ON24 Announces First Quarter 2023 Financial Results
- On track to achieve Q2 2023 profitability target
-
ARR of
$149.2 million -
First quarter total revenue of
$43.1 million -
Expanded capital return program to
$125 million $1.09 - Added three new board members: Cynthia Paul, Ron Mitchell and Teresa Anania
“I am pleased with our first quarter results and the progress we have made accelerating our path to profitability. We are on track to reach break-even non-GAAP EPS by Q2 and are now targeting break-even non-GAAP EBITDA by Q4 2023, with continued improvement in the quarters ahead,” said Sharat Sharan, co-founder and CEO of ON24. “While many marketing budgets are facing temporary economic pressure, resulting in greater deal scrutiny and softness in our key customer verticals which has impacted our near-term top-line, we believe we are well positioned to capture market share and are confident in our ability to deliver profitable growth.”
First Quarter 2023 Financial Highlights
-
Core Platform ARR of
$149.2 million 4% year-over-year. -
Total ARR of
$155.6 million 7% year-over-year. -
Revenue:
-
Revenue from our Core Platform, including services, was
$41.2 million 7% year-over-year. -
Total revenue was
$43.1 million 11% year-over-year.
-
Revenue from our Core Platform, including services, was
-
GAAP Operating Loss was
$19.9 million $15.2 million -
Non-GAAP Operating Loss was
$4.2 million $5.7 million -
GAAP Net Loss was
$17.6 million $(0.37) $15.5 million $(0.32) -
Non-GAAP Net Loss was
$1.8 million $(0.04) $6.0 million $(0.13) -
Cash Flow: Net cash used in operating activities was
$4.2 million $6.8 million $4.3 million $7.8 million -
Cash, Cash Equivalents and Marketable Securities totaled
$315.7 million
For more information regarding non-GAAP operating income (loss), non-GAAP net income (loss) and free cash flows, see the section titled “Non-GAAP Financial Measures” below. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see the tables at the end of this press release.
Recent Business Highlights:
- Strong enterprise customer tenure with our top 25 customers expanding Core Platform ARR at an aggregate rate of over 5X over 5 years.
- Continued adoption of multiple products with Q1 2023 ASP for new customers increasing YoY to its highest level in the last 4 quarters.
- Introduced two key generative AI capabilities, Smart Text for automated content creation and Key Moments for enhanced reporting, to help our customers improve revenue results with less resources.
- Achieved industry recognition as a differentiated digital engagement platform based on excellent customer satisfaction ratings, earning the third consecutive “Top-Rated Award” by TrustRadius and winning the “Appealie Awards” that represents excellence in customer success for the marketing category.
- Announced that the annual ON24 global user conference, The ON24 Experience 2023, will be held virtually on June 13 - 15, where our latest platform innovations and customer success stories will be showcased.
Financial Outlook
For the second quarter of 2023, ON24 expects:
-
Core Platform Revenue, including services, to be in the range of
$39.5 million $40.5 million -
Total revenue of
$41.1 million $42.1 million -
Non-GAAP operating loss of
$2.4 million $1.8 million -
Non-GAAP net income per share of
$0.00 -
Restructuring charge of
$1.5 million $2.3 million -
Charge for underutilized real estate of
$1.3 million $1.5 million
-
Restructuring charge of
For the full year 2023, ON24 now expects:
-
Core Platform Revenue, including services, to be in the range of
$156.5 million $159.5 million -
Total revenue of
$162.0 million $165.0 million -
Non-GAAP operating loss of
$10.5 million $8.0 million -
Non-GAAP net loss per share of
$(0.07) $0.00
Conference Call Information
ON24 will host a conference call and live webcast for analysts and investors today at 2:00 p.m. Pacific Time. Parties in
A webcast and management’s prepared remarks for today’s call will be accessible on ON24’s investor relations website at investors.on24.com. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website.
Definitions of Certain Key Business Metrics
Core Platform: The ON24 Core Platform products include:
ON24 Elite: live, interactive webinar experience that engages prospective customers in real-time and can be made available in an on-demand format.
ON24 Breakouts: live breakout room experience that facilitates networking, collaboration and interactivity between users.
ON24 Forums: live, interactive experience that facilitates video-to-video interaction between presenters and audiences.
ON24 Go Live: live, interactive video event experience that enables presenters and attendees to engage face-to-face in real-time and can also be made available in an on-demand format.
ON24 Engagement Hub: always-on, rich multimedia content experience that prospective customers can engage anytime, anywhere.
ON24 Target: personalize and curate, rich landing page experience that engages specific segments of prospective customers to drive desired action.
Annual Recurring Revenue (“ARR”): ARR is calculated as the sum of the annualized value of our subscription contracts as of the measurement date, including existing customers with expired contracts that we expect to be renewed. Our ARR amounts exclude professional services, overages from subscription customers and Legacy revenue.
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in
We use non-GAAP operating income (loss) and non-GAAP net income (loss) to evaluate our ongoing operations and for internal planning and forecasting purposes, and we use free cash flow to measure and evaluate cash generated through normal business operations. We believe non-GAAP operating income (loss) and non-GAAP net income (loss) may be helpful to investors because they provide consistency and comparability with past financial performance. We believe free cash flow may be helpful to investors because it reflects that some purchases of property and equipment are necessary to support ongoing operations, while providing a measure of cash available to acquire customers, expand within existing customers and otherwise pursue our business strategies.
However, these non-GAAP financial measures are each presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Non-GAAP financial measures have no standardized meanings prescribed by GAAP and are not prepared under a comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.
Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measure are included in the tables at the end of this press release.
Forward-Looking Statements
This document contains “forward-looking statements” under applicable securities laws. Such statements can be identified by words such as: “outlook,” “expect,” “convert,” “believe,” “plan,” “future,” “may,” “should,” “will,” and similar references to future periods. Forward-looking statements include express or implied statements regarding our expected financial and operating results, the execution of our capital return program, the size of our market opportunity, the success of our new products and capabilities, the impact of the COVID-19 pandemic on the way people do business, and other statements regarding our ability to achieve our business strategies, growth, or other future events or conditions. Such statements are based on our current beliefs, expectations, and assumptions about future events or conditions, which are subject to inherent risks and uncertainties, including our ability to attract new customers and expand sales to existing customers, decline in our growth rate; fluctuation in our performance, our history of net losses and expected increases in our expenses; competition and technological development in our markets and any decline in demand for our solutions; our ability to expand our sales and marketing capabilities and otherwise manage our growth; the impact of the COVID-19 pandemic; disruptions or other issues with our technology or third-party services; compliance with data privacy, import and export controls, customs, sanctions and other laws and regulations; intellectual property matters; and matters relating to our common stock, along with the other risks and uncertainties discussed in the filings we make from time to time with the Securities and Exchange Commission. Actual results may differ materially from those indicated in forward-looking statements, and you should not place undue reliance on them. All statements herein are based only on information currently available to us and speak only as of the date hereof. Except as required by law, we undertake no obligation to update any such statement.
About ON24
ON24 is on a mission to re-imagine how companies engage, understand and build relationships with their audience in a digital world. Through our leading sales and marketing platform for digital engagement, businesses use our portfolio of webinar, virtual event and content experiences to drive engagement and generate first-party data, delivering revenue growth across the enterprise – from demand generation to customer success to partner enablement.
ON24 powers digital engagement for industry-leading customers worldwide, including 3 of the 5 largest global technology companies, 3 of the 6 largest US banks, 3 of the 5 largest global healthcare companies, and 3 of the 5 largest global industrial manufacturers, enabling organizations to reach millions of professionals a month for billions of engagement minutes per year with all the first-party data being captured, generated and integrated from one place. ON24 is headquartered in
© 2023 ON24, Inc. All rights reserved. ON24 and the ON24 logo are trademarks owned by ON24, Inc., and are registered in
ON24, INC. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
March 31, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
100,777 |
|
|
$ |
26,996 |
|
Marketable securities |
|
214,908 |
|
|
|
301,125 |
|
Accounts receivable, net |
|
33,451 |
|
|
|
43,757 |
|
Deferred contract acquisition costs, current |
|
12,571 |
|
|
|
13,136 |
|
Prepaid expenses and other current assets |
|
8,431 |
|
|
|
6,281 |
|
Total current assets |
|
370,138 |
|
|
|
391,295 |
|
Property and equipment, net |
|
5,957 |
|
|
|
7,212 |
|
Operating right-of-use assets |
|
5,119 |
|
|
|
5,606 |
|
Intangible asset, net |
|
1,711 |
|
|
|
1,979 |
|
Deferred contract acquisition costs, non-current |
|
17,991 |
|
|
|
17,773 |
|
Other long-term assets |
|
1,486 |
|
|
|
1,608 |
|
Total assets |
$ |
402,402 |
|
|
$ |
425,473 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
3,187 |
|
|
$ |
4,611 |
|
Accrued and other current liabilities |
|
17,322 |
|
|
|
18,465 |
|
Deferred revenue |
|
81,166 |
|
|
|
83,453 |
|
Finance lease liabilities, current |
|
1,245 |
|
|
|
1,554 |
|
Operating lease liabilities, current |
|
2,644 |
|
|
|
2,648 |
|
Total current liabilities |
|
105,564 |
|
|
|
110,731 |
|
Operating lease liabilities, non-current |
|
4,389 |
|
|
|
5,040 |
|
Other long-term liabilities |
|
1,513 |
|
|
|
1,741 |
|
Total liabilities |
|
111,466 |
|
|
|
117,512 |
|
Stockholders’ equity |
|
|
|
||||
Common stock |
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
562,151 |
|
|
|
562,555 |
|
Accumulated deficit |
|
(271,317 |
) |
|
|
(253,727 |
) |
Accumulated other comprehensive income (loss) |
|
97 |
|
|
|
(872 |
) |
Total stockholders’ equity |
|
290,936 |
|
|
|
307,961 |
|
Total liabilities and stockholders’ equity |
$ |
402,402 |
|
|
$ |
425,473 |
|
ON24, INC. |
|||||||
Condensed Consolidated Statements of Operations |
|||||||
(in thousands, except share and per share data) |
|||||||
(Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Revenue: |
|
|
|
||||
Subscription and other platform |
$ |
39,364 |
|
|
$ |
43,477 |
|
Professional services |
|
3,699 |
|
|
|
5,015 |
|
Total revenue |
|
43,063 |
|
|
|
48,492 |
|
Cost of revenue: |
|
|
|
||||
Subscription and other platform(1)(4) |
|
9,889 |
|
|
|
9,602 |
|
Professional services(1)(4) |
|
3,317 |
|
|
|
3,342 |
|
Total cost of revenue |
|
13,206 |
|
|
|
12,944 |
|
Gross profit |
|
29,857 |
|
|
|
35,548 |
|
Operating expenses: |
|
|
|
||||
Sales and marketing(1)(3) |
|
24,417 |
|
|
|
29,193 |
|
Research and development(1)(2)(4) |
|
11,099 |
|
|
|
10,644 |
|
General and administrative(1)(3)(4) |
|
14,278 |
|
|
|
10,877 |
|
Total operating expenses |
|
49,794 |
|
|
|
50,714 |
|
Loss from operations |
|
(19,937 |
) |
|
|
(15,166 |
) |
Interest expense |
|
29 |
|
|
|
54 |
|
Other (income) expense, net |
|
(2,572 |
) |
|
|
177 |
|
Loss before provision for income taxes |
|
(17,394 |
) |
|
|
(15,397 |
) |
Provision for income taxes |
|
196 |
|
|
|
82 |
|
Net loss |
|
(17,590 |
) |
|
|
(15,479 |
) |
Net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.37 |
) |
|
$ |
(0.32 |
) |
Weighted-average shares used in computing net loss per share: |
|
|
|
||||
Basic and diluted |
|
47,304,983 |
|
|
|
47,631,813 |
|
| (1) Includes stock-based compensation as follows: | |||||||
Three Months Ended March 31, |
|||||||
2023 |
|
2022 |
|||||
| Cost of revenue |
|
|
|
||||
| Subscription and other platform | $ |
785 |
|
$ |
868 |
||
| Professional services |
|
152 |
|
|
|
174 |
|
| Total cost of revenue |
|
937 |
|
|
|
1,042 |
|
| Sales and marketing |
|
3,057 |
|
|
|
3,692 |
|
| Research and development |
|
2,021 |
|
|
|
1,981 |
|
| General and administrative |
|
4,106 |
|
|
|
2,792 |
|
| Total stock-based compensation expense | $ |
10,121 |
|
|
$ |
9,507 |
|
(2) |
Research and development expense for the three months ended March 31, 2023 includes amortization of acquired intangible asset of |
|
(3) |
General and administrative expense for the three months ended March 31, 2023 includes fees related to shareholder activism of |
|
(4) |
Includes restructuring costs, which primarily represent severance and related expense due to restructuring activities, as follows. |
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Cost of revenue |
|
|
|
||||
Subscription and other platform |
$ |
785 |
|
$ |
— |
||
Professional services |
|
54 |
|
|
|
— |
|
Total cost of revenue |
|
839 |
|
|
|
— |
|
Sales and marketing |
|
1,211 |
|
|
|
— |
|
Research and development |
|
773 |
|
|
|
— |
|
General and administrative |
|
230 |
|
|
|
— |
|
Total restructuring costs |
$ |
3,053 |
|
|
$ |
— |
|
ON24, INC. |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(In thousands) |
|||||||
(Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(17,590 |
) |
|
$ |
(15,479 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
1,417 |
|
|
|
1,207 |
|
Stock-based compensation expense |
|
10,121 |
|
|
|
9,507 |
|
Amortization of deferred contract acquisition cost |
|
3,893 |
|
|
|
4,067 |
|
Provision for allowance for doubtful accounts and billing reserve |
|
901 |
|
|
|
260 |
|
Non-cash lease expense |
|
497 |
|
|
|
519 |
|
Other |
|
(1,698 |
) |
|
|
254 |
|
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
9,405 |
|
|
|
3,779 |
|
Deferred contract acquisition cost |
|
(3,546 |
) |
|
|
(3,627 |
) |
Prepaid expenses and other assets |
|
(2,069 |
) |
|
|
(3,555 |
) |
Accounts payable |
|
(1,353 |
) |
|
|
1,742 |
|
Accrued liabilities |
|
(1,089 |
) |
|
|
(752 |
) |
Deferred revenue |
|
(2,287 |
) |
|
|
(4,098 |
) |
Other non-current liabilities |
|
(769 |
) |
|
|
(594 |
) |
Net cash used in operating activities |
|
(4,167 |
) |
|
|
(6,770 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment |
|
(178 |
) |
|
|
(984 |
) |
Purchase of marketable securities |
|
(119,591 |
) |
|
|
(60,271 |
) |
Proceeds from maturities of marketable securities |
|
199,210 |
|
|
|
14,708 |
|
Proceeds from sale of marketable securities |
|
9,321 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
88,762 |
|
|
|
(46,547 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from exercise of stock options |
|
255 |
|
|
|
1,157 |
|
Payment of tax withholding obligations related to net share settlements on equity awards |
|
— |
|
|
|
(1,756 |
) |
Payment for repurchase of common stock |
|
(10,720 |
) |
|
|
(13,074 |
) |
Repayment of equipment loans |
|
(71 |
) |
|
|
(66 |
) |
Repayment of finance lease obligations |
|
(411 |
) |
|
|
(417 |
) |
Net cash used in financing activities |
|
(10,947 |
) |
|
|
(14,156 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
130 |
|
|
|
27 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
73,778 |
|
|
|
(67,446 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
27,169 |
|
|
|
165,043 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
100,947 |
|
|
$ |
97,597 |
|
ON24, INC. |
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(in thousands, except share and per share data) |
|||||||
(Unaudited) |
|||||||
Reconciliation of gross profit and gross margin |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
GAAP gross profit |
$ |
29,857 |
|
|
$ |
35,548 |
|
Add: |
|
|
|
||||
Stock-based compensation |
|
937 |
|
|
|
1,042 |
|
Restructuring costs |
|
839 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
31,633 |
|
|
$ |
36,590 |
|
GAAP gross margin |
|
69 |
% |
|
|
73 |
% |
Non-GAAP gross margin |
|
73 |
% |
|
|
75 |
% |
Reconciliation of operating expenses |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
GAAP sales and marketing |
$ |
24,417 |
|
|
$ |
29,193 |
|
Less: |
|
|
|
||||
Stock-based compensation |
|
(3,057 |
) |
|
|
(3,692 |
) |
Restructuring costs |
|
(1,211 |
) |
|
|
— |
|
Non-GAAP sales and marketing |
$ |
20,149 |
|
|
$ |
25,501 |
|
|
|
|
|
||||
GAAP research and development |
$ |
11,099 |
|
|
$ |
10,644 |
|
Less: |
|
|
|
||||
Stock-based compensation |
|
(2,021 |
) |
|
|
(1,981 |
) |
Restructuring costs |
|
(773 |
) |
|
|
— |
|
Amortization of acquired intangible asset |
|
(142 |
) |
|
|
— |
|
Non-GAAP research and development |
$ |
8,163 |
|
|
$ |
8,663 |
|
|
|
|
|
||||
GAAP General and administrative |
$ |
14,278 |
|
|
$ |
10,877 |
|
Less: |
|
|
|
||||
Stock-based compensation |
|
(4,106 |
) |
|
|
(2,792 |
) |
Restructuring costs |
|
(230 |
) |
|
|
— |
|
Fees related to shareholder activism |
|
(2,446 |
) |
|
|
— |
|
Non-GAAP General and administrative |
$ |
7,496 |
|
|
$ |
8,085 |
|
ON24, INC. |
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(in thousands, except share and per share data) |
|||||||
(Unaudited) |
|||||||
Reconciliation of net loss to non-GAAP operating loss |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
2022 |
|||||
Net loss |
$ |
(17,590 |
) |
$ |
(15,479 |
) |
|
Add: |
|
|
|||||
Interest expense |
|
29 |
|
|
54 |
|
|
Other (income) expense, net |
|
(2,572 |
) |
|
177 |
|
|
Provision for income taxes |
|
196 |
|
|
82 |
|
|
Stock-based compensation |
|
10,121 |
|
|
9,507 |
|
|
Amortization of acquired intangible asset |
|
142 |
|
|
— |
|
|
Restructuring costs |
|
3,053 |
|
|
— |
|
|
Fees related to shareholder activism |
|
2,446 |
|
|
— |
|
|
Non-GAAP operating (loss) income |
$ |
(4,175 |
) |
$ |
(5,659 |
) |
|
Reconciliation of net loss to non-GAAP net loss |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Net loss |
$ |
(17,590 |
) |
|
$ |
(15,479 |
) |
Add: |
|
|
|
||||
Stock-based compensation |
|
10,121 |
|
|
|
9,507 |
|
Amortization of acquired intangible asset |
|
142 |
|
|
|
— |
|
Restructuring costs |
|
3,053 |
|
|
|
— |
|
Fees related to shareholder activism |
|
2,446 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(1,828 |
) |
|
$ |
(5,972 |
) |
Reconciliation of GAAP to Non-GAAP basic and diluted net loss per share |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
GAAP basic and diluted net loss per share: |
|
|
|
||||
Net loss |
$ |
(17,590 |
) |
|
$ |
(15,479 |
) |
Weighted average common stock outstanding, basic and diluted |
|
47,304,983 |
|
|
|
47,631,813 |
|
Net loss per share, basic and diluted |
$ |
(0.37 |
) |
|
$ |
(0.32 |
) |
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Non-GAAP basic and diluted net loss per share: |
|
|
|
||||
Net loss |
$ |
(17,590 |
) |
|
$ |
(15,479 |
) |
Add: |
|
|
|
||||
Stock-based compensation |
|
10,121 |
|
|
|
9,507 |
|
Amortization of acquired intangible asset |
|
142 |
|
|
|
— |
|
Restructuring costs |
|
3,053 |
|
|
|
— |
|
Fees related to shareholder activism |
|
2,446 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(1,828 |
) |
|
$ |
(5,972 |
) |
Non-GAAP weighted-average common stock outstanding, basic and diluted |
|
47,304,983 |
|
|
|
47,631,813 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.04 |
) |
|
$ |
(0.13 |
) |
ON24, INC. |
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
Reconciliation of GAAP Cash Flow from Operating Activities to Free Cash Flow |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Net cash used in operating activities: |
$ |
(4,167 |
) |
|
$ |
(6,770 |
) |
Less: Purchases of property and equipment |
|
(178 |
) |
|
|
(984 |
) |
Free cash flow |
$ |
(4,345 |
) |
|
$ |
(7,754 |
) |
ON24, INC. |
|||||||
Revenue |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Core Platform |
|
|
|
||||
Subscription and other platform |
$ |
37,811 |
|
$ |
40,070 |
||
Professional services |
|
3,395 |
|
|
|
4,437 |
|
Total core platform revenue |
$ |
41,206 |
|
|
$ |
44,507 |
|
|
|
|
|
||||
Virtual Conference |
|
|
|
||||
Subscription and other platform |
$ |
1,553 |
|
|
$ |
3,407 |
|
Professional services |
|
304 |
|
|
|
578 |
|
Total virtual conference revenue |
$ |
1,857 |
|
|
$ |
3,985 |
|
|
|
|
|
||||
Revenue |
|
|
|
||||
Subscription and other platform |
$ |
39,364 |
|
|
$ |
43,477 |
|
Professional services |
|
3,699 |
|
|
|
5,015 |
|
Total revenue |
$ |
43,063 |
|
|
$ |
48,492 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005549/en/
Media Contact:
Tessa Barron
press@on24.com
Investor Contact:
Lauren Sloane, The Blueshirt Group for ON24
investorrelations@on24.com
Source: ON24, Inc.
