- Achieved Total Revenue of $37.3 million
- Exceeded profitability targets for 5th consecutive quarter
- Generated positive free cash flow for 2nd consecutive
quarter
- Drove sequential improvement in gross retention
- Experienced growth ARR uplift from momentum of early adopters
of the ON24 next gen platform and AI-powered offerings
ON24 (NYSE: ONTF), an intelligent engagement platform for B2B
sales and marketing, today announced financial results for the
second quarter ended June 30, 2024.
“I am pleased with our Q2 results, as we exceeded guidance on
the top and bottom line and delivered positive free cash flow. I am
encouraged by another quarter of improvement in gross retention,
which is trending much better than the average rates we have seen
for each of the past three years,” said Sharat Sharan, co-founder
and CEO of ON24. “Continued momentum of our next generation
platform drove our AI-powered ACE ARR to the high teens as a
percentage of growth ARR. We remain focused on driving profitable
growth and establishing ourselves as the AI platform for
intelligent digital engagement.”
Second Quarter 2024 Financial
Highlights
- Revenue:
- Revenue from our Core Platform, including services, was $36.5
million.
- Total revenue was $37.3 million.
- ARR:
- Core Platform ARR of $131.0 million as of June 30, 2024.
- Total ARR of $133.7 million as of June 30, 2024.
- GAAP Operating Loss was $13.1 million, compared to GAAP
operating loss of $15.8 million in the second quarter of 2023.
- Non-GAAP Operating Loss was $0.3 million, compared to
non-GAAP operating loss of $0.9 million in the second quarter of
2023.
- GAAP Net Loss was $11.2 million, or $(0.27) per diluted
share, compared to GAAP net loss of $12.8 million, or $(0.28) per
diluted share in the second quarter of 2023.
- Non-GAAP Net Income was $1.5 million, or $0.03 per
diluted share, compared to non-GAAP net income of $2.1 million, or
$0.04 per diluted share in the second quarter of 2023.
- Adjusted EBITDA was $0.8 million.
- Cash Flow: Net cash provided by operating activities was
$1.4 million, compared to $4.3 million used in operating activities
in the second quarter of 2023. Free cash flow was $0.9 million for
the quarter, compared to $(4.9) million in the second quarter of
2023.
- Cash, Cash Equivalents and Marketable Securities totaled
$193.8 million as of June 30, 2024.
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.
Recent Business Highlights:
- Drove sequential and YoY Core ARR growth in Q2 in life sciences
and financial services verticals.
- Thousands of ON24 customers and prospects gathered for annual
virtual user conference, The ON24 Experience, on June 11 – 14,
where industry-leading enterprises, including Autodesk, Guardian,
SAP and UCB, were named winners of the 2024 ON24 Digital Engagement
Excellence Awards for delivering exceptional customer experiences
and significant revenue impact.
Financial Outlook
For the third quarter of 2024, ON24 expects:
- Core Platform Revenue, including services, to be in the range
of $34.2 million to $35.2 million.
- Total revenue of $35.0 million to $36.0 million.
- Non-GAAP operating loss of $2.3 million to $1.3 million.
- Non-GAAP net loss per share of $(0.01) to non-GAAP net income
per share of $0.01 using approximately 42.0 million basic and
diluted shares outstanding and 46.0 million diluted shares
outstanding, respectively.
- Restructuring charge of $0.4 million to $0.7 million, excluded
from the non-GAAP amounts above.
For the full year 2024, ON24 now expects:
- Core Platform Revenue, including services, to be in the range
of $141.7 million to $144.5 million.
- Total revenue of $145.0 million to $147.8 million.
- Non-GAAP operating loss of $4.5 million to $3.0 million.
- Non-GAAP net income per share of $0.05 to $0.08 per share using
approximately 45.5 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
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), Adjusted EBITDA, 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, provision for income taxes,
stock-based compensation, amortization of acquired intangible
assets, shareholder activism related costs, restructuring costs,
impairment 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 Adjusted EBITDA as net income (loss)
excluding interest expense, other (income) expense, net, provision
for income taxes, depreciation and amortization, amortization of
acquired intangible assets, amortization of cloud implementation
costs, stock-based compensation, restructuring costs, impairment
charges for underutilized real estate, and shareholder activism
related 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), non-GAAP net income
(loss), and Adjusted EBITDA 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),
non-GAAP net income (loss), and Adjusted EBITDA 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,” “target,” “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 AI-powered Analytics and Content Engine, 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 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 (Unaudited)
(in thousands)
June 30, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
15,485
$
53,209
Marketable securities
178,317
145,497
Accounts receivable, net
24,025
37,939
Deferred contract acquisition costs,
current
11,932
12,428
Prepaid expenses and other current
assets
6,246
4,714
Total current assets
236,005
253,787
Property and equipment, net
5,344
5,371
Operating right-of-use assets
2,269
2,981
Intangible asset, net
984
1,305
Deferred contract acquisition costs,
non-current
13,391
15,756
Other long-term assets
1,019
1,102
Total assets
$
259,012
$
280,302
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,014
$
1,914
Accrued and other current liabilities
14,627
16,907
Deferred revenue
66,007
74,358
Finance lease liabilities, current
—
127
Operating lease liabilities, current
2,856
2,779
Total current liabilities
85,504
96,085
Operating lease liabilities,
non-current
1,101
2,483
Other long-term liabilities
1,560
1,517
Total liabilities
88,165
100,085
Stockholders’ equity
Common stock
4
4
Additional paid-in capital
498,574
485,291
Accumulated deficit
(327,391
)
(305,513
)
Accumulated other comprehensive income
(loss)
(340
)
435
Total stockholders’ equity
170,847
180,217
Total liabilities and stockholders’
equity
$
259,012
$
280,302
ON24, INC.
Condensed Consolidated
Statements of Operations (Unaudited)
(in thousands, except share
and per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue:
Subscription and other platform
$
34,147
$
38,336
$
68,976
$
77,700
Professional services
3,202
3,750
6,100
7,449
Total revenue
37,349
42,086
75,076
85,149
Cost of revenue:
Subscription and other platform(1)(4)
7,032
9,066
14,378
18,955
Professional services(1)(4)
2,506
3,134
4,942
6,451
Total cost of revenue
9,538
12,200
19,320
25,406
Gross profit
27,811
29,886
55,756
59,743
Operating expenses:
Sales and marketing(1)(4)
19,457
22,628
39,531
47,045
Research and development(1)(2)(4)
9,081
10,930
18,190
22,029
General and administrative(1)(3)(4)
12,332
12,105
23,568
26,383
Total operating expenses
40,870
45,663
81,289
95,457
Loss from operations
(13,059
)
(15,777
)
(25,533
)
(35,714
)
Interest expense
10
33
21
62
Other income, net
(2,305
)
(3,193
)
(4,582
)
(5,765
)
Loss before provision for income taxes
(10,764
)
(12,617
)
(20,972
)
(30,011
)
Provision for income taxes
411
230
906
426
Net loss
(11,175
)
(12,847
)
(21,878
)
(30,437
)
Net loss per share:
Basic and diluted
$
(0.27
)
$
(0.28
)
$
(0.53
)
$
(0.65
)
Weighted-average shares used in computing
net loss per share:
Basic and diluted
41,991,996
45,866,022
41,652,834
46,581,527
(1)
Includes stock-based compensation as follows:
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Cost of revenue
Subscription and other platform
$
687
$
709
$
1,355
$
1,494
Professional services
129
144
250
296
Total cost of revenue
816
853
1,605
1,790
Sales and marketing
3,338
3,555
6,396
6,612
Research and development
2,246
2,363
4,374
4,384
General and administrative
5,676
4,834
10,038
8,940
Total stock-based compensation expense
$
12,076
$
11,605
$
22,413
$
21,726
(2)
Research and development expense includes amortization of
acquired intangible asset of $138 thousand and $276 thousand for
the three and six months ended June 30, 2024, respectively, and
$135 thousand and $277 thousand for the three and six months ended
June 30, 2023, respectively, in connection with the Vibbio
acquisition in April 2022.
(3)
General and administrative expense includes fees related to
shareholder activism of $210 thousand and $2,656 thousand for the
three and six months ended June 30, 2023, respectively. We did not
incur such fees in the three and six months ended June 30,
2024.
(4)
The results of operations for the three and six months ended
June 30, 2024 and 2023 includes restructuring costs, which
primarily represent severance and related expense due to
restructuring activities, and impairment charge on our
headquarters’ lease, as follows:
Three Months Ended June 30,
2024
Six Months Ended June 30,
2024
Severance
and related
Charges
Lease
Impairment
Charge
Total
Severance
and related
Charges
Lease
Impairment
Charge
Total
Cost of revenue
Subscription and other platform
$
21
$
—
$
21
$
213
$
—
$
213
Professional services
1
—
1
13
—
13
Total cost of revenue
22
—
22
226
—
226
Sales and marketing
330
—
330
1,005
—
1,005
Research and development
—
—
—
112
—
112
General and administrative
149
—
149
339
—
339
Total restructuring costs
$
501
$
—
$
501
$
1,682
$
—
$
1,682
Three Months Ended June 30,
2023
Six Months Ended June 30,
2023
Severance
and related
Charges
Lease
Impairment
Charge
Total
Severance
and related
Charges
Lease
Impairment
Charge
Total
Cost of revenue
Subscription and other platform
$
720
$
89
$
809
$
1,505
$
89
$
1,594
Professional services
50
101
151
104
101
205
Total cost of revenue
770
190
960
1,609
190
1,799
Sales and marketing
597
208
805
1,808
208
2,016
Research and development
340
472
812
1,113
472
1,585
General and administrative
52
339
391
282
339
621
Total restructuring costs
$
1,759
$
1,209
$
2,968
$
4,812
$
1,209
$
6,021
ON24, INC.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Cash flows from operating
activities:
Net loss
$
(11,175
)
$
(12,847
)
$
(21,878
)
$
(30,437
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,221
1,375
2,454
2,792
Stock-based compensation expense
12,076
11,605
22,413
21,726
Amortization of deferred contract
acquisition cost
3,752
3,951
7,595
7,844
Provision for allowance for doubtful
accounts and billing reserves
576
798
1,201
1,699
Non-cash lease expense
388
444
779
941
Accretion of marketable securities
(1,428
)
(1,885
)
(2,935
)
(3,711
)
Lease impairment charge
—
1,209
—
1,209
Other
35
28
70
156
Change in operating assets and
liabilities:
Accounts receivable
3,922
1,339
12,713
10,744
Deferred contract acquisition cost
(2,305
)
(2,717
)
(4,734
)
(6,263
)
Prepaid expenses and other assets
635
1,221
(1,743
)
(848
)
Accounts payable
478
882
344
(471
)
Accrued liabilities
1,014
(1,658
)
(2,888
)
(2,747
)
Deferred revenue
(7,110
)
(6,707
)
(8,351
)
(8,994
)
Other liabilities
(691
)
(1,354
)
(1,514
)
(2,123
)
Net cash provided by (used in) operating
activities
1,388
(4,316
)
3,526
(8,483
)
Cash flows from investing
activities:
Purchase of property and equipment
(490
)
(554
)
(1,528
)
(732
)
Purchase of marketable securities
(52,328
)
(76,234
)
(126,421
)
(195,825
)
Proceeds from maturities of marketable
securities
53,127
77,260
91,648
276,470
Proceeds from sale of marketable
securities
—
—
4,360
9,321
Net cash provided by (used in) investing
activities
309
472
(31,941
)
89,234
Cash flows from financing
activities:
Proceeds from exercise of stock
options
241
629
994
884
Proceeds from issuance of common stock
under ESPP
367
546
367
546
Payment for repurchase of common stock
(5,006
)
(22,586
)
(10,276
)
(33,306
)
Payment of cash dividend
—
(49,872
)
—
(49,872
)
Repayment of equipment loans
(36
)
(60
)
(72
)
(131
)
Repayment of finance lease obligations
(44
)
(531
)
(127
)
(942
)
Net cash used in financing activities
(4,478
)
(71,874
)
(9,114
)
(82,821
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(24
)
99
(197
)
229
Net decrease in cash, cash equivalents and
restricted cash
(2,805
)
(75,619
)
(37,726
)
(1,841
)
Cash, cash equivalents and restricted
cash, beginning of period
18,377
100,947
53,298
27,169
Cash, cash equivalents and restricted
cash, end of period
$
15,572
$
25,328
$
15,572
$
25,328
Reconciliation of cash, cash
equivalents, and restricted cash to the condensed consolidated
balance sheets:
Cash and cash equivalents
$
15,485
$
25,158
$
15,485
$
25,158
Restricted cash included in other assets,
non-current
87
170
87
170
Total cash, cash equivalent and restricted
cash
$
15,572
$
25,328
$
15,572
$
25,328
ON24, INC.
Reconciliation of GAAP
to Non-GAAP Results (Unaudited)
(in thousands, except share
and per share data)
Reconciliation of gross profit and
gross margin
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
GAAP gross profit
$
27,811
$
29,886
$
55,756
$
59,743
Add:
Stock-based compensation
816
853
1,605
1,790
Restructuring costs
22
770
226
1,609
Impairment charge
—
190
—
190
Non-GAAP gross profit
$
28,649
$
31,699
$
57,587
$
63,332
GAAP gross margin
74
%
71
%
74
%
70
%
Non-GAAP gross margin
77
%
75
%
77
%
74
%
Reconciliation of operating
expenses
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
GAAP sales and marketing
$
19,457
$
22,628
$
39,531
$
47,045
Less:
Stock-based compensation
(3,338
)
(3,555
)
(6,396
)
(6,612
)
Restructuring costs
(330
)
(597
)
(1,005
)
(1,808
)
Impairment charge
—
(208
)
—
(208
)
Non-GAAP sales and marketing
$
15,789
$
18,268
$
32,130
$
38,417
GAAP research and development
$
9,081
$
10,930
$
18,190
$
22,029
Less:
Stock-based compensation
(2,246
)
(2,363
)
(4,374
)
(4,384
)
Restructuring costs
—
(340
)
(112
)
(1,113
)
Impairment charge
—
(472
)
—
(472
)
Amortization of acquired intangible
asset
(138
)
(135
)
(276
)
(277
)
Non-GAAP research and
development
$
6,697
$
7,620
$
13,428
$
15,783
GAAP general and administrative
$
12,332
$
12,105
$
23,568
$
26,383
Less:
Stock-based compensation
(5,676
)
(4,834
)
(10,038
)
(8,940
)
Restructuring costs
(149
)
(52
)
(339
)
(282
)
Impairment charge
—
(339
)
—
(339
)
Fees related to shareholder activism
—
(210
)
—
(2,656
)
Non-GAAP general and
administrative
$
6,507
$
6,670
$
13,191
$
14,166
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 loss
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net loss
$
(11,175
)
$
(12,847
)
$
(21,878
)
$
(30,437
)
Add:
Interest expense
10
33
21
62
Other income, net
(2,305
)
(3,193
)
(4,582
)
(5,765
)
Provision for income taxes
411
230
906
426
Stock-based compensation
12,076
11,605
22,413
21,726
Amortization of acquired intangible
asset
138
135
276
277
Restructuring costs
501
1,759
1,682
4,812
Impairment charge
—
1,209
—
1,209
Fees related to shareholder activism
—
210
—
2,656
Non-GAAP operating loss
$
(344
)
$
(859
)
$
(1,162
)
$
(5,034
)
Reconciliation of net loss to Adjusted
EBITDA
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net loss
$
(11,175
)
$
(12,847
)
$
(21,878
)
$
(30,437
)
Add:
Interest expense
10
33
21
62
Other income, net
(2,305
)
(3,193
)
(4,582
)
(5,765
)
Provision for income taxes
411
230
906
426
Depreciation and amortization
1,083
1,240
2,178
2,515
Amortization of acquired intangible
asset
138
135
276
277
Amortization of cloud implementation
costs
35
37
71
74
Stock-based compensation
12,076
11,605
22,413
21,726
Restructuring costs
501
1,759
1,682
4,812
Impairment charge
—
1,209
—
1,209
Fees related to shareholder activism
—
210
—
2,656
Adjusted EBITDA
$
774
$
418
$
1,087
$
(2,445
)
Reconciliation of net loss to non-GAAP
net income
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net loss
$
(11,175
)
$
(12,847
)
$
(21,878
)
$
(30,437
)
Add:
Stock-based compensation
12,076
11,605
22,413
21,726
Amortization of acquired intangible
asset
138
135
276
277
Restructuring costs
501
1,759
1,682
4,812
Impairment charge
—
1,209
—
1,209
Fees related to shareholder activism
—
210
—
2,656
Non-GAAP net income
$
1,540
$
2,071
$
2,493
$
243
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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
GAAP basic and diluted net loss per
share:
Net loss
$
(11,175
)
$
(12,847
)
$
(21,878
)
$
(30,437
)
Weighted average common stock outstanding,
basic and diluted
41,991,996
45,866,022
41,652,834
46,581,527
Net loss per share, basic and diluted
$
(0.27
)
$
(0.28
)
$
(0.53
)
$
(0.65
)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Non-GAAP basic and diluted net income
per share:
Net loss
$
(11,175
)
$
(12,847
)
$
(21,878
)
$
(30,437
)
Add:
Stock-based compensation
12,076
11,605
22,413
21,726
Amortization of acquired intangible
asset
138
135
276
277
Restructuring costs
501
1,759
1,682
4,812
Impairment charge
—
1,209
—
1,209
Fees related to shareholder activism
—
210
—
2,656
Non-GAAP net income
$
1,540
$
2,071
$
2,493
$
243
Non-GAAP weighted-average common stock
outstanding
Basic
41,991,996
45,866,022
41,652,834
46,581,527
Diluted
45,802,883
50,716,390
45,713,706
51,120,544
Non-GAAP net income per share of common
stock:
Basic
$
0.04
$
0.05
$
0.06
$
0.01
Diluted
$
0.03
$
0.04
$
0.05
$
—
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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net cash provided by (used in) operating
activities:
$
1,388
$
(4,316
)
$
3,526
$
(8,483
)
Less: Purchases of property and
equipment
(490
)
(554
)
(1,528
)
(732
)
Free cash flow
$
898
$
(4,870
)
$
1,998
$
(9,215
)
ON24, INC.
Revenue
(in thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Core Platform
Subscription and other platform
$
33,479
$
37,000
$
67,539
$
74,811
Professional services
3,006
3,460
5,761
6,855
Total core platform revenue
$
36,485
$
40,460
$
73,300
$
81,666
Virtual Conference
Subscription and other platform
$
668
$
1,336
$
1,437
$
2,889
Professional services
196
290
339
594
Total virtual conference revenue
$
864
$
1,626
$
1,776
$
3,483
Revenue
Subscription and other platform
$
34,147
$
38,336
$
68,976
$
77,700
Professional services
3,202
3,750
6,100
7,449
Total revenue
$
37,349
$
42,086
$
75,076
$
85,149
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806665591/en/
Media Contact: Tessa Barron press@on24.com
Investor Contact: Lauren Sloane, The Blueshirt Group for
ON24 investorrelations@on24.com
ON24 (NYSE:ONTF)
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