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Mar 31, 2021
OneSpan Q1 2021 Earnings Report
OneSpan's financial performance declined with revenue decrease, while recurring revenue and ARR experienced growth.
Key Takeaways
OneSpan reported a decrease in total revenue by 10% to $50.8 million, but showed growth in recurring revenue and ARR. The company experienced a GAAP net loss of $9.2 million, and a non-GAAP net loss of $6.2 million.
Total revenue decreased by 10% to $50.8 million.
Recurring revenue increased by 12% to $28.9 million.
Annual Recurring Revenue (ARR) grew by 29% to $108.5 million.
GAAP net loss was $9.2 million.
Forward Guidance
For the full year 2021, OneSpan expects total revenue between $215 million and $225 million, recurring revenue between $120 million and $125 million, ARR growth of 22% to 26%, and adjusted EBITDA approximately break-even. For the second quarter of 2021, the company expects ARR growth of 25% - 30%, and for recurring revenue to increase sequentially and year-over-year.
Positive Outlook
- Recurring revenue is expected to increase sequentially and year-over-year.
- ARR growth of 25% - 30% expected in Q2 2021.
- Second half 2021 revenue is expected to exceed first half revenue.
- Company expects profitability to improve in the second quarter on higher revenues with increasing contributions from software and services.
- Recurring revenue in the range of $120 million to $125 million for the full year 2021
Challenges Ahead
- Total revenue in the range of $215 million to $225 million for the full year 2021.
- Perpetual license and hardware revenues decline as company continues shift to a recurring model.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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