OneSpan Inc. Files Q3 2024 10-Q Report

TL;DR

OneSpan's Q3 2024 10-Q is in. Check financials.

AI Summary

OneSpan Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of the year. Key financial figures and operational details are presented in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of OneSpan Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details within can reveal risks or opportunities.

Key Players & Entities

• OneSpan Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date of the report
• 0001044777 (company) — Central Index Key for OneSpan Inc.

FAQ

Key Financial Figures

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

Filing Documents

• ospn-20240930.htm (10-Q) — 1390KB
• ex-1012024managementincent.htm (EX-10.1) — 52KB
• lettertovicre2h2024mipmetr.htm (EX-10.2) — 5KB
• ospn-2024q3xexx311.htm (EX-31.1) — 10KB
• ospn-2024q3xexx312.htm (EX-31.2) — 10KB
• ospn-2024q3xexx321.htm (EX-32.1) — 4KB
• ospn-2024q3xexx322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 19KB
• image_1.jpg (GRAPHIC) — 8KB
• 0001628280-24-044353.txt ( ) — 6731KB
• ospn-20240930.xsd (EX-101.SCH) — 39KB
• ospn-20240930_cal.xml (EX-101.CAL) — 57KB
• ospn-20240930_def.xml (EX-101.DEF) — 211KB
• ospn-20240930_lab.xml (EX-101.LAB) — 457KB
• ospn-20240930_pre.xml (EX-101.PRE) — 366KB
• ospn-20240930_htm.xml (XML) — 991KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and N ine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 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 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 40 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 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) September 30, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 77,478 $ 43,001 Restricted cash 350 529 Accounts receivable, net of allowances of $ 1,414 at September 30, 2024 and $ 1,536 at December 31, 2023 28,841 64,387 Inventories, net 13,019 15,553 Prepaid expenses 6,703 6,575 Contract assets 6,390 5,139 Other current assets 9,092 11,159 Total current assets 141,873 146,343 Property and equipment, net 20,838 18,722 Operating lease right-of-use assets 7,872 6,171 Goodwill 96,132 93,684 Intangible assets, net of accumulated amortization 8,117 10,832 Deferred income taxes 1,770 1,721 Other assets 12,672 11,718 Total assets $ 289,274 $ 289,191 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 13,279 $ 17,452 Deferred revenue 48,418 69,331 Accrued wages and payroll taxes 9,452 14,335 Short-term income taxes payable 3,160 2,646 Other accrued expenses 5,903 10,684 Deferred compensation 232 382 Total current liabilities 80,444 114,830 Long-term deferred revenue 2,929 4,152 Long-term lease liabilities 7,431 6,824 Deferred income taxes 1,104 1,067 Other long-term liabilities 2,780 3,177 Total liabilities 94,688 130,050 Commitments and contingencies Stockholders' equity Preferred stock: 500 shares authorized, none issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock: $ 0.001 par value per share, 75,000 shares authorized; 41,634 and 41,243 shares issued; 37,910 and 37,519 shares outstanding at September 30, 2024 and December 31, 2023, respectively 38 38 Additional paid-in capital 122,098 118,620 Treasury stock, at cost: 3,724 shares outstanding at September 30, 2024 and December 31, 2023 ( 47,377 ) ( 47,377 ) Retained earnings 127,233 98,939 Accumulated other comprehensive loss ( 7,406 ) ( 11,079 ) Total st

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