OneSpan Inc. (OSPN): restructuring charge — OneSpan Q2 2023 revenue $55.7M (+6%), net loss wider at $17.8M; cuts FY guidance, approves restructuring

OneSpan Inc.

2023-Q2 EPS reported -$0.65 revenue$113,340,000

Q2 revenue $55.7M (+6% YoY); subscription rev $23.0M (+16%). Net loss $17.8M (-$0.44/diluted) vs $9.4M loss a year ago.
Adjusted EBITDA -$3.8M vs -$1.5M a year ago. Full-year 2023 revenue guidance cut to $226M-232M (prev $232M-242M).
Board approves $15M-20M restructuring charges for workforce reductions, targeting $30M annual savings by end 2025.
Combined with prior plan, savings expected $50M-55M; targeting FY2024 adjusted EBITDA margin of 20%-23%.
ARR grew 8% to $144.4M; Net Retention Rate 106%.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OneSpan Inc. reported the second quarter ended June 30, 2023 results: revenue $55.7 million, net income $(0.44) per diluted share. Guidance reaffirmed.

Period: the second quarter ended June 30, 2023
Revenue: $55.7 million
Net income: $(0.44) per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Second Quarter 2023 Financial Results; Accelerates Plan to Drive Adjusted EBITDA Growth Second Quarter Financial Results • Second quarter revenue grew 6% year-over-year to $55.7 million • Second quarter subscription revenue grew 16% year-over-year to $23.0 million • Annual Recurring Revenue (ARR) grew 8% year-over-year to $144.4 million 1 • Net Retention Rate

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

OneSpan Inc. announced a restructuring with charges of from $15 million to $20 million.

Type: restructuring
Charge: from $15 million to $20 million

Exact text from the filing

The Company preliminarily estimates that it will incur from $15 million to $20 million i n restructuring charges associated with the additional cost reduction actions.

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36 earnings releases filed in the last 30 days. Browse all earnings releases →

OneSpan Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-028554

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