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Sep 30, 2024
ON24 Q3 2024 Earnings Report
Achieved improved retention, operating expense discipline, and positive free cash flow.
Key Takeaways
ON24 announced its Q3 2024 financial results, reporting a total revenue of $36.3 million. The company exceeded profitability targets for the 6th consecutive quarter and generated positive operating and free cash flow for the 3rd consecutive quarter. Stabilization of install base continued with high single digit year-over-year improvement in gross retention.
Total revenue was $36.3 million.
Core Platform ARR was $129.7 million as of September 30, 2024.
GAAP Operating Loss was $13.3 million, compared to GAAP operating loss of $14.1 million in the third quarter of 2023.
Free cash flow was $0.1 million for the quarter, compared to $(3.2) million in the third quarter of 2023.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2024, ON24 expects total revenue of $35.4 million to $36.4 million and Non-GAAP net income per share of $0.01 to $0.02 using approximately 45.7 million diluted shares outstanding.
Positive Outlook
- Core Platform Revenue, including services, to be in the range of $34.7 million to $35.7 million.
- Total revenue of $35.4 million to $36.4 million.
- Non-GAAP operating loss of $1.3 million to $0.3 million.
- Non-GAAP net income per share of $0.01 to $0.02 using approximately 45.7 million diluted shares outstanding.
- For the full year 2024, ON24 now expects total revenue of $146.8 million to $147.8 million.
Challenges Ahead
- Restructuring charge of $0.4 million to $0.7 million, excluded from the non-GAAP amounts above.
- For the full year 2024, ON24 now expects Core Platform Revenue, including services, to be in the range of $143.6 million to $144.6 million.
- For the full year 2024, ON24 now expects Non-GAAP operating loss of $3.3 million to $2.3 million.
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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