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Ping Identity Reports Second Quarter 2021 Results , Provides Third Quarter and Updated Full Year 2021 Outlook Exhibit 99.1 Annual Recurring Revenue ( " ARR " ) of $ 279.6 million grew 19 % from the prior year period Revenue grew 34 % year - over - year to $ 78.9 million , of which 93 % was subscription - based Software as a service ( " SaaS " ) ARR surpassed 20 % threshold Acquired Secured Touch , a leader in fraud and bot detection and mitigation , to integrate advanced fraud detection capabilities into the PingOne Cloud Platform DENVER August 4 , 2021 - Ping Identity Holding Corp. ( " Ping Identity , " or the " Company " ) ( NYSE : PING ) , which delivers intelligent identity solutions for the enterprise , today announced its financial results for the quarter ended June 30 , 2021 . " We had an active second quarter , where we announced several new solutions at Identiverse , acquired Secured Touch , drove significant deal activity , and exceeded expectations across all of our key metrics , " said Andre Durand , Ping Identity's Chief Executive Officer . " Results were bolstered by sustained improvement in the demand environment , which drove substantial growth in ARR and revenue that give us confidence for strong execution during the remainder of 2021. " Financial Highlights for the Second Quarter of 2021 ARR : Ending ARR at June 30 , 2021 was $ 279.6 million and represented a 19 % increase compared with the same period last year . Additionally , SaaS ARR now exceeds 20 % of total ARR . Ping Identity defines ARR as the annualized value of all subscription contracts as of the end of the period . Revenue : Total revenue for the second quarter of 2021 was $ 78.9 million . Subscription revenue was $ 73.2 million , or 93 % of total revenue . SaaS revenue of $ 13.4 million grew 51 % from $ 8.9 million in the second quarter of 2020. Additionally , in the six months ended June 30 , 2021 , SaaS revenue of $ 25.4 million grew 46 % from $ 17.4 million in the six months ended June 30 , 2020. Given the impact that deployment mix and contract duration have on GAAP revenue , management continues to believe that ARR is the key growth metric of a subscription business . Cash Flow : Net cash provided by operating activities was $ 44.0 million in the six months ended June 30 , 2021 compared with $ 21.2 million in the six months ended June 30 , 2020. Unlevered Free Cash Flow * was $ 34.5 million in the six months ended June 30 , 2021 compared with $ 14.3 million in the six months ended June 30 , 2020 . Dollar - Based Net Retention Rate : Ping Identity's dollar - based net retention rate on June 30 , 2021 was 111 % . The Company calculates dollar - based net retention rate as ending ARR for the current reporting period from customers with associated ending ARR for the same period last year , divided by ending ARR for the same period last year . * Please refer to the section titled " Use of Non - GAAP Financial Information " and the tables within this press release which contain explanations and reconciliations of the Company's non - GAAP financial measures . Recent Business Highlights Announced several new solutions , including PingOne for Individuals , which leverages the ShoCard acquisition to provide users superior privacy and control over their identity , reducing the burden of regulatory and compliance requirements by letting users manage their own personal data ; and PingAuthorize , which enables enterprises to dynamically centralize authorization for better security and comply with privacy regulations .