Press release
OneSpan Reports Second Quarter 2024 Financial Results
Second Quarter Financial Results Second quarter revenue grew 9% year-over-year to $60.9 million Second quarter subscription revenue grew 29% year-over-year
About this update from Onespan Inc.
[{"type":"text","content":"\nSecond Quarter Financial Results\n\n\n\nSecond quarter revenue grew 9% year-over-year to $60.9 million\n\n\n\n\nSecond quarter subscription revenue grew 29% year-over-year to $29.6 million\n\n\n\n\nAnnual Recurring Revenue (ARR) increased 15% year-over-year to $165.3 million1\n\n\n\n\nNet Retention Rate (NRR) of 112%2\n\n\n\n BOSTON--(BUSINESS WIRE)--\nOneSpan Inc. (NASDAQ: OSPN), the digital agreements security company, today reported financial results for the second quarter ended June 30, 2024.\n\n\n“I’m extremely proud of our team, as their hard work and continued focus on operational rigor delivered a strong quarter with 9% revenue growth, 15% ARR growth, and significantly improved profitability,” stated OneSpan CEO, Victor Limongelli. “Looking ahead, we will continue to focus on driving efficient revenue growth, profitability, and cash flow as we continue to work to improve our long-term operating profile.”\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nTotal revenue was $60.9 million, an increase of 9% compared to $55.7 million for the same quarter of 2023. Digital Agreements revenue was $15.5 million, an increase of 30% year-over-year. Security Solutions revenue was $45.5 million, an increase of 4% year-over-year.\n\n\n\n\nARR increased 15% year-over-year to $165.3 million.\n\n\n\n\nGross profit was $40.3 million, or 66% gross margin, compared to $34.3 million, or 62% in the same period last year.\n\n\n\n\nOperating income was $7.6 million, compared to operating loss of $17.8 million in the same period last year.\n\n\n\n\nNet income was $6.6 million, or $0.17 per diluted share, compared to net loss of $17.8 million, or $(0.44) per diluted share, in the same period last year. Non-GAAP net income was $12.0 million, or $0.31 per diluted share, compared to net loss of $7.3 million, or $(0.18) per diluted share in the same period last year.3\n\n\n\n\nAdjusted EBITDA was $16.1 million, compared to $(3.8) million in the same period last year.\n\n\n\n\nCash and cash equivalents were $63.8 million at June 30, 2024 compared to $43.0 million at December 31, 2023.\n\n\n\nFinancial Outlook\n\n\nFor the Full Year 2024, OneSpan expects:\n\n\n\nRevenue to be in the range of $238 million to $246 million.\n\n\n\n\nARR to finish the year in the range of $166 million to $170 million, as compared to its previous guidance range of $160...