Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

ON24 Announces Third Quarter 2022 Financial Results


ON24 (NYSE: ONTF), a leading sales and marketing platform for B2B digital engagement, today announced financial results for the third quarter ended September 30, 2022.

"In the third quarter, we saw exciting expansions with some of our customers, meaningfully improved our cost structure, and deepened our leadership bench with the appointment of two new go-to-market executives," said Sharat Sharan, co-founder and CEO of ON24. "While the economic outlook remains uncertain, we are optimistic on returning to top-line growth in 2023 with line of sight to break-even Non-GAAP EPS by Q4 2023. We are focused on capturing more of our TAM by continuing to add more products and use cases to our platform while driving efficient and durable growth."

Third Quarter 2022 Financial Highlights

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 / Industry Recognition

Financial Outlook

For the fourth quarter of 2022, ON24 expects:

For the full year 2022, ON24 expects:

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 +1 (786) 496-5601, and Canadian parties can access the call by dialing +1 (778)-800-8219, using the conference ID 7305243#.

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 Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company's investor relations website.

Definitions of Certain Key Business Metrics

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, and restructuring costs. We define non-GAAP net income (loss) as net income (loss) excluding cumulative preferred dividends allocated to preferred shareholders, stock-based compensation, amortization of acquired intangible assets, and restructuring 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.

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 the COVID-19 pandemic 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 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 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 is a leading sales and marketing platform for digital engagement, delivering insights to drive revenue growth. ON24 serves more than 2,100 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. Through interactive webinars, virtual events, and personalized content experiences, ON24 provides a system of engagement powered by AI for 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.

© 2022 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, 2022

 

December 31, 2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

36,367

 

 

$

164,948

 

Marketable securities

 

305,457

 

 

 

217,609

 

Accounts receivable, net

 

31,213

 

 

 

46,117

 

Deferred contract acquisition costs, current

 

12,018

 

 

 

11,921

 

Prepaid expenses and other current assets

 

8,375

 

 

 

8,467

 

Total current assets

 

393,430

 

 

 

449,062

 

Property and equipment, net

 

8,129

 

 

 

8,780

 

Operating right-of-use assets

 

6,011

 

 

 

?

 

Intangible asset, net

 

1,931

 

 

 

?

 

Deferred contract acquisition costs, non-current

 

18,980

 

 

 

20,887

 

Other long-term assets

 

1,824

 

 

 

1,760

 

Total assets

$

430,305

 

 

$

480,489

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

4,283

 

 

$

3,123

 

Accrued and other current liabilities

 

17,058

 

 

 

19,011

 

Deferred revenue

 

81,029

 

 

 

96,225

 

Finance lease liabilities, current

 

1,762

 

 

 

1,768

 

Operating lease liabilities, current

 

2,676

 

 

 

?

 

Total current liabilities

 

106,808

 

 

 

120,127

 

Finance lease liabilities, non-current

 

300

 

 

 

1,648

 

Operating lease liabilities, non-current

 

5,628

 

 

 

?

 

Other long-term liabilities

 

1,685

 

 

 

3,624

 

Total liabilities

 

114,421

 

 

 

125,399

 

Stockholders' equity

 

 

 

Common stock

 

5

 

 

 

5

 

Additional paid-in capital

 

559,381

 

 

 

550,839

 

Accumulated deficit

 

(241,597

)

 

 

(195,519

)

Accumulated other comprehensive loss

 

(1,905

)

 

 

(235

)

Total stockholders' equity

 

315,884

 

 

 

355,090

 

Total liabilities and stockholders' equity

$

430,305

 

 

$

480,489

 

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,

 

2022

 

2021

 

2022

 

2021

Revenue:

 

 

 

 

 

 

 

Subscription and other platform

$

43,271

 

 

$

43,601

 

 

$

129,812

 

 

$

130,888

 

Professional services

 

4,304

 

 

 

5,761

 

 

 

14,493

 

 

 

20,691

 

Total revenue

 

47,575

 

 

 

49,362

 

 

 

144,305

 

 

 

151,579

 

Cost of revenue:

 

 

 

 

 

 

 

Subscription and other platform(1)(3)

 

10,120

 

 

 

8,718

 

 

 

29,680

 

 

 

24,382

 

Professional services(1)(3)

 

3,182

 

 

 

3,349

 

 

 

9,867

 

 

 

10,252

 

Total cost of revenue

 

13,302

 

 

 

12,067

 

 

 

39,547

 

 

 

34,634

 

Gross profit

 

34,273

 

 

 

37,295

 

 

 

104,758

 

 

 

116,945

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing(1)(3)

 

26,553

 

 

 

26,591

 

 

 

84,596

 

 

 

75,981

 

Research and development(1)(2)(3)

 

11,324

 

 

 

9,114

 

 

 

32,916

 

 

 

25,222

 

General and administrative(1)(3)

 

11,164

 

 

 

10,851

 

 

 

33,199

 

 

 

29,719

 

Total operating expenses

 

49,041

 

 

 

46,556

 

 

 

150,711

 

 

 

130,922

 

Loss from operations

 

(14,768

)

 

 

(9,261

)

 

 

(45,953

)

 

 

(13,977

)

Interest expense

 

42

 

 

 

65

 

 

 

145

 

 

 

402

 

Other (income) expense, net

 

(463

)

 

 

106

 

 

 

(183

)

 

 

433

 

Loss before provision for (benefit from) income taxes

 

(14,347

)

 

 

(9,432

)

 

 

(45,915

)

 

 

(14,812

)

Provision for (benefit from) income taxes

 

40

 

 

 

(32

)

 

 

163

 

 

 

(65

)

Net loss

 

(14,387

)

 

 

(9,400

)

 

 

(46,078

)

 

 

(14,747

)

Cumulative preferred dividends allocated to preferred stockholders

 

?

 

 

 

?

 

 

 

?

 

 

 

(558

)

Net loss attributable to common stockholders

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(15,305

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

$

(0.30

)

 

$

(0.20

)

 

$

(0.97

)

 

$

(0.36

)

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

 

 

 

 

 

 

 

Basic and diluted

 

47,640,200

 

 

 

47,101,200

 

 

 

47,357,711

 

 

 

42,149,108

 

(1)

Includes stock-based compensation as follows:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

Cost of revenue

 

 

 

 

 

 

 

Subscription and other platform

$

849

 

 

$

607

 

 

$

2,540

 

 

$

1,190

 

Professional services

 

165

 

 

109

 

 

505

 

 

248

Total cost of revenue

 

1,014

 

 

 

716

 

 

 

3,045

 

 

 

1,438

 

Sales and marketing

 

3,597

 

 

 

2,364

 

 

 

10,986

 

 

 

5,627

 

Research and development

 

2,019

 

 

 

1,235

 

 

 

5,925

 

 

 

2,879

 

General and administrative

 

3,273

 

 

 

3,516

 

 

 

9,152

 

 

 

7,851

 

Total stock-based compensation expense

$

9,903

 

 

$

7,831

 

 

$

29,108

 

 

$

17,795

 

(2)

Research and development expense for the three and nine months ended September 30, 2022. Includes amortization of acquired intangible asset of $148 and $285, respectively, in connection with the Vibbio acquisition in April 2022.

 

(3)

Includes restructuring costs, which primarily represent severance and related expense due to restructuring activities, as follows.

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

Cost of revenue

 

 

 

 

 

 

 

Subscription and other platform

$

363

 

 

$

?

 

 

$

363

 

 

$

?

 

Professional services

 

27

 

 

?

 

 

27

 

 

?

Total cost of revenue

 

390

 

 

 

?

 

 

 

390

 

 

 

?

 

Sales and marketing

 

582

 

 

 

?

 

 

 

582

 

 

 

?

 

Research and development

 

61

 

 

 

?

 

 

 

61

 

 

 

?

 

General and administrative

 

37

 

 

 

?

 

 

 

37

 

 

 

?

 

Total restructuring costs

$

1,070

 

 

$

?

 

 

$

1,070

 

 

$

?

 

ON24, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(14,747

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

1,407

 

 

 

1,129

 

 

 

3,953

 

 

 

3,423

 

Stock-based compensation expense

 

9,903

 

 

 

7,831

 

 

 

29,108

 

 

 

17,795

 

Amortization of deferred contract acquisition cost

 

3,833

 

 

 

3,803

 

 

 

11,850

 

 

 

11,305

 

Provision for allowance for doubtful accounts and billing reserve

 

456

 

 

 

67

 

 

 

1,203

 

 

 

1,276

 

Non-cash lease expense

 

474

 

 

 

?

 

 

 

1,475

 

 

 

?

 

Other

 

(344

)

 

 

166

 

 

 

(14

)

 

 

191

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

8,096

 

 

 

2,026

 

 

 

13,741

 

 

 

10,543

 

Deferred contract acquisition cost

 

(2,672

)

 

 

(4,355

)

 

 

(10,040

)

 

 

(13,947

)

Prepaid expenses and other assets

 

1,572

 

 

 

1,720

 

 

 

(5

)

 

 

(5,358

)

Accounts payable

 

(51

)

 

 

(778

)

 

 

263

 

 

 

(2,219

)

Accrued liabilities

 

(1,624

)

 

 

96

 

 

 

(1,369

)

 

 

3,122

 

Deferred revenue

 

(9,745

)

 

 

(2,714

)

 

 

(15,231

)

 

 

(1,055

)

Other non-current liabilities

 

(373

)

 

 

(485

)

 

 

(1,749

)

 

 

(648

)

Net cash (used in) provided by operating activities

 

(3,455

)

 

 

(894

)

 

 

(12,893

)

 

 

9,681

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

 

(726

)

 

 

(706

)

 

 

(2,400

)

 

 

(2,440

)

Acquisition, net of cash acquired

 

?

 

 

 

?

 

 

 

(2,495

)

 

 

?

 

Purchase of marketable securities

 

(99,690

)

 

 

(162,558

)

 

 

(211,310

)

 

 

(207,039

)

Proceeds from maturities and paydowns of marketable securities

 

59,867

 

 

 

8,237

 

 

 

121,965

 

 

 

11,401

 

Net cash used in investing activities

 

(40,549

)

 

 

(155,027

)

 

 

(94,240

)

 

 

(198,078

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriting discounts

 

?

 

 

 

?

 

 

 

?

 

 

 

353,397

 

Proceeds from exercise of stock options

 

729

 

 

 

2,487

 

 

 

2,467

 

 

 

4,282

 

Proceeds from issuance of common stock under ESPP

 

?

 

 

 

?

 

 

 

833

 

 

 

?

 

Payment of tax withholding obligations related to net share settlements on equity awards

 

?

 

 

 

?

 

 

 

(1,756

)

 

 

(2,001

)

Payment for repurchase of common stock

 

?

 

 

 

?

 

 

 

(21,808

)

 

 

?

 

Repayment of equipment loans and borrowings

 

(68

)

 

 

(54

)

 

 

(201

)

 

 

(22,532

)

Repayment of finance lease obligations

 

(427

)

 

 

(501

)

 

 

(1,399

)

 

 

(1,885

)

Payment of offering costs

 

?

 

 

 

?

 

 

 

?

 

 

 

(3,481

)

Net cash provided by (used in) financing activities

 

234

 

 

 

1,932

 

 

 

(21,864

)

 

 

327,780

 

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

 

211

 

 

 

46

 

 

 

487

 

 

 

154

 

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

 

(43,559

)

 

 

(153,943

)

 

 

(128,510

)

 

 

139,537

 

Cash, cash equivalents and restricted cash, beginning of period

 

80,092

 

 

 

351,825

 

 

 

165,043

 

 

 

58,345

 

Cash, cash equivalents and restricted cash, end of period

$

36,533

 

 

$

197,882

 

 

$

36,533

 

 

$

197,882

 

Supplemental disclosures of cash flow data:

 

 

 

 

 

 

 

Cash paid for taxes, net of refunds

$

75

 

 

$

217

 

 

$

353

 

 

$

359

 

Cash paid for interest

$

33

 

 

$

86

 

 

$

120

 

 

$

489

 

ON24, INC.

Reconciliation from 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,

 

2022

 

2021

 

2022

 

2021

GAAP gross profit

$

34,273

 

 

$

37,295

 

 

$

104,758

 

 

$

116,945

 

Add:

 

 

 

 

 

 

 

Stock-based compensation

 

1,014

 

 

 

716

 

 

 

3,045

 

 

 

1,438

 

Restructuring costs

 

390

 

 

 

?

 

 

 

390

 

 

 

?

 

Non-GAAP gross profit

$

35,677

 

 

$

38,011

 

 

$

108,193

 

 

$

118,383

 

GAAP gross margin

 

72

%

 

 

76

%

 

 

73

%

 

 

77

%

Non-GAAP gross margin

 

75

%

 

 

77

%

 

 

75

%

 

 

78

%

Reconciliation of operating expenses

 

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

GAAP sales and marketing

$

26,553

 

 

$

26,591

 

 

$

84,596

 

 

$

75,981

 

Less:

 

 

 

 

 

 

 

Stock-based compensation

 

(3,597

)

 

 

(2,364

)

 

 

(10,986

)

 

 

(5,627

)

Restructuring costs

 

(582

)

 

 

?

 

 

 

(582

)

 

 

?

 

Non-GAAP sales and marketing

$

22,374

 

 

$

24,227

 

 

$

73,028

 

 

$

70,354

 

 

 

 

 

 

 

 

 

GAAP research and development

$

11,324

 

 

$

9,114

 

 

$

32,916

 

 

$

25,222

 

Less:

 

 

 

 

 

 

 

Stock-based compensation

 

(2,019

)

 

 

(1,235

)

 

 

(5,925

)

 

 

(2,879

)

Restructuring costs

 

(61

)

 

 

?

 

 

 

(61

)

 

 

?

 

Amortization of acquired intangible asset

 

(148

)

 

 

?

 

 

 

(285

)

 

 

?

 

Non-GAAP research and development

$

9,096

 

 

$

7,879

 

 

$

26,645

 

 

$

22,343

 

 

 

 

 

 

 

 

 

GAAP General and administrative

$

11,164

 

 

$

10,851

 

 

$

33,199

 

 

$

29,719

 

Less:

 

 

 

 

 

 

 

Stock-based compensation

 

(3,273

)

 

 

(3,516

)

 

 

(9,152

)

 

 

(7,851

)

Restructuring costs

 

(37

)

 

 

?

 

 

 

(37

)

 

 

?

 

Non-GAAP General and administrative

$

7,854

 

 

$

7,335

 

 

$

24,010

 

 

$

21,868

 

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) income

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

Net loss

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(14,747

)

Add:

 

 

 

 

 

 

 

Interest expense

 

42

 

 

 

65

 

 

 

145

 

 

 

402

 

Other (income) expense, net

 

(463

)

 

 

106

 

 

 

(183

)

 

 

433

 

Provision for (benefit from) income taxes

 

40

 

 

 

(32

)

 

 

163

 

 

 

(65

)

Stock-based compensation

 

9,903

 

 

 

7,831

 

 

 

29,108

 

 

 

17,795

 

Amortization of acquired intangible asset

 

148

 

 

 

?

 

 

 

285

 

 

 

?

 

Restructuring costs

 

1,070

 

 

 

?

 

 

 

1,070

 

 

 

?

 

Non-GAAP operating (loss) income

$

(3,647

)

 

$

(1,430

)

 

$

(15,490

)

 

$

3,818

 

 

 

 

 

 

 

 

 

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

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

Net loss

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(14,747

)

Add:

 

 

 

 

 

 

 

Stock-based compensation

 

9,903

 

 

 

7,831

 

 

 

29,108

 

 

 

17,795

 

Amortization of acquired intangible asset

 

148

 

 

 

?

 

 

 

285

 

 

 

?

 

Restructuring costs

 

1,070

 

 

 

?

 

 

 

1,070

 

 

 

?

 

Non-GAAP net (loss) income

$

(3,266

)

 

$

(1,569

)

 

$

(15,615

)

 

$

3,048

 

Reconciliation of net loss attributable to common stockholders

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

Net loss attributable to common shareholders

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(15,305

)

Add:

 

 

 

 

 

 

 

Cumulative preferred dividends allocated to preferred shareholders

 

?

 

 

 

?

 

 

 

?

 

 

 

558

 

Stock-based compensation expense

 

9,903

 

 

 

7,831

 

 

 

29,108

 

 

 

17,795

 

Amortization of acquired intangible asset

 

148

 

 

 

?

 

 

 

285

 

 

 

?

 

Restructuring costs

 

1,070

 

 

 

?

 

 

 

1,070

 

 

 

?

 

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

$

(3,266

)

 

$

(1,569

)

 

$

(15,615

)

 

$

3,048

 

GAAP net loss per share, basic and diluted

$

(0.30

)

 

$

(0.20

)

 

$

(0.97

)

 

$

(0.36

)

Non-GAAP net (loss) income per share, basic

$

(0.07

)

 

$

(0.03

)

 

$

(0.33

)

 

$

0.07

 

Non-GAAP net (loss) income per share, diluted

$

(0.07

)

 

$

(0.03

)

 

$

(0.33

)

 

$

0.06

 

Shares Used in GAAP Per Share Calculations:

 

 

 

 

 

 

 

GAAP weighted-average shares used to compute GAAP net loss per share, basic and diluted

 

47,640,200

 

 

 

47,101,200

 

 

 

47,357,711

 

 

 

42,149,108

 

Shares Used in Non-GAAP Per Share Calculations:

 

 

 

 

 

 

 

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

 

47,640,200

 

 

 

47,101,200

 

 

 

47,357,711

 

 

 

42,149,108

 

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

 

47,640,200

 

 

 

47,101,200

 

 

 

47,357,711

 

 

 

50,630,225

 

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 loss per share

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

GAAP basic and diluted net loss per share:

 

 

 

 

 

 

 

Net loss

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(14,747

)

Less: Cumulative preferred dividends allocated to preferred stockholders

 

?

 

 

 

?

 

 

 

?

 

 

 

(558

)

Net loss attributable to common stockholders, basic and diluted

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(15,305

)

Weighted average common stock outstanding, basic and diluted

 

47,640,200

 

 

 

47,101,200

 

 

 

47,357,711

 

 

 

42,149,108

 

Basic and diluted net loss per share of common stock

$

(0.30

)

 

$

(0.20

)

 

$

(0.97

)

 

$

(0.36

)

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

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

Non-GAAP basic and diluted net (loss) income per share:

 

 

 

 

 

 

 

Net loss attributable to common stockholders

$

(14,387

)

 

$

(9,400

)

 

$

(46,078

)

 

$

(15,305

)

Add:

 

 

 

 

 

 

 

Cumulative preferred dividends allocated to preferred stockholders

 

?

 

 

 

?

 

 

 

?

 

 

 

558

 

Stock-based compensation

 

9,903

 

 

 

7,831

 

 

 

29,108

 

 

 

17,795

 

Amortization of acquired intangible asset

 

148

 

 

 

?

 

 

 

285

 

 

 

?

 

Restructuring costs

 

1,070

 

 

 

?

 

 

 

1,070

 

 

 

?

 

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

$

(3,266

)

 

$

(1,569

)

 

$

(15,615

)

 

$

3,048

 

 

 

 

 

 

 

 

 

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

 

47,640,200

 

 

 

47,101,200

 

 

 

47,357,711

 

 

 

42,149,108

 

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

 

47,640,200

 

 

 

47,101,200

 

 

 

47,357,711

 

 

 

50,630,225

 

Non-GAAP net (loss) income per share of common stock:

 

 

 

 

 

 

 

Non-GAAP net (loss) income per share, basic

$

(0.07

)

 

$

(0.03

)

 

$

(0.33

)

 

$

0.07

 

Non-GAAP net (loss) income per share, diluted

$

(0.07

)

 

$

(0.03

)

 

$

(0.33

)

 

$

0.06

 

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,

 

2022

 

2021

 

2022

 

2021

Net cash (used in) provided by operating activities:

$

(3,455

)

 

$

(894

)

 

$

(12,893

)

 

$

9,681

 

Less: Purchases of property and equipment

 

(726

)

 

 

(706

)

 

 

(2,400

)

 

 

(2,440

)

Free cash flow

$

(4,181

)

 

$

(1,600

)

 

$

(15,293

)

 

$

7,241

 

 


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