$OSPN
OneSpan Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021014082 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $59.15M $52.28M $51.44M
YoY Change 11.76% 1.63% -35.45%
Cost Of Revenue $24.90M $14.86M $15.48M
YoY Change 82.14% -4.02% -41.96%
Gross Profit $37.47M $36.40M $34.95M
YoY Change -1.96% 4.12% -34.08%
Gross Profit Margin 63.34% 69.62% 67.95%
Selling, General & Admin $27.11M $25.66M $24.31M
YoY Change -7.18% 5.55% 2.79%
% of Gross Profit 72.37% 70.49% 69.54%
Research & Development $11.72M $11.36M $10.64M
YoY Change 16.92% 6.73% 6.9%
% of Gross Profit 31.27% 31.21% 30.45%
Depreciation & Amortization $2.166M $800.0K $700.0K
YoY Change -22.92% 14.29% 40.0%
% of Gross Profit 5.78% 2.2% 2.0%
Operating Expenses $43.43M $38.41M $37.31M
YoY Change 7.87% 2.95% 3.82%
Operating Profit -$5.959M -$2.016M -$2.355M
YoY Change 191.96% -14.39% -113.78%
Interest Expense $297.0K -$104.0K -$340.0K
YoY Change -84.53% -69.41% -79.64%
% of Operating Profit
Other Income/Expense, Net -$1.264M $283.0K $716.0K
YoY Change -6.37% -60.47% -144.44%
Pretax Income -$6.926M -$1.737M -$1.583M
YoY Change 367.97% 9.73% -110.08%
Income Tax $6.847M -$762.0K $95.00K
% Of Pretax Income
Net Earnings -$13.77M -$975.0K -$1.678M
YoY Change 684.34% -41.9% -114.16%
Net Earnings / Revenue -23.28% -1.87% -3.26%
Basic Earnings Per Share -$0.35 -$0.02 -$0.04
Diluted Earnings Per Share -$0.35 -$0.02 -$0.04
COMMON SHARES
Basic Shares Outstanding 39.97M 39.63K 40.03K
Diluted Shares Outstanding 39.63K 40.03K

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.49M $97.82M $112.7M
YoY Change -14.58% -13.21% 38.62%
Cash & Equivalents $63.38M $58.63M $85.93M
Short-Term Investments $35.11M $39.18M $26.80M
Other Short-Term Assets $9.356M $10.99M $7.831M
YoY Change 49.55% 40.37% -47.09%
Inventory $10.35M $11.72M $14.03M
Prepaid Expenses $7.594M $8.362M $6.439M
Receivables $56.61M $44.75M $54.48M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $187.1M $178.3M $202.1M
YoY Change -9.7% -11.81% 2.13%
LONG-TERM ASSETS
Property, Plant & Equipment $10.76M $10.96M $12.06M
YoY Change -9.11% -9.1% -38.78%
Goodwill $96.17M $96.22M $94.16M
YoY Change -1.41% 2.19%
Intangibles $22.03M $22.61M $28.74M
YoY Change -21.14% -21.32%
Long-Term Investments
YoY Change
Other Assets $13.80M $12.97M $10.45M
YoY Change 23.47% 24.11% 8.86%
Total Long-Term Assets $155.2M $163.1M $167.4M
YoY Change -7.64% -2.58% 0.0%
TOTAL ASSETS
Total Short-Term Assets $187.1M $178.3M $202.1M
Total Long-Term Assets $155.2M $163.1M $167.4M
Total Assets $342.3M $341.3M $369.5M
YoY Change -8.78% -7.63% 1.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.204M $7.881M $5.300M
YoY Change 44.33% 48.7% -59.54%
Accrued Expenses $24.28M $21.38M $20.90M
YoY Change 10.34% 2.29% -8.73%
Deferred Revenue $54.62M $42.38M $36.61M
YoY Change 25.8% 15.76%
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 $89.08M $73.33M $66.64M
YoY Change 18.29% 10.03% -6.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.770M $10.12M $8.227M
YoY Change -25.45% 22.97% -77.15%
Total Long-Term Liabilities $7.770M $10.12M $8.227M
YoY Change -25.45% 22.97% -77.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.08M $73.33M $66.64M
Total Long-Term Liabilities $7.770M $10.12M $8.227M
Total Liabilities $122.5M $110.7M $110.3M
YoY Change 3.93% 0.37% -0.79%
SHAREHOLDERS EQUITY
Retained Earnings $143.2M $156.9M $175.5M
YoY Change -17.59% -10.57%
Common Stock $100.3M $99.06M $97.42M
YoY Change 1.45% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.50M $12.50M
YoY Change 148.53%
Treasury Stock Shares
Shareholders Equity $219.8M $230.6M $259.2M
YoY Change
Total Liabilities & Shareholders Equity $342.3M $341.3M $369.5M
YoY Change -8.78% -7.63% 1.16%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$13.77M -$975.0K -$1.678M
YoY Change 684.34% -41.9% -114.16%
Depreciation, Depletion And Amortization $2.166M $800.0K $700.0K
YoY Change -22.92% 14.29% 40.0%
Cash From Operating Activities $1.684M -$5.613M $3.050M
YoY Change -77.52% -284.03% -66.59%
INVESTING ACTIVITIES
Capital Expenditures -$640.0K -$321.0K -$540.0K
YoY Change 64.1% -40.56% -83.18%
Acquisitions
YoY Change
Other Investing Activities $3.959M $3.400M -$60.00K
YoY Change -2739.33% -5766.67% -25.0%
Cash From Investing Activities $3.319M $3.079M -$600.0K
YoY Change -714.63% -613.17% -81.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -141.0K -5.115M -780.0K
YoY Change -97.24% 555.77% 550.0%
NET CHANGE
Cash From Operating Activities 1.684M -5.613M 3.050M
Cash From Investing Activities 3.319M 3.079M -600.0K
Cash From Financing Activities -141.0K -5.115M -780.0K
Net Change In Cash 4.862M -7.649M 1.670M
YoY Change 162.81% -558.02% -70.8%
FREE CASH FLOW
Cash From Operating Activities $1.684M -$5.613M $3.050M
Capital Expenditures -$640.0K -$321.0K -$540.0K
Free Cash Flow $2.324M -$5.292M $3.590M
YoY Change -70.51% -247.41% -70.91%

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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2287000
CY2020Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
3455000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39688
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40050
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39629
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40033
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39688
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40050
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-1678000
us-gaap Net Income Loss
NetIncomeLoss
-16811000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-377000
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-7000
CY2020Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
6000
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
18000
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
257340000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-897000
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1342000
CY2021Q1 ospn Adjustment To Additional Paid In Capital Tax Payments Related To Restricted Stock Share Issuances
AdjustmentToAdditionalPaidInCapitalTaxPaymentsRelatedToRestrictedStockShareIssuances
2139000
CY2021Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
15000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
246480000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
549000
CY2021Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1292000
CY2021Q2 ospn Adjustment To Additional Paid In Capital Tax Payments Related To Restricted Stock Share Issuances
AdjustmentToAdditionalPaidInCapitalTaxPaymentsRelatedToRestrictedStockShareIssuances
91000
CY2021Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2908000
CY2021Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-8000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
238645000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-975000
CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2283000
CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-347000
CY2021Q3 ospn Adjustment To Additional Paid In Capital Tax Payments Related To Restricted Stock Share Issuances
AdjustmentToAdditionalPaidInCapitalTaxPaymentsRelatedToRestrictedStockShareIssuances
552000
CY2021Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4563000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
230619000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
262294000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
4000
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4278000
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1350000
CY2020Q1 ospn Adjustment To Additional Paid In Capital Tax Payments Related To Restricted Stock Share Issuances
AdjustmentToAdditionalPaidInCapitalTaxPaymentsRelatedToRestrictedStockShareIssuances
293000
CY2020Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
258818000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
446000
CY2020Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-860000
CY2020Q2 ospn Adjustment To Additional Paid In Capital Tax Payments Related To Restricted Stock Share Issuances
AdjustmentToAdditionalPaidInCapitalTaxPaymentsRelatedToRestrictedStockShareIssuances
886000
CY2020Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-6000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
257207000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3455000
CY2020Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1022000
CY2020Q3 ospn Adjustment To Additional Paid In Capital Tax Payments Related To Restricted Stock Share Issuances
AdjustmentToAdditionalPaidInCapitalTaxPaymentsRelatedToRestrictedStockShareIssuances
784000
CY2020Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
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CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1101000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
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us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
379000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2347000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-27000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3694000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-897000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
322000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1860000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3268000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
6913000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
3376000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7429000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
45882000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
23295000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
33129000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
21980000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1529000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2710000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
17000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
98000
CY2021Q3 ospn Revenue From Contract With Customer Including Assessed Tax Percentage
RevenueFromContractWithCustomerIncludingAssessedTaxPercentage
1
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
89241000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
85129000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59500000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86778000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
900000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14299000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4123000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7471000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2782000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1963000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10253000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1963000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
306000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-29741000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1649000
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">Estimates and Assumptions</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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>
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2021Q3 us-gaap Restricted Cash
RestrictedCash
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CY2020Q3 us-gaap Restricted Cash
RestrictedCash
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CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
155328000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2020Q3 ospn Revenue From Contract With Customer Including Assessed Tax Percentage
RevenueFromContractWithCustomerIncludingAssessedTaxPercentage
1
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
155328000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
162763000
ospn Revenue From Contract With Customer Including Assessed Tax Percentage
RevenueFromContractWithCustomerIncludingAssessedTaxPercentage
1
ospn Revenue From Contract With Customer Including Assessed Tax Percentage
RevenueFromContractWithCustomerIncludingAssessedTaxPercentage
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CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
52276000
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
51439000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
155328000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
162763000
CY2021Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
44752000
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2021Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
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CY2020Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
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CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
22064000
CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2021Q3 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
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CY2021Q3 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
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CY2020Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
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CY2021Q3 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
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CY2020Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
5464000
CY2021Q3 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
419000
CY2020Q3 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
251000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1090000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
620000
CY2021Q3 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
4555000
CY2020Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
5439000
CY2021Q3 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
7160000
CY2020Q4 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
7654000
CY2021Q3 us-gaap Inventory Net
InventoryNet
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CY2020Q4 us-gaap Inventory Net
InventoryNet
13093000
CY2020Q4 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
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CY2021Q3 us-gaap Goodwill
Goodwill
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us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
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us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
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CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
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ospn Finite Lived Intangible Assets Disposals Other
FiniteLivedIntangibleAssetsDisposalsOther
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us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
22614000
CY2021Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
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CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
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CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1234000
us-gaap Operating Lease Cost
OperatingLeaseCost
3043000
us-gaap Operating Lease Cost
OperatingLeaseCost
3401000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q3 us-gaap Property Plant And Equipment Gross
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28648000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17686000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11835000
CY2021Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
2300000
CY2020Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
2100000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2470000
us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
300000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
702000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3238000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2564000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1771000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1639000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5930000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2646000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13198000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.10
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2021Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
7200000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
30000000.0
CY2020Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
119500000
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CY2021Q3 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2020Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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512000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
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1281000
us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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40033
us-gaap Weighted Average Number Of Shares Outstanding Basic
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39688
us-gaap Weighted Average Number Of Shares Outstanding Basic
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40050
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39629
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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40033
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39688
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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40050
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
us-gaap Earnings Per Share Diluted
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 14 – Legal Proceedings and Contingencies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We are a party to or have intellectual property subject to litigation and other proceedings that arise in the ordinary course of our business. These types of matters could result in fines, penalties, compensatory or treble damages or non-monetary sanctions or relief. We believe the probability is remote that the outcome of each of these matters, including the legal proceedings described below, will have a material adverse effect on the corporation as a whole, notwithstanding that the unfavorable resolution of any matter may have a material effect on our financial results in any particular interim reporting period. Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment and how we intend to respond to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> Although we cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may have been incurred, U.S. GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. We follow a process in which we seek to estimate the reasonably possible loss or range of loss, and only if we are unable to make such an estimate do we conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of legal proceedings, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> We include various types of indemnification clauses in our customer agreements. These indemnifications may include, but are not limited to, infringement claims related to our intellectual property, direct damages and consequential damages. The type and amount of such indemnifications vary substantially based on our assessment of risk and reward associated with each agreement. We believe the estimated fair value of these indemnification clauses is minimal, and we cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions. We have </span>no liabilities recorded for these clauses as of September 30, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> A complaint was filed on August 20, 2020 against OneSpan and certain of its officers, asserting claims for purported violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and SEC Rule 10b-5 promulgated thereunder, based on certain alleged material misstatements and omissions. The case is captioned Almendariz v. OneSpan Inc., et al., No. 1:20-cv-04906 (N.D. Ill.) (the “Securities Class Action”). Specifically, the plaintiff in the Securities Class Action alleges, among other things, that certain statements about OneSpan’s business </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">were misleading because of defendants’ failure to disclose that OneSpan purportedly had inadequate internal procedures and controls over financial reporting and related disclosures; and OneSpan purportedly downplayed the negative impacts of immaterial errors in its financial statements. On April 28, 2021, the Securities Class Action was dismissed by the court without prejudice.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> A complaint, related in subject matter to the Securities Class Action, was filed on October 23, 2020 against certain of OneSpan’s officers and directors, and names OneSpan as a nominal defendant. The case is captioned Klein v. Boroditzky, et al., No. 1:20-cv-06310 (N.D. Ill.) (the “Derivative Action” and, collectively with the Securities Class Action, the “Litigation”). The plaintiff asserts claims for breach of fiduciary duty, abuse of control and corporate waste, as well as a claim for contribution under Sections 10(b) and 21D of the Exchange Act, based on the same alleged wrongdoing pled in the Securities Class Action. On February 16, 2021, on the parties’ agreed motion, the court stayed the action pending a decision on the then-anticipated motion to dismiss in the Securities Class Action. On June 28, 2021 the Klein case was dismissed by the court without prejudice.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> On April 2, 2021, a different purported shareholder of the Company, represented by one of the same law firms representing plaintiff in the Klein case, filed second derivative suit in the Northern District of Illinois arising out of the same events that led to the filing of the Securities Class Action. The case is captioned Herrera v. Boroditsky, et al., 1:21-cv-01789 (N.D. Ill.). The factual allegations are substantially similar to those in Klein, except that the complaint does not contain express allegations regarding the pendency of the Securities Class Action and only one cause of action, for breach of fiduciary duty, is asserted. On June 28, 2021 the Herrera case was dismissed by the court without prejudice.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> From time to time, we have been involved in litigation and claims incidental to the conduct of our business, such as compensation claims from current or former employees in Europe or commercial disputes with vendors. We expect that to continue. Excluding matters specifically disclosed above, we are not a party to any lawsuit or proceeding that, in management’s opinion, is likely to have a material adverse effect on its business, financial condition or results of operations.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2021Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0

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