Press release
OneSpan Reports Results for First Quarter 2020; Reiterates Full Year 2020 Guidance
First Quarter Financial Results Total revenue grew 19% to $56.5 millionSoftware revenue grew 90% to $24.4 million1Recurring revenue grew 62% to $26
About this update from Onespan Inc.
[{"type":"text","content":"First Quarter Financial Results\n Total revenue grew 19% to $56.5 millionSoftware revenue grew 90% to $24.4 million1Recurring revenue grew 62% to $26 million2Adjusted EBITDA of $5.3 million3GAAP earnings per share of $0.00Non-GAAP earnings per share of $0.083 CHICAGO, May 05, 2020 (GLOBE NEWSWIRE) -- OneSpan Inc. (NASDAQ: OSPN), the global leader in securing remote banking transactions, today reported financial results for the first quarter ended March 31, 2020. “OneSpan’s solutions enabling secure remote transactions have never been more important than during this global COVID-19 pandemic,” stated OneSpan CEO, Scott Clements. “Our growth momentum in software continued throughout the quarter with an increase in late March as financial institutions around the world saw spikes in both remote banking transactions and hacking attacks. Our leading market position, fraud prevention and process digitization technologies, financial strength and ability to deliver have us well positioned in this environment and as the world recovers.” First Quarter 2020 Financial Highlights Revenue for the first quarter of 2020 was $56.5 million, an increase of 19% from $47.6 million for the first quarter of 2019. Gross Profit for the first quarter of 2020 was $40.4 million, compared to $31.6 million for the first quarter of 2019. Gross margin for the first quarter of 2020 was 72%, compared to 66% in the first quarter of 2019.GAAP operating income for the first quarter of 2020 was $0.9 million, compared to GAAP operating loss of $5.5 million for the first quarter of 2019. Adjusted EBITDA for the first quarter of 2020 was $5.3 million, compared to $(2.2) million for the first quarter of 2019.GAAP net income for the first quarter of 2020 was $0.1 million, or $0.00 per diluted share, compared to GAAP net loss of $5.7 million, or $0.14 per diluted share for the first quarter of 2019.Non-GAAP net income for the first quarter of 2020 was $3.4 million, or $0.08 per diluted share, compared to Non-GAAP net loss of $2.9 million or $0.07 per diluted share for the first quarter of 2019. Cash, cash equivalents and short-term investments at March 31, 2020 totaled $105.3 million compared to $109.8 million and $95.3 million at December 31, 2019 and March 31, 2019, respectively. __________ Software revenue is comprised of software license and subscription revenue.Recurri...