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Dec 31, 2023
OneSpan Q4 2023 Earnings Report
Reported strong operational rigor and accelerated cost reduction actions, resulting in improved GAAP operating margin and adjusted EBITDA margin.
Key Takeaways
OneSpan reported an 11% year-over-year increase in fourth-quarter revenue, reaching $62.9 million, driven by strong operational execution and cost reduction initiatives. The company's GAAP operating margin was 3%, and the adjusted EBITDA margin was 18%, marking a significant improvement from the previous year. For the full year, revenue grew by 7% to $235.1 million.
Fourth quarter revenue grew 11% year-over-year to $62.9 million.
Subscription revenue in the fourth quarter increased by 15% year-over-year to $27.3 million.
ARR grew 11% year-over-year to $154.6 million.
Operating income was $1.8 million, compared to operating loss of $4.0 million in the same period last year.
OneSpan
OneSpan
OneSpan Revenue by Segment
Revenue by Segment
Security Solutions Revenue
CapyFin.comDigital Agreements Revenue
CapyFin.com Forward Guidance
OneSpan expects revenue to be in the range of $238 million to $246 million. ARR to be in the range of $160 million to $168 million. Adjusted EBITDA to be in the range of $47 million to $52 million.
Positive Outlook
- Revenue to be in the range of $238 million to $246 million, consistent with our previously communicated target range of low to mid-single digit growth.
- ARR to be in the range of $160 million to $168 million.
- Adjusted EBITDA to be in the range of $47 million to $52 million, consistent with the low to mid-range of our previously communicated target of 20% to 23% margin for the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income