OneSpan Inc. (OSPN) [Rocket]

In millions, except per share items	Jun-30-23	Dec-31-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21	Mar-31-21
	10-Q	8-K	10-Q	10-Q	10-K	10-Q	10-Q	10-Q
Revenues:
Digital Agreements	11.9		10.5
Security Solutions	43.9		42.3
Subscription	23.0		19.8
Total revenues [+]	55.7	56.6	52.8	52.4	59.2	52.3		50.8
Services		24.7
Revenue growth [+]	5.6%	-4.3%		3.3%	11.8%	1.6%		-9.9%
Digital Agreements	13.5%
Security Solutions	3.6%
Subscription	15.9%
Cost of goods sold [+]	21.4	18.7	17.3	15.8	24.9	14.9		16.5
Cost of services		6.2
Gross profit	34.3	38.0	35.5	36.7	34.3	37.4		34.2
Gross margin	61.5%	67.0%	67.3%	69.9%	57.9%	71.6%		67.4%
Selling, general and administrative [+]	35.5	31.8	27.9	30.8	27.1	26.7		29.7
Sales and marketing	19.7	15.8	14.9	15.9	12.9	15.5		17.2
General and administrative	15.8	16.0	13.0	14.9	14.2	11.2		12.6
Research and development	10.1	8.1	12.0	13.7	11.7	11.4		12.2
EBITDA [+]	-10.8	-1.9	-3.6	-7.1	-3.8	0.2		-7.0
EBITDA growth	198.3%	-48.8%		2.3%	-593.2%	-78.1%		-281.7%
EBITDA margin	-19.3%	-3.4%	-6.8%	-13.6%	-6.4%	0.3%		-13.8%
Depreciation	0.6		0.7	0.7	0.8	0.8		0.7
EBITA	-11.3	-1.9	-4.3	-7.9	-4.6	-0.6		-7.7
EBITA margin	-20.3%	-3.4%	-8.2%	-15.0%	-7.7%	-1.2%		-15.2%
Amortization of intangibles	0.6	0.6	1.2	1.4	1.4	1.4		1.6
EBIT [+]	-11.9	-2.5	-5.6	-9.2	-6.0	-2.0		-9.3
EBIT growth	114.7%	-57.6%		-0.5%	192.0%	-14.4%		-1226.5%
EBIT margin	-21.4%	-4.5%	-10.5%	-17.6%	-10.1%	-3.9%		-18.3%
Non-recurring items	5.8	1.5	2.7
Interest income, net [+]	0.6	0.4	0.0	0.0	0.0	0.0		0.0
Interest expense					0.0
Interest income	0.6	0.4	0.0	0.0	0.0	0.0		0.0
Other income (expense), net [+]	0.0	1.0	-0.7	15.6	-1.0	0.3		-0.4
Other	0.0	1.0	-0.7	15.6	-1.0	0.3		-0.4
Pre-tax income	-17.2	-2.6	-8.9	6.4	-6.9	-1.7		-9.7
Income taxes	0.6	0.5	0.5	1.2	6.8	-0.8		-0.5
Tax rate				18.4%		43.9%		5.2%
Net income	-17.8	0.0	-9.4	5.2	-13.8	-1.0		-9.2
Net margin	-31.9%	0.0%	-17.7%	9.9%	-23.3%	-1.9%		-18.0%

Basic EPS [+]	($0.44)	$0.00	($0.23)	$0.13	($0.35)	($0.02)		($0.23)
Growth	88.7%	-100.0%		-157.6%	692.7%	-41.3%		-229624.3%
Diluted EPS [+]	($0.44)	$0.00	($0.23)	$0.13	($0.35)	($0.02)		($0.23)
Growth	88.7%	-100.0%		-157.4%	692.7%	-41.3%		-230831.2%

Shares outstanding (basic) [+]	40.4	39.9	40.2	39.6	39.6	39.6		40.0
Growth	0.6%	0.7%		-1.0%	-1.1%	-1.0%		-0.3%
Shares outstanding (diluted) [+]	40.4	39.9	40.2	39.7	39.6	39.6		40.0
Growth	0.6%	0.7%		-0.8%	-1.1%	-1.0%		-0.8%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.