Slide 1: Investor Presentation Q4 and FY 2021
Investor Presentation Q4 and FY 2021 February 22, 2022
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding the potential benefits, performance and functionality of our products and solutions, strategies relating to our business and the futu
Slide 3: Q4 2021 and Full Year 2021 Highlights; Full Year 2022 Guidance
Q4 2021 and Full Year 2021 Highlights; Full Year 2022 Guidance
Slide 4: FY 2021 Financial Highlights
FY 2021 Financial Highlights $125M 20 % >30 % Annual Recurring ARR Growth Subscription and Revenue (ARR)1 Term ARR growth 115 % 38 % 89 % Dollar-Based Net Subscription of Software and Services Expansion (DBNE)2 revenue growth revenue is recurring 1,2 See Appendix for definition PROPRIETARY AND CONFI
Slide 5: ARR Growth
ARR Growth Annual Recurring Revenue $125M $104M ARR Category FY’21 Y/Y Growth $38 $80M $38 Total ARR 20% $39 Subscription >30% and Term ARR $87 $66 $42 FY'19 FY'20 FY'21 Perpetual maintenance Subscription and Term ARRARR Subscription Perpetual and TermARR maintenance ARR PROPRIETARY AND CONFIDENTIAL
Slide 6: Q4 2021 Revenue
Q4 2021 Revenue Y/Y Revenue Comparison $53M $59M $59M 91% $25 Total revenue of Software & Services $16 revenue is recurring – $6 record high $3 $30 $32 53% 59% of Total revenue is of Total revenue is recurring Software & Services Q4 2020 Q4 2021 Hardware Non-Recurring Software and Services Recurring
Slide 7: FY 2021 Revenue
FY 2021 Revenue Y/Y Revenue Comparison $216M $82 $214M $80 $214M 18% Total revenue Recurring revenue growth $15 $32 $102 $120 56% 63% of Total revenue is of Total revenue is recurring Software & Services FY 2020 FY 2021 Hardware Non-Recurring Software and Services Recurring Software & Services PROPR
Slide 8: FY 2022 Outlook
FY 2022 Outlook GUIDANCE METRICS FY22 GUIDANCE Total Revenue ≥ FY21 Revenue Adjusted EBITDA ≥ Break-Even PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED 8
Slide 9: OneSpan
O Onespan
Slide 10: Appendix
Appendix
Slide 11: Revenue
Revenue Revenue by major products and services Three months ended, (in millions, unaudited) March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 2020 2020 2020 2020 2021 2021 2021 2021 Subscription $5.7 $6.1 $7.4 $8.5 $8.4 $9.8 $10.2 $9.8 Term-based software licenses 9.2 5.0 2.3 8.1 8
Slide 12: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three months ended Twelve months ended December 31, December 31, 2020 2021 2020 2021 Net income (loss) $ (1,756) $ (13,773) $ (5,455) $ (30,584) Interest income, net (15) 3 (404) 1 Provision for income
Slide 13: Definitions
Definitions 1ARR is calculated as the annualized value of our customer recurring contracts with a term of at least one-year, as of the measuring date. These include subscription, term-based license, and maintenance contracts and exclude one-time fees. To the extent that we are negotiating a renewal
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP operating metrics, namely Adjusted EBITDA, non-GAAP Net Income and non-GAAP diluted EPS. Our management believes that these measures provide useful supplemental in
Slide 15: Copyright and Trademarks
Copyright and Trademarks Copyright© 2022 OneSpan North America Inc., all rights reserved. OneSpan™, the “O” logo, “BE BOLD. BE SECURE.”™, DIGIPASS® and CRONTO® are registered or unregistered trademarks of OneSpan North America Inc. or its affiliates in the U.S. and other countries. Any other tradema