SailPoint, Inc. (SAIL) is a Thoma Bravo-controlled identity security SaaS company that completed its IPO on February 14, 2025, raising approximately $1.25B in net proceeds. The balance sheet as of January 31, 2026 reflects the post-IPO capital structure: $0 long-term debt (Term Loans fully repaid March 2025 using IPO proceeds), $358M cash, and $563M in shares outstanding. Under a liquidation lens, recovery to equity is deeply negative and driven almost entirely by the intangible asset stack. Total assets are $7.60B, but the overwhelming majority consists of goodwill ($5.15B) and finite-lived intangibles ($1.38B), which receive 0% recovery under standard liquidation haircuts. Applying the lens: cash at 100% ($358M), AR at ~92% ($308M), PP&E at ~60% ($21M), capitalized contract costs and other non-cash assets at 0%, against total liabilities of $751M at face value (including $555M deferred revenue — a non-cash obligation that does not extinguish but also does not require cash payment in liquidation, though it represents claims that rank ahead of equity), the liquidated asset pool covers liabilities but leaves no equity recovery once goodwill and intangibles are zeroed. MFFAIS confirms: latest CLV of -$298M, LLV/OLV of +$37M. The $37M liquid/operating liquidation value reflects near-term liquid assets net of current liabilities, which is directionally consistent with the arithmetic: current assets (~$851M at haircut ~$810M) versus current liabilities of $643M, yielding modest positive current-asset coverage, but the full liability stack including non-current obligations and operating lease commitments ($18M total lease liability) erodes that buffer. Material structural change vs. the prior 10-Q (period ending Oct 31, 2025): the prior period showed $298M cash and no long-term debt; the annual filing confirms full-year operations produced positive operating cash flow of $71M, ending cash of $358M. The 2025 Revolving Credit Facility ($250M, zero drawn, matures June 2030) is the only debt facility. Notably, the filing discusses $1.38B in finite-lived intangibles with a forward amortization schedule ($202M in year 1, declining to $531M thereafter) — none of which has liquidation value. Unrecognized tax benefits of $53.8M represent a contingent liability not currently booked but would affect equity recovery if assessed. Filing does not separately tag the $8.1B redeemable convertible unit liquidation preference (historical pre-IPO Class A structure, now converted) in the current-period balance sheet, as conversion to common equity was completed upon IPO. Total SBC expense of $312M in FY2026 (vs. $100M prior year) reflects IPO-driven acceleration charges and ongoing Omnibus Plan grants; $231M unrecognized compensation forward pipeline will create incremental cash-settlement drag on equity if awards are not equity-settled.
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