OSPN - Earnings call transcript Q2 2020

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Operator

Good day, and welcome to the OneSpan Second Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Joe Maxa, VP of Investor Relations. ahead. go Please

Joe Maxa

Investor Hello, OneSpan operator. call thank for on you being site OneSpan's Thank investors.onespan.com. at quarter everyone, XXXX the the accessed be second and This section earnings joining of webcast Web you, can and Relations conference is call.

copy me call for a issued a Scott information, and To press announcing results today Joining second release Clements, Mark quarter and access OneSpan CEO on Web market the CFO. our closed, the our other XXXX. visit Hoyt, please This site. is press our of afternoon after release investor our

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

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

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

to by assumptions Any and date conference is the In Federal call addition, required Except of August related XX, as this forward-looking call Securities XXXX. I of made information update other expressly date. this turn future note the as With the a please statements undertake are new that that, reason. obligation no will of for Scott. or these or laws, over to as result statements events, any we

Scott Clements

to joining schedule. from very Joe, seeing license parts today. Number strong contracts much. I'd thanks There are points from for is and of ahead Good this our near you. subscription one, recurring term, license headwind in for summarizing in partly both lot like the release, transition by to moving by everyone, revenue categories. a perpetual We're today's key earnings for offset is the so and of lower us growth here term in expected license perpetual thanks sales. off start some afternoon, of Though,

ago. ahead U.S. still and product our OneSpan growth surge our top and which QX Number pipeline preparing offering, to in sales strategic Sign Therefore, earlier most of longer that our outlook present are XXXX year-to-date, in cloud withdraw also for results in will is economic major will the banks early quarter shift year. Latin will which it some strong. bank but investments order off years five, OneSpan and its has of security that the QX expect with OneSpan remains outperformance growing strong deeper strong. was paying until pressure digital platforms impacting guidance are recurring are of in clarity there's growth and institutions Cloud new we plan measures our in software Furthermore, greater the to a reinforced last The XX% the deaths in mean and only four, customers’ this the with experience there's infections year, line. authentication infrastructure, a and introduced our early services to now very impact customer plans. coronavirus The the digitizing are from over for OneSpan global OneSpan was stages and Number and volatility began and for the and need financial channel elsewhere resurgences QX's results. economy financial by compared downturn almost America of our reality. Second, some broadly Number three in generational determined good in quarter P&L three, on that financial value

from with our Now delays offset $XX second revenues of revenue QX and let token year. sales, X% the contracts. total impact of revenue lower away software and software update second last me Recurring declined XX% turn last growth, projects in for results. accelerated year larger to In our complex to by the and on XX% revenue, from quarter accounted XX% perpetual of quarter, authentication total the recurring period in million some strong services transition up

XXXX for is this total now will to XX% for and We services revenue will our be goal we software to of close goal believe year. exceed recurring You recall that revenue.

ended Adjusted We for EBITDA $X We XXXX XXXX this to the grew EBITDA half first XX% $XX our revenue grew first are also million. to and the time recurring reporting in million annual the of plan. with quarter. revenue XX% of quarter. adjusted second ahead ARR

Turning to bookings.

subscription globally opportunities OneSpan services. bookings verticals, demand support Agriculture, the single we're the security service doubling, programs region Recurring bookings. strong OneSpan agreements significant bookings cloud-based of six private sectors. and funds including digits term perpetual Software with for annual insurance XX%, value Department as contract distribute every and increased We ACV, Sign financial that healthcare, figure up contract contracts farmers. more and our wins solutions. the by contract course loans grew public Sign bookings relief in than won logged driven across upper Sign recurring by in and to and by over And driven XX% OneSpan in excess US contract, seeing contract in high multiple government, declined, offset and a and of to of

continued e-signature increased half volumes in revenue transaction XXXX. Sign During of and sharply second expect the acceleration the quarter, we OneSpan

Now solution portfolio. some updates on our

our authentication our devices be can large quickly full our from OneSpan It new security being well solutions. at supports offering of Our mobile implemented customers. scale Cloud is range and and cloud authentication by received public

For authentication example, a OneSpan financial recently we Japanese days. in deployed for under customer services Cloud XX

was a of Best Europe our Frost more API's technological we offer by industry that straightforward OneSpan as & and intelligent set advances. OCA recognized Company authentication be to Solution Sullivan we’re customers Year GID Security and Additionally, adaptive solution for for Authentication the by Identity continue OCA And as ready. Risk-Based path our of SC our to utilizes are advanced risk-based Digital recognized by also the upgrade awarded they when in XXXX. Media common Mobile

set before was reporting software And contracts. we will course to ensure our allow seriously. results. even was As and that matters take some you to moment. know, though immaterial, very you We the give additional understood Mark prior for we a accounting on to accounting a assess of And fully time our such want period of certain that details just our release impact to possible earnings it team errors in addressed rescheduled relating

In come to some fact, comments, and on to then an additional along to questions. provide now, I'll opening update I'll turn the Mark call Mark? our with back over call the before right outlook

Mark Hoyt

Thank you, Scott.

to period when comment I we financial do rescheduled earnings today. our call second prior the on to quarter that noted adjustments Before details, we want the discussing

resulted originated XXXX. and involving We QX, to these revenue X% errors, from software $X.X of errors amounts future and $X.X the that the related we same QX we of in that During the than million consider earnings revenue of make in prior of we don't the frame. our to through the less do we periods. SEC. beginning over in with errors million represents adjusting and we release filings time of be with we contracts overstatements $XXX recognized and are errors customers And XXXX identified of period one in while licenses investigated prior found revenue relating half This certain that million today immaterial

annualized believe revenue As revenue a addition services of to in XX% which X% quarter million externally annual $XX first declined recurring one our time Scott $XX GAAP we XX% as than through mentioned, provide million. million, insight in year contracts non-GAAP and equal this product metrics, Total ARR, revenue $XX to million Recurring to transition quarter $XX the prior all we for that grew greater periods, and the XXXX second and recurring becoming the to compared in XX% licence are length XX% define million. quarter. grew XXXX. revenue the our to results Product We of revenue to these revenue the recurring of to to majority for company. active publishing additional in or other when value $XX into second declined to quarter.

Automation volume $X solution our software in from to Secure Looking QX million. year-over-year customers to our XX% licenses pandemic. XX% by revenue, the XX% a our Agreement using in XXX% grew more revenue and auto included to lower million. revenue, offset e-signature million detail finance $XX subscription recurring grew to transaction growth approximately $X in This grew Term-based due about maintenance

QX So in XX% of in our total compared X% second $XX mix. software is of XX% decrease our expect grow. half second to in note to primarily revenue Gross the million to expenses second quarter from and services $XX was last prior that attributed the million, in gross gross were Margin the and revenue the reported to declined the of to Operating XXXX XXXX. increase XX% And XXXX margin we second as want year. XX% product in million. the slightly $XX hardware in sales quarter I quarter while $XXX in XX% a The to software year margins of quarter of decrease million,

million adjusted of up will long-term investments and year. as items, XXXX, taxes, versus future compensation growth second expect X% and Adjusted second EBITDA our headcount expenses We quarter earnings increases EBITDA XXXX. in X% by and operating of margin quarters. our non-recurring half amortization, increase sales million last incentive we $X interest, in or the was was depreciation, before from marketing invest that for this enhance in in Adjusted the year driven $X solutions

in Our the $X.XX loss $X.XX in share compared XXXX. second of quarter GAAP to second was quarter of the per XXXX

the I'll XX% and to the Asia-Pac was quarter. in amortization, year. the the the share, term respectively. to of operations last from mix the turn to short $X.XX year. region. QX Americas cash, equivalents our was quarter XX%, compared XXXX the end per which to ended in quarter million items We meeting incentiv earnings and back at in of million compared long-term second non-recurring same for XX% investments in the of Scott, second This with second generated Geographically, the of million from cash non-GAAP quarter excludes second in XXXX EMEA, impact $X compares Our in in adjustments, tax XX% included the last you. XX% revenue $XXX and from XX% comp, quarter $XXX Cash and $X.XX the regions

Scott Clements

very Okay, Mark. much thanks

substantially in customers XXXX, grew first As I already offering we're pipeline half that and solutions services of the need. our our noted, software opportunity sales demonstrating

However, on enter expecting uncertainty there timing deaths infections and and The be more is quarters now America the and channel need ahead. the surge June lengthening our we to increased of cautious downturn Latin extended experience increased in that evaluate will clear are for and will loss that quickly about U.S. it the ups continue pandemic. fraud Most XXXX. the banks both early be their flare analysts, a the the banks virus we second Based small and operations early make industry about projects coronavirus digital it secure medium are and more beginning as deeper, in in investments believe be some losses facilitate the banks increased of as in better loan but customer technology and to more contained. more digital bankruptcies Late projects impacts into reserves in banks continued priority. expectation of Europe in cycles their with of will continued half anticipating we not and and discussions a of businesses and saw economic many a QX customers Nevertheless, from expansion. QX, sales

rates with As before, existing generally is that net a customers, I've significantly to majority by we it's noted driven those revenue and positive customers. additional important sales of have our that to retention understand

economic we two the prudent following uncertainty, Given steps. take the believe global to it's

to technology XXXX and cybersecurity guidance company our First withdraw of is full as have peers. year many our

services year, of the Our declines by present revenue XXXX as and outlook is recurring gave last expected. revenue outlook be we growth three consistent with at for the full to perpetual offset end software license year year

our of We in initial decline at favor upgrade XX% this accumulated a also mid-teens work XX% PSDX down in than year to to a will last inventory mobile security. expect of revenue they year as projects banks and rather hardware rate delays estimate anticipation hardware decline

share we is the shareholder XXXX for to a cash to approved maximum believe remains the range Board drive growth our the value to plan repurchase plan economic present million the Directors of ensure purposes a want conditions. across and OneSpan's that capital when Second, given repurchase want clear I June The be $XXX repurchase compensation equity it offset be through of has issuance additional shares uncertainty, of for prudent using economic to investment. priority up flexibility to allocation. designed choice. our for flexibility But to I

important Finally, there well that our the are several and future trends documented sustainable of define business.

all present for the around we First, help with ever the which world. need compliance, our regulatory customers

and Second, to user the reduce like processes business digitization agility solutions identity experience improve of through increase e-signature costs, and digital verification.

beginning are to like the their moving clear are is our of describing more to fraud platforms to the services, in more the and trends. as new newest authentication. These business BNP cloud form IBM’s others risk, the but a of to longer Bank highest fully of user impact and Cloud for adopt four, approaches and to events no of sufficient. operations cloud experience banking to their Deutsche responsive our transition made And the from preserving for their while Paribas the are we agreement the one a the to plan was have seen impacts with Third, banks that Google strategy. pandemic ways with see old the recent financial risk-based doing announcements weeks, multiyear partnership respond the industry, sophisticated which need expect from these of to strategic foundations and of cloud, potentially This about we've TID In services. elevated watershed

offerings beginning markets. to Let are me our in leverage also cloud-based note we that adjacent

the digital security government and healthcare. in growing Given for needs and identity, insurance digitization solutions

OneSpan compete, the win invest uncertainty, is solutions, the to and believe and positioned we grow. and in that, With to take we for future So happy and near the questions. capabilities that your despite people I I be will term economic Mark continue well need to

Operator

Thank you.

session We Instructions] answer Please [Operator Powell question BTIG. Our will with now begin ahead. the first and from Gray question go comes

Gray Powell

guess had I so couple. I a Yes,

QX. of it in macro start recovering maybe lower of you that that perpetual that license the sounds there see there. revenue like Was mix than function to something XX about more to delays the environment, a expected So potentially next over you deal that I'll is related was So talked a or six months?

Scott Clements

that, and Mark, in. can I'll add you take at a crack certainly

that think gone assumed through has of time. this pretty the I towards in the one contracts at things been it that's transition revenue clear than we the second faster would quarter is point recurring

I fewer opportunities faster. That license happening transition more is means that and contracts. So perpetual recurring think

think types. that was more I I there comments, not my think was effect. It was the think to slowness I mentioned I perpetual contract limited over in a general

more had to shift that? So Mark, I'm towards add you a have recurring. this anything do not don't that sure with I know if to to lot

Mark Hoyt

Scott. on adding just think I

seen driver been quarter’s perk, faster big of has the transition have the a results. think I that's so license a We to term

Gray Powell

subscription And line. the so on

the growth thought I XX% I to was So thought the subscription of that the bulk e-signature business a story. on was And good. little I'm bit the guess your commentary line. I new

like I confused and think was headline XX% growth more the So between by difference I mid-teens. the the growth, that which in was rate

sounds I or And guess, you growth subscription level It had then good maybe the on line first XX% above the just difference pretty subscription getting business. you talk line, confidence in that those bookings So in two in like the back numbers? all, can your about of that pace? just

Scott Clements

the Mark Yes, can about the subscription talk line. that of let of and last composition take the me part

yes. the the digit subscription and to in is growth the question triple I quarter. think the in We bookings second had category answer

triple know, So we in also with I remember bookings had, I quarter. but OneSpan I know saw Sign, don't in total, growth the also we first digit

do we expect in continue coming quarters. to over to that and the So, through the come P&L

ahead. the composition. about talk to want you Mark, Go So

Mark Hoyt

subscription to to that in also this overage my Gray, see. not charges It's the allude that subscriptions one-time but just we comments. I in line, tried

transaction-based So business those one have in overages some secure be of bit with from QX. quarter-over-quarter auto saw agreement automation can financing, one-time from of a the we quarter-to-quarter, of we And book lumpy. it our decline

Scott Clements

that's the the asset biggest Automation component finances a business of Agreement sector So transaction-based essentially, automotive the Secure that auto and on business.

we as have know, months think automobiles up been there in I all over fewer So few that recent that number. shows sold and

Operator

next with go question King] Securities. Please Our ahead. comes from [Andrew Colliers

Unidentified Analyst

idea about talk talk used of you're that quarter great. get you ARR is sustainable growth if Just to will cases looking that the in be an was, Thanks. seeing could you just how want through then expanded if what the year? at I the about And e-signature of that also XX%.

Scott Clements

the I'll full is that numbers, we go let growth Mark solid detail we right but years. on into will it the some see outlook continued the have now of ARR the is for

period So the we see XXXX, XX% to compound annual over through of have we ARR said that would growth. average XX% sort

are think see I to year. going that this we

And then earlier of So in in interesting. I couple mentioned the that think I e-signature, my USDA were headline. perhaps the terms of a that's there were comments project. areas

well We and And significant another little are for bit for have And administration need demand real and the about quarter saw some around e-signature seeing I as healthcare and healthcare talked products. other release type cases government healthcare. then and of seen is we're various elements also as use other as interest in think real of seeing the a elevated business increased around use books small There of a a business parts telehealth, first the example. in e-signature. we interest a

a on really the So these in basis. is seeing that think interesting global thing e-signature trends I we're

bookings really almost We and the in for region every of growth world. e-signature have of a opportunities real solid

don’t comments very any if add business. the Mark you feel direction outlook? want of I about good about we to the that ARR know So

Mark Hoyt

both if is investor XXXX. XX% of licenses fourth quarterly number asked pretty in rate, ARR in table licenses strong is by the churn. published and ARR perpetual figure then You of that retention on of really we've to subscriptions, out term the show driven the that presentation sustainable. is that We up lack our And on drives that growth maintenance The term growth growth consistent our that beginning really went component just the and our a maintenance since seen our contracts.

ARR to items push investors. four combination we So those the the out to get forward. to want continue I think metrics the of one And of that's will

The item note Andrew based is to of XXX rec and of that still want by term other revenue length line the I is because the term our those relatively license rev lumpy licenses. driven

ARR, streams. we So publishing the revenue a of that because that's gives our that we're think recurring representation of why better growth

Operator

Our Instructions] [Operator Boyd ahead. Roger comes with go and next Needham Company. Please from question

Roger Boyd

if more kind wondering wondering that dig regional pushing Just deal are outs. customers. if could their on the rethinking perspective? with customers any we this mostly Is there's the strategies deals from info can into we some where maybe longer out your decisions on driven comments related budget architecture get I'm term push and conversation of or

Scott Clements

things changes loss As far we've as I we call, significant can the mentioned quarter. banks capital to impact last ratios banks now and uncertainty really tell, the make seeing. like over that. this an seen to And is their purely many their has and that loan are reserves economics on related that my

those sure that as in they business their quarters they go to want well capital they make coming operate forward. to replenish ratios so can And the

the and flattening in time I I this just technology of is not June, sense. coronavirus And a May, the all, will It that California, And June, purely curve. April, the of Then Florida. open second in we We period issue the frame, national really So states three in again rise May heard typically. first rapidly. at started proceeding to and through really in week you June to started after of see is in infections is we think have the after interesting. week largest going the some and the the a infection anywhere U.S., by pretty right up think, saw locations a that any in end I starting states little this spike was of quarter recall first in rate the when June, it’s actually was bit saw in pretty that Texas to

seeing at the realized that businesses I to, going And some point with became challenged a I sustained. was this in particularly to of they ultimately up in think banks needed that so certainly the on. think was to and similar it Latin the small that going challenge be I what's right then of impact on And markets, slowly We're reserves. that think to put size going banks Europe. emerging that little was albeit little And certainly clear, have for behavior, now going more additional America, are some and medium pandemic a sort

these So it's that this. these factors, factors really driving are economic

of we XXXX. But and digital all and look the in said the when which user business their banking As half into rebudgeting course serve. to primary and reworked, earlier, I digital going growing that industry the the business, in component at the are is said for of we customers, that the talk experience security and their fastest that part the to of of they’re remain to probably the my our comments priorities and that second channel space year security analysts their they in the is being channel understand they

to there down And and think for year. slowing right the I loan impact year just That's banks and I while going wanted hard investment. technology figured longer some the really a with So now. there's rest do reserves term some stopped to little think probably then they're some of then say into next effect of reprioritize a take replan, loss slowdown, of they kind banks what here is what to out

and in from offerings, and the software as the more mentioned, pipeline at second third service offering. software XX% our of into service the is beginning We quarter year of quarter of the and ago opportunity terms our a have digital I than also -- end same the our up period

are fit what products, for there. to is good do. So think, the our need really customers I pipeline a The

of going I convert. the say the we I of offerings, We have and know that some that year. hey technology projects look optimistic you We've here. we're Certainly half question our rate there's the what in little in this timing but we a will like. just my our economics we're remain that's rate It's forward at to don't think so like question, cases. it. that what optimistic software about on think many will hardware would going guidance terms can And comments about about conversion from that's now I timing point, less at I to tell is just withdraw about services say, as nothing as to think open heard see the really and And to the look really that because really of causes picture and moving second

Roger Boyd

And and hardware maybe the that there. then comment on lower guidance

using and opportunity think As more sell the previously? to of refresh an -- now is that you you were software think about to this do cycle, the it's hardware subscriptions customers hardware

Scott Clements

technology think think generally that's mobile that's Certainly, been, That's of rather a possible. happening a that's I Well, there obviously than I And a trend on not over going new issue. been where hardware time. for security tokens. is secular some there time substitution is

early part of in that term, pronounced. strength year. I real the is be this in little the it think And more a some we in will saw near certainly likely in the that area, that probably certainly

we'll so see. And

was account of sure advanced last the course, think think much not a large And new more, PSDX. they offerings lends being in mobile mobile inventory our to hardware itself to -- mobile. how is opposed where to online happening is we year I their all Banks there security and buildup think And have bit really going of of majority were the some this their need. probably -- now and I opening being hardware. period business little security I probably as that

some there refreshes are hardware on projects big updates are So the horizon. and that for

we'll those how So see proceed.

next we'll next have probably of certainly late year year that's but easier think this for phenomenon, a compares more I year.

Operator

comes with Please next Anja ahead. go question from Our Soderstrom Sidoti.

Anja Soderstrom

about but first what A And to markets. you the and lot half. you questions second already, that are in more mentioned hiring adjacent you are you the good intended half? Are increase in done marketing, in of you and expect seeing talking also the asked marketing haven't in opportunity that the were still that to you now do sales

it but going that there been perhaps Are You've banking hasn't been down? really is mentioning big make now a sort to bigger you a driver. slowing before push and of

Scott Clements

So I Mark, about we're what that under expense running talked about Speakers] $X wrong, think we're marketing on has on year-to-date been we expectation me that’s the $X our spend operating think about, I million I Mark. million. think [Multiple correct if

Mark Hoyt

Yes. Right. That’s

Scott Clements

Right.

Okay.

running lot and million $X on obviously, we're under that So related from about travel, comes expense, a expenses some less have other operating of that we been under running.

uncertain really second to looking second or we opportunity year. the the as year and related the our can outlook the are half half are the maximize the what the things think at in challenging now into I to we do the look we So of of that economy,

invest we're the number things from those And generation things first invest but -- We that of so there are quite the of our doing, activities. significant year in in actually some to lead progress saw to well, one there's and is more a that elevated of a half few return marketing.

of already. the job Gunn our elevating on part pipeline and the that done call generation his mentioned a John opportunity times And fantastic increases couple in what's driving productivity. a CMO, of the team I really lead have that's Our

in think really the fourth that quarter. that we in that first half, underrun marketing savings lot effort made program. spend and we third And the And saw and an more opportunity to a of the lead had so first strengthen we've in it generation some take of half, improve to and given in reinvest the certainly in what the we there's

really can only we XXXX. certainly that benefit XXXX So benefit but not

So good we're we return seeing investment believe. that on

the we're salespeople year. And the We going continue targeted say so of additional adding, on of that. that to first a do more We're to also basis, we I in lead Then half are activity. salespeople. would added to do going gen

that So roll part sales the coverage, latter into XXXX, ready and we next again, year the have into we as back get and with year into better as part force to of this early this of we a year. larger of get is, into the part will

that, right are those and lot our think absolutely on the of here. indicators I've some a with are products we solutions, mentioned of track which -- we and So that

was to And and going be so growth question… at opportunity getting we your out to going and What we're your is there think second up. there part had -- aggressive you

Anja Soderstrom

adjacent industry, market mainly or… but maybe more on are focusing for about you Yes, now the financial that pushing

Scott Clements

say stages early Anja. in we're would of I that, the

-- I've many two, have new our base. make years over financial said, strategy could I focus we that sustain products core three to to we that our first relevance our our our new that sure last with the services think was We and times customer

one the really us. was that So for imperative number

We in think are good feeling I time. that about Certainly do. more at point this pretty to

lot feel we in to But that products a have direction. that continue We progress our invest research in made and of development. we and in our good

earnestly an appropriate time at us And adjacent begin spaces. so now, to for it is looking more

government, authentication we're some in that, in lot cloud particularly mobile capabilities e-signature much mentioned. our like a new a communication bigger that activity becoming things we of a security of now as of in the adjacencies, new products already importance business. I in -- seeing or of issue So touched with and But is number digital the healthcare our

both begin think these So begin look we right to some and at adjacencies the to doing right we of to products timing that. have the

terms selling So take This we of say of will I spaces. time of some those significant those significant would are some for but sure. initial efforts into and -- not in spaces into making marketing

to it to the we that verticals, stages going sure make that. verticals. going we're are want And additional a to go our it we if after We're waste that I investments to make the early in We to we to right going would at of do way. we're, we -- disciplined commit time. do don't correctly these going We're and say,

Operator

Please question comes Capital. Furnas go Mandias ahead. from next The with Matthew

Matthew Furnas

stock Chairman end million the last of I guess, quarter, QX. misstatement. down your $X.X of and context after the nine revenue to I guys look estimates address is I And stock I'd of term XX% I revenue guys your guess subsequent over million see been you and the like back you have in sold the $XX to by immaterial end the quarters your hours. the at of And

So longtime shareholder, term maybe the could define you immaterial. for

Scott Clements

you Mark, accounting point take I’ll let of that from an view?

Mark Hoyt

show Matthew, quarterly on We -- as the in earnings the deck. press the -- in investor the no, release. mentioned actually it's I

to quarterly sure time revenue. back We there quarter, have the over table quarter as look analyze back this shows each was a or and was impact was fact single a same that beat nine in not the those was miss these that there a a the that the that immaterial how went over revenue where we we make determine impacted over in over by frame. quarters. you That's And of $XXX changes revenue million

Matthew Furnas

certain guess again, the you're amount about would you end sure like numbers, to your be since and former those guess, I'd the stock chairman million March. address I trust of by on of you've a if your And you of lost XX-Q I sold I to $XX guess enough time. here. able file

Scott Clements

So that I'll one. take

our He of I no is He's he company. first And the roughly. -- not -- corrected think he He or chairman. of years old of XX that. the member XX was founder is board. well, remains longer the a all, you

plan it, over couple state a over, has he all really state now. he has plan, plan. so a I'm think but not a term I necessary, And year but his been the particulars period knowledgeable long of executing

think Speakers]… So I don't [Multiple

Matthew Furnas

clear. end the Since March. of That's

Scott Clements

that think that sold that obviously it's we do handled have that. way to and work think around a And is closely I don't has whole I And very the would is all These decisions I'm when takes I of believe that right he'll planning that's to our and it. he but that in has place And personal lot that that do obviously his the board with time only our case sure not appropriate. more we probably what his his frame executives about it. I -- ensure state to say with. assume that Ken trading -- are

Matthew Furnas

I'm Well, my right. And shareholder. All for disappointed you question. obviously answering thank a

you. thank So

Scott Clements

I totally understand. Absolutely.

Operator

Scott over for would to session. conference Clements question-and-answer our remarks. back I the like closing turn concludes any This to

Scott Clements

us for Thank our here you joining on you, operator. all you. today. Thank Thank call

recurring are a the progress transitioning higher the We about to quarters and of companies stable, making our mix continue we terms that think future revenue We're OneSpan. do going of I more I in to value and in of think are, tremendous to revenue. ahead. excited And confident

you for all listening thank So today. in

Operator

you attending today's Thank The conference presentation. concluded. has for now

disconnect. You may now

OneSpan (OSPN) 11 Aug 202020 Q2 Earnings call transcript