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OneSpan Reports Results for Third Quarter 2021 and First Nine Months of 2021; Increases Guidance Midpoints for Full Year 2021

Third Quarter 2021 Financial Results

  • Total revenue grew 2% year-over-year to $52.3 million
  • Recurring revenue grew 38% year-over-year to $30.5 million1
  • Annual Recurring Revenue (ARR) grew 24% year-over-year to $119.0 million2
  • Dollar-based net expansion (DBNE) of 115%3
  • GAAP net loss of $1.0 million
  • Adjusted EBITDA of $1.7 million4
  • GAAP loss per diluted share of $0.02; Non-GAAP income per diluted share of $0.034

OneSpan Inc. (NASDAQ: OSPN), the global leader in digital banking security and e-signatures, today reported financial results for the third quarter and nine months ended September 30, 2021.

“During the quarter we continued to deliver against strong demand for our core offerings with robust growth in e-signature subscription and mobile security term license revenue while we worked to mitigate hardware-related supply chain challenges,” stated OneSpan Interim CEO, Steven Worth. “Our execution in the third quarter is reflected in our increased guidance for full year 2021. We are confident in our ability to deliver a solid fourth quarter while we make progress on our action plan. We have already identified preliminary strategic actions to accelerate our recurring revenue growth. In addition, we are taking action on initial cost reduction opportunities and will provide a range of expected savings before year-end.”

Third Quarter 2021 Financial Highlights

  • Revenue for the third quarter of 2021 was $52.3 million, an increase of 2% from $51.4 million for the third quarter of 2020. Revenue for the first nine months of 2021 was $155.3 million, a decrease of 5% from $162.8 million for the first nine months of 2020.
  • Gross profit for the third quarter of 2021 was $37.4 million and $108.7 million for the first nine months of 2021. Gross profit for the third quarter of 2020 was $36.0 million and $113.0 million for the first nine months of 2020. Gross margin for the third quarter of 2021 was 72% and for the first nine months of 2021 was 70%. Gross margin for the third quarter of 2020 was 70% and for the first nine months of 2020 was 69%.
  • GAAP operating loss for the third quarter of 2021 was $2.0 million, and for the first nine months of 2021 was $20.2 million. GAAP operating loss for the third quarter of 2020 was $2.4 million, and for the first nine months of 2020 was $3.2 million.
  • GAAP net loss for the third quarter of 2021 was $1.0 million, or $0.02 per share, and $16.8 million, or $0.42 per share for the first nine months of 2021. GAAP net loss for the third quarter of 2020 was $1.7 million, or $0.04 per share. GAAP net loss for the first nine months of 2020 was $3.7 million, or $0.09 per share.
  • Non-GAAP net income (loss) for the third quarter of 2021 was $1.2 million or $0.03 per diluted share, and for the first nine months of 2021 was $(6.8) million or $(0.18) per diluted share. Non-GAAP net income for the third quarter of 2020 was $1.2 million or $0.03 per diluted share, and for the first nine months of 2020 was $5.3 million, or $0.13 per diluted share.
  • Adjusted EBITDA for the third quarter of 2021 was $1.7 million and for the first nine months of 2021 was $(4.5) million. Adjusted EBITDA for the third quarter of 2020 was $2.7 million, and for the first nine months of 2020 was $11.0 million.
  • Cash, cash equivalents and short-term investments at September 30, 2021 totaled $97.8 million compared to $109.3 million and $115.3 million at June 30, 2021 and December 31, 2020, respectively. During the first nine months of 2021, $7.5 million of shares were repurchased, compared to $0 of share repurchases during the first nine months of 2020.

Outlook

For the Full Year 2021, OneSpan currently expects:

  • Total revenue in the range of $209 million to $213 million as compared to our prior guidance of $205 million to $215 million.
  • Recurring revenue in the range of $118 million to $120 million as compared to our prior guidance of $115 million to $120 million.

    ARR growth of 18% to 20% as compared to our prior guidance of 17% to 20%.
  • And Adjusted EBITDA in the range of negative $6 million to negative $8 million as compared to our prior guidance of negative $12 million to negative $15 million.5

Conference Call Details

In conjunction with this announcement, OneSpan Inc. will host a conference call today, November 2, 2021, at 4:30 p.m. EDT. During the conference call, Mr. Steven Worth, interim CEO, and Mr. Jan Kees van Gaalen, interim CFO, will discuss OneSpan’s results for the third quarter and first nine months of 2021.

To access the conference call, dial 844-200-6205 for the U.S. or Canada and 1-929-526-1599 for international callers. The access code is 939308.

The conference call is also available in listen-only mode at investors.onespan.com. The recorded version of the conference call will be available on the OneSpan website as soon as possible following the call and will be available for replay for approximately one year.


  1. Recurring revenue is comprised of subscription, term-based software licenses, and maintenance revenue.
  2. ARR is calculated as the annualized value of our customer recurring contracts with a term of at least one-year, as of the measuring date. These include subscription, term-based license, and maintenance contracts and exclude one-time fees. To the extent that we are negotiating a renewal with a customer after the expiration of a recurring contract, we continue to include that revenue in ARR if we are actively in discussion with the customer for a new recurring contract or renewal, or until such customer notifies us that it is not renewing its recurring contract.
  3. DBNE is defined as the year-over-year growth in ARR from the same set of customers at the end of the prior year period.
  4. An explanation of the use of non-GAAP financial measures is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure has also been provided in the tables below.
  5. We are not providing a reconciliation to GAAP net income as the most directly comparable GAAP measure because we are unable to predict certain items contained in the GAAP measure without unreasonable efforts.

About OneSpan

OneSpan helps protect the world from digital fraud by establishing trust in people’s identities, the devices they use and the transactions they execute. We make digital banking accessible, secure, easy and valuable. OneSpan’s Trusted Identity platform and security solutions significantly reduce digital transaction fraud and enable regulatory compliance for more than half of the top 100 global banks and thousands of financial institutions around the world. Whether automating agreements with identity verification and e-signatures, reducing fraud using advanced analytics, or transparently securing financial transactions, OneSpan helps lower costs and accelerate customer acquisition while improving the user experience. Learn more at OneSpan.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding our expectations for our financial performance in the future. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", “expect", "intend", "continue", "outlook", "may", "will", "should", "could", or "might", and other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to: market acceptance of our products and solutions and competitors’ offerings; the potential effects of technological changes; the impact of the COVID-19 pandemic and actions taken to contain it; our ability to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio actions; the execution of our transformative strategy on a global scale; the increasing frequency and sophistication of hacking attacks; claims that we have infringed the intellectual property rights of others; changes in customer requirements; price competitive bidding; changing laws, government regulations or policies; pressures on price levels; investments in new products or businesses that may not achieve expected returns; disruption in global transportation and supply chains; reliance on third parties for certain products and data center services, impairment of goodwill or amortizable intangible assets causing a significant charge to earnings; actions of activist stockholders; and exposure to increased economic and operational uncertainties from operating a global business, as well as those factors described in the “Risk Factors” section of our Annual Report on Form 10-K. Our filings with the Securities and Exchange Commission (the “SEC”) and other important information can be found in the Investor Relations section of our website at investors.onespan.com. We do not have any intent, and disclaim any obligation, to update the forward-looking information to reflect events that occur, circumstances that exist or changes in our expectations after the date of this press release, except as required by law.

OneSpan Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and license

 

$

28,193

 

$

30,249

 

$

85,016

 

$

103,893

 

Services and other

 

 

24,083

 

 

21,190

 

 

70,312

 

 

58,870

 

Total revenue

 

 

52,276

 

 

51,439

 

 

155,328

 

 

162,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and license

 

 

8,477

 

 

10,064

 

 

27,607

 

 

33,378

 

Services and other

 

 

6,379

 

 

5,414

 

 

19,041

 

 

16,395

 

Total cost of goods sold

 

 

14,856

 

 

15,478

 

 

46,648

 

 

49,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

37,420

 

 

35,961

 

 

108,680

 

 

112,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

15,474

 

 

14,576

 

 

49,850

 

 

44,129

 

Research and development

 

 

11,359

 

 

10,643

 

 

35,699

 

 

31,178

 

General and administrative

 

 

11,207

 

 

10,737

 

 

38,797

 

 

33,851

 

Amortization of intangible assets

 

 

1,396

 

 

2,360

 

 

4,503

 

 

7,049

 

Total operating costs

 

 

39,436

 

 

38,316

 

 

128,849

 

 

116,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(2,016)

 

 

(2,355)

 

 

(20,169)

 

 

(3,217)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(4)

 

 

56

 

 

2

 

 

389

 

Other income, net

 

 

283

 

 

716

 

 

950

 

 

887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(1,737)

 

 

(1,583)

 

 

(19,217)

 

 

(1,941)

 

Provision (benefit) for income taxes

 

 

(762)

 

 

95

 

 

(2,406)

 

 

1,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(975)

 

$

(1,678)

 

$

(16,811)

 

$

(3,699)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.02)

 

$

(0.04)

 

$

(0.42)

 

$

(0.09)

 

Diluted

 

$

(0.02)

 

$

(0.04)

 

$

(0.42)

 

$

(0.09)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

39,629

 

 

40,033

 

 

39,688

 

 

40,050

 

Diluted

 

 

39,629

 

 

40,033

 

 

39,688

 

 

40,050

 

 

OneSpan Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and equivalents

 

$

58,633

 

$

88,394

Short term investments

 

 

39,182

 

 

26,859

Accounts receivable, net of allowances of $2,426 in 2021 and $4,135 in 2020

 

 

44,752

 

 

57,537

Inventories, net

 

 

11,715

 

 

13,093

Prepaid expenses

 

 

8,362

 

 

7,837

Contract assets

 

 

4,618

 

 

7,202

Other current assets

 

 

10,992

 

 

6,256

Total current assets

 

 

178,254

 

 

207,178

Property and equipment, net

 

 

10,962

 

 

11,835

Operating lease right-of-use assets

 

 

9,654

 

 

11,356

Goodwill

 

 

96,223

 

 

97,552

Intangible assets, net of accumulated amortization

 

 

22,614

 

 

27,196

Deferred income taxes

 

 

10,294

 

 

7,030

Contract assets - non-current

 

 

373

 

 

1,877

Other assets

 

 

12,971

 

 

11,179

Total assets

 

$

341,345

 

$

375,203

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

7,881

 

$

5,684

Deferred revenue

 

 

42,375

 

 

43,417

Accrued wages and payroll taxes

 

 

14,199

 

 

13,649

Short-term income taxes payable

 

 

985

 

 

2,618

Other accrued expenses

 

 

7,180

 

 

8,334

Deferred compensation

 

 

706

 

 

1,602

Total current liabilities

 

 

73,326

 

 

75,304

Long-term deferred revenue

 

 

10,021

 

 

11,730

Long-term lease liabilities

 

 

10,579

 

 

12,399

Other long-term liabilities

 

 

10,117

 

 

10,423

Long-term income taxes payable

 

 

5,042

 

 

6,095

Deferred income taxes

 

 

1,641

 

 

1,912

Total liabilities

 

 

110,726

 

 

117,863

Stockholders' equity

 

 

 

 

 

 

Preferred stock: 500 shares authorized, none issued and outstanding at September 30, 2021 and December 31, 2020

 

 

 

 

Common stock: $.001 par value per share, 75,000 shares authorized; 40,558 and 40,353 shares issued; 39,966 and 40,353 shares outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

40

 

 

40

Additional paid-in capital

 

 

99,018

 

 

98,819

Treasury stock, at cost, 592 and 250 shares outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

(12,501)

 

 

(5,030)

Retained earnings

 

 

156,946

 

 

173,731

Accumulated other comprehensive loss

 

 

(12,884)

 

 

(10,220)

Total stockholders' equity

 

 

230,619

 

 

257,340

Total liabilities and stockholders' equity

 

$

341,345

 

$

375,203

 

OneSpan Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

Net loss from operations

 

$

(16,811)

 

$

(3,699)

Adjustments to reconcile net loss from operations to net cash provided by (used in) operations:

 

 

 

 

 

 

Depreciation and amortization of intangible assets

 

 

6,760

 

 

9,193

Loss on disposal of assets

 

 

8

 

 

75

Deferred tax benefit

 

 

(3,701)

 

 

(356)

Stock-based compensation

 

 

2,981

 

 

3,232

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

11,480

 

 

8,589

Inventories, net

 

 

1,101

 

 

5,790

Contract assets

 

 

3,764

 

 

(379)

Accounts payable

 

 

2,347

 

 

(5,551)

Income taxes payable

 

 

(2,661)

 

 

(5,985)

Accrued expenses

 

 

(27)

 

 

(3,694)

Deferred compensation

 

 

(897)

 

 

322

Deferred revenue

 

 

(1,860)

 

 

3,268

Other assets and liabilities

 

 

(6,913)

 

 

(3,376)

Net cash provided by (used in) operating activities

 

 

(4,429)

 

 

7,429

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of short term investments

 

 

(45,882)

 

 

(23,295)

Maturities of short term investments

 

 

33,129

 

 

21,980

Additions to property and equipment

 

 

(1,529)

 

 

(2,710)

Other

 

 

(17)

 

 

(98)

Net cash used in investing activities

 

 

(14,299)

 

 

(4,123)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Repurchase of common stock

 

 

(7,471)

 

 

Tax payments for restricted stock issuances

 

 

(2,782)

 

 

(1,963)

Net cash used in financing activities

 

 

(10,253)

 

 

(1,963)

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(760)

 

 

306

 

 

 

 

 

Net increase (decrease) in cash

 

 

(29,741)

 

 

1,649

Cash, cash equivalents, and restricted cash, beginning of period

 

 

89,241

 

 

85,129

Cash, cash equivalents, and restricted cash, end of period

$

59,500

$

86,778

Revenue by major products and services (in thousands, unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

 

2021

 

2020

 

2021

 

2020

Hardware products

 

 

$

17,908

 

$

21,687

 

$

55,027

 

$

65,613

Term-based software licenses

 

 

 

7,610

 

 

2,276

 

 

21,509

 

 

16,470

Perpetual software licenses

 

 

 

2,675

 

 

6,286

 

 

8,480

 

 

21,810

Product and license

 

 

$

28,193

 

$

30,249

 

$

85,016

 

$

103,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

 

10,197

 

 

7,446

 

 

28,426

 

 

19,286

Professional services

 

 

 

1,152

 

 

1,353

 

 

3,595

 

 

4,100

Maintenance, support, and other

 

 

 

12,734

 

 

12,391

 

 

38,291

 

 

35,484

Services and other

 

 

$

24,083

 

$

21,190

 

$

70,312

 

$

58,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

$

52,276

 

$

51,439

 

$

155,328

 

$

162,763

Recurring Revenue (in thousands, unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

 

 

2021

 

2020

 

2021

 

2020

Subscription

 

 

$

10,197

 

$

7,446

 

$

28,426

 

$

19,286

Term-based software licenses

 

 

 

7,610

 

 

2,276

 

 

21,509

 

 

16,470

Maintenance, support, and other

 

 

 

12,734

 

 

12,391

 

 

38,291

 

 

35,484

Total Recurring Revenue

 

 

$

30,541

 

$

22,113

 

$

88,226

 

$

71,240

Non-GAAP Financial Measures

We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP operating metrics, namely Adjusted EBITDA, non-GAAP Net Income and non-GAAP diluted EPS. Our management believes that these measures provide useful supplemental information regarding the performance of our business and facilitates in comparison to our historical operating results.

These non-GAAP financial measures are not measures of performance under GAAP and should not be considered in isolation or as alternatives or substitutes for the most directly comparable financial measures calculated in accordance with GAAP. While we believe that these non-GAAP financial measures are useful within the context described below, they are in fact incomplete and are not measures that should be used to evaluate our full performance or our prospects. Such an evaluation needs to consider all of the complexities associated with our business including, but not limited to, how past actions are affecting current results and how they may affect future results, how we have chosen to finance the business, and how taxes affect the final amounts that are or will be available to stockholders as a return on their investment. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are found below.

Adjusted EBITDA

We define Adjusted EBITDA as net income before interest, taxes, depreciation, amortization, long-term incentive compensation, and certain non-recurring items, including acquisition related costs, lease exit costs, rebranding costs, and non-routine shareholder matters. We use Adjusted EBITDA as a simplified measure of performance for use in communicating our performance to investors and analysts and for comparisons to other companies within our industry. As a performance measure, we believe that Adjusted EBITDA presents a view of our operating results that is most closely related to serving our customers. By excluding interest, taxes, depreciation, amortization, long-term incentive compensation, and certain non-recurring items, we are able to evaluate performance without considering decisions that, in most cases, are not directly related to meeting our customers’ requirements and were either made in prior periods (e.g., depreciation, amortization, long-term incentive compensation, lease exit costs, non-routine shareholder matters), deal with the structure or financing of the business (e.g., interest, acquisition related costs, rebranding costs, one-time strategic action costs) or reflect the application of regulations that are outside of the control of our management team (e.g., taxes). Similarly, we find that the comparison of our results to those of our competitors is facilitated when we do not consider the impact of these items.

Reconciliation of Net Income to Adjusted EBITDA

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2020

Net loss

 

$

(975)

 

$

(1,678)

 

$

(16,811)

 

$

(3,699)

Interest income, net

 

 

4

 

 

(56)

 

 

(2)

 

 

(389)

Provision (benefit) for income taxes

 

 

(762)

 

 

95

 

 

(2,406)

 

 

1,758

Depreciation and amortization of intangible assets

 

 

2,178

 

 

3,096

 

 

6,760

 

 

9,193

Long-term incentive compensation

 

 

512

 

 

1,281

 

 

3,621

 

 

4,161

Non-recurring items (1)

 

 

760

 

 

 

 

4,333

 

 

Adjusted EBITDA

 

$

1,717

 

$

2,738

 

$

(4,505)

 

$

11,024

(1) Non-recurring items include $0.8 million of outside services costs associated with our strategic action plan for the three and nine months ended September 30, 2021. For the nine months ended September 30, 2021 Non-recurring items also include $2.8 million of outside service costs related to the proxy contest for the nine months ended September 30, 2021 and the related $0.7 million settlement with Legion Partners Holdings, LLC.

Non-GAAP Net Income & Non-GAAP Diluted EPS

We define non-GAAP net income and non-GAAP diluted EPS, as net income or EPS before the consideration of long-term incentive compensation expenses, the amortization of intangible assets, and certain non-recurring items. We use these measures to assess the impact of our performance excluding items that can significantly impact the comparison of our results between periods and the comparison to competitors.

Long-term incentive compensation for management and others is directly tied to performance, and this measure allows management to see the relationship of the cost of incentives to the performance of the business operations directly if such incentives are based on that period’s performance. To the extent that such incentives are based on performance over a period of several years, there may be periods that have significant adjustments to the accruals in the period that relate to a longer period of time, which can make it difficult to assess the results of the business operations in the current period. In addition, the Company’s long-term incentives generally reflect the use of restricted stock unit grants or cash awards while other companies may use different forms of incentives the cost of which is determined on a different basis, which makes a comparison difficult. We exclude amortization of intangible assets as we believe the amount of such expense in any given period may not be correlated directly to the performance of the business operations and that such expenses can vary significantly between periods as a result of new acquisitions, the full amortization of previously acquired intangible assets or the write down of such assets due to an impairment event. However, intangible assets contribute to current and future revenue, and related amortization expense will recur in future periods until expired or written down.

We also exclude certain non-recurring items including impacts of tax reform, acquisition related costs, rebranding costs, lease exit costs, one-time strategic action costs and non-recurring shareholder matters, as these items are unrelated to the operations of our core business. By excluding these items, we are better able to compare the operating results of our underlying core business from one reporting period to the next.

We make a tax adjustment based on the above adjustments resulting in an effective tax rate on a non-GAAP basis, which may differ from the GAAP tax rate. We believe the effective tax rates we use in the adjustment are reasonable estimates of the overall tax rates for the Company under its global operating structure.

 

Reconciliation of Net Income to Non-GAAP Net Income

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2020

Net loss

 

$

(975)

 

$

(1,678)

 

$

(16,811)

 

$

(3,699)

Long-term incentive compensation

 

 

512

 

 

1,281

 

 

3,621

 

 

4,161

Amortization of intangible assets

 

 

1,396

 

 

2,360

 

 

4,503

 

 

7,049

Non-recurring items (1)

 

 

760

 

 

 

 

4,333

 

 

Tax impact of adjustments (2)

 

 

(534)

 

 

(728)

 

 

(2,491)

 

 

(2,242)

Non-GAAP net income (loss)

 

$

1,159

 

$

1,235

 

$

(6,845)

 

$

5,269

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income (loss) per share

 

$

0.03

 

$

0.03

 

$

(0.17)

 

$

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute Non-GAAP diluted earnings per share

 

39,931

 

 

40,283

 

 

39,688

 

 

40,294

(1) Non-recurring items include $0.8 million of outside services costs associated with our strategic action plan for the three and nine months ended September 30, 2021. For the nine months ended September 30, 2021 Non-recurring items also include $2.8 million of outside service costs related to the proxy contest for the nine months ended September 30, 2021 and the related $0.7 million settlement with Legion Partners Holdings, LLC.

(2) The tax impact of adjustments is calculated as 20% of the adjustments in all periods.

Copyright© 2021 OneSpan North America Inc., all rights reserved. OneSpan™ is a registered or unregistered trademark of OneSpan North America Inc. or its affiliates in the U.S. and other countries.

Contacts

Investor Contact:

Joe Maxa

Vice President of Investor Relations

+1-312-766-4009

joe.maxa@onespan.com

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