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ON24 Announces Fourth Quarter and Full Year 2023 Financial Results

  • Launched next generation ON24 Intelligent Engagement Platform and AI-Powered ACE
  • Ended 2023 with Core Platform ARR of $136.2 Million; Core Platform ARR performance for Q4 sequentially close to break-even
  • Q4 improvement in key metrics; Exceeded profitability targets for third quarter in a row

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

  • Revenue:
    • Revenue from our Core Platform, including services, was $38.3 million.
    • Total revenue was $39.3 million.
  • ARR:
    • Core Platform ARR of $136.2 million as of December 31, 2023.
    • Total ARR of $139.7 million as of December 31, 2023.
  • GAAP Operating Loss was $12.2 million, compared to GAAP operating loss of $13.6 million in the fourth quarter of 2022.
  • Non-GAAP Operating Income was $0.2 million, compared to non-GAAP operating loss of $3.5 million in the fourth quarter of 2022.
  • GAAP Net Loss was $9.9 million, or $(0.24) per diluted share, compared to GAAP net loss of $12.1 million, or $(0.25) per diluted share in the fourth quarter of 2022.
  • Non-GAAP Net Income was $2.6 million, or $0.06 per diluted share, compared to a non-GAAP net loss of $2.0 million, or $(0.04) per diluted share in the fourth quarter of 2022.
  • Adjusted EBITDA was $1.4 million.
  • Cash Flow: Net cash used in operating activities was $0.9 million, compared to $7.6 million used in operating activities in the fourth quarter of 2022. Free cash flow was negative $2.0 million for the quarter, compared to negative $8.9 million in the fourth quarter of 2022.
  • Cash, Cash Equivalents and Marketable Securities totaled $198.7 million as of December 31, 2023.

Full Year 2023 Financial Highlights

  • Revenue:
    • Revenue from our Core Platform, including services, was $158.1 million.
    • Total revenue was $163.7 million.
  • GAAP Operating Loss was $62.0 million, compared to GAAP operating loss of $59.6 million in 2022.
  • Non-GAAP Operating Loss was $5.9 million, compared to non-GAAP operating loss of $18.9 million in 2022.
  • GAAP Net Loss was $51.8 million, or $(1.16) per diluted share, compared to GAAP net loss of $58.2 million, or $(1.23) per diluted share in 2022.
  • Non-GAAP Net Income was $4.3 million, or $0.09 per diluted share, compared to non-GAAP net loss of $17.6 million, or $(0.37) per diluted share in 2022.
  • Adjusted EBITDA was negative $1.0 million.
  • Cash Flow: Net cash used in operating activities was $12.2 million, compared to $20.5 million used in operating activities in 2022. Free cash flow was negative $14.4 million for the year, compared to negative $24.2 million in 2022.

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:

  • Multi-Year Contracts: 49% of total ARR comprises multi-year contracts
  • Multi-Product Customers: 37% of customers using two or more products

Recent Business Highlights:

  • Launched next generation ON24 Intelligent Engagement Platform and AI-powered ACE to thousands of customers and prospects at global launch event, ON24 Next on Jan. 24th.
  • Swept TrustRadius “Best of Awards” based on customer reviews in 2023 which named ON24 a leader in platform capabilities, global support and sales and marketing results.
  • Named a Leader in 2023-2024 IDC MarketScape for Virtual Events Applications recognizing strengths in AI innovation, data, integrations and actions that drive engagement and revenue.

Financial Outlook

For the first quarter of 2024, ON24 expects:

  • Core Platform Revenue, including services, to be in the range of $35.6 million to $36.6 million.
  • Total revenue of $36.5 million to $37.5 million.
  • Non-GAAP operating loss of $2.7 million to $1.7 million.
  • Non-GAAP net loss per share of $(0.02) to Non-GAAP net income per share of $0.00 using approximately 41.2 million basic and diluted shares outstanding and 45.7 million diluted shares outstanding, respectively.
    • Restructuring charge of $0.6 million to $0.9 million, excluded from the Non-GAAP amounts above.

For the full year 2024, ON24 expects:

  • Core Platform Revenue, including services, to be in the range of $139.5 million to $143.5 million.
  • Total revenue of $143 million to $147 million.
  • Non-GAAP operating loss of $5.5 million to $3.5 million.
  • Non-GAAP net income per share of $0.02 to $0.05 per share using approximately 47.6 million diluted shares outstanding.

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

 

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