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Mar 31, 2024
ON24 Q1 2024 Earnings Report
Announced first quarter 2024 financial results, exceeding profitability targets for the 4th consecutive quarter and showing signs of customer base stabilization.
Key Takeaways
ON24 reported solid topline results with total revenue of $37.7 million, achieving profitability targets for the fourth consecutive quarter. The company saw continued stabilization in its customer base and expansion through its newly launched AI-powered next-generation platform.
Total Revenue of $37.7 million and exceeded profitability targets for 4th consecutive quarter
Continued signs of stabilization in customer base driven by positive trends in gross retention
Strong enterprise business performance metrics; including record percentage of ARR in multiyear agreements and highest ARR per customer
Growth ARR uplift from momentum of early adopters of the ON24 next gen platform and AI-powered offerings
Revenue by Segment
Forward Guidance
For the second quarter of 2024, ON24 expects total revenue of $35.8 million to $36.8 million and Non-GAAP net income per share of $0.00 to $0.02.
Positive Outlook
- Core Platform Revenue, including services, to be in the range of $35.0 million to $36.0 million.
- Total revenue of $35.8 million to $36.8 million.
- Non-GAAP net income per share of $0.00 to $0.02 using approximately 46.9 million diluted shares outstanding.
Challenges Ahead
- Looking forward, we are being prudent in our outlook for FY 2024 given continued pressure on marketing budgets
- Non-GAAP operating loss of $1.7 million to $0.7 million.
- Restructuring charge of $0.6 million to $0.9 million, excluded from the Non-GAAP amounts above.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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