OSPN - Earnings call transcript Q4 2019

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the OneSpan Fourth Quarter and Fiscal Year 2019 Earnings Conference Call. [Operator Instructions] As a reminder, today's program maybe recorded.

I would now like to introduce your host for today's program, Joe Maxa, Director of Investor Relations. Please go ahead, sir.

Joe Maxa

Thank you, Jonathan. you XXXX the earnings thank and fourth and year full conference everyone, for OneSpan joining quarter Hello, call. My I name am and the Director is of Investor Joe Maxa, Relations. the webcast investors.onespan.com. at be is OneSpan's and call section of being accessed This on Investor Relations website can

Mark the after and year market announcing issued press our me close, Executive please on Clements, results Chief Officer. a website. copy release access visit press investor release fourth To full today OneSpan XXXX. call With Chief quarter for Scott Financial is OneSpan's the Officer our Hoyt, afternoon and other our This a of and information,

Following our events including forward-looking the made open statements during call prepared this year statements. guidance conference for or for performance, full relate will XXXX, plans, the questions. call are Please future that today, comments note that we to

statements have current And other using by words identify such statements and and these based to involve uncertainties, We believes, projects words. plans, and are tried expects, these anticipates, as expectations. risks on

Consequently, and that non-GAAP this risks note press such of GAAP could measure. been related I discussed financial to and financial Commission call Securities a these Exchange attention in measures direct adjusted Please company's your the forward-looking discussion today's have from actual certain may and are that basis expressed uncertainties. a on expectations differ be on from and a with the statements. the for filings U.S. results release expressed materially

explanation directly the an release. provided of earnings non-GAAP most in comparable have We measures the reconciliations measures financial these financial and GAAP to press

a are laws, no by of or forward-looking as is new other or date statements for events conference the this date. required any as Any Except March information result obligation these XXXX. note federal made please the of reason. that call addition, this statements update undertake securities as In and future to we related assumptions expressly X, of

turn this call At Scott. time, over the to I will

Scott Clements

afternoon and everyone. Joe much, good very Thanks

our an and and years record a good year last fourth growth for We the the a outstanding over products quarter reflecting favorable for revenue in achieved few XXXX. had our solutions. very company made the We environment we've market in investments

license are our market levels strong XXXX record significant growth demand and offerings bookings opportunities. reached pipeline software software solution powered and in mobile generating overall growth of was security expanded Our revenue trusted identity an in by

for a e-signature quarter Now, highlights. driven year fourth XXXX, Revenue decline million let solutions of provide and the quarter $XX demand revenue. of quarter few and by fourth over security me XXXX the hardware offset a strong you the in mobile XXXX increased full expected fourth increased by XX% in

grew of In the mobile excess and quarter, our XX%. key e-signature, security each an revenue, drivers software of

orders services grew more than overall and by Software XX%.

exceeded we to grew guidance. record of forecasts profitability the million year, and of cash XX% full this and course adjusted previously $XXX revenue to high-end increased and Revenue EBITDA of into the For our translated a than flow. higher

touch I'd like important developments two to our strategy. product in on

of OneSpan for to you UX for design include the As fourth modern user growth the we've communicated Sign and in common enterprise and a Asia. as strengthen incorporates address that Sign. features to the completed experience of new OneSpan customers language, features competitive during needs important new position enhancements projected, capabilities we designed and These These OneSpan's launch the improved outlook in administration XXXX the Europe previously. quarter

TID optimize can major needs system. cloud-based product referred expand. with to OCA. based customers then the portfolio already operate and overall effective focus in along is entry on the for for and is add our a announced offering feedback vision piece launched future. which we OCA OCA, our our our final banks XXXX and other an our our as scale Cloud provides solution now recently authentication to mobile large point new simple offerings to customer solutions security, allows TID also into OCA OneSpan of trusted and We portfolio enhance their authentication who solutions the as identity cloud

Mark quarter then call I'll financial I'll guidance and Mark? provide information over year, now for and about and before the the full to call to the come comments further additional opening to turn questions. the XXXX back

Mark Hoyt

Thank you, Scott.

revenue grew year million revenue other million. to of $XX XX% for Full to and and to fourth quarter $XX XX% the XXXX revenue services license X% million. Product and $XX grew grew

of given as Scott million we from as related in mentioned, strong $XXX million benefited of For compliance. year a shared, for to previously updated strong the in guidance September hardware the $XXX deadline We full double-digit XX% growth licenses, software October. PSDX range exceeded and $XXX revenue revenue of our XXXX, increased to high-end and million subscriptions,

fourth grew record In license a million. $XX revenue the XX% software quarter, to

Total grew to For subscriptions, million in $X million to software and a for a XX% record, fourth software licenses year including record, to the XX% revenue grew $XX grew the to the QX million. the $XX $XX Subscription XX% million. grew million licenses and record another year and it revenue XX% XX% grew, in to $XX quarter for year.

revenue revenue Maintenance, million full declined the year. to Hardware XX% XX% support the for XX% year. to quarter to the line $XX $XXX our expectation. in revenue with and increased in increased fourth for Hardware million other

fourth prior in revenue product gross of quarter quarter fourth to was margin contributing the of in XX% service XX% prior attributed The of XX% in XX% XXXX. is XXXX. to QX mix versus margin XXXX the of with software Gross for and primarily and increase the quarter in and the XXXX for quarter XX% compared the fourth XX% in quarter

Operating the incentive than Adjusted an adjusted increased million EBITDA Operating in fourth were the for $X XX% last interest in QX XX million, quarter the higher XX% was dollars expenses expenses increase and $XX of was compared reported compensation quarter items XXXX EBITDA non-recurring fourth amortization, X% of taxes, long-term full to quarter last year. from depreciation, the million in million $XX XXXX. million. $XXX margin year XX% year. earnings Adjusted of before of to fourth for or

year, the million updated $XX guidance EBITDA million $XX to $XX exceeding For range totaled adjusted our million. of

$X.XX quarter of share, the adjustments in the XXXX. and non-recurring excludes XXXX was $X.XX year. share amortization, for items tax fourth quarter in the of per quarter the which per to quarter compensation, compared earnings was fourth of of compared last impact $X.XX long-term earnings Non-GAAP of fourth incentive fourth in $X.XX to the XXXX GAAP

cash, Moving over the million short-term to to in the end equivalents quarter fourth at and of compared with last million balance $XX sheet, ended the we $XXX investments cash year.

XX% Pac mix to region. QX operations from Americas same XX% in regions and XX%, quarter XX% fourth This the the from year $XX in for for EMEA, generated from XX% million. Asia respectively. the compares our from included the revenue and Geographically, Cash totaled XXXX the XX%

I'm turning to meeting Scott. the back you,

Scott Clements

Mark. much, very Thanks

OneSpan time to this as trusted strong identity recurring solutions and our is next and momentum we software enter of our to XXXX the transition great the a second of our the transformation phase in the services our accelerate through XXXX. during It's offerings for ideal model. growth of time and revenue portfolio standard XXXX, With half business

is end XXXX. goal revenue the of to the recurring nature by have Our our for of majority

and shift systems first recurring cases term of to Throughout modern the fundamental shift designing to contracts sales solutions, of our capable sector, yet of compensation virtually for While are banking that we model over years. cloud to prepared use critical sales next implementation cloud to the the new in of make move regulated development and TID all mission ready few encourage subscription this managing some our transition contracts. XXXX, planning not efficiently revenue the financial a by in with services and customers necessary for

expanding significantly revenue time, the we and predictability is growth, in software company. improve software sales Now revenues sell with have profitability who and accelerate to XXXX, will the realigned sales of are people software our services. our This of our the experienced and value only elevate company's over increase force structure expected

XXXX. discuss I our Now will outlook for

on to full seen models, you've with our revenue business In revenue expect approximately to impact have companies XXXX, results. revenue year X at perpetual revenue that of result sure contracts following I'm financial other we licenses of to moved in the recurring recurring focus percentage The will to XXXX transition X the points. growth a expense the headwind As increased occur. recurring will

declines more Hardware XXXX. approximate the will the revenue revenue likely in demand will software driven hardware Number after PSDX offset growth and revenue. one, services levels XXXX than in

services we expect a And in will majority trend that contribute XX% to and of XXXX. XXXX continue Software XX% our and through total to revenue after.

gave Recurring approximately outlook maintenance double revenue composed software will of that the December license last long-term and in grow of term year. strong subscription, we consistent the in with digits

proportion of as This mix less Adjusted EBITDA global investment in increased from to by solutions from transition increasing shifts software and capture margin will marketing hardware the gross by recurring will and revenue also business be partially higher offset to a R&D to and the growth. sales and impacted revenue be products.

relevant we growth strong growth visibility XXXX services Investor recurring for in and and in our are XXXX streams will as bookings to expected. four, our release we with software report revenue additional We Day provide at in bookings number earnings our quarter noted detail Finally, provide December, first we beginning plan results. revenue as

million our full EBITDA range financial the to million. the and For range of million is the year, in adjusted $XX guidance $XX revenue to $XXX million of $XXX in

revenue. a of similar year revenue, purposes, revenue percent year's first percent to we be QX XXXX expect last modeling year full as could revenue a For XXXX as full quarter of

our on me Coronavirus the let Now on and company. its potential impact comment

you the Well, and most of of is China. about hardware impact know, our the there virus. remains As global in production spread uncertainty

a factories revenues the largely New hardware Year future expect quarters. currently after impact for have limited Our we'll holidays. continue Chinese extended We first quarter to production contracted monitor to the outlook and returned to

on have affect not our any presently seen sales. software We

will assess to substantial appears to a both limit company's meantime, to the disruption cause engaging actively global more in any outlook. possible In the operations. to ensure the their for the safety with Coronavirus impact employees the our demand global economic and if continue will broader it we're in a potential deterioration We

refer and who the Marianne leading Naureen to we decades of and our addition of to two companies. Johnson, Finally, at like experience I'd also cloud Directors. technology the Hassan directors, today announced release financial of concerning other of bring Ms. banking, expansion Today of you Board new the Ms. press

led Hassan Morgan how she digital digital transformation and intelligence product was Naureen strategy management's this at for Stanley enabled with marketing role, artificial the clients. Wealth development with building Officer on and facing Morgan wealth capabilities, Digital In platforms. teams interacts technologies responsibility Management Stanley the firm focused Chief consumer modernizing

and also privately marketplace. in of has financial Vice wholesale Ms. at for substantial in services retail Johnson and is the providing based Chief automotive service an innovation companies world and cloud technology driving automotive, and one Product experience President She the payments and advancements held Automotive, largest Cox Officer Executive background technology solutions the industries.

These appointees the and delivery in development design, secured digital depth services scale. of bring at

OneSpan with Board evolving the year, has added past the of directors needs Over skills with that four and directly the align new experience our business.

So thank take Mark for to questions. be that I listening with and and you will happy your

Operator

from question Securities. the first of Our Wedbush line comes Instructions] [Operator Dan from Ives

Your question please.

Dan Ives

Just sort you're get seeing you you through the transition. and of the also through customers. maybe ability biggest some to the seems talk feedback cross broader mean walk through, talk just as I the just sell I pretty Thanks. think talk about obviously maybe is positive about challenge need what this what Also platform. just mean, transition to

Scott Clements

that couple I of we think think in are have challenges I a the If there XXXX, about things.

to accelerating recurring have this already -- executing transition happening. revenue recurring we are been transition the think revenue or that I

with is shared that in continue XXXX you we as transition see expect or underway our that we XXXX. today think XXXX can I to you that already in from and results

I really here. relationship customer is think the the managing in challenge

shift as is are we recurring institutions. We focused security know the of a Nevertheless, that to to revenue for model base know, and shifting order this financial our not of solutions license particularly to They much on-premise issues revenue addressed on have large as products a to them and policy be from offerings. recurring financial perpetual for you in matter range cloud-based simple we that can. customer a regulatory have make institutions,

world the a operating they complex, enterprise deal who corporate the on, of in simply in of decision in any and have make and more I structure. want is as this that cost a them with driver shift, digital-only say to have both The the lower certainly have clear. like a to economy. or other the like consuming and are Nevertheless, regulations very trend our of just environment the banks and should almost not in it's go, they fact a with. them banks can outlook economics powerful of sense terms more sophisticated use solutions are they and And that sector really banks as region that they business every competitive a pressure prevalent need start every pressure also becoming cost are and seeing more from And fundamentally

going the was this to now to happen them. next be ago started which in lot was going move So of two, banks be in years that three recurring that, these direction, force years are really it is convergence kind path ago of every there and in all that this moving are which but many, things much the region -- a years really that few why now drive many to And that's I revenue are. models are operate, of irresistible over think this includes towards that pretty we down we to a the world banks three is going would when we recognized

play out. this seeing are We trend

that also where, leave customers we between to to behind. deliver customer solution really So a we if don't balance -- ready, encouraging aren't we not will right want we but an transition, to that their And is on-premise just find try have needs. realizing the to our

productive, So them gating right I XXXX growth think contribute the productive, we and the to that, helping These effort. bringing making in I that to them sales to getting of are are in talent forward. the think planned the going that things level new on for require XXXX, them just

touched we on in have reemphasize and of kind I for that this. I want but the prepared And script this to

IT have this. our systems, of have but model, for operating last and this our of we our the things, our all preparing aligning these for preparing not for business really infrastructure, been We only compensation, years our two in also been sales terms products,

that the So and I'm to investors. delivering recognized are the understand ensure our make customers is of hope And to have for will focused it's confident the good to it's to this. and this company this be that the very value value taking that steps believe we are going we'll we and company. impact we on progress that We we the value successful delivering at have

Operator

you. Thank

Our line Catharine of next question from comes Dougherty. the from Trebnick

please. question Your

Catharine Trebnick

split XXXX you can a expert of hardware restate things XX, the you can The expectations understand for couple better versus just So out that? if kind software of can XX, I me dynamics. for Thanks.

Scott Clements

and during is that's are and One of Mark strong two And -- that will is, in in that transition that and growth software in towards the and from on to period, their in have and particularly you accelerate we hardware hand, The And to will I'll decline correct software the certainly XXXX. company's of revenues the course. believe time we recurring or services services bolster category. other very shift whatever. reasons, going revenue see really away XXXX that hardware a software revenue for

will to ratio we drives services of a what company's -- software in expect be of that's to revenue XXXX. XX% and in So XX% the

burst to offset XXXX and got something demand the more in the We were is description And growth we in to also that neighborhood revenues PSDX decline in our plan what XXXX. of our hardware to in and in we noted than in with goal software services. earlier after that expect the from

related to will on answer that Although from to ready want back cloud transition headwind license that move variation and Dan's to an about what more said is X% including customer perpetual I the not also I we to the top-line to just that, revenue. which and And around ties that recurring that headwind note, X% We is to in recurring. every really XXXX. the a revenue toward question, that's think towards make away have

move about many to going and uncertainty there's will of customers which and that. a fast how there's all how be -- So little

to reasonable of term the in to more guided headwind then growth what's we with revenue are offerings see growth that we we in going that the have software in on think hardware. financials light happen the transitioning in that particularly solid happen. really And that's will of our in we a a have sorry subscription. recurring financials that set the what range So and -- to will license reasonable understand strong -- The

Catharine Trebnick

Yes.

your did look hardware numbers fall in probably Analyst is, little the in general, so my to saying expected what I case, you're is just the Day and a if I back bit harder than XXXX. really at base on you So going

modeled we make we I to when want just -- do can sure the so maybe understand So, offline. and that. details I

And then, reoccurring, up your to bit on you a pick expect that faster. little

XX% that safe had recurring to think XX%. to with that XX% said Day, XX% to to You not? that clip the CAGR at from say the that headwind is revenue have good still even going or Analyst Is about

Scott Clements

less software perpetual… really on to relates total Yes. a The headwind

Catharine Trebnick

Okay. of security, piece licensing The mobile the software it?

Mark Hoyt

just I Well, jump will in.

talk When you gain to shift from short-term really it's and on we terms. we for perpetual have revenue you perpetual would pain long-term you make term, have from headwind, revenue. when software short-term about the So less total than some under that

mean we what that's So headwind by Catharine.

Catharine Trebnick

then any which this new expect you -- that No, how most for just more year? to the do going you then did promise Okay. insight them this solutions questions. best I any ask to And won't and you one much helps. year. And contribute the are feel are into I And

Scott Clements

XXXX touch in that We the we I outlook revenue in will to the recurring to And you see this expect just New a which in average the for that add-in gave we be you for New range the compound category mentioned. or do the of year, York hopefully near -- York. that think business. in in guidance I wanted certainly do things our we couple of think terms communicated other I is XXXX on still through

to through think some I relates fact so expectations, we than the more is for expectations than know the concerned be down a more far it don't year. -- that expected to it's did think of really than I sure. as much coming may bit in our is that better more I And as little maybe XXXX that hardware than that continued the but And it the most originally strength of degree

I those sort two I just note So of wanted items. to think

your was What question? final

Mark Hoyt

Products.

Catharine Trebnick

the this that for Which really think to new the are ones your are products do ones will think you you are you think the best do that going you year? be

Scott Clements

is a be the touch in had think happen to think that the going quarter. saw going fourth of very would three We XXXX. work start to already to based I in OneSpan have fourth we've on probably quarter are do I areas XXXX. on I Sign good that strong that done very a good that XXXX

As I made noted that investments product that line product organization that and I significant we before, line. mentioned supports and in the

very for about security So a us. product I successful feel that. be, good think and to will I strong continue think we Mobile very

And then, the turn biggest probably a we I that think are will identity toward maybe trusted have solutions, there to are the couple when most impact.

authentication the adaptive represents portion solutions. one think the opportunity TID largest that those intelligent the pipeline of I for is of

that build think XXXX, going think most in those going that excited one is one We to the new in the be of all going but the these rolled really, released to develop probably them about. the we're to We've just new Europe be -- going continue I'm other to to and of major modernized that a I are I that ones The XXXX. to part version continue that's interesting we're that secure latter the in offering. agreement is already of out automation with really customer version

Operator

National Galinko of line Matthew Our comes Securities. from next question from the

Your question please.

Matthew Galinko

maybe year. competition those more And of And the see the bit adding terms on those? of folks you adding linearity course dedicated aspirational R&D that is of you color So XXXX, the regards of say throughout many bit on-boarding for hire. you of software to you I'm what sort today curious can just or adding have sorts spend kind kind reps. over in a when you some and Do the little just to sales with little a salespeople? of you're mentioned, of looking increasing that give Thanks. the

Scott Clements

Sure.

new we So, salespeople first really. fourth terms of the been since in adding all, working at I the think have quarter of

right to our those qualified Matt, the to the easy. Our people and many that's as point It you very as have have right business. employment full as is economy of not a people mindset get quickly who and for need is and that qualifications of for onboard we goal succeeding attitude we set the the made a good can in do always

We think proposition attractive have those sellers. an to we value

in or had solution last left develop just so least fact, come see back. In off back we've was in come came business they'd the that engagement meeting story there of our annual at things in the say they in and Lisbon in in people the we've had outstanding. to portfolio just sales have us who of a of to at related And the looking Lisbon last people XXX excitement We of global year all We couple build the week. sales had XXXX. really for couple months, our as level I ago of a our

good. So and that have pretty view. have a And salespeople that the message the a attracting years that from growth three now point achieving sales our value the I confirms a of proposition say, record, is to story we of as we would over two, objectives and last track me a talented for

the and evidence that being company that salespeople be successful I there's of internal they join increasing we part think want they to and So make those money can our for OneSpan. can

that that's to respond think the way what would you said. I So I

we've Let over to the also and of to something organization years the have enterprise people over and sales made XX% XXXX few me who software already turned XXXX of and cases. bringing the last have security that in neighborhood in organization in in add experience experience we and upgrades significant the many changes sales XX%

has hardware rest call number maybe and part their for related our been authenticator people most specifically services hybrid of objectives amount -- sales offering. becoming what existing business, software quota the software only has already sales where A are have that the of that And the salespeople. a goals a who would we a in So are underway. of set substantial but to this is continuation also process a person have of are and they significant accounts a they then, there's

we on company. very pass selling nobody future directly the focused solutions, to force are of sales character of the capabilities on driving really time these the But on over shifting the So really software. and be team the the which gets are a sales

things didn't All but you about, if I please... asked the

Matthew Galinko

It pretty and was just the follow-up I a full investment question in R&D color. appreciate would -- be that the also to I line. the you mentioned guess

just to we So, hit the over course when should expect the of that curious year?

Scott Clements

You want to take that Mark? I think it's pretty even actually…

Mark Hoyt

a R&D be lot as in XXXX. be of XXXX. saw in at not back That still We growth but tempered the but in a line we invest same will the in to rate XXXX, as growing R&D, will it's continue

Scott Clements

then got sort a that up break We've with growth and grow I of XX% sales flat again And year-over-year. the and digits OpEx precise but answer, low marketing in with Yes. down overall believe. If high-single mostly being of G&A that's we in fastest. a around kind not an -- will of sort R&D actually

on and to for more the respect was this these at revenue. marketplace us now and marketing but effort. sales to pedal capacity up a we're also back our new to back step recurring bring sales went saw bit our R&D beginning transition in solutions marketing sales and with The both execute to fact made into time the to the and right XXXX, in only XXXX, investment was you we have overall we if little So and as now than looked marketing, faster growing

around enablement, the development OneSpan brand. lead In sales and terms generation brand of

timing we on very We in So, of kind area to push do about rope. the invest another at ends right think don't for up these one want time clearly a or wrong investments. the that

last a portfolio be and and investment making the we've along we we built further thoughtful part think marketing that are while that and in to sales sales very some software marketing, and I never product. now we ends. to that continue The improve while So business constraining tried year incremental really

that's So idea. the

Operator

you. Thank

next the line Our comes Soderstrom Company. question Sidoti of from & from Anja

please. question Your

Anja Soderstrom

a And great to year. and my hear you great guys. taking quarter on question. you the for Hi me? Thank Can congratulations

Scott Clements

Sure. We can.

Anja Soderstrom

to Okay, I transition follow Thanks. up just SaaS this the great. year and on wanted to from. service software this

up about going from the to institution away talked You on-prem. maybe financial warming the

So of of discussion? in it that or where discussions? policies those for sort still a of Is are are sort regulatory you are hard to because the you up it's where it, on but with in the wanting they to them idea of board them, and warming go the or matter

Scott Clements

really really at I the all -- America parts explain that over think in look it's and of a you of the in I'll But we little not it look particularly the the cloud exactly like, of maybe that think have the map some like quite to in operating or when digital services service it's banks it's that infrastructure speed the in America world. parts had banks some offering moving cloud lot banks other of in cases. pretty common North North some than world. e-signature I And moment. the would America time to critical for common we and with bit some the -- North times of number much of less in of that cloud been the they've full some we might who are and a a A a ahead direction it's in be that a consume more already had because for experience go institutions that's in have example, other when some of think

North first, it's got the is X.X fact happening said, in be Europe, it going it's would've institution that institutions be and When of a road Asia be towards ago, and and then in So some very the somewhere are who I for to now What America down -- moving we specific. together are maybe security and years really is Asia Asia. things based then moving some will using I of services forward question, more and and this think asked Europe in parts offering. there will Japanese I quite briskly other are that moving cases cloud authentication are it

say. environment Europe So I more is would regulatory I in think the significant

has authority banking banks their that certain published the European -- are around to infrastructure cloud. want to there move And the guidelines

are banks comes I North so probably, after pretty this in particularly in the the most them U.S. good. are And and probably then Europe Asian And America or institutions the the think cautious large regard. institutions

actually America pretty has too. fast Latin moved

We in of opportunities seeing America. are lot Latin a

I wasn't on competitiveness inevitable or why will in all range make year little it and but anything, move mentioned uncertain But, the I and that's that -- happen that is fundamental the we're this this numerical So a the economics a earlier, to fast as headwind how kind it going it's and giving know requirements of really which is because for customers agility of cost, and that. [indiscernible]. around super

Anja Soderstrom

Thank Okay. that additional color. for you

And having so customers' rather focus cessation of than adding you the of where are if customers, matter that's… the existing that's it's most a new and

Scott Clements

I New largest And that very in a I little us mention that did of at our I global. this, the We're would I existing set say York differently. customers the do the Day, will for solutions. new think it think be Investor on customers

have and the institutions XXXX of lots around across We actually. lots a world penetration

our cannot so companies new of in one on. aren't banking are be be customer working and no of our won those banks through customers But digital several said we take with only platform we've more also base. the also there's that rich if services banks we source to XXXX digital in have a into a customer and of the we new driving their we growth us. successful and platforms -- will closely digital new than doubt And logos existing including number So, that set ultimately opportunity for

of the number, look is need in that XX% XXXX our we XXXX. new but in I at I customers logo number this than think to more -- had correct we we new probably when So had I logos, the believe check was statistic

proportion And is. so it's revenue yet not as larger our of

like diverse of more I than can think and brought we a it be, we be, logos, banks set I'd customers it new very have we new as of portfolio seeing a the getting are trend more across clearly more to but historically. offerings of

Operator

remarks. Clements, Instructions] program. any does for conclude hand like of today's question-and-answer back Thank you. the And [Operator this to I'd Scott session program further CEO the to

Scott Clements

remarks. time reiterate, I'm Other in a think we looking further And very for this I to really XXXX. than forward any have I think don't proceed I maybe we're I at how company. interesting very, just

by growth excited we the think in It's the substantial now I substantial here. revenue in in about here and by a of team, leadership that really effort XXXX And growth we're and employees. We the was accident fruits the laid broad forward. recurring it And forward. our got XXXX for team and been foundations, and seeing that have executive

days. joining to over look many us very thanks next to talking for So and today of few forward much you the we

Operator

gentlemen, and conference. conclude in participation ladies you, your today's program. the does for This Thank

You may disconnect. Good day. now

OneSpan (OSPN) 3 Mar 202019 Q4 Earnings call transcript