OneSpan Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

OneSpan Inc. (OSPN) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. OneSpan Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal executive offices are located at 1 Marina Park Drive, Unit 1410, Boston, MA 02210. OneSpan Inc. was formerly known as VASCO DATA SECURITY INTERNATIONAL INC. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking OneSpan Inc., this filing contains several important signals. This filing provides investors with the latest financial results and operational updates for OneSpan Inc., crucial for assessing the company's performance and future prospects. Understanding the segment performance and key financial metrics in this 10-Q is essential for making informed investment decisions regarding OSPN.

Risk Assessment

Risk Level: medium — OneSpan Inc. shows moderate risk based on this filing. The company's financial performance and market position are subject to the competitive landscape and evolving technological demands in the digital security and identity verification sectors, as indicated by the segment reporting in the 10-Q.

Analyst Insight

Investors should analyze the revenue breakdown by segment and the growth rates to understand the company's strategic focus and market traction.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-01-01 — Quarter Start Date (Quarterly report period)
• 2023-03-31 — Prior Year Quarter End Date (Comparative financial data)
• 2023-01-01 — Prior Year Quarter Start Date (Comparative financial data)

Key Players & Entities

• OneSpan Inc. (company) — Filer name
• OSPN (company) — Ticker symbol
• VASCO DATA SECURITY INTERNATIONAL INC (company) — Former company name
• 1 Marina Park Drive, Unit 1410, Boston, MA 02210 (location) — Business and mailing address
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filing date

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.001 — ch registered: Common Stock, par value $0.001 per share OSPN Nasdaq Indicate by che

Filing Documents

• ospn-20240331.htm (10-Q) — 964KB
• a2024managementincentivepl.htm (EX-10.1) — 51KB
• ospn-2024q1xexx311.htm (EX-31.1) — 10KB
• ospn-2024q1xexx312.htm (EX-31.2) — 10KB
• ospn-2024q1xexx321.htm (EX-32.1) — 4KB
• ospn-2024q1xexx322.htm (EX-32.2) — 4KB
• imagea.jpg (GRAPHIC) — 6KB
• 0001628280-24-020067.txt ( ) — 5387KB
• ospn-20240331.xsd (EX-101.SCH) — 37KB
• ospn-20240331_cal.xml (EX-101.CAL) — 58KB
• ospn-20240331_def.xml (EX-101.DEF) — 168KB
• ospn-20240331_lab.xml (EX-101.LAB) — 448KB
• ospn-20240331_pre.xml (EX-101.PRE) — 321KB
• ospn-20240331_htm.xml (XML) — 695KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of Mar ch 3 1 , 202 4 and December 31, 20 23 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income ( Loss ) for the Three Months Ended March 3 1 , 202 4 and 20 23 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 3 1 , 202 4 and 20 23 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 20 24 and 202 3 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 35 Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) OneSpan Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 63,859 $ 42,493 Restricted cash 1,022 1,037 Accounts receivable, net of allowances of $ 1,472 at March 31, 2024 and $ 1,536 at December 31, 2023 32,382 64,387 Inventories, net 14,594 15,553 Prepaid expenses 6,835 6,575 Contract assets 4,867 5,139 Other current assets 10,608 11,159 Total current assets 134,167 146,343 Property and equipment, net 20,346 18,722 Operating lease right-of-use assets 6,215 6,171 Goodwill 93,069 93,684 Intangible assets, net of accumulated amortization 10,146 10,832 Deferred income taxes 1,682 1,721 Other assets 11,517 11,718 Total assets $ 277,142 $ 289,191 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 12,148 $ 17,452 Deferred revenue 55,573 69,331 Accrued wages and payroll taxes 12,066 14,335 Short-term income taxes payable 4,544 2,646 Other accrued expenses 7,775 10,684 Deferred compensation 65 382 Total current liabilities 92,171 114,830 Long-term deferred revenue 3,916 4,152 Long-term lease liabilities 6,008 6,824 Deferred income taxes 1,001 1,067 Other long-term liabilities 3,177 3,177 Total liabilities 106,273 130,050 Commitments and contingencies Stockholders' equity Preferred stock: 500 shares authorized, none issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock: $ 0.001 par value per share, 75,000 shares authorized; 41,492 and 41,243 shares issued; 37,768 and 37,519 shares outstanding at March 31, 2024 and December 31, 2023, respectively 38 38 Additional paid-in capital 118,565 118,620 Treasury stock, at cost: 3,724 shares outstanding at March 31, 2024 and December 31, 2023 ( 47,377 ) ( 47,377 ) Retained earnings 112,407 98,939 Accumulated other comprehensive loss ( 12,764 ) ( 11,079 ) Total stockholders'

View Full Filing

View this 10-Q filing on SEC EDGAR