Slide 1: Investor Presentation Q1 2022
Investor Presentation Q1 2022 May 3, 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: Q1 2022 Highlights
Q1 2022 Highlights
Slide 4: Q1 2022 Financial Highlights
Q1 2022 Financial Highlights $131M 21 % 36 % Annual Recurring ARR growth Subscription and Revenue (ARR)1 Term ARR growth 115 % 42 % 95 % Dollar-Based Net Subscription + Term of Software and Services Expansion (DBNE)2 revenue growth revenue is recurring 1,2 See Appendix for definition PROPRIETARY AND
Slide 5: ARR Growth
ARR Growth Annual Recurring Revenue $131M $108M $37 ARR Category Q1’22 Y/Y Growth $84M $39 Total ARR 21% $39 Subscription 36% $94 and Term ARR $69 $45 Q1'20 Q1'21 Q1'22 Perpetual maintenance Subscription and Term ARRARR Subscription Perpetual and TermARR maintenance ARR PROPRIETARY AND CONFIDENTIAL.
Slide 6: Q1 2022 Revenue
Q1 2022 Revenue Y/Y Revenue Comparison $52M $51M $18 $15 $52M 95 % Total revenue of Software & Services $2 revenue is recurring – $4 $2 record high $29 $35 67% 71 % of Total revenue is of Total revenue is recurring – record high Software & Services Q1 2021 Q1 2022 Hardware Non-Recurring Software and
Slide 7: FY 2022 Outlook
FY 2022 Outlook GUIDANCE METRICS FY22 GUIDANCE Total Revenue ≥ FY21 Revenue Adjusted EBITDA Under review1 1 We are finalizing our full year 2022 adjusted EBITDA outlook in context with our strategic plan and will provide an update at our investor day on May 17, 2022 PROPRIETARY AND CONFIDENTIAL. ALL
Slide 8: OneSpan
O Onespan
Slide 9: Appendix
Appendix
Slide 10: 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 March 31 2020 2020 2020 2020 2021 2021 2021 2021 2022 Subscription $5.7 $6.1 $7.4 $8.5 $8.4 $9.8 $10.2 $9.8 $10.1 Term-based software licens
Slide 11: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three months ended March 31, 2021 2022 Net income (loss) $ (9,151) $ 5,215 Interest income, net (4) 17 Provision for income taxes (501) 1,173 Depreciation and amortization / impairment of intangible ass
Slide 12: 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 13: 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 14: 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