Press release
OneSpan Reports Fourth Quarter and Full Year 2022 Financial Results
Fourth quarter revenue decreased 4% year-over-year to $56.6 million; full year revenue increased 2% year-over-year to $219.0 million Fourth quarter
About this update from Onespan Inc.
[{"type":"text","content":"\n\nFourth quarter revenue decreased 4% year-over-year to $56.6 million; full year revenue increased 2% year-over-year to $219.0 million\n\n\n\nFourth quarter subscription revenue increased 28% year-over-year to $23.8 million; full year subscription revenue increased 30% year-over-year to $89.2 million\n\n\n\nAnnual Recurring Revenue (ARR) increased 12% year-over-year to $138.7 million1\n\n\n\nNet Retention Rate (NRR) of 107%2\n\n\n CHICAGO--(BUSINESS WIRE)--\nOneSpan Inc. (NASDAQ: OSPN), the digital agreements security company, today reported financial results for the fourth quarter and full year ended December 31, 2022.\n\n“We substantially redefined OneSpan during 2022 and ended the year with strong momentum, exceeding our expectations for revenue and adjusted EBITDA,” stated OneSpan CEO, Matt Moynahan. “With significant improvements in operational rigor and financial discipline, we are well positioned to continue our transformational journey. Key priorities for 2023 include new enterprise logo acquisition and market share gains along with profitability and margin expansion discipline.”\n\nKey Financial Results\n\nFourth Quarter 2022 Financial Highlights\n\n\nTotal revenue was $56.6 million, a decrease of 4% compared to $59.2 million for the same quarter of 2021. Changes in foreign exchange rates as compared to the prior year period negatively impacted fourth quarter 2022 revenue by approximately $2.9 million.3 Digital Agreements revenue was $12.4 million, an increase of 15% year-over-year. Security Solutions revenue was $44.2 million, a decrease of 9% year-over-year.\n\n\nARR increased 12% year-over-year to $138.7 million. Changes in foreign exchange rates as compared to the prior year period negatively impacted ARR by approximately $3.9 million.3\n\n\nGross profit was $38.0 million, or 67% gross margin, compared to $37.5 million, or 63% in the same period last year.\n\n\nOperating loss was $4.0 million, compared to operating loss of $6.0 million in the same period last year.\n\n\nNet loss was $3.1 million, or $0.08 per diluted share compared to $13.8 million, or $0.35 per diluted share in the same period last year. Non-GAAP net income was $1.2 million, or $0.03 per diluted share, compared to Non-GAAP loss of $9.3 million, or $0.24 per diluted share in the same period last year.4\n\n\nAdjusted EBITDA was $3.2 million compare...