$OSPN
OneSpan Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514395876 Filed on November 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $62.43M $52.63M $39.16M
YoY Change 44.29% 34.42% 7.89%
Cost Of Revenue $29.20M $17.04M $14.10M
YoY Change 89.36% 20.82% 13.39%
Gross Profit $35.35M $35.60M $25.05M
YoY Change 26.96% 42.07% 5.03%
Gross Profit Margin 56.63% 67.63% 63.99%
Selling, General & Admin $15.62M $16.17M $13.84M
YoY Change -6.07% 16.79% 9.74%
% of Gross Profit 44.18% 45.42% 55.26%
Research & Development $3.760M $4.441M $5.065M
YoY Change -37.95% -12.32% 12.86%
% of Gross Profit 10.64% 12.48% 20.22%
Depreciation & Amortization $1.480M $1.510M $1.540M
YoY Change -4.52% -1.95% 73.03%
% of Gross Profit 4.19% 4.24% 6.15%
Operating Expenses $22.65M $21.75M $20.02M
YoY Change -4.87% 8.64% 13.9%
Operating Profit $12.71M $13.84M $5.031M
YoY Change 214.5% 175.13% -19.84%
Interest Expense -$230.0K -$1.170M $50.00K
YoY Change -866.67% -2440.0% -120.83%
% of Operating Profit -1.81% -8.45% 0.99%
Other Income/Expense, Net $290.0K -$986.0K -$304.0K
YoY Change 123.08% 224.34% 66.12%
Pretax Income $12.77M $12.89M $4.775M
YoY Change 204.05% 169.97% -22.42%
Income Tax $1.790M $1.682M $1.406M
% Of Pretax Income 14.02% 13.05% 29.45%
Net Earnings $11.92M $11.16M $3.322M
YoY Change 269.05% 236.03% -26.33%
Net Earnings / Revenue 19.1% 21.21% 8.48%
Basic Earnings Per Share $0.30 $0.28 $0.09
Diluted Earnings Per Share $0.30 $0.28 $0.08
COMMON SHARES
Basic Shares Outstanding 39.67M shares 39.36M shares 38.91M shares
Diluted Shares Outstanding 39.54M shares 39.23M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.4M $125.9M $92.10M
YoY Change 39.35% 36.7% -4.16%
Cash & Equivalents $72.44M $80.99M $92.12M
Short-Term Investments $64.90M $44.90M
Other Short-Term Assets $1.160M $1.580M $1.140M
YoY Change -43.44% 38.6% -80.34%
Inventory $33.88M $31.43M $26.31M
Prepaid Expenses $2.312M $2.248M $2.883M
Receivables $29.99M $27.37M $27.59M
Other Receivables $600.0K $300.0K $700.0K
Total Short-Term Assets $206.2M $192.5M $154.1M
YoY Change 27.58% 24.87% 2.63%
LONG-TERM ASSETS
Property, Plant & Equipment $2.825M $2.977M $3.309M
YoY Change -10.17% -10.03% -15.15%
Goodwill $23.08M
YoY Change
Intangibles $13.79M $14.00M $17.78M
YoY Change -21.95% -21.26%
Long-Term Investments
YoY Change
Other Assets $7.260M $7.661M $2.681M
YoY Change 6.42% 185.75% -36.17%
Total Long-Term Assets $45.11M $47.83M $46.85M
YoY Change -10.19% 2.09% 67.92%
TOTAL ASSETS
Total Short-Term Assets $206.2M $192.5M $154.1M
Total Long-Term Assets $45.11M $47.83M $46.85M
Total Assets $251.3M $240.3M $201.0M
YoY Change 18.62% 19.56% 12.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.68M $8.786M $6.077M
YoY Change 67.45% 44.58% 19.16%
Accrued Expenses $13.90M $14.40M $11.50M
YoY Change 27.52% 25.22% 15.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.20M $44.31M $34.03M
YoY Change 21.81% 30.21% 28.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $55.00K $600.0K $200.0K
YoY Change -3.51% 200.0% 100.0%
Total Long-Term Liabilities $55.00K $600.0K $200.0K
YoY Change -3.51% 200.0% 100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.20M $44.31M $34.03M
Total Long-Term Liabilities $55.00K $600.0K $200.0K
Total Liabilities $45.47M $45.15M $34.36M
YoY Change 20.92% 31.39% 28.22%
SHAREHOLDERS EQUITY
Retained Earnings $125.9M $114.0M $89.17M
YoY Change 36.24% 27.8%
Common Stock $82.49M $40.00K $39.00K
YoY Change 206125.0% 2.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.9M $195.2M $166.6M
YoY Change
Total Liabilities & Shareholders Equity $251.3M $240.3M $201.0M
YoY Change 18.62% 19.56% 12.86%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $11.92M $11.16M $3.322M
YoY Change 269.05% 236.03% -26.33%
Depreciation, Depletion And Amortization $1.480M $1.510M $1.540M
YoY Change -4.52% -1.95% 73.03%
Cash From Operating Activities $11.64M $2.970M $4.760M
YoY Change 182.52% -37.61% -54.23%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$270.0K -$310.0K
YoY Change -56.14% -12.9% -26.19%
Acquisitions
YoY Change
Other Investing Activities -$20.01M -$14.93M -$20.00K
YoY Change 49925.0% 74550.0% -60.0%
Cash From Investing Activities -$20.24M -$15.21M -$310.0K
YoY Change 3164.52% 4806.45% -35.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 130.0K 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 11.64M 2.970M 4.760M
Cash From Investing Activities -20.24M -15.21M -310.0K
Cash From Financing Activities 0.000 130.0K 0.000
Net Change In Cash -8.600M -12.11M 4.450M
YoY Change -229.32% -372.13% -55.54%
FREE CASH FLOW
Cash From Operating Activities $11.64M $2.970M $4.760M
Capital Expenditures -$250.0K -$270.0K -$310.0K
Free Cash Flow $11.89M $3.240M $5.070M
YoY Change 153.52% -36.09% -53.14%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Accounting for Leases</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> All of our leases are operating leases. Rent expense on facility leases is charged evenly over the life of the lease, regardless of the timing of actual payments.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Estimates and Assumptions</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
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Cash equivalents are high-quality short term money market instruments, with original maturities of three months or less.
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