OneStream Announces Fourth Quarter and Fiscal Year 2024 Financial Results
OneStream (OS) reported strong Q4 2024 financial results with total revenue reaching $132.5 million, up 29% year-over-year, and subscription revenue of $118.6 million, up 35%. For fiscal year 2024, total revenue was $489.4 million, increasing 31% year-over-year, with subscription revenue growing 41% to $428.2 million.
The company reported Q4 GAAP operating loss of $47.4 million, compared to income of $0.2 million in Q4 2023. Non-GAAP operating income was $8.7 million with a 7% margin. For FY2024, GAAP operating loss was $319.5 million, while non-GAAP operating income was $1.2 million.
Looking ahead, OneStream provided FY2025 guidance with total revenue expected between $583M-$587M and non-GAAP operating margin between -1% and 1%. The company launched 15 new innovations in 2024, including AI-powered solutions and CPM Express, while strengthening its partnership with Microsoft.
OneStream (OS) ha riportato risultati finanziari solidi per il Q4 2024, con un fatturato totale di $132,5 milioni, in aumento del 29% rispetto all'anno precedente, e un fatturato da abbonamenti di $118,6 milioni, in crescita del 35%. Per l'anno fiscale 2024, il fatturato totale è stato di $489,4 milioni, con un incremento del 31% rispetto all'anno precedente, mentre il fatturato da abbonamenti è aumentato del 41% raggiungendo $428,2 milioni.
L'azienda ha riportato una perdita operativa GAAP di $47,4 milioni per il Q4, rispetto a un guadagno di $0,2 milioni nel Q4 2023. Il guadagno operativo non GAAP è stato di $8,7 milioni con un margine del 7%. Per l'anno fiscale 2024, la perdita operativa GAAP è stata di $319,5 milioni, mentre il guadagno operativo non GAAP è stato di $1,2 milioni.
Guardando al futuro, OneStream ha fornito le previsioni per l'anno fiscale 2025, con un fatturato totale atteso tra $583M-$587M e un margine operativo non GAAP compreso tra -1% e 1%. L'azienda ha lanciato 15 nuove innovazioni nel 2024, inclusi soluzioni basate su AI e CPM Express, rafforzando al contempo la sua partnership con Microsoft.
OneStream (OS) reportó fuertes resultados financieros en el Q4 2024, con ingresos totales que alcanzaron $132.5 millones, un aumento del 29% interanual, y ingresos por suscripción de $118.6 millones, un crecimiento del 35%. Para el año fiscal 2024, los ingresos totales fueron $489.4 millones, incrementando un 31% en comparación con el año anterior, mientras que los ingresos por suscripción crecieron un 41% hasta $428.2 millones.
La empresa reportó una pérdida operativa GAAP de $47.4 millones en el Q4, en comparación con una ganancia de $0.2 millones en el Q4 2023. El ingreso operativo no GAAP fue de $8.7 millones con un margen del 7%. Para el FY2024, la pérdida operativa GAAP fue de $319.5 millones, mientras que el ingreso operativo no GAAP fue de $1.2 millones.
De cara al futuro, OneStream proporcionó proyecciones para el FY2025, con ingresos totales esperados entre $583M-$587M y un margen operativo no GAAP entre -1% y 1%. La empresa lanzó 15 nuevas innovaciones en 2024, incluyendo soluciones impulsadas por IA y CPM Express, al tiempo que fortaleció su asociación con Microsoft.
OneStream (OS)는 2024년 4분기 강력한 재무 결과를 보고했습니다. 총 수익이 $132.5 million에 달하여 지난해 대비 29% 증가했으며, 구독 기반 수익은 $118.6 million으로 35% 증가했습니다. 2024 회계 연도의 총 수익은 $489.4 million으로 전년 대비 31% 증가했으며, 구독 수익은 41% 증가하여 $428.2 million에 도달했습니다.
회사는 4분기 GAAP 운영 손실이 $47.4 million으로, 2023년 4분기의 $0.2 million의 수익과 비교되었습니다. 비 GAAP 운영 소득은 $8.7 million이며, 7%의 마진을 가지고 있습니다. 2024 회계 연도에 대해 GAAP 운영 손실은 $319.5 million이었고, 비 GAAP 운영 소득은 $1.2 million이었습니다.
앞으로 OneStream은 2025 회계 연도에 대한 가이던스를 제공했으며, 총 수익은 $583M-$587M 사이로 예상되며 비 GAAP 운영 마진은 -1%에서 1% 사이로 예상됩니다. 이 회사는 AI 기반 솔루션 및 CPM Express를 포함하여 2024년에 15개의 새로운 혁신을 출시했으며, Microsoft와의 파트너십을 강화했습니다.
OneStream (OS) a annoncé de solides résultats financiers pour le Q4 2024, avec un chiffre d'affaires total atteignant 132,5 millions USD, en hausse de 29 % d'une année sur l'autre, et un revenu d'abonnement de 118,6 millions USD, en hausse de 35 %. Pour l'exercice fiscal 2024, le chiffre d'affaires total s'élevait à 489,4 millions USD, augmentant de 31 % par rapport à l'année précédente, avec un revenu d'abonnement en hausse de 41 %, atteignant 428,2 millions USD.
L'entreprise a déclaré une perte d'exploitation GAAP de 47,4 millions USD pour le Q4, comparé à un revenu de 0,2 million USD au Q4 2023. Le revenu d'exploitation non-GAAP était de 8,7 millions USD avec une marge de 7 %. Pour l'exercice fiscal 2024, la perte d'exploitation GAAP était de 319,5 millions USD, tandis que le revenu d'exploitation non-GAAP était de 1,2 million USD.
En regardant vers l'avenir, OneStream a fourni des prévisions pour l'exercice fiscal 2025 avec un chiffre d'affaires total attendu entre 583 millions USD et 587 millions USD et une marge d'exploitation non-GAAP entre -1 % et 1 %. L'entreprise a lancé 15 nouvelles innovations en 2024, y compris des solutions alimentées par l'IA et CPM Express, tout en renforçant son partenariat avec Microsoft.
OneStream (OS) hat starke Finanzergebnisse für das Q4 2024 berichtet, mit einem Gesamtumsatz von 132,5 Millionen USD, was einem Anstieg von 29 % im Vergleich zum Vorjahr entspricht, und einem Abonnementumsatz von 118,6 Millionen USD, was einem Anstieg von 35 % entspricht. Für das Geschäftsjahr 2024 betrug der Gesamtumsatz 489,4 Millionen USD, was einem Anstieg von 31 % im Vergleich zum Vorjahr entspricht, während der Abonnementumsatz um 41 % auf 428,2 Millionen USD wuchs.
Das Unternehmen berichtete im Q4 einen GAAP-Betriebsverlust von 47,4 Millionen USD, verglichen mit einem Gewinn von 0,2 Millionen USD im Q4 2023. Der nicht-GAAP-Betriebsgewinn betrug 8,7 Millionen USD mit einer Marge von 7 %. Für das Geschäftsjahr 2024 betrug der GAAP-Betriebsverlust 319,5 Millionen USD, während der nicht-GAAP-Betriebsgewinn 1,2 Millionen USD betrug.
Für die Zukunft gab OneStream eine Prognose für das Geschäftsjahr 2025 ab, bei der der Gesamtumsatz zwischen 583 Millionen und 587 Millionen USD erwartet wird und die nicht-GAAP-Betriebsrendite zwischen -1 % und 1 % liegt. Das Unternehmen brachte 2024 15 neue Innovationen auf den Markt, darunter KI-gestützte Lösungen und CPM Express, während es seine Partnerschaft mit Microsoft stärkte.
- Q4 subscription revenue grew 35% YoY to $118.6 million
- FY2024 subscription revenue increased 41% YoY to $428.2 million
- Q4 Non-GAAP operating margin improved to 7% from 1% YoY
- Free cash flow increased to $58.5 million in FY2024 from $18.7 million in 2023
- FY2025 revenue guidance projects continued growth to $583M-$587M
- Q4 GAAP operating loss of $47.4 million compared to $0.2 million income in Q4 2023
- FY2024 GAAP operating loss widened to $319.5 million from $30.5 million in 2023
- Q4 GAAP net loss per share of ($0.19)
- FY2024 GAAP net loss per share of ($1.23)
- Projected negative to marginal non-GAAP operating margin (-1% to 1%) for FY2025
Insights
OneStream's Q4 and FY2024 results reveal a compelling growth story with several notable developments. The 35% YoY growth in subscription revenue to
The introduction of 15 new innovations, particularly in Finance AI, positions OneStream strategically in the high-growth intelligent finance solutions market. The Microsoft partnership deepening, especially with Office 365 integrations and Power BI connectivity, creates a robust ecosystem play that could accelerate enterprise adoption. The launch of CPM Express with 6-8 week implementation timeframes addresses a critical market need for faster deployment cycles.
However, investors should note the substantial GAAP operating loss of
The completion of the secondary offering, structured as a "synthetic secondary" transaction, maintains the share count while providing liquidity for early investors. This, combined with strong free cash flow generation of
Fourth Quarter 2024 Financial Highlights
- Total Revenue:
$132.5 million 29% year-over-year. - Subscription Revenue:
$118.6 million 35% year-over-year. - GAAP Operating Income / Loss and Operating Margin: GAAP operating loss was
$47.4 million $0.2 million 36% ) compared to0% for the fourth quarter of 2023. This included equity-based compensation expense of$52.6 million $1.2 million - Non-GAAP Operating Income and Non-GAAP Operating Margin: Non-GAAP operating income was
$8.7 million $1.4 million 7% compared to1% for the fourth quarter of 2023. - GAAP Net Loss Per Share - Basic: GAAP basic net loss per share was (
$0.19 - Non-GAAP Net Income Per Share: Non-GAAP net income per share was
$0.07 - Net Cash Provided by Operating Activities: Net cash provided by operating activities was
$25.1 million $26.8 million - Free Cash Flow: Free cash flow was
$24.7 million $26.6 million
Fiscal Year 2024 Financial Highlights
- Total Revenue:
$489.4 million 31% year-over-year. - Subscription Revenue:
$428.2 million 41% year-over-year. - GAAP Operating Loss and Operating Margin: GAAP operating loss was
$319.5 million $30.5 million 65% ) compared to (8% ) for 2023. This included equity-based compensation expense of$316.4 million $8.3 million - Non-GAAP Operating Income / Loss and Non-GAAP Operating Margin: Non-GAAP operating income was
$1.2 million $22.2 million 0% compared to (6% ) for 2023. - GAAP Net Loss Per Share - Basic: GAAP basic net loss per share was (
$1.23 - Non-GAAP Net Income Per Share: Non-GAAP net income per share was
$0.14 - Net Cash Provided by Operating Activities: Net cash provided by operating activities was
$61.2 million $21.3 million - Free Cash Flow: Free cash flow was
$58.5 million $18.7 million
"Capping a year of incredible innovation and solid execution, we posted
Recent Developments and Business Highlights
Innovation
- As part of the new innovations for Finance AI and core finance, we unveiled a suite of AI-powered solutions, including GenAI and machine learning, which enable Finance leaders to create real-time forecasts from trusted Enterprise data, with greater accuracy and speed.
- We launched CPM Express with pre-built functionality of our core capabilities to simplify reporting and forecasting and enable 6 to 8 week implementations.
- We introduced our first integrated business planning product for sales performance management in partnership with Infinity SPM.
- We grew our strategic relationship with Microsoft, launching deeper integrations into the Office 365 Suite, including Certified Power BI connector and Narrative Reporting to make financial reporting more integrated, collaborative and iterative.
- At our Wave Developer Conference in November 2024, we previewed AI-powered anomaly detection and scenario modeling capabilities that can help uncover errors in real-time and create scenarios from a company's own financial and operational data set.
Industry Recognition
- OneStream was recognized for the third consecutive year as a Leader in the Gartner® Magic Quadrant™ for Financial Planning Software. Gartner evaluated providers based on their Ability to Execute and Completeness of Vision and placed OneStream in the Leaders Quadrant once again.
- OneStream was named a leader in IDC's Record to Report MarketScape, based on reporting strengths, including a robust AI roadmap and OneStream Solution Exchange, and the Microsoft Certified Power BI Connector.
- ISG Software Research recognized OneStream as Exemplary in their Business Planning Buyers Guide for 2024, with the highest overall rating across all vendors. In the report, OneStream received top scores in Product Experience, Adaptability, Capability, and Manageability.
- OneStream was a 2024 Business Intelligence Artificial Excellence Award winner in the Product – Machine Learning category and a 2024 AI Breakthrough Awards Winner – Machine Learning Innovation Award for sensible machine learning.
Business
- In November 2024, OneStream completed a secondary offering of 17,250,000 shares of its Class A common stock sold by certain stockholders, including the full exercise of the underwriters' option to purchase additional shares (the "Secondary Offering"). OneStream did not receive any proceeds from the sale of shares by the selling stockholders in the public offering. OneStream used all of the net proceeds to it from the public offering to purchase issued and outstanding LLC units of OneStream Software LLC (and purchase and cancel an equal number of shares of Class C common stock) as part of a non-dilutive "synthetic secondary" transaction. Accordingly, OneStream did not retain any proceeds from the Secondary Offering and, upon its closing, the total number of outstanding shares of common stock of OneStream and LLC units of OneStream Software LLC remained the same.
Financial Outlook
OneStream is providing the following guidance for the first quarter of 2025 and fiscal year 2025:
Q1'25 | FY25 | ||
Total Revenue | |||
Non-GAAP Operating Margin | ( | ( | |
Non-GAAP Net Income / (Loss) per Share | ( | ||
Equity-Based Compensation |
OneStream has not provided a reconciliation of its forward outlook for non-GAAP operating margin and non-GAAP net income / (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 employee stock transactions and the related tax effects.
Earnings Webcast Information
OneStream will host a conference call for analysts and investors to discuss its financial results for the fourth quarter and fiscal year 2024 and its outlook for the first quarter of 2025 and fiscal year 2025 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: | Tuesday, February 11, 2025 |
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, including statements regarding our Finance AI portfolio, CPM Express and Infinity SPM products, AI-powered anomaly detection and scenario modeling capabilities, and our guidance for total revenue, non-GAAP operating margin, non-GAAP net income / (loss) per share and equity-based compensation for the first quarter of 2025 and fiscal year 2025. 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 filed with the Securities and Exchange Commission on November 7, 2024. 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 (loss), non-GAAP operating margin, non-GAAP net income (loss), 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 (Loss)
We define non-GAAP operating income (loss) as income / loss from operations adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, Secondary Offering costs and amortization of acquired intangible assets.
Non-GAAP Operating Margin
We define non-GAAP operating margin as non-GAAP operating income (loss) as a percentage of total revenue.
Non-GAAP Net Income (Loss)
We define non-GAAP net income (loss) as net income / loss adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, Secondary Offering costs and amortization of acquired intangible assets.
Non-GAAP Net Income (Loss) Per Share
We define non-GAAP net income (loss) per share as basic net loss per share adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, Secondary Offering costs, amortization of acquired intangible assets and net loss attributable to non-controlling interests.
Free Cash Flow
We define free cash flow as net cash provided by 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 1,600 customers, including
Investor Relations Contacts
INVESTOR CONTACT
Anne Leschin
VP, Investor Relations and Strategic Finance
OneStream
investors@onestreamsoftware.com
MEDIA CONTACT
Victoria Borges
Media Relations Contact
OneStream
media@onestreamsoftware.com
CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited)
| ||||||||
As of | ||||||||
December 31, | December 31, | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 544,174 | $ | 117,087 | ||||
Accounts receivable, net | 129,014 | 107,308 | ||||||
Unbilled accounts receivable | 23,294 | 31,519 | ||||||
Deferred commissions | 20,682 | 17,225 | ||||||
Prepaid expenses and other current assets | 20,202 | 13,098 | ||||||
Total current assets | 737,366 | 286,237 | ||||||
Unbilled accounts receivable, noncurrent | 800 | 2,009 | ||||||
Deferred commissions, noncurrent | 44,228 | 41,030 | ||||||
Operating lease right-of-use assets | 16,705 | 18,559 | ||||||
Property and equipment, net | 10,084 | 10,266 | ||||||
Intangible assets, net | 2,567 | — | ||||||
Goodwill | 9,280 | — | ||||||
Other noncurrent assets | 2,191 | 3,458 | ||||||
Total assets | $ | 823,221 | $ | 361,559 | ||||
Liabilities and stockholders' / members' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 19,563 | $ | 8,274 | ||||
Accrued compensation | 27,543 | 22,436 | ||||||
Accrued commissions | 9,007 | 10,158 | ||||||
Deferred revenue, current | 239,291 | 177,465 | ||||||
Operating lease liabilities, current | 3,237 | 2,505 | ||||||
Other accrued expenses and current liabilities | 13,534 | 11,532 | ||||||
Total current liabilities | 312,175 | 232,370 | ||||||
Deferred revenue, noncurrent | 4,515 | 5,141 | ||||||
Operating lease liabilities, noncurrent | 15,357 | 17,522 | ||||||
Other noncurrent liabilities | 216 | — | ||||||
Total liabilities | 332,263 | 255,033 | ||||||
Stockholders' / members' equity: | ||||||||
Members' interest | — | 281,306 | ||||||
Preferred stock, | — | — | ||||||
Class A common stock, | 5 | — | ||||||
Class B common stock, | — | — | ||||||
Class C common stock(1), | 6 | — | ||||||
Class D common stock(1), | 12 | — | ||||||
Additional paid-in capital | 718,084 | — | ||||||
Accumulated other comprehensive loss | (599) | (625) | ||||||
Accumulated deficit | (331,334) | (174,155) | ||||||
Total stockholders' equity attributable to OneStream, Inc. / members' equity | 386,174 | 106,526 | ||||||
Non-controlling interests | 104,784 | — | ||||||
Total stockholders' / members' equity | 490,958 | 106,526 | ||||||
Total liabilities and stockholders' / members' equity | $ | 823,221 | $ | 361,559 | ||||
(1) Each share of Class C common stock is convertible at any time at the option of the holder into one share of Class B common stock, and each share of Class D common stock is convertible at any time at the option of the holder into one share of Class A common stock. |
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited)
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues: | ||||||||||||||||
Subscription | $ | 118,608 | $ | 87,583 | $ | 428,150 | $ | 302,923 | ||||||||
License | 6,961 | 7,579 | 31,779 | 40,518 | ||||||||||||
Professional services and other | 6,906 | 7,432 | 29,478 | 31,480 | ||||||||||||
Total revenue | 132,475 | 102,594 | 489,407 | 374,921 | ||||||||||||
Cost of revenues: | ||||||||||||||||
Subscription(2) | 30,907 | 20,899 | 112,914 | 74,146 | ||||||||||||
Professional services and other(2) | 13,018 | 9,587 | 66,415 | 40,356 | ||||||||||||
Total cost of revenue | 43,925 | 30,486 | 179,329 | 114,502 | ||||||||||||
Gross profit | 88,550 | 72,108 | 310,078 | 260,419 | ||||||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing(2) | 65,618 | 39,554 | 328,843 | 175,795 | ||||||||||||
Research and development(2) | 36,896 | 15,675 | 156,812 | 55,289 | ||||||||||||
General and administrative(2) | 33,442 | 16,671 | 143,951 | 59,847 | ||||||||||||
Total operating expenses | 135,956 | 71,900 | 629,606 | 290,931 | ||||||||||||
(Loss) income from operations | (47,406) | 208 | (319,528) | (30,512) | ||||||||||||
Interest income, net | 5,929 | 1,360 | 14,248 | 4,062 | ||||||||||||
Other (expense) income, net | (1,765) | 1,829 | 498 | (1,065) | ||||||||||||
(Loss) income before income taxes | (43,242) | 3,397 | (304,782) | (27,515) | ||||||||||||
Provision for income taxes | 1,263 | 646 | 1,877 | 1,416 | ||||||||||||
Net (loss) income | $ | (44,505) | $ | 2,751 | $ | (306,659) | $ | (28,931) | ||||||||
Less: Net loss attributable to non-controlling interests | (13,056) | — | (90,458) | — | ||||||||||||
Net (loss) income attributable to OneStream, Inc. | $ | (31,449) | $ | 2,751 | $ | (216,201) | $ | (28,931) | ||||||||
Net loss per share of Class A and Class D common stock–basic(1) | $ | (0.19) | $ | (1.23) | ||||||||||||
Net loss per share of Class A and Class D common stock–diluted(1) | $ | (0.19) | $ | (1.25) | ||||||||||||
Weighted-average shares of Class A and Class D common stock outstanding–basic(1) | 165,844 | 163,469 | ||||||||||||||
Weighted-average shares of Class A and Class D common stock outstanding–diluted(1) | 234,644 | 234,043 | ||||||||||||||
(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 December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Cost of subscription | $ | 958 | $ | — | $ | 5,939 | $ | — | ||||||||
Cost of professional services and other | 2,985 | — | 24,871 | 15 | ||||||||||||
Sales and marketing | 19,228 | 356 | 135,215 | 3,938 | ||||||||||||
Research and development | 14,421 | 105 | 77,926 | 518 | ||||||||||||
General and administrative | 14,990 | 722 | 72,446 | 3,799 | ||||||||||||
Total equity-based compensation | $ | 52,582 | $ | 1,183 | $ | 316,397 | $ | 8,270 | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net (loss) income | $ | (44,505) | $ | 2,751 | $ | (306,659) | $ | (28,931) | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by | ||||||||||||||||
Depreciation and amortization | 1,069 | 657 | 3,655 | 2,887 | ||||||||||||
Noncash operating lease expense | 605 | 764 | 2,908 | 2,433 | ||||||||||||
Amortization of deferred commissions | 5,234 | 4,316 | 20,440 | 16,977 | ||||||||||||
Equity-based compensation | 52,582 | 1,183 | 316,397 | 8,270 | ||||||||||||
Other noncash operating activities, net | 422 | 69 | (980) | 3,249 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable, net | (14,328) | (3,169) | (13,361) | (11,668) | ||||||||||||
Deferred commissions | (8,485) | (10,673) | (27,095) | (26,381) | ||||||||||||
Prepaid expenses and other assets | (7,882) | (3,564) | (9,277) | (9,971) | ||||||||||||
Accounts payable | 826 | (5,285) | 16,546 | (11,644) | ||||||||||||
Deferred revenue | 33,850 | 32,935 | 61,199 | 66,233 | ||||||||||||
Accrued and other liabilities | 5,750 | 6,811 | (2,621) | 9,811 | ||||||||||||
Net cash provided by operating activities | 25,138 | 26,795 | 61,152 | 21,265 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of property and equipment | (441) | (222) | (2,618) | (2,589) | ||||||||||||
Acquisition of business, net of cash acquired | — | — | (7,594) | — | ||||||||||||
Sales of marketable securities | — | — | — | 87,339 | ||||||||||||
Net cash (used in) provided by investing activities | (441) | (222) | (10,212) | 84,750 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from initial public offering, net of underwriting discounts and commissions | — | — | 409,598 | — | ||||||||||||
Repurchases of LLC Units | (206,709) | — | (263,372) | — | ||||||||||||
Payments of deferred offering costs | (494) | — | (5,437) | — | ||||||||||||
Proceeds from Secondary Offering | 206,709 | — | 206,709 | — | ||||||||||||
Proceeds from option exercises | 25,014 | — | 28,955 | 247 | ||||||||||||
Payments of deferred financing costs | — | (546) | — | (546) | ||||||||||||
Repayments of borrowings on revolving credit facility | — | — | — | (3,500) | ||||||||||||
Principal payments on finance lease obligation | — | — | — | (46) | ||||||||||||
Net cash provided by (used in) financing activities | 24,520 | (546) | 376,453 | (3,845) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (501) | 324 | (306) | 230 | ||||||||||||
Net increase in cash and cash equivalents | 48,716 | 26,351 | 427,087 | 102,400 | ||||||||||||
Cash and cash equivalents - Beginning of period | 495,458 | 90,736 | 117,087 | 14,687 | ||||||||||||
Cash and cash equivalents - End of period | $ | 544,174 | $ | 117,087 | $ | 544,174 | $ | 117,087 | ||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
| ||||||||||||||||
Non-GAAP Operating Income (Loss)
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||||
(Loss) income from operations | $ | (47,406) | $ | 208 | $ | (319,528) | $ | (30,512) | ||||||||
Equity-based compensation expense | 52,582 | 1,183 | 316,397 | 8,270 | ||||||||||||
Employer taxes on employee stock transactions | 1,904 | — | 2,297 | — | ||||||||||||
Secondary Offering costs | 1,325 | — | 1,325 | — | ||||||||||||
Amortization of acquired intangible assets | 275 | — | 733 | — | ||||||||||||
Non-GAAP operating income (loss) | $ | 8,680 | $ | 1,391 | $ | 1,224 | $ | (22,242) | ||||||||
Non-GAAP Operating Margin
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||||
Operating margin | (36) | % | — | (65) | % | (8) | % | |||||||||
Equity-based compensation expense | 40 | % | 1 | % | 65 | % | 2 | % | ||||||||
Employer taxes on employee stock transactions | 1 | % | — | — | — | |||||||||||
Secondary Offering costs | 1 | % | — | — | — | |||||||||||
Amortization of acquired intangible assets | — | — | — | — | ||||||||||||
Non-GAAP operating margin(1) | 7 | % | 1 | % | — | (6) | % | |||||||||
(1) Non-GAAP operating margin may not foot due to rounding. | ||||||||||||||||
Non-GAAP Net Income (Loss)
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||||
Net (loss) income | $ | (44,505) | $ | 2,751 | $ | (306,659) | $ | (28,931) | ||||||||
Equity-based compensation expense | 52,582 | 1,183 | 316,397 | 8,270 | ||||||||||||
Employer taxes on employee stock transactions | 1,904 | — | 2,297 | — | ||||||||||||
Secondary Offering costs | 1,325 | — | 1,325 | — | ||||||||||||
Amortization of acquired intangible assets | 275 | — | 733 | — | ||||||||||||
Non-GAAP net income (loss) | $ | 11,581 | $ | 3,934 | $ | 14,093 | $ | (20,661) | ||||||||
Non-GAAP Net Income Per Share
| ||||||||
Three Months Ended | Year Ended | |||||||
Net loss per share–basic | $ | (0.19) | $ | (1.23) | ||||
Equity-based compensation expense | 0.32 | 1.91 | ||||||
Employer taxes on employee stock transactions | 0.01 | 0.01 | ||||||
Secondary Offering costs | 0.01 | 0.01 | ||||||
Amortization of acquired intangible assets | — | — | ||||||
Net loss attributable to non-controlling interests | (0.08) | (0.55) | ||||||
Non-GAAP net income per share(1) | $ | 0.07 | $ | 0.14 | ||||
(1) Non-GAAP net income per share may not foot due to rounding. | ||||||||
Free Cash Flow
| ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(in thousands) | ||||||||||||||||
Net cash provided by operating activities | $ | 25,138 | $ | 26,795 | $ | 61,152 | $ | 21,265 | ||||||||
Purchases of property and equipment | (441) | (222) | (2,618) | (2,589) | ||||||||||||
Free cash flow | 24,697 | 26,573 | 58,534 | 18,676 | ||||||||||||
Net cash (used in) provided by investing activities | $ | (441) | $ | (222) | $ | (10,212) | $ | 84,750 | ||||||||
Net cash provided by (used in) financing activities | $ | 24,520 | $ | (546) | $ | 376,453 | $ | (3,845) | ||||||||
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SOURCE OneStream, Inc.
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