View all news

ON24 Announces Second Quarter 2021 Financial Results

08/10/2021

Second quarter total revenue grows 43% year-over-year to $52.1 million

Subscription and other platform revenue, excluding legacy, grows 68% year-over-year to $44.4 million

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

“Total revenue in the second quarter of 2021 grew 43% year-over-year, and our subscription and other platform revenue, excluding legacy, grew 68% year-over-year,” said Sharat Sharan, co-founder and CEO of ON24. “The second quarter of 2021 was a transition quarter where we went from a ‘peak of Covid’ in Q2 2020 to a ’peak of vaccinations’ in Q2 2021 and we exited this quarter with a significantly improved quality of our customer base. The last year has accelerated the global enterprise awareness of our offerings and we are now serving a larger market than ever before. As our category leadership grows, our future is more exciting than ever before.”

Second Quarter 2021 Financial Highlights

  • Revenue: Total revenue was $52.1 million, an increase of 43% year-over-year, or 47% year-over-year, excluding legacy.
  • Subscription and Other Platform Revenue:Subscription and Other Platform Revenue, excluding legacy, was $44.4 million, an increase of 68% year-over-year.
  • ARR: ARR increased 44% year-over-year to $164.1 million as of June 30, 2021.
  • Net Loss Attributable to Common Stockholders: Net loss attributable to common stockholders was $2.5 million, or $(0.05) per diluted share, compared to net income attributable to common stockholders of $5.3 million, or $0.14 per diluted share in the second quarter of 2020.
  • Non-GAAP Operating Income: Non-GAAP operating income was $2.5 million, compared to non-GAAP operating income of $7.3 million in the second quarter of 2020.
  • Non-GAAP Net Income: Non-GAAP net income was $2.5 million, or $0.04 per diluted share, compared to a non-GAAP net income of $7.1 million, or $0.69 per diluted share in the second quarter of 2020.
  • Cash Flow: Net cash provided by operating activities was $6.9 million, compared to $14.0 million provided in operating activities in the second quarter of 2020. Free cash flow was $5.7 million for the quarter, compared to $13.8 million in the second quarter of 2020.

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.

Second Quarter 2021 Industry Recognition and Innovation Highlights

Industry Recognition

  • In June 2021, ON24 Elite was recognized as the top webinar software for Enterprises and Mid-Market companies by G2, one of the largest software marketplace and user review platforms.
  • In addition, in July 2021, TrustRadius, another review site for business technology, named ON24 the best webinar software for Enterprises.

Customer Experience Innovation

  • ON24 introduced its Hybrid Engagement solution, enabling customers to deliver unified experiences, where both physical and digital audiences can interact and engage with the same experience, at the same time. Virtual and physical attendees can view the same presentations, interact with the same digital content, participate in the same Q&A, polls, and network with breakouts. This enhances prospect engagement data, now spanning across both physical and digital attendees.
  • With the addition of ON24 Breakouts, ON24 now offers five experiences products, including ON24 Elite, ON24 Virtual Conference, ON24 Engagement Hub, and ON24 Target. Breakouts enable attendees and presenters to network with each other virtually face-to-face, allowing sales teams to connect immediately with prospects and subject matters experts to engage directly with customers.

AI-Driven Personalization

  • ON24 enhanced its ON24 Intelligence product and AI-Based personalization engineby expanding the first-party data displayed for each individual. Our customers are now able to view over 50+ data points over their prospect’s lifetime of engagement across live, always-on and personalized experiences and also integrate that data into key CRM and Marketing Automation platforms.

Financial Outlook

For the third quarter of 2021, the Company currently expects:

  • Total revenue of $47.5 to $48.5 million.
  • Non-GAAP operating loss of $(4.0) to $(3.0) million.
  • Non-GAAP net loss per share of $(0.09) to $(0.07) using approximately 47.5 million basic and diluted shares outstanding.

For the full year 2021, the Company expects:

  • Total revenue of $201.2 to $204.2 million.
  • Non-GAAP operating loss of $(4.3) to $(1.3) million.
  • Non-GAAP loss per share of $(0.13) to $(0.06), using approximately 44 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 (866) 248-8441, and international parties can access the call by dialing (323) 289-6581, using the conference ID 5561958.

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, non-GAAP net income (loss) and free cash flow in evaluating our operating performance. We define non-GAAP operating income as net (loss) income excluding, interest expense, other (income) expense, 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, 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. The other referenced trademarks and service marks are also owned by ON24, Inc. and may be registered in some countries.

 

ON24, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

June 30,
2021

 

December 31,
2020

Assets
Current assets
Cash and cash equivalents

$

351,727

 

$

58,243

 

Marketable securities

 

44,631

 

 

3,000

 

Accounts receivable, net

 

38,891

 

 

48,617

 

Deferred contract acquisition costs, current

 

11,304

 

 

10,528

 

Prepaid expenses and other current assets

 

11,264

 

 

7,079

 

Total current assets

 

457,817

 

 

127,467

 

Property and equipment, net

 

9,775

 

 

9,051

 

Deferred contract acquisition costs, non-current

 

20,067

 

 

18,753

 

Other long-term assets

 

902

 

 

1,447

 

Total assets

$

488,561

 

$

156,718

 

 
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable

$

2,907

 

$

4,730

 

Accrued liabilities

 

19,555

 

 

17,439

 

Deferred revenue

 

93,899

 

 

92,240

 

Long-term debt, current portion

 

2,362

 

 

2,359

 

Total current liabilities

 

118,723

 

 

116,768

 

Long-term debt

 

3,263

 

 

25,727

 

Other long-term liabilities

 

3,859

 

 

4,022

 

Total liabilities

 

125,845

 

 

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

 

539,137

 

 

27,512

 

Accumulated deficit

 

(176,610

)

 

(171,263

)

Accumulated other comprehensive income

 

184

 

 

94

 

Total Stockholders’ equity (deficit)

 

362,716

 

 

(143,656

)

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

$

488,561

 

$

156,718

 

 

ON24, INC.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

Revenue:
Subscription and other platform

$

44,377

 

$

27,096

 

$

87,287

 

$

47,023

 

Professional services

 

7,741

 

 

9,224

 

 

14,930

 

 

14,043

 

Total revenue

 

52,118

 

 

36,320

 

 

102,217

 

 

61,066

 

Cost of revenue:
Subscription and other platform(1)

 

8,179

 

 

4,824

 

 

15,664

 

 

8,980

 

Professional services(1)

 

3,694

 

 

3,138

 

 

6,903

 

 

5,688

 

Total cost of revenue

 

11,873

 

 

7,962

 

 

22,567

 

 

14,668

 

Gross profit

 

40,245

 

 

28,358

 

 

79,650

 

 

46,398

 

Operating expenses:
Sales and marketing(1)

 

25,465

 

 

12,729

 

 

49,390

 

 

24,739

 

Research and development(1)

 

8,162

 

 

4,513

 

 

16,108

 

 

8,612

 

General and administrative(1)

 

9,100

 

 

4,206

 

 

18,868

 

 

7,658

 

Total operating expenses

 

42,727

 

 

21,448

 

 

84,366

 

 

41,009

 

Income (loss) from operations

 

(2,482

)

 

6,910

 

 

(4,716

)

 

5,389

 

Interest expense

 

106

 

 

193

 

 

337

 

 

405

 

Other (income) expense

 

211

 

 

(22

)

 

327

 

 

249

 

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

 

(2,799

)

 

6,739

 

 

(5,380

)

 

4,735

 

Provision for (benefit from) income taxes

 

(282

)

 

37

 

 

(33

)

 

92

 

Net income (loss)

 

(2,517

)

 

6,702

 

 

(5,347

)

 

4,643

 

Cumulative preferred dividends allocated to preferred stockholders

 

 

 

(1,427

)

 

(558

)

 

(2,752

)

Net income (loss) attributable to common stockholders

$

(2,517

)

$

5,275

 

$

(5,905

)

$

1,891

 

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

$

(0.05

)

$

0.14

 

$

(0.15

)

$

0.05

 

Diluted

$

(0.05

)

$

0.14

 

$

(0.15

)

$

0.05

 

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

 

46,570,195

 

 

9,707,995

 

 

39,664,436

 

 

9,419,113

 

Diluted

 

46,570,195

 

 

10,315,294

 

 

39,664,436

 

 

10,013,791

 

 
(1) Includes stock-based compensation as follows:

Three Months Ended
June 30,

 

Six Months Ended
June 30,

2021

 

2020

 

2021

 

2020

Cost of revenue
Subscription and other platform

$

346

 

$

24

 

$

583

 

$

47

 

Professional services

 

77

 

 

5

 

 

139

 

 

9

 

Total cost of revenue

 

423

 

 

29

 

 

722

 

 

56

 

Sales and marketing

 

1,571

 

 

147

 

 

3,263

 

 

288

 

Research and development

 

862

 

 

62

 

 

1,644

 

 

119

 

General and administrative

 

2,114

 

 

192

 

 

4,335

 

 

370

 

Total

$

4,970

 

$

430

 

$

9,964

 

$

833

 

 

ON24, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

Cash flows from operating activities:
Net income (loss)

$

(2,517

)

$

6,702

 

$

(5,347

)

$

4,643

 

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

 

1,134

 

 

642

 

 

2,294

 

 

1,189

 

Stock-based compensation expense

 

4,970

 

 

430

 

 

9,964

 

 

833

 

Amortization of deferred contract acquisition cost

 

3,828

 

 

2,465

 

 

7,502

 

 

4,345

 

Provision for allowance for doubtful accounts and billing reserve

 

692

 

 

543

 

 

1,209

 

 

797

 

Other

 

25

 

 

25

 

 

 

Changes in operating assets and liabilities:

 

-

 

Accounts receivable

 

5,995

 

 

(13,003

)

 

8,517

 

 

(18,560

)

Deferred contract acquisition cost

 

(4,142

)

 

(6,980

)

 

(9,592

)

 

(11,098

)

Prepaid expenses and other assets

 

(2,025

)

 

82

 

 

(7,078

)

 

(783

)

Accounts payable

 

(2,042

)

 

574

 

 

(1,441

)

 

238

 

Accrued liabilities

 

2,653

 

 

1,981

 

 

3,026

 

 

2,154

 

Deferred revenue

 

(1,663

)

 

20,879

 

 

1,659

 

 

32,023

 

Other long-term liabilities

 

(37

)

 

(284

)

 

(163

)

 

(421

)

Net cash provided by operating activities

 

6,871

 

 

14,031

 

 

10,575

 

 

15,360

 

Cash flows from investing activities:
Purchase of property and equipment

 

(1,214

)

 

(191

)

 

(1,734

)

 

(288

)

Purchase of marketable securities

 

(44,481

)

 

(5,000

)

 

(44,481

)

 

(5,000

)

Proceeds from maturity of marketable securities

 

3,164

 

 

5,000

 

 

3,164

 

 

5,000

 

Net cash used in investing activities

 

(42,531

)

 

(191

)

 

(43,051

)

 

(288

)

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

 

384

 

 

1,754

 

 

1,795

 

 

2,239

 

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

 

 

 

 

 

(2,001

)

 

 

Proceeds from long-term debt

 

 

 

6,179

 

 

 

 

12,179

 

Repayments of long-term debt

 

(71

)

 

(6,043

)

 

(22,478

)

 

(12,084

)

Repayment of capital lease obligations

 

(807

)

 

(357

)

 

(1,384

)

 

(563

)

Payments of offering costs

 

(1,176

)

 

 

 

(3,481

)

 

 

Net cash provided by financing activities

 

(1,670

)

 

1,533

 

 

325,848

 

 

1,771

 

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

 

114

 

 

(2

)

 

108

 

 

54

 

Net increase in cash, cash equivalents and restricted cash

 

(37,216

)

 

15,371

 

 

293,480

 

 

16,897

 

Cash, cash equivalents and restricted cash, beginning of period

 

389,041

 

 

20,459

 

 

58,345

 

 

18,933

 

Cash, cash equivalents and restricted cash, end of period

$

351,825

 

$

35,830

 

$

351,825

 

$

35,830

 

 
Supplemental disclosures of cash flow information:
Cash paid for taxes, net of refunds

$

131

 

$

46

 

$

142

 

$

50

 

Cash paid for interest

$

147

 

$

235

 

$

403

 

$

496

 

Supplemental disclosures of noncash investing and financing activities:
Equipment acquired under capital leases

$

571

 

$

1,922

 

$

1,586

 

$

2,520

 

Equipment purchased funded by liabilities

$

391

 

$

179

 

$

391

 

$

179

 

Property and equipment purchased not yet paid

$

132

 

$

465

 

$

132

 

$

465

 

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)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

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

$

(2,517

)

$

6,702

 

$

(5,347

)

$

4,643

Add:
Interest expense

 

106

 

 

193

 

 

337

 

 

405

Other (income) expense, net

 

211

 

 

(22

)

 

327

 

 

249

Provision for (benefit from) income taxes

 

(282

)

 

37

 

 

(33

)

 

92

Stock-based compensation

 

4,970

 

 

430

 

 

9,964

 

 

833

Non-GAAP operating income

$

2,488

 

$

7,340

 

$

5,248

 

$

6,222

 
Reconciliation of net loss to non-GAAP net income
Net loss

$

(2,517

)

$

6,702

 

$

(5,347

)

$

4,643

Add: Stock-based compensation expense

 

4,970

 

 

430

 

 

9,964

 

 

833

Non-GAAP net income

$

2,453

 

$

7,132

 

$

4,617

 

$

5,476

 
Reconciliation of net income (loss) available to common stockholders
Net income (loss) attributable to common shareholders:

$

(2,517

)

$

5,275

 

$

(5,905

)

$

1,891

Add: Cumulative preferred dividends allocated to preferred shareholders

 

-

 

 

1,427

 

 

558

 

 

2,752

Add: Stock-based compensation expense

 

4,970

 

 

430

 

 

9,964

 

 

833

Non-GAAP net income attributable to common stockholders

$

2,453

 

$

7,132

 

$

4,617

 

$

5,476

 
GAAP net income (loss) per share, basic

$

(0.05

)

$

0.14

 

$

(0.15

)

$

0.05

GAAP net income (loss) per share, diluted

$

(0.05

)

$

0.14

 

$

(0.15

)

$

0.05

 
Non-GAAP earnings (loss) per share, basic

$

0.05

 

$

0.73

 

$

0.12

 

$

0.58

Non-GAAP earnings (loss) per share, diluted

$

0.04

 

$

0.69

 

$

0.09

 

$

0.55

 
Shares Used in GAAP Per Share Calculations:
GAAP weighted-average shares used to compute GAAP net income (loss) per share, basic

 

46,570,195

 

 

9,707,995

 

 

39,664,436

 

 

9,419,113

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

 

46,570,195

 

 

10,315,294

 

 

39,664,436

 

 

10,013,791

 
Shares Used in Non-GAAP Per Share Calculations:
Non-GAAP weighted-average shares used to compute non-GAAP earnings (loss) per share, basic

 

46,570,195

 

 

9,707,995

 

 

39,664,436

 

 

9,419,113

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

 

54,993,297

 

 

10,315,294

 

 

48,646,614

 

 

10,013,791

 

ON24, INC.

Earnings (Loss) Per Share

(in thousands, except share and per share data)

 
GAAP Basic and Diluted Earnings (Loss) Per Share

Three Months Ended
June 30,

 

Six Months Ended
June 30,

2021

 

2020

 

2021

 

2020

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

$

(2,517

)

$

6,702

 

$

(5,347

)

$

4,643

 

Less: Cumulative preferred dividends allocated to preferred stockholders

 

-

 

 

(1,427

)

 

(558

)

 

(2,752

)

Net income (loss) attributable to common stockholders, basic

 

(2,517

)

 

5,275

 

 

(5,905

)

 

1,891

 

Income (loss) available to participating securities

 

 

 

(3,889

)

 

-

 

 

(1,406

)

Net income (loss) available to common stockholders

$

(2,517

)

$

1,386

 

$

(5,905

)

$

485

 

 
Weighted average common stock outstanding, basic

 

46,570,195

 

 

9,707,995

 

 

39,664,436

 

 

9,419,113

 

Basic earnings (loss) per share of common stock

$

(0.05

)

$

0.14

 

$

(0.15

)

$

0.05

 

 
GAAP Diluted Earnings (Loss) Per Share

Three Months Ended
June 30,

 

Six Months Ended
June 30,

2021

 

2020

 

2021

 

2020

GAAP diluted earnings (loss) per share:
Net income (loss)

$

(2,517

)

$

6,702

 

$

(5,347

)

$

4,643

 

Less: Cumulative preferred dividends allocated to preferred stockholders

 

-

 

 

(1,427

)

 

(558

)

 

(2,752

)

Net income (loss) attributable to common stockholders, diluted

 

(2,517

)

 

5,275

 

 

(5,905

)

 

1,891

 

 
Reallocation of earnings to participating securities considering potentially dilutive securities

 

 

 

(3,826

)

 

 

 

(1,383

)

Net income (loss) available to common stockholders

$

(2,517

)

$

1,449

 

$

(5,905

)

$

508

 

 
Weighted average common stock outstanding

 

46,570,195

 

 

9,707,995

 

 

39,664,436

 

 

9,419,113

 

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

 

 

 

607,299

 

 

 

 

594,678

 

Diluted weighted average common shares

 

46,570,195

 

 

10,315,294

 

 

39,664,436

 

 

10,013,791

 

Diluted earnings (loss) per share of common stock

$

(0.05

)

$

0.14

 

$

(0.15

)

$

0.05

 

 
Non-GAAP Earning (Loss) Per Share

Three Months Ended
June 30,

 

Six Months Ended
June 30,

2021

 

2020

 

2021

 

2020

Non-GAAP basic earnings (loss) per share:
Net income (loss) available to common stockholders

$

(2,517

)

$

1,449

 

$

(5,905

)

$

508

 

Less: Cumulative preferred dividends allocated to preferred stockholders

 

-

 

 

1,427

 

 

558

 

 

2,752

 

Add: Stock based compensation

 

4,970

 

 

430

 

 

9,964

 

 

833

 

Add: Income available to participating securities

 

 

 

3,826

 

 

 

 

1,383

 

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

 

2,453

 

 

7,132

 

 

4,617

 

 

5,476

 

 

-

 

 

-

 

 

-

 

 

-

 

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

 

46,570,195

 

 

9,707,995

 

 

39,664,436

 

 

9,419,113

 

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

 

54,993,297

 

 

10,315,294

 

 

48,646,614

 

 

10,013,791

 

Non-GAAP earnings per share of common stock:
Non-GAAP earnings (loss) per share, basic

$

0.05

 

$

0.73

 

$

0.12

 

$

0.58

 

Non-GAAP earnings (loss) per share, diluted

$

0.04

 

$

0.69

 

$

0.09

 

$

0.55

 

 

ON24, INC.

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

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

 
Net cash provided by operating activities:

$

6,871

 

$

14,031

 

$

10,575

 

$

15,360

 

Less: Purchases of property and equipment

 

(1,214

)

 

(191

)

 

(1,734

)

 

(288

)

Free cash flow

$

5,657

 

$

13,840

 

$

8,841

 

$

15,072

 

 

ON24, INC.

Revenue

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

Digital Experience Platform
Subscription and other platform

$

44,367

$

26,397

$

87,225

$

45,713

Professional services

 

7,741

 

9,120

 

14,905

$

13,522

Total digital experience platform

$

52,108

$

35,517

$

102,130

$

59,235

 
Legacy
Subscription and other platform

$

10

$

699

$

62

$

1,310

Professional services

 

-

 

104

 

25

$

521

Total legacy revenue

$

10

$

803

$

87

$

1,831

 
Revenue
Subscription and other platform

$

44,377

$

27,096

$

87,287

$

47,023

Professional services

 

7,741

 

9,224

 

14,930

 

14,043

Total revenue

$

52,118

$

36,320

$

102,217

$

61,066

 

Media Contact:
Roger Villareal
press@on24.com

Investor Contact:
Lauren Sloane
investorrelations@on24.com

Source: ON24, Inc.

Multimedia Files:

View all news