OneSpan Q3 rev $58.8M (+3%), ARR $149.8M (+10%), guides up; $20M buyback; CAO leaving

OneSpan Inc.

2023-Q3 EPS reported -$0.75 revenue$172,178,000

Q3 revenue $58.8M (+3% YoY); subscription revenue $26.2M (+18%); ARR $149.8M (+10%); NRR 108%.
Net loss $4.1M ($0.10/share) improved from $7.2M loss; Non-GAAP net income $3.6M ($0.09); Adjusted EBITDA $6.3M vs $4.5M.
Raises FY2023 revenue guide to $228-232M and Adj EBITDA guide to $2-4M; FY2024 targets low-mid single digit rev growth, 20-23% Adj EBITDA margin.
Plans $20M modified Dutch auction tender offer (part of May 2022 repurchase program); announcement expected next week.
CAO John Bosshart to leave Dec 1 (not due to accounting disputes); CFO Jorge Martell to serve as principal accounting officer.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

John Bosshart

Chief Accounting Officer

OSPN · OneSpan Inc.

Effective: 2023-12-01
Successor: Jorge Martell
Filed: November 8, 2023, 6:59 PM ET

On November 3, 2023, the Company and John Bosshart, the Company’s Chief Accounting Officer, agreed in connection with the Company’s cost reduction initiatives that Mr. Bosshart will leave the Company effective December 1, 2023.

Role change

Jorge Martell

Chief Financial Officer and Principal Accounting Officer

OSPN · OneSpan Inc.

Effective: 2023-12-01
Filed: November 8, 2023, 6:59 PM ET

Jorge Martell, the Company’s Chief Financial Officer, will serve as the Company’s principal accounting officer effective upon Mr. Bosshart’s departure.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OneSpan Inc. reported the third quarter ended September 30, 2023 results: revenue $58.8 million, net income $(4.1) million, or $(0.10) per diluted share, EPS $(0.10) per diluted share. Guidance raised.

Period: the third quarter ended September 30, 2023
Revenue: $58.8 million
Net income: $(4.1) million, or $(0.10) per diluted share
EPS: $(0.10) per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

a filing. --- EX-99.1 (EX-99.1) --- OneSpan Reports Third Quarter 2023 Financial Results Third Quarter Financial Results • Third quarter revenue grew 3% year-over-year to $58.8 million • Third quarter subscription revenue grew 18% year-over-year to $26.2 million • Annual Recurring Revenue (ARR) grew 10% year-over-year to $149.8 million 1 • Net Retention Rate

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John Bosshart departed as Chief Accounting Officer at OneSpan Inc..

Action: leave
Role: Chief Accounting Officer

Exact text from the filing

On November 3, 2023, the Company and John Bosshart, the Company’s Chief Accounting Officer, agreed in connection with the Company’s cost reduction initiatives that Mr. Bosshart will leave the Company effective December 1, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jorge Martell changed role as Chief Financial Officer and Principal Accounting Officer at OneSpan Inc..

Action: will serve as
Role: Chief Financial Officer and Principal Accounting Officer

Exact text from the filing

Jorge Martell, the Company’s Chief Financial Officer, will serve as the Company’s principal accounting officer effective upon Mr. Bosshart’s departure.

View on SEC.gov

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

OneSpan Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-037811

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