- Third quarter total revenue of $39.2 million
- Exceeded Q3 2023 profitability targets
- Launching new AI-powered solution, ACE, “Analytics and Content
Engine”
- Continued to execute on capital return program; returned
approximately $25 million to stockholders in Q3
ON24 (NYSE: ONTF), a leading sales and marketing platform for
B2B digital engagement, today announced financial results for the
third quarter ended September 30, 2023.
“We are pleased with our performance for the third quarter. We
delivered results ahead of guidance across all metrics, and despite
the tough macroeconomic environment, we see positive momentum in
our business. We are focused on executing against our strategic
growth pillars, and are excited to be launching ACE, our new
AI-powered Analytics and Content Engine. ACE will be available
across our platform and will fuel the next generation of our
customers’ experiences,” said Sharat Sharan, co-founder and CEO of
ON24. “The progress we have made internally, coupled with signs of
stability in the renewal base, give us the confidence to raise our
full year 2023 guidance. We believe that we are well positioned for
growth in 2024.”
Third Quarter 2023 Financial
Highlights
- Revenue:
- Revenue from our Core Platform, including services, was $38.1
million.
- Total revenue was $39.2 million.
- ARR:
- Core Platform ARR of $136.5 million as of September 30,
2023.
- Total ARR of $140.2 million as of September 30, 2023.
- GAAP Operating Loss was $14.1 million, compared to GAAP
operating loss of $14.8 million in the third quarter of 2022.
- Non-GAAP Operating Loss was $1.1 million, compared to
non-GAAP operating loss of $3.6 million in the third quarter of
2022.
- GAAP Net Loss was $11.5 million, or $(0.26) per diluted
share, compared to GAAP net loss of $14.4 million, or $(0.30) per
diluted share in the third quarter of 2022.
- Non-GAAP Net Income was $1.5 million, or $0.03 per
diluted share, compared to a non-GAAP net loss of $3.3 million, or
$(0.07) per diluted share in the third quarter of 2022.
- Adjusted EBITDA was $0.1 million.
- Cash Flow: Net cash used in operating activities was
$2.9 million, compared to $3.5 million used in operating activities
in the third quarter of 2022. Free cash flow was negative $3.2
million for the quarter, compared to negative $4.2 million in the
third quarter of 2022.
- Cash, Cash Equivalents and Marketable Securities totaled
$213.7 million as of September 30, 2023.
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:
- Fueling the next generation of the ON24 platform with the
launch of ACE, a new AI-powered Analytics and Content Engine that
is currently in Beta.
- Continued focus on differentiation as an enterprise-grade,
secure platform achieving ISO certifications that demonstrate a
continued commitment to security and privacy protections.
- Gained traction with highly regulated industries to enable
mission-critical go to market use cases with an aggregate YoY ARR
growth in these use cases in the high single digits. These use
cases include healthcare professional engagement, member enrollment
and continuing professional education and certification.
- Recognized by the third-party tech analyst firm, Research in
Action, as the top-ranking platform globally for greatest breadth
and depth of solution offering and highest customer satisfaction
and price-vs-value ratio.
Financial Outlook
For the fourth quarter of 2023, ON24 expects:
- Core Platform Revenue, including services, to be in the range
of $35.8 million to $36.8 million.
- Total revenue of $36.8 million to $37.8 million.
- Non-GAAP operating loss of $1.4 million to $0.8 million.
- Non-GAAP net income per share of $0.01 to $0.02 using
approximately 45.8 million diluted shares outstanding.
- Restructuring charge of $0.4 million to $0.8 million, excluded
from the Non-GAAP amounts above.
For the full year 2023, ON24 now expects:
- Core Platform Revenue, including services, to be in the range
of $155.6 million to $156.6 million.
- Total revenue of $161.2 million to $162.2 million.
- Non-GAAP operating loss of $7.5 million to $6.9 million.
- Non-GAAP net income per share of $0.04 to $0.06 per share using
approximately 49.2 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.
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 AR-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, 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 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 re-imagine how companies engage,
understand and build relationships with their audience in a digital
world. Through our leading sales and marketing platform for digital
engagement, businesses use our portfolio of webinar, virtual event
and content experiences to drive engagement and generate
first-party data, delivering revenue growth across the enterprise –
from demand generation to customer success to partner
enablement.
ON24 powers digital engagement for industry-leading customers
worldwide, including 3 of the 5 largest global technology
companies, 3 of the 6 largest US banks, 3 of the 5 largest global
healthcare companies, and 3 of the 5 largest global industrial
manufacturers, enabling organizations to reach millions of
professionals a month for billions of engagement minutes per year
with all the first-party data being captured, generated and
integrated from one place. ON24 is headquartered in San Francisco
with global offices in North America, EMEA, and APAC. For more
information, visit www.ON24.com.
© 2023 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)
September 30, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
10,804
$
26,996
Marketable securities
202,935
301,125
Accounts receivable, net
25,885
43,757
Deferred contract acquisition costs,
current
12,327
13,136
Prepaid expenses and other current
assets
6,538
6,281
Total current assets
258,489
391,295
Property and equipment, net
5,851
7,212
Operating right-of-use assets
3,312
5,606
Intangible asset, net
1,394
1,979
Deferred contract acquisition costs,
non-current
15,642
17,773
Other long-term assets
1,271
1,608
Total assets
$
285,959
$
425,473
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,696
$
4,611
Accrued and other current liabilities
16,626
18,465
Deferred revenue
66,603
83,453
Finance lease liabilities, current
345
1,554
Operating lease liabilities, current
2,692
2,648
Total current liabilities
88,962
110,731
Operating lease liabilities,
non-current
3,176
5,040
Other long-term liabilities
1,302
1,741
Total liabilities
93,440
117,512
Stockholders’ equity
Common stock
4
5
Additional paid-in capital
488,305
562,555
Accumulated deficit
(295,638
)
(253,727
)
Accumulated other comprehensive loss
(152
)
(872
)
Total stockholders’ equity
192,519
307,961
Total liabilities and stockholders’
equity
$
285,959
$
425,473
ON24, INC. Condensed Consolidated
Statements of Operations (in thousands, except share and per
share data) (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue:
Subscription and other platform
$
36,430
$
43,271
$
114,130
$
129,812
Professional services
2,792
4,304
10,241
14,493
Total revenue
39,222
47,575
124,371
144,305
Cost of revenue:
Subscription and other platform(1)(4)
8,390
10,120
27,345
29,680
Professional services(1)(4)
2,457
3,182
8,908
9,867
Total cost of revenue
10,847
13,302
36,253
39,547
Gross profit
28,375
34,273
88,118
104,758
Operating expenses:
Sales and marketing(1)(4)
21,510
26,553
68,555
84,596
Research and development(1)(2)(4)
9,730
11,324
31,759
32,916
General and administrative(1)(3)(4)
11,200
11,164
37,583
33,199
Total operating expenses
42,440
49,041
137,897
150,711
Loss from operations
(14,065
)
(14,768
)
(49,779
)
(45,953
)
Interest expense
18
42
80
145
Other income, net
(2,718
)
(463
)
(8,483
)
(183
)
Loss before provision for income taxes
(11,365
)
(14,347
)
(41,376
)
(45,915
)
Provision for income taxes
109
40
535
163
Net loss
(11,474
)
(14,387
)
(41,911
)
(46,078
)
Net loss per share:
Basic and diluted
$
(0.26
)
$
(0.30
)
$
(0.92
)
$
(0.97
)
Weighted-average shares used in computing
net loss per share:
Basic and diluted
43,832,475
47,640,200
45,655,106
47,357,711
(1) Includes stock-based compensation as follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cost of revenue
Subscription and other platform
$
638
$
849
$
2,132
$
2,540
Professional services
123
165
419
505
Total cost of revenue
761
1,014
2,551
3,045
Sales and marketing
3,693
3,597
10,305
10,986
Research and development
2,332
2,019
6,716
5,925
General and administrative
4,779
3,273
13,719
9,152
Total stock-based compensation expense
$
11,565
$
9,903
$
33,291
$
29,108
(2) Research and development expense includes amortization of
acquired intangible asset of $142 thousand and $419 thousand for
the three and nine months ended September 30, 2023, respectively,
and $148 thousand and $285 thousand for the three and nine months
ended September 30, 2022, in connection with the Vibbio acquisition
in April 2022.
(3) General and administrative expense for the three and nine
months ended September 30, 2023 includes fees related to
shareholder activism of nil and $2,656 thousand, respectively.
(4) The results of operations for the three and nine months
ended September 30, 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 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
The results of operations for the three and nine months ended
September 30, 2022 includes restructuring costs, which primarily
represent severance and related expense due to restructuring
activities.
Three and Nine Months Ended
September 30, 2022
Severance and Related
Charges
Cost of revenue
Subscription and other platform
$
363
Professional services
271
Total cost of revenue
390
Sales and marketing
582
Research and development
61
General and administrative
37
Total restructuring costs
$
1,070
ON24, INC. Condensed Consolidated
Statements of Cash Flows (In thousands)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cash flows from operating
activities:
Net loss
$
(11,474
)
$
(14,387
)
$
(41,911
)
$
(46,078
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,249
1,407
4,041
3,953
Stock-based compensation expense
11,565
9,903
33,291
29,108
Amortization of deferred contract
acquisition cost
3,777
3,833
11,621
11,850
Provision for allowance for doubtful
accounts and billing reserve
661
456
2,360
1,203
Non-cash lease expense
398
474
1,339
1,475
Accretion of marketable securities
(2,142
)
(447
)
(5,853
)
(117
)
Lease impairment charge
252
—
1,461
—
Other
50
103
206
103
Change in operating assets and
liabilities:
Accounts receivable
4,768
8,096
15,512
13,741
Deferred contract acquisition cost
(2,418
)
(2,672
)
(8,681
)
(10,040
)
Prepaid expenses and other assets
805
1,572
(43
)
(5
)
Accounts payable
(1,657
)
(51
)
(2,128
)
263
Accrued liabilities
(290
)
(1,624
)
(3,037
)
(1,369
)
Deferred revenue
(7,856
)
(9,745
)
(16,850
)
(15,231
)
Other liabilities
(548
)
(373
)
(2,671
)
(1,749
)
Net cash used in operating activities
(2,860
)
(3,455
)
(11,343
)
(12,893
)
Cash flows from investing
activities:
Purchase of property and equipment
(344
)
(726
)
(1,076
)
(2,400
)
Acquisition, net of cash acquired
—
—
—
(2,495
)
Purchase of marketable securities
(36,679
)
(99,690
)
(232,504
)
(211,310
)
Proceeds from maturities of marketable
securities
42,996
59,867
319,466
121,965
Proceeds from sale of marketable
securities
8,418
—
17,739
—
Net cash provided by (used in) investing
activities
14,391
(40,549
)
103,625
(94,240
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
457
729
1,341
2,467
Proceeds from issuance of common stock
under ESPP
—
—
546
833
Payment of tax withholding obligations
related to net share settlements on equity awards
—
—
—
(1,756
)
Payment for repurchase of common stock
(25,933
)
—
(59,239
)
(21,808
)
Payment of cash dividend
—
—
(49,872
)
—
Repayment of equipment loans
(56
)
(68
)
(187
)
(201
)
Repayment of finance lease obligations
(373
)
(427
)
(1,315
)
(1,399
)
Net cash (used in) provided by financing
activities
(25,905
)
234
(108,726
)
(21,864
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(65
)
211
164
487
Net decrease in cash, cash equivalents and
restricted cash
(14,439
)
(43,559
)
(16,280
)
(128,510
)
Cash, cash equivalents and restricted
cash, beginning of period
25,328
80,092
27,169
165,043
Cash, cash equivalents and restricted
cash, end of period
$
10,889
$
36,533
$
10,889
$
36,533
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP gross profit
$
28,375
$
34,273
$
88,118
$
104,758
Add:
Stock-based compensation
761
1,014
2,551
3,045
Restructuring costs
668
390
2,277
390
Impairment charge
37
—
227
—
Non-GAAP gross profit
$
29,841
$
35,677
$
93,173
$
108,193
GAAP gross margin
72
%
72
%
71
%
73
%
Non-GAAP gross margin
76
%
75
%
75
%
75
%
Reconciliation of operating expenses
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP sales and marketing
$
21,510
$
26,553
$
68,555
$
84,596
Less:
Stock-based compensation
(3,693
)
(3,597
)
(10,305
)
(10,986
)
Restructuring costs
(150
)
(582
)
(1,958
)
(582
)
Impairment charge
(48
)
—
(256
)
—
Non-GAAP sales and marketing
$
17,619
$
22,374
$
56,036
$
73,028
GAAP research and development
$
9,730
$
11,324
$
31,759
$
32,916
Less:
Stock-based compensation
(2,332
)
(2,019
)
(6,716
)
(5,925
)
Restructuring costs
(174
)
(61
)
(1,287
)
(61
)
Impairment charge
(97
)
—
(569
)
—
Amortization of acquired intangible
asset
(142
)
(148
)
(419
)
(285
)
Non-GAAP research and
development
$
6,985
$
9,096
$
22,768
$
26,645
GAAP general and administrative
$
11,200
$
11,164
$
37,583
$
33,199
Less:
Stock-based compensation
(4,779
)
(3,273
)
(13,719
)
(9,152
)
Restructuring costs
(21
)
(37
)
(303
)
(37
)
Impairment charge
(70
)
—
(409
)
—
Fees related to shareholder activism
—
—
(2,656
)
—
Non-GAAP general and
administrative
$
6,330
$
7,854
$
20,496
$
24,010
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 loss
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss
$
(11,474
)
$
(14,387
)
$
(41,911
)
$
(46,078
)
Add:
Interest expense
18
42
80
145
Other income, net
(2,718
)
(463
)
(8,483
)
(183
)
Provision for income taxes
109
40
535
163
Stock-based compensation
11,565
9,903
33,291
29,108
Amortization of acquired intangible
asset
142
148
419
285
Restructuring costs
1,013
1,070
5,825
1,070
Impairment charge
252
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP operating loss
$
(1,093
)
$
(3,647
)
$
(6,127
)
$
(15,490
)
Reconciliation of net loss to Adjusted EBITDA
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss
$
(11,474
)
$
(14,387
)
$
(41,911
)
$
(46,078
)
Add:
Interest expense
18
42
80
145
Other income, net
(2,718
)
(463
)
(8,483
)
(183
)
Provision for income taxes
109
40
535
163
Depreciation and amortization
1,107
1,259
3,622
3,668
Amortization of acquired intangible
asset
142
148
419
285
Amortization of cloud implementation
costs
37
37
111
100
Stock-based compensation
11,565
9,903
33,291
29,108
Restructuring costs
1,013
1,070
5,825
1,070
Impairment charge
252
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Adjusted EBITDA
$
51
$
(2,351
)
$
(2,394
)
$
(11,722
)
Reconciliation of net loss to non-GAAP net income
(loss)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss
$
(11,474
)
$
(14,387
)
$
(41,911
)
$
(46,078
)
Add:
Stock-based compensation
11,565
9,903
33,291
29,108
Amortization of acquired intangible
asset
142
148
419
285
Restructuring costs
1,013
1,070
5,825
1,070
Impairment charge
252
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP net income (loss)
$
1,498
$
(3,266
)
$
1,741
$
(15,615
)
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP basic and diluted net loss per
share:
Net loss
$
(11,474
)
$
(14,387
)
$
(41,911
)
$
(46,078
)
Weighted average common stock outstanding,
basic and diluted
43,832,475
47,640,200
45,655,106
47,357,711
Net loss per share, basic and diluted
$
(0.26
)
$
(0.30
)
$
(0.92
)
$
(0.97
)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Non-GAAP basic and diluted net income
(loss) per share:
Net loss
$
(11,474
)
$
(14,387
)
$
(41,911
)
$
(46,078
)
Add:
Stock-based compensation
11,565
9,903
33,291
29,108
Amortization of acquired intangible
asset
142
148
419
285
Restructuring costs
1,013
1,070
5,825
1,070
Impairment charge
252
—
1,461
—
Fees related to shareholder activism
—
—
2,656
—
Non-GAAP net income (loss)
$
1,498
$
(3,266
)
$
1,741
$
(15,615
)
Non-GAAP weighted-average common stock
outstanding
Basic
43,832,475
47,640,200
45,655,106
47,357,711
Diluted
48,314,373
47,640,200
50,175,084
47,357,711
Non-GAAP net income (loss) per share of
common stock:
Basic
$
0.03
$
(0.07
)
$
0.04
$
(0.33
)
Diluted
$
0.03
$
(0.07
)
$
0.03
$
(0.33
)
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net cash used in operating activities:
$
(2,860
)
$
(3,455
)
$
(11,343
)
$
(12,893
)
Less: Purchases of property and
equipment
(344
)
(726
)
(1,076
)
(2,400
)
Free cash flow
$
(3,204
)
$
(4,181
)
$
(12,419
)
$
(15,293
)
ON24, INC. Revenue (in
thousands) (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Core Platform
Subscription and other platform
$
35,505
$
40,723
$
110,316
$
120,820
Professional services
2,644
3,765
9,499
12,806
Total core platform revenue
$
38,149
$
44,488
$
119,815
$
133,626
Virtual Conference
Subscription and other platform
$
925
$
2,548
$
3,814
$
8,992
Professional services
148
539
742
1,687
Total virtual conference revenue
$
1,073
$
3,087
$
4,556
$
10,679
Revenue
Subscription and other platform
$
36,430
$
43,271
$
114,130
$
129,812
Professional services
2,792
4,304
10,241
14,493
Total revenue
$
39,222
$
47,575
$
124,371
$
144,305
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107411572/en/
Media Contact: Tessa Barron press@on24.com
Investor Contact: Lauren Sloane, The Blueshirt Group for
ON24 investorrelations@on24.com
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