Press release
OneSpan Reports Fourth Quarter and Full Year 2023 Financial Results
Fourth quarter revenue grew 11% year-over-year to $62.9 million; full year revenue grew 7% year-over-year to $235.1 million Fourth quarter subscription
About this update from Onespan Inc.
[{"type":"text","content":"\n\nFourth quarter revenue grew 11% year-over-year to $62.9 million; full year revenue grew 7% year-over-year to $235.1 million\n\n\n\nFourth quarter subscription revenue grew 15% year-over-year to $27.3 million; full year subscription revenue grew 19% year-over-year to $106.4 million\n\n\n\nAnnual Recurring Revenue (ARR) grew 11% year-over-year to $154.6 million1\n\n\n\nNet Retention Rate (NRR) of 110%2\n\n\n\n BOSTON--(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, 2023.\n\n\n“We ended the year on a high note led by strong operational rigor and accelerated cost reduction actions over the second half of 2023, resulting in 3% GAAP operating margin and 18% adjusted EBITDA margin in the fourth quarter, a dramatic improvement from the prior year,” stated OneSpan interim CEO, Victor Limongelli. “We will continue to focus on driving efficient revenue growth, profitability and cash flow in 2024.”\n\n\nFourth Quarter 2023 Financial Highlights\n\n\n\nTotal revenue was $62.9 million, an increase of 11% compared to $56.6 million for the same quarter of 2022. Digital Agreements revenue was $14.5 million, an increase of 17% year-over-year. Security Solutions revenue was $48.4 million, an increase of 10% year-over-year.\n\n\n\nARR grew 11% year-over-year to $154.6 million.\n\n\n\nGross profit was $43.5 million, or 69% gross margin, compared to $38.0 million, or 67% in the same period last year.\n\n\n\nOperating income was $1.8 million, compared to operating loss of $4.0 million in the same period last year.\n\n\n\nNet income was $0.4 million, or $0.01 per diluted share, compared to net loss of $3.1 million, or $0.08 per diluted share, in the same period last year. Non-GAAP net income was $7.5 million, or $0.19 per diluted share, compared to $1.2 million, or $0.03 per diluted share in the same period last year.3\n\n\n\nAdjusted EBITDA was $11.2 million, compared to $3.2 million in the same period last year.\n\n\n\nCash and cash equivalents were $42.5 million at December 31, 2023. During the year ended December 31, 2023, we used $29.2 million, net of fees and expenses, to repurchase shares of our common stock, including $25.4 million in conjunction with our modified Dutch tender offer we completed in December 2023. ...