$OSPN
OneSpan Inc.

2017 Q3 Form 10-Q Financial Statement

#000119312517247151 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q4
Revenue $51.13M $45.69M $47.60M
YoY Change 17.14% -15.84% -6.47%
Cost Of Revenue $14.48M $13.65M $15.64M
YoY Change 25.4% -23.09% -20.97%
Gross Profit $36.65M $32.05M $31.95M
YoY Change 21.96% -12.32% -3.17%
Gross Profit Margin 71.68% 70.14% 67.13%
Selling, General & Admin $23.84M $23.93M $21.94M
YoY Change 7.31% -3.21% 7.87%
% of Gross Profit 65.05% 74.66% 68.66%
Research & Development $5.490M $6.320M $5.600M
YoY Change -18.98% 1.25% 40.35%
% of Gross Profit 14.98% 19.72% 17.53%
Depreciation & Amortization $2.630M $2.630M $2.850M
YoY Change -0.75% -1.13% 46.91%
% of Gross Profit 7.18% 8.21% 8.92%
Operating Expenses $31.53M $32.45M $29.77M
YoY Change 8.21% -2.16% 6.95%
Operating Profit $5.120M -$400.0K $2.186M
YoY Change 461.4% -111.81% -57.7%
Interest Expense $390.0K $320.0K $380.0K
YoY Change 69.57% 220.0% -83.76%
% of Operating Profit 7.62% 17.38%
Other Income/Expense, Net -$180.0K $373.0K $160.0K
YoY Change -234.33% 48.02% -107.27%
Pretax Income $5.310M $313.0K $2.730M
YoY Change 316.47% -91.77% -48.59%
Income Tax $2.560M $203.0K -$2.280M
% Of Pretax Income 48.21% 64.86% -83.52%
Net Earnings $2.760M $110.0K $5.012M
YoY Change 477.41% -96.11% 43.86%
Net Earnings / Revenue 5.4% 0.24% 10.53%
Basic Earnings Per Share $0.00 $0.13
Diluted Earnings Per Share $69.31K $0.00 $0.13
COMMON SHARES
Basic Shares Outstanding 40.17M shares 39.80M shares 40.20M shares
Diluted Shares Outstanding 39.84M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.7M $156.2M $144.2M
YoY Change 12.16% 15.02% 16.76%
Cash & Equivalents $49.30M $56.40M $49.35M
Short-Term Investments $109.5M $99.80M $94.90M
Other Short-Term Assets $8.700M $4.655M $5.596M
YoY Change 111.78% 6.28% 17.12%
Inventory $17.40M $17.68M $17.42M
Prepaid Expenses $3.642M $3.249M
Receivables $34.60M $28.32M $36.69M
Other Receivables $0.00 $0.00 $200.0K
Total Short-Term Assets $219.4M $210.5M $207.2M
YoY Change 12.53% 8.3% 12.98%
LONG-TERM ASSETS
Property, Plant & Equipment $3.800M $3.290M $3.281M
YoY Change -1.2% -19.24% 5.87%
Goodwill $55.76M $54.41M
YoY Change
Intangibles $42.21M $47.62M
YoY Change 26.12% 22.13%
Long-Term Investments
YoY Change
Other Assets $16.00M $17.21M $15.87M
YoY Change 12.82% 52.82% 142.88%
Total Long-Term Assets $116.3M $118.5M $120.1M
YoY Change -3.22% -1.06% -6.5%
TOTAL ASSETS
Total Short-Term Assets $219.4M $210.5M $207.2M
Total Long-Term Assets $116.3M $118.5M $120.1M
Total Assets $335.7M $329.0M $327.3M
YoY Change 6.53% 4.73% 4.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.000M $8.377M $8.915M
YoY Change -10.5% 5.65% 1.27%
Accrued Expenses $19.00M $16.40M $16.30M
YoY Change 21.79% 5.81% -9.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $60.10M $58.09M $67.96M
YoY Change 3.53% -0.63% 22.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.500M $9.489M $1.878M
YoY Change 18527.45% 15983.05% 2371.05%
Total Long-Term Liabilities $9.500M $9.489M $1.878M
YoY Change 18527.45% 15983.05% 2371.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.10M $58.09M $67.96M
Total Long-Term Liabilities $9.500M $9.489M $1.878M
Total Liabilities $70.40M $68.40M $70.69M
YoY Change 19.44% 14.88% 10.85%
SHAREHOLDERS EQUITY
Retained Earnings $179.2M $178.6M
YoY Change 3.57% 6.26%
Common Stock $88.40M $87.52M
YoY Change 0.74% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $265.3M $260.6M $256.6M
YoY Change
Total Liabilities & Shareholders Equity $335.7M $329.0M $327.3M
YoY Change 6.53% 4.73% 4.95%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income $2.760M $110.0K $5.012M
YoY Change 477.41% -96.11% 43.86%
Depreciation, Depletion And Amortization $2.630M $2.630M $2.850M
YoY Change -0.75% -1.13% 46.91%
Cash From Operating Activities $3.080M $10.26M $3.530M
YoY Change -69.2% -12.61% -83.21%
INVESTING ACTIVITIES
Capital Expenditures -$630.0K -$520.0K -$100.0K
YoY Change 125.0% -3.7% -78.26%
Acquisitions
YoY Change
Other Investing Activities -$9.670M -$9.830M $14.90M
YoY Change -30.48% -78.33% -118.75%
Cash From Investing Activities -$10.30M -$10.35M $14.80M
YoY Change -27.41% -77.46% -118.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.00K -50.00K -50.00K
YoY Change -91.38% -99.17%
NET CHANGE
Cash From Operating Activities 3.080M 10.26M 3.530M
Cash From Investing Activities -10.30M -10.35M 14.80M
Cash From Financing Activities -60.00K -50.00K -50.00K
Net Change In Cash -7.280M -140.0K 18.28M
YoY Change 73.75% -99.6% -128.15%
FREE CASH FLOW
Cash From Operating Activities $3.080M $10.26M $3.530M
Capital Expenditures -$630.0K -$520.0K -$100.0K
Free Cash Flow $3.710M $10.78M $3.630M
YoY Change -63.91% -12.21% -83.1%

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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>Note 8 &#x2013; Contingencies</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> During the second quarter of 2015, our management became aware that certain of our products which were sold by our European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties whose property and interests in property may be blocked pursuant to Executive Order 13224, Executive Order 13382 or that may be identified under Section&#xA0;560.304 of 31 C.F.R. Part 560 as the &#x201C;Government of Iran&#x201D;.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> We ceased shipping to such distributor. In addition, the Audit Committee of the Company&#x2019;s Board of Directors initiated an internal review of this matter with the assistance of outside counsel. As a precautionary matter, concurrent initial notices of voluntary disclosure were submitted on June&#xA0;25, 2015 to each of the U.S. Department of the Treasury, Office of Foreign Assets Control (&#x201C;OFAC&#x201D;), and the U.S. Department of Commerce, Bureau of Industry and Security (&#x201C;BIS&#x201D;).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Audit Committee with the assistance of outside counsel completed their review in 2015. On December&#xA0;15, 2015, we filed a letter with BIS (Office of Export Enforcement) with the conclusion that the products supplied to the distributor were not subject to United States Export Control jurisdiction. The Office of Export Enforcement issued a &#x201C;no action&#x201D; letter, concluding the voluntary self-disclosure process under the Export Administration Regulations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On January&#xA0;13, 2016, we filed a letter with OFAC, with the conclusions that VASCO and its subsidiaries made no direct sales to Iran or any party listed by OFAC as a Specially Designated National over the five-year period under review (i.e., June&#xA0;1, 2010 to June&#xA0;30, 2015). The letter further noted that the investigation did not identify any involvement on the part of senior management officials of VASCO, and to the contrary, noted that VASCO executive management officials had sought to implement procedures and provided notices to VASCO&#x2019;s sales personnel to prevent the diversion of VASCO products to unauthorized destinations and end users.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> We have not received any response to the letter to OFAC and we cannot predict when OFAC will conclude their review of our voluntary self-disclosures. Based upon the OFAC guidelines for monetary penalties, in the fourth quarter of 2015, we accrued $900 for potential penalties if they are assessed by OFAC. Ultimately no penalty may be assessed or the penalty may be less or greater than the accrual, but in any event we do not believe that the final settlement will have a material adverse impact on our business.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On July&#xA0;28, 2015 a putative class action complaint was filed in the United States District Court for the Northern District of Illinois, captioned Linda J. Rossbach v. Vasco Data Security International, Inc., et al., case number <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">1:15-cv-06605,</font></font> naming VASCO and certain of its current and former executive officers&#xA0;as defendants and alleging violations under the Securities Exchange Act of 1934, as amended. The suit was purportedly filed on behalf of a putative class of investors who purchased VASCO securities between April&#xA0;28, 2015 and July&#xA0;28, 2015, and seeks to recover damages allegedly caused by the defendants&#x2019; alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule <font style="WHITE-SPACE: nowrap">10b-5</font> promulgated thereunder.&#xA0;The complaint seeks certification as a class action and unspecified compensatory damages plus interest and attorneys&#x2019; fees.&#xA0;Pursuant to a September&#xA0;1, 2015 scheduling order entered by the court, the lead plaintiff, once appointed, will have sixty days to file an amended complaint or notify the defendants that the lead plaintiff intends to rely on the current complaint.&#xA0;On January&#xA0;30, 2017, the appointed lead plaintiff filed an amended complaint in which the allegations regarding OFAC related matters were dropped and replaced with allegations regarding public disclosures made by the defendants in April 2015 as compared to public statements made in July 2015, generally regarding the strength of the Company&#x2019;s business and its future prospects.&#xA0;This case is now referred to by the name of the new lead plaintiff, Bunk. The defendants filed a motion to dismiss the Bunk complaint on March&#xA0;31, 2017. Although the ultimate outcome of litigation cannot be predicted with certainty, the Company believes that this lawsuit is without merit and intends to defend against the action vigorously. VASCO is indemnifying Messrs. Hunt, Valcke, and Bown for this matter.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On October&#xA0;9, 2015, a derivative complaint was filed in the United States District Court for the Northern District of Illinois, captioned Elizabeth Herrera v. Hunt, et al., case number <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">1:15-cv-08937,</font></font> naming VASCO&#x2019;s Board of Directors and certain of its current and former executive officers as individual defendants and the Company as a nominal defendant.&#xA0;The plaintiff in the Herrera case voluntarily dismissed the action on July&#xA0;12, 2017. Two additional complaints, captioned Beth Seltzer v. Hunt, et al., case number <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">2015-ch-15541,</font></font> and William Hooper v. Hunt, et al., case number <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">2016-ch-04054,</font></font> were filed on October&#xA0;22, 2015 and March&#xA0;22, 2016, respectively, in the Circuit Court of Cook County, Illinois naming the same defendants.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The complaints assert, among other things, that the individual defendants breached their fiduciary duties by making material misstatements in, and omitting material information from, the Company&#x2019;s public disclosures and by failing to maintain adequate internal controls and properly manage the Company. Among other things, the complaints seek unspecified compensatory damages and injunctive relief.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On October&#xA0;29, 2015, a defendant removed the Seltzer action to the United States District Court for the Northern District of Illinois. Thereafter, the plaintiff led a motion to remand the action back to the Circuit Court of Cook County, Illinois, which was denied on February&#xA0;3, 2016. On February&#xA0;9, 2016, the court granted an agreed motion for voluntary dismissal of the Seltzer action, which dismissed the action with prejudice as to the named plaintiff&#x2019;s individual claims. As for the Hooper action, the court granted a stay on June&#xA0;8, 2016 and on July&#xA0;18, 2017, the plaintiff in Hooper amended the complaint to largely mirror the amended complaint in Bunk.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2017, we learned that one of our integrated reseller customers, and certain of its end customers, were named as defendants in a patent infringement lawsuit in Japan related to our CRONTO technology. We have indemnification obligations in favor of our customer and are working with them to defend such suit. We believe there are strong grounds to argue that the plaintiff&#x2019;s patent is invalid and we are defending our technology vigorously. However, the outcome of this suit is uncertain. If the plaintiff were able to succeed in this case and impede our ability to sell, and our customers&#x2019; ability to use, products utilizing our CRONTO technology, then such result could have a material adverse impact on our business and results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On March&#xA0;14, 2017, a complaint was filed in the United States District Court for the District of Massachusetts, captioned StrikeForce Technologies, Inc. v. Vasco Data Security International, Inc., et al., claiming VASCO infringed on certain patent rights of the plaintiff. On May&#xA0;8, 2017, VASCO answered the complaint denying the allegations of patent infringement. The parties are currently engaged in early motion practice in the case. The plaintiff has also brought suit against various other companies in the cybersecurity industry. Although the ultimate outcome of litigation cannot be predicted with certainty, the Company believes that this lawsuit is without merit and intends to defend itself vigorously.</p> </div>
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