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WKN: A3DPH2 | ISIN: US68278B1070 | Ticker-Symbol:
NASDAQ
06.12.24
21:59 Uhr
30,660 US-Dollar
-0,170
-0,55 %
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Software
Aktienmarkt
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PR Newswire
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OneStream, Inc.: OneStream Announces Third Quarter 2024 Financial Results

Finanznachrichten News

BIRMINGHAM, Mich., Nov. 7, 2024 /PRNewswire/ -- OneStream, Inc. (Nasdaq: OS), the leading enterprise Finance management platform that modernizes the Office of the CFO by unifying core finance and operational functions -- including financial close, consolidation, reporting, planning and forecasting, today announced financial results for its third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

  • Total Revenue: $129.1 million, an increase of 21% year-over-year.

  • Subscription Revenue: $110.7 million, an increase of 39% year-over-year.

  • GAAP Loss / Income from Operations and Operating Margin: GAAP operating loss was $255.2 million compared to income of $7.0 million for the third quarter of 2023, and GAAP operating margin was (198)% compared to 7% for the third quarter of 2023. This included equity-based compensation expense of $260.0 million, compared to $1.4 million for the third quarter of 2023.

  • Non-GAAP Operating Income and Non-GAAP Operating Margin: Non-GAAP operating income was $5.5 million compared to income of $8.4 million for the third quarter of 2023, and non-GAAP operating margin was 4% compared to 8% for the third quarter of 2023.

  • Net Cash Provided by / Used in Operating Activities: Net cash provided by operating activities was $2.4 million compared to net cash used in operating activities of $4.4 million for the third quarter of 2023.

  • Free Cash Flow: Positive free cash flow of $1.3 million compared to negative free cash flow of $5.3 million for the third quarter of 2023.

"We posted strong third quarter results, led by 39 percent year-over-year growth in subscription revenue and positive free cash flow," said Tom Shea, CEO, OneStream. "The market is ripe for what we do. As evidenced in our Finance 2035 initiative, CFOs are realizing that legacy technology and data overload are holding them back from becoming more strategic. Finance leaders are looking to OneStream to help them digitally transform, laying the foundation for our future growth."

Recent Developments and Business Highlights

  • Splash EMEA User Conference. OneStream took its annual Splash User Conference to Copenhagen, where three new innovations were introduced: OneStream Navigation Center, which builds upon the advanced Narrative Reporting capabilities and streamlines access to reports and bookmarks critical audit and narrative documents in one place; OneStream AI-Powered Anomaly Detection, which is a pre-packaged AI method that helps finance leaders detect anomalies for data cleansing, consolidation, and reporting; and OneStream Solution Exchange offerings to support Tax Pillar 2 regulatory reporting.

  • Launched the Finance 2035 Initiative. Earlier this month OneStream launched the Finance 2035 Initiative (www.finance2035.com), a report and platform to foster dialogue on how the Office of the CFO is evolving and how CFOs can become more strategic. Through a partnership with academia, economists and a survey of 2,000 global CFOs, CEOs, line of business executives and investors, the report examines what the next 10 years hold for businesses at large, and how external forces are both elevating and impacting the critical role played by CFOs in shaping that future.

  • Leadership in IDC's Record to Report MarketScape. IDC, a premier global market intelligence analyst group, recognized OneStream as a Leader in its inaugural Record to Report MarketScape report. The record-to-report process is a fundamental aspect of the financial reporting cycle; it is crucial for CFOs, investors and shareholders as they provide a detailed and accurate account of a company's financial activities. OneStream was recognized as a Leader based on our capabilities, including reporting such as Microsoft Power BI, the OneStream Solution Exchange, a robust AI roadmap and Strategies among 9 vendors who were evaluated.

  • Initial Public Offering. On July 25, 2024, the Company completed its initial public offering (the "IPO") of 28,175,000 shares of Class A common stock, including shares sold by the Company and the selling stockholders, and the full exercise of the underwriters' option to purchase additional shares. Net proceeds to OneStream from the offering were $352.9 million after deducting underwriting discounts and commissions.

Financial Outlook

OneStream is providing the following guidance for the fourth quarter of 2024 and the full year 2024:


Q4'24


FY24

Total Revenue

$127M - $129M


$484M - $486M

Non-GAAP Operating Margin

0% - 2%


(2)% - (1)%

Non-GAAP Net Income per Share

$0.01 - $0.03


$0.06 - $0.08

Equity-Based Compensation

$50M - $55M


$315M - $320M

OneStream has not provided a reconciliation of its forward outlook for non-GAAP operating margin and non-GAAP net loss per share to their most directly comparable GAAP financial measures in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. OneStream is unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to equity-based compensation and its related tax effects.

Earnings Webcast Information

OneStream will host a conference call for analysts and investors to discuss its financial results for the third quarter of 2024 and its outlook for the fourth quarter of 2024 and full year 2024 today at 4:30 p.m. Eastern time / 1:30 p.m. Pacific time. A webcast replay will be available on the Investor Relations Section of OneStream's website following the call.

Date:

Thursday, November 7, 2024



Time:

4:30 p.m. ET / 1:30 p.m. PT



Webcast:

https://investor.onestream.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our business strategy and future growth, and our guidance for total revenue, non-GAAP operating margin, non-GAAP net income per share and equity-based compensation for the fourth quarter ending December 31, 2024 and the year ending December 31, 2024. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors. Some of these risks are described in greater detail in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which we expect to file with the SEC on or around the date of this press release. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements we may make. These factors may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not rely on these statements or regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

In addition to GAAP financial measures, this press release includes non-GAAP financial measures that we use to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. These non-GAAP financial measures include non-GAAP operating income, non-GAAP operating margin, non-GAAP net income per share and free cash flow, and their respective definitions are presented below.

There are limitations to the non-GAAP financial measures included in this press release, and they may not be comparable to similarly titled measures of other companies. The non-GAAP financial measures included in this press release should not be considered in isolation from or as a substitute for their most directly comparable GAAP financial measures. Our management believes that our non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting and analyzing future periods.

For a reconciliation of the non-GAAP financial measures presented for historical periods to their most directly comparable GAAP financial measures, please see the tables captioned "Reconciliation of Non-GAAP Financial Measures" included at the end of this press release. We encourage you to review the reconciliation in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-recurring items.

Non-GAAP Operating Income

We define non-GAAP operating income as income from operations adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, and amortization of acquired intangible assets.

Non-GAAP Operating Margin

We define non-GAAP operating margin as non-GAAP operating income as a percentage of total revenue.

Non-GAAP Net Income Per Share

We define non-GAAP net income as net (loss) / income adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, and amortization of acquired intangible assets. We define non-GAAP net income per share as non-GAAP net income divided by weighted-average shares outstanding.

Free Cash Flow

We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment.

About OneStream

OneStream is how today's Finance teams can go beyond just reporting on the past and Take Finance Further by steering the business to the future. It's the leading enterprise finance platform that unifies financial and operational data, embeds AI for better decisions and productivity, and empowers the CFO to become a critical driver of business strategy and execution.

We deliver a comprehensive cloud-based platform to modernize the Office of the CFO. Our Digital Finance Cloud unifies core financial and broader operational data and processes and embeds AI for better planning and forecasting, with an extensible architecture, so customers can adopt and develop new solutions, achieving greater value as their business needs evolve.

With over 1,500 customers, including 15% of the Fortune 500, more than 250 go-to-market, implementation, and development partners and over 1,400 employees, our vision is to be the operating system for modern finance. To learn more, visit onestream.com.

Investor Relations Contacts

INVESTOR CONTACT

Anne Leschin
VP, Investor Relations and Strategic Finance
OneStream
[email protected]

MEDIA CONTACT

Victoria Borges
Media Relations Contact
OneStream
[email protected]

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)







As of




September 30,
2024



December 31,
2023


Assets







Current assets:







Cash and cash equivalents


$

495,458



$

117,087


Accounts receivable, net



113,525




107,308


Unbilled accounts receivable



23,753




31,519


Deferred commissions



19,238




17,225


Prepaid expenses and other current assets



11,504




13,098


Total current assets



663,478




286,237


Unbilled accounts receivable, noncurrent



1,291




2,009


Deferred commissions, noncurrent



42,421




41,030


Operating lease right-of-use assets



17,953




18,559


Property and equipment, net



10,513




10,266


Intangible assets, net



2,842




-


Goodwill



9,277




-


Other noncurrent assets



2,334




3,458


Total assets


$

750,109



$

361,559


Liabilities and stockholders' / members' equity







Current liabilities:







Accounts payable


$

19,246



$

8,274


Accrued compensation



23,333




22,436


Accrued commissions



6,702




10,158


Deferred revenue, current



205,801




177,465


Operating lease liabilities, current



3,318




2,505


Other accrued expenses and current liabilities



12,607




11,532


Total current liabilities



271,007




232,370


Deferred revenue, noncurrent



4,157




5,141


Operating lease liabilities, noncurrent



16,538




17,522


Other noncurrent liabilities



199




-


Total liabilities



291,901




255,033


Stockholders' / members' equity:







Members' interest



-




107,151


Preferred stock



-




-


Class A common stock



3




-


Class B common stock



-




-


Class C common stock



7




-


Class D common stock



13




-


Additional paid-in capital



630,354




-


Accumulated other comprehensive loss



(450)




(625)


Accumulated deficit



(299,885)




-


Total stockholders' equity attributable to OneStream, Inc. / members' equity



330,042




106,526


Non-controlling interests



128,166




-


Total stockholders' / members' equity



458,208




106,526


Total liabilities and stockholders' / members' equity


$

750,109



$

361,559


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(Unaudited)










Three Months Ended
September 30,



Nine Months Ended
September 30,




2024



2023



2024



2023


Revenues:













Subscription


$

110,722



$

79,419



$

309,542



$

215,340


License



11,734




19,495




24,818




32,939


Professional services and other



6,684




8,090




22,572




24,048


Total revenue



129,140




107,004




356,932




272,327


Cost of revenues:













Subscription(2)



32,386




19,366




82,007




53,247


Professional services and other(2)



32,015




10,159




53,397




30,769


Total cost of revenue



64,401




29,525




135,404




84,016


Gross profit



64,739




77,479




221,528




188,311


Operating expenses:













Sales and marketing(2)



162,700




42,226




263,225




136,241


Research and development(2)



83,040




13,859




119,916




39,614


General and administrative(2)



74,170




14,391




110,509




43,176


Total operating expenses



319,910




70,476




493,650




219,031


Loss from operations



(255,171)




7,003




(272,122)




(30,720)


Interest income, net



5,022




1,133




8,319




2,702


Other income (expense), net



772




(1,072)




2,263




(2,894)


(Loss) income before income taxes



(249,377)




7,064




(261,540)




(30,912)


(Benefit) provision for income taxes



(32)




300




614




770


Net (loss) income


$

(249,345)



$

6,764



$

(262,154)



$

(31,682)


Less: Net loss attributable to non-controlling interests



(77,402)




-




(77,402)




-


Net (loss) income attributable to OneStream, Inc.


$

(171,943)



$

6,764



$

(184,752)



$

(31,682)


Net loss per share of Class A and Class D common stock-
basic and diluted(1)



(1.06)







(1.06)





Weighted-average shares of Class A and Class D common
stock outstanding-basic and diluted(1)



160,300







160,300






(1) Represents net loss per share of Class A common stock and Class D common stock and weighted-average shares of Class A common stock and Class D common stock outstanding for the period following OneStream Inc.'s IPO and related reorganization transactions.

(2) Includes equity-based compensation expense as follows:



Three Months Ended



Nine Months Ended




September 30,



September 30,




2024



2023



2024



2023


Cost of subscription


$

4,981



$

-



$

4,981



$

-


Cost of professional services and other



21,886




-




21,886




15


Sales and marketing



114,713




459




115,987




3,582


Research and development



62,251




104




63,505




413


General and administrative



56,152




864




57,456




3,077


Total equity-based compensation


$

259,983



$

1,427



$

263,815



$

7,087


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)







Nine Months Ended
September 30,




2024



2023


Cash flows from operating activities:







Net loss


$

(262,154)



$

(31,682)


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







Depreciation and amortization



2,586




2,230


Noncash operating lease expense



2,303




1,669


Amortization of deferred commissions



15,206




12,661


Equity-based compensation



263,815




7,087


Other noncash operating activities, net



(1,402)




3,180


Changes in operating assets and liabilities:







Accounts receivable, net



967




(8,499)


Deferred commissions



(18,610)




(15,708)


Prepaid expenses and other assets



(1,395)




(6,407)


Accounts payable



15,720




(6,359)


Deferred revenue



27,349




33,298


Accrued and other liabilities



(8,371)




3,000


Net cash provided by (used in) operating activities



36,014




(5,530)


Cash flows from investing activities:







Purchases of property and equipment



(2,177)




(2,367)


Acquisition of business, net of cash acquired



(7,594)




-


Sales of marketable securities



-




87,339


Net cash (used in) provided by investing activities



(9,771)




84,972


Cash flows from financing activities:







Principal payments on finance lease obligation



-




(46)


Proceeds from initial public offering, net of underwriting discounts and
commissions



409,598




-


Repurchase of LLC Units



(56,663)




-


Payments of deferred offering costs



(4,943)




-


Proceeds from option exercises



3,941




247


Repayments of borrowings on revolving credit facility



-




(3,500)


Net cash provided by (used in) financing activities



351,933




(3,299)


Effect of exchange rate changes on cash and cash equivalents



195




(94)


Net increase in cash and cash equivalents



378,371




76,049


Cash and cash equivalents - Beginning of period



117,087




14,687


Cash and cash equivalents - End of period


$

495,458



$

90,736


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)


Non-GAAP Operating Income







Three Months Ended September 30,




2024



2023




(in thousands)


(Loss) income from operations


$

(255,171)



$

7,003


Equity-based compensation expense



259,983




1,427


Employer taxes on employee stock transactions



393




-


Amortization of acquired intangible assets



275




-


Non-GAAP operating income


$

5,480



$

8,430


Non-GAAP Operating Margin







Three Months Ended September 30,




2024



2023




(in thousands)


Operating margin



(198)

%



7

%

Equity-based compensation expense



201

%



1

%

Employer taxes on employee stock transactions



-




-


Amortization of acquired intangible assets



-




-


Non-GAAP operating margin(1)



4

%



8

%


(1) Non-GAAP operating margin may not foot due to rounding.

Free Cash Flow







Three Months Ended September 30,




2024



2023




(in thousands)


Net cash provided by (used in) operating activities


$

2,360



$

(4,372)


Purchases of property and equipment



(1,077)




(923)


Free cash flow



1,283




(5,295)


Net cash used in investing activities


$

(1,077)



$

(831)


Net cash provided by financing activities


$

352,978



$

-


SOURCE OneStream, Inc.

© 2024 PR Newswire
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