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Jun 30, 2024
ON24 Q2 2024 Earnings Report
Announced second quarter 2024 financial results, exceeding profitability targets for the 5th consecutive quarter and generating positive free cash flow for the 2nd consecutive quarter.
Key Takeaways
ON24 reported Q2 2024 financial results, exceeding guidance on both top and bottom lines and delivering positive free cash flow. The company saw improvement in gross retention and growth in AI-powered ACE ARR.
Total revenue reached $37.3 million.
Profitability targets were exceeded for the 5th consecutive quarter.
Positive free cash flow was generated for the 2nd consecutive quarter.
Sequential improvement in gross retention was achieved.
ON24
ON24
ON24 Revenue by Segment
Revenue by Segment
Core Platform Revenue
CapyFin.comVirtual Conference Revenue
CapyFin.com Forward Guidance
For the third quarter of 2024, ON24 expects total revenue of $35.0 million to $36.0 million and a non-GAAP operating loss of $2.3 million to $1.3 million.
Positive Outlook
- Core Platform Revenue, including services, to be in the range of $34.2 million to $35.2 million.
- Total revenue of $35.0 million to $36.0 million.
- Non-GAAP net loss per share of $(0.01) to non-GAAP net income per share of $0.01 using approximately 42.0 million basic and diluted shares outstanding and 46.0 million diluted shares outstanding, respectively.
- Core Platform Revenue, including services, to be in the range of $141.7 million to $144.5 million for the full year 2024.
- Total revenue of $145.0 million to $147.8 million for the full year 2024.
Challenges Ahead
- Non-GAAP operating loss of $2.3 million to $1.3 million.
- Restructuring charge of $0.4 million to $0.7 million, excluded from the non-GAAP amounts above.
- Non-GAAP operating loss of $4.5 million to $3.0 million for the full year 2024.
- Variability of stock-based compensation expense may have a significant, and potentially unpredictable, impact on future GAAP financial results.
- Variability of restructuring and transaction expenses may have a significant, and potentially unpredictable, impact on future GAAP financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income