(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description of Exhibits | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: May 10, 2022 | ON24, Inc. | |||||||
By: | /s/ Steven Vattuone | |||||||
Steven Vattuone | ||||||||
Chief Financial Officer |
March 31, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 97,500 | $ | 164,948 | ||||||||||
Marketable securities | 261,527 | 217,609 | ||||||||||||
Accounts receivable, net | 42,078 | 46,117 | ||||||||||||
Deferred contract acquisition costs, current | 14,345 | 11,921 | ||||||||||||
Prepaid expenses and other current assets | 11,759 | 8,467 | ||||||||||||
Total current assets | 427,209 | 449,062 | ||||||||||||
Property and equipment, net | 8,672 | 8,780 | ||||||||||||
Operating right-of-use assets | 6,755 | — | ||||||||||||
Deferred contract acquisition costs, non-current | 18,023 | 20,887 | ||||||||||||
Other long-term assets | 1,469 | 1,760 | ||||||||||||
Total assets | $ | 462,128 | $ | 480,489 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | 5,149 | $ | 3,123 | ||||||||||
Accrued and other current liabilities | 18,707 | 19,011 | ||||||||||||
Deferred revenue | 92,127 | 96,225 | ||||||||||||
Finance lease liabilities, current | 1,637 | 1,768 | ||||||||||||
Operating lease liabilities, current | 2,462 | — | ||||||||||||
Total current liabilities | 120,082 | 120,127 | ||||||||||||
Finance lease liabilities, non-current | 1,377 | 1,648 | ||||||||||||
Operating lease liabilities, non-current | 6,744 | — | ||||||||||||
Other long-term liabilities | 1,379 | 3,624 | ||||||||||||
Total liabilities | 129,582 | 125,399 | ||||||||||||
Stockholders’ equity | ||||||||||||||
Common stock | 5 | 5 | ||||||||||||
Additional paid-in capital | 545,144 | 550,839 | ||||||||||||
Accumulated deficit | (210,998) | (195,519) | ||||||||||||
Accumulated other comprehensive loss | (1,605) | (235) | ||||||||||||
Total Stockholders’ equity | 332,546 | 355,090 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 462,128 | $ | 480,489 | ||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenue: | ||||||||||||||
Subscription and other platform | $ | 43,477 | $ | 42,910 | ||||||||||
Professional services | 5,015 | 7,189 | ||||||||||||
Total revenue | 48,492 | 50,099 | ||||||||||||
Cost of revenue: | ||||||||||||||
Subscription and other platform(1) | 9,602 | 7,485 | ||||||||||||
Professional services(1) | 3,342 | 3,209 | ||||||||||||
Total cost of revenue | 12,944 | 10,694 | ||||||||||||
Gross profit | 35,548 | 39,405 | ||||||||||||
Operating expenses: | ||||||||||||||
Sales and marketing(1) | 29,193 | 23,925 | ||||||||||||
Research and development(1) | 10,644 | 7,946 | ||||||||||||
General and administrative(1) | 10,877 | 9,768 | ||||||||||||
Total operating expenses | 50,714 | 41,639 | ||||||||||||
Loss from operations | (15,166) | (2,234) | ||||||||||||
Interest expense | 54 | 231 | ||||||||||||
Other (income) expense, net | 177 | 116 | ||||||||||||
Loss before provision for income taxes | (15,397) | (2,581) | ||||||||||||
Provision for income taxes | 82 | 249 | ||||||||||||
Net loss | (15,479) | (2,830) | ||||||||||||
Cumulative preferred dividends allocated to preferred stockholders | — | (558) | ||||||||||||
Net loss attributable to common stockholders | $ | (15,479) | $ | (3,388) | ||||||||||
Net loss per share attributable to common stockholders: | ||||||||||||||
Basic and diluted | $ | (0.32) | $ | (0.10) | ||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders: | ||||||||||||||
Basic and diluted | 47,631,813 | 32,615,648 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cost of revenue | ||||||||||||||
Subscription and other platform | $ | 868 | $ | 237 | ||||||||||
Professional services | 174 | 62 | ||||||||||||
Total cost of revenue | 1,042 | 299 | ||||||||||||
Sales and marketing | 3,692 | 1,692 | ||||||||||||
Research and development | 1,981 | 782 | ||||||||||||
General and administrative | 2,792 | 2,221 | ||||||||||||
Total stock-based compensation expense | $ | 9,507 | $ | 4,994 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net loss | $ | (15,479) | $ | (2,830) | ||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||
Depreciation and amortization | 1,207 | 1,160 | ||||||||||||
Stock-based compensation expense | 9,507 | 4,994 | ||||||||||||
Amortization of deferred contract acquisition cost | 4,067 | 3,674 | ||||||||||||
Provision for allowance for doubtful accounts and billing reserve | 260 | 517 | ||||||||||||
Non-cash lease expense | 519 | — | ||||||||||||
Other | 254 | — | ||||||||||||
Change in operating assets and liabilities: | ||||||||||||||
Accounts receivable | 3,779 | 2,522 | ||||||||||||
Deferred contract acquisition cost | (3,627) | (5,450) | ||||||||||||
Prepaid expenses and other assets | (3,555) | (5,053) | ||||||||||||
Accounts payable | 1,742 | 601 | ||||||||||||
Accrued liabilities | (752) | 373 | ||||||||||||
Deferred revenue | (4,098) | 3,322 | ||||||||||||
Other non-current liabilities | (594) | (126) | ||||||||||||
Net cash (used in) provided by operating activities | (6,770) | 3,704 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of property and equipment | (984) | (520) | ||||||||||||
Purchase of marketable securities | (60,271) | — | ||||||||||||
Proceeds from maturities and paydowns of marketable securities | 14,708 | — | ||||||||||||
Net cash used in investing activities | (46,547) | (520) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from initial public offering, net of underwriting discounts | — | 353,397 | ||||||||||||
Proceeds from exercise of options | 1,157 | 1,411 | ||||||||||||
Payment of tax withholding obligations related to net share settlements on equity awards | (1,756) | (2,001) | ||||||||||||
Payment for repurchase of common stock | (13,074) | — | ||||||||||||
Repayments of long-term debt | (66) | (22,407) | ||||||||||||
Repayment of capital lease obligations | (417) | (577) | ||||||||||||
Payments of offering costs | — | (2,305) | ||||||||||||
Net cash (used in) provided by financing activities | (14,156) | 327,518 | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 27 | (6) | ||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (67,446) | 330,696 | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 165,043 | 58,345 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 97,597 | $ | 389,041 | ||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||
Cash paid for taxes, net of refunds | $ | 31 | $ | 11 | ||||||||||
Cash paid for interest | $ | 46 | $ | 256 | ||||||||||
Reconciliation of net loss to non-GAAP operating income (loss) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net loss | $ | (15,479) | $ | (2,830) | ||||||||||
Add: | ||||||||||||||
Interest expense | 54 | 231 | ||||||||||||
Other (income) expense, net | 177 | 116 | ||||||||||||
Provision for income taxes | 82 | 249 | ||||||||||||
Stock-based compensation | 9,507 | 4,994 | ||||||||||||
Non-GAAP operating income (loss) | $ | (5,659) | $ | 2,760 | ||||||||||
Reconciliation of net loss to non-GAAP net income (loss) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net loss | $ | (15,479) | $ | (2,830) | ||||||||||
Add: Stock-based compensation expense | 9,507 | 4,994 | ||||||||||||
Non-GAAP net income (loss) | $ | (5,972) | $ | 2,164 | ||||||||||
Reconciliation of net loss available to common stockholders | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net loss attributable to common shareholders | $ | (15,479) | $ | (3,388) | ||||||||||
Add: Cumulative preferred dividends allocated to preferred shareholders | — | 558 | ||||||||||||
Add: Stock-based compensation expense | 9,507 | 4,994 | ||||||||||||
Non-GAAP net income (loss) attributable to common stockholders | $ | (5,972) | $ | 2,164 | ||||||||||
GAAP net loss per share, basic and diluted | $ | (0.32) | $ | (0.10) | ||||||||||
Non-GAAP net income (loss) per share, basic | $ | (0.13) | $ | 0.07 | ||||||||||
Non-GAAP net income (loss) per share, diluted | $ | (0.13) | $ | 0.05 | ||||||||||
Shares Used in GAAP Per Share Calculations: | ||||||||||||||
GAAP weighted-average shares used to compute GAAP net loss per share, basic and diluted | 47,631,813 | 32,615,648 | ||||||||||||
Shares Used in Non-GAAP Per Share Calculations: | ||||||||||||||
Non-GAAP weighted-average shares used to compute non-GAAP net income (loss) per share, basic | 47,631,813 | 32,615,648 | ||||||||||||
Non-GAAP weighted-average shared used to compute non-GAAP net income (loss) per share, diluted | 47,631,813 | 42,163,113 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
GAAP basic and diluted net loss per share: | ||||||||||||||
Net loss | $ | (15,479) | $ | (2,830) | ||||||||||
Less: Cumulative preferred dividends allocated to preferred stockholders | — | (558) | ||||||||||||
Net loss attributable to common stockholders, basic | (15,479) | (3,388) | ||||||||||||
Weighted average common stock outstanding, basic and diluted | 47,631,813 | 32,615,648 | ||||||||||||
Basic and diluted net loss per share of common stock | $ | (0.32) | $ | (0.10) | ||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Non-GAAP basic and diluted net income (loss) per share: | ||||||||||||||
Net loss available to common stockholders | $ | (15,479) | $ | (3,388) | ||||||||||
Add: Cumulative preferred dividends allocated to preferred stockholders | — | 558 | ||||||||||||
Add: Stock-based compensation | 9,507 | 4,994 | ||||||||||||
Non-GAAP net income (loss) attributable to common stockholders, basic and diluted | $ | (5,972) | $ | 2,164 | ||||||||||
Non-GAAP weighted-average shares used to compute non-GAAP income (loss) per share, basic | 47,631,813 | 32,615,648 | ||||||||||||
Non-GAAP weighted-average shares used to compute non-GAAP income (loss) per share, diluted | 47,631,813 | 42,163,113 | ||||||||||||
Non-GAAP net income (loss) per share of common stock: | ||||||||||||||
Non-GAAP net income (loss) per share, basic | $ | (0.13) | $ | 0.07 | ||||||||||
Non-GAAP net income (loss) per share, diluted | $ | (0.13) | $ | 0.05 | ||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net cash (used in) provided by operating activities: | $ | (6,770) | $ | 3,704 | ||||||||||
Less: Purchases of property and equipment | (984) | (520) | ||||||||||||
Free cash flow | $ | (7,754) | $ | 3,184 | ||||||||||
Cover |
May 10, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 10, 2022 |
Entity Registrant Name | ON24, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39965 |
Entity Tax Identification Number | 94-3292599 |
Entity Address, Address Line One | 50 Beale Street, |
Entity Address, Address Line Two | 8th Floor |
Entity Address, City or Town | San Francisco, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94105 |
City Area Code | 415 |
Local Phone Number | 369-8000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.0001 per share |
Trading Symbol | ONTF |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001110611 |
Amendment Flag | false |
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