- Launched next generation ON24 Intelligent Engagement Platform
and AI-Powered ACE
- Ended 2023 with Core Platform ARR of $136.2 Million; Core
Platform ARR performance for Q4 sequentially close to
break-even
- Q4 improvement in key metrics; Exceeded profitability targets
for third quarter in a row
ON24 (NYSE: ONTF), an intelligent engagement platform for B2B
sales and marketing, today announced financial results for the
fourth quarter and full year ended December 31, 2023.
“In Q4, we were pleased to deliver an improvement in sequential
Core Platform ARR performance, which was approximately flat
sequentially, and to beat our profitability targets, achieving
positive non-GAAP EPS and positive adjusted EBITDA,” said Sharat
Sharan, co-founder and CEO of ON24. “We saw improvements in key
metrics, including gross retention, which was the highest it has
been in the last three years, and new business acquisition, which
was the highest it has been in the last six quarters. We are
encouraged by these signs of stability in our customer base,
especially in a macroenvironment where our customers remain
cautious about their marketing investments and their budgets remain
under pressure. As we look ahead to 2024, I am excited to build
upon the progress we made in 2023 and we will continue to focus on
improving retention, while bringing the next generation of our
platform and its significant AI innovations to market. In short, we
will continue to control what we can control while setting the
business up for our long-term goal of generating double-digit
top-line growth with double-digit EBITDA margins.”
Fourth Quarter 2023 Financial
Highlights
- Revenue:
- Revenue from our Core Platform, including services, was $38.3
million.
- Total revenue was $39.3 million.
- ARR:
- Core Platform ARR of $136.2 million as of December 31,
2023.
- Total ARR of $139.7 million as of December 31, 2023.
- GAAP Operating Loss was $12.2 million, compared to GAAP
operating loss of $13.6 million in the fourth quarter of 2022.
- Non-GAAP Operating Income was $0.2 million, compared to
non-GAAP operating loss of $3.5 million in the fourth quarter of
2022.
- GAAP Net Loss was $9.9 million, or $(0.24) per diluted
share, compared to GAAP net loss of $12.1 million, or $(0.25) per
diluted share in the fourth quarter of 2022.
- Non-GAAP Net Income was $2.6 million, or $0.06 per
diluted share, compared to a non-GAAP net loss of $2.0 million, or
$(0.04) per diluted share in the fourth quarter of 2022.
- Adjusted EBITDA was $1.4 million.
- Cash Flow: Net cash used in operating activities was
$0.9 million, compared to $7.6 million used in operating activities
in the fourth quarter of 2022. Free cash flow was negative $2.0
million for the quarter, compared to negative $8.9 million in the
fourth quarter of 2022.
- Cash, Cash Equivalents and Marketable Securities totaled
$198.7 million as of December 31, 2023.
Full Year 2023 Financial
Highlights
- Revenue:
- Revenue from our Core Platform, including services, was $158.1
million.
- Total revenue was $163.7 million.
- GAAP Operating Loss was $62.0 million, compared to GAAP
operating loss of $59.6 million in 2022.
- Non-GAAP Operating Loss was $5.9 million, compared to
non-GAAP operating loss of $18.9 million in 2022.
- GAAP Net Loss was $51.8 million, or $(1.16) per diluted
share, compared to GAAP net loss of $58.2 million, or $(1.23) per
diluted share in 2022.
- Non-GAAP Net Income was $4.3 million, or $0.09 per
diluted share, compared to non-GAAP net loss of $17.6 million, or
$(0.37) per diluted share in 2022.
- Adjusted EBITDA was negative $1.0 million.
- Cash Flow: Net cash used in operating activities was
$12.2 million, compared to $20.5 million used in operating
activities in 2022. Free cash flow was negative $14.4 million for
the year, compared to negative $24.2 million in 2022.
For more information regarding non-GAAP operating income (loss),
non-GAAP net income (loss) and free cash flows, see the section
titled “Non-GAAP Financial Measures” below. For reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP financial measure, see the tables at the end of this press
release.
Full Year 2023 Customer
Metrics
As of December 31, 2023:
- Multi-Year Contracts: 49% of total ARR comprises multi-year
contracts
- Multi-Product Customers: 37% of customers using two or more
products
Recent Business Highlights:
- Launched next generation ON24 Intelligent Engagement Platform
and AI-powered ACE to thousands of customers and prospects at
global launch event, ON24 Next on Jan. 24th.
- Swept TrustRadius “Best of Awards” based on customer reviews in
2023 which named ON24 a leader in platform capabilities, global
support and sales and marketing results.
- Named a Leader in 2023-2024 IDC MarketScape for Virtual Events
Applications recognizing strengths in AI innovation, data,
integrations and actions that drive engagement and revenue.
Financial Outlook
For the first quarter of 2024, ON24 expects:
- Core Platform Revenue, including services, to be in the range
of $35.6 million to $36.6 million.
- Total revenue of $36.5 million to $37.5 million.
- Non-GAAP operating loss of $2.7 million to $1.7 million.
- Non-GAAP net loss per share of $(0.02) to Non-GAAP net income
per share of $0.00 using approximately 41.2 million basic and
diluted shares outstanding and 45.7 million diluted shares
outstanding, respectively.
- Restructuring charge of $0.6 million to $0.9 million, excluded
from the Non-GAAP amounts above.
For the full year 2024, ON24 expects:
- Core Platform Revenue, including services, to be in the range
of $139.5 million to $143.5 million.
- Total revenue of $143 million to $147 million.
- Non-GAAP operating loss of $5.5 million to $3.5 million.
- Non-GAAP net income per share of $0.02 to $0.05 per share using
approximately 47.6 million diluted shares outstanding.
Conference Call Information
ON24 will host a conference call and live webcast for analysts
and investors today at 2:00 p.m. Pacific Time. Parties in the
United States can access the call by dialing 877-497-9071 or
+1-201-689-8727.
A webcast and management’s prepared remarks for today’s call
will be accessible on ON24’s investor relations website at
investors.on24.com. Approximately one
hour after completion of the live call, an archived version of the
webcast will be available on the Company’s investor relations
website.
Definitions of Certain Key Business Metrics
Core Platform: The ON24 Core
Platform products include: ON24 Elite:
live, interactive webinar experience that engages prospective
customers in real-time and can be made available in an on-demand
format. ON24 Breakouts: live breakout
room experience that facilitates networking, collaboration and
interactivity between users. ON24
Forums: live, interactive experience that facilitates
video-to-video interaction between presenters and audiences.
ON24 Go Live: live, interactive video
event experience that enables presenters and attendees to engage
face-to-face in real-time and can also be made available in an
on-demand format. ON24 Engagement Hub:
always-on, rich multimedia content experience that prospective
customers can engage anytime, anywhere. ON24
Target: personalize and curate, rich landing page experience
that engages specific segments of prospective customers to drive
desired action. ON24 AI-powered ACE:
the next generation AI-powered analytics and content engine.
Annual Recurring Revenue (“ARR”): ARR is calculated as
the sum of the annualized value of our subscription contracts as of
the measurement date, including existing customers with expired
contracts that we expect to be renewed. Our ARR amounts exclude
professional services, overages from subscription customers and
Legacy revenue.
Non-GAAP Financial Measures
In addition to our results determined in accordance with
generally accepted accounting principles in the United States, or
“GAAP”, we consider our non-GAAP operating income (loss), non-GAAP
net income (loss) and free cash flow in evaluating our operating
performance. We define non-GAAP operating income (loss) as net
income (loss) excluding, interest expense, other (income) expense,
net, income tax, stock-based compensation, amortization of acquired
intangible assets, shareholder activism related costs,
restructuring costs, charges for underutilized real estate, and
certain other costs. We define non-GAAP net income (loss) as net
income (loss) excluding stock-based compensation, amortization of
acquired intangible assets, shareholder activism related costs,
restructuring costs, charges for underutilized real estate, and
certain other costs. We define free cash flow as net cash provided
by (used in) operating activities, less purchases of property and
equipment.
We use non-GAAP operating income (loss) and non-GAAP net income
(loss) to evaluate our ongoing operations and for internal planning
and forecasting purposes, and we use free cash flow to measure and
evaluate cash generated through normal business operations. We
believe non-GAAP operating income (loss) and non-GAAP net income
(loss) may be helpful to investors because they provide consistency
and comparability with past financial performance. We believe free
cash flow may be helpful to investors because it reflects that some
purchases of property and equipment are necessary to support
ongoing operations, while providing a measure of cash available to
acquire customers, expand within existing customers and otherwise
pursue our business strategies.
However, these non-GAAP financial measures are each presented
for supplemental informational purposes only, have limitations as
analytical tools and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. Non-GAAP financial measures have no standardized meanings
prescribed by GAAP and are not prepared under a comprehensive set
of accounting rules or principles. In addition, other companies,
including companies in our industry, may calculate similarly-titled
non-GAAP financial measures differently or may use other measures
to evaluate their performance, all of which could reduce the
usefulness of our non-GAAP financial measure as a tool for
comparison.
We do not provide a quantitative reconciliation of the
forward-looking non-GAAP financial measures included in this press
release to the most directly comparable GAAP measures due to the
high variability and difficulty to predict certain items excluded
from these non-GAAP financial measures; in particular, the effects
of stock-based compensation expense, and restructuring and
transaction expenses. We expect the variability of these excluded
items may have a significant, and potentially unpredictable, impact
on our future GAAP financial results.
Reconciliations of these non-GAAP financial measures to their
most directly comparable GAAP financial measure are included in the
tables at the end of this press release.
Forward-Looking Statements
This document contains “forward-looking statements” under
applicable securities laws. Such statements can be identified by
words such as: “outlook,” “expect,” “convert,” “believe,” “plan,”
“future,” “may,” “should,” “will,” and similar references to future
periods. Forward-looking statements include express or implied
statements regarding our expected financial and operating results,
the execution of our capital return program, the size of our market
opportunity, the success of our new products and capabilities,
including our new Intelligent Engagement Platform and AI-Powered
ACE, and other statements regarding our ability to achieve our
business strategies, growth, or other future events or conditions.
Such statements are based on our current beliefs, expectations, and
assumptions about future events or conditions, which are subject to
inherent risks and uncertainties, including our ability to attract
new customers and expand sales to existing customers, decline in
our growth rate; fluctuation in our performance, our history of net
losses and expected increases in our expenses; competition and
technological development in our markets and any decline in demand
for our solutions; our ability to expand our sales and marketing
capabilities and otherwise achieve our growth; the impact of
macroenvironment on our customers’ marketing investments and their
budgets; the resumption of in-person marketing activities on our
customer growth rate; disruptions or other issues with our
technology or third-party services; compliance with data privacy,
import and export controls, customs, sanctions and other laws and
regulations; intellectual property matters; and matters relating to
our common stock, along with the other risks and uncertainties
discussed in the filings we make from time to time with the
Securities and Exchange Commission. Actual results may differ
materially from those indicated in forward-looking statements, and
you should not place undue reliance on them. All statements herein
are based only on information currently available to us and speak
only as of the date hereof. Except as required by law, we undertake
no obligation to update any such statement.
About ON24
ON24 is on a mission to help businesses bring their go-to-market
strategy into the AI era and drive cost-effective revenue growth.
Through its leading intelligent engagement platform, ON24 enables
customers to combine best-in-class experiences with personalization
and content, to capture and act on connected insights at scale.
ON24 provides industry-leading companies, including 3 of the 5
largest global technology companies, 3 of the 5 top global asset
management firms, 3 of the 5 largest global healthcare companies
and 3 of the 5 largest global industrial companies, with a valuable
source of first-party data to drive sales and marketing innovation,
improve efficiency and increase business results. Headquartered in
San Francisco, ON24 has offices globally in North America, EMEA and
APAC. For more information, visit www.ON24.com.
© 2024 ON24, Inc. All rights reserved. ON24 and the ON24 logo
are trademarks owned by ON24, Inc., and are registered in the
United States Patent and Trademark Office and in other
countries.
ON24, INC.
Condensed Consolidated Balance
Sheets
(in thousands)
(Unaudited)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
53,209
$
26,996
Marketable securities
145,497
301,125
Accounts receivable, net
37,939
43,757
Deferred contract acquisition costs,
current
12,428
13,136
Prepaid expenses and other current
assets
4,714
6,281
Total current assets
253,787
391,295
Property and equipment, net
5,371
7,212
Operating right-of-use assets
2,981
5,606
Intangible asset, net
1,305
1,979
Deferred contract acquisition costs,
non-current
15,756
17,773
Other long-term assets
1,102
1,608
Total assets
$
280,302
$
425,473
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
1,914
$
4,611
Accrued and other current liabilities
16,907
18,465
Deferred revenue
74,358
83,453
Finance lease liabilities, current
127
1,554
Operating lease liabilities, current
2,779
2,648
Total current liabilities
96,085
110,731
Operating lease liabilities,
non-current
2,483
5,040
Other long-term liabilities
1,517
1,741
Total liabilities
100,085
117,512
Stockholders’ equity
Common stock
4
5
Additional paid-in capital
485,291
562,555
Accumulated deficit
(305,513
)
(253,727
)
Accumulated other comprehensive income
(loss)
435
(872
)
Total stockholders’ equity
180,217
307,961
Total liabilities and stockholders’
equity
$
280,302
$
425,473
ON24, INC.
Condensed Consolidated
Statements of Operations
(in thousands, except share
and per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Revenue:
Subscription and other platform
$
35,752
$
42,029
$
149,882
$
171,841
Professional services
3,585
4,538
13,826
19,031
Total revenue
39,337
46,567
163,708
190,872
Cost of revenue:
Subscription and other platform(1)(4)
7,406
9,561
34,751
39,241
Professional services(1)(4)
2,604
3,677
11,512
13,544
Total cost of revenue
10,010
13,238
46,263
52,785
Gross profit
29,327
33,329
117,445
138,087
Operating expenses:
Sales and marketing(1)(4)
20,645
25,003
89,200
109,599
Research and development(1)(2)(4)
9,363
11,186
41,122
44,102
General and administrative(1)(3)(4)
11,541
10,770
49,124
43,969
Total operating expenses
41,549
46,959
179,446
197,670
Loss from operations
(12,222
)
(13,630
)
(62,001
)
(59,583
)
Interest expense
13
36
93
181
Other income, net
(2,820
)
(2,331
)
(11,303
)
(2,514
)
Loss before provision for income taxes
(9,415
)
(11,335
)
(50,791
)
(57,250
)
Provision for income taxes
460
795
995
958
Net loss
(9,875
)
(12,130
)
(51,786
)
(58,208
)
Net loss per share:
Basic and diluted
$
(0.24
)
$
(0.25
)
$
(1.16
)
$
(1.23
)
Weighted-average shares used in computing
net loss per share:
Basic and diluted
41,646,792
47,996,905
44,644,792
47,486,225
(1)
Includes stock-based compensation as
follows:
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Cost of revenue
Subscription and other platform
$
682
$
835
$
2,814
$
3,375
Professional services
126
171
545
676
Total cost of revenue
808
1,006
3,359
4,051
Sales and marketing
3,669
3,318
13,974
14,304
Research and development
2,410
2,033
9,126
7,958
General and administrative
4,839
3,078
18,558
12,230
Total stock-based compensation expense
$
11,726
$
9,435
$
45,017
$
38,543
(2)
Research and development expense includes
amortization of acquired intangible asset of $139 thousand and $558
thousand for the three and twelve months ended December 31,
2023, respectively, and $149 thousand and $434 thousand for the
three and twelve months ended December 31, 2022, in connection with
the Vibbio acquisition in April 2022.
(3)
General and administrative expense for the
three and twelve months ended December 31, 2023 includes fees
related to shareholder activism of nil and $2,656 thousand,
respectively.
(4)
The results of operations for the three
and twelve months ended December 31, 2023 includes
restructuring costs, which primarily represent severance and
related expense due to restructuring activities, and impairment
charges on our headquarters lease, as follows:
Three Months Ended December
31, 2023
Twelve months Ended December
31, 2023
Severance and related
Charges
Lease Impairment
Charge
Total
Severance and related
Charges
Lease Impairment
Charge
Total
Cost of revenue
Subscription and other platform
$
81
$
—
$
81
$
2,215
$
108
$
2,323
Professional services
6
—
6
149
119
268
Total cost of revenue
87
—
87
2,364
227
2,591
Sales and marketing
288
—
288
2,246
256
2,502
Research and development
110
—
110
1,397
569
1,966
General and administrative
88
—
88
391
409
800
Total restructuring costs
$
573
$
—
$
573
$
6,398
$
1,461
$
7,859
The results of operations for the three and twelve months ended
December 31, 2022 includes restructuring costs, which primarily
represent severance and related expense due to restructuring
activities.
Three Months Ended December
31, 2022
Twelve Months Ended December
31, 2022
Severance and related
charges
Cost of revenue
Subscription and other platform
$
—
$
363
Professional services
—
27
Total cost of revenue
—
390
Sales and marketing
564
1,146
Research and development
25
86
General and administrative
—
37
Total restructuring costs
$
589
$
1,659
ON24, INC.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Cash flows from operating
activities:
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,319
1,463
5,360
5,416
Stock-based compensation expense
11,726
9,435
45,017
38,543
Amortization of deferred contract
acquisition cost
3,968
3,815
15,589
15,665
Provision for allowance for doubtful
accounts and billing reserves
699
715
3,059
1,918
Non-cash lease expense
371
487
1,710
1,962
Accretion of marketable securities
(1,863
)
(1,125
)
(7,716
)
(1,242
)
Lease impairment charge
—
—
1,461
—
Other
38
56
244
159
Change in operating assets and
liabilities:
Accounts receivable
(12,753
)
(13,259
)
2,759
482
Deferred contract acquisition cost
(4,183
)
(3,726
)
(12,864
)
(13,766
)
Prepaid expenses and other assets
2,104
2,303
2,061
2,298
Accounts payable
(769
)
1,270
(2,897
)
1,533
Accrued liabilities
1,038
1,399
(1,999
)
30
Deferred revenue
7,755
2,424
(9,095
)
(12,807
)
Other liabilities
(434
)
(695
)
(3,105
)
(2,444
)
Net cash used in operating activities
(859
)
(7,568
)
(12,202
)
(20,461
)
Cash flows from investing
activities:
Purchase of property and equipment
(1,107
)
(1,297
)
(2,183
)
(3,697
)
Acquisition, net of cash acquired
—
—
—
(2,495
)
Purchase of marketable securities
(43,706
)
(86,095
)
(276,210
)
(297,405
)
Proceeds from maturities of marketable
securities
103,503
72,407
422,969
194,372
Proceeds from sale of marketable
securities
—
20,244
17,739
20,244
Net cash provided by (used in) investing
activities
58,690
5,259
162,315
(88,981
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
81
318
1,422
2,785
Proceeds from issuance of common stock
under ESPP
462
749
1,008
1,582
Payment of tax withholding obligations
related to net share settlements on equity awards
—
—
—
(1,756
)
Payment for repurchase of common stock
(15,330
)
(7,319
)
(74,569
)
(29,127
)
Payment of cash dividend
—
—
(49,872
)
—
Repayment of equipment loans and
borrowings
(49
)
(69
)
(236
)
(270
)
Repayment of finance lease obligations
(218
)
(433
)
(1,533
)
(1,832
)
Acquisition holdback payment
(403
)
—
(403
)
—
Net cash used in financing activities
(15,457
)
(6,754
)
(124,183
)
(28,618
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
35
(301
)
199
186
Net increase (decrease) in cash, cash
equivalents and restricted cash
42,409
(9,364
)
26,129
(137,874
)
Cash, cash equivalents and restricted
cash, beginning of period
10,889
36,533
27,169
165,043
Cash, cash equivalents and restricted
cash, end of period
$
53,298
$
27,169
$
53,298
$
27,169
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results
(in thousands, except share
and per share data)
(Unaudited)
Reconciliation of gross profit and
gross margin
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP gross profit
$
29,327
$
33,329
$
117,445
$
138,087
Add:
Stock-based compensation
808
1,006
3,359
4,051
Restructuring costs
87
—
2,364
390
Impairment charge
—
—
227
—
Non-GAAP gross profit
$
30,222
$
34,335
$
123,395
$
142,528
GAAP gross margin
75
%
72
%
72
%
72
%
Non-GAAP gross margin
77
%
74
%
75
%
75
%
Reconciliation of operating
expenses
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP sales and marketing
$
20,645
$
25,003
$
89,200
$
109,599
Less:
Stock-based compensation
(3,669
)
(3,318
)
(13,974
)
(14,304
)
Restructuring costs
(288
)
(564
)
(2,246
)
(1,146
)
Impairment charge
—
—
(256
)
—
Non-GAAP sales and marketing
$
16,688
$
21,121
$
72,724
$
94,149
GAAP research and development
$
9,363
$
11,186
$
41,122
$
44,102
Less:
Stock-based compensation
(2,410
)
(2,033
)
(9,126
)
(7,958
)
Restructuring costs
(110
)
(25
)
(1,397
)
(86
)
Impairment charge
—
—
(569
)
—
Amortization of acquired intangible
asset
(139
)
(149
)
(558
)
(434
)
Non-GAAP research and
development
$
6,704
$
8,979
$
29,472
$
35,624
GAAP general and administrative
$
11,541
$
10,770
$
49,124
$
43,969
Less:
Stock-based compensation
(4,839
)
(3,078
)
(18,558
)
(12,230
)
Restructuring costs
(88
)
—
(391
)
(37
)
Impairment charge
—
—
(409
)
—
Fees related to shareholder activism
—
—
(2,656
)
—
Non-GAAP general and
administrative
$
6,614
$
7,692
$
27,110
$
31,702
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results
(in thousands, except share
and per share data)
(Unaudited)
Reconciliation of net loss to non-GAAP
operating income (loss)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Interest expense
13
36
93
181
Other (income) expense, net
(2,820
)
(2,331
)
(11,303
)
(2,514
)
Provision for income taxes
460
795
995
958
Stock-based compensation
11,726
9,435
45,017
38,543
Amortization of acquired intangible
asset
139
149
558
434
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP operating income
(loss)
$
216
$
(3,457
)
$
(5,911
)
$
(18,947
)
Reconciliation of net loss to Adjusted
EBITDA
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Interest expense
13
36
93
181
Other (income) expense, net
(2,820
)
(2,331
)
(11,303
)
(2,514
)
Provision for income taxes
460
795
995
958
Depreciation and amortization
1,180
1,314
4,802
4,982
Amortization of acquired intangible
asset
139
149
558
434
Amortization of cloud implementation
costs
38
38
149
138
Stock-based compensation
11,726
9,435
45,017
38,543
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Adjusted EBITDA
$
1,434
$
(2,105
)
$
(960
)
$
(13,827
)
Reconciliation of net loss to non-GAAP
net income (loss)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Stock-based compensation
11,726
9,435
45,017
38,543
Amortization of acquired intangible
asset
139
149
558
434
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP net income (loss)
$
2,563
$
(1,957
)
$
4,304
$
(17,572
)
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results
(in thousands, except share
and per share data)
(Unaudited)
Reconciliation of GAAP to Non-GAAP
basic and diluted net income (loss) per share
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP basic and diluted net loss per
share:
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Weighted average common stock outstanding,
basic and diluted
41,646,792
47,996,905
44,644,792
47,486,225
Net loss per share, basic and diluted
$
(0.24
)
$
(0.25
)
$
(1.16
)
$
(1.23
)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Non-GAAP basic and diluted net income
(loss) per share:
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Stock-based compensation
11,726
9,435
45,017
38,543
Amortization of acquired intangible
asset
139
149
558
434
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP net income (loss)
$
2,563
$
(1,957
)
$
4,304
$
(17,572
)
Non-GAAP weighted-average common stock
outstanding
Basic
41,646,792
47,996,905
44,644,792
47,486,225
Diluted
46,002,784
47,996,905
49,131,426
47,486,225
Non-GAAP net income (loss) per share of
common stock:
Basic
$
0.06
$
(0.04
)
$
0.10
$
(0.37
)
Diluted
$
0.06
$
(0.04
)
$
0.09
$
(0.37
)
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results
(in thousands)
(Unaudited)
Reconciliation of GAAP Cash Flow from
Operating Activities to Free Cash Flow
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Net cash used in operating activities:
$
(859
)
$
(7,568
)
$
(12,202
)
$
(20,461
)
Less: Purchases of property and
equipment
(1,107
)
(1,297
)
(2,183
)
(3,697
)
Free cash flow
$
(1,966
)
$
(8,865
)
$
(14,385
)
$
(24,158
)
ON24, INC.
Revenue
(in thousands)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Core Platform
Subscription and other platform
$
34,907
$
39,952
$
145,223
$
160,772
Professional services
3,377
4,223
12,876
17,029
Total core platform revenue
$
38,284
$
44,175
$
158,099
$
177,801
Virtual Conference
Subscription and other platform
$
845
$
2,077
$
4,659
$
11,069
Professional services
208
315
950
2,002
Total virtual conference revenue
$
1,053
$
2,392
$
5,609
$
13,071
Revenue
Subscription and other platform
$
35,752
$
42,029
$
149,882
$
171,841
Professional services
3,585
4,538
13,826
19,031
Total revenue
$
39,337
$
46,567
$
163,708
$
190,872
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222691099/en/
Media Contact: Tessa Barron press@on24.com
Investor Contact: Lauren Sloane, The Blueshirt Group for
ON24 investorrelations@on24.com
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