SailPoint Technologies Holdings, Inc. (NYSE:SAIL) Q3 2018 Earnings Conference Call Transcript
Nov 07, 2018 • 05:00 pm ET
Greetings, and welcome to the SailPoint Technologies Third Quarter 2018 Conference Call.
(Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to introduce, Josh Harding, Vice President of Financial Planning, Analysis and IR. Josh, 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 SailPoint's Chief Financial Officer, Cam McMartin.
Please note 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 exclude special items, please reference this afternoon's press release in the Investors section of sailpoint.com for further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.
And now, I'd like to turn the call over to Mark McClain.
Thanks, Josh and welcome to everyone joining our Q3 earnings call. I'm pleased to report that the third quarter of 2018 was another strong quarter. In fact, our Q3 2018 results were well ahead of our guidance, with total revenue growing 52% year-over-year to $66.4 million and we delivered non-GAAP operating income of $11.6 million.
We believe our results are due to a continuous demand for identity governance. Our market leadership and our commitment to delivering innovative best-in-class solutions to help customers secured digital identities for all users, all applications and all data.
In fact SailPoint has consistently been positioned as a leader by the major industry analyst firms. We've been a leader in every identity governance focused Gartner Magic Quadrant, since their first report in 2011.
We were also named the overall market leader in both KuppingerCole's recent leadership compass on identity governance and administration, as well as the European Analyst Firm's leadership compass on cloud-based identity governance. And most recently, SailPoint announced that we were named the clear leader in Forrester's Wave for Identity Management and Governance.
SailPoint and our open identity platform, received the highest score across all three evaluation categories; strategy, current offering and market presence. We believe our positioning in these analyst reports validates our innovative platform, our strong execution and our comprehensive delivery strategy that provides customers with the freedom of choice to consume our solutions in any way they want to and importantly, we continue to invest in our platform and recently delivered updated versions of both IdentityIQ targeted to large scale enterprises and IdentityNow, which we targeted mid-market enterprises.
In August, we shipped IdentityIQ 7.3 to address the growing reality that the digital identities managed by an organization are no longer limited to humans. In fact enterprises are increasingly relying on nonhuman identities, such as software box to drive business efficiencies and to keep pace with digital transformation.
IdentityIQ now allows organizations to govern bots and their access to all their enterprise applications and data, just