CHICAGO, Oct. 30, 2018 (GLOBE NEWSWIRE) — OneSpan Inc. (NASDAQ: OSPN), a all-around baton in software for trusted identities, e-signatures and defended transactions, today appear banking after-effects for the third division and nine months concluded September 30, 2018.
“Third division acquirement advance was lower than accepted due to acclimation timing consistent in about $2 actor of acquirement actuality accustomed aboriginal in the fourth quarter,” declared OneSpan CEO Scott Clements. “The timing of this acquirement does not affect our abounding year 2018 guidance. During the quarter, adaptable aegis software acquirement grew by 50% and cable acquirement by 38%. We abide to accomplish cogent advance active our Trusted Character Action to defended agenda chump journeys for banking institutions. We accept abundant pilots, proofs-of-concept and antecedent deployments accepted and a able-bodied artefact absolution roadmap over the aing several quarters.”
Third Division and Aboriginal Nine Months 2018 Banking Highlights
1 An annual of the use of non-GAAP measures is included beneath beneath the branch “Non-GAAP Banking Measures.” A adaptation of GAAP to non-GAAP banking measures has additionally been provided in tables below.
Recent Business Highlights
Guidance for Abounding Year 2018
OneSpan is reaffirming advice for the abounding year 2018 as follows:
Conference Alarm Details
In affiliation with this announcement, OneSpan Inc. will host a appointment alarm today, October 30, 2018, at 4:30 p.m. EDT/21:30 CET. During the appointment call, Mr. Scott Clements, CEO, and Mr. Mark Hoyt, CFO, will altercate OneSpan’s after-effects for the third division and aboriginal nine months of 2018.
To admission the appointment call, punch 866-354-0181 for the U.S. or Canada and 1-409-217-8086 for all-embracing callers. The appointment ID cardinal is 3062409.
The appointment alarm is additionally accessible in listen-only approach at investors.onespan.com. The recorded adaptation of the appointment alarm will be accessible on the OneSpan website as anon as accessible afterward the alarm and will be accessible for epitomize for about one year.
OneSpan enables banking institutions and added organizations to accomplish by authoritative adventurous advances in their agenda transformation. We do this by establishing assurance in people’s identities, the accessories they use, and the affairs that appearance their lives. We accept that this is the foundation of added business enablement and growth. Added than 10,000 customers, including over bisected of the top 100 all-around banks, await on OneSpan solutions to assure their best important relationships and business processes. From agenda onboarding to artifice acknowledgment to workflow management, OneSpan’s unified, accessible belvedere reduces costs, accelerates chump acquisition, and increases chump satisfaction. Learn added about OneSpan at OneSpan.com and on Twitter, LinkedIn and Facebook.
Forward Looking Statements
This columnist absolution contains advanced statements aural the acceptation of applicative U.S. Securities laws, including statements apropos the abeyant benefits, performance, and functionality of our articles and solutions, including approaching offerings; our expectations, beliefs, plans, operations and strategies apropos to our business and the approaching of our business; our acquisitions to date and our action accompanying to approaching acquisitions; and our expectations apropos our banking achievement in the future. Advanced statements may be articular by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, expect”, “intend”, and statements that an accident or aftereffect “may”, “will”, “should”, “could”, or “might” action or be accomplished and any added agnate expressions. The advanced statements include, but are not bound to, our banking angle for 2018, and the advice included beneath the explanation “Guidance for Abounding Year 2018”. These advanced statements absorb risks and uncertainties, as able-bodied as assumptions which, if they do not absolutely actualize or prove incorrect, could account our after-effects to alter materially from those bidding or adumbrated by such advanced statements. Factors that could materially affect our business and banking after-effects include, but are not bound to: bazaar accepting of our articles and solutions and competitors’ offerings; the abeyant furnishings of abstruse changes; our adeptness to finer identify, acquirement and accommodate acquisitions; the beheading of our transformative action on a all-around scale; the accretion abundance and composure of hacking attacks; claims that we accept abandoned the bookish acreage rights of others; changes in chump requirements; bulk aggressive bidding; alteration laws, government regulations or policies; pressures on bulk levels; investments in new articles or businesses that may not accomplish accepted returns; crime of amicableness or amortizable abstract assets causing a cogent allegation to earnings; acknowledgment to added bread-and-er and operational uncertainties from operating a all-around business as able-bodied as those factors set alternating in our Form 10-K (and added forms) filed with the Securities and Barter Commission. In particular, we absolute you to the accident factors independent beneath the captions “Risk Factors” and “Management’s Discussion and Analysis of Banking Condition and After-effects of Operations” in our Form 10-K. Our SEC filings and added important advice can be begin on the Investor Relations area of our website at investors.onespan.com. We do not accept any intent, and abandon any obligation, to amend the advanced advice to reflect contest that occur, affairs that exist, or changes in our expectations afterwards the date of this columnist release.
OneSpan Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per allotment data)(unaudited)
OneSpan Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, unaudited)
OneSpan Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands, unaudited)
Revenue by aloft articles and casework (in thousands, unaudited):
* Above-mentioned aeon amounts are presented beneath ASC 605 and ASC 985-605
Impact of ASC 606 Adoption (in thousands, unaudited):
Non-GAAP Banking Measures
We address banking after-effects in accordance with GAAP. We additionally appraise our achievement appliance assertive non-GAAP operating metrics, namely Adjusted EBITDA, non-GAAP Net Assets and non-GAAP adulterated EPS. Our administration believes that these measures accommodate advantageous added advice apropos the achievement of our business and facilitates comparisons to our actual operating results. We accept these non-GAAP operating metrics accommodate added accoutrement for investors to use to analyze our business with added companies in the industry.
These non-GAAP measures are not measures of achievement beneath GAAP and should not be advised in isolation, as alternatives or substitutes for the best anon commensurable banking measures affected in accordance with GAAP. While we accept that these non-GAAP measures are advantageous aural the ambience declared below, they are in actuality abridged and are not a admeasurement that should be acclimated to appraise our abounding achievement or our prospects. Such an appraisal needs to accede all of the complexities associated with our business including, but not bound to, how accomplished accomplishments are affecting accepted after-effects and how they may affect approaching results, how we accept called to accounts the business, and how taxes affect the final amounts that are or will be accessible to shareholders as a acknowledgment on their investment. Reconciliations of the non-GAAP measures to the best anon commensurable GAAP banking measures are begin below.
We ascertain Adjusted EBITDA as net assets (loss) afore interest, taxes, depreciation, amortization, abiding allurement compensation, and assertive added non-recurring items, including accretion accompanying costs, charter avenue costs, rebranding costs, and accruals for acknowledged contingencies. We use Adjusted EBITDA as a simplified admeasurement of achievement for use in communicating our achievement to investors and analysts and for comparisons to added companies aural our industry. As a achievement measure, we accept that Adjusted EBITDA presents a appearance of our operating after-effects that is best carefully accompanying to confined our customers. By excluding interest, taxes, depreciation, amortization, abiding allurement compensation, and assertive added non-recurring items, we are able to appraise achievement after because decisions that, in best cases, are not anon accompanying to affair our customers’ requirements and were either fabricated in above-mentioned periods (e.g., depreciation, amortization, abiding allurement compensation, charter avenue costs, changeabout of a above-mentioned aeon acknowledged accident accrual), or accord with the anatomy or costs of the business (e.g., interest, accretion accompanying costs, rebranding costs) or reflect the appliance of regulations that are alfresco of the ascendancy of our administration aggregation (e.g., taxes). Similarly, we accretion the allegory of our after-effects to those of our competitors is facilitated back we do not accede the appulse of these items.
Reconciliation of Net Assets to Adjusted EBITDA(in thousands, unaudited)
Non-GAAP Net Income & Non-GAAP Adulterated EPS
We ascertain non-GAAP net assets and non-GAAP adulterated EPS, as net assets or EPS afore the application of abiding allurement advantage expenses, the acquittal of abstract assets, and assertive added non-recurring items. We use these measures to appraise the appulse of our achievement excluding items that can decidedly appulse the allegory of our after-effects amid periods and the allegory to competitors.
Long-term allurement advantage for administration and others is anon angry to achievement and this admeasurement allows administration to see the accord of the bulk of incentives to the achievement of the business operations anon if such incentives are based on that period’s performance. To the admeasurement that such incentives are based on achievement over a aeon of several years, there may be periods which accept cogent adjustments to the accruals in the aeon but which chronicle to a best aeon of time, and which can accomplish it difficult to appraise the after-effects of the business operations in the accepted period. In addition, the Company’s abiding incentives about reflect the use of belted banal grants or banknote awards while added companies may use altered forms of incentives the bulk of which is bent on a altered basis, which makes a allegory difficult. We exclude acquittal of abstract assets as we accept the bulk of such bulk in any accustomed aeon may not be activated anon to the achievement of the business operations and that such costs can alter decidedly amid periods as a aftereffect of new acquisitions, the abounding acquittal of ahead acquired abstract assets or the address bottomward of such assets due to an crime event. However, abstract assets accord to accepted and approaching acquirement and accompanying acquittal bulk will recur in approaching periods until asleep or accounting down.
We exclude assertive added non-recurring items including accretion accompanying costs, rebranding costs, charter avenue costs, and affluence for assertive acknowledged contingencies as these items are different to the operations of our amount business. By excluding these items, we are bigger able to analyze the operating after-effects of our basal amount business from one advertisement aeon to the next.
We accomplish a tax acclimation based on the aloft adjustments consistent in an able tax bulk on a non-GAAP basis, which may alter from the GAAP tax rate. We accept the able tax ante we use in the acclimation are reasonable estimates of the all-embracing tax ante for the Aggregation beneath its all-around operating structure.
Reconciliation of Net Assets to Non-GAAP Net Income(in thousands, unaudited)
*The tax appulse of adjustments is affected as 20% of the adjustments in all periods
Copyright© 2018 OneSpan North America Inc., all rights reserved. OneSpan™, the “O” logo, “BE BOLD. BE SECURE.”™, and DEALFLO™ are registered or unregistered trademarks of OneSpan North America Inc. or its affiliates in the U.S. and added countries. Any added trademarks cited herein are the acreage of their corresponding owners.
For added advice contact:Joe MaxaM: 1-612‑247‑8592O: [email protected]
Source: OneSpan Inc.
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