$OSPN
OneSpan Inc.

2014 Q4 Form 10-K Financial Statement

#000119312515090635 Filed on March 13, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 2013 Q4
Revenue $62.43M $201.5M $43.27M
YoY Change 44.29% 29.98% 11.4%
Cost Of Revenue $29.20M $75.90M $15.42M
YoY Change 89.36% 37.55% 6.64%
Gross Profit $35.35M $125.6M $27.85M
YoY Change 26.96% 25.8% 14.21%
Gross Profit Margin 56.63% 62.34% 64.36%
Selling, General & Admin $15.62M $64.48M $16.63M
YoY Change -6.07% 4.81% 6.88%
% of Gross Profit 44.18% 51.32% 59.72%
Research & Development $3.760M $18.55M $6.060M
YoY Change -37.95% -12.99% 25.99%
% of Gross Profit 10.64% 14.76% 21.76%
Depreciation & Amortization $1.480M $6.156M $1.550M
YoY Change -4.52% 22.09% 72.22%
% of Gross Profit 4.19% 4.9% 5.57%
Operating Expenses $22.65M $87.55M $23.81M
YoY Change -4.87% 1.62% 14.21%
Operating Profit $12.71M $38.09M $4.041M
YoY Change 214.5% 177.77% 14.18%
Interest Expense -$230.0K -$1.300M $30.00K
YoY Change -866.67% -750.0% -90.32%
% of Operating Profit -1.81% -3.41% 0.74%
Other Income/Expense, Net $290.0K -$286.0K $130.0K
YoY Change 123.08% -219.17% -165.0%
Pretax Income $12.77M $37.92M $4.200M
YoY Change 204.05% 168.67% 15.07%
Income Tax $1.790M $5.309M $870.0K
% Of Pretax Income 14.02% 14.0% 20.71%
Net Earnings $11.92M $33.48M $3.231M
YoY Change 269.05% 200.39% 60.19%
Net Earnings / Revenue 19.1% 16.61% 7.47%
Basic Earnings Per Share $0.30 $0.85 $0.08
Diluted Earnings Per Share $0.30 $0.85 $0.08
COMMON SHARES
Basic Shares Outstanding 39.67M shares 39.34M shares 39.47M shares
Diluted Shares Outstanding 39.50M shares

Balance Sheet

Concept 2014 Q4 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.4M $137.4M $98.60M
YoY Change 39.35% 39.35% -7.42%
Cash & Equivalents $72.44M $72.40M $98.61M
Short-Term Investments $64.90M $64.90M
Other Short-Term Assets $1.160M $4.400M $2.051M
YoY Change -43.44% -46.99% 4902.44%
Inventory $33.88M $33.90M $25.65M
Prepaid Expenses $2.312M $2.719M
Receivables $29.99M $30.00M $28.53M
Other Receivables $600.0K $600.0K $600.0K
Total Short-Term Assets $206.2M $206.2M $161.6M
YoY Change 27.58% 27.6% 1.39%
LONG-TERM ASSETS
Property, Plant & Equipment $2.825M $2.800M $3.145M
YoY Change -10.17% -9.68% -22.38%
Goodwill $23.53M
YoY Change 78.6%
Intangibles $13.79M $17.67M
YoY Change -21.95% 171.52%
Long-Term Investments
YoY Change
Other Assets $7.260M $7.300M $6.822M
YoY Change 6.42% 7.35% 104.5%
Total Long-Term Assets $45.11M $45.10M $50.23M
YoY Change -10.19% -10.34% 85.56%
TOTAL ASSETS
Total Short-Term Assets $206.2M $206.2M $161.6M
Total Long-Term Assets $45.11M $45.10M $50.23M
Total Assets $251.3M $251.3M $211.9M
YoY Change 18.62% 18.59% 13.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.68M $10.70M $6.378M
YoY Change 67.45% 67.19% -17.86%
Accrued Expenses $13.90M $13.90M $10.90M
YoY Change 27.52% 27.52% 10.1%
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 $45.20M $37.11M
YoY Change 21.81% 21.83% 23.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $55.00K $100.0K $57.00K
YoY Change -3.51% -50.0% -41.24%
Total Long-Term Liabilities $55.00K $100.0K $57.00K
YoY Change -3.51% -50.0% -41.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.20M $45.20M $37.11M
Total Long-Term Liabilities $55.00K $100.0K $57.00K
Total Liabilities $45.47M $45.50M $37.60M
YoY Change 20.92% 21.01% 24.56%
SHAREHOLDERS EQUITY
Retained Earnings $125.9M $92.40M
YoY Change 36.24% 13.72%
Common Stock $82.49M $40.00K
YoY Change 206125.0% 2.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.9M $205.9M $174.3M
YoY Change
Total Liabilities & Shareholders Equity $251.3M $251.3M $211.9M
YoY Change 18.62% 18.59% 13.6%

Cashflow Statement

Concept 2014 Q4 2014 2013 Q4
OPERATING ACTIVITIES
Net Income $11.92M $33.48M $3.231M
YoY Change 269.05% 200.39% 60.19%
Depreciation, Depletion And Amortization $1.480M $6.156M $1.550M
YoY Change -4.52% 22.09% 72.22%
Cash From Operating Activities $11.64M $41.62M $4.120M
YoY Change 182.52% 314.96% -56.95%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K $1.453M -$570.0K
YoY Change -56.14% 53.92% -3.39%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$20.01M $1.295M -$40.00K
YoY Change 49925.0% -585.02% 300.0%
Cash From Investing Activities -$20.24M -$67.80M -$620.0K
YoY Change 3164.52% 231.22% 1.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 180.0K 3.150M
YoY Change -100.0% -92.59% 1160.0%
NET CHANGE
Cash From Operating Activities 11.64M 41.62M 4.120M
Cash From Investing Activities -20.24M -67.80M -620.0K
Cash From Financing Activities 0.000 180.0K 3.150M
Net Change In Cash -8.600M -26.00M 6.650M
YoY Change -229.32% 224.59% -27.8%
FREE CASH FLOW
Cash From Operating Activities $11.64M $41.62M $4.120M
Capital Expenditures -$250.0K $1.453M -$570.0K
Free Cash Flow $11.89M $40.17M $4.690M
YoY Change 153.52% 342.08% -53.84%

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263000
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2750000
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18148000
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15727000
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2312000
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752000
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IndemnificationLiability
0
CY2014Q4 vdsi Deferred Tax Liabilities Tax Allowances
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1235000
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19849000
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23130000
CY2014Q4 vdsi Accumulated Amortization Goodwill
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922000
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122000
CY2014Q4 vdsi Deferred Tax Assets Deferred Expenses And Other
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124000
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86000
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22208000
CY2014Q4 vdsi Share Based Compensation Arrangement By Share Based Payment Award Number Of Options Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfOptionsOutstanding
0 shares
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4366000
CY2014Q4 vdsi Other Foreign Deductible Carry Forwards
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3568000
CY2014Q4 vdsi Deferred Tax Assets Depreciation And Amortization
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434000
CY2014Q4 vdsi Foreign Nol And Other Carry Forwards
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2629000
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10751000
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10331000
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0
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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1903000
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162000
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99871000
CY2013 us-gaap Income Taxes Paid Net
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3121000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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16138000
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2473000
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0
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13053000
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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180000
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155047000
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6492000
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114000
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19495000
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13712000
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-275000
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-624000
CY2013 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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1906000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
14114000
CY2013 us-gaap Payments To Acquire Intangible Assets
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294000
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240000
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944000
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11147000
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39000
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998000
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2865000
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CY2013 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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10967000
CY2013 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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3318000
CY2013 us-gaap Allocated Share Based Compensation Expense
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2587000
CY2013 us-gaap Deferred Income Tax Expense Benefit
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-7000
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5042000
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145000
CY2013 us-gaap Increase Decrease In Deferred Revenue
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6787000
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86159000
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21315000
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-289000
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3318000
CY2013 us-gaap Increase Decrease In Accrued Income Taxes Payable
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3641000
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145000
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0
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3325000
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CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
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-56000
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212000
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-2520000
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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4940000
CY2013 us-gaap Income Tax Expense Benefit
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3147000
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3400000
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2472000
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11000
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55176000
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1133000
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3318000
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-306000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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22000
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825000
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565000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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114000
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-306000
CY2013 us-gaap Current Foreign Tax Expense Benefit
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3121000
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3154000
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-6118000
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-310000
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-2424000
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21196000
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-1460000
CY2013 us-gaap Indefinite Lived Intangible Assets Translation Adjustments
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67000
CY2013 us-gaap Share Based Compensation
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2587000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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1429000
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0
CY2013 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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115000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
338000
CY2013 vdsi Tax Payments Related To Restricted Stock Unit Issuances
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998000
CY2013 vdsi Operating Loss Carryforwards Attributable To Tax Benefit From Exercise Of Stock Option
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9741000
CY2013 vdsi Increase Decrease In Value Added Tax Receivable
IncreaseDecreaseInValueAddedTaxReceivable
135000
CY2013 vdsi Intercompany Dividend
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30752000
CY2013 vdsi Entity Wide Percentage Of Revenue By Major Customer Percentage
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0.40 pure
CY2013 vdsi Product Warranty Accrual Provision For Claims
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216000
CY2014 us-gaap Earnings Per Share Diluted
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0.85
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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2.55
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
VASCO DATA SECURITY INTERNATIONAL INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
VDSI
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1000 shares
CY2014 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
38754000
CY2014 us-gaap Revenue Recognition Leases Operating
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <i>Accounting for Leases</i></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>
CY2014 us-gaap Valuation Allowances And Reserves Period Increase Decrease
ValuationAllowancesAndReservesPeriodIncreaseDecrease
101000
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.83
CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Estimates and Assumptions</i></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>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.02
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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35595000
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P18D
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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2.53
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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39499000 shares
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.83
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41214000
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2399000
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94856000
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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29016000
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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873000
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001044777
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
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0.02
CY2014 dei Document Fiscal Period Focus
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FY
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
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20000 shares
CY2014 dei Entity Current Reporting Status
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Yes
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39337000 shares
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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0
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-4468000
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118000
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127766000
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6109000
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201537000
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8222000
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51000
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0
CY2014 us-gaap Operating Income Loss
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38088000
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0
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-4468000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
37920000
CY2014 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
112000
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1295000
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1453000
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33484000
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0
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4660000
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123000
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-1150000
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-3294000
CY2014 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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32611000
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253000
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3250000
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579000
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6156000
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-165000
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2437000
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89678000
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19497000
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43362000
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
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361000
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253000
CY2014 us-gaap Increase Decrease In Accrued Income Taxes Payable
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-2063000
CY2014 us-gaap Product Warranty Accrual Payments
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204000
CY2014 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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29916000
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4532000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-26166000
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715000
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-9000
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-9107000
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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13272000
CY2014 us-gaap Income Tax Expense Benefit
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5309000
CY2014 us-gaap Operating Leases Rent Expense Net
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3061000
CY2014 us-gaap Capitalized Computer Software Additions
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0
CY2014 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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851000
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-497000
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123000
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38068000 shares
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0
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2399000
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73771000
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