- Achieved Total Revenue of $36.3 million
- Exceeded profitability targets for 6th consecutive quarter
- Generated positive operating and free cash flow for 3rd
consecutive quarter
- Stabilization of install base continued with high single digit
year-over-year improvement in gross retention
- Percentage of ARR in multi-year agreements and percentage of
customers using two or more products achieved another record
quarter
ON24 (NYSE: ONTF), a leading intelligent engagement platform for
B2B sales and marketing, today announced financial results for the
third quarter ended September 30, 2024.
“Our third quarter results reflected an improved retention
profile, operating expense discipline, and positive free cash
flow,” said Sharat Sharan, co-founder and CEO of ON24. “Our
AI-powered ACE solution has become a strong growth vector. In Q3,
ACE ARR increased again as a percentage of growth ARR. We are
seeing encouraging signs of customer winbacks, and our focus on
mission-critical use cases in regulated industries, like life
sciences, has helped in stabilizing our business. We remain focused
on leveraging our strategic pillars to achieve our goal of driving
sustainable growth.”
Third Quarter 2024 Financial
Highlights
- Revenue:
- Revenue from our Core Platform, including services, was $35.6
million.
- Total revenue was $36.3 million.
- ARR:
- Core Platform ARR of $129.7 million as of September 30,
2024.
- Total ARR of $132.2 million as of September 30, 2024.
- GAAP Operating Loss was $13.3 million, compared to GAAP
operating loss of $14.1 million in the third quarter of 2023.
- Non-GAAP Operating Loss was $0.8 million, compared to
non-GAAP operating loss of $1.1 million in the third quarter of
2023.
- GAAP Net Loss was $11.4 million, or $(0.27) per diluted
share, compared to GAAP net loss of $11.5 million, or $(0.26) per
diluted share in the third quarter of 2023.
- Non-GAAP Net Income was $1.1 million, or $0.02 per
diluted share, compared to non-GAAP net income of $1.5 million, or
$0.03 per diluted share in the third quarter of 2023.
- Adjusted EBITDA was $0.2 million.
- Cash Flow: Net cash provided by operating activities was
$0.3 million, compared to $2.9 million used in operating activities
in the third quarter of 2023. Free cash flow was $0.1 million for
the quarter, compared to $(3.2) million in the third quarter of
2023.
- Cash, Cash Equivalents and Marketable Securities totaled
$188.8 million as of September 30, 2024.
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.
Recent Business Highlights:
- Customer winbacks with boomerang customers contributed to
ON24’s return to stability.
- AI-powered ACE ARR performance reached a new high as a
percentage of growth ARR.
- Ranked a Top Engagement Platform for Sales and Marketing Teams
in G2 Fall 2024 Report, recognized by customers for strong market
presence and overall customer support and satisfaction.
Financial Outlook
For the fourth quarter of 2024, ON24 expects:
- Core Platform Revenue, including services, to be in the range
of $34.7 million to $35.7 million.
- Total revenue of $35.4 million to $36.4 million.
- Non-GAAP operating loss of $1.3 million to $0.3 million.
- Non-GAAP net income per share of $0.01 to $0.02 using
approximately 45.7 million diluted shares outstanding.
- Restructuring charge of $0.4 million to $0.7 million, excluded
from the non-GAAP amounts above.
For the full year 2024, ON24 now expects:
- Core Platform Revenue, including services, to be in the range
of $143.6 million to $144.6 million.
- Total revenue of $146.8 million to $147.8 million.
- Non-GAAP operating loss of $3.3 million to $2.3 million.
- Non-GAAP net income per share of $0.08 to $0.10 using
approximately 45.8 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
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), Adjusted EBITDA, 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, provision for income taxes,
stock-based compensation, amortization of acquired intangible
assets, shareholder activism related costs, restructuring costs,
impairment 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 Adjusted EBITDA as net income (loss)
excluding interest expense, other (income) expense, net, provision
for income taxes, depreciation and amortization, amortization of
acquired intangible assets, amortization of cloud implementation
costs, stock-based compensation, restructuring costs, impairment
charges for underutilized real estate, and shareholder activism
related 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), non-GAAP net income
(loss), and Adjusted EBITDA 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),
non-GAAP net income (loss), and Adjusted EBITDA 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,” “target,” “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 AI-powered Analytics and Content Engine, 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; declines in
our growth rate; fluctuation in our performance; our history of net
losses; competition; technological development in our markets;
decline in demand for our solutions; our ability to expand our
sales and marketing capabilities and otherwise achieve our growth;
the impact of 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 4 of the 5
largest global software 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 (Unaudited)
(in thousands)
September 30, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
11,017
$
53,209
Marketable securities
177,829
145,497
Accounts receivable, net
23,750
37,939
Deferred contract acquisition costs,
current
11,312
12,428
Prepaid expenses and other current
assets
6,742
4,714
Total current assets
230,650
253,787
Property and equipment, net
4,400
5,371
Operating right-of-use assets
1,900
2,981
Intangible asset, net
853
1,305
Deferred contract acquisition costs,
non-current
12,433
15,756
Other long-term assets
695
1,102
Total assets
$
250,931
$
280,302
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,687
$
1,914
Accrued and other current liabilities
14,781
16,907
Deferred revenue
63,631
74,358
Finance lease liabilities, current
—
127
Operating lease liabilities, current
2,926
2,779
Total current liabilities
84,025
96,085
Operating lease liabilities,
non-current
440
2,483
Other long-term liabilities
1,583
1,517
Total liabilities
86,048
100,085
Stockholders’ equity
Common stock
4
4
Additional paid-in capital
502,813
485,291
Accumulated deficit
(338,797
)
(305,513
)
Accumulated other comprehensive income
(loss)
863
435
Total stockholders’ equity
164,883
180,217
Total liabilities and stockholders’
equity
$
250,931
$
280,302
ON24, INC.
Condensed Consolidated
Statements of Operations (Unaudited)
(in thousands, except share
and per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Revenue:
Subscription and other platform
$
33,860
$
36,430
$
102,836
$
114,130
Professional services
2,465
2,792
8,565
10,241
Total revenue
36,325
39,222
111,401
124,371
Cost of revenue:
Subscription and other platform(1)(4)
7,136
8,390
21,514
27,345
Professional services(1)(4)
2,202
2,457
7,144
8,908
Total cost of revenue
9,338
10,847
28,658
36,253
Gross profit
26,987
28,375
82,743
88,118
Operating expenses:
Sales and marketing(1)(4)
19,498
21,510
59,029
68,555
Research and development(1)(2)(4)
9,180
9,730
27,370
31,759
General and administrative(1)(3)(4)
11,654
11,200
35,222
37,583
Total operating expenses
40,332
42,440
121,621
137,897
Loss from operations
(13,345
)
(14,065
)
(38,878
)
(49,779
)
Interest expense
6
18
27
80
Other income, net
(2,128
)
(2,718
)
(6,710
)
(8,483
)
Loss before provision for income taxes
(11,223
)
(11,365
)
(32,195
)
(41,376
)
Provision for income taxes
183
109
1,089
535
Net loss
(11,406
)
(11,474
)
(33,284
)
(41,911
)
Net loss per share:
Basic and diluted
$
(0.27
)
$
(0.26
)
$
(0.80
)
$
(0.92
)
Weighted-average shares used in computing
net loss per share:
Basic and diluted
41,870,709
43,832,475
41,725,990
45,655,106
(1)
Includes stock-based compensation as follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Cost of revenue
Subscription and other platform
$
692
$
638
$
2,047
$
2,132
Professional services
119
123
369
419
Total cost of revenue
811
761
2,416
2,551
Sales and marketing
3,253
3,693
9,649
10,305
Research and development
2,322
2,332
6,696
6,716
General and administrative
5,490
4,779
15,528
13,719
Total stock-based compensation expense
$
11,876
$
11,565
$
34,289
$
33,291
(2)
Research and development expense includes amortization of
acquired intangible asset of $140 thousand and $416 thousand for
the three and nine months ended September 30, 2024, respectively,
and $142 thousand and $419 thousand for the three and nine months
ended September 30, 2023, respectively, in connection with the
Vibbio acquisition in April 2022.
(3)
General and administrative expense includes professional
advisory expenses associated with activism defense and related
costs of nil and $2,656 thousand for the three and nine months
ended September 30, 2023, respectively. We did not incur such costs
in the three and nine months ended September 30, 2024.
(4)
The results of operations for the three and nine months ended
September 30, 2024 and 2023 includes restructuring costs, which
primarily represent severance and related expense due to
restructuring activities, and impairment charge on our
headquarters’ lease, as follows:
Three Months Ended September
30, 2024
Nine Months Ended September
30, 2024
Severance
and related
Charges
Lease
Impairment
Charge
Total
Severance
and related
Charges
Lease
Impairment
Charge
Total
Cost of revenue
Subscription and other platform
$
137
$
—
$
137
$
350
$
—
$
350
Professional services
7
—
7
20
—
20
Total cost of revenue
144
—
144
370
—
370
Sales and marketing
342
—
342
1,347
—
1,347
Research and development
—
—
—
112
—
112
General and administrative
—
—
—
339
—
339
Total restructuring costs
$
486
$
—
$
486
$
2,168
$
—
$
2,168
Three Months Ended September
30, 2023
Nine Months Ended September
30, 2023
Severance
and related
Charges
Lease
Impairment
Charge
Total
Severance
and related
Charges
Lease
Impairment
Charge
Total
Cost of revenue
Subscription and other platform
$
629
$
19
$
648
$
2,134
$
108
$
2,242
Professional services
39
18
57
143
119
262
Total cost of revenue
668
37
705
2,277
227
2,504
Sales and marketing
150
48
198
1,958
256
2,214
Research and development
174
97
271
1,287
569
1,856
General and administrative
21
70
91
303
409
712
Total restructuring costs
$
1,013
$
252
$
1,265
$
5,825
$
1,461
$
7,286
ON24, INC.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Cash flows from operating
activities:
Net loss
$
(11,406
)
$
(11,474
)
$
(33,284
)
$
(41,911
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,181
1,249
3,635
4,041
Stock-based compensation expense
11,876
11,565
34,289
33,291
Amortization of deferred contract
acquisition cost
3,638
3,777
11,233
11,621
Provision for allowance for doubtful
accounts and billing reserves
335
661
1,536
2,360
Non-cash lease expense
398
398
1,177
1,339
Accretion of marketable securities
(1,352
)
(2,142
)
(4,287
)
(5,853
)
Lease impairment charge
—
252
—
1,461
Other
30
50
100
206
Change in operating assets and
liabilities:
Accounts receivable
(60
)
4,768
12,653
15,512
Deferred contract acquisition cost
(2,060
)
(2,418
)
(6,794
)
(8,681
)
Prepaid expenses and other assets
(196
)
805
(1,939
)
(43
)
Accounts payable
323
(1,657
)
667
(2,128
)
Accrued liabilities
239
(290
)
(2,649
)
(3,037
)
Deferred revenue
(2,376
)
(7,856
)
(10,727
)
(16,850
)
Other liabilities
(275
)
(548
)
(1,789
)
(2,671
)
Net cash provided by (used in) operating
activities
295
(2,860
)
3,821
(11,343
)
Cash flows from investing
activities:
Purchase of property and equipment
(152
)
(344
)
(1,680
)
(1,076
)
Purchase of marketable securities
(26,504
)
(36,679
)
(152,925
)
(232,504
)
Proceeds from maturities of marketable
securities
22,900
42,996
114,548
319,466
Proceeds from sale of marketable
securities
6,196
8,418
10,556
17,739
Net cash provided by (used in) investing
activities
2,440
14,391
(29,501
)
103,625
Cash flows from financing
activities:
Proceeds from exercise of stock
options
690
457
1,684
1,341
Proceeds from issuance of common stock
under ESPP
—
—
367
546
Payment for repurchase of common stock
(8,327
)
(25,933
)
(18,603
)
(59,239
)
Payment of cash dividend
—
—
—
(49,872
)
Repayment of equipment loans
—
(56
)
(72
)
(187
)
Repayment of finance lease obligations
—
(373
)
(127
)
(1,315
)
Net cash used in financing activities
(7,637
)
(25,905
)
(16,751
)
(108,726
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
438
(65
)
241
164
Net decrease in cash, cash equivalents and
restricted cash
(4,464
)
(14,439
)
(42,190
)
(16,280
)
Cash, cash equivalents and restricted
cash, beginning of period
15,572
25,328
53,298
27,169
Cash, cash equivalents and restricted
cash, end of period
$
11,108
$
10,889
$
11,108
$
10,889
Reconciliation of cash, cash
equivalents, and restricted cash to the condensed consolidated
balance sheets:
Cash and cash equivalents
$
11,017
$
10,804
$
11,017
$
10,804
Restricted cash included in other assets,
non-current
91
85
91
85
Total cash, cash equivalent and restricted
cash
$
11,108
$
10,889
$
11,108
$
10,889
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands, except share
and per share data)
Reconciliation of gross profit and
gross margin
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
GAAP gross profit
$
26,987
$
28,375
$
82,743
$
88,118
Add:
Stock-based compensation
811
761
2,416
2,551
Restructuring costs
144
668
370
2,277
Impairment charge
—
37
—
227
Non-GAAP gross profit
$
27,942
$
29,841
$
85,529
$
93,173
GAAP gross margin
74
%
72
%
74
%
71
%
Non-GAAP gross margin
77
%
76
%
77
%
75
%
Reconciliation of operating
expenses
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
GAAP sales and marketing
$
19,498
$
21,510
$
59,029
$
68,555
Less:
Stock-based compensation
(3,253
)
(3,693
)
(9,649
)
(10,305
)
Restructuring costs
(342
)
(150
)
(1,347
)
(1,958
)
Impairment charge
—
(48
)
—
(256
)
Non-GAAP sales and marketing
$
15,903
$
17,619
$
48,033
$
56,036
GAAP research and development
$
9,180
$
9,730
$
27,370
$
31,759
Less:
Stock-based compensation
(2,322
)
(2,332
)
(6,696
)
(6,716
)
Restructuring costs
—
(174
)
(112
)
(1,287
)
Impairment charge
—
(97
)
—
(569
)
Amortization of acquired intangible
asset
(140
)
(142
)
(416
)
(419
)
Non-GAAP research and
development
$
6,718
$
6,985
$
20,146
$
22,768
GAAP general and administrative
$
11,654
$
11,200
$
35,222
$
37,583
Less:
Stock-based compensation
(5,490
)
(4,779
)
(15,528
)
(13,719
)
Restructuring costs
—
(21
)
(339
)
(303
)
Impairment charge
—
(70
)
—
(409
)
Fees related to shareholder activism
—
—
—
(2,656
)
Non-GAAP general and
administrative
$
6,164
$
6,330
$
19,355
$
20,496
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands, except share
and per share data)
Reconciliation of net loss to non-GAAP
operating loss
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net loss
$
(11,406
)
$
(11,474
)
$
(33,284
)
$
(41,911
)
Add:
Interest expense
6
18
27
80
Other income, net
(2,128
)
(2,718
)
(6,710
)
(8,483
)
Provision for income taxes
183
109
1,089
535
Stock-based compensation
11,876
11,565
34,289
33,291
Amortization of acquired intangible
asset
140
142
416
419
Restructuring costs
486
1,013
2,168
5,825
Impairment charge
—
252
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Non-GAAP operating loss
$
(843
)
$
(1,093
)
$
(2,005
)
$
(6,127
)
Reconciliation of net loss to Adjusted
EBITDA
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net loss
$
(11,406
)
$
(11,474
)
$
(33,284
)
$
(41,911
)
Add:
Interest expense
6
18
27
80
Other income, net
(2,128
)
(2,718
)
(6,710
)
(8,483
)
Provision for income taxes
183
109
1,089
535
Depreciation and amortization
1,041
1,107
3,219
3,622
Amortization of acquired intangible
asset
140
142
416
419
Amortization of cloud implementation
costs
30
37
101
111
Stock-based compensation
11,876
11,565
34,289
33,291
Restructuring costs
486
1,013
2,168
5,825
Impairment charge
—
252
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Adjusted EBITDA
$
228
$
51
$
1,315
$
(2,394
)
Reconciliation of net loss to non-GAAP
net income
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net loss
$
(11,406
)
$
(11,474
)
$
(33,284
)
$
(41,911
)
Add:
Stock-based compensation
11,876
11,565
34,289
33,291
Amortization of acquired intangible
asset
140
142
416
419
Restructuring costs
486
1,013
2,168
5,825
Impairment charge
—
252
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Non-GAAP net income
$
1,096
$
1,498
$
3,589
$
1,741
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands, except share
and per share data)
Reconciliation of GAAP to Non-GAAP
basic and diluted net income (loss) per share
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
GAAP basic and diluted net loss per
share:
Net loss
$
(11,406
)
$
(11,474
)
$
(33,284
)
$
(41,911
)
Weighted average common stock outstanding,
basic and diluted
41,870,709
43,832,475
41,725,990
45,655,106
Net loss per share, basic and diluted
$
(0.27
)
$
(0.26
)
$
(0.80
)
$
(0.92
)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Non-GAAP basic and diluted net income
per share:
Net loss
$
(11,406
)
$
(11,474
)
$
(33,284
)
$
(41,911
)
Add:
Stock-based compensation
11,876
11,565
34,289
33,291
Amortization of acquired intangible
asset
140
142
416
419
Restructuring costs
486
1,013
2,168
5,825
Impairment charge
—
252
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Non-GAAP net income
$
1,096
$
1,498
$
3,589
$
1,741
Non-GAAP weighted-average common stock
outstanding
Basic
41,870,709
43,832,475
41,725,990
45,655,106
Diluted
45,582,143
48,314,373
45,670,383
50,175,084
Non-GAAP net income per share of common
stock:
Basic
$
0.03
$
0.03
$
0.09
$
0.04
Diluted
$
0.02
$
0.03
$
0.08
$
0.03
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands)
Reconciliation of GAAP Cash Flow from
Operating Activities to Free Cash Flow
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net cash provided by (used in) operating
activities:
$
295
$
(2,860
)
$
3,821
$
(11,343
)
Less: Purchases of property and
equipment
(152
)
(344
)
(1,680
)
(1,076
)
Free cash flow
$
143
$
(3,204
)
$
2,141
$
(12,419
)
ON24, INC.
Revenue
(in thousands)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Core Platform
Subscription and other platform
$
33,272
$
35,505
$
100,811
$
110,316
Professional services
2,336
2,644
8,097
9,499
Total core platform revenue
$
35,608
$
38,149
$
108,908
$
119,815
Virtual Conference
Subscription and other platform
$
588
$
925
$
2,025
$
3,814
Professional services
129
148
468
742
Total virtual conference revenue
$
717
$
1,073
$
2,493
$
4,556
Revenue
Subscription and other platform
$
33,860
$
36,430
$
102,836
$
114,130
Professional services
2,465
2,792
8,565
10,241
Total revenue
$
36,325
$
39,222
$
111,401
$
124,371
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107018590/en/
Media Contact: Gabriella Kose press@on24.com
Investor Contact: Irmina Blaszczyk, The Blueshirt Group
for ON24 investorrelations@on24.com
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