SailPoint, Inc.

Welcome to the SailPoint Third Quarter 2020 Earnings Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Mr. Josh Harding, Senior Vice President of Finance. Please go ahead.

Good afternoon, and thank you for joining us today to discuss SailPoint's third quarter financial results. Joining me today are SailPoint's CEO and co-founder, Mark McClain, and our chief financial officer, Jason Rehm. Please note that today's call will include forward-looking statements, and because these statements are based on the company's current intent, expectations, and projections, they are not guarantees of future performance, and a variety of factors could cause actual results to differ materially. Since this call will include references to non-GAAP results, which excludes special items, please reference this afternoon's press release in the investor section of SailPoint.com for further information regarding forward-looking statements and reconciliations of GAAP to non-GAAP results. And now I'd like to turn the call over to Mark McClain.

Thanks, Josh, and thanks to each of you for joining the call today. I hope you and your families are staying healthy and safe. I'm very pleased to share our impressive third quarter results with you this afternoon, which were underpinned by solid execution and a continued prioritization of identity as a core IT investment area for today's digital enterprise. Total revenue for the third quarter was approximately $94 million, representing 24% growth year on year. Our Q3 results were driven by continued broad interest and demand for a comprehensive identity platform that fully protects and securely enables today's digital workforce and their access to the tools and technologies that fuel the cloud enterprise. We experienced broad-based strength across our business throughout the quarter, with strong momentum in our SaaS business, continued resilience in our license business, a good mix of large and mid-sized customer wins, and strong performance in all geographies. In particular, we saw good contribution outside of the Americas, notably in Europe, as interest in our SaaS identity platform continues to rise. For example, one of the world's top stock exchanges chose SailPoint's SaaS identity platform to replace an on-prem legacy identity platform that could no longer keep up with the organization's identity and access management needs. To see so, a repeat SailPoint customer, wanted a SaaS identity solution that would help them solve for both the current as well as the future state of the business. Already, this company has successfully onboarded 100-plus applications and solved some of their most pressing access modeling needs, thanks to the AI and ML-driven capabilities embedded in our platform. We believe our performance this quarter is indicative of the large market opportunity ahead of us as more organizations recognize how foundational identity security is to the business today. In fact, we attracted more than triple the number of attendees to our virtual Navigate conference this year. Identity management is increasingly being recognized as a foundational element of a modern security stack and is a key investment priority for many companies. The aftermath of COVID-19 and the quick shift to virtual has seen many organizations realize that good enough identity management is not good enough. In other words, it is not enough to simply grant workforce access, which many companies were quick to do as their business went remote, but that access needs to be properly secured and managed. This has resulted in more enterprises turning to SailPoint to provide the right identity security and governance controls needed to properly protect all business assets and securely enable today's workforce. As noted earlier, we continue to be very pleased with the adoption of our SaaS platform globally. In fact, Close to half of the larger deals in the quarter were SaaS deals, as more enterprises at the upper end increasingly adopt a SaaS-first approach to identity. For example, a large luxury department retailer turned to SailPoint when their legacy on-prem identity solution failed during their shift to remote work as the pandemic took hold. The pain they experienced in trying to securely grant access to their workforce became evident across the business. heightening the critical need for identity security all the way up to the board level. Despite the substantial impact the pandemic had on their business, they chose to invest in our SaaS identity platform as identity became a top business imperative and IT investment priority for them. From a competitive perspective, we believe one of the big reasons we continue to draw broad interest from global enterprises is because of the breadth and depth of our enterprise class SaaS identity platforms. SailPoint brings a rich history of innovation in identity, which is evidenced most notably by the continued investments we make to embed AI and ML technologies into the core of our identity platform. Our goal is to make identity more approachable, streamlined, and autonomous, while adding new features that today's virtual workforce requires. We are committed to the long game. helping our customers navigate today's business challenges while anticipating the emerging challenges to come. Our customers recognize that in us and continually turn to us for this reason. As just one example, an aerospace manufacturer chose to make SailPoint's SaaS identity platform foundational to their cybersecurity program. They selected SailPoint not just for the current capabilities we offer today, but because they believe our predictive approach is best suited to helping them to properly manage the variety of identity use cases they expect to address both now and in the future. As we turn to the last quarter of 2020, we are energized by our significant momentum and leadership position in the market. We continue to be mindful of the economic environment and its potential impact on close rates, but the strength of our recent performance gives us confidence in our ability to execute despite a continued challenging macro environment. We are focused on three key priorities. Driving broad adoption of SailPoint's identity platform across geographies as more organizations recognize the criticality of identity security to today's modern workforce. delivering innovative, differentiated SaaS identity solutions that protect and provision today's enterprise with confidence and at scale, and executing consistently while delivering a reliable identity security solution to the benefit of our customers around the world who depend on us to support their identity and security needs. In closing, We believe our performance this quarter further validates the high relevance and criticality identity has achieved as a global business priority. In today's digital world, you can no longer do business without technology, and you can't securely use that technology without identity security. At SailPoint, we protect our customers' business, helping to manage the risk from this explosion in technology access happening across today's digital enterprise. As we head into Q4 and year end, we look forward to continuing to provide the dual value of enabling secure access and protecting the entirety of our customers' business, helping them to provision with confidence, protect at scale, and comply with certainty. With that, I'd like to hand it over to Jason, who will discuss the details of our financial performance and results in Q3.