$OSPN
OneSpan Inc.

2024 Q3 Form 10-Q Financial Statement

#000162828024034222 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $56.24M $60.92M
YoY Change -4.41% 9.31%
Cost Of Revenue $14.69M $20.58M
YoY Change -19.13% -3.99%
Gross Profit $41.55M $40.34M
YoY Change 2.16% 17.63%
Gross Profit Margin 73.87% 66.22%
Selling, General & Admin $21.48M $22.07M
YoY Change -23.89% -37.91%
% of Gross Profit 51.7% 54.7%
Research & Development $7.533M $8.341M
YoY Change -25.66% -17.33%
% of Gross Profit 18.13% 20.68%
Depreciation & Amortization $1.400M $1.400M
YoY Change 40.0% 75.0%
% of Gross Profit 3.37% 3.47%
Operating Expenses $30.30M $32.70M
YoY Change -33.36% -37.18%
Operating Profit $11.25M $7.637M
YoY Change -334.71% -142.99%
Interest Expense $624.0K $521.0K
YoY Change 5.76% -10.94%
% of Operating Profit 5.55% 6.82%
Other Income/Expense, Net -$1.915M $331.0K
YoY Change -642.49% 1041.38%
Pretax Income $9.961M $8.489M
YoY Change -358.46% -149.5%
Income Tax $1.688M $1.936M
% Of Pretax Income 16.95% 22.81%
Net Earnings $8.273M $6.553M
YoY Change -300.17% -136.92%
Net Earnings / Revenue 14.71% 10.76%
Basic Earnings Per Share $0.21 $0.17
Diluted Earnings Per Share $0.21 $0.17
COMMON SHARES
Basic Shares Outstanding 37.87M shares 37.85M shares
Diluted Shares Outstanding 39.46M shares 39.01M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.48M $63.84M
YoY Change 13.11% -23.17%
Cash & Equivalents $77.48M $63.84M
Short-Term Investments
Other Short-Term Assets $9.092M $11.10M
YoY Change -12.38% 19.08%
Inventory $13.02M $12.51M
Prepaid Expenses $6.703M $6.126M
Receivables $28.84M $43.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $141.9M $143.9M
YoY Change -2.87% -10.06%
LONG-TERM ASSETS
Property, Plant & Equipment $20.84M $20.25M
YoY Change 26.15% 29.82%
Goodwill $96.13M $93.07M
YoY Change 5.21% -0.24%
Intangibles $8.117M $8.679M
YoY Change -31.86% -31.27%
Long-Term Investments
YoY Change
Other Assets $12.67M $12.04M
YoY Change 19.42% 13.48%
Total Long-Term Assets $147.4M $143.0M
YoY Change 7.88% 3.1%
TOTAL ASSETS
Total Short-Term Assets $141.9M $143.9M
Total Long-Term Assets $147.4M $143.0M
Total Assets $289.3M $286.9M
YoY Change 2.33% -3.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.28M $14.59M
YoY Change -19.71% -17.11%
Accrued Expenses $15.36M $20.51M
YoY Change -28.58% -16.99%
Deferred Revenue $48.42M $55.93M
YoY Change -4.61% 6.79%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.44M $93.70M
YoY Change -11.92% -3.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.780M $3.212M
YoY Change -6.18% 5.42%
Total Long-Term Liabilities $2.780M $3.212M
YoY Change -6.18% 5.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.44M $93.70M
Total Long-Term Liabilities $2.780M $3.212M
Total Liabilities $94.69M $108.3M
YoY Change -10.14% -3.36%
SHAREHOLDERS EQUITY
Retained Earnings $127.2M $119.0M
YoY Change 29.17% 15.91%
Common Stock $122.1M $120.3M
YoY Change 6.02% 5.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $194.6M $178.6M
YoY Change
Total Liabilities & Shareholders Equity $289.3M $286.9M
YoY Change 2.33% -3.95%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $8.273M $6.553M
YoY Change -300.17% -136.92%
Depreciation, Depletion And Amortization $1.400M $1.400M
YoY Change 40.0% 75.0%
Cash From Operating Activities $13.98M $2.302M
YoY Change -287.64% -111.73%
INVESTING ACTIVITIES
Capital Expenditures $1.966M $2.280M
YoY Change -23.2% -33.51%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.966M -$2.280M
YoY Change -23.2% -33.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -801.0K -236.0K
YoY Change -81.42% -47.32%
NET CHANGE
Cash From Operating Activities 13.98M 2.302M
Cash From Investing Activities -1.966M -2.280M
Cash From Financing Activities -801.0K -236.0K
Net Change In Cash 11.21M -214.0K
YoY Change -178.3% -99.09%
FREE CASH FLOW
Cash From Operating Activities $13.98M $2.302M
Capital Expenditures $1.966M $2.280M
Free Cash Flow $12.01M $22.00K
YoY Change -220.01% -100.1%

Facts In Submission

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<div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP 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.</span></div>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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113340000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
60924000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1826000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1485000 usd
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
6038000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7042000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
93072000 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
90081000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
81402000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
91745000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
80913000 usd
CY2024Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
700000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
1400000 usd
CY2023Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
700000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
1300000 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36242000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32251000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13529000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18722000 usd
us-gaap Depreciation
Depreciation
1500000 usd
CY2024Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0 usd
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1536000 usd
ospn Accounts Receivable Credit Loss Expense
AccountsReceivableCreditLossExpense
2000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
34000 usd
ospn Accounts Receivable Allowance For Credit Loss Foreign Currency Translation
AccountsReceivableAllowanceForCreditLossForeignCurrencyTranslation
2000 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1506000 usd
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
534000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
794000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1193000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1567000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06
us-gaap Operating Lease Payments
OperatingLeasePayments
1300000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2000000.0 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1137000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1864000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1854000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1671000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1566000 usd
CY2024Q2 ospn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
2167000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1558000 usd
CY2024Q2 ospn Lessee Operating Lease Liability Accrued Early Lease Termination Fees Amount
LesseeOperatingLeaseLiabilityAccruedEarlyLeaseTerminationFeesAmount
714000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
9415000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.14
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4400000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3800000 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1908000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4503000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3448000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
8315000 usd
CY2024Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
86000 usd
CY2023Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
68000 usd
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
167000 usd
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
179000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1994000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4571000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3615000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8494000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
6553000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-17751000 usd
us-gaap Net Income Loss
NetIncomeLoss
20021000 usd
us-gaap Net Income Loss
NetIncomeLoss
-26107000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38529000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40399000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38229000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40435000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
478000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
451000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39007000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40399000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38680000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40435000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
CY2024Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1100000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
5015000 usd
us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
2882000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
4367000 usd
CY2024Q2 us-gaap Restructuring Reserve
RestructuringReserve
3530000 usd

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0001628280-24-034222.txt Edgar Link pending
0001628280-24-034222-xbrl.zip Edgar Link pending
exhibit101_formofperforman.htm Edgar Link pending
exhibit1022024formofexecut.htm Edgar Link pending
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