, enduring. Enduring is the right word here. Ping has reinvented around the identity, access, and authorization control planes with solutions that require calibration. These evolve with the changing times and habits of bad actors that surround us. When a company joins Ping, it's not for a single install, it's a bet on the future. When a partner joins Ping, we want them to serve our customers on a recurring basis. Okay, let's do this. Why Ping now? Let's start with the solutions. Isn't that amazing? I love seeing these. You see the legacy combined with the shift to cloud and the move to cloud services. Beyond the obvious focus that this takes to build the solutions, it's the genesis of the choices and the design considerations that needs to dominate your induction of this portfolio. I spoke briefly about the wicked nature and the evolving threat vectors surrounding the solutions known here. Three key points I wanna address. We have solutions that many of our competitors simply don't play in. Second, intelligent connections built for sustainability and your growth. Think of it this way. When you look at fraud, risk, verification, orchestration, these are curated for calibrations that evolve with the market as the threats evolve. These intelligent connections, they matter, and they fit you. The third point, we are fit for your use, not fit for use. Ping has gone through a major transformation from a software company to a cloud company. Even in the two quarters that I've been on board, we've made tremendous leaps on the platform and on the adoption. In fact, this last quarter was the first quarter in which we sold more cloud than we did software. The commitment, however, is not lost on the enterprise customer that has real complexities. We are, as a company, steadfast and focused on solving higher level business problems based on your company's objectives, not a force-fit template you're asked to simply abide by, and when it gets tough, we tell you to wait to change to fit us. We understand that enterprise-grade customers have tougher needs and tougher requirements. We embrace these challenges, and we now do it incredibly smarter and faster via our low-code, no-code orchestration skills. That takes us to our next point, and we're very proud of this. Picking up on that last theme, at Ping, we believe in world-class relationships and in listening and adapting to our customers. Our delivery model is ideal. It's not one or the other with blinders about the complex needs of enterprise-grade customers. On-premise and a hyperscaler of your choice, on our cloud, single or multi-tenant, as well as hybrid. This is a real strength. We don't ask you to conform to what you don't want and try to retrofit or flatly avoid the complex areas of your business. We embrace the customer, we curate the result, and we stay for the long term. Talk about evolving markets. This industry saw a welcome change about midway point the last decade. It was a fast move to the cloud. That's an important legacy point. Then we saw a developer-first paradigm emerge, focused on the bespoke needs and custom-built codes to be continually updated and manipulated inside an organization. Now as we step into 2021 and beyond, with Ping Identity, we move to business-first and open ecosystem of design and thinking. This is, of course, backed by a low-code, no-code platform that is focused on your end user's journey, connecting securely to what you're trying to achieve, certainly within the Ping infrastructure, as well as outside of the Ping infrastructure. Much like our other recent inventions, this is a malleable palette of opportunity that can be tuned and calibrated by the business user, and soon supported by thousands of connectors. What else is new about Ping? Let me invite you inside the organization to understand our mindset that we installed a couple quarters back. We begin every meeting with the following mindset. We call it winning in every dimension. Perhaps curiously, we've chosen to take our mindset from the inside out and share it with you. See, at Ping, we believe our path to becoming a billion-dollar company is based on winning at every dimension. First, we must embrace the new, whether it's new technology, new processes, new buyers in an organization. It's an open-mindedness that's required for us to win at every dimension. Next, we wanna bring balance to our customer interactions from step one through expansions and renewals. This is about long-term balance and cadence with our customers. The principles are a clear solution based on clear value, refined by a clear plan. Customers with these pillars set, they win in the implementation, they win in the consumption of the solutions, they lead in adoption, and the result is organic expansions into the new. Finally, I mentioned people and culture earlier. Let's focus on legacy. The ask internally is not just to go do more. It's to build a legacy that outlives yourself. What can you contribute as an individual to win at every dimension, and how does that help our customers do the same? What's important here is what underpins this mindset, and that is what we call world-class relationships. We have a commitment to world-class relationships, and in the end, our company is here to protect and to serve. The compass on customer focus, coupled with the right solutions, fuel long-term and healthy growth. Speaking of customers, let's dig into another conversation now. We've already heard from London Stock Exchange. We've also heard from Boeing. Now I'm delighted to invite the SCL Health team to a conversation and share their incredible journey that is impacting lives every hour of every day. Hello, my name is Jason Wolf, and welcome to our Investor Day. I am the Chief Revenue Officer for Ping Identity, and today I am thrilled to welcome Craig and Howard from SCL Health so that we can learn and share about their great experiences with Ping Identity. First and foremost, tell us a little bit about SCL and how in your roles you focus on using identity to solve your business challenges, enhance security and privacy, and deliver exceptional digital experiences. I've been with the organization nearly three years, and with that we really have revamped everything that we're doing within SCL Health in the information technology and digital services area. Yeah. Thank you, Craig. So when we started down this path, we were really looking for a partner that could help us, modernize and transform our identity program, really as it pertained to cloud. We were looking at how to collapse our technology stack, you know, really decrease complexity across our entire organization for all of our associates as well as, and especially for our care providers. As we were looking at how to best do that, we chose Ping for that because we could really focus on single sign-on, extending that into our cloud environment as Craig was talking about, as we transform completely across the organization in a digital way. I think one of the key words that Howard said there was a partnership, looking for a partner. Historically, decision-making was really made based upon, I wouldn't even say it was the best of breed, but there were independent decisions. When we're looking to see how we can simplify our environment, have large relationships with a few partners versus small relationships with a lot of different people, Ping really kind of bubbled to the top. After initial conversation with Andre and understanding the vision of his as well as where the company has been and where it's going, it felt like a perfect fit for us 'cause part of our core competency is to be innovative and transformative, and Ping was a great partner for that. I guess as a fundamental aspect of the work that we do, I like to create that partner. Not a vendor, not somebody who's here to be very tactical with you and to solve a current problem today, but somebody that understands your current situation but truly listens and understands where you wanna be in the next three to five years and look at that partnership to say, "How can we together help move not only our organization but also your organization and the products and services that you deliver?" 'Cause if we can do that together, that allows you then to spread that good knowledge across the rest of the industry. For us, it was actually a very smooth transition. When we look at the business part that was done, the execution, and now the ongoing maintenance, that part in the middle is the one that sometimes gets a little bit squirrely, and we wanna make sure that that is smooth. I will say, without a doubt, it was very transparent to our end users other than they had a better product and better experience at the end of that transition. I agree completely with what Craig is saying. I will say just more from a tactical level, when we were going through the implementation. As we're removing, you know, a legacy product for a single sign-on in the cloud, we took what was really a very labor intensive and often time-consuming process with my team, and moving it over to Ping, it has reduced our workload on the team dramatically. It's just very easy to get set up. It's very easy to, you know, to be able to get our users into the applications. I could give a recent example on a new product that we're working on that's a compliance-driven product. We were able to set up the entire single sign-on, multi-factor process within minutes. That is something that used to take us hours to days. One of the things I think we You know, if I was a customer there, I'd wanna know is, let's take a look back at some of the results of the program itself, and can you discuss maybe implementation times and maybe how many end users you've rolled this out to? Well, our implementation time, we started right around April 1st, and our Ping rollout was completed for SSO and MFA within 30 days. On behalf of Ping, and for our Investor Day, thank you to the SCL Health team. Craig, thank you for your time and your sponsorship and the long-term partnership. I'm gonna take it beyond five years. Howard, again, congratulations to you, to all of your team, and make sure you do share that accolade at home. I think people- Yeah. They will be proud of it as well. Thank you, gentlemen. Yeah. Thank you. Thank you. Thank you. Thank you again, Howard, Craig, and the entire SCL Health team. A cloud-only SSO replacement, upgrade to PingOne MFA, legal compliance for e-prescription controlled substances, all this done across 18,000 doctors in one month. I absolutely love this story. What's amazing is you've just heard from a few of our customers. The real question to ask maybe is, what do the masses of our customers say, and what are they saying again and again and again? Isn't this outstanding? 60+ NPS score for each of the last four years. These ratings are authentic. They're open to all. It's feedback from all. Our NPS score is not manufactured. It is not refined by targeted survey respondents or engineered around special circumstances. This is feedback from the customer. What does this contribute to? It's contributing to our long-term growth. The net retention rate is a focus area and a personal care of Ping. Our mindset is now built upon world-class relationships. Our customers are happy, and we are meeting them at new vectors with new capabilities and underpinned by a customer-specific solve point, where we orchestrate a low-code, no-code experience across native and non-native solutions dedicated to customer value realization. In closing, I'm proud to share our vectors for growth. Our products are intelligently built to evolve and calibrate with changing threat vectors across the customer experience. From the unknown to known to authenticated to authorized, and situational or long-term terminations, we are there for you. Second, channel acceleration. Our partners are accelerating with us. As much as our products we've built to embrace the now, we're also available for the future via calibration controlled solutions that our channel partners can engage with and help our customers be more successful. In the past several months, we've seen over 150 sales-certified professionals from our partners join the PingTeam. In fact, just a couple of weeks ago, we trained 36 partners in the federal space, with 29 already certified. The shift in focus from our products to the time with our partners to certifications that they're attaining, partners are. It's beginning to pay off. Our channel source pipeline, in fact, is up over 25% year-over-year. Finally, new markets. I often say in my experience, growth comes from new capabilities or new markets, and when you're lucky, sometimes it's both. For Ping Identity, we're in the sometimes it's both category. We've got new capabilities, and we're going to new markets. Let me hit on a few of these. To our Asia team, we're just getting started, and they are ramping up. We now represent seven of the ten largest banks in Australia. We're branching into government with Service NSW. We've got education in Australia with Griffith University, and loyalty program with a provider called flybuys. For Latin America, we've welcomed a number of customers, including Banco Itaú and Caixa. They've come over in the last several months, and importantly, they've also gone live. North America has seen keen growth across a number of sectors, including key cloud wins with Boeing, Avaya, Delta Air Lines, Wells Fargo, Flinks in Canada, and of course, the State of Colorado. In EMEA, we saw the likes of the London Stock Exchange and The Foschini Group join us. One other, a super important space that we're proud of is our federal team. We've seen fantastic interest from our existing customer base, and we've made significant investment in this space over the past year. This is in terms of people, product, and placement. We recently announced that we are FedRAMP in process, and we call this new solution PingOne for Government, and we're now on the FedRAMP marketplace. Thank you for your time. Thank you for your attention. I'm thrilled to conclude with one final customer video. This one is high-tech manufacturer VIZIO. Okay. Welcome, everyone. This is, Kevin Sellers. I'm joined here today by Mr. David Rudnick, who is the Senior Vice President of Product and Engineering from one of our key customers, VIZIO. VIZIO, you all know them, very big consumer electronics brand. Many of you, of course, interact with their products, as do I. We're really grateful to have a minute with David. Just talk a little bit about the relationship between Ping and our products and services and how we're helping enable VIZIO's business. David, again, welcome, and thank you for taking a few minutes to be with us today. Thanks, Kevin. Super happy to be here with you. You know, I think the history started between Ping and VIZIO when, you know, VIZIO was taking a look at some of the software solutions that we had built in-house, and then trying to figure out, you know, what are our next steps from a roadmap perspective, and how do we really expand into a new frontier of where we wanna take personal entertainment, television viewing, where we really take the consumer to the next level. When we started looking at the industry and we started thinking about authentication and persistent connectivity between different app partners, we needed to find a partnership with an organization that had the same vision that we did, and really think about how and where we're gonna go in the future, and how we take a customer on a journey with us to really create a seamless experience, engaging with customers across a tremendous amount of different applications and with that in a secure environment. Really awesome introduction to kinda how we came together. Can you talk a little bit about the importance to VIZIO of identity specifically and identity security, and how that is so essential to actually delivering on some of the things you just described? Yeah. I mean, if you think about the television viewing experience years ago, you know, you turned on a TV and in the old days, you had a channel with a clicker and then you had cable environments and satellite environments. Connected TVs is really an amalgamation of an evolution, which is people now are migrating to app environments, and they might be streaming different app partners. At least the initial phase that we're in right now is that not only do we provide a tremendous amount of content through our device for free to consumers, but we also partner with these application companies where we need to be able to authenticate subscriptions that already exist and how we bind that customer. When they flip that TV on, the TV knows, "Oh, it's Dave," and off I go. Then for you, Kevin, at your household, you're authenticated against all of your apps too. What we wanna make sure is that this is about ease of use from a consumer experience, and how do we connect people, once again, to make it almost like they don't have to do anything. Yeah. It sounds a little bit like, you know, for what VIZIO's doing, you're really trying to transform what was traditionally a very passive consumption experience into a very interactive, very, very flexible, very consumer-centric experience. You talked a little bit about identity. Can you talk a little bit about how is it that, you know, Ping's kind of come along and helped you with not only where you're at today, but kind of also where you want to evolve, you know, the experience going forward for your customers? Every time we think about a solution, we really wanna spend time thinking about the architecture because the architecture is your foundation, right? That you're gonna build a number of things on. What you see today with the VIZIO televisions is an early representation of where we wanna go. We have a huge appetite, and we also know that the consumer has a great expectation of where they wanna go as well. With that, you know, we wanna begin to work with a partner that allows us to get the architecture correct out of the gate, and that is, number one, it's secure, right? Number two, the uptime is extraordinary in that environment. The last part of this thing is that we are federated across all the different partners that we work with to where when we have to activate, we authenticate in a secure environment. However we're doing that with our different partners, it happens in a much more rapid and a very secure way. What's happened to your business, to VIZIO's business as it relates to COVID? Has it really accelerated your roadmap? Has it changed the vision? You know, I'm curious again with that, and how's Ping enabling the sort of conversion? Because- The consumer is going through such a revolution now in terms of how they access and content, how they interact with brands. Now it's all digital first. It feels like you guys are really in the right position. I'm just curious, your thoughts as that evolution and what's really changed and then how Ping's been able to support you in that, in the transition. I think the consumers still have mixed feelings about going into public environments. You know, at VIZIO, we really tuned our focus on what other services that we can provide through the TV that help offset those, and I think trying to do it in a really friendly way. What we ended up seeing is a couple things. You know, the network partners started to provide content to us in different ways, and streaming services started to behave slightly differently to attune to customers. We at VIZIO actually built an entire WatchFree+ environment, basically, free content for people that has things like workout videos in it. It has music services in it. What we ended up trying to provide the consumer with alternatives to going into public venues and at the same time allowing people to be comfortable in their household and consuming content in it. I think there's a collective group within the company that have always thought about, "Man, if we could only do this on the TV." What we're starting to see now is, okay, the technology has caught up where we can actually begin to look at and contemplate doing things on a TV that we could never have done before. If you think about, like our voice product. Our voice product allows us to basically synthesize very complex tasks that would be impossible to do with a remote control into a statement, right? What does that mean for, you know, finding content very quickly or subscribing to a service or maybe doing something transactionally? It changes that whole game, right? As technology has kind of caught up with us from a technology perspective, and as we have better connectivity in households, and the ability to understand a customer and a customer's needs, all of those things are coming together really nicely where we can take advantage of that. You know, using a platform like Ping to help us springboard into that ecosystem is really where we're at. Thanks everyone for tuning in. I'm Raj Dani, CFO of Ping Identity. Today, I will provide a financial overview, insight into our M&A strategy, and our financial long-term targets. We are proud that Ping has just crossed its two-year anniversary as a public company. We are equally proud that quarter after quarter, Ping has outperformed against our ARR guidance. That's important because ARR is our key growth metric as it normalizes for variability in GAAP revenue, driven by deployment type of our solutions and durations of our contracts. Despite the COVID-19 pandemic, we continue to invest in go-to-market and R&D initiatives. We introduced several new SaaS solutions towards the end of 2020 and into 2021. We called a trough in ARR growth rate in Q4 of 2020 at 15%. Since then, we've seen normalizing trends in enterprise spending and our SaaS solutions taking hold in the market. We're proud that we've posted three straight quarters of accelerating ARR growth, followed in a tight range with net retention rate. These are all great proof points of expanding within our base and landing in new accounts. We've seen SaaS revenue growth accelerate in recent quarters, with 56% year-over-year growth in Q3. The market is well primed for SaaS solutions, and we've introduced many new solutions to stay out ahead of that demand, including Risk, Verify, Customer MFA, as well as PingOne Advanced Services, where we offer complete SaaS parity with the Ping software platform. There will be more to come, including PingOne Authorize, Fraud, and Orchestration services. As noted, SaaS is growing at a rapid pace in the enterprise, closing in on representing 25% of our total ARR base. In fact, in Q3, Ping sold more SaaS than software for the first time. We expect SaaS to continue to grow at multiples of the overall growth rate of the business, and we're now up to approximately 800 customers who own at least one PingOne SaaS solution. Going forward, we expect SaaS to experience a similar growth trajectory, becoming an increasing percentage of our total ARR. In fact, by 2024, we expect SaaS to represent greater than 50% of Ping's total ARR mix. The customer use case has been growing faster than the overall growth rate of the business. From day one, we built our platform to serve both use cases. Workforce was slightly ahead of customer a few years ago. However, the customer use case has been growing significantly faster the past few years. It now represents greater than 50% of total ARR compared to Workforce, and we expect this trend to continue. Digital transformation is driving this. Customer budgets are going there, given it's revenue facing, and Ping is uniquely positioned to serve this market. We continue to make organic and inorganic investments to drive further differentiation in the customer-facing use case. We are pleased with the continued penetration of our solutions in our customer base. Customers with two-plus solutions are up to 51% today, up from 34% just two years ago. As our platform solutions dramatically grow, we've seen customers with three-plus solutions double since IPO. This drives higher retention and ARR per customer, and yet we still have significant white space to expand in our base. Now moving on to our M&A strategy. Our M&A strategy is focused on tech and team tuck-ins. We can leverage our strong financial position to continue to widen and deepen our competitive moat in the enterprise with M&A. I'm pleased to announce an expansion of our liquidity and flexibility. We've just executed on a $300 million seven-year Term Loan B, a new five-year $150 million revolver. This improves our optionality to drive growth through both internal investment and M&A. Moving to initial guidance, we expect to cross the 20% ARR growth milestone in 2022. We will provide more specifics in our Q4 earnings call. With respect to longer-term targets, we expect continuing acceleration in our ARR growth rate with a range of 25%-30% ARR growth exiting 2024. We also expect SaaS revenue to continue its rapid growth rate with a 50%+ CAGR over the next three years. Overall revenue growth is expected to be in the 20%-25% zone. With respect to profitability, we expect unlevered free cash flow to range between 10%-15% in 2024, and we anticipate non-GAAP operating margin will range between 13%-17%. Our model has demonstrated tremendous operating leverage with growth in the past, even in times where we lean into growth. We expect that trend to continue. Now, please welcome back Andre Durand. Thank you, Raj. Now in summary, I would like to share why this is such an important time, not just for identity, but for Ping, and what we're doing to drive value creation for our shareholders. To understand Ping is to understand our journey. It began as a software company serving some of the largest and most mission-critical use cases across the globe for authentication. Over time, we've progressed from a platform that not just serves the workforce and the customer use case in a go-to-market that was largely a direct sales force or as individual products, but now to a platform, a unified cloud platform that is delivering 25% of our ARR. Focus on the customer use case, where in relation to the workforce use case, over 50% of our new ARR is derived from the customer use case. As we look to the future, this is where the real opportunity emerges as things for us are accelerating. Our focus on cloud, the customer use case, on delivering a unified platform, and partnering with the channel to deliver our solutions to new customers. Now let's focus in on how we're creating value for our shareholders. As our company shifts more to SaaS, we will see a convergence of revenue and ARR. As we focus on the customer use case, this is an enormous opportunity to take advantage of a fast-growing market. As we partner with our channel, we have opportunities to accelerate new customer acquisition. Lastly, it's not about products. It's about solutions and delivering business value through exceptional customer experiences. In summary, the future of value creation at Ping can be summarized as our cloud transformation, a focus on the customer use case, going to market with our channel, and delivering exceptional experiences from our platform. All of these bring us one step closer on our journey to a billion. Thank you for tuning in today. Now I would like to bring back our presenters for a Q&A. Good job, man. Okay, great. You're off. Thank you, everyone, and I wanna welcome our panelists. Thank you. As viewers are looking at it, we have Chris, who's our COO, Candace, who is our CPO, Andre, who's the founder and CEO, Raj, who is our CFO, and Jason Wolf, who is our CRO. Everybody has a C title. All right, let's go ahead and get started with the questions. Our first question is we're gonna take from Mike Cikos with Needham. He's asking for the TAM sizes of both customer and workforce use cases. Can you talk to how much of this spending is from its targeted Global 3,000 or Global 5,000 opportunity? I think Raj? Sure, I can take that. Our focus is on our ideal customer profile, which is a Global 3000, primarily. We built up our TAM around the enterprise segment. That is sized at $50 billion, as Andre talked about. Essentially, the way we built it up is we took customers in that enterprise segment, all companies greater than $500 million in annual revenue, and we segmented it by band of revenue above that $500 million, and we applied our fully penetrated internal ARR metrics to that and basically rolled it all up to that $50 billion number. Okay, great. Thanks. Next we will hear from, let's see, Ben Schmidt of Piper Sandler. He's asking, what does the journey look like for a traditional on-prem workforce customer that wants to adopt the Ping platform for CIAM? Do they also have to shift to the Ping platform for Workforce, and does the on-prem software integrate with the code base? Of the cloud platform. Andre, can you take that one? Yep. Thank you, David. A good question, Ben. We've had a lot of customers over the years begin in one of the use case, whether it was Workforce or Customer, gain comfort in the platform and capabilities of the solution and the capabilities of Ping as a partner, and decide when they're gonna take the journey to the other use case to leverage our partnership and our technology to extend into that new use case. As we reported, we have about 25% of our customers now use us for both. That has been increasing over time since the IPO, and that is a very consistent journey for us. With respect to leveraging our new cloud services with our on-prem capabilities, we actually have a very natural evolution for existing customers who have a series of capabilities on-prem, are looking to take advantage of our new services that are offered in the cloud on our PingOne platform. That began with us with MFA, our PingID MFA. We have several hundred customers now who have been running our single sign-on authentication directory and access control services on-prem, wanted to make the journey to strong authentication with PingID, which is only offered on PingOne, and layered that service onto their on-prem. We leveraged that model in introducing new PingOne services to customers, like Risk and Verify and Fraud. Now our API solution as well. That is a very natural and smooth evolution from on-prem to Ping's Cloud services. As they gain comfort in our cloud capabilities and our SaaS offerings, then it would be natural for us to also offer a migration path from on-prem to the cloud, and we're now beginning to see customers do that as well. Okay. That's great. Next, I think this one will be for you, Jason. Most tech companies boast thousands of channel partners. You mentioned 150, excuse me, certified sellers. Can you speak more about the maturity of your channel program for both, Workforce and CIAM? That came from Rob Owens. Okay, wonderful. Wonderful question. I'm so happy that people are asking about our channel and our partners in specific. First and foremost, we are fully committed to the channel. This is a multi-year journey, and it does reflect our exact strategy. The focus on cloud, the focus on the customer use case and solving really tough problems in concert with those chief digital officers or chief experience officers, this is where we're seeing traction. It tracks to the new products that we have, and it tracks to the confounding threat vectors that our customers are forced to face as they look at how to solve IAM for the future. When I think about the partners, it's really specific. It's quality over quantity, and it's specific to taking advantage of the vector that we're in and the growth that we're driving, and we see big opportunity. In terms of the 150 certified sellers, that's just in the past few months. This is a focus and an emphasis by our partners because they see where we're taking the market, and we're thrilled about it. Okay, great. Thank you, Jason. Mike Cikos from Needham is asking about the 25% of customers using both Customer and Workforce. He actually said that it's unchanged since the company IPO'd, which, I'll let you clarify, Andre. Is there any expectation this will move higher over time? What has been a handicap to more crossover within the existing customer base up to this point? Well, we first introduced that number at Youniverse over the summer, so not going back to the IPO. That number has gradually increased over time. We started putting particular emphasis and focus on this single platform for both use cases. Now, let me restate. Going back to the very beginning of Ping, we've always believed that one platform should serve both use cases. In the last couple of years, we've doubled down on that concept. Now when we deliver solutions for Customer and Workforce, we're always looking for the commonalities in the platform that we can essentially leverage for both use cases. That number has been increasing. It wasn't 25% at IPO, it was 25% at Youniverse. We do expect that that will increase over time. We are actually making that easier than ever with our new orchestration engine. The entire concept that you can leverage your experience, the partnership with Ping, the trust you have in the platform of scale and performance, and begin to move that from either Workforce to Customer or Customer to Workforce, that will get easier with our orchestration capabilities. That's great. I think this next one is probably for you as well, Andre. Jonathan Ho is asking if you can elaborate on how you drive adoption of products such as ShoCard and PingID, and how do you enlist application providers and ISPs to build this into their apps, and at the same time convince users to upload their information to a wallet? Okay, multi-part question there. I would say that with any new emerging and disruptive technology, you gotta start out on the ground floor, and accessibility is really key to that technology. In this particular case, we need to start with the developers. We are making available several components of this underlying personal and decentralized identity technology. The SDKs, the APIs, the documentation that allows the innovators in the industry who see the opportunity to revolutionize the way we handle personal our identity information for purposes of privacy and control. We're making the entire platform, from credential issuance to credential verification to the underpinnings of an identity wallet, as accessible as we possibly can make those underlying capabilities. That we can seed the market for those who want to innovate the new use cases on the platform. That's the first part of the answer. The second part of the answer is with respect to the wallets themselves. We envision a world where the platform wallets for the primary customer consumer use cases are gonna be the default. We also envision that in the enterprise use case, the entire concept of sharing credentials with a user will find its way into many enterprise use cases as well. Bridging these direct-to-customer use case with the Apple Wallet and the Google Wallet, and providing interoperability into all the extended use cases that enterprises will find for sharing credentials and entitlements with end users, we're gonna make that bifurcation or those two use cases as seamless as possible between those two. It's all about accessibility of the APIs, of the SDKs, of the documentation, of educating and training the market of what can be done with this new technology, and from there, making sure that we work with the platforms so that we can extend the customer consumer use cases into the enterprise use cases as well. Okay. Thanks, Andre. We're gonna go to a couple of corollary questions here, one from Jonathan Ho and one from Saket at Barclays, asking about the 25%-30% ARR growth and what are the metrics that are gonna drive that acceleration, and then how much of that is organic versus inorganic. Raj? Sure. I'll start with that, and then, you know, feel free to chime in, team. Essentially, the 25%-30% growth rate, we're really confident in because of the investments that we've made to date. We've rolled out several new SaaS solutions. If you just look at our platform 12-15 months ago versus where we are today, it has dramatically been enhanced, right? Customer MFA, risk verification, PingOne Authorize to come, PingOne Fraud on our SaaS platform, PingOne Advanced Services, which offers that software to SaaS parity, where customers have a complete, you know, no compromise approach to their cloud transformation journeys. We're really excited about all that, and a lot of that investment has been made, and we've rolled that out. Now we're in early days of seeing great traction across the board, and that's what we would pin our future forecasts on is the continued traction of those as we help customers on their cloud transformation journeys. In terms of what's organic versus inorganic, our philosophy, as I talked about, has been primarily to acquire tech and team tuck-ins that are really synergistic to what we're trying to accomplish in the cloud on further differentiating on the customer use case and to continue to build out our vision of intelligent identity. So a large part of our growth will be focused organically, like it always has, and enhanced or accelerated, as Andre talked about in his message, by very strategic tech and team tuck-ins. Andre, do you have anything to add to that? Oh, look, nobody questions right now we are operating in a very large and growing market. Identity sits underneath user experiences, revenue creation, zero trust for remote workforce. It just sits underneath everything. It is the fabric that ties everything together in a digital world. When you look at the challenges of that Global 5,000 in securing their workforce and enabling exceptional customer experiences, there's just no question that there's tremendous opportunity. You should look at Ping in this moment in time and say, "We've undergone the investments in the transformation of our platform through the acquisitions to differentiate ourselves on the dimensions that we feel are the most important for future growth in that customer use case and with intelligence, risk and fraud, to inform and create better experiences and more secure, a more secure, platform at the same time." This is the moment. This is a very, very exciting time. Across all the dimensions that we laid out, starting with the cloud, the focus on customer, the differentiation on orchestration, on risk and fraud and API, we feel that this is the moment. We have a lot of confidence in that growth trajectory. Yeah, if I could just add to that. Yeah, I think fundamentally we have a plan, and we're executing against that plan, right? We've laid out, Andre laid them out in his presentation this morning, cloud first, the customer use case, transcending IAM. We've been on a journey. It's been a three-year journey. We've been investing extremely heavily as we've- Yeah We've just spoken about. All internal metrics, obviously, which I am very focused on, we are executing against the metrics in that plan. We are ahead in some cases. I feel very confident, right? We've got a great plan. We're executing against the plan, and I feel really good about where we are. Great. Thank you, Chris. I think, Candace, this next one probably is for you. This is from Adam Tindle. Excuse me, it's not Stifel, it's actually Raymond James. Focusing on the enterprise market, how do you approach CIAM discussions with this customer base that is likely to have internal resources for custom development? Mm-hmm. You've clearly grown a sizable business. Why are your customers more willing to outsource this to Ping versus leveraging internal developers? Yeah. Thank you. Thank you for the question, Adam. Certainly, you know, many organizations, especially in the largest enterprises, have really developed their CIAM solutions with internal resources, that development organization within their own org. I think the mentality there was that really they believed that they understood better how to build a CIAM identity solution that would meet customer expectations and deliver a great user experience for their customers. Now, just like every technology that we've seen over the history of, you know, kinda high tech, as technologies mature. Organizations often look to the market to say, "Hey, has any of those technologies that are available out there matured to the point that I can now use a, you know, off-the-shelf product instead of my internal development?" I think what we're seeing now, much like Workforce, where people leverage now a third-party vendor for Workforce, we're seeing organizations now look at CIAM solutions from the identity vendors and say, "You know, I'm not a development shop. It's not my core business. I have great developers, but I'm a bank," or, "I'm a retailer," or, "I'm a pharma company, and why am I developing something that's available in the market?" We're seeing customers now say, "Listen, you know, we're still gonna need developers to put, you know, fit and finish on some of these apps and integrate them with the applications we have in our environment. But we now believe that the CIAM identity solutions that are available in the market have matured to the extent that we can now leverage those internally and use our developers to either integrate with our own applications or leverage them for other projects that we have internally that are gonna directly drive revenue. Okay. Thank you, Candace. Okay, so we've got a couple questions about the federal market. This is from both Adam Tindle and Adam Borg at Stifel. We've got competing Adams. Now you're in the process with FedRAMP, not just to serve the government, but serve the government supply chain coming in 2022. Help us size the opportunity and Ping's competitive differentiation in the vertical. Then, also from Adam Borg, we've got, let's see, more about the federal opportunity in 2022 and the efforts you're putting against it from both a direct and a channel perspective. Chris, I think that one's probably good for you. Sure, I can certainly address that. I mentioned a few minutes ago our strategic plan. As a part of that planning process, we obviously are always looking at market sizing opportunity. We're looking at technology fit. Where do our products fit? We're looking at reference customers. Where do we have reference customers? As a part of our process, it became very obvious to us that federal and the enterprise supply chain that feeds federal was a fantastic fit for Ping, right? We've got a massive market opportunity. If you look at the Biden Executive Order, if you look at the various mandates that have come about as a part of that executive order, there is just a groundswell of opportunity. We already have a number of customers in the federal market. In fact, one of those customers is sponsoring us for the FedRAMP certification. We've got a technology set of capabilities where data isolation is core to how we operate. That's obviously very, very critical in a government environment. It is a massive opportunity. We have leaned very heavily into it. It's not just about product. It is about our sales team. It is about our channel team. It is about our go-to-market strategy. When we made the decision to make the product investment a year ago, we funded the entire company and working very closely with our channel partners to say, "We're gonna lean in very hard and go after every bit of this opportunity." As it works out, right, we've got a market that's also coming to us, right, and a great fit for that market. We're obviously very excited about it. Okay. Great. Thanks, Chris. Let's go to another question from Adam Tindle, this time around orchestration. Maybe Candace, I'll toss this one to you first. How do you think about the go-to-market for this pillar? Is this something that can be a standalone SKU and monetized? And how does that opportunity compare to traditional SKUs like SSO? Great. Thank you. Thanks again, Adam. So our orchestration capability and how it's differentiated from other offerings in the market is, one, it goes beyond authentication. It covers kind of all of the elements of the user journey that I touched on in my presentation earlier today. We're able to orchestrate in a very streamlined way for customers user experiences that may span anything from password resets, onboarding, registration, et cetera. It enables the developers in an organization and administrators to create a very seamless customer experience. Now, to that end, this is also a platform, an orchestration platform, that will not only allow for orchestration of applications or capabilities, but also kind of platforms. Think of it as an orchestration platform that can handle platforms as well as other applications and other integrations, other vendors. It will work with both Ping's products as well as third-party products, which I think is a critical element of this, 'cause obviously every customer, especially larger customers, have a heterogeneous environment. As we think about the go-to-market, we're really looking at this as a standalone SKU. We will be taking it to market as a standalone SKU. We'll also be looking at over time, do we need to take basic elements of this and enable that throughout the platform with other products? I think there's definitely multiple opportunities for how we take this to market, but the initial way will be through a standalone SKU. In terms of how it compares to kinda SSO, I think that it's really more focused on the entire user journey. SSO is kind of a point in time in that user journey. It's one element or one stage of that journey. Orchestration actually cuts across that entire journey, and it gives us an opportunity to have a business value-based conversation with our customers. Let me just add one thing. Candace, great response. Thanks. Look, I think you hit it. At the end of the day, for me, it's aperture, it's impact, and what we're seeing in the field right now. Aperture. We're moving from a specific identity-only point of view to a meta problem that our customer's trying to solve for their customers in most cases, right? It's a much more higher level business problem to solve and how you connect those dots. Simplify those connections and bring it to life to generate the outcomes that you're wanting, whether it's ARPU, whether it's additional customers, whether it's preventing someone from leaving. It becomes very real very fast. The second area is just the activity, right? It's amazing. In this platform which we have running now, I get to see the stats, and I have our teams inside of Ping all weekend, every weekend, people are in there playing, working with the solution, seeing how it connects. From fast food to banking to government to healthcare, there's so many examples that we're seeing come to life that used to take us a long time to build, taking days or sometimes a small weekend. It's really something exciting that I see that frankly changes who we are, it changes how we impact, and it changes the impact that we give to the customers of our customers. The acceleration to business value. Yeah. You got it. Andre, there's maybe a follow-up here on orchestration that you'd wanna talk about. Talk about the microservices approach to the backbone of the platform, and what this enables from an orchestration integration standpoint in particular. Well, I'll start by saying the platform was extremely well architected for openness and maximum connectivity. The entire design of it was, how do we create integrations with all of the identity platforms and capabilities that customers wanna create user journeys and flows through? As Candace talked about earlier, it really is a bit of a platform of platforms from that perspective. It was also architected for speed and agility, which are two competitive differentiators that are timeless. In all markets, the capability that allows companies to go fast and to be agile over time are always the capabilities that win out. In our particular market, identity is becoming more sophisticated, not less sophisticated, and more important, not less important. Speed and agility are exceptionally important to organizations as they try to compete where their competitors are measured in keystrokes. Their competitors are keystrokes away, so ability to respond to the growing threat vectors and to the user experiences which define loyalty in this new digital world are incredibly important. You mentioned microservices. Per se, I would equate the architecture of the Singular Key platform as one in which we can rapidly develop integrations, essentially connectors, to all the capabilities that customers want to sew together to create an outcome and an experience for their end users. From that perspective, we scoured the market for years and didn't see anything quite like this platform as a starting point. If I could just add to that, from a channel and a partnering perspective, I've had the opportunity to talk to a number of the large SIs, technology partners, smaller boutique partners that we work closely with on deployments. The excitement is unbelievable. They're looking at what we've done or what we are doing with orchestration, with Singular Key, as a major opportunity to build business, build value on top of the Ping platform, right? Being kind of unbounded by vendor-specific kinds of solutions. In recent conversations with big SIs about, okay, we can build a healthcare specific stack and vertical that incorporates Ping, the experience is orchestrated by Singular Key. We can include these third party elements in that, and we can build true value around it. For me, the last three weeks has really been about these channel and partner conversations and reigniting a discussion is so exciting to see. Okay. That's great. We're gonna switch gears just a little bit here. Raj, this came in on an email. It says, "You provided your initial view of 2022 ARR growth. Are you also confirming guidance for 2021? Yes, we are. We feel good two-thirds of the way through the quarter. Q4 is always our seasonally biggest quarter. December is typically a very busy month for us. We, based on the activity that we're seeing right now, expect that trend to continue. Yes, at this point, we are reaffirming our prior Q4 and full year 2021 guidance that we gave you on the November 3rd Q3 earnings call. Okay. Thank you. Maybe this is another one, kind of for you, Raj. You had talked about the potential for larger M&A. What kind of areas does future M&A make sense? That's from Adam Borg. Sure. I can start, and then I'll hand it off to the team to kind of expound on the answer. Look, we now have a lot of optionality, right? We've raised $300 million. Part of it was used to pay off the outstanding $120 million on our revolver. You know, we still have a lot of cash left as well as access to a new $150 million revolver. We've got a ton of optionality to not just invest in M&A, but also organically on a lot of the really cool and fast growing, fast growth initiatives we have internally. In terms of you know what we look for at a high level, I would say you know like I said earlier, things that enhance our platform through intelligence, through cloud acceleration, and specifically to continue to widen and deepen our fairly formidable moat we have right now around that customer use case. If you look at some of our recent acquisitions there around SecuredTouch and fraud and risk elements to that continues to sort of differentiate us from the traditional competitive pack who is focused more on, as Andre mentioned, you know, consolidating the past versus inventing the future. Well, you said it, Raj. We are definitely focused on inventing the future. We see an ocean of opportunity in front of us right now. The space is very dynamic. The needs of the enterprises as they hone in on what do we need to do to be competitive through our own digital transformation, and as teams and energy and resources are now coming into focus around that customer use case, all of a sudden things that you didn't talk about six, eight months ago are coming into focus. The fraud teams are really getting involved now. The security teams really care about the privacy and the security of customer data and PI in a world where there's growing regulation. More and more teams are now focused on what is the foundation of our company in a digital world where we need to deliver exceptional experiences and make sure we don't put our customers and the security of our customers at risk. That is all opportunity for us to define what a solution looks like that can not just deliver great experiences, highly secure, highly performant, globally for many of our enterprises that have to deal with multiple regulatory related issues related to data residency, but to also do that with incredible speed. All the things that you've seen us do are about strengthening our platform around that vision of meeting security and meeting customer experience expectations for our largest customers. Yeah, I will just add to it. We've got a very clear view on build, partner, buy, right? We know where we're headed. We've got a strategy. We're innovating for the future. Our partners are critically important to us. We have phenomenal relationships. The large enterprise expects us to work well within the ecosystem and to be a sponsor in that ecosystem. We have a very clear idea of where we wanna build, and we're investing very heavily in that build. We've got a phenomenal set of partners. We're partnering very, very heavily, very deeply, very meaningfully. Yeah, there are gonna be some places that we're gonna buy to accelerate the business. We've got a good clean view of where we're headed in all three areas. I'd say actually, all of the major building blocks of this vision are now in place. Yep. Absolutely, yep. Okay, I'm gonna take one that just came in. This is from Gray Powell at BTIG. Did you all give a timeframe on the $1 billion ARR target? With growth getting to 20%+ next year and 25%-30% by 2024, I would estimate that about five years to reach the $1 billion mark. Is that roughly how you are thinking about it? Well, I'd say that, you know, the billion-dollar mark is certainly. It's an aspirational goal for us. It's something this management team feels very strongly about, and it's really meaningful to us as an aspirational target. It's a bit too early to sort of really quantify exactly in which year we hit that. You know, as we've talked about before, most of the growth will be organic, accelerated through these tech and team tuck-ins, so things may change along the way. We feel good about the acceleration we've seen in 2021 year to date. We feel good about crossing the 20% milestone next year, and we will be on this glide path to the 25%-30% growth rate. Won't be linear because of all the new things we have in market right now, but we're encouraged by all the traction we're seeing there. We're encouraged by the receptivity of our customers to the acquisitions we've made. We're super excited about all that. As we talked about, you know, as we exit 2024 at 25%-30% growth rate and then look at the opportunity with FedRAMP, with the new products, with the new markets, and all the things that Andre outlined in his presentation, we're really excited about that billion-dollar goal, and the entire organization has sort of coalesced around that. I don't know if you guys have anything to add to that. Yeah, the only thing I would add to that is, look, $1 billion is a milestone along the path, right? I think the management team that you see sitting in front of you is a group that's run much, much larger organizations. I myself came out of Amdocs, a $4 billion organization. Jason, SAP, Candace at AWS, McAfee prior to that. So $1 billion is a very important number, but the way that we're thinking about building the business, our strategic execution, our operating planning is a growth through and past and beyond that, right? So we've got to hit that one, and we've got a plan to get there, but we're also thinking, all right, how much bigger can this thing be, if we think the right way about the problem? This is kind of a corollary question, maybe more for Andre. Within the framework to get ARR growth back to 20% in 2022 and into the 25%-30% range, how should we think about the mix of existing customer spend, net retention, and the contribution from new customers? Well, certainly all of the investments that we've been making, both in the cloud transformation of our platform as well as the investments in the new capabilities, are expanding us into markets that we haven't traditionally been in before. The company was largely built, as Candace said, on authentication, and in particular, on single sign-on with MFA being added over the course of the last several years. If you look at our product portfolio now and the problems that we address and the solutions that we solve and our ability to orchestrate those in our own platform but beyond, I would expect that that we're gonna see new ways in which we're gonna land, new use cases where we're gonna land in companies, and that's gonna improve our ability to add new customers. All of that said, the truth is, our portfolio has expanded very, very rapidly over the course of the last couple of years. As you saw in some of the statistics that Raj gave, our ability to sell multiple capabilities or services into existing customers, the white space has grown tremendously. We serve 60 of the Fortune 100 and a large number of the Fortune 1000 inside of that Global 5000 number. We have a lot of customers with a lot of room for expansion. A lot of those customers get to expand across use cases from workforce customer for workforce, and a lot of them now get to expand into the new capabilities. That white space opportunity has been growing pretty significantly as our portfolio has grown. The opportunity for growth is going to be driven in a balanced measure across both. I would say initially we look to take these new solutions and really verify the efficacy of those solutions at scale. You look to do that with your existing customers. Once you start to gain comfort in that, you start to take that to new customers and find new ways to penetrate the market. I'd just like to add one thing. You know, and Raj covered the net retention clearly, which was great, and we see growth there. That's super important to me, to our customer base. We also have a phenomenal NPS score. It's non-engineered, it's clear, it's specific. I'm really proud of that. What are we doing? Like, when you think about those new products, authorization, risk, fraud, orchestration, those require additional calibrations over time. I think for our existing customer base that has that legacy of SSO and MFA, we represent a clear and obvious choice of extension. I'm really excited about that. Beyond that, it's the new customers, right? You don't just have to start with the legacy. You can start with the new, and you can embrace the new, as we like to say. I think that's what's super exciting about our growth vectors for the future. We embrace where the customer wants to engage and how they want to deploy it. I think that's what differentiates Ping. Okay. That's great. This is more of a modeling question that's coming from Adam Borg. So Raj, maybe this is for you. What does gross margin look like for SaaS? And what kind of impact will increasing SaaS mix have on the gross margin line going forward? Well, I think you can see what's the trend in our gross margins overall. They have trended down from historically very high levels for when you compare them to the industry, right? That reflects a shift in our mix. As you can tell, with 56% year-over-year SaaS growth in Q3, for example, that business is growing exceptionally fast and in multiples of the overall growth rate of the business. Naturally, what we would expect is for gross margins to trend down, especially while we're building the infrastructure around such a fast growth segment of our business. That being said, we expect it to sort of normalize into what is, you know, what would be normal for a SaaS business. Over the next few years, we certainly expect that to tick down a bit while we invest ahead of that curve in hosting, in support, and all the ancillary services around making sure that we can accommodate such high growth in our SaaS segment. Like we've always shown and historically, we would expect operating leverage to kick in once we get to a you know a critical mass in our SaaS business. Okay. This one may also be kind of a modeling question, but it's really, it's from Saket Kalia. He says, "The SaaS and on-prem ARR per customer, how does that match up? It has to be a big part of the acceleration, so I think it's worth fleshing out. Yeah. When a customer is migrating from software to SaaS, certainly we're seeing an uplift in the ARR from that customer. That has historically. You know, if you look at the Ping platform historically, we've had SaaS native products, and we've had software native products. PingOne Advanced Services is the bridge that we've talked about. We're really excited about it. Our customers are really excited about it because now they have a no-compromise solution for Ping software being delivered as SaaS. We're seeing a lot of interest in that, pipelines building in a very healthy way around that. We don't have enough data points given that, you know, we're a few quarters into really selling this in the market. What I can tell you is that we are seeing that those deals are bigger, not just from a transfer of total cost of ownership to Ping, but they're just bigger because we're offering such a great solution as a service now. The other part of it that I think is really relevant here is the discussions are just much bigger, right? They're happening at the board and C-suite level. These are discussions that are encompassing workforce partner and customer use cases. You know, Jason mentioned the word aperture. The aperture is just much wider around some of these deals. I think that SaaS acceleration is also being driven by not just giving our customers this ultimate flexibility of software and SaaS or any point in between, but also just bigger, much more strategic discussions that we're having with customers, which are making for bigger deals. Okay. Raj, I think we'll stick with you on this one also. This is Eric Heath at KeyBanc. Your 25%-30% ARR growth target, what are some of the assumptions that give you confidence you'll be able to reach that? What do you expect NRR and customer growth to be at that growth rate? Does it include any M&A into new markets? I'll decompose that question into parts. What gives us confidence, right? You look at just where our platform was, like I said before, 12-15 months ago. This is a completely different and enhanced platform than what we were selling a couple years ago. That just didn't happen overnight, right, Eric? This is years in the making. We're enabling this cloud transformation for our customers, and we have significantly enhanced our platform to offer all these various solutions now in the cloud, in their cloud, on their premise, however they want. What gives us confidence is that, you know, COVID was a tough year for us. Despite that, we were making investments through that. We've seen that now pay off over three quarters of sequential re-acceleration of our growth. You know, we feel like we've got a great pipeline going into 2022 to cross over the 20% milestone. All these products that we've introduced, we're seeing good early traction. Now, it is early days for them, but it makes really good synergistic strategic sense for our customers. That gives us confidence in continued growth as those new solutions take hold in the market. Orchestration is also a really significant one, as is fraud. Those last two acquisitions, we're seeing just engagement from our customers at a whole different level, right? Our arsenal going into 2022 is about as strong and as varied, but very cohesive in our platform as we've ever had. We're really excited about that. In terms of, you know, we are focused on our digital land with new customers. As Andre mentioned, as I mentioned earlier, we have a ton of white space, and our platform's much wider. You know, it is more efficient to sell into your existing base, and we'll continue to focus on that. We've always been a land and expand company, you know, as you've seen with our net retention rate, tick up as well throughout the course of the year. You know, we'll continue to expect the ARR and net retention to sort of grow in a similar band. Does that include any new M&A into new markets? We're always looking at acquisitions. We're always evaluating new markets. You know, FedRAMP being one. You know, we're always looking at international markets as well. We continue to do well overseas. We will continue to evaluate all new markets as to what makes sense for us. In terms of M&A, as we talked about earlier, at the moment, we're not focused on anything transformative. We're focused on how do we make our existing platform, where we feel like we have a really great competitive moat around that platform, continue to make it one unified cloud platform with a ton of intelligence. You know, and make it cloud native, and like we talked about before, continue to lean into that high-growth customer use case opportunity. I think I covered all of them. I think you got all of that. That was a long question. Yeah. Thank you for that, Eric. I've got one from Patrick Colville. I think we'll toss this one to you first, Andre, but maybe you wanna involve some others. Can you talk through the accelerating ARR growth in fiscal year 2022? What are the reasons that you're seeing for that? Well, I think we've covered some of this, but I think what you should take away from this, from this Investor Day is a number of very significant long-lived investments are now coming to fruition. The starting point of that was to get our entire set of capabilities to the cloud, so there was no compromise and no excuses about what we could deliver, our most advanced capabilities, and then to begin to augment those capabilities with all the things that we think customers care about as they begin to move into that customer use case. We're far enough along now in that journey to where the proof points and the way in which we can begin to model the proof points, what you're starting to see now is us model those proof points. We now have enough customers using advanced services to feel confident in that capability going forward. We are now seeing the pipeline build around even the most newest capabilities that are newest to the market. We're starting to have both customers and pipeline build so that we can begin to model that into the future. Part of this is that we've made the investments now. There have been multi-year investments, so you can't really talk about them, but you can't even talk about them when you deliver them. You need to have enough time to see how they develop in the market, what the demand is in the market, how customers use them, and ultimately, are they happy and growing and expanding? The foundation of our cloud platform, we now have enough proof points to stand on that. The pipeline building around the new capabilities, we're starting to feel very comfortable about that as well. It's a combination of all of those things, again, years of hard work kind of culminating at this moment in time, where you can see the cohesiveness in our strategy and the focus and the commitment to things that we talked about at the IPO, like our commitment to intelligence. Well, now all of a sudden, two years later, you're really starting to see that commitment, that long-lived commitment pan out, not just in our acquisitions, but in our internal development. As Chris said, there's a plan. The plan is in place, and we're now at a point in time where we can begin to project based upon the historical performance and the proof points that we're seeing in the business. Here's a couple of questions on go-to-market. First one is from Adam Borg: While your focus is at the enterprise, what is the opportunity for Ping to move further down market? Is that a desire over time to improve new logo velocity? Andre, maybe you wanna start that one and- Yeah, I'll take the first piece of this. A big part of the complexity of consuming identity is the deployment model, for sure. Cloud actually eliminates a tremendous number of resources and complexity require to actually stand up a pretty sophisticated set of capabilities that are gonna secure your enterprise, your workforce, and your customers. Cloud is the first part of the answer, but not the only part of the answer in moving down market. We also believe that orchestration is actually going to be a pretty important tool in the arsenal of moving down market, the ability to orchestrate all of these capabilities, which is now becoming the point of tension, if you will, or the blocker to speed with the way in which companies wanna integrate all of this stuff and actually get to the outcome, the business outcome or the user experience. It's a combination of those two things. Now, it's not to say that the company's focused on expanding down market. We have a lot of opportunity in our customer base, that's the white space. We have a lot of opportunity in the Fortune 1000. We have a lot of opportunity in the Global 5000. We know that product market fit, the types of problems that we solve have good fit with large global enterprises. As we discussed in the TAM, this is a durable segment of the market. They don't treat identity as an app, they treat it as infrastructure. They don't wanna make one-, two-year decisions. They wanna make five-, 10-year decisions. Partnering with Ping and having converting all of that legacy infrastructure to Ping is a journey for them that they don't wanna undertake very often. For all of those reasons, you will see us stay focused on our core market. That said, the underlying platform and the capabilities we're delivering do offer us opportunities down market that we haven't seen before. I think it would be fair to say there would be careful experimentation of where our solution, how far down market our solutions can go over time. But if we make any moves there, it would be very deliberate. I think it's really well said. I you know, first off, the you know, our doors are open. We're seeing a lot of traction. We have opportunity here that's unique. Because the platform is stable, it's clear we have new delivery models with orchestration that make us different, right? The enterprise is our focus, that Global 5000 is our focus. As we've seen and as we continue to engage with customers that are coming to us more than they have in the past, we're finding those opportunities to go. We're excited about that. Yeah, I think our channel partners are such a key piece of that, right? The coverage model associated with channel allows us a much broader reach. You know, if you think back to the IPO, a couple of years ago, it was Fortune 1000. That's what we focused on. Right. That's what we did. Then we shifted it to the Global 3000, then the Global 5000. Our channel partners are an instrumental part of that reach. Right. Right? We're gonna focus our large enterprise team on what they do best, or our general enterprise team on what they do best, right? But our partners can take us a long way. The other thing that I would add is if you think about the new capabilities, the new products, the new acquisitions, right? There is some fast land capability in there. There are products that are applicable for a broader swath of the market than where we've been historically, right? There are products and capabilities that are just as applicable to a place or a company where our competitor is installed as they are to us, right? It reopens the aperture, to use Jason's word, of the market that we can cover. It is truly Global 5000. We are an enterprise player. We're gonna be careful about how we directly extend our reach. We are going to be engaging very heavily with our channel partners to take us further and further into places in the market where we may not be, either from a size of enterprise, or a location, or a geography, or perhaps a market, a vertical. It's a core part of our strategy and where we're headed. Okay. That's great. I think we have time for maybe two or three more questions here. This one's a little bit related. It says: In terms of go-to-market, how important do you think it is to focus on individual developers, particularly on the CIAM side or the customer use case side? And how strong do you believe Ping's brand is there today, and how focused are you on driving strong developer engagement? I'll start with that. As I mentioned before, in truly emergent nascent markets, such as personal identity, I think it's extremely important to start kind of at the ground level. For many of the large enterprises we deal with, they have now board-level mandates from the top down to basically improve the user experience. This is a user experience that has been driven by different business units, driven by developers with a specific application focus, which is fine, and it's gotten those companies that far. As the conversation has become more important and the need for the user experience to become more singular, we've seen a top-down mandate, again, from boards, driven by digital transformation, to create a more unified, holistic customer experience across all products and all services. When that mandate comes down, all of a sudden now Ping comes into focus, because that is the buyer audience that we sell to. The entire notion of centralizing identity for better security and better user experience at scale across all business units, across all applications, across all the individual developer efforts, that's where all of a sudden the Ping solution has been selected by the largest organizations in the globe who have followed that evolution and that journey. We are very, very focused on speed and agility and enabling the business for experiential outcomes. That is not a comment that is lost on us in terms of where and how that sits in the enterprise and where it lands. We want developers focused on the business, not focused on identity, and many of our customers want their developers focused on enabling their business, if it's planes, if it's bank transactions, if it's healthcare, the things that truly differentiate in their company against their competitors. The identity control plane now needs to move up a level. It is going through a commercialization effort. The need for speed as a competitive differentiator isn't going away. It's prevalent now. It's only getting. That drumbeat is only getting stronger. Our focus there, through no-code, low-code orchestration, is to take the identity control plane and enable the business to create experiential outcomes without the need, as Candace said, for 20,000 lines of code and an army of developers. We need to move up a level. That was the evolution as we said. The focus on cloud, the focus on developers. Now the focus is on the business, it's focused on outcome, and it's focused on experiences. That's the next level. That's where we're gonna see a 10X uplift in competitiveness as companies drive digital transformation. That's where we're focused. Okay. You know, I'm gonna close with this one, and maybe this is one for you, Andre, to follow up a little bit on what you were just saying and maybe for Candace to add a little bit. But, coming back to Singular Key and orchestration, it adds fraud detection across a number of steps of an identity platform. While it seems obvious fraud detection would be relevant to every customer, do you see this being adopted by all customers or just ones that deploy for the customer use case? How quickly could this become a material contributor? Yeah. In the new world, there is no inside and outside. Everyone is on the inside. Right? We no longer live in a world where you separate trusted and untrusted, known and unknown, the things you're attempting to safeguard, and the things that are outside of your walls. That world doesn't exist anymore. The new world is the identity is the perimeter, and companies want their policy around who can access what to be the new perimeter. In that new world, orchestration is really, really critical for us to tie all the pieces of this thing together. I saw you- Yeah Leaning into that one. I wanna jump in too, but I think I wanna give it to Candace here too. Just one quick comment. This one really evoked a thought. I was with a customer yesterday, and they said two things. One, they said, "A, having the orchestration layer helps us understand all the places we have done development that we don't know today. Give me visibility." The second thing they did in relation to fraud is their business has fundamentally changed, where most of the orders are now done via an app whereas before they were at a counter, right? Right. The reality of fraud and the reality of its impact to their business becomes more and more important because the authorization that's required to make sure that that person can do what they're gonna do in the application has changed. The impact that what it could mean to them if that larger mass of humans that are now buying in a different way. Hmm Right? What if someone infiltrates that? What if someone changes that? The way they think about their problems has changed, and what orchestration delivers is visibility, a singular place to see it, and what it delivers is. SecuredTouch A way to protect and prevent some of the fraud. Yeah. I would add, there's no future where risk and fraud signals as integrated in identity will not be prevalent in every single use case. There is no future. We have to leverage the intelligence, the behavior of users, and all the other implicit signals that are available to us to protect all the things that we're attempting to protect. We don't live in a world where you create a static policy and say that's good enough anymore. The insider threats, the people on the quote-unquote already on the inside. We've got to leverage risk signals and fraud signals to see the behavior of users and where all of a sudden risk is high and things are leaking that shouldn't leak. Again, there's no inside and outside in this world. Identity is the perimeter. Identity with static policies and groups and roles is not going to be good enough. We need to move to a world where our security is real time. Everything is fine right up until the second that it's not fine, and the only way that we can do that is by leveraging risk and fraud signals. The Singular Key acquisition allows us to orchestrate multiple risk and fraud signals into all the appropriate places of identity that is important. Our acquisition of SecuredTouch, which is a risk and fraud signal for customer consumer behavior, is directly adding to our capabilities so that customers can do exactly what we said, which is make the identity capability, the platform, intelligent. Well, thank you for stealing my comment. I was gonna touch on that whole, you know, risk and the intelligence associated with it. I would add, I think, two more technologies or capabilities that we have in the portfolio that I think are really pivotal to the comments around intelligence, and that is our authorization, which delivers kind of a fine-grained authorization capability, as well as our verified product. Both of those are also leveraging intelligence signals to ensure that our customers, in real time, can continually kind of watch, you know, a customer logging into an app. Once they're in the app, what are they accessing? Do they have a right to access that? Can we limit their access rights to that? Are we seeing behavior that perhaps implies they're doing something they shouldn't be doing? Maybe this is a bad actor instead of who we thought it was, and immediately require a step up or kick them out of the app. I think that intelligence kind of back plane that's sitting underneath all of those technologies is critically important to where companies really wanna go, which is more risk-based or contextual types of identity. I think orchestration, the Singular Key acquisition, allows us to deliver a streamlined workflow that allows our customers to do that in a very seamless way for their users, so that their users might not even know that intelligence is being applied in the background. They just get an amazing experience without the friction that they may have experienced previously with other types of kind of identity approaches. That was a great add. Thank you for that. All right, I think we're out of time. I wanna thank everyone for joining our Investor Day. If you have follow-up questions, please feel free to reach out to our investor relations team. Wanna wish everyone a joyous holiday season, and if we don't talk again, we look forward to catching up with you in 2022. Thank you. Thank you. Thank you. Thank you.