Press release
OneSpan Reports Results for Second Quarter and First Six Months of 2020
Second Quarter Financial Results Total revenue declined 2% to $55.0 million Recurring revenue grew 35% to $23.2 million1 Annual Recurring Revenue (ARR) grew
About this update from Onespan Inc.
[{"type":"text","content":"\nSecond Quarter Financial Results\n\n\n\nTotal revenue declined 2% to $55.0 million\n\n\nRecurring revenue grew 35% to $23.2 million1\n\n\nAnnual Recurring Revenue (ARR) grew 29% to $90.0 million2\n\n\nAdjusted EBITDA of $3.1 million3\n\n\nGAAP loss per share of $(0.05)\n\n\nNon-GAAP earnings per share of $0.023\n\n\n CHICAGO--(BUSINESS WIRE)--\nOneSpan Inc. (NASDAQ: OSPN), the global leader in securing remote banking transactions, today reported financial results for the second quarter and six months ended June 30, 2020.\n\n\n“During the second quarter, OneSpan made substantial progress in its transition to a recurring revenue dominant software model,\" stated OneSpan CEO, Scott Clements. \"Bookings and revenue from recurring software contracts showed strong double-digit growth as did our software sales opportunity pipeline. Recurring revenue accounted for 76% of total software and service revenue in the quarter with strength in both subscription and term license revenues, offset by declines in perpetual license revenue. With the resurgence of the pandemic and increasing economic uncertainty, we are seeing longer sales cycles for larger complex projects and lower than expected demand for hardware authentication products. Cloud-based offerings such as OneSpan Sign continue to see strong demand.”\n\n\nSecond Quarter 2020 Financial Highlights4\n\n\n\nRevenue for the second quarter of 2020 was $55.0 million, a decrease of 2% from $56.2 million for the second quarter of 2019. Revenue for the first six months of 2020 was $111.3 million, an increase of 8% from $103.3 million for the first six months of 2019.\n\n\nGross Profit for the second quarter of 2020 was $36.7 million and $77.0 million for the first six months of 2020. Gross profit for the second quarter of 2019 was $38.3 million and $69.3 million for the first six months of 2019. Gross margin for the second quarter of 2020 was 67% and for the first six months of 2020 was 69%. Gross margin for the second quarter of 2019 was 68% and for the first six months of 2019 was 67%.\n\n\nGAAP operating loss for the second quarter of 2020 was $1.7 million, and for the first six months of 2020 was $0.9 million. GAAP operating loss for the second quarter of 2019 was $2.3 million, and for the first six months of 2019 was $8.3 million.\n\n\nAdjusted EBITDA for the second quarter of 2020 was $...