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ON24 Announces Third Quarter 2021 Financial Results

  • ARR increased 20% year-over-year to $167.2 million
  • Third quarter subscription and other platform revenue increased 27% year-over-year to $43.6 million
  • Third quarter total revenue increased 16% year-over-year to $49.4 million
  • Number of customers contributing at least $100K in ARR increased 32% year-over-year

ON24 (NYSE: ONTF), a leading cloud-based digital experience platform provider, today announced financial results for its third quarter ended September 30, 2021.

“We delivered a solid third quarter and strengthened our core enterprise customer base. We made steady progress and remain confident in the underlying strength of our business and the large market opportunity that lies ahead for us, although, as expected, we continued to face some headwinds with respect to first time renewals,” said Sharat Sharan, co-founder and CEO of ON24. “I’m proud of the exciting platform innovations that our team is bringing to market for customers which we believe will drive our next phase of durable growth.”

Third Quarter 2021 Financial Highlights

  • ARR: Ending Annualized Recurring Revenue of $167.2 million as of September 30, 2021, an increase of 20% year-over-year.
  • Revenue: Total revenue was $49.4 million, an increase of 16% year-over-year. Subscription and Other Platform Revenue, was $43.6 million, an increase of 27% year-over-year.
  • GAAP Operating Loss was $9.3 million, compared to GAAP operating income of $6.8 million in the third quarter of 2020.
  • Non-GAAP Operating Loss was $1.4 million, compared to non-GAAP operating income of $7.5 million in the third quarter of 2020.
  • GAAP Net Loss attributable to common stockholders was $9.4 million, or $(0.20) per diluted share, compared to net income attributable to common stockholders of $5.1 million, or $0.12 per diluted share in the third quarter of 2020.
  • Non-GAAP Net Loss was $1.6 million, or $(0.03) per diluted share, compared to a non-GAAP net income of $7.2 million, or $0.42 per diluted share in the third quarter of 2020.
  • Cash Flow: Net cash used in operating activities was $0.9 million, compared to $11.5 million provided by operating activities in the third quarter of 2020.
  • Free Cash Flow was negative $1.6 million for the quarter, compared to $11.1 million in the third quarter of 2020.
  • Cash, Cash Equivalents and Marketable securities totaled $399.7 million as of September 30, 2021.

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

Product Innovation

  • Hosted a customer event to introduce the latest ON24 technologies, platform innovations, and product roadmap for companies to advance digital engagement.
  • Announced ON24 Go Live as the latest addition to the ON24 platform, a new self-service virtual event product to stand up live-streaming video events such as roadshows, customer conferences, virtual pop-ups, town halls, and company meetings faster and easier. ON24 Go Live is planned to become available in November 2021 for early adopters.
  • New capabilities are available for audiences to watch ON24 Webcast Elite live webinars directly in ON24 Engagement Hub, a central content destination to generate demand with prospects, engage customers, and drive partner enablement.
  • Introduced Hybrid Mode in ON24 Webcast Elite to make seamless hybrid experiences possible and enable companies to customize their events for in-person and virtual attendees.

Industry Recognition

  • ON24 Elite was rated the top webinar software by enterprise users for the second consecutive quarter by G2, one of the largest software marketplace and user review platforms.
  • The ON24 Digital Experience Platform was named the “Best Overall Event Management Platform” by MarTech Breakthrough as part of their annual awards recognizing the best companies, technologies, products, and services for sales, marketing, and advertising.
  • Forrester, a leading global research and advisory firm, recently included ON24 as a growth stage company in the content engagement solutions market for ON24 Engagement Hub, a central destination for audiences to get engaging, dynamic live and on-demand content when they need it.

Financial Outlook

For the fourth quarter of 2021, ON24 expects:

  • Total revenue of $51.0 to $52.0 million.
  • Non-GAAP operating loss of $4.7 to $3.7 million.
  • Non-GAAP net loss per share of $(0.10) to $(0.08) using approximately 48.2 million basic and diluted shares outstanding.

For the full year 2021, ON24 expects:

  • Total revenue of $202.6 to $203.6 million.
  • Non-GAAP operating loss of $0.9 million to non-GAAP operating income of $0.1 million.
  • Non-GAAP net loss per share of $(0.04) to $(0.02) using approximately 43.6 million basic and 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 (800) 367-2403, and international parties can access the call by dialing (334) 777-6978, using the conference ID 2232532.

A webcast 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.

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 and stock-based compensation. We define non-GAAP net income (loss) as net income (loss) excluding cumulative preferred dividends allocated to preferred shareholders and stock-based compensation. 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.

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 size of our market opportunity, the success of our new products and capabilities, the impact of COVID-19 and vaccines on the way people do business, 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 sustain our recent revenue growth rate, attract new customers and expand sales to existing customers; fluctuation in our performance, our history of net losses and expected increases in our expenses; competition in our markets and any decline in demand for our solutions; our ability to expand our sales and marketing capabilities and otherwise manage our growth; the impact of the COVID-19 pandemic; 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 provides a leading cloud-based hybrid engagement platform that makes it easy to create, scale, and personalize engaging experiences to drive measurable business growth. Today, we are helping over 2,000 companies worldwide, including 3 of the 5 largest global technology companies, 4 of the 5 largest US banks, 3 of the 5 largest global healthcare companies, and 3 of the 5 largest global industrial manufacturing companies, convert millions of prospects to buyers. Through interactive webinars, virtual events, and always-on multimedia experiences, ON24 provides a system of engagement, powered by AI, which enables businesses to scale engagement, conversions, and pipeline to drive revenue growth. The ON24 platform supports millions of professionals a month who are totaling billions of engagement minutes per year. ON24 is headquartered in San Francisco with global offices in North America, EMEA, and APAC. For more information, visit www.ON24.com.

© 2021 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, 2021

 

December 31, 2020

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

197,788

 

 

 

$

58,243

 

 

Marketable securities

201,896

 

 

 

3,000

 

 

Accounts receivable, net

36,798

 

 

 

48,617

 

 

Deferred contract acquisition costs, current

11,718

 

 

 

10,528

 

 

Prepaid expenses and other current assets

9,661

 

 

 

7,079

 

 

Total current assets

457,861

 

 

 

127,467

 

 

Property and equipment, net

8,849

 

 

 

9,051

 

 

Deferred contract acquisition costs, non-current

20,205

 

 

 

18,753

 

 

Other long-term assets

995

 

 

 

1,447

 

 

Total assets

$

487,910

 

 

 

$

156,718

 

 

Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)

 

 

 

Current liabilities

 

 

 

Accounts payable

$

2,026

 

 

 

$

4,730

 

 

Accrued liabilities

22,989

 

 

 

17,439

 

 

Deferred revenue

91,185

 

 

 

92,240

 

 

Long-term debt, current portion

2,128

 

 

 

2,359

 

 

Total current liabilities

118,328

 

 

 

116,768

 

 

Long-term debt

2,543

 

 

 

25,727

 

 

Other long-term liabilities

3,374

 

 

 

4,022

 

 

Total liabilities

124,245

 

 

 

146,517

 

 

Convertible Class A-1 and Class A-2 preferred stock

 

 

 

83,857

 

 

Redeemable convertible Class B and Class B-1 preferred stock

 

 

 

70,000

 

 

Stockholders’ equity (deficit)

 

 

 

Common stock

5

 

 

 

1

 

 

Additional paid-in capital

549,455

 

 

 

27,512

 

 

Accumulated deficit

(186,010

)

 

 

(171,263

)

 

Accumulated other comprehensive income

215

 

 

 

94

 

 

Total Stockholders’ equity (deficit)

363,665

 

 

 

(143,656

)

 

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

$

487,910

 

 

 

$

156,718

 

 

 

 

 

 

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,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

Subscription and other platform

$

43,601

 

 

 

$

34,356

 

 

 

$

130,888

 

 

 

$

81,379

 

 

Professional services

5,761

 

 

 

8,233

 

 

 

20,691

 

 

 

22,276

 

 

Total revenue

49,362

 

 

 

42,589

 

 

 

151,579

 

 

 

103,655

 

 

Cost of revenue:

 

 

 

 

 

 

 

Subscription and other platform(1)

8,718

 

 

 

5,425

 

 

 

24,382

 

 

 

14,405

 

 

Professional services(1)

3,349

 

 

 

3,195

 

 

 

10,252

 

 

 

8,883

 

 

Total cost of revenue

12,067

 

 

 

8,620

 

 

 

34,634

 

 

 

23,288

 

 

Gross profit

37,295

 

 

 

33,969

 

 

 

116,945

 

 

 

80,367

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing(1)

26,591

 

 

 

15,756

 

 

 

75,981

 

 

 

40,495

 

 

Research and development(1)

9,114

 

 

 

4,660

 

 

 

25,222

 

 

 

13,272

 

 

General and administrative(1)

10,851

 

 

 

6,712

 

 

 

29,719

 

 

 

14,370

 

 

Total operating expenses

46,556

 

 

 

27,128

 

 

 

130,922

 

 

 

68,137

 

 

Income (loss) from operations

(9,261

)

 

 

6,841

 

 

 

(13,977

)

 

 

12,230

 

 

Interest expense

65

 

 

 

228

 

 

 

402

 

 

 

633

 

 

Other (income) expense, net

106

 

 

 

(23

)

 

 

433

 

 

 

226

 

 

Income (loss) before provision for (benefit from) income taxes

(9,432

)

 

 

6,636

 

 

 

(14,812

)

 

 

11,371

 

 

Provision for (benefit from) income taxes

(32

)

 

 

31

 

 

 

(65

)

 

 

123

 

 

Net income (loss)

(9,400

)

 

 

6,605

 

 

 

(14,747

)

 

 

11,248

 

 

Cumulative preferred dividends allocated to preferred stockholders

 

 

 

(1,467

)

 

 

(558

)

 

 

(4,219

)

 

Net income (loss) attributable to common stockholders

$

(9,400

)

 

 

$

5,138

 

 

 

$

(15,305

)

 

 

$

7,029

 

 

Net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

$

(0.20

)

 

 

$

0.14

 

 

 

$

(0.36

)

 

 

$

0.19

 

 

Diluted

$

(0.20

)

 

 

$

0.12

 

 

 

$

(0.36

)

 

 

$

0.17

 

 

Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

47,101,200

 

 

 

10,420,584

 

 

 

42,149,108

 

 

 

9,755,373

 

 

Diluted

47,101,200

 

 

 

17,068,097

 

 

 

42,149,108

 

 

 

13,417,405

 

 

(1) Includes stock-based compensation as follows:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Cost of revenue

 

 

 

 

 

 

 

Subscription and other platform

$

607

 

 

$

31

 

 

$

1,190

 

 

$

78

 

Professional services

109

 

 

7

 

 

248

 

 

16

 

Total cost of revenue

716

 

 

38

 

 

1,438

 

 

94

 

Sales and marketing

2,364

 

 

162

 

 

5,627

 

 

450

 

Research and development

1,235

 

 

70

 

 

2,879

 

 

189

 

General and administrative

3,516

 

 

350

 

 

7,851

 

 

720

 

Total stock-based compensation expense

$

7,831

 

 

$

620

 

 

$

17,795

 

 

$

1,453

 

ON24, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

(9,400

)

 

 

$

6,605

 

 

 

$

(14,747

)

 

 

$

11,248

 

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

1,129

 

 

 

741

 

 

 

3,423

 

 

 

1,930

 

 

Stock-based compensation expense

7,831

 

 

 

620

 

 

 

17,795

 

 

 

1,453

 

 

Amortization of deferred contract acquisition cost

3,803

 

 

 

3,115

 

 

 

11,305

 

 

 

7,460

 

 

Provision for allowance for doubtful accounts and billing reserve

67

 

 

 

652

 

 

 

1,276

 

 

 

1,449

 

 

Other

166

 

 

 

 

 

 

191

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

2,026

 

 

 

(2,864

)

 

 

10,543

 

 

 

(21,424

)

 

Deferred contract acquisition cost

(4,355

)

 

 

(8,182

)

 

 

(13,947

)

 

 

(19,280

)

 

Prepaid expenses and other assets

1,720

 

 

 

(1,756

)

 

 

(5,358

)

 

 

(2,539

)

 

Accounts payable

(778

)

 

 

878

 

 

 

(2,219

)

 

 

1,116

 

 

Accrued liabilities

96

 

 

 

555

 

 

 

3,122

 

 

 

2,709

 

 

Deferred revenue

(2,714

)

 

 

10,731

 

 

 

(1,055

)

 

 

42,754

 

 

Other long-term liabilities

(485

)

 

 

384

 

 

 

(648

)

 

 

(37

)

 

Net cash (used in) provided by operating activities

(894

)

 

 

11,479

 

 

 

9,681

 

 

 

26,839

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

(706

)

 

 

(386

)

 

 

(2,440

)

 

 

(674

)

 

Purchase of marketable securities

(162,558

)

 

 

 

 

 

(207,039

)

 

 

(5,000

)

 

Proceeds from maturities and paydowns of marketable securities

8,237

 

 

 

 

 

 

11,401

 

 

 

5,000

 

 

Net cash used in investing activities

(155,027

)

 

 

(386

)

 

 

(198,078

)

 

 

(674

)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriting discounts

 

 

 

 

 

 

353,397

 

 

 

 

 

Proceeds from issuance of common stock resulting from exercise of options

2,487

 

 

 

1,098

 

 

 

4,282

 

 

 

3,337

 

 

Payment of tax withholding obligations related to net share settlements of stock options exercise

 

 

 

 

 

 

(2,001

)

 

 

 

 

Proceeds from long-term debt

 

 

 

5,986

 

 

 

 

 

 

18,165

 

 

Repayments of long-term debt

(54

)

 

 

(6,045

)

 

 

(22,532

)

 

 

(18,129

)

 

Repayment of capital lease obligations

(501

)

 

 

(263

)

 

 

(1,885

)

 

 

(826

)

 

Payments of offering costs

 

 

 

 

 

 

(3,481

)

 

 

 

 

Net cash provided by financing activities

1,932

 

 

 

776

 

 

 

327,780

 

 

 

2,547

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

46

 

 

 

134

 

 

 

154

 

 

 

188

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

(153,943

)

 

 

12,003

 

 

 

139,537

 

 

 

28,900

 

 

Cash, cash equivalents and restricted cash, beginning of period

351,825

 

 

 

35,830

 

 

 

58,345

 

 

 

18,933

 

 

Cash, cash equivalents and restricted cash, end of period

$

197,882

 

 

 

$

47,833

 

 

 

$

197,882

 

 

 

$

47,833

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

Cash paid for taxes, net of refunds

$

217

 

 

 

$

122

 

 

 

$

359

 

 

 

$

172

 

 

Cash paid for interest

$

86

 

 

 

$

228

 

 

 

$

489

 

 

 

$

724

 

 

Supplemental disclosures of noncash investing and financing activities:

 

 

 

 

 

 

 

Equipment acquired under capital leases

$

 

 

 

$

660

 

 

 

$

1,586

 

 

 

$

3,180

 

 

Equipment purchased funded by liabilities

$

 

 

 

$

 

 

 

$

391

 

 

 

$

179

 

 

Property and equipment purchased not yet paid

$

29

 

 

 

$

692

 

 

 

$

29

 

 

 

$

692

 

 

Marketable securities purchased not yet settled

$

3,482

 

 

 

$

 

 

 

$

3,482

 

 

 

$

 

 

Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock

$

 

 

 

$

 

 

 

$

153,857

 

 

 

$

 

 

 

ON24, INC.

Reconciliation from GAAP to Non-GAAP Results

(in thousands, except share and per share data)

(Unaudited)

Reconciliation of net income (loss) to non-GAAP operating income (loss)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

Net income (loss)

$

(9,400

)

 

 

$

6,605

 

 

 

$

(14,747

)

 

 

$

11,248

 

Add:

 

 

 

 

 

 

 

Interest expense

65

 

 

 

228

 

 

 

402

 

 

 

633

 

Other (income) expense, net

106

 

 

 

(23

)

 

 

433

 

 

 

226

 

Provision for (benefit from) income taxes

(32

)

 

 

31

 

 

 

(65

)

 

 

123

 

Stock-based compensation

7,831

 

 

 

620

 

 

 

17,795

 

 

 

1,453

 

Non-GAAP operating income (loss)

$

(1,430

)

 

 

$

7,461

 

 

 

$

3,818

 

 

 

$

13,683

 

 

 

 

 

 

 

 

 

Reconciliation of net income (loss) to non-GAAP net income (loss)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

Net income (loss)

$

(9,400

)

 

 

$

6,605

 

 

 

$

(14,747

)

 

 

$

11,248

 

Add: Stock-based compensation expense

7,831

 

 

 

620

 

 

 

17,795

 

 

 

1,453

 

Non-GAAP net income (loss)

$

(1,569

)

 

 

$

7,225

 

 

 

$

3,048

 

 

 

$

12,701

 

 

 

 

 

 

 

 

 

Reconciliation of net income (loss) available to common stockholders

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

Net income (loss) attributable to common shareholders

$

(9,400

)

 

 

$

5,138

 

 

 

$

(15,305

)

 

 

$

7,029

 

Add: Cumulative preferred dividends allocated to preferred shareholders

 

 

 

1,467

 

 

 

558

 

 

 

4,219

 

Add: Stock-based compensation expense

7,831

 

 

 

620

 

 

 

17,795

 

 

 

1,453

 

Non-GAAP net income (loss) attributable to common stockholders

$

(1,569

)

 

 

$

7,225

 

 

 

$

3,048

 

 

 

$

12,701

 

GAAP net income (loss) per share, basic

$

(0.20

)

 

 

$

0.14

 

 

 

$

(0.36

)

 

 

$

0.19

 

GAAP net income (loss) per share, diluted

$

(0.20

)

 

 

$

0.12

 

 

 

$

(0.36

)

 

 

$

0.17

 

Non-GAAP earnings (loss) per share, basic

$

(0.03

)

 

 

$

0.69

 

 

 

$

0.07

 

 

 

$

1.30

 

Non-GAAP earnings (loss) per share, diluted

$

(0.03

)

 

 

$

0.42

 

 

 

$

0.06

 

 

 

$

0.95

 

Shares Used in GAAP Per Share Calculations:

 

 

 

 

 

 

 

GAAP weighted-average shares used to compute GAAP net income (loss) per share, basic

47,101,200

 

 

 

10,420,584

 

 

 

42,149,108

 

 

 

9,755,373

 

GAAP weighted-average shared used to compute GAAP net income (loss) per share, diluted

47,101,200

 

 

 

17,068,097

 

 

 

42,149,108

 

 

 

13,417,405

 

Shares Used in Non-GAAP Per Share Calculations:

 

 

 

 

 

 

 

Non-GAAP weighted-average shares used to compute non-GAAP earnings (loss) per share, basic

47,101,200

 

 

 

10,420,584

 

 

 

42,149,108

 

 

 

9,755,373

 

Non-GAAP weighted-average shared used to compute non-GAAP earnings (loss) per share, diluted

47,101,200

 

 

 

17,068,097

 

 

 

50,630,225

 

 

 

13,417,405

 

 

ON24, INC.

Earnings (Loss) Per Share

(in thousands, except share and per share data)

GAAP Basic Earnings (Loss) Per Share

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP basic net income (loss) per share:

 

 

 

 

 

 

 

Net income (loss)

$

(9,400

)

 

 

$

6,605

 

 

 

$

(14,747

)

 

 

$

11,248

 

 

Less: Cumulative preferred dividends allocated to preferred stockholders

 

 

 

(1,467

)

 

 

(558

)

 

 

(4,219

)

 

Net income (loss) attributable to common stockholders, basic

(9,400

)

 

 

5,138

 

 

 

(15,305

)

 

 

7,029

 

 

Income available to participating securities

 

 

 

(3,716

)

 

 

 

 

 

(5,175

)

 

Net income (loss) available to common stockholders

$

(9,400

)

 

 

$

1,422

 

 

 

$

(15,305

)

 

 

$

1,854

 

 

Weighted average common stock outstanding, basic

47,101,200

 

 

 

10,420,584

 

 

 

42,149,108

 

 

 

9,755,373

 

 

Basic earnings (loss) per share of common stock

$

(0.20

)

 

 

$

0.14

 

 

 

$

(0.36

)

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

GAAP Diluted Earnings (Loss) Per Share

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP diluted earnings (loss) per share:

 

 

 

 

 

 

 

Net income (loss)

$

(9,400

)

 

 

$

6,605

 

 

 

$

(14,747

)

 

 

$

11,248

 

 

Less: Cumulative preferred dividends allocated to preferred stockholders

 

 

 

(1,467

)

 

 

(558

)

 

 

(4,219

)

 

Net income (loss) attributable to common stockholders, diluted

(9,400

)

 

 

5,138

 

 

 

(15,305

)

 

 

7,029

 

 

Reallocation of earnings to participating securities considering potentially dilutive securities

 

 

 

(3,158

)

 

 

 

 

 

(4,709

)

 

Net income (loss) available to common stockholders

$

(9,400

)

 

 

$

1,980

 

 

 

$

(15,305

)

 

 

$

2,320

 

 

Weighted average common stock outstanding

47,101,200

 

 

 

10,420,584

 

 

 

42,149,108

 

 

 

9,755,373

 

 

Weighted average dilutive effect of stock options, restricted stock and ESPP

 

 

 

6,647,513

 

 

 

 

 

 

3,662,032

 

 

Diluted weighted average common shares

47,101,200

 

 

 

17,068,097

 

 

 

42,149,108

 

 

 

13,417,405

 

 

Diluted earnings (loss) per share of common stock

$

(0.20

)

 

 

$

0.12

 

 

 

$

(0.36

)

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

Non-GAAP Earning (Loss) Per Share

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

2021

 

 

2020

Non-GAAP basic earnings (loss) per share:

 

 

 

 

 

 

 

Net income (loss) available to common stockholders

$

(9,400

)

 

 

$

1,980

 

 

$

(15,305

)

 

 

$

2,320

 

Add: Cumulative preferred dividends allocated to preferred stockholders

 

 

 

1,467

 

 

558

 

 

 

4,219

 

Add: Stock based compensation

7,831

 

 

 

620

 

 

17,795

 

 

 

1,453

 

Add: Income available to participating securities

 

 

 

3,158

 

 

 

 

 

4,709

 

Non-GAAP earnings (loss) attributable to common stockholders, basic and diluted

(1,569

)

 

 

7,225

 

 

3,048

 

 

 

12,701

 

 

 

 

 

 

 

 

 

Non-GAAP weighted-average shares used to compute non-GAAP earnings (loss) per share, basic

47,101,200

 

 

 

10,420,584

 

 

42,149,108

 

 

 

9,755,373

 

Non-GAAP weighted-average shares used to compute non-GAAP earnings (loss) per share, diluted

47,101,200

 

 

 

17,068,097

 

 

50,630,225

 

 

 

13,417,405

 

Non-GAAP earnings per share of common stock:

 

 

 

 

 

 

 

Non-GAAP earnings (loss) per share, basic

$

(0.03

)

 

 

$

0.69

 

 

$

0.07

 

 

 

$

1.30

 

Non-GAAP earnings (loss) per share, diluted

$

(0.03

)

 

 

$

0.42

 

 

$

0.06

 

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

ON24, INC.

Reconciliation of GAAP Cash Flow from Operating Activities to Free Cash Flow

(in thousands)

(Unaudited)

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net cash (used in) provided by operating activities:

(894

)

 

 

11,479

 

 

 

9,681

 

 

 

26,839

 

 

Less: Purchases of property and equipment

(706

)

 

 

(386

)

 

 

(2,440

)

 

 

(674

)

 

Free cash flow

$

(1,600

)

 

 

$

11,093

 

 

 

$

7,241

 

 

 

$

26,165

 

 

 

 

 

 

 

 

 

 

 

ON24, INC.

Revenue

(in thousands)

(Unaudited)

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Digital Experience Platform

 

 

 

 

 

 

 

Subscription and other platform

$

43,564

 

 

$

34,297

 

 

$

130,789

 

 

$

80,010

 

Professional services

5,761

 

 

8,183

 

 

20,666

 

 

21,705

 

Total digital experience platform

$

49,325

 

 

$

42,480

 

 

$

151,455

 

 

$

101,715

 

Legacy

 

 

 

 

 

 

 

Subscription and other platform

$

37

 

 

$

59

 

 

$

99

 

 

$

1,369

 

Professional services

 

 

50

 

 

25

 

 

$

571

 

Total legacy revenue

$

37

 

 

$

109

 

 

$

124

 

 

$

1,940

 

Revenue

 

 

 

 

 

 

 

Subscription and other platform

$

43,601

 

 

$

34,356

 

 

$

130,888

 

 

$

81,379

 

Professional services

5,761

 

 

8,233

 

 

20,691

 

 

22,276

 

Total revenue

$

49,362

 

 

$

42,589

 

 

$

151,579

 

 

$

103,655

 

 

 

 

 

 

 

 

 

 

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