OneSpan Inc. (NASDAQ: OSPN), a global leader in software for
trusted identities, e-signatures and secure transactions, today
reported financial results for the first quarter ended March 31,
2019.
“First quarter revenue met our plan with a robust contribution
from hardware authentication as European financial institutions
prepare for PSD2 compliance by September of this year,” stated
OneSpan CEO, Scott Clements. “Hardware orders in the quarter
were more than double the same period of 2018 and we now expect
hardware revenue to grow modestly for the full-year. Subscription
revenues also grew strongly, increasing 77% above first quarter
2018. Software license revenue declined as expected after a
very strong first quarter of 2018 and as our e-signature sales
shift from licenses toward subscriptions. Revenue mix in the
quarter negatively impacted margins. We expect profitability
to improve over the course of 2019 on higher revenues and
increasing contribution from software and services.”
First Quarter 2019 Financial Highlights
- Revenue for the first quarter of 2019 was $47.6 million,
an increase of 5% from $45.4 million for the first quarter of
2018.
- Gross Profit for the first quarter of 2019 was $31.6 million,
compared to $34.7 million for the first quarter of 2018. Gross
margin for the first quarter of 2019 was 66%, compared to 65% in
fourth quarter 2018 and 76% for the first quarter of 2018 due to
strong software license revenues.
- GAAP operating loss for the first quarter of 2019 was $5.5
million, compared to GAAP operating income of $1.6 million for the
first quarter of 2018.
- Adjusted EBITDA for the first quarter 2019 was $(2.2) million,
compared to $6.1 million for the first quarter of 2018.
- GAAP net loss for the first quarter of 2019 was $5.7 million,
or $0.14 per diluted share, compared to GAAP net income of $1.8
million, or $0.04 per diluted share for the first quarter of
2018.
- Non-GAAP net loss for the first quarter of 2019 was $2.9
million, or $0.07 per diluted share, compared to Non-GAAP net
income of $4.6 million, or $0.12 per diluted share for the first
quarter of 2018.1
- Cash, cash equivalents and short-term investments at March 31,
2019 totaled $95.3 million compared to $99.5 million and $166.4
million at December 31, 2018 and March 31, 2018, respectively.
1 An explanation of the use of non-GAAP
measures is included below under the heading “Non-GAAP Financial
Measures.” A reconciliation of GAAP to non-GAAP financial measures
has also been provided in tables below.
Recent Business Highlights
- OneSpan continues to see momentum in its expanding portfolio of
Trusted Identity (TID) solutions with several customers using TID
today to stop fraud, with a growing number of customer pilots, and
with an expanding pipeline of global opportunities with small and
large customers consistent with our expectations for
2019.
- The company’s recurring revenue which includes subscription and
maintenance, grew 36% year-over-year and accounted for a record 31%
of total revenue in the first quarter.
- During the first quarter OneSpan officially launched its new
Risk Analytics solution which uses machine learning to help
financial institutions evaluate transaction and customer risk in
real-time in order to support step-up authentication use cases and
identify evolving attack vectors better than older static
rules-based approaches. This solution also helps organizations
comply with GDPR requirements for protecting the personal data and
privacy of EU citizens.
- The company plans to launch the initial version of its Secure
Agreement Automation solution during the second quarter. This
offering combines identity verification, eSignature, and security
capabilities into an integrated solution designed to improve the
customer experience in digital account opening and bring down the
very high customer abandonment rates which can exceed 65%. This
solution builds on technologies included in OneSpan’s acquisition
of Dealflo in 2018.
- OneSpan also plans to release in the second quarter its new
Qualified Electronic Signature (QES) capability designed to help
European financial services customers comply with the complex eIDAS
QES requirements in a scalable, cost-effective manner. This will
enable OneSpan to efficiently deliver all three eIDAS signature
types in its cloud platform.
- OneSpan has nominated two candidates for election to its Board
of Directors who are from the technology and financial services
sectors. Marc Boroditsky is Senior Vice President of Sales at
Twilio Inc., and formerly President and COO of Authy prior to its
acquisition by Twilio Inc. He has significant commercial and
product experience in cloud and cybersecurity technologies. Dr.
Marc Zenner is former managing director and global co-head of
Corporate Finance Advisory at J.P. Morgan. He has extensive
investment banking and capital markets experience. These nominees
are standing for election at the Annual Shareholder Meeting in
June.
Outlook for Full Year 2019
- Revenue is expected to be in the range of $229 million to $237
million.
- Adjusted EBITDA is expected to be in the range of $22 million
to $27 million.
Conference Call Details
In conjunction with this announcement, OneSpan Inc. will host a
conference call today, May 7, 2019, at 4:30 p.m. EDT/22:30 CEST.
During the conference call, Mr. Scott Clements, CEO, and Mr. Mark
Hoyt, CFO, will discuss OneSpan’s results for the first quarter
2019.
To access the conference call, dial 866-354-0181 for the U.S. or
Canada and 1-409-217-8086 for international callers. The conference
ID number is 4546358.
The conference call is also available in listen-only mode at
investors.onespan.com. The recorded version of the conference call
will be available on the OneSpan website as soon as possible
following the call and will be available for replay for
approximately one year.
About OneSpan
OneSpan enables financial institutions and other organizations
to succeed by making bold advances in their digital transformation.
We do this by establishing trust in people’s identities, the
devices they use, and the transactions that shape their lives. We
believe that this is the foundation of enhanced business enablement
and growth. More than 10,000 customers, including over half of the
top 100 global banks, rely on OneSpan solutions to protect their
most important relationships and business processes. From digital
onboarding to fraud mitigation to workflow management, OneSpan’s
unified, open platform reduces costs, accelerates customer
acquisition, and increases customer satisfaction. Learn more about
OneSpan at OneSpan.com and
on Twitter, LinkedIn and Facebook.Forward
Looking Statements
This press release 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, including future
offerings; our expectations, beliefs, plans, operations and
strategies relating to our business and the future of our business;
our acquisitions to date and our strategy related to future
acquisitions; and our expectations regarding our financial
performance in the future. Forward-looking statements may be
identified by words such as "seek", "believe", "plan", "estimate",
"anticipate", expect", "intend", and statements that an event or
result "may", "will", "should", "could", or "might" occur or be
achieved and any other similar expressions. The forward-looking
statements include, but are not limited to, our financial outlook
for 2019, and the information included under the caption “Outlook
for Full Year 2019”. These forward-looking statements involve risks
and uncertainties, as well as assumptions which, if they do not
fully materialize or prove incorrect, could cause our results to
differ materially from those expressed or implied by such
forward-looking statements. Factors that could materially affect
our business and financial results include, but are not limited to:
market acceptance of our products and solutions and competitors’
offerings; the potential effects of technological changes; our
ability to effectively identify, purchase and integrate
acquisitions; the execution of our transformative strategy on a
global scale; the increasing frequency and sophistication of
hacking attacks; claims that we have infringed the intellectual
property rights of others; changes in customer requirements; price
competitive bidding; changing laws, government regulations or
policies; pressures on price levels; investments in new products or
businesses that may not achieve expected returns; impairment of
goodwill or amortizable intangible assets causing a significant
charge to earnings; exposure to increased economic and operational
uncertainties from operating a global business as well as those
factors set forth in our Form 10-K (and other forms) filed with the
Securities and Exchange Commission. In particular, we direct you to
the risk factors contained under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our Form 10-K. Our SEC filings and other
important information can be found on the Investor Relations
section of our website at investors.onespan.com. We do not have any
intent, and disclaim any obligation, to update the forward-looking
information to reflect events that occur, circumstances that exist,
or changes in our expectations after the date of this press
release.
Information regarding the names of OneSpan’s
directors, director nominees and executive officers is set forth in
OneSpan’s proxy statement for the 2019 Annual Meeting of
Shareholders on June 12, 2019 filed with the U.S. Securities and
Exchange Commission on April 26, 2019 (www.sec.gov) and available
on our website at investors.onespan.com.
OneSpan Inc.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in
thousands, except per share
data)(unaudited)
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2019 |
|
2018 |
Revenue |
|
|
|
|
|
|
Product and license |
|
$ |
31,861 |
|
|
$ |
33,494 |
Services and other |
|
|
15,747 |
|
|
|
11,938 |
Total revenue |
|
|
47,608 |
|
|
|
45,432 |
|
|
|
|
|
|
|
Cost of goods sold |
|
|
|
|
|
|
Product and license |
|
|
11,316 |
|
|
|
8,185 |
Services and other |
|
|
4,723 |
|
|
|
2,550 |
Total cost of goods sold |
|
|
16,039 |
|
|
|
10,735 |
|
|
|
|
|
|
|
Gross profit |
|
|
31,569 |
|
|
|
34,697 |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Sales and marketing |
|
|
14,383 |
|
|
|
14,277 |
Research and development |
|
|
10,495 |
|
|
|
5,797 |
General and administrative |
|
|
9,870 |
|
|
|
10,774 |
Amortization of intangible assets |
|
|
2,348 |
|
|
|
2,201 |
Total operating costs |
|
|
37,096 |
|
|
|
33,049 |
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(5,527 |
) |
|
|
1,648 |
|
|
|
|
|
|
|
Interest income, net |
|
|
135 |
|
|
|
393 |
Other income (expense),
net |
|
|
(551 |
) |
|
|
380 |
|
|
|
|
|
|
|
Income (loss) before income
taxes |
|
|
(5,943 |
) |
|
|
2,421 |
Provision (benefit) for income
taxes |
|
|
(272 |
) |
|
|
629 |
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(5,671 |
) |
|
$ |
1,792 |
|
|
|
|
|
|
|
Net income (loss) per
share |
|
|
|
|
|
|
Basic |
|
$ |
(0.14 |
) |
|
$ |
0.04 |
Diluted |
|
$ |
(0.14 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
|
|
Basic |
|
|
40,036 |
|
|
|
39,910 |
Diluted |
|
|
40,036 |
|
|
|
40,059 |
OneSpan Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2019 |
|
2018 |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and equivalents |
|
$ |
69,907 |
|
|
$ |
76,708 |
|
Short term investments |
|
|
25,363 |
|
|
|
22,789 |
|
Accounts receivable, net of allowances of $1,339 in 2019 and $1,152
in 2018 |
|
|
59,084 |
|
|
|
59,631 |
|
Inventories, net |
|
|
15,241 |
|
|
|
14,428 |
|
Prepaid expenses |
|
|
5,720 |
|
|
|
4,733 |
|
Contract assets |
|
|
4,672 |
|
|
|
7,962 |
|
Other current assets |
|
|
6,731 |
|
|
|
5,705 |
|
Total current assets |
|
|
186,718 |
|
|
|
191,956 |
|
Property and equipment: |
|
|
|
|
|
|
Furniture and fixtures |
|
|
7,688 |
|
|
|
7,613 |
|
Office equipment |
|
|
11,077 |
|
|
|
11,059 |
|
Total Property and equipment: |
|
|
18,765 |
|
|
|
18,672 |
|
Accumulated depreciation |
|
|
(12,886 |
) |
|
|
(12,422 |
) |
Property and equipment, net |
|
|
5,879 |
|
|
|
6,250 |
|
Operating lease right-of-use assets |
|
|
8,768 |
|
|
|
— |
|
Goodwill |
|
|
92,730 |
|
|
|
91,841 |
|
Intangible assets, net of accumulated amortization |
|
|
43,436 |
|
|
|
45,462 |
|
Deferred income taxes |
|
|
5,581 |
|
|
|
5,601 |
|
Contract assets - non-current |
|
|
4,027 |
|
|
|
3,316 |
|
Other assets |
|
|
8,340 |
|
|
|
8,400 |
|
Total assets |
|
$ |
355,479 |
|
|
$ |
352,826 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
14,957 |
|
|
$ |
7,202 |
|
Deferred revenue |
|
|
33,356 |
|
|
|
33,633 |
|
Accrued wages and payroll taxes |
|
|
10,443 |
|
|
|
13,932 |
|
Short-term income taxes payable |
|
|
3,429 |
|
|
|
6,905 |
|
Other accrued expenses |
|
|
9,931 |
|
|
|
9,323 |
|
Deferred compensation |
|
|
1,235 |
|
|
|
1,362 |
|
Total current liabilities |
|
|
73,351 |
|
|
|
72,357 |
|
Long-term deferred revenue |
|
|
10,428 |
|
|
|
10,672 |
|
Lease liability long term |
|
|
7,852 |
|
|
|
— |
|
Other long-term liabilities |
|
|
5,605 |
|
|
|
7,075 |
|
Long-term income taxes payable |
|
|
7,617 |
|
|
|
7,620 |
|
Deferred income taxes |
|
|
2,668 |
|
|
|
2,661 |
|
Total liabilities |
|
|
107,521 |
|
|
|
100,385 |
|
Stockholders' equity |
|
|
|
|
|
|
Preferred stock: 500 shares authorized, none issued and outstanding
at December 31, 2019 and 2018 |
|
|
— |
|
|
|
— |
|
Common stock: $.001 par value per share, 75,000 shares authorized;
40,215 and 40,225 issued and outstanding at
March 31, 2019 and December 31, 2018,
respectively |
|
|
40 |
|
|
|
40 |
|
Additional paid-in capital |
|
|
93,644 |
|
|
|
93,310 |
|
Accumulated income |
|
|
166,707 |
|
|
|
172,378 |
|
Accumulated other comprehensive loss |
|
|
(12,433 |
) |
|
|
(13,287 |
) |
Total stockholders' equity |
|
|
247,958 |
|
|
|
252,441 |
|
Total liabilities and stockholders' equity |
|
$ |
355,479 |
|
|
$ |
352,826 |
|
OneSpan Inc.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands, unaudited)
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2019 |
|
2018 |
Cash flows from operating
activities: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(5,671 |
) |
|
$ |
1,792 |
|
Adjustments to reconcile net income (loss) from operations to net
cash provided by (used in) operations: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,862 |
|
|
|
2,747 |
|
Deferred tax expense (benefit) |
|
|
(4 |
) |
|
|
(9 |
) |
Stock-based compensation |
|
|
552 |
|
|
|
800 |
|
Accounts receivable, net |
|
|
79 |
|
|
|
14,185 |
|
Inventories, net |
|
|
(813 |
) |
|
|
535 |
|
Contract assets |
|
|
2,578 |
|
|
|
(4,195 |
) |
Accounts payable |
|
|
7,797 |
|
|
|
(3,360 |
) |
Income taxes payable |
|
|
(3,491 |
) |
|
|
(3,012 |
) |
Accrued expenses |
|
|
(5,560 |
) |
|
|
(821 |
) |
Deferred compensation |
|
|
(126 |
) |
|
|
(1,258 |
) |
Deferred revenue |
|
|
(455 |
) |
|
|
3,424 |
|
Other assets and liabilities |
|
|
(1,485 |
) |
|
|
(1,102 |
) |
Net cash provided by (used in)
operating activities |
|
|
(3,737 |
) |
|
|
9,726 |
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of short term investments |
|
|
(4,475 |
) |
|
|
— |
|
Maturities of short term investments |
|
|
2,000 |
|
|
|
40,000 |
|
Additions to property and equipment |
|
|
(176 |
) |
|
|
(2,296 |
) |
Net cash provided by (used in)
investing activities |
|
|
(2,651 |
) |
|
|
37,704 |
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
Tax payments for restricted stock issuances |
|
|
(218 |
) |
|
|
(179 |
) |
Net cash used in financing
activities |
|
|
(218 |
) |
|
|
(179 |
) |
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
(195 |
) |
|
|
572 |
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash |
|
|
(6,801 |
) |
|
|
47,823 |
|
Cash, cash equivalents, and
restricted cash, beginning of period |
|
|
77,555 |
|
|
|
78,661 |
|
Cash, cash equivalents, and
restricted cash, end of period |
|
$ |
70,754 |
|
|
$ |
126,484 |
|
Revenue by major products and services (in
thousands, unaudited):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2019 |
|
2018 |
Hardware products |
|
|
$ |
24,290 |
|
$ |
17,491 |
Software licenses |
|
|
|
7,571 |
|
|
16,003 |
Subscription |
|
|
|
5,251 |
|
|
2,970 |
Professional services |
|
|
|
809 |
|
|
964 |
Maintenance, support and
other |
|
|
|
9,686 |
|
|
8,004 |
Total Revenue |
|
|
$ |
47,608 |
|
$ |
45,432 |
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 information regarding the performance of our business
and facilitates comparisons to our historical operating results. We
believe these non-GAAP operating metrics provide additional tools
for investors to use to compare our business with other companies
in the industry.
These non-GAAP measures are not measures of performance under
GAAP and should not be considered in isolation, as alternatives or
substitutes for the most directly comparable financial measures
calculated in accordance with GAAP. While we believe that these
non-GAAP measures are useful within the context described below,
they are in fact incomplete and are not a measure that should be
used to evaluate our full performance or our prospects. Such an
evaluation needs to consider all of the complexities associated
with our business including, but not limited to, how past actions
are affecting current results and how they may affect future
results, how we have chosen to finance the business, and how taxes
affect the final amounts that are or will be available to
shareholders as a return on their investment. Reconciliations of
the non-GAAP measures to the most directly comparable GAAP
financial measures are found below.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest,
taxes, depreciation, amortization, long-term incentive
compensation, and certain other non-recurring items, including
acquisition related costs, lease exit costs, rebranding costs, and
accruals for legal contingencies. We use Adjusted EBITDA as a
simplified measure of performance for use in communicating our
performance to investors and analysts and for comparisons to other
companies within our industry. As a performance measure, we believe
that Adjusted EBITDA presents a view of our operating results that
is most closely related to serving our customers. By excluding
interest, taxes, depreciation, amortization, long-term incentive
compensation, and certain other non-recurring items, we are able to
evaluate performance without considering decisions that, in most
cases, are not directly related to meeting our customers’
requirements and were either made in prior periods (e.g.,
depreciation, amortization, long-term incentive compensation, lease
exit costs, reversal of a prior period legal contingency accrual),
or deal with the structure or financing of the business (e.g.,
interest, acquisition related costs, rebranding costs) or reflect
the application of regulations that are outside of the control of
our management team (e.g., taxes). Similarly, we find the
comparison of our results to those of our competitors is
facilitated when we do not consider the impact of these items.
Reconciliation of Net Income to
Adjusted EBITDA(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2019 |
|
2018 |
Net income (loss) |
|
$ |
(5,671 |
) |
|
$ |
1,792 |
|
Interest income, net |
|
|
(135 |
) |
|
|
(393 |
) |
Provision (benefit) for income taxes |
|
|
(272 |
) |
|
|
629 |
|
Depreciation and amortization of intangible assets |
|
|
2,862 |
|
|
|
2,747 |
|
Long-term incentive compensation |
|
|
1,055 |
|
|
|
1,352 |
|
Adjusted EBITDA |
|
$ |
(2,161 |
) |
|
$ |
6,127 |
|
Non-GAAP Net Income (Loss) & Non-GAAP
Diluted EPS
We define non-GAAP net income (loss) and non-GAAP diluted EPS,
as net income (loss) or EPS before the consideration of long-term
incentive compensation expenses, the amortization of intangible
assets, and certain other non-recurring items. We use these
measures to assess the impact of our performance excluding items
that can significantly impact the comparison of our results between
periods and the comparison to competitors.
Long-term incentive compensation for management and others is
directly tied to performance and this measure allows management to
see the relationship of the cost of incentives to the performance
of the business operations directly if such incentives are based on
that period’s performance. To the extent that such incentives are
based on performance over a period of several years, there may
be periods which have significant adjustments to the accruals in
the period but which relate to a longer period of time, and which
can make it difficult to assess the results of the business
operations in the current period. In addition, the Company’s
long-term incentives generally reflect the use of restricted stock
grants or cash awards while other companies may use different forms
of incentives the cost of which is determined on a different basis,
which makes a comparison difficult. We exclude amortization of
intangible assets as we believe the amount of such expense in any
given period may not be correlated directly to the performance of
the business operations and that such expenses can vary
significantly between periods as a result of new acquisitions, the
full amortization of previously acquired intangible assets or the
write down of such assets due to an impairment event. However,
intangible assets contribute to current and future revenue and
related amortization expense will recur in future periods until
expired or written down.
We exclude certain other non-recurring items including impacts
of tax reform, acquisition related costs, rebranding costs, lease
exit costs, and reserves for certain legal contingencies as these
items are unrelated to the operations of our core business. By
excluding these items, we are better able to compare the operating
results of our underlying core business from one reporting period
to the next.
We make a tax adjustment based on the above adjustments
resulting in an effective tax rate on a non-GAAP basis, which may
differ from the GAAP tax rate. We believe the effective tax rates
we use in the adjustment are reasonable estimates of the overall
tax rates for the Company under its global operating structure.
Reconciliation of Net Income
(Loss) to Non-GAAP Net Income
(Loss)(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2019 |
|
2018 |
Net income (loss) |
|
$ |
(5,671 |
) |
|
$ |
1,792 |
|
Long-term incentive compensation |
|
|
1,055 |
|
|
|
1,352 |
|
Amortization of intangible assets |
|
|
2,348 |
|
|
|
2,201 |
|
Tax impact of adjustments* |
|
|
(681 |
) |
|
|
(711 |
) |
Non-GAAP net income
(loss) |
|
$ |
(2,949 |
) |
|
$ |
4,634 |
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per
share |
|
$ |
(0.07 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
Weighted average number of
shares used to compute Non-GAAP diluted earnings per share |
|
|
40,036 |
|
|
|
40,059 |
|
*The tax impact of adjustments is calculated as 20% of the
adjustments in all periods.
Copyright© 2019 OneSpan North America Inc., all rights reserved.
OneSpan™, the “O” logo, “BE BOLD. BE SECURE.”™, and DEALFLO™ are
registered or unregistered trademarks of OneSpan North America Inc.
or its affiliates in the U.S. and other countries. Any other
trademarks cited herein are the property of their respective
owners.
Investor contact:Joe MaxaM: +1-612‑247‑8592O:
+1-312-766-4009 joe.maxa@onespan.com
Source: OneSpan Inc.
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