Financial Data and Key Metrics Changes - Annual recurring revenue (ARR) grew 21% year-over-year to $131 million, with SaaS subscription and term-based subscription contracts growing 36% and accounting for approximately 72% of total ARR [12][13] - Total recurring revenue increased 22% year-over-year to $35 million, representing 95% of software and services revenue [12][13] - Adjusted EBITDA improved to $0.2 million from a negative $5.3 million year-over-year, with an adjusted EBITDA margin of 0.5% compared to negative 10.4% in the previous year [15][16] - GAAP earnings per share were $0.13, compared to a loss per share of $0.23 in the first quarter of 2021 [16] Business Line Data and Key Metrics Changes - E-signature, SaaS, and term-based subscription revenue increased 40% year-over-year, with SaaS subscription revenue growing 20% to $10 million [12][13] - Term-based subscription revenue grew 65% to $13 million, benefiting from multi-year e-signature on-premises renewals [12] - Maintenance revenue declined 5% year-over-year to $12 million as the company migrated to more recurring software license models [13] Market Data and Key Metrics Changes - Revenue mix by region in Q1 2022 was 47% from EMEA, 33% from the Americas, and 20% from AsiaPac, compared to 53%, 33%, and 14% respectively in the same quarter of the previous year [16] Company Strategy and Development Direction - The company plans to operate as one team with a unified go-to-market strategy, focusing on digital agreements and security solutions [9][10] - There is an emphasis on accelerating growth in the digital agreements category, including e-signature and virtual room solutions, while also returning total security to growth [9][10] - The company aims to integrate security technologies into digital agreement solutions as a key differentiator in the market [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to drive growth in digital agreements and cybersecurity markets, highlighting a strong customer base [10] - The company expects full-year 2022 revenue to meet or exceed 2021 levels, with an update on adjusted EBITDA outlook to be provided at the upcoming Investor Day [18] Other Important Information - The company has completed most action items in its cost reduction plan, achieving cost reductions of $2.7 million in Q1 2022 [15] - The company ended Q1 2022 with $120 million in cash and no long-term debt [16] Q&A Session Summary Question: Impact of Russia-Ukraine tensions on business - Management indicated minimal exposure to Russia, having stopped sales into the country months prior, and noted increased demand for hardware tokens in Europe for security purposes [20][21] Question: Directional commentary on adjusted EBITDA - Management stated that they are still reviewing adjusted EBITDA numbers and will provide updates during the Investor Day [22][23] Question: Changes in company culture and employee retention - Management reported strong employee reception to the new vision and strategy, with voluntary attrition below industry averages [25] Question: Build-out of the executive team - Management confirmed plans to add several key executive positions, including a Chief Product Officer and Chief Revenue Officer, to strengthen the leadership team [26][27] Question: Subscription revenue performance - Management acknowledged a slight slowdown in subscription revenue growth post-COVID and indicated that deal flow contributions to revenue are relatively small [29][30]

Investor Presentation Q4 and FY 2021 February 22, 2022 Forward Looking Statements PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED 2 This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding the potential benefits, performance and functionality of our products and solutions, strategies relating to our business and the future of our business and our expectations regarding our financial performance in the future. Forward-lookin ...

OneSpan Inc. (NASDAQ:OSPN) Q4 2021 Earnings Conference Call February 22, 2022 4:30 PM ET Company Participants Joe Maxa – Vice President-Investor Relations Matt Moynahan – Chief Executive Officer Jan Kees van Gaalen – Interim Chief Financial Officer Conference Call Participants Chad Bennett – Craig-Hallum Stefan Schwartz – BTIG Catharine Trebnick – Colliers Anja Soderstrom – Sidoti Rudy Kessinger – D.A. Davidson Operator Good afternoon, and thank you for attending todayÂ's OneSpan Fourth Quarter 2021 Confere ...

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