OneSpan provides restructuring update: expects ~85% workforce reduction completion by year-end, $31M annual savings

OneSpan Inc.

Completed significant workforce reductions in Q3; expects 85% of planned cuts done by end of 2023 with ~$31M annualized savings.
Restructuring charges estimated at $11-12M for employee transition and severance; most remaining cuts in 2024.
Reaffirms FY2023 revenue guidance $226-232M, adjusted EBITDA $0-3M; targeting FY2024 adj. EBITDA margin ≥20%.
Cash balance expected ~$65-70M at year-end 2023, including $7M restructuring payments and $3.5M in Q3 share repurchases.
Board considering additional mechanisms to return excess capital to shareholders amid limited trading liquidity.

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