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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ON24 Inc | NYSE:ONTF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.14 | -2.27% | 6.03 | 6.21 | 6.03 | 6.18 | 93,106 | 19:30:24 |
ON24 (NYSE: ONTF), an intelligent engagement platform for B2B sales and marketing, today announced financial results for the fourth quarter and full year ended December 31, 2023.
“In Q4, we were pleased to deliver an improvement in sequential Core Platform ARR performance, which was approximately flat sequentially, and to beat our profitability targets, achieving positive non-GAAP EPS and positive adjusted EBITDA,” said Sharat Sharan, co-founder and CEO of ON24. “We saw improvements in key metrics, including gross retention, which was the highest it has been in the last three years, and new business acquisition, which was the highest it has been in the last six quarters. We are encouraged by these signs of stability in our customer base, especially in a macroenvironment where our customers remain cautious about their marketing investments and their budgets remain under pressure. As we look ahead to 2024, I am excited to build upon the progress we made in 2023 and we will continue to focus on improving retention, while bringing the next generation of our platform and its significant AI innovations to market. In short, we will continue to control what we can control while setting the business up for our long-term goal of generating double-digit top-line growth with double-digit EBITDA margins.”
Fourth Quarter 2023 Financial Highlights
Full Year 2023 Financial Highlights
For more information regarding non-GAAP operating income (loss), non-GAAP net income (loss) and free cash flows, see the section titled “Non-GAAP Financial Measures” below. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see the tables at the end of this press release.
Full Year 2023 Customer Metrics
As of December 31, 2023:
Recent Business Highlights:
Financial Outlook
For the first quarter of 2024, ON24 expects:
For the full year 2024, ON24 expects:
Conference Call Information
ON24 will host a conference call and live webcast for analysts and investors today at 2:00 p.m. Pacific Time. Parties in the United States can access the call by dialing 877-497-9071 or +1-201-689-8727.
A webcast and management’s prepared remarks for today’s call will be accessible on ON24’s investor relations website at investors.on24.com. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website.
Definitions of Certain Key Business Metrics
Core Platform: The ON24 Core Platform products include: ON24 Elite: live, interactive webinar experience that engages prospective customers in real-time and can be made available in an on-demand format. ON24 Breakouts: live breakout room experience that facilitates networking, collaboration and interactivity between users. ON24 Forums: live, interactive experience that facilitates video-to-video interaction between presenters and audiences. ON24 Go Live: live, interactive video event experience that enables presenters and attendees to engage face-to-face in real-time and can also be made available in an on-demand format. ON24 Engagement Hub: always-on, rich multimedia content experience that prospective customers can engage anytime, anywhere. ON24 Target: personalize and curate, rich landing page experience that engages specific segments of prospective customers to drive desired action. ON24 AI-powered ACE: the next generation AI-powered analytics and content engine.
Annual Recurring Revenue (“ARR”): ARR is calculated as the sum of the annualized value of our subscription contracts as of the measurement date, including existing customers with expired contracts that we expect to be renewed. Our ARR amounts exclude professional services, overages from subscription customers and Legacy revenue.
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States, or “GAAP”, we consider our non-GAAP operating income (loss), non-GAAP net income (loss) and free cash flow in evaluating our operating performance. We define non-GAAP operating income (loss) as net income (loss) excluding, interest expense, other (income) expense, net, income tax, stock-based compensation, amortization of acquired intangible assets, shareholder activism related costs, restructuring costs, charges for underutilized real estate, and certain other costs. We define non-GAAP net income (loss) as net income (loss) excluding stock-based compensation, amortization of acquired intangible assets, shareholder activism related costs, restructuring costs, charges for underutilized real estate, and certain other costs. We define free cash flow as net cash provided by (used in) operating activities, less purchases of property and equipment.
We use non-GAAP operating income (loss) and non-GAAP net income (loss) to evaluate our ongoing operations and for internal planning and forecasting purposes, and we use free cash flow to measure and evaluate cash generated through normal business operations. We believe non-GAAP operating income (loss) and non-GAAP net income (loss) may be helpful to investors because they provide consistency and comparability with past financial performance. We believe free cash flow may be helpful to investors because it reflects that some purchases of property and equipment are necessary to support ongoing operations, while providing a measure of cash available to acquire customers, expand within existing customers and otherwise pursue our business strategies.
However, these non-GAAP financial measures are each presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Non-GAAP financial measures have no standardized meanings prescribed by GAAP and are not prepared under a comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.
We do not provide a quantitative reconciliation of the forward-looking non-GAAP financial measures included in this press release to the most directly comparable GAAP measures due to the high variability and difficulty to predict certain items excluded from these non-GAAP financial measures; in particular, the effects of stock-based compensation expense, and restructuring and transaction expenses. We expect the variability of these excluded items may have a significant, and potentially unpredictable, impact on our future GAAP financial results.
Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measure are included in the tables at the end of this press release.
Forward-Looking Statements
This document contains “forward-looking statements” under applicable securities laws. Such statements can be identified by words such as: “outlook,” “expect,” “convert,” “believe,” “plan,” “future,” “may,” “should,” “will,” and similar references to future periods. Forward-looking statements include express or implied statements regarding our expected financial and operating results, the execution of our capital return program, the size of our market opportunity, the success of our new products and capabilities, including our new Intelligent Engagement Platform and AI-Powered ACE, and other statements regarding our ability to achieve our business strategies, growth, or other future events or conditions. Such statements are based on our current beliefs, expectations, and assumptions about future events or conditions, which are subject to inherent risks and uncertainties, including our ability to attract new customers and expand sales to existing customers, decline in our growth rate; fluctuation in our performance, our history of net losses and expected increases in our expenses; competition and technological development in our markets and any decline in demand for our solutions; our ability to expand our sales and marketing capabilities and otherwise achieve our growth; the impact of macroenvironment on our customers’ marketing investments and their budgets; the resumption of in-person marketing activities on our customer growth rate; disruptions or other issues with our technology or third-party services; compliance with data privacy, import and export controls, customs, sanctions and other laws and regulations; intellectual property matters; and matters relating to our common stock, along with the other risks and uncertainties discussed in the filings we make from time to time with the Securities and Exchange Commission. Actual results may differ materially from those indicated in forward-looking statements, and you should not place undue reliance on them. All statements herein are based only on information currently available to us and speak only as of the date hereof. Except as required by law, we undertake no obligation to update any such statement.
About ON24
ON24 is on a mission to help businesses bring their go-to-market strategy into the AI era and drive cost-effective revenue growth. Through its leading intelligent engagement platform, ON24 enables customers to combine best-in-class experiences with personalization and content, to capture and act on connected insights at scale.
ON24 provides industry-leading companies, including 3 of the 5 largest global technology companies, 3 of the 5 top global asset management firms, 3 of the 5 largest global healthcare companies and 3 of the 5 largest global industrial companies, with a valuable source of first-party data to drive sales and marketing innovation, improve efficiency and increase business results. Headquartered in San Francisco, ON24 has offices globally in North America, EMEA and APAC. For more information, visit www.ON24.com.
© 2024 ON24, Inc. All rights reserved. ON24 and the ON24 logo are trademarks owned by ON24, Inc., and are registered in the United States Patent and Trademark Office and in other countries.
ON24, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
53,209
$
26,996
Marketable securities
145,497
301,125
Accounts receivable, net
37,939
43,757
Deferred contract acquisition costs, current
12,428
13,136
Prepaid expenses and other current assets
4,714
6,281
Total current assets
253,787
391,295
Property and equipment, net
5,371
7,212
Operating right-of-use assets
2,981
5,606
Intangible asset, net
1,305
1,979
Deferred contract acquisition costs, non-current
15,756
17,773
Other long-term assets
1,102
1,608
Total assets
$
280,302
$
425,473
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$
1,914
$
4,611
Accrued and other current liabilities
16,907
18,465
Deferred revenue
74,358
83,453
Finance lease liabilities, current
127
1,554
Operating lease liabilities, current
2,779
2,648
Total current liabilities
96,085
110,731
Operating lease liabilities, non-current
2,483
5,040
Other long-term liabilities
1,517
1,741
Total liabilities
100,085
117,512
Stockholders’ equity
Common stock
4
5
Additional paid-in capital
485,291
562,555
Accumulated deficit
(305,513
)
(253,727
)
Accumulated other comprehensive income (loss)
435
(872
)
Total stockholders’ equity
180,217
307,961
Total liabilities and stockholders’ equity
$
280,302
$
425,473
ON24, INC.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Revenue:
Subscription and other platform
$
35,752
$
42,029
$
149,882
$
171,841
Professional services
3,585
4,538
13,826
19,031
Total revenue
39,337
46,567
163,708
190,872
Cost of revenue:
Subscription and other platform(1)(4)
7,406
9,561
34,751
39,241
Professional services(1)(4)
2,604
3,677
11,512
13,544
Total cost of revenue
10,010
13,238
46,263
52,785
Gross profit
29,327
33,329
117,445
138,087
Operating expenses:
Sales and marketing(1)(4)
20,645
25,003
89,200
109,599
Research and development(1)(2)(4)
9,363
11,186
41,122
44,102
General and administrative(1)(3)(4)
11,541
10,770
49,124
43,969
Total operating expenses
41,549
46,959
179,446
197,670
Loss from operations
(12,222
)
(13,630
)
(62,001
)
(59,583
)
Interest expense
13
36
93
181
Other income, net
(2,820
)
(2,331
)
(11,303
)
(2,514
)
Loss before provision for income taxes
(9,415
)
(11,335
)
(50,791
)
(57,250
)
Provision for income taxes
460
795
995
958
Net loss
(9,875
)
(12,130
)
(51,786
)
(58,208
)
Net loss per share:
Basic and diluted
$
(0.24
)
$
(0.25
)
$
(1.16
)
$
(1.23
)
Weighted-average shares used in computing net loss per share:
Basic and diluted
41,646,792
47,996,905
44,644,792
47,486,225
(1)
Includes stock-based compensation as follows:
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Cost of revenue
Subscription and other platform
$
682
$
835
$
2,814
$
3,375
Professional services
126
171
545
676
Total cost of revenue
808
1,006
3,359
4,051
Sales and marketing
3,669
3,318
13,974
14,304
Research and development
2,410
2,033
9,126
7,958
General and administrative
4,839
3,078
18,558
12,230
Total stock-based compensation expense
$
11,726
$
9,435
$
45,017
$
38,543
(2)
Research and development expense includes amortization of acquired intangible asset of $139 thousand and $558 thousand for the three and twelve months ended December 31, 2023, respectively, and $149 thousand and $434 thousand for the three and twelve months ended December 31, 2022, in connection with the Vibbio acquisition in April 2022.
(3)
General and administrative expense for the three and twelve months ended December 31, 2023 includes fees related to shareholder activism of nil and $2,656 thousand, respectively.
(4)
The results of operations for the three and twelve months ended December 31, 2023 includes restructuring costs, which primarily represent severance and related expense due to restructuring activities, and impairment charges on our headquarters lease, as follows:
Three Months Ended December 31, 2023
Twelve months Ended December 31, 2023
Severance and related Charges
Lease Impairment Charge
Total
Severance and related Charges
Lease Impairment Charge
Total
Cost of revenue
Subscription and other platform
$
81
$
—
$
81
$
2,215
$
108
$
2,323
Professional services
6
—
6
149
119
268
Total cost of revenue
87
—
87
2,364
227
2,591
Sales and marketing
288
—
288
2,246
256
2,502
Research and development
110
—
110
1,397
569
1,966
General and administrative
88
—
88
391
409
800
Total restructuring costs
$
573
$
—
$
573
$
6,398
$
1,461
$
7,859
The results of operations for the three and twelve months ended December 31, 2022 includes restructuring costs, which primarily represent severance and related expense due to restructuring activities.
Three Months Ended December 31, 2022
Twelve Months Ended December 31, 2022
Severance and related charges
Cost of revenue
Subscription and other platform
$
—
$
363
Professional services
—
27
Total cost of revenue
—
390
Sales and marketing
564
1,146
Research and development
25
86
General and administrative
—
37
Total restructuring costs
$
589
$
1,659
ON24, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Cash flows from operating activities:
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,319
1,463
5,360
5,416
Stock-based compensation expense
11,726
9,435
45,017
38,543
Amortization of deferred contract acquisition cost
3,968
3,815
15,589
15,665
Provision for allowance for doubtful accounts and billing reserves
699
715
3,059
1,918
Non-cash lease expense
371
487
1,710
1,962
Accretion of marketable securities
(1,863
)
(1,125
)
(7,716
)
(1,242
)
Lease impairment charge
—
—
1,461
—
Other
38
56
244
159
Change in operating assets and liabilities:
Accounts receivable
(12,753
)
(13,259
)
2,759
482
Deferred contract acquisition cost
(4,183
)
(3,726
)
(12,864
)
(13,766
)
Prepaid expenses and other assets
2,104
2,303
2,061
2,298
Accounts payable
(769
)
1,270
(2,897
)
1,533
Accrued liabilities
1,038
1,399
(1,999
)
30
Deferred revenue
7,755
2,424
(9,095
)
(12,807
)
Other liabilities
(434
)
(695
)
(3,105
)
(2,444
)
Net cash used in operating activities
(859
)
(7,568
)
(12,202
)
(20,461
)
Cash flows from investing activities:
Purchase of property and equipment
(1,107
)
(1,297
)
(2,183
)
(3,697
)
Acquisition, net of cash acquired
—
—
—
(2,495
)
Purchase of marketable securities
(43,706
)
(86,095
)
(276,210
)
(297,405
)
Proceeds from maturities of marketable securities
103,503
72,407
422,969
194,372
Proceeds from sale of marketable securities
—
20,244
17,739
20,244
Net cash provided by (used in) investing activities
58,690
5,259
162,315
(88,981
)
Cash flows from financing activities:
Proceeds from exercise of stock options
81
318
1,422
2,785
Proceeds from issuance of common stock under ESPP
462
749
1,008
1,582
Payment of tax withholding obligations related to net share settlements on equity awards
—
—
—
(1,756
)
Payment for repurchase of common stock
(15,330
)
(7,319
)
(74,569
)
(29,127
)
Payment of cash dividend
—
—
(49,872
)
—
Repayment of equipment loans and borrowings
(49
)
(69
)
(236
)
(270
)
Repayment of finance lease obligations
(218
)
(433
)
(1,533
)
(1,832
)
Acquisition holdback payment
(403
)
—
(403
)
—
Net cash used in financing activities
(15,457
)
(6,754
)
(124,183
)
(28,618
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
35
(301
)
199
186
Net increase (decrease) in cash, cash equivalents and restricted cash
42,409
(9,364
)
26,129
(137,874
)
Cash, cash equivalents and restricted cash, beginning of period
10,889
36,533
27,169
165,043
Cash, cash equivalents and restricted cash, end of period
$
53,298
$
27,169
$
53,298
$
27,169
ON24, INC.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except share and per share data)
(Unaudited)
Reconciliation of gross profit and gross margin
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
GAAP gross profit
$
29,327
$
33,329
$
117,445
$
138,087
Add:
Stock-based compensation
808
1,006
3,359
4,051
Restructuring costs
87
—
2,364
390
Impairment charge
—
—
227
—
Non-GAAP gross profit
$
30,222
$
34,335
$
123,395
$
142,528
GAAP gross margin
75
%
72
%
72
%
72
%
Non-GAAP gross margin
77
%
74
%
75
%
75
%
Reconciliation of operating expenses
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
GAAP sales and marketing
$
20,645
$
25,003
$
89,200
$
109,599
Less:
Stock-based compensation
(3,669
)
(3,318
)
(13,974
)
(14,304
)
Restructuring costs
(288
)
(564
)
(2,246
)
(1,146
)
Impairment charge
—
—
(256
)
—
Non-GAAP sales and marketing
$
16,688
$
21,121
$
72,724
$
94,149
GAAP research and development
$
9,363
$
11,186
$
41,122
$
44,102
Less:
Stock-based compensation
(2,410
)
(2,033
)
(9,126
)
(7,958
)
Restructuring costs
(110
)
(25
)
(1,397
)
(86
)
Impairment charge
—
—
(569
)
—
Amortization of acquired intangible asset
(139
)
(149
)
(558
)
(434
)
Non-GAAP research and development
$
6,704
$
8,979
$
29,472
$
35,624
GAAP general and administrative
$
11,541
$
10,770
$
49,124
$
43,969
Less:
Stock-based compensation
(4,839
)
(3,078
)
(18,558
)
(12,230
)
Restructuring costs
(88
)
—
(391
)
(37
)
Impairment charge
—
—
(409
)
—
Fees related to shareholder activism
—
—
(2,656
)
—
Non-GAAP general and administrative
$
6,614
$
7,692
$
27,110
$
31,702
ON24, INC.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except share and per share data)
(Unaudited)
Reconciliation of net loss to non-GAAP operating income (loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Interest expense
13
36
93
181
Other (income) expense, net
(2,820
)
(2,331
)
(11,303
)
(2,514
)
Provision for income taxes
460
795
995
958
Stock-based compensation
11,726
9,435
45,017
38,543
Amortization of acquired intangible asset
139
149
558
434
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP operating income (loss)
$
216
$
(3,457
)
$
(5,911
)
$
(18,947
)
Reconciliation of net loss to Adjusted EBITDA
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Interest expense
13
36
93
181
Other (income) expense, net
(2,820
)
(2,331
)
(11,303
)
(2,514
)
Provision for income taxes
460
795
995
958
Depreciation and amortization
1,180
1,314
4,802
4,982
Amortization of acquired intangible asset
139
149
558
434
Amortization of cloud implementation costs
38
38
149
138
Stock-based compensation
11,726
9,435
45,017
38,543
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Adjusted EBITDA
$
1,434
$
(2,105
)
$
(960
)
$
(13,827
)
Reconciliation of net loss to non-GAAP net income (loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Stock-based compensation
11,726
9,435
45,017
38,543
Amortization of acquired intangible asset
139
149
558
434
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP net income (loss)
$
2,563
$
(1,957
)
$
4,304
$
(17,572
)
ON24, INC.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except share and per share data)
(Unaudited)
Reconciliation of GAAP to Non-GAAP basic and diluted net income (loss) per share
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
GAAP basic and diluted net loss per share:
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Weighted average common stock outstanding, basic and diluted
41,646,792
47,996,905
44,644,792
47,486,225
Net loss per share, basic and diluted
$
(0.24
)
$
(0.25
)
$
(1.16
)
$
(1.23
)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Non-GAAP basic and diluted net income (loss) per share:
Net loss
$
(9,875
)
$
(12,130
)
$
(51,786
)
$
(58,208
)
Add:
Stock-based compensation
11,726
9,435
45,017
38,543
Amortization of acquired intangible asset
139
149
558
434
Restructuring costs
573
589
6,398
1,659
Impairment charge
—
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP net income (loss)
$
2,563
$
(1,957
)
$
4,304
$
(17,572
)
Non-GAAP weighted-average common stock outstanding
Basic
41,646,792
47,996,905
44,644,792
47,486,225
Diluted
46,002,784
47,996,905
49,131,426
47,486,225
Non-GAAP net income (loss) per share of common stock:
Basic
$
0.06
$
(0.04
)
$
0.10
$
(0.37
)
Diluted
$
0.06
$
(0.04
)
$
0.09
$
(0.37
)
ON24, INC.
Reconciliation of GAAP to Non-GAAP Results
(in thousands)
(Unaudited)
Reconciliation of GAAP Cash Flow from Operating Activities to Free Cash Flow
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net cash used in operating activities:
$
(859
)
$
(7,568
)
$
(12,202
)
$
(20,461
)
Less: Purchases of property and equipment
(1,107
)
(1,297
)
(2,183
)
(3,697
)
Free cash flow
$
(1,966
)
$
(8,865
)
$
(14,385
)
$
(24,158
)
ON24, INC.
Revenue
(in thousands)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Core Platform
Subscription and other platform
$
34,907
$
39,952
$
145,223
$
160,772
Professional services
3,377
4,223
12,876
17,029
Total core platform revenue
$
38,284
$
44,175
$
158,099
$
177,801
Virtual Conference
Subscription and other platform
$
845
$
2,077
$
4,659
$
11,069
Professional services
208
315
950
2,002
Total virtual conference revenue
$
1,053
$
2,392
$
5,609
$
13,071
Revenue
Subscription and other platform
$
35,752
$
42,029
$
149,882
$
171,841
Professional services
3,585
4,538
13,826
19,031
Total revenue
$
39,337
$
46,567
$
163,708
$
190,872
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222691099/en/
Media Contact: Tessa Barron press@on24.com
Investor Contact: Lauren Sloane, The Blueshirt Group for ON24 investorrelations@on24.com
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